You are on page 1of 8

4/26/2010

Accord Textiles Limited - Annual Reports

For busine ss information, annual reports, laws, ordinances, regulations and articles.

Free 2009 Annual Reports Architex International Research Thousands of Companies Architex / Liz Jordan-Hill Angela for Successful Investing in 2010 Adams, Contract Textiles
www.OrderAnnualReports.com/New www.architex-ljh.com

Al-Tawfik CPA Audit, Tax, Financial Advisory Learn about doing business in Qatar
www.tawfikCPA.com

Search Web ACCORD TEXTILES LIMITED CONTENTS COMPANY INFORMATION VISION & MISSION STATEMENT STATEMENT OF ETHICS & BUSINESS PRACTICES NOTICE OF ANNUAL GENERAL MEETING DIRECTOR'S REPORT TO MEMBERS STATEMENT OF COMPLIANCE REVIEW REPORT TO THE MEMBERS PATTERN OF SHAREHOLDING PATTERN OF SHAREHOLDING ADDITIONAL KEY OPERATING & FINANCIAL DATA AUDITOR'S REPORT TO THE MEMBERS BALANCE SHEET PROFIT & LOSS ACCOUNT CASH FLOW STATEMENT STATEMENT OF CHANGES IN EQUITY NOTES TO THE ACCOUNTS COMPANY INFORMATION BOARD OF DIRECTORS MR. HAIDER ALI (CHAIRMAN/CHIEF EXECUTIVE) MUHAMMAD TAHIR MR. RAHEEM AZEEM MRS. AZRA AHMED MRS. TAHIRA JAVED MR. EBRAHIM FAYEZ HUMAID MRS. FARNAZ HAIDER MR. RAHIM AZEEM MRS. AZRA AHMED MRS. FARNAZ HAIDER MR. IMRAN IFTIKHAR MR. IMRAN IFTIKHAR HABIB BANK LIMITED EMIRATES BANK INTERNATIONAL NATIONAL BANK OF PAKISTAN (FORMER N.D.F.C) M. HUSSAIN CHAUDHURY & CO. CHARTERED ACCOUNTANTS CORNELIUS LANE & MUFTI 4, FATIMA JINNAH ROAD, LAHORE. 47-A, MAIN GULBERG, LAHORE. 8 - SHERPAO BRIDGE COLONY, LAHORE CANTT. 20 KM, RAJANA PIR MAHAL ROAD, TEHSIL KAMALIA DISTT. TOBA TEK SINGH (CHAIRMAN) (MEMBER) (MEMBER) Paksearch.com

AUDIT COMMITTEE

CHIEF FINANCIAL OFFICER CORPORATE SECRETARY BANKERS & FINANCIAL INSTITUTIONS

AUDITORS

LEGAL ADVISORS

REGISTERED OFFICE HEAD OFFICE MILLS

Vision and Mission Statement Vision To achieve consistent superior performance in all respects, provide quality products to our valued customers and run the company purely on professional grounds. Mission

paksearch.com/Annual//Accord03.htm

1/8

4/26/2010
STATEMENT OF ETHICS AND BUSINESS PRACTICES

Accord Textiles Limited - Annual Reports

challenging team oriented atmosphere which encourages and rewards excellence.

We believe that a complete code of ethics is essential for the maintenance of integrity and professionalism in the day-to-day functioning of Accord Textiles Limited. We always place the company's interest first through resource management namely human, financial and other infra structural facilities and to ensure reasonable return to all the shareholders. Conduct business as a responsible and law abiding corporate member of society to achieve its legitimate commercial objective and supports unconditionally the Compliance with best Practices of Corporate Governance for the betterment of corporate culture, We develop and observe cost effective practices in our activities and strive for excellence and quality, We encourage initiative and selfrealization in employees through meaningful empowerment. NOTICE OF ANNUAL GENERAL MEETING Notice is hereby given that the 15th Annual General Meeting of the shareholders of ACCORD TEXTILES LIMITED, will be held at its Head Office at 8, Serpao Bridge Colony, Lahore Cantt. on Wednesday, December 31, 2003 at 11:00 a.m. to transact the following business: 1To confirm the minutes of the preceding meeting of the shareholders of the company.

