shinepukur ceramics limited · salman F rahman nazmul hassan Vice Chairman Managing Director...
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SHINEPUKUR CERAMICS LIMITED Statement of Financial Position (Un-audited) As at 30 June 2012 Taka in ‘000 As at As at Notes 30 Jun-2012 31 Dec-2011 ASSETS Non-Current Assets 5,488,033 5,536,818 Property,Plant and Equipment - Carrying Value 4 4,444,270 4,493,055 Investment in Shares 225,871 225,871 Capital Work in Progress 817,892 817,892 Current Assets 1,912,007 1,617,232 Inventories 5 908,356 891,675 Accounts & Other Receivables 690,608 587,934 Advances, Deposits & Prepayments 6 299,958 112,190 Cash and Cash Equivalents 7 13,085 25,433 Total Assets 7,400,040 7,154,050 EQUITY AND LIABILITIES Shareholders’ Equity 4,597,250 4,499,760 Issued Share Capital 1,277,966 1,111,275 Revaluation Surplus 2,953,318 2,953,318 Retained Earnings 365,966 435,167 Non-Current Liabilities 1,002,011 1,005,382 Long Term Loan Secured (Net-off Current Matuirity) 8 351,290 396,579 Long Term Loan 640,756 598,838 Deferred Tax Liability 9,965 9,965 1,800,779 1,648,908 Short Term Loan from Banks (Secured) 9 1,185,386 1,147,674 Long Term Loan-Current Matuirity (Secured) 10 116,705 91,819 Creditors, Accruals and other Payables 367,586 291,823 Income Tax Payable 131,102 117,592 Total Equity and Liabilities 7,400,040 7,154,050 Salman F Rahman Nazmul Hassan Vice Chairman Managing Director SHINEPUKUR CERAMICS LIMITED Statement of Comprehensive Income (Un-audited) For the half year ended 30 June 2012 Taka in ‘000 Notes Half- Year Half- Year Quarter Quarter ended ended ended Apr- ended Apr- 30 Jun-2012 30 Jun-2011 June 2012 June 2011 Revenue (Turnover) from net sales 973,997 940,372 487,446 519,590 Cost of Goods Sold 11 621,592 604,946 304,894 331,298 Gross Profit 352,405 335,426 182,552 188,292 Operating Expenses: 52,058 49,700 22,210 23,787 Administrative Expenses 12 24,871 21,113 10,729 10,589 Selling & Distribution Expenses 13 27,187 28,587 11,481 13,198 Operating Profit 300,347 285,726 160,342 164,505 Financial Expenses (178,762) (151,434) (90,250) (87,995) Net Profit Before Cont. to WPWF 121,585 134,292 70,092 76,510 Contribution to Workers’ Participation/Welfare Fund 5,790 6,395 3,338 3,644 Net Profit Before Tax 115,795 127,897 66,754 72,866 Income Tax Expenses 18,305 21,142 10,504 11,556 Net Profit After Tax Transferred to Statement of Changes in Equity 97,490 106,755 56,250 61,310 EPS (Face Value per Share is Tk. 10.00) 0.76 0.96 0.44 0.55 No. of Shares (‘000) used to compute EPS 127,797 111,127 127,797 111,127 Salman F Rahman Nazmul Hassan Vice Chairman Managing Director SHINEPUKUR CERAMICS LIMITED Statement of Cash Flows (Un-audited) For the half year ended 30 June 2012 Taka in ‘000 Half Year Half Year ended ended 30 June 2012 30 June 2011 Cash Flows From Operating Activities Collections from turnover and other income 871,323 879,972 Payments for costs, expenses & others (797,151) (672,494) Interest Paid (116,355) (95,641) Income-Tax paid and /or deducted at sources (16,090) (18,726) Net cash Generated from operating activities (58,273) 93,111 Cash Flows From Investing Activities Property, Plant and Equipment acquired (13,302) (44,551) Capital Work in Progress - (470,721) Net cash used in investing activities (13,302) (515,272) Cash Flows From Financing Activities: Long Term Loan Increased 21,515 420,263 Short Term Loan Increased 37,712 3,729 Net cash used in financing activities 59,227 423,992 Increase/(Decrease) in Cash and Cash Equivalents (12,348) 1,831 Cash and Cash Equivalents at the beginning of the period 25,433 35,158 Cash and Cash Equivalents at the end of the period 13,085 36,989 Salman F Rahman Nazmul Hassan Vice Chairman Managing Director SHINEPUKUR CERAMICS LIMITED Statement of Changes In Equity (Un-audited) For the half year ended 30 June 2012 Taka in ‘000 Particulars Share Retained Revaluation Total Capital Earning Reserve Balance as on 31 December 2011 1,111,275 435,167 2,953,318 4,499,760 Net Profit after tax for the period - 97,490 - 97,490 Issue of Bonus Shares for the prior period (2011) 166,691 (166,691) - - As on 30 June 2012 1,277,966 365,966 2,953,318 4,597,250 Share Retained Revaluation Total Capital Earning Reserve Balance as on 31 December 2010 966,326 411,348 1,354,285 2,731,959 Net Profit after tax for the period - 106,755 - 106,755 Issue of Bonus Shares for the prior period (2010) 144,949 (144,949) - - As on 30 June 2011 1,111,275 373,154 1,354,285 2,838,714 Salman F Rahman Nazmul Hassan Vice Chairman Managing Director
Transcript of shinepukur ceramics limited · salman F rahman nazmul hassan Vice Chairman Managing Director...
