YEAR ENDEN

3I? 20lg

-t

I

& Co.

It* TE R t{

Report

Report on review of the condensed rnterim Financiar statements

As disclosed in note 17.2 of the interim financial statrements, during the year ended JuneCEO of the Company was convicted under the National Accountability Ordinance, 19ggof Rs. 16, 691,,255/ '- from his clients. However, h is offer for plea bargain of payment of Rs.accepted by the Chairman NAB This amount h as been recognized as receivable from

Qualified Conclusion

we have reviewed the accompanying condensed interim statement of financial position of Axis GlobalLimited as at December 31,2019 and the retated .ona.n."Jini"ii, rr".r;;J;;or toss, condensedinterim statement of other comprehensive income, .".;;;;l ;;terim statem;r;;.r,rng., in equity, andcon'densed interim statement of cash flows, and no,"r Jil',"ii"ri.irr'"."ri.';;;;;ffi si*-monthrperiod:,then ended (htsr.e-in-after: rererred i;;;;; ,,interimlinar;i.r ;;;r.,;"1.'#:;i;ill',r,n.rponsibre ror ,the preparation and presentation of these interim finan;iaist;lments in ...oior'*" *,6 accounting andreportins standards as ap.plicable in Pakistan r* irt"ri, ii;;*''.r;;;j;;.il;;ol*,,,r, is to express aconclusidnontheseinterimfinancialstatementsbasedon;;';;*.

ScoFeof,Review " l

we'conducted,our review in accordance with lnternationalstandard on Review Engagementsl2zll0, ,,Review,of lnterim Financial lnformation Performed bv ttre ;;;p;il;fuditor

"f t#€"'titfi'o'iffilt ili"*,

l::lt'il statements consists "r ,rr.i.g"inquiries, prirrriiv-oi persons responsibte for financi;il andaccounting matters, and applying analytiial and othei review pro..drr.r.

^ il;;'; ,;:#;',i;l:.: ;;scope than an,:audit conducted in accordance with rnternationa r,gr1$i;;ililild'.ncilgnseguentry ,does notlenable us to obtain tt.ur.n.. ir'rri *" *"rrl 0".;;; fi;" of alt significant matters that rniirht be, identifted:in an audit. Accordingry, we do not "*prnrriii;;n;il;".. . ,i ; i- -_'- -F"".

Basis for Qualified Conctusion

30, 2019, the ex-m isappropriation1,5,731,000/- was

Date:Place: EB 2020

is Sohail*,:nil:tu"'ent partner on the review resulting in this, independent auditor,s:review, r$nort

Based on our review, with the exception of the matter described in the preceding paragraph, nothing hascome to our attention that causes us to believe that the ...ornprnfirc i"i;;;i;inloif,.,"rents are notprepared' in all material respeas, * ;;;;;r.e with the accounting ana reporting standards as appricabrein Pakistan for interim financial reporting, !r 'e svwvu' 'r" I

42.{ n {-

F

Executlve 8,

Other Offices:

Block

&

il

:

OF FINANCIAL POSITION

and reseruescapital

(June 3O 2019: 20,000,000) Ordinary Shares of Rs. 101_ each

(Audited)

lune 30

..::::

84,

050,0008,930

26,644,210

I 413,1362,500,000

20,838,389

27 ,7A4,125

108,096,906

i Issued/ subscribed and paid-up capitalAccumulated loss

Deficit on revaluation of investmenb

6

Long term loanDeferred taxation

Current liabilitiesCreditors, accrued and other liabilitiesShort term running financeAccrued mark-up

Contingencies and commitments

ASSETS::Non.cufrent assetsProperty, plant and equipmentIntangible asset

rLong term,investment

,Long ter.m,deposib

Current assets,Trade iJebts

,ReceiGbles from margin flnancing:Short term investmenbDeposits, prepaymenls and other receivables

,Taxation - net.Cash and bank balances

Chief Executive

,891

7

8

9

10

11

L213

t4

15

16t7

18

614

100,000.000(8,708,49s)

31,

Note

24t376,495

fi?The annexed notes form an integrar part of these interim financiar statements.

)

2,410,3 13

1 1,072.99514,750,65046,967,749t6,\77,663

it)

!

::l

:,

a,,i n,}:irb;**Bq@.{fur

(205,705)

(

(6

(2,

l

Note

statements.'

