nagina cotton mills ltd. · 2013-02-28 · nagina nagina group nagina cotton mills ltd. 7 shauk at...

HALF YEARLY REPORT

FOR THE PERIOD ENDED

DECEMBER 31, 2012

(Un-Audited)

NAGINA COTTON MILLS LTD.

NAGINA

NAGINA GROUP

NAGINA

NAGINA GROUP


14142

Company Information

Directors’ Report to the Members

Auditors’ Report to the Members on Review of Condensed

Interim Financial Information 05

Condensed Interim Balance Sheet

Condensed Interim Profit & Loss Account

Condensed Interim Cash Flow Statement

Condensed Interim Statement of Changes in Equity

Notes to the Condensed Interim Financial Information

03

04

06

08

09

10

11

NAGINA

NAGINA GROUP


3

COMPANY INFORMATION

Non-Executive Director / ChairmanNon-Executive DirectorNon-Executive DirectorNon-Executive DirectorExecutive DirectorExecutive DirectorExecutive Director

ChairmanMemberMember

Secretary

ChairmanMemberMemberSecretary

Chairman MemberMemberMember

BOARD OF DIRECTORS

MANAGING DIRECTOR (Chief Executive)

AUDIT COMMITTEE

HUMAN RESOURCE & REMUNERATION (HR & R) COMMITTEE

EXECUTIVE COMMITTEE

CORPORATE SECRETARY

CHIEF FINANCIAL OFFICER (CFO)

AUDITORS

LEGAL ADVISOR

LEAD BANKERS

REGISTERED OFFICE

WEB REFERENCE

SHARE REGISTRAR

MILLS

Mr. Shaikh Enam EllahiMr. Javaid Bashir SheikhMr. Shahzada Ellahi ShaikhMr. Shafqat Ellahi ShaikhMr. Shaukat Ellahi ShaikhMr. Shahzada Sultan MubashirMr. Munawar Iqbal

Mr. Shaukat Ellahi Shaikh

Mr. Shafqat Ellahi ShaikhMr. Shaikh Enam Ellahi Mr. Shahzada Ellahi Shaikh

Mr. Shahzada Sultan Mubashir

Mr. Shafqat

Ellahi ShaikhMr. Shahzada

Ellahi ShaikhMr. Shahzada Sultan Mubashir

Mr. Muhammad Azam

Mr. Shaikh Enam EllahiMr. Shahzada Ellahi ShaikhMr. Shaukat Ellahi ShaikhMr. Shafqat Ellahi Shaikh

Mr. Shahzada Sultan Mubashir

Mr. Tariq Zafar Bajwa

Messrs M. Yousuf Adil Saleem & Co.Chartered Accountants

Makhdoom & Makhdoom Advocates

Albaraka Bank (Pakistan) Ltd.

Allied Bank Ltd.

Askari Bank Ltd.

Bank Alfalah Ltd.

Faysal Bank Ltd.

Habib Bank Ltd.

Habib Metropolitan Bank Ltd.

HSBC Bank Middle East Ltd.

Industrial Development Bank of PakistanMCB Bank Ltd.

National Bank of Pakistan

Samba Bank Ltd.Standard Chartered Bank (Pakistan) Ltd.The Bank of Punjab United Bank Ltd.

2nd Floor, Shaikh Sultan Trust Bldg. No.226, Civil Lines, Beaumont Road,Karachi -

75530

www.nagina.com

M/s Hameed Majeed Associates (Pvt.) Ltd. 5th Floor, Karachi Chambers, Hasrat Mohani Road, Karachi. Phone # 021-32412754, 32424826Fax # 021-32424835

Aminabad, A-16, S.I.T.E.,National Highway, Kotri

SecretaryMr. Muhammad Azam

NAGINA

NAGINA GROUP


4

DIRECTORS’ REPORT TO THE MEMBERS IN THE NAME OF ALLAH THE MOST GRACIOUSTHE MOST BENEVOLENT THE MOST MERCIFUL

stThe Directors are pleased to present the unaudited condensed interim financial information of the Company for the 1 half year ended on December 31, 2012. As required by International Auditing Standards, Company's external auditors have reviewed the condensed interim financial information. The review report is attached herewith. The comparative figures for the

stcorresponding 1 half year ended on December 31, 2011 are included for comparison, except in balance sheet where figures are for the year ended on June 30, 2012 as required by International Accounting Standards.

