CONTENTS
COMPANY INFORMATION & MANAGEMENT REVIEW
Company Information | 2 |
Company Profile | 3 |
Directors' Review | 4 |
INTERIM FINANCIAL STATEMENTS (UNAUDITED)
Condensed Interim Statement of Financial Position | 5 |
Condensed Interim Statement of Profit or Loss | |
& Other Comprehenisve Income | 6 |
Condensed Interim Statement of | |
Changes in Equity | 7 |
Condensed Interim Statement of Cash Flows | 8 |
Selected Explanatory Notes to the Condensed Interim | 9-16 |
Financial Statements |
COMPANY INFORMATION
BOARD OF DIRECTORS | |
Mr. Mirza Javed Iqbal | |
Non-Executive Director - Chairman | |
Mr. Abdul Rehman Qureshi | |
Non-Executive / Independent Director | |
Mr. Shoaib Ahmad Khan | |
Non-Executive / Independent Director | |
Ms. Mariam Khawar | |
Non-Executive / Independent Director | |
Mr. Khurram Javaid | |
Executive Director / Chief Executive Officer | |
Mr. Muhammad Mubeen Tariq Mughal | |
Executive Director | |
Mr. Jamshed Iqbal | |
Executive Director | |
Mr. Fazeel Bin Tariq | |
Non-Executive Director | |
REPORT | Mr. Muhammad Mateen Jamshed |
Mr. Abdul Rehman Qureshi | |
Non-Executive Director | |
AUDIT COMMITTEE | |
FINANCIAL | Chairman |
Member | |
Mr. Fazeel Bin Tariq | |
Member | |
INTERIM | Mr. Muhammad Mateen Jamshed |
HUMAN RESOURCE & REMUNERATION | |
COMMITTEE | |
Mr. Abdul Rehman Qureshi | |
CONDENSED | Chairman |
INVESTOR RELATIONS | |
Mr. Mirza Javed Iqbal | |
Member | |
Mr. Fazeel Bin Tariq | |
Member |
2 Financial analysts, stock brokers, interested investors and financial media desiring information regarding the Company should contact Mr. Muhammad Fahad Hafeez at the Company's Registered Office, Lahore.
Tel: +92-42-35960841 Ext: 155
E-mail: fahadhafeez@mughalsteel.com
SHARE REGISTRAR
Enquiries concerning lost share certificates, dividend payments, change of address, verification of transfer deeds and share transfers should be directed to:
THK Associates (Private) Limited
Plot No. 32-C, Jami Commercial Street 2, D.H.A. Phase-VII, Karachi, Pakistan.
Tel: +92-21-111-000-322
E-mail: sfc@thk.com.pk
Web: www.thk.com.pk
SHAREHOLDER COMPLAINT HANDLING CELL Incase of shareholder complaints/queries, Please Contact:
Mr. Zeeshan Ejaz
Tel : +92-42-35960841Ext:136
E-mail: fahadhafeez@mughalsteel.com
AUDITORS
Fazal Mahmood & Company Chartered Accountants
(A member firm of Prime Global)
Muniff Ziauddin & Company Chartered Accountants
(A member of DKR International)
SHARIAH ADVISOR Mufti Imran Khan
LEGAL ADVISOR
Mr. Muhammad Atif Butt
TAX ADVISORS Akhtar Ali Associates Juris Counsel
Farooq Khan Law Associates Butt & Company
Punjab Law Associates
CHIEF OPERATING OFFICER
Mr. Shakeel Ahmed
Tel: +92-42-35960841 Ext:154
E-mail: shakeel.ahmad@mughalsteel.com
CHIEF FINANCIAL OFFICER
Mr. Muhammad Zafar Iqbal
Tel: +92-42-35960841 Ext:138
E-mail: zafariqbal@mughalsteel.com
COMPANY SECRETARY
Mr. Muhammad Fahad Hafeez Tel: +92-42-35960841 Ext:155
E-mail: fahadhafeez@mughalsteel.com
STOCK EXCHANGE LISTING
Mughal Iron & Steel Industries Limited is a listed Company and its shares are traded on the Pakistan Stock Exchange Limited ("PSX"). The Company's shares are quoted in leading dailies under the Engineering Sector with symbol "MUGHAL".
