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Interim Financial Statements 8

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Interim Financial Statements 8 Macpac Films Limited COMPANY INFORMATION Notes To The Condensed Interim Financial Statements 8. CONTINGENCIES AND COMMITMENTS Sept 30 Sept 30 For The 1st Quarter Ended September 30, 2015 2015 2014 8.1 Contingencies Board of Directors 8.16 Outstanding bank guarantees 7,250,000 7,250,000 Air Marshal (R) Azim Daudpota (Chairman) 1. STATUS AND NATURE OF THE COMPANY 8.1.1 The Company was allowed tax holiday under clause 118-C to the Second Schedule of the Mr. Maqbool Elahi Shaikh (Chief Executive) Mr. Mohammad Sadiq Khan (Executive Director) The company is a limited liability company incorporated in Pakistan under the Companies Income Tax Ordinance, 1979 for a period of eight years from the assessment year 1995- 8.2 Commitments Ordinance, 1984 and is listed on the Karachi and Lahore Stock Exchanges. The address of 96 i.e. 1st July 1995. The Company claimed tax holiday up to December 2003. The Deputy Mr. Naeem Munshi (Non-Executive Director) Mr. Ehtesham Maqbool Elahi (Executive Director) its registered office is F/2, A-F, S.I.T.E., Karachi. Commissioner of Income Tax reopened the assessment initially for the assessment year 8.2.1 Outstanding letters of credit 52,159,765 52,649,701 Mr. Shariq Maqbool Elahi (Non-Executive Director) 1995-96 alleging that the Company was not entitled to the Tax Holiday earlier allowed under The principle activity of the company is to manufacture, produce, buy and sell plastic packaging Mr. Fahad Munshi (Non-Executive Director) films. the above clause. Being aggrieved by the notice under section 65 of the Income Tax Quarter ended Mr. Mansoor Younus (Independent Director) Ordinance, 1979, the Company filed a writ petition before the Honorable High Court of Mr. Syed Wasi Haider (Nominee Director of EOBI) CONDENSED 2. COMPLIANCE WITH STATUTORY REQUIREMENTS Sindh which was dismissed allegedly on account of non-maintainability. A petition for leave Sept 30 Sept 30 2015 2014 These condensed interim financial information is unaudited and has been prepared and is being to appeal was filed against the dismissal of the writ petition which has been granted by the Audit Committee of the Board 9. COST OF GOODS SOLD submitted to the members in accordance with section 245 of the Companies Ordinance, 1984 Honorable Supreme Court of Pakistan, the Honorable Supreme Court of Pakistan has also Mr. Mansoor Younus (Committee Chairman) INTERIM and International Accounting Standard (IAS) 34- "Interim Financial Reporting". These figures suspended the judgment of the Honorable High Court of Sindh and ordered maintenance Mr. Naeem Munshi for the three month ended September 30, 2015, and subject to limited scope review as required of status quo. Opening work-in-process 88,457,808 69,410,299 Air Marshal (R) Azim Daudpota by the Code of Corporate Governance. This condensed interim financial information does not include all the information required for annual financial statements and therefore should be read Material consumed 157,380,451 210,894,337 FINANCIAL in conjection with the annual financial statements for the year ended June 30, 2015. The Deputy Commissioner of Income Tax then reopened the cases for the assessment Salaries, wages and other benefits 10,514,436 9,325,641 HR & Remuneration Committee Mr. Naeem Munshi years 1996-97 to 1998-99 and proceeded to finalize the assessment for the assessment Oil and lubricants/diesel 1,081,203 1,537,356 3. SIGNIFICANT ACCOUNTING POLICIES year 1999-2000 under section 62 of the Income Tax Ordinance, 1979. The writ against Mr. Ehtesham Maqbool Elahi Packing material consumed 3,557,881 2,550,530 Mr. Shariq Maqbool Elahi STATEMENTS The accounting policies adopted for the preparation of this condensed interim financial information these notices was dismissed by the Honorable High Court of Sindh whereas the civil petition are the same as those applied in the preparation of preceding annual published financial for leave has been granted by the Honorable Supreme Court of Pakistan. The Honorable Consumable stores 562,970 275,920 Chief Financial Officer & Company Secretary statements of the company for the year ended June 30, 2015. Supreme Court of Pakistan has also stayed the proceedings for these years. Water charges - 10,000 Mr. M. Javid Ansari Repair and maintenance 3,104,966 1,332,763 Sept 30 June 30, Although the Honorable Supreme Court of Pakistan has accepted the petition for leave to Vehicle running and maintenance 431,961 457,467 Auditors 2015 2015 appeal and the Companys lawyers are very hopeful that the tax holiday will be restored. Power/electricity/gas 15,220,616 17,175,782 Ernst & Young Ford Rhodes Sidat Hyder Note Rupees Rupees However, in case of an adverse decision by the Honorable