COMPANY INFORMATION
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Board of Directors | Mr. Shahzad M. Husain - Chairman | (Non - Executive Director) |
Mr. Sikander Dada | (Chief Executive / Director) | |
Mr. Abu Talib H.K. Dada | (Non - Executive Director) | |
Mr. Maqbool H.H. Rahimtoola | (Non - Executive Director) | |
Syed Shahid Ali Bukhari | (Independent Director) | |
Mrs. Amber Ahmed Motiwala | (Independent Director) | |
Mrs. Ayesha Tariq Allawala | (Independent Director) |
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Chief Financial Officer | Mr. Muhammad Yousuf |
Company Secretary | Mr. Faisal Saeed Khan |
Head of Internal Audit | Mr. Irfan Aziz |
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Board Audit Committee | Syed Shahid Ali Bukhari | - Chairman |
Mr. Shahzad M. Husain | - Member | |
Mr. Maqbool H.H. Rahimtoola | - Member | |
Mrs. Amber Ahmed Motiwala | - Member |
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Human Resource and Remuneration | Mrs. Ayesha Tariq Allawala | - Chairperson |
Committee | Mr. Abu Talib H.K. Dada | - Member |
Mr. Maqbool H.H. Rahimtoola | - Member |
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Management Team | Mr. Sikander Dada | - Chief Executive Officer |
Mr. Tanveer Saleem | - Chief Operating Officer | |
(Technical & Operations) | ||
Mr. Muhammad Yousuf | - Chief Financial Officer | |
Lt. Cdr. (Retd.) Saeed Ahmed Khan | -General Manager Admin & HR | |
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Auditors | BDO Ebrahim & Co., Chartered Accountants |
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Bankers | National Bank of Pakistan |
Bank Islami Pakistan Limited | |
Habib Metropolitan Bank Limited | |
Bank AlBaraka | |
MCB Bank Limited | |
Sindh Bank Limited | |
The Bank of Punjab | |
United Bank Limited (UBL Ameen) | |
Standard Chartered Bank (Pakistan) Limited | |
Faysal Bank Limited | |
Habib Bank Limited | |
Askari Bank Limited | |
Meezan Bank Limited | |
Dubai Islamic Bank Pakistan Limited |
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Legal Advisor | Abrar Hasan & Co. |
9 Mezzanine Floor, Beaumont Plaza, | |
near PIDC House, Karachi. |
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Registered Office | Dadex House, 34-A/1, Block 6, P.E.C.H.S., |
Shahrah-e-Faisal, Karachi- 75400 | |
Tel: (92-21) 111000789 | |
Fax: (92-21) 34315716 | |
Email:info@dadex.com.pk |
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Share RegistrarM/s. JWAFFS Registrar Services (Private) Limited
407 - 408, Al-Ameera Centre, Shahrah-e-Iraq, Saddar Karachi
Phone: (92-21)35662023-24
Fax: (92-21) 35221192
Email:jwaffs@live.cominfo@jwaffs.com
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Websitewww.dadex.com
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Directors' Review
On behalf of the Board of Directors we take pleasure in presenting the unaudited accounts of the company for the first quarter ended September 30, 2022.
The period under review has been extremely challenging. Increasing inflation, devaluation of the rupee, high interest rates, rising fuel and energy prices, and political instability in the country are the greatest concerns for the Company, which have caused our input costs to rise, and providing major challenges for management.
The Company's gross sales volume was 443.34 million rupees, an increase of 9.50 percent compared to the same period of last year, when gross sales revenue was 404.914 million rupees. Gross Profit improved by 42.77 percent. The company's operating loss increased to Rs. 14.690 million (Sep 2021: Rs. 13.205 million) due to heavy exchange losses caused by the devaluation of the Pakistani rupee against the US dollar and rising energy prices. Financial cost increased by 27.98 percent compared to the prior-year period, contributed to a net loss before taxation of Rs. 52.093 million (Sep 2021: Rs. 42.430 million), resulting in a loss per share of Rs 5.44. (Sep 2021: Earning per share of Rs. 4.50)
Management is always searching for new sources of raw materials and strictly manages working capital. The management team has focused on broadening its customer base and exploring new markets to achieve positive results. Because of the strong brand reputation, the company is aiming to achieve continued success in the coming months.
