MS AR 2018 (1)

Other financial Loans and Total
Rupees liabilities receivables
Financial liabilities measured at amortized cost
Maturity within one year:
- Long-term financing – 31,712,571 31,712,571
- Trade and other payables – 422,755,821 422,755,821
- Unclaimed dividend – 16,127,596 16,127,596
- Accrued profit / interest / mark-up – 66,546,870 66,546,870
- Short-term loans from banking companies – 7,977,002,224 7,977,002,224
- Short-term loans from Directors and their relatives – 37,082,301 37,082,301
June 30, 2017 – 8,551,227,383 8,551,227,383
Rupees Note 2018 2017
Off balance sheet financial instruments:
- Letters of credits 2,574,078,618 3,285,578,259
- Letters of guarantees 1,165,935,910 738,752,822
3,740,014,528 4,024,331,081
46. SHARIAH COMPLIANCE DISCLOSURE
Loans / advances obtained as per Islamic mode 46.1 3,205,597,707 3,567,460,387
Shariah compliant bank deposits / bank balances 46.2 448,155,085 895,033,329
Profit earned from Shariah compliant bank deposits / balances 2,391,890 1,281,500
Mark-up paid on Islamic mode of financing 222,560,508 99,948,979
Interest paid on any conventional loan or advance 281,062,653 132,069,235
46.1 These loans have been obtained against various facilities from different Islamic financial institutions under various
financing arrangements and carry profit rate ranging between MK / 3MK + 0.65% to 0.85% (2017: 3MK + 0.85%
to 0.90%) per annum.
46.2 These represent saving accounts with Islamic financial institutions and carry profit ranging up to 5.50% (2017:
6.50%).
46.3 The entire revenue of the Company is from Shariah compliant business segment except for profit / interest
income earned on term deposit receipts / saving accounts maintained with conventional banks. During the year
no investments of any kind were made.
47. ENTITY-WIDE INFORMATION
The Company constitutes of a single reportable ‘Steel’ segment, the principal classes of products of which are
steel re-bars and girders.
(i)
(ii)
(iii)
Majority of the sale is made to customers within the country.
All non-current assets of the Company as at June 30, 2018 are located in Pakistan. Revenues from
external customers attributed to foreign countries in aggregate are not material in the overall context of
these financial statements.
The Company does not have transactions with any external customer which amount to 10 percent or
more of its revenues.
Annual Report 2018
133