Arpak International Investments : Transmission of Quarterly Accounts

BOOKPOST		PrintedMatter UNDERPOSTALCERTIFICATE	Ifundeliveredpleasereturnto: ARPAKINTERNATIONALINVESTMENTSLIMITED King'sArcade,20-A,MARKAZF-7, ISLAMABAD-PAKISTAN TEL:[phone]

Arpak

International

Investments

Limited

CONDENSEDINTERIM FINANCIALINFORMATION FORTHETHREEMONTHSPERIODENDED

SEPTEMBER30,2022

(UN-AUDITED)

ARPAKINTERNATIONAL INVESTMENTSLIMITED

COMPANY INFORMATION

Board of Directors
Begum Laila Sarfaraz	Chairperson
Mr. Abbas Sarfaraz Khan	Chief Executive
Ms. Najda Sarfaraz	Director
Mr. Iskander M. Khan	Director
Mr. Babar Ali Khan	Director
Mr. Usman Salim Khan	Independent Director
Mr. FaiysalAli Khan	Independent Director
Company Secretary
Mr. Mujahid Bashir
Chief Financial Officer
Mr. Rizwan Ullah Khan
Head of Internal Audit
Mr. Zaheer Mir

Auditors

M/s. ShineWing Hameed Chaudhri & Co.,

Chartered Accountants

Legal Advisor

Mr. Zahoor Alam

Advocate

Shares Registrar

Messers Hameed Majeed Associates (Pvt.) Limited

H.M. House, 7-Bank Square, Lahore.

Phone No. : 042-37235081

Fax No. : 042-37235083

Bankers

MCB Bank Limited

Bank Al-Habib Limited

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ARPAKINTERNATIONAL INVESTMENTSLIMITED

DIRECTORS'REVIEWREPORT

The Board of Directors of Arpak International Investments Limited takes pleasure in presenting the review on the operational and financial performance of the Company for the three months' period ended September 30, 2022.

OPERATIONS

During the period under review, the Company has suffered pre-tax loss of Rs 2.387 million (September 30, 2021: pre-tax loss of Rs. 0.797 million) and after incorporating the share of loss and reversal of impairment on investment in Associated Company, the Companies' pre-tax profit has been reflected to Rs.10.988 million for the period.

INVESTMENTS

The Company has investments of Rs. 43.750 million in an Associated Company and Rs. 21.439 million in mutual funds. The management has invested prudently to ensure appropriate returns on available funds.

ACCOUNTING POLICIES

The accounting policies adopted in the preparation of this quarterly condensed interim financial information are the same as applied in the preparation of the preceding annual financial statements of the Company.

ACKNOWLEDGEMENT

The Directors appreciate the spirit of good work done by the Company's staff at all levels..

ONBEHALFOFTHEBOARD

Islamabad	(ABBASSARFARAZKHAN)	(ISKANDERM.KHAN)
October27,2022	ChiefExecutive	Director

