FINANCIAL
STATEMENTS
For the 1st quarter ended sep 30,
2017
Chenab�
LIMITED
Contents
Company Information | 02 |
Director's Report to the Members | 03 |
Director's Report in Urdu | 04 |
Balance Sheet | 05 |
Profit & Loss Account | 06 |
Statementof Comprehensive Income | 06 |
Cash Flow Statement | 07 |
Statementof Changing in Equity | 08 |
Notes to the Financial Statement | 09 |
Company Information
Chairman
Chief Executive
Directors
Nominee Director
Major Bankers
Chief Financial Officer
Company Secretary
Auditors
Shares Registrar
Registered Office
Website Address
Works
Mian Muhammad Latif
Mr. Muhammad Naeem
Mian Muhammad Javaid Iqbal
Mr. Muhammad Faisal Latif
Mr. Tariq Ayoub Khan
Mr. Masood Ul Hassan
Mr. Muhammad Hashim
Mr. Muhammad Salman Javed
Mrs. Sobia Chughtai
Allied Bank Limited.
Askari Bank Limited.
Al Baraka Bank (Pakistan) Limited.
Citibank, N.A.
Faysal Bank Limited.
First Credit & Investment Bank Limited.
Habib Bank Limited.
Habib Metropolitan Bank Limited.
KASB Bank Limited.
National Bank of Pakistan.
NIB Bank Limited.
Orix Leasing (Pakistan) Limited.
Pak Oman Investment Company Limited.
Pak Kuwait Investment Company (Pvt.) Limited.
Pak Libya Holding Company (Pvt.) Limited.
Saudi Pak Industrial & Agricultural Investment
Silk Bank Limited.
Standard Chartered Bank (Pakistan) Limited.
The Bank of Punjab.
United Bank Limited.
Mr. Faisal Ali Sarwar
Muhammad Arshad
Yousuf Adil
Chartered Accountants.
F.D. Registrar Services (SMC-Pvt.) Limited
Office # 1705, 17th Floor, Saima Trade
Tower-A, I.I. Chundrigar Road, Karachi.
Tel:021-32271905-6/021-35478192-3
Nishatabad, Faisalabad.
Tel:+92 41 8754472-8 Fax:+92 41 8752400, 8752700 chenab@chenabgroup.comwww.chenabgroup.com
-Spinning Unit | - Toba Tek Singh. |
-Weaving Unit | - Kharianwala, Distt: Sheikhupura. |
-Weaving Unit | - Shahkot, Distt: Nankana Sahib. |
-Processing & Stitching Units - Nishatabad, Fsd.
DIRECTORS' REPORT TO THE SHAREHOLDER'S
The Directors are presenting before you un-audited financial statements of the Company for the first quarter of the financial year 2017-2018 ended on September 30, 2017. The Company had gone under Liquidation by the Lahore High Court Lahore vide its order dated 13-07-2017. Figures of the corresponding quarter of last year are also presented for comparison. The balance sheet figures as on June 30, 2017 and September 30, 2017 have been shown as required by the International Accounting Standards (IAS) 34 for interim financial reporting.
SALES REVENUE
Sales Revenue of Rs. 210.634 million has been earned during the quarter under report as compared to Rs. 508.327 million achieved during the same quarter of the preceding year.
FINANCIAL RESULTS
In view of recession in the markets the Company has sustained a financial loss of Rs.81.782 million for the quarter.
FUTURE PROSPECTS
The management got re-structuring done with banks through a Scheme of Arrangement on 14-09-2021. The winding up order passed by the Lahore High Court also got reversed on 29-10-2021. The management took over the charge and Company has restarted its commercial operations from December 1, 2021.
The management is also pursuing to dispose off certain non core fixed assets of the Company to meet the requirement of working capital.
ACKNOWLEDGEMENT
The directors are thank full to its financial institutions affording restructuring of financial facilities and its employees who have rendered their dedicated services for the Company.
For and on behalf of
BOARD OF DIRECTORS
FAISALABAD. | MUHAMMAD FISAL LATIF | MUHAMMAD AEEM |
22-06-2023 | (DIRECTOR) | (CHIEF EXECUTIVE) |
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Chenab Ltd. published this content on 23 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 June 2023 04:44:06 UTC.