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DADABHOY CEMENT INDUSTRIES LIMITED
FINANCIAL STATEMENTS
FOR THE THREE MONTHS PERIOD ENDED
SEPTEMBER 30, 2024
DADABHOY CEMENT INDUSTRIES LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2024
ASSETS | Note |
Non-Current Assets | |
Property, plant and equipment | 4 |
Current Assets | |
Advances and other receivables | 5 |
Short term investments | 6 |
Cash and bank balance
Total current assets
Total Assets
EQUITY AND LIABILITIES
Authorised Capital
September 30, | June 30, | |
2024 | 2024 | |
Un-audited | Audited |
(Rupees in thousand)
4,9585,124
13,76312,974
118,264 118,264
116,482 116,939
248,509 248,177
253,467 253,302
150,000,000 Ordinary shares of Rs. 10 each | 1,500,000 | 1,500,000 | |
Issued, subscribed and paid up capital | 982,366 | 982,366 | |
Capital reserves | 33,224 | ||
Other capital reserves | 33,224 | ||
Revenue reserves | (769,601) | ||
Accumulated losses | (770,281) | ||
Shareholders' equity | 245,989 | 245,309 |
Current Liabilities
Trade and other payables Income tax liability Unclaimed dividend
Total Liabilities
6,620
293
566
7,479
7,135
293
566
7,993
Total Equity and Liabilities | 253,467 | 253,302 | |
The annexed notes from 1 to 8 form an integral part of these condensed interim financial statements.
Chief Executive | Chief Financial Officer | Director |
DADABHOY CEMENT INDUSTRIES LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT AND LOSS ACCOUNT (UN- AUDITED)
FOR THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2024
September 30, | September 30, | ||
2024 | 2023 | ||
(Rupees in thousand) | |||
Administrative expenses | (4,583) | (5,273) | |
Other operating expenses | - | - | |
Finance cost- bank charges | - | - | |
Operating loss | (4,583) | (5,273) | |
Other income | 5,262 | 5,875 | |
Loss before taxation | 680 | 602 | |
Taxation | - | - | |
Loss after taxation | 680 | 602 | |
Other comprehensive income/ (loss) for the period | - | - | |
Total comprehensive income / (loss) for the period | 680 | 602 | |
Loss per share- basic and diluted | 0.01 | 0.01 | |
The annexed notes from 1 to 8 form an integral part of these condensed interim financial statements.
Chief Executive | Chief Financial Officer | Director |
DADABHOY CEMENT INDUSTRIES LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)
FOR THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2024
Issued, | |||
subscribed | Other capital | Accumulated | Shareholders' |
and paid up | reserves | losses | equity |
----------------------------capital | (Rupees in thousand) | ||
Balance as at June 30, 2023
Net loss for the period
Other comprehensive income for the period
Total comprehensive loss for the period
982,366
-
-
-
33,224
-
-
-
(775,154)
602
-
602
240,436
602
-
602
Balance as at September 30, 2023 (Un- Audited)
Balance as at June 30, 2024
Net loss for the period
Other comprehensive income for the period
Total comprehensive loss for the period
982,366
982,366
-
-
-
33,224
33,224
-
-
-
(774,552)
(770,281)
680
-
680
241,038
245,309
680
-
680
Balance as at September 30, 2024 (Un- Audited) | 982,366 | 33,224 | (769,601) | 245,989 |
The annexed notes from 1 to 8 form an integral part of these condensed interim financial statements.
Chief Executive | Chief Financial Officer | Director |
DADABHOY CEMENT INDUSTRIES LIMITED
CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)
FOR THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2024
September 30, | September 30, | ||
2024 | 2023 | ||
(Rupees in | thousand) | ||
A. CASH FLOW FROM OPERATING ACTIVITIES | |||
Loss before taxation | 680 | 602 | |
Adjustments for: | 257 | ||
Depreciation for the period | 285 | ||
Finance cost | - | - | |
Cash outflow before working capital changes | 936 | 887 | |
Working capital changes: | |||
Increase in current assets | (789) | ||
Advances and other receivable | (1,035) | ||
Trade and other payables | (514) | (200) | |
Cash used in operating activities | (367) | (348) | |
Finance cost paid | - | - | |
Net cash used in operating activities | (367) | (348) | |
B. CASH FLOW FROM INVESTING ACTIVITIES | |||
Purchase of fixed assets | (90) | - | |
Net cash used in investing activities | (90) | - | |
Net decrease in cash and cash equivalents | |||
(457) | (348) | ||
Cash and cash equivalents at beginning of the period | 116,939 | 114,915 | |
Cash and cash equivalents at end of the period | |||
116,482 | 114,567 | ||
The annexed notes from 1 to 8 form an integral part of these condensed interim financial statements.
Chief Executive | Chief Financial Officer | Director |
DADABHOY CEMENT INDUSTRIES LIMITED
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2024
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STATUS AND NATURE OF BUSINESS
Dadabhoy Cement Industries Limited (DCIL) was incorporated on 09 August 1979 as a public limited company and is listed on Pakistan Stock Exchange Limited. The Company is engaged in the manufacturing and sale of ordinary Portland, slag and sulphate resistant cement. The Company's registered office is situated at 28-30C/ II, 04 Noor Centre, Lane # 12th , Khayaban-e-Ittehad, Phase VII Ext., D.H.A., Karachi.
