Siddiqsons Tin Plate : Transmission of Quarterly Report for the Period Ended September 30, 2023

1ST QUARTERLY REPORT SEPTEMBER 2023

CONTENTS

	Page
Company Information	02
Directors' Review	03
Condensed Interim Statement of Financial Position (Un-audited)	05
Condensed Interim Statement of Profit or Loss and
other Comprehensive Income (Un-audited)	06
Condensed Interim Statement of Cash Flows (Un-audited)	07
Condensed Interim Statement of Changes In Equity (Un-audited)	09
Notes to the Condensed Interim Financial Statements (Un-audited)	10

01

A Siddiqsons Group Company

1ST QUARTERLY REPORT SEPTEMBER 2023
COMPANY INFORMATION
Board of Directors		Tax Advisor
Mr. Tariq Rafi	Chairman	Tola Associates
Mr. Naeem-ul-Hasnain Mirza	CEO	Tax & Corporate Advisors
Mr. Munir Qureshi	Executive Director	408, Continental Trade Centre, Block 8,
Mr. Ibrahim Shamsi	Non Executive Director	Clifton, Karachi 75600, Pakistan
Ms. Alia Sajjad	Non Executive Director	Phone # [phone]
Mr. Ashraf Mehmood Wathra	Independent Director
Mr. Abdul Wahab	Independent Director	Bankers
		National Bank of Pakistan
Audit Committee		Habib Bank Limited
Mr. Ashraf Mehmood Wathra (Chairman)	MCB Bank Limited
(Independent Director)	Soneri Bank Limited
Mr. Ibrahim Shamsi (Member) (Non-Executive)	Habib Metropolitan Bank Limited
Ms. Alia Sajjad (Member) (Non-Executive)	Faysal Bank Limited
Mr. Abdul Wahab (Member) (Independent Director)	Meezan Bank Limited
Mr. Muhammad Haris (Secretary)		JS Bank Ltd
		Al Baraka Bank (Pakistan) Ltd
Human Resource & Remuneration Committee	MCB Islamic Bank Limited
Mr. Abdul Wahab (Independent Director) (Chairman)	Allied Bank Limited
Ms. Alia Sajjad (Member) (Non-Executive)	The Industrial & Commercial
Mr. Naeem-ul-Hasnain Mirza (Member) (CEO)	Bank of China (ICBC)
Mr. Muhammad Haris (Secretary)		United Bank Limited
		Bank Alfalah Limited
Technical Committee		Askari Bank Limited
Mr. Tariq Rafi	Chairman	Samba Bank Limited
Mr. Munir Qureshi	Member	Dubai Islamic Bank Pakistan Limited
Mr. Naeem-ul-Hasnain Mirza	Member
		Shares Registrar
Executive Management Team		THK Associates (Pvt.) Limited,
Mr. Naeem-ul-Hasnain Mirza	CEO	Plot No. 32-C, Jami Commercial Street-2,
Mr. Mahir Abbas	Dir. Commercial	D.H.A., Phase-VII,
Mr. Furrukh Sadiq	CFO	Karachi.
Mr. Shahzad Shabbir	GM Commercial	UAN #111 000322
Mr. Muhammad Jawaid Abbasi	GM Marketing
		Registered Office
Chief Financial Officer		Ocean Tower, 27th Floor,
Mr. Furrukh Sadiq		G-3, Block 9, Scheme # 5,
		Main Clifton Road, Karachi.
Company Secretary		Tel : [phone]
Mr. Muhammad Haris
		Plant: Plot # 5, Special Industrial Zone,
Auditors		Winder, Distt. Lasbela, LIEDA, Baluchistan.
Yousuf Adil
Chartered Accountants		Web Presence
		www.siddiqsonstinplate.com
Legal Advisor
Mr. Kashif Nazeer
A/2, G-23, Park Lane, Block-5, Clifton, Karachi
M/s. ABS & Co.
Head Office: 9-Fane Road, Lahore - Pakistan.
02	A Siddiqsons Group Company

1ST QUARTERLY REPORT SEPTEMBER 2023

DIRECTORS' REVIEW

Dear Shareholders

The Directors of your company would like to present the unaudited condensed interim financial statements of the company for the three months' period ended September 30, 2023.

Operational overview

During the three-month period under review the sales revenue was recorded at PKR 1,165 million which, in monetary terms, is 8% higher than the corresponding period. However, the cost of salas have increased by 23% which is mainly due to low-capacity utilization. The main determinants were the lowering demand of tinplate due to high prices, as compared to other modes of packaging, and the low-capacity utilization due to non- availability of raw material to be processed from local vendors.

Another significant impact on profitability was caused by higher financial cost which is 21% higher than the last period.

Net Result

The loss after taxation was Rs.(99.64) million as compared to a profit of Rs.36.48 million during the same period last year.

