accounts 2015

of 33

HYDER BHIMJI & COChartered AccountantsA member of Kreston International

Client: AL-QURESH FABRICS

REQUIREMENT LETTERYear End: JUNE 30, 2012

D e s c r i p t i o n Provided On

1 Partnership deed in case of change(if any)

2 Wealth statement of Directors

3 Detail of Creditors as at June 30, 2012

4 Subsequent position of closing Creditors

5 Aging analysis of closing Creditors

6 Detail of advances from customers amounting Rs 1,065,888/-

7 Evidences of subsequent payment of accrued payable as on June 30, 2012

8 Facility letter for loan amounting Rs: 40 Million

9 Bank confirmation for outstanding loan

10 Bank confirmation for Accrued markup payable

11 Subsequent/current status of Loan

12 Subsequent payment evidence of accrued markup

13 Payment evidences of WPPF

14 Income tx return of 2011

15 115(4) for year ended 2012 filed with tax department.

16 Evidence of addition in freehold land amounting Rs. 1,000,000/-

17 Evidence of addition in plant and machinery amounting Rs. 982,775/-

18 Why there is no security coming for SUI GAS in long term deposits.

19 Detail of Stores and spares as at June 30, 2012

20 Detail of Raw material and Finished goods as at June 30, 2012

21 Undertaking regarding possession of Stores and spares as at June 30, 2012

22 Undertaking regarding possession of Raw material and Finished goods as at June 30, 2012

23 Detail of foreign debtors amouting Rs 106,998,655/-

24 Subsequent position of closing Debtors

25 Why prepaid insurance is not expensed out during the year

26 Detail of advances to suppliers

27 Subsequent position of Advances.

28 Aging analysis of closing Advances to suppliers.

29 Detail of Sales tax receivable as at June 30, 2012.

30 Sales tax returns of the Company from July 2011 to June 2012

31 Reconcialiation of Opening/Closing sales tax with sales tax received and claimed during the year.

32 Why Special excise duty not received during the year? As there is no change in balance.

33 Detail of duty drawback received during the year. With evidences of major receipt.

34 Undertaking for cash in hand as on June 30, 2012

35 Bank Statements of all banks

36 Bank Confirmation letters of all banks

37 Export Schedule

38 Detail of local sales.

39 Detail of Commision expense paid during the year.

Sr. #

of 33

HYDER BHIMJI & COChartered AccountantsA member of Kreston International


REQUIREMENT LETTERYear End: JUNE 30, 2012

D e s c r i p t i o n Provided On

Sr. #

40 Reconciliation os purchases with sales tax returns.

41 Stock sheets of stock in trade and stores & spares as at June,30,2012

42 Monthwise break up of salaries, EOBI & social security (CGS) paid during the year

43 Salary sheets along with the payment evidence of social security and EOBI

44 Monthwise break up of stiching charges

45 Monthwise break up fuel and power expense during the year

46 Monthly bills of electricity and gas

47 Monthwise break up of sizing charges

48 Monthwise break up of mending and folding charges

49 Monthwise break up of procesing charges

50 Monthwise break up of weaving charges

51 Monthwise break up of oil and lubricants purchased during the year

52 Cover notes of all the insurance policies acquired during the year

53 Monthwise break up of ocean freight expense during the year

54 Monthwise break up of marine insurance expense during the year

55 Monthwise break up of export expense during the year

56 Monthwise break up of clearing and forwarding expense during the year

57 Monthwise break up of local freight expense during the year

58 Monthwise break up of salaries and benefits (admin) expense during the year

59 Monthwise break up postage and communication expense during the year

60 Monthwise break up advertisement expense during the year

61 Monthwise break up printing and stationery expense during the year

62 Monthwise break up newspaper and periodicals expense during the year

63 Monthwise break up entartainmant expense during the year

64 Monthwise break up professional charges expense during the year

65 Monthwise break up rent rates and taxes expense during the year

66 Monthwise break up vehical travelling and conveyance expense during the year

67 Monthwise break up miscellaneous expense during the year

68 Evidence of WPPF paid during the year

69 Debit advices of mark up deduction of all four quarters of ERF 11

70 Detail of bank charges and commision expense during the year, along with the bank certificates

71 WHT deduction certificates on export realizations

72

of 33

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HYDER BHIMJI & CO 2,282,034

Chartered AccountantsA member of Kreston International 3743

Client: AL-QURESH FABRICSFile No.:

Prepared by: N.Abbas

A d j u s t i n g E n t r i e s Checked by:

Year End: JUNE 30, 2013 Reviewed by:

D e s c r i p t i o n

1 Bank 60,000

Acc. Depreciation 11,367

TO Vehicles 70,075

Other income 1,292

Sr.

#

Account Code #

Debit

Rupees

Credit

Rupees

of 33

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Sr.

#

Account Code #

Debit

Rupees

Credit

Rupees

Entires on 24/12/12 by Mr Mehmood

1 Ocean freight 3,000,000

To Local freight 3,000,000

2 Ocean freight 3,500,000

To Clearing and forwarding 3,500,000

3 Other expenses 259,621

To Export expenses 259,621

4 Wages salaries and benefits 1,448,108

To Salaries and benefits 1,448,108

5 Stitching charges 2,520,000

To Other creditors 2,520,000

6 Misc. 224,000

To Professional charges 224,000

7 Advertisement 271,208

To cash 271,208

8 Printing and stationery 71,245

To cash 71,245

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Sr.

#

Account Code #

Debit

Rupees

Credit

Rupees 9 Newspapers and periodicals 45,961

To cash 45,961

10 Entertainment 300,000

To cash 300,000

Correction of insurance entry

11 Creditors 297,166

To Prepaid insurance 211,660

To Accrued expense 85,506

1 Foreign Bank Charges 8,535

To Bank A/C 8,535

FBC not booked

2 EOBI exp 3,600

To Accrued Payable 3,600

EOBI for june not book

3 Social Security Exp 25,008

Cash A/c 22,924

To Accrued Payable 2,084

Social security for 12 month

4 Postage and communication (ADMIN)

Postage and communication 380,805

Advance Income tax telephone 21,528

Advance Income tax mobile 7,073

To Accrued charges 34,500

To Cash 374,906

PTCL 2636101 48,490

PTCL 2613905 111,423

PTCL 2636128 15,107

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Sr.

