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Ghani Automobile Industries Limited
First QuarterFinancial Statements
2014-15
01
The Power of Perfection
Corporate InformationBOARD OF DIRECTORS
AUDIT COMMITTEE
COMPANY SECRETARY
CHIEF FINANCIAL OFFICER
AUDITORS
LEGAL ADVISORS
SHARE REGISTRAR
BANKERS
HEAD OFFICE ®ISTERED OFFICE
Mr. Imtiaz Ahmad Khan Chairman
Mr. Aftab Ahmad Khan Chief Executive OfficerMr. Anwaar Ahmad Khan
Mrs. Reema AnwaarMrs. Ayesha AftabMr. Junaid GhaniMr. Obaid GhaniMr. Jubair Ghani
ChairmanMemberMember
ChairmanMemberMember
Hafiz Mohammad Imran Sabir
Mr. Umer Farooq Khan
Hassan Farooq & CompanyChartered Accountants
Ally Law AssociatesCh. Muhammad Siddique
Corplink (Pvt) Ltd.Wings Arcade, 1-K Commercial Model Town Lahore, PakistanPhones : (042) 35916714, 35916719 Fax : (042) 35869037
Albaraka Islamic BankAllied Bank of Pakistan LimitedHabib Bank LimitedMeezan Bank Limited, Islamic BankingSoneri Bank Limited, Islamic BankingBurj Bank LimitedHabib Metropolitan Bank LimitedBank Alfalah Limited
40-L Model Town Lahore, PakistanUAN : (042) 111 949 949Fax : (042) 3517 2263E-mail : i [email protected]://www.ghaniautomobiles.com
MARKETING OFFICE
AUTOMOBILE PLANT
12 D/3, Chandni Chowk KDA Scheme No. 7-8 Karachi - 74000UAN : (021) 111 949 949, Fax : (021) 3492 6349E-mail : [email protected]
49-KM, Multan Road, (from Lahore)
HR & R COMMITTEE Mr. Anwaar Ahmad KhanMrs. Ayesha AftabMr. Obaid Ghani
Dr. Amjad AqeelMrs. Ayesha AftabMr. Jubair Ghani
Ms. Zahra AftabDr. Amjad Aqeel
02
The Power of Perfection
Director’s Report
FINANCIAL INDICATORS
Rupees ‘000’
Sales – Net
Gross profit / (loss)
Profit / (loss) before taxation
Net profit / (loss)
Earning / (loss) per share
47,153
2,613
(2,746)
(2,746)
(0.05)
32,999
2,876
(1,297)
(1,297)
(0.03)
September 30, 2013September 30, 2014
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, 2014.
The results for the first quarter ended September 30, 2014 are as follow:
During the first quarter ended September 30, 2014, the net sale of the Company has increased to Rupees 47 million as compared to Rupees 33 million for the corresponding period of last year. Gross Profit was Rupees 2.6 million as compared to Rupees 2.8 million for the corresponding period of the last year. The Company has recently issued 150% right shares at 50% discount which had been heavily under - subscribed by the shareholders and the profitability of the Company had been impacted due to payment of underwriter's commission (one time) for the right issue.
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 28, 2014 Aftab Ahmed Khan
Chief Executive Officer
Condensed Interim Balance Sheet
03
The Power of Perfection
30 Sep 2014 30 Jun 2014Rupees Rupees
EQUITY & LIABILITIES
share capital and reserveAuthorized Share Capital50,000,000 (Jun 2014: 20,000,000) ordinaryshares of Rs.10 each 500,000,000
500,000,000
Issued, subscribed and paid up capital 500,000,000
200,000,000
Accumulated losses (144,183,562)
(141,437,661)
355,816,438
58,562,339
Current liabilitiesShort term Bank Financing 73,569,200
93,853,774
Loan from sponsors 168,680,000
170,205,000 Creditors, accrued and other liabilities 108,489,418
99,309,768
Provision for taxation -
1,243,770 350,738,618
364,612,312
Contingecies and commitments -
-
706,555,056 423,174,651 ASSETS
Non-current assets
Property, plant and equipment 37,666,293
38,254,831
Security deposits 667,386
667,386
Deferred tax 24,342,618
24,342,618
Discount on Right Shares 150,000,000
-
Current AssetsStores, spares and loose tools 710,534
665,012
Stock in trade 81,810,788
87,521,496
Trade debtors - unsecured but considered good 196,981,938
197,782,798
Advances and other receivables 85,670,613
63,893,621
Cash and bank balances 128,704,886
10,046,889
493,878,759
359,909,816
706,555,056
423,174,651
The annexed notes form an integral part of these financial statements
____________ DIRECTOR
________________________CHIEF EXECUTIVE OFFICER
for the quarter ended September 30, 2014 (un-audited)
Condensed Interim Profit & Loss Accountfor the quarter ended September 30, 2014 (un-audited)
04
The Power of Perfection
2014 2013Rupees Rupees
Sales-Net 47,153,204
32,998,753
Cost of sales 44,540,441
30,122,500
Gross profit 2,612,763
2,876,253
Administrative expenses 1,888,585
1,668,935
Distribution and marketing expenses 3,216,235
2,972,901
5,104,820
4,641,836
(2,492,056) (1,765,583)
Other Operating Income 6,671,150 3,129,000
Operating Profit before finance cost 4,179,094 1,363,417
Finance Cost 6,924,995
2,660,585
(Loss) before taxation (2,745,901)
(1,297,168)
Taxation -
-
(Loss) after taxation (2,745,901)
(1,297,168)
Earning Per Share - Basic Restated (0.05)
(0.03)
The annexed notes form an integral part of these accounts
July to September
____________ DIRECTOR
________________________CHIEF EXECUTIVE OFFICER
Condensed Interim Cash Flow Statementfor the quarter ended September 30, 2014 (un-audited)
05
