Contents
Sitara Peroxide Limited
Company Information 01
Director Report 02
Condensed Interim Statement of Financial Position 04
Condensed Interim Statement of Profit or Loss Account | 05 |
Condensed Interim Statement of Comprehensive Income | 05 |
Condensed Interim Statement of Changes in Equity | 07 |
Condensed Interim Statement of Cash Flows | 08 |
Condensed Interim Notes to Financial Statements 10
Company Information
Board of Directors
Mr. Yasir Ahmed Awan Chairman
Mr. Imran Ghafoor Chief Executive Officer Mrs. Sharmeen Imran Non-Executive Director
Mr. Haroon Ahmed Zuberi Independent Director
Board Human Resource & Remuneration Committee
Mrs. Sharmeen Imran Chairperson
Mr. Imran Ghafoor Member
Mr. Saqib Anjum Member
Registered Officer
External Auditors RSM-Avais Hyder
Liaqat Nauman Chartered Accountants
Legal Advisor Sahibzada Waqar Arif
Mr. Junaid Makda Non-Executive Director Mr. Saqib Anjum
Non-Executive Director
Mr. Saim Bin Saeed Independent Director
Chief Financial Officer
Mr. Shahid Irshad
Company Secretary
Mr. Mazhar Ali Khan
Head of Internal Audit
Mr. Waqar Hafeez - FCA
Audit Committee Mr. Saim Bin Saeed Chairman
Mr. Yasir Ahmed Awan Member
Mr. Haroon Ahmed Zuberi Member
Share Registrar
THK Associates (Private) Limited
Plot No. 32-C, Jami Commercial Street 2, DHA, Phase VII, Karachi - 75500, Pakistan.
UAN: (92 21) 111-000-322
Ph: (92 21) 35310183-84
Fax: (92 21) 35310191
601-602, Business Centre, Mumtaz Hassan Road, Off. I. I. Chundrigar Road, Karachi - 74000 Ph : (92 21) 32401373, 32413944
Company Website
https://www.sitaraperoxide.com.pk
Bankers
Al Baraka Bank (Pakistan) Limited Askari Bank Limited
Bank Alfalah Limited Faysal Bank Limited Habib Bank Limited MCB Bank Limited Meezan Bank Limited National Bank Limited Soneri Bank Limited
Standard Chartered Bank (Pakistan) Limited Bank Makramah Limited (BML)
United Bank Limited JS Bank Limited
First Women Bank Limited Bank Al Habib Limited
Habib Metropolitan Bank Limited
Head Office & Project Location 26 - KM Sheikhupura Road, Faisalabad.
Sitara Proxide Limited
1
Ph : (92 41) 2600108, 2600747
The Board of Directors of Sitara Peroxide Limited (the Company) is pleased to present their report together with condensed interim Financial Information for the 1st Quarter ended on September 30,2024.
Business and Financial Review
The financial results for the three (3) months of the current financial year as compared with three (3) months of the last financial year are as under:
July-September 2024 | July-September 2023 | |
Rupees | Rupees | |
Sales | 0 | 15,868,200 |
Cost of sales | 53,828,501 | 63,637,800 |
Gross (loss)/Profit | (53,828,501) | (47,769,600) |
(loss)/Profit before tax | (81,453,015) | (78,595,964) |
(Loss)/Profit after tax | (70,754,007) | (78,833,987) |
(loss) per share-Basic and diluted (Rupees) | (1.28) | (1.43) |
Net sales during the three (3) months under review remained nil due to complete closure of plant on account of balancing, modernization and replacement (BMR) against net sales of Rs. 15.868 million during the corresponding three (3) months of last financial year on account of disposal of stock in hand. The Cost of sales is Rs. 53.828 million (including depreciation Rs 42.509) and other expenses of salary & wages and repair & maintenance as compared with Rs. 63.637 million (including depreciation Rs. 43.179 million) during corresponding three (3) months of the last financial year.
The management of the Company has been successful in reducing loss after tax to Rs. 70.754 million (including depreciation Rs 42.509) during the three (3) months of the current financial year as against loss after tax of Rs. 78.833 million (including depreciation Rs 43.179 million) during corresponding three (3) months of the last financial year. The management of the company reduced all expenses and specially finance cost through repayment of loans and application of cost of funds on outstanding financing facilities instead of kibor plus spread. Accordingly, loss per share of the company reduced to Rs 1.28 during three (3) months of the current financial year as compared with Rs.1.43 during the corresponding period of three (3) months of the last financial year.
