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Financial Statements 10 Company Information FOR THE THREE Financial (3) MONTHS ENDED Statements SEPTEMBER 30, 2020 (UNAUDITED) Dadex Eternit Limited Contents Company Information 2 Directors' Review 4 Condensed Interim Statement of Financial position 5 Condensed Interim Statement of Profit or Loss 6 Condensed Interim Comprehensive Income 7 Condensed Interim Cash Flow Statement 8 Condensed Interim Statement of Changes in Equity 9 Notes to the Condensed Interim Financial Statements 10 Company Information Board of Directors Sikander Dada - Chairman (Non - Executive Director) Abu Talib H.K. Dada (Non - Executive Director) Maqbool H.H. Rahimtoola (Non - Executive Director) Shahzad M. Husain (Non - Executive Director) Syed Shahid Ali Bukhari (Independent Director) Amber Ahmed Motiwala (Independent Director) Ayesha Allawala (Independent Director) Chief Executive Officer Qazi Sajid Ali Chief Financial Officer Muhammad Yousuf Company Secretary/ Umar Rasheed Head of Internal Audit Board Audit Committee Syed Shahid Ali Bukhari - Chairman Shahzad M. Husain Maqbool H.H. Rahimtoola Amber Ahmed Motiwala Human Resource and Ayesha Allawala – Chairperson Remuneration Committee Maqbool H.H. Rahimtoola Abu Talib H.K. Dada Management Team Qazi Sajid Ali - Chief Executive Officer Danish Dada - CEO (International Division) Tanveer Saleem - Chief Operating Officer (Technical & Operations) Syed Wasim Ahmed - Director Finance & Corporate Affairs Muhammad Yousuf - Chief Financial Officer Lt. Cdr. (Retd.) Saeed Ahmed Khan - General Manager Admin & HR Syed Shahrukh Mehdi - General Manager Sales 2 Quarterly Report September 2020 Auditors BDO Ebrahim & Co., Chartered Accountants Bankers National Bank of Pakistan Bank Islami Pakistan Limited Habib Metropolitan Bank Limited MCB Bank Limited Sindh Bank Limited The Bank of Punjab United Bank Limited (UBL Ameen) Standard Chartered Bank (Pakistan) Limited Faysal Bank Limited Habib Bank Limited Askari Bank Limited Al-Baraka Bank (Pakistan) Limited Meezan Bank Limited Dubai Islamic Bank Pakistan Limited Legal Advisor Abrar Hasan & Co. 9 Mezzanine 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 Email: [email protected] Share Registrar M/s. JWAFFS Registrar Services (Private) Limited 407 - 408, Al-Ameera Centre, Shahrah-e-Iraq, Saddar Karachi Phone: (92-21) 35662023-24 Fax: (92-21) 35221192 Email: [email protected] [email protected] Website www.dadex.com 3 Directors’ Review The Directors are pleased to present their review together with the financial statements of the Company for the three months period ended September 30, 2020. During the period under review Company achieved net sales of Rs. 573.138 million being 13.86% lower than the sales achieved last year. Main reason for the decline in sales was due to the unprecedented and record breaking rainfall across the Country and especially in Karachi which has affected the sales and production activities during the month of August as it caused urban flooding in the city. Cost of sales remained at almost same level as compared to last year. Distribution and Administrative expenses decreased by 9.59% and 6.56% respectively, as compared to last year. Company earned operating profit of Rs. 10.765 million. Due to recent decrease in the markup rate finance charges decreased by 26.16%, resulting in a net loss after tax of Rs. 40.799 million (September 2019: net loss after tax of 22.650 million). This has resulted in loss per share of Rs. 3.79 (September 2019: Loss per share of Rs. 2.10). Being a manufacturer of building products in Pakistan, the Company sales also depend on the construction and other infrastructure activities taking place incountry. With the expected increase in demand as a consequence of the recently announced projects like ‘Naya Pakistan’ housing scheme, ‘Construction Package’, CPEC related projects and projects which will be part of Karachi package as announced by the Prime Minister, the Company expects to see a growth in its revenues. The management will continue to explore new sources of raw material and strict control on working capital. The management team will continue to focus on broadening customer base and explore new markets to achieve positive results. We wish to record our appreciation of continued commitment of our employees and patronage of our customers and all stakeholders who supported the Company in these challenging times. Karachi: October 28, 2020 On Behalf of the Board of Directors Qazi Sajid Ali Abu Talib H.K. Dada Chief Executive Director 4 Quarterly Report September 2020 Condensed Interim Statement of Financial Position AS AT SEPTEMBER 30, 2020 September 30, June 30, 2020 2020 Note (Un-audited) (Audited) ASSETS (Rupees in ‘000) NON-CURRENT ASSETS Property, plant and equipment Operating fixed assets 7 1,548,097 1,569,762 Capital work in progress 8 8,994 