#

Account Code #

Debit

Rupees

Credit

Rupees PTCL 2417012 24,935

PTCL 8810260 46,788

PTCL 8810261 25,469

3219664343 106,451

3219665353 2,142

Advance Income tax

PTCL 2636101 3,860

PTCL 2613905 10,537

PTCL 2636128 513

PTCL 2417012 1,545

PTCL 8810260 3,562

PTCL 8810261 1,511

3219664343 6,858

3219665353 215

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Sr.

#

Account Code #

Debit

Rupees

Credit

Rupees Accrued Payable PTCL 2636101 6,240

Accrued Payable PTCL 2613905 12,580

Accrued Payable PTCL 2636128 860




Cash 374,906

5 Advance Income tax Vehicle 3,750

Cash 3,750

Advance Income tax Vehicle

6 Debtors 492,833

To Closing Advance 73,138

To Exchange gain 419,695

7 Computer equipment 67,500

Cash 67,500

-

8 Computer equipment 78,000

Office equipment 78,000

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Sr.

#

Account Code #

Debit

Rupees

Credit

Rupees

9 Advance Income tax ( Deducted by parties US 153 A) 17,988

To Cash 17,988

10 Export sales for the year 8,829,026

Duty draw back for the year/Rebate 8,829,026

11 Cash Credit 125,000

Accrued payable 125,000

Audit fee shown as expense

Bank A/c Lease 245,000

Bank A/c 245,000

Drawing 245,000

Bank A/c Lease 245,000

Drawing 245,000

Bank A/c 245,000

Liability subject to finance lease 203,300

Lease finance charges 41,700

Drawing 245,000

Liability subject to finance lease 170,840

Lease key money 170,840

12 Liability subject to finance lease 374,140

Lease finance charges 15,454

Cash excess deposit 26,246

Drawing 245,000

Lease key money 170,840

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Sr.

#

Account Code #

Debit

Rupees

Credit

Rupees

13 Insurance COS 47,896

Insurance Admin 5,322

Prepaid Insurance 53,218

Prepaid insurance 127,156

Insurance COS 49,789

Insurance Admin 878

Marine Insurance 177,823

Prepaid insurance 73,938

Insurance COS 97,685

Insurance Admin 6,200

Marine Insurance 177,823

14 Markup on short term finance ERF-II 1,083,397

Accrued Markup on Short term finance 1,083,397

15 Sales net 1,005,081

markup on short term borrowing 1,005,081

Tax working added

Provision for taxation 56,950

WWF payable 56,950

Vehicle running 854,322

Xash 854,322

AL-QURESH FABRICS

BALANCE SHEET AS AT JUNE 30, 2015

2015 2014 2015 2014

CAPITAL AND LIABILITIE Note Rupees Rupees ASSETS Note Rupees Rupees

NON CURRENT ASSETS

PARTNERS' CAPITAL 3 284,662,711 ### Property, plant and equipme 8 59,795,831 ###

Long term deposits 9 14,850 14,850

59,810,681 ###

CURRENT LIABILITIES CURRENT ASSETS

Trade and other payables 4 124,425,779 ### Stores and spares 10 8,377,622 8,377,622

Short term borrowing 5 40,000,000 ### Stock in trade 11 ### ###

Accrued markup 6 10,421 1,334,870 Trade debts 12 ### ###

164,436,200 ### Advances and prepayments 13 5,264,681 ###

Tax refunds due from Gover 14 ### ###

Cash and bank balances 15 54,385,594 ###

### ###

CONTINGENCIES AND

COMMITMENTS 7

449,098,911 ### ### ###

The annexed notes 1 to 26 form an integral part of these financial statements.

MANAGING PARTNER PARTNER

AL-QURESH FABRICS

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED JUNE 30, 2015

2015 2014

Note Rupees Rupees

Sales-net 16 ### ###

Cost of sales 17 ### ###

Gross profit ### ###

Operating expenses

Selling and distribution costs 18 ### 53,932,247

Administrative expenses 19 ### 39,364,670

Other expenses 20 6,473,312 8,472,914

Finance costs 21 ### 11,754,155

### ###

### ###

Other income 22 634,877 1,377,174

Profit before taxation ### ###

Taxation 23 ### 16,528,614

Profit for the year transferred to partners' capital ### 97,794,338

######


###

###

###

###


AL-QURESH FABRICS

CASH FLOW STATEMENT

FOR THE YEAR ENDED JUNE 30, 2015

2015 2014 Note Rupees Rupees

a) CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation 87,342,813 ###

Adjustments for:

Depreciation 4,279,837 3,146,908

Profit on Sale of Vehicle - (692,017)

Finance costs 10,065,391 ###

Workers profit participation fund 4,690,806 6,139,793

Workers welfare fund 1,782,506 2,333,121

Operating cash flows before working capital changes ### ###Changes in working capital

(Increase) / decrease in current assets

Stores and spares - ###

Stock in trade - ###

Trade debts 54,534,184 ###

Advances and prepayments 14,520,445 679,477

Tax refunds due from Government 8,966,099 ###

Increase / (decrease) in current liabilities

Trade and other payables ### ###

47,098,347 ###

Net cash generated from operating activities ### (474,499)

Finance costs paid ### ###

Workers profit participation fund paid (6,275,286) ###

Taxes paid ### ###

Net cash generated from / (used in) operation ### ###

b) CASH FLOWS FROM INVESTING ACTIVITIES

Addtions in property, plant and equipment ### ###

Sale Proceeds of Vehicles - 1,000,000

Net cash used in investing activities ### ###

c) CASH FLOWS FROM FINANCING ACTIVITIES

Partner's drawings ### ###

Short term borrowings - net ### ###

Net cash (used in) / generated from financing activities ### ###

Net increase/(decrease) in cash and cash equivalents (a+b+ 14,899,603 ###

Cash and cash equivalents at the beginning of the year 39,485,991 ###

Cash and cash equivalents at the end of the year 15 54,385,594 ###


AL-QURESH FABRICSNOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2015

1 STATUS AND NATURE OF BUSINESS

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of preparation

2.2 Revenue recognition

2.3 Borrowing costs

2.4 Foreign currency translation

2.5 Rebate and duty drawback

2.6 Taxation

Al-Quresh Fabrics is a partnership firm registered under the Partnership Act, 1932 and is engaged in the manufacturing and sale/export of textile products. The registered office of the firm is situated at P-685/B, Punjab Industrial Estate, Faisalabad.

