GHANDHARA NISSAN LIMITED · We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the

Half Yearly ReportDecember 31st, 2017(Un-audited)

GHANDHARA NISSAN LIMITED

Contents

CompanyProfile

02 05Directors'Report(English)

Directors'Report(Urdu)

06 07Auditors’Report

09CondensedInterimProfit &Loss

10CondensedInterimCash FlowStatement

11CondensedInterim Statementof Changes inEquity

Notes to theCondensed InterimFinancialInformation

12Directors' Reporton ConsolidatedFinancials Statement(English)

18

19Directors' Reporton ConsolidatedFinancials Statement(Urdu)

20CondensedInterimConsolidatedBalance Sheet

21CondensedInterimConsolidatedProfit & Loss

24Notes to theCondensed InterimConsolidatedFinancial Information

Condensed InterimConsolidatedCash FlowStatement

22 23Condensed InterimConsolidatedStatement of Changes in Equity

08CondensedInterimBalanceSheet

Company Profile

Board of Directors

Mr. Raza Kuli Khan Khattak ChairmanMr. Lt. Gen. (Retd.) Ali Kuli Khan Khattak President Mr. Ahmed Kuli Khan Khattak Chief Executive OfficerMr. Mushtaq Ahmed Khan (FCA) Mr. Jamil A. Shah Mr. Syed Haroon Rashid Mr. Mohammad Zia Mr. Muhammad Saleem Baig Mr. Polad Merwan Polad

Company Secretary

Mr. Muhammad Sheharyar Aslam

Registered Office

F-3, Hub Chowki Road, S.I.T.E., Karachi

Bankers of the Company

National Bank of Pakistan Faysal Bank Limited Habib Bank Limited Allied Bank Limited United Bank LimitedSoneri Bank Limited MCB Bank Limited The Bank of Tokyo – Mitsubishi, Ltd. Industrial & Commercial Bank of China Summit Bank Limited The Bank of Punjab The Bank of Khyber

Chief Financial Officer

Mr. Muhammad Umair

Factory

Truck / Car Plants Port Bin Qasim, Karachi

Audit Committee

Mr. Mohammad Zia Chairman

Chairman

Mr. Lt. Gen. (Retd.) Ali Kuli Khan KhattakMr. Jamil A. Shah Member

Member

Mr. Polad Merwan Polad Member

Human Resource & Remuneration Committee

Mr. Lt. Gen. (Retd.) Ali Kuli Khan KhattakMr. Ahmed Kuli Khan Khattak MemberMr. Muhammad Zia MemberMr. Jamil A. Shah MemberNIB Bank Limited

Askari Commercial Bank LimitedMeezan Bank LimitedBank Al Habib Limited Bank Alfalah IslamicAl Baraka Bank (Pakistan) Limited

Half Yearly Report December 2017

02


03

Auditors

M/s. ShineWing Hameed Chaudhri & Co. M/s. Junaidy Shoaib AsadChartered Accountants Chartered Accountants5th Floor, Karachi Chambers 1/6, Block-6, P.E.C.H.S, Mohtarma LaeeqHasrat Mohani Road Begum Road, Off Shahrah-e-Faisal

Near Nursery Flyover, Karachi ihcaraK

Legal & Tax Advisors

Ahmed & Qazi AssociatesAdvocates & Legal Consultants404 Clifton Centre, CliftonKarachi

Shekha & MuftiChartered AccountantsC-253, P.E.C.H.S., Block 6Off Shahrah-e-FaisalKarachi

Share Registrar

T.H.K. Associates (Pvt.) Ltd.

NTN:

0802990-3

Sales Tax Registration No:

12-03-8702-001-46

1st Floor, 40-C,Block-6, P.E.C.H.SKarachi-75400


03

04

05


Directors’ ReportYour Directors are pleased to present the half yearly report alongwith the un-audited condensed interim �nancial information of Ghandhara Nissan Limited for the half year ended December 31, 2017.

In terms of value, the Company’s net turnover was Rs.1,014.5 million which is lower than the turnover earned in the corresponding period of last year mainly due to discontinuation of UD Trucks. However, JAC Trucks, introduced during the current �nancial year, have received a tremendous market response which is re�ected in the �nancial results of current period. In addition to this, the regular Dongfeng CBU business together with contract assembly has also contributed in company’s performance.

The operational pro�t of your Company for the half year was Rs.259.5 million as compared to Rs.394.9 million in the corresponding period of last year. Pro�t after tax for the half year was Rs.197.1 million which includes an amount of Rs.77.4 million received as dividend income. This pro�t translates into earnings per share of Rs.4.38, as against Rs.6.26 during corresponding period of last year.

Related Party Transactions

All transactions with related parties have been executed at arm’s length and have been disclosed in the un-audited condensed interim �nancial information

The directors are also grateful to the Principals, customers, vendors, bankers and other business associates for their continued patronage and support.

Karachi Dated: February 24, 2018

Ahmed Kuli Khan KhattakChief Executive Officer

Muhammad ZiaDirector

For and on behalf of the Board of Directors

06



�زر�رٹ� ڈا��

وا� �� د� � ( ا�� ا�� )�� ن ��را �� ز

� �ڈا�� آپ

�۔ �� ِ�� ت �� رى

�� ر�رٹ ��

�ہ درج � �ت ا� � ��ل � � � رو� � �� اوور �ن �� ظ � ��

�� ل �� ا� � ��،� � � و� � �ا�۔� � � اوور �ن

۔ � �� درج �� ت ��دہ � �۔� �ا� �� ز�د� �� ر�� ،� � �� رف �� ر�د� � � � ا� ��ہ �ل �رو�ر (� �� ) � �ل �وہ � اس