2To receive, consider and adopt the audited accounts of the Company for the year ended 30th September, 2003, together with Directors and Auditor's reports thereon. 3To appoint the Auditors for the year 2004 and to fix their remuneration. The retiring auditors, M/s M. Hussain Chaudhury & Co., Chartered Accountants, being eligible offer themselves for re-appoimtment. 4To transact any other business with the permission of the chair.

By Order of the Board Place: Lahore Dated: December 09, 2003 Notes: 1The share transfer books of the Company shall remain closed from 30-12-2003 to 06-01-2004 (both days inclusive) 2A member entitled to attend and vote at the above meeting may appoint another member as proxy. Proxies, in order to be effective, must be received at the Head Office of the Company not later than 48 hours before the time of meeting and must be duly stamped, signed and witnessed. 3Shareholders are requested to notify a change in their address, if any ,MRAN |FT|KHAR (Company Secretary)

Director's Report to the Members The Directors welcome you to the 15th Annual General Meeting of the Company and are pleased to place bel you the Audited Accounts and Annual Report for the year ended September 30,2003. Financial Results The financial results of the Company for the year under review are as under: Financial and Ooeratina results 2003 Operating loss Financial charges Other income Loss before taxation Taxation Loss after taxation Extraordinary items Loss after taxation and extraordinary items Accumulated losses brought forward Accumulated losses carried forward Reason of Devia tion: The Company has incurred a net loss of Rs.53.375 (Million) after charging depreciation of Rs. 17.131 (Million) and financial charges of Rs. 11.836 (Million). The results for the financial year under review are not satisfactory. Prices of cotton showed a constant upward trend in the financial year, specially in the last quarter of the year. On the other hand, the increase in yarn prices was not proportionate with cotton prices causing huge loss. Other reasons of the loss were the overall recessionary trend in the local and international market and lack of working capital. Your Company managed to increase production of yarn during the year under review converted in to 20/s count was 4.009 (Million) kgs as compared to 3.756 (Million) kgs during the preceding year. The management is continuously trying hard to obtain better results. However, the financial results could not reflect the kind of efforts and performance of the management on account of general recession and poor economic conditions prevailing in the country. Divide nd In view of net loss for the year under review, the Directors have not recommended any dividend. -41,643,110 -11,836,450 104,762 -53,374,798 -7,613,094 -45,761,704 2,803,492 -42,958,212 -644,307,895 -687,266,107 2003 -28,504,874 -8,341,349 2,359,618 -34,486,605 -1,102,222 -35,588,827 -35,588,827 -608,719,068 -644,307,895

paksearch.com/Annual//Accord03.htm

2/8

4/26/2010
Earning per share Earning per share for the year under review is Rs. (4.62) Gratuity