CREDIT RATING
VIS Credit Rating Company Limited Long-termentity rating (A+) Short-termentity rating (A1)
Future Outlook Rating: Watch -Developing status
Last updated: March 31, 2023
The Pakistan Credit Rating Agency Limited Long-termentity rating (A+)
Short-term entity rating (A1)
Future Outlook: Stable
Last updated: October 16, 2023
BANKERS
Askari Bank Limited
Allied Bank Limited
Al Baraka Bank (Pakistan) Limited
Bank Alfalah Limited
Bank Islami Pakistan Limited
Bank of Punjab (Islamic Taqwa Division)
Bank of Khyber
Bank Al-Habib Limited
Dubai Islamic Bank Limited
Faysal Bank Limited
Habib Metropolitan Bank Limited
Habib Bank Limited
ICBC Bank Limited
JS Bank Limited
MCB Bank Limited
MCB Islamic Bank Limited
Meezan Bank Limited
National Bank of Pakistan
Silk Bank Limited
Soneri Bank Limited
Summit Bank Limited
Samba Bank Limited
Standard Chartered Bank Limited
United Bank Limited
GEOGRAPHICAL PRESENCE Registered / Corporate office 31-AShadman 1
Lahore, Pakistan
Tel: +92-42-35960841-3
Fax: +92-42-35960846
E-mail: info@mughalsteel.com
Sale centres and warehouse
Badami Bagh
Lahore, Pakistan
Factory & warehouses 17-KMSheikhupura Road Lahore, Pakistan
Company Website:
www.mughalsteel.com
Note: Company's Financial Statements are also available at the above website.
COMPANY PROFILE
Mughal Iron & Steel Industries Limited ("Mughal Steel") was incorporated in 2010 as a public limited company. In 2011, the Company took over the running business of a partnership concern by the name of "Mughal Steel" which had been in the steel business for over 60 years and was being run by the major sponsors of the Company. Today, the Company is one of the leading companies involved in both ferrous and non-ferrous operations in Pakistan.
At Mughal Steel we work with passion and expertise to develop high-quality diversified portfolio of quality products. This means we create value for our customers and can successfully exploit the diverse opportunities in the markets of the future. Depth of technical and managerial expertise, reputation for reliability and a sharply defined business focus, has forged the organization into a modern, highly competitive supplier of quality products. The Company's ability to generate profits throughout the fluctuations of various economic and business cycles is testimony to the strategic initiatives to continuously reinvest, modernize and diversify.
The Company is involved in multidimensional activities. The products are grouped into ferrous and non-ferrous segments. Ferrous segment mainly comprises of billets, girders and steel re-bars while non-ferrous segment mainly comprises of copper ingots, copper granules and related waste. The diversified product and market mix of the Company has been carefully designed to mitigate different risks. Being in the industry for over 5 decades has enabled the Company to carefully nurture this portfolio enabling it to maintain its competitive edge year over year.
The main markets of the Company are domestic housing sector market both in urban and rural areas, large infrastructure projects market and international market for copper products. Demand from rural markets is based upon various crop seasons while demand from urban markets is non-seasonal. Copper products are exported to Peoples' Republic of China. There is no major seasonal impact on demand for copper products except for impact of market shutdowns or holidays.
Steel re-bars cater to both housing sector market and large infrastructure projects market, while girders mainly cater the housing sector market. The housing sector market for steel re-bars comprises mainly of housing sector in the urban areas, whereas, the housing sector market for girders mainly comprises of housing sector in the rural areas.
The large infrastructure projects market on the other hand comprises of demand from different projects initiated by various private sector, public sector and semi-government institutions. Mughal Supreme steel re-bars are used to target the housing sector in the urban areas since steel re-bars are used for construction of roofs in urban areas, whereas G60 steel re-bars are mainly used to cater large infrastructure projects market. On the other hand, since girders are products used for construction of roofs in rural areas, therefore they are used to target the rural housing market.
The management team is being led by Mr. Khurram Javaid, Director and CEO.
