Karam Ceramics : Transmission of Financial Statements for the first quarter ended September 30, 2022

FOR THE 1ST QUARTER

ENDED SEPTEMBER 30, 2022

KARAM CERAMICS LIMITED

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KARAM CERAMICS LIMITED

REPORT OF THE DIRECTORS

FOR THE FIRST QUARTER ENDED 30 th SEPTEMBER 2022

Dear Shareholders

The Directors of your Company present to you the financial results of your Company for the first quarter ended September 30,2022

The financial performance for the first quarter ended 30 September 2022 is summarized below:

Particulars	September 30,	September 30,
	2022	2021
Net Sales	62,024,918	268,249,425
Cost of Sales	(158,271,658)	(242,239,652)
Gross ( Loss) / Profit	(96,246,740)	26,009,773
Net (Loss) / Profit after taxation	(111,478,300)	12,715,251

Net sales were reported at Rs. 62.02 million during the three months period under review as against Rs. 268.24 million in the corresponding period of preceding year, Net sale has been decreased by Rs. 206 million.

The main reason of decline in sale during the period is that takeover of company is taken place in the month of July 2022 and down trend in the ceramics market and sharp decline in sales demand.



The gross loss for the period was Rs. (96.24) million against gross profit of Rs.26 million in the corresponding period of the preceding year showing a decrease of Rs. 122.25 million.

The (loss) / profit before and after taxation during the period under review stood at Rs. (114.11) million and Rs. (111.478) million as against Rs. 10.202 million and Rs. 12.715 million respectively during the corresponding period of preceding year,

On behalf of Directors, I would like to express gratitude to our well wisher, shareholders, customers, dealers, banks & DFI'S, suppliers of raw material and plant and machinery, friends and all employees for their corporation and contribution towards the progress of the company.

On behalf of the Board

Syed Mazhar Ali Nasir

Chief Executive Officer

KARAM CERAMICS LIMITED

REPORT OF THE DIRECTORS

FOR THE FIRST QUARTER ENDED 30 th SEPTEMBER 2022



KARAM CERAMICS LIMITED

STATEMENT OF FINANCIAL POSITION

AS AT SEPTEMBER 30,2022(UNAUDITED)

September June

		2022
AS SETS		Rupees
Non-current assets
Property, plant and equipment	1,025,580,291
-
Right-of-use assets
Long term security deposits	898,453
Current assets	1,026,478,744
Stores and spares	32,688,990
Stock in trade	738,757,361
Trade debts	32,322,608
Loans and advances - considered good	880,112
8,877,712
Advance tax
45,852,024
Refunds due from the government
Deposits, prepayments and other receivables	6,045,741
Short term investment	7,000,000
35,465,484
Cash and bank balances
		907,890,031
TOTAL ASSETS		1,934,368,775
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorised capital
15,000,000(2022: 15,000,000) ordinary,
shares of Rs.10 each		150,000,000
Issued, subscribed and paid-up capital	145,486,760
Unappropriated profit	(134,328,668)
Revaluation surplus on property,
plant & equipment	415,593,146

Remeasurement of retirement,	2,340,702
benefit obligation
429,091,940
LIABILITIES
Non-current liabilities

2022

Rupees

1,040,756,705

871,421

898,453

1,042,526,579

31,141,875

618,481,474

6,559,905

787,427

16,295,409

45,852,024

5,033,711

7,000,000

4,761,561

735,913,387

1,778,439,966

150,000,000

145,486,760

(26,426,561)

421,521,806

2,340,703

542,922,707

Long term financing	1,268,104,378		613,952,693
Post employment benefits	24,765,439		90,330,501
Deferred taxation	53,056,106		54,048,315
Current liabilities	1,345,925,923	758,331,509
Trade and other payables	126,422,521		73,086,444
Markup accrued on loans	28,491,483		38,001,226
Short term borrowings	-		314,809,771
Long term financing	-		36,981,209
Unclaimed Dividend	513,191		513,191
Dividend payable	3,148,405		3,148,405
Lease liabilities	-		419,473
Provision for taxation	775,311		10,226,030
	159,350,911		477,185,749
Total liabilities	1,505,276,834	1,235,517,258
TOTAL EQUITY AND LIABILIITIES	1,934,368,775	1,778,439,966

Chief Executive

Chief Financial Officer

Director

KARAM CERAMICS LIMITED

INTERIM CONDENSED PROFIT AND LOS S ACCOUNT

FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2022

				September		September
				2022	2021
				Rupees		Rupees
Revenue	62,024,918	268,249,425
Cost of sales	(158,271,658)	(242,239,652)
Gross profit / (Loss)	(96,246,740)	26,009,773
Selling and distribution expenses		3,634,149		1,743,376
Administrative expenses			6,952,697		5,407,120
				(10,586,846)		(7,150,496)
Operating profit / (Loss)	(106,833,586)	18,859,277
Other income		1,612,624		4,701,863
Finance cost		(8,895,802)		(13,358,858)
				(7,283,178)		(8,656,995)
Profit / (Loss) before taxation	(114,116,764)	10,202,281
Taxation	2,638,464	2,512,969
Profit / (Loss) after taxation		(111,478,300)		12,715,250
Earnings / (Loss) per share-basic diluted	(7.66)	0.87

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

Notes:

• These condensed interim financial statements have been prepared in accordance with the requirements of the International Accounting Standard 34 and provision of and directive issued under the Companies Act, 2017

• The accounting policies adopted for the preparation of these accounts are the same as thos applied in the preparation of these accounts are the same as those applied in the preparation of the accounts for the preceding year ended June 30, 2022

• The Financial statements have been authorized for the issue for the Board of Directors on November 26, 2022.

Chief Executive

Chief Financial Officer

Director