FIRST QUARTER FINANCIAL STATEMENTS

Transcription

1 The Power of Perfection FIRST QUARTER FINANCIAL STATEMENTS

2 Corporate Information BOARD OF DIRECTORS AUDIT COMMITTEE HR & R COMMITTEE COMPANY SECRETARY CHIEF FINANCIAL OFFICER AUDITORS LEGAL ADVISORS Mr. Imtiaz Ahmad Khan Mr. Anwaar Ahmad Khan Mr. Aftab Ahmad Khan Mrs. Reema Anwaar Mrs. Ayesha Aftab Mr. Junaid Ghani Mr. Obaid Ghani Mr. Jubair Ghani Ms. Zahra Aftab Dr. Amjad Aqeel Dr. Amjad Aqeel Mrs. Ayesha Aftab Mr. Jubair Ghani Mr. Anwaar Ahmad Khan Mrs. Ayesha Aftab Mr. Obaid Ghani Hafiz Mohammad Imran Sabir Mr. Umer Farooq Khan Hassan Farooq & Company Chartered Accountants Ally Law Associates Ch. Muhammad Siddique Chairman Chief Executive Officer Chairman Member Member Chairman Member Member SHARE REGISTRAR BANKERS HEAD OFFICE & REGISTERED OFFICE Corplink (Pvt) Ltd. Wings Arcade, 1-K Commercial Model Town Lahore, Pakistan Phones : (042) , Fax : (042) Albaraka Islamic Bank Allied Bank of Pakistan Limited Habib Bank Limited Meezan Bank Limited, Islamic Banking Soneri Bank Limited, Islamic Banking Burj Bank Limited Habib Metropolitan Bank Limited Bank Alfalah Limited 40-L Model Town Lahore, Pakistan UAN : (042) Fax : (042) info@ghaniautomobiles.com MARKETING OFFICE AUTOMOBILE PLANT 12 D/3, Chandni Chowk KDA Scheme No. 7-8 Karachi UAN : (021) , Fax : (021) kml@cyber.net.pk 49-KM, Multan Road, (from Lahore) 1

3 Directors Report Dear Shareholders, Assala-mo-Alaikum wa Rahmatullah wa Barakatohu. The Board of Directors of is pleased to present financial statements of the company for the first quarter ended September 30, The results for the first quarter ended September 30, 2013 are as follow: Financial Indicators Sept 30, 2013 Sept 30, Sales Net Gross profit / (loss) Profit / (loss) before taxation Net profit / (loss) Earning / (loss) per share 32,999 57,937 2,876 2,056 (1,297) (3,361) (1,297) (3,940) (0.06) (0.20) During the first quarter ended September 30, 2013, though the net sale of the Company has reduced as compared to the corresponding period of last year. However, as per company strategy of improving profitability, the Gross Profit has increased by 40% over the same period of last year. Similarly, the management has reduced losses both before and after taxation. We are confident that by the grace of Almighty Allah, the profit figures will be further improved in future. On behalf of the Directors, we are pleased to record our appreciation for our customers, employees, suppliers, shareholders and financial institutions for their trust in the management of the company. We thank Allah Subhanatallah for blessing all of us and your company. We all should continue our endeavors to fully obey the commandments of Almighty Allah and Sunnah of our Prophet Muhammad (Sallallaho-Alaihe-Wasallum). On behalf of the Board of Directors Lahore: October 24, 2013 Aftab Ahmed Khan Chief Executive Officer 2

4 Condensed Interim Balance Sheet as at September 30, 2013 (un-audited) EQUITY & LIABILITIES share capital and reserve Audited 30 September June 2013 Authorized Share Capital 20,000,000 (Jun 2013: 20,000,000) ordinary shares of Rs.10 each 200,000, ,000,000 Issued, subscribed and paid up capital 200,000, ,000,000 Accumulated losses (138,691,033) (137,393,865) 61,308,967 62,606,135 Current liabilities Short term Financing 88,626,523 91,745,645 Loan from sponsors 168,105, ,105,000 Creditors, accrued and other liabilities 91,566, ,959,123 Provision for taxation - 866, ,297, ,676,077 Contingecies and commitments - - ASSETS Non-current assets 409,606, ,282,212 Property, plant and equipment 40,218,621 40,876,547 Security deposits 667, ,386 Deferred tax 23,098,848 23,098,848 Current Assets Stores, spares and loose tools 813, ,630 Stock in trade 79,766, ,542,071 Trade debtors - unsecured but considered good 192,523, ,349,591 Advances and other receivables 63,497,785 62,131,823 Cash and bank balances 9,021,027 4,802, ,622, ,639,431 The annexed notes form an integral part of these financial statements 409,606, ,282,212 DIRECTOR CHIEF EXECUTIVE OFFICER 3