Trading in shares of the Company was suspended by the Stock Exchanges on April 13, 2015 due to non compliances with respect to PSX regulations. - BASIS OF PREPARATION OF CONDENSED INTERIM FINANCIAL STATEMENTS
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Statement of compliance
This condensed interim financial information of the Company for the three month period ended September 30, 2024 is unaudited and have been prepared in accordance with the requirements of the International Accounting Standard 34 - 'Interim Financial Reporting' and provisions of and directives issued under the Companies Act, 2017 (the Act). In case where requirements differ, the provisions of or directives issued under the Act have been followed.
The figures of this condensed interim profit and loss account for the quarter ended September 30, 2024 have not been reviewed by the auditors of the Company. This condensed interim financial information does not include all the information and disclosures required in annual financial statements, and should be read in conjunction with the Company's annual financial statements for the year ended June 30, 2024.
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Statement of compliance
- SIGNIFICANT ACCOUNTING POLICIES AND ESTIMATES
The accounting policies and the methods of computation adopted in preparation of these condensed interim financial statements are the same as those applied in preparation of annual financial statements for the year ended 30 June 2024.
The preparation of these condensed interim financial statements in conformity with the approved accounting standards, as applicable in Pakistan, requires management to make judgments, estimates and assumptions that affect the application of policies and the reported amounts of assets, liabilities, income and expenses.
The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.
The estimates and judgements applied by the management in preparation of these condensed interim financial statements is same as those applied in preparation of annual financial statements of the Company for the year ended 30 June 2024.
Un-audited | Audited | ||||
September 30, | June 30, | ||||
Note | 2024 | 2024 | |||
4 PROPERTY, PLANT & EQUIPMENT | (Rupees in | thousand) | |||
Opening book value | 5,124 | 5,797 | |||
Add: Additions during the period / year | 90 | 393 | |||
Less: Depreciation charged during the period / year | (257) | (1,065) | |||
Closing book value | 4,958 | 5,124 | |||
5 ADVANCES AND OTHER RECEIVABLES | |||||
- Considered good | |||||
Advances | 8,835 | ||||
Advance tax | 8,045 | ||||
Deposits | 220 | 220 | |||
Other receivables | 829 | ||||
From Dadabhoy Hydrocarbon (Pvt.) Limited | 829 | ||||
From Dadabhoy Construction Technology Limited | 5.1 | 110 | 110 | ||
From related parties | 3,770 | 3,770 | |||
13,763 | 12,974 | ||||
DADABHOY CEMENT INDUSTRIES LIMITED
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE THREE MONTH PERIOD ENDED SEPTEMBER 30, 2024
5 ADVANCES AND OTHER RECEIVABLES (CONTINUED)
5.1 This includes receivable from Dadabhoy Sack Limited amounting to Rs. 2.638 (2024: Rs. 2.638) million,
Dadabhoy Energy Supply Limited amounting to Rs. 0.838 (2024: Rs. 0.838) million, Dadabhoy Uni-Minerals
Limited amounting to Rs. 0.020 (2024: 0.020) million, Dadabhoy Trading Corporation amounting to Rs. 0.210
(2024: 0.210) million and Leo Private Ltd amounting to Rs. 0.0625 (2024: 0.0625) million . This represents the reimbursable expenses incurred on behalf of the related parties and are recoverable on demand. Closing balance represents the maximum aggregate amount outstanding at any time during the year with respect to month end balances.
Un-audited | Audited | ||||
September 30, | June 30, | ||||
6 SHORT TERM INVESTMENTS | Note | 2024 | 2024 | ||
Investments in associate | (Rupees in thousand) | ||||
Dadabhoy Energy Supply Company Limited | 6.1 & 6.2 | 118,264 | 118,264 | ||
6.1 Dadabhoy Energy Supply Company Limited (DESCL) was incorporated in Pakistan on May 29, 1994 having its registered office and principal place of business located at Noor Centre, office No.4, 2nd floor, plot no. 30- C, Ittehad Lane No.12, Phase VII, D.H.A., Karachi.
Previously, management of DESCL had decided to windup the company, therefore, investment in DESCL had been classified as short term as it is likely that the Company will receive its due share of net assets of DESCL within the next financial year.
Un-audited | Audited | ||
September 30, | June 30, | ||
2024 | 2024 | ||
6.2 Investment at cost | (Rupees in thousand) | ||
Investment - cost | 205,000 | 205,000 | |
Provision for impairment | (86,736) | (86,736) | |
Book value of investment | 118,264 | 118,264 | |
- GENERAL
- Figures have been rounded off to the nearest Rupee.
- Corresponding figures have beed re‐arranged, where necessary, for the purpose of comparison.
-
DATE OF AUTHORISATION FOR ISSUE
These condensed interim financial statements have been authorized for issue on 30 October, 2024by the Board of Directors of the Company.
Chief Executive | Chief Financial Officer | Director |