1 TG TARIQ GLASS INDUSTRIES LTD. CONTENTS COMPANY INFORMATION DIRECTORS' REPORT (English / ) CONDENSED INTERIM BALANCE SHEET CONDENSED INTERIM PROFIT AND LOSS ACCOUNT CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME CONDENSED INTERIM CASH FLOW STATEMENT CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS 2 3-4 5 6 7 8 9 10-11 Z g Š z
12
Embed
3rd Qrtly 2018 April - tariqglass.com · MCB BANK LTD THE BANK OF KHYBER ASKARI BANK LTD MEEZAN BANK LTD ... products with the brand name of ROCKWARE is indeed appreciable. This marvel
This document is posted to help you gain knowledge. Please leave a comment to let me know what you think about it! Share it to your friends and learn new things together.
Transcript
1
TG TARIQ GLASS INDUSTRIES LTD.
CONTENTS
COMPANY INFORMATION
DIRECTORS' REPORT (English / )
CONDENSED INTERIM BALANCE SHEET
CONDENSED INTERIM PROFIT AND LOSS ACCOUNT
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
CONDENSED INTERIM CASH FLOW STATEMENT
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
2
3-4
5
6
7
8
9
10-11
ZgŠz
2
COMPANY INFORMATION
BOARD OF DIRECTORS
CHAIRMAN
MANAGING DIRECTOR / CEO
DIRECTORS
COMPANY SECRETARY MR. MOHSIN ALI
AUDIT COMMITTEE CHAIRMAN MEMBERMEMBER
AUDITORS KPMG TASEER HADI & CO.CHARTERED ACCOUNTANTS
LEGAL ADVISOR KASURI AND ASSOCIATESLAHORE
MR. RASHID SADIQ, M/S R.S. CORPORATE ADVISORY
TAX CONSULTANTS YOUSAF ISLAM ASSOCIATES LAHORE
BANKERS NATIONAL BANK OF PAKISTAN HABIB BANK LTDUNITED BANK LTDTHE BANK OF PUNJABMCB BANK LTDTHE BANK OF KHYBERASKARI BANK LTDMEEZAN BANK LTD
SHARES REGISTRAR SHEMAS INTERNATIONAL (PVT) LTD.533 - Main Boulevard, Imperial Garden Block,Paragon City, Barki Road, Lahore.Ph: +92-42-37191262E-mail: [email protected]
REGISTERED OFFICE 128-J, MODEL TOWN, LAHORE.UAN : 042-111-34-34-34FAX : 042-35857692 - 35857693E MAIL : [email protected]: www.tariqglass.com
WORKS 33-KM, LAHORE/SHEIKHUPURA ROADTEL: (042) 37925652, (056) 3500635-7FAX: (056) 3500633
HUMAN RESOURCE & REMUNERATION COMMITTEE
CHAIRMAN MEMBERMEMBER
BANK ALFALAH LTDFAYSAL BANK LTDJ.S. BANK LTDBANKISLAMI PAKISTAN LTDBANK ALHABIB LTDSAMBA BANK LTD AL-BARAKA BANK (PAK) LTDSTANDARD CHARTERED BANK (PAK) LTD
MR. OMER BAIG
MR. MANSOOR IRFANI
CHIEF FINANCIAL OFFICER MR. WAQAR ULLAH
INDEPENDENT DIRECTORINDEPENDENT DIRECTOR
MR. MOHAMMAD BAIGMR. SAAD IQBALMS. RUBINA NAYYARMR. TAJAMMAL HUSSAIN BOKHAREEMR. FAIZ MUHAMMAD
MR. TAJAMMAL HUSSAIN BOKHAREEMR. OMER BAIGMR. MANSOOR IRFANI
MR. TAJAMMAL HUSSAIN BOKHAREEMS. RUBINA NAYYARMR. MANSOOR IRFANI
CORPORATE CONSULTANTS
3
Lahore: April 25, 2018
The Directors of the Company present before you their report together with the un-audited financial statements of the company for the nine months period ended March 31, 2018.