Accord Textiles Limited - Annual Reports

The Company operates an unfounded gratuity scheme for all of its permanent employees. Corporate and Financial Reporting Frame work Presentation of financial statements: The financial statements, present fairly the state of affairs, result of operations, cash flows and changes in equity. Books of Account: Proper books of accounts of the listed company have been maintained. Accounting Policies Appropriate accounting policies have been consistently applied in preparation of financial statements except for the change in accounting policy as stated in note 2.4 and 23.3 to the account and accounting estimates are based on reasonable and prudent judgment. International Accounting Standards: International Accounting Standard, as applicable in Pakistan, have been followed in preparation of financial statement and any departure there from has been adequately disclosed. Internal Controls: The system of internal control is sound in design and has been effectively implemented and monitored. Going Concern: Based on gross loss, accumulated losses, adverse current ratio and over due installments of long term loans, the auditors have expressed their reservation on the viability of the Company to continue as a going concern. Although your company has been facing severe financial problems due to constant loss for the last many years. Your company has managed to get working capital from H.B.L. for the current cotton season. In our opinion in the presence of working capital facility the management dose not foresee any problem in the smooth operation of the company. Corporate Governance: There has been no material departure from the best practices of corporate governance, as detailed in the listing regulations of the Stock Exchanges. Auditors The auditors M/s M. Hussain Chaudhury & Co. Chartered Accountants retired and being eligible to offer themselves for re-appointment. The Board of Directors as suggested by Audit Committee has recommended the re-appointment of M/s M. Hussain Chaudhury & Co. Chartered Accountants, as the auditors of the Company for the coming year. Auditors Committee The Board of Directors in compliance with the Code of Corporate Governance has established an audit committee. Following directors are member: Mr. RaheemAzeem Mrs. Azra Ahmad Mrs. Farnaz Haider Pattern of Shareholding A statement showing the pattern of shareholding by the shareholders on September 30,2003 is annexed. Key Operating and financial data A summary of key operating and financial data of the last six years is annexed. Board of Director's Meeting During the year under review seven meetings were held and number of meetings attended by each Director is as follows: Name of Directors Mr. Haider AN Mr. Muhammad Thair Mr. Raheem Azeem Mrs. Azra Ahmad Mrs. Tahira javed Mr. Ebrahim Fayaz Humaid Mrs. Farnaz Haider Number of meeting attended 7 3 7 5 3 Nil (None-resident) 5 Chairman Member Member

paksearch.com/Annual//Accord03.htm

3/8

4/26/2010
Future Prospects

Accord Textiles Limited - Annual Reports

Textile Industry is currently suffering from cotton crises internationally and nationally in Particular. Cotton prices have touched all time high rate of Rs.3500/- per Maund whereas the prices of yarn have not increased accordingly. It has been become very difficult to predict better results for future. Acknowledgment The Directors place on record their appreciation for the devoted efforts and hard work done by workers, Staff Head Officers of the Company during the year. We are also thankful to our suppliers, Shareholders, Banks and Financial Institutions for their continued support and confidence in our company and assured them that we remain committed to do our best utilization of their investment in our Company for growth in future. For and on behalf of the Board Place: Lahore Dated: December 09, 2003 STATEMENT OF COMPLIANCE WITH THE PRACTICE OF CORPORATE GOVERNANCE TO THE MEMBERS This statement is being presented to comply with the code of corporate governance contained in regulation No.37 of listing regulation of Karachi and Lahore Stock Exchange for purpose of establishing framework of good corporate governance, whereby a listed company is managed in compliance with best practices. The company applies the principles contained in the Code in following manner: 1. The Board of Directors of the Company has always supported implementation of the highest standards of Corporate Governance at all times. 2. The Directors have confirmed that none of them is serving as a Director in more than ten listed Companies, including this Company. 3. The Company has prepared a mission statement, statement of ethics and business practices and overall corporate strategy. The significant policies are in process of finalization. 4. The Board is mindful of its responsibilities to the shareholders for the performance of their as directors 5. The meetings of the Board were presided over by the Chairman and, in his absence, by a director elected by the Board for this purpose and the Board met at least once in every quarter. Written notices of the Board meetings, along with agenda and working papers, were circulated at least seven days before the meetings. The minutes of the meetings were appropriately recorded and circulated. 6. All the resident directors of the Company are registered as taxpayers and none of them has defaulted in payment of any loan to a banking company, a DPI or an NBFI or, being a member of a Stock Exchange has been declared as a defaulter by that Stock Exchange. 7. The Board arranged orientation courses for its directors during the year apprised them of their duties and responsibilities and briefed them regarding amendments in the Companies Ordinance, 1984 and other corporate laws. 8. The director's report has been prepared in compliance with the requirements of the code and fully describes the salient matters required to be disclosed. 9. No casual vacancies ware occurred in the Board during the year. (HAIDER ALI) Chief Executive