KEY BRANDS
- Mughal Supreme
- Mughal Super Girder
MAJOR PRODUCT PORTFOLIO
The Company's main product range comprises of the following products:
- Steel re-bars (G60 / Mughal Supreme)
- Girders
- Billets
- Copper ingots
- Copper granules
3
MUGHAL IRON & STEEL INDUSTRIES LIMITED
DIRECTORS' REVIEW
Dear Valued Shareholders,
On behalf of the Board of Directors of MUGHAL IRON & STEEL INDUSTRIES LIMITED, we are pleased to present the unaudited condensed interim financial statements of the Company for the quarter ended, September 30, 2023, the financial results of which are summarized below:
(Rs. in Millions) | |||||
Quarter ended September 30, | Variation % | ||||
Financial highlights | 2023 | 2022 | |||
Sales-net | 21,032.129 | 14,073.291 | 49.45 | ||
Gross profit | 2,517.700 | 2,084.440 | 20.79 | ||
Profit before taxation | 722.170 | 1,031.218 | (29.97) | ||
REPORT | Taxation | (207.114) | (159.700) | (29.69) | |
Profit for the period | 515.056 | 871.518 | (40.90) | ||
Earnings per share-Basic & Diluted | 1.53 | 2.60 | (40.90) | ||
FINANCIAL | Business, financial & operational review | ||||
During the quarter, your company posted highest ever topline along with profitable bottom line despite of the | |||||
INTERIM | |||||
prevailing adversities. Increase in topline was associated with increase in selling prices both in ferrous and non- | |||||
ferrous segments and increase in volumes in ferrous segments. Non-ferrous volumes witnessed decline due to | |||||
decrease in sale of waste, which was mainly due to in-house utilization of iron scrap by ferrous segment, however, | |||||
CONDENSED | |||||
copper volumes witnessed increase. Overall gross margins witnessed decline which was due to temporary | |||||
decline in ferrous margins in the quarter. | |||||
Administrative expenses mainly increased due to increase in salaries expenses. Rs. 71.204 million was reversed | |||||
on account of allowance for expected credit losses in respect of trade debts due to recovery of overdue balances. | |||||
4 Other income decreased by 50.09% mainly due to decrease in exchange gain. Finance cost increased significantly by 79.60% mainly due to significant hike in base discount rate. Resultantly, your company posted EPS of Rs. 1.53 per share as compared to EPS of Rs. 2.60 per share in corresponding quarter.
Additions in property, plant and equipment mainly represented installation of induction furnace and CCM. Inventories increased by 16.80% mainly due to increase in average cost and also due to increase in inventories in transit. Loans and advances decreased due to decrease in advances to suppliers. Deposits, prepayments and other receivables decreased due to release of guarantee margins. Resultantly, the statement of financial position footing stood at Rs. 63,130.460 million as of September 30, 2023, compared to Rs. 59,831.987 million as of June 30, 2023. Breakup value per share increased to 77.13 as of September 30, 2023 from Rs 75.60 as at June 30, 2023. Current ratio as at September 30, 2023 stood at 1.46:1 as compared to 1.50:1 as at June 30, 2023.
Future outlook
Going forward, the impact of political and economic scenario and increase in base discount rate may continue to impact the performance of the Company, however, Company will continue to manage its topline and bottom line.
Acknowledgement
The Board remains committed to provide sustained returns to our shareholders, in addition to maintaining our reputation for good governance. Lastly, we would like to thank all stakeholders for their patronage and look forward to their continued support.