Operational and Financial Performance
By the grace of Almighty Allah, the Company with significant improvement is upholding the level of its sales and profitability for the period under report. The Company has recorded net sales of Rs. 8,849 million with a profit before tax of 1,141 million as compared to the corresponding period's figure of Rs. 7,174 million and 839 million respectively. The profit after tax to sales ratio and EPS for the period under review are reported as 9.27% and Rs. 11.17 whereas figures of same period of last year were 8.43% and Rs. 8.23 respectively. The improving liquidity position and sound measures undertaken by the management resulted in lowering of the finance cost by 46% during the period under report as compared to the similar period of previous year.
The brief of financial results for the nine months period ended on March 31, 2018 are as under:
By the grace of Allah Almighty, the Company has started the commercial operations of its new state of the art plant for the manufacturing of opal glass dinnerware products with a capacity of 35 tons per day on March 29, 2018. The opal glass dinnerware products are being marketed under the brand name of “ROCKWARE”.
Mr. Faiz Muhammad has co-opted as a Director on the Board of Directors of the Company to fill the casual vacancy due to the sad demise of Mr. Tariq Baig w.e.f. March 20, 2018. Mr. Tariq Baig, the founding chairman
of the Company passed away on January 18, 2018 إنا � وإنـا إلیھ راجعون. May Allah rest his soul in eternal peace. The status of Mr. Faiz Muhammad on the board is of independent director.
Future Outlook
Alhamdulillah, the response of the market regarding acceptability of Company's opal glass dinnerware products with the brand name of ROCKWARE is indeed appreciable. This marvel will Insha`Allah lead to higher sales volume in the next quarters. The quality and colour of derived production of opal glass meets the international quality standards and the Company will efficiently compete with the imported products as far as the quality and pricing is concerned. The Management is confident that the import of opal glass dinnerware in the Country will minimize in near future
The Board of Directors has approved in principle the enhancement of manufacturing capability of Float Glass by adding a new state of the art Float Glass Plant (Unit-II) with a capacity of 500 tons per day for which the Company has already purchased / negotiated the land measuring 18 acres (approximately) adjacent with the existing production facilities of the Company. The Company is seeking long term financing amounting to Rs. 5.0 billion for this project. The Company's existing financier banks have honoured the Company with their participation in this project. The modalities with the suppliers and contractors are underway to start construction of the proposed project.
