First Quarter Sep 15ghaniglobalglass.com/wp-content/uploads/2020/02/1st-quarter-sep-ggg-15.pdfFeb 01, 2020 · REGIONAL MARKETING OFFICE 301-302, 3rd Floor Yousaf Chamber, KCHSU,

011st Quarter September 2015

BOARD OF DIRECTORS

Atique Ahmad KhanMasroor Ahmad KhanHafiz Farooq AhmadMian Zahid SaidRabia AtiqueSaira FarooqFarzand Ali

CORPORATE INFORMATION

Chairman Chief Executive OfficerDirectorDirectorDirectorDirectorDirector

AUDIT COMMITTEE

Mian Zahid Said – Chairman Hafiz Farooq AhmadFarzand Ali

COMPANY SECRETARY

Farzand Ali, FCS

AUDITORS

Rizwan & Company,Chartered AccountantsMember Firm of DFK International

HR & R COMMITTEE

Mian Zahid Said – Chairman Masroor Ahmad KhanHafiz Farooq AhmadFarzand Ali

CHIEF FINANCIAL FOFFICER

Asim Mahmud, FCA

SHARE REGISTRAR

Vision Consulting Limited1st Floor, 3-C, LDA Flats, Lawrence Road, LHRTel: 042-36375531, 36375339 Fax: 042-36312550

GLASS PLANT

52-K.M. Lahore Multan Road,Phool Nagar Distt. KasurPh: (049) 4510349-549, Fax: (049) 4510749E-mail: [email protected]

REGIONAL MARKETING OFFICE

301-302, 3rd Floor Yousaf Chamber,KCHSU, Block 7/8, Near MCB Bank,Shar-e-Faisal Karachi.Phone: 021-34330595Email: [email protected]

REGISTERED/CORPORATE OFFICE

10-N, Model Town Ext. Lahore-54000, Pakistan.UAN: (042)11-ghani1(442-641)Phone: 042-35161424-5, Fax: 042-35160393Email: [email protected]: www.ghaniglobal.com

LEGAL ADVISOR

DSK Law, Lahore

BANKERS

Al Baraka Bank (Pakistan) LimitedBank Al-Habib LimitedBank Islami Pakistan LimitedBurj Bank LimitedBank of KhyberDawood Islamic Bank LimitedHabib Metropolitan Bank LimitedMCB Bank LimitedMezan Bank LimitedNational Bank of PakistanUnited Bank Limited

02Ghani Global Glass

DIRECTORS' REPORT

Dear members

Asalam-o-Aliakim Wa Rehmatullah-a-Wabarakatohu

The directors of your Company are pleased to present the unaudited condensed interim financial statements of the Company for quarter ended September 30, 2015, in compliance with the requirements of the Companies Ordinance, 1984.

Operations & Performance

As already stated in the annual report for the year ended June 30, 2015, Alhamdulillah your company has set up a

brand new state-of-the-art glass tubing plant for manufacturing of glass tubes.

Plant is equipped with brand new machinery imported from world renowned manufactures of glass manufacturing

machinery from Italy, Japan, Germany, UK and China. Technical Know-How and Furnace Design of the plant is

based on latest European technology namely “Kimble” having handsome experience and patent name in glass

Tubing field Production capacity of the plant 24 tons per day and 8400 tons per annum on 350 days / annum basis.

Plant consists of two state-of-the-art glass tubing manufacturing lines produce high quality European Standard

tubing glass.

Tubing is used for manufacturing of Ampoules and Vials by the pharmaceutical industry itself and/ or being supplied

by the Ampoules and vial manufacturers to the pharmaceutical industry. In both the cases Glass Tubing is used as

material to reshape as Ampoules and Vials.

After successful commissioning by the European experts the plant is under trial run operation and hopefully will

commence commercial production shortly.

Expenses incurred and reflecting in profit and loss account are of administrative nature. A comparison of the key

financial results of your company for the period ended September 30, 2015 is as under:

Rupees30 September

2015

30 September2014

Administrative expenses

(2,897,359)

Other operating expense

(45,000)Other Income

82,229Profit/(Loss) before taxation

(3,566,684)Taxation 949,277Profit/Loss after taxation (2,617,407)Earnings/(Loss) per share (0.052)

(669,902)

(157,917)

1,772,769

940,360--

940,3600.019


LahoreOctober 31, 2015

Future Outlook

Alhamdulillah the management of your company is committed to the projected results, Customers are waiting for

products of your company and it is expected that import of glass tubing will be discouraged and the country will also

benefitted by saving in import bill. After formal entry in the market we are seeing planned business and also

expecting resistance from importers. However we are committed to be the most reliable supplier in the market

without compromising on quality and safety. Our teams are committed to our ambition of becoming the recognized

Pakistan leader in our industry.

