Bolan Castings : Transmission of Quarterly Report for the Period Ended December 31, 2022

QUARTERLY

FINANCIAL

STATEMENTS

Quarterly Financial

Statements For and

upto the 2nd

Quarter Ended

December 31,

CONTENTS
Company Information	2
Directors' Review	3
Auditors' Review Report to the Members ………….4
Statement of Financial Position	5
Statement of Profit or Loss	6
Statement of Comprehensive Income ……………………7
Statement of Changes in Equity	8
Statement of Cash Flows	9
Notes to and Forming Part of the
Condensed Interim Financial Statements	10

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2

COMPANY INFORMATION

Board of Directors
Mr. Sikandar M. Khan	Chairman
Mr. Mujtaba Ahmad	Chief Executive
Mr. Sohail Bashir Rana	Director
Mr. Laeeq Uddin Ansari	Director
Mr. Qaiser Saleem	Director
Mr. Aamir Amin	Director
Mr. Abdul Hamid Ahmed Dagia Director
Mrs. Tabassum Rana	Director
Company Secretary
Mr. Arafat Mushir
Chief Financial Officer
Syed Sajid Ali
Auditors
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: [phone]

Fax: [phone]

Registered Office

Main RCD Highway, Hub Chowki,

District Lasbela, Balochistan, Pakistan

Tel : [phone],363296

Fax : [phone]

E-mail: [e-mail]

Web Site

www.bolancastings.com

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DIRECTORS' REVIEW

Dear Shareholders

The Directors of your Company are presenting the un-audited financial statements for the half year ended December 31, 2022.

During the six months under review, the Company recorded net sales of Rs. 930.21 million as compared to Rs.1,366.70 million of the same period of the last year. The gross profit for the six months under review was Rs. 26.22 million as against Rs. 106.45 million of corresponding period of the last year. The loss after tax for the six months was Rs. 65.97 million as compared to profit after tax Rs. 4.93 million of same period of the last year.

The loss per share was Rs. 5.75 as against the profit per share of Rs. 0.43 of corresponding period of last year.

The aftershocks of devastated flood during the first quarter are not over yet on the back of stagnant flood water in many areas of agricultural land of the country resulting high inflation and the lower demand of the tractors as well as its allied accessories. The company has to go on shut down that affected the sales and production of the company and contributed towards the losses of the company.

The country is struggling to overcome the economic challenges such as low foreign reserve level, high foreign exchange rates, high rate of inflation, high fuel and energy prices, disrupt raw materials supplies due to curb on imports and shrunk liquidity position that also affected the profitability of the company during the last six months and decrease of gross profit and operating profit ratios as compared of corresponding period of the last year.

The slight recent increase in demands of tractors and expected positive deal with IMF may bring the ease to the overall economy as well as the tractor and its allied industries. However, it depends on smooth supply of raw materials which may bring some hope for the remaining financial year.

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, contributions and for being steadfast and standing resolute with us during the period under review.

For and on behalf of the Board

Karachi

February 09, 2023MUJTABA AHMAD

Chief Executive Officer

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INDEPENDENT AUDITORS' REVIEW REPORT

TO THE MEMBERS OF BOALN CASTINGS LIMITED

REPORT ON REVIEW OF CONDENSED INTERIM FINANCIAL STATEMENTS

Introduction

We have reviewed the accompanying condensed interim statement of financial position of Bolan Castings Limited as at December 31, 2022 and the related condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity, and condensed interim statement of cash flows, and notes to the financial statements for the six-month period then ended (here-in- after referred to as the "interim financial statements"). Management is responsible for the preparation and presentation of these interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these financial statements based on our review. The figures of the condensed interim statement of profit or loss and condensed interim statement of comprehensive income for the quarters ended December 31, 2022 and 2021 have not been reviewed, as we are required to review only the cumulative figures for the half year ended December 31, 2022.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, " Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements are not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting.

The engagement partner on the review resulting in this independent auditor's report is Syed Fahim ul Hasan.

A.F.Ferquson & Co.

Chartered Accountants Karachi

Date : February 21,2023

UDIN : RR20221013305LDtaKjT

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