GHANDHARA NISSAN LIMITED · Quarterly Report March 2018 04 Directors’ Report Your Directors are...
Transcript of GHANDHARA NISSAN LIMITED · Quarterly Report March 2018 04 Directors’ Report Your Directors are...
Quarterly ReportMarch 31, 2018(Un-audited)
GHANDHARA NISSAN LIMITED
Contents
CompanyProfile
02 04Directors'Report(English)
Directors'Report(Urdu)
05 06CondensedInterim Statementof Financial Position
08CondensedInterim Statementof Cash Flows
09CondensedInterim Statementof Changes inEquity
10Notes to theCondensed InterimFinancialInformation
Directors' Report onConsolidatedCondensed InterimFinancial information (English)
Directors' Report onConsolidatedCondensed InterimFinancial information (Urdu)
16 17
18ConsolidatedCondensed Interim Statement of FinancialPosition
19 20ConsolidatedCondensed InterimStatement ofCash Flows
ConsolidatedCondensed InterimStatement of Changes in Equity
21 22Notes to theConsolidated Condensed InterimFinancial Information
07Condensed InterimStatement of Profit &Loss account & othercomprehensive income
Consolidated CondensedInterim Statementof Profit & Loss account& other comprehensive income
Company Profile
Board of Directors
Mr. Raza Kuli Khan Khattak ChairmanLt. Gen. (Retd.) Ali Kuli Khan Khattak President Mr. Ahmed Kuli Khan Khattak Chief Executive OfficerMr. Mushtaq Ahmed Khan (FCA) Mr. Jamil A. Shah Mr. Syed Haroon Rashid Mr. Mohammad Zia Mr. Muhammad Saleem Baig Mr. Polad Merwan Polad
Company Secretary
Mr. Muhammad Sheharyar Aslam
Registered Office
F-3, Hub Chowki Road, S.I.T.E., Karachi
Bankers of the Company
National Bank of Pakistan Faysal Bank Limited Habib Bank Limited Allied Bank Limited United Bank LimitedSoneri Bank Limited MCB Bank Limited The Bank of Tokyo – Mitsubishi, Ltd. Industrial & Commercial Bank of China Summit Bank Limited The Bank of Punjab The Bank of Khyber
Chief Financial Officer
Mr. Muhammad Umair
Factory
Truck / Car Plants Port Bin Qasim, Karachi
Audit Committee
Mr. Mohammad Zia ChairmanLt. Gen. (Retd.) Ali Kuli Khan Khattak MemberMr. Jamil A. Shah MemberMr. Polad Merwan Polad Member
Human Resource & Remuneration Committee
Lt. Gen. (Retd.) Ali Kuli Khan Khattak ChairmanMr. Ahmed Kuli Khan Khattak MemberMr. Muhammad Zia MemberMr. Jamil A. Shah MemberAskari Commercial Bank Limited
Meezan Bank LimitedBank Al Habib Limited Bank Alfalah IslamicAl Baraka Bank (Pakistan) LimitedJS Bank Limited
Quarterly Report March 2018
02
Quarterly Report March 2018
03
Auditors
M/s. Shinewing Hameed Chaudhri & Co. M/s. Junaidy Shoaib AsadChartered Accountants Chartered Accountants5th Floor, Karachi Chambers 1/6, Block-6, P.E.C.H.S, Mohtarma LaeeqHasrat Mohani Road Begum Road, Off Shahrah-e-Faisal
Near Nursery Flyover, Karachi ihcaraK
Legal & Tax Advisors
Ahmed & Qazi AssociatesAdvocates & Legal Consultants404 Clifton Centre, CliftonKarachi
Shekha & MuftiChartered AccountantsC-253, P.E.C.H.S., Block 6Off Shahrah-e-FaisalKarachi
Share Registrars
T.H.K. Associates (Pvt.) Ltd.
NTN:
0802990-3
Sales Tax Registration No:
12-03-8702-001-46
1st Floor, 40-C,Block-6, P.E.C.H.SKarachi-75400
Quarterly Report March 2018
04
Directors’ ReportYour Directors are pleased to present the report alongwith the condensed interim �nancial information of Ghandhara
Nissan Limited for the Nine months period ended March, 31, 2018.
In terms of value, the Company’s net turnover was Rs. 1,740.4 million as compared to Rs. 4,035.2 million during the same
period of last year. The decrease is mainly due to discontinuation of UD Trucks. The Company has started CKD operations
of JAC Trucks which earlier received an overwhelming market response in CBU condition. In addition to this, the regular
Dongfeng CBU business together with contract assembly has also contributed signi�cantly in company’s performance.
The operational pro�t of your Company for the nine months was Rs 330.8 million as compared to Rs. 614.8 million in the
corresponding period of last year. Pro�t after tax for the nine months was Rs. 242.8 million. This pro�t translates into
earnings per share of Rs. 5.40 as against Rs. 9.71 during the corresponding period of last year.
The company has been awarded “Category-B Brown�eld Investment Status” by the Ministry of Industries and Production
under the Automotive Development Policy 2016-21, for the assembly of Datsun passenger cars.
To meet the �nancing needs of the growing operations, the Directors have granted approval for issuance of Right shares.
This, in addition to the funds generated from the partial divestment of shares in an Associated Company, will facilitate in
strengthening the �nancial health of the company.
Further, the company has signed Importer Agreement with Renault Trucks SAS, France for heavy commercial vehicles. By
virtue of that Agreement, few units have been imported from France in CBU condition primarily for “test & trial” purpose.
Related Party Transactions
All transactions with related parties have been executed at arm’s length and have been disclosed in the condensed interim
�nancial information.
The directors are also grateful to the Principals, customers, vendors, bankers and other business associates for their
continued patronage and support.
