Page 1 of 36

HYDER BHIMJI & CO

Chartered Accountants
A member of Kreston International

Client: AL-QURESH FABRICS

REQUIREMENT LETTER
Year
End: JUNE 30, 2012
Sr.
D e s c r i

p t i o n

#
1

Partnership deed in case of change(if any)

Wealth statement of Directors

Detail of Creditors as at June 30, 2012

Subsequent position of closing Creditors

Aging analysis of closing Creditors

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

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

Facility letter for loan amounting Rs: 40 Million

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.

Provided On

Page 2 of 36

HYDER BHIMJI & CO

Chartered Accountants
A member of Kreston International

Client: AL-QURESH FABRICS

REQUIREMENT LETTER
Year
End: JUNE 30, 2012
Sr.
D e s c r i
40

p t i o n

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

Provided On

Page 3 of 36
-

HYDER BHIMJI & CO

2,282,034

Chartered Accountants
A member of Kreston International

3743

Sr.

File No.:

Client: AL-QURESH FABRICS

Prepared by: N.Abbas

Ad j u st i n g En t ri e s
Year End: JUNE 30, 2013
D
1

Checked by:
Reviewed by:

Debit

r i

Bank

Account
Code #
60,000
Rupees

Acc. Depreciation

Rupees

11,367
70,075

TO Vehicles

Credit

Other income

1,292

Page 4 of 36
-

HYDER BHIMJI & CO

2,282,034

Chartered Accountants
A member of Kreston International

3743

Sr.

File No.:

Client: AL-QURESH FABRICS

Prepared by: N.Abbas

Ad j u st i n g En t ri e s
Year End: JUNE 30, 2013
D

Checked by:
Reviewed by:

Debit

r i

Credit

Account
Code #
Rupees

Rupees

Entires on 24/12/12 by Mr Mehmood

1

Ocean freight

3,000,000

To
2

Local freight

Ocean freight

3,500,000

To
3

1,448,108
1,448,108
2,520,000

Other creditors

2,520,000
224,000

Professional charges

Advertisement
To

259,621

Salaries and benefits

Misc.
To

Export expenses

Stitching charges
To

3,500,000
259,621

Wages salaries and benefits

To

Clearing and forwarding

Other expenses
To

3,000,000

271,208
cash

Printing and stationery

To

224,000

cash

271,208
71,245
71,245

Page 5 of 36
-

HYDER BHIMJI & CO

2,282,034

Chartered Accountants
A member of Kreston International

3743

Sr.

File No.:

Client: AL-QURESH FABRICS

Prepared by: N.Abbas

Ad j u st i n g En t ri e s
Year End: JUNE 30, 2013
D
9

Reviewed by:

Debit

r i

Newspapers and periodicals

To

10

Checked by:

To

Account
Code #
45,961
Rupees

cash

Rupees
45,961

Entertainment

Credit

300,000
cash

300,000
Correction of insurance entry

11

Creditors

297,166
To

Prepaid insurance

To

Accrued expense

Foreign Bank Charges

211,660
85,506

8,535

To Bank A/C

8,535

FBC not booked

EOBI exp

3,600

To Accrued Payable

3,600

EOBI for june not book

Social Security Exp

25,008

Cash A/c

22,924

To Accrued Payable

2,084

Social security for 12 month

Postage and communication (ADMIN)

Postage and communication

Advance Income tax telephone
Advance Income tax mobile

380,805
21,528
7,073

To Accrued charges

34,500

To Cash

374,906

PTCL 2636101

48,490

PTCL 2613905

111,423

PTCL 2636128

15,107

Page 6 of 36
-

HYDER BHIMJI & CO

2,282,034

Chartered Accountants
A member of Kreston International

3743

Sr.

File No.:

Client: AL-QURESH FABRICS

Prepared by: N.Abbas

Ad j u st i n g En t ri e s
Year End: JUNE 30, 2013
D

Checked by:
Reviewed by:

Debit

r i

Credit

Account
Code #

PTCL 2417012

24,935
Rupees

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

Rupees

Page 7 of 36
-

HYDER BHIMJI & CO

2,282,034

Chartered Accountants
A member of Kreston International

3743

Sr.

