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 ofCash 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. Nisar Ahmed Mirani | Chief Executive |
Mr. Sohail Bashir Rana | Director |
Mr. Laeeq Uddin Ansari | Director |
Mr. Aamir Amin | Director |
Mr. Abdul Hamid Ahmed Dagia | Director |
Mrs. Tabassum Rana | Director |
Mr. Qaiser Saleem | Director |
Mr. Arafat Mushir | |
Chief Financial Officer | |
Auditors |
Company Secretary
Syed Sajid Ali
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 Sitewww.bolancastings.com
Page-2
DIRECTORS' REVIEW
Dear Shareholders
The Directors of your Company are presenting the un-audited financial statements for and up to the third quarter ended March 31, 2022.
During the nine months under review, the Company recorded net sales of Rs.2,011.42 million as compared to Rs. 1,822.83 million of the same periods of the last year. The gross profit for the nine months under review was Rs. 148.81 million as against Rs. 239.24 million of corresponding period of the last year. The profit after tax for the nine months was Rs. 2.52 million as compared to Rs. 77.36 million of same period of last year.
The earning per share was Rs. 0.22 as against the earning per share of Rs. 6.74 of corresponding period of last year.
The increasing trend in raw materials prices, logistic cost and energy cost coupled with the adverse exchange rates of US Dollar vis-à-vis Pak Rupee has increased the input cost of your Company. Your Company was also facing difficulties in managing working capital due to cash crunch which led to delays in procurement of raw materials, resulting in low production and sales and ultimately in loss during the third quarter. However, we have managed to overcome the adversities to some extent. We are looking forward to perform better in the last quarter of the current financial year by achieving production and sales targets, exploring the new sales avenues and embracing the cost cutting measures
We would like to thank our customers and shareholders for their trust and confidence in the Company. We also would like to convey our appreciation to the entire BCL Team for their dedicated efforts and contribution during the period under review.
For and on behalf of the Board
Hub:
April 25, 2022
NISAR AHMED MIRANI Chief Executive Officer
Page-3
BOLAN CASTINGS LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2022
(Unaudited) | (Audited) | ||
Note | March 31, | June 30, | |
2022 | 2021 | ||
Rupees | Rupees | ||
ASSETS | |||
Non-current assets | |||
Property, plant and equipment | 5 | 193,603,550 | 206,739,160 |
Long-term investment | 6 | 17,825,000 | 22,709,625 |
Long-term loans | 1,009,000 | 865,000 | |
Deferred tax asset | 7 | 95,524,645 | 95,524,645 |
Long-term deposits | 4,047,790 | 4,047,790 | |
Employee benefits prepayment | 14,513,121 | 13,383,876 | |
326,523,106 | 343,270,096 | ||
Current assets | |||
Stores, spare parts and loose tools | 8 | 120,724,809 | 131,120,491 |
Inventories | 9 | 358,723,342 | 359,077,415 |
Trade receivables | 10 | 123,491,312 | 47,914,306 |
Loans and advances | 5,130,586 | 9,762,303 | |
Trade deposits and short-term prepayments | 3,142,344 | 329,732 | |
Other receivables | 182,944 | 1,370,509 | |
Refunds due from the Government - sales tax | 12,569,710 | 6,376,049 | |
Taxation - payments less provision | 70,419,622 | 53,621,976 | |
Cash and bank balances | 11 | 30,642,356 | 58,747,791 |
725,027,025 | 668,320,572 | ||
Total assets | 1,051,550,131 | 1,011,590,668 | |
EQUITY AND LIABILITIES | |||
Capital and reserves | |||
Share capital | 114,725,290 | 114,725,290 | |
General reserve | 90,434,610 | 92,797,348 | |
205,159,900 | 207,522,638 | ||
LIABILITIES | |||
Non-current liabilities | |||
Long-term deposits | 3,142,999 | 3,707,636 | |
Long-term loan | 12 | 7,556,539 | 24,903,695 |
Deferred grant | 13 | - | 559,745 |
Employee benefits obligations | 31,827,350 | 34,817,327 | |
42,526,888 | 63,988,403 | ||
Current liabilities | |||
Trade and other payables | 14 | 367,405,657 | 294,550,224 |
Current portion of long-term deposits | 1,252,461 | 1,571,880 | |
Current portion of long-term loan | 12 | 28,660,687 | 38,055,682 |
Unclaimed dividend | 3,407,752 | 3,442,070 | |
Short-term financing | 15 | 403,136,786 | 402,459,771 |
803,863,343 | 740,079,627 | ||
Total liabilities | 846,390,231 | 804,068,030 | |
Contingencies and commitments | 16 | ||
Total equity and liabilities | 1,051,550,131 | 1,011,590,668 |
The annexed notes 1 to 25 form an integral part of these condensed interim financial statements.
Chief Executive
Director
Chief Financial officer
Page-4
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Bolan Castings Ltd. published this content on 27 April 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2022 07:24:07 UTC.