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ARPAKINTERNATIONAL INVESTMENTSLIMITED

	CONDENSEDINTERIMSTATEMENTOFFINANCIAL POSITION
		AS ATSEPTEMBER30,2022
				Un-audited		Audited
				September30,		June30,
				2022	2022
			Note	Rupees		Rupees
	EquityandLiabilities
	ShareCapitalandReserves
	Authorisedcapital
	5,000,000ordinarysharesofRs.10each		50,000,000	50,000,000
	Issued,subscribedandpaid-upcapital
	4,000,000ordinarysharesofRs.10eachissuedforcash		40,000,000	40,000,000
	Reserves			12,840,781	12,840,781
	Accumulatedloss			(107,689,436)	(98,322,096)
	Shareofsurplusonrevaluationofproperty,
	plantandequipmentof AssociatedCompanies		415,807,167	408,947,433
				360,958,512	363,466,118
	Deferredtaxation			143,015	143,671
	CurrentLiabilities
	Accrualsandotherpayables			2,823,843		1,933,836
	Unclaimeddividend			1,039,042		1,039,042
	Taxation			2,032,034		1,912,882
				5,894,919	4,885,760
	ContingenciesandCommitments	4
				366,996,446	368,495,549
	Assets
	Non-current Assets
	Property,plantandequipment		4,399,131	4,415,390
	Investmentproperty			1,777,124	1,780,488
	Longterminvestments		5	292,672,924	292,672,924
	Loantoan AssociatedCompany	6	31,250,000	31,250,000
				330,099,179	330,118,802
	Current Assets
	Currentportionofloantoan AssociatedCompany		12,500,000		12,500,000
	Shortterminvestment		7	21,439,637		20,749,666
	Advancetoemployees-consideredgood		139,750		139,750
	Accruedprofitandmark-up			2,563		2,351,696
	Advances,prepaymentsandotherreceivables		219,009		6,280
	Advanceincometaxandtaxdeductedatsource		1,712,526		1,628,061
	Bankbalances			883,782		1,001,294
				36,897,267	38,376,747
				366,996,446		368,495,549
	Theannexednotesformanintegralpartofthesefinancialstatements.
	ChiefExecutive	DIRECTOR
	CHIEFFINANCIAL OFFICER
4		5

ARPAKINTERNATIONAL INVESTMENTSLIMITED

CONDENSEDINTERIMSTATEMENTOFPROFITORLOSS(Un-audited)

FORTHETHREEMONTHSPERIODENDEDSEPTEMBER30, 2022

	September30,		September30,
	2022	2021
		------------Rupees------------
Income	2,597,932	3,338,666
OperatingandGeneralExpenses		(4,985,134)		(4,134,965)
Operatingloss	(2,387,202)	(796,299)
BankCharges	(1,908)	(1,100)
	(2,389,110)	(797,399)
Shareof(loss)/profitof Associated
Companies-netoftaxation	(3,460,480)	4,542,400
Reversal/(provisionmade)forimpairmentin
investmentinan AssociatedCompany	16,838,257	7,996,235
Profitbeforetaxation	10,988,667	11,741,236
Taxation	(118,496)	(476,509)
Profitaftertaxation		10,870,171		11,264,727
ProfitperShare		2.72		2.82

Theannexednotesformanintegralpartofthesefinancialstatements.

ChiefExecutive

DIRECTOR

CHIEFFINANCIAL OFFICER

6

ARPAKINTERNATIONAL INVESTMENTSLIMITED

CONDENSEDINTERIMSTATEMENTOFCOMPREHENSIVEINCOME(Un-audited)

FORTHETHREEMONTHSPERIODENDEDSEPTEMBER30,2022

	September30,		September30,
	2022	2021
	Rupees		Rupees
Profitaftertaxation	10,870,171	11,264,727
OtherComprehensiveIncome
Itemsthatmaybereclassifiedsubsequentlytoprofitandloss:
Fairvalue(loss)/gainonre-measurementof
available-for-saleinvestments	0		0
Shareofothercomprehensiveprofitfrom AssociatedCompany-net	0		0
	0	0
TotalComprehensiveIncomefortheperiod	10,870,171	11,264,727
Theannexednotesformanintegralpartofthesefinancialstatements.

ChiefExecutive

DIRECTOR

CHIEFFINANCIAL OFFICER

7

ARPAKINTERNATIONAL INVESTMENTSLIMITED

CONDENSEDINTERIMSTATEMENTOFCASHFLOWS(Un-audited)