File No.:

Client: AL-QURESH FABRICS

Prepared by: N.Abbas

Ad j u st i n g En t ri e s
Year End: JUNE 30, 2013
D

Checked by:
Reviewed by:

Debit

r i

Credit

Account
Code #

Accrued Payable

PTCL 2636101

Accrued Payable

PTCL 2613905

12,580

Accrued Payable

PTCL 2636128

860

Accrued Payable

PTCL 2417012

4,510

Accrued Payable

PTCL 8810260

5,740

Accrued Payable

PTCL 8810261

4,570

Rupees

Cash

Advance Income tax Vehicle

6,240
Rupees

374,906

3,750

Cash

3,750

Advance Income tax Vehicle

Debtors

492,833

To Closing Advance

73,138

To Exchange gain

Computer equipment

419,695

67,500

Cash

67,500
-

Computer equipment
Office equipment

78,000
78,000

Page 8 of 36
-

HYDER BHIMJI & CO

2,282,034

Chartered Accountants
A member of Kreston International

3743

Sr.

File No.:

Client: AL-QURESH FABRICS

Prepared by: N.Abbas

Ad j u st i n g En t ri e s
Year End: JUNE 30, 2013
D

Checked by:
Reviewed by:

Debit

r i

Credit

Account
Code #
Rupees

Advance Income tax ( Deducted by parties US 153 A)

Rupees

17,988

To Cash

17,988

10

Export sales for the year

8,829,026

Duty draw back for the year/Rebate

11

Cash Credit

8,829,026

125,000

Accrued payable

125,000

Audit fee shown as expense

Bank A/c Lease

245,000

Bank A/c

Drawing

245,000

245,000

Bank A/c Lease

Drawing

245,000

245,000

Bank A/c

Liability subject to finance lease

Lease finance charges

245,000

203,300
41,700

Drawing

Liability subject to finance lease

245,000

170,840

Lease key money

12

Liability subject to finance lease

170,840

374,140

Lease finance charges

15,454

Cash excess deposit

26,246

Drawing

245,000

Lease key money

170,840

Page 9 of 36
-

HYDER BHIMJI & CO

2,282,034

Chartered Accountants
A member of Kreston International

3743

Sr.

File No.:

Client: AL-QURESH FABRICS

Prepared by: N.Abbas

Ad j u st i n g En t ri e s
Year End: JUNE 30, 2013
D

Checked by:
Reviewed by:

