Vision and Mission ...................................................................................................................................... 02 Geographical Presence ............................................................................................................................... 03 ............................................................................................. 04 ............................................................................................... 05 Auditor's Report to the Members ...................................................................................................... 08 Unconsolidated Condensed Interim Profit And Loss Account ................................................... 10 Unconsolidated Condensed Interim Cash Flow Statement .......................................................... 11 Unconsolidated Condensed Interim Statement of Changes in Equity ..................................... 12 Notes to the Unconsolidated Condensed Interim Financial Statements ................................ 13 Consolidated Condensed Interim Balance Sheet .......................................................................... 23 Consolidated Condensed Interim Profit & Loss Account ........................................................... 24 Consolidated Condensed Interim Cash Flow Statement ............................................................ 25 Consolidated Condensed Interim Statement of Changes in Equity ....................................... 26 Notes to the Consolidated Condensed Interim Financial Statements .................................. 27 Company Information ................................ Director's Report to the Shareholders Unconsolidated Condensed Interim Balance Sheet ....................................................................... 09 1 HALF YEARLY REPORT
Transcript
Vision and Mission ...................................................................................................................................... 02
P-6161, West Canal Road,Adjacent to ToyotaFaisalabad Motors andbehind HBL Canal Road,Branch.UAN +92-41-111-000-300Phone +92-41-8501471-3Fax +92-41-8501470.
HALF YEARLY REPORT
HALF YEARLY REPORT
Yousuf Zohaib Ali
Yousuf Zohaib Ali
Jameel Yusuf (S.St.)
Mark Rousseau
Johannes Christoffel Mostert
5
DIRECTORS’ REPORT
The Company achieved a gross profit margin of 50 percent as compared to 51 percent in
corresponding period last year. The gross profit grew by approximate Rs 97 million from last year
as a combined result of improvement in revenue as well as control over direct costs. Admin
expenses grew by 10 percent, Distribution by 35 percent and Finance cost by 11 percent. However,
the above expenses remained in line with revenue with no significant increase was observed. Profit
after tax margin increased to 4.2 percent as compared to 3 percent during the corresponding period.
The Company reported pretax and post-tax profit of Rs. 45.9 million and Rs. 27.7 million with
pretax and post-tax earnings of Re 0.21 & Re 0.13 as compared to Re 0.05 & Re 0.06 of the
corresponding period respectively. .
The Directors of the Company are pleased to present before you the performance review together
with the business performance of the Company for the half year ended December 31, 2013. .
Overview .
The economy of Pakistan grew at 3.6 percent and inflation fell to single digit by the end of the
second quarter as published in State Bank's Annual Report. Large Scale Manufacturing sector posted
a growth of 5.7 percent in July to October in the current financial year as compared to the same
period last year. However, growth of automobile sector remained sluggish due to the introduction
of 10 percent federal excise duty on locally manufactured vehicles ranging between 1300cc to
1800cc that left the local manufacturers losing their sales to imported vehicles.
Standalone Performance
Comparisons of un-audited half yearly results of the Company with the corresponding period of
2012 are given below:
.
.
.
Amount in Rupees
ParticularsHalf year ended
December 31, 2012
Half year ended
December 31, 2013
Number of Outstanding shares
Earnings per share - post tax
Sales Revenue
Gross Profit
Profit before tax
Profit after tax
Earnings per share - pre tax
333,520562
45,987,209
27,721,208
2172489630.21
0.13
666,952429
236,532,486
10,905,763
14,025,481
2172489630.05
0.06
467,410,005
HALF YEARLY REPORT
6HALF YEARLY REPORT
Despite the slow growth in automobile sectorthe Company's performance was better as compared
to corresponding period as it performed well in its other business segments. The Company
reported revenue growth of 43 percent, amounting to Rs. 199.5 million, as compared to the
corresponding period of last year.
