LEGAL ADVISOR
DSK Law, Lahore
SHARE REGISTRAR
Vision Consulting Limited 1st Floor,3-C, LDA Flats, Lawrence Road, LHRTel: 042-36375531, 36375339Fax: 042-36312550
BANKERS
Al Baraka Bank (Pakistan) LimitedAskari Bank LimitedAllied Bank LimitedBank Al-Habib LimitedBank Al-Falah LimitedBank Islami Pakistan LimitedBank of KhyberBank of Punjab Habib Metropolitan Bank LimitedJS Bank LimitedMCB Bank LimitedMeezan Bank LimitedNational Bank of PakistanSummit Bank LimitedStandard Chartered Bank LimitedUnited Bank Limited
BOARD OF DIRECTORS
Atique Ahmad KhanMasroor Ahmad KhanHafiz Farooq AhmadMian Zahid SaidRabia AtiqueSaira FarooqFarzand Ali
Chairman Chief Executive OfficerDirectorDirectorDirectorDirectorDirector
AUDIT COMMITTEE
Mian Zahid Said – Chairman
Hafiz Farooq AhmadSaira Farooq
HR & R COMMITTEE
Mian Zahid Said – Chairman
Atique Ahmad KhanHafiz Farooq Ahmad
COMPANY SECRETARY
Farzand Ali, FCS
CHIEF FINANCIAL OFFICER
Asim Mahmud, FCA
AUDITORS
Rizwan & CompanyChartered AccountantsMember Firm of DFK International
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, PakistanUAN: (042)111-ghani1(442-641)Phone: 042-35161424-5, Fax: 042-35160393Email: [email protected]: www.ghaniglobal.com
CORPORATE INFORMATION
Half Year December 201601Ghani Global Glass
Atique Ahmad Khan
Rabia Atique
A comparison of the key financial results of your company for the half year ended December 31, 2016 is as under:
DIRECTORS’ REPORT
Half Year December 201602Ghani Global Glass
The Directors of your Company are pleased to present the unaudited condensed interim financial statements of theCompany for the half year ended December 31, 2016, along with review report of the auditors thereon, in compliance with the requirements of Companies Ordinance,1984.
Dear Members
Assalam-o-Alaikum Wa RehmatUllah Wa Barakatoh
FINANCIAL PERFORMANCE
Your company’s commercial run started just before three quarters (during April 2016). Ghani Global Glass is the only Company in Pakistan producing European Quality Glass Tubing USP Type-I for manufacture of Glass Ampoules and Tubular-Vials used by the Pharmaceutical Industry for filling of liquid and power injectable.
To meet the quality requirements of pharmaceutical industry your company has installed a state-of-the-art facility with Europeanmachinery and expertise near Lahore. Marketing team of your company has made a significant improvement in the last six monthsby way of quality awareness to end users. Based on our sales target, we continuously produced the tubing as per our capacity and country requirement. Although our sale remains down than the target but very promising competing with Chinese product which ischeap and low grade quality available in the market.
During the year under review your company secceeded to close the sale at amounting to Rs. 181.817 million. Company achievedgross profit amounting to Rs. 5.736 million. Management of your company also succeeded to restrict administrative, selling and other operating expenses aggregate amounting to Rs. 35.360 million. Finance cost incurred on the project finance and working capital lines is amounting to Rs. 32.328 million. Net loss during the period under review is amounting to Rs. 57.556 million.
FUTURE PROSPECTS
Your company has introduced the manufacturing and selling of USP Type-I Glass Tubing as an import substitute. Our aim is tomake awareness amongst the manufactures and end-users of Glass Ampoules and Vials about the quality parameter and its impact
Par�culars
Lahore February 27, 2017
For and on behalf of the Board of Directors
Masroor Ahmad KhanChief Executive officer
and on behalf of the Board of Directors
Half Year December 201603Ghani Global Glass
on the product we produce in our country. We have started converting people from low quality Chinese product to premium qualityG3 Tubing.
After commencement of commercial operations of USP Type-I Glass Tubing during April 2016, your company has now commencedthe process of producing value added products like Glass Ampoules and Tubular Vials of USP Type-I in January 2017. For setup ofthis value addition project, your company has imported and installed world renowned “OCMI” and “SPAMI” ampoules and vials manufacturing machinery. In this context this is the only organization providing the end-to-end solutions i.efrom producing tubing till its end product. Hopefully this value addition project will be fully operationalby end of May 2017.