shinepukur ceramics limitedStatement of Financial Position (Un-audited)
As at 30 June 2012
Taka in ‘000 as at as at notes 30 Jun-2012 31 dec-2011assets
non-current assets 5,488,033 5,536,818
Property,Plant and Equipment - Carrying Value 4 4,444,270 4,493,055 Investment in Shares 225,871 225,871Capital Work in Progress 817,892 817,892
current assets 1,912,007 1,617,232
Inventories 5 908,356 891,675Accounts & Other Receivables 690,608 587,934Advances, Deposits & Prepayments 6 299,958 112,190Cash and Cash Equivalents 7 13,085 25,433
total assets 7,400,040 7,154,050
eQuitY and liaBilities
shareholders’ equity 4,597,250 4,499,760
Issued Share Capital 1,277,966 1,111,275Revaluation Surplus 2,953,318 2,953,318Retained Earnings 365,966 435,167
non-current liabilities 1,002,011 1,005,382
Long Term Loan Secured (Net-off Current Matuirity) 8 351,290 396,579Long Term Loan 640,756 598,838Deferred Tax Liability 9,965 9,965
1,800,779 1,648,908
Short Term Loan from Banks (Secured) 9 1,185,386 1,147,674Long Term Loan-Current Matuirity (Secured) 10 116,705 91,819Creditors, Accruals and other Payables 367,586 291,823Income Tax Payable 131,102 117,592
total equity and liabilities 7,400,040 7,154,050
salman F rahman nazmul hassanVice Chairman Managing Director
shinepukur ceramics limitedStatement of Comprehensive Income (Un-audited)
For the half year ended 30 June 2012
Taka in ‘000
notes half- Year half- Year Quarter Quarter ended ended ended apr- ended apr- 30 Jun-2012 30 Jun-2011 June 2012 June 2011
revenue (turnover) from net sales 973,997 940,372 487,446 519,590
Cost of Goods Sold 11 621,592 604,946 304,894 331,298
Gross profit 352,405 335,426 182,552 188,292
Operating expenses: 52,058 49,700 22,210 23,787
Administrative Expenses 12 24,871 21,113 10,729 10,589Selling & Distribution Expenses 13 27,187 28,587 11,481 13,198
Operating profit 300,347 285,726 160,342 164,505
Financial Expenses (178,762) (151,434) (90,250) (87,995)
net profit Before cont. to WpWF 121,585 134,292 70,092 76,510
Contribution to Workers’Participation/Welfare Fund 5,790 6,395 3,338 3,644
net profit Before tax 115,795 127,897 66,754 72,866
Income Tax Expenses 18,305 21,142 10,504 11,556
net profit after tax transferred to
statement of changes in equity 97,490 106,755 56,250 61,310eps (Face Value per share is tk. 10.00) 0.76 0.96 0.44 0.55
no. of shares (‘000) used to compute eps 127,797 111,127 127,797 111,127
salman F rahman nazmul hassanVice Chairman Managing Director
shinepukur ceramics limitedStatement of Cash Flows (Un-audited)
For the half year ended 30 June 2012
Taka in ‘000
half Year half Year ended ended 30 June 2012 30 June 2011
cash Flows From Operating activities
Collections from turnover and other income 871,323 879,972Payments for costs, expenses & others (797,151) (672,494)Interest Paid (116,355) (95,641)Income-Tax paid and /or deducted at sources (16,090) (18,726)
net cash Generated from operating activities (58,273) 93,111
cash Flows From investing activities
Property, Plant and Equipment acquired (13,302) (44,551)Capital Work in Progress - (470,721)
net cash used in investing activities (13,302) (515,272)
cash Flows From Financing activities:
Long Term Loan Increased 21,515 420,263Short Term Loan Increased 37,712 3,729
net cash used in financing activities 59,227 423,992
increase/(decrease) in cash and cash equivalents (12,348) 1,831