10. The Board has the audit committee with its terms of reference. The audit committee ensures the independence of the internal audit function and the independence and objectivity of the external auditors. The audit committee meets regularly before Board meetings and committee report is presented to the full meeting. 11. The Board of Directors has implemented an organizational structure for the company and has appointed the Chief Executive, Chief Financial Officer, Head of Internal Audit and the Company Secretary to manage the affairs of the company in accordance with the Code of Corporate Governance. 12. The quarterly un-audited financial statements of the company are published and circulated along with the Director's review. 13. All material information as described in clause (XXiii) of the Code of Corporate Governance is disseminated to the Stock Exchange and Securities & Exchange Commission of Pakistan in time. 14. The financial statements of the company were duly endorsed by the CEO and the CFO before approval of the Board. 15. Significant issues and policies are always placed before the Board for their consideration and approval. 16. The Directors, CEO and Executives do not hold any interest in the shares of the company otherthan that disclosed in the pattern of shareholding.

paksearch.com/Annual//Accord03.htm

4/8

4/26/2010

Accord Textiles Limited - Annual Reports

18. The Statutory auditors or the persons associated with them have not been appointed to provide other services except in accordance with the listing regulation and the auditors have confirmed that they have observed IFAC guidelines in this regard. 19. The Board has set-up effective internal audit function with suitable qualified and experienced personnel, which are involved in the internal audit function on full time basis. 20. We confirm that all material principles contained in the code have been complied with except few towards which responsible progress is being made by the Company to seek compliance by the end of the next financial accounting year. For and on behalf of the Board Lahore: Dated: December 9,2003. REVIEW REPORT TO THE MEMBERS ON STATEMENT OF COMPLIANCE WITH BEST PRACTICES OF CODE OF CORPORATE GOVERNANCE We have reviewed the Statement of Compliance with the best practices contained in the Code of Corporate Governance prepared by the Board of Directors of ACCORD TEXTILES LIMITED, to comply with the Listi Regulation No.37 (Chapter XI) and No.40 (Chapter XIII) of the Karachi Stock Exchange and Lahore Stock Exchange respectively, where the Company is listed. The responsibility for compliance with the Code of Corporate Governance is that of the Board of Directors < the Company. Our responsibility is to review, to the extent where such compliance can be objectively verifii whether the Statement of Compliance reflects the status of the Company's compliance with the provisions the Code of Corporate Governance and report if it does not. A review is limited primarily to inquiries of the Company personnel and review of various documents prepared by the Company to comply with the Code. As part of our audit of financial statements we are required to obtain an understanding of the accounting ai internal controls systems sufficient to plan the audit and develop an effective audit approach. We have not carried out any special review of the internal control system to enable us to express an opinion as to whetf the Board's statement on internal control covers all controls and the effectiveness of such internal controls. Based on pur review, nothing has come to our attention which causes us to believe that the Statement of Compliance does not appropriately reflect the Company's compliance, in all material respects, with the bes practices contained in the Code of Corporate Governance as applicable to the Company for the year ende September 30, 2003. Lahore Date: December 09, 2003 PATTERN OF SHAREHOLDING AS ON SEPTEMBER 30,2003 SHAREHOLDINGS NO. OF SHARE From To HOLDERS TOTAL 1 100 6 101 500 635 501 1,000 5 1,001 5,000 14 5,001 10,000 8 15,001 20,000 2 40,001 45,000 1 45,001 50,000 1 65,001 70,000 1 70,001 75,000 1 190,001 195,000 1 195,001 200,000 1 220,001 225,000 1 240,001 245,000 1 295,001 300,000 1 415,001 420,000 1 420,001 425,000 1 495,001 500,000 1 835,001 840,000 1 925,001 930,000 1 1,395,001 1,400,000 1 2,925,001 2,930,000 1 686 CATEGORIES OF SHARE HOLDERS Individuals Public Ltd Company Banking/lnvt. Company Insurance Company NO. OF SHARE HOLDERS 675 1 6 4 686 (M. HUSSAIN CHAUDHURY & CO.) Chartered Accountants (HAIDER ALI) Chief Executive

