Ghani Automobile Industries Limited

Transcription

1 Third Quarter Financial Statements Ghani Automobile Industries Limited

2 Corporate Information BOARD OF DIRECTORS 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 Chairman Chief Executive Officer AUDIT COMMITTEE HR & R COMMITTEE Dr. Amjad Aqeel Mrs. Ayesha Aftab Mr. Jubair Ghani Mr. Anwaar Ahmad Khan Mrs. Ayesha Aftab Mr. Obaid Ghani Chairman Member Member Chairman Member Member COMPANY SECRETARY CHIEF FINANCIAL OFFICER AUDITORS LEGAL ADVISORS Hafiz Mohammad Imran Sabir Mr. Umer Farooq Khan Hassan Farooq & Company Chartered Accountants Ally Law Associates SHARE REGISTRAR BANKERS 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 UBL Ameen Islamic Banking HEAD OFFICE & REGISTERED OFFICE MARKETING OFFICE 40-L Model Town Lahore, Pakistan UAN : (042) Fax : (042) i nfo@ghaniautomobiles.com http: / 12 D/3, Chandni Chowk KDA Scheme No. 7-8 Karachi UAN : (021) , Fax : (021) info@ghaniautomobiles.com AUTOMOBILE PLANT 49-KM, Multan Road, (from Lahore) 01

3 Directors Report Dear Shareholders, Assala-mo-Alaikum wa Rahmatullah wa Barakatohu. The board of Directors of Ghani Automobile Industries Limited is pleased to present financial statements of the company for the third quarter and nine months ended March 31, FINANCIAL INDICATORS Sales Net Gross profit / (loss) Profit / (loss) before taxation Net profit / (loss) Earning / (loss) per share March 31, 2015 Rupees ,198 (7,027) 11,382 10, March 31, ,825 7,591 (408) (886) (0.02) During the nine months ended March 31, 2015, the net sale of the Company has increased to Rupees 123 million as compared to Rupees 85 million for the corresponding period of last year. The Company has recorded Gross Loss of Rupees 7 million as compared to Gross Profit of Rupees 8 million for same period of the last year. Profit before tax has increased to Rupees 11 million as compared to Loss of Rupees 0.4 million for the corresponding period of last year. Similarly, the profit after tax also increased to Rupees 10 million as compared to net loss of Rupees 0.9 million for the same period of the last year. Earning per share has also increased to Rupees 0.26 as compared to loss per share of Rupees 0.02 for the corresponding period of last year. 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: April 28, 2015 Aftab Ahmed Khan Chief Executive Officer 02

4 Condensed Interim Balance Sheet As at March 2015 (UN-AUDITED) EQUITY & LIABILITIES 31 MAR JUNE 2014 NOTE Rupees Rupees Share capital and reserves Authorized Share Capital 50,000,000 (Jun 2014: 20,000,000) ordinary shares of Rs.10 each 500,000, ,000,000 Issued, subscribed and paid up capital 500,000, ,000,000 Accumulated losses (130,880,597) (141,437,661) Non-current liabilities 369,119,403 58,562,339 Cuurent liabilities Short term Bank Financing 5,397,758 96,526,624 Loan from sponsors 4 117,680, ,205,000 Creditors, accrued and other liabilities 90,325,127 96,636,918 Provision For Taxation 4,431,740 1,243, ,834, ,612,312 Contingencies and commitments ASSETS Non-current assets 586,954, ,174,651 Property, plant and equipment 36,489,217 38,254,831 security deposits 907, ,386 Deferred Cost 177,949,870 24,342,618 Current assets Stores, spares and loose tools 660, ,012 Stock in trade 95,623,201 87,521,496 Trade debts 185,042, ,782,798 Advances and other receivables 89,168,242 63,893,621 Cash and bank balances 1,114,019 10,046, ,607, ,909,816 The annexed notes form 1 to 8 an integral part of these financial statements 586,954, ,174,651 CHIEF EXECUTIVE OFFICER DIRECTOR 03