19

financialinterim

at fair value

expenses

the period

diluted

paft of these

nvestment

fortaxation

AXIS

Operating revenue

Operating profit/(toss)

Other income

Finance cost

Profit/(Loss) before taxation

L3t722,892 16,456,433

L3t722,992 t6,456,433

December 312019

,.r390r550

(14,175,955)

927,487

5rO57rg56

December 31

2018

20

5r985,443

(1,942,396)

1,956,5 1g

411431056 ,t (455,728)

(1,205,996)(4,500)

0.29

(661,433 )

_____]-alzl/,

r'/ )

)

d--* t3-lt*,Chief Executive Director

)

Note

(loss) for the period

l

AXISOF INCOME

31, 2019

December 31

2,932,57O

Other comprehensive income

Other comprehensive loss which willnot be reclassified to statement ofprofit or loss in subseguent periods

Unrealized loss on remeasurement of equityinvestment at fair value through othercomprehensive income (833,535)

2,099.03s

The annexed notes form an integral part of these interim financial statements.

December 31

2018(Rupees)

(66 1,433)

(9,906,250)

r/)

\

Chief Executive Director

Balance as at July 1, 2018

Total Comprehensive income for the half yearended December 31, 2018Loss for the perlod

Other comprehenslve loss

31, 2019

EQUITY (UN-AUDITED)

Issued,subscribed andpaid-up capital

100,000,000 1616701109

(551,433)

(661,433)

IOO"OOO"OOO 15"008"6?5

100,000,000 (8,708,495)

Balance as at December 31, 2018

Balan€e as at Iuly 1, 2019

Total Compr€hensive income for the half yearended December 31, 2019Profit for the period

Other comprehensive loss

Accumulated(loss)/profit

LzOt296A28

,683)

84,097,891

IOOpOO"OOO

integral part ofthese lnterim financial statements.

Executive

)

(Deficit)/surpluson revaluation of

investmentsTotal Eguity

(Rupees)

I6-270_q?t \ 1o9,724.745

2,932,570

2,932,570

(833.535)

(833,s3s) 2,099,03 5

(5.775.92s\ (a,o27.L49'l

lit

& L^---e

Director

Taxes

before working

current asgeb:

other receivables

current liabilities:

accrued and other liabilities

the period

activities

activities

cash equivalents

i

I

l

4,257,86

I

4

)

:.:

:'l:

.: I

il

a

;

,]

t).

t57,779

1,687,840

STATEMENT OF CASH FLOWS (UN-AUDTTED)ENDED DECEMBER 31, 2019

December2019

Note

31.I

(Rupees)2018

(455,728)CASH FLOWS FROM OPERATING ACTIVITIESProfit/(Loss) before taxationAdjustments for :

- Depreciation- gain on disposal- Unreallsed (gain)iloss on investments- Finance cost

dtr43;056i

3,802,138

(2,025,434)

(10,000,000)(10,000,000)

(18,718,835)

21

r?;

,#<Chief Executive

dJ,,*,ll.

'

i

ITED

D

LEGAL STATUS AND NATURE OF BUSINESS

NANCIA L INFORMATION31,2019

incorporated in Pakistan in 2005 as a p limited company uncinto public ,

Exchange Limittand oth

offi,State Bank

2019 has bee

Interim Financirequiremenl

2.L

2.2

2.3

These interim financial statements are presented in Pak Rupees which is also the company,s functionrcurrency and figures presented in these interim financial statements has been rounded off to the nearesrupees.

f

AXIS

THE

1

(TREC) holderof shares,

BASIS OF PREPARATION

These interim financial statements of the Company for the six monthsprepared in accordance with the requirements of the internationalReporting and provisions of and directives issued under the Companies Act,differ,' thg provisions of or directives issued under Companies Act,unconsolidated condensed interim financial

the

The Company is a Trading Right Entitlement Certificate(''PSX"). The Company is princilal[ engaged in brokeragefinancial instruments, securities research seruices, Rnanciatof the Company is situated at Office No. 806, Bth floor,Pakistan, I.I. Chundrigar Road, Karachi.

:.t:(UN-AUDI]TED)

. I :' '

1.1

it

z

financial statements and therefore should

thoseapplied in the preparation of the

statements do not include allbe read in conjunction with

below.