5 Condensed Interim Profit & Loss Account for the quarter ended September 30, 2013 (un-audited) July to September Sales-Net 32,998,753 57,937,359 Cost of sales 30,122,500 55,881,498 Gross profit 2,876,253 2,055,861 Administrative expenses 1,668,935 1,892,079 Distribution and marketing expenses 2,972,901 2,253,643 4,641,836 4,145,722 (1,765,583) (2,089,861) Other Operating Income 3,129,000 2,585,000 Operating Profit 1,363, ,139 Finance Cost 2,660,585 3,856,056 (Loss) before taxation (1,297,168) (3,360,917) Taxation - 579,374 (Loss) after taxation (1,297,168) (3,940,291) Earning Per Share - Basic (0.06) (0.20) The annexed notes form an integral part of these accounts DIRECTOR CHIEF EXECUTIVE OFFICER 4

6 Condensed Interim Cash Flow Statement for the quarter ended September 30, 2013 (un-audited) July to September CASH FLOWS FROM OPERATING ACTIVITIES (loss) / Profit for the year before tax (1,297,168) (3,360,917) Adjustment for : Depreciation 657, ,955 Financial charges 2,660,585 3,856,056 3,318,511 4,588,011 Operating profit before working capital changes 2,021,343 1,227,094 (Increase) / decrease in current assets Stock in trade 24,775,427 (2,403,462) Trade debtors (1,173,423) (4,653,758) Advances and other receivables (68,990) (42,834) 23,533,014 (7,100,054) Increase / (decrease) in current liabilities Creditors, accrued and other liabilities (16,612,020) 7,463,407 8,942,337 1,590,448 Financial charges paid 558,777 (636,694) Taxes paid (2,163,281) (1,273,318) NET CASH FLOWS FROM OPERATING ACTIVITIES 7,337,833 (319,564) Musharaka financing repaid - (300,000) Murabaha financing repaid (3,119,122) (2,746,615) NET CASH FLOWS FROM FINANCING ACTIVITIES (3,119,122) (3,046,615) Net (decrease) / increase in cash 4,218,711 (3,366,179) Cash and cash equivalents at the beginning of the year 4,802,316 25,030,970 Cash and cash equivalents at the end of the year 9,021,027 21,664,790 The annexed notes form an integral part of these accounts DIRECTOR CHIEF EXECUTIVE OFFICER 5

7 Statement of Changes in Equity for the quarter ended September 30, 2013 (un-audited) Share Capital Accumulated Total Capital profit/(loss) Balance as on June 30, ,000,000 (126,819,784) 73,180,216 Net loss for the year - (10,574,081) (10,574,081) Balance as on June 30, ,000,000 (137,393,865) 62,606,135 Balance as on July 01, ,000,000 (137,393,865) 62,606,135 Net loss for the period - (1,297,168) (1,297,168) Balance as on September 30, ,000,000 (138,691,033) 61,308,967 The annexed notes form an integral part of these accounts DIRECTOR CHIEF EXECUTIVE OFFICER 6

8 Notes to the Condensed Interim Financial Statements for the quarter ended September 30, 2013 (un-audited) 1 COMPANY AND ITS OPERATIONS The company is a public listed company incorporated in Pakistan under the Companies Ordinance, 1984 in September The registered office of the company is situated at 40-L Model Town, Lahore. The shares of the company are quoted on Stock Exchanges in Pakistan. The name of the company has been changed from Ghani Textile Limited to with effect from March 31, The principal activity of company has been changed during year 2004 from manufacture and trade of grey cloth to manufacture, assemble and trade of Automotive Vehicles of all kinds and sorts. 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 2.1 Basis of Preparation of Financial Statements These financial statements are unaudited and are being submitted to the shareholders as required under Section 245 of the Companies Ordinance, These have been prepared in accordance with International Accounting Standard No. 34, Interim Financial Reporting as applicable in Pakistan and notified by Securities and Exchange Commission of Pakistan. 2.2 Accounting Conventions The accounting policies and method of computation adopted for the preparation of these interim financial statements are the same as applied in the preparation of the preceding annual published financial statements of the company for the year ended June 30, ISSUED, SUBSCRIBED AND PAID UP CAPITAL 30 Sep June ,250,000 (Jun 2013: 19,250,000) ordinary shares of 10 each fully paid in cash 192,500, ,500, ,000 (Jun 2013: 250,000) ordinary shares of 10 each fully paid other than cash 2,500,000 2,500, ,000 (Jun 2013: 500,000) ordinary shares of 10 each issued as bonus shares 5,000,000 5,000,000 4 CONTINGENCIES AND COMMITMENTS CONTINGENCIES 200,000, ,000, There is no any significant change in contingencies and commitments as disclosed on June 30,

9 30 Sep June ADDITION / (DELETION) IN FIXED ASSETS - AT COST Plant And Machinery - 70,000 Computers - 38,631 6 AUTHORISED FOR ISSUE - 108,631 The financial statements were approved by board of directors and authorised for issue on October 24, CORRESPONDING FIGURES Corresponding figures have been rearranged, where necessary, for the purpose of comparison and rounded off to the nearest rupee. DIRECTOR CHIEF EXECUTIVE OFFICER 8

10 The Power of Perfection Head Office: 40-L, Model Town, Lahore, Pakistan. UAN: Fax: Faran: ,