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01
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 LimitedSoneri Bank Limited, Islamic BankingHabib Metropolitan Bank Limited (IBD)Habib Bank LimitedMeezan Bank LimitedUBL Ameen LimitedBank Alfalah LimitedBank Al-HabibFaysal Bank LimitedBank of Punjab (Taqwa)MCB Limited (Islamic Banking)
274-B, N Block, Model Town Extension, LahorePhones : (042) 3516 8873, 3517 2205Fax : (042) 3517 2263E-mail : i nfo@ghaniautomobiles.comhttp://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 jubairMs. Afifa AnwaarMs. Zahra AftabMr. Junaid GhaniMr. Jubair GhaniHafiz Muhammad SaadMr. Muhammad AyubMr. Nauman ShaukatMr. Sarfraz AnwarDr. Amjad Aqeel
02
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, 2017.
The results for the first quarter ended September 30, 2017 are as follow:
On behalf of the Board of Directors
Aftab Ahmed Khan Chief Executive Officer
During the first quarter ended September 30, 2017, the net sale of the Company has increased to Rupees 38 million as compared to Rupees 26 million for the corresponding period of last year. Gross Profit has increased significantly to Rupees 2.7 million as compared to Gross Loss of Rupees 81 thousand for the corresponding period of the last year. Net Loss has also reduced to Rupees 2.6 million as compared to Rupees 3.4 million for the corresponding period of the last year. Loss per shares also reduced to Rupees 0.05 as compared to Rupees 0.07 for the same period of the last year. During the period under review, the performance of the Company has started improving. We hope for further improvement 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).
Sept. 30, 2017 Sept. 30, 2016
Rupees ‘000’
Sales-Net
Gross profit / (loss)
Net profit / (loss)
Earning / (loss) per share (Rupees)
25,586
(81)
(3,383)
(0.07)
38,203
2,693
(2,457)
(0.05)
Lahore: Octoberr 27, 2017
Junaid Ghani Director
03
30 Sep 2017 30 June 2017
Rupees Rupees
EQUITY & LIABILITIES
Share capital and reserves
Authorized Share Capital
50,000,000 (Jun 2017: 50,000,000) ordinary
shares of Rs.10 each 500,000,000 500,000,000
Issued, subscribed and paid up capital 500,000,000 500,000,000
Accumulated Reserves (263,270,917) (260,814,212)
Discount On Right Share (150,000,000) (150,000,000)
86,729,083 89,185,788
Current Liabilities
Loan from Directors’/Share holders 102,105,000 112,105,000
Creditors, accrued and other liabilities 145,236,618 127,288,200
247,341,618 239,393,200
334,070,701 328,578,988ASSETS
Non-current assets
Property, Plant and Equipment 51,966,802 52,882,175Security Deposits 520,700 535,700
52,487,502 53,417,875
Current Assets
Stores, Spares and Loose Tools 1,260,918 1,260,918
Stock In Trade 49,839,313 41,993,070
Trade Debts - Secured and Considered Good 144,535,349 149,999,483
Advances And Other Receivables 82,595,567 79,852,370
Cash And Bank Balances 3,352,052 2,055,272
281,583,199 275,161,113
334,070,701 328,578,988
For the Quarter Ended September 30, 2017 (Unaudited)
____________________________
CHIEF EXECUTIVE OFFICER____________________________
DIRECTOR CHIEF FINANCIAL OFFICER____________________________
04
30 Sep 2017 30 Sep 2016
Rupees Rupees
Sales-Net 38,203,192 25,585,509
Cost of sales 35,509,878 25,666,265
2,693,314 (80,756)
Administrative expenses 4,760,148 3,217,031
Distribution and marketing expenses 3,035,727 2,696,258
7,795,875 5,913,289
Operating (loss)/profit (5,102,561) (5,994,045)
Other income 2,677,500 2,902,671 Profit on Saving Accounts 17,649 - Other Operating Income 2,695,149 2,902,671
Operating (loss)/profit before finance costs (2,407,412) (3,091,374)
Finance Cost (49,293) (36,146)
(Loss) / profit before taxation (2,456,705) (3,127,520)
Taxation - (255,855)
(Loss) / profit after taxation (2,456,705) (3,383,375)
Earning (loss) Per Share - Basic and diluted (0.07)
July To September
For the Quarter Ended September 30, 2017 (Unaudited)
Gross profit/(loss)
(0.05)
