L I M I T E D
Financial
Statements
for the half year ended December 31,
2018.
Contents
Company Information | 02 |
Director's Report to the Member s | 03 |
Director' s Report to the Members in Urdu | 04 |
Balance Sheet | 05 |
Profit & Loss Account | 06 |
Statement of Comprehensive Income | 06 |
Cash F low Statement | 07 |
Statement of Changing in Equity | 08 |
Notes to the Financial Statement | 09 |
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
Rahman Sarfaraz Rahim Iqbal Rafiq
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
-Spinning Unit | - Toba Tek Singh. |
-Weaving Unit | - Kharianwala, Distt: Sheikhupura. |
-Weaving Unit | - Shahkot, Distt: Nankana Sahib. |
-Processing & | |
Stitching Units | - Nishatabad, |
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, 2018. 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 30,2018 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, 2018 and June 30, 2018 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. 341.167 million was earned during the period under report as compared to the Sales and Services revenue of Rs.478.529 million same period of last year.
FINANCIAL RESULTS
In view of unfavorable business circumstances the Company sustained a financial loss of Rs.73.179 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. Thereafter the original management took over the charge.
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
For and on behalf of
BOARD OF DIRECTORS
FAISALABAD | (MUHAMMAD FAISAL LATIF) | (MUHAMMAD NAEEM) |
10-08-2023 | (DIRECTOR) | CHIEF EXECUTIVE OFFICER |
| | ||||||||||||
| 201831 | | |||||||||||
| 29-10-202313-07-2017 | ||||||||||||
| | ||||||||||||
| 201830 | | |||||||||||
| | ||||||||||||
| |||||||||||||
| | | | | | | |||||||
34 | | 30 | 2018 | 31 | |||||||||
| 2018 | |
/
478.529 /341.167
73.179
| | ||
| |||
| |||
| |||
| | ||
14-09-2021 | |||
| 29-10-2021 | | |
| | |
| ||
| ||
| | |
| | |
10-08-2023
Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Chenab Ltd. published this content on 16 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2023 06:50:08 UTC.