CONTENTS
COMPANY INFORMATION
DIRECTORS' REPORT
Directors' Report | 07 |
Directors' Report (Urdu) | 10 |
UNCONSOLIDATED FINANCIAL STATEMEMENTS
Independent Auditor's Review Report to the Members | 17 |
Condensed Interim Unconsolidated Statement of Financial Position | 18 |
Condensed Interim Unconsolidated Statement of Profit or Loss and | |
other Comprehensive Income | 19 |
Condensed Interim Unconsolidated Statement of Cash Flows | 20 |
Condensed Interim Unconsolidated Statement of Changes in Equity | 21 |
Notes to the Condensed Interim Unconsolidated Financial Statements | 22 |
CONSOLIDATED FINANCIAL STATEMEMENTS
Condensed Interim Consolidated Statement of Financial Position | 41 |
Condensed Interim Consolidated Statement of Profit or Loss and | |
other Comprehensive Income | 42 |
Condensed Interim Consolidated Statement of Cash Flows | 43 |
Condensed Interim Consolidated Statement of Changes in Equity | 44 |
Notes to the Condensed Interim Consolidated Financial Statements | 45 |
COMPANY PROFILE
Crescent Steel and Allied Products Limited is a conglomerate corporation listed on the Pakistan Stock Exchange as 'CSAP'. Starting commercial operations with a line pipe manufacturing facility in March 1987, today the company operates businesses in four defined sectors - engineering, textiles, capital markets and power - spread over six campuses in Pakistan. The Company operates five divisions and two wholly owned subsidiaries.
STEEL DIVISION - SPIRAL
PIPE PRODUCTION LINE,
PIPE COATINGS AND
FABRICATION
The Company's Steel Division operates two Helical Seam Submerged Arc Welded steel pipe manufacturing lines and an external coating application line at Nooriabad and, a fabrication facility - Shakarganj Engineering - in Dalowal, Faisalabad. The pipe manufacturing facility produces Submerged Arc Welded Helical seam carbon steel pipes in diameters ranging from 8 to 120 inches (219mm - 3,048mm), thickness up to 1 inch and in steel grade up to API 5L X-100 or equivalent. The unit has authorization to use API monogram of the American Petroleum Institute (API) - the highest international standard accredited for quality of steel line pipe in the Oil and Gas Sector and also continues to retain the ISO 9001 certification.
The Coating Plant is capable of applying various flow efficient and corrosion protection coatings such as Multilayer Polyolefin and Polypropylene coatings, Single Layer Fusion Bonded Epoxy coatings, Liquid Epoxy coatings and High Temperature Heat Shrink Tape coatings on steel pipes ranging from 4" - 60" (114 mm - 1,524 mm), tape coatings on pipe diameter above 60" (1,524 mm) and internal epoxy coatings on diameters ranging from 8"- 60" (219 mm - 1,524 mm).
Crescent Steel is a responsible local line pipe manufacturer that continues to serve as a partner in
important national energy projects with demonstrated commitment in terms of quality, experience, financial strength and technical expertise.
The fabrication unit has the capability to fabricate and erect reliable, quality machinery at par with international standards and designs, especially for the sugar and cement industry. The unit specializes in the manufacture and supply of cane shredders, juice heaters, evaporators, batch and continuous vacuum pans, centrifugal machines, stainless steel deep bed filters, spray clusters, multi-jet condensers, perforated plates, vibrio screens and high voltage transformer tanks.
The unit also has the capability to fabricate and erect machinery used in the secondary steel sector and it was leveraged for partial fabrication of a continuous caster machine structure, girders for overhead cranes and a vibratory scrap feeder for the billet manufacturing units of the steel industry.
COTTON DIVISION -
COTTON YARN SPINNING
UNIT
The Cotton Division comprises of one spinning unit with 19,680 spindles and is located in Jaranwala. The unit operating as "Crescent Cotton Products" (CCP), has a daily production capacity of 385 bags of high quality cotton/synthetic carded yarn, in counts ranging from 10s to 31s.
CCP is a division of the company but its operating results are shown separately. As a division, it is registered with the Ministry of Textile Industry Pakistan and All Pakistan Textile Mills Association (APTMA). It produces quality cotton/synthetic yarn with value addition of slub, siro and compact attachments.
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CCP is equipped with modern high-tech European and Japanese machinery ensuring a high-quality yarn making process, producing various counts from 10s to 31s and has a notional capacity (based on 20s) of 6.36 million kilograms per annum.
