FIRST QUARTER FINANCIAL STATEMENTS - · PDF fileFIRST QUARTER FINANCIAL STATEMENTS. ... Hassan Farooq & Company ... E-mail : [email protected] 49-KM, Multan Road, (from Lahore)

Ghani Automobile Industries Limited

The Power of Perfection

FIRST QUARTERFINANCIAL STATEMENTS

Corporate Information

BOARD OF DIRECTORS

AUDIT COMMITTEE

COMPANY SECRETARY

CHIEF FINANCIAL OFFICER

AUDITORS

LEGAL ADVISORS

SHARE REGISTRAR

BANKERS

HEAD OFFICE &REGISTERED OFFICE

Mr. Imtiaz Ahmad Khan Chairman

Mr. Aftab Ahmad Khan Chief Executive Officer

Mr. Anwaar Ahmad Khan

Mrs. Reema Anwaar

Mrs. Ayesha Aftab

Mr. Junaid Ghani

Mr. Obaid Ghani

Mr. Jubair Ghani

ChairmanMemberMember

ChairmanMemberMember

Hafiz Mohammad Imran Sabir

Mr. Umer Farooq Khan

Hassan Farooq & Company

Chartered Accountants

Ally Law Associates

Ch. Muhammad Siddique

Corplink (Pvt) Ltd.

Wings Arcade, 1-K Commercial Model Town Lahore, Pakistan

Phones : (042) 35916714, 35916719 Fax : (042) 35869037

Albaraka Islamic Bank

Allied Bank of Pakistan Limited

Habib Bank Limited

Meezan Bank Limited, Islamic Banking

Soneri Bank Limited, Islamic Banking

Burj Bank Limited

Habib Metropolitan Bank Limited

Bank Alfalah Limited

40-L Model Town Lahore, Pakistan

UAN : (042) 111 949 949

Fax : (042) 3517 2263

E-mail : [email protected]://www.ghaniautomobiles.com

MARKETING OFFICE

AUTOMOBILE PLANT

12 D/3, Chandni Chowk KDA Scheme No. 7-8 Karachi - 74000

UAN : (021) 111 949 949, Fax : (021) 3492 6349

E-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 Aftab

Dr. Amjad Aqeel

1Ghani Automobile Industries Limited


Directors’ ReportDear 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, 2013.

The results for the first quarter ended September 30, 2013 are as follow:

During the first quarter ended September 30, 2013, though the net sale of the Company has reduced as compared to the corresponding period of last year. However, as per company strategy of improving profitability, the Gross Profit has increased by 40% over the same period of last year. Similarly, the management has reduced losses both before and after taxation. We are confident that by the grace of Almighty Allah, the profit figures will be further improved 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).

On behalf of the Board of Directors

Lahore: October 24, 2013 Aftab Ahmed Khan

Chief Executive Officer

Financial Indicators Sept 30, 2013 Sept 30, 2012 Rupees ‘000’

32,999 57,937

2,876 2,056

(1,297) (3,361)

(1,297) (3,940)

(0.06) (0.20)

Sales – Net

Gross profit / (loss)

Profit / (loss) before taxation

Net profit / (loss)

Earning / (loss) per share


as at September 30, 2013 (un-audited)

30 September 2013 30 June 2013

Rupees RupeesEQUITY & LIABILITIES

share capital and reserve

Authorized Share Capital

20,000,000 (Jun 2013: 20,000,000) ordinary shares of Rs.10 each 200,000,000

200,000,000

Issued, subscribed and paid up capital 200,000,000

200,000,000Accumulated losses (138,691,033)

(137,393,865)61,308,967

62,606,135

Current liabilities

Short term Financing 88,626,523

91,745,645Loan from sponsors 168,105,000

168,105,000

Creditors, accrued and other liabilities 91,566,465

104,959,123Provision for taxation -

866,309

348,297,988 365,676,077

Contingecies and commitments - -

409,606,955 428,282,212

ASSETS

Non-current assets

Property, plant and equipment 40,218,621

40,876,547

Security deposits 667,386

667,386

Deferred tax 23,098,848

23,098,848

Current Assets

Stores, spares and loose tools 813,630

813,630Stock in trade 79,766,644

104,542,071Trade debtors - unsecured but considered good 192,523,014

191,349,591Advances and other receivables 63,497,785

62,131,823Cash and bank balances 9,021,027

4,802,316345,622,100

363,639,431

409,606,955

428,282,212

The annexed notes form an integral part of these financial statements

____________DIRECTOR

________________________CHIEF EXECUTIVE OFFICER

Condensed Interim Balance SheetAudited

for the quarter ended September 30, 2013 (un-audited)

