Sardar Chemical Industries : Transmission of Quarterly Report for the Period Ended 30-09-2023

SARDAR CHEMICAL INDUSTRIES LIMITED
COMPANY INFORMATION
CHIEF EXECUTIVE	Mrs. Reema Ayaz
DIRECTORS	Mr. Shahid Aziz (NIT Nominee)
	Mr. Niaz Ahmed Chughtai
	Mr. Fayyaz Ahmed Khan
	Mr. Aitzaz Ahmad Tarar
	Mrs. Tayybah Mahmood Sadiq
	Mr. Abdul Rehman Qureshi
AUDIT COMMITTEE	Mr. Aitzaz Ahmad Tarar
	Mrs. Tayybah Mahmood Sadiq
	Mr. Fayyaz Ahmed Khan
COMPANY SECRETARY	Mr. Niaz Ahmed Chughtai
AUDITORS	Aslam Malik & Co.,
	Chartered Accountants
HR & REMUNERATION	Mr. Aitzaz Ahmad Tarar
	Mrs. Tayybah Mahmood Sadiq
	Mr. Fayyaz Ahmed Khan
BANKERS	Allied Bank of Pakistan Ltd.
	Askari Bank Ltd.
LEGAL ADVISOR	Mr. Javaid Iqbal Malik, Advocate

SARDAR CHEMICAL INDUSTRIES LIMITED

HEAD OFFICE/SHARE DEPARTMENT 2-A,2nd Floor, Canal Bank Road, Justice Sardar,

Iqbal Road, Aziz Avenue Gulberg-V, Lahore,

Pakistan.

Ph: [phone], 35710148

Fax: [phone]

E-Mail: [e-mail]

Web Site: www.sardarchemicals.com

REGISTERED OFFICE/ FACTORY	Plot. NO. 29-B, Road No. 01,
	Gadoon Amazai, industrial Estate,Topi,
	Ganduf Road, Swabi (KPK)
	Ph: [phone], 270439, 270539
	Fax: [phone]
REGISTRAR/TRANSFER AGENT	CorpLink (PVT) Ltd, Wings Arcade, 1-K,
	Commercial, Model Town, Lahore.
	Ph:042-35916714, 35916719 Fax: [phone]

SARDAR CHEMICAL INDUSTRIES LIMITED

FIRST QUARTER DIRECTORS' REPORT TO THE

SHAREHOLDERS

The Directors of SARDAR CHEMICAL INDUSTRIES LIMITED are pleased to present their report along with financial statements of the Company for the first quarter ended on September 30, 2023.

RESULTS FOR THE FIRST QUARTER ARE SUMMARIZED AS UNDER:

	2023	2022
	(Rupees in thousands)
Sales-Net	150,041	65,563
Cost & Expenditures	105,227	66,942
Profit/ (Loss) before taxation	44,814	(1,379)
Profit/ (Loss) after taxation	41,906	(2,362)
Earnings/ (Loss) per share (Rs.)	6.98	(0.39)

The net Sales has increased by about 56% as compared to the same quarter of the previous year due to increase in prices of finished products. The prices of finished products were increased due to tremendous increase in the cost of utilities i.e. electricity, sui gas, labour wages, transportation charges, exchange rate, markup rate and other elements in the market. The cost and expenditure were also increased about 36% due to the above- mentioned reasons. Our sales were increased in Rupees but not in quantity.

The profit after tax has also increased in Rupees due to increase in price of our dyes but the profit also rose as raw material was purchased at cheaper rate and better exchange rate but was sold at new sales prices, and due to less import of raw material during the period. The cost and expenditure were also increased by 36% as compared to increase in sales.

FUTURE PROSPECTS

Due to positive efforts of the government the exchange rate is improving which will play a vital role in the coming periods. The directors are of the opinion that the coming periods will be good for the Company and country. The Company will continue to focus on quality products meeting with the international standards along with supply of products well in time to our valued customers' business place and remedial measures to keep control on cost of our products to get our share from the market.

SARDAR CHEMICAL INDUSTRIES LIMITED

STATEMENT OF FINANCIAL POSITION (UN-AUDITED)

	3 Months		12 Months
	Sep. 30, 2023		June 30, 2023
	Rupees		Rupees
CAPITAL AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorised:
10,000,000 (2023:10,000,000) Ordinary
Shares of Rs. 10/- each.	100,000,000	100,000,000
Issued, Subscribed and Paid-up:
6,000,000 (2023: 6,000,000) Ordinary
shares of Rs.10/-each fully paid in cash	60,000,000	60,000,000
Share premium	30,000,000	30,000,000
Un-appropriated Profit / (loss)	203,739,149		161,832,737
	293,739,149	251,832,737
NON CURRENT LIABILITIES
LEASE LIABILITIES	8,760,796	9,663,583

CURRENT LIABILITIES

ACKNOWLEDGEMENT

We take opportunity to thank our valued business customers for their continued support, trust and assistance for the progress and prosperity of the Company. The Company also appreciates its staff and workers for their continuous dedication, commitment and support.