For and on behalf of the Board of Directors
Karachi Dated: April 24, 2018
Ahmed Kuli Khan KhattakChief Executive Officer
Muhammad ZiaDirector
Quarterly Report March 2018
05Karachi Dated: April 24, 2018
� �ہ � وا� �� � � �رچ � � �� ��� �ن ��را �� � � �� � �ز
� �ڈا��� آپ
�۔ �� ِ�� �� ��ت �� ��� �رى
��� ر�رٹ
312018
1,740.4
JAC CBU
Dongfeng CBU
UD TrucksJAC Trucks 4,035.2
330.8 614.8
242.8 9.71
5.40
“Category-B Brown�eld Investment Status” ۔� �ازہ � ����� � �رى ���� �
���
� �اون � “ز�ہ۔ ” � �
د� � ��ے � درآ�ات �� � ،�ا� �� ��ر� � �ں �ڑ�� �� �ى � �� � � �وہ � اس
درآ� �� � � �ا� �� �� � (� �� � �) ��� آز�� � � �ر �دى �
��� �
���� �
��� � ��ہ اس � �� ��
۔ � �� � ر �
“RENAULT”SAS
CBU
� ��ت ��� ��� �رى � �ہ � �۔ � �� �
��� �� � ا�ر � � د�� � �� �رو�رى
�
“DATSUN”2016-21 ڈا�
�و� ��وى �� ��� س اورا
Quarterly Report March 2018
06
Condensed Interim Statement of Financial PositionAs at March 31, 2018
Note
(Un-Audited)March 31,
2018
(Audited)June 30,
2017
----------- Rupees ‘000 -----------ASSETS Non current assets Property, plant and equipmentIntangible assetsLong term investmentsLong term loans Long term deposits Due from Subsidiary Company Current assets Stores, spares and loose toolsStock-in-tradeTrade debts Loans and advancesDeposits and prepaymentsOther receivables Accrued interest / mark-upTaxation - net Bank balances
Non current asset classi�ed as held for sale Total assetsEQUITY AND LIABILITIESShare capital and reservesAuthorised capital 80,000,000 (June 30, 2017: 80,000,000) ordinary shares of Rs.10 eachIssued, subscribed and paid-up capital 45,002,500 (June 30, 2017: 45,002,500) ordinary shares of Rs.10 eachShare premiumUnappropriated pro�tEquity without surplus on revaluationSurplus on revaluation of �xed assetsTotal equity with surplus on revaluationLiabilities Non current liabilitiesLiabilities against assets subject to �nance leaseLong term depositsDeferred gain on sale and lease back of transactionDeferred taxation
Current liabilitiesTrade and other payablesAccrued mark-up on running �nances Running �nances under mark-up arrangementsCurrent portion of liabilities against assets subject to �nance lease Taxation - net Unclaimed dividend Total liabilitiesContingencies and commitmentsTotal equity and liabilities
The annexed notes 1 to 14 form an integral part of this condensed interim �nancial information.
2,044,591 2,933
242,630 8,315
20,110 391,073
2,709,652
92,268 489,777 498,759
58,825 36,516 57,430 14,930
4,847 150,934
1,404,286 -
4,113,938
800,000
450,025 40,000
1,352,113 1,842,138
967,844 2,809,982
49,051 9,611
3 287,377 346,042
694,104 6,338
233,445
13,179 -
10,848 957,914
1,303,956
4,113,938
1,983,445 50
242,630 9,546
19,266 313,140
2,568,077
86,474 277,690 181,088
49,773 16,625 18,082
7,669 -
514,390 1,151,791
137,909 3,857,777
800,000
450,025 40,000
1,313,543 1,803,568
988,570 2,792,138
53,699 9,611
6 282,527 345,843
621,077 347
-
18,474 72,166
7,732 719,796
1,065,639
3,857,777
5
6
7
8
9
Ahmed Kuli Khan KhattakChief Executive Officer
Muhammad UmairChief Financial Officer
Muhammad ZiaDirector
For the nine months period ended March 31, 2018
Note
Revenue
Cost of sales
Gross pro�t
Distribution cost
Administrative expenses
Other income
Other expenses
Pro�t from operations
Finance cost
Pro�t before taxation
Taxation
Pro�t after taxation
Other comprehensive income
Total comprehensive income
Earnings per share - basic
and diluted
The annexed notes 1 to 14 form an integral part of this condensed interim �nancial information.
10
March 31,2018
March 31,2017
----------------------------- Rupees ‘000 -----------------------------
Quarter ended
725,887
(603,702)
122,185
(13,123)
(53,089)
22,419
(7,055)
71,337
(8,365)
62,972
(17,170)
45,802
-
45,802
1.02
1,385,559
(1,098,694)
286,865
(9,959)
(57,902)
17,119
(16,147)
219,976
(2,106)
217,870
(62,480)
155,390
-
155,390
3.45
March 31,2018
March 31,2017
Nine months period ended
1,740,435
(1,381,484)
358,951
(35,091)
(144,587)
175,378
(23,814)
330,837
(14,014)
316,823
(73,966)
242,857
-
242,857
5.40
4,035,234
(3,268,072)
767,162
(30,821)
(175,723)
99,376
(45,137)
614,857
(5,834)
609,023
(172,011)
437,012
-
437,012
9.71
Quarterly Report March 2018
07
Ahmed Kuli Khan KhattakChief Executive Officer
Muhammad UmairChief Financial Officer
Muhammad ZiaDirector
Condensed Interim Statement of Profit and Loss Accountand other Comprehensive Income (Unaudited)
----------------------------- Rupees --------------------------------
March 31,2018
March 31,2017
Quarterly Report March 2018
08
Condensed Interim Statement of Cash Flows (Un-audited) For the nine months period ended March 31, 2018
----------- Rupees ‘000 -----------
Nine month period ended
CASH FLOWS FROM OPERATING ACTIVITIES Pro�t before taxationAdjustments for non cash charges and other items: Depreciation and amortisation Provision for gratuity Interest income Dividend income Gain on disposal of property, plant and equipment Amortization of gain on sale and lease back of �xed assets Finance cost Net exchange loss / (gain)Operating pro�t before working capital changes (Increase) / decrease in current assets: Stores, spares and loose tools Stock-in-trade Trade debts Loans and advances Deposits and prepayments Other receivables
Increase / (decrease) in trade and other payablesCash (used in) / generated from operations Gratuity paid Long term deposits Long term loans - net Finance cost paid Taxes paid Net cash used in operating activities CASH FLOWS FROM INVESTING ACTIVITIES Payments for �xed capital expenditure and intangibles Proceeds from disposal of property, plant and equipment / non current asset classi�ed as held for sale Interest received Interest bearing advance (to) / from subsidiary - net Dividend income Net cash generated from investing activitiesCASH FLOWS FROM FINANCING ACTIVITIES Lease �nances - net Running �nances - net Dividend paid Net cash used in �nancing activitiesNet decrease in cash and cash equivalents Cash and cash equivalents - at beginning of the period Cash and cash equivalents - at end of the period The annexed notes 1 to 14 form an integral part of this condensed interim �nancial information.