Company Performance:stYour Company has shown very satisfactory performance for the 1 half year ended on December 31, 2012 as compared to

corresponding period of previous year. The Company has been able to benefit from continued strong demand of cotton yarn from International markets and reduction in finance costs.

stDuring the 1 half year ended on December 31, 2012, Company has been able to achieve a sales revenue of Rs.2,010,348,278 as compared to Rs.1,751,528,937 for the corresponding period of previous year showing growth of 14.78%. This growth is attributable to increase in sales volume and better prices of products manufactured and sold by the Company. Due to timely and efficient buying of raw cotton, the Company has been able to reduce its average cost of raw materials consumed which effectively reduces the cost of goods manufactured. These factors in combination resulted in

stgrowth in gross profits (G.P) of the Company for the 1 half year ended on December 31, 2012 as compared to corresponding stperiod of previous year. G.P as percentage of sales for the 1 half year ended on December 31, 2012 was 19.71% as

compared to 11.52% for the corresponding period of previous year.

Distribution and administrative costs slightly increased taking in account the impact of inflation and growth in sales volume However, due to effective cost control measures their ratio as percentage of sales is reduced from 5.18% of sales to 4.68% of sales. Other operating expenses increased as the provision for Workers Profit Participation Fund increased in line with growth

stin profits for the 1 half year ended on December 31, 2012 as compared to corresponding period of previous year.

The Company has been able to discharge all its operating and financial liabilities in time through generation of stable cash flows. Financial costs have decreased during the period under review mainly due to repayments of long term loans, reduction in mark up rates and focussed and effective funds management.

stNet profit after tax for the 1 half year is Rs.251,682,440 as compared to Rs.76,137,102 for the corresponding period of previous year. Increase in profits mainly due to growth in gross profits and reduction in finance costs.

stOver all healthy performance of the Company shows growth in Earnings Per Share (EPS), which stood at Rs.13.46 for 1 half year ended on December 31, 2012 as compared to Rs.4.07 of corresponding period of previous year.

The Company is regularly investing in expansion, balancing, modernization and replacement (BMR) of its plant and stmachinery and other fixed assets. During the 1 half year ended December 31, 2102 Company has invested Rs.52,585,643 in

BMR and other assets.

Future Outlook:stWe are hopeful to keep the growth momentum achieved during 1 half year for next half year and able to close the financial

styear 2012-13 on a profitable note. However, our ability to repeat the performance of 1 half year is dependent on uninterrupted supply of energy, stability in prices of raw cotton and yarn in both local and International markets, continued strong demand from China and stable law and order situation in the country. State Bank of Pakistan (SBP) has been reducing the discount factor which gives much needed relief in shape of reduction in finance costs. We hope that SBP shall continue to support the industry in continuous manner. In growing competitive environment your Company is aware of future challenges and continue to invest in the modernization of its production facilities and product differentiation to keep ahead of the competition. In line with its strategic directions the Company has already established letters of credit of around Rs. 243 millions for import of machinery and equipments.

Acknowledgement

The continued good results have been possible due to continued diligence and devotion of the staff and workers of the Company and the continued good human relations at all levels deserve acknowledgement. The Directors also wish to place on record their gratitude to the Bankers for their continued support to the Company.

On behalf of the Board.

Shaukat Ellahi Shaikh February 25, 2013. Mg. Director (Chief Executive)

NAGINA

NAGINA GROUP


6

CONDENSED INTERIM BALANCE SHEET

Shahzada Ellahi Shaikh

Director

AS AT DECEMBER 31, 2012

February 25, 2013

(Un-Audited) (Audited)

December 31, June 30,

2012 2012

Note

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorized capital

50,000,000 (June 30, 2012: 50,000,000)

Ordinary shares of Rs. 10/- each 500,000,000 500,000,000

Issued, subscribed and paid up capital 187,000,000 187,000,000

Capital reserves 253,964,417 253,964,417

Accumulated profit 988,444,905 830,262,465

Total Equity 1,429,409,322 1,271,226,882

LIABILITIES

NON-CURRENT LIABILITIES

Long-term finances 270,710,164 274,018,051

Liabilities against assets subject to finance lease 1,151,537 2,250,408

Employees retirement benefits 13,177,801 14,217,145

Deferred taxation 6,453,619 6,453,619

291,493,121 296,939,223

CURRENT LIABILITIES

Trade and other payables 222,723,672 142,539,747

Accrued interest / mark-up 16,953,268 16,289,809

Short-term borrowings 171,192,363 38,918,086

Current portion of long-term finances 101,455,072 83,404,444

Current portion of liabilities against assets subject to finance lease 1,687,329 2,152,446

514,011,704 283,304,532

TOTAL LIABILITIES 805,504,825 580,243,755

CONTINGENCIES AND COMMITMENTS 6

TOTAL EQUITY AND LIABILITIES 2,234,914,147 1,851,470,637

The annexed explanatory notes from 1 to 10 form part of the condensed interim financial information.

