Textile Spinning: KOHINOOR SPINNING MILLS LIMITED - Half Year Ended March 31 2004

The organisation belongs to a leading textile group - Chakwal Group. The plant has capacity of 57,864 spindles. It has been reported in its website that the company is currently exporting cotton carded yarn and cotton combed yarn to various countries.
However, mostly its exports are consigned to Hong Kong, Korea, Singapore, Malaysia, Indonesia and United States of America.
The company claims that its brand name "SUPER LEMON" remains invariably as one of the top five brands in the important overseas markets.
Kohinoor Spinning Mills Limited was incorporated in 1970 in the province of Punjab having its registered office in Chakwal city.
Its manufacturing facilities are located in Aminabad Chakwal. It is a listed public limited company and the present market price of share has been quoted at Rs 5 per 10-rupee share. During the last one year the price of the share appreciated from Rs 2.50 per share to Rs 10.50.
The company's auditors have made some sour observations about its accumulated loss of Rs 902.12 mln and capital deficiency in the sum of Rs 507.25 mln. But they also hoped that the continuing financial support by lending institutions and physical support of the company's directors will be available.
Their observations found directors positive response in the Half Yearly Report under review. During the period under review, the company's sales increased by 28.99% and after tax loss reduced by 70.3% as compared to same period last year.

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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:             394.87       394.87

Accumulated (Loss):               (902.12)    (891.81)

Shareholders Equity:              (507.25)    (496.94)

L T Debts:                       1,037.78     1,147.62

Deferred Liabilities:               39.14        36.75

Current Liabilities:             1,377.56       613.29

Fixed Capital Expenditure:         699.34       722.72

L T Deposits & Investments:         61.41        46.94

Current Assets:                  1,186.48       531.06

Total Assets:                    1,947.23     1,300.72

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Profit & Loss A/c For the

 Half Year Ended            March 31 2004         2003

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Sales:                           1,116.26       865.39

Gross Profit:                       65.70        23.65

Operating Profit/(Loss):            18.08      (23.94)

Other Income:                        1.95         8.65

Financial (Charges):               (33.96)     (61.63)

(Loss) Before Taxation:            (13.93)     (76.91)

(Loss) After Taxation:             (25.21)     (85.01)

(Loss) Per Share (Rs):              (0.64)      (2.15)

Share Price (Rs)On 8/09/04:          5.00            -

Price/Earning Ratio:                   (-)           -

Book Value Of Share (Rs):          (12.84)     (12.58)

Debt/Equity Ratio:                     (-)           -

Current Ratio:                       0.86         0.87

Gross Profit Margin(%):              5.89         2.73

Net Profit Margin (%):              (2.26)      (9.82)

R.O.A:                              (1.29)      (6.53)

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