These financial statements have been prepared under the historical cost convention except as other wise stated in the respective policies and notes given hereunder.

The preparation of financial statements are in conformity with the Accounting and Financial Reporting Standards for Medium-Sized Entities issued by the Institute of Chartered Accountants of Pakistan which require management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised.

Significant areas requiring the use of management estimates in these financial statements relate to the useful life of depreciable assets, provision for doubtful receivables and slow moving inventory. However, assumptions and judgments made by management in the application of accounting policies that have significant effect on the financial statements are not expected to result in material adjustment to the carrying amounts of assets and liabilities in the next year.

Revenue is recongnised to the extent it is probable that economic benefits will flow to the Company and revenue can be measured reliably. Revenue is measured at fair value of consideration received or receivable and is recognised on the following basis;

- Revenue from sales of goods is recognized when the significant risks and rewards of the ownership of the goods have been

- Profit on bank deposits is recognized on the time-apportioned basis on the principal amount outstanding using the

Borrowing costs are recognized as an expense in the period in which these are incurred except to the extent of borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets. Such borrowing costs, if any are capitalized as part of the cost of the asset.

Transactions denominated in foreign currencies are initially translated to Pakistan rupees at the exchange rate prevailing on the dates of transactions, which is the Company's functional currency. All monetary assets and liabilities denominated in foreign currencies at year end are subsequently translated into Pakistan Rupees at the exchange rates ruling on that date. All non-monetary assets and liabilities are translated into Pak Rupees by using exchange rates that existed when the values were determined or on the date when fair values are determined. Exchange differences on the foreign currency translations are

Draw back income is accounted for on accrual basis whereas Draw back on local levies is accounted for on receipts basis in financial statements.

Income tax expense represents current tax expense. Provision for current taxation is based on taxable income at the current rates of taxation after taking into account tax credits and tax rebates, if any.

Deferred tax is accounted for using the liability method in respect of all taxable temporary differences arising from differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which the

Deferred tax is calculated at the rates that are expected to apply to the period when the differences

2.7 Trade and other payables

2.8 Property, plant and equipment

Gains and losses on disposal of property, plant and equipment are included in profit and loss account.

2.9 Impairment of assets

2.10 Stock in Trade

Cost is determined as follows:

Raw materials at weighted average costWork in process an } at raw material cost - PlusFinished goods a proportion of manufacturing expensesWastes At net - realizable value

2.11 Trade and other receivables

2.12 Provisions

2.13 Cash and cash equivalents

2.14 Offsetting

Liabilities in respect of trade and other payables are carried at cost which is the fair value of the consideration to be paid in future for goods and services received whether or not billed to the Company.

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment except freehold land and capital work in progress, which are stated at cost. Cost comprises acquisition and other directly attributable costs.Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with them will flow to the entity and its cost can be reliably measured. Cost incurred to replace a component of an item of the property, plant and equipment is capitalized and the asset so replaced is retired from use. Normal repairs and maintenance are charged to profit and loss account during the period in which they are incurred.Depreciation is charged to profit and loss account applying the reducing balance method so as to write off the historic cost of the assets over their expected useful life at the rates mentioned in property, plant and equipment note.Depreciation on additions during the year is charged from the month the asset is available for use while no depreciation is charged in the month in which the asset is disposed off. The residual values and useful lives are reviewed by the management at each financial year end and adjusted if impact on depreciation is significant.

Capital work in progress is shown at cost less any identified impairment and represents expenditure incurred on property, plant and equipment during the construction and installation. Cost also includes applicable borrowing costs. Transfers are made to relevant property, plant and equipment category as and when assets are available for use.

An assessment is made at each balance sheet date to determine whether there is any indication of impairment or reversal of previous impairment, including items of property, plant and equipment, intangible assets and long-term investments. In the event that an asset’s carrying amount exceeds its recoverable amount, the carrying amount is reduced to recoverable amount and an impairment loss is recognized in the income statement. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the recoverable amount, however not to an amount higher than the carrying amount that would have been determined (net of amortization or depreciation), had no impairment losses been recognized for the asset in prior years. Reversal of impairment loss is

Stocks are valued at the lower of cost and net realizable value except for stock in transit which is valued at invoice price and related expenses incurred upto the balance sheet date. The cost of inventories comprises all costs of purchase, costs of conversion and other costs incurred in bringing the inventories to their present location and condition.

Net realizable value signifies the estimated selling price in the ordinary course of business less net of estimated cost of completion and selling expenses.

Trade and other receivables are stated at estimated realizable value after each debt has been considered individually. Where the payment of a debt becomes doubtful a provision is made and charged to the income statement.

Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events, it is probable that an out flow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of obligation.

Cash and cash equivalents are carried in the balance sheet at cost. For the purpose of cash flow statement, cash and cash equivalents comprise cash in hand, cash with banks on current, saving and deposit accounts, short term running finance and other short term highly liquid investments that are readily convertible to known amounts of cash and which are subject to insignificant risk of change in

Financial assets and liabilities are offset and the net amount is reported in the balance sheet, if the

3 PARTNERS' CAPITAL


Balance as at July 01, ### ###

Profit for the year 73,923,992 ###

### ###

Drawing ### ###

Balance as at June 30, ### ###

4 TRADE AND OTHER PAYABLES

Trade creditors ### ###

Accrued charges 513,714 950,556

Advance from customers 4,749,250 3,148,551

Workers' profit participation fund 4.1 4,840,001 6,275,286

Workers' welfare fund 7,803,777 6,021,271

Other payables 3,932,654 6,526,207

### ###

4.1 Workers' profit participation fund

Balance as at July 01, 6,275,286 4,280,974

Interest on funds utilized in Company's business 149,195 135,493

6,424,481 4,416,467

Less: Paid during the year ### ###

149,195 135,493

Allocation for the year 4,690,806 6,139,793

4,840,001 6,275,286

5 SHORT TERM BORROWING

From Banking Company - Secured Limit

Habib Metropolitan Bank Ltd. (Million) Export refinance part-II Rs. 40 5.1 - ###

FAPC Rs. 60 5.1 40,000,000 ###

40,000,000 ###

5.1

6 ACCRUED MARK UP Mark up on short term borrowings 10,421 1,334,870

7 CONTINGENCIES AND COMMITMENTS

7.1 Contingencies

Foreign bills discounted with bank amounting to Rs. 288.579 million (2013: 270.452 million).

