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Arpak
International
Investments
Limited
CONDENSEDINTERIM FINANCIALINFORMATION FORTHETHREEMONTHSPERIODENDED
SEPTEMBER30,2022
(UN-AUDITED)
ARPAKINTERNATIONAL INVESTMENTSLIMITED
COMPANY INFORMATION
Board of Directors | |
Begum Laila Sarfaraz | Chairperson |
Mr. Abbas Sarfaraz Khan | Chief Executive |
Ms. Najda Sarfaraz | Director |
Mr. Iskander M. Khan | Director |
Mr. Babar Ali Khan | Director |
Mr. Usman Salim Khan | Independent Director |
Mr. FaiysalAli Khan | Independent Director |
Company Secretary | |
Mr. Mujahid Bashir | |
Chief Financial Officer | |
Mr. Rizwan Ullah Khan | |
Head of Internal Audit | |
Mr. Zaheer Mir |
Auditors
M/s. ShineWing Hameed Chaudhri & Co.,
Chartered Accountants
Legal Advisor
Mr. Zahoor Alam
Advocate
Shares Registrar
Messers Hameed Majeed Associates (Pvt.) Limited
H.M. House, 7-Bank Square, Lahore.
Phone No. : 042-37235081
Fax No. : 042-37235083
Bankers
MCB Bank Limited
Bank Al-Habib Limited
2
ARPAKINTERNATIONAL INVESTMENTSLIMITED
DIRECTORS'REVIEWREPORT
The Board of Directors of Arpak International Investments Limited takes pleasure in presenting the review on the operational and financial performance of the Company for the three months' period ended September 30, 2022.
OPERATIONS
During the period under review, the Company has suffered pre-tax loss of Rs 2.387 million (September 30, 2021: pre-tax loss of Rs. 0.797 million) and after incorporating the share of loss and reversal of impairment on investment in Associated Company, the Companies' pre-tax profit has been reflected to Rs.10.988 million for the period.
INVESTMENTS
The Company has investments of Rs. 43.750 million in an Associated Company and Rs. 21.439 million in mutual funds. The management has invested prudently to ensure appropriate returns on available funds.
ACCOUNTING POLICIES
The accounting policies adopted in the preparation of this quarterly condensed interim financial information are the same as applied in the preparation of the preceding annual financial statements of the Company.
ACKNOWLEDGEMENT
The Directors appreciate the spirit of good work done by the Company's staff at all levels..
ONBEHALFOFTHEBOARD
Islamabad | (ABBASSARFARAZKHAN) | (ISKANDERM.KHAN) |
October27,2022 | ChiefExecutive | Director |
3
ARPAKINTERNATIONAL INVESTMENTSLIMITED
CONDENSEDINTERIMSTATEMENTOFFINANCIAL POSITION | ||||||||
AS ATSEPTEMBER30,2022 | ||||||||
Un-audited | Audited | |||||||
September30, | June30, | |||||||
2022 | 2022 | |||||||
Note | Rupees | Rupees | ||||||
EquityandLiabilities | ||||||||
ShareCapitalandReserves | ||||||||
Authorisedcapital | ||||||||
5,000,000ordinarysharesofRs.10each | 50,000,000 | 50,000,000 | ||||||
Issued,subscribedandpaid-upcapital | ||||||||
4,000,000ordinarysharesofRs.10eachissuedforcash | 40,000,000 | 40,000,000 | ||||||
Reserves | 12,840,781 | 12,840,781 | ||||||
Accumulatedloss | (107,689,436) | (98,322,096) | ||||||
Shareofsurplusonrevaluationofproperty, | ||||||||
plantandequipmentof AssociatedCompanies | 415,807,167 | 408,947,433 | ||||||
360,958,512 | 363,466,118 | |||||||
Deferredtaxation | 143,015 | 143,671 | ||||||
CurrentLiabilities | ||||||||
Accrualsandotherpayables | 2,823,843 | 1,933,836 | ||||||
Unclaimeddividend | 1,039,042 | 1,039,042 | ||||||
Taxation | 2,032,034 | 1,912,882 | ||||||
5,894,919 | 4,885,760 | |||||||
ContingenciesandCommitments | 4 | |||||||
366,996,446 | 368,495,549 | |||||||
Assets | ||||||||
Non-current Assets | ||||||||