SHARES HELD 600 316,800 5,000 39,700 77,100 38,000 43,600 46,100 67,400 75,000 193,000 200,000 223,552 241,627 300,000 415,184 422,352 500,000 836,000 930,000 1,400,000 2,928,985 9,300,000

TOTAL SHARE PERCENTAGE % HELD 7,163,800 77.03 10,000 0.11 1,745,700 18.77 380,500 4.09 9.300.000 100

PATTERN OF SHAREHOLDING AS AT SEPTEMBER 30,2003 - ADDITIONAL

paksearch.com/Annual//Accord03.htm

5/8

4/26/2010
ii) iii) iv) v) vi) vii) 2i) 3i) ii) iii) iv) v) vi) 4i) ii) iii) iv) 5i) ii) iii) Mrs. Azra Ahmed (Director) Muhammad Tahir (Director) Mr. Rahim Azeem (Director) Mrs. Tahira Javed (Director) Mrs. Farnaz Hadie (Director) Mr. Ebrahim Faye (Director) Public Limited Companies Highnoon Laboratories Ltd. Financial Institutions NBP Trustee Department Pakistan Kuwait Investment Company Crescent Investment Bank Limited Indus Bank Limited Investment Corporation of Pakistan National Bank of Pakistan (NDFC) Insurance Companies State Life Insurance Corporation Adamjee Insurance Co. Ltd. Pakistan Guarantee Insurance Co. Lt Silver Star Insurance Co. Ltd. Shareholders havin i voting interest Mr. Haider Ali Mrs. Aasiya Khurram N.B.P. Trustee Department

Accord Textiles Limited - Annual Reports


422,352 500 500 241,627 836,000 223,552 10,000 930,000 200,000 2,200 46,100 67,400 500,000 300,000 75,000 5,000 500 4.54 0.01 0.01 2.6 8.99 2.4 0.11 10 2.15 0.02 0.5 0.72 5.38 3.23 0.81 0.05 0.005

2,928,985 1,400,000 930,000

31.49 15.05 10

Key Operating And Financial Data 2003 1,092 17,280 4,009,448 2003 1,092 17,280 3,756,577 2001 1,092 17,280 3,509,190 Rupees in '000' 241,091 -18,501 -24,433 7,509 -31,320 93,000 -515,719 414,713 29,844 291,098 357,095 45,081 -3.37 2000 1,092 18,816 3,523,401 1999 1,086 19,200 3,643,361 1998 1,086 19,200 3,829,232

No. of Shift worked No. of Spindles Worked Actual production after conversion into 20/s count (Kgs.) Turn over (net) Gross Profit / (loss) Operating profit/ (loss) Financial charges Profit / (Loss) after taxation Paid up Capital Shareholders Equity Long term liabilities Deferred liabilities Current liabilities Fixed assets Current assets Earning per share ACCORD TEXTILES LIMITED AUDITORS' REPORT TO THE MEMBERS

268,418 -35,866 -41,643 11,836 -45,761 93,000 -548,375 320,388 71,842 432,214 323,471 40,750 -4.62 '-

220,445 -22,257 -28,505 8,341 -35,589 93,000 -551,308 367,235 32,684 335,922 339,190 27,727 -3.83

219,394 11,476 5,103 4,955 4,174 93,000 -484,644 457,927 32,139 226,601 376,207 39,909 0.45

226,621 -31,837 -37,817 34,778 -71,743 93,000 -486,493 429,386 33,320 270,776 395,801 35,281 -7.71

239,070 -36,923 -42,301 47,847 -91,027 93,000 -414,750 434,112 35,809 194,514 417,017 16,761 -9.79