It is secured against lien on time deposit in for Rs. 0.300 million in the name of Tahir Qureshi, hypothecation of stocks of yarn and grey cloth of Rs. 86.00 million, lien on export documents, legal/equitable mortgage of the properties of Rs. 109.935 million (FSV of Rs. 93.312 million), and personal guarantee of the mortgagors/partners. The mark up rate is 3month KIBOR plus 2.5% for FAPC and for ERF Part-II as per SBP schedule.

8 PROPERTY, PLANT AND EQUIPMENT 2015 2014

Note Rupees Rupees

Operating fixed assets 8.1 ### ###

Capital work in progress-Civil works - 8,958,225

### ###

8.1 OPERATING FIXED ASSETS

2 0 1 5

PARTICULARS

COST DEPRECIATION Rate

%

Freehold land ### - 19,353,180 ### - - - - ###

Building ### ### 23,727,991 ### 3,225,167 ### - 4,436,050 ### 10

Plant and machin ### ### 17,319,269 ### 5,060,124 930,245 - 5,990,369 ### 10

Electric installati 295,900 - 295,900 ### 146,012 14,989 - 161,001 134,899 10

Generators ### - 1,760,000 737,505 102,250 - 839,755 920,245 10

Furniture and fix ### - 1,566,500 ### 305,413 126,109 - 431,522 ### 10

Office equipment 856,690 - 856,690 ### 163,608 69,308 - 232,916 623,774 10

Computer equipm ### 150,000 1,355,155 ### 575,561 215,178 - 790,739 564,416 30

Vehicles ### - 12,395,891 ### 4,341,518 ### - 5,952,393 ### 20

-

Total 2015 ### ### ###### ### ### - ### ######

2 0 1 4

PARTICULARS

COST DEPRECIATION Rate

%

Freehold land ### - 19,353,180 ### - - - - ###

Building ### - 6,940,000 ### 2,812,408 412,759 - 3,225,167 ### 10

Plant and machin ### ### 10,966,369 ### 4,564,838 495,286 - 5,060,124 ### 10

Electric installati 238,200 57,700 295,900 ### 133,440 12,572 - 146,012 149,888 10

Generators ### - 1,760,000 623,894 113,611 - 737,505 ### 10

Furniture and fix ### 22,300 1,566,500 ### 166,738 138,675 - 305,413 ### 10

Office equipment 769,490 87,200 856,690 ### 94,365 69,243 - 163,608 693,082 10

Computer equipm ### 131,560 1,205,155 ### 344,289 231,272 - 575,561 629,594 30

Vehicles ### ### 12,395,891 ### 3,303,403 ### ### 4,341,518 ### 20

(943,359)

Total 2014 ### ### ###### ### ### ### ### ######

2015 2014

Rupees Rupees

### Depreciation charged for the year has been allocated as under:

Cost of sales 2,258,367 1,034,228

Administrative expenses 2,021,470 2,112,680

4,279,837 3,146,908

W D V as at

June 30,

2015

As at July 01,

2014

Additions

As at June 30,

2015

As at July 01, 2014

For the year

Adjustm

ent

As at June 30,

2015

W D V as at

June 30,

2014

As at July 01,

2013

Additions

As at June 30,

2014

As at July 01, 2013

For the year

Transfer

As at June 30,

2014


9 LONG TERM DEPOSITS

FESCO 14,850 14,850

10 STORES AND SPARES

Stores and spares 8,377,622 8,377,622

11 STOCK IN TRADE

Raw material 31,195,294 31,195,294

Work in process 20,451,380 20,451,380

Finished goods 59,174,961 59,174,961 110,821,635 110,821,635

12 TRADE DEBTS

Considered good Foreign - Secured 146,436,613 147,011,788 203,839,732

Local 2,293,760 - 149,305,548 203,839,732

13 ADVANCES AND PREPAYMENTS

Advances - considered good Suppliers 4,205,821 18,726,281

Employees 92,500 122,400

Others 9,686 37,533

Prepaid insurance 956,674 898,912

5,264,681 19,785,126

14 TAX REFUNDS DUE FROM GOVERNMENT

Income tax 1,450,411 829,942

Sales tax 48,198,538 54,567,055

Special excise duty 1,018,930 1,018,930

Duty drawback 10,465,272 13,683,323 61,133,151 70,099,250

15 CASH AND BANK BALANCES

Cash in hand 865,007 1,332,910

Cash at bank In current accounts 20,408,553 367,089

In deposit accounts 33,112,034 37,785,992 ### 53,520,587 38,153,081 ### 54,385,594 39,485,991

16 SALES - NET

Export sales 16.1 ### ###

Local sales 5,079,445 4,393,502

Sales tax (147,945) (92,402)### ###

Less: Commission and discount (9,943,956) (23,008,753)### ###

16.1 It includes exchange (loss)/gain amounting to Rs. (29,250,140)/- (2013 Rs. 4,962,798/-).

17 COST OF SALES

Raw material consumed 17.1 674,876,917 986,745,079

Stores and spares consumed 17.2 43,968,580 25,985,012

Wages, salaries and benefits 18,276,083 37,066,446

Stitching charges 27,548,745 54,711,436

Fuel and power 14,334,250 21,631,374

Sizing charges 3,217,914 4,068,593

Mending and folding 4,047,411 7,630,179

Processing charges ### 194,043,631 264,130,976

Weaving charges 97,149,341 164,337,461

Repair and maintenance 2,845,740 4,407,268

Insurance 999,519 968,807

Depreciation 8.2 2,258,367 1,034,228 ### ###

work in process Balance as at July 01, 20,451,380 - Balance as at June 30, (20,451,380) (20,451,380)

- (20,451,380)