In the next step your company will tap the international market for its product and currently we are focusing in dialogue with numberof producers in Africa and near East Gulf. in addition to increase in sales, this will facilitate to earn the foreign currency for the countryas well.
The directors express their deep appreciation to the dedication of company’s employees to their professional obligationsand cooperation by the bankers and government agencies.
ACKNOWLEDGEMENT
We thank our shareholders who reposed their confidence on management of the company, customers, the officials of theSECP, the Pakistan Stock Exchange and pray for a better future for them and the Company.
Half Year December 201604Ghani Global Glass
Par�culars
Half Year December 201605Ghani Global Glass
Half Year December 201606Ghani Global Glass
2 7 FEB 2017Lahore:
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS ON REVIEW OF CONDENSED INTERIM FINANCIAL INFORMATION
Rizwan & Company Chartered Accountants
Engagement Partner: Rizwan Bashir
Half Year December 201607Ghani Global Glass
CONDENSED INTERIM BALANCE SHEETAS AT DECEMBER 31, 2016 (UN-AUDITED)
TOTAL ASSETS 2,139,295,909 1,717,254,642
EQUITY AND LIABILITIES
Share capital and reserves
Authorized share capital
Issued, subscribed and paid up share capital
Accumulated losses
Loan from sponsors
Total equity
Non-current liabilities
Long term financing
Long term security deposits
Current liabilities
Trade and other payables
Accrued profit on financing
Short term financing - secured
Current portion of long term financing
Provision for taxation
Total liabilities
CONTINGENCIES AND COMMITMENTS
TOTAL EQUITY AND LIABILITIES
The annexed notes from 1 to 14 form an integral part of these condensed interim financial information.
120,000,000 (June 2016: 120,000,000)
ordinary shares of Rupees 10 each
6
7
7
8
1,200,000,000 1,200,000,000
1,000,000,000 500,000,000
(118,224,369) (60,668,354)
309,660,638 485,660,638
1,191,436,269 924,992,284
451,466,386 528,168,752
400,000
368,057
451,866,386 528,536,809
91,413,333 93,477,018 6,696,651 5,687,537
242,931,222 84,451,613
153,404,732 78,822,646 1,547,316
1,286,735
495,993,254 263,725,549
947,859,640 792,262,358 -
-
2,139,295,909 1,717,254,642
ASSETS
Note(Rupees)
UN-AUDITED
December 31,
2016
AUDITED
30 June,
2016
Note(Rupees)
UN-AUDITED
December 31,
2016
AUDITED
30 June,
2016
Non-current assets
Property, plant and equipment
Intangible assets
Long term deposits
5 1,325,123,725
1,312,835,851
19,794,072
19,794,072
4,970,250
4,674,530
1,349,888,047
1,337,304,453
789,407,862 379,950,189
Current assets
Stores and spares
Stock in trade
Trade debts
Loans and advances
Trade deposits and short term prepayments
Other receivables
Advance income tax
Balance with statutory authorities
Cash and bank balances
34,168,825 41,507,151
237,463,761 140,319,040
56,237,010 35,455,350
8,971,507
9,633,200
19,990,514
19,310,646
602,161
22,984
21,239,152
8,498,469
103,671,212
90,287,964
307,063,720 34,915,385
MASROOR AHMAD KHAN(CHIEF EXECUTIVE OFFICER)
HAFIZ FAROOQ AHMAD(DIRECTOR)
Half Year December 201608Ghani Global Glass
MASROOR AHMAD KHAN(CHIEF EXECUTIVE OFFICER)
HAFIZ FAROOQ AHMAD(DIRECTOR)
CONDENSED INTERIM PROFIT AND LOSS ACCOUNTFOR THE HALF YEAR ENDED DECEMBER 31, 2016 (UN-AUDITED)
HALF YEAR ENDED QUARTER ENDED
December 31, December 31, December 31, December 31,
2016 2015 2016 2015
Note (Rupees) (Rupees)
Gross sales - local 181,816,920
94,656,417
Sales tax (27,085,369)
(14,124,405)
154,731,551
80,532,012
Cost of sales (148,995,737) (79,564,616)
Gross profit 5,735,814
-
-
-
-
- 967,396
-
-
-
-
-
Administrative expenses (29,274,405) (5,368,815) (12,330,155) (2,471,456)
Selling and distribution expenses (5,608,853) (149,463)
Other operating expenses (476,900) (151,100) (135,900) (106,100)
(35,360,158) (5,519,915) (12,615,518) (2,577,556)
Other income 4,656,759 144,997 3,611,558 62,768 (24,967,585) (5,374,918) (8,036,564) (2,514,788)
Finance cost (32,327,849) (1,685,194) (16,305,504) (978,640) Loss before taxation (57,295,434) (7,060,112) (24,342,068) (3,493,428)
Taxation (260,581)
(410,720)
481,415
(1,359,997)
Loss after taxation (57,556,015)
(7,470,832)
(23,860,653)
(4,853,425)
Earnings per share
- basic and diluted 9 (0.70)
(0.13)
(0.24)
(0.08)
The annexed notes from 1 to 14 form an integral part of these condensed interim financial information.