--------------Rupees--------------

NAGINA

NAGINA GROUP


7

Shaukat Ellahi Shaikh

Mg. Director (Chief Executive)

(Un-Audited) (Audited)

December 31, June 30,

2012 2012

Note

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment 7 739,655,801 714,050,491

Investment properties 15,934,041 16,110,504

Long-term deposits 1,424,629 1,653,300

757,014,471 731,814,295

CURRENT ASSETS

Stores and spares 17,555,526 21,228,615

Stock-in-trade 1,248,374,221 528,066,937

Trade debts 72,959,233 399,617,602

Loans and advances 105,455,356 25,186,112

Short-term deposits and prepayments 3,576,565 1,546,959

Other receivables 2,932,294 4,262,679

Other financial assets 343,058 70,514,411

Sales tax refundable 8,945,864 7,814,386

Cash and bank balances 17,757,559 61,418,641

1,477,899,676 1,119,656,342

TOTAL ASSETS 2,234,914,147 1,851,470,637

--------------Rupees--------------


CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)FOR THE HALF YEAR ENDED DECEMBER 31, 2012

Shahzada Ellahi Shaikh Shaukat Ellahi Shaikh

Director Mg. Director (Chief Executive)

February 25, 2013

NAGINA

NAGINA GROUP


8

December 31, December 31, December 31, December 31,

2012 2011 2012 2011

Note

Sales 2,010,348,278 1,751,528,937 1,014,882,070 836,293,511

Cost of goods sold 8 (1,614,201,970) (1,549,757,582) (810,862,751) (703,160,078)

Gross profit 396,146,308

201,771,355

204,019,319

133,133,433

Distribution cost (57,793,729)

(55,331,988)

(28,584,840)

(24,409,515)

Administrative expenses (36,362,155)

(35,301,209)

(18,638,038)

(17,108,007)

Other operating expenses (14,475,464)

(5,278,229)

(7,461,329)

(3,057,748)

(108,631,348)

(95,911,426)

(54,684,207)

(44,575,270)

287,514,960

105,859,929

149,335,112

88,558,163

Other operating income 23,657,406

39,409,424

10,203,424

12,965,675

Operating profit 311,172,366

145,269,353

159,538,536

101,523,838

Finance cost (38,807,464)

(50,826,688)

(18,493,449)

(24,819,996)

Profit before taxation 272,364,902

94,442,665

141,045,087

76,703,842

Provision for taxation

- Current (20,682,462)

(18,118,776)

(10,436,359)

(8,720,474)

- Deferred -

(186,787)

-

(186,787)

(20,682,462)

(18,305,563)

(10,436,359)

(8,907,261)

Profit after taxation 251,682,440

76,137,102

130,608,728

67,796,581

Other comprehensive income -

-

-

-

Total comprehensive income for the period 251,682,440 76,137,102 130,608,728 67,796,581

Earnings per share - basic and diluted 13.46 4.07 6.98 3.63


Half Year Ended Quarter Ended

……………Rupees…………………………Rupees……………

NAGINA

NAGINA GROUP


9

CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)FOR THE HALF YEAR ENDED DECEMBER 31, 2012

December 31 December 31

2012 2011

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation 272,364,902 94,442,665

Adjustments for:

Depreciation of property, plant and equipment 35,156,447 30,343,315

Provision for employee retirement benefits 3,710,254 5,904,410

Gain on disposal of property, plant and equipment (341,509) (183,529)

Gain on sale of other financial assets (16,899,550) (32,467,201)

Finance cost 38,807,464 50,826,688

332,798,008

148,866,348

Changes in working capital

Decrease / (increase) in current assets:

Stores and spares 3,673,089

(6,641,041)

Stock-in-trade (720,307,284)

