Crescent Jute Products : Transmission of Quarterly Report for the Period Ended 31 December 2022

Reviewed Condensed Interim Financial Statements

For The Half Year Ended 31 December 2022

(Un-Audited)

CONTENTS

CRESCENT JUTE PRODUCTS LTD.

FINANCIAL STATEMENTS

FOR THE HALF YEAR ENDED 31 DECEMBER 2022

	Page
	#
Company Information	4
Director's Report to the Shareholders (English)	5
Director's Report to the Shareholders (Urdu)	6
Auditor's Review Report to the Members	7-8
Statement of Financial Position	9
Statement of Profit or Loss	10
Statement of Comprehensive Income	11
Statement of Changes in Equity	12
Statement of Cash Flows	13
Notes to the Financial Statements	14-20

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COMPANY INFORMATION

BOARD OF DIRECTORS
Mr. Khurram Mazhar Karim	Chairman - Non-Executive Director
Mr. Humayun Mazhar	Chief Executive Officer - Executive Director
(In alphabetic order)
Miss Rijah Khurram Mazhar	Non-Executive Director
Mr. Shahjahan Mazhar Karim	Non-Executive Director
Mr. Shameel Mazhar	Non-Executive Director
Mr. Shehryar Mazhar	Non-Executive Director
Mr. Wasim Akram	Independent Director
AUDIT COMMITTEE
Mr. Wasim Akram	Chairman
Mr. Shehryar Mazhar	Member
Mr. Shahjahan Mazhar Karim	Member
HUMAN RESOURCE & REMUNERATION COMMITTEE
Mr. Shehryar Mazhar	Chairman
Mr. Wasim Akram	Member
Miss Rijah Khurram Mazhar	Member

COMPANY SECRETARY / CFO

Mr. Muhammad Saad Mehboob

HEAD OF INTERNAL AUDIT

Mr. Tahir Hussain

AUDITORS

M/s Rizwan & Company

Chartered Accountants Islamabad

Name of Engagement Partner: Mr. Rashid Iqbal (FCA)

LEGAL ADVISOR

Mr. Shahid Mahmood Baig

Advocate High Court

BANKERS

The Bank of Punjab

B.R.R. Guardian Modaraba

MCB Bank Limited

Dubai Islamic Bank

Habib Metropolitan Bank Limited

REGISTERED OFFICE

1st Floor, 65-XX,Khayaban-e-Iqbal Road, Phase - III, DHA, Lahore - 54792, Pakistan. Tel: + 92-42-37186438-9

SHARE REGISTRAR

Corptec Associates (Pvt.) Ltd.

503-E, Johar Town, Lahore

Tel : [phone]

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Accounts for the half year ended December 31 2022 show a loss of Rupees 5.77million as compared to the profit of Rupees 57.78 million in the corresponding period of 2021. This loss is mainly attributed to the cost of minimum staff required for the managing the corporate and financial affairs of the company.

The management is in the process of implementing the closure plan approved by the BOD and Shareholders. There were two parts to this plan i.e., Disposal of Assets and Future Business plan. As far as the Disposal of Assets is concerned, all the payments against the disposal of assets have been received.

We are pleased to report that the liability of the Bank of Punjab has been settled. However, after the settlement of the Bank of Punjab's liability sufficient surplus funds were not available, therefore, the future business plan as approved by the shareholders in their meeting held in October 2011 cannot be implemented.

Furthermore, we are still in litigation with the Crescent Standard Modaraba over their claims. In view of the same, the management is exploring various options for alternate funding to pay the balance of outstanding liabilities. Currently, the company does not have funds for the future business plan and if a possibility comes up, we will put it up for approval to the Shareholders.

In the meanwhile, we remain focused on cost controls and every possible effort is being made to curtail and keep the expenses to a minimum level.

For and on behalf of the Board
(Humayun Mazhar)	Khurram Mazhar Karim
Chief Executive Officer	Director
Lahore: February 28, 2023

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