7,683 1,557,091 1,577,445 Intangible assets 67 88 Investment property 33,630 34,260 Long-term investment 9 - - Long-term loans and advances 2,093 2,423 Long-term security deposits 28,709 28,709 Deferred tax asset 156,981 156,981 1,778,571 1,799,906 CURRENT ASSETS Stores, spare parts and loose tools 48,633 50,669 Stock in trade 10 665,266 597,668 Trade debts 11 228,908 268,897 Loans and advances 172,306 85,360 Trade deposits and short term prepayments 130,093 65,686 Other receivables 11,432 9,046 Taxation - net 151,162 145,757 Cash and bank balances 24,940 25,010 Non-current assets held for sale 358,800 358,800 1,791,540 1,606,893 TOTAL ASSETS 3,570,111 3,406,799 EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES Authorized share capital 12,000,000 (June 30, 2020: 12,000,000) ordinary shares of Rs. 10 each 120,000 120,000 8,000,000 (June 30, 2020: 8,000,000) 'B' class ordinary shares of Rs. 10 each 80,000 80,000 200,000 200,000 Issued, subscribed and paid-up capital 12 107,640 107,640 Reserves (413,469) (378,866) Surplus on revaluation of property, plant and equipment 1,188,080 1,194,276 882,251 923,050 NON - CURRENT LIABILITIES Long term financing 41,151 41,151 Liabilities against assets subject to finance lease 34,942 43,291 Deferred income 6,131 6,536 GIDC payable 50,954 50,954 133,178 141,932 CURRENT LIABILITIES Trade and other payables 13 1,189,176 1,033,279 Accrued markup 57,949 67,427 Short-term borrowings 14 1,226,272 1,159,018 Current portion of deferred income 1,625 2,434 Current portion of liabilities against assets subject to finance lease 30,586 30,585 Current portion of long-term financing 16,442 16,442 Taxation -net 15,919 15,919 Unclaimed dividend 16,713 16,713 2,554,682 2,341,817 CONTINGENCIES AND COMMITMENTS 15 TOTAL EQUITY AND LIABILITIES 3,570,111 3,406,799 The annexed notes from 1 to 26 form an integral part of these condensed interim financial information. Qazi Sajid Ali Abu Talib H.K. Dada Muhammad Yousuf Chief Executive Director Chief Financial Officer 5 Condensed Interim Statement of Profit or Loss FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020 Three months ended September 30, September 30, 2020 2019 Note (Rupees in ‘000) Sales - gross 675,349 787,725 Sales tax (102,211) (122,340) Sales - net 16 573,138 665,385 Cost of sales 17 (497,498) (573,952) Gross profit 75,640 91,433 Distribution cost (32,685) (36,153) Administrative expenses (35,652) (38,157) Other expenses (10,229) (8,959) Other income 13,691 39,662 Operating profit 10,765 47,826 Finance costs (41,104) (55,668) (Loss) before taxation (30,339) (7,842) Taxation Current (10,460) (11,808) Deferred - (3,000) (10,460) (14,808) Net (loss) for the period (40,799) (22,650) Earnings per share - basic and diluted (Rupees) 18 (3.79) (2.10) The annexed notes from 1 to 26 form an integral part of these condensed interim financial information. Qazi Sajid Ali Abu Talib H.K. Dada Muhammad Yousuf Chief Executive Director Chief Financial OfficerQ 6 Quarterly Report September 2020 Condensed Interim Statement of Comprehensive Income FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020 Three months ended September 30, September 30, 2020 2019 Note (Rupees in ‘000) (Loss) for the period (40,799) (22,650) Other comprehensive income - - Total comprehensive (loss) for the period (40,799) (22,650) The annexed notes from 1 to 26 form an integral part of these condensed interim financial information. Qazi Sajid Ali Abu Talib H.K. Dada Muhammad Yousuf Chief Executive Director Chief Financial Officer 7 Condensed Interim Statement of Cash Flows FOR THE THREE MONTHS ENDED SEPTEMBER 30, 2020 Three months ended September 30, September 30, 2020 2019 Note (Rupees in ‘000) CASH FLOWS FROM OPERATING ACTIVITIES Cash generated from operations 19 8,441 190,601 Finance cost paid (50,582) (40,527) Taxes paid (15,865) (8,373) Net cash generated from / (used in) operating activities (58,006) 141,701 CASH FLOWS FROM INVESTING ACTIVITIES Capital expenditure (1,311) (4,939) Addition to intangible assets - (59) Long term security deposits 330 385 Interest received 11 9 Net cash used in investing activities (970) (4,604) CASH FLOWS FROM FINANCING ACTIVITIES Repayment of liabilities against assets subject to finance lease (8,348) (11,576) Short term borrowings - net - (135,674) Dividend paid - (44) Net cash used in financing activities (8,348) (147,294) Net increase / (decrease) in cash and cash equivalents (67,324) (10,197) Cash and cash equivalents at the beginning of the period (607,403) (667,685) Cash and cash equivalents at the end of the period (674,727) (677,882) CASH AND CASH EQUIVALENTS Cash and bank balances 24,920 16,662 Short-term borrowings (699,667) (694,544) (674,747) (677,882) The annexed notes from 1 to 26 form an integral part of these condensed interim financial information.
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