316,823
78,650 5,762
(33,445) (77,493) (36,509)
(3) 14,014
310 268,109
(5,794) (212,087) (317,671)
(9,052) (19,891) (39,348)
(603,843)80,382
(255,352) (13,427)
(844) 1,231
(8,023) (146,129) (422,544)
(133,891)
177,913 26,184
(77,933) 77,493 69,766
(22,226) 233,445
(221,897) (10,678)
(363,456) 514,390 150,934
609,023
68,236 8,653
(30,198) (51,662)
(3,689)
(3) 5,834 (532)
605,662
(1,858) (39,236) (26,750) (41,885)
4,163 58,369
(47,197) (462,650)
95,815 (40,425)
(1,737) (1,510) (5,490)
(109,165) (62,512)
(36,753)
5,853 29,041
140,739 51,662
190,542
(10,967) -
(222,051) (233,018) (104,988) 375,408 270,420
Ahmed Kuli Khan KhattakChief Executive Officer
Muhammad UmairChief Financial Officer
Muhammad ZiaDirector
Balance as at July 1, 2016 (Audited) Transaction with owners recognised directly in equity Final dividend for the year ended June 30, 2016 at the rate of Rs.5.00 per share Total comprehensive income for the nine months period ended March 31, 2017 Pro�t for the period Other comprehensive income Transfer from surplus on revaluation of �xed assets on account of incremental depreciation - net of deferred taxation Balance as at March 31, 2017 (Un-audited) Balance as at July 1, 2017 (Audited) Transaction with owners recognised directly in equity Final dividend for the year ended June 30, 2017 at the rate of Rs.5.00 per share Total comprehensive income for the nine months period ended March 31, 2018 Pro�t for the period Other comprehensive income Transfer from surplus on revaluation of �xed assets on account of incremental depreciation - net of deferred taxation Balance as at March 31, 2018 (Un-audited)
The annexed notes 1 to 14 form an integral part of this condensed interim �nancial information.
Condensed Interim Statement of Changes in Equity (Un-audited) For the nine months period ended March 31, 2018
-------------------------------------- Rupees ‘000 --------------------------------------
Quarterly Report March 2018
09
Issued,subscribed
and paid-upcapital
450,025
-
-
- -
-
450,025
450,025
-
-
- -
-
450,025
Share premium(Capitalreserve)
40,000
-
-
- -
-
40,000
40,000
-
-
- -
-
40,000
Unappro-priated pro�t
(Revenuereserve)
1,111,191
(225,013)
437,012
- 437,012
21,820
1,345,010
1,313,543
(225,013)
242,857
- 242,857
20,726
1,352,113
Equitywithout
surplus onrevaluation
1,601,216
(225,013)
437,012
- 437,012
21,820
1,835,035
1,803,568
(225,013)
242,857
- 242,857
20,726
1,842,138
Surplus onrevaluation of
�xed assets(Capital reserve)
1,017,664
-
-
- -
(21,820)
995,844
988,570
-
-
- -
(20,726)
967,844
Total equitywith surplus
onrevaluation
2,618,880
(225,013)
437,012
- 437,012
-
2,830,879
2,792,138
(225,013)
242,857
- 242,857
-
2,809,982
Ahmed Kuli Khan KhattakChief Executive Officer
Muhammad UmairChief Financial Officer
Muhammad ZiaDirector
Quarterly Report March 2018
10
Notes to the Condensed Interim Financial Information (Un-audited) For the nine months period ended March 31, 2018
1. THE COMPANY AND ITS OPERATIONS Ghandhara Nissan Limited (the Company) was incorporated on August 8, 1981 in Pakistan as a private limited company and subsequently converted into a public limited company on May 24,1992. The registered o�ce of the Company is situated at F-3, Hub Chauki Road, S.I.T.E., Karachi. Its manufacturing facilities are located at Port Qasim, Karachi. The Company's shares are listed on Pakistan Stock Exchange Limited. The principal business of the Company is assembly / progressive manufacturing of Nissan passenger Cars, UD Trucks & buses and JAC trucks, import and marketing of Nissan vehicles, import and sale of DongFeng and JAC Complete Built-up Trucks and assembly of other vehicles under contract agreement. The Company is a subsidiary of Bibojee Services (Private) Limited which holds 62.32% (June 30, 2017: 62.32%) of issued, subscribed and paid-up capital of the Company. 2. BASIS OF PREPARATION This condensed interim �nancial information has been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim �nancial reporting. The accounting and reporting standards as applicable in Pakistan for interim �nancial reporting comprise of: - International Accounting Standards (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as noti�ed under the Companies Act, 2017 (the Act); and - Provisions of and directives issued under the Act. Where the provisions of and directives issued under the Act di�er with the requirements of IAS 34, the provisions of or directives issued under the Act have been followed. 3. ACCOUNTING POLICIES The signi�cant accounting policies and the methods of computation adopted in the preparation of this condensed interim �nancial information are consistent with those applied in the preparation of audited annual �nancial statements for the year ended June 30, 2017. There are certain new International Financial Reporting Standards (standards), amendments to published standards and interpretations that are mandatory for the �nancial year beginning on July 1, 2017. These are considered not to be relevant or to have any signi�cant e�ect on the Company's �nancial reporting and operations and are, therefore, not disclosed in this condensed interim �nancial information.
4. ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of this condensed interim �nancial information in conformity with the approved accounting standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Company's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including the expectation of future events that are believed to be reasonable under the circumstances. Actual results may di�er from these estimates. During the preparation of this condensed interim �nancial information, the signi�cant judgements made by management in applying the Company's accounting policies and the key sources of estimation and uncertainty were the same as those that applied to the audited annual �nancial statements of the Company for the year ended June 30, 2017.
5.1 Operating �xed assets Net book value at beginning of the period / year Additions during the period / year Disposals, costing Rs.6,379 thousand (June 30, 2017: Rs.9,669 thousand) - at net book value Assets classi�ed as held for sale costing Rs.Nil (June 30, 2017: Rs. 162,724 thousand) - at book value Depreciation charge for the period / year Net book value at end of the period / year 5.2 Additions to operating �xed assets, including transfer from capital work-in-progress, during the period / year were as follows: Leasehold land Building on free hold land Plant and machinery Furniture and �xtures Vehicles - owned - leased Other equipment O�ce equipment Computers
Quarterly Report March 2018
11
Notes to the Condensed Interim Financial Information (Un-audited) For the nine months period ended March 31, 2018
Note
(Un-Audited)March 31,
2018
(Audited)June 30,
2017
----------- Rupees ‘000 -----------
5.1
5.2
1,940,286
104,305 2,044,591
1,920,332
63,113 1,983,445
5. PROPERTY, PLANT AND EQUIPMENT Operating �xed assets Capital work-in-progress
1,920,332
102,002
(3,495)
-
(78,553)
1,940,286
-
44,751
18,259
256
9,075 12,283
12,314
4,338
726
102,002
1,846,454
309,256
(2,294)
(137,909)
(95,175)
1,920,332
207,980
-
39,442
14,710
4,300 32,523
6,188
3,042
1,071
309,256
Quarterly Report March 2018
12
Notes to the Condensed Interim Financial Information (Un-audited) For the nine months period ended March 31, 2018
(Un-Audited)March 31,
2018
(Audited)June 30,
2017
----------- Rupees ‘000 -----------
(Un-Audited)March 31,
2018
(Audited)June 30,
2017
----------- Rupees ‘000 -----------
149,995
92,635
1,875
(1,875)
-
242,630
149,995
92,635
1,875
(1,875)
-
242,630
6. LONG TERM INVESTMENTS Subsidiary Company - at cost
Ghandhara DF (Private) Limited
14,999,500 (June 30, 2017: 14,999,500) ordinary shares of Rs.10 each Equity held: 99.99% (June 30, 2017: 99.99%) Break-up value per share on the basis of latest �nancial statements is Rs. 33.11(June 30, 2017: Rs.24.05) Associated Company - at cost Ghandhara Industries Limited 5,166,168 (June 30, 2017: 5,166,168) ordinary shares of Rs.10 each Equity held: 24.25% (June 30, 2017: 24.25%) Fair value: Rs.4,312.045 million (June 30, 2017: Rs.3,358.577 million)
Others - available for sale Automotive Testing & Training Center (Private) Limited 187,500 (June 30, 2017: 187,500) ordinary shares of Rs.10 each - cost Provision for impairment
7. DUE FROM SUBSIDIARY COMPANY - Unsecured and interest bearing
The Company has an aggregate cash limit of Rs. 800 million that can be provided as loan to Ghandhara DF (Private) Limited (Subsidiary company) for its working capital requirements. This advance is unsecured and has been granted for a period of three years. It carries mark-up at rate of six months KIBOR+3.00% and is receivable on quarterly basis.