Debit

r i

Credit

Account
Code #
Rupees

13

Insurance COS

Insurance Admin

Rupees

47,896
5,322

Prepaid Insurance

Prepaid insurance
Insurance COS
Insurance Admin

53,218

127,156
49,789
878

Marine Insurance

177,823

Prepaid insurance

73,938

Insurance COS

97,685

Insurance Admin

6,200

Marine Insurance

14

Markup on short term finance ERF-II

177,823

1,083,397

Accrued Markup on Short term finance

15

Sales net

1,083,397

1,005,081

markup on short term borrowing

1,005,081

Tax working added

Provision for taxation

56,950

WWF payable

Vehicle running
Xash

56,950

854,322
854,322

AL-QURESH FABRICS
BALANCE SHEET
AS AT JUNE 30, 2015

CAPITAL AND LIABILITIENote

2015

2014

Rupees

Rupees

ASSETS

Note

2015

2014

Rupees

Rupees

NON CURRENT ASSETS

PARTNERS' CAPITAL

284,662,711

###

Property, plant and equipme

59,795,831

Long term deposits

14,850

###
14,850

59,810,681

CURRENT LIABILITIES

###

CURRENT ASSETS

Trade and other payables

124,425,779

###

Stores and spares

10

Short term borrowing

40,000,000

###

Stock in trade

11

###

###

Accrued markup

10,421

Trade debts

12

###

###

Advances and prepayments

13

Tax refunds due from Gover

14
15

164,436,200

1,334,870
###

Cash and bank balances

8,377,622

8,377,622

5,264,681

###
###

###
54,385,594

###

###

###

###

###

CONTINGENCIES AND
COMMITMENTS

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

Note

2015

2014

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

Finance costs

21

Other income

22

Profit before taxation

Taxation
Profit for the year transferred to partners' capital

6,473,312

8,472,914

###

11,754,155

###

###

###

###

634,877

1,377,174
###

###
23

###

16,528,614

###

97,794,338

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

#
###
###
###
###
###

MANAGING PARTNER

PARTNER

AL-QURESH FABRICS
CASH FLOW STATEMENT
FOR THE YEAR ENDED JUNE 30, 2015

2015
Rupees

Note

2014
Rupees

a) CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation

87,342,813

Adjustments for:
Depreciation

4,279,837
-

Profit on Sale of Vehicle

10,065,391

Finance costs

###
3,146,908
(692,017)
###

Workers profit participation fund

4,690,806

6,139,793

Workers welfare fund

Operating cash flows before working capital changes
Changes in working capital
(Increase) / decrease in current assets
Stores and spares

1,782,506
###

2,333,121
###

Stock in trade

###

###

Trade debts

54,534,184

Advances and prepayments

14,520,445

Tax refunds due from Government

8,966,099

Increase / (decrease) in current liabilities

Trade and other payables

###
679,477
###

###

###

Net cash generated from operating activities

Finance costs paid

47,098,347
###
###

###
(474,499)
###

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

###

###

###

###

###
###
(a+b+ 14,899,603

###
###
###

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
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year

15

39,485,991

###

54,385,594

###

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

MANAGING PARTNER

PARTNER

AL-QURESH FABRICS
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2015
1

STATUS AND NATURE OF BUSINESS

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.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of preparation

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.
2.2 Revenue recognition
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
passed to the customer usually when goods are delivered/ dispatched and title has passed.
- Profit on bank deposits is recognized on the time-apportioned basis on the principal amount
outstanding using the
effective rate of return applicable.
2.3 Borrowing costs
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.
2.4 Foreign currency translation
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
2.5 included
Rebate and
duty
drawback
in the
profit
and loss account.
Draw back income is accounted for on accrual basis whereas Draw back on local levies is accounted for on
receipts basis in financial statements.
2.6 Taxation
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
deductible temporary differences, unused tax losses and tax credits can be utilized.
Deferred tax is calculated at the rates that are expected to apply to the period when the differences

Deferred tax is calculated at the rates that are expected to apply to the period when the differences
reverse, based on tax rates that have been enacted.

2.7 Trade and other payables

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.
2.8 Property, plant and equipment
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.
Gains and losses on disposal of property, plant and equipment are included in profit and loss account.
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.
2.9 Impairment of assets
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 assets 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
2.10 Stock in Trade
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.
Cost is determined as follows:
Raw materials
Work in process an
Finished goods
Wastes

at weighted average cost

at raw material cost - Plus
a proportion of manufacturing expenses
At net - realizable value

Net realizable value signifies the estimated selling price in the ordinary course of business less net of
estimated cost of completion and selling expenses.
2.11 Trade and other receivables
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
statement.
2.12 income
Provisions
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.
2.13 Cash and cash equivalents
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
2.14 Offsetting
Financial assets and liabilities are offset and the net amount is reported in the balance sheet, if the

Financial assets and liabilities are offset and the net amount is reported in the balance sheet, if the
Company has a legally enforceable right to setoff the recognized amounts and the Company intends to
settle either on a net basis or realize the asset and settle the liability simultaneously.

