Chenab : TRANSMISSION OF QUARTERLY REPORT FOR THE PERIOD ENDED DECEMBER 31, 2017

FINANCIAL

STATEMENTS

For the half year ended Dec 31,

2017

Chenab�

LIMITED

Company Information

Chairman

Chief Executive

Directors

Nominee Director

Major Bankers

Chief Financial Officer

Company Secretary

Auditors

Shares Registrar

Registered Office

Website Address

Works

Mian Muhammad Latif

Mr. Muhammad Naeem

Mian Muhammad Javaid Iqbal

Mr. Muhammad Faisal Latif

Mr. Tariq Ayoub Khan

Mr. Masood Ul Hassan

Mr. Muhammad Hashim

Mr. Muhammad Salman Javed

Mrs. Sobia Chughtai

Allied Bank Limited.

Askari Bank Limited.

Al Baraka Bank (Pakistan) Limited.

Citibank, N.A.

Faysal Bank Limited.

First Credit & Investment Bank Limited.

Habib Bank Limited.

Habib Metropolitan Bank Limited.

KASB Bank Limited.

National Bank of Pakistan.

NIB Bank Limited.

Orix Leasing (Pakistan) Limited.

Pak Oman Investment Company Limited.

Pak Kuwait Investment Company (Pvt.) Limited.

Pak Libya Holding Company (Pvt.) Limited.

Saudi Pak Industrial & Agricultural Investment

Silk Bank Limited.

Standard Chartered Bank (Pakistan) Limited.

The Bank of Punjab.

United Bank Limited.

Mr. Faisal Ali Sarwar

Muhammad Arshad

Yousuf Adil

Chartered Accountants.

F.D. Registrar Services (SMC-Pvt.) Limited

Office # 1705, 17th Floor, Saima Trade

Tower-A, I.I. Chundrigar Road, Karachi.

Tel:021-32271905-6/021-35478192-3

Nishatabad, Faisalabad. Tel:+92 41 8754472-8 Fax:+92 41 8752400, 8752700 chenab@chenabgroup.comwww.chenabgroup.com

-Processing & Stitching Units - Nishatabad, Fsd.

DIRECTORS' REPORT TO THE SHAREHOLDER'S

The Directors are presenting before you un-audited financial statements together with notes for the half year ended on December 31, 2017. The Company had gone under liquidation by the Lahore High Court Lahore vide its order dated 13-07-2017 which was reversed on 29-10-2021. The management of the Company approached the Auditors appointed by the court to conduct review of the financial statements for the half yearly Accounts but they refused to do so on the plea that court has given mandate only for the Audit of financial statements for the year ended June 30,2017 and this assignment does not fall in their scope, Figures of corresponding quarter of last year are also presented for comparison. The balance sheet figures as on December 31, 2017 and June 30, 2017 have been shown as required by the international Accounting standards (IAS) 34 for interim financial reporting.

SALES AND SERVICES REVENUE

Sales and Services Revenue of Rs. 478.529 million was earned during the period under report as compared to the Sales and Services revenue of Rs.955.976 million same period of last year.

FINANCIAL RESULTS

In view of unfavorable business circumstances the Company sustained a financial loss of Rs.127.868 million before taxation during the period under report.

FUTURE PROSPECTS

The management got re-structuring done with banks through a Scheme of Arrangement on 14-09-2021. The winding up order passed by the Lahore High Court also got reversed on 29-10-2021. The management took over the charge and Company has restarted its commercial operations from December 1, 2021.

The management is also pursuing to dispose off certain non core fixed assets of the Company to meet the requirement of working capital.

ACKNOWLEDGEMENT

The directors are thankful to its financial institutions for supporting the Company for revival of the Company and its employees who have rendered their dedicated services for the Company

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