8. BANK BALANCES Cash at banks on: - current accounts - deposits accounts - term deposits receipts Provision for doubtful bank balances
62,329 10,517 82,000
154,846 (3,912)
150,934
202,785 10,517
305,000 518,302
(3,912) 514,390
Quarterly Report March 2018
13
Notes to the Condensed Interim Financial Information (Un-audited) For the nine months period ended March 31, 2018
Note
10.1
10. COST OF SALES Finished goods at beginning of the period Cost of goods manufactured Purchases - trading goods Finished goods at end of the period 10.1 Cost of goods manufactured Raw materials and components consumed Factory overheads
March 31,2018
March 31,2017
139,276
141,387
527,970
669,357
808,633
(204,931)
603,702
8,124
133,263
141,387
148,259
1,002,751
229,642
1,232,393
1,380,652
(281,958)
1,098,694
855,161
147,590
1,002,751
213,001
401,067
972,347
1,373,414
1,586,415
(204,931)
1,381,484
8,124
392,943
401,067
113,586
3,046,058
390,386
3,436,444
3,550,030
(281,958)
3,268,072
2,572,314
473,744
3,046,058
March 31,2018
March 31,2017
------------------------------ Rupees ‘000 --------------------------------
Quarter ended Nine months ended--------------------------------(Un-Audited)--------------------------------
9. CONTINGENCIES AND COMMITMENTS
9.1 There is no change in status of the contingencies as disclosed in note 28.1 of the audited annual �nancial statements of the Company for the year ended June 30, 2017.
9.2 Commitment in respect of irrevocable letters of credit as at March 31, 2018 aggregate to Rs.44.153 million (June 30, 2017: Rs.34.80 million).
9.3 Guarantees aggregating Rs.4.951 million (June 30, 2017: Rs.15.787 million) are issued by banks of the Company to various government and other institutions. Further, the Company has issued corporate guarantees aggregating Rs.609.141 million (June 30, 2017: Rs.259.443 million) to the commercial banks against letters of credit facilities utilised by the Subsidiary Company.
Quarterly Report March 2018
14
Notes to the Condensed Interim Financial Information (Un-audited) For the nine months period ended March 31, 2018
11. TRANSACTIONS WITH RELATED PARTIES 11.1 Signi�cant transactions with related parties are as follows:
----------- Rupees ‘000 -----------
March 31,2018
Name Nature oftransaction March 31,
2017
(i) Holding Company Bibojee Services (Private) Limited - 62.32% shares held in the Company
(ii) Subsidiary Company Ghandhara DF (Private) Limited 99.99% shares held by the Company
(iii) Associated Companies Ghandhara Industries Limited 24.25% shares held by the Company
The General Tyre and Rubber Company of Pakistan Limited Gammon Pakistan Limited Janana De Malucho Textile Mills Limited (iv) Others UD Trucks Corporation, Japan
Staff provident fund Staff gratuity fund Key management personnel
Corporate office rentDividend
Contract assembly chargesPurchase of partsSale of partsLong term advances given - net Long term advances recovered - net Interest incomeInterest receivedGuarantee commissionReimbursement of expenses
Contract assembly chargesHead office rentBody fabricationSale of partsPurchase of partsDividend incomeReimbursement of expenses Purchase of tyres Office rent Reimbursement of expenses
RoyaltyDividendPurchases of complete knock down kitsContribution madeContribution madeRemuneration and other benefits
4,500 140,232
102,896
75 52,105
77,933
- 33,066 26,043
4,872
-
579,337 1,980
- 6
16 77,493
1,003
72
2,250
1,256
- 18,235
- 6,058
13,427
55,820
7,350 140,232
31,491 1,520 2,221
-
140,739 26,994
- 3,094
246
292,839 1,320
676 1,056
8 51,662
356
41,308
2,250
763
11,312 18,235
2,009,252 5,446
40,425
53,153
Un-audited --Nine Months ended--
Ahmed Kuli Khan KhattakChief Executive Officer
Muhammad UmairChief Financial Officer
Muhammad ZiaDirector
12. FINANCIAL RISK MANAGEMENT
The Company's activities expose it to a variety of �nancial risks: credit risk, liquidity risk and market risk (including foreign exchange risk, interest rate risk and other price risk). The condensed interim �nancial information does not include all �nancial risk management information and disclosures required in the audited annual �nancial statements and should be read in conjunction with the audited annual �nancial statement for the year ended June 30, 2017. There has been no change in Company's sensitivity to these risks since June 30, 2017 except for general exposure to �uctuations in foreign currency and interest rates. There have been no change in the risk management policies during the period. There have been no signi�cant changes in the business or economic circumstances during the period that would have a�ected the fair values of the �nancial assets of the Company. Further, no re-classi�cations in the categories of �nancial assets have been made since June 30, 2017. 13. CORRESPONDING FIGURES In order to comply with the requirements of International Accounting Standard 34 - 'Interim Financial Reporting', the condensed interim statement of �nancial position has been compared with the balances of audited annual �nancial statements of the Company for the year ended June 30, 2017, whereas, the condensed interim statement of pro�t and loss account and other comprehensive income, condensed interim statement of cash �ows and condensed interim statement of changes in equity have been compared with the balances of comparable period of condensed interim �nancial information of the Company for the nine months period ended March 31, 2017. In order to ful�ll the requirements of the Act, following corresponding �gures have been rearranged and reclassi�ed for better presentation:
However there is no impact of above reclassi�cations on total assets and pro�t of the Company, therefore statement of �nancial position as at July 1, 2016 has not been presented.