Finished goods Balance as at July 01, 59,174,961 41,015,085

Balance as at June 30, (59,174,961) (59,174,961)

- (18,159,876) Rebate and duty drawback (5,481,888) (10,980,503)

### ###

2015 ### 2014 Note Rupees ### Rupees

17.1 Raw material consumed


Purchases 674,876,917 ###

706,072,211 ###


674,876,917 986,745,079

17.2 Stores and spares consumed


Purchases 43,968,580 29,534,652

52,346,202 34,362,634


43,968,580 25,985,012

18 SELLING AND DISTRIBUTION COSTS

Ocean freight 25,263,636 30,527,397

Clearing and forwarding 2,720,229 6,028,690

Export development surcharge 3,241,984 4,034,573

Freight and octroi 5,455,429 12,848,715

Marine insurance 612,195 365,222

Others 84,522 127,650

37,377,995 53,932,247

19 ADMINISTRATIVE EXPENSES

Salaries and benefits 30,653,135 23,416,107

Postage and communication 2,900,174 3,166,490

Advertisement 340,000 472,763

Printing and stationery 678,451 849,796

Newspapers and periodicals 105,785 128,171

Entertainment 3,254,512 4,042,340

Professional charges 557,330 5,735

Depreciation 8.2 2,021,470 2,112,680

Insurance 269,086 305,598

Vehicle running and maintenance 2,115,485 1,867,724

Traveling and conveyance 4,165,170 1,923,260

Electricity 885,348 769,018

Audit fee 150,000 150,000

Miscellaneous 128,774 154,988

48,224,720 39,364,670

20 OTHER EXPENSES

Workers' profit participation fund 4,690,806 6,139,793

Workers' welfare fund 1,782,506 2,333,121 6,473,312 8,472,914

21 FINANCE COSTS

Mark up on short term borrowings 1,031,484 4,363,625

Interest on Workers' profit participation fund 149,196 135,494

Bank charges and commission 8,884,711 7,255,036

10,065,391 11,754,155

22 OTHER INCOME

Profit on deposit accounts 634,877 685,157

Profit on Sale of vehicle - 692,017

634,877 1,377,174

23 TAXATION

Current 23.1 13,418,821 16,528,614

23.1

23.2

The relationship between tax expense and accounting profit has not been presented in these financial statements as the total income of the Company falls under the ambit of presumptive tax regime under section 169 of the Income Tax Ordinance, 2001. Provision for taxation is made accordingly.

Provision for deferred tax is not required as the Company is chargeable to tax under section 169 of the Income Tax Ordinance, 2001 and no temporary differences are expected to arise in the foreseeable future.

24 FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

2,015 2,014 [ RUPEES ] [ RUPEES ]

FINANCIAL INSTRUMENTS BY CATEGORY

Financial assets :

Trade debts 147,011,788 203,839,732 Cash and bank balances 54,385,594 39,485,991

201,397,382 243,325,723 Financial Liabilities :

Trade and other payables 124,425,779 155,000,939

Short term borrowing 40,000,000 64,000,000

Accrued markup 10,421 1,334,870

164,436,200 220,335,809

24.1 Market risk

24.1.1 Yield/Mark-up rate risk:

24.1.2 Currency risk / Foreign Exchange risk:

24.1.3 Other price risk / Equity Price risk:

24.2 Credit risk and concentration of credit risk:

2015 2014

[ RUPEES ] [ RUPEES ]

FINANCIAL ASSETS

Trade debts 147,011,788 203,839,732 Bank Balances 53,520,587 38,153,081

200,532,375 241,992,813

Credit quality of financial assets

The credit risk on liquid funds is limited because the counter parties are banks with reasonably high credit ratings.

24.3 Liquidity risk

The firm finances its operations through a mix of equity, borrowings and working capital management with a view to maintaining an appropriate mix between various sources of finance to minimize risk. Taken as a whole, the firm is exposed to market risk comprising interest rate risk, currency risk and other price / equity risk, credit risk and liquidity risk. The firms's finance departments oversees the management of these risks and provide assurance to the firm's senior management that the firm's financial risk-taking activities are governed by appropriate policies and procedures and that financial risks are identified, measured and managed in accordance with firm policies and risk appetite.

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices comprise three types of risk: yield/mark-up rate risk, currency risk, and other price risk, such as equity risk. Financial instruments susceptible to / affected by market risk include loans, borrowings and deposits. The sensitivity analysis in the following sections relate to the position as at June 30, 2014 and 2015.

Yield/mark-up rate risk is the risk that the fair value or future cash flows of the financial instruments will fluctuate due to changes in the market yield/mark-up rates. Sensitivity to yield/mark-up rate risk arises from mismatch of financial assets and liabilities that mature or reprice in a given period. Significant interest rate risk exposure are primarily managed by a mix of borrowings at fixed and variable interest rates.

The effective yield/mark-up rate on the financial assets and liabilities to which the firm is exposed to are disclosed in their respective notes to the financial statements.

Currency risk is the risk that the fair value or future cash flows of a financial instrument, will fluctuate because of changes in foreign exchange rates. Foreign currency risk arises mainly where receivables and payables exist due to foreign currency transactions. The firm is exposed to currency risk on debtors and advances from customers denominated in foreign currency.

Other price risk is the risk that the fair value or future cash flows of the financial instruments will fluctuate because of changes in market prices such as equity price risk. Equity price risk is the risk arising from uncertainties about future values of investments securities. As at balance sheet date, the firm is not exposed to equity price risk as the firm do not have any investments in equity market.

Credit risk is the risk representing accounting loss that would be recognized at the reporting date if one party to a financial instrument will fail to discharge an obligation or its failure to perform duties under the contract as contracted. Concentration of credit risk arises when a number of counterparties are engaged in similar business activities or have similar economic features that would cause their ability to meet contractual obligations to be similarly affected by changes in economic, political or other conditions. Concentration of credit risk indicates the relative sensitivity of the firm’s performance to developments affecting a particular industry. The maximum exposure to credit risk at the reporting date is as follows :

Due to firm's long standing relationships with these counterparties and after giving due consideration to their strong financial standing, management does not expect non-performance by these counter parties on their obligations to the firm.

