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
116Notes to the Financial Statements18.1 This includes Rs 33.916 million (2006: Rs 56.352 million) representing excess contribution as per actuarial valuation in funded employees'gratuity scheme.19. CASH AND BANK BALANCES 2007 2006Note (Rupees in ‘000)With banks in- Current accounts 150,324 11,033- Deposit accounts 3,007,305 1,617,264Cheques in hand 151,014 141,908Cash in hand 3,265 843,311,908 1,770,28920. NET SALESExport - Goods 46,313 112,919- Services 59,114 18,704Contracts executed outside Pakistan 5,610,671 4,657,654Against International Tenders 110,455 64,000Other - Goods 9,859,519 8,213,213- Services including projects 6,552,903 7,931,697Gross sales 22,238,975 20,998,187Commission paid (23,923) (4,027)Sales tax (313,300) (198,313)Net sales 21,901,752 20,795,84721. COST OF SALESOpening inventory of finished goods 623,464 271,997Cost of goods manufactured and services rendered 21.1 18,029,491 18,139,885Finished goods purchased 975,374 555,67219,628,329 18,967,554Closing inventory of finished goods (851,706) (623,464)Cost of sales 18,776,623 18,344,09021.1 Cost of goods manufactured and services renderedOpening inventoriesRaw materials and components 894,697 439,674Goods-in-transit 220,592 207,884Work-in-process 958,742 766,739Inventories of CTI at acquisition - . 289,5442,074,031 1,703,841Purchase of goods and services 14,639,568 14,220,526Salaries, wages and employees welfare expense 1,572,745 1,337,876Gratuity fund expense / (reversal) 11,133 (1,308)Provident fund contribution 14,784 11,772Fuel, power and water 423,453 624,608Repairs and maintenance 213,249 178,867Rent, rates and taxes 452,333 507,665Liquidated damages for late deliveries - net of recoveries 491,052 126,584Warranty and other contractual obligations (196,695) 580,944Slow moving and obsolete items of inventories 109,343 58,674IT, networking and data communication 45,863 38,527Insurance 58,454 76,960Depreciation and amortisation 13.3 137,427 143,587Transportation 81,922 84,478Travelling and conveyance 249,465 324,871Stationery, telex and telephone 95,677 111,110Others 275,285 132,38320,749,089 20,261,965Closing inventoriesRaw materials and components (1,202,878) (894,697)Goods-in-transit (405,166) (220,592)Work-in-process (1,061,490) (958,742)(2,669,534) (2,074,031)18,079,555 18,187,934Sale of scrap (50,064) (48,049)18,029,491 18,139,885
Notes to the Financial Statements 11722. MARKETING AND SELLING EXPENSES 2007 2006Note (Rupees in ‘000)Salaries, wages and employees welfare expense 433,026 444,848Gratuity fund expense 10,182 1,738Provident fund contribution 10,124 11,873Fuel, power and water 44,696 45,410Repairs and maintenance 54,723 45,779Advertising and sales promotion 28,176 30,893Rent, rates and taxes 56,498 48,265Insurance 11,704 7,480Provision for doubtful trade receivables 36,427 52,586Provision / (reversal of provision) for doubtful trade deposits 1,327 (650)Bad debts written off 766 1,396Depreciation and amortisation 13.3 65,234 60,053Travelling and conveyance 59,068 72,166Transportation expenses 56,974 81,841Stationery, telex and telephone 40,188 33,588IT, networking and data communication 60,551 57,523Others 16,796 8,686986,460 1,003,47523. GENERAL ADMINISTRATION EXPENSESSalaries, wages and employees welfare expense 246,749 127,665Gratuity fund expense / (reversal) 1,121 (127)Provident fund contribution 2,895 2,746Fuel, power and water 9,033 5,957Repairs and maintenance 15,048 15,446Rent, rates and taxes 3,556 1,934Insurance 2,663 2,016Auditors' remuneration 32 3,086 3,690Depreciation and amortisation 13.3 22,451 16,206Travelling and conveyance 17,259 15,155Stationery, telex and telephone 9,514 10,634IT, networking and data communication 10,544 10,192Legal and professional 12,365 20,865Donations 23.1 2,040 2,588Exchange loss - . 65,955Workers' profits participation fund 110,865 82,227Workers' welfare fund 87,627 31,034Amortisation of goodwill - . 5,652Others 14,127 21,153570,943 440,98823.1 Donations include the following in which a director or his spouse is interested:Name and address of donee Interested director or his spouse Interest indoneeNational Management Foundation Syed Babar Ali Chairman 108 - .LUMS Campus Opposite Sector UDefence Housing AuthorityLahore, Cantt.Rotary Club of Karachi Sohail Wajahat H. Siddiqui Member 35 - .Metropolitan321 Central Annexe, AbdullahHaroon Road, Karachi.Aga Khan Hospital & Medical Spouse of Sohail Wajahat H. Siddiqui Member of 1,512 - .College Foundationannual givingStadium Road, Karachi.committeeOrganisation for the Under Privileged -do- Trustee - . 35108-A/II, Khayaban-e-RahatStreet 25, Phase IV, DHAKarachi
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Notes to the Financial Statements 11722. MARKETING AND SELLING EXPENSES 2007 2006Note (Rupees in ‘000)Salaries, wages and employees welfare expense 433,026 444,848Gratuity fund expense 10,182 1,738Provident fund contribution 10,124 11,873Fuel, power and water 44,696 45,410Repairs and maintenance 54,723 45,779Advertising and sales promotion 28,176 30,893Rent, rates and taxes 56,498 48,265Insurance 11,704 7,480Provision for doubtful trade receivables 36,427 52,586Provision / (reversal of provision) for doubtful trade deposits 1,327 (650)Bad debts written off 766 1,396Depreciation and amortisation 13.3 65,234 60,053Travelling and conveyance 59,068 72,166Transportation expenses 56,974 81,841Stationery, telex and telephone 40,188 33,588IT, networking and data communication 60,551 57,523Others 16,796 8,686986,460 1,003,47523. GENERAL ADMINISTRATION EXPENSESSalaries, wages and employees welfare expense 246,749 127,665Gratuity fund expense / (reversal) 1,121 (127)Provident fund contribution 2,895 2,746Fuel, power and water 9,033 5,957Repairs and maintenance 15,048 15,446Rent, rates and taxes 3,556 1,934Insurance 2,663 2,016Auditors' remuneration 32 3,086 3,690Depreciation and amortisation 13.3 22,451 16,206Travelling and conveyance 17,259 15,155Stationery, telex and telephone 9,514 10,634IT, networking and data communication 10,544 10,192Legal and professional 12,365 20,865Donations 23.1 2,040 2,588Exchange loss - . 65,955Workers' profits participation fund 110,865 82,227Workers' welfare fund 87,627 31,034Amortisation of goodwill - . 5,652Others 14,127 21,153570,943 440,98823.1 Donations include the following in which a director or his spouse is interested:Name and address of donee Interested director or his spouse Interest indoneeNational Management Foundation Syed Babar Ali Chairman 108 - .LUMS Campus Opposite Sector UDefence Housing AuthorityLahore, Cantt.Rotary Club of Karachi Sohail Wajahat H. Siddiqui Member 35 - .Metropolitan321 Central Annexe, AbdullahHaroon Road, Karachi.Aga Khan Hospital & Medical Spouse of Sohail Wajahat H. Siddiqui Member of 1,512 - .College Foundationannual givingStadium Road, Karachi.committeeOrganisation for the Under Privileged -do- Trustee - . 35108-A/II, Khayaban-e-RahatStreet 25, Phase IV, DHAKarachi
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