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Dewan Farooque (DFML) Sept-2016.FH10 Contents Company Information -----------------------------------------------------------------------------01 Directors Report -----------------------------------------------------------------------------------02 Condensed Interim Balance Sheet ----------------------------------------------------------------03 Condensed Interim Profit and Loss Account------------------------------------------------------04 Condensed Interim Statement of Comprehensive Income --------------------------------------05 Condensed Interim Cash Flow Statement --------------------------------------------------------06 Condensed Interim Statement of Changes in Equity --------------------------------------------07 Notes to the Condensed Interim Financial Statements ------------------------------------------08 DEWAN FAROOQUE MOTORS LIMITED Company Information Executive Directors Dewan Muhammad Yousuf Farooqui Chairman Board of Directors Mr. Waseem-ul- Haque Ansari Mr. Muhammad Naeem Uddin Malik Mr. Mohammad Saleem Baig Non-Executive Directors Mr. Haroon Iqbal Syed Muhammad Anwar Independent Director Mr. Aziz-ul-Haque CHIEF EXECUTIVE OFFICER Dewan Muhammad Yousuf Farooqui CFO & COMPANY SECRETARY Mr. Muhammad Naeem Uddin Malik AUDIT COMMITTEE MEMBERS Mr. Aziz-ul-Haque Chairman Syed Muhammad Anwar Member Mr. Haroon Iqbal Member HUMAN RESOURCE & REMUNERATION COMMITTEE MEMBERS Mr. Haroon Iqbal Chairman Dewan Mohammad Yousuf Farooqui Member Mr. Aziz-ul-Haque Member BANKERS AUDITORS REGISTERED OFFICE Feroze Sharif Tariq & Co. 7th Floor, Block 'A', Allied Bank of Pakistan Limited Chartered Accountants Finance & Trade Centre, Askari Bank Limited 4/N/4, Block 6, P.E.C.H.S., Off Shahrah-e-Faisal, Bank Al Falah Limited Karachi. Karachi. Faysal Bank Limited LEGAL ADVISORS CORPORATE OFFICE Habib Bank Limited A.K. Brohi & Co. 7th & 8th Floor, Block 'A', Meezan Bank Limited Finance & Trade Centre, TAX ADVISOR Off Shahrah-e-Faisal, National Bank of Pakistan Sharif & Co. (Advocates) Karachi. NIB Bank Limited 3rd Floor, Uni Plaza, Pak Oman Investment Company Limited I.I. Chundrigar Road, Karachi. REGIONAL OFFICES Lahore Silk Bank Limited SHARES REGISTRAR / Dewan Centre, PIA Tower, Saudi Pak Industrial and Agricultural TRANSFER AGENT Egerton Road, Investment Co. (Pvt.) Limited BMF Consultants Pakistan (Pvt.) Limited Islamabad Standard Chartered Bank Anum Estate Building, House # 58, F-7/2, Summit Bank Room No. 310 & 311, Margalla Road, The Bank of Khyber 3rd Floor, 49, Darul Aman Society, Main Shahrah-e-Faisal, FACTORY The Bank of Punjab Adjacent to Baloch Colony Bridge, Jilaniabad, Budhu Talpur, United Bank Limited Karachi, Pakistan. Disctrict Sajawal, Sindh. QUARTERLY REPORT 2016 01 A YOUSUF DEWAN Company Directors Report The Board of Directors of your Company takes pleasure in presenting the un-audited condensed interim financial statements of the Company for the quarter ended September 30, 2016. During the period under review the gross sales is Rs. 34.716 million, gross loss is Rs. 32.860 million and the after tax loss is Rs. 6,572. The sale of local Car/LCV sector for the quarter ended September 30, 2016 has shown a decline of 13% as compared to the corresponding period of last year. The main reason for the decline in volume is the conclusion of 'Apna Rozgar' scheme launched by the Punjab Government. Excluding the sales under the 'Apna Rozgar Scheme' the growth remained positive. With the low interest rates, growing economic activity and enhanced consumer purchasing power, the outlook of the industry remains strong. The Company is going through tough conditions and making best endeavors to survive. A number of recovery suits have been instituted by Banks/Financial Institutions alleging default of company which are being successfully defended by our counsels. The proposal of re-profiling of the Company's debts is expected to be completed very soon. After the restructuring of debt, the Company's operation will be normalized. During the period under review, the Company has entered into an agreement with Daehan-Dewan Motor Company (Pvt.) Ltd for manufacture of vehicles under toll manufacturing arrangement and the production is expected to start in near future. In conclusion, we bow, beg and pray to Almighty Allah, Rahman-o-Rahim, in the name of our beloved Prophet, Muhammad (peace be upon him), for the continued showering of his blessings, guidance, strength, health and prosperity to us, our Company, our Country and the Nation, and also pray to Almighty Allah to bestow peace, harmony, brotherhood and unity in true Islamic spirit to the whole Muslim Ummah, Ameen, Summa-Ameen. LO-MY LORD IS INDEED HEARER OF PRAYER (AL-QURAN) Under / By Authority of Board of Directors DEWAN