PARTNERS' CAPITAL
Note
Balance as at July 01,
Profit for the year

2015
Rupees
###

###

73,923,992

###

###

###

Drawing

###

###

Balance as at June 30,

###

###

TRADE AND OTHER PAYABLES

###

Trade creditors
Accrued charges
Advance from customers

950,556

4,749,250

3,148,551

4,840,001

6,275,286

7,803,777

6,021,271

Other payables

3,932,654

6,526,207

4.1

###

4.1

Interest on funds utilized in Company's business

Less:

4,280,974

149,195

135,493

6,424,481

4,416,467
###

149,195

135,493

4,690,806

6,139,793

4,840,001

6,275,286

SHORT TERM BORROWING

From Banking Company - Secured

Limit

Habib Metropolitan Bank Ltd.

Export refinance part-II

(Million)
Rs. 40

5.1

Rs. 60

5.1

FAPC

5.1

7.1

6,275,286

###

Paid during the year

Allocation for the year

###

Workers' profit participation fund

Balance as at July 01,

###

513,714

Workers' welfare fund

Workers' profit participation fund

2014
Rupees

###

40,000,000

###

40,000,000

###

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.

ACCRUED MARK UP
Mark up on short term borrowings
CONTINGENCIES AND COMMITMENTS
Contingencies
Foreign bills discounted with bank amounting to Rs. 288.579 million (2013: 270.452 million).

