Textile Composite: SAIF TEXTILE MILLS LIMITED - Half Year Ended March 31 2004
The company was incorporated in NWFP on December 24, 1989 and its shares are quoted on all stock exchanges in Pakistan. It is headquartered in Islamabad. Saif Textile Mills Ltd's all its 5 divisions are ISO 9002 certified. It is also ISO 14000 certified for planned Environmental Management System.
Its claim is that it has adopted world class manufacturing procedures. All these achievements demonstrate the sponsors top commitment to quality and service.
Located in the Gadoon Industrial Estate in the North West Frontier Province of Pakistan, Saif Textile Mills comprises three units. Its unit No 2, is a ring spinning unit with an installed capacity of 22000 spindles based on 100% cotton combed yarn for both knitting and weaving and usage.
Its unit No 3, is the second in Pakistan to install and operate ComforSpin K44 spinning machines for manufacturing compact yarn.
Technologically these machines are delivering the anticipated results and the company is making good progress in marketing its speciality yarn. During the period under review, the company proved that it has maintained its growth in business as well as profitability.
At the same time the management of the company decided to implement the second phase of expansion plan thereby achieving the target K44 capacity of 19 machines.
Letters of credit were established for the additional 11 machines and the requisite back process. This additional capacity is expected to come online in the last quarter of 2004.
The company's EPS improved to Rs 2.11 from Rs 1.24 and market capitalisation was nearly 2.5 times.
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Performance Statistics (Million Rupees)
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Balance sheet -As At-
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March 31 September 30
2004 2003
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Share Capital-Paid-Up: 189.13 189.13
Reserves & Surplus: 473.96 433.97
Shareholders Equity: 663.09 623.10
L T Debts: 617.28 147.45
Provision For Electricity Charges: 102.36 102.36
Staff Retirement Benefits-Gratuity: 15.10 13.92
Deferred Taxation: 5.29 -
Current Liabilities: 834.60 814.05
Fixed Capital Expenditure: 1,386.10 869.05
L T Loans: 0.50 0.55
L T Deposits & Prepayments: 8.07 6.11
Deferred Taxation: - 8.54
Current Assets: 843.05 816.64
Total Assets: 2,237.72 1,700.88
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Profit & Loss A/c For the
Half Year Ended March 31 2004 2003
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Sales-Net: 745.95 606.21
Gross Profit: 100.16 73.34
Operating Profit: 69.62 46.10
Financial Charges: (14.34) (21.27)
Other Income: 7.19 7.25
Realised (Loss) on Sale of Investment: - (5.33)
Gain on Sale of Investments: - 2.26
Profit Before Taxation: 58.56 27.51
Profit After Taxation: 40.00 23.53
Earning Per Share (Rs): 2.11 1.24
Share Price (Rs) 07/09/04: 24.55 -
Price/Earning Ratio: 11.63 -
Book Value of Share (Rs): 35.06 32.94
Debt/Equity Ratio: 48:52 19:81
Current Ratio: 1.01 1.00
Gross Profit Margin(%): 13.43 2.10
Net Profit Margin (%): 5.36 3.88
R.O.A: 1.79 1.38
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COMPANY INFORMATION: Chairman: Javed Saifullah Khan; Chief Executive: Osman Saifullah Khan; Director: Zafar Qureshi; Company Secretary: Mumtaz H. Chaudhry; Chief Financial Officer: Rana Muhammad Shafi; Registered Office: APTMA House, Tehkal Payan, Jamrud Road, Peshawar; Web Address: www.saiftextile.com; Factory: Industrial Estate Gadoon Amazai, District Swabi NWFP; Head Office: Kulsum Plaza, 4th Floor, 42-Blue Area Islamabad 44000.
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