�� رو� ��

آ�� ل � �۔�� آ� �ى

�۔ �� رو� � ��

۔ �ا و�ل ا� �� ڈ�� ر رو� � �� ل رو� � ��

�� از � �ل �

� �ل ��دہ �� رو� � آ�� ل �� اس

ر�۔ آ��

:�� ا�� ر� �

�رى �� ا�ر � ان ۔اور �� ا�ر � � د�� رو�رى �� ں �

��ر� � �م

�۔ �� د�� ت ��

اور ��ت � ان � �ں ��

�� رو�رى � د�� اور �ں �� ،��ں،�و�ں،�� ز

� ڈا��

۔ � �� ار � � � � ��

� �� ز � ڈا�� آف �رڈ

312017

1,014.5

UD Trucks

Dongfeng CBU

394.9

259.5

197.177.4

6.25

4.38

JAC Trucks


07

AUDITORS' REPORT TO THE MEMBERS ON REVIEW OF INTERIM FINANCIAL INFORMATION Introduction We have reviewed the accompanying condensed interim balance sheet of Ghandhara Nissan Limited as at December 31, 2017 and the related condensed interim pro�t and loss account, condensed interim cash �ow statement and condensed interim statement of changes in equity together with the notes forming part thereof for the half year then ended (here-in-after referred to as the "condensed interim �nancial information"). Management is responsible for the preparation and presentation of this condensed interim �nancial information in accordance with approved accounting standards as applicable in Pakistan for interim �nancial reporting. Our responsibility is to express a conclusion on this condensed interim �nancial information based on our review. The �gures of the condensed interim pro�t and loss account for the quarters ended December 31, 2017 and 2016 have not been reviewed, as we are required to review only the cumulative �gures for the half year ended December 31, 2017. Scope of Review We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. A review of interim �nancial information consists of making inquiries, primarily of persons responsible for �nancial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all signi�cant matters that might be identi�ed in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim �nancial information as of and for the half year ended December 31, 2017 is not prepared, in all material respects, in accordance with approved accounting standards as applicable in Pakistan for interim �nancial reporting.

SHINEWING HAMEED CHAUDHRI & CO. CHARTERED ACCOUNTANTS Engagement Partner: Raheel AhmedKarachi; Dated: February 24, 2018

JUNAIDY SHOAIB ASADCHARTERED ACCOUNTANTS Engagement Partner: Farrukh V. JunaidyKarachi; Dated: February 24, 2018


Condensed Interim Balance SheetAs at December 31, 2017

Note

(Un-Audited)December 31,

2017

(Audited)June 30,

2017

----------- Rupees ‘000 -----------

2,027,712 336

242,630 8,807

19,829 466,573

2,765,887

84,088 290,708 377,235

60,757 15,190 11,476

9,090 330,683

1,179,227 -

3,945,114

800,000

450,025 40,000

1,299,400 1,789,425

974,755

50,903 9,611

3 285,238 345,755

698,339 1,204

74,168

16,938 44,530

835,179 1,180,934

- 3,945,114

1,983,445 50

242,630 9,546

19,266 313,140

2,568,077

86,474 277,690 181,088

49,773 16,625 18,082

7,669 514,390

1,151,791 137,909

3,857,777

800,000

450,025 40,000

1,313,543 1,803,568

988,570

53,699 9,611

6 282,527 345,843

628,809 347

-

18,474 72,166

719,796 1,065,639

- 3,857,777

5

6

7

8

9

08

ASSETSNon current assetsProperty, plant and equipmentIntangible assetsLong term investmentsLong term loansLong term depositsDue from Subsidiary Company

Current assetsStores, spares and loose toolsStock-in-tradeTrade debtsLoans and advancesDeposits and prepaymentsOther receivablesAccrued interest / mark-upBank balances

Non current asset classi�ed as held for saleTotal assets

EQUITY AND LIABILITIESShare capital and reservesAuthorised capital80,000,000 (June 30, 2017: 80,000,000) ordinary shares of Rs.10 each Issued, subscribed and paid-up capital45,002,500 (June 30, 2017: 45,002,500) ordinary shares of Rs.10 each Share premiumUnappropriated pro�tTotal equitySurplus on revaluation of �xed assetsLiabilities Non current liabilitiesLiabilities against assets subject to �nance leaseLong term depositsDeferred gain on sale and lease back of transationDeferred taxation

Current liabilitiesTrade and other payablesAccrued mark-up on running �nancesRunning �nances under mark-up arrangementsCurrent portion of liabilities against assets subject to �nance leaseTaxation - net

Total liabilitiesContingencies and commitmentsTotal equity and liabilities The annexed notes 1 to 14 form an integral part of this condensed interim �nancial information.


Muhammad UmairChief Financial Officer


Condensed Interim Profit and Loss Account (Un-audited) For the Half Year ended December 31, 2017

Revenue

Cost of sales

Gross pro�t

Distribution cost

Administrative expenses

Other income

Other expenses

Pro�t from operations

Finance cost

Pro�t before taxation

Taxation

Pro�t after taxation

Other comprehensive income

Total comprehensive income

Earnings per share - basic and diluted

The annexed notes 1 to 14 form an integral part of this condensed interim �nancial information.

Note

December 31,2017

December 31,2016

--------------------------------- Rupees ‘000 ---------------------------------

Quarter ended

---------------------------------- Rupees -------------------------------------

487,027

(403,021)

84,006

(10,663)

(41,804)

95,232

(6,629)

120,142

(2,974)

117,168

(15,791)

101,377

-

101,377

2.25

1,316,595

(1,081,430)

235,165

(9,868)

(68,063)

64,631

(15,176)

206,689

(1,755)

204,934

(51,803)

153,131

-

153,131

3.40

December 31,2017

December 31,2016

Half Year ended

1,014,548

(777,782)

236,766

(21,968)

(91,498)

152,959

(16,759)

259,500

(5,649)

253,851

(56,796)

197,055

-

197,055

4.38

2,649,675

(2,169,378)

480,297

(20,862)

(117,821)

82,257

(28,990)

394,881

(3,728)

391,153

(109,531)

281,622

-

281,622

6.26

10


09




December 31,2017

December 31,2016


10

Condensed Interim Cash Flow Statement (Un-audited) For the Half Year ended December 31, 2017

----------- Rupees ‘000 -----------

Half year ended

CASH FLOWS FROM OPERATING ACTIVITIES Pro�t before taxationAdjustments for non cash charges and other items: Depreciation and amortisation Provision for gratuity Interest income Dividend income Gain on disposal of property, plant and equipment Amortization of gain on sale and lease back of �xed assets Finance cost Net exchange loss / (gain) Operating pro�t before working capital changes Decrease / (increase) in current assets: Stores, spares and loose tools Stock-in-trade Trade debts Loans and advances Deposits and prepayments Other receivables

Increase / (decrease) in trade and other payablesCash generated from / (used in) operations Gratuity paid Long term deposits Long term loans - net Finance cost paid Taxes paid Net cash used in operating activities CASH FLOWS FROM INVESTING ACTIVITIES Fixed capital expenditure Proceeds from disposal of property, plant and equipment / non current asset classi�ed as held for sale Interest received Interest bearing advance to subsidiary - net Dividend income Net cash generated from investing activities CASH FLOWS FROM FINANCING ACTIVITIES Lease �nances - net Running �nances - net Dividend paid Net cash used in �nancing activitiesNet decrease in cash and cash equivalents Cash and cash equivalents - at beginning of the period Cash and cash equivalents - at end of the period

The annexed notes 1 to 14 form an integral part of this condensed interim �nancial information.