The country has been experiencing continuous energy crisis, however, the situation is improving to some extent. To

overcome energy crisis GGG has been utilizing multiple resources to ensure the continuity of production, overall

economy seems to be on the right path after the improvement of law and order situation in the wake of military and

rangers operations. Government's concentration on economic reforms, startup of Pak-China Economic corridor

project and improvement in energy crisis will help improve the business activities.

Acknowledgement

The directors express their deep appreciation to the dedication of company's employees to their professional

obligations and cooperation by the bankers and Government agencies.

We thank our shareholders who reposed their confidence on management of the company, the officials of the SECP,

the Karachi and Lahore Stock Exchanges and pray for a better future for them and the company.

For and on behalf of the Board of Director

MASROOR AHMAD KHAN(CHIEF EXECUTIVE OFFICER)


UN-AUDITED AUDITED

September June

2015 2015

Note Rupees Rupees

ASSETS

NON-CURRENT ASSETS

Property, plant and equipment 5 1,173,651,773 1,078,046,249

Intangible assets 19,794,072 19,794,072

Long term deposit and prepayments 4,259,600 4,259,600

Deferred taxation 5,358,711 4,409,434

1,203,064,156 1,106,509,355

CURRENT ASSETS

Stores, spare parts and loose tools 10,452,507 9,437,984

Stock in trade 15,686,523 14,119,916

Loans and advances 10,539,178 16,257,765

Trade deposits and short term prepayments 27,871,897 22,759,156

Other receivables 15,788 74,680

Advance income tax 4,429,503 3,081,023

Balances with statutory authorities 60,775,159 52,058,422

Cash and bank balances 7,604,262 6,813,728

137,374,817 124,602,674

TOTAL ASSETS 1,340,438,973 1,231,112,029

The annexed notes from 1 to 13 form an integral part of these condensed interim financial information.

UN-AUDITED AUDITED

September June

2015 2015

Rupees Rupees

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorized share capital

65,000,000 (2015: 65,000,000) ordinary shares of Rupees 10 each 650,000,000 650,000,000

Issued, subscribed and paid-up share capital 6 500,000,000 500,000,000

Unappropriated Profit/(Loss) (12,050,023) (9,432,616)

487,949,977 490,567,384

NON CURRENT LIABILITIES

Long term financing 7 579,441,413 553,570,760

Long term security deposit 200,000

Loan from sponsors 118,050,000 45,300,000

697,691,413 598,870,760

CURRENT LIABILITIES

Trade and other payables 117,951,781 97,877,822

Accrued profit on financing 4,497,883 15,927,596

Short term borrowings 32,347,919 27,868,467

154,797,583 141,673,885

852,488,996 740,544,645

CONTINGENCIES AND COMMITMENTS 8

TOTAL EQUITY AND LIABILITIES 1,340,438,973 1,231,112,029

CONDENSED INTERIM BALANCE SHEETAS AT 30 SEPTEMBER 2015

HAFIZ FAROOQ AHMAD(DIRECTOR)


Administrative expenses

Other operating expenses

Other income

Finance cost

Profit / (loss) before taxation

Taxation

Profit / (loss) after taxation

Earnings per share

- basic and diluted

The annexed notes from 1 to 13 form an integral part of these condensed interim financial Information.

30 September 30 September

2015 2014

Note

(2,897,359)

(669,902)

(45,000) (157,917)

(2,942,359) (827,819)

82,229 1,772,769

(2,860,130) 944,950

(706,554) (4,590)

(3,566,684) 940,360

949,277

(2,617,407) 940,360

9 (0.052) 0.019

Rupees


CONDENSED INTERIM PROFIT AND LOSS ACCOUNTFOR THE FIRST QUARTER ENDED 30 SEPTEMBER 2015 (UN-AUDITED)




CASH FLOW FROM OPERATING ACTIVITIES

Cash generated from/ (used in) operating activities

Finance cost paid

Income tax paid

Net cash from / (used in ) operating activities

CASH FLOW FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment

Addition in capital work in progress

Net cash used/ from investing activities

CASH FLOW FROM FINANCING ACTIVITIES

Long term financing - net

Long term security deposit

Loan from sponsors - net

Short term borrowings

Short term investment realized

Net cash generated from financing activities

Net increase / (decrease) in cash and cash equivalents

Cash and cash equivalents at the beginning of the period

Acquired due to business combination

Cash and cash equivalents at the end of the period



2015 2014

Note

10 7,271,178

(20,725,036)

(25,008,583)

(4,590)

(1,348,480)

(217,044)

(26,357,063)

(221,634)

(19,085,885)

(20,946,670)

(1,358,712)

(32,809)

(82,064,974)

(15,036,353)

(83,423,686)

(15,069,162)