, Thes

the fu

statements of the Company for the year ended June 30, 2019.

SIGNIFICANT ACCOUNTING POLICIES

3.1 The accounting policies and methods of computation adopted in the

financii

Act, 2017 ha

has beer

rl;

3

statements are consistent with thosethe year ended June 30, 2019 except that stated in note 3.2 (a) ti

i

l

a

t.

li

tlii

'i' l',:i

t, , .,

l

t. a

li):

li,:.

i

2019

basls.

SHORTTERM RUNNTNG

SecurcdJS Bank Limited (lsBL)

(No. of shares) -----

508,s00

the pertod/year

end of the period/yQrr

llote

ln cash

Particulars / Name of Shareholder

Khawaia Amir Ishaq

Samat Amk Ishaq

tta, Kumar

Ms Jamna Devl Meeha Kumari

Khawala Adil

Fafey Amlr Ishaq

company durirE the period.

as lessee:

under llarah

(Un-audited) (Audited)

Decemb€r 31 lune 302019 2019

---..- (RuP€es) ------

5.1olo

L6,7o/o

5.1olo

23,sl4,57s46,64515,347

are five years. The company intends to

998,102- 6!91?9_- 1,656.231

6.1

6.1 100.000.000

(Un-auditsd)Decemb€r 31

2019

(Audlted)

June 302019

(Un-audited)December 31

2019

--(Percentage

0.8q,/q

1OO.Oolo

(Audited)lune 30

2019of holding)--

16.6%

16.7olo

39,00h

5, lolq

76,70k

5.10/o

0,80/o

100.0o/o

6,2

7,L loan obtained from directors through executlon of an

AND OTHER LIABILITIES

7.1 -----lE9!0-000- -----25.050.a!0-agreement, The loan carries rnark-up of 10o/o per annum

26$7t.t27440,856

24,12897,140

10,25+59837.387,848

o t 2n,o23,477

1,450,768

9.1

10

10.1

10.2

of running flnancerate of 3

change! in conungencles as disclos€d ln annual financlal statements for the year ended ,une 30, 2019

Not later than one YearLater than one year and not later than five years

(737.,1r7)

(300,51s)

413.135

/t// -,/tt,./

11

413;135

(e14591

11.1

ar< aAt

I

change in accounting standards, interpretations and amendments to published accounting anreporting standards r.'vlelrvrrl' qrru dmenoments to pub

standards and amendments to published accounting and reporting standards which wereffective during the hatf year endej Oecember 31, 2019

ACCOUNTING ESTIMATES AN D JUDGEMENTS

The preparation of interim financial statements are in conformity with approved accountin g standards requirmanagement to make estimates, assumptions and use of judgments that affect the application of policies anrepoted amounts of assets and liabilities, income and expense. assumptions and judgments arcontinually evaluated and are based on historical experience and othq factors, including reasonabiexpectations of future events. Revision to accounting estimates are prospectively commencing frorthe period of revision.

Judgements and estimates made by the management in the preparation of the interim financial statementwere the same as those applied to the financiatslarements ur-.i.;;;;ffi";.ilil:H;.:;:;;L:*'"

FINANCIAL RISK MANAGEMENT

disclosed in thr

3.2

-.!

(a)

(b) :ffiili"

and amendments to approved accounting and reporting

betwee

right i

not to b

are not ye

standard

202(L,

financi;

4

5

iriil

The company's financiar risk management objective and poricies are consistentrepresented financiar statements as at and for the y"u,. "nJ.i

Julre 30, 2019.with

,,.1i,,1,.,1,.,i'.i'. 1

;

;,.1i ;l') I

i

:j,l

I

1

:

:::l

..:.

':, i::

:

:..| 1

:

;

tl

"i ;

l

,'

I

:

Note

to fulfil the requlrement of Base Minimum Capital.

