Period Ended Report December 31, 2017

Transcription

1 Period Ended Report December 31, 2017 Dadex Eternit Limited

2 Contents Company Information Directors Review Auditor s Report Condensed Interim Balance Sheet Condensed Interim Profit and Loss Account Condensed Interim Comprehensive Income Condensed Interim Cash Flow Statement Condensed Interim Statement of Changes in Equity Notes to the Condensed Interim Financial Statements

3 BOARD OF DIRECTORS Non - Executive Directors - Sikander Dada - Chairman - Abu Talib H.K. Dada - Maqbool H.H Rahimtoola - Shahzad M. Husain Independent Director - Syed Shahid Ali Bukhari Executive Director - Qazi Sajid Ali - Danish Dada CHIEF EXECUTIVE OFFICER - Qazi Sajid Ali CHIEF FINANCIAL OFFICER - Muhammad Yousuf COMPANY SECRETARY - Umar Rasheed LEGAL ADVISOR - Abrar Hasan & Co. 9, Mezannine Floor, Beaumont Plaza, Near PIDC House, Karachi REGISTERED OFFICE - Dadex House, 34-A/1, Block-6, P.E.C.H.S., Shahrah-e-Faisal, Karachi Tel: (92-21) Fax:(92-21) info@dadex.com.pk SHARE REGISTRAR - JWAFFS Registrar Services (Private) Limited , Al-Ameera Centre, Shahrah-e-Iraq, Saddar, Karachi Tel: (92-21) Fax:(92-21) jwaffs@live.com info@jwaffs.com WEBSITE - HEAD OF INTERNAL AUDIT & SECRETARY AUDIT COMMITTEE - Muhammad Ahsan BOARD AUDIT COMMITTEE - Syed Shahid Ali Bukhari - Chairman - Shahzad M Husain - Maqbool H.H. Rahimtoola HUMAN RESOURCE AND REMUNERATION COMMITTEE - Syed Shahid Ali Bukhari - Chairman - Maqbool H.H. Rahimtoola - Abu Talib H.K. Dada - Qazi Sajid Ali MANAGEMENT TEAM - Qazi Sajid Ali - Chief Executive Officer - Danish Dada - C.E.O (International Division) - Tanveer Saleem - Chief Operating Officer (Technical & Operations) - Muhammad Yousuf - Chief Financial Officer - Munawar Abbas - General Manager (Operations) - Syed Waseem Ahmed - General Manager Finance - Lt. Cdr. (Retd.) Saeed Ahmed Khan - General Manager Admin & HR AUDITORS - BDO EBRAHIM & CO., Chartered Accountants BANKERS - National Bank of Pakistan - Bank Islami Pakistan Limited - Sindh Bank Limited - The Bank of Punjab - United Bank Limited (UBL Ameen) - Standard Chartered Bank (Pakistan) Limited - Habib Metropolitan Bank Limited - Askari Bank Limited - Habib Bank Limited - MCB Bank Limited - Meezan Bank Limited - Dubai Islamic Bank Pakistan Limited - Faysal Bank Limited - Silk Bank Limited 02

4 DIRECTOR S REVIEW The Directors are pleased to present their review together with the financial statements of the Company for six months ended December 31, During the period under review, the Company carried on the momentum achieved in previous quarter and achieved a net turnover of Rs. 1, million being 28.6% higher than the corresponding period last year. The Company achieved operating profit of Rs million (December 2016: Operating profit of Rs million). The Company achieved a net profit after tax of Rs million (December 2016: Net profit after tax of Rs million), resulting in earning per share of Rs (December 2016: Earning per share of Rs. 0.63). The sales outlook for second half of looks better than last year, with increased demand coming from public and private sector due to ongoing boom in the Construction segment along with CPEC projects coming online. However, the weakening of Rupee against US Dollar and Euro have increased the price of our raw material and related chemicals, which will put pressure on our margins, to mitigate this risk the Management is trying to explore new sources of raw material and adhere to strict inventory management controls. Efforts being made to start export business. The Management team will continue to focus on broadening customer base, exploring new markets with efficient control on working capital m anagement to improve the profitability in the coming period. The Directors and Management deeply appreciate the continued support and commitment of all the stakeholders and all cadre of employees of the Company for their continued hard and sincere work. On behalf of the Board Sikander Dada Chairman Qazi Sajid Ali Chief Executive Karachi: February 22,

5 Tel: Fax: nd Floor, Block-C Lakson Square, Building No.1 Sarwar Shaheed Road Karachi Pakistan INDEPENDENT AUDITOR'S REPORT ON REVIEW OF CONDENSED INTERIM FINANCIAL INFORMATION TO THE MEMBERS Introduction We have reviewed the accompanying condensed interim balance sheet of DADEX ETERNIT LIMITED ("the Company") as at December 31, 2017 and the related condensed interim profit and loss account, condensed interim statement of comprehensive income, condensed interim statement of cash flows, condensed interim statement of changes in equity and notes to the condensed interim financial information for the six-month period then ended (herein-after referred as the "interim financial information"). Management is responsible for the preparation and presentation of this interim financial information in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on this interim financial information based on our review. Scope of review We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity." A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information as at and for the six months period ended December 31, 2017 is not prepared, in all material respects, in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting. Other matters The figures for the quarters ended December 31, 2017 and December 31, 2016 in the condensed interim profit and loss account and condensed interim statement of comprehensive income have not been reviewed and we do not express a conclusion on them. The condensed interim financial information of the Company for the half year ended December 31, 2016 and financial statements for the year ended June 30, 2017 were reviewed and audited by another firm of Chartered accountants who had expressed an unqualified conclusion and opinion thereon vide through their reports dated February 23, 2017 and October 03, 2017 respectively. KARACHI DATED: February 22, 2018 CHARTERED ACCOUNTANTS Engagement Partner: Raheel Shahnawaz 04

6 Qazi Sajid Ali Chief Executive Sikander Dada Chairman Muhammad Yousuf Chief Financial Officer 05

7 Qazi Sajid Ali Chief Executive Sikander Dada Chairman Muhammad Yousuf Chief Financial Officer 06

8 Qazi Sajid Ali Chief Executive Sikander Dada Chairman Muhammad Yousuf Chief Financial Officer 07

9 (88,634) (134,591) 23,491 (619,659) (697,886) (619,659) Qazi Sajid Ali Chief Executive Sikander Dada Chairman Muhammad Yousuf Chief Financial Officer 08

10 Qazi Sajid Ali Chief Executive Sikander Dada Chairman Muhammad Yousuf Chief Financial Officer 09

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23 (15,862) 26,029 (57,081) (17,704) 12,869 2,098,830 3,292,782 1,376,046 2,006,465 22

24 February 22, 2018 Qazi Sajid Ali Chief Executive Sikander Dada Chairman Muhammad Yousuf Chief Financial Officer 23

25 w w w. d a d e x. c o m