Download - Siemens Pakistan
Download - Siemens Pakistan Download - Siemens Pakistan
Notes to the Financial Statements 141 14. LONG TERM RECEIVABLES AND PREPAYMENTS 2008 2007 Note (Rupees in ‘000) Loans Considered good Due from executives 14.1 & 14.2 6,091 8,325 Due from others 2,698 3,528 8,789 11,853 Receivable within one year (2,993) (3,305) Long term portion 5,796 8,548 Discounting to present value (1,773) (2,232) 4,023 6,316 Trade receivables Considered good - others 1,280,767 1,234,913 Considered doubtful - others 2,794 233 1,283,561 1,235,146 Provision for doubtful debts (2,794) (233) 1,280,767 1,234,913 Discounting to present value (113,624) (114,639) 1,167,143 1,120,274 Security deposits 4,418 3,425 Prepayments 4,133 24,149 1,179,717 1,154,164 Maximum amount outstanding at end of any month during the year against loans to executives 8,325 11,245 14.1 This represents real estate loans provided interest free to executives in accordance with the Company’s policy. The loans are secured against the respective assets for which the loans have been granted and are recoverable in one to ten years in equal monthly installments. 14.2 Reconciliation of carrying amount of loans to executives 2008 2007 (Rupees in ‘000) Balance at beginning of the year 8,325 11,245 Repayments (2,234) (2,920) Balance at end of the year 6,091 8,325 15. DEFERRED TAX ASSETS Debit / (credit) balances arising in respect of: Provision for doubtful debts and deposits 75,988 21,307 Provision for obsolete and slow moving items of inventories 61,436 46,089 Contract and other obligations 756,430 327,140 Discounting of long-term receivables 36,801 28,379 Accelerated tax depreciation (79,044) (20,011) 851,611 402,904 16. INVENTORIES Raw materials and components 1,537,010 1,202,878 Goods-in-transit 972,811 405,166 Work-in-process 1,549,276 1,061,490 Finished goods 914,873 851,706 4,973,970 3,521,240 Provision for slow moving and obsolete items (385,288) (354,499) 4,588,682 3,166,741
142 Notes to the Financial Statements 17. TRADE RECEIVABLES 2008 2007 (Rupees in ‘000) Considered good Due from related parties 17.1 984,050 452,767 Due from others 7,869,017 4,017,319 8,853,067 4,470,086 Due against construction work in progress - others 2,274,218 2,163,965 11,127,285 6,634,051 Considered doubtful - others 203,099 119,962 11,330,384 6,754,013 Provision for doubtful receivables (203,099) (119,962) 11,127,285 6,634,051 17.1 These represent amounts due from affiliates and associates of the Company. 18. OTHER RECEIVABLES Loans and advances Considered good Loans due from - Executives 2,154 2,234 - Others 839 1,071 2,993 3,305 Advances to - Executives 972 2,758 - Suppliers 1,100,930 591,159 - Others 13,638 6,663 1,115,540 600,580 1,118,533 603,885 Trade deposits, short-term prepayments and other receivables Considered good Due from associates - . 164,453 Trade deposits 115,457 128,684 Short-term prepayments 18.1 101,500 94,488 Sales tax refundable 146,354 170,016 Interest receivable 13,568 28,765 Derivative financial instruments 122,700 112,520 Margin against letters of credit 138,368 - . Others 268,653 69,062 906,600 767,988 Considered doubtful 32,383 8,301 Provision for doubtful other receivables 938,983 776,289 (32,383) (8,301) 906,600 767,988 2,025,133 1,371,873 18.1 This includes Rs 38.064 million (2007: Rs 33.916 million) representing excess contribution as per actuarial valuation in funded employees' gratuity scheme. 19. CASH AND BANK BALANCES 2008 2007 (Rupees in ‘000) With banks in - Current accounts 167,260 150,324 - Deposit accounts 3,008,978 3,007,305 Cheques in hand 224,497 151,014 Cash in hand 6,504 3,265 3,407,239 3,311,908
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Notes to the Financial Statements<br />
141<br />
14. LONG TERM RECEIVABLES AND PREPAYMENTS 2008 2007<br />
Note (Rupees in ‘000)<br />
Loans<br />
Considered good<br />
Due from executives 14.1 & 14.2 6,091 8,325<br />
Due from others 2,698 3,528<br />
8,789 11,853<br />
Receivable within one year (2,993) (3,305)<br />
Long term portion 5,796 8,548<br />
Discounting to present value (1,773) (2,232)<br />
4,023 6,316<br />
Trade receivables<br />
Considered good - others 1,280,767 1,234,913<br />
Considered doubtful - others 2,794 233<br />
1,283,561 1,235,146<br />
Provision for doubtful debts (2,794) (233)<br />
1,280,767 1,234,913<br />
Discounting to present value (113,624) (114,639)<br />
1,167,143 1,120,274<br />
Security deposits 4,418 3,425<br />
Prepayments 4,133 24,149<br />
1,179,717 1,154,164<br />
Maximum amount outstanding at end of any month<br />
during the year against loans to executives 8,325 11,245<br />
14.1 This represents real estate loans provided interest free to executives in accordance with the Company’s policy. The loans are secured against the<br />
respective assets for which the loans have been granted and are recoverable in one to ten years in equal monthly installments.<br />
14.2 Reconciliation of carrying amount of loans to executives 2008 2007<br />
(Rupees in ‘000)<br />
Balance at beginning of the year 8,325 11,245<br />
Repayments (2,234) (2,920)<br />
Balance at end of the year 6,091 8,325<br />
15. DEFERRED TAX ASSETS<br />
Debit / (credit) balances arising in respect of:<br />
Provision for doubtful debts and deposits 75,988 21,307<br />
Provision for obsolete and slow moving items of inventories 61,436 46,089<br />
Contract and other obligations 756,430 327,140<br />
Discounting of long-term receivables 36,801 28,379<br />
Accelerated tax depreciation (79,044) (20,011)<br />
851,611 402,904<br />
16. INVENTORIES<br />
Raw materials and components 1,537,010 1,202,878<br />
Goods-in-transit 972,811 405,166<br />
Work-in-process 1,549,276 1,061,490<br />
Finished goods 914,873 851,706<br />
4,973,970 3,521,240<br />
Provision for slow moving and obsolete items (385,288) (354,499)<br />
4,588,682 3,166,741
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