We have audited the annexed balance sheet of ACCORD TEXTILES LIMITED as at September 30, 2003 and the related profit and loss account, cash flow statement and statement of changes in equity together with the notes forming part thereof, for the year then ended and we state that we have obtained all the information and explanations which, to the best of our knowledge and belief, were necessary for the purposes of our audit. It is the responsibility of the Company's management to establish and maintain a system of internal control, and prepare and present the above said statements in conformity with the approved accounting standards and the requirements of the Companies Ordinance, 1984. Our responsibility is to express an opinion on these statements based on our audit. We conducted our audit in accordance with the auditing standards as applicable in Pakistan. These standards require that we plan and perform the audit to obtain reasonable assurance about whether the above said statements are free of any material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the above said statements. An audit also includes assessing the accounting policies and significant estimates made by management, as well as, evaluating the overall presentation of the above said statements. We believe that our audit provides a reasonable basis for our opinion and, after due verification, we report that: (a) The Company has incurred gross loss of Rs. 35.866 million during the year and it has accumulated losses of Rs. 641.375 million as at balance sheet date. The current liabilities of the company exceed its current assets by Rs. 391.464 million and its total liabilities exceed its total assets by Rs. 460.014 million as of that date. The company has defaulted on certain installments of its long terms loans / finances as specified in Note 4 and 5. The company is further liable to deposit income tax deducted at source on various payments made as referred as explained in Note 8.2. These factors raise serious doubts about the Company operating as going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business. This concept shall only be valid if the lenders support remains available and the management makes improvement in the market for the Company's product in the foreseeable future. No adjustments if any has been made in the accounts to state the assets and liabilities at their net realisable value. (b) in our opinion, proper books of account have been kept by the company as required by the Companies Ordinance, 1984 inouropinion:

(c)

(i) the balance sheet and profit and loss account together with the notes thereon have been drawn up in conformity with the Companies Ordinance, 1984, and are in agreement with the books of account and are further in accordance with accounting policies consistently applied except for change in accounting policy

paksearch.com/Annual//Accord03.htm

6/8

4/26/2010

Accord Textiles Limited - Annual Reports

statement and statement of changes in equity together with the notes forming part thereof conform with approved accounting standards as applicable in Pakistan, and, give the information required by the Companies Ordinance, 1984, in the manner so required and respectively give a true and fair view of the state of the company's affairs as at September 30,2003 and of the loss, its cash flows and changes in equity for the year then ended; and (e) in ouropinion no zakatwas deductible at source undertheZakat and UshrOrdinance, 1980 (XVIII of 1980). (M. HUSSAIN CHAUDHURY & CO.) Chartered Accountants

LAHORE Dated: December 09, 2003 BALANCE SHEET AS AT SEPTEMBER 30, 2003

Note CAPITAL AND LIABILITIES Share Capital and Reserves Authorised capital 15,000,000 (2003: 15,000,000) ordinary shares of Rs. 10 each Issued, subscribed and paid up capital 9,300,000 (2003: 9,300,000) ordinary shares of Rs. 10 each fully paid in cash Accumulated loss Surplus on Revaluation of Fixed Assets Long Term Loans / Finances Finances under mark-up arrangements Demand finance Deferred Liabilities Current Liabilities Current maturity of long term loans / finances Creditors, accrued and other liabilities Dividend payable Provision for taxation Contingencies and Commitments 3 4 5 6 7 8 9

2003 Rupees

2003 Rupees

150,000,000

150,000,000

93,000,000 -641,374,689 -548,374,689 88,360,247 56,816,843 263,571,000 320,387,843 71,842,445 105,403,903 316,906,300 1,672,321 8,231,935 432,214,459 364,430,305

93,000,000 -644,307,895 -551,307,895 184,302,435 60,463,836 306,771,000 367,234,836 32,683,721 63,156,355 262,887,603 1,672,321 8,205,296 335,921,575 368,834,672

