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
Atique Ahmad Khan
Rabia Atique
01Ghani Global Glass
A comparison of the key financial results of your company for the nine months ended March 31, 2017 is as under:
DIRECTORS’ REPORT
The Directors of your Company are pleased to present the un-audited condensed interim financial statements of the Company for the period ended March 31, 2017, 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 European machinery and expertise near Lahore. Marketing team of your company has made a significant improvement in the last nine months by 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 is cheap and low grade quality available in the market.
During the period under review your company succeeded to close the sale at amounting to Rs. 288.804 million. Company achieved gross profit amounting to Rs. 15.161 million. Management of your company also succeeded to restrict administrative, selling and other operating expenses aggregate amounting to Rs. 45.715 million. Finance cost incurred on the project finance and working capital lines is amounting to Rs. 50.000 million. Net loss during the period under review is amounting to Rs. 76.163 million.
023rd Quarter March 2017
As Pakistan continues its march from being a frontier economy to becoming an emerging market, 2017 may be the best year in the country's 70-year-long history. From increase in foreign investment, creation of Export-Import Bank to likely changes in the auto industry, here's what we predict will happen to Pakistan's economy this year. Although gross domestic product (GDP) growth forecasts by International Monetary Fund, World Bank and federal budget vary, Pakistan's GDP is likely to grow by 4.7 per cent this year. The annual GDP may increase from $270 billion to around $300 billion and for the first time, the Purchasing Power Parity may cross the $1trillion mark. Pakistan is currently 40th largest economy in the world and our ranking may improve by a point or two. Pakistan will enter MSCI's Emerging Markets category in May, meaning larger amounts will inflow. MSCI is a leading provider of international investment decision support tools. In 2016, Pakistan Stock Exchange (PSX) provided 46 per cent returns. KSE-100 benchmark index is also likely to cross 55,000 points from current nearly 48,000 points. Forty per cent stakes in PSX will go to Chinese consortium and this is likely to bring large institutional investors from other countries. More large shopping malls will be built or become operational across major urban centres. Superstore chains will open new stores in unprecedented three-digit numbers. The ongoing and planned investments under the flagship economic corridor project between Pakistan and the People's Republic of China, as well as other regional cooperation initiatives, are spurring development activity and some market optimism. Sustained economic reforms and an improvement in the security environment should further boost business confidence and foster increased private investment.
OVERVIEW OF THE ECONOMY
Particulars
Rupees in ‘000’
September 2016 September
2015
Sales 87,161 -
Net Sales 74,200 -
Gross Profit 4,721 -
Distribution cost 5,461 -
Administrative expenses 16,896 2,897
Financial cost 16,022 707
Loss before taxation (32,953) (3,567)
Net Profit / (Loss) (33,695) (2,617)
March 2017 March 2016
Rupees in Million (except EPS)
288.804
15.161
(10.103)
(34.967)
(50.000)
(74.991)
(76.164)
(0.86)
(7.281)
(2.725)
(10.043)
(9.861)
(0.17)
Sales
Gross profit
Distribu�on cost
Administra�ve expenses
Financial cost
Loss before taxa�on
Net loss
Earnings per share - basic and diluted
-
-
-
FUTURE PROSPECTS
Your company has introduced the manufacturing and selling of USP Type-I Glass Tubing as an import substitute. Our aim is to make awareness amongst the manufactures and end-users of Glass Ampoules and Vials about the quality parameter and its impact
on the product we produce in our country. We have started converting people from low quality Chinese product to premium 3quality G Tubing.
After commencement of commercial operations of USP Type-I Glass Tubing during April 2016, your company has now commenced the process of producing value added products like Glass Ampoules and Tubular Vials of USP Type-I in January 2017. For setup of this 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.e from producing tubing till its end product. Hopefully this value addition project will be fully operationalby end of July 2017.
In the next step your company will tap the international market for its product and currently we are focusing in dialogue with number of producers in Africa and near East Gulf. In addition to increase in sales, this will facilitate to earn the foreign currency for the country as 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.
