QUARTERLY
FINANCIAL
STATEMENTS
Quarterly Financial
Statements For and
upto the 3rd
Quarter Ended
March 31,
2023
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 of Cash 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. Mujtaba Ahmad | Chief Executive | |
Mr. Sohail Bashir Rana | Director | |
Mr. Laeeq Uddin Ansari | Director | |
Mr. Qaiser Saleem | Director | |
Mr. Aamir Amin | Director | |
Mr. Abdul Hamid Ahmed Dagia | Director | |
Mrs. Tabassum Rana | Director | |
Company Secretary | ||
Mr. Arafat Mushir | ||
Chief Financial Officer | ||
Syed Sajid Ali | ||
Auditors | ||
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: +92-800-23275
Fax: +92-21-34326053
Registered Office
Main RCD Highway, Hub Chowki,
District Lasbela, Balochistan, Pakistan
Tel : +92-853-364033,363296
Fax : +92-853-363292
E-mail: bclhub@bclpk.com
Web Site
www.bolancastings.com
Page-2
DIRECTORS' REVIEW
Dear Shareholders
The Directors of your Company are presenting the un-audited financial statements for and upto the third quarter ended March 31, 2023.
During the nine months under review, the Company recorded net sales of Rs. 1,478.74 million as compared to Rs. 2,011.42 million of the same period of the last year. The gross profit for the nine months under review was Rs. 82.65 million as against Rs. 148.81 million of corresponding period of the last year. The loss after tax for the nine months was Rs. 63.92 million as compared to profit after tax Rs. 2.52 million of same period of the last year.
The loss per share was Rs. 5.57 as against the profit per share of Rs. 0.22 of corresponding period of last year.
The Country is currently experiencing significant economic and political challenges, which have had an adverse impact on our company. These challenges include low foreign reserve levels, high foreign exchange rates, high inflation rates, high interest rates, and high fuel and energy prices. Moreover, the government's restrictions on imports have led to disrupted supplies and shortages of raw materials. As a result, our company was forced to halt operations during the first half of the year, which contributed to lower sales and production volumes, resulting in financial losses. While we acknowledge that these challenges are beyond our control, we are actively exploring all possible options to minimize their impact on our business.
Apart from above, the bottom line profit in the third quarter of the current financial year has shown some positivity, and we are cautiously optimistic that this trend will continue into the next quarter and will help us to recover some of the losses and improve our financial performance in the next quarter of the financial year. The major reasons of our positive outlook are more demand of our castings from the tractor industry and major cost reduction by import substitution.
We would like to take this opportunity to express our gratitude to our customers and shareholders for their unwavering trust and confidence in our company. We also want to acknowledge the dedication and hard work of the entire BCL team during these challenging times. We are confident that with our team's resilience and innovative spirit, we will emerge from this difficult period even stronger than before.
For and on behalf of the Board
Hub: | MUJTABA AHMAD |
April 19,2023 | Chief Executive Officer |
Page-3
BOLAN CASTINGS LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2023
Note | |
ASSETS | |
Non-current assets | |
Property, plant and equipment | 5 |
Long-term investment | 6 |
Long-term loans | |
Deferred tax asset | 7 |
Long-term deposits | |
Employee benefits prepayment | |
Current assets | |
Stores, spare parts and loose tools | 8 |
Inventories | 9 |
Trade receivables | 10 |
Loans and advances | |
Trade deposits and short-term prepayments | |
Other receivables | |
Refunds due from the Government - sales tax | |
Taxation - payments less provision | |
Cash and bank balances | 11 |
TOTAL ASSETS | |
EQUITY AND LIABILITIES | |
Capital and reserves | |
Share capital | |
General reserve | |
LIABILITIES | |
Non-current liabilities | |
Long-term deposits | |
Employee benefits obligations | |
Current liabilities | |
Trade and other payables | 14 |
Advances from customers | |
Current portion of long term-deposits | |
Current portion of long-term loan | 12 |
Unclaimed dividend | |
Sales tax payable | |
Short-term financing | 15 |
TOTAL LIABILITIES | |
Contingencies and commitments | 16 |
TOTAL EQUITY AND LIABILITIES |
(Unaudited)
March 31,
2023 Rupees
171,948,612
20,067,500
1,166,000
95,524,645
4,247,790
20,009,974
312,964,521
143,806,209
305,313,412
66,625,676
8,100,289
3,389,888
1,777,619
-
71,046,973
28,932,895
628,992,961
941,957,482
114,725,290
48,256,403
162,981,693
2,520,428
25,091,659
27,612,087
362,107,864
3,976,900
787,325
-
3,407,752
7,059,453
374,024,408
751,363,702
778,975,789
941,957,482
(Audited) June 30, 2022 Rupees
187,095,610
21,850,000
937,000
95,524,645
4,047,790
18,370,168
327,825,213
121,237,178
436,446,901
109,170,341
9,568,637
428,317
348,525
6,213,131
55,040,184
81,668,301
820,121,515
1,147,946,728
114,725,290
113,962,138
228,687,428
2,850,583
26,004,083
28,854,666
377,228,692
951,262
928,902
28,053,370
3,407,752
-
479,834,656
890,404,634
919,259,300
1,147,946,728
The annexed notes 1 to 25 form an integral part of these condensed interim financial statements.
Chief Executiv | Director | Chief Financial officer |
Page-4
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Bolan Castings Ltd. published this content on 19 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 April 2023 08:09:04 UTC.