MUHAMMAD YOUSUF FAROOQUI Chief Executive Karachi: October 28, 2016 02 QUARTERLY REPORT 2016 DEWAN FAROOQUE MOTORS LIMITED Condensed Interim Balance Sheet As at September 30, 2016 September June 30, 2016 30, 2016 Unaudited Audited Note ASSETS -------------(Rupees in 000)-------------- NON-CURRENT ASSETS Property, Plant and Equipment 6 1,137,919 1,158,584 Long-term deposits (with leasing companies) 36,000 36,000 Investment 7 1,048,475 1,012,246 CURRENT ASSETS Stores and spares 63,914 63,914 Stock-in-trade 64,460 95,907 Trade debts - considered good 57,219 22,859 Short term loans to associated undertakings - considered good 154,879 154,879 Advances, deposits, prepayments and other recievables - Considered good 805,151 786,406 Taxation - net 23,913 22,066 Cash and bank balances 132,238 138,609 1,301,774 1,284,640 TOTAL ASSETS 3,524,168 3,491,470 EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES Share Capital Authorized 150,000,000 (June 30, 2016: 150,000,000) Ordinary shares of Rs.10 each 1,500,000 1,500,000 Issued, subscribed and paid-up 138,735,287 (June 30, 2016: 108,735,287) Ordinary shares of Rs.10 each 1,387,352 1,087,353 Advance against issue of share capital - 300,000 Reserves (3,419,608) (3,413,036) (2,032,256) (2,025,683) NON-CURRENT LIABILITIES Long term security deposits 16,700 16,700 Deferred Liabilities 4,514 4,514 CURRENT LIABILITIES Trade and other payables 2,343,278 2,291,766 Short term finances-secured 8 1,974,840 1,986,171 Current maturity of long term loans 1,179,429 1,179,429 Current maturity of liabilities against assets subject to finance lease 37,663 38,573 5,535,210 5,495,939 CONTINGENCIES AND COMMITMENTS 9 TOTAL EQUITY AND LIABILITIES 3,524,168 3,491,470 The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements. Dewan Muhammad Yousuf Farooqui Haroon Iqbal Chief Executive Director QUARTERLY REPORT 2016 03 A YOUSUF DEWAN Company Condensed Interim Profit and Loss Account For the quarter ended September 30, 2016 Quarter Ended September September 30, 2016 30, 2015 Unaudited Unaudited Note -------------(Rupees in 000)-------------- GROSS SALES 34,716 8,304 Sales tax 3,180 1,218 Commission - 110 3,180 1,328 NET SALES 31,536 6,976 Cost of sales 64,396 36,903 GROSS LOSS (32,860) (29,927) Distribution expenses 5,919 11,444 Administration and general expenses 6,922 7,543 12,841 18,987 OPERATING LOSS (45,701) (48,914) OTHER INCOME 39,481 16,949 (6,220) (31,965) Finance cost 10 37 20 LOSS BEFORE TAXATION (6,257) (31,985) TAXATION 315 - NET LOSS FOR THE PERIOD (6,572) (31,985) Basic (Loss) per share (Rupee) 11 (0.05) (0.29) Diluted (loss) per shares (Rupee.) 11 (0.05) (0.29) The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements. Dewan Muhammad Yousuf Farooqui Haroon Iqbal Chief Executive Director 04 QUARTERLY REPORT 2016 DEWAN FAROOQUE MOTORS LIMITED Condensed Interim Statement of Comprehensive Income For the quarter ended September 30, 2016 Quarter Ended September September 30, 2016 30, 2015 Unaudited Unaudited -------------(Rupees in 000)-------------- (Loss) for the period (6,572) (31,985) Other comprehensive loss for the period: Available for sale financial assets: - Changes in fair value - 39,427 Total comprehensive loss for the period (6,572) 7,442 The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements. Dewan Muhammad Yousuf Farooqui Haroon Iqbal Chief Executive Director QUARTERLY REPORT 2016 05 A YOUSUF DEWAN Company Condensed Interim Cash Flow Statement For the quarter ended September 30, 2016 September September 30, 2016 30, 2015 Unaudited Unaudited -------------(Rupees in 000)-------------- CASH FLOW FROM OPERATING ACTIVITIES (Loss) before taxation (6,257) (31,985) Add / (Less) : Depreciation 20,666 22,387 Gain due to Change in valuation of investment in associates (36,230) - Financial charges 37 20 (15,527) 22,407 (21,784) (9,578) Decrease in stock in trade 31,447 5,397 (Increase) / Decrease in trade debts (34,360) (2) Increase in advances, deposits, pre-payments & other receivables (18,745) (24,932) Increase in trade, other payables and borrowings 51,511 1,517 Tax (paid) (2,162) (581) Financial charges (paid) (37) (20) 27,654 (18,621) Net cash flow from operating activities 5,870 (28,199) CASH FLOW FROM INVESTING ACTIVITIES Net cash flow from investing activities - - CASH FLOW FROM FINANCING ACTIVITIES Loan from Directors - 27,084 Finance Lease repayments (910) - Net cash flow from financing activities (910) 27,084 NET INCREASE / (DECREASE) IN CASH & CASH EQUIVALENTS 4,960 (1,115) CASH & CASH EQUIVALENTS AT BEGINNING OF THE PERIOD (1,847,562) (2,019,367) CASH & CASH EQUIVALENTS AT END OF THE PERIOD (1,842,602) (2,020,482) The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements. Dewan Muhammad Yousuf Farooqui
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