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Transcript of Shawal Hotel Financial
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2013
34,618
878
35,49623,939
214,717
82,016
132,701
2,269,854
3,087
2,405,642
188,262
2,217,380
413
24
186
1
123
38
7
1.6 1.75
1 1.29
2.62 4.08
6.58 9.25
Profit before tax
................................................. Rupe
Sales and services 363,639
PBIT
Finance cost
Financial position
Current assets
Profit / (loss) after tax
Net working capital
Less: Current liabilities
Other non-current assets
Fixed assets - net
Other non-current liabilities
TOTAL
Statistics
Number of rooms
Shareholders equity
Number of employees
Room occupancy %
Break up value per share (Rs.)
Earning per share (Rs.)
Net profit margin (%)
Current ratio
Dividend per share (Rs.)
Market value per share (Rs.)
ROA (%)
Ratios
ROCE (%)
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300,000
4 180,000
197,220
377,220
5 1,840,160
6 178,786
7 9,476
8 2,549
9 79,467
82,016
10 0
2,487,658
ASSETS
Non-current assets
Fixed assets 11
12
13
14
15
16
17
18
19
30,000,000 ordinary shares of Rs. 10 each
Surplus on revaluation of fixed assets
Issued, subscribed and paid-up
Un-appropriated profit
Balance sheet as at June 30, 2013
The annexed notes form an integral part of this statement.
Creditors, accrued and other liabilities
Contingencies and commitments
Current liabilities
Current maturities
Advances and deposits - unsecured
Deferred liabilities
Deferred taxation
CAPITAL AND LIABILITIES
SHARE CAPITAL AND RESERVES
Share capital
Authorized
2,269,854
Long term deposits and advances 3,087
Current assets
Stores and spares 1,818
Stock in trade - food and beverages 1,233
Trade debts-unsecured, considered good 36,766
Advances, prepayments and other receivables 28,631
Short term investment 50,000
Tax refunds due from Government 0
Cash and bank balances 96,269
214,717
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2,487,658
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424,996
(61,357)
20 363,639
21 (227,051)
136,588
22 (110,294)
23 9,202
35,496
24 (878)
34,618
25 10,67923,939
Profit and loss accountfor the year ended June 30, 2
(Rupees)
Earning per share:
TaxationNet profit after taxation
Net profit before taxation
Operating profit
Financial charges
Administrative, selling and general expens
Sales tax, discounts and sales return
Sales and services - net
Turnover
Other operating income
Cost of sales and services
Gross profit
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26 56,387
(17,183)
6,421
(878)
44,747
(8,683)
1,610
(500)
6,1550
(637)
(2,055)
(69,177)
(69,177)
(26,485)
89,802
27 63,317
Cash flow from investing activities
Acquisition of fixed assets
Financial charges
Net cash from operating activities
Income taxes paid
Income tax refund received
Cash flow statementfor the year ended June 30, 2013
Cash and cash equivalents - end of the year
Net increase/(decrease) in cash
Cash and cash equivalents - start of the year
Net cash used in financing activities
Cash flow from financing activities
Dividends paid
Long term deposits
Net cash used in investing activities
Sale of investment - held for trading
Investment in TDRs
Profit on TDR
Disposal of fixed assets
Cash flow from operating activities
Cash generated from operations
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05. Surplu
09. Credito
04. Issue
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Due from c
15. Trade d
Investment
17. Short t
Suppliers
Income tax
Staff
Due from s
Advances -
16. Advan
Provision a
Considered
Receivable
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22. Admini
22.1 Includ
22.2 Audito
22.3 Donati
Jamiat Tale
Chhipa We
Hashmani
None of the
18. Tax ref
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Income tax
Tax year 2
Cash at baCash at ba
19. Cash
Cash in ha
Food and b
Shop licen
20. Sales
Room rent
Food and b
20.1 This in
others ancil
21. Cost o
Other mino
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23.1
24. Financ
Workers w
25. Taxati
Current yea
Prior year
Deferred
25.1
25.2
23. Other
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25.3
in determini
Tax effect
determinin
Tax effect
Average eff
26. Cash
27. CashCash and b
Bank overd
28.1
28. Emplo
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28.1.1 Actu
Discount ra
28.1.2 Amo
28.1.3
28.1.4 Mov
Opening pr
Current ser
Interest co
Benefits du
Benefits pa
Actuarial lo
Closing pre
28.1.5
28.1.6
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28.1.7
28.1.8
28.1.9 Bas
million in re
Transactio
The related
directors a
undertakin
employmen
The compa
undertakin
price meth
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s on revaluation of fixed assets
Surplus on revaluation of leasehold land
Surplus on revaluation of building on leasehold land
Leasehold land and building on leasehold land were revalued by M/s. D. H. Daruvala & Co., Architects and
Engineers (an independent valuer) in September 2003 resulting an increase over book value of Rs.