Earnings per share

The losses per share were Re.(0.49), as compared to earnings per share of Re. 0.16 in the corresponding period.

Market Overview

The pressure on the global economy is still evident which is impacting the commodity prices. However, the prices during the quarter remained relatively stable and further showed some softening trends. The other economic indicators in Pakistan are still not very positive with inflation still at 31% and eventually discount rate staying at 22%. These are resulting in high commodity prices and the sufferings are still to be faced at the grassroot level. On the other hand, the measures taken to control the currency smuggling have helped in stabilizing the Pak Rupee.

Future Outlooks

Looking ahead, there're sufficient inventory of HRC available for processing by local vendors and the supply chain position seems to improve during the next two quarters.

Since the local demand has suppressed due to various factors, as explained earlier, we are actively working on developing export avenues and the GCC and USA are two main export markets which are under consideration.

03

A Siddiqsons Group Company

1ST QUARTERLY REPORT SEPTEMBER 2023

Acknowledgement

The Directors of the Company would like to record their gratitude to our shareholders, partners, customers, Government authorities and financial institutions for their cooperation and continued support.

The Directors are also pleased to record their appreciation for the valuable & untiring efforts and services rendered by the staff of the Company.

On behalf of the Board

Naeem ul Hasnain
Chief Executive	Chairman
Karachi: October 27, 2023

04

A Siddiqsons Group Company

1ST QUARTERLY REPORT SEPTEMBER 2023

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UNAUDITED)

AS AT SEPTEMBER 30, 2023

Note

ASSETS

NON-CURRENT ASSETS

September 30,	June 30,
2023	2023
(Un-audited)	(Audited)

…........(Rupees)…........

Property, plant and equipment	6
Long-term deposits
Long term advance
Deferred Taxation
CURRENT ASSETS
Stores, spares and loose tools
Stock-in-trade	7
Trade debts	8
Advance income tax	9
Loans and advances	10
Trade deposits and prepayments	11
Other financial assets	12
Other receivables
Sales tax adjustable
Cash and bank balances
Total assets
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized share capital
600,000,000 (June 30, 2021: 600,000,000)
ordinary shares of Rs. 10 each
Share capital	13
Share premium
Unappropriated profit
NON-CURRENT LIABILITY
Long term finance
CURRENT LIABILITIES
Trade and other payables	14
Contract liabilities
Due to director
Due to associates
Interest / mark-up accrued on borrowings	15
Short-term borrowings
Current portion of long term finances
Unclaimed dividend
Total equity and liabilities
CONTINGENCIES AND COMMITMENTS	16

3,709,762,182

10,056,221

408,400,347

26,786,125

4,155,004,875

16,135,812

1,342,643,516

235,279,374

240,633,042

73,935,234

56,263,878

255,523,740

-

213,964,037

30,999,925

2,465,378,559

6,620,383,434

6,000,000,000

2,292,787,700

301,517,286

527,133,592

3,121,438,578

396,549,416

568,428,596

32,268,598

214,000,000

44,281,995

134,695,254

1,987,396,977

119,365,319

1,958,701

3,102,395,440

6,620,383,434

-

3,710,304,520

10,056,221

408,400,347

9,604,195

4,138,365,283

18,989,099

885,561,765

186,526,133

246,092,941

34,079,760

48,674,221

255,523,740

9,198,412

258,185,536

25,191,464

1,968,023,071

6,106,388,354

6,000,000,000

2,292,787,700

301,517,286

626,771,690

3,221,076,676

418,917,835

548,104,100

33,778,382

194,000,000

279,281,995

82,738,647

1,199,450,760

127,081,258

1,958,701

2,466,393,843

6,106,388,354

-

The annexed notes 1 to 23 form an integral part of these condensed interim financial statements.

CHIEF EXECUTIVE OFFICER DIRECTOR CHIEF FINANCIAL OFFICER

05

A Siddiqsons Group Company

1ST QUARTERLY REPORT SEPTEMBER 2023

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE THREE MONTHS' PERIOD ENDED SEPTEMBER 30, 2023

	Three months ended
Note	September 30,	September 30,
2023	2022

----------------Rupees----------------

Revenue from contract with customers - net	17	1,164,772,095
Cost of goods sold	18	(1,098,754,792)
Gross profit		66,017,303
Other income		17,134,205
		83,151,508
Distribution cost
	(5,589,526)
Administrative expenses		(30,747,136)
Other expenses		-
Finance cost		(143,830,665)
		(180,167,327)
Profit before taxation		(97,015,819)
Taxation		(2,622,279)
Profit after taxation
	(99,638,098)
Other comprehensive income		-
Total comprehensive income for the period
	(99,638,098)
Earnings per share - basic and diluted	19	(0.43)

1,076,508,571

(892,630,835)

183,877,736

13,712,116

197,589,852

(5,266,197)

(21,097,201)

(2,628,523)

(118,655,999)

(147,647,920)

49,941,932

(13,456,357)

36,485,575

-

36,485,575

0.16

The annexed notes 1 to 23 form an integral part of these condensed interim financial statements.

