Nimir Resins : Transmission of 3rd Quarter Report for the Period Ended March 31, 2022

NIMIR RESINS LTD.

COMPANY INFORMATION

Board of Directors Sheikh Amar Hameed Mr. Zafar Mahmood

- Chairman

- Chief Executive OfficerMr. MuhammadYahya Khan Mr. Abdul Jalil Jamil

Mr. Osman Hameed

Mr. Pervaiz Ahmad Khan Mrs. Nazia Qureshi

Chief Financial Officer Syed Sajid Nasim

Company Secretary

Mr. Muhammad Inam-ur-Rahim

Head of Internal Audit

Mr. Nabeel Ahmad Khan

Auditors

Crowe Hussain Chaudhury & Co.

Chartered Accountants

Audit Committee

Mr. Pervaiz Ahmad Khan Mr. Abdul Jalil Jamil

Mr. Osman Hameed

Human Resources &

• - Chairman

• - Member

• - Member

Remuneration Committee

Mrs. Nazia Qureshi Sheikh Amar Hameed Mr. Zafar MahmoodShare Registrar Corplink (Pvt.) Limited

• - Chairperson

• - Member

• - Member

Wings Arcade, 1-K Commercial, Model Town, Lahore. Pakistan. Tel: [phone] & 19 Fax: [phone]www.corplink.com.pk

Legal Advisors

M/s Hassan & Hassan Advocates

Bankers

Al Baraka Bank (Pakistan) Limited Bank Alfalah Limited

Bank Islami Pakistan Limited Habib Bank Limited

Habib Metropolitan Bank Limited JS Bank Limited

MCB Bank Limited Meezan Bank Limited

Pak Brunei Investment Company Limited Soneri Bank Limited

The Bank of Punjab

Registered Office / Plant - 1

14.5 Km, Lahore-Sheikhupura Road, Lahore, Pakistan.

Tel : [phone] Fax: [phone]

Plant - 2

14.8 Km, Sheikhupura-Faisalabad Road, Bhikhi, Dist. Sheikhupura. Pakistan.

Tel : [phone] - 7

Fax: [phone]

Lahore Office

12-B, New Muslim Town, Lahore, Pakistan.

Tel : [phone] [phone]

Karachi Office

607, Progressive Centre, Block - 6, PECHS, Shahrah-e-Faisal, Karachi. Tel : [phone] - 62

Web Sitewww.nimir.com.pk

DIRECTORS' REVIEW REPORT

The Directors are pleased to present their review report on the un-audited interim financial results of Nimir Resins Limited (NRSL) for the nine months ended March 31, 2022. The synopsis of the results for the period is as under:

Nine Months Ended March 31

2022 2021

Rupees in million

Gross Sales	7,166	5,450
Gross Profit	757	560
Operating Profit	634	458
Profit after Taxation	304	243

The sales revenue, driven mainly by rising commodity prices witnessed a growth of 31% during the period under review. The gross and operating profits also grew substantially by 35% and 39% respectively. This helped the after-tax profit to grow to PKR 304 million from PKR 243 million in the corresponding period.

The Russia-Ukraine war has forced the undue elevation of international commodity prices which have created fears about the rising import bill. In addition, under the pressure of the public, the government took a popular decision to absorb the rise in international energy prices and devaluation of PKR against USD and keep petroleum prices unchanged. This adversely affected the structural reform process and put the IMF program on hold. Going forward the new government would have to fight on various fronts of the economy, including reengagement with the IMF and find the right balance of growth and external account sustainability.

Despite these challenges, we are committed to continued improvement in the financial results in the final quarter of the year, Insha Allah.

On behalf of the Board, we would like to thank all its stakeholders for their trust and support

For and on the behalf of the Board

Lahore	MuhammedYahya Khan	Zafar Mahmood
April 20, 2022	Director	Chief Executive Officer

5,450 7,166

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT MARCH 31, 2022 (UNAUDITED)

Note

EQUITY AND LIABILITIES Share Capital and Reserves Authorized share capital 300,000,000 (June 30, 2021: 300,000,000) Ordinary shares of Rs. 10 each (June 30, 2021: Rs.5 each)

Issued, subscribed and paid up share capital

Share deposit money

Sponsors' interest free loans Reserves

Surplus on revaluation of property, plant and equipment

Non Current Liabilities

Diminishing musharaka finance

Long term financing 5 Deferred income - Government grant

Lease liabilities

Post employment benefits obligation Deferred tax liability

Current Liabilities Trade and other payables Unclaimed dividends Accrued mark up

Short term borrowings 6 Current portion of diminishing musharaka finance

Current portion of long term financing

Current portion of deferred income - Government grant Current portion of lease liabilities

Provision for taxation

Contingencies and Commitments 7 Total Equity and Liabilities

ASSETS

Non Current Assets

Property, plant and equipment 8 Right-of-use assets

Long term deposits

Current Assets Stores and spares Stock in trade Trade debts

Loans and advances Short term prepayments Other receivables

Tax refunds due from government Cash and bank balances

March 31, 2022 (Un-audited) (Rs. '000')

Total Assets

June 30, 2021 (Audited) (Rs. '000')

1,500,000

1,413,211

11,391

107,000

43,332

494,832

2,069,766

209

90,254

1,552

29,588

24,147

56,167

201,917

769,711

293

16,373

1,060,307

1,405

70,757

1,830

4,624

106,348

2,031,648 -

4,303,332

1,100,275 5,979 21,905 1,128,159

20,443

1,468,165

1,364,442

36,199

1,385

1,409

255,372

27,758

3,175,173

4,303,332

The annexed notes from 1 to 13 form an integral part of these condensed interim financial statements (un-audited).

CHIEF EXECUTIVE OFFICER

DIRECTOR

CHIEF FINANCIAL OFFICER