G3 Technologies : 1st Quarter Accounts for the period ended September 30, 2022, of GHANI CHEMICAL INDUSTRIES LIMITED

GHANI CHEMICAL INDUSTRIES LTD

UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2022

GHANI CHEMICAL INDUSTRIES LIMITED

UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2022

ASSETS

Non-current assets Property, plant and equipment Right of use assets Intangible assets Investments

Long term deposits

	2022	2022
Note	Rupees in thousand
4	5,767,751	5,763,849
	388,871	391,504
	1,974	2,714
	75	75
	67,193	67,193
	6,225,864		6,225,335

Current assets
Stores, spares and loose tools			275,750		246,754
Stock-in-trade			89,930		51,552
Trade debts			1,244,309		1,038,599
Loan and advances			1,348,628		484,927
Deposits, prepayments and other receivables			186,234		417,698
Tax refunds due from Government			21,044		-
Advance income tax			453,586		407,485
Cash and bank balances			382,923		499,863
		4,002,404		3,146,878
Non-current assets held for sale		52,250	253,687
Total assets
	10,280,518	9,625,900
Equity and liabilities
Share capital and reserves
Share capital	5	3,597,550	3,597,550
Share premium		300,000	300,000
Revaluation surplus on freehold and leasehold land		298,727	298,727
Unappropriated profit / (accumulated loss)		1,380,840	1,258,130
Total equity			5,577,117		5,454,407
Non-current liabilities
Long term finances	6		721,990		756,211
Redeemable capital - Sukuk			108,334		162,500
Long term security deposits			46,121		44,266
Lease liabilities			5,306		5,739
Deferred liabilities			479,146		456,314
		1,360,897		1,425,030
Current liabilities
Trade and other payables	7		679,762		702,432
Accrued profit			102,558		83,198
Short term borrowings			1,942,711		1,351,927
Current portion of non-current liabilities			358,882		380,125
Taxation			258,591		228,781
		3,342,504		2,746,463
Total liabilities			4,703,401		4,171,493
Contingencies and commitments	8
Total equity and liabilities		10,280,518	9,625,900

The annexed notes from 1 to 13 form an integral part of these unconsolidated condensed interim financial statements.

Hafiz Farooq Ahmad	Asim Mahmud	Atique Ahmad Khan
(Chief Executive Officer)	(Chief Financial Officer)	(Director)

GHANI CHEMICAL INDUSTRIES LIMITED

UNCOSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2022
		Un-audited		Un-audited
		2022	2021
	Note	Rupees in thousand
Sales		1,266,463	1,430,353
Less: sales tax		(190,418)	(148,812)
Sales - net
	1,076,045		1,281,541
Cost of sales		(685,692)	(711,017)
Gross profit
	390,353	570,524
Distribution cost		(82,431)		(62,899)
Administrative expenses		(40,541)		(29,959)
Other expenses		(15,553)		(16,583)
Other income		27,949		13,035
		(110,576)	(96,406)
Profit from operations		279,777	474,118
Finance cost		(104,425)	(44,283)
Profit before taxation		175,352	429,835
Taxation		52,642	129,734
Profit after taxation		122,710	300,101
Other comprehensive income
Surplus arisen upon revaluation of freehold land		0		955,997
Surplus arisen upon revaluation of leasehold land		0		373,498
		0	1,329,495
Total comprehensive income
for the period		122,710		1,629,596
		------- Rupees -------
Earnings per share	9	0.34	0.91

The annexed notes from 1 to 13 form an integral part of these unconsolidated condensed interim financial statements.