25,870,653

200,000

72,750,000

46,906,780

4,479,452

- 5,745,966

103,300,105 52,652,746

790,534 16,636,914

6,813,728 133,138,739

- 122,490

7,604,262 149,898,143

Rupees

CONDENSED INTERIM CASH FLOW STATEMENTFOR THE FIRST QUARTER ENDED 30 SEPTEMBER 2015 (UN-AUDITED)




CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOMEFOR THE FIRST QUARTER ENDED 30 SEPTEMBER 2015 (UN-AUDITED)

Net profit / (loss) for period

Other comprehensive income / (loss)

Total comprehensive income / (loss) for the period



2015 2014

(Rupees)

(2,617,407)

940,360

-

-

(2,617,407) 940,360




Balance as at 01 July 2014 - (audited)

Net profit / (loss) for the period


for the period

Total comprehensive income / (loss)

Transactions with owners:

Shares issued persuant to merger with Libaas

Textile Ltd

Balance as at 30 September 2014 - (un-audited)

Balance as at 01 July 2015 - (audited)

Net profit / (loss) for the period


for the period

Total comprehensive income / (loss)

Transactions with owners:

Shares issued during the period

Balance as at 30 September 2015 - (un-audited)


480,000,000

(10,907,657)

469,092,343

-

940,360 940,360

-

-

-

940,360 940,360

20,000,000

- 20,000,000

20,000,000

-

20,000,000

500,000,000

(9,967,297) 490,032,703

500,000,000

(9,432,616) 490,567,384

- (2,617,407) (2,617,407)

- - -

- (2,617,407) (2,617,407)

- -

- - -

500,000,000 (12,050,023) 487,949,977

Share capitalUnappropriated

profit / (loss)Total

(Rupees)

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITYFOR THE FIRST QUARTER ENDED 30 SEPTEMBER 2015 (UN-AUDITED)




SELECTED NOTES TO THE CONDENSED INTERIMFINANCIAL INFORMATION (UN-AUDITED)

THE COMPANY AND ITS OPERATIONS1

The Company was incorporated in Pakistan under the Companies Ordinance, 1984 as a private limited company on October 04, 2007 as Ghani Tableware (Private) Limited. Its status was changed to public unlisted company, consequently its name was changed to Ghani Tableware Limited as on July 24, 2007. Name of the Company was further changed to Ghani Global Glass Limited on January 14, 2009. Its registered office is situated at 10- N, Model Town Extension, Lahore. The Company has set up plant for manufacturing of tubing and glass ware.

BASIS OF PREPARATION2

Statement of compliance2.1

The condensed interim financial information has been prepared in accordance with the International Accounting Standard (IAS) - 34 “Interim Financial Reporting” as applicable in Pakistan and notified by the Securities and Exchange Commission of Pakistan (SECP) and provisions of and directives issued under the Companies Ordinance, 1984. In case where requirements differ, the provisions of or directives issued under the Ordinance have been followed.

This condensed interim financial information do not include the information reported for annual financial statements and should be read in conjunction with the audited annual published financial statements for the year ended 30 June 2015.

Functional and presentation currency2.2

These financial statements are presented in Pak Rupees which is the functional and presentation currency for the Company.

Changes in standards, interpretations and amendments to published approved accounting standards and IFRS 2.3

There are certain new standards, amendments and International Financial Reporting Interpretations Committee (IFRIC) interpretations that became effective during the period and are mandatory for accounting periods beginning on or after 01 July 2015 but are considered not to be relevant or have any significant effect on the company's operations and are, therefore, not disclosed in this condensed interim financial information.

Standards, interpretations and amendments to published approved accounting standards and IFRS that are not yet effective

2.4

There are other amendments to the standards and new interpretations that are mandatory for accounting periods beginning on or after 01 July 2015 but are considered not to be relevant or do not have any significant effect on company's operations and are, therefore, not detailed in this condensed interim financial information.

ACCOUNTING POLICIES AND COMPUTATION METHODS3

The accounting policies and methods of computations adopted for the preparation of this condensed interim financial information are the same as applied in the preparation of the preceding audited annual published financial statements of the Company for the year ended 30 June 2015.

CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS4

The preparation of this condensed interim financial information in conformity with the approved accounting standards require the use of certain critical accounting estimates. It also requires the management to exercise its judgement in the process of applying the Company's accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.


During preparation of this condensed interim financial information, the significant judgements made by the management in applying the Company’s accounting policies and the key sources of estimation and uncertainty were the same as those that applied in the preceding audited annual financial statements of the Company for the year ended 30 June 2015.

