It is a public limited company incorporated in the province of Punjab. It is listed on Karachi and Lahore Stock Exchanges. It was listed on Karachi Stock Exchange in 1994. At present the market value of the share in Samin Textiles Ltd has been quoted at Rs 7.80 per share at 22% discount to the par value of Rs 10. During the last two years the company did not declare dividend.
The company belongs to a reputed industrial group of Pakistan. Other members of the group are Kohinoor Genertek Limited and Security General Insurance Company Limited. It is a weaving unit comprising 120 airjet looms from Tsudakoma of Japan.
The project is ideally located on the famous Manga-Raiwind Road, Kasur, 30 minutes drive from Lahore. It was financed by NBP through World Bank line of credit and NBP's own term loan started commercial production in January 1, 1994.
The management of the company at strategic level, is a combination of highly qualified professionals from the relevant fields like textile engineering marketing and finance. Its marketing strategy has been based on geographical diversity in Europe, USA and Far East.
The management claims that it has conducted in-depth study of the European and American markets.
The company has achieved certifications of 9002 in 1998 and implemented ISO 14,000 to prove commitment towards environmental controls. It also attained Export merit Trophies from FPCCI continuously for several years.
The company's sales in terms of value during the half year under review (FHY 2003-04) rose to Rs 756.46 mln as compared to Rs 440.02 mln for the same period last year (SPLY). Sales grow by 72% which is laudable.
Sales got boost mainly due to expansion of 60 looms. Financial charges and selling & distribution expenses were on very much higher side.
At the same time other income reduced substantially. Hence the company's bottom line went into the red and loss per share reached Rs 2.35 as against EPS at Rs 0.14 in the SPLY.
======================================================
Performance Statistics (Million Rupees)
======================================================
Balance sheet -As At-
======================================================
March 31 September 30
2004 2003
======================================================
Share Capital-Paid-Up: 133.64 133.64
Reserve: 70.00 70.00
Accumulated (Loss)/
Unappropriated Profit: (23.30) 8.08
Shareholders Equity: 180.34 211.72
Loans from Directors
& Members: 96.91 97.91
Other L T Debts: 212.32 250.59
Deferred Liabilities: 3.43 4.42
Current Liabilities: 757.84 649.25
Operating Fixed
Assets-tangible: 563.33 589.91
L T Investments: 15.00 15.00
Deferred Costs: 11.14 8.52
Current Assets: 661.37 600.46
Total Assets: 1,250.84 1,213.89
------------------------------------------------------
Profit & Loss A/c For the
The Half Year Ended March 31 2004 2003
------------------------------------------------------
Sales-Net: 756.46 440.02
Gross Profit: 47.89 52.56
Operating Profit: 0.36 15.46
Financial (Charges): (24.69) (14.46)
Other Income: 2.43 8.27
(Loss)/Profit before Taxation: (23.80) 8.28
(Loss)/Profit After Taxation: (31.38) 1.85
(Loss)/Earning Per Share (Rs): (2.35) 0.14
Share Price (Rs) on 08/09/04: 7.80 -
Price/Earning Ratio: (-) -
Book Value Of Share (Rs): 13.49 15.84
Debt/Equity Ratio: 43:57 45.55
Current Ratio: 0.87 0.92
Gross Profit Margin (%): 6.33 11.94
Net Profit Margin (%): (4.15) 0.42
R.O.A: 1.90 0.15
======================================================