16.1

(Un-audited)Decemb€r 3l

2019------- (Rup€es)72 INTANGIBLE ASSETS

15.1

(Audited)

June 30

li:;i

l;il:l

:.j

.ii

::'

',;:l.ti,,i

:l

13.1

14

The Company has pledged the shares with pSX

LOT{G TER,H DEPOSITS

Paklstan Stock Exchange LimitedNational Clearing Company of paktstan LimjtedCentral Depository CompanyLease secudty depositOther deposits

TRADE DEBTS

Uns€ure4 and constdetd gdProvision of doubtful debts

_ 2,352,600

r=srr?3 ---...J.g5,.6r,0

100,000r,300,000

100,000

28,227,393 34,897,044

21,13+535 3,443,L05

The aginq for kade debtors at the balance sheet date is as follows:

Upto flve daysMore than five days

:IglI IStM rNvEsrMENrS cLAssrFrED As 'Ar FArR vALUETHROUGH PROFT OR LOSS'

Listed Sha16

7.086,85a_____29.4_&39L

10,518,205

__-__E2qul!-

----Erilb---lffiIil-

16

16.1

L7

This represents lnvestrnent ln shares of companies listed at paktstan Stock Exchange

DEFOSITS, PREPAYT,TEilTS AI{D OTHER RECEIVABLES

Staff Loans aod advancesReceivable from Nauonal ClarinoExposure Deposits patistan Stm[Security depositsOther

Company pak,stan LimitedExchange Limited

827,000995,86s

25,8s0,000

734,OOO

2,587,70226,6s0,000

17,2

This represents deDosits with pakistafl Stock Exchanqe Limlted against ready and future

L7.429,A79

-__45.102.24;LqDosures.

55,97316,940,074

-______16-962J49_

of Rs. 16.731

18

18,1 Detail ofpustomer assets held in designated bbnk accounts and Central depository company (CDC) are as follows:

4,444,259______!ee_

5,544,708I <ao E20-----------:J1:

Customer assets held in designated bankCustomer assets held ln centrdl depository companySecurjties pledqed with financial insfltution

_______1Eqea9g_ _______lf919tl____gE_r,!31d1l ___.l3?Lqtgsll_

32,848.351 46,611d11_

frs

I19 OTHER INCOME

(Un-audited)December 31

2019--------- (Rup€)

(Un-audited)December 31

_.--l!.19.lVote

Rup€es

Numfur of shares

Ru@es

Settlement charges r€coveredInltial public offering CommissionProfit disbursement on depositsDividend

Income from margin financingOther

CASH AND CASH EQUIVALENTS

Key manatementpersonnel

Key managementpersonnel

Key manaBementpersonnel

Key managementpersonnel

Key mana8ementpersonnel

to staff

Key managementpersonnel

Key managementpersonnel

Key managementpersonnel

Key managementpersonnel

FOR. ISSUE

interim financlal statements were approved and authorized

1848t7-56 4,650,965

4.574,957 8.299.407

__2!32E29_ ___________156!0

10,oo0,ooo 10.000.000

0,29 10,07)

2,182,039 1,061,739

4Sn OnO

lune 30

555.388

146,187 r2g

827,000 74s,0oo

Board of Directors

997,arB238,000

1,444,2'42

20 Earning/(loss) per share - bagic and diluted

Profiv(loss) after taxation for the year

weighted average number of ordhary shares

Earning/(loss) per share - baslc

There is no dilutive effect on earnlngs per share.

(Un-audited) (Audited)December 31 June 30

2019 2019------ (Rup€es) ------

Short tem rrnning finance g (ZO$23,A77) (2,,110,313)Cash and bank balances 18 a.ut z;',18 4,444,267 5,549.538

(15.s79,[!0L 3,139,225

TRANSACTIONS WITH RELATED PARTIES

Parties are consldered to be related it one party has the ability to contml the other party or exercise slgniffcant influence over the otherparty in maklng financial or operauonal declslons and includes major shareholders, associated companies with or without commondirectors, retirement b€neflt funds and directors and key management personnel and their close famlly members, Anounts due frory'torelated parties, and remuneGtion of directors and executives are disclosed ln the relevant notes.

(Un-audited) (Un-audited)December 3l December 31

2019 2018

Nature ofr€latlonshlp

Markup paid to director loan

Proprietory trade payables

Proprietory trade receivables

long term loan repaid

1,420.9s8

146,058

10.000_000

Salaries, benefits and other allowances

(Un-audited)Decemb€r 31

2019

Natur€ of relatlonshlp

22

r,j

Transactions durlnSthe period

1777,7r4\

900.000

(Audited)l

----- (Rupees) -------

:il:f.

23

rl.1ii

l

t,il

Cru--

.:

rl

CHIEF EXECUTIVE DIRECTOR