MS AR 2018 (1)

Rupees Note 2018 2017
33. OTHER CHARGES
Workers’ profit participation fund 85,811,127 65,304,280
Workers’ welfare fund 26,683,476 18,483,538
Balances written off 1,663,874 6,468,003
Auditor’s remuneration 33.1 1,195,000 1,195,000
115,353,477 91,450,821
33.1 Auditor’s remuneration:
Statutory audit fee 1,000,000 1,000,000
Half yearly review 125,000 125,000
Review report on code of corporate governance & other certifications 50,000 50,000
Out of pocket expenses 20,000 20,000
1,195,000 1,195,000
34. OTHER INCOME
Income from financial assets:
- Profit on saving accounts 13,071,029 9,827,383
- Profit on term deposit receipts 20,669,242 21,064,467
33,740,271 30,891,850
Income from non-financial assets:
- Gain on disposal of tangible fixed assets 223,747 285,089
- Rental income from related party 2,400,000 2,800,000
2,623,747 3,085,089
36,364,018 33,976,939
35. FINANCE COST
Profit / interest / mark-up in respect of:
- Long-term financing 298,229 5,002,384
- Short-term loans from banking companies 503,324,932 227,015,831
- Bills discounted 29,263,585 –
532,886,746 232,018,215
Exchange loss 2,410,742 7,128,991
Bank and other charges 17,162,743 17,404,090
552,460,231 256,551,296
35.1 Borrowing costs capitalized during the year amounted to Rs. 0.547 million (2017: Nil). The rate of mark-up has
been disclosed in note. 22 to the financial statements.
Rupees 2018 2017
36. TAXATION
Current tax:
- Current year 225,816,127 107,162,656
- Prior year 7,824,143 29,700,156
233,640,270 136,862,812
Deferred tax:
- Origination and reversal of temporary differences 97,392,533 111,173,578
- Impact of change in tax rate (17,519,799) (16,498,517)
79,872,734 94,675,061
313,513,004 231,537,873
Annual Report 2018
121