contents 1 tg tariq glass industries ltd. contents company information directors' report (english /...

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

5

6

7

8

9

10

2

COMPANY INFORMATION

BOARD OF DIRECTORS

CHAIRMAN

MANAGING DIRECTOR

COMPANY SECRETARY MR. MOHSIN ALI

AUDIT COMMITTEE MR. NAEEM NAZIRMR. OMER BAIGMR. DAVID JULIAN

CHAIRMAN MEMBERMEMBER

AUDITORS KPMG TASEER HADI & CO.CHARTERED ACCOUNTANTS

LEGAL ADVISOR KASURI AND ASSOCIATESLAHORE

TAX CONSULTANTS YOUSAF ISLAM ASSOCIATES LAHORE

INFORMATION TECHNOLOGYCONSULTANTS

CHARTAC BUSINESS SERVICES (PVT) LTD.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.Suite No. 31, 2nd Floor, Sadiq Plaza, 69 - The Mall Lahore.Ph: 042 - 36280067, Fax: 042 - 36280068E-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

MR. MANSOOR IRFANIMR. TARIQ BAIGMR. NAEEM NAZIR

CHAIRMAN MEMBERMEMBER

BANK ALFALAH LTDFAYSAL BANK LTDJ.S. BANK LTDBANKISLAMI PAKISTAN LTDNIB BANK LTDSAMBA BANK LTD ALBARAKA BANK (PAK) LTDSTANDARD CHARTERED BANK (PAK) LTD

MR. OMER BAIG

MR. TARIQ BAIG

MRS. NAIMA SHAHNAZ BAIGMR. MANSOOR IRFANIMR. AKBAR BAIGMR. DAVID JULIANMR. NAEEM NAZIR

CHIEF FINANCIAL OFFICER MR. WAQAR ULLAH

INDEPENDENT DIRECTOR

DIRECTORS’ REPORT

We are pleased to present the financial information for the 1st quarter ended September 30, 2016.

Financial and Operational Performance

By the grace of Almighty Allah, all components of the business contributed positively and the Company has maintained its position as far as the sales and profitability is concerned for the period under review. The Company has registered net sales of Rs. 2,113 million with a gross profit margin of 20.58% as compared to the corresponding period's figure of Rs. 2,074 million and 23.92% respectively. The after tax profit margin and EPS for the period under review reported as 8.90% and Rs. 2.56 whereas the figures of same period of last year were 7.90% and Rs. 2.23 respectively.

The Company is receiving satisfactory response from the market against the launch of tableware plates and bowls which are being manufactured on new Spinning Machine and Toughneing Lehr. On the other side the continuing hike in the RLNG prices hitched extra burden on the cost of production.

A brief summary of the financial results for the period under report is as under:

Future Outlook

The continuous increase in RLNG prices is persuading us to reconsider the option of normal sui gas connection. Low pressure supply or even shut down spans of gas could be observed during winter season which will result in alternate fuels albeit at higher costs.

In general the tableware products in the local market are oversupplied with inferior quality and low priced articles both of domestic produce and smuggled ones. The management is fully conscious and has undertaken necessary measures to improve quality so as to further widen the gap between the produce of your Company and the rest, introduce value added products and more focused approach towards customer's satisfaction. The sales season for the float glass products normally starts from the month of October and we foresee the sales volume of the approaching quarter on higher side (InshaAllah).

(Million Rupees) Three Months Ended September 30

2016 2015Net SalesGross Profit Operating Profit Profit Before Tax

Profit After Tax

Earnings per share – Rupees

2,113

435 310 227

188

2.56

2,074496275178164

2.23

3

MANAGING DIRECTOR

TARIQ BAIGLahore: October 31, 2016

(Un

-au

dit

ed

)(A

ud

ited

)

30 S

ep

tem

ber

2016

30 J

une

2016

Ru

pees

Rupees

EQ

UIT

Y A

ND

LIA

BIL

ITIE

S

Sh

are

cap

ital an

d r

eserv

es

Auth

orize

d sh

are

capita

l

100,0

00,0

00 (

2016: 100,0

00,0

00)

ord

inary

1,0

00,0

00,0

00

1,0

00,0

00,0

00

share

s of R

s 10 e

ach

Issu

ed, su

bsc

ribed a

nd p

aid

up c

apita

l

73,4

58,0

00 o

rdin

ary

share

s of R

s 10/-

each

734,5

80,0

00

734,5

80,0

00

Share

pre

miu

m

410,1

16,9

32

410,1

16,9

32

Equity

port

ion o

f sh

are

hold

ers

' loan

63,4

56,7

54

76,0

48,2

84

Unappro

priate

d p

rofit

2,1

62,0

59,3

80

1,9

61,3

64,2

17

3,3

70,2

13,0

66

3,1

82,1

09,4

33

Surp

lus

on r

eva

luatio

n o

f la

nd

766,4

82,1

38

766,4

82,1

38

4,1

36,6

95,2

04

3,9

48,5

91,5

71

No

n -

cu

rren

t liab

ilit

ies

Long term

fin

ance

s:

- S

ecu

red

286,7

59,8

03

324,1

03,6

15

- U

nse

cure

d626,5

35,0

92

608,2

86,4

97

913,2

94,8

95

932,3

90,1

12

Liab

ilitie

s ag

ains

t ass

ets

subj

ect t

o fin

ance

leas

e11,7

96,0

53

15,2

88,0

80

Long term

secu

rity

deposi

ts252,4

15,0

23

252,4

15,0

23

Defe

rred taxa

tion

203,4

04,1

44

164,2

21,2

24

1,3

80,9

10,1

15

1,3

64,3

14,4

39

Cu

rren

t liab

ilit

ies

Tra

de a

nd o

ther

paya

ble

s 690,0

28,4

51

707,0

13,5

80

Short

term

borr

ow

ings

- se

cure

d2,2

77,0

48,0

88

2,4

50,8

76,9

05

Acc

rued m

ark

-up

79,2

64,1

49

72,0

80,5

35

Curr

ent port

ion o

f lo

ng term

liabili

ties

119,7

83,1

64

100,7

48,2

52

3,1

66,1

23,8

52

3,3

30,7

19,2

72

Co

nti

ng

en

cie

s a

nd

co

mm

itm

en

ts-

-

8,6

83,7

29,1

71

8,6

43,6

25,2

82

The a

nnexe

d n

ote

s 1 to 5

form

an in

tegra

l part

of th

ese

fin

anci

al s

tate

ments

.

(Un

-au

dit

ed

)(A

udite

d)

30 S

ep

tem

ber

2016

30 J

une

2016

Ru

pees

Rupees

AS

SE

TS

No

n-c

urr

en

t assets

Pro

pert

y, p

lant and e

quip

ment

4,8

11,1

09,5

80

4,8

64,7

45,0

21

Inta

ngib

les

4,8

74,0

04

5,2

22,1

47

Long term

deposi

ts67,7

56,3

31

66,7

71,4

31

Cu

rren

t assets

Sto

res

and s

pare

s part

s644,5

26,9

40

618,5

37,5

98

Sto

ck in

tra

de

1,7

00,2

52,6

86

1,4

92,2

07,6

43

Tra

de d

ebto

rs -

consi

dere

d g

ood

607,2

13,7

70

852,9

39,0

50

Adv

ance

s, d

epos

its, p

repa

ymen

ts a

nd o

ther

rec

eiva

bles

478,9

97,2

48

479,9

94,1

07

Cash

and b

ank

bala

nce

s368,9

98,6

12

263,2

08,2

85

3,7

99,9

89,2

56

3,7

06,8

86,6

83

8,6

83,7

29,1

71

8,6

43,6

25,2

82

CO

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EN

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D I

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CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE QUARTER ENDED 30 SEPTEMBER 2016

MANAGING DIRECTOR


OMER BAIG

CHAIRMAN

30 September

2016

30 September

2015

Rupees Rupees

Sales - net 2,113,379,524

2,074,198,717

Cost of sales (1,678,480,496)

(1,578,063,526)

Gross profit 434,899,028

496,135,191

Administrative expenses (44,718,250)

(45,371,452)

Selling and distribution expenses (79,787,406)

(176,087,213)

(124,505,656)

(221,458,665)

310,393,372 274,676,526

Other income 3,641,649 488,855 Finance cost (69,519,185) (87,403,925) Other expenses (17,229,291)

(9,363,630)

Profit before taxation 227,286,545

178,397,826 Taxation (39,182,912)

(14,444,275)

Profit after taxation 188,103,633

163,953,551

Earnings per share - basic & diluted 2.56

2.23

The annexed notes 1 to 5 form an integral part of these financial statements.

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)FOR THE QUARTER ENDED 30 SEPTEMBER 2016

MANAGING DIRECTOR


OMER BAIG

CHAIRMAN

30 September

2016

30 September

2015

Rupees Rupees

Profit after taxation 188,103,633 163,953,551

Other Comprehensive Income for the period - -

Total Comprehensive Income for the Period 188,103,633

163,953,551


CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)FOR THE QUARTER ENDED 30 SEPTEMBER 2016

MANAGING DIRECTOR


OMER BAIG

CHAIRMAN

30 September

2016

30 September

2015

Rupees Rupees

Cash flow from operating activities

Profit before taxation 227,286,545 178,397,826

Adjustments for :

Depreciation 126,531,153 108,062,530

Amortization of intangibles 348,143

348,143

(Profit) on disposal of property, plant and equipment (2,865,336)

-

Finance cost 69,519,185

87,403,925

Provision for Workers' profit participation fund 12,043,709

9,363,630

Provision for Workers' welfare fund 5,185,582

-

210,762,436

205,178,229

Operating profit before working capital changes 438,048,981

383,576,055

Changes in:

Stores and spare parts (25,989,341)

(18,817,688)

Advances, deposits, prepayments and other receivables 21,168,964

(20,305,958)

Stock in trade (208,045,045)

(245,401,992)

Trade debtors - considered good 245,725,279

(14,826,506)

Trade and other payables (40,336,059)

20,277,855

(7,476,202) (279,074,289) Cash generated from operating activites 430,572,779 104,501,766

Income tax paid (14,050,466)

(35,866,779)

Net cash generated from operating activities

416,522,313

68,634,987

Cash flow from investing activities

Fixed capital expenditure (73,590,368)

(11,564,635)

Proceeds from sales of property, plant and equipment 3,560,000

-

Long term deposits (984,900)

(4,700,000)

Net cash used in investing activities (71,015,268)

(16,264,635)

Cash flow from financing activities

Repayments of long term finances (18,465,088)

(21,599,203)

Liabilities against assets subject to finance lease (3,492,027)

-

(Repayments of) / Proceeds from short term borrowings - net (60,131,451)

92,453,768

Long term deposits - (8,824,414)

Finance cost paid (43,930,786) (47,086,227)

Net Cash used in financing activities (126,019,352) 14,943,924

Net increase/(decrease) in cash and cash equivalents 219,487,693 67,314,276

Cash and cash equivalents at the beginning of the year (1,181,263,315) (1,238,332,280)

Cash and cash equivalents at the end of the period (961,775,622) (1,171,018,004)


Balance as at 30 June 2015

Total comprehensive income

Profit after tax for the quarter ended 30 September 2015


Balance as at 30 September 2015



Adjustment due to repayment - net of tax

Balance as at 30 June 2016



Balance as at 30 September 2016


Profit after tax for the quarter ended 30 September 2016

Profit after tax for the year ended 30 June 2016

Transferred on unwinding for the period ended 30 September 2015 - net of tax

Transferred on unwinding for the year ended 30 June 2016 - net of tax

Transferred on unwinding for the period ended 30 September 2016 - net of tax

Revenue Reserve

135,008,111

- -

- -

- - (12,453,175) -

122,554,936

- - -

-

-

-

-

-

(36,901,584)

-

-

-

(9,605,068)

-

76,048,284

- - -

- - -

- - (12,591,530) -

63,456,754

-

-

Share Premium Equity Portion of shareholders Loan Un-appropriated profit

Capital Reserve

Total EquityShare capitalSub-total

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

2,701,648,177

163,953,551

163,953,551

2,865,601,728

326,112,773

326,112,773

(9,605,068)

3,182,109,433

188,103,633

188,103,633

3,370,213,066

1,421,943,134

163,953,551

163,953,551

12,453,175

1,598,349,860

326,112,773

326,112,773

36,901,584

1,961,364,217

188,103,633

188,103,633

12,591,530

2,162,059,380

545,125,043

(12,453,175)

532,671,868

(36,901,584)

(9,605,068)

486,165,216

(12,591,530)

473,573,686

-

-

-

-

-

-

734,580,000

734,580,000

734,580,000

734,580,000

410,116,932

410,116,932

410,116,932

410,116,932

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)FOR THE QUARTER ENDED 30 SEPTEMBER 2016

MANAGING DIRECTOR


OMER BAIG

CHAIRMAN

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTSFOR THE QUARTER ENDED 30 SEPTEMBER 2016

These interim condensed financial statements are un-audited and are being submitted to the shareholders in accordance with the section 245 of the Companies Ordinance, 1984 and have been prepared in accordance with the requirements of International Accounting Standard (IAS) - 34 "Interim Financial Reporting" as applicable in Pakistan.

The condensed interim financial information 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 2016.

The accounting policies adopted for the preparation of this condensed interim financial information are the same as those applied in the preparation of preceding Audited Financial Statements for the year ended 30 June 2016.

There is no significant change in the contingencies and commitments status since the last annual balance sheet date.

Figures have been rounded off to the nearest rupee.

This condensed interim financial information is authorized for issuance by the Board of Directors on 31 October 2016.

1.

2.

3.

4.

5.

MANAGING DIRECTOR


OMER BAIG

CHAIRMAN

contents 1 tg tariq glass industries ltd. contents company information directors' report (english /...

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