The management of the Company is striving hard for early BMR and viable operation. The Board takes this opportunity to thank all stakeholders for their continued support. We also appreciate and acknowledge the continued commitment and hard work of our employees.
By the order of the Board
Faisalabad October6, 2025
HAROON AHMED ZUBERIDirector
Chief Executive Officer
DIRECTOR'S REPORT
- | 15,868,200 | ||||
53,828,501 | 63,637,800 | ||||
(53,858,501) | (47,769,600) | ||||
(81,453,015) | (78,595,964) | ||||
(70,754,007) | (78,833,987) | ||||
(1.28) | (1.43) | Basic and Diluted (Rupees) |
2025>. 06
DIRECTOR'S REPORT
SITARA PEROXIDE LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED)
AS AT SEPTEMBER 30, 2024 (Un-audited) (Audited) September 30, June 30,
2024 2024
Note Rupees Rupees
ASSETS
Non-current assets
Property, plant and equipment | 4 | 2,323,157,604 | 2,368,897,098 | |
Long term advances | 109,626,266 | 109,626,266 | ||
Long term deposits | 52,741,143 | 52,741,143 | ||
2,485,525,013 | 2,531,264,507 | |||
Current assets | ||||
Stores, spare parts and loose tools | 119,701,124 | 119,701,124 | ||
Stock in trade | 5 | 218,776,704 | 218,776,704 | |
Trade debts | 64,783,733 | 64,783,733 | ||
Loans and advances | 14,562,196 | 23,295,911 | ||
Taxes refundable due from government | 75,520,617 | 94,951,315 | ||
Cash and bank balances | 36,233,232 | 11,381,255 | ||
529,577,606 | 532,890,042 | |||
Total assets | 3,015,102,619 | 3,064,154,549 | ||
EQUITY AND LIABILITIES | ||||
Share capital and reserves | ||||
Share capital Revenue reserve Accumulated (loss) Capital reserve | 551,000,000 (768,456,621) | 551,000,000 (720,670,410) | ||
Surplus on revaluation of property, plant and equipment 1,358,277,292 | 1,381,245,086 | |||
1,140,820,670 | 1,211,574,676 | |||
Non-current liabilities Long term financing Deferred liabilities
Current liabilities
-
334,896,990
-
345,794,351
334,896,990 345,794,351
Trade and other payables | 605,940,127 | 595,746,576 | |
Contract liabilities | 135,706,899 | 114,686,028 | |
Loan from chief executive officer | 387,878,976 | 387,878,976 | |
Accrued markup | 282,920,997 | 281,535,983 | |
Current portion of long term financing | 126,739,606 | 126,739,606 | |
Levies payable | 198,353 | 198,353 | |
Provision for taxation | - | - | |
1,539,384,959 | 1,506,785,522 | ||
Total equity and liabilities Contingencies and commitments | 6 | 3,015,102,619 3,064,154,549 - - | |
The annexed notes from 1 to 10 form an integral part of these financial statements.
STATEMENT OF FINANCIAL POSITION
STATEMENT OF PROFIT OR LOSS
SITARA PEROXIDE LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED) FOR THE 1st QUARTER ENDED SEPTEMBER 30, 2024
Note
Quarter ended September 30,
2024 2023
----------------- Rupees -----------------
Revenue from contract with customers - 15,868,200
Cost of sale | 7 | 53,828,501 | 63,637,800 | |
Gross (loss) | (53,828,501) | (47,769,600) | ||
Other income | - | 888,785 | ||
(53,828,501) | (46,880,815) | |||
Distribution cost | 1,030,000 | 645,481 | ||
Administrative expenses | 25,207,760 | 21,943,510 | ||
Finance cost | 1,386,754 | 9,126,158 | ||
27,624,514 | 31,715,149 | |||
(Loss) for the year before levies and income tax | (81,453,015) | (78,595,964) | ||
Levies | - | - | ||
(Loss) for the year before income tax | (81,453,015) | (78,595,964) | ||
Provision for taxation | (10,699,008) | 238,023 | ||
(Loss) for the period | (70,754,007) | (78,833,987) |
(Loss) / Profit per share -
Basic and diluted (Rupees) (1.28) 1.43
The annexed notes from 1 to 10 form an integral part of these financial statements.
