LANDMARK SPINNING INDUSTRIES LIMITED.
The Directors of your company are pleased to present 14th
annual Report together with Audited accounts and Report thereon for the period
ended
Your Company sustained a Net loss of Rs.43,579,244 during the period under Review on account of amortization of pre-production expenses of Rs.43,249,772.
During the period under review, the production remained suspended owing to un-favourable and unworkable prices of cotton and yarn and the work for repairs and maintenance of machinery in your spinning unit was in progress to keep the factory in order to re-start commercial production.
As per plans, the work for revamping of machinery and repairs undertaken would likely to be completed during the current cotton Crop as your management has been striving to resume the factory operations with expectations of lower cotton prices as compared to yarn demands to utilize precious capital investment considering the over all prevailing economic situation and positive trends in textile sector for ultimate benefit of its shareholders.
CLEARIFICATION OF AUDITORS OBSERVATIONS
As regard Auditors observations, without qualification we have to state that all efforts are being made to resume production. Your directors hope that through effective cost control and implementation of sound internal control system, your company would be able to achieve the objectives of the project provided due opportunity exist in the market to achieve profitability.
The Board of Directors through out the period under Review have complied with the Code of Corporate Governance as per Listing Regulations of Stock Exchange and confirm that:-
*. The Financial statements prepared by the Company present fair state of affairs, the results of its operations, cash flows and changes.
* Proper books of accounts of the Company have been maintained.
*. Appropriate accounting policies have been adhered-to in preparation of financial statements based on reasonable and prudent practices.
*. International Accounting
standards as applicable in
*. The internal control system has been effectively implemented and monitored.
*. There are no significant doubts upon the Company’s ability to continue as going concern as the work for repairs and maintenance of machinery is progressing and your management has planned to re-start the Unit during the current cotton Crop.
*. There has been no material departure from the best practices of Corporate governance as well as Transfer pricing.
*. During the year, 4 (Four) meetings of the Board of Directors were held. The attendance record of which is as follows:-
Names of Directors No. of meetings attended
1. Mr. Akbar Ali Hashwani Chief Executive. 4
2. Mr. Amin A. Hashwani Director 4
3. Mr. Nizam A. Hashwani Director 4
4. Mr. Abdullah Hashwani Director 4
5. Mrs.Sultana Hashwani Director 4
6. Mrs.Farieha Hashwani Director 3
7. Syed Raza Abbas Jaffery Director ( Representing NIT) 1
(Appointed 0n 8.6.2005).
DIVIDEND
As the company suffered losses therefore no dividend has been declared.
The retiring Auditors M/S Feroze Sharif Tariq & Co. Chartered
Accountants Karachi being eligible have offered themselves for re-appointment
for the financial year ending 30th June, 2006. The Board of
directors on the recommendation of Audit committee have
proposed appointment of M/S Feroze Sharif Tariq & Co. Chartered
Accountants for the year ended
The Pattern of shareholding as required under Section 234 of
the Companies Ordinance, 1984 for the period ended
Your directors place on record the appreciation of efforts of the concerned quarters and look forward to their continued support.
By Order of the Board.
Date :
Chief Executive.