The brand is known for its high quality and hence demands a premium.
INVESTMENT AND
INFRASTRUCTURE
DEVELOPMENT DIVISION
The division manages an investment portfolio in securities (shares, bonds and other securities), across diversified sectors and investment properties in order to meet specified investment goals at a given risk appetite, to maximize returns.
The portfolio is balanced in a way that spreads risk over a diversified spectrum and offers potential for growth as well as dividend yields, while real estate investments are held for rental as well as long term appreciation.
CS ENERGY DIVISION
The primary function of this unit is to provide electricity internally to Crescent Hadeed Division - Billet Manufacturing Unit and generate, accumulate, distribute, sell and supply electricity to distribution companies, as permitted.
Initially equipped with a 15MW co-generation, thermal generation power plant at Bhone, Punjab, and the unit commenced commercial operations in December 2014. The unit also employs a 16.5MW condensing and extraction turbine to process steam during off-season periods to ensure uninterrupted supply to Crescent Hadeed Division throughout the year. The generation plant use bagasse in the combustion process to produce power and process steam.
CRESCENT HADEED
DIVISION - BILLET
MANUFACTURING UNIT
The principal activity of the unit is to manufacture and sale Steel Billet through a Steel Melting plant which is located at Bhone, District Jhang, Punjab. It commenced commercial operations in January 2016.
The unit operates a melt shop (equipped with two induction melting furnaces and a continuous casting machine) with an annual production capacity of 85,000 MT of steel billets in sizes ranging from 100mm X 100mm to 150mm X 150mm and a standard length of 6 meters. Billets manufactured by the unit are used by re-rolling mills to manufacture bars and other steel long products for use in the construction and engineering sectors.
SUBSIDIARY COMPANIES
CS CAPITAL (PRIVATE) LIMITED
CS Capital (Private) Limited is a fully owned subsidiary of Crescent Steel. The principal activity of the subsidiary is to manage and organically grow investment portfolios in stocks, commodities and other securities, both strategic and short term.
SOLUTION DE ENERGY (PRIVATE) LIMITED
Solution de Energy which was previously operating as a fully owned subsidiary of CS Energy (Private) Limited, now operates as a fully owned subsidiary of Crescent Steel, post amalgamation of CS Energy (Private) Limited and Crescent Steel.
The company was incorporated in October 2013, its principal activity being to build, own, operate and maintain a 100 MW solar power project.
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COMPANY INFORMATION
BOARD OF DIRECTORS | HUMAN RESOURCE AND |
Ahmad Waqar | REMUNERATION COMMITTEE |
Chairman, Non-Executive Director | Nadeem Maqbool |
Ahsan M. Saleem | |
Chairman, Non-Executive Director (Independent) | |
Chief Executive Officer | |
Ahmad Waqar | |
Farah Ayub Tarin | |
Member, Non-Executive Director | |
Non-Executive Director (Independent) | |
Farah Ayub Tarin | |
Farrukh V. Junaidy | |
Member, Non-Executive Director (Independent) | |
Non-Executive Director (Independent) | |
Nasir Shafi | |
Muhammad Kamran Saleem | |
Member, Non-Executive Director | |
Non-Executive Director (Independent) | |
Nadeem Maqbool
Non-Executive Director (Independent)
Nasir Shafi
Non-Executive Director
GOVERNANCE AND NOMINATION COMMITTEE
S.M. Ehtishamullah | Ahmad Waqar |
Non-Executive Director | Chairman, Non-Executive Director |
Ahsan M. Saleem | |
ACTING COMPANY | Member, Chief Executive Officer |
Farrukh V. Junaidy | |
SECRETARY | |
Member, Non-Executive Director (Independent) | |
Muhammad Saad Thaniana | RISK MANAGEMENT COMMITTEE |
AUDIT COMMITTEE
S.M. Ehtishamullah
Chairman, Non-Executive Director
Farrukh V. Junaidy | Farah Ayub Tarin |
Chairman, Non-Executive Director (Independent) | |
Member, Non-Executive Director (Independent) | |
Nadeem Maqbool | Muhammad Kamran Saleem |
Member, Non-Executive Director (Independent) | |
Member, Non-Executive Director (Independent) | |
Nasir Shafi | |
Member, Non-Executive Director | |
S.M. Ehtishamullah | |
Member, Non-Executive Director |
Disclaimer: Other than the position of Chairman and CEO, listings are in alphabetical order
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Crescent Steel & Allied Products Ltd. published this content on 27 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 February 2023 09:20:04 UTC.