Accrued liabilities
Trade creditors - unsecured
s, accrued and other liabilities
Accrued expenses
Excise, taxes and others
Sales tax
Companies Ordinance 1984. The balance in the surplus on revaluation of fixed assets account is not
available for distribution amongst the shareholders neither as dividend nor as bonus under section 235 of
359.809 M and 508.280 M respectively. As on April 01, 2007 leasehold land and building on leasehold
land were revalued by M/s Sardar Enterprises (an independent valuer) which resulted in increase of Rs.
1,227.750 M and Rs. 111.355 M respectively in the book value. The incremental depreciation charged on
these assets has been transferred to accumulated profit in accordance with section 235 of the
d, subscribed and paid-up
Incremental depreciation (net of tax)
transferred to accumulated profit
Surplus on June 30, 2013
Surplus on June 30, 2012
Incremental depreciation (net of tax)
transferred to accumulated profit
Surplus on June 30, 2011
the Companies Ordinance, 1984.
Movement in the account of surplus on revaluation of fixed assets is as follows:
The company has one class of ordinary shares which carry no right to fixed income.
18,000,000
There were no movement in the share capital of the company in either the 2012 or 2013 reporting years.
1,419,200
16,580,800
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16.1
17.1
ustomers
ebts-unsecured, considered good
- held to maturity
erm investment
Miscellaneous
Margin against letter of credit
Profit on term deposit - Summit Bank Limited
Other receivables
Rent receivable
Miscellaneous
Prepayments
Insurance
(net of liability)
aff
unsecured considered good
ces, prepayments and other receivables
gainst doubtful debts
doubtful
against sale of Al-Sehat
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istrative, selling and general expenses
Salaries and other benefitsEntertainment
Traveling and transportation
Running and maintenance of vehicle
Rent, rates and taxes
Heat, light and power
Communications
Printing and stationery
Advertisement and sales promotion
Legal and professional charges
Auditors' remuneration
Repair and maintenance
Bank commission and charges
Fee and subscription
Pest control
Donation
Insurance
Commissions
Bad debts
Miscellaneous
Staff uniforms
Amortization
Depreciation
s Rs. 0.258 million (2012: Rs. 0.262 million) in respect of employee retirement benefits.
rs' remuneration
Audit fee
Taxation services
Out of pocket
on
emul Quran
lfare Association
ospital
directors or his spouse is interested in the funds of donees.
nds due from Government
Represents amount invested by the company in Term Deposits with Summit Bank Limited. The maturity
period of the investment is one year. The rate of interest on these investments varies from 9.75% to
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Opening stock
Purchases
Closing stock
Consumption during the year
Direct expenses
Salaries, wages and other benefits
Heat, light and power
Replacement of linen, china and glassware
Uniforms
Guest transportation charges
Water charges
Decoration hire charges
Consumable stores
Guest supplies
Commission
Musical expenses
Laundry and dry cleaning
Telephone, telex and other related expenses
License and taxes
Traveling and transportation
Printing and stationery
Miscellaneous
Amortization
Depreciation
refundable
11
k (in deposit account) - Bank Al Habib Ltd.ks (in current accounts)
nd bank balances
d
everages
e fees
nd services - net
everages
cludes revenue from rent of conventional hall, and sale of telephone, laundry, health club and
liary services.
f sales and services
r operated departments
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determining accounting profit
Tax effect of changes in prior year current tax
Reconciliation between average effective
tax rate and the applicable tax rateApplicable tax rate
Tax effect of expenses that are not deductible
ing taxable profit
f items that are not deductible in
accounting profit
f changes in prior year current tax
ective tax rate
enerated from operations
Profit before taxation
Adjustment for non cash items and other adjustments:
Depreciation
Amortization
Financial charges
Bad debts written off
Profit on TDR - Summit Bank Ltd.