For trade debts, credit quality of customers is assessed taking into consideration their financial position and previous dealings and on that basis, individual credit limits are set. Moreover, the management regularly monitors and reviews customers' credit exposure. Accordingly, the firm is not exposed to any significant credit risk.

.

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The firm's approach to manage liquidity risk is to maintain sufficient level of liquidity by holding highly liquid assets and the availability of funding through an adequate amount of committed credit facilities. This includes maintenance of balance sheet liquidity ratios through working capital management. The management believes that the firm is not exposed to any liquidity risk.

The table below summaries the maturity profiles of firm's financial liabilities as on June 30, 2014 and 2013 based on contractual undiscounted payments date and present market interest rates.

2015

Total

[ R u p e e s ]

Financial Liabilities :

Trade and other payables 124,425,779 - 124,425,779 Short term borrowing 40,000,000 - 64,000,000 Accrued markup 10,421 - 1,334,870

164,436,200 - 189,760,649

2014

Total

[ R u p e e s ] Financial Liabilities :

Trade and other payables 155,000,939 - 155,000,939 Short term borrowing 64,000,000 - 64,000,000 Accrued markup 1,334,870 - 1,334,870

220,335,809 - 220,335,809

24.4 Fair value of financial instruments:

24.5 Capital risk Management:

25 DATE OF AUTHORIZATION FOR ISSUE

The financial statements were authorized for issue on ------------------------------------- by the Board of Directors of the firm.

26 GENERAL

26.1 Reclassification / Regrouping

2013 Reclassification

Rupees From To

Income Tax 829,942 Advances, prepayment and other receivables Tax refunds due from Government

Sales tax 54,567,055 Advances, prepayment and other receivables Tax refunds due from Government

Special excise duty 1,018,930 Advances, prepayment and other receivables Tax refunds due from Government

Duty drawback 13,683,323 Advances, prepayment and other receivables Tax refunds due from Government

Service Creditors 6,526,207 Trade Creditors Other payables

26.2 Following nomenclatures have been changed during the year:

Previous year nomenclature Current year nomenclature

Advances, prepayment and other receivables Advances and prepayments

26.3 Figures have been rounded off to the nearest Rupee.


Within one year More than 1 year and up to 5 years

Within one year

More than 1 year and up to 5 years

Fair value is the amount for which an asset could be exchanged or a liability settled between knowledgeable willing parties in an arm’s length transaction. The carrying value of all financial assets and liabilities reflected in the financial statements approximate their fair values.

The primary objective of the firm’s capital management is to safeguard the firm's ability to continue as a going concern, maintain healthy capital ratios, strong credit rating and optimal capital structures in order to ensure ample availability of finance for its existing and potential investment projects, so that it can continue to provide returns for shareholders thereby maximizing their wealth, benefits for other stakeholders and reduce the cost of capital.

The firm manages its capital structure and makes adjustment to it in the light of changes in economic conditions. In order to maintain or adjust the capital structure, the firm may adjust the amount of dividend paid to shareholders, return capital to shareholders, issue new shares through bonus or right issue or sell assets to reduce debts or raise debts, if required. No changes were made in the capital structure during the year ended June 30, 2014.

Corresponding figures have been rearranged and reclassified, wherever necessary, for the purpose of better presentation. Major reclassification made in the corresponding figures for better presentation are as under:

Depreciation for the year ended June 30, 2015

PREPARED BY: CHECKED BY:____________ REVIEWED BY:__________

DESCRIPTION RATE REF # Delelation

Owned

Freehold land 19,353,180 - 19,353,180 - - - -

Building on freehold land 6,940,000 3,225,167 3,714,833 10% 371,483 839,400 1,210,883

Plant and machinery 10,966,369 5,060,124 5,906,245 10% 590,625 339,620 930,245

Electric Instalation 295,900 146,012 149,888 10% 14,989 14,989

Generator 1,760,000 737,505 1,022,495 10% 102,250 102,250

Furniture and fixtures 1,566,500 305,413 1,261,087 10% 126,109 126,109

Office equipments 856,690 163,608 693,082 10% 69,308 69,308

Computer Equipment 1,205,155 575,561 629,594 30% 188,878 26,300 215,178

Vehicle 12,395,891 4,341,518 8,054,373 20% 1,610,875 1,610,875

TOTAL 55,339,685 14,554,908 40,784,777 3,074,517 1,205,320 4,279,837

Cost As on July 01, 2014

Accumulated depreciation

As on July 01, 2014

W.D.V for depreciation

without the effect of additions

Depreciation without the

effect of additions

Depreciation on Additions

Total Depreciation

Expense for the year

Detail of DepreciationYear ended June 30, 2015

Cost W.D.V Rate % months Depreciation

BuildingOpening Balance 6,940,000 3,225,167 3,714,833 10 12 371,483

Depreciation on addition 839,400 Sub Total 1,210,883

Plant and machineryOpening Balance 10,966,369 5,060,124 5,906,245 10 12 590,625

Depreciation on addition 339,620 Sub Total 930,245

Electric installationsOpening Balance 295,900 146,012 149,888 10 12 14,989 Sub Total 14,989

GeneratorsOpening Balance 1,760,000 737,505 1,022,495 10 12 102,250 Sub Total 102,250

Furniture and fixtureOpening Balance 1,566,500 305,413 1,261,087 10 12 126,109 Sub Total 126,109

Office equipmentsOpening Balance 856,690 163,608 693,082 10 12 69,308 Sub Total 69,308

