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1. Head Office:
Plots L and K, Block 1
Ilupeju Industrial Estate
Mushin, Lagos.
P. O. Box 906,
Lagos.
Tel: 234-01-2661526m 2662054, 2662425
Fax: 234-01-2618604, 2619624, 2618733, 2662971.
E-mail: enpee@linkserve.com.ng.
2. Nature of Business:
Weaving, Dyeing, Printing, Embroidery of Cloth and
Marketing of the Products.
3. Date of Incorporation:
21st September, 1968
4. Date Listed on The Exchange:
28th December, 1978
5. NSE Classification:
Textiles
6. Board of Directors:
Mr. Babasola O. Okusanya
Mrs. Margaret I. Unubun
Mr. Gopalan Sridhar
Mr. P. S. Satyaprakash
Mr. Sanjay N. Kirpalani
7. Company Secretary:
Josiah A. Adedeji, Esq.
Plots L and K, Block 1,
Ilupeju Industrial Estate,
Ilupeju.
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8. Auditors:
PKF - Pannell Kerr Forster & Co.
(Chartered Accountants)
Tapa House, (2nd Floor)
3/5 Imam
Dauda Street, Surulere,
P. M. B. 2047, Marina, Lagos.
9. Company Registrars:
UBA Securities Limited
Raymond House,
97/105 Broad
Street, Lagos.
10. End of Accounting Year
31st March
11. Number of Employees
1,256
12.Capital Structure
i. Authorised: N300,000,000.00
ii. Paid-Up: N185,625,000.00
13. Analysis of Shareholding:
Foreign 62.97%
Nigerians 37.03%
14. Subsidiaries/Associates
United Spinners Nigeria Limited.
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FIVE-YEAR FINANCIAL SUMMARY
CAPITAL
EMPLOYED 2003 2002 2001 2000 1999
N‘000 N‘000 N‘000 N‘000 N‘000
Share Capital (Issued & Fully
Paid) 185,625 185,625 74,250 49,500 49,500
Share Premium 286,227 286,227 59,640 59,640 59,640
Debenture Redemption Reserve 115,000 115,000 88,750 56,250 33,750
Amount set aside for bonus
shares - - - 24,750 -
General Reserve (66,373) 97,777 81,708 78,541 99,067
Right Issue Suspense - - 337,827 - -
——— ——— ———— ———— ————
Shareholders’ Funds 520,479 684,629 642,175 268,681 241,957
===== ===== ===== ===== =====
REPRESENTED BY:
Fixed Assets 561,688 473,084 471,880 394,390 363,837
Cost of Debenture - - - 3,579 7,159
Interest in Associated Companies - - 35,000 35,000 35,000
Current Assets 1,154,398 841,489 841,132 764,985 686,114
Current Liabilities (1,178,609) (604,196) (1,027,670) (868,139) (728,829)
Deferred Tax (16,998) (16,998) - - -
Rights Issue - - 351,945 - -
———— ———— ———— ———— ————
520,479 693,379 672,287 329,815 363,281
===== ===== ===== ===== =====
LESS: OTHER LIABILITIES:
Debenture Stock - - - (32,500) (75,000)
Loans - (8,750) (20,416) - (7,112)
Lease - - (9,696) (28,634) (39,212)
———— ———— ———— ———— ————
- (8,750) (30,112) (61,134) 121,324
———— ———— ———— ———— ————
Net Assets 520,479 684,629 642,175 268,681 241,957
===== ===== ===== ===== =====
TURNOVER, PROFIT, TAXATION
Earnings and Dividends:
Turnover 1,436,934 1,983,598 1,791,468 1,947,113 1,559,104
Profit before taxation (164,150) 61,544 54,213 43,529 31,059
Profit after tax (164,150) 42,319 46,672 37,729 26,584
Authorised share capital 300,000 300,000 300,000 150,000 150,000
Number of shares
issued of 50k (000) 371,250 371,250 148,500 99,000 99,000
Dividends - - 7,425 7,425 7,425
Earnings per share (adjusted) - 11.40k 12.57k 10.61k 7.16k
Dividends per share (adjusted) - - 2.00k 2.00k 2.00k
Dividends cover (times) - - 6.3 5.1 3.6
Net Assets Per Share 140k 184k 173k 72k 65k
NOTE:
Earnings, Dividends and Net
Assets per share are calculated on the issued capital of 371,250,000
ordinary shares of 50 kobo each at 31st March, 2003.
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