Property,plantandequipment | 4,399,131 | 4,415,390 | ||||||
Investmentproperty | 1,777,124 | 1,780,488 | ||||||
Longterminvestments | 5 | 292,672,924 | 292,672,924 | |||||
Loantoan AssociatedCompany | 6 | 31,250,000 | 31,250,000 | |||||
330,099,179 | 330,118,802 | |||||||
Current Assets | ||||||||
Currentportionofloantoan AssociatedCompany | 12,500,000 | 12,500,000 | ||||||
Shortterminvestment | 7 | 21,439,637 | 20,749,666 | |||||
Advancetoemployees-consideredgood | 139,750 | 139,750 | ||||||
Accruedprofitandmark-up | 2,563 | 2,351,696 | ||||||
Advances,prepaymentsandotherreceivables | 219,009 | 6,280 | ||||||
Advanceincometaxandtaxdeductedatsource | 1,712,526 | 1,628,061 | ||||||
Bankbalances | 883,782 | 1,001,294 | ||||||
36,897,267 | 38,376,747 | |||||||
366,996,446 | 368,495,549 | |||||||
Theannexednotesformanintegralpartofthesefinancialstatements. | ||||||||
ChiefExecutive | DIRECTOR | |||||||
CHIEFFINANCIAL OFFICER | ||||||||
4 | 5 |
ARPAKINTERNATIONAL INVESTMENTSLIMITED
CONDENSEDINTERIMSTATEMENTOFPROFITORLOSS(Un-audited)
FORTHETHREEMONTHSPERIODENDEDSEPTEMBER30, 2022
September30, | September30, | |||
2022 | 2021 | |||
------------Rupees------------ | ||||
Income | 2,597,932 | 3,338,666 | ||
OperatingandGeneralExpenses | (4,985,134) | (4,134,965) | ||
Operatingloss | (2,387,202) | (796,299) | ||
BankCharges | (1,908) | (1,100) | ||
(2,389,110) | (797,399) | |||
Shareof(loss)/profitof Associated | ||||
Companies-netoftaxation | (3,460,480) | 4,542,400 | ||
Reversal/(provisionmade)forimpairmentin | ||||
investmentinan AssociatedCompany | 16,838,257 | 7,996,235 | ||
Profitbeforetaxation | 10,988,667 | 11,741,236 | ||
Taxation | (118,496) | (476,509) | ||
Profitaftertaxation | 10,870,171 | 11,264,727 | ||
ProfitperShare | 2.72 | 2.82 |
Theannexednotesformanintegralpartofthesefinancialstatements.
ChiefExecutive | DIRECTOR | CHIEFFINANCIAL OFFICER |
6
ARPAKINTERNATIONAL INVESTMENTSLIMITED
CONDENSEDINTERIMSTATEMENTOFCOMPREHENSIVEINCOME(Un-audited)
FORTHETHREEMONTHSPERIODENDEDSEPTEMBER30,2022
September30, | September30, | ||
2022 | 2021 | ||
Rupees | Rupees | ||
Profitaftertaxation | 10,870,171 | 11,264,727 | |
OtherComprehensiveIncome | |||
Itemsthatmaybereclassifiedsubsequentlytoprofitandloss: | |||
Fairvalue(loss)/gainonre-measurementof | |||
available-for-saleinvestments | 0 | 0 | |
Shareofothercomprehensiveprofitfrom AssociatedCompany-net | 0 | 0 | |
0 | 0 | ||
TotalComprehensiveIncomefortheperiod | 10,870,171 | 11,264,727 | |
Theannexednotesformanintegralpartofthesefinancialstatements. |
ChiefExecutive | DIRECTOR | CHIEFFINANCIAL OFFICER |
7
ARPAKINTERNATIONAL INVESTMENTSLIMITED
CONDENSEDINTERIMSTATEMENTOFCASHFLOWS(Un-audited)
FORTHETHREEMONTHSPERIODENDEDSEPTEMBER30,2022
September30, September30, | ||||
2022 | 2021 | |||
Rupees | Rupees | |||
CASHFLOWFROMOPERATING ACTIVITIES | ||||
Lossforthequarter-beforetaxationandshareofprofit/(loss)of | ||||
AssociatedCompanies | (2,389,110) | (797,399) | ||
Adjustmentsfornon-cashchargesandotheritems: | ||||
Depreciationonproperty,plantandequipment | 16,259 | 19,199 | ||
Depreciationoninvestmentproperty | 3,364 | 3,541 | ||
Mark-uponloantoan AssociatedCompany | (1,805,341) | (966,000) | ||
Dividendincome | (541,765) | (350,566) | ||
Fairvalue(gain)/lossonmeasurementofinvestments | (229,474) | (47,345) | ||
Gainonredemptionofshortterminvestments-net | - | (1,788) | ||
Lossbeforeworkingcapitalchanges | (4,946,067) | (2,140,358) | ||
Effectoncashflowduetoworkingcapitalchanges | ||||
(Increase)/decreaseincurrentassets | ||||