(771,619,577)

Trade debts 326,658,369

(39,936,761)

Loans and advances (72,366,095)

11,689,209

Short term deposits and prepayments (2,029,606)

(1,593,324)

Other receivables 1,330,385

11,533,449

Sales tax refundable (1,131,478)

(3,832,860)

Increase in current liabilities

Trade and other payables 80,183,925

126,223,175

(383,988,695)

(674,177,730)

Cash used in operations (51,190,687)

(525,311,382)

(Payments made) / receipts of:

Employee retirement benefits (4,749,598) (5,381,255)

Finance cost (38,144,006) (49,377,933)

Income taxes (28,585,612)

(22,955,453)

Long term deposits 228,671

(6,000)

Net cash used in operating activities A (122,441,232)

(603,032,023)

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment (66,663,571)

(62,905,310)

Proceeds from disposal of property, plant and equipment 6,419,791

1,369,103

Purchase of other financial assets (1,648,645,057)

(285,000,000)

Proceeds from sale of other financial assets 1,735,715,960

1,015,372,973

Net cash generated from investing activities B 26,827,123

668,836,766

CASH FLOWS FROM FINANCING ACTIVITIES

Long term finances obtained 41,300,822

63,520,539

Repayment of long term finances (26,558,084)

(51,613,992)

Repayment of principal portion of liabilities against assets subject to finance lease (1,563,987) (1,523,046)

Net increase / (decrease) in short term borrowings excluding running finances (12,992,475) (86,782,613)

Dividend paid (93,500,000) (112,200,000)

Net cash used in financing activities C (93,313,724) (188,599,112)

Net decrease in cash and cash equivalents (A+B+C) (188,927,833) (122,794,369)

Cash and cash equivalents at beginning of the period 43,224,555 (348,060)

Cash and cash equivalents at end of the period (145,703,278) (123,142,429)

Cash and cash equivalents

Cash and bank balances 17,757,559 1,220,560

Short term running finances (163,460,837) (124,362,989)

(145,703,278) (123,142,429)


Half Year Ended

……………Rupees……………



February 25, 2013

NAGINA

NAGINA GROUP


10



February 25, 2013

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)

Revenue

reserve

Balance as at June 30, 2011 (Audited) 187,000,000 12,104,417 241,860,000 613,296,125 1,054,260,542

Comprehensive income

Profit after taxation - - - 76,137,102 76,137,102Other comprehensive income - - - - -Total comprehensive income for the half year ended -

-

-

76,137,102 76,137,102

Transactions with owners

Final dividend for the year ended June 30, 2011 @ 60% i.e. Rs. 6.00 per ordinary share -

-

-

(112,200,000) (112,200,000)

Balance as at December 31, 2011 (Un-audited) 187,000,000

12,104,417

241,860,000

577,233,227 1,018,197,644


Profit after taxation -

-

-

253,029,238 253,029,238

Other comprehensive income -

-

-

- -Total comprehensive income for the half year ended -

-

-

253,029,238 253,029,238

Balance as at June 30, 2012 (Audited) 187,000,000 12,104,417 241,860,000 830,262,465 1,271,226,882


Profit after taxation - - - 251,682,440 251,682,440Other comprehensive income - - - - -

- - - 251,682,440 251,682,440

Transactions with owners

Final dividend for the year ended June 30, 2012 @ 50% i.e. Rs. 5.00 per ordinary share - - - (93,500,000) (93,500,000)

Balance as at December 31, 2012 (Un-audited) 187,000,000 12,104,417 241,860,000 988,444,905 1,429,409,322


------------------------------------------------------Rupees-----------------------------------------------------

Issued,

subscribed

and paid up

share capital

Capital reserves

TotalAmalgamation

reserve

Redemption

reserve fund

Accumulated

profit

FOR THE HALF YEAR ENDED DECEMBER 31, 2012

Total comprehensive income for the half year ended

NAGINA

NAGINA GROUP


11

NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED)FOR THE HALF YEAR ENDED DECEMBER 31, 2012

1. LEGAL STATUS AND OPERATIONS

2. STATEMENT OF COMPLIANCE

2.1

2.2

2.3

2.4

2.5

3. SIGNIFICANT ACCOUNTING POLICIES

4. ACCOUNTING ESTIMATES AND JUDGMENTS

Nagina Cotton Mills Limited (the Company) was incorporated in Pakistan on May 16, 1967 as a public limitedcompany under the Companies Act, 1913 as repealed by the Companies Ordinance 1984. The Company is listedon Karachi and Lahore stock exchanges of Pakistan. The principal activities of the Company is to manufacture andsale of cotton and blended yarn. The registered office of the Company is situated at 2nd floor, Sheikh Sultan TrustBuilding No.2, Beaumont Road, Karachi in the province of Sindh and the manufacturing facilities are located inKotri Industrial Trading Estate in the Province of Sindh.