An increase was observed in Container Tracking segment where revenue grew by more than 3
times from last year. This increase is attributed to start of the STE project which picked up pace
during the last six months. More than 25,000 containers were monitored and tracked from the
period May 2013 till December 2013. Trackingof Afghan Transit cargo has prevented numerous
potential pilferage attempts and helped the authorities to bring efficiency in the overall logistics
system, leading to benefits for economy, trade and industry.
Our Navigation Segment also grew by almost 50 percent which was a reflection of Company's
constant efforts in developing this market.
The overall growth was an outcome of well-defined business strategy and the Company's constant
focus on delivering quality product to its customers.
During the period the Company was able to negotiate and avail project finance facility from
Overseas Private Investors Corporation (OPIC) of USD 3.5 million as disclosed in note 13 of the
accompanying financial statements.
.
.
.
.
.
Future Outlook .
TPL has launched Pakistan's first M2M (Machine to Machine Product) OBDII. It is the leading plug
and play solution opted in US and European markets for tracking and telematics solution. It can
provide upto 2000 different alerts and real-time fuel, engine and vehicle health. It decreases the
installation cost and time by two third.
In Container tracking segment of the company we are expecting further increase in revenue with
the exit of US/NATO forces in 2014. Moreover TPL has recently signed an agreement with Engro
Fertilizers with a potential of 50,000 trips a year. The project is starting in Feb-14.
The Company is the sole provider of extensive and detailed navigation solution in the country and
expects revenue growth from this segmentto double in the next six months as it is an In-built
solution in Toyota and Suzuki. Moreover TPL is talking to leading mobile operators and hand set
manufacturers to market Trakker NAV as an In-built solution. The company has successfully
reached 200,000 facebook likes for Trakker Nav.
.
.
.
7
During the period ended December 31, 2013 the group reported revenue growth of 33% amounting
to Rs. 253 million as compared to corresponding period. The gross profit increased by Rs. 96
million, however, gross profit margin reduced marginally from 52% to 48%. The group reported
consolidated post-tax earnings of Re 0.22 as compared to Re. 0.14 in the corresponding period.
We would like to thank the shareholders of the Company for the confidence they have reposed in
us. We also appreciate the valued support and guidance provided by the Securities Exchange and
Commission of Pakistan, Federal Board of Revenue and the Karachi Stock Exchange. We would also
express our sincere thanks to the employees, strategic partners, vendors, suppliers, financial
institutions and customers for their support in pursuit of our corporate objectives.
The Board of Directors thanks the Allah Almighty for His blessings and hopes that the year 2014
will give new dimensions to the business.
Acknowledgement
Conclusion
.
.
.
.
Group Performance
Karachi: February 20, 2014Chairman
Jameel Yusuf (S.St.)
Sales Revenue
Gross Profit
Profit before tax
Profit after tax
Number of Outstanding shares
Particulars
1,023,730,536
494,132,450
82,829,354
52,676,100
217,248,9630.22
771,178,162
397,403,077
31,580,195
30,765,246
217,248,9630.14
Amount in Rupees
Half year ended
December 31, 2012
Half year ended
December 31, 2013
Earnings per share - post tax
On behalf of the Board of Directors
HALF YEARLY REPORT
8HALF YEARLY REPORT
DirectorJameel Yusuf (S.St)
TPL TRAKKER LIMITEDUnconsolidated Condensed Interim Balance SheetAs the December 31, 2013
Fixed assetsProperty and equipmentIntangible assets
Long-term investmentsLong-term loansLong-term depositsInterest accruedDue from related parties
Stock-in-tradeTrade debtsLoans and advancesTrade deposits and prepaymentsInterest accruedOther receivablesShort-term investmentsDue from related partiesTaxation-netCash and bank balances
Share capitalAuthorised
230,000,000 (June 30, 2013: 230,000,000)ordinary shares of Rs.10/- each
Issued, subscribed and paid-up capitalRevenue reserve – unappropriated profit
Long-term financingLiabilities against assets subject to finance leaseDeferred liabilitiesLong-term loans
Trade and other payablesAccrued mark-upShort-term financingRunning finance under mark-up arrangementsCurrent portion of non-current liabilitiesDue to related partiesAdvance monitoring fees
NON-CURRENT ASSETS
CURRENT ASSETS
SHARE CAPITAL AND RESERVES
NON-CURRENT LIABILITIES
CURRENT LIABILITIES
CONTINGENCIES AND COMMITMENTS
TOTAL EQUITY AND LIABILITIES
part of these condensed interim financial statements.The annexed notes from 1 to 28 form an integral
ASSETS
TOTAL ASSETS
EQUITY AND LIABILITIES
------------ ------------(Rupees)
Note
5
6
789
1011
8
9
12
13
14
1516
17
June 30,2013
(Audited)
415,636,2191,324,689,740
1,740,325,959
769,362,9901,238,244
17,541,87611,710,1513,850,142
2,544,029,362
135,846,316508,641,088
7,320,01231,304,04846,731,067
4,700,657439,000,00058,010,975
4,027,9142,087,853
1,237,669,930
3,781,699,292
2,300,000,000
2,172,489,630282,353,186
2,454,842,816
-
4,223,10013,300,48616,666,668
34,190,254
310,450,741110,189,22635,000,000
471,537,57461,778,654
215,900,01687,810,011
1,292,666,222
3,781,699,292
December 31,2013
(Un-audited)
414,366,6511,323,852,107
1,738,218,758
769,362,990476,710
28,223,92512,011,2424,956,476
2,553,250,101
163,969,722684,933,370
25,138,43941,487,84948,013,9714,838,730
439,000,00051,963,187
1,136,78854,592,960
1,515,075,016
4,068,325,117
2,300,000,000
2,172,489,630310,074,394
2,482,564,024
324,511,66820,639,11014,501,807
-
359,652,585
254,582,016132,767,139
17,300,142471,609,378104,637,499182,325,204
62,887,130
1,226,108,508
4,068,325,117
9HALF YEARLY REPORT
DirectorJameel Yusuf (S.St)
TPL TRAKKER LIMITEDUnconsolidated Condensed Interim Profit & Loss AccountFor the Half Year Ended December 31, 2013 (Un-Audited)
Note
18
19
20
21
22
23
–Turnover net
Cost of sales
Gross profit
Distribution expenses
Administrative expenses
gOther operatin expenses
Operating profit
Finance costs
Other income
Workers’ Welfare Fund
Profit before taxation
Taxation
Profit for the period
Other comprehensive incomefor the period, net of tax
Total comprehensive
income for the period
Earnings per share - Basicand diluted
The annexed notes from 1 to 28 form an integral part of these condensed interim financial statements.
December 31,2012
-
231,811,783
(100,480,917)
131,330,866
(48,447,074)
(69,909,625)
2,380,024
15,354,191
(26,668,118)
22,513,583
(289,910)
10,909,746
5,280,522
16,190,268
16,190,268
Rs. 0.05
Quarter ended
------------ ------------(Rupees)
December 31,2012
-
-
467,410,005
(230,877,519)
236,532,486
(72,101,936)
(125,101,141)
39,329,409
(53,953,503)
25,819,767
(289,910)
10,905,763
3,119,718
14,025,481
14,025,481
Rs. 0.06
Half year ended
------------ ------------(Rupees)
December 31,2013
-
328,660,530
(167,997,277)
160,663,253
(46,747,323)
(67,038,154)
(4,666)
46,873,110
(29,932,692)
4,815,909
(1,041,088)
20,715,239
(14,883,082)
5,832,157
5,832,157
Rs. 0.03
-
December 31,2013
666,952,432
(333,431,867)
333,520,565
(97,098,632)
(137,182,341)
(4,666)
99,234,926
(60,132,159)
7,925,530
(1,041,088)
45,987,209
(18,266,001)
27,721,208
27,721,208
Rs. 0.13
10HALF YEARLY REPORT
DirectorJameel Yusuf (S.St)
TPL TRAKKER LIMITEDUnconsolidated Condensed Interim Cash Flow StatementFor the Half Year Ended December 31, 2013 (Un-Audited)
Note
5.1.419
11.214.2
5.2
25
Profit before taxation
Adjustment for non-cash charges and other items:
DepreciationAmortisation of intangible assetsFinance costsGain on sale of property and equipmentRental incomeExchange (gain) / loss – netProvision for doubtful debtsDeferred income
Operating profit before working capital changes
/ decrease in current assets(Increase)
Stock-in-tradeTrade debtsLoans and advancesTrade deposits and prepaymentsOther receivablesInterest accruedDue from related parties
(Decrease) / increase in current liabilitiesTrade and other payablesDue to related partiesAdvance monitoring fees
Cash flows from operations
Payments for:
Finance costsIncome taxes
Net cash flows (used in) / from operating activities
Purchase of - property and equipment- capital work-in-progress- intangible assets
Sales proceed from disposal of property and equipmentLong-term loansLong-term depositsRental income received
Net cash flows from / (used in) investing activities
Long-term financing – netObligation under finance lease repaid – netLong-term loans – netShort term financing – netShare issue cost paid
Net cash flows from / (used in) financing activities
CASH FLOWS FROM OPERATING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Net increase / (decrease) in cash and cash equivalentsCash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
The annexed notes from 1 to 28 form an integral part of these condensed interim financial statements.
TPL TRAKKER LIMITEDNotes to the Unconsolidated Condensed Interim Financial StatementsFor the Half Year Ended December 31, 2013 (Un-Audited)
1. LEGAL STATUS AND OPERATIONS
ty of the Company is installation and sale of
1.1. TPL Trakker Limited (the Company) was incorporated in Pakistan on December 04, 2008 as aprivate limited company under the Companies Ordinance, 1984. Subsequently in 2009, theCompany was converted into a public company. The Company got listed on the Karachi StockExchange Limited on July 16, 2012. The registered office of the Company is situated at 39-K,Block 6, P.E.C.H.S., Karachi. The principal activitracking devices, vehicle tracking and fleet management.
epresenting 52.91 percent (June 30, 2013: 52.911.2. TPL Holdings (Private) Limited is the parent company, who held 114,950,274 (June 30, 2013:
114,950,274) ordinary shares of the Company rpercent) shareholding as of the balance sheet date.
1.3. These condensed interim financial statements are the separate condensed interim financialstatements of the Company, in which investments in the below mentioned subsidiaries andassociates have been accounted for at cost less accumulated impairment losses, if any. As ofbalance sheet date, the Company has the following subsidiaries and associates:
Subsidiaries
TPL Direct Insurance Limited (TDIL)TPL Security Services (Pvt) Limited (TSS)
Associates
Trakker Middle East LLC (TME)TPL Properties (Private) Limited (TPPL)
2. STATEMENT OF COMPLIANCE
This condensed interim financial report of the Company for the six months period ended December 31,2013 has been prepared in accordance with the requirements of the International Accounting Standard34 - Interim Financial Reporting and provisions of and directives issued under the Companies Ordinance,1984. In case where requirements differ, the provisions of or directives issued under the CompaniesOrdinance, 1984 have been followed.
3. BASIS OF PREPARATION
3.1. These condensed interim financial statements are un-audited but subject to limited scope reviewby the auditors and are being submitted to the shareholders as required under Section 245 of theCompanies Ordinance, 1984. These condensed interim financial statements do not include all theinformation and disclosures required in the annual financial statements, and should be read inconjunction with the financial statements (unconsolidated) of the Company for the year endedJune 30, 2013.
3.2. The figures of the condensed interim profit and loss account for the quarter ended December 31,2013 and December 31, 2012 and notes forming part thereof have not been reviewed by theauditors of the Company, as they have reviewed the cumulative figures for the half year endedDecember 31, 2013 and December 31, 2012.
% of shareholding
December 31,2013
67.3999.90
2