DEWAN FAROOQUE MOTORS LIMITED
THIRD QUARTERLY REPORT
MARCH 31, 2023
COMPANY INFORMATION | ||
BOARD OF DIRECTORS | ||
Non-Executive Directors | ||
Mr. Mehmood-ul-Hassan Asghar | Chairman Board of Directors | |
Mr. Abdul Basit | ||
Mr. Muhammad Hanif German | ||
Mr. Ghazanfar Baber Siddiqi | ||
Mrs. Nida Jamil | Female Director | |
Executive Director | ||
Mr. Waseem-ul- Haque Ansari | ||
Independent Director | ||
Mr. Aziz-ul-Haque | ||
CHIEF EXECUTIVE OFFICER | ||
Mr. Waseem-ul- Haque Ansari | ||
COMPANY SECRETARY | ||
Mr. Muhammad Hanif German | ||
CHIEF FINANCIAL OFFICER | ||
Mr. Muhsin Ali | ||
AUDIT COMMITTEE MEMBERS | ||
Mr. Aziz-ul-Haque | Chairman | |
Mr. Ghazanfar Baber Siddiqi | Member | |
Mr. Abdul Basit | Member | |
HUMAN RESOURCE & REMUNERATION COMMITTEE MEMBERS | ||
Mr. Aziz-ul-Haque | Chairman | |
Mr. Waseem-ul- Haque Ansari | Member | |
Mr. Abdul Basit | Member | |
BANKERS | AUDITORS | REGISTERED OFFICE |
Allied Bank of Pakistan Limited | Feroze Sharif Tariq & Co. | Dewan Centre, 3-A, |
Askari Bank Limited | Chartered Accountants | Lalazar, Beach Luxury Hotel Road, |
Faysal Bank Limited | 4/N/4, Block 6, P.E.C.H.S., | Karachi, Pakistan |
Habib Bank Limited | Karachi. | |
Meezan Bank Limited | ||
National Bank of Pakistan | LEGAL ADVISORS | |
Silk Bank Limited | A.K. Brohi & Co. | |
Saudi Pak Industrial and Agricultural | ||
Investment Co. (Pvt.) Limited | ||
Standard Chartered Bank | ||
Summit Bank Limited | ||
The Bank of Khyber | ||
The Bank of Punjab | TAX ADVISOR | |
United Bank Limited | Sharif & Co. (Advocates) | |
3rd Floor, Uni Plaza, | ||
I.I. Chundrigar Road, Karachi. | ||
SHARES REGISTRAR / | ||
TRANSFER AGENT | ||
BMF Consultants | ||
Pakistan (Pvt.) Limited | ||
Anum Estate Building, Room No. 310 & 311, | FACTORY | |
3rd Floor, 49, Darul Aman Society, | Jilaniabad, Budhu Talpur, | |
Main Shahrah-e-Faisal, | District Sajawal, | |
Adjacent to Baloch Colony Bridge, | Sindh. | |
Karachi, Pakistan. |
DIRECTORS' REPORT
The Board of Directors of your Company takes pleasure in presenting the un-audited condensed interim financial statements of the Company for the Nine months' period ended March 31, 2023.
Industry Overview
Sales of automobile sector in the category of Cars, SUV and LCV segments have shown a decline of 46% as compared to the corresponding period of last year. During the period political instability in the country, hike of exchange rate, higher inflation, increased interest rates, raise in minimum wages and inflated Fuel & Electricity cost have impacted the industry negatively. Automotive manufacturers have also observed frequent plant shutdown during fiscal year, citing the country's economic crisis, restriction on opening of letters of credit for import, and halting foreign payments. These challenges have forced the auto-sector to operate up to 50% of its capacity approximately.
Company's performance
During the period under review the gross sales is Rs. 0.165 million (March 2022: Rs. 0.132
million) gross loss is Rs. 129.686 million (March 2022: Rs. 60.367 million) and the after-tax loss
is Rs. 235.042 million (March 2022: Rs. 62.093 million) due to the reason of suspension of production facilities caused on account of non-availability of working capital.
We are pleased to inform that after concerted efforts of the management, we are now in a position to restart our CKD operations at plant for the assembly of commercial vehicles as per the Technical License Agreement (TLA) signed with KIA Corporation on November 7, 2022. We are confident that the production at plant will start from June 2023 onwards Insha'Allah.
A number of recovery suits were instituted by Banks/Financial Institutions alleging default of company which are being successfully defended by our legal counsels. The proposal of re-profiling of the Company's debts is expected to be finalized very soon.