10

The annexed notes from (1 to 30) form an integral part of these accounts. PROPERTY AND ASSETS Note Tangible Fixed Assets Operating fixed assets Capital work in progress Long Term Deposits Current Assets Store and spares stock in trade Trade debts Advances, deposits, prepayments and other receivables Cash and bank balances 2003 Rupees 323,470,939 323,470,939 209,180 723,257 11,415,568 9,167,796 5,307,072 14,136,493 40,750,186 364,430,305 2003 Rupees 339,189,815 1,708,681 340,898,496 209,180 771,476 10,128,120 7,459,760 8,985,168 382,472 27,726,996 368,834,672

11

12 13 14 15 16 17

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED SEPTEMBER 30,2003 Note 2003 Rupees 268,418,227 -304,284,583 -35,866,356 -5,776,754 -41,643,110 104,762 -11,836,450 -53,374,798 7,613,094 -45,761,704 2,803,492 -42,958,212 -644,307,895 -687,266,107 2003 Rupees 220,444,726 -242,702,068 -22,257,342 -6,247,532 -28,504,874 2,359,618 -8,341,349 -34,486,605 -1,102,222 -35,588,827 -35,588,827 -608,719,068 -644,307,895

Sales Cost of sales Gross Loss Administrative, selling and general expenses Operating Loss Other income Financial and other charges Loss before Taxation Taxation Loss after Taxation Extraordinary items Loss after Taxation and Extraordinary Items Accumulated loss brought forward Loss Available for Appropriation Transfer from surplus on revaluation of fixed assets on incremental depreciation - Prior years - Current year - net of deferred tax Accumulated Loss Transferred to Balance Sheet Earnings Per Share - Basic

18 19 20 21 22 23 24

25

41,300,234 4,591,184 45,891,418 -641,374,689 -4.62

-644,307,895 -3.83

paksearch.com/Annual//Accord03.htm

7/8

4/26/2010
Depreciation Bad debts Provision for gratuity Gain on sale of Vehicle Financial charges Operating Profit / (loss) before working capital changes Decrease / (increase) in current assets Stores and spares Stock in trade Trade debts Advances, deposits, prepayments and other receivables Decrease in current liabilities Creditors, accrued and other liabilities Cash generated from operations Gratuity paid Income tax paid Financial charges paid Net cash from operating activities Cash Flow from Investing Activities Fixed capital expenditure Disposal of fixed asset Capital work in progress Net cash from / (used in) investing activities Cash Flow from Financing Activities Long term loans / finances repaid Director's loan Short term finances Net cash used in financing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of year Cash and cash equivalents at the end of year STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED SEPTEMBER 30, 2003 Particulars

Accord Textiles Limited - Annual Reports


7,000 824,582 -7,880 11,836,450 29,791,723 -23,583,075 48,219 -1,287,448 -1,715,036 4,199,134 47,059,745 48,304,614 -404,658 -1,836,490 -959,972 21,520,419 -192,518 525,000 -28,616 303,866 -5,713,479 -2,356,785 -8,070,264 13,754,021 382,472 14,136,493 807,455 780,633 8,341,349 28,045,791 -6,440,814 753,382 17,965,450 -5,246,225 950,810 43,448,340 57,871,757 -290,483 -635,518 -4,725,797 45,860,145 -211,123 -100,000 (3,11,123) -36,400,027 2,513,674 -13,821,000 -47,707,353 -2,158,331 2,540,803 382,472

Share Capital Rupees

Unappropriated Loss Rupees -608,964,694 245,626 -608,719,068 -35,588,827 -644,307,895 -42,958,212

Total Rupees -515,964,694 245,626 -515,719,068 -35,588,827 -551,307,895 -42,958,212

Balance as at October 01, 2001 as previously stated Effect of change in accounting policies of retirement benefits IAS 19 : Employee Benefits Restated balance as at September 30, 2001 Loss for the year after taxation Balance as on September 30, 2003 Loss for the year after taxation Transfer from surplus on revaluation of fixed assets on incremental depreciation charged to: Prior years

93,000,000 93,000,000 93,000,000 -

41,3

paksearch.com/Annual//Accord03.htm

8/8