STATEMENT OF COMPREHENSIVE INCOME
SITARA PEROXIDE LIMITED CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE 1st QUARTER ENDED SEPTEMBER 30, 2024
Quarter ended September 30,
2024 2023
----------------Rupees ---------------
(Loss) for the period (70,754,007) (76,371,801)
Other comprehensive income - -
Total comprehensive (loss) for the period (70,754,007) (76,371,801)
The annexed notes from 1 to 10 form an integral part of these financial statements.
SITARA PEROXIDE LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE 1st QUARTER ENDED SEPTEMBER 30, 2024
Issued, subscribed and paid up capital | Accumulated (loss) | Surplus on revaluation of property, plant and equipment | Total |
--------------------------------------Rupees -------------------------------------------
Balance as at July 01, 2023 - (Audited) Restated | 551,000,000 | (639,799,006) | 1,469,806,234 | 1,381,007,228 | ||
Total comprehensive (loss) for the period | ||||||
(Loss) for the period | - | (169,350,221) | - | (169,350,221) | ||
Other comprehensive (loss) | - | (82,331) | - | (82,331) | ||
- | (169,432,552) | - | (169,432,552) | |||
Impact of change in tax rate | - | - | - | - | ||
Transfer to unappropriated profit on account of incremental depreciation-net of tax | - | 88,561,148 | (88,561,148) | - | ||
Balance as at June 30, 2024 - (Audited) | 551,000,000 | (720,670,410) | 1,381,245,087 | 1,211,574,677 | ||
Total comprehensive (loss) for the period | . | |||||
(Loss) for the period Other comprehensive income | - - | (70,754,007) - | - - | (70,754,007) - | ||
- | (70,754,007) | - | (70,754,007) | |||
Transfer to unappropriated profit on account of incremental depreciation-net of tax | - | 22,967,796 | (22,967,796) | - |
Balance as at September 30, 2024 - (Un-audited) 551,000,000 (768,456,621) 1,358,277,292 1,140,820,669
The annexed notes from 1 to 10 form an integral part of these financial statements.
STATEMENT OF CHANGES IN EQUITY
SITARA PEROXIDE LIMITED CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE 1st QUARTER ENDED SEPTEMBER 30, 2024
CASH FLOWS FROM OPERATING ACTIVITIES
Quarter ended September 30,
2024 2023
-------------Rupees '-------------
(Loss) for the year before levies and income tax
(81,453,015)
(78,595,964)
Adjustments for :
Depreciation of property, plant and equipment
45,739,494
43,833,937
Profit on bank deposit
-
(10,184)
Finance cost
1,386,754
9,126,158
Operating cash flows before working capital changes
Changes in working capital
(34,326,767)
(25,646,053)
(Increase) / decrease in current assets
Stores, spares and loose tools
-
580,890
Stock in trade
-
14,602,788
Trade debts
-
7,792,389
Loans and advances
(753,604)
-
(Decrease) / Increase in current liabilities
Trade and other payables
10,193,551
(12,417,106)
Contract liability
21,020,871
-
30,460,818
10,558,961
Cash (used in) operating activities
(3,865,949)
(15,087,092)
Finance cost paid
(1,740)
(1,294)
Sales Tax (paid)/ refunded
-
(2,856,273)
Income tax refund received / (paid)
28,719,666
8,971,392
Net cash generated from / (used in) operating activities 24,851,977 (8,973,267)
STATEMENT OF CASH FLOWS
CASH FLOWS FROM INVESTING ACTIVITIES
Quarter ended September 30,
2024 2023
-------------Rupees -------------
Profit on bank deposit - 10,184
Net cash generated from investing activities - 10,184
CASH FLOWS FROM FINANCING ACTIVITIES
Repayment of long term financing | - | (10,000,000) | |
Loan from chief executive officer | - | 11,000,000 | |
Net cash generated from financing activities | - | 1,000,000 | |
Net (decrease) / increase in cash and cash equivalents (a+b+c) | 24,851,977 | (7,963,083) | |
Cash and cash equivalents at the beginning of the period | 11,381,255 | 9,138,135 | |
Cash and cash equivalents at the end of the period | 36,233,232 | 1,085,732 |
The annexed notes from 1 to 10 form an integral part of these financial statements.