- -
Half Year December 201609Ghani Global Glass
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOMEFOR THE HALF YEAR ENDED DECEMBER 31, 2016 (UN-AUDITED)
HAFIZ FAROOQ AHMAD(DIRECTOR)
MASROOR AHMAD KHAN(CHIEF EXECUTIVE OFFICER)
Loss for the period
The annexed notes from 1 to 14 form an integral part of these condensed interim financial information.
Total comprehensive loss for the period
Other comprehensive income /
(loss) for the period
HALF YEAR ENDED QUARTER ENDED
December 31, December 31, December 31, December 31,
2016 2015 2016 2015(Rupees) (Rupees)
(57,556,015) (7,470,832) (23,860,653) (4,853,425)
- - - -
(57,556,015) (7,470,832) (23,860,653) (4,853,425)
HAFIZ FAROOQ AHMAD(DIRECTOR)
MASROOR AHMAD KHAN(CHIEF EXECUTIVE OFFICER)
CONDENSED INTERIM CASH FLOW STATEMENTFOR THE HALF YEAR ENDED DECEMBER 31, 2016 (UN-AUDITED)
HALF YEAR ENDED
December 31, December 31,
2016 2015
Note (Rupees)
CASH FLOWS FROM OPERATING ACTIVITIES
Cash used in operations 10
Finance cost paid
Taxes paid
Net cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Additions in property, plant and equipment Additions in capital work in progress
Proceeds from disposal of property, plant and equipment
Long term deposits paid
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of shares
Long term financing (repayments) / proceeds
Long term security deposit proceeds
Loan from sponsors (repaid) / received
Short term finance proceeds
Net cash generated from nancing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
(104,389,200)
(31,318,735)
(12,740,683)
(44,059,418)
(148,448,618)
(54,079,432)
(5,482,667)
63,500
(295,720)
(59,794,319)
500,000,000
(2,120,280)
31,943
(176,000,000)
158,479,609
480,391,272
272,148,335
34,915,385
307,063,720
(84,278,448)
(39,236,918)
(3,826,530)
(43,063,448)
(127,341,896)
(4,413,727) (162,042,540)
-
-
(166,456,267)
-
38,325,636
200,000
259,775,638
4,873,746
303,175,020
9,376,857
6,813,728
16,190,585
The annexed notes from 1 to 14 form an integral part of these condensed interim financial information.
Half Year December 201610Ghani Global Glass
HAFIZ FAROOQ AHMAD(DIRECTOR)
MASROOR AHMAD KHAN(CHIEF EXECUTIVE OFFICER)
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITYFOR THE HALF YEAR ENDED DECEMBER 31, 2016 (UN-AUDITED)
Loan from
sponsorsAccumulated
losses
Issued,
subscribed and
paid up share
capital
Balance as at July 01, 2015 (audited) 500,000,000 (9,432,616) 45,300,000 535,867,384
Total comprehensive loss for the period -
(7,470,832)
-
(7,470,832)
Transaction with sponsors:
Loan received / (repaid) during the period -
-
259,775,638
259,775,638
Balance as at December 31, 2015 (un-audited) 500,000,000
(16,903,448)
305,075,638
788,172,190
Total comprehensive loss for the period -
(43,764,906)
-
(43,764,906)
Transaction with sponsors:
Loan received / (repaid) during the period -
-
180,585,000
180,585,000
Balance as at June 30, 2016 (audited) 500,000,000
(60,668,354)
485,660,638
924,992,284
Total comprehensive loss for the period -
(57,556,015)
-
(57,556,015)
Shares issued during the period 500,000,000
-
-
500,000,000
Transaction with sponsors:
Loan received / (repaid) during the period -
-
(176,000,000)
(176,000,000)
Balance as at December 31, 2016 (un-audited) 1,000,000,000
(118,224,369)
309,660,638
1,191,436,269
Total
(Rupees)
The annexed notes from 1 to 14 form an integral part of these condensed interim financial information.