253,851

51,554 3,841

(27,914) (77,493) (36,509)

(3) 5,649

310 173,286

2,386 (13,018)

(196,147) (10,984)

1,435 6,606

(209,722) 67,421 30,985

(13,427) (563) 739

(4,792) (81,721) (68,779)

(91,537)

177,913 26,493

(153,433) 77,493 36,929

(12,397) 74,168

(213,628) (151,857) (183,707) 514,390 330,683

391,153

45,063 5,381

(20,830) (51,662)

(6)

(3) 3,728

(1,235) 371,589

(398)

(230,219) (50,174) (39,986) (26,098)

3,401 (343,474) (118,369)

(90,254) (10,396)

(1,693) (1,367) (3,589)

(71,234) (178,533)

(23,644)

14 19,978 68,639 51,662

116,649

(6,744) 4,033

(221,226) (223,937) (285,821) 375,408

89,587




Condensed Interim Statement of Changes in Equity (Un-audited) For the Half Year ended December 31, 2017

------------------------------ Rupees ‘000 ------------------------------

Balance as at July 1, 2016 (Audited) Transaction with owners recognised directly in equity Final dividend for the year ended June 30, 2016 at the rate of Rs.5.00 per share Total comprehensive income for the half year ended December 31, 2016 Pro�t for the period Other comprehensive income Transfer from surplus on revaluation of �xed assets on account of incremental depreciation - net of deferred taxation Balance as at December 31, 2016 (Un-audited)

Balance as at July 1, 2017 (Audited)Transaction with owners recognised directly in equity Final dividend for the year ended June 30, 2017 at the rate of Rs.5.00 per share Total comprehensive income for the half year ended December 31, 2017 Pro�t for the period Other comprehensive income Transfer from surplus on revaluation of �xed assets on account of incremental depreciation - net of deferred taxation Balance as at December 31, 2017 (Un-audited) The annexed notes 1 to 14 form an integral part of this condensed interim �nancial information.

Issued,subscribed

andpaid-upcapital

Sharepremium Total

Unappro-priated

pro�t

450,025

-

-

- -

-

450,025

450,025

-

- - -

-

450,025

40,000

-

-

- -

-

40,000

40,000

-

- - -

-

40,000

1,111,191

(225,013)

281,622

- 281,622

14,547

1,182,347

1,313,543

(225,013)

197,055 -

197,055

13,815

1,299,400

1,601,216

(225,013)

281,622

- 281,622

14,547

1,672,372

1,803,568

(225,013)

197,055 -

197,055

13,815

1,789,425


11





12

Notes to the Condensed Interim Financial Information (Un-audited) For the Half Year ended December 31, 2017

1. THE COMPANY AND ITS OPERATIONS

Ghandhara Nissan Limited (the Company) was incorporated on August 8, 1981 in Pakistan as a private limited company and subsequently converted into a public limited company on May 24,1992. The registered o�ce of the Company is situated at F-3, Hub Chowki Road, S.I.T.E., Karachi. Its manufacturing facilities are located at Port Qasim, Karachi. The Company's shares are listed on Pakistan Stock Exchange Limited.

The principal business of the Company is assembly / progressive manufacturing of Nissan passenger Cars, UD Trucks and Buses, JAC trucks import and sale, import and marketing of Nissan vehicles, import and sale of Dongfeng Complete Built-up Trucks and assembly of other vehicles under contract agreement.

The Company is a subsidiary of Bibojee Services (Private) Limited which holds 62.32% (June 30, 2017: 62.32%) of issued, subscribed and paid-up capital of the Company. 2. BASIS OF PREPARATION

The Companies Act, 2017 has been promulgated with e�ect from May 30, 2017. However, as per the requirements of Circular # 23 of 2017 dated October 4, 2017 issued by the Securities and Exchange Commission of Pakistan (SECP) and related clari�cation issued by the Institute of Chartered Accountants of Pakistan through its Circular # 17 of 2017 dated October 6, 2017, companies whose �nancial year, including quarterly and other interim period, closes on or before December 31, 2017, shall prepare their �nancial statements, including interim �nancial statements in accordance with the provisions of the repealed Companies Ordinance, 1984 (the Ordinance).

This condensed interim �nancial information is unaudited and has been prepared in accordance with the requirements of the International Accounting Standard 34 - 'Interim Financial Reporting' and provisions of and directives issued under the Ordinance. In the case where requirements di�er, the provisions of or directives issued under the Ordinance have been followed. The �gures for the half year ended December 31, 2017 have, however, been subjected to limited scope review by the auditors as required by the Code of Corporate Governance. This condensed interim �nancial information does not include all the information required for annual �nancial statements and therefore should be read in conjunction with the audited annual �nancial statements of the Company for the year ended June 30, 2017. 3. ACCOUNTING POLICIES

The signi�cant accounting policies and the methods of computation adopted in the preparation of this condensed interim �nancial information are consistent with those applied in the preparation of audited annual �nancial statements for the year ended June 30, 2017.

There are certain new International Financial Reporting Standards (standards), amendments to published standards and interpretations that are mandatory for the �nancial year beginning on July 1, 2017. These are considered not to be relevant or to have any signi�cant e�ect on the Company's �nancial reporting and operations and are, therefore, not disclosed in this condensed interim �nancial information. 4. ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of this condensed interim �nancial information in conformity with the approved accounting standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including the expectation of future events that are believed to be reasonable under the circumstances. Actual results may di�er from these estimates.