FORTHETHREEMONTHSPERIODENDEDSEPTEMBER30,2022

	September30, September30,
	2022	2021
		Rupees		Rupees
CASHFLOWFROMOPERATING ACTIVITIES
Lossforthequarter-beforetaxationandshareofprofit/(loss)of
AssociatedCompanies	(2,389,110)	(797,399)
Adjustmentsfornon-cashchargesandotheritems:
Depreciationonproperty,plantandequipment	16,259	19,199
Depreciationoninvestmentproperty	3,364	3,541
Mark-uponloantoan AssociatedCompany	(1,805,341)	(966,000)
Dividendincome	(541,765)	(350,566)
Fairvalue(gain)/lossonmeasurementofinvestments	(229,474)	(47,345)
Gainonredemptionofshortterminvestments-net	-	(1,788)
Lossbeforeworkingcapitalchanges	(4,946,067)	(2,140,358)
Effectoncashflowduetoworkingcapitalchanges
(Increase)/decreaseincurrentassets
Investments-net		(460,497)		202,018
Advancetoemployees		-		105,000
Prepayments		(212,729)		552,764
Increase/(decrease)incurrentliabilities
Accrualsandotherpayables		890,006		1,047,635
	216,780	1,907,417
Cashusedinoperatingactivities	(4,729,287)	(232,941)
Incometaxpaid	(84,464)	(686,144)
Netcashusedinoperatingactivities	(4,813,751)	(919,085)
CASHFLOWFROMINVESTING ACTIVITIES
Mark-upreceivedonloantoan AssociatedCompany
	4,154,474		2,500,000
Dividendreceived		541,765		350,566
				0
Netcashgeneratedfrominvestingactivities	4,696,239	2,850,566
Netincrease/(decrease)incashandcashequivalents	(117,512)	1,931,481
Cashandcashequivalents -atbeginningoftheperiod	1,001,294	693,423
Cashandcashequivalents -atendoftheperiod		883,782		2,624,904

Theannexednotesformanintegralpartofthesefinancialstatements.

ChiefExecutive

DIRECTOR

CHIEFFINANCIAL OFFICER

8

ARPAK INTERNATIONAL INVESTMENTSLIMITED

STATEMENTOFCHANGESINEQUITY (UN-AUDITED)

FORTHETHREEMONTHSPERIODENDEDSEPTEMBER30,2022

			Reserves			Share of
							surplus on
						(Accumulated	revaluation
		Share			Unrealised	loss)/	of property,
			General	gain on long	Unappr-	plant and	Total
		capital	Capital reserve
		reserve	term	opriated	equipment
					investments	profit	of an
							Associated
							Company
			------------------------------------- R u p e e s --------------------------------------
Balance as at July 01, 2021	40,000,000	7,440,781	5,400,000	-	(45,130,961)	291,809,030	299,518,850
Total Comprehensive Income for the quarter
ended September 30, 2021	-	-	-	-	11,264,727	-	11,264,727
Effects of items directly credited in
equity by Associated Companies	-	-	-	-	(11,338,636)	-	(11,338,636)
Share of surplus on revaluation of property,
plant and equipment realised during
the year by an Associated Company
on account of incremental depreciation
and upon sale of revalued assets -
(net of deferred taxation)					(30,434,774)	30,434,774	-
Balance as at September 30, 2021		40,000,000	7,440,781	5,400,000	-	(75,639,644)	322,243,804	299,444,941
Balance as at July 01, 2022	40,000,000	7,440,781	5,400,000	-	(98,322,096)	408,947,433	363,466,118
Total Comprehensive Income for the quarter
ended September 30, 2022	-	-	-	-	10,870,171	-	10,870,171
Effects of items directly credited in
equity by Associated Companies	-	-	-	-	(13,377,777)	-	(13,377,777)
Share of surplus on revaluation of property,
plant and equipment realised during
the year by an Associated Company
on account of incremental depreciation
and upon sale of revalued assets -
(net of deferred taxation)	-	-	-	-	(6,859,734)	6,859,734	-
Balance as at September 30, 2021		40,000,000	7,440,781	5,400,000	-	(107,689,436)	415,807,167	360,958,512

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

ChiefExecutive

DIRECTOR

CHIEFFINANCIAL OFFICER

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