Dadex Eternit Limited - Financials

Dadex Eternit Limited

Period Ended ReportDecember 31, 2017

Contents

Company Information

Directors’ Review

Auditor’s Report

Condensed Interim Balance Sheet

Condensed Interim Profit and Loss Account

Condensed Interim Comprehensive Income

Condensed Interim Cash Flow Statement

Condensed Interim Statement of Changes in Equity

Notes to the Condensed Interim Financial Statements

2

3

4

5

6

7

8

9

10

02

BOARD OF DIRECTORS

- Sikander Dada - Chairman- Abu Talib H.K. Dada- Maqbool H.H Rahimtoola- Shahzad M. Husain

- Qazi Sajid Ali - Chief Executive Officer- Danish Dada - C.E.O (International Division)- Tanveer Saleem - Chief Operating Officer (Technical & Operations)- Muhammad Yousuf - Chief Financial Officer- Munawar Abbas - General Manager (Operations)- Syed Waseem Ahmed - General Manager Finance- Lt. Cdr. (Retd.) Saeed Ahmed Khan - General Manager Admin & HR

- National Bank of Pakistan- Bank Islami Pakistan Limited- Sindh Bank Limited- The Bank of Punjab- United Bank Limited (UBL Ameen)- Standard Chartered Bank (Pakistan) Limited- Habib Metropolitan Bank Limited- Askari Bank Limited- Habib Bank Limited- MCB Bank Limited- Meezan Bank Limited- Dubai Islamic Bank Pakistan Limited- Faysal Bank Limited- Silk Bank Limited

Non - Executive Directors

Independent Director- Syed Shahid Ali Bukhari

Executive Director- Qazi Sajid Ali- Danish Dada

CHIEF EXECUTIVE OFFICER- Qazi Sajid Ali

CHIEF FINANCIAL OFFICER- Muhammad Yousuf

COMPANY SECRETARY- Umar Rasheed

HEAD OF INTERNAL AUDIT & SECRETARY AUDIT COMMITTEE- Muhammad Ahsan

BOARD AUDIT COMMITTEE- Syed Shahid Ali Bukhari - Chairman- Shahzad M Husain- Maqbool H.H. Rahimtoola

HUMAN RESOURCE AND REMUNERATION COMMITTEE

- Syed Shahid Ali Bukhari - Chairman- Maqbool H.H. Rahimtoola- Abu Talib H.K. Dada- Qazi Sajid Ali

MANAGEMENT TEAM

- BDO EBRAHIM & CO., Chartered Accountants

BANKERS

AUDITORS

LEGAL ADVISOR

- Abrar Hasan & Co. 9, Mezannine Floor, Beaumont Plaza, Near PIDC House, Karachi

REGISTERED OFFICE

- Dadex House, 34-A/1, Block-6, P.E.C.H.S., Shahrah-e-Faisal, Karachi - 75400 Tel: (92-21) 111000789 Fax:(92-21) 34315716 - 34315725 Email: [email protected]

SHARE REGISTRAR

- JWAFFS Registrar Services (Private) Limited 407 - 408, Al-Ameera Centre, Shahrah-e-Iraq, Saddar, Karachi Tel: (92-21) 35662023- 24 Fax:(92-21) 35221192 Email: [email protected] [email protected]

WEBSITE

- www.dadex.com

03

The Directors are pleased to present their review together with the financial statements ofthe Company for six months ended December 31, 2017.

During the period under review, the Company carried on the momentum achieved in previousquarter and achieved a net turnover of Rs. 1,422.41 million being 28.6% higher than thecorresponding period last year. The Company achieved operating profit ofRs. 87.65 million (December 2016: Operating profit of Rs. 85.83 million). The Companyachieved a net profit after tax of Rs. 12.86 million (December 2016: Net profit after tax ofRs. 7.28 million), resulting in earning per share of Rs. 1.20 (December 2016: Earning pershare of Rs. 0.63).

The sales outlook for second half of 2017-18 looks better than last year, with increaseddemand coming from public and private sector due to ongoing boom in the Constructionsegment along with CPEC projects coming online. However, the weakening of Rupee againstUS Dollar and Euro have increased the price of our raw material and related chemicals,which will put pressure on our margins, to mitigate this risk the Management is trying toexplore new sources of raw material and adhere to strict inventory management controls.Efforts being made to start export business. The Management team will continue to focuson broadening customer base, exploring new markets with efficient control on workingcapital management to improve the profitabili ty in the coming period.

The Directors and Management deeply appreciate the continued support and commitmentof all the stakeholders and all cadre of employees of the Company for their continued hardand sincere work.

Sikander DadaChairman

DIRECTOR’S REVIEW

On behalf of the Board

Karachi: February 22, 2018

Qazi Sajid AliChief Executive

KARACHIDATED: February 22, 2018

04

INDEPENDENT AUDITOR'S REPORT ON REVIEW OF CONDENSED INTERIMFINANCIAL INFORMATION TO THE MEMBERS

IntroductionWe have reviewed the accompanying condensed interim balance sheet of DADEX ETERNITLIMITED ("the Company") as at December 31, 2017 and the related condensed interimprofit and loss account, condensed interim statement of comprehensive income, condensedinterim statement of cash flows, condensed interim statement of changes in equity and notesto the condensed interim financial information for the six-month period then ended (here-in-after referred as the "interim financial information"). Management is responsible for thepreparation and presentation of this interim financial information in accordance with approvedaccounting standards as applicable in Pakistan for interim financial reporting. Our responsibilityis to express a conclusion on this interim financial information based on our review.

Scope of reviewWe conducted our review in accordance with International Standard on Review Engagements2410, "Review of Interim Financial Information Performed by the Independent Auditor ofthe Entity." A review of interim financial information consists of making inquiries, primarilyof persons responsible for financial and accounting matters, and applying analytical andother review procedures. A review is substantially less in scope than an audit conducted inaccordance with International Standards on Auditing and consequently does not enable usto obtain assurance that we would become aware of all significant matters that might beidentified in an audit. Accordingly, we do not express an audit opinion.

ConclusionBased on our review, nothing has come to our attention that causes us to believe that theaccompanying interim financial information as at and for the six months period endedDecember 31, 2017 is not prepared, in all material respects, in accordance with approvedaccounting standards as applicable in Pakistan for interim financial reporting.

Other mattersThe figures for the quarters ended December 31, 2017 and December 31, 2016 in thecondensed interim profit and loss account and condensed interim statement of comprehensiveincome have not been reviewed and we do not express a conclusion on them.The condensed interim financial information of the Company for the half year endedDecember 31, 2016 and financial statements for the year ended June 30, 2017 were reviewedand audited by another firm of Chartered accountants who had expressed an unqualifiedconclusion and opinion thereon vide through their reports dated February 23, 2017 andOctober 03, 2017 respectively.

CHARTERED ACCOUNTANTSEngagement Partner: Raheel Shahnawaz

Tel: +92 21 3568 3030Fax: +92 21 3568 4239www.bdo.com.pk

2nd Floor, Block-CLakson Square, Building No.1Sarwar Shaheed RoadKarachi-74200Pakistan

05



Muhammad YousufChief Financial Officer

06




07




08

(88,634)

(134,591)

23,491

(619,659)

(697,886)

(619,659)




09




22

(15,862)26,029

(57,081)(17,704)

12,869

2,098,8303,292,782

1,376,0462,006,465

23

February 22, 2018




w w w . d a d e x . c o m

Dadex Eternit Limited - Financials

Documents

Transcript of Dadex Eternit Limited - Financials