5 PROPERTY, PLANT AND EQUIPMENT

Operating fixed assets

Opening book value

Additions & transfer during the period/year

Deletions during the period/year

Less:

Depreciation charged for the period/year

Capital work in progress

5.1 Additions during the period/year

Furniture and fixtures

Office equipments

Computers

Vehicles

5.2 Deletions during the period/year

Vehicles

Un-audited Audited

30 September 30 June

2015 2015

52,733,757 36,811,821

5.1 1,358,712 17,349,265

5.2 (477,944)

54,092,469 53,683,142

690,478 949,385

53,401,991 52,733,757

1,120,249,782 1,025,312,492

1,173,651,773 1,078,046,249

7,999 1,783,172

- 342,510

4,100 516,328

1,346,613 14,707,255

1,358,712 17,349,265

- 477,944

(Rupees)

6 ISSUED, SUBSCRIBED AND PAID UP SHARE CAPITAL


2015 2015

48,000,000

48,000,000

2,000,000

2,000,000

50,000,000

50,000,000

Shares held by related parties

Ghani Gases Limited held Nil (June 2015: 4,500,000) number of ordinary shares representing 0% (June 2015 : 9%) of the paid up capital of the Company as at 30 September 2015.

7 LONG TERM FINANCING

Opening balance 553,570,760 -

Add: Addition/(Payments) during period / year 25,870,653 553,570,760

Closing balance 579,441,413 553,570,760

Less: Current portion shown under current liabilities - -

579,441,413 553,570,760

(NUMBER OF SHARES)

Ordinary shares of Rupees 10 each

paid in cash

Ordinary shares of Rupees 10 each issued

for consideration other than cash


Un-audited Audited


2015 2015

480,000,000 480,000,000

20,000,000 20,000,000

500,000,000 500,000,000

RUPEES

fully

CONTINGENCIES AND COMMITMENTS8

8.1 Contingencies

There are no material changes in contingencies as disclosed in the note to the financial statements for the year ended 30 June, 2015.

8.2 Commitments

8.2.1 Commitment in respect of letter of credit amounted to Rupees 25.49 million (June 2015: Rupees 40.15 million).

8.2.2 Commitment for construction of building as at balance sheet date amounted to Rupees 8.5 million (June 2015 : Rupees 10 million)


9 EARNING PER SHARE - BASIC AND DILUTED

There is no dilutive effect on the basic earnings per share.

10 CASH GENERATED FROM/ (USED IN) OPERATIONS

Profit/(Loss) before taxation

Depreciation

Finance cost

(Gain) / Loss on disposal of assets

Working capital changes (Note 10.1)

10.1 Working capital changes

Cash flows generated from/(used in) working capital changes

(Increase) / decrease in current assets:

Stores, spare parts and loose tools

Stock in trade

Balance with statutory authorities

Loans and advances

Trade deposits and short term prepayments

Other receivables

Increase/(decrease) in current liabilities

Trade and other payables

Adjustments to reconcile profit to net cash provided by operating activities


2015 2014

(3,566,684) 940,360

690,478 53,721

706,554 4,590

9,440,830 (21,723,707)

7,271,178 (20,725,036)

(1,014,523) (5,896,971)

(1,566,607) -

(8,716,737) (1,840)

5,718,587 (12,028,003)

(5,112,741) 1,573,637

58,892 (4,701,722)

(10,633,129) (21,054,899)

20,073,959 (668,808)

9,440,830 (21,723,707)

(Un-Audited)

Quarter ended

RUPEES


11 RELATED PARTY TRANSACTIONS

Transaction with related parties and associated undertakings are as follows:

Name 30 September 30 September

2015 2014

Associated companies / undertakings

Associated Companies 3,150,000 3,150,000

650,000 650,000

1,082,358 -

(45,000,000)

633,006 -

-

72,750,000 46,906,780

(Un-Audited)

Quarter ended

Nature of transaction

(Rupees)

Services

Guarantee Charges

Gases purchase

Provident fund Contribution

Sponsor Loan received / (repaid)

Investment in shares

DATE OF AUTHORIZATION FOR ISSUE12

This condensed interim financial information was approved by the Board of Directors of the Company and authorized for issue on 31 October, 2015.

GENERAL13

13.1 Corresponding figures have been rearranged or reclassified, wherever necessary, for the purpose of comparison.

13.2 In order to comply with the requirements of International Accounting Standard 34 - 'Interim Financial Reporting', corresponding figures in the condensed interim balance sheet comprise of balances as per the annual audited financial statements of the Company for the year ended 30 June 2015 and the corresponding figures in the condensed interim profit and loss account, condensed interim cash flow statement, condensed interim statement of other comprehensive income and condensed interim statement of changes in equity comprise of balances of comparable period as per the condensed interim financial information of the Company for the first quarter ended 30 September 2014.

13.2 Figures have been rounded off to the nearest rupees, unless otherwise stated.



Documents

First Quarter Sep 15ghaniglobalglass.com/wp-content/uploads/2020/02/1st-quarter-sep-ggg-15.pdfFeb 01, 2020 · REGIONAL MARKETING OFFICE 301-302, 3rd Floor Yousaf Chamber, KCHSU,