Vi the company has filed an appeal before the

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vi) The Company has filed an appeal before the Commissioner of Inland Revenue (Appeals) against the amended order passed under section 161 of the Income Tax Ordinance, 2001 by the Additional Commissioner Inland Revenue for payment of additional amount Rs. (thousand) 7,900 in respect of the tax year 2011, this was decided by Commissioner of Inland Revenue (Appeals) however appeal is pending before Appellate Tribunal Inland Revenue. However, no provision has been made in the financial statements as the management of the Company is confident of a favorable outcome of the decision. vii) The Company has filed an appeal before the Appellate Tribunal Inland Revenue against the decision of Commissioner of Inland Revenue (Appeals) for an additional amount of Rs. (thousand) 3,465 (2012: Rs. (thousand) 3,465) in respect of the tax year 2003, which is pending adjudication. However, no provision has been made in the financial statements as the management of the Company is confident for a favorable outcome of the decision. Commitments i) Commitments in respect of letters of credit opened for the import of raw and packing materials amounted to Rs. (thousand) 17,755 (2012: Rs. (thousand) 11,208). ii) Counter guarantees in favour of banks in the ordinary course of business amounted to Rs. (thousand) 24,379 (2012: Rs. (thousand) 27,275). iii) The Company had entered into ijarah arrangements for plant and machinery with various Modaraba companies. These arrangements were settled prematurely in current year. Notes to the Financial Statements for the year ended 30 June 2013
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38 The total of future ujrah payments under ijarah, for each of the following years: Rupees in thousand 2013 2012 Not later than one year 56,383 Later than one year but not later than five years 95,767 152,150 (iv) Commitments in respect of purchase of land at Sundar Industrial Estate, amounted to Rs. (thousand) Nil (2012: Rs. (thousand) 35,500). Rupees in thousand Note 2013 2012 24 SALES - NET Domestic 6,286,303 5,895,269 Export 570,077 267,013 Export rebate 1,090 6,857,470 6,162,282 Less: Discounts and incentives 185,272 169,546 Sales tax 997,138 931,074 Federal excise duty 560 764 1,182,970 1,101,384 24.1 5,674,500 5,060,898 24.1 This includes sales relating to trading activities amounting to Rs. (thousand) 10,849 (2012: Rs. (thousand) 15,990). Rupees in thousand Note 2013 2012 25 COST OF SALES Manufacturing 25.1 3,956,160 3,591,791 Trading 25.2 7,714 11,494 3,963,874 3,603,285 Notes to the Financial Statements for the year ended 30 June 2013
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39 Rupees in thousand Note 2013 2012 25.1 Cost of sales - Manufacturing Pulps, concentrates etc. - Opening stock 458,741 388,964 Add: Production/processing during the year 439,822 419,090 Purchases during the year 190,230 266,052 1,088,793 1,074,106 Less: Pulps, concentrates etc. - Closing stock 364,118 458,741 Pulps, concentrates etc. consumed 724,675 615,365 Raw materials - Opening stock 115,919 150,996 Add: Purchases during the year 1,416,744 1,389,768 1,532,663 1,540,764 Less: Production of pulps, concentrates 439,822 419,090 Raw materials - Closing stock 124,680 115,919 Raw materials consumed 968,161 1,005,755 Packing materials - Opening stock 313,648 288,201 Add: Purchases during the year 1,817,331 1,639,848 2,130,979 1,928,049 Less: Cost transferred to expenses 14,209 9,596 Packing materials - Closing stock 338,961 313,648 Packing materials consumed 1,777,809 1,604,805 Factory expenses - Salaries, wages and amenities 143,902 130,974 Company’s contribution to provident fund 982 890 Stores and spares consumed 167,863 168,360 Travelling and conveyance 2,306 1,797 Repairs and maintenance 63,156 55,505
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