The Board of Directors would like to thank the management team and acknowledge the continued support and dedication of stakeholders and all cadres of employees of the Company and expect them to put in extra efforts in coming quarters to help the Company to achieve a profitable year.
On behalf of the Board
Director | Chief Executive |
Shahzad M. Husain | Sikander Dada |
Karachi: November 25, 2022
** ** **
DADEX ETERNIT LIMITED | ||||
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED) | ||||
AS AT SEPTEMBER 30, 2022 | ||||
September 30, | June 30, | |||
2022 | 2022 | |||
(Un-audited) | (Audited) | |||
Note | (Rupees in '000') | |||
ASSETS | ||||
NON - CURRENT ASSETS | ||||
Property, plant and equipment | ||||
Operating fixed assets | 7 | 746,037 | 760,674 | |
Capital work in progress | 8 | 3,033 | 1,932 | |
749,070 | 762,606 | |||
Intangible assets | 95 | 117 | ||
Investment property | 28,552 | 29,186 | ||
Long-term investment | 9 | - | - | |
Long-term loans and advances | 1,320 | 915 | ||
Long-term security deposits | 20,081 | 20,081 | ||
Deferred tax asset | 199,053 | 199,053 | ||
998,171 | 1,011,958 | |||
CURRENT ASSETS | ||||
Stores, spare parts and loose tools | 44,125 | 42,966 | ||
Stock in trade | 10 | 282,264 | 386,121 | |
Trade debts | 11 | 162,981 | 113,407 | |
Loans and advances | 88,622 | 97,232 | ||
Trade deposits and short term prepayments | 74,885 | 58,620 | ||
Other receivables | 8,351 | 198,452 | ||
Income tax refund due from Government | 129,838 | 129,838 | ||
Taxation - net | 100,073 | 84,308 | ||
Cash and bank balances | 48,535 | 60,450 | ||
Non-current assets held for sale | 723,205 | 723,205 | ||
1,662,879 | 1,894,599 | |||
TOTAL ASSETS | 2,661,050 | 2,906,557 | ||
EQUITY AND LIABILITIES | ||||
SHARE CAPITAL AND RESERVES | ||||
Authorized share capital | ||||
12,000,000 (June 30, 2022: 12000,000) ordinary shares of Rs. 10 each | 120,000 | 120,000 | ||
8,000,000 (June 30, 2022: 8000,000) 'B' class ordinary shares of Rs. 10 each | 80,000 | 80,000 | ||
200,000 | 200,000 | |||
Issued, subscribed and paid-up capital | 12 | 107,640 | 107,640 | |
Reserves | (417,315) | (361,295) | ||
Surplus on revaluation of property, plant and equipment | 1,052,368 | 1,054,892 | ||
742,693 | 801,237 | |||
NON - CURRENT LIABILITIES | ||||
Long term financing | - | - | ||
Liabilities against assets subject to finance lease | - | 2,915 | ||
Deferred income | - | - | ||
GIDC payable | - | - | ||
- | 2,915 | |||
CURRENT LIABILITIES | ||||
Trade and other payables | 13 | 995,210 | 1,072,486 | |
Accrued markup | 29,236 | 26,375 | ||
Short-term borrowings | 14 | 825,376 | 925,567 | |
Current portion of deferred income | - | 421 | ||
Current portion of liabilities against assets subject to finance lease | 11,893 | 12,899 | ||
Current portion of long-term financing | 14,950 | 22,965 | ||
Loan from directors | 25,000 | 25,000 | ||
Unclaimed dividend | 16,692 | 16,692 | ||
1,918,357 | 2,102,405 | |||
CONTINGENCIES AND COMMITMENTS | 15 | |||
TOTAL EQUITY AND LIABILITIES | 2,661,050 | 2,906,557 | ||
The annexed notes from 1 to 26 form an integral part of these condensed interim financial information.
CHIEF EXECUTIVE | DIRECTOR | CHIEF FINANCIAL OFFICER |
Sikander Dada | Shahzad M. Husain | Muhammad Yousuf |
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Dadex Eternit Ltd. published this content on 29 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 November 2022 07:20:17 UTC.