During the preparation of this condensed interim �nancial information, the signi�cant judgements made by management in applying the Company's accounting policies and the key sources of estimation and uncertainty were the same as those that applied to the audited annual �nancial statements of the Company for the year ended June 30, 2017.


13


Note


2017

(Audited)June 30,

2017

----------- Rupees ‘000 -----------

5.1

5.2

1,950,705

77,007 2,027,712

1,920,332

63,113 1,983,445

5. PROPERTY, PLANT AND EQUIPMENT Operating �xed assets

Capital Work in Progress

1,920,332

85,403

(3,495)

-

(51,535)

1,950,705

-

44,751

13,107

253

4,800

8,065

9,830

4,265

332

85,403

1,846,454

309,256

(2,294)

(137,909)

(95,175)

1,920,332

207,980

-

39,442

14,710

4,300

32,523

6,188

3,042

1,071

309,256

5.1 Operating �xed assets Net book value at beginning of the period / year Additions during the period / year Disposals, costing Rs.6,379 thousand (June 30, 2017: Rs.9,669 thousand) - at net book value Assets classi�ed as held for sale Depreciation charge for the period / year Net book value at end of the period / year 5.2 Additions to operating �xed assets, including transfer from capital work-in-progress, during the period / year were as follows: Leasehold land Building on free hold land Plant and machinery Furniture and �xtures Vehicles - owned - leased Other equipment O�ce equipment Computers


14



2017

(Audited)June 30,

2017

----------- Rupees ‘000 -----------


2017

(Audited)June 30,

2017

----------- Rupees ‘000 -----------

149,995

92,635

1,875

(1,875) -

242,630

149,995

92,635

1,875

(1,875) -

242,630

6. LONG TERM INVESTMENTS

Subsidiary Company - at cost Ghandhara DF (Private) Limited 14,999,500 (June 30, 2017: 14,999,500) ordinary shares of Rs.10 each Equity held: 99.99% (June 30, 2017: 99.99%) Break-up value per share on the basis of latest �nancial statements is Rs.30.25 (June 30, 2017: Rs.24.05) Associated Company - at cost Ghandhara Industries Limited 5,166,168 (June 30, 2017: 5,166,168) ordinary shares of Rs.10 each Equity held: 24.25% (June 30, 2017: 24.25%) Fair value: Rs.2,852.138 million (June 30, 2017: Rs.3,358.577 million) Others - available for sale Automotive Testing & Training Center (Private) Limited 187,500 (June 30, 2017: 187,500) ordinary shares of Rs.10 each - cost Provision for impairment 7. DUE FROM SUBSIDIARY COMPANY - Unsecured and interest bearing

The Company has an aggregate cash limit of Rs. 800 million that can be provided as loan to Ghandhara DF (Private) Limited (Subsidiary company) for its working capital requirments. This advance is unsecured and has been granted for a period of three years. It carries mark-up at rate of six months KIBOR+3.00% and is receivable on quarterly basis.

8. BANK BALANCES Cash at banks on: - current accounts - deposits accounts - term deposits receipts

Provision for doubtful bank balances

106,078 10,517

218,000 334,595

(3,912) 330,683

202,785 10,517

305,000 518,302

(3,912) 514,390


15


10. COST OF SALES

Finished goods at beginning of the period Cost of goods manufactured

Purchases - trading goods Finished goods at end of the period

10.1 Cost of goods manufactured Raw materials and components consumed Factory overheads

Note

10.1

----------------------------------- Rupees ‘000 -----------------------------------

113,214

125,804

303,279

429,083

542,297

(139,276)403,021

-

125,804

125,804

77,061

1,011,534

141,094

1,152,628

1,229,689

(148,259) 1,081,430

818,633

192,901

1,011,534

213,001

259,680

444,377

704,057

917,058

(139,276) 777,782

-

259,680

259,680

113,586

2,043,307

160,744

2,204,051

2,317,637

(148,259) 2,169,378

1,717,153

326,154

2,043,307

9. CONTINGENCIES AND COMMITMENTS

9.1 There is no change in status of the contingencies as disclosed in note 28.1 of the audited annual �nancial statements of the Company for the year ended June 30, 2017.

9.2 Commitment in respect of irrevocable letters of credit as at December 31, 2017 aggregate to Rs.184.449 million (June 30, 2017: Rs.34.80 million).

9.3 Guarantees aggregating Rs.4.951 million (June 30, 2017: Rs.15.787 million) are issued by banks of the Company to various government and other institutions. Further, the Company has issued corporate guarantees aggregating Rs.510.267 million (June 30, 2017: Rs.259.443 million) to the commercial banks against letters of credit facilities utilised by the Subsidiary Company.

--------------------------------------------Un-audited--------------------------------------------

December 31,2017

December 31,2016

Quarter ended

December 31,2017

December 31,2016

Half Year ended


16


--------------- Rupees ‘000 --------------

11. TRANSACTIONS WITH RELATED PARTIES 11.1 Signi�cant transactions with related parties are as follows:

December 31,2017

Name Nature oftransaction December 31,

2016

(i) Holding Company Bibojee Services (Private) Limited

(ii) Subsidiary Company Ghandhara DF (Private) Ltd.

(iii) Associated Companies The General Tyre and Rubber Company of Pakistan Limited Ghandhara Industries Limited

Gammon Pakistan Limited Janana De Malucho Tex�le Mills Limited (iv) Others UD Trucks Corpora�on, Japan Staff provident fund Staff gratuity fund Key management personnel

Corporate office rentDividend

Contract assembly chargesPurchase of partsSale of partsLong term advances given - net Long term advances recovered - net Interest incomeInterest receivedGuarantee commissionReimbursement of expenses

Purchase of tyres Contract assembly chargesHead office rentBody fabrica�onSale of partsPurchase of partsDividend incomeReimbursement of expenses Office rentReimbursement of expenses RoyaltyDividendPurchases of complete knock down kits Contribu�on madeContribu�on madeRemunera�on and other benefits