The Power of Perfection
2014 2013Rupees Rupees
CASH FLOWS FROM OPERATING ACTIVITIES(loss) for the year before tax (2,745,901) (1,297,168)
Adjustment for :Depreciation 588,538 657,926
Financial charges 6,924,995 2,660,585
7,513,533 3,318,511
Operating profit before working capital changes 4,767,632 2,021,343
(Increase) / decrease in current assetsStore, spares and loose tools (45,522) -
Stock in trade 5,710,708 24,775,427
Trade debtors 800,860 (1,173,423)
Advances and other receivables (19,807,534) (68,990)
(13,341,488) 23,533,014
Increase / (decrease) in current liabilitiesCreditors, accrued and other liabilities 9,179,650 (16,612,020)
605,794 8,942,337 Financial charges paid (6,924,995) 558,777 Taxes paid (3,213,228) (2,163,281)
NET CASH FLOWS FROM OPERATING ACTIVITIES (9,532,429) 7,337,833
Issuance of Right Shares 150,000,000 -
Murabaha financing received (1,525,000) -
Murabaha financing repaid (20,284,574) (3,119,122)
NET CASH FLOWS FROM FINANCING ACTIVITIES 128,190,426 (3,119,122)
Net (decrease) / increase in cash 118,657,997 4,218,711
Cash and cash equivalents at the beginning of the year 10,046,889 4,802,316
Cash and cash equivalents at the end of the year 128,704,886 9,021,027
The annexed notes form an integral part of these accounts
July to September
____________ DIRECTOR
________________________CHIEF EXECUTIVE OFFICER
Statement of Changes in Equityfor the quarter ended September 30, 2014 (un-audited)
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The Power of Perfection
Share Capital Accumulated Loss TotalCapital profit/(loss)Rupees Rupees Rupees
Balance as on June 30, 2013 200,000,000 (137,393,865) 62,606,135
Net loss for the year - (4,043,796) (4,043,796)
Balance as on June 30, 2014 200,000,000 (141,437,661) 58,562,339
Balance as on July 01, 2014 200,000,000 (141,437,661) 58,562,339
Issue of Right Shares 300,000,000 300,000,000
Net loss for the period - (2,745,901) (2,745,901)
Balance as on September 30, 2014 500,000,000 (144,183,562) 355,816,438
The annexed notes form an integral part of these accounts
____________ DIRECTOR
________________________CHIEF EXECUTIVE OFFICER
Notes to the Condensed InterimFinancial Statementsfor the quarter ended September 30, 2014 (un-audited)
07
The Power of Perfection
1 COMPANY AND ITS OPERATIONS
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of Preparation of Financial Statements
2.2 Accounting Conventions
30 Sep 2014 30 Jun 2014
Rupees Rupees
3 ISSUED, SUBSCRIBED AND PAID UP CAPITAL
19,250,000 (Jun 2014: 19,250,000) ordinary shares of
Rupees 10 each fully paid in cash 192,500,000 192,500,000 250,000 (Jun 2014: 250,000) ordinary shares of Rupees
10 each fully paid other than cash 2,500,000 2,500,000
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 Right issue 300,000,000 -
500,000,000 200,000,000
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, 2014
The company is a public listed company incorporated in Pakistan under the Companies Ordinance, 1984 in September 1987.
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, 2004. 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.
These financial statements are unaudited and are being submitted to the shareholders as required under Section 245 of the
Companies Ordinance, 1984. 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.
08
The Power of Perfection
4 CONTINGENCIES AND COMMITMENTS
CONTINGENCIES
4.1
4.2
4.3
COMMITMENTS
4.4
30 Sep 2014 30 Jun 2014
Rupees Rupees
5 ADDITION / (DELETION) IN FIXED ASSETS - AT COST
Computers - 11,100
- 11,100
6 AUTHORISED FOR ISSUE
The financial statements were approved by board of directors and authorised for issue on October 28, 2014.
7 CORRESPONDING FIGURES
Corresponding figures have been rearranged, where necessary, for the purpose of comparison and
rounded off to the nearest rupee.
Letter of credit in transit other than capital expenditure are Rupees Nil (2014:Rupees 6,069,990).
There is a contingent liability of Rupees 1,727,290 (2014:Rupees 1,727,290) in respect of income tax for assessment up to
assessment year 2001-2002 against order under section 62 and 52 of repealed Income Tax Ordinance, 1979. The company
has filed the appeals against above orders.
The Punjab Employees Social Security Institution has raised a demand of Rupees 2,245,057 (2014: Rupees 2,245,057) as
less payment of contribution for the period from 1989 to 1995. The company has not acknowledged this demand and files
appeal under section 57 of the Social Security Ordinance, 1965. After remand of the case by Labour Court, appeal is now
under process with Additional Commissioner, Punjab Employees Social Security Institute.
The company has given bank guarantee of Rupees 729,000 ( 2014: Rupees 729,000 ) to WAPDA.
____________ DIRECTOR
________________________CHIEF EXECUTIVE OFFICER
Head Office:40-L, Model Town, Lahore, PakistanUAN: +92-42-111 949 949Fax: +92-42-35172263www.ghaniautomobiles.com