03Ghani Global Glass
Lahore April 28, 2017
For and on behalf of the Board of Directors
MASROOR AHMAD KHAN(CHIEF EXECUTIVE OFFICER)
043rd Quarter March 2017
288.804
45.715
76.163
Particulars
Rupees in ‘000’
September 2016 September
2015
Sales 87,161 -
Net Sales 74,200 -
Gross Profit 4,721 -
Distribution cost 5,461 -
Administrative expenses 16,896 2,897
Financial cost 16,022 707
Loss before taxation (32,953) (3,567)
Net Profit / (Loss) (33,695) (2,617)
March 2017 March 2016
Rupees in Million (except EPS)
288.804
15.161
(10.103)
(34.967)
(50.000)
(74.991)
(76.164)
(0.86)
(7.281)
(2.725)
(10.043)
(9.861)
(0.17)
Sales
Gross profit
Distribu�on cost
Administra�ve expenses
Financial cost
Loss before taxa�on
Net loss
Earnings per share - basic and diluted
-
-
-
05Ghani Global Glass
063rd Quarter March 2017
CONDENSED INTERIM BALANCE SHEETAS AT MARCH 31, 2017 (UN-AUDITED)
MASROOR AHMAD KHAN(CHIEF EXECUTIVE OFFICER)
FARZAND ALI(DIRECTOR)
TOTAL ASSETS
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
8
ASSETS
Note
UN-AUDITED
March 31,
2017
Note(Rupees)
UN-AUDITED
March 31,
2017
AUDITED
June 30,
2016
Non-current assets
Property, plant and equipment
Intangible assets
Long term deposits
5
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
1,200,000,000
500,000,000
(60,668,354)
485,660,638
924,992,284
528,168,752
368,057
528,536,809
93,477,018
5,687,537
84,451,613
78,822,646
1,286,735
263,725,549
792,262,358
-
1,717,254,642
1,200,000,000
1,000,000,000
(136,832,104)
295,660,638
1,158,828,534
413,115,202
400,000
413,515,202
135,274,033
5,562,119
211,159,897
153,404,732
2,459,740
507,860,521
921,375,723
-
2,080,204,257
1,385,074,844
19,794,072
5,872,250
1,410,741,166
62,749,124
284,090,651
67,460,283
14,575,863
61,821,312
93,973
31,556,653
116,042,436
31,072,796
669,463,091
2,080,204,257
(Rupees)
AUDITED
2016
1,312,835,851
19,794,072
4,674,530
1,337,304,453
41,507,151
140,319,040
35,455,350
9,633,200
19,310,646
22,984
8,498,469
90,287,964
34,915,385
379,950,189
1,717,254,642
June 30,
FARZAND ALI(DIRECTOR)
MASROOR AHMAD KHAN(CHIEF EXECUTIVE OFFICER)
07Ghani Global Glass
CONDENSED INTERIM PROFIT AND LOSS ACCOUNTFOR THE NINE MONTHS ENDED MARCH 31, 2017 (UN-AUDITED)
NINE MONTHS ENDED QUARTER ENDED
March 31, March 31, March 31, March 31,
2017 2016 2017 2016
Note (Rupees) (Rupees)
Gross sales - local
Sales tax
Cost of sales
Gross profit
Other operating expenses
Other income
Finance cost Loss before taxation
Taxation
Loss after taxation
Earnings per share
- basic and diluted 9
The annexed notes from 1 to 14 form an integral part of these condensed interim financial information.
288,803,873
(42,829,909)
245,973,964
(230,813,263)
15,160,701
(10,102,749)
(34,966,797)
(645,775)
(45,715,321)
5,564,077
(24,990,543)
(50,000,202)
(74,990,745)
(1,173,005)
(76,163,750)
(0.86)
-
-
-
-
-
-
(7,281,579)
(225,000)
(7,506,579)
187,928
(7,318,651)
(2,724,352)
(10,043,003)
182,188
(9,860,815)
(0.17)
106,986,953
(15,744,540)
91,242,413
(81,817,526)
9,424,887
(4,493,896)
(5,692,392)
(168,875)
(10,355,163)
907,318
(22,958)
(17,672,353)
(17,695,311)
(912,424)
(18,607,735)
(0.19)
-
-
-
--
-
(1,912,764)
(73,900)
(1,986,664)
42,931
(1,943,733)
(1,039,158)
(2,982,891)
592,908
(2,389,983)
(0.04)
Selling and distribution expenses
Administrative expenses
083rd Quarter March 2017
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOMEFOR THE NINE MONTHS ENDED MARCH 31, 2017 (UN-AUDITED)
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
NINE MONTHS ENDED QUARTER ENDED
March 31, March 31, March 31, March 31,
2017 2016 2017 2016(Rupees) (Rupees)
(76,163,750)
-
(76,163,750)
(9,860,815)
-
(9,860,815)
(18,607,735)
-
(18,607,735)
(2,389,983)
-
(2,389,983)
FARZAND ALI(DIRECTOR)
MASROOR AHMAD KHAN(CHIEF EXECUTIVE OFFICER)
09Ghani Global Glass
CONDENSED INTERIM CASH FLOW STATEMENTFOR THE NINE MONTHS ENDED MARCH 31, 2017 (UN-AUDITED)
NINE MONTHS ENDED
March 31, March 31,
2017 2016
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 financing 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
The annexed notes from 1 to 14 form an integral part of these condensed interim financial information.
(182,700,077)
(50,125,620)
(23,058,182)
(73,183,802)
(255,883,879)
(133,567,526)
(9,525,727)
63,500
(1,197,720)
(144,227,473)
500,000,000
(40,471,464)
31,943
(190,000,000)
126,708,284
396,268,763
(3,842,589)
34,915,385
31,072,796
(167,395,658)
(53,851,442)
(3,959,152)
(57,810,594)
(225,206,252)
(6,477,704)
(195,932,748)
-
(714,930)
(203,125,382)
-
54,480,777
282,886
321,035,638
49,430,528
425,229,829
(3,101,805)
6,813,728
3,711,923
FARZAND ALI(DIRECTOR)
MASROOR AHMAD KHAN(CHIEF EXECUTIVE OFFICER)
103rd Quarter March 2017
Balance as at July 01, 2015 - (audited) 500,000,000 (9,432,616) 45,300,000 535,867,384
Loss for the period - (9,860,815) - (9,860,815)
Other comprehensive income / (loss)
for the period - -
Total comprehensive loss for the period -
(9,860,815)
-
(9,860,815)
Transactions with sponsors:
Loan received / (repaid) during the period -
-
321,035,638
321,035,638
Balance as at March 31, 2016 - (un-audited) 500,000,000
(19,293,431)
366,335,638
847,042,207
Balance as at July 01, 2016 - (audited) 500,000,000
(60,668,354)
485,660,638
924,992,284
Loss for the period -
(76,163,750)
-
(76,163,750)
Other comprehensive income / (loss)
for the period -
-
-
-
Total comprehensive loss for the period -
(76,163,750)
-
(76,163,750)
Transactions with sponsors:
Loan received / (repaid) during the period -
-
(190,000,000)
(190,000,000)
Shares issued during the period 500,000,000
-
-
500,000,000
Balance as at March 31, 2017 - (un-audited) 1,000,000,000
(136,832,104)
295,660,638
1,158,828,534
The annexed notes from 1 to 14 form an integral part of these condensed interim financial information.
Share capitalUnappropriated
profit / (loss)Total
Rupees
Loan from
sponsors
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITYFOR THE NINE MONTHS ENDED MARCH 31, 2017 (UN-AUDITED)
- -
FARZAND ALI(DIRECTOR)
MASROOR AHMAD KHAN(CHIEF EXECUTIVE OFFICER)
11Ghani Global Glass
SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATIONFOR THE NINE MONTHS ENDED MARCH 31, 2017 (UN-AUDITED)
1
1.1
2
2.1
2.2
3
3.1
3.2
3.3
THE COMPANY AND ITS OPERATIONS
The Company was incorporated in Pakistan under the Companies Ordinance, 1984 as a private limited company on October 04, 2007 as Ghani Tableware (Private) Limited. Its status was changed to public unlisted company, consequently its name was changed to Ghani Tableware Limited as on July 24, 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 Limited. Its registered office is situated at 10- N, Model Town Extension, Lahore. The Company is principally engaged in manufacture, procurement and sale of glass tubing and glass ware.
STATEMENT OF COMPLIANCE
This condensed interim financial information has been prepared in accordance with the International Accounting Standard (IAS) 34 'Interim Financial Reporting' as applicable in Pakistan and notified by the Securities and Exchange Commission of Pakistan (SECP) and provisions of and directives issued under the Companies Ordinance, 1984. In case where requirements differ, the provisions of or directives issued under the Ordinance have been followed.
Functional and presentation currency
These financial statements are presented in Pak Rupees which is the functional and presentation currency forthe Company.
BASIS OF PREPARATION
This condensed interim financial information do not include the information reported for annual financial statements and should be read in conjunction with the audited annual published financial statements for the year ended June 30, 2016.
The accounting policies and methods of computations adopted for the preparation of this interimcondensed financial information are the same as applied in the preparation of the preceding audited annual published financial statements of the Company for the year ended June 30, 2016.
The Company has adopted the following amended International Financial Reporting Standards
(IFRSs ) which became effective during the period:
IFRS 10 - Consolidated Financial Statements
IFRS 12 - Disclosure of Interests in Other Entities
IFRS 13 - Fair Value Measurement
IAS 27 - Separate Financial Statements - Investment Entities: Applying the Consolidation Exception (Amendment)
IFRS 11 - Joint Arrangements - Accounting for Acquisition of Interest in Joint Operation (Amendment)
IAS 1 - Presentation of Financial Statements - Disclosure Initiative (Amendment)
IAS 16 - Property, Plant and Equipment and IAS - 38 intangible assets - Clarification of Acceptable
Method of Depreciation 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
123rd Quarter March 2017
5
5.1
5.2
PROPERTY, PLANT AND EQUIPMENT
Operating fixed assets
Opening book value
Additions & transfer during the period/year
Deletions during the period/year
Less : Depreciation charged for the period/year
Capital work in progress
Additions during the period/year
Building
Plant & Machinery
Furnace
Furniture and fixtures
Office equipments
Computers
Vehicles
Deletions during the period/year
Vehicles
Un-audited Audited
March 31, June 30,
2017 2016
1,306,203,105 52,733,757
5.1 133,567,526 1,278,290,805
5.2 (55,441) -
1,439,715,190
1,331,024,562
70,798,819
24,821,457
1,368,916,371
1,306,203,105
16,158,473
6,632,746
1,385,074,844
1,312,835,851
70,000
132,879,249
132,058,997
812,823,240
-
325,102,255
994,431
1,555,589
20,000
632,950
424,098
390,589
-
4,906,933
133,567,526
1,278,290,805
55,441
-
55,441 -
Rupees
4
Improvements to Accounting Standards Issued by the IASB in September 2014
IFRS 5 - Non-current Assets Held for Sale and Discontinued Operations - Changes in methods of disposalIFRS 7 - Financial Instruments: Disclosures - Servicing contracts IFRS 7 - Financial Instruments: Disclosures - Applicability of the offsetting disclosures to condensedinterim financial statementsIAS 19 - Employee Benefits - Discount rate: regional market issue IAS 34 - Interim Financial Reporting - Disclosure of information 'elsewhere in the interim financial report’The adoption of the above amendments and interpretation did not have any significant impact on thiscondensed interim financial statements.
ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of this interim condensed financial information in conformity with the approved accounting standards requires the use of certain critical accounting estimates. It also requires the management to exercise its judgment in the process of applying the Company's accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. During preparation of this interim condensed financial information, the significant judgments made by the management in applying the Company’s accounting policies and the key sources of estimation and uncertainty were the same as those that applied in the preceding audited annual published financial statements of the Company for the year ended June 30, 2016.
6 ISSUED, SUBSCRIBED AND PAID UP SHARE CAPITAL
Un-audited Audited
March 31, June 30, March 31, June 30,2017 2016 2017 2016
98,000,000 48,000,000 980,000,000 480,000,000
2,000,000 2,000,000 20,000,000 20,000,000
100,000,000 50,000,000 1,000,000,000 500,000,000
7 LONG TERM FINANCINGDiminishing Musharakah facility
Syndicate financing from Islamic Banks / windows 559,365,651 596,656,695
Non Banking Finance Company 7,154,283 10,334,703
566,519,934 606,991,398
Less: Current portion taken as current liability (153,404,732) (78,822,646)
413,115,202 528,168,752
8. CONTINGENCIES AND COMMITMENTS
8.1 Contingencies
8.2 Commitments
8.2.1
8.2.2
Ordinary shares of Rupees 10 each fully paid in
cash
Ordinary shares of Rupees 10 each issued for
consideration other than cash
There are no material changes in contingencies as disclosed in the note to the financial statements for the year ended June 30, 2017.
Commitment in respect of letter of credit amounted to Rupees 107.86 million (June 2016: Rupees 143.49 million).
(NUMBER OF SHARES) Rupees
Commitment for construction of building as at balance sheet date amounted to Rupees 91.9 million (June 2016 : Rupees 8 million)
9 EARNING PER SHARE - BASIC AND DILUTED
There is no dilutive effect on the basic earnings per share.
10 CASH GENERATED FROM/ (USED IN) OPERATIONS
Loss before taxation
Depreciation on Property, plant and equipment
Finance cost
Gain on disposal of Property, plant and equipment
Working capital changes (Note 10.1)
Adjustments for
(74,990,745) (10,043,003)
70,798,817 2,311,749
50,000,202 2,724,352
(8,059)
-
(228,500,292) (162,388,756)
(182,700,077) (167,395,658)
March 31, March 31,2017 2016
Rupees
(Un-Audited)Nine Months Ended
13Ghani Global Glass
143rd Quarter March 2017
11,300,0001,950,000
35,575,429
1,983,714321,035,638
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). The Company has no items to report in this level.
There were no changes in valuation techniques during the period. The carrying values of all financial assets and liabilities reflected in this condensed interim financial information is approximate at their fair values.
11 RELATED PARTY TRANSACTIONSTransaction with related parties and associated undertakings are as follows:
March 31, March 31,2017 2016
Name
Associated companies / undertaking
Associated Companies 9,000,000
1,950,000
23,442,582
450,000,000
4,360,939
(190,000,000)
12 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 1: Quoted prices (unadjusted) in active market for identical assets or liabilities. The Company has no items to report in this level.
- Level 2:
- Level 3: Inputs for asset or liability that are not based on observable market data (unobservable inputs).
Sponsor Loan received / (repaid)
Investment
(Un-Audited)Nine Months Ended
Nature of transaction Rupees
Services Guarantee Charges
Purchases
Provident fund Contribution
-
10.1 Working capital changesCash flows generated from/(used in) working capital changes
(Increase) / decrease in current assets:Stores and spares
Stock in tradeTrade debts
Balance with statutory authoritiesLoans and advances
Trade deposits and short term prepaymentsOther receivables
Increase/(decrease) in current liabilitiesTrade and other payables
March 31, March 31,2017 2016
Rupees
(Un-Audited)Nine Months Ended
(21,241,973)
(10,896,924)
(143,771,611)
(107,105,064)
(32,004,933)
(17,179,347)
(25,754,472)
(37,482,856)
(4,942,663)
8,566,446
(42,510,666)
10,652,900
(70,989)
51,697 (270,297,307)
(153,393,148)
41,797,015 (8,995,608)
(228,500,292) (162,388,756)
13 DATE OF AUTHORIZATION FOR ISSUE
14 GENERAL
14.1
14.2
14.3
This condensed interim financial information was approved by the Board of Directors of the Company and authorized for issue on April 28, 2017.
Corresponding figures have been rearranged or reclassified, wherever necessary, for the purpose of comparison.
In order to comply with the requirements of International Accounting Standard 34 - 'Interim Financial Reporting', corresponding figures in the condensed
interim balance sheet comprise of balances as per the annual audited financial statements of the Company for the year ended June 30, 2016 and the
corresponding figures in the condensed interim profit and loss account, condensed interim cash flow statement, condensed interim statement of other
comprehensive income and condensed interim statement of changes in equity comprise of balances of comparable period as per the condensed interim
financial information of the Company for the period ended March 31, 2016.
Figures have been rounded off to the nearest rupees, unless otherwise stated.
15Ghani Global Glass
FARZAND ALI(DIRECTOR)
MASROOR AHMAD KHAN(CHIEF EXECUTIVE OFFICER)
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