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ASIM TEXTILE MILLS LTD. DIRECTORS’ REPORT TO THE MEMBERS
Your directors are pleased to present 2nd quarter and half yearly accounts for the period ended December 31, 2008. The company has incurred net loss of Rs. 4.056 million as compared to net profit of Rs. 1.095 million of corresponding period of last year. The financial charges amounting to Rs. 2.241 million on long term morabaha have not been accounted for due to litigation with bank. Had financial charges been accounted for, the loss for the period would be Rs. 6.297 million as compared to loss of Rs. 4.903 million for the corresponding period of last year. The increase in prices of raw material, store & spares and electricity has resulted in loss during the current period as compared to the corresponding period of last year. Auditors have qualified the report that mark up aggregating to Rs. 2.241 million on financial institution’s lending as referred in note 5, 6 & 9.1 of the interim condensed financial statements has not been accrued in the interim condensed financial statements. Due to which current liabilities, accumulated losses and loss for the period are understated. The financial charges have not been accrued due to litigation with bank. Earning per share (EPS) for the 2nd quarter is Rs. (0.60) and Rs. (0.27) for half year as compared to (EPS) of Rs. 0.15 for 2nd quarter and Rs. 0.07 for half year in the corresponding period of last year. There has been no change in the position of on going court cases with the bank, as reported in the director’s report of the financial statements for the year ended 30.06.2008. Transactions with related parties are carried out at arms length. The prices are determined in accordance with comparable uncontrolled price method. The power if purchased from related parties is at WAPDA power tariff. The management would like to place on record its appreciation for the continuous support of its shareholders, customers and employees and expect to receive same cooperation in future.
for and on behalf of the Board
FAISALABAD. ZAHID ANWAR 23.02.2009 CHIEF EXECUTIVE
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