Investments-net | (460,497) | 202,018 | ||
Advancetoemployees | - | 105,000 | ||
Prepayments | (212,729) | 552,764 | ||
Increase/(decrease)incurrentliabilities | ||||
Accrualsandotherpayables | 890,006 | 1,047,635 | ||
216,780 | 1,907,417 | |||
Cashusedinoperatingactivities | (4,729,287) | (232,941) | ||
Incometaxpaid | (84,464) | (686,144) | ||
Netcashusedinoperatingactivities | (4,813,751) | (919,085) | ||
CASHFLOWFROMINVESTING ACTIVITIES | ||||
Mark-upreceivedonloantoan AssociatedCompany | ||||
4,154,474 | 2,500,000 | |||
Dividendreceived | 541,765 | 350,566 | ||
0 | ||||
Netcashgeneratedfrominvestingactivities | 4,696,239 | 2,850,566 | ||
Netincrease/(decrease)incashandcashequivalents | (117,512) | 1,931,481 | ||
Cashandcashequivalents -atbeginningoftheperiod | 1,001,294 | 693,423 | ||
Cashandcashequivalents -atendoftheperiod | 883,782 | 2,624,904 |
Theannexednotesformanintegralpartofthesefinancialstatements.
ChiefExecutive | DIRECTOR | CHIEFFINANCIAL OFFICER |
8
ARPAK INTERNATIONAL INVESTMENTSLIMITED
STATEMENTOFCHANGESINEQUITY (UN-AUDITED)
FORTHETHREEMONTHSPERIODENDEDSEPTEMBER30,2022
Reserves | Share of | |||||||
surplus on | ||||||||
(Accumulated | revaluation | |||||||
Share | Unrealised | loss)/ | of property, | |||||
General | gain on long | Unappr- | plant and | Total | ||||
capital | Capital reserve | |||||||
reserve | term | opriated | equipment | |||||
investments | profit | of an | ||||||
Associated | ||||||||
Company | ||||||||
------------------------------------- R u p e e s -------------------------------------- | ||||||||
Balance as at July 01, 2021 | 40,000,000 | 7,440,781 | 5,400,000 | - | (45,130,961) | 291,809,030 | 299,518,850 | |
Total Comprehensive Income for the quarter | ||||||||
ended September 30, 2021 | - | - | - | - | 11,264,727 | - | 11,264,727 | |
Effects of items directly credited in | ||||||||
equity by Associated Companies | - | - | - | - | (11,338,636) | - | (11,338,636) | |
Share of surplus on revaluation of property, | ||||||||
plant and equipment realised during | ||||||||
the year by an Associated Company | ||||||||
on account of incremental depreciation | ||||||||
and upon sale of revalued assets - | ||||||||
(net of deferred taxation) | (30,434,774) | 30,434,774 | - | |||||
Balance as at September 30, 2021 | 40,000,000 | 7,440,781 | 5,400,000 | - | (75,639,644) | 322,243,804 | 299,444,941 | |
Balance as at July 01, 2022 | 40,000,000 | 7,440,781 | 5,400,000 | - | (98,322,096) | 408,947,433 | 363,466,118 | |
Total Comprehensive Income for the quarter | ||||||||
ended September 30, 2022 | - | - | - | - | 10,870,171 | - | 10,870,171 | |
Effects of items directly credited in | ||||||||
equity by Associated Companies | - | - | - | - | (13,377,777) | - | (13,377,777) | |
Share of surplus on revaluation of property, | ||||||||
plant and equipment realised during | ||||||||
the year by an Associated Company | ||||||||
on account of incremental depreciation | ||||||||
and upon sale of revalued assets - | ||||||||
(net of deferred taxation) | - | - | - | - | (6,859,734) | 6,859,734 | - | |
Balance as at September 30, 2021 | 40,000,000 | 7,440,781 | 5,400,000 | - | (107,689,436) | 415,807,167 | 360,958,512 |
The annexed notes form an integral part of these financial statements.
ChiefExecutive | DIRECTOR | CHIEFFINANCIAL OFFICER |
9
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Arpak International Investment Ltd. published this content on 28 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2022 05:52:02 UTC.