For and on behalf of the Board

Current maturity Director's Loan

Creditors, accrued and other liabilities Unclaimed Dividend

Markup Accrued

3,989,592

37,511,904

30,451,108

2,304,599

--

74,257,203

376,757,148

4,176,328

46,000,000

16,497,429

2,304,599

--

68,978,356

330,474,676

Dated: October 27th,	MRS. REEMA AYAZ	FAYYAZ AHMED KHAN
2023
Place: Gadoon Amazai	Chief Executive	Director

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

Chief Executive

SARDAR CHEMICAL INDUSTRIES LIMITED

AS AT SEPTEMBER 30, 2023

3 Months	12 Months
Sep. 30, 2023	June 30, 2023
Rupees	Rupees

SARDAR CHEMICAL INDUSTRIES LIMITED

STATEMENT OF PROFIT OR LOSS ACCOUNT

(UN-AUDITED)

FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2023

Three Months Quarter Ended

PROPERTY AND ASSETS
NON-CURRENT ASSETS
Property, Plant and Equipment	28,771,542	29,880,529
Deferred Tax	1,517,657	1,517,657
LONG TERM DEPOSITS	5,289,430		5,289,430
	35,578,629	36,687,616

CURRENT ASSETS

Sales- Net

Cost of Sales

Gross Profit

Administrative Expenses Selling and distribution Cost

Operating Profit for the period

30 SEP.

2023

Rupees

150,041,486

(86,921,684)

63,119,802

(11,963,207)

(4,117,244)

(16,080,451)

47,039,351

30 SEP.

2022

Rupees

65,563,431

(52,363,830)

13,199,601

(10,966,811)

(3,243,630)

(14,210,441)

(1,010,840)

Stores, spares & loose tools Stock in trade

Trade debts

Advances, deposits, prepayments & other receivables

Taxation- Net

Cash & bank balances

816,908

98,939,575

166,580,700

2,014,673

28,267,347

44,559,316

761,648

103,345,105

146,530,846

1,722,842

22,686,793

18,739,826

Other Operating Income

Finance Cost

Profit/(Loss) before taxation Taxation

Profit/(Loss) for the period

884,581

(3,109,541)

44,814,391

(2,907,980)

41,906,411

163,200

(531,228)

(1,378,868)

(983,451)

(2,362,320)

341,178,519

293,787,060

Earning/(loss) per share

6.98

(0.39)

376,757,148330,474,676

Chief Financial Officer

Director

Chief Executive

Chief Financial Officer

Director

SARDAR CHEMICAL INDUSTRIES LIMITED

STATEMENT OF CASH FLOW (UN-AUDITED)

AS AT SEPTEMBER 30, 2023

SARDAR CHEMICAL INDUSTRIES LIMITED

SARDAR CHEMICAL INDUSTRIES LIMITED. STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)

cash flow from operating activities

Profit/(Loss) before taxation

Adjustment of non-Cash items.

Depreciation.

Financial Charges

Profit on sale of fixed assets

Profit before working capital changes

Effect of working capital changes

(Increase) /Decrease in store, spare and loose tools

(Increase) /Decrease in stock in trade

(Increase) /Decrease in trade debts

(Increase)/Decrease in advances, deposit and Prepayments

Increase/(Decrease) in creditors accrued and other Liabilities

(Increase)/Decrease in unclaimed dividend

Financial charges paid
Tax paid
Net cash generated from operating activities	A
Cash flow from investing activities:
Fixed Capital expenditure
Sale proceeds of assets disposed off
Long Term Deposit
Net Cash generated from investing activities	B

Cash flow from financing activities (Repayment )/ proceeds of lease obligation (Repayment)/ proceeds of short term finances Dividend Paid

Net cash used in financing activities	C
Net increase/ (Decrease) in cash and cash
Equivalents	A+B+C

Cash and cash Equivalents at beginning of the period

Cash and cash Equivalents at end of the period

SEPTEMBER

30, 2023 Rupees

44,814,391

1,108,988

3,109,541

-

4,218,529

49,032,920

(55,260)

4,405,530

(20,049,854)

(291,831)

13,953,679

-

(2,037,736)

(3,109,541)

(8,488,534)

(11,598,075)

35,397,109

-

-

-

-

(1,089,523)

(8,488,096)

-

(9,577,619)

25,819,490

18,739,826

44,559,316

SEPTEMBER

30, 2022 Rupees

(1,378,868)

1,341,265

531,228

-

1,872,493

493,625

(125,240)

(9,550,975)

23,217,511

(10,569,028)

(2,516,344)

-

455,924

(531,228)

(5,338,558)

(5,869,786)

(4,920,237)

-

-

-

-

(1,089,592)

-

-

(1,089,592)

(6,009,829)

21,253,397

15,243,568

FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2023

	Share Capital	Share Premium	Un-Appropriated	Rupees
					Profit/	Total
					(Accumulated Loss)
Balance at
30th June 2022	60,000,000		30,000,000	137,503,886	227,503,886
Profit/(Loss) for
the period ended
30 Sep. 2022	--		--	(2,362,320)	(2,362,320)
Balance at
30 Sep. 2022	60,000,000	30,000,000	135,141,566	225,141,566
Profit/(Loss) for
the period ended
30 June 2023	--		--	26,691,171	26,691,171
Balance at
30 June 2023	60,000,000	30,000,000	161,832,737	251,832,737
Profit/(Loss) for
the period ended
30 Sep. 2023	--		--	41,906,411	41,906,411
Balance at
30 Sep. 2023	60,000,000	30,000,000	203,739,149	293,739,149

NOTES TO THE ACCOUNTS

QUARTER ENDED SEPTEMBER 30, 2023

1. The accounts are un audited and have been prepared in accordance with the requirements of SRO dated 5, November 2001 issued by the Securities and Exchange Commission of Pakistan.
2. Accounting policies adopted for the preparation of the quarterly accounts are the same as those applied in the preparation of the audited annual published accounts of the company as on 30/06/2023.
3. These accounts have been prepared in compliance with the requirement of international accounting standard IAS 34 "Interim Financial Reporting".

Chief Executive

Chief Financial Officer

Director

Chief Executive

Chief Financial Officer

Director

SARDAR CHEMICAL INDUSTRIES LIMITED

SARDAR CHEMICAL INDUSTRIES LIMITED