2013 2012Rupees Rupees

Sales-Net 32,998,753

57,937,359

Cost of sales 30,122,500

55,881,498

Gross profit 2,876,253

2,055,861

Administrative expenses 1,668,935

1,892,079

Distribution and marketing expenses 2,972,901

2,253,643

4,641,836

4,145,722

(1,765,583)

(2,089,861)

Other Operating Income 3,129,000 2,585,000

Operating Profit 1,363,417 495,139

Finance Cost 2,660,585 3,856,056

(Loss) before taxation (1,297,168)

(3,360,917)

Taxation -

579,374

(Loss) after taxation (1,297,168) (3,940,291)

Earning Per Share - Basic (0.06)

(0.20)

The annexed notes form an integral part of these accounts

July to September




Condensed Interim Profit & Loss Account


2013 2012Rupees Rupees

CASH FLOWS FROM OPERATING ACTIVITIES(loss) / Profit for the year before tax (1,297,168) (3,360,917)

Adjustment for :Depreciation 657,926 731,955

Financial charges 2,660,585 3,856,056

3,318,511 4,588,011

Operating profit before working capital changes 2,021,343 1,227,094

(Increase) / decrease in current assetsStock in trade 24,775,427 (2,403,462)

Trade debtors (1,173,423) (4,653,758)

Advances and other receivables (68,990) (42,834)

23,533,014 (7,100,054)

Increase / (decrease) in current liabilitiesCreditors, accrued and other liabilities (16,612,020) 7,463,407

8,942,337 1,590,448 Financial charges paid 558,777 (636,694) Taxes paid (2,163,281) (1,273,318)

NET CASH FLOWS FROM OPERATING ACTIVITIES 7,337,833 (319,564)

Musharaka financing repaid - (300,000)

Murabaha financing repaid (3,119,122) (2,746,615)

NET CASH FLOWS FROM FINANCING ACTIVITIES (3,119,122) (3,046,615)

Net (decrease) / increase in cash 4,218,711 (3,366,179)

Cash and cash equivalents at the beginning of the year 4,802,316 25,030,970

Cash and cash equivalents at the end of the year 9,021,027 21,664,790


July to September




Condensed Interim Cash Flow Statement


Share Capital Accumulated TotalCapital profit/(loss)Rupees Rupees Rupees

Balance as on June 30, 2012 200,000,000 (126,819,784) 73,180,216

Net loss for the year - (10,574,081) (10,574,081)

Balance as on June 30, 2013 200,000,000 (137,393,865) 62,606,135

Balance as on July 01, 2013 200,000,000 (137,393,865) 62,606,135

Net loss for the period - (1,297,168) (1,297,168)

Balance as on September 30, 2013 200,000,000 (138,691,033) 61,308,967





Statement of Changes in Equity

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 2013 30 June 2013Rupees Rupees

3 ISSUED, SUBSCRIBED AND PAID UP CAPITAL

19,250,000 (Jun 2013: 19,250,000) ordinary shares ofRupees 10 each fully paid in cash 192,500,000 192,500,000

250,000 (Jun 2013: 250,000) ordinary shares of Rupees10 each fully paid other than cash 2,500,000 2,500,000

500,000 (Jun 2013: 500,000) ordinary shares of Rupees 10each issued as bonus shares 5,000,000 5,000,000

200,000,000 200,000,000

4 CONTINGENCIES AND COMMITMENTS

CONTINGENCIES

4.1

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.

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, 2013

There is no any significant change in contingencies and commitments as disclosed on June 30, 2013.


Notes to theCondensed Interim Financial Statementsfor the quarter ended September 30, 2013 (un-audited)

30 Sep 2013 30 June 2013Rupees Rupees

5 ADDITION / (DELETION) IN FIXED ASSETS - AT COST

Plant And Machinery - 70,000

Computers - 38,631

- 108,631

6 AUTHORISED FOR ISSUE

The financial statements were approved by board of directors and authorised for issue on October 24, 2013.

7 CORRESPONDING FIGURES

Corresponding figures have been rearranged, where necessary, for the purpose of comparison androunded off to the nearest rupee.




The Power of Perfection

Head Office:40-L, Model Town, Lahore, Pakistan.UAN: +92-42-111 949 949Fax: + 92-42-35172263www.ghaniautomobiles.com

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FIRST QUARTER FINANCIAL STATEMENTS - · PDF fileFIRST QUARTER FINANCIAL STATEMENTS. ... Hassan Farooq & Company ... E-mail : [email protected] 49-KM, Multan Road, (from Lahore)