Supreme Court of Pakistan, it Insurance 1,983,997 1,671,522 Chartered Accountants FOR THE 1st is certain that the Deputy Commissioner of Income Tax shall disallow the tax holiday. While Telephone 241,819 134,170 4. PROPERTY, PLANT AND EQUIPMENT finalizing the orders the assessing officers have made various mistakes, for which rectification Legal Advisor QUARTER ENDED, applications have been made. Subject to appeal and assuming that the Deputy Commissioner Cartage and octori 1,643,730 864,400 Abdul Ghaffar Khan Opening book value 828,644,006 828,644,006 of Income Tax does not make any other addition for these years, a liability of Rs.67,938,844 Consultancy charges 954,000 954,000 F-72/1, KDA Scheme 5, will arise for which no provision has been made by the Company in these financial statements. Staff welfare 220,839 236,356 Kehkashan, Clifton, Karachi SEPTEMBER 30, 2015 Add: Additions during the period 11,633,204 5,536,365 As at year end, these civil appeals were at the stage of final arguments and were still Security charges 408,669 400,004 840,277,210 834,180,371 pending before the Supreme Court of Pakistan. As per the opinion of the legal advisor of Shares Registrar (UN-AUDITED) Depreciation 17,982,406 15,376,544 Central Depository Company Pakistan Limited Less: the Company, the Company has a reasonable probability of success in these petitions. Other expense 1,401,555 1,389,000 CDC House, 99 B, Block B, S.M.C.H.S., Main Shahra-e-Faisal, Karachi-74400 Disposals during the period (book value) - 76,346,857 Tel: Customer Support Services (Toll Free) 0800-CDCPL (23275) 8.1.2 An Income Tax Appeal is pending before the High Court of Sindh for the assessment of tax Transportation 605,148 332,103 Depreciation charged during the period 18,525,155 61,743,720 Fax: (92-21) 34326053 year 1996-1997 filed by the Commissioner of Income Tax Appeal on the question whether 305,754,454 334,328,193 Email: [email protected] 18,525,155 138,090,577 the sale of goods to the leasing company is not a supply and the provision of Section 80C Less: Closing work-in-process (108,874,468) (96,454,459) Website: www.cdcpakistan.com 821,752,056 696,089,794 of the Income Tax Ordinance, 1979 are not attracted in the case. Further, an order has been passed by the taxation officer for the tax year 2014 with the demand of Rs.14,028,361/- Cost of goods manufactured 196,879,987 237,873,734 Bankers 5. LONG TERM DEPOSITS including WWF. In both cases the appeal is pending before the relevant court of law and (in alphabetical order) based on the favourable outcome on both cases, no provision against the possible liability Opening stock of finished goods 58,276,639 44,438,820 Bank Alfalah Limited Security deposits - leased assets 4,153,500 4,153,500 has been made in these financial statements. 255,156,625 282,312,554 Faysal Bank Limited Margin against bank guarantee 5.1 2,175,000 2,175,000 Less: Closing stock of finished goods (55,992,469) (46,105,115) 8.1.3 An order has been passed by the taxation officer for the tax year 2013 with the demand Bank Al Habib Limited Other deposits 100,000 100,000 of Rs. 14,028,361/-including WWF. The appeal is pending before the relevant court of law 199,164,156 236,207,439 Habib Bank Limited Habib Metro Bank Limited 5.2 4,253,500 4,253,500 and based on the favourable outcome of the case, no provision against the posiible liability MCB Bank Limited has been made in these financial statements. 10. DATE OF ISSUE Meezan Bank Limited 5.1 This represents 30% cash margin against guarantee issued by Faysal Bank Limited in favour Nationl Bank of Pakistan of Sui Sothern Gas Company Limited. 8.1.4 NIB Bank Limited, formally PICIC Commercial Bank Limited has claimed Rs.1.3 million These condensed interim financial information was authorized for issue on October 31, Silk Bank Limited against termination of Lease Finance Facility on account of all delayed rentals/late payment 2015 by the Board of Directors. 5.2 These are non-interest bearing and generally on a term of more than a year. Soneri Bank Limited charges. The Company's management is confident that the dues will be settled amicably 11. GENERAL and accordingly, no provision has been made in these financial statements. Registered Office 6. AUTHORIZED CAPITAL 11.1 Figures have been rounded off to the nearest rupee. F/2, A-F, S.I.T.E. Karachi 8.1.5 In September 2014, the Federal Government promulgated Gas Infrastructure Development 50,000,000 Ordinary shares of Rs.10/- each 500,000,000 500,000,000 Cess (GIDC) Ordinance No. VI of 2014 to circumvent earlier decision of the Honorable City Office Issued, subscribed and paid-up capital Supreme Court of Pakistan on the subject, where it upheld that earlier introduction of GIDC Plot # 21 Maqbolabad, Jinnah Cooperative Housing Society, 25,986,000 Ordinary shares of Rs.
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