CHENAB LIMITED 1st Quarter Ended September 30,
2019
Chenab
LIMITED
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
M/s. 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
-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 placing before you the un-audited financial statements of the Company for the first quarter of financial year 2019-2020 ended on September 30, 2019. The Company had gone under Liquidation by the Lahore High Court Lahore vide its order dated 13-07-2017. Figures of corresponding quarter of last year are also presented for comparison. The balance sheet figures as on June 30, 2019 and September 30, 2019 have been shown as required by the international Accounting standards (IAS) 34 for interim financial reporting.
OTHER OPERATING INCOME
The affairs of the Company during the quarter were looked after by the Joint Official Liquidators appointed by the Court. The liquidators continued arrangement made by the management for renting out building premises and leased out weaving unit for earning income to meet out compelling expenses. During this quarter operating income at Rs. 16.507 million was earned as against 9.275 million during the same quarter of the preceding period.
FINANCIAL RESULTS
In view of limited resources the Company has sustained a loss before Taxation of Rs.23.282 million for the quarter.
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 thank full to its financial institutions affording restructuring of financial facilities 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 |
2019-2020201930
13-07-2017 | | ||||||||||
| |||||||||||
| |||||||||||
34 | | 2019 | | 30 | 2019 | 30 | | ||||
| | | | | |||||||
| |||||||||||
|
16.507 9.275
| |||
| | ||
| |||
| |||
| | ||
| | 23.282 | |
|
| ||
| | |
| ||
| ||
| ||
| 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 06:58:06 UTC.