Hafiz Farooq Ahmad	Asim Mahmud	Atique Ahmad Khan
(Chief Executive Officer)	(Chief Financial Officer)	(Director)

GHANI CHEMICAL INDUSTRIES LIMITED

UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2022

		Capital reserves	Revenue
				reserve -
	Share		Revaluation	unappr-
		surplus on	opriated	Total
	capital	Share
	freehold and	profit /
		premium
		leasehold	(accumulat
			land	ed loss)
	----------------------------- Rupees in thousand --------------------------------
Balance as at June 30, 2021	1,535,250	913,951	0	463,285	2,912,486
Changes in directors' loan	0	0	0	0	0
Proceeds from right shares issued	0	0	0	0	0
Total comprehensive income for the
period ended September 30, 2021	0	0	1,329,495	300,101	1,629,596
Balance as at September 30, 2021	1,535,250	913,951	1,329,495	763,386	4,542,082
Balance as at June 30, 2022	3,597,550	300,000	298,727	1,258,130	5,454,407
Proceeds from right shares
issued during the period	0	0	0	0	0

Total comprehensive income for the period ended September 30, 2022

Bonus shares issued during the period

Balance as at period 30, 2022

0	0	0	122,710	122,710
0	0	0	0	0
3,597,550	300,000	298,727	1,380,840	5,577,117

The annexed notes from 1 to 13 form an integral part of these unconsolidated condensed interim financial statements.

Hafiz Farooq Ahmad	Asim Mahmud	Atique Ahmad Khan
(Chief Executive Officer)	(Chief Financial Officer)	(Director)

GHANI CHEMICAL INDUSTRIES LIMITED

UNCONSOLIDATE STATEMENT OF CASH FLOWS FOR THE FIRST QUARTER ENDED SEPTEMBER 30,2022

	Un-audited		Un-audited
	2022	2021
CASH FLOWS FROM OPERATING ACTIVITIES	(Rupees in thousand)
Profit / (loss) for the year - before taxation	175,356	429,835
Adjustments for non-cash charges and other items:
Finance cost	104,425	44,160
Depreciation	42,547	40,020
Amortisation of intangible assets	740	740
Amortisation of right-of-use assets	2,633	167
Gain on disposal of operating fixed assets	(4,693)	(1,333)
Amortization of Lease liabilities	-	123
Amortisation of deferred income	-		(648)
Profit before working capital changes	321,008	513,064
Effect on cash flows due to working capital changes
(Increase) / decrease in current assets:
Stores, spares and loose tools	(28,996)		(62,005)
Stock-in-trade	(38,378)		58,325
Trade debts	(205,710)		(180,156)
Loan and advances	(863,701)		(47,340)
Deposits, prepayments and other receivables	231,464		34,611
Tax refunds due from Government	(21,044)		(8,573)
(Decrease) / increase in current liabilities:
Trade and other payables	(22,636)		(32,092)
	(949,001)		(237,230)
Cash generated from operations	(627,993)	275,834
Income tax (paid)/ refund received - net	(46,101)	(42,792)
Net cash generated from operating activities	(674,094)	233,042
CASH FLOWS FROM INVESTING ACTIVITIES
Fixed capital expenditure	(48,956)		(50,167)
Proceeds from sale of operating fixed assets	7,200		2,387
Non-current assets held for sale	201,437		-
Capital expenditures incurred	-		(81,745)
Net cash used in investing activities	159,681	(129,525)
CASH FLOWS FROM FINANCING ACTIVITIES
Lease liabilities	(433)		-
Long term finances	(55,464)		39,742
Redeemable capital - Sukuk (redeemed)	(54,166)		(54,167)
Long term security deposits - net	1,855		1,564
Short term borrowings	590,784		32,083
Proceeds from issue of right issue	-		-
Finance cost paid	(85,103)		(43,212)
Net cash (used in) / generated from financing activities	397,473	(23,990)
Net (decrease)/ increase in cash and cash equivalents	(116,940)	79,527
Cash and cash equivalents at the beginning of the period	499,863	63,418
Cash and cash equivalents at the end of the period	382,923	142,945

The annexed notes from 1 to 13 form an integral part of these unconsolidated condensed interim financial statements.

Hafiz Farooq Ahmad	Asim Mahmud	Atique Ahmad Khan
(Chief Executive Officer)	(Chief Financial Officer)	(Director)