Profit on saving account - Bank Al-Habib Ltd.
Gain on investment in shares
(Gain)/loss on disposal of assets
(Increase)/decrease in operating assets
Stores and spares
Stock in trade
Trade debts
Advances, prepayments and other receivables
Increase/(decrease) in operating liabilities
Advances and deposits
Creditors, accrued and other liabilities
nd cash equivalentank balances
raft
As mentioned in note 2.6, the Company operates an approved gratuity fund and makes contribution
on actuarial recommendations. The most recent actuarial valuations were carried out by M/s
ee benefits
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Nauman Associates, Consulting Actuaries on July 26, 2013 of the present value of the defined
benefit obligation at June 30, 2013. The projected unit credit method, using the following significant
assumptions has been used for the actuarial valuation:
arial assumptions
te
Expected rate of eligible salary increase in future years
Expected rate of return on plan assets
Average remaining working life time (Years)
unt recognized in balance sheet are as follows:
Present value of defined benefit obligation
Present actuarial gain/(loss) to be recognized in later periods
Less: Fair value of Plan asset
(Asset) / liability on balance sheet
Fair value of plan assets
Cash at bank
Less: Benefits payables
Fair value of plan assets
ement in present value of defined benefit obligation
esent value of obligation
vice cost
t
e but not paid during the year
id
ss/(gain) on obligation
sent value of obligation
Movement in fair value of plan assets
Opening fair value of plan assets
Expected return on plan assets
Actuarial gain/(loss) on plan assets
Benefits due but not paid during the year
Benefits paid
Contribution by Company
Closing fair value of plan assets
Changes in Actuarial Gains/(Losses)
Unrecognized Actuarial Gains/(Losses) at start
Actuarial Gains/(Losses) arising during the year
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Unrecognized Actuarial Gains/(Losses) at end
Expense recognized in profit and loss account
Current service cost
Interest cost
Expected return on plan assets
Actual return on plan assets
Expected return on plan assets
Actuarial gain on plan assets
Actual return on plan assets
d on actuarial advise the company intends to charge an amount of approximately Rs. 0.723
spect of gratuity fund in the financial statements for the year ending 30 June 2014.
s with related parties and associated undertakings
parties and associated undertakings comprise local associated companies, gratuity fund,
d key management personnel. Transactions with related parties and associated
s, other than remuneration and benefits to key management personnel under the term of their
t are as follows:
Rent income
Gratuity Fund
ny continues to have a policy whereby all transactions with related parties and associated
31
s are entered into at arm's length determined in accordance with comparable uncontrolled
d.
Receivable
30. Executive remuneration
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Based on past experience the management believes that no impairment allowance is necessary in
respect of trade receivables past due as some receivables have been recovered subsequent to the
year end and for other receivables there are reasonable grounds to believe that the amounts will be
recovered in short course of time.
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31.2 Liquidity risk
The level of occupancy depends on the extent of movement in tourism, business and airlines sector.
No. of rooms 413 413
Average percentage of occupancy 23.83% 24.57%
2013 2012
35. Capacity and production
made in these accounts
dividend already paid. The total estimated dividend to be paid is Rs. 72 million (2012: Rs. 18 million). The
interim and final dividend will make the total dividend per share equal to Rs. 7/=. The recommended final
dividend is subject to approval of the members.No adjustment in respect of the final dividend has been
34. Non-adjusting events after the balance sheet date
In the adjourned meeting of Board of Directors held on September 20, 2013, the directors decided to
recommend final cash dividend Rs. 4/= per share i.e. 40% in addition to 30% (2012: 15%) interim cash
33. Earning per share
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Figures have been rounded off to the nearest thousand of rupee.
the Company.