This condensed interim financial information of the Company for the half year ended December 31, 2012 has beenprepared in accordance with the requirements of the International Accounting Standard 34 - Interim FinancialReporting and provisions of and directives issued under the Companies Ordinance, 1984. In case whererequirements differ, the provisions of or directives issued under the Companies Ordinance, 1984 have beenfollowed. This condensed interim financial information do not include all of the information required for the fullfinancial statements and, therefore, this should be read in conjunction with the annual financial statements of theCompany for the year ended June 30, 2012.

The condensed interim financial information has been prepared under 'historical cost convention' except employeebenefit obligation which have been included at present value and other financial assets which are investmentsdesignated at fair value through profit or loss at inception or held for trading. These are initially measured at fairvalue and changes on re-measurement are taken to profit and loss account.

The condensed interim financial information is presented in Pakistani Rupees which is also the Company'sfunctional currency and figures presented in the condensed interim financial information have been rounded off tothe nearest Rupee.

This condensed interim financial information is unaudited. However, a limited scope review of this condensedinterim financial information has been performed by the external auditors of the Company in accordance with therequirements of Clause (xix) of the Code of Corporate Governance and they have issued their review reportthereon.

The accounting policies, applied in the preparation of this condensed interim financial information are the same asthose applied in the preparation of the annual audited financial statements of the Company for the year endedJune 30, 2012.

The preparation of the condensed interim financial information in conformity with approved accounting standardsas applicable in Pakistan for interim financial reporting requires management to make estimates, assumptions anduse judgments that affect the application of policies and reported amounts of assets and liabilities and income andexpenses. Estimates, assumptions and judgments are continually evaluated and are based on historicalexperience and other factors, including reasonable expectations of future events. Revision to accounting estimatesare recognized prospectively commencing from the period of revision.

In preparing this condensed interim financial information, the significant judgments made by the management inapplying the Company's accounting policies and the key source of estimation and uncertainty were the same asthose that applied to the financial statements as at and for the year ended June 30, 2012.

The comparative balance sheet presented has been extracted from annual financial statements for the year endedJune 30, 2012, whereas comparative condensed profit and loss account, condensed cash flow statement andcondensed statement of changes in equity are stated from the unaudited condensed interim financial informationfor the half year ended December 31, 2011.

NAGINA

NAGINA GROUP


12

5. FINANCIAL RISK MANAGEMENT

6. CONTINGENCIES AND COMMITMENTS

6.1 Contingencies

(Un-audited) (Audited)December 31, June 30,

2012 2012

6.2 Commitments

Irrevocable letters of credit for import of

Capital expenditures 233,654,040

36,580,000

Raw Material / Stores and spares 275,048,193

3,861,456

508,702,233

40,441,456

7. PROPERTY, PLANT AND EQUIPMENT

Operating fixed assets

Owned 7.1 702,059,107 688,306,698Leased 7.2 3,601,693 5,826,720

705,660,800 694,133,418Capital work in progress 7.3 33,995,001 19,917,073

739,655,801

714,050,491

7.1 Operating fixed assets - Owned

Opening written down value 688,306,698

503,568,380Additions during the period / year

Factory Building 376,045

16,923,916Commercial Building on free hold land -

2,782,546Plant and machinery 42,721,095

204,457,892Electric installation and equipment 1,179,939

14,256,410Gas Installations 306,616

-Furniture and fittings 566,568 6,730,177Office equipment 492,080 859,382Vehicles 6,943,300 4,211,460

52,585,643 250,221,783

Written down value of property, plant and equipment transfered from leased assets 1,824,839 1,110,882Written down value of property, plant and equipment disposed off (6,078,278) (1,355,496)Depreciation charged during the period / year (34,579,795) (65,238,851)

Written down value at end of the period / year 702,059,107 688,306,698

--------------Rupees--------------Note

There is no change in contingencies as disclosed in note 13.1 to the annual financial statements for the year endedJune 30, 2012, except that no further provision amounting to Rs.5,447,298/- has been made for the half year endedDecember 31,2012 for Workers Welfare Fund (WWF) .