14. DATE OF AUTHORIZATION FOR ISSUE
This condensed interim �nancial information was authorized for issue on April 24, 2018 by the Board of Directors of the Company.
Quarterly Report March 2018
15
Notes to the Condensed Interim Financial Information (Un-audited) For the nine months period ended March 31, 2018
(Un-Audited)March 31,
2018
(Audited)June 30,
2017
----------- Rupees ‘000 -----------
June 30,2017
-- Rupees ‘000 --
1,100 45,210
821 708 864
7,528
39,445
11.2 Period / year end balances are as follows: Receivables from related parties Long term loans Trade debts Loans and advances Deposits and prepayments Other receivables Accrued interest / mark-up Payable to related parties Trade and other payables
Reclassi�ed from component Surplus on revaluation of �xed assets (out of equity) Unclaimed dividend (trade and other payables)
Reclassi�ed to component
with in equity (included as part of total equity as capital reserve) as separate line item on the face of statement of �nancial position
988,570
7,732
650 126,911
600 2,840 1,757
14,552
39,023
Quarterly Report March 2018
16
Directors’ ReportThe directors are pleased to present their report together with consolidated condensed interim �nancial information of Ghandhara Nissan Limited (GNL) and its subsidiary Ghandhara DF (Pvt.) Limited (GDFPL) for the nine months period ended March, 31 2018.
The Company has annexed consolidated un-audited condensed interim �nancial information alongwith its standalone un-audited condensed interim �nancial information.
The consolidated un-audited condensed interim �nancial information shows turnover ofRs. 3,728.7 million, gross pro�t of Rs. 615.4 million and pro�t after tax of Rs. 562.1 million for the nine months period ended March, 31 2018.
Dongfeng business has remained a major contributor in the consolidated performance of the company during the current period. This has been achieved as a result of incredible e�orts made by GDFPL in promoting the Chinese brand throughout the Country.
For and on behalf of the Board of Directors
Karachi Dated: April 24, 2018
Ahmed Kuli Khan KhattakChief Executive Officer
Muhammad ZiaDirector
Quarterly Report March 2018
17
اس ��� � �د��� �۔�
��
ر�رٹ � رچ312018 � �ہ �� ��ت� ��� �رى
�� رچ312018 3,728.7
۔ � 562.1 615.4
ر�رٹ � �ہ �
� � � �� �� � � �۔�� ر� ر دا ا� �ا� �� �ر�د� �� � ن � دورا � �ت ہ ر ��د �رو�
۔ � �� � �� �� �� � �� �� � ��ں � �
��� ��� ذر�� � �� ا �
��� ا ى ڈ � ��
�د�� � �وغ (GDFPL)�ا�
�� ��ت ��� �رى ا�ادى � ��ت �� ��� �رى
Karachi Dated: April 24, 2018
Quarterly Report March 2018
18
Consolidated Condensed Interim Statement of Financial PositionAs at March 31, 2018
Note
(Un-Audited)March 31,
2018
(Audited)June 30,
2017
----------- Rupees ‘000 -----------ASSETS Non current assets Property, plant and equipmentIntangible assets Long term investments Long term loans Long term deposits Current assets Stores, spares and loose tools Stock-in-trade Trade debts Loans and advances Deposits and prepayments Other receivables Taxation - net Cash and bank balances Non current asset classi�ed as held for saleTotal assets EQUITY AND LIABILITIES Share capital and reservesAuthorised capital 80,000,000 (June 30, 2017: 80,000,000) ordinary shares of Rs.10 each Issued, subscribed and paid-up capital 45,002,500 (June 30, 2017: 45,002,500) ordinary shares of Rs.10 each Share premium Items credit directly in equity by an Associate Unappropriated pro�t Equity without surplus on revaluation attributable to shareholders of the Holding Company Surplus on revaluation of �xed assets Equity with surplus on revaluation attributable to shareholders of the Holding CompanyNon-controlling interestTotal equity Liabilities Non current liabilities Liabilities against assets subject to �nance lease Long term deposits Deferred gain on sale and lease back transaction Deferred taxation Current liabilities Trade and other payables Accrued mark-up on running �nances Running �nances under mark-up arrangements Current portion of liabilities against assets subject to �nanace lease Taxation - net Unclaimed dividend Total liabilities Contingencies and commitmentsTotal equity and liabilities The annexed notes 1 to 14 form an integral part of this consolidated condensed interim �nancial information.
1,992,030 258
857,012 9,546
19,266 2,878,112
86,474 699,540 516,167
51,235 31,372 89,761
- 573,693
2,048,242 137,909
5,064,263
800,000
450,025 40,000 68,426
1,818,045
2,376,496 1,389,904
3,766,400 26
3,766,426
92,194 9,611
6 282,843 384,654
862,747 347
-
38,313 4,044 7,732
913,183 1,297,837
5,064,263
6
7
8
9
2,051,888 3,089
1,040,242 8,315
20,110 3,123,644
92,268 1,367,808 1,443,823
66,741 82,587
125,980 134,565 154,257
3,468,029 -
6,591,673
800,000
450,025 40,000 69,859
2,175,844
2,735,728 1,367,745
4,103,473 40
4,103,513
77,546 9,611
3 287,693 374,853
1,458,906 7,618
610,685
25,250 -
10,848 2,113,307 2,488,160
6,591,673
Ahmed Kuli Khan KhattakChief Executive Officer
Muhammad UmairChief Financial Officer
Muhammad ZiaDirector
Quarterly Report March 2018
19
For the nine months period ended March 31, 2018
Revenue Cost of sales Gross pro�t Distribution cost Administrative expenses Other income Other expenses Pro�t from operations Finance cost Share of pro�t of an Associate Pro�t before taxation Taxation Pro�t after taxation Other comprehensive income Total comprehensive income Attributable to: - Shareholders of the Holding Company - Non-controlling interest
Earnings per share - basic and diluted
The annexed notes 1 to 14 form an integral part of this consolidated condensed interim �nancial information.