Half Year December 201611Ghani Global Glass
SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATIONFOR THE HALF YEAR ENDED DECEMBER 31, 2016 (UN-AUDITED)
1 LEGAL STATUS AND OPERATIONS
1.1
1.2
2 STATEMENT OF COMPLIANCE
2.1
2.2
2.3 Functional and presentation currency
3 BASIS OF PREPARATION
3.1
3.2
3.3
IFRS 13 - Fair Value Measurement
These financial statements are presented in Pak Rupees which is the functional and presentation currency forthe Company.
IAS 1 - Presentation of Financial Statements - Disclosure Initiative (Amendment)
IAS 16 - Property, Plant and Equipment and IAS - 38 intangible assets - Clarification of Acceptable Method ofDepreciation and Amortization (Amendment)
IAS 16 - Property, Plant and Equipment IAS - 41 Agriculture - Agriculture: Bearer Plants (Amendment)
IAS 27 - Separate Financial Statements - Equity Method in Separate Financial Statements (Amendment)
IAS 27 - Separate Financial Statements - Investment Entities: Applying the Consolidation Exception (Amendment)
This condensed interim financial information is unaudited but subject to limited scope review by the statutoryauditors and is being submitted to shareholders as required by section 245 of the Companies Ordinance, 1984.
The accounting policies and methods of computations adopted for the preparation of this interim condensedfinancial information are the same as applied in the preparation of the preceding audited annual publishedfinancial statements of the Company for the year ended June 30, 2016.
The Company is principally engaged in manufacture, procurement and sale of glass tubing and glass ware.The Company commenced its trial run production from October 01, 2015 and commenced commercial operationsof the production facilities from April 01, 2016.
IFRS 10 - Consolidated Financial Statements
IFRS 12 - Disclosure of Interests in Other Entities
IFRS 11 - Joint Arrangements - Accounting for Acquisition of Interest in Joint Operation (Amendment)
Ghani Global Glass Limited ("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 waschanged to public unlisted company, consequently its name was changed to Ghani Tableware Limited as onJuly 24, 2008. Name of the Company was further changed to Ghani Global Glass Limited on January 14, 2009.The Company is listed on Pakistan Stock Exchange. Its registered office is situated at 10 - N, Model Town Extension, Lahore.
This condensed interim financial information do not include the information reported for annual financialstatements and should be read in conjunction with the audited annual published financial statements for theyear ended June 30, 2016.
This condensed interim financial information of the Company has been prepared in accordance with theInternational Accounting Standard (IAS) 34 'Interim Financial Reporting' as applicable in Pakistan and notifiedby the Securities and Exchange Commission of Pakistan (SECP) and provisions of and directives issuedunder the Companies Ordinance, 1984. In case where requirements differ, the provisions of or directives issued
under the Ordinance have been followed.
