Mohsin Annual Report-Final 1-91:Layout 1.qxd - Siemens Pakistan
Mohsin Annual Report-Final 1-91:Layout 1.qxd - Siemens Pakistan Mohsin Annual Report-Final 1-91:Layout 1.qxd - Siemens Pakistan
114Notes to the Financial Statements14. LONG TERM RECEIVABLES AND PREPAYMENTS 2007 2006Note (Rupees in ‘000)LoansConsidered goodDue from executives 14.1 & 14.2 8,325 11,245Due from others 3,528 13,00811,853 24,253Receivable within one year (3,305) (5,547)Long term portion 8,548 18,706Discounting to present value (2,232) (5,647)6,316 13,059Trade receivablesConsidered good - others 1,234,913 662,442Considered doubtful - others 233 2201,235,146 662,662Provision for doubtful debts (233) (220)1,234,913 662,442Discounting to present value (114,639) (89,734)1,120,274 572,708Security deposits 3,425 54,259Prepayments 24,149 4,132Maximum amount outstanding at end of any month1,154,164 644,158during the year against loans to executives 11,245 13,46714.1 This represents real estate loans provided interest free to executives in accordance with the Company’s policy. The loans are secured against therespective 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 2007 2006(Rupees in ‘000)Balance at beginning of the year 11,245 14,473Promotion of non-executive employees as executive - . 1,781Repayments (2,920) (5,009)Balance at end of the year 8,325 11,24515 DEFERRED TAX ASSETSDebit / (credit) balances arising in respect of:Provision for doubtful debts and deposits 21,307 33,926Provision for obsolete and slow moving itemsof inventories 46,089 26,328Contract and other obligations 327,140 302,478Discounting of long-term receivables 28,379 20,461Accelerated tax depreciation (20,011) (41,060)Tax loss for the year - . 15,352Minimum tax for the year - . 9,850402,904 367,335
Notes to the Financial Statements 11516. INVENTORIES 2007 2006(Rupees in ‘000)Raw materials and components 1,202,878 894,697Goods-in-transit 405,166 220,592Work-in-process 1,061,490 958,742Finished goods 851,706 623,4643,521,240 2,697,495Provision for slow moving and obsolete items (354,499) (245,156)3,166,741 2,452,33916.1 The above balances include items costing nil (2006: Rs 13.216 million) valued at net realisable value of nil (2006: Rs 4.078 million).17. TRADE RECEIVABLES 2007 2006Note (Rupees in ‘000)Considered goodDue from related parties - associates 17.1 452,767 10,298Due from others 4,017,319 3,184,2714,470,086 3,194,569Due against construction work in progress- associates 17.1 - . 6,811- others 2,163,965 2,135,5212,163,965 2,142,332Considered doubtful - others 119,962 119,9536,754,013 5,456,854Provision for doubtful receivables (119,962) (119,953)6,634,051 5,336,90117.1 These represent amounts due from affiliates and associates.18. OTHER RECEIVABLESLoans and advancesConsidered goodLoans due from- Executives 2,234 2,476- Others 1,071 3,0713,305 5,547Advances to- Executives 2,758 1,076- Suppliers 591,159 252,686- Others 6,663 16,783600,580 270,545603,885 276,092Trade deposits, short-term prepaymentsand other receivablesConsidered goodDue from associates 164,453 - .Trade deposits 128,684 114,793Short-term prepayments 18.1 94,488 72,850Sales tax refundable 170,016 180,680Interest receivable 28,765 14,263Fair value of derivative financial instruments 112,520 1,882Others 69,062 38,211767,988 422,679Considered doubtfulTrade deposits 8,301 6,974776,289 429,653Provision for doubtful trade deposits (8,301) (6,974)767,988 422,6791,371,873 698,771
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114Notes to the Financial Statements14. LONG TERM RECEIVABLES AND PREPAYMENTS 2007 2006Note (Rupees in ‘000)LoansConsidered goodDue from executives 14.1 & 14.2 8,325 11,245Due from others 3,528 13,00811,853 24,253Receivable within one year (3,305) (5,547)Long term portion 8,548 18,706Discounting to present value (2,232) (5,647)6,316 13,059Trade receivablesConsidered good - others 1,234,<strong>91</strong>3 662,442Considered doubtful - others 233 2201,235,146 662,662Provision for doubtful debts (233) (220)1,234,<strong>91</strong>3 662,442Discounting to present value (114,639) (89,734)1,120,274 572,708Security deposits 3,425 54,259Prepayments 24,149 4,132Maximum amount outstanding at end of any month1,154,164 644,158during the year against loans to executives 11,245 13,46714.1 This represents real estate loans provided interest free to executives in accordance with the Company’s policy. The loans are secured against therespective 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 2007 2006(Rupees in ‘000)Balance at beginning of the year 11,245 14,473Promotion of non-executive employees as executive - . 1,781Repayments (2,920) (5,009)Balance at end of the year 8,325 11,24515 DEFERRED TAX ASSETSDebit / (credit) balances arising in respect of:Provision for doubtful debts and deposits 21,307 33,926Provision for obsolete and slow moving itemsof inventories 46,089 26,328Contract and other obligations 327,140 302,478Discounting of long-term receivables 28,379 20,461Accelerated tax depreciation (20,011) (41,060)Tax loss for the year - . 15,352Minimum tax for the year - . 9,850402,904 367,335
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