For and on behalf of the Board of Directors,
Mirza Javed Iqbal | Khurram Javaid |
(Chairman/Director) | (CEO / Director) |
Date: October 27, 2023 | |
Place: Lahore |
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2023
Rupees | Note | September 30, | June 30, |
2023 | 2023 | ||
(Unaudited) | (Audited) |
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment Long-term investment in financial assets Long-term loans to employees Long-term deposits
CURRENT ASSETS
6. 19,618,236,256
53,155,819
68,231,412
2,838,069
19,742,461,556
19,691,989,633
50,153,187
65,909,792
2,838,069
19,810,890,681
Inventories Trade debts Loans and advances
Deposits, prepayments and other receivables Due from the government
Cash and bank balances
EQUITY AND LIABILITIES
SHARE CAPITAL & RESERVES
Authorized share capital
Issued, subscribed and paid-upcapital Capital reserves:
Share premium account Contigency reserve
Revaluation surplus on property, plant and equipment Revenue reserve:
Un-appropriated profits
LIABILITIES
NON-CURRENT LIABILITIES
Long-term financing- secured
Deferred taxation
Defined benefit obligation
Deferred liabilities
CURRENT LIABILITIES
7. 26,899,099,274
9,236,230,585
203,703,747
184,578,176
3,540,095,391
3,324,291,709
43,387,998,882
63,130,460,438
8. 10,000,000,000
3,356,339,330
2,324,952,020
980,000,000
3,974,512,112
15,251,688,983
25,887,492,445
2,945,306,106
3,902,891,345
646,498,762
87,111,699
7,581,807,912
23,030,260,466
9,283,146,446
431,390,565
629,520,459
3,761,651,991
2,885,126,870
40,021,096,797
59,831,987,478
5,000,000,000
3,356,339,330
2,324,952,020
980,000,000
3,998,378,178
14,712,766,418
25,372,435,946
3,302,066,679
3,879,094,946
601,259,811
85,013,360
7,867,434,796
5
MUGHAL IRON & STEEL INDUSTRIES
Trade and other payables
Unclaimed dividends
Unpaid dividends
Accrued profit / mark-up
Short-term borrowings
Short-term loans from Directors - unsecured
Current portion of long-term financing
Current portion of deferred grant
CONTINGENCIES AND COMMITMENTS | 9. |
4,012,775,875
2,956,938
6,053,542
1,046,294,705
22,915,089,475
61,272,018
1,609,537,079
7,180,449
29,661,160,081
37,242,967,993
63,130,460,438
3,006,477,394
2,956,938
6,105,932
889,758,212
20,995,046,293
5,689,036
1,678,411,215
7,671,716
26,592,116,736
34,459,551,532
59,831,987,478
LIMITED
The annexed notes from 1 to 21 form an integral part of these condensed interim financial statements.
Khurram Javaid | Muhammad Zafar Iqbal | Muhammad Mubeen Tariq Mughal |
Chief Executive Officer/Director | Chief Financial Officer | Director |
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS
AND OTHER COMPREHENSIVE INCOME
FOR THE QUARTER ENDED SEPTEMBER 30, 2023 (UNAUDITED)
Rupees | Note | 2023 | 2022 |
CONDENSED INTERIM FINANCIAL REPORT
Sales-net | 10. | 21,032,129,421 |
Cost of sales | 11. | (18,514,429,753) |
GROSS PROFIT | 2,517,699,668 | |
Sales and marketing expenses | (71,962,902) | |
Administrative expenses | (203,477,700) | |
Other charges | (59,811,490) | |
Allowance for expected credit losses (reversal) | 71,203,673 | |
Other income | 51,929,954 | |
Finance cost | (1,583,410,519) | |
(1,795,528,984) | ||
PROFIT BEFORE TAXATION | 722,170,684 | |
Taxation | (207,114,185) | |
PROFIT FOR THE PERIOD | ||
515,056,499 | ||
OTHER COMPREHENSIVE INCOME |
14,073,291,750
(11,988,851,901)
2,084,439,849
(60,895,295)
(146,687,073)
(90,079,070)
22,010,878
104,039,463
(881,610,556)
(1,053,221,653)
1,031,218,196
(159,700,436)
871,517,760
6
Other comprehensive income | - | - | ||
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD | 515,056,499 | 871,517,760 | ||
EARNINGS PER SHARE-BASIC AND DILUTED | 12. | 1.53 | 2.60 |
The annexed notes from 1 to 21 form an integral part of these condensed interim financial statements.