3,000 140,232

73,476 54

5,400 153,433

- 18,515 17,331

3,115 -

22

384,228 1,320

- 6 8

77,493 21

1,500

867

- 18,235

-

3,938 13,427 34,792

5,850 140,232

20,188 1,500

780 -

68,639 19,189 17,998

1,902 246

31,193

175,711 660 676

1,053 1

51,662 -

1,500

30

8,358 18,235

1,456,599

3,539 10,000 32,471

Un-audited ----Half year ended----


17

Notes to the Condensed Interim Financial Information (Un-audited) The Half Year ended December 31, 2017


2017

(Audited)June 30,

2017

----------- Rupees ‘000 -----------

1,100 45,210

821 708 864

7,528

39,445

11.2 Period / year end balances are as follows: Receivables from related parties Long term loans Trade debts Loans and advances Deposits and prepayments Other receivables Accrued interest / mark-up

Payable to related parties Trade and other payables

800 136,655

805 5,090 3,115 8,712

31,307

12. FINANCIAL RISK MANAGEMENT The Company's activities expose it to a variety of �nancial risks: credit risk, liquidity risk and market risk (including foreign exchange risk, interest rate risk and other price risk). The condensed interim �nancial information does not include all �nancial risk management information and disclosures required in the audited annual �nancial statements and should be read in conjunction with the audited annual �nancial statement for the year ended June 30, 2017.

There has been no change in Company's sensitivity to these risks since June 30, 2017 except for general exposure to �uctuations in foreign currency and interest rates. There have been no change in the risk management policies during the period. There have been no signi�cant changes in the business or economic circumstances during the period that would have a�ected the fair values of the �nancial assets of the Company. Further, no re-classi�cations in the categories of �nancial assets have been made since June 30, 2017.

13. DATE OF AUTHORIZATION FOR ISSUE This condensed interim �nancial information was authorized for issue on February 24, 2018 by the Board of Directors of the Company.

14. CORRESPONDING FIGURES In order to comply with the requirements of International Accounting Standard 34 - 'Interim Financial Reporting', corresponding �gures in the condensed interim balance sheet comprise of balances as per the audited annual �nancial statements of the Company for year ended June 30, 2017 and the corresponding �gures in the condensed interim pro�t and loss account, condensed interim cash �ow statement and condensed interim statement of changes in equity comprise of balances of comparable period as per the condensed interim �nancial information of the Company for the half year ended December 31, 2016.





18

Directors’ ReportThe directors are pleased to present their report together with consolidated un-audited condensed interim �nancial information of Ghandhara Nissan Limited (GNL) and its subsidiary company Ghandhara DF (Pvt.) Limited (GDFPL) for the half year ended December 31, 2017.

The Company has annexed consolidated un-audited condensed interim �nancial information alongwith its standalone un-audited condensed interim �nancial information.

The consolidated un-audited condensed interim �nancial information shows turnover of Rs.2,343.7 million, gross pro�t of Rs.411.5 million and pro�t after tax of Rs.364.1 million for the half year ended December 31, 2017.

The above performance has been achieved as a result of signi�cant contribution from GDFPL which has shown a substantial improvement during the half year ended December 31, 2017. The revenue of GDFPL has increased by 103% to Rs.1,408.2 million during the period. This is a result of overwhelming e�orts by GDFPL in promoting the Chinese brand nationwide and providing the customers with quality and timely after sales service.

Moreover, JAC Trucks, introduced during the current �nancial year, have received an incredible market response which is also re�ected in the �nancial results of current period.

For and on behalf of the Board of Directors





19

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31

31

2017

31

103

2017

20172,343.7

411.5364.1


20

Condensed Interim Consolidated Balance SheetAs at December 31, 2017

Note


2017

(Audited)June 30,

2017

----------- Rupees ‘000 -----------ASSETS Non current assets Property, plant and equipmentIntangible assets Long term investmentsLong term loans Long term deposits Current assetsStores, spares and loose toolsStock-in-tradeTrade debtsLoans and advancesDeposits and prepayments Other receivablesTaxation - netCash and bank balances

Non current asset classi�ed as held for saleTotal assets

EQUITY AND LIABILITIESShare capital and reservesAuthorised capital 80,000,000 (June 30, 2017: 80,000,000) ordinary shares of Rs.10 each Issued, subscribed and paid-up capital 45,002,500 (June 30, 2017: 45,002,500) ordinary shares of Rs.10 eachShare premiumItems credit directly in equity by an Associate Unappropriated pro�tEquity attributable to shareholders of the Holding Company

Non-controlling interestTotal equitySurplus on revaluation of �xed assets Liabilities Non current liabilitiesLiabilities against assets subject to �nance lease Long term depositsDeferred gain on sale and lease back transactionDeferred taxation Current liabilitiesTrade and other payablesAccrued mark-up on running �nances Running �nances under mark-up arrangements Current portion of liabilities against assets subject to �nanace lease Taxation - net Total liabilitiesContingencies and commitments Total equity and liabilities

The annexed notes 1 to 14 form an integral part of this consolidated condensed interim �nancial information.

2,035,438 519

931,027 8,807

19,829 2,995,620

84,088 1,105,470 1,159,119

70,844 17,147 65,817 58,052

382,551 2,943,088

- 5,938,708

800,000

450,025 40,000 69,381

1,970,902 2,530,308

35 2,530,343 1,375,134

79,398 9,611

3 285,554 374,566

1,541,809 1,204

80,756

34,896 -

1,658,665 2,033,231

5,938,708

1,992,030 258

857,012 9,546

19,266 2,878,112

86,474 699,540 516,167

51,235 31,372 89,761

- 573,693

2,048,242 137,909

5,064,263

800,000

450,025 40,000 68,426

1,818,045 2,376,496

26 2,376,522 1,389,904

92,194 9,611

6 282,843 384,654

870,479 347

-

38,313 4,044

913,183 1,297,837

5,064,263

6

7

8

9




Condensed Interim Consolidated Profit and Loss Account (Un-audited) For the Half Year ended December 31, 2017


21

Revenue

Cost of sales

Gross pro�t

Distribution cost

Administrative expenses

Other income

Other expenses

Pro�t from operations

Finance cost

Share of pro�t of an Associate

Pro�t before taxation

Taxation

Pro�t after taxation

Other comprehensive income

Total comprehensive income

Attributable to:

- Shareholders of the Holding Company

- Non-controlling interest

Earnings per share - basic and diluted


Note

10

December 31,2017

December 31,2016

--------------------------------- Rupees ‘000 ---------------------------------

Quarter ended

---------------------------------- Rupees -------------------------------------

1,359,511

(1,185,450)

174,061

(13,465)

(47,520)

7,184

(6,629)

113,631

(3,089)

110,542

111,023

221,565

(40,138)

181,427

-

181,427

181,423

4

181,427

4.03

1,696,251

(1,401,255)

294,996

(16,546)

(70,612)

4,174

(15,176)

196,835

(1,953)

194,882

43,559

238,441

(66,096)

172,345

-

172,345

172,343

2

172,345

3.83

December 31,2017

December 31,2016

Half Year ended

2,343,775

(1,932,269)

411,506

(26,502)

(102,954)

54,126

(16,759)

319,417

(5,801)

313,616

151,508

465,124

(101,060)

364,064

-

364,064

364,055

9

364,064

8.09

3,325,794

(2,743,522)

582,272

(28,078)

(121,445)

10,719

(28,990)

414,478

(4,209)

410,269

102,209

512,478

(132,771)

379,707

-

379,707

379,704

3

379,707

8.44





22

Condensed Interim Consolidated Cash Flow Statement (Un-audited) For the Half Year ended December 31, 2017

December 31,2017

December 31,2016

----------- Rupees ‘000 -----------CASH FLOWS FROM OPERATING ACTIVITIESPro�t before taxationAdjustments for non-cash charges and other items: Depreciation and amortisation Interest income Finance cost Gain on disposal of property, plant and equipment Exchange gain / (loss) Amortization of gain on sale and lease back transaction Share of pro�t of an Associated Company Provision for gratuityOperating pro�t before working capital changesIncrease / (decrease) in current assets: Stores, spares and loose tools Stock-in-trade Trade debts Loans and advances Deposit and prepayments Other receivables

Decrease / (increase) in trade and other payablesCash (used in) / generated from operations Gratuity paid Long term loans-net Long term deposits Finance cost paid Taxes paidNet cash used in operating activities

CASH FLOWS FROM INVESTING ACTIVITIES Fixed capital expenditure Proceeds from disposal of property, plant and equipment / non current asset classi�ed as held for sale Interest income received Dividend incomeNet cash generated from investing activitiesCASH FLOWS FROM FINANCING ACTIVITIES Lease �nances - net Running �nances-net Dividend paidNet cash used in �nancing activitiesNet decrease in cash and cash equivalentsCash and cash equivalents - at beginning of the periodCash and cash equivalents - at end of the period


465,124

52,133 (17,617)

5,801 (36,509)

310 (3)

(151,508) 3,841

321,572

2,386 (405,930) (642,952)

(19,609) 14,225 23,944

(1,027,936) 669,531 (36,833) (13,427)

739 (563)

(4,944) (160,450) (215,478)

(91,537)

177,913 17,617 77,493

181,486

(24,278) 80,756

(213,628) (157,150) (191,142) 573,693 382,551

512,478

46,172 (20,830)

4,209 (6)

(1,235) (3)

(102,209) 5,381

443,957

(398) (41,933) (34,348) (39,109) (27,621) 26,744

(116,665) (299,064)

28,228 (10,396)

(1,367) (1,693) (4,070)

(108,242) (97,540)

(23,645)

14 20,830 51,662 48,861

(6,744) 4,033

(221,226) (223,937)(272,616) 394,789 122,173

Half year ended




Condensed Interim Consolidated Statement of Changes in Equity (Un-audited)

For the Half Year ended December 31, 2017

----------------------------------------- Rupees ‘000 -----------------------------------------

Balance as at July 1, 2016 (Audited)

Transaction with owners recognised directly in equity

Final dividend for the year ended June 30, 2016 at the rate of Rs.5.00 per share

Total comprehensive income for the half year ended December 31, 2016 Pro�t for the period Other comprehensive income

Transfer from surplus on revaluation of �xed assets on account of incremental depreciation - net of deferred taxation

E�ect of item directly credited in equity by an Associated CompanyBalance as at December 31, 2016 (un-audited) Balance as at July 1, 2017 (Audited)Transaction with owners recognised directly in equity

Final dividend for the year ended June 30, 2017 at the rate of Rs.5.00 per share

Total comprehensive income for the half ended December 31, 2017 Pro�t for the period Other comprehensive income

Transfer from surplus on revaluation of �xed assets on account of incremental depreciation - net of deferred taxationE�ect of item directly credited in equity by an Associated Company

Balance as at December 31, 2017 (un-audited)


Issued,subscribedand paid-up capital

Sharepremium

Total Non-controlling

interest

Unappro-priated

pro�t

Item credited directly in

equity by anAssociate


23

450,025

-

- - -

-

- 450,025 450,025

-

- - -

-

-

450,025

1,863,095

(225,013)

379,704 -

379,704

14,547

1,097 2,033,430 2,376,496

(225,013)

364,055 -

364,055

13,815

955

2,530,308

11

-

3 - 3

-

-

14 26

-

9 -

9

-

-

35

40,000

-

- - -

-

- 40,000 40,000

-

- - -

-

-

40,000

66,516

-

- - -

-

1,097 67,613 68,426

-

- - -

-

955

69,381

1,306,554

(225,013)

379,704 -

379,704

14,547

- 1,475,792 1,818,045

(225,013)

364,055 -

364,055

13,815

-

1,970,902





24

Notes to the Consolidated Condensed Interim Financial Information (Un-auditedFor the Half Year ended December 31, 2017

