DEWAN FAROOQUE MOTORS LIMITED DEWAN FAROOQUE MOTORS LIMITED
QUARTERLY REPORT SEPTEMBER 30, 2022
COMPANY INFORMATION
BOARD OF DIRECTORS
Non-Executive Directors
Mr. Ghazanfar Baber Siddiqi | Chairman Board of Directors |
Mr. Abdul Basit | |
Mr.Mohammad Saleem Baig | |
Mr.Imran Ahmed Javed | |
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 1st quarter ended September 30, 2022.
Industry Overview
Sales of automobile sector in the category of passenger cars, SUV and LCV segments have shown a decrease of 50% as compared to the corresponding quarter of last year. During the period political instability in the country, hike of exchange rate, higher inflation, raised interest rates, increased minimum wages and inflated Fuel & Electricity prices have impacted the industry negatively. Furthermore burden of duties by Customs department and exchange control measures by the State Bank of Pakistan have been halting the progress of the automobile sector particularly along with other segments of the economy. These factors have caused intermittent & temporary shutdowns of production facilities of some the companies.
Company's performance
The summary of financial performance for the period, along with the comparative figures of quarter ended September 2022 is as follows:
During the period under review the gross sales is Rs. 53 thousand (Sep 2021: Rs. 76 thousand) gross loss is Rs.
17.778 million (Sep 2021: Rs.24.240 million) and the after-tax loss is Rs. 105.083 million (Sep 2021: Rs.63.813 million).
The production activity of the Company during the period under review remained suspended and the management has been putting its best efforts for its resumption.
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 to 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 | Abdul Basit |
Chief Executive | Director |
Karachi: October 25, 2022 |
DEWAN FAROOQUE MOTORS LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2022
Note | Sept 30, | June 30, | ||||
2022 | 2022 | |||||
Unaudited | Audited | |||||
ASSETS | ( Rs. In '000) | |||||
NON-CURRENT ASSETS | ||||||
Property, Plant and Equipment | 6 | 753,827 | 765,959 | |||
Investment | 7 | 817,434 | 909,483 | |||
CURRENT ASSETS | ||||||
Stores and spares | 46,557 | 46,557 | ||||
Stock-in-trade | 14,823 | 14,856 | ||||
Trade debts - considered good | 672 | 672 | ||||
Short term loan to associated undertaking - considered good | 154,879 | 154,879 | ||||
Advances, deposits, prepayments and other receivables - Considered good | 853,299 | 846,659 | ||||
Taxation - net | 23,755 | 23,720 | ||||
Cash and bank balances | 131,224 | 128,715 | ||||
1,225,209 | 1,216,058 | |||||
TOTAL ASSETS | ||||||
2,796,470 | 2,891,500 | |||||
EQUITY AND LIABILITIES | ||||||
SHARE CAPITAL AND RESERVES | ||||||
Share Capital | ||||||
Authorized | ||||||
150,000,000 (June 30, 2021: 150,000,000) Ordinary shares of Rs.10 eac | 1,500,000 | 1,500,000 | ||||
Issued, subscribed and paid-up | ||||||
1,387,353 | 1,387,353 | |||||
Revenue Reserve | ||||||
Accumulated loss | (4,503,671) | (4,398,588) | ||||
(3,116,318) | (3,011,235) | |||||
NON-CURRENT LIABILITIES | ||||||
Long term security deposits | 11,700 | 11,700 | ||||
Deferred Liabilities | 4,231 | 4,231 | ||||
CURRENT LIABILITIES | ||||||
Short term loan from related party | 299,063 | 293,063 | ||||
Trade and other payables | 403,150 | 399,097 | ||||
Unclaimed Dividend | 1,802 | 1,802 | ||||
Short term finances-secured | 8 | 4,095,913 | 4,095,913 | |||
Current maturity of long term loans | 1,096,929 | 1,096,929 | ||||
5,896,857 | 5,886,804 | |||||
CONTINGENCIES AND COMMITMENTS | 9 | |||||
TOTAL EQUITY AND LIABILITIES | ||||||
2,796,470 | 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 | Abdul Basit |
Chief Financial Officer | Chief Executive | Director |
DEWAN FAROOQUE MOTORS LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS ACCOUNT FOR THE 1ST QUARTER ENDED SEPTEMBER 30, 2022
Quarter Ended | ||||
Sept 30, | Sept 30, | |||
Note | 2022 | 2021 | ||
------------Unaudited------------ | ||||
(Rs. in '000) | ||||
Gross Sales | 53 | 76 | ||
Sales tax | (8) | (11) | ||
Net Sales | 45 | 65 | ||
Cost of sales | (17,823) | (24,305) | ||
Gross Loss | (17,778) | (24,240) | ||
Administration and general expenses | (3,767) | 5,222 | ||
Operating loss | (21,545) | (29,462) | ||
Other income/(loss) | (83,537) | (34,350) | ||
Finance cost | 10 | - | - | |
(Loss) before taxation | (105,082) | (63,812) | ||
Taxation | (1) | 1 | ||
(Loss) after tax | (105,083) | (63,813) | ||
Basic / diluted (Loss) per share (Rupee) | 12 | (0.76) | (0.46) | |
The annexed notes from 1 to 16 form an integral part of these condensed interim financial statements.
Muhsin Ali | Waseem-ul-Haque Ansari | Abdul Basit |
Chief Financial Officer | Chief Executive | Director |
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Dewan Farooque Motors Ltd. published this content on 31 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 October 2022 04:48:05 UTC.