CHIEF EXECUTIVE OFFICER

DIRECTOR

CHIEF FINANCIAL OFFICER

06

A Siddiqsons Group Company

1ST QUARTERLY REPORT SEPTEMBER 2023

CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)

FOR THE THREE MONTHS' PERIOD ENDED SEPTEMBER 30, 2023

Three months ended

September 30,	September 30,
2023	2022

----------------Rupees----------------

CASH FLOWS FROM OPERATING ACTIVITIES

(Loss)/Profit before taxation

Adjustments for

Depreciation of property, plant and equipment Finance cost

Provision for Workers' Profit Participation Fund

Changes in working capital

(Increase) / decrease in current assets Stores, spares and loose tools Stock-in-trade

Trade debts

Loans and advances

Trade deposits and prepayments

Other receivables

Sales tax refundable

Increase / (Decrease) in current liabilities Trade and other payables

Due to director

Due to associates

Net cash generated from / (used in) operations

Income tax paid

Interest / markup paid

Net cash generated from / (used in) operating activities

(97,015,819)

9,042,337

143,830,665

-

55,857,183

2,853,287

(457,081,751)

(48,753,241)

(39,855,474)

(7,589,657)

(9,198,412)

44,221,499

18,814,712

20,000,000

(235,000,000)

-

(711,589,038)

(655,731,855)

(14,344,310)

(91,874,058)

(761,950,224)

49,941,932

8,804,638

118,655,999

2,628,523

180,031,092

(158,118)

(344,613,764)

(15,469,616)

(19,201,386)

(12,750,000)

-

(30,830,844)

21,074,691

-

-

(401,949,037)

(221,917,945)

(35,450,546)

(62,920,091)

(320,288,582)

07

A Siddiqsons Group Company

1ST QUARTERLY REPORT SEPTEMBER 2023

			Three months ended
			September 30,		September 30,
		2023		2022
				--------
		----------------Rupees--------
CASH FLOWS FROM INVESTING ACTIVITIES
Addition in capital work in progress	(8,500,000)		(328,057,310)
Net cash used in investing activities		(8,500,000)			(328,057,310)
CASH FLOWS FROM FINANCING ACTIVITIES
Long term finances - net	(30,084,358)		53,554,442
Short term borrowings - net	1,057,244,263		305,898,972
Net cash generated from financing activities
1,027,159,905		359,453,414
Net increase / (decrease) in cash and cash equivalents	256,781,681		(288,892,478)
Cash and cash equivalents at the beginning of the period	(910,475,084)		(191,937,640)
Cash and cash equivalents at the end of the period
(653,765,403)		(480,830,118)
Cash and cash equivalents
Cash and bank balances	30,999,925		28,050,593
Short term running finances	(679,465,166)		(508,880,711)
Bank overdraft	(5,300,162)		-
		(653,765,403)	(480,830,118)

The annexed notes 1 to 23 form an integral part of these condensed interim financial statements.

CHIEF EXECUTIVE OFFICER DIRECTOR CHIEF FINANCIAL OFFICER

08

A Siddiqsons Group Company

1ST QUARTERLY REPORT SEPTEMBER 2023

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)

FOR THE THREE MONTHS' PERIOD ENDED SEPTEMBER 30, 2023

	Issued,	Share	Unappro-
	subscribed
	Premium	priated
	and paid up	Total
		profit
	capital
	….......................(Rupees)…
Balance as at July 1, 2022	2,292,787,700	301,517,286	623,688,630	3,217,993,616
Total Comprehensive income
Profit for the three months ended
September 30, 2022	-	-	36,485,575	36,485,575
Other comprehensive income	-	-	-	-
	-	-	36,485,575	36,485,575
Balance at September 30, 2022	2,292,787,700	301,517,286	660,174,205	3,254,479,191
Total Comprehensive income

Profit for the year ended June 30, 2023 Other comprehensive income

Balance at June 30, 2023

Total Comprehensive income

-	-	(33,402,515)	(33,402,515)
-	-	-	-
-	-	(33,402,515)	(33,402,515)
2,292,787,700	301,517,286	626,771,690	3,221,076,676

Loss for the three months ended September 30, 2023

Other comprehensive income

Balance at September 30, 2023

-	-	(99,638,098)	(99,638,098)
-	-	-	-
-	-	(99,638,098)	(99,638,098)
2,292,787,700	301,517,286	527,133,592	3,121,438,578

The annexed notes 1 to 23 form an integral part of these condensed interim financial statements.

CHIEF EXECUTIVE OFFICER

DIRECTOR

CHIEF FINANCIAL OFFICER

09

A Siddiqsons Group Company