Note
9
March 31,2018
March 31,2017
----------------------------- Rupees ‘000 -----------------------------
Quarter ended
-------------------------------- Rupees --------------------------------
1,384,911
(1,181,043)
203,868
(16,060)
(58,249)
7,597
(7,055)
130,101
(10,083)
120,018
109,215
229,233
(31,197)
198,036
-
198,036
198,031
5
198,036
4.40
2,000,715
(1,614,270)
386,445
(12,608)
(60,782)
8,440
(16,147)
305,348
(2,199)
303,149
59,997
363,146
(87,551)
275,595
-
275,595
275,591
4
275,595
6.12
March 31,2018
March 31,2017
Nine months period ended
3,728,686
(3,113,312)
615,374
(42,562)
(161,203)
61,723
(23,814)
449,518
(15,884)
433,634
260,723
694,357
(132,257)
562,100
-
562,100
562,086
14
562,100
12.49
5,326,509
(4,357,792)
968,717
(40,686)
(182,227)
19,159
(45,137)
719,826
(6,408)
713,418
162,206
875,624
(220,322)
655,302
-
655,302
655,295
7
655,302
14.56
Ahmed Kuli Khan KhattakChief Executive Officer
Muhammad UmairChief Financial Officer
Muhammad ZiaDirector
Consolidated Condensed Interim Statement of Profit and Loss Accountand other Comprehensive Income (Unaudited)
Quarterly Report March 2018
20
Consolidated Condensed Interim Statement of Cash Flows (Un-audited)
For the nine months period ended March 31, 2018
March 31,2018
March 31,2017
----------- Rupees ‘000 -----------CASH FLOWS FROM OPERATING ACTIVITIESPro�t before taxationAdjustments for non-cash charges and other items: Depreciation and amortisation Interest income Finance cost Gain on disposal of property, plant and equipment Net exchange gain Amortization of gain on sale and lease back transaction Share of pro�t of an Associated Company Provision for gratuityOperating pro�t before working capital changes(Increase) / decrease in current assets: Stores, spares and loose tools Stock-in-trade Trade debts Loans and advances Deposit and prepayments Other receivables
Increase / (decrease) in trade and other payablesCash (used in) / generated from operations Gratuity paid Long term loans-net Long term deposits Finance cost paid Taxes paidNet cash (used in) / generated from operating activitiesCASH FLOWS FROM INVESTING ACTIVITIES Payment for �xed capital expenditure and intangibles Proceeds from disposal of property, plant and equipment / non current asset classi�ed as held for sale Interest income received Dividend incomeNet cash generated from investing activitiesCASH FLOWS FROM FINANCING ACTIVITIES Lease �nances - net Running �nances-net Dividend paidNet cash generated from / (used) in �nancing activitiesNet decrease in cash and cash equivalentsCash and cash equivalents - at beginning of the periodCash and cash equivalents - at end of the period
The annexed notes 1 to 14 form an integral part of this consolidated condensed interim �nancial information.
694,357
79,990 (25,214) 15,884
(36,509) (992)
(3) (260,723)
5,762 472,552
(5,794) (668,268) (927,656)
(15,506) (51,215) (36,219)
(1,704,658) 604,816
(627,290) (13,427)
1,231 (844)
(8,613) (266,016) (914,959)
(133,891)
177,913 25,214 77,493
146,729
(39,994) 610,685
(221,897) 348,794
(419,436) 573,693 154,257
875,624
69,898 (3,240) 6,408
(3,692) (1,200)
(4) (162,206)
8,653 790,241
(1,858) 177,038 (93,889) (45,411)
8,021 115,281 159,182
(557,277) 392,146 (40,425)
(1,510) (1,737) (6,064)
(168,115) 174,295
(36,805)
5,853 3,240
51,662 23,950
(10,968) -
(222,051) (233,019)
(34,774) 394,789 360,015
Nine months period ended
Ahmed Kuli Khan KhattakChief Executive Officer
Muhammad UmairChief Financial Officer
Muhammad ZiaDirector
Consolidated Condensed Interim Statement of Changes in Equity (Un-audited)
For the nine months period ended March 31, 2018
-------------------------------------------------------- Rupees ‘000 --------------------------------------------------------
Balance as at July 1, 2016 (Audited)
Transaction with owners recognised directly in equity
Final dividend for the year ended June 30, 2016 at the rate of Rs.5.00 per shareTotal comprehensive income for the nine months period ended March 31, 2017 Pro�t for the period Other comprehensive income
Transfer from surplus on revaluation of �xed assets on account of incremental depreciation - net of deferred taxationE�ect of item directly credited in equity by an Associated CompanyBalance as at March 31, 2017 (un-audited)Balance as at July 1, 2017 (Audited)Transaction with owners recognised directly in equity Final dividend for the year ended June 30, 2017 at the rate of Rs.5.00 per share
Total comprehensive income for the nine months period ended March 31, 2018 Pro�t for the period Other comprehensive income
Transfer from surplus on revaluation of �xed assets on account of incremental depreciation - net of deferred taxationE�ect of item directly credited in equity by an Associated Company
Balance as at March 31, 2018 (un-audited)
The annexed notes 1 to 14 form an integral part of this consolidated condensed interim �nancial information.
Item credited directly
in equity byan Associate
(Capitalreserve)
Quarterly Report March 2018
21
450,025
-
- - -
-
- 450,025 450,025
-
- - -
-
-
450,025
1,863,095
(225,013)
655,295 -
655,295
21,820
1,646 2,316,843 2,376,496
(225,013)
562,086 -
562,086
20,726
1,433
2,735,728
1,421,841
-
- - -
(21,820)
- 1,400,021 1,389,904
-
- - -
(20,726)
(1,433)
1,367,745
3,284,936
(225,013)
655,295 -
655,295
-
1,646 3,716,864 3,766,400
(225,013)
562,086 -
562,086
-
-
4,103,473
Non-controlling
interest
11
-
7 - 7
-
- 18 26
-
14 -
14
-
-
40
40,000
-
- - -
-
- 40,000 40,000
-
- - -
-
-
40,000
66,516
-
- - -
-
1,646 68,162 68,426
-
- - -
-
1,433
69,859
1,306,554
(225,013)
655,295 -
655,295
21,820
- 1,758,656 1,818,045
(225,013)
562,086 -
562,086
20,726
-
2,175,844
Ahmed Kuli Khan KhattakChief Executive Officer
Muhammad UmairChief Financial Officer
Muhammad ZiaDirector
Issued,subscribed
and paid-upcapital
Share premium(Capitalreserve)
Unappro-priatedpro�t
(Revenuereserve)
Equitywithoutsurplus
onrevaluation
Surplus onrevaluation of
�xed assets(Capital-reserve)
Totalequity
with surpluson
revaluation
Quarterly Report March 2018
22
Notes to the Consolidated Condensed Interim Financial InformationFor the nine months period ended March 31, 2018
1. THE GROUP AND ITS OPERATIONS
The Group consists of Ghandhara Nissan Limited (the Holding Company) and Ghandhara DF (Private) Limited (the Subsidiary Company). 1.2 Ghandhara Nissan Limited Ghandhara Nissan Limited (the Holding Company) was incorporated on August 8, 1981 in Pakistan as a private limited company and subsequently converted into a public limited company on May 24, 1992. The registered o�ce of the Holding Company is situated at F-3, Hub Chuki Road, S.I.T.E., Karachi. Its manufacturing facilities are located at Port Qasim, Karachi. The Holding Company's shares are listed on Pakistan Stock Exchange Limited. Bibojee Services (Private) Limited is the ultimate holding company of the Group. The principal business of the Holding Company is assembly / progressive manufacturing of Nissan passenger Cars, UD trucks & buses and JAC, and sale, import and marketing of Nissan vehicles, import and sale of DongFeng and JAC Complete Built-up trucks and assembly of other vehicles under contract agreement. 1.3 Ghandhara DF (Private) Limited Ghandhara DF (Private) Limited (the Subsidiary Company) was incorporated on June 25, 2013 in Pakistan as a private limited company. The registered o�ce of the Subsidiary Company is situated at F-3, Hub Chuki Road, S.I.T.E., Karachi. The principal business of the Subsidiary Company is to carry-out CKD operations of Dongfeng vehicles. It has outsourced assembly of the vehicles to the Holding Company. 2. BASIS OF PREPARATION 2.1 This consolidated condensed interim �nancial information has been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim �nancial reporting. The accounting and reporting standards as applicable in Pakistan for interim �nancial reporting comprise of:
- International Accounting Standards (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standards Board (IASB) as noti�ed under the Companies Act, 2017 (the Act); and - Provisions of and directives issued under the Act. Where the provisions of and directives issued under the Act, 2017 di�er with the requirements of IAS 34, the provisions of or directives issued under the Act have been followed.