10,421

1,334,870

PROPERTY, PLANT AND EQUIPMENT

Note

8.1

Operating fixed assets

2015

2014

Rupees

Rupees

###
-

Capital work in progress-Civil works

###

###
8,958,225
###

8.1 OPERATING FIXED ASSETS

2

COST
PARTICULARS

As at
July 01,
2014

Additions

WDV
as at

DEPRECIATION
As at
June 30,
2015

As at
July 01,
2014

Freehold land

###

19,353,180#

Building

###

### 23,727,991# 3,225,167

Plant and machin

###

### 17,319,269# 5,060,124

Electric installati

For the
Adjustm
year
ent

As at
June 30,
2015

June 30,
2015

Rate
%

###

4,436,050

###

10

930,245

5,990,369

###

10

###

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

1,134,978

10

Office equipment

856,690

856,690#

163,608

69,308

232,916

623,774

10

Computer equipm

###

1,355,155#

575,561

215,178

790,739

564,416

30

Vehicles

###

###

5,952,393

6,443,498

20

###

###

150,000
-

295,900#

12,395,891# 4,341,518

Total 2015

###

###

###

###

COST
PARTICULARS

As at
July 01,
2013

Freehold land

###

Building

###

Plant and machin

###

Electric installati

238,200

Additions

###
#

WDV
as at

DEPRECIATION
As at
June 30,
2014

As at
July 01,
2013

19,353,180#

For the
year
Transfer

As at
June 30,
2014

June 30,
2014
-

Rate
%

###

6,940,000# 2,812,408

412,759

3,225,167

3,714,833

10

### 10,966,369# 4,564,838

495,286

5,060,124

5,906,245

10

133,440

12,572

146,012

149,888

10

1,760,000

623,894

113,611

737,505

1,022,495

10

57,700
-

295,900#

Generators

###

Furniture and fix

###

22,300

1,566,500#

166,738

138,675

305,413

1,261,087

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

###

8,054,373

20

Total 2014

###

### 12,395,891# 3,303,403

###

###

4,341,518

###

###

###

(943,359)
###

###

###

###
#

2015

2014

Rupees

Rupees

Cost of sales

2,258,367

1,034,228

Administrative expenses

2,021,470

2,112,680

4,279,837

3,146,908

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

Note

2015
Rupees

2014
Rupees

9 LONG TERM DEPOSITS

FESCO

14,850

14,850

8,377,622

8,377,622

31,195,294
20,451,380

31,195,294

10 STORES AND SPARES

Stores and spares
11 STOCK IN TRADE
Raw material
Work in process
Finished goods

59,174,961
110,821,635

20,451,380
59,174,961
110,821,635

147,011,788

203,839,732

2,293,760
149,305,548

203,839,732

12 TRADE DEBTS
Considered good
Foreign - Secured
Local

146,436,613

13 ADVANCES AND PREPAYMENTS

Advances - considered good
Suppliers
Employees

4,205,821
92,500
9,686

Others
Prepaid insurance

956,674
5,264,681

14 TAX REFUNDS DUE FROM GOVERNMENT

Income tax
Sales tax

1,450,411
48,198,538
1,018,930

Special excise duty

Duty drawback

18,726,281
122,400
37,533
898,912
19,785,126
829,942
54,567,055

10,465,272
61,133,151

1,018,930
13,683,323
70,099,250

865,007

1,332,910

20,408,553
33,112,034
53,520,587
54,385,594

37,785,992
38,153,081
39,485,991

15 CASH AND BANK BALANCES

Cash in hand
Cash at bank
In current accounts
In deposit accounts
###
###

367,089

16 SALES - NET
16.1

Export sales
Local sales
Sales tax
Less: Commission and discount
16.1

###
5,079,445
(147,945)
###
(9,943,956)
###

###
4,393,502
(92,402)
###
(23,008,753)
###

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

17 COST OF SALES
17.1
17.2

Raw material consumed

Stores and spares consumed
Wages, salaries and benefits
Stitching charges

4,047,411
194,043,631

###

97,149,341
2,845,740

Repair and maintenance

Insurance
Depreciation
work in process
Balance as at July 01,
Balance as at June 30,

43,968,580
18,276,083
27,548,745
14,334,250
3,217,914

Fuel and power

Sizing charges
Mending and folding
Processing charges
Weaving charges

674,876,917

8.2

999,519
2,258,367
###
20,451,380
(20,451,380)
-

Finished goods
Balance as at July 01,
Balance as at June 30,
Rebate and duty drawback

59,174,961
(59,174,961)
(5,481,888)
###

986,745,079
25,985,012
37,066,446
54,711,436
21,631,374
4,068,593
7,630,179
264,130,976
164,337,461
4,407,268
968,807
1,034,228
###
(20,451,380)
(20,451,380)
41,015,085
(59,174,961)
(18,159,876)
(10,980,503)
###

Note
17.1

Raw material consumed

31,195,294

Balance as at July 01,

Purchases

674,876,917
706,072,211

Balance as at June 30,

17.2

2015
###
2014
Rupees ### Rupees

(31,195,294)
674,876,917

15,175,688
###
###
(31,195,294)
986,745,079

Stores and spares consumed

Balance as at July 01,

8,377,622
43,968,580

Purchases

52,346,202
(8,377,622)
43,968,580

Balance as at June 30,

4,827,982
29,534,652
34,362,634
(8,377,622)
25,985,012

18 SELLING AND DISTRIBUTION COSTS

25,263,636

Ocean freight
Clearing and forwarding
Export development surcharge
Freight and octroi
Marine insurance
Others

30,527,397

2,720,229

6,028,690

3,241,984
5,455,429
612,195

4,034,573
12,848,715
365,222

84,522

127,650

37,377,995

53,932,247

30,653,135
2,900,174

23,416,107

19 ADMINISTRATIVE EXPENSES
Salaries and benefits
Postage and communication
Advertisement

340,000
678,451
105,785

Printing and stationery

Newspapers and periodicals
Entertainment
Professional charges
Depreciation

3,254,512
557,330
8.2

Insurance
Vehicle running and maintenance

2,021,470
269,086
2,115,485
4,165,170

Traveling and conveyance

Electricity

885,348
150,000

Audit fee
Miscellaneous

128,774
48,224,720

3,166,490
472,763
849,796
128,171
4,042,340
5,735
2,112,680
305,598
1,867,724
1,923,260
769,018
150,000
154,988
39,364,670

20 OTHER EXPENSES
Workers' profit participation fund
Workers' welfare fund

4,690,806
1,782,506
6,473,312

6,139,793

1,031,484
149,196

4,363,625

2,333,121
8,472,914

21 FINANCE COSTS
Mark up on short term borrowings
Interest on Workers' profit participation fund
Bank charges and commission

8,884,711
10,065,391

135,494
7,255,036
11,754,155

22 OTHER INCOME
634,877

Profit on deposit accounts

Profit on Sale of vehicle

685,157

634,877

692,017
1,377,174

13,418,821

16,528,614

23 TAXATION
Current

23.1

23.1 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.
23.2 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

