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Haroon Oils Limited
Notes To The Accounts - Un-Audited
For The First Quarter Ended September 30, 2006
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| 1 |
These accounts are unaudited
and are being presented as required under IAS 34 " Interim
Financial Reporting" and section 245 of Companies Ordinance
1984.
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| 2 |
The accounting policies for
the preparation of these accounts are the same as those
applied in the preparation of the preceding annual published
accounts of the company.
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| 3 |
Figures for previous quarter have
been re-arranged wherever necessary for the purpose of
comparison.
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September 30
2006 |
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September 30
2005 |
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Rupees |
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Rupees |
| 4 |
Sales |
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Gross sales
Sales Tax |
106,625,769(13,854,291) |
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63,728,532(8,313,421) |
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92,771,478 |
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55,415,111 |
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| 5 |
Cost Of Sales |
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Opening stock |
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Raw materials
Packing material |
24,384,140
5,142,616 |
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2,909,625
4,074,164 |
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29,526,756 |
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6,983,789 |
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Add : Purchases |
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Raw materials |
78,276,792 |
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42,629,373 |
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Packing materials |
8,531,052 |
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5,244,431 |
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86,807,844 |
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47,873,804 |
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116,334,600 |
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54,857,593 |
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Less : Closing stock |
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Raw materials |
30,738,832 |
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5,635,272 |
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Packing materials |
3,495,026 |
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3,167,191 |
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34,233,858 |
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8,802,463 |
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Raw and packing materials consumed |
82,100,742 |
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46,055,130 |
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Salaries, wages,
benefits & other staff welfare
Excise duty
Rent, rates & taxes
Insurance
Electricity, gas and water
Printing, and stationery
Postage and telephone
Repairs & maintenance
Travelling & conveyance
Entertainment
Vehicle running and maintenance
Operating lease rentals
Depreciation
General supplies and utilities |
1,183,315
8,687,234
385,200
57,600
454,332
7,333
13,262
49,906
3,155
-
8,650
-
625,731
30,956 |
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1,194,903
6,092,504
297,486
73,850
328,528
13,056
6,476
82,717
7,355
46,000
16,678
34,620
637,220
24,754 |
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Cost of goods manufactured |
93,607,416 |
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54,911,277 |
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Finished goods |
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Opening stock |
14,905,040 |
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7,431,717 |
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Closing stock |
(26,147,888) |
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(15,503,589) |
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(11,242,848) |
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(8,071,872) |
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82,364,568 |
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46,839,405 |
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| 6 |
Distribution Expenses |
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Salaries, wages, benefits & other staff
welfare
expenses
Rent, rates and taxes
Insurance
Electricity, gas and water
Printing & stationery
Postage and telephone
Laboratory expenses
Repairs & maintenance
Traveling & conveyance
Entertainment
Vehicle running & maintenance
Operating lease rentals
Provision of doubtful debts
Depreciation
Transportation
Advertising and sales promotion
Fees & subscription
General supplies & utilities |
2,416,811
76,680
23,040
137,329
45,534
145,391
22,826
49,875
319,967
49,936
131,627
-
61,336
195,166
1,086,661
78,000
12,549
21,970 |
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2,583,968
57,321
21,550
111,777
54,396
124,331
93,955
38,361
144,104
45,202
184,274
127,248
162,558
212,573
1,429,490
242,515
10,676
17,363 |
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4,874,698 |
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5,661,662 |
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| 7 |
Administrative Expenses |
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Salaries, wages, benefits & other staff
welfare
expenses
Rent, rates and taxes
Insurance
Electricity, gas and water
Printing & stationery
Postage and telephone
Repairs & maintenance
Traveling & conveyance
Entertainment
Vehicle running & maintenance
Operating lease rentals
Depreciation
Amortisation of intangible assets
Subscription
Legal & professional
Auditors' remuneration
Donation
General supplies & utilities |
3,201,808
101,578
26,250
141,191
114,308
69,446
218,496
75,420
36,676
160,543
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371,134
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19,962
114,766
71,250
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9,546 |
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2,748,366
108,963
48,383
125,143
112,611
113,754
110,684
16,440
61,607
130,193
35,175
385,336
20,938
38,983
102,388
71,250
7,000
7,962 |
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4,732,374 |
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4,245,176 |
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| 8 |
Other Operating Expenses |
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Rent, rates and taxes on investment property
Depreciation on investment property
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186,672
64,353
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139,164
64,353
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251,025 |
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203,517 |
| 9 |
Finance Cost |
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Mark up on redeemable capital - secured
Mark up on short term running finances - secured
Profit on morabaha finances - secured
Mark up on loan from Associated undertaking
Finance charges in respect of finance leases
Bank charges, guarantee commission and finance
arrangement fee |
153,967
1,279,392
154,900
605,000
124,184
45,633
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283,835
556,461
115,605
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92,570
63,459
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2,363,076 |
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1,111,930 |
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| 10 |
Other Operating Income |
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Investment property rentals
Gain on sale of fixed assets
Others |
891,314
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687,282 |
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635,346
363,200
345,359 |
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1,578,596 |
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1,343,905 |
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| 11 |
Taxation |
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Current - Turnover tax @ 0.5 %
Deferred |
471,750
(128,150) |
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283,795
(12,111) |
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343,600 |
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295,906 |
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| 12 |
Addition to property, plant and
equipment made during the first quarter were Rs. 716,473
( 2005 : Rs. 179,000 and disposals for Rs. Nil ( 2005 : Rs.
92,205 )
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| 13 |
Contingency for letter of
guarantee Rs. 1,920,000 ( 2005 : Rs.2,164,596 )
Commitments for rentals under operating lease agreement in
respect of vehicles Rs. Nil
( 2005 : Rs. 171,886 ) |
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Imran Azin |
Nasim Beg |
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Chief Executive |
Director |
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