With the expansion and dedication to the work, the Management is hopeful that your Company will register a substantial growth in the profitability in the years to come.
DIRECTORS’ REPORT
(Million Rupees)
Nine Months Ended 31 March
FY2017-18
FY2016-17Net Sales 8,849 7,174Gross Profit 1,773 1,466Profit before Tax
1,141
839
Profit after Tax
821
605
Earnings per share (Rupees) 11.17 8.23
MANAGING DIRECTOR / CEOOMER BAIGMOHAMMAD BAIG
DIRECTOR
4
(Un
-au
dit
ed
)(A
ud
ite
d)
(Au
dite
d)
31
Ma
rch
30
Ju
ne
31
Ma
rch
30
Ju
ne
20
18
20
17
20
18
20
17
(Un
-au
dit
ed
)
Ru
pe
es
Ru
pe
es
Ru
pe
es
Ru
pe
es
EQ
UIT
Y A
ND
LIA
BIL
ITIE
SA
SS
ET
S
Sh
are
ca
pit
al
an
d r
es
erv
es
No
n-c
urr
en
t a
ss
ets
Au
tho
rize
d s
ha
re c
ap
ita
l
Pro
pe
rty,
pla
nt
an
d e
qu
ipm
en
t5
,35
0,7
78
,45
74
,91
6,9
52
,80
1In
tan
gib
les
2,7
85
,14
53
,82
9,5
74
Issu
ed
, su
bscrib
ed
an
d p
aid
up
ca
pita
l7
34
,58
0,0
00
73
4,5
80
,00
0
Lo
ng
te
rm d
ep
osits
36
,37
1,4
37
37
,66
0,2
33
Sh
are
pre
miu
m4
10
,11
6,9
32
41
0,1
16
,93
2
Cu
rre
nt
as
se
ts
Un
-ap
pro
pria
ted
pro
fit
3,0
85
,07
8,8
38
2,5
69
,31
8,5
01
4,2
29
,77
5,7
70
3,7
14
,01
5,4
33
Sto
res a
nd
sp
are
s p
art
s8
67
,95
5,2
43
73
3,3
17
,18
9
Sto
ck in
tra
de
1,1
79
,21
4,5
30
1,4
25
,99
4,4
16
Su
rplu
s o
n r
eva
lua
tio
n o
f fr
ee
ho
ld la
nd
76
6,4
82
,13
8
76
6,4
82
,13
8
Tra
de
de
bts
- c
on
sid
ere
d g
oo
d7
69
,12
3,4
10
67
5,7
17
,62
54
,99
6,2
57
,90
8
4,4
80
,49
7,5
71
Ad
va
nce
s,
de
po
sits,
pre
pa
ym
en
ts a
nd
oth
er
rece
iva
ble
s
26
4,4
16
,75
14
75
,69
0,2
71
No
n c
urr
en
t li
ab
ilit
ies
Ca
sh
an
d b
an
k b
ala
nce
s1
66
,33
5,8
67
22
1,4
97
,84
0
3,2
47
,04
5,8
01
3,5
32
,21
7,3
41
Lo
ng
te
rm f
ina
nce
s -
se
cu
red
61
7,6
72
,44
6
33
6,0
14
,04
4
Lia
bili
tie
s a
ga
inst
asse
ts s
ub
ject
to f
ina
nce
le
ase
1,5
35
,78
9
3
,70
7,3
86
D
efe
rre
d lia
bili
tie
s5
08
,27
6,0
87
46
6,0
03
,18
1
1
,12
7,4
84
,32
2
80
5,7
24
,611
Cu
rre
nt
lia
bil
itie
s
Tra
de
an
d o
the
r p
aya
ble
s
1,0
38
,74
7,5
38
89
5,4
25
,76
8
Accru
ed
ma
rk-u
p3
3,6
62
,61
7
27
,53
4,6
42
Cu
rre
nt
po
rtio
n o
f lo
ng
te
rm lia
bili
tie
s11
3,7
08
,45
71
27
,21
6,2
49
Sh
ort
te
rm b
orr
ow
ing
s -
se
cu
red
1,3
27
,11
9,9
98
2,1
54
,26
1,1
08
2,5
13
,23
8,6
10
3,2
04
,43
7,7
67
8,6
36
,98
0,8
40
8,4
90
,65
9,9
49
8,6
36
,98
0,8
40
8,4
90
,65
9,9
49
Co
nti
ng
en
cie
s a
nd
co
mm
itm
en
ts3
Th
e a
nn
exe
d n
ote
s 1
to
6 f
orm
an
in
teg
ral p
art
of
the
se
co
nd
en
se
d in
terim
fin
an
cia
l sta
tem
en
ts.
15
0,0
00
,00
0 (
30
Ju
ne
20
17
: 1
00
,00
0,0
00
)
ord
ina
ry s
ha
res o
f R
s.
