MS AR 2018 (1)

Recommendations

Info

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED JUNE 30, 2018 8. INTANGIBLE ASSET This represents cost of ERP software. It is being amortised on straight line basis over a period of 60 months. Rupees ERP Software Gross carrying value basis As at June 30, 2017 Cost – Accumulated amortisation – Net book value – Net carrying value basis Year ended June 30, 2018 Opening net book value – Transfers from capital work-in-progress 14,433,110 Amortisation charge (2,164,967) Balance as at June 30, 2018 12,268,143 Gross carrying value basis As at June 30, 2018 Cost 14,433,110 Accumulated amortisation (2,164,967) Net book value 12,268,143 8.1 The amortisation charge for the year has been allocated to administrative expenses. 9. LONG-TERM LOANS TO EMPLOYEES (Secured & considered good) These loans have been provided to employees under the terms of their employment, free of interest, to facilitate economical purchase of different kinds of vehicles and are repayable over a period up to five years from date of disbursement. The loans are secured by registration of the said vehicle in the name of the Company and against security cheques. No amount was provided to the Chief Executive Officer or any of the Directors during the year ended June 30, 2018 (2017: Rs. Nil). The maximum amount of loans to the key management personnel outstanding at the end of any month during the year ended June 30, 2018 was Rs. 0.270 million (2017: Rs. 0.390 million). Rupees Note 2018 2017 Loans to: - Key management personnel 60,000 280,000 - Executives 44.5 3,432,900 2,138,640 - Other employees 5,831,791 5,692,645 9,324,691 8,111,285 Amounts due within twelve months and shown under current assets: - Key management personnel (60,000) (120,000) - Executives (1,232,780) (1,045,280) - Other employees (1,461,252) (1,305,887) (2,754,032) (2,471,167) 6,570,659 5,640,118 108 MUGHAL IRON & STEEL INDUSTRIES LIMITED
Rupees Note 2018 2017 10. LONG-TERM DEPOSITS Al-Bashir (Private) Limited - related party 500,000 500,000 Others 10.1 20,345,317 17,758,313 20,845,317 18,258,313 10.1 These mainly include deposits with various utility companies. Rupees Note 2018 2017 11. STORES, SPARES AND LOOSE TOOLS Stores, spares and loose tools 11.1 597,197,788 462,744,037 11.1 This includes items in-transit amounting to Rs. 22.574 million (2017: Rs. 20.663 million). Rupees Note 2018 2017 12. STOCK-IN-TRADE Raw material 12.1 5,080,582,069 5,292,091,538 Finished goods 239,138,332 89,710,655 5,319,720,401 5,381,802,193 12.1 This includes items in-transit amounting to Rs. 315.026 million (2017: Rs. 2,668.164 million). Rupees 2018 2017 13. TRADE DEBTS (Considered good) Trade debts - Secured – 354,833,501 - Unsecured 1,263,279,786 992,205,234 1,263,279,786 1,347,038,735 13.1 No amount was due from associated companies / undertakings or any related party as at June 30, 2018 (2017: Rs. Nil). The maximum aggregate amount of receivable due from related parties at the end of any month during the year was Rs. 478.347 million (2017: Rs. 7.641 million). Aging analysis of trade debts is given in note 45.1. Rupees Note 2018 2017 14. LOANS AND ADVANCES (Considered good) Current portion of long-term loans to employees 9. 2,754,032 2,471,167 Loans and advances to: 14.1 - Key management personnel 1,850,000 2,410,000 - Executives 44.5 6,709,000 2,686,425 - Other employees 16,745,584 21,892,123 25,304,584 26,988,548 Advances to suppliers 344,870,390 259,914,110 Advance against expenses 978,580 391,136 373,907,586 289,764,961 Annual Report 2018 109
Page 2 and 3:
COVER STORY Building a strong path
Page 4 and 5:
KEY FIGURES Sales Revenue (2017: 18
Page 6 and 7:
CONTENTS 02 DIRECTORS’ REPORT 24
Page 9 and 10:
01 • COMPANY OVERVIEW Vision, Mis
Page 11 and 12:
VISION STATEMENT To be a leading co
Page 13 and 14:
FAIRNESS We are devoted to implemen
Page 15 and 16:
EQUAL EMPLOYMENT OPPORTUNITIES AND
Page 17 and 18:
PRODUCT PORTFOLIO The Company’s p
Page 19 and 20:
A SIMPLE, EFFECTIVE AND ACHIEVABLE
Page 21 and 22:
BOARD OF DIRECTORS Mirza Javed Iqba
Page 23 and 24:
ORGANOGRAM OF COMPANY SHAREHOLDERS
Page 25 and 26:
CALENDAR OF MAJOR EVENTS 2017-2018
Page 27 and 28:
MIRZA JAVED IQBAL Chairman / Non -
Page 29:
MR. FAZEEL BIN TARIQ Non - Executiv
Page 32 and 33:
CHAIRMAN’S LETTER TO THE SHAREHOL
Page 34 and 35:
CHIEF EXECUTIVE OFFICER’S REMARKS
Page 36 and 37:
DIRECTORS’ REPORT TO THE SHAREHOL
Page 38 and 39:
Page 40 and 41:
Page 42 and 43:
Page 44 and 45:
Page 46 and 47:
Page 48 and 49:
40 MUGHAL IRON & STEEL INDUSTRIES L
Page 50 and 51:
Page 52 and 53:
Page 54 and 55:
Page 56 and 57:
Page 59 and 60:
03 • REVIEWS & REPORTS Additional
Page 61 and 62:
DESCRIPTION OF ENTITY’S RESOURCES
Page 63 and 64:
ANALYSIS OF PROSPECTS OF THE ENTITY
Page 65 and 66: BOARD COMMITTEES Audit Committee Co
Page 67 and 68: ANNUAL EVALUATION OF BOARD PERFORMA
Page 69 and 70: WHISTLE BLOWING POLICY As part of o
Page 71 and 72: STAKEHOLDERS’ ENGAGEMENT The deve
Page 73: • The internal audit function has
Page 76 and 77: HORIZONTAL ANALYSIS Statement of Fi
Page 78 and 79: SUMMARY OF STATEMENT OF CASH FLOWS
Page 80 and 81: ANALYSIS OF FINANCIAL RATIOS Ratio
Page 82 and 83: DUPONT ANALYSIS Year Return on Equi
Page 84 and 85: STATEMENT OF CASH FLOWS DIRECT METH
Page 86 and 87: GRAPHICAL ANALYSIS Market Ratios Ru
Page 88 and 89: DISTRIBUTION OF WEALTH 2018 2017 Rs
Page 91 and 92: 05 • FINANCIAL STATEMENTS Indepen
Page 93 and 94: STATEMENT OF COMPLIANCE WITH LISTED
Page 95 and 96: GLOBAL PRESENCE LOCAL EXCELLENCE FA
Page 97 and 98: internal control. • Obtain an und
Page 99 and 100: STATEMENT OF PROFIT OR LOSS & OTHER
Page 101 and 102: STATEMENT OF CASH FLOWS FOR THE YEA
Page 103 and 104: i) Property, plant and equipment an
Page 105 and 106: 5.2 Intangible asset This is stated
Page 107 and 108: taxable temporary differences and d
Page 109 and 110: An impairment loss in respect of a
Page 111 and 112: term loans from banking companies a
Page 113 and 114: calculating the capitalisation rate
Page 115: 7.1.1 The depreciation for the year
Page 119 and 120: 16.3 Government of Pakistan (GoP) i
Page 121 and 122: 21. EQUITY CONTRIBUTION FROM DIRECT
Page 123 and 124: Rupees 2018 2017 23.2.2 Changes in
Page 125 and 126: Rupees Note 2018 2017 25. ACCRUED P
Page 127 and 128: these financial statements as the m
Page 129 and 130: Rupees Note 2018 2017 33. OTHER CHA
Page 131 and 132: Rupees 2018 2017 37. EARNINGS PER S
Page 133 and 134: Rupees 2018 2017 Al-Bashir (Private
Page 135 and 136: 45.1 Credit risk Credit risk repres
Page 137 and 138: 45.2 Liquidity risk Liquidity risk
Page 139 and 140: Rupees 2018 2017 Variable rate inst
Page 141 and 142: Other financial Loans and Total Rup
Page 143 and 144: The heading of following separate l
Page 145: Annual Report 2018 137
Page 148 and 149: PATTERN OF SHAREHOLDING AS ON JUNE
Page 150 and 151: CATEGORY OF SHAREHOLDERS AS ON JUNE
Page 152 and 153: NOTICE OF THE ANNUAL GENERAL MEETIN
Page 154 and 155: NOTICE OF THE ANNUAL GENERAL MEETIN
Page 156 and 157: 148 MUGHAL IRON & STEEL INDUSTRIES
Page 158 and 159: MUGHAL IRON & STEEL INDUSTRIES LIMI
Page 161 and 162: DEFINITIONS Gross Profit Ratio The
show all

MS AR 2018 (1)

Create successful ePaper yourself

Delete template?

Save as template?