Habib Rice Products : Transmission of Quarterly Report For the Period Ended - 31 March 2023

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Habib Rice Products Ltd.

3rd Quarter

Unaudited Accounts

March 31, 2023

Contents

	Page No
Company Information	2
Chairman's Review / Directors' Report	3
Condensed Interim Statement of Financial Position (Un-audited)	4
Condensed Interim Statement of Profit or Loss (Un-audited)	5
Condensed Interim Statement of Comprehensive Income (Un-audited)	6
Condensed Interim Statement of Changes in Equity (Un-audited)	7
Condensed Interim Statement of Cash Flows (Un-audited)	8
Condensed Notes to the Financial Statements (Un-audited)	9-15

COMPANY INFORMATION

BOARD OF DIRECTORS

Executive Directors

Mr. Owais G. Habib	Managing Director
Mr. Tufail Y. Habib

Non Executive Directors

Mr. Gaffar A. Habib	Chairman
Dr. Howard J. Synenberg	Independent Director
Ms. Fatemah G. Habib
Dr. Salma Habib
Mr. Daniyal Ghani	Independent Director
Mr. Asad R. Premjee	Independent Director

BOARD OF AUDIT COMMITTEE

Mr. Gaffar A. Habib

Ms. Fatemah G. Habib

Dr. Salma Habib

Mr. Daniyal Ghani

BOARD OF HR AND REMUNERATION COMMITTEE

Mr. Tufail Y. Habib

Ms. Fatemah G. Habib

Dr. Salma Habib

Mr. Daniyal Ghani

CHIEF EXECUTIVE OFFICER

Mr. Owais G. Habib

CHIEF FINANCIAL OFFICER

Mr. Jamshed Ali Khan

COMPANY SECRETARY

Mr. Ali Asghar Rajani

AUDITORS

Grant Thornton Anjum Rahman

Chartered Accountants

SHARE REGISTRAR

M/s. CDC Share Registrar Services Ltd.

CDC House, 99-B,Block-B,

S.M.C.H.S., Main Sharah-e-Faisal, Karachi.

REGISTERED OFFICE	ADMINISTRATIVE OFFICES & FACTORY
2nd Floor, UBL Building	Ahmad Habib Boulevard,
I. I. Chundrigar Road,	Hub - 90250
Karachi - 74000, Pakistan.	Pakistan.
Telephone	: [phone]	Telephone : [phone]
Fax	: [phone]	Fax	: [phone]

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CHAIRMAN'S REVIEW / DIRECTORS' REPORT

3rd Quarter Ended March 31, 2023 (Un-Audited)

Dear Shareholders,

We bow our heads in gratitude to Allah the Beneficent, the Merciful, the Provider, for the Blessing He continues to bestow on us which are partly reflected in the Company's performance for the 3rd Quarter ended March 31, 2023.

The business operations were the same as the previous quarter - viz high cost of production due to rupee devaluation being passed on to our customers resulting in a higher turnover with a slightly smaller volume.

The extended hold up of Imported Soya Beans at our Port allowed us to liquidate our entire inventory of Rice Protein resulting in a one time boost to our bottom line.

With the current economic conditions, we see challenging times ahead.

In closing:- We Pray to Allah to Guide us and Bless us and Bless Pakistan with Bounties as Befits His Glory, Aameen.

On behalf of the Board,

OWAIS G. HABIB	GAFFAR A. HABIB
Chief Executive Officer	Chairman
Karachi: April 26, 2023

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Habib Rice Products Ltd.

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT MARCH 31, 2023 (UN-AUDITED)

			March 31,		June 30,
		2023	2022
			(Un-audited)		(Audited)
ASSETS	Note	--------------- Rupees ---------------
NON CURRENT ASSETS
Property, plant and equipment	4	558,149,456	574,866,874
Right -of-use assets	5	7,453,885	15,105,720
Long-term deposits		26,892,370	26,490,870
Deferred tax	6	17,820,873	20,767,749
			610,316,584		637,231,213
CURRENT ASSETS
Stores, spares parts and loose tools			124,210,108		115,259,887
Stock in trade	7		359,290,383		249,215,844
Trade debts			14,248,369		53,940,972
Loan and advances			4,910,198		15,207,741
Trade deposits, prepayments
and other receivable			2,034,202		4,412,196
Short - term investments	8		188,544,158		157,972,905
Taxation-net			57,630,272		63,457,758
Cash and bank balances	9		135,632,138		108,829,391
			886,499,828		768,296,694
EQUITY AND LIABILITIES		1,496,816,412	1,405,527,907
SHARE CAPITAL AND RESERVES
Authorised capital		300,000,000	300,000,000
Issued,subscribed and paid-up capital		200,000,000	200,000,000
Reserves		829,362,052	728,783,376
NON-CURRENT LIABILITIES		1,029,362,052	928,783,376
Lease liabilities			430,635		-
Provision for Gas Infrastructure
Development Cess	10		12,409,794		39,714,581
CURRENT LIABILITIES			12,840,429		39,714,581
Current maturity of lease liabilities			8,218,928		10,937,673
Current portion of Gas Infrastructure
Development Cess	10		202,396,121		171,662,624
Trade and other payables	11		152,216,531		136,073,289
Provision for gas rate revision	12		55,973,378		79,522,905
Unclaimed dividend			35,808,973		38,833,459
			454,613,931		437,029,950
		1,496,816,412	1,405,527,907
CONTINGENCIES AND COMMITMENTS	13

The annexed notes from 1 to 19 form an integral part of these condensed interim financial statements.

OWAIS G. HABIB	JAMSHED ALI KHAN	GAFFAR A. HABIB
Chief Executive Officer	Chief Financial Officer	Chairman

Karachi: April 26, 2023

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