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.
2,015
2,014
[ RUPEES ]
[ RUPEES ]
FINANCIAL INSTRUMENTS BY CATEGORY
Financial assets :
Trade debts
Cash and bank balances

147,011,788
54,385,594

203,839,732
39,485,991

201,397,382

243,325,723

124,425,779

155,000,939

40,000,000

64,000,000

Financial Liabilities :
Trade and other payables
Short term borrowing
Accrued markup

10,421

1,334,870

164,436,200

220,335,809

24.1 Market risk

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.
24.1.1 Yield/Mark-up rate risk:
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.
24.1.2 Currency risk / Foreign Exchange risk:
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.
24.1.3 Other price risk / Equity Price risk:
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.
24.2 Credit risk and concentration of credit risk:
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 firms performance to developments affecting a particular industry. The maximum exposure to credit risk at the
reporting date is as follows :
2015

2014

[ RUPEES ]

[ RUPEES ]

FINANCIAL ASSETS
Trade debts
Bank Balances

147,011,788
53,520,587

203,839,732
38,153,081

200,532,375

241,992,813

Credit quality of financial assets

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.
The credit risk on liquid funds is limited because the counter parties are banks with reasonably high credit ratings.
24.3 Liquidity 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
Within one year
[

More than 1
year and up to 5
u
pyearse
e

Total
s

Financial Liabilities :
Trade and other payables
Short term borrowing
Accrued markup

124,425,779
40,000,000
10,421

124,425,779
64,000,000
1,334,870

164,436,200

189,760,649

2014
Within one year
[

More than 1
year and up to 5
u
pyearse
e

Total
s

Financial Liabilities :
Trade and other payables
Short term borrowing
Accrued markup

155,000,939
64,000,000
1,334,870

155,000,939
64,000,000
1,334,870

220,335,809

220,335,809

24.4 Fair value of financial instruments:

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

25.

The primary objective of the firms 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.
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
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:

Reclassification

2013
Rupees
Income Tax
Sales tax
Special excise duty
Duty drawback
Service Creditors
26.2

26.3

From

829,942 Advances, prepayment

receivables
### Advances, prepayment
receivables
1,018,930 Advances, prepayment
receivables
### Advances, prepayment
receivables
6,526,207 Trade Creditors

To
and other

Tax refunds due from Government

and other

Tax refunds due from Government

and other

Tax refunds due from Government

and other

Tax refunds due from Government

Other payables

Following nomenclatures have been changed during the year:

Previous year nomenclature

Current year nomenclature

Advances, prepayment and other receivables

Advances and prepayments

Figures have been rounded off to the nearest Rupee.

MANAGING PARTNER

PARTNER

Depreciation for the year ended June 30, 2015

PREPARED BY:

DESCRIPTION

CHECKED BY:____________

Cost
on July 01, 2014

As

Delelation

REVIEWED BY:__________

W.D.V for
Accumulated
depreciation
depreciation
without the effect
As on July 01, 2014
of additions