1. THE GROUP AND ITS OPERATIONS 1.1 The Group consists of Ghandhara Nissan Limited (the Holding Company) and Ghandhara DF (Private) Limited (the Subsidiary Company). 1.2 Ghandhara Nissan Limited Ghandhara Nissan Limited (the Holding Company) was incorporated on August 8, 1981 in Pakistan as a private limited company and subsequently converted into a public limited company on May 24, 1992. The registered o�ce of the Holding Company is situated at F-3, Hub Chowki Road, S.I.T.E., Karachi. Its manufacturing facilities are located at Port Qasim, Karachi. The Holding Company's shares are listed on Pakistan Stock Exchange Limited. Bibojee Services (Private) Limited is the ultimate holding company of the Group. The principal business of the Holding Company is assembly / progressive manufacturing of Nissan passenger Cars, UD Trucks and Buses, and sale, import and marketing of Nissan vehicles, import and sale of DongFeng and JAC Complete Built-up Trucks and assembly of other vehicles under contract agreement. 1.3 Ghandhara DF (Private) Limited Ghandhara DF (Private) Limited (the Subsidiary Company) was incorporated on June 25, 2013 in Pakistan as a private limited company. The registered o�ce of the Subsidiary Company is situated at F-3, Hub Chowki Road, S.I.T.E., Karachi. The principal business of the Subsidiary Company is to carry-out CKD operations of Dongfeng vehicles. It has outsourced assembly of the vehicles to the Holding Company. 2. BASIS OF PREPARATION 2.1 The Companies Act, 2017 has been promulgated with e�ect from May 30, 2017. However, as per the requirements of Circular # 23 of 2017 dated October 4, 2017 issued by the Securities and Exchange Commission of Pakistan (SECP) and related clari�cation issued by the Institute of Chartered Accountants of Pakistan through its Circular # 17 of 2017 dated October 6, 2017, companies whose �nancial year, including quarterly and other interim period, closes on or before December 31, 2017, shall prepare their �nancial statements, including interim �nancial statements in accordance with the provisions of the repealed Companies Ordinance, 1984 (the Ordinance). 2.2 This consolidated condensed interim �nancial information is unaudited and has been prepared in accordance with the requirements of the International Accounting Standard 34 - 'Interim Financial Reporting' and provisions of and directives issued under the Ordinance. In the case where requirements di�er, the provisions of or directives issued under the Ordinance have been followed. This consolidated condensed interim �nancial information does not include all the information required for annual �nancial statements and therefore should be read in conjunction with the audited annual consolidated �nancial statements of the Group for the year ended June 30, 2017. 3. PRINCIPLES OF CONSOLIDATION These consolidated �nancial statements include the �nancial statements of Holding Company and its Subsidiary Company. The Holding Company's direct interest in the Subsidiary Company is 99.99% as at December 31, 2017 ( June 30, 2017: 99.99%).

Consolidated �nancial information combines like items of assets, liabilities, equity, income, expenses and cash �ows of the Holding Company with those of its Subsidiary, o�set (eliminate) the carrying amount of the Holding Company's investment in Subsidiary and the Holding Company's portion of equity of Subsidiary and eliminate in full intragroup assets and liabilities, equity, income, expenses and cash �ows relating to transactions between entities of the Group. Non-controlling interest is equity in the Subsidiary Company not attributable, directly or indirectly, to the Holding Company.


4. ACCOUNTING POLICIES The signi�cant accounting policies and the methods of computation adopted in the preparation of this condensed interim �nancial information are consistent with those applied in the preparation of audited annual consolidated �nancial statements for the year ended June 30, 2017.

There are certain International Financial Reporting Standards, amendments to published standards and interpretations that are mandatory for the �nancial year beginning on July 1, 2017. These are considered not to be relevant or to have any signi�cant e�ect on Group's �nancial reporting and operations and are, therefore, not disclosed in the consolidated condensed interim �nancial information. 5. ACCOUNTING ESTIMATES AND JUDGEMENTS The preparation of this consolidated condensed interim �nancial information in conformity with the approved accounting standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including the expectation of future events that are believed to be reasonable under the circumstances. Actual results may di�er from these estimates.

During the preparation of this consolidated condensed interim �nancial information, the signi�cant judgements made by management in applying the Group's accounting policies and the key sources of estimation and uncertainty were the same as those that applied to the audited annual consolidated �nancial statements of the Group for the year ended June 30, 2017.

6. PROPERTY, PLANT AND EQUIPMENT Operating �xed assets Capital work-in-progress 6.1 Operating �xed assets Book value at beginning of the period / year Additions during the period / year Disposals costing Rs.6,379 thousand (June 30, 2017: Rs.9,669 thousand) - at book value Assets classi�ed as held for sale costing Rs.Nil (June 30, 2017: Rs. 162,724 thousand) - at book value

Depreciation charge for the period / year Book value at end of the period / year 6.2 Additions to operating �xed assets, including transfer from capital work-in-progress, during the period / year were as follows: Leasehold land Building on free hold land Plant and machinery Furniture and �xtures Vehicles - owned - leased Other equipment O�ce equipment Computers


25

Note


2017

(Audited)June 30,

2017

----------- Rupees ‘000 -----------

6.1

6.2

1,958,431 77,007

2,035,438

1,928,917

85,403

(3,495)

-

(52,394) 1,958,431

- 44,751 13,107

253

4,800 8,065 9,830 4,265

332 85,403

1,928,917 63,113

1,992,030

1,857,185 309,256

(2,294)

(137,909)

(97,321) 1,928,917

207,980 -

39,442 14,710

4,300 32,523

6,188 3,042 1,071

309,256


26


7. LONG TERM INVESTMENTS Associate - equity accounted investment Others - available for sale 7.1 Associated Company - equity accounted investment Ghandhara Industries Limited Balance at beginning of the period / year

Share of pro�t / OCI for the period / year

Share of revaluation during the period / year

Dividend received during the period / year Balance at end of the period / year

931,027 -

931,027

857,012

151,508

-

(77,493)

931,027

857,012 -

857,012

647,079

210,784

50,811

(51,662)

857,012


2017

(Audited)June 30,

2017

----------- Rupees ‘000 -----------

7.1.1 Investment in Ghandhara Industries Limited (GIL) represents 5,166,168 (June 30, 2017: 5,166,168) fully paid ordinary shares of Rs.10 each representing 24.25% (June 30, 2017: 24.25%) of its issued, subscribed and paid-up capital as at December 31, 2017. GIL was incorporated on February 23, 1963 and its shares are quoted on Pakistan Stock Exchange Limited. The principal activity of GIL is the assembly, progressive manufacturing and sale of Isuzu trucks and buses.

7.1.2 The value of investment in GIL is based on un-audited condensed interim �nancial information of the investee company as at September 30, 2017. The latest �nancial statements of GIL as at December 31, 2017 are not presently available.