The Company has adopted the following amended International Financial Reporting Standards (IFRSs) whichbecame effective during the period:
Half Year December 201612Ghani Global Glass
UN-AUDITED AUDITED
December 31, June 30,
2016 2016
Note (Rupees)
PROPERTY, PLANT AND EQUIPMENT
Operating fixed assets - tangibles 1,313,008,312
1,306,203,105
Capital work in progress 12,115,413
6,632,746
1,325,123,725
1,312,835,851
Operating xed assets - tangibles
Opening book value 1,306,203,105
52,733,757
Additions / transfers during the period / year 54,079,432
1,278,290,805
Book value of the disposals during the period / year
5.1
5.2
5.1.1
5.1.2 (55,441)
-
1,360,227,096
1,331,024,562
Depreciation charged during the period / year (47,218,784)
(24,821,457)
Closing book value 1,313,008,312
1,306,203,105
Additions and transfer during the period / year
Building 70,000
132,879,249
Plant and machinery 53,104,696
812,823,240
Furnace -
325,102,255
Furniture and fixture 588,113
1,555,589
Office equipments 20,000
632,950
Computers 296,623
390,589
Vehicles -
4,906,933
54,079,432
1,278,290,805
Book value of the disposals during the period / year
Vehicles 55,441 -
55,441 -
Capital work in progress
Civil works 12,115,413 6,632,746
Improvements to Accounting Standards Issued by the IASB in September 2014
5
5.1
5.1.1
5.1.2
5.2
4 ACCOUNTING ESTIMATES AND JUDGEMENTS
IFRS 7 - Financial Instruments: Disclosures - Servicing contracts
IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations - Changes in methods of disposal
IAS 34 - Interim Financial Reporting - Disclosure of information 'elsewhere in the interim financial report'
IFRS 7 - Financial Instruments: Disclosures - Applicability of the offsetting disclosures to condensed interim financial statements
IAS 19 - Employee Benefits - Discount rate: regional market issue
The adoption of the above amendments and interpretation did not have any significant impact on this condensed interim financial statements.
During preparation of this interim condensed financial information, the significant judgments made by themanagement in applying the Company’s accounting policies and the key sources of estimation and uncertaintywere the same as those that applied in the preceding audited annual published financial statements of theCompany for the year ended June 30, 2016.
The preparation of this interim condensed financial information in conformity with the approved accountingstandards requires the use of certain critical accounting estimates. It also requires the management toexercise its judgment in the process of applying the Company's accounting policies. Estimates and judgmentsare continually evaluated and are based on historical experience and other factors, including expectations offuture events that are believed to be reasonable under the circumstances.
Half Year December 201613Ghani Global Glass
Half Year December 201614Ghani Global Glass
UN-AUDITED AUDITED
June 30,
2016
(No. of Shares) Note
50,000,000 50,000,000
Opening balance
50,000,000 -
6.1.1
100,000,000 50,000,000
Closing balance
Note
LONG TERM FINANCING
Diminishing Musharaka facility
Syndicated financing from Islamic Banks / windows
Non Banking Finance Company
Current portion of long term financing
CONTINGENCIES AND COMMITMENTS
Contingencies
Shares issued during the period / year
Reconciliation of issued, subscribed and paid up ordinary
shares
Terms and conditions are consistent with those disclosed in the preceding audited annual published financial statements of theCompany for the year ended June 30, 2016.
During the period, the Company has issued right shares of 50 million (1 share for every 1 share held) at par.
There are no material changes in the status of contingencies as reported in the notes to the financial statements of the Company for the year ended June 30, 2016.
December 31,
2016
UN-AUDITED
December 31,
2016
(Rupees)
500,000,000
500,000,000
1,000,000,000
UN-AUDITED
December 31,
2016
(Rupees)
596,656,695
8,214,423
604,871,118
(153,404,732)
451,466,386
AUDITED
June 30,
2016
500,000,000
-
500,000,000
AUDITED
June 30,
2016
596,656,695
10,334,703
606,991,398
(78,822,646)
528,168,752
ISSUED, SUBSCRIBED AND PAID UP SHARE CAPITAL
UN-AUDITED AUDITED UN-AUDITED AUDITED
June 30, December 31, June 30,
2016 2016 2016
(No. of Shares) (Rupees)
98,000,000
48,000,000
980,000,000
480,000,000
2,000,000
2,000,000
20,000,000
20,000,000
50,000,000
1,000,000,000
500,000,000
December 31,
2016
100,000,000
6.1
6.1.1
7
7.1
8
8.1
8.1.1
6
Ordinary shares of Rupees 10 each fully paid incash
Ordinary shares of Rupees10 each issued forconsideration other than cash
December 31, December 31,
2016 2015(Rupees)
CASH USED IN OPERATIONS
Loss before taxation (57,295,434)
(7,060,112)
Depreciation on Property, plant and equipment 47,218,784
1,436,031
Finance cost 32,327,849
1,685,194
Gain on disposal of Property, plant and equipment (8,059)
-
Operating cash flows before working capital changes 22,243,140
(3,938,887)
Effect on cash ows due to working capital changes:
(Increase) / decrease in current assets:
Stores and spares 7,338,326
(7,311,754)
Stock in trade (97,144,721)
(63,098,913)
Trade debts (20,781,660)
(18,993,136)
Loans and advances 661,693
5,177,785
Trade deposits and short term prepayments (679,868)
3,098,945
Other receivables (579,177)
51,696
Balances with statutory authorities (13,383,248)
(25,753,524)
Increase / (decrease) in current liabilities:
Trade and other payables (2,063,685)
26,489,340
(104,389,200) (84,278,448)
Adjustments for:
HALF YEAR ENDED
UN-AUDITED
EARNINGS PER SHARE - BASIC AND DILUTED
December 31, December 31, December 31, December 31,
2016 2015 2016 2015(Rupees) (Rupees)
(Rupees) (57,556,015)
(7,470,832)
(23,860,653)
(4,853,425)
(Number) 82,285,014
59,758,551
100,000,000
59,758,551
(Rupees) (0.70)
(0.13) (0.24) (0.08)
There is no dilutive effect on the basic earnings per share.