Depreciation
without the
effect of
additions

RATE

REF #

Total
Depreciation Depreciation
on Additions Expense for the
year

Owned
Freehold land
Building on freehold land
Plant and machinery

19,353,180

19,353,180

###

6,940,000

3,225,167

3,714,833

10%

371,483

839,400

1,210,883

10,966,369

5,060,124

5,906,245

10%

590,625

339,620

930,245

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

856,690

163,608

693,082

10%

69,308

69,308

1,205,155

575,561

629,594

30%

188,878

Vehicle

12,395,891

4,341,518

8,054,373

20%

1,610,875

TOTAL

55,339,685

Electric Instalation

Office equipments
Computer Equipment

14,554,908

40,784,777

3,074,517

26,300

215,178
1,610,875

1,205,320

4,279,837

Detail of Depreciation
Year ended June 30, 2015

Accumulated
Depreciation

Cost
Building
Opening Balance

W.D.V

Rate % months

6,940,000

3,225,167

3,714,833

10

12

10,966,369

5,060,124

5,906,245

10

12

295,900

146,012

149,888

10

12

1,760,000

737,505

1,022,495

10

12

1,566,500

305,413

1,261,087

10

12

856,690

163,608

693,082

10

12

1,205,155

575,561

629,594

30

12

12,395,891

4,341,518

8,054,373

20

12

Depreciation on addition
Sub Total
Plant and machinery
Opening Balance
Depreciation on addition
Sub Total
Electric installations
Opening Balance
Sub Total
Generators
Opening Balance
Sub Total
Furniture and fixture
Opening Balance
Sub Total
Office equipments
Opening Balance
Sub Total
Computer equipment
Opening Balance
Depreciation on addition
Sub Total
Vehicles
Opening Balance
Sub Total
GRAND TOTAL

Depreciation
371,483
839,400
1,210,883
590,625
339,620
930,245
14,989
14,989
102,250
102,250
126,109
126,109
69,308
69,308
188,878
26,300
215,178
1,610,875
1,610,875

4,279,837

AL-QURESH FABRICS
DETAIL 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 MARBLES FOR 400+50 FT REF USMAN MARBLES

17,850

7/31/2014 BILL OF MARBLES FOR 400+200 FT REF USMAN MARBLES

19,800

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 CEMENT BILL#1020 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 CEMENT BILL#1021 FOR 100 BAGS @ 500 REF HORIZON CEMENTS

50,000

9/15/2014 BILL OF ELECTRIC WIRING CHARGS(FOR STITCHNG +CANTEEN HALL+SAMPLING ROOM)REF ASLAM ELECTRIC
9/30/2014 BILL OF WOOD WORK(TABLE+WIBDOW+CUTTING HALL ETC) REF POLA WOOD

327,736
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
9/30/2014 BILL OF PLUMBER WORK (10 BATHROOM+TWO KITCHEN ETC)REF TAUSIF SB

TOTOAL

3,176,204
84,000

16,787,991

Client: AL-QURESH FABRICS

DETAIL OF ADDITION IN FIXED ASSETS 30 June, 2015
Sr #

BUILDING
1

Description

Reference

Date of
Addition

Cost

16,787,991

Building constructed

1-Jan-15

No of
Months

16,787,991

SUB TOTAL

Depreciation

839,400

Rate

10%

839,400

PLANT AND MACHINERY

1

MECHINE PURCHASE FROM PAKISTAN TRADRES (MISC

J-2-61

895,800

3-Jul-14

12

89,580

10%

9 PCS NEW JUKI MECHINE WITH LOCK STITCH COMPLETE PURCHASE

J-2-62

216,000

31-Aug-14

11

19,800

10%

5 PCS NEW JUKI MECHINE AND TREREAD STAND ETC PURCHASE

J-2-63

272,000

31-Aug-14

11

24,933

10%

1 PCS NEW CHIKI MECHINE COMPLETE PURCHASE

J-2-64

120,000

31-Aug-14

11

11,000

10%

1 PCS OF NEW GREAT REEDO COMPLETE PURCHASE

J-2-65

88,000

15-Sep-14

10

7,333

10%

928 BROTHER PULLLER BIRING CHANGE

J-2-66

4,000

31-Oct-14

300

10%

GUAGE SAT FEEDO 928-8A (4PCS)