7.1.3 The market value of investment as at December 31, 2017 was Rs.2,852.138 million (June 30, 2017: Rs.3,358.577 million).

7.2 Others - available for sale

Note


2017

(Audited)June 30,

2017

----------- Rupees ‘000 -----------

1,875

(1,875)

-

1,875

(1,875)

-

Automotive Testing & Training Centre (Private) Limited 187,500 (June 30, 2017: 187,500) ordinary shares of Rs.10 each - cost Provision for impairment

Note

7.17.2

Notes to the Consolidated Condensed Interim Financial Information (Un-auditedThe Half Year ended December 31, 2017


27

Note


2017

(Audited)June 30,

2017

----------- Rupees ‘000 -----------

8. CASH AND BANK BALANCES Cash in hand Cash at banks on: - current accounts - deposit accounts - term deposit receipts

Provision for doubtful bank balances

9. CONTINGENCIES AND COMMITMENTS

9.1 Contingencies

9.1.1 There is no change in status of the contingencies as disclosed in note 26.1 of the audited annual �nancial statements of the Group for the year ended June 30, 2017.

4,951

510,267

220,144

15,787

259,443

294,243

Note


2017

(Audited)June 30,

2017

----------- Rupees ‘000 -----------

1

157,945 10,517

218,000 386,462

(3,912)382,551

1

262,087 10,517

305,000 577,604

(3,912)573,693

9.1.2 Guarantees Guarantees issued by banks on behalf of the Holding Company Corporate guarantee's issued by Holding Company to the commercial banks against letters of credit facilities utilised by the Subsidiary Company 9.2 Commitment Commitments in respect of capital expenditure, raw materials and components through con�rmed letters of credit

9.1



28

Name

(i) Ultimate Holding CompanyBibojee Services (Private) Limited (ii) Associated CompaniesThe General Tyre and Rubber Company of Pakistan Limited Ghandhara Industries Limited

Janana De Malucho Textile Mills Limited Gammon Pakistan Limited (iii) OthersUD Trucks Corporation, Japan

Sta� provident fundSta� gratuity fund Key management personnel

Corporate o�ce rent Dividend Purchase of tyres Contract assembly chargesBody fabrication Sale of parts Purchase of parts Head o�ce rent Dividend income Reimbursement of expenses Reimbursement of expenses O�ce rent Royalty Dividend Purchases of complete knock down kits Contribution madeContribution madeRemuneration and other short term bene�ts

6,000 140,232

17,275

384,228 - 6 8

1,320 77,493

21

867 1,500

- 18,235

- 3,938

13,427

36,592

7,380 140,232

41,207

175,711 676

1,053 1

660 51,662

-

30 1,500

8,358 18,235

1,456,599 3,539

10,000

33,971

Nature of transaction

----------- Rupees ‘000 -----------

December 31,2017

December 31,2016

------------------Half year ended------------------

10. COST OF SALES

Finished goods at beginning of the period Cost of goods manufactured Purchases - trading goods Finished goods at end of the period 10.1 Cost of goods manufactured Raw materials and components consumed Factory overheads

Note

10.1

----------------------------------- Rupees ‘000 -----------------------------------

195,049

1,045,708 303,279

1,348,987 1,544,036 (358,586)

1,185,450

832,684 213,024

1,045,708

146,926

1,459,482 141,622

1,601,104 1,748,030 (346,775)

1,401,255

1,258,845 200,637

1,459,482

302,797

1,543,681 444,377

1,988,058 2,290,855 (358,586)

1,932,269

1,197,836 345,845

1,543,681

165,813

2,763,435 161,049

2,924,484 3,090,297 (346,775)

2,743,522

2,428,733 334,702

2,763,435

--------------------------------------------Un-audited--------------------------------------------

11. TRANSACTIONS WITH RELATED PARTIES 11.1 Signi�cant transactions with related parties are as follows:

December 31,2017

December 31,2016

Quarter ended

December 31,2017

December 31,2016

Half Year ended


11.2 Period / year end balances are as follows:

Receivables from related parties

Long term loans

Trade debts

Loan and advances

Deposits and prepayments

Payable to related parties

Trade and other payables

These are in the normal course of business and are settled in ordinary course of business.

12. FINANCIAL RISK MANAGEMENT

The Group's activities expose it to a variety of �nancial risks: credit risk, liquidity risk and market risk (including foreign exchange risk, interest rate risk and other price risk).

The condensed interim �nancial information does not include all �nancial risk management information and disclosures required in the audited annual �nancial statements and should be read in conjunction with the audited annual consolidation �nancial statement for the year ended June 30, 2017. There has been no change in Group's sensitivity to these risks since June 30, 2017 except for general exposure to �uctuations in foreign currency and interest rates. There have been no change in the risk management policies during the period.

There have been no signi�cant changes in the business or economic circumstances during the period that would have a�ected the fair values of the �nancial assets of the Group. Further, no re-classi�cations in the categories of �nancial assets have been made since June 30, 2017.

13. CORRESPONDING FIGURES

In order to comply with the requirements of International Accounting Standard 34 - 'Interim Financial Reporting', corresponding �gures in the consolidated condensed interim balance sheet comprise of balances as per the audited annual �nancial statements of the Group for year ended June 30, 2017 and the corresponding �gures in the consolidated condensed interim pro�t and loss account, consolidated condensed interim cash �ow statement and consolidated condensed interim statement of changes in equity comprise of balances of comparable period as per the consolidated condensed interim �nancial information of the Group for the half year ended December 31, 2016.

14. DATE OF AUTHORIZATION This consolidated condensed interim �nancial information was authorized for issue on February 24, 2018 by the Board of Directors of the Holding Company.

v


29

Note


2017

(Audited)June 30,

2017

----------- Rupees ‘000 -----------

800

81,223

843

13,855

31,307

1,100

28,578

821

708

40,785





Notes

Ghandhara Nissan Limited

F-3, Hub Chowki Road, S.I.T.E., Karachi-75730Tel: 021-32556901 - 10 UAN: 111-190-190 Fax: 021-32556911 - 12

Email: [email protected] Web: www.ghandhara.com.pk

Documents

GHANDHARA NISSAN LIMITED · We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the