Bolan Castings : Transmission of Quarterly Accounts for the period ended March 31, 2022

CONTENTS

Company Information ........................................... 2

Directors' Review .................................................. 3

Statement of Financial Position .............................. 4

Statement of Profit or Loss .................................... 5

Statement of Comprehensive Income …………………… 6

Statement of Changes in Equity ............................. 7

Statement ofCash Flows ....................................... 8

Notes to and Forming Part of the

Condensed Interim Financial Statements ............ 9

Page-1

COMPANY INFORMATION

Board of Directors

Mr. Sikandar M. Khan	Chairman
Mr. Nisar Ahmed Mirani	Chief Executive
Mr. Sohail Bashir Rana	Director
Mr. Laeeq Uddin Ansari	Director
Mr. Aamir Amin	Director
Mr. Abdul Hamid Ahmed Dagia	Director
Mrs. Tabassum Rana	Director
Mr. Qaiser Saleem	Director
Mr. Arafat Mushir
Chief Financial Officer
Auditors

Company Secretary

Syed Sajid Ali

M/s. A. F. Ferguson & Co.

Chartered Accountants

Legal Advisors

M/s. Latif & Latif Advocate M/s. Rizwan Manai Associates

Bankers

Habib Bank Limited MCB Bank Limited

Bank Alfalah Limited

Dubai Islamic Bank Pakistan Limited Meezan Bank Limited

Faysal Bank Limited Askari Bank Limited Bank AL Habib Limited

Habib Metropolitan Bank Limited

Share Registrar

CDC Shares Registrar Services Limited

CDC House, 99-B, Block-B, S.M.C.H.S.

Main Shahrah-e-Faisal, Karachi

Tel: [phone]

Fax: [phone]

Registered Office

Main RCD Highway, Hub Chowki,

District Lasbela, Balochistan, Pakistan Tel : [phone],363296

Fax : [phone]

E-mail:[e-mail]

Web Sitewww.bolancastings.com

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DIRECTORS' REVIEW

Dear Shareholders

The Directors of your Company are presenting the un-audited financial statements for and up to the third quarter ended March 31, 2022.

During the nine months under review, the Company recorded net sales of Rs.2,011.42 million as compared to Rs. 1,822.83 million of the same periods of the last year. The gross profit for the nine months under review was Rs. 148.81 million as against Rs. 239.24 million of corresponding period of the last year. The profit after tax for the nine months was Rs. 2.52 million as compared to Rs. 77.36 million of same period of last year.

The earning per share was Rs. 0.22 as against the earning per share of Rs. 6.74 of corresponding period of last year.

The increasing trend in raw materials prices, logistic cost and energy cost coupled with the adverse exchange rates of US Dollar vis-à-vis Pak Rupee has increased the input cost of your Company. Your Company was also facing difficulties in managing working capital due to cash crunch which led to delays in procurement of raw materials, resulting in low production and sales and ultimately in loss during the third quarter. However, we have managed to overcome the adversities to some extent. We are looking forward to perform better in the last quarter of the current financial year by achieving production and sales targets, exploring the new sales avenues and embracing the cost cutting measures

We would like to thank our customers and shareholders for their trust and confidence in the Company. We also would like to convey our appreciation to the entire BCL Team for their dedicated efforts and contribution during the period under review.

For and on behalf of the Board

Hub:

April 25, 2022

NISAR AHMED MIRANI Chief Executive Officer

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BOLAN CASTINGS LIMITED

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2022

(Unaudited)	(Audited)
Note	March 31,	June 30,
2022	2021
Rupees	Rupees
ASSETS
Non-current assets
Property, plant and equipment	5	193,603,550	206,739,160
Long-term investment	6	17,825,000	22,709,625
Long-term loans	1,009,000	865,000
Deferred tax asset	7	95,524,645	95,524,645
Long-term deposits	4,047,790	4,047,790
Employee benefits prepayment	14,513,121	13,383,876
326,523,106	343,270,096
Current assets
Stores, spare parts and loose tools	8	120,724,809	131,120,491
Inventories	9	358,723,342	359,077,415
Trade receivables	10	123,491,312	47,914,306
Loans and advances	5,130,586	9,762,303
Trade deposits and short-term prepayments	3,142,344	329,732
Other receivables	182,944	1,370,509
Refunds due from the Government - sales tax	12,569,710	6,376,049
Taxation - payments less provision	70,419,622	53,621,976
Cash and bank balances	11	30,642,356	58,747,791
725,027,025	668,320,572
Total assets	1,051,550,131	1,011,590,668
EQUITY AND LIABILITIES
Capital and reserves
Share capital	114,725,290	114,725,290
General reserve	90,434,610	92,797,348
205,159,900	207,522,638
LIABILITIES
Non-current liabilities
Long-term deposits	3,142,999	3,707,636
Long-term loan	12	7,556,539	24,903,695
Deferred grant	13	-	559,745
Employee benefits obligations	31,827,350	34,817,327
42,526,888	63,988,403
Current liabilities
Trade and other payables	14	367,405,657	294,550,224
Current portion of long-term deposits	1,252,461	1,571,880
Current portion of long-term loan	12	28,660,687	38,055,682
Unclaimed dividend	3,407,752	3,442,070
Short-term financing	15	403,136,786	402,459,771
803,863,343	740,079,627
Total liabilities	846,390,231	804,068,030
Contingencies and commitments	16
Total equity and liabilities	1,051,550,131	1,011,590,668

The annexed notes 1 to 25 form an integral part of these condensed interim financial statements.

Chief Executive

Director

Chief Financial officer

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