Computer equipmentOpening Balance 1,205,155 575,561 629,594 30 12 188,878

Depreciation on addition 26,300 Sub Total 215,178

Vehicles

Opening Balance 12,395,891 4,341,518 8,054,373 20 12 1,610,875

Sub Total 1,610,875

GRAND TOTAL 4,279,837

Accumulated Depreciation

AL-QURESH FABRICSDETAIL OF CAPITAL WORK IN PROCESS 30 June, 2015

>>> O P E N I N G B A L A N C E <<< 8,958,225

7/15/2014 BILL OF CEMENT FOR 110 PCS @ 497 REF HORIZON CEMENTS 54,670

7/15/2014 BILL OF EXECTRIC EXP(FOR BREAK+PLATS+KEEL ETC)REF HAFIZ ELECTRICS 53,650

7/15/2014 BILL OF ELECTRIC EXP REF IMRAN SB 69,720

7/15/2014 MASTER TILES PCS 117 * 60= DT 09/07/14 62,200

7/15/2014 BILL OF TILES DT 10/07/14 262,800

7/15/2014 BILL OF BRICKS REF HAFIZ AKRAM BRICKS 87,000

7/15/2014 BILL OF ELECTRICS EXP(CABLE)REF ASLAM ELECTRICS 66,375

7/15/2014 BILL OF MARBLES FOR 4600+2150 FT REF USMAN MARBLES 249,750

7/15/2014 BILL OF IRON SHEET+DOOR+FRAM+FREIGHT ETC REF TAHIR WELDING 120,558



7/31/2014 BILL OF TONY FEED OF ARM MACHINE HEAD,FEED OF ARM MACHINE STAND,FEED OF ARM MACHINE TABLE 392,000

7/31/2014 BILL OF BRICKS FOR 7000 X 5.80 REF HAFIZ AKRAM 40,600

7/31/2014 BILL OF PIPE REF HAFIZ PIPE STORE 70,121

7/31/2014 BILL OF PIPE ETC REF SADDIQUE SONS 24,190

7/31/2014 BILL OF ELECTRIC EXP REF HAFIZ ELECTIRC 333,700

7/31/2014 BILL OF BRICKS REF HAFIZ BRICKS 14,500

7/31/2014 BILL OF PAIDAR CEMENT+FREIGHT REF HORIZON CEMENT 12,400

7/31/2014 BILL OF CEMENT FOR 100 BAGS REF HORIZON CEMENTS 49,700

7/31/2014 BILL OF ELECTRIC EXP REF ENGINEERING WORKS 158,245

7/31/2014 BILL OF ELECTRIC EXP REF ENGINEERING WORKS 116,610

7/31/2014 BILL#1016 FOR 25 BAGS @ 495 BESTWAY REF HORIZON CEMENTS 12,450

7/31/2014 BILL#1017 FOR 100 BAGS @ 497(PIONEER) REF HORIZON CEMENT 49,700

7/31/2014 BILL OF PIPE ,ETC REF NADEEM PIPE STORE 23,250

8/15/2014 BILL OF CEMENT FOR 100 BAGS @ 497 REF HORIZON CEMENT 49,700

8/15/2014 BILL OF ELCTRIC REF NEW ELECTRIC STORE 16,575

8/15/2014 BILL OF NET CABLE REF NET COMM 13,000

8/15/2014 BILL OF GARE MOTOR WATCH FOR 01 PCS FOR LIFT 55,000

8/15/2014 BILL#1016 FOR 25 BAGS @ 495+FREIGTH)BESTWAY REF HORIZON CEMENTS 12,675

8/15/2014 BILL#1017 FOR 100 BAGS @ 497(PIONEER) REF HORIZON CEMENT 49,700

8/15/2014 BILL#897 ITEM CABEL RED 5 BLUE 5COILS+CABLES RED 6 COIL+RED 1 COIL 78,324

8/15/2014 BILL#852 ITEM PVC CABLE 35MM 40 61,480

8/15/2014 BILL #1051,1051,1052 FOR MCCB 250-A,100-A,75-A,32-A,100-4, REF ZAIN ENGINEERING WORKS 190,000

8/31/2014 BILL OF MAIN BEAM,SEC GIRDERS,SLABS REF IZHAR LTD 335,000

8/31/2014 BILL OF BOILER+HEATER REF SAEED BOILER 17,000

8/31/2014 BILL OF PAINTS REF M.HUSAIN (PAINT CONTRACTOR) 347,904

8/31/2014 BILL OF ANNMAL REF (PAINT CONTRACTOR) 68,343

8/31/2014 BILL OF CONCREET REF IRAFN BRITHERS 18,900

8/31/2014 BILLO F CONCRET REF MIAN ARFAN BROTHRS 35,000

8/31/2014 BILL OF BRICKS REF HAFIZ AKRAM BRICKS 11,600

9/15/2014 CEMENT BILL#1019 FOR 100 BAGS @ 500 REF HORIZON CEMENTS 50,000


9/15/2014 BILL OF PAINTS REF M.HUSAIN SB 52,316

9/15/2014 BILL OF BRICKS FOR 2000(BRICKS)+5000(TILE) REF BHATTI BRICKS 40,600


9/15/2014 BILL OF ELECTRIC WIRING CHARGS(FOR STITCHNG +CANTEEN HALL+SAMPLING ROOM)REF ASLAM ELECTRIC 327,736

9/30/2014 BILL OF WOOD WORK(TABLE+WIBDOW+CUTTING HALL ETC) REF POLA WOOD 76,000

9/30/2014 BILL OF PCS(DP)(BNC)(CCTV)CABLES ETC REF H3 SOLUTION 118,500

9/30/2014 BILL OF PCS(DP)(BNC)(CCTV)CABLES ETC REF H3 SOLUTION 82,370

9/30/2014 BILL OF BUILDING CONSTRUCTION LABOUR CHARGS REF LIAQAT ALI CONTRACTOR 3,176,204

9/30/2014 BILL OF PLUMBER WORK (10 BATHROOM+TWO KITCHEN ETC)REF TAUSIF SB 84,000

TOTOAL 16,787,991


DETAIL OF ADDITION IN FIXED ASSETS 30 June, 2015

Sr # Description Reference Cost Depreciation Rate

BUILDING1 Building constructed 16,787,991 1-Jan-15 6 839,400 10%

SUB TOTAL 16,787,991 839,400

PLANT AND MACHINERY

1 MECHINE PURCHASE FROM PAKISTAN TRADRES (MISC J-2-61 895,800 3-Jul-14 12 89,580 10%

2 9 PCS NEW JUKI MECHINE WITH LOCK STITCH COMPLETE PURCHASE J-2-62 216,000 31-Aug-14 11 19,800 10%

3 5 PCS NEW JUKI MECHINE AND TREREAD STAND ETC PURCHASE J-2-63 272,000 31-Aug-14 11 24,933 10%

4 1 PCS NEW CHIKI MECHINE COMPLETE PURCHASE J-2-64 120,000 31-Aug-14 11 11,000 10%

5 1 PCS OF NEW GREAT REEDO COMPLETE PURCHASE J-2-65 88,000 15-Sep-14 10 7,333 10%

6 928 BROTHER PULLLER BIRING CHANGE J-2-66 4,000 31-Oct-14 9 300 10%