In conclusion, we bow, beg and pray to Almighty Allah, Al-Rahman,Al-Rahim, in the name of his beloved Prophet, Muhammad, peace be upon him, for continued showering of His blessings, guidance, strength, health and prosperity to us, our Company, country and nation and also pray to Almighty Allah to bestow peace, harmony, brotherhood and unity in true Islamic spirit upon whole of Muslim Ummah, Ameen, Summa Ameen.
LO-MY LORD IS INDEED HEARER OF PRAYER (AL-QURAN)
Under / By Authority of the Board of Directors
Waseem-ul-Haque Ansari | Mehmood | Asghar |
Chief Executive | Director |
Karachi: April 27, 2023
DEWAN FAROOQUE MOTORS LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
As at March 31, 2023
Note | March 31, | June 30, |
2023 | 2022 | |
Unaudited | Audited | |
ASSETS | ( Rs. In '000) |
NON-CURRENT ASSETS
Property, Plant and Equipment | 6 |
Investment | 7 |
CURRENT ASSETS
Stores and spares
Stock-in-trade
Trade debts - considered good
Short term loan to associated undertaking - considered good
Advances, deposits, prepayments and other receivables - Considered good Taxation - net
Cash and bank balances
TOTAL ASSETS
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Share Capital
Authorized
150,000,000 (June 30, 2022: 150,000,000) Ordinary shares of Rs.10 each
Issued, subscribed and paid-up
Issued, subscribed and paid-up
Revenue Reserve
Accumulated loss | |
NON-CURRENT LIABILITIES | |
Long term security deposits | |
Deferred Liabilities | |
CURRENT LIABILITIES | |
Short term loan from related parties | 13 |
Trade and other payables | |
Unclaimed Dividend | |
Short term finances-secured | 8 |
Current maturity of long term loans | |
CONTINGENCIES AND COMMITMENTS | 9 |
TOTAL EQUITY AND LIABILITIES |
730,084
807,112
49,934
14,743
672
154,879
952,788
23,876
138,905
1,335,797
2,872,993
1,500,000
1,387,353
(4,633,630)
(3,246,277)
11,700
4,231
492,583
416,112
1,802
4,095,913
1,096,929
6,103,339
2,872,993
765,959
909,483
46,557
14,856
672
154,879
846,659
23,720
128,715
1,216,058
2,891,500
1,500,000
1,387,353
(4,398,588)
(3,011,235)
11,700
4,231
293,063
399,097
1,802
4,095,913
1,096,929
5,886,804
2,891,500
The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements.
Muhsin Ali | Waseem-ul-Haque Ansari | Mehmood-ul-Hassan Asghar |
Chief Financial Officer | Chief Executive | Director |
DEWAN FAROOQUE MOTORS LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS ACCOUNT
FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2023
Nine Months Ended | Quarter Ended | ||||||
March 31, | March 31, | March 31, | March 31, | ||||
Note | 2023 | 2022 | 2023 | 2022 | |||
------------Unaudited------------ | |||||||
(Rs. in '000) | |||||||
Gross Sales | 165 | 132 | 110 | 14 | |||
Sales tax | (24) | (19) | (16) | (2) | |||
Net Sales | 141 | 113 | 94 | 12 | |||
Cost of sales | (129,827) ## | (60,480) # | (49,593) | # | (15,891) | ||
Gross Loss | (129,686) ## | (60,367) | (49,499) | # | (15,879) |
Operating expenses
Marketing & Distribution Expenses | (11,585) | ## | - | # | |
Administration and general expenses | (20,686) | ## | (9,049) | # | |
(32,271) | (9,049) | ||||
Operating loss | (161,957) | ## | (69,416) | # | |
Other income/(loss) | (73,076) | ## | 7,324 | # | |
Finance Cost | 10 | (7) | - | ||
Profit/(Loss) before taxation | ## | # | |||
(235,040) | (62,092) | ||||
Taxation | (2) | ## | (1) | ||
Profit/(Loss) after tax | (235,042) | ## | (62,093) | # | |
## | # | ||||
Basic / diluted Profit/(Loss) per share (Rupee) | 12 | (1.69) | (0.45) | ||
The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements.
(3,405) #
(6,596) #
(10,001)
(59,500) #
9,798 #
(4)
(49,706) #
(1)
(49,707) #
#
(0.36)
-
791
791
(15,088)
19,022
-
3,934
-
3,934
0.03
Muhsin Ali | Waseem-ul-Haque Ansari | Mehmood-ul-Hassan Asghar |
Chief Financial Officer | Chief Executive | |
Director | ||
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Dewan Farooque Motors Ltd. published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 05:06:31 UTC.