5 Condensed Interim Profit & Loss Account for the Period ended March 31, 2015 (UN-AUDITED) January To March July To March NOTE Rupees Rupees Rupees Rupees Sales-Net 35,663,405 27,778, ,197,933 84,824,603 Cost of sales 37,708,133 21,756, ,225,305 77,233,544 Gross (loss) / profit (2,044,728) 6,021,372 (7,027,372) 7,591,059 Administrative expenses 1,526, ,028 4,235,269 3,093,516 Distribution and marketing expenses 1,388,942 2,342,031 7,661,988 7,526,126 2,915,586 3,105,059 11,897,257 10,619,642 (4,960,314) 2,916,313 (18,924,629) (3,028,583) Other Operating Income 3,046,703 1,969,000 38,255,265 10,101,000 Operating profit before finance costs (1,913,611) 4,885,313 19,330,636 7,072,417 Finance Cost 256,002 2,926,099 7,949,084 7,480,798 Profit before taxation (2,169,613) 1,959,214 11,381,552 (408,381) Taxation Current Tax (70,000) (277,780) (4,431,740) (848,246) Deferred Tax 18,873-3,607, ,168 (51,127) (277,780) (824,488) (478,078) Profit after taxation (2,220,740) 1,681,434 10,557,064 (886,459) Earning / (loss) per share - Basic and Diluted (0.05) (0.02) The annexed notes form an integral part of these accounts CHIEF EXECUTIVE OFFICER DIRECTOR 04

6 Condensed Interim Statement Of Comprehensive Income for the Period ended March 31, 2015 (UN-AUDITED) January To March July To March NOTE Rupees Rupees Rupees Rupees Profit and loss for the period (2,220,740) 1,681,434 10,557,064 (886,459) Other comprehensive income Total comprehensive profit for the period (2,220,740) 1,681,434 10,557,064 (886,459) The annexed notes 1 to 8 form an integral part of these condensed interim financial statements. CHIEF EXECUTIVE OFFICER DIRECTOR 05

7 Condensed Interim Cash Flow Statement for the Period ended March 31, 2015 (UN-AUDITED) 31 March JUNE 2014 Rupees Rupees CASH FLOWS FROM OPERATING ACTIVITIES Profit / (loss) for the period before tax 11,381,552 (4,043,796) Adjustment for : Depreciation 1,765,614 2,632,816 Financial charges 7,949,084 8,779,122 9,714,698 11,411,938 Operating profit / (loss) before working capital changes 21,096,250 7,368,142 (Increase) / decrease in current assets Store, spares and loose tools 4, ,618 Stock in trade (8,101,705) 17,020,575 Trade debtors 12,740,769 (6,433,207) Advances and other receivables (27,147,689) 1,476,907 (22,503,677) 12,212,893 Increase / (decrease) in current liabilities Creditors, accrued and other liabilities (6,311,791) (4,589,383) (7,719,218) 14,991,652 Financial charges paid (7,949,084) (8,102,803) Taxes paid 629,298 (5,841,305) NET CASH FLOWS FROM OPERATING ACTIVITIES (15,039,004) 1,047,544 Security deposits (240,000) - Acquisition Of Fixed Assets - (11,100) NET CASH FLOWS FROM INVESTING ACTIVITIES (240,000) (11,100) Murabaha financing received Murabaha financing received - Loan from sponsors - 2,100,000 Issuance of Right Shares 150,000,000 - Murabaha financing repaid (91,128,866) 2,108,129 Repayment of loan from sponsors (52,525,000) - NET CASH FLOWS FROM FINANCING ACTIVITIES 6,346,134 4,208,129 Net increase / (decrease) in cash (8,932,870) 5,244,573 Cash and cash equivalents at the beginning of the period 10,046,889 4,802,316 Cash and cash equivalents at the end of the period 1,114,019 10,046,889 The annexed notes form an integral part of these accounts CHIEF EXECUTIVE OFFICER DIRECTOR 06

