Bolan Castings : Transmission of Quarterly Report for the Period Ended March 31, 2023

QUARTERLY

FINANCIAL

STATEMENTS

Quarterly Financial

Statements For and

upto the 3rd

Quarter Ended

March 31,

2023

CONTENTS

Company Information	2
Directors' Review	3
Statement of Financial Position	4
Statement of Profit or Loss	5
Statement of Comprehensive Income ……………………6
Statement of Changes in Equity	7
Statement of Cash Flows	8
Notes to and Forming Part of the
Condensed Interim Financial Statements	9

Page-1

COMPANY INFORMATION

Board of Directors
Mr. Sikandar M. Khan		Chairman
Mr. Mujtaba Ahmad		Chief Executive
Mr. Sohail Bashir Rana		Director
Mr. Laeeq Uddin Ansari		Director
Mr. Qaiser Saleem		Director
Mr. Aamir Amin		Director
Mr. Abdul Hamid Ahmed Dagia	Director
Mrs. Tabassum Rana		Director
Company Secretary
Mr. Arafat Mushir
Chief Financial Officer
Syed Sajid Ali
Auditors
M/s. A. F. Ferguson & Co.	Chartered Accountants

Legal Advisors

M/s. Latif & Latif Advocate

M/s. Rizwan Manai Associates

Bankers

Habib Bank Limited

MCB Bank Limited

Bank Alfalah Limited

Dubai Islamic Bank Pakistan Limited

Meezan Bank Limited

Faysal Bank Limited

Askari Bank Limited

Bank AL Habib Limited

Habib Metropolitan Bank Limited

Share Registrar

CDC Shares Registrar Services Limited

CDC House, 99-B,Block-B, S.M.C.H.S.

Main Shahrah-e-Faisal, Karachi

Tel: [phone]

Fax: [phone]

Registered Office

Main RCD Highway, Hub Chowki,

District Lasbela, Balochistan, Pakistan

Tel : [phone],363296

Fax : [phone]

E-mail: [e-mail]

Web Site

www.bolancastings.com

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DIRECTORS' REVIEW

Dear Shareholders

The Directors of your Company are presenting the un-audited financial statements for and upto the third quarter ended March 31, 2023.

During the nine months under review, the Company recorded net sales of Rs. 1,478.74 million as compared to Rs. 2,011.42 million of the same period of the last year. The gross profit for the nine months under review was Rs. 82.65 million as against Rs. 148.81 million of corresponding period of the last year. The loss after tax for the nine months was Rs. 63.92 million as compared to profit after tax Rs. 2.52 million of same period of the last year.

The loss per share was Rs. 5.57 as against the profit per share of Rs. 0.22 of corresponding period of last year.

The Country is currently experiencing significant economic and political challenges, which have had an adverse impact on our company. These challenges include low foreign reserve levels, high foreign exchange rates, high inflation rates, high interest rates, and high fuel and energy prices. Moreover, the government's restrictions on imports have led to disrupted supplies and shortages of raw materials. As a result, our company was forced to halt operations during the first half of the year, which contributed to lower sales and production volumes, resulting in financial losses. While we acknowledge that these challenges are beyond our control, we are actively exploring all possible options to minimize their impact on our business.

Apart from above, the bottom line profit in the third quarter of the current financial year has shown some positivity, and we are cautiously optimistic that this trend will continue into the next quarter and will help us to recover some of the losses and improve our financial performance in the next quarter of the financial year. The major reasons of our positive outlook are more demand of our castings from the tractor industry and major cost reduction by import substitution.

We would like to take this opportunity to express our gratitude to our customers and shareholders for their unwavering trust and confidence in our company. We also want to acknowledge the dedication and hard work of the entire BCL team during these challenging times. We are confident that with our team's resilience and innovative spirit, we will emerge from this difficult period even stronger than before.

For and on behalf of the Board

Hub:	MUJTABA AHMAD
April 19,2023	Chief Executive Officer

Page-3

BOLAN CASTINGS LIMITED

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2023

	Note
ASSETS
Non-current assets
Property, plant and equipment	5
Long-term investment	6
Long-term loans
Deferred tax asset	7
Long-term deposits
Employee benefits prepayment
Current assets
Stores, spare parts and loose tools	8
Inventories	9
Trade receivables	10
Loans and advances
Trade deposits and short-term prepayments
Other receivables
Refunds due from the Government - sales tax
Taxation - payments less provision
Cash and bank balances	11
TOTAL ASSETS
EQUITY AND LIABILITIES
Capital and reserves
Share capital
General reserve
LIABILITIES
Non-current liabilities
Long-term deposits
Employee benefits obligations
Current liabilities
Trade and other payables	14
Advances from customers
Current portion of long term-deposits
Current portion of long-term loan	12
Unclaimed dividend
Sales tax payable
Short-term financing	15
TOTAL LIABILITIES
Contingencies and commitments	16
TOTAL EQUITY AND LIABILITIES

(Unaudited)

March 31,

2023 Rupees

171,948,612

20,067,500

1,166,000

95,524,645

4,247,790

20,009,974

312,964,521

143,806,209

305,313,412

66,625,676

8,100,289

3,389,888

1,777,619

-

71,046,973

28,932,895

628,992,961

941,957,482

114,725,290

48,256,403

162,981,693

2,520,428

25,091,659

27,612,087

362,107,864

3,976,900

787,325

-

3,407,752

7,059,453

374,024,408

751,363,702

778,975,789

941,957,482

(Audited) June 30, 2022 Rupees

187,095,610

21,850,000

937,000

95,524,645

4,047,790

18,370,168

327,825,213

121,237,178

436,446,901

109,170,341

9,568,637

428,317

348,525

6,213,131

55,040,184

81,668,301

820,121,515

1,147,946,728

114,725,290

113,962,138

228,687,428

2,850,583

26,004,083

28,854,666

377,228,692

951,262

928,902

28,053,370

3,407,752

-

479,834,656

890,404,634

919,259,300

1,147,946,728

The annexed notes 1 to 25 form an integral part of these condensed interim financial statements.

Chief Executiv

Director

Chief Financial officer

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