UN-AUDITED
QUARTER ENDED
Earnings per share - basic anddiluted
Weighted average number of
ordinary shares outstanding
Loss attributable to ordinaryshareholders
HALF YEAR ENDED
UN-AUDITED
Commitments
10
9
9.1
8.2
8.2.1
8.2.2 Commitments for construction of building as at balance sheet date amounted to Rupees 95.9 million (June 30, 2016: Rupees 8million).
Commitments in respect of letter of credit amounted to Rupees 168.47 million (June 30, 2016: Rupees 143.49 million).
Half Year December 201615Ghani Global Glass
12
TRANSACTIONS WITH RELATED PARTIES
December 31, December 31,
2016 2015(Rupees)
Associated companies / undertaking
Associated Companies Services 6,000,000
8,300,000
Guarantee Charges 1,300,000
1,300,000
Purchases 20,804,530
29,498,548
Other
Provident Fund Contribution 2,688,181 1,317,876
Sponsors Loan received / (repaid) (176,000,000) 259,775,638
Nature of TransactionName
HALF YEAR ENDED
HAFIZ FAROOQ AHMAD
(DIRECTOR)
MASROOR AHMAD KHAN(CHIEF EXECUTIVE OFFICER)
11
12.A
13
14
14.1
14.2
14.3re-arranged and re-classified wherever necessary for the purpose of comparison and better presentation.
period as per the condensed interim financial information of the Company for the half year ended December 31, 2015. income, condensed interim statement of changes in equity and condensed interim cash flow statement comprise of balances of comparable30, 2016 and the corresponding figures in the condensed interim profit and loss account, condensed interim statement of other comprehensive
FAIR VALUE ESTIMATION
Information about fair value hierarchy and assets classified under the hierarchy is as follows:
IFRS - 13 requires fair value measurement disclosures using following three levels fair value hierarchy that reflects the significance of the inputs used in measuring fair value of financial instruments.
- Level 2: Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. drive from prices).
- Level 1: Quoted prices (unadjusted) in active market for identical assets or liabilities.level.
- Level 3: Inputs for asset or liability that are not based on observable market data (unobservable inputs).
There were no changes in valuation techniques during the period. The carrying values of all financial assets and liabilitiesreflected in this condensed interim financial information are approximate at their fair values.
DATE OF AUTHORIZATION
CORRESPONDING FIGURES
Figures have been rounded off to the nearest rupees, unless otherwise stated.
In order to comply with the requirements of International Accounting Standard 34 - 'Interim Financial Reporting', corresponding figures inthe condensed interim balance sheet comprise of balances as per the annual audited financial of the Company for the year ended June
This unaudited condensed interim financial information for the half year ended December 31, 2016 has been authorized for issue by Board of Directors of the Company on February 27, 2017.
Consequent to substitution of Fourth Schedule to the Companies Ordinace,1984 and more more statements, corresponding figure have figure
FINANCIAL RISK MANAGEMENT
The Company's financial risk management objectives and policies are consistent with those disclosed in the preceding audited
annual published financial statements of the Company for the year ended June 30, 2016.
The Company has no items to report in these levels.
Half Year December 201616Ghani Global Glass