gail 1st quarter sep. 2016hafiz mohammad imran sabir mr. umer farooq khan hassan farooq &...
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2 0 1 6 - 1 7First Quarter Financial Statements
01
CORPORATE INFORMATION
BOARD OF DIRECTORS
AUDIT COMMITTEE
COMPANY SECRETARY
CHIEF FINANCIAL OFFICER
AUDITORS
LEGAL ADVISORS
SHARE REGISTRAR
BANKERS
REGISTERED OFFICE
Mr. Obaid Ghani ChairmanMr. Aftab Ahmad Khan Chief Executive Officer
ChairmanMemberMember
ChairmanMemberMember
Hafiz Mohammad Imran Sabir
Mr. Umer Farooq Khan
Hassan Farooq & CompanyChartered Accountants
Ally Law Associates
Corplink (Pvt) Ltd.Wings Arcade, 1-K Commercial Model Town Lahore, PakistanPhones : (042) 35916714, 35916719 Fax : (042) 35869037
Albaraka Islamic BankAllied Bank of Pakistan LimitedSoneri Bank Limited, Islamic BankingHabib Metropolitan Bank Limited (IBD)Habib Bank LimitedMeezan Bank LimitedUBL Ameen LimitedBank Alfalah LimitedBurj Bank Limited
274-B, N Block, Model Town Extension, LahorePhones : (042) 3516 8873, 3517 2205Fax : (042) 3517 2263E-mail : i [email protected]://www.ghaniautomobiles.com
AUTOMOBILE PLANT 49-KM, Multan Road, (from Lahore)
HR & R COMMITTEE Mr. Obaid GhaniMrs. Ayesha AftabMr. Junaid Ghani
Mr. Jubair GhaniMrs. Ayesha AftabMr. Sarfaraz Anwar
Mrs. Ayesha AftabMrs. Maryam JunaidMrs. Musfira jubairMrs. Afifa AnwaarMrs. Zahra AftabMr. Junaid GhaniMr. Jubair GhaniHafiz Muhammad SaadMr. Muhammad AyubMr. Nauman ShaukatMr. Sarfraz AnwarDr. Amjad Aqeel
02
DIRECTORS’ REPORT
FINANCIAL INDICATORS
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 first quarter ended September 30, 2016.
The results for the first quarter ended September 30, 2016 are as follow:
On behalf of the Board of Directors
Lahore: Otober 29, 2016 Aftab Ahmed Khan
Chief Executive Officer
Sales – Net
Gross profit / (loss)
Net profit / (loss)
Earning / (loss) per share
During the first quarter ended September 30, 2016, the net sale of the Company has increased to Rupees 26 million as compared to Rupees 24 million for the corresponding period of last year. Gross Loss has decreased to Rupees 81 thousand as compared to Gross Loss of Rupees 18.8 million for the corresponding period of the last year. Net Loss has also reduced to Rupees 3.4 million as compared to Rupees 21.4 million for the corresponding period of the last year. Loss per shares was Rupees 0.07 as compared to Rupees 0.43 for the same period of the 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).
September 30, 2016 September 30, 2015
25,586
(81)
(3,383)
(0.07)
24,241
(18,797)
(21,448)
(0.43)
Rupees ‘000’
03
CONDENSED INTERIM BALANCE SHEET
The annexed notes 1 to 7 form an integral part of these interim financial statements.
Chief Executive Officer Director
For the Quarter Ended September 30, 2016 (Un-Audited)
June
2016 2016
Rupees Rupees
EQUITY & LIABILITIES
Share capital and reserves
Authorized Share Capital
50,000,000 (Jun 2014: 20,000,000) ordinary
shares of Rs.10 each 500,000,000 500,000,000
Issued, subscribed and paid up capital 500,000,000 500,000,000
Discount On Right Share (150,000,000) (150,000,000)
Accumulated Reserves (211,043,758) (207,660,382)
138,956,242 142,339,618
Current liabilities
Loan from sponsors 115,105,000 115,105,000
Creditors, accrued and other liabilities 125,477,809 98,734,632
Provision for taxation 816,563 560,708
241,399,372 214,400,340
380,355,615 356,739,958
ASSETS
Non-current assets
Property, Plant and Equipment 54,390,199 55,216,055
Security Deposits 459,700 459,700
Deferred tax 26,765,812 26,765,812
81,615,711 82,441,567
Current Assets
Stores, Spares and Loose Tools 1,260,918 1,264,142
Stock In Trade 48,157,341 46,327,688
Trade Debts 169,956,574 163,420,980
Advances And Other Receivables 76,339,044 61,981,470
Cash And Bank Balances 3,026,027 1,304,111
298,739,904 274,298,391
380,355,615 356,739,958
September
04
CONDENSED INTERIM PROFIT & LOSS ACCOUNT
The annexed notes 1 to 7 form an integral part of these interim financial statements.
