Kohinoor Spinning Mills Limited Annual Report 2014 Note (Rupees) (Rupees) CURRENT PORTION OF NON-CURRENT LIABILITIES 14 Long term loans 42,857,148 7 14,285,710 Liabilities against assets subject to finance lease 33,470,798 19,167,348 8 Suppliers' credit 137,112,859 73,895,572 9 184,869,367 135,920,068 CONTINGENCIES AND COMMITMENTS 15 a) Contingencies No provision has been made for the amount of tax demanded by tax authorities of Rs. 5.673 million (2013: Rs. 15.1 5.673 million) for various assessment years because the management believes that outcome of the appeals regarding this demand will be decided in favour of the company. Guarantee of Rs. 30.725 million (2013: Rs. 30.275 million) is given by the bank of the Company to Sui Northern 15.2 Gas Pipelines Limited (SNGPL) against gas connection. (Rupees) (Rupees) b) Commitments 26.945 Million 5.178 Million (i) Letter of credit for import of raw material 10.461 Million 14.080 Million (ii) Letter of credit for import of machinery 2014 16 PROPERTY, PLANT AND EQUIPMENT Operating Assets Owned 16.1.2 92,725,673 52,472,554 Leased 1,701,590, 176 1,566,318,684 278,233,037 16.2 Capital work in 1,979,823,212 1,566,318,684 16.1.1 1,513,846,130 - 36
Kohinoor Spinning Mills Limited Annual Report 2014 Note (Rupees) (Rupees) 14 CURRENT PORTION OF NON-CURRENT LIABILITIES Long term loans 7 14,285,710 42,857,148 Liabilities against assets subject to finance lease 8 33,470,798 19,167,348 Suppliers' credit 9 137,112,859 73,895,572 184,869,367 135,920,068 15 CONTINGENCIES AND COMMITMENTS a) Contingencies 15.1 No provision has been made for the amount of tax demanded by tax authorities of Rs. 5.673 million (2013: Rs. 5.673 million) for various assessment years because the management believes that outcome of the appeals regarding this demand will be decided in favour of the company. 15.2 Guarantee of Rs. 30.725 million (2013: Rs. 30.275 million) is given by the bank of the Company to Sui Northern Gas Pipelines Limited (SNGPL) against gas connection. b) Commitments (i) Letter of credit for import of raw material (ii) Letter of credit for import of machinery 2014 (Rupees) 26.945 Million 10.461 Million (Rupees) 5.178 Million 14.080 Million 16 PROPERTY, PLANT AND EQUIPMENT Operating Assets Owned Leased Capital work in 16.1.1 16.1.2 16.2 92,725,673 1,701,590, 176 278,233,037 1,979,823,212 1,513,846,130 52,472,554 1,566,318,684 1,566,318,684 - 36