8 Condensed Interim Statement Of Changes In Equity for the Period ended March 31, 2015 (UN-AUDITED) Share Capital Accumulated Loss TOTAL Capital profit/(loss) Rupees Rupees Rupees Balance as on June 30, ,000,000 (141,437,661) Net Profit for the year ,562,339 - Balance as on June 30, ,000,000 (141,437,661) 58,562,339 Balance as on July 01, ,000,000 (141,437,661) 58,562,339 Issue of Right Shares 300,000, ,000,000 Net profit / (loss) for the period - 10,557,064 10,557,064 Balance as on March 31, ,000,000 (130,880,597) 369,119,403 The annexed notes 1 to 8 form an integral part of these condensed interim financial statements CHIEF EXECUTIVE OFFICER DIRECTOR 07

9 Notes To The Condensed Interim Financial Statements for the Period ended March 31, 2015 (UN-AUDITED) 1 COMPANY AND ITS OPERATIONS The Power of Perfection 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 Ghani Automobile Industries Limited 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. The interim condensed financial statements do not include all the information and disclosure required in the annual financial statements, and should be read in conjunction with the company's annual financial statement for the year ended june 30, 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 31 March JUNE 2014 Rupees Rupees 19,250,000 (Jun 2014: 19,250,000) ordinary shares of Rupees 10 each fully paid in cash 192,500, ,500, ,000 (Jun 2014: 250,000) ordinary shares of Rupees 10 each fully paid other than cash 2,500,000 2,500, ,000 (Jun 2014: 500,000) ordinary shares of Rupees 10 each issued as bonus shares 5,000,000 5,000,000 30,000,000 (Jun 2014: Nil) ordinary shares of Rupees 10 each issued as bonus shares ,000,000-4 LOAN FROM SPONSORS It represents un-secured, non-interest bearing loan from directors payable on demand 5 CONTINGENCIES AND COMMITMENTS Contingencies Commitments Commitments as at March 31, 2015 was Nil (June 30, 2014: Rs. 6,069,990/-). 500,000, ,000, During the period Company has issued thirty million ordinary shares at discount of 50%. The Company has also complied with the requirements of Companies ordinance 1984 with respect to issuance of shares at discount. There is no change in contingent liabilities since the date of published audited financial statements for the year ended June 30, 2014 except the contingent liabi lity related to bank guarantee issued in favour of SNGPL amounting to Rs. 1,200,000/-. 6 TRANSACTIONS WITH RELATED PARTIES The related parties comprised of associated undertakings, directors and key personnel. The directors of the related companies are close members of the family of the directors of the company. The company in the normal course of business carries out transactions with the related parties. Transactions with related parti es during the period are as follows: Name of Related Party Ghani Glass Ltd. Nature of Transaction Sale of Motorcycles Organisational expenses 86, ,434 20,000 Ghani Value Glass Ltd. Sale of Motorcycles 43,000 Directors Anwaar Ahmad Khan (March 31, 2015 Nill) June 30, 2014 Aftab Ahmad Khan million shares of Ghani glass limited are Spouse of directors pledged against morabaha facility availed from Obaid Ghani Soneri Bank Limited by the Company. Junaid Ghani 7 CORRESPONDING FIGURES - 129, ,000, ,943,434 In order to comply with the requirement of International Accounting Standard 34 -'Interim Financial Reporting' the condensed interim balance sheet and condensed interim statement of changes in equity have been compared with the balances of annual audited financial statements of preceding financial year, whereas, the condensed interim profit and loss account, condensed interim statement of comprehensive income and condensed interim cash flow statement have been compared with the balances of comparable period of preceding financial year. 8 AUTHORIZATION TO ISSUE This condensed interim financial information was authorized for issue in the Board of Directors meeting held on April 28,

10 Head Office: 40-L, Model Town, Lahore, Pakistan UAN: Fax: Faran: ,