J-2-67

19,200

31-Oct-14

1,440

10%

MECHINERY NEEDLE LOC STITCH MECHINE+KANSAI MECHINE REF PAK TRADERS

J-2-68

4,283,400

15-Feb-15

178,475

10%

PEGASES FIVE TREAD SAFTY MODEL M-732 PURCHASE 3 PCS FROM PAK TRADERS

J-2-71

112,500

15-May-15

1,875

10%

10

FEEDO MECHINE TONY COMPLETE PURCHASE 2 PCS FROM PAK TRADERS

J-2-72

244,000

15-May-15

4,067

10%

11

TRIPPLE TRANPORT LU2-420 FOR 1 PCS FROM ABDUR REHAMN COR

J-2-73

53,000

15-Jun-15

442

10%

12

BOILER MODEL 36 C PURCHASE 1 PCS FROM PAK TRADERS

J-2-74

45,000

15-Jun-15

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%

NEW SYSTEM PURCHASE

29,000

31-Oct-14

6,525

30%

NEW LAPTO PURCHASE

60,000

22-May-15

3,000

30%

SUB TOTAL

GRAND TOTAL

150,000

26,300

23,290,891

1,205,320

AL-QURESH FABRICS
Tax 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

1,336,168,206

13,418,821

Tax Liability

Less: Advance tax paid on :

Exports Realization u/s 154

13,307,030

Withholding Tax deducted on:

Telephone and mobile
Electricity
Vehicles

55,214

28,273

83,487

203,356

10,730

214,086

(3,750)

3,750

Imports
Cash withdrawls
Bank profit
Sub Total

313,783

57,418

371,201

3,697

59,789

63,486

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)

Opening Debtors

1,214,451,570
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
BANK AL FALAH
HABIB BANK

SONERI
X 100

11,338,759
990,469
5,357
972,445
13,307,030

1,330,703,000

1,330,703,000

(249,116)

Difference
(249,116)

Difference

AL-QURESH FABRICS
FOR THE YEAR ENDED JUNE 30, 2015

2015

2014

Rupees

Rupees

188,849,354

226,469,764

Distribution cost

37,377,995

53,932,247

Administrative expenses

48,224,720

39,364,670

Finance cost

10,065,391

11,754,155

95,668,106

105,051,072

93,181,248

121,418,692

634,877

1,377,174

93,816,125

122,795,866

4,690,806

6,139,793

Calculation of WPPF
Gross profit
Less:

Other income
ALLOCATION OF WPPF @ 5%

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

Distribution cost

37,377,995

53,932,247

Administrative expenses

48,224,720

39,364,670

Finance cost

10,065,391

11,754,155

95,668,106

105,051,072

93,181,248

121,418,692

634,877

1,377,174

93,816,125

122,795,866

(4,690,806)

(6,139,793)

89,125,319

116,656,073

1,782,506

2,333,121

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

Less:

Other income
Less : OF WPPF @ 5%
A. WWF @ 2%
WWF on receipts
Export receipts
Local sales

1,330,453,884
5,079,445
1,335,533,329

HYDER BHIMJI & CO.

Chartered Accountants
A member of Kreston International
AL-Quraish Fabrics
Year ended: June 30, 2014
Acc. Head: Vehicles

PREPARED BY:Zeshan
REVIEWED BY:

AMOUNT

PARTICULARS

REF #

COST AS ON 01-07-2013
LESS: Cost of assets deleted
Balance as on 01-07-2013
Accumulated depreciation as on 01-07-2013
Less accumulated depreciation of deleted assets

A
B
C=A+B
D
E

12,395,891
12,395,891
4,341,518
#REF!

Balance as on 01-07-2013

F=D-E

#REF!

W.D.V AS ON 30-06-2014

G = C-F

#REF!

H=G*I

#REF!

LESS: DEPRECIATION ON WDV FOR THE YEAR

20%

Rs.

ADDITIONS DURING YEAR

LESS : DEP ON ADDITIONS

#REF!

L=J-K

#REF!

#REF!

N=E+M

#REF!

O=H+K+M

#REF!

WDV OF ADDITIONS DURING PERIOD

Depreciation for the year on assets deleted
ADJUSTMENT
Total Depreciation For the Period

TOTAL COST AS ON 30-06-2014

TOTAL DEPRECIATION AS ON 30-06-2014 (Ac
WRITTEN DOWN VALUE OF ASSETS
AS ON 30-06-2014

P=A+J-B

12,395,891

Q=D+H+K-N+M

R=P-Q

#REF!

#REF!

###

###

#REF!

4999269
#REF!
#REF!

8256671