37. Figures
36. Date of authorization for issue
These financial statements were authorized for issue on September 20, 2013 by the Board of Directors of
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Rent receivable
From tenants
From related parties
Mrs. Nadia Zaheer
Mrs. Sadia Naveed
M/s. Baweja Education
Investment - held to maturity
Investment in Term Deposits
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375
100
50
525
60
30
0
90
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0
86,166
5789,525
96,269
179,289
132,483
12,034
39,833
363,639
21.1
11.2.1
11.1.1
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1,610
2,397
895
1,502
108
878
878
15,762
506
(5,589)
10,679
34,618
12,116
1,325
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(3,268)
506
10,679
%
3.83
- 9.44
1.46
30.85
34,618
38,714
165
878
120
(6,776)
(690)
0
(108)
32,303
66,921
(43)
146
(6,514)
(3,696)
(10,107)
453
(880)
(427)
56,387
96,269
(32,952)
63,317
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4,655
605
(267)
(56)
(1,142)
900
4,695
82
(1,015)
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(933)
564
687
(605)
646
605
(267)
338
985
900
Number of persons
Managerial remuneration
Perquisites and allowances
Financial instruments
The company has exposure to the following risks fro
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- Liquidity risk
- Market risk
The Board of Directors has overall responsibility for t
- Credit risk
Credit risk represents the accounting loss that would
parties fail completely to perform as contracted and
management framework. The Board is also responsi
risk managment policies.31.1 Credit risk
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Diluted earning per share - Rupees
Basic earning per share - Rupees
Weighted average number of ordinary shares
Net profit after taxation
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Ordinary shares of Rs. 10/- each
fully paid in cash
Ordinary shares of Rs. 10/- each
issued for consideration other than cash (NRI)
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16.1
17.1
1,965
34,624
50,000
8,761
2,644
49
2,550
45
6,117
15,475
28,631
50
1,472
5,192
718
752
12,404
34
6,937
4,843
177
624
36,766
38,559
1,793
1,793
36,766
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11.2.1
11.1.1
50,000
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3,181
1,379
8,255
676
43,935
56,630
(1,233)
56,776
41,470
582
3,979
849
288
248
3,083
10,934
756
11,788
3,959
1,047
34,843
170,275
270
132
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220
508
23.1
900
6,776690
0
9,202
227,051
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2013
10.5%
9.5%
13%
11 years
2013
6,088
(932)
(4,695)
461
5,123
(428)
4,695
5,288
564
687
(56)
(1,142)
747
6,088
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2013
its use of financial instruments:
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Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall
due. The company's approach to managing liquidity is to ensure as far as possible to always have
sufficient liquidity to meet its liabilities when due. The following are the contractual maturities of
financial liabilities, including estimated interest payments:
30 June 2013
Financial liabilities
Advances and deposits
Trade and other payables
2013
Advances and deposits
Trade and other payables
Financial liabilities
2012
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1,587,559
252,601
12,063
5,691
526
4,698
17,287
1,840,160
0
1,587,559
1,587,559
0
land leasehold land
(Rupees '000)
1,587,559
Surplus on revaluation of
Leasehold Building on
180,00014,192
165,808
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8,761
50,000
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22.1 34,6431,379
5,487
331
1,450
4,503
2,428
1,684
2,903
1,235
22.2 525
46,245
100
514
253
22.3 90
0
658
120
1,837
5
33
3,871
110,294
(Rupees '000)
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108
0
2013
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(Rupees '000)
1,170
500
1,732
2013
2,048 2,508
6,600 6,749
1 2
4,552 4,241 3,177
Executive Directors Executive Executive
................................................Rupees '000......................................................
Chief
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0-30 days
31 - 60 days
61 - 90 days
91 - 120 days
120 days
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Carrying
Amount
............................................................(Rupees '000).........................................................
9,476 9,476
64,378
73,854
Carrying
Amount
9,201 9,201
35,005
44,206
1.33
1.33
18,000
23,939
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0
2012
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3,110
1,568 1,520
4,745 4,630
6 6
Executive
Chief
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(Rupees '
3,087
36,766
50,000
8,811
10,103
108,767
19,263
5,883
4,964
3,993
2,663
36,766
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Contractual Six months Six to twelve One to two
cash flows or less months years
0 9,476
64,378 64,378 0
73,854 64,378 9,476
30 June 2012
Contractual Six months Six to twelve One to two
cash flows or less months years
0
35,005 35,005
44,206 35,005
9,201
0
9,201
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00)
2,450
30,372
49,500
6,842
13,087
102,251
16,008
7,596
3,629
729
2,410
30,372
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Two to five
years
0 0
0 0
0 0
Two to five
years
0 0
0 0
0 0