____________________________
CHIEF EXECUTIVE OFFICER____________________________
DIRECTOR CHIEF FINANCIAL OFFICER____________________________
05
For the Quarter Ended September 30, 2017 (Unaudited)
(Loss) For the Year
Total Comprehensive (Loss)
SEP SEP
2017 2016
Rupees Rupees
(2,456,705) (3,383,375)
(2,456,705) (3,383,375)
July To September
____________________________
CHIEF EXECUTIVE OFFICER____________________________
DIRECTOR CHIEF FINANCIAL OFFICER____________________________
06
Sep June
2017 2017
Rupees Rupees
CASH FLOWS FROM OPERATING ACTIVITIES
Profit / (loss) for the period before tax (2,456,705) (24,723,347)
Adjustment for:
Depreciation 959,973 4,147,611
Financial charges 49,293 172,284
1,009,266 4,319,895
Operating (loss) before working capital changes (1,447,439) (20,403,452)
(Increase) / decrease in current assets
Store, spares and loose tools - 3,224
Stock in trade (7,846,243) 4,334,618
Trade debtors 5,464,134 13,421,497
Advances and other receivables (2,743,197) (14,388,176)
(5,125,306) 3,371,163
Increase / (decrease) in current liabilities
Trade & other payable 17,948,418 28,553,568 11,375,673 11,521,279
Financial charges paid (49,293) (172,284)
Taxes paid - (5,708,103) (49,293) (5,880,387)
Security Deposit 15,000 (76,000)
Acquisition of Fixed Assets (44,600) (1,813,731)
NET CASH FLOWS FROM INVESTING ACTIVITIES (29,600) (1,889,731)
Loan from sponsors (10,000,000) (3,000,000)
NET CASH FLOWS FROM FINANCING ACTIVITIES (10,000,000) (3,000,000)
Net increase / (decrease) in cash 1,296,780 751,161
Cash and cash equivalents at the beginning of the period 2,055,272 1,304,111
Cash and cash equivalents at the end of the period 3,352,052 2,055,272
For the Quarter Ended September 30, 2017 (Unaudited)
____________________________
CHIEF EXECUTIVE OFFICER____________________________
DIRECTOR CHIEF FINANCIAL OFFICER____________________________
07
Share Capital Discount on Accumulated
LossCapital right shares profit/(loss)Rupees Rupees Rupees
Balance as on June 30, 2016 Restated 500,000,000 (150,000,000) (207,660,382) 142,339,618
(Loss) for the year - (53,153,830) (53,153,830)
Balance as on June 30, 2017 500,000,000 (150,000,000) (260,814,212) 89,185,788
(Loss) for the period (2,456,705) (2,456,705)
Balance as on Sep 30, 2017 500,000,000 (150,000,000) (263,270,917) 86,729,083
Total
For the Quarter Ended September 30, 2017 (Unaudited)
____________________________
CHIEF EXECUTIVE OFFICER____________________________
DIRECTOR CHIEF FINANCIAL OFFICER____________________________
08
For the Quarter Ended September 30, 2017 (Unaudited)
1 COMPANY AND ITS OPERATIONS
2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
2.1 Basis of Preparation of Financial Statements
2.2 Accounting Conventions
SEP JUNE
2017 2017
Rupees Rupees3 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 bonus shares 300,000,000 300,000,000
500,000,000 500,000,000
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, 2017.
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 274-B N block Model Town, Extension Lahore. The shares of the company
are quoted on Pakistan Stock Exchange 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. 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, 2017.
09
4 LOAN FROM SPONSORS
5 CONTINGENCIES AND COMMITMENTS
Contingencies
5.1
6 Commitments
7 DATE OF AUTHORIZAITON FOR ISSUE
These financial information was authorized for issue by the Board of Directors of the company on October 27, 2017.
There were no commitments as at September 30, 2017 (June 2017: Nil).
This is interest free loan from directors/shareholders. This is unsecured and terms of repayment of this loan havenot yet been decided.
There is no significant change in the contingencies and commitments status since the last annual balance sheet date.
____________________________
CHIEF EXECUTIVE OFFICER____________________________
DIRECTOR CHIEF FINANCIAL OFFICER____________________________
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