10
ea
ch
1,5
00
,00
0,0
00
1,0
00
,00
0,0
00
Note
5,3
89
,93
5,0
39
4,9
58
,44
2,6
08
5
CO
ND
EN
SE
D I
NT
ER
IM B
AL
AN
CE
SH
EE
T A
S A
T 3
1 M
AR
CH
20
18
(U
N-A
UD
ITE
D)
Ap
ril 25, 2018
Lah
ore
M
OH
AM
MA
D B
AIG
DIR
EC
TO
RC
HIE
F F
INA
NC
IAL
OF
FIC
ER
WA
QA
R U
LL
AH
MA
NA
GIN
G D
IRE
CT
OR
/ C
EO
OM
ER
BA
IG
CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE NINE MONTHS AND QUARTER ENDED 31 MARCH 2018
6
31 March 31 March 31 March 31 March
2018 2017 2018 2017
Sales - net 8,848,896,136 7,174,124,104 3,331,856,380 2,519,430,338
Cost of sales (7,076,374,839) (5,707,754,120) (2,709,292,839) (2,005,860,989)
Transferred on unwinding for the nine months ended
31 March 2017 - net of tax
Total comprehenisve income
Profit for the period ended 30 June 2017
Transactions with the owners of the company
Profit for the nine months period ended 31 March 2018
Sub-totalTotal
Share
capital
Transactions with the owners of the company
Other comprehensive income for the period
Profit for the nine months period ended 31 March 2016
Transferred on unwinding for the period ended 30 June
2017 - net of tax
Total comprehenisve income
Final dividend for the year ended 30 June 2016 at
the rate of Rs. 2.70 (27%) per ordinay share
Tax rate adjustment
April 25, 2018 Lahore
MOHAMMAD BAIGDIRECTOR CHIEF FINANCIAL OFFICER
WAQAR ULLAHMANAGING DIRECTOR / CEO
OMER BAIG
- - - --
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTSFOR THE PERIOD ENDED 31 MARCH 2018
These condensed interim financial statements for the nine months and quarter ended 31 March 2018 are un-audited, being circulated to the shareholders in accordance with section 237 of the Companies Act 2017 and have been prepared in accordance with the requirements of International Accounting Standard (IAS) - 34 "Interim Financial Reporting" as applicable in Pakistan.
These condensed interim financial statements do not include all the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company's annual financial statements as at 30 June 2017.
The accounting policies adopted for the preparation of these condensed interim financial statements are the same as those applied in the preparation of preceding annual audited financial statements for the year ended 30 June 2017.
1.
2.
3. Contingencies and commitments
10
3.1 Contingencies
3.2 Commitments
Un-audited Audited
31 March 30 June
2018 2017
Rupees Rupees
57,537,371 58,223,623
47,469,432 74,797,767
105,006,803 133,021,390
There has been no significant change in contingenciesas reported in the annual audited financial statements
of the Company for the year ended 30 June 2017.
Commitments under letter of credits for capital expenditure Rs. 78.10 million (30 June 2017: Rs. 204.03 million)
-
Not Later than one year
Commitments under letter of credits for other than capital expenditure Rs. 103.08 million (30 June 2017: Rs. 85.26 million)
-
Later than one year but not later than five years
Transactions with related parties
Related parties comprise of associated companies, staff retirement fund, directors, key management
personnel and other companies where directors have significant influence. Significant transactions withrelated parties are as follows:
4.
Un-audited Un-audited Un-audited Un-audited
31 March 31 March 31 March 31 March
2018 2017 2018 2017
Shareholder Interest cost - 699,738 - 229,428
Dividend paid - 18,707,879 - -
Omer Glass Industries Ltd Associated company Purchases -
3,068,610
- 3,068,610
Dividend paid 32,095,104
20,881,152
- -
M&M Glass (Pvt) Limited. Associated company Dividend paid 3,854,703
-
- -
Provident fund Employee Benefit Plan Contributions 16,750,728
14,260,747
5,700,182 4,886,641
Shahzad Anwar Executive Employee - 1,100,000 - -
Rai Zameer Ahmad Executive Employee -
300,000
- -
Agha Shan Haider Executive Employee -
1,200,000
- 1,200,000
Irshad Ahmad Executive Employee - 500,000 - 500,000