7 GUAGE SAT FEEDO 928-8A (4PCS) J-2-67 19,200 31-Oct-14 9 1,440 10%

8 MECHINERY NEEDLE LOC STITCH MECHINE+KANSAI MECHINE REF PAK TRADERS J-2-68 4,283,400 15-Feb-15 5 178,475 10%

9 PEGASES FIVE TREAD SAFTY MODEL M-732 PURCHASE 3 PCS FROM PAK TRADERS J-2-71 112,500 15-May-15 2 1,875 10%

10 FEEDO MECHINE TONY COMPLETE PURCHASE 2 PCS FROM PAK TRADERS J-2-72 244,000 15-May-15 2 4,067 10%

11 TRIPPLE TRANPORT LU2-420 FOR 1 PCS FROM ABDUR REHAMN COR J-2-73 53,000 15-Jun-15 1 442 10%

12 BOILER MODEL 36 C PURCHASE 1 PCS FROM PAK TRADERS J-2-74 45,000 15-Jun-15 1 375 10%

SUB TOTAL 6,352,900 339,620

COMPUTER EQUIPMENT

1 NEW LAPTO PURCHASE I5 61,000 15-Aug-14 11 16,775 30%

2 NEW SYSTEM PURCHASE 29,000 31-Oct-14 9 6,525 30%

3 NEW LAPTO PURCHASE 60,000 22-May-15 2 3,000 30%

SUB TOTAL 150,000 26,300

GRAND TOTAL 23,290,891 1,205,320

Date of Addition

No of Months

AL-QURESH FABRICSTax Computation( 115-4)Year Ended June 30, 2015

Tax Computation Receipts Total Tax

[ R u p e e s ]

1- Exports receipts 1% 1,330,453,884 13,304,539

2- Tax on Local Receipt (Services) 1% 5,079,445 50,794

3- Profit on deposit (Parallel account) 10% 634,877 63,488

Tax Liability A 1,336,168,206 13,418,821

Less: Advance tax paid on :

Exports Realization u/s 154 13,307,030

Withholding Tax deducted on:

Telephone and mobile 55,214 28,273 83,487

Electricity 203,356 10,730 214,086

Vehicles (3,750) 3,750 -

Imports -

Cash withdrawls 313,783 57,418 371,201

Bank profit 3,697 59,789 63,486

Sub Total 572,300 159,960 732,260

Total tax deducted for the year 14,039,290

Tax refundable for the year 620,469

Tax refundable/(payable) as at July 01, 2014 829,942

Total tax refundable 1,450,411

Recounciliation of export sales

Sale for the year (Taken from export schedule) 1,214,451,570

Opening Debtors 203,839,732

Closing debtors (147,011,788)

Add: Exchange gain 57,573,671

Less: Realization on export -

Opening Advances (3,148,551)

Closing Advances 4,749,250

Realization 1,330,453,884

Realization as per certificate

HMBL 11,338,759

BANK AL FALAH 990,469

HABIB BANK 5,357

SONERI 972,445

13,307,030 1,330,703,000

X 100 1,330,703,000 (249,116)

Difference

(249,116)

Difference

AL-QURESH FABRICS

FOR THE YEAR ENDED JUNE 30, 2015 2015 2014

Rupees Rupees

Calculation of WPPF

Gross profit 188,849,354 226,469,764

Less:

Distribution cost 37,377,995 53,932,247


Finance cost 10,065,391 11,754,155

95,668,106 105,051,072

93,181,248 121,418,692

Other income 634,877 1,377,174

93,816,125 122,795,866

ALLOCATION OF WPPF @ 5% 4,690,806 6,139,793

AL-QURESH FABRICS

FOR THE YEAR ENDED JUNE 30, 2015 2015 2014

Rupees Rupees

Calculation of WWF

Gross profit 188,849,354 226,469,764

Less:

Distribution cost 37,377,995 53,932,247


Finance cost 10,065,391 11,754,155

95,668,106 105,051,072

93,181,248 121,418,692

Other income 634,877 1,377,174

93,816,125 122,795,866

Less : OF WPPF @ 5% (4,690,806) (6,139,793)

89,125,319 116,656,073

A. WWF @ 2% 1,782,506 2,333,121

WWF on receipts

Export receipts 1,330,453,884

Local sales 5,079,445

1,335,533,329

B. '2% of 4% of receipts 1,068,427 976,229

Higher of A and B 1,782,506 2,333,121

Opening 2012 6,021,271 2,203,473

Total Payable 7,803,777 4,536,594

HYDER BHIMJI & CO.

Chartered Accountants

A member of Kreston InternationalAL-Quraish Fabrics PREPARED BY:Zeshan

Year ended: June 30, 2014 REVIEWED BY:

Acc. Head: Vehicles

PARTICULARS REF #

COST AS ON 01-07-2013 A

LESS: Cost of assets deleted B

Balance as on 01-07-2013 C=A+B

Accumulated depreciation as on 01-07-2013 D

Less accumulated depreciation of deleted assets E

Balance as on 01-07-2013 F=D-E

W.D.V AS ON 30-06-2014 G = C-F

LESS: DEPRECIATION ON WDV FOR THE YEAR H=G*I

20% I

ADDITIONS DURING YEAR J

LESS : DEP ON ADDITIONS K

WDV OF ADDITIONS DURING PERIOD L=J-K

Depreciation for the year on assets deleted M

ADJUSTMENT N=E+M

Total Depreciation For the Period O=H+K+M

TOTAL COST AS ON 30-06-2014 P=A+J-B

TOTAL DEPRECIATION AS ON 30-06-2014 (Ac Q=D+H+K-N+M

WRITTEN DOWN VALUE OF ASSETS R=P-Q

AS ON 30-06-2014

HYDER BHIMJI & CO.

Chartered Accountants

A member of Kreston InternationalPREPARED BY:Zeshan

12,395,891

- ###

12,395,891

4,341,518

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AMOUNT Rs.

accounts 2015

Documents