STATEMENT OF CASH FLOWS
SITARA PEROXIDE LIMITED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE 1st QUARTER ENDED SEPTEMBER 30, 2024
STATUS AND ACTIVITIES
Sitara Peroxide Limited (the Company) is incorporated in Pakistan as a public limited Company under the Companies Ordinance, 1984 (Repealed with the enactment of the Companies Act 2017 on May 30, 2017) and is listed on Pakistan stock exchange. The principal activity of the Company is manufacturing and sale of hydrogen peroxide (H2O2) and Sitara Safe (disinfectant). The registered office of the Company is situated at 601-602 Business Centre, Mumtaz Hasan Road, Karachi in the province of Sindh and the manufacturing facilities are located at 26 - km Sheikhupura Road, Faisalabad in the province of Punjab.
These condensed interim financial statements are presented in Pak Rupee, which is the Company's functional and presentation currency.
STATEMENT OF COMPLIANCE
2.1
-
-
-
2.2
2.3
These condensed interim financial statements of the Company for the first quater ended September 30, 2024 have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of :
International Accounting Standard (IAS) 34, issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and
Provisions of and directives issued under the Companies Act, 2017
Where the provisions of and directives issued under the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.
These condensed interim financial statements are unaudited but subject to limited scope review by the auditors, as required under section 237 of the Companies Act, 2017 and should be read in conjunction with audited annual financial statements of the Company for the year ended June 30, 2024.
These condensed interim financial statements do not include all the information required for complete set of financial statements, and should be read in conjunction with the Company's published audited financial statements for the year ended June 30, 2024.
NOTES TO THE FINANCIAL STATEMENTS
SITARA PEROXIDE LIMITED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE 1st QUARTER ENDED SEPTEMBER 30, 2024ACCOUNTING POLICIES AND ESTIMATES
The accounting policies and the methods of computation adopted in the preparation of these condensed interim financial statements are the same as those applied in the preparation of the annual audited financial statements for the year ended June 30, 2024.
Note
(Un-audited) (Audited)
September 30, June 30,
2024 2024
------------- Rupees------------------
Property, plant and equipment
Operating assets 4.1 2,323,157,604 2,368,897,098
Operating assets
Book value at beginning of period / year 2,368,897,099 2,557,848,157 Disposals during the period / year - (5,132,586) Depreciation charged during the period / year (45,739,494) (183,818,472)
2,323,157,604 2,368,897,099
Stock in trade
Raw materials 21,702,674 21,702,674
Packing material 1,803,900 1,803,900
Working solution 195,270,130 195,270,130
Finished goods - -
218,776,704 218,776,704
Contingencies and commitments
Contingencies
There is no significant change in contingent liabilities since the date of published audited financial statements for the year ended June 30, 2024 except the following:
According to the revised terms of Sukuk arrangement markup of Rs. 296 million will be waived off, provided company makes no default in making the payments as agreed under revised terms of agreement.
NOTES TO THE FINANCIAL STATEMENTS
SITARA PEROXIDE LIMITED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE 1st QUARTER ENDED SEPTEMBER 30, 2024Commitments
Guarantees issued by banks on behalf of the Company
(Un-audited) (Audited)
September 30, June 30,
2024 2024
------------- Rupees------------------
53,538,000 53,538,000
Cost of sales
(Un-audited) (Un-audited) September 30, September 30,
2024 2023
----------------------------- Rupees ------------------------------
12,798,888
-
-
-
Cost of goods manufactured 53,828,501 50,838,912 Finished goods
-Opening
-Closing
Aggregate Transactions With Related Parties
- 12,798,888
53,828,501 63,637,800
The related parties comprise associated companies, directors, keymanagement personnel and post employment benefit plans. The Company did not carried out any significant transactions with various related parties in First Quater period ended 30 September 2024.
DATE OF AUTHORISATION FOR ISSUE
These condensed interim financial statements were authorised for issue on 06-10-2025 . by the Board of Directors of the Company.
GENERAL
10.1
10.2
10.3
Provisions for taxation made in these condensed interim financial statements are subject to adjustment in annual financial statements.
There is no unusual item included in these condensed interim financial statements which is affecting equity, liabilities, assets, (loss), comprehensive income/(loss) or cash flows of the Company.
Figures have been rounded off to the nearest of Rupees.
Chief Executive Officer
Chief Financial Officer
Director
NOTES TO THE FINANCIAL STATEMENTS
0335-5557717
601-602 Business Centre, Mumtaz Hassan Road, Off. I.I. Chundrigar Road, Karachi-74000.
Ph: 021 32401373, 32413944