Jute: CRESCENT JUTE PRODUCTS LIMITED - Nine Months Ended March 31, 2005

CJPL is a public limited company incorporated in the province of Punjab and is a part of a large conglomerate Crescent Group. Crescent Jute Products Ltd is engaged in the business of manufacturing and sale of jute bags and the factory is located at Jaranwala in the Province of Punjab.
The shares of the company are quoted on Karachi, Lahore and Islamabad Stock Exchanges and its registered office is located at Abbot Road, Lahore. At present the trading of the share is done from the defaulter companies counter at the stock exchange because of KSE listing rule No 32 (1)b which stipulates that the company failed to declare dividend/bonus for five years from the date of last declaration.
The paid-up capital of the company at Rs 150.63 million and reserves at Rs 138.77 million have been wiped out because of accumulated deficit. Last year its capital deficiency was in the sum of Rs 497.76 million which reduced to Rs 485.56 million in the period under review (9M 2004-05) the company net profit at Rs 7.95 million as against loss of Rs 42.63 million booked in the same period last year.
The company posted operating loss at Rs 26.40 million and other income at Rs 90.76 million. The profit for the period in primarily imputed machinery and land.
The company is continues to face the problem of lacking inadequate working capital facilities. This has resulted in lower productivity as well as operating loss despite obtaining better sales price.

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Performance Statistics                (Million Rupees)

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Balance sheet                                  -As At-

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                                 March 31      June 30

                                     2005         2004

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Share Capital-Paid-up:             150.63       150.63

Reserves:                          138.77       138.77

Accumulated (Loss):               (774.96)    (787.16)

Shareholders Equity:              (485.56)    (497.76)

Surplus on Revaluation

 of Fixed Assets:                   78.52        92.22

L.T. Debts:                         40.00        40.93

Current Liabilities:               867.01       778.06

Fixed Assets-Tangible:             104.42       115.08

L.T. Investments:                    0.13         0.13

L.T. Loans Deposits:                 1.94         1.83

Current Assets:                    393.48       296.41

Total Assets:                      499.97       413.45

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Profit & Loss A/c for Nine Months Ended

 March 31                            2005         2004

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Sales:                             234.29       212.47

Gross Profit:                        7.28         6.93

Operating (Loss):                  (26.40)     (12.49)

Other Income:                       90.76        19.81

Financial (Charges):               (54.65)     (48.89)

Profit/(Loss) Before Taxation:       8.36      (41.57)

Profit/(Loss) After Taxation:        7.95      (42.63)

Earnings (Loss) Per Share (Rs):      0.53       (2.83)

Share Price (Rs) on 04-07-05:        3.50            -

Price/Earning Ratio:                 6.60            -

Book Value of Share (Rs):           32.23        33.05

Debt/Equity Ratio:                     (-)         (-)

Current Ratio:                       0.45         0.38

Gross Profit Margin (%):             3.11         3.26

Net Profit Margin (%):               3.39      (20.06)

R.O.A. (%):                          1.59      (14.38)

R.O.E. (%):                            (-)         (-)

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