The Company's financial risk management objectives and policies are consistent with those disclosed in thefinancial statements as at and for the year ended June 30, 2012.

NAGINA

NAGINA GROUP


13

(Un-audited) (Audited)December 31, June 30,

2012 2012

7.2 Operating fixed assets - Leased

Opening written down value 5,826,720 8,394,282

Additions during the period / year - -

Written down value of property, plant and equipment transferred

to owned assets (1,824,839)

(1,110,882)Depreciation charged during the period / year (400,188)

(1,456,680)

Written down value at end of the period / year 3,601,693

5,826,720

7.3 Capital work in progress

Opening Balance 19,917,073

155,336,894 Additions during the period / year 58,296,873

95,318,624 Transfers during the period / year (44,218,945)

(230,738,445)

Closing Balance 33,995,001

19,917,073

December 31, December 31, December 31, December 31,2012 2011 2012 2011

8. COST OF GOODS SOLD

Raw material consumed 1,273,603,392

1,224,622,711

658,815,287

565,263,905

Packing material consumed 33,653,691

27,071,625

16,373,764

13,520,283

Stores and spares consumed 23,595,833

27,904,984

12,411,161

16,747,162

Salaries, wages and benefits 127,542,964

96,029,042

60,352,455

47,426,398

Fuel 129,183,974

103,648,482

63,307,548

54,034,823

Rent, rates and taxes 189,265

189,265

94,630

94,608

Insurance 4,419,912

4,782,966

2,253,859

2,164,692

Repairs and maintenance 3,255,884

2,188,628

2,309,542

1,361,997

Depreciation 32,213,113

27,730,770

16,295,899

15,160,859

Doubling charges 7,169,744

7,201,324

3,656,303

2,344,987

Other manufacturing overheads 4,584,287

2,107,857

2,524,921

1,262,753

1,639,412,059

1,523,477,654

838,395,369

719,382,467

Work-in-process:

At beginning of period 41,643,960 42,947,628 40,590,039 40,758,466

At end of period (50,996,102) (41,690,076) (50,996,102) (41,690,076)

(9,352,142) 1,257,552 (10,406,063) (931,610)

1,630,059,917 1,524,735,206 827,989,306 718,450,857

Finished stocks:

At beginning of period 43,416,794 101,919,390 46,145,536 68,283,835

Purchase of finished goods 10,784,530 22,036,168 6,787,180 15,358,568

At end of period (70,059,271) (98,933,182) (70,059,271) (98,933,182)

(15,857,947) 25,022,376 (17,126,555) (15,290,779)

1,614,201,970 1,549,757,582 810,862,751 703,160,078

Half year ended (Un-audited) Quarter Ended (Un-audited)

--------------Rupees--------------

……………...……. Rupees ………...………..

14

NAGINA

NAGINA GROUP


14

9. TRANSACTIONS WITH RELATED PARTIES

December 31 December 312012 2011

Nature of Relationship Nature of Transaction

Associated Companies Purchase of goods and services 9,306,038

9,680,788Sale of goods and services 9,618,000

19,427,950

Rental Income 480,000 480,000

Key Management Personnel Remuneration and other benefits 4,193,836

3,488,096

10. DATE OF AUTHORIZATION FOR ISSUE

Half Year Ended (Un-audited)

……………Rupees……………

Transaction with related parties are carried out at arm's length. The consideration is computed on agreed terms.'There is no balance outstanding with or from associated undertakings.

This condensed interim financial information has been approved by the Board of Directors of the Company andauthorized for issue on February 25, 2013.

The related parties comprise of associated Companies, directors of the Company and Key management personnel.The Company enters into transactions with various related parties at agreed terms.

The transactions with related parties during the period generally consist of sales and purchases.

Nature and description of related party transactions during the period along with monetary values are as follows:



February 25, 2013

If undelivered please return to:

NAGINA COTTON MILLS LTD.2nd Floor, Shaikh Sultan Trust Bldg. No. 2,26, Civil Lines, Beaumont Road,Karachi-75530

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nagina cotton mills ltd. · 2013-02-28 · nagina nagina group nagina cotton mills ltd. 7 shauk at...

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