Chief Executive Officer Director
For the Quarter Ended September 30, 2016 (Un-Audited)
2016 2015Rupees Rupees
Sales-Net 25,585,509 24,241,107
Cost of sales 25,666,265 43,037,649
Gross (loss)/profit (80,756) (18,796,542)
Administrative expenses 3,217,031 2,281,059
Distribution and marketing expenses 2,696,258 2,469,834
5,913,289 4,750,893
Operating (loss) (5,994,045) (23,547,436)
Other Operating Income 2,902,671 2,366,916
Operating profit/(loss) before finance costs (3,091,374) (21,180,520)
Finance Cost (36,146) (267,473)
Profit/(loss) before taxation (3,127,520) (21,447,993)
Taxation (255,855) -
Profit/(loss) after taxation (3,383,376) (21,447,993)
Earning/(loss) Per Share - Basic (0.07) (0.43)
July To September
September September
05
Chief Executive Officer Director
CONDENSED INTERIM STATMENT OF COMPREHENSIVE INCOME
The annexed notes 1 to 7 form an integral part of these interim financial statements.
For the Quarter Ended September 30, 2016 (Un-Audited)
SEP SEP
2016 2015
Rupees Rupees
(Loss) For the Year (3,383,376) (21,447,993)
- -
-
Total Comprehensive (Loss) (3,383,376) (21,447,993)
July To September
06
CONDENSED INTERIM CASH FLOW STATEMENT
The annexed notes 1 to 7 form an integral part of these interim financial statements.
Chief Executive Officer Director
For the Quarter Ended September 30, 2016 (Un-Audited)
SEP SEP
2016 2015
Rupees Rupees
CASH FLOWS FROM OPERATING ACTIVITIES
Profit / (loss) for the period before tax (3,383,376) (21,447,993)
Adjustment for :
Depreciation 932,367 782,773
Provision 255,855
Financial charges 36,146 267,473
1,224,368 1,050,246
Operating profit / (loss) before working capital changes (2,159,007) (20,397,747)
(Increase) / decrease in current assets
Store, spares and loose tools 3,224 (5,900)
Stock in trade (1,829,653) 21,031,203
Trade debtors (6,535,594) 9,969,658
Advances and other receivables (14,357,574) 5,990,775
(22,719,597) 36,985,736
Increase / (decrease) in current liabilities
Creditors, accrued and other liabilities 26,743,177 (242,887)
1,864,573 16,345,102
Financial charges paid (36,146) (267,473)
Taxes paid (2,767,087)
NET CASH FLOWS FROM OPERATING ACTIVITIES 1,828,427 13,310,542
Acquisition of Fixed Assets (106,511) (10,122,024)
NET CASH FLOWS FROM INVESTING ACTIVITIES (106,511) (10,122,024)
Loan from sponsors - (1,000,000)
Murabaha financing repaid - (5,808,406)
NET CASH FLOWS FROM FINANCING ACTIVITIES - (6,808,406)
Net increase / (decrease) in cash 1,721,916 (3,619,888)
Cash and cash equivalents at the beginning of the period 1,304,111 4,049,563
Cash and cash equivalents at the end of the period 3,026,027 429,675
July To September
07
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
Chief Executive Officer Director
The annexed notes 1 to 7 form an integral part of these interim financial statements.
For the Quarter Ended September 30, 2016 (Un-Audited)
Share Capital Discount on
Right Shares
Accumulated
Loss
Capital profit/(loss)
Rupees Rupees Rupees
Balance as on July 01, 2015 500,000,000 (150,000,000) (132,669,277) 217,330,723
Net Profit / loss for the year 2015-2016 - (74,991,105) (74,991,105)
Balance as on June 30, 2016 500,000,000 (150,000,000) (207,660,382) 142,339,618
Net profit / (loss) for the period (3,383,376) (3,383,376)
Balance as on Sep 30, 2016 (Net profit/loss) 500,000,000 (150,000,000) (211,043,758) 138,956,242
Total
Fa
ran
: 0
30
0-4
43
15
38
, 0
32
1-4
01
89
36
Ghani Automobile Industries LimitedRegistered Office:
274-B, N Block, Model Town Extension, Lahore-Pakistan
Tel: +92-42-35168873, 35172205 I FAX: +92-42-35172263
Web: www.ghaniautomobiles.com