Khurram Javaid | Muhammad Zafar Iqbal | Muhammad Mubeen Tariq Mughal |
Chief Executive Officer/Director | Chief Financial Officer | Director |
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY
FOR THE QUARTER ENDED SEPTEMBER 30, 2023 (UNAUDITED)
Capital Reserves | Revenue | ||||||||||||||
Reserve | |||||||||||||||
Issued, | Share | Contingency | Revaluation | Un-appropriated | Total | ||||||||||
Rupees | subscribed and | premium | surplus on property, | ||||||||||||
paid-up capital | account | reserve | plant and equipment | profits | Equity | ||||||||||
BALANCE AS AT JUNE 30, 2022-(audited) | 3,356,339,330 | 2,324,952,020 | 980,000,000 | 3,018,133,793 | 11,167,653,096 | 20,847,078,239 |
Profit for the period
Other comprehensive income-net of tax
Total comprehensive income for the period
Transfer incremental of incremental depreciation relating to revaluation surplus on property, plant and equipment -net of tax
BALANCE AS AT SEPTEMBER 30, 2022-(unaudited)
-
-
-
-
3,356,339,330
- | - | - | 871,517,760 | 871,517,760 | ||||
- | - | - | - | - | ||||
- | - | - | 871,517,760 | 871,517,760 | ||||
- | - | (18,179,436) | 18,179,436 | - | ||||
2,324,952,020 | 980,000,000 | 2,999,954,357 | 12,057,350,292 | 21,718,595,999 | ||||
BALANCE AS AT JUNE 30, 2023-(audited)
3,356,339,330 2,324,952,020 980,000,000 3,998,378,178 14,712,766,418 25,372,435,946
Profit for the period
Other comprehensive income-net of tax
Total comprehensive income for the period
Transfer of Incremental depreciation relating to revaluation surplus on property, plant and equipment -net of tax
BALANCE AS AT SEPTEMBER 30, 2023-(unaudited)
- | - | |
- | - | |
- | - | |
- | - | |
3,356,339,330 | 2,324,952,020 |
- | - | 515,056,499 | 515,056,499 |
- | - | - | - |
- | - | 515,056,499 | 515,056,499 |
- | (23,866,066) | 23,866,066 | - |
980,000,000 | 3,974,512,112 | 15,251,688,983 | 25,887,492,445 |
The annexed notes from 1 to 21 form an integral part of these condensed interim financial statements.
7
MUGHAL IRON & STEEL INDUSTRIES LIMITED
Khurram Javaid | Muhammad Zafar Iqbal | Muhammad Mubeen Tariq Mughal |
Chief Executive Officer/Director | Chief Financial Officer | Director |
CONDENSED INTERIM STATEMENT OF CASH FLOWS
FOR THE QUARTER ENDED SEPTEMBER 30, 2023 (UNAUDITED)
Rupees | Note | 2023 | 2022 |
REPORT
CASH FLOWS FROM OPERATING ACTIVITIES | |
Cash generated from / used in operations | 13. |
Net decrease in long-term loans to employees
Net increase in long-term deposits
Payments for defined benefits
Payments for workers' welfare fund
Payments for income tax-net
Net cash generated from / used in operating activities
396,173,760
1,428,380
-
(12,931,148)
-
(45,417,829)
339,253,163
(1,286,382,224)
6,812,868
(2,563,069)
(11,153,707)
(94,066,845)
(199,487,007)
(1,586,839,984)
CONDENSED INTERIM FINANCIAL
8
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Payments for acquisition of property, plant and equipment | (66,999,374) | (384,848,559) | |
Profit received on term deposit receipts | 27,494,267 | 20,340,105 | |
Net cash used in investing activities | (39,505,107) | (364,508,454) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Net repayment of long-term financing | (427,777,637) | (308,901,416) | |
Net proceeds from / repayments short-term borrowings | 1,909,021,210 | (61,013,898) | |
Net proceeds from / repayment of short-term loans from Directors | 55,582,982 | (25,062,812) | |
Payments for finance cost | (1,411,607,142) | (621,895,511) | |
Payment for dividends | (52,390) | (66,063) | |
Net cash generated from / used in financing activities | 125,167,023 | (1,016,939,700) | |
NET INCREASE / DECREASE IN CASH AND CASH EQUIVALENTS | 424,915,079 | (2,968,288,138) | |
CASH AND CASH EQUIVALENTS AT THE BEGINNING | |||
OF THE PERIOD | 2,885,126,870 | 5,163,452,475 | |
NET EXCHANGE DIFFERENCE ON FOREIGN | |||
CURRENCY ACCOUNTS | 3,227,788 | 24,020,161 | |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD 14. | |||
3,313,269,737 | 2,219,184,498 | ||
The annexed notes from 1 to 21 form an integral part of these condensed interim financial statements.