3. PRINCIPLES OF CONSOLIDATION
These consolidated �nancial statements include the �nancial statements of Holding Company and its Subsidiary Company. The Holding Company's direct interest in the Subsidiary Company is 99.99% as at March 31, 2018 ( June 30, 2017: 99.99%).
Consolidated �nancial information combines like items of assets, liabilities, equity, income, expenses and cash �ows of the Holding Company with those of its Subsidiary, o�set (eliminate) the carrying amount of the Holding Company's investment in Subsidiary and the Holding Company's portion of equity of Subsidiary and eliminate in full intragroup assets and liabilities, equity, income, expenses and cash �ows relating to transactions between entities of the Group. Non-controlling interest is equity in the Subsidiary Company not attributable, directly or indirectly, to the Holding Company.
6.1 Operating �xed assets
Book value at beginning of the period / year Additions during the period / year
Disposals costing Rs.6,379 thousand (June 30, 2017: Rs.9,669 thousand) - at book value Assets classi�ed as held for sale costing Rs.Nil (June 30, 2017: Rs. 162,724 thousand) - at book value Depreciation charge for the period / year Book value at end of the period / year
Notes to the Consolidated Condensed Interim Financial InformationFor the nine months period ended March 31, 2018
4. ACCOUNTING POLICIES
The signi�cant accounting policies and the methods of computation adopted in the preparation of this condensed interim �nancial information are consistent with those applied in the preparation of audited annual consolidated �nancial statements for the year ended June 30, 2017.
There are certain International Financial Reporting Standards, amendments to published standards and interpretations that are mandatory for the �nancial year beginning on July 1, 2017. These are considered not to be relevant or to have any signi�cant e�ect on Group's �nancial reporting and operations and are, therefore, not disclosed in the consolidated condensed interim �nancial information.
5. ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of this consolidated condensed interim �nancial information in conformity with the approved accounting standards requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group's accounting policies. Estimates and judgements are continually evaluated and are based on historical experience and other factors, including the expectation of future events that are believed to be reasonable under the circumstances. Actual results may di�er from these estimates.
During the preparation of this consolidated condensed interim �nancial information, the signi�cant judgements made by management in applying the Group's accounting policies and the key sources of estimation and uncertainty were the same as those that applied to the audited annual consolidated �nancial statements of the Group for the year ended June 30, 2017.
Quarterly Report March 2018
23
Note
(Un-Audited)March 31,
2018
(Audited)June 30,
2017
----------- Rupees ‘000 -----------
6.1
6.2
1,947,583
104,305
2,051,888
1,928,917
63,113
1,992,030
1,928,917
102,002
(3,495)
-
(79,841)
1,947,583
1,857,185
309,256
(2,294)
(137,909)
(97,321)
1,928,917
6. PROPERTY, PLANT AND EQUIPMENT
Operating �xed assets
Capital work-in-progress
Quarterly Report March 2018
24
Notes to the Consolidated Condensed Interim Financial InformationFor the nine months period ended March 31, 2018
6.2 Additions to operating �xed assets, including transfer from capital work-in-progress, during the period / year were as follows:
Leasehold land
Building on free hold land
Plant and machinery
Furniture and �xtures
Vehicles - owned - leased
Other equipment O�ce equipment Computers
7. LONG TERM INVESTMENTS
Associate - equity accounted investment
Others - available for sale
7.1 Associated Company - equity accounted investment
Ghandhara Industries Limited
Balance at beginning of the period / year
Share of pro�t / OCI for the period / year
Share of revaluation during the period / year
Dividend received during the period / year
Balance at end of the period / year
-
44,751
18,259
256
9,075 12,283
12,314
4,338
726 102,002
1,040,242
- 1,040,242
857,012
260,723
-
(77,493)
1,040,242
207,980
-
39,442
14,710
4,300 32,523
6,188
3,042
1,071 309,256
857,012
- 857,012
647,079
210,784
50,811
(51,662)
857,012
(Un-Audited)March 31,
2018
(Audited)June 30,
2017
----------- Rupees ‘000 -----------
7.1.1 Investment in Ghandhara Industries Limited (GIL) represents 5,166,168 (June 30, 2017: 5,166,168) fully paid ordinary shares of Rs.10 each representing 24.25% (June 30, 2017: 24.25%) of its issued, subscribed and paid-up capital as at March 31, 2018. GIL was incorporated on February 23, 1963 and its shares are quoted on Pakistan Stock Exchange Limited. The principal activity of GIL is the assembly, progressive manufacturing and sale of Isuzu trucks and buses.
7.1.2 The value of investment in GIL is based on un-audited condensed interim �nancial information of the investee company as at December 31, 2017.
7.1.3 The market value of investment as at March 31, 2018 was Rs.4,312.045 million (June 30, 2017: Rs.3,358.577 million).
Note
7.1
7.2
9.1 Contingencies
9.1.1 There is no change in status of the contingencies as disclosed in note 26.1 of the audited annual �nancial statements of the Group for the year ended June 30, 2017.