Cash and Cash Equivalents at the beginning of the period 25,433 35,158
cash and cash equivalents at the end of the period 13,085 36,989
salman F rahman nazmul hassanVice Chairman Managing Director
shinepukur ceramics limitedStatement of Changes In Equity (Un-audited)
For the half year ended 30 June 2012
Taka in ‘000
particulars share retained revaluation total capital earning reserve
Balance as on 31 December 2011 1,111,275 435,167 2,953,318 4,499,760
Net Profit after tax for the period - 97,490 - 97,490
Issue of Bonus Shares for the prior
period (2011) 166,691 (166,691) - -
as on 30 June 2012 1,277,966 365,966 2,953,318 4,597,250
share retained revaluation total capital earning reserve
Balance as on 31 December 2010 966,326 411,348 1,354,285 2,731,959
Net Profit after tax for the period - 106,755 - 106,755
Issue of Bonus Shares for the prior
period (2010) 144,949 (144,949) - -
as on 30 June 2011 1,111,275 373,154 1,354,285 2,838,714
salman F rahman nazmul hassanVice Chairman Managing Director
shinepukur ceramics limitedSelected Notes to the Financial Statements (Un-audited)
For the period ended 30 June 2012
1 incorporation and Background of the company
Shinepukur Ceramics Limited (SCL / the company) was incorporated in Bangladesh on 26 January 1997 under the Companies Act, 1994 as a Private Limited Company and commenced its manufacturing operation in 1999. The Company was converted into a Public Limited Company on 7 May 2008. The Shares of the Company have been listed in the Dhaka Stock Exchange (DSE) and Chittagong Stock Exchange (CSE) on 18 November 2008 under the DSE and CSE Direct Listing Regulations 2006. The Company is a Subsidiary Company of Bangladesh Export Import Company Limited (the Parent), a listed Company under the Beximco Group. The registered office of the company is located at House No.17, Road No.2, Dhanmondi R/A, Dhaka. The industrial units are located at Sarabo of Gazipur.
2 nature of Business Operations
The Company engaged in production and marketing of high quality porcelain and bone china tableware in the local and international markets.
3 consolidated Financial statements-its preparation, presentation and disclosures
These Financial Statements are in accordance with BAS 34 “Interim Financial Reporting”, and the Securities and Exchange Rules, 1987. These interim financial statements should be read in conjunction with the Financial Statements for the year ended December 31,2011 (hereafter referred to as the “ Annual Financial Statements”), as they provide an update to previously reported information.
The accounting policies used are consistent with those used in annual Financial Statements. The Company followed principal accounting policies (including International Accounting Standards as adopted in Bangladesh, commonly known as BAS) consistently except that it has not yet adopted BAS 21- “Effects of Changes in Foreign Exchange Rates” as that conflicts with the provisions of the companies Act, 1994. The presentation of the Interim Financial Statements in consistent with the Annual Financial Statements. Where necessary, the comparatives have been re-classified, extended or consized from the previously reported half yearly report of 2011 to take into account any presentation changes made in the Annual Financial Statements or in the half yearly report 2012.
(Taka ‘000)
as at as at 30 June 2012 31 dec. 2011
4 property, plant and equipment: tk. 4,444,270
The details are stated below: Cost: Land and Land Development 1,686,324 1,686,000 Building and Other Construction 1,374,346 1,374,346 Plant and Machinery 2,747,909 2,736,540 Office Equipment 53,879 52,859 Furniture & Fixture 25,203 24,613 Transport and Vehicles 31,222 31,222
5,918,883 5,905,580
Less: Accumulated Depreciation 1,474,613 1,412,525
carrying Value 4,444,270 4,493,055
as at as at 30 June 2012 31 dec. 20115 inventories: tk. 908,356 This represents as follows: Raw Materials 345,787 336,856 Finished Goods 241,862 231,647 Work-In-Process 173,445 177,721 Stores and Spares 94,554 93,618 Packing Materials 52,708 51,833
908,356 891,675
6 advances, deposits and prepayments: tk. 299,958 This consists of as follows: L/c Margin 12,157 16,437 Suppliers 22,321 11,946 Advance Income Tax 35,040 23,745 Trade Fair 6,269 5,463 Employees (Other than officer) 297 332 Advance Against Construction 175,321 14,546 Marketing Expenses 8,715 8,715 L/c Insurance 606 643 L/c Commission 2,404 721 Advance Travel 360 828 Show Room Rent 338 450 Bank Guarantee Margin 2756 2,756 Security Deposit 12456 12,456 Lease Deposit 3519 3,519 VAT Deposit 17399 9,633
299,958 112,190
7 cash and cash equivalents: tk. 13,085 This consists of as follows: Cash in hand 2,661 9,084 In Current Account with Banks 5,196 13,071 In STD Account with Bank 4,529 2,579 In fixed deposit and accrued interest with Bank 699 699
13,085 25,433
8 long term loans: tk. 351,290 This consists of as follows: Sonali Bank Ltd. - PAD Blocked Loan 83,350 96,199 Sonali Bank Ltd. - Project Loan 108,833 124,894 Sonali Bank Ltd. - CC Blocked Loan 3,982 7,967 First Lease International Ltd. - - Southeast Bank Ltd. - Term Loan 155,125 167,519
351,290 396,579
9 short term loans From Banks: tk.1,185,386 This consists of as follows: Sonali Bank Ltd.CC-(Hypothecation) 543,965 528,641 Bank Asia Ltd. Over Draft 283,293 261,011 Sonali Bank Ltd. - LTR 99,215 95,527 Southeast Bank Ltd.-LTR 58,913 62,495 Phoenix Finance & Investment Ltd. 200,000 200,000 1,185,386 1,147,674
as at as at 30 June 2012 31 dec. 2011
10 long term loans - current maturity: tk. 116,705 This consists of as follows: Sonali Bank Ltd. - PAD Blocked Loan 36,353 34,406 Sonali Bank Ltd. - Project Loan 35,079 31,581 Sonali Bank Ltd. - CC Blocked Loan 7,958 7,782 First Lease International Ltd. - 306 Southeast Bank Ltd. - Term Loan 37,315 17,744 116,705 91,819
half year half year ended ended 30 Jun 2012 30 Jun 2011
11 cost of Goods sold: tk. 621,592
This consists of:
Materials 325,510 321,328 Factory Overhead 240,005 236,838 Depreciation 56,077 46,780
621,592 604,946
12 administrative expenses: tk. 24,871
This consists of:
Salaries and Allowances 9,835 7,271 Occupancy Expenses 613 870 Travelling and Conveyance 963 963 Repairs and Maintenance 2,386 2,254 Legal Fees, Prof. & Others Fees 319 230 Other Expenses 4,744 4,555 Depreciation 6,011 4,970
24,871 21,113
13 selling and distribution expenses: tk. 27,187
This consists of:
Salaries and Allowances 6,992 7,452 Occupancy Expenses 2,142 2,114 Travelling and Conveyance 870 777 Repairs and Maintenance 1,902 1,827 Marketing Research and New Products - - Promotional Expenses 11,549 12,581 Other Expenses 3,732 3,836
27,187 28,587
salman F rahman nazmul hassanVice Chairman Managing Director
halF YearlY repOrt2012
shinepukur ceramics limited17 DHANMONDI R/A, ROAD NO. 2, DHAkA 1205
Dear Shareholders,We forward herewith the un-audited Financial Statements of the Company for the half-year ended at June 30, 2012 as per Rule 13 of the Securities & Exchange Rules, 1987 as amended todate.
a s F rahmanChairman