Khurram Javaid | Muhammad Zafar Iqbal | Muhammad Mubeen Tariq Mughal |
Chief Executive Officer/Director | Chief Financial Officer | Director |
SELECTED EXPLANATORY NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS
FOR THE QUARTER ENDED SEPTEMBER 30, 2023 (UNAUDITED)
1. THE COMPANY AND ITS OPERATIONS
Mughal Iron & Steel Industries Limited (the Company) was incorporated in Pakistan as a public limited company on February 16, 2010 under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017). The Company is listed on the Pakistan Stock Exchange Limited (PSX). The Company's operations mainly comprise of ferrous and non-ferrous business segments as disclosed in note 15. to these condensed interim financial statements. However, the principal activity of the Company is manufacturing and sale of mild steel products relating to ferrous segment. The Company is domiciled in Lahore. The Board of Directors in their meeting held on August 15, 2023 and the members of the Company in their meeting held on September 19, 2023, have approved the acquisition of Mughal International DMCC and Mughal Energy Limited, respectively, however, both the acquisition transactions are currently pending and in process. The geographical locations and addresses of the Company's business units including plants are as follows:
Business unit: | Geographical location / address: |
- Registered office | 31-AShadman-1, Lahore |
- Manufacturing plants | 17-KM Sheikhupura Road, Lahore |
- Warehouses | 17-KM Sheikhupura Road, Lahore and Badami Bagh, Lahore |
- Sales centres | Badami Bagh, Lahore |
2. STATEMENT OF COMPLIANCE
These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:
- International Accounting Standard (IAS) 34, 'Interim Financial Reporting', issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017;
- Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of Pakistan as notified under the Companies Act, 2017; and
- Provisions of and directives issued under the Companies Act, 2017.
Where provisions of and directives issued under the Companies Act, 2017 differ with the requirements of (IAS) 34 or (IFAS), the provisions of and directives issued under the Companies Act, 2017 have been followed.
-
BASIS OF PREPARATION
These condensed interim financial statements have been prepared under the historical cost convention, except as otherwise stated in relevant notes and are presented in Pakistani Rupees (Rs.), which is the functional currency of the Company. - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies and the methods of computation adopted in the preparation of these condensed interim financial statements are the same as those applied in the preparation of the annual audited financial statements of the Company for the year ended June 30, 2023, except detailed below or elsewhere. These condensed interim financial statements do not include all the information and disclosures as are required for annual audited financial statements, and therefore, should be read in conjunction with the Company's annual audited financial statements for the year ended June 30, 2023.
During the period, certain amendments / interpretations became effective and were adopted by the Company. Management has assessed the changes laid down by the amendments / interpretations that became effective during the period and determined that they do not have any significant impact on these condensed interim financial statements.
Taxes on income in the interim periods are accrued using tax rate that would be applicable to expected annual profit or loss. Actuarial valuations are carried out on annual basis. The last actuarial valuation was carried out on June 30, 2023. The impact of remeasurement of retirement benefit plan has not been incorporated in the condensed interim financial statements. - CRITICAL ACCOUNTING ESTIMATES & JUDGMENTS
The preparation of condensed interim financial statements in conformity with the approved accounting standards requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expense. Actual results may differ from these estimates. In preparing these condensed interim financial statements, the significant judgements made by management in applying the Company's accounting policies and key sources of estimation of uncertainty were the same as those applied to the annual audited financial statements of the Company for the year ended June 30, 2023, except as disclosed otherwise in respective notes.
9
MUGHAL IRON & STEEL INDUSTRIES LIMITED
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Mughal Iron & Steel Industries Ltd. published this content on 27 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2023 09:52:42 UTC.