9.1.2 Guarantees
Guarantees issued by banks on behalf of the Group Corporate guarantee's issued by Holding Company to the commercial banks against letters of credit facilities utilised by the Subsidiary Company
9.2 Commitment
Commitments in respect of capital expenditure, raw materials and components through con�rmed letters of credit
Notes to the Consolidated Condensed Interim Financial InformationFor the nine months period ended March 31, 2018
7.2 Others - available for sale
Quarterly Report March 2018
25
Note
(Un-Audited)March 31,
2018
(Audited)June 30,
2017
----------- Rupees ‘000 -----------
(Un-Audited)March 31,
2018
(Audited)June 30,
2017
----------- Rupees ‘000 -----------
1,875
(1,875)
-
1,875
(1,875)
-
Automotive Testing & Training Centre (Private) Limited 187,500 (June 30, 2017: 187,500) ordinary shares of Rs.10 each - cost Provision for impairment
8. CASH AND BANK BALANCES Cash in hand Cash at banks on: - current accounts - deposit accounts - term deposit receipts Provision for doubtful bank balances 9. CONTINGENCIES AND COMMITMENTS
1
65,651 10,517 82,000
158,168 (3,912)
154,257
1
262,087 10,517
305,000 577,604
(3,912) 573,693
5,557
609,141
154,593
15,787
259,443
294,243
Notes to the Consolidated Condensed Interim Financial InformationFor the nine months period ended March 31, 2018
Quarterly Report March 2018
26
Name
(i) Ultimate Holding Company Bibojee Services (Private) Limited - 62.32% shares held in the Holding Company (ii) Associated Companies The General Tyre and Rubber Company of Pakistan Limited Ghandhara Industries Limited - 24.25% shares held by the Holding Company
Janana De Malucho Textile Mills Limited
Gammon Pakistan Limited (iii) Others UD Trucks Corporation, Japan
Sta� provident fund Sta� gratuity fund Key management personnel
Rent Dividend Purchase of tyres Contract assembly charges Body fabrication Sale of parts Purchase of parts O�ce rent Dividend income Reimbursement of expenses Reimbursement of expenses
O�ce rent Royalty Dividend Purchases of complete knock down kits Contribution made Contribution made Remuneration and other short term bene�ts
9,000 140,232
24,687
579,337 - 6
16 1,980
77,493 1,003
1,256
2,250
- 18,235
- 6,058
13,427
58,520
10,380 140,232
53,278
292,839 676
1,056 8
1,320 51,662
356
763
2,250
11,312 18,235
2,009,252 5,446
40,425
55,799
Nature of transaction
----------- Rupees ‘000 -----------
March 31,2018
March 31,2017
Un-audited --Nine months period ended--
Note
10.1
10. COST OF SALES Finished goods at beginning of the period Cost of goods manufactured Purchases - trading goods
Finished goods at end of the period
10.1 Cost of goods manufactured Raw materials and components consumed Factory overheads
11. TRANSACTIONS WITH RELATED PARTIES
11.1 Signi�cant transactions with related parties are as follows:
March 31,2018
March 31,2017
358,586
709,488
475,790 1,185,278 1,543,864
(362,821)
1,181,043
645,550 63,938
709,488
346,775
1,442,573
226,497 1,669,070 2,015,845
(401,575) 1,614,270
1,277,407 165,166
1,442,573
302,797
2,253,169
920,167 3,173,336 3,476,133
(362,821) 3,113,312
1,843,386 409,783
2,253,169
165,813
4,206,008
387,546 4,593,554 4,759,367
(401,575) 4,357,792
3,706,140 499,868
4,206,008
March 31,2018
March 31,2017
------------------------------ Rupees ‘000 --------------------------------
Quarter ended Nine months period ended--------------------------------(Un-Audited)--------------------------------
Notes to the Consolidated Condensed Interim Financial InformationFor the nine months period ended March 31, 2018
11.2 Period / year end balances are as follows:
Receivables from related parties
Long term loans Trade debts Loan and advances Deposits and prepayments Payable to related parties Trade and other payables These are in the normal course of business and are settled in ordinary course of business.
12. FINANCIAL RISK MANAGEMENT The Group's activities expose it to a variety of �nancial risks: credit risk, liquidity risk and market risk (including foreign exchange risk, interest rate risk and other price risk).
The condensed interim �nancial information does not include all �nancial risk management information and disclosures required in the audited annual �nancial statements and should be read in conjunction with the audited annual consolidation �nancial statement for the year ended June 30, 2017.
There has been no change in Group's sensitivity to these risks since June 30, 2017 except for general exposure to �uctuations in foreign currency and interest rates. There have been no change in the risk management policies during the period.
There have been no signi�cant changes in the business or economic circumstances during the period that would have a�ected the fair values of the �nancial assets of the Group. Further, no re-classi�cations in the categories of �nancial assets have been made since June 30, 2017.
Quarterly Report March 2018
27
Note
(Un-Audited)March 31,
2018
(Audited)June 30,
2017
----------- Rupees ‘000 -----------
650
50,555
600
10,105
39,240
1,100
28,578
821
708
40,785
Notes to the Consolidated Condensed Interim Financial InformationFor the nine months period ended March 31, 2018
13. CORRESPONDING FIGURES
In order to comply with the requirements of International Accounting Standard 34 - 'Interim Financial Reporting', the consolidated condensed interim statement of �nancial position has been compared with the balances of audited annual �nancial statements of the Company for the year ended June 30, 2017, whereas, the consolidated condensed interim statement of pro�t and loss account and other comprehensive income, consolidated condensed interim statement of cash �ows and consolidated condensed interim statement of changes in equity have been compared with the balances of comparable period of consolidated condensed interim �nancial information of the Company for the nine months period ended March 31, 2017. In order to ful�ll the requirements of the Act, following corresponding �gures have been rearranged and reclassi�ed for better presentation:
However there is no impact of above reclassi�cations on total assets and pro�t of the Company, therefore balance sheet as at July 1, 2016 has not been presented. 14. DATE OF AUTHORIZATION
This consolidated condensed interim �nancial information was authorized for issue on April 24, 2018 by the Board of Directors of the Holding Company.
Quarterly Report March 2018
Reclassi�ed fromcomponent
Reclassi�ed tocomponent
June 30, 2017----------- Rupees ‘000 -----------
Surplus on revaluation of �xed assets (out of equity) Unclaimed dividend (trade and other payables)
with in equity (included as partof total equity as capital reserve) as separate line item on the face of statement of �nancial position
1,389,904
7,732
Ahmed Kuli Khan KhattakChief Executive Officer
Muhammad UmairChief Financial Officer
Muhammad ZiaDirector
28
Notes
Ghandhara Nissan Limited
F-3, Hub Chowki Road, S.I.T.E., Karachi-75730Tel: 021-32556901 - 10 UAN: 111-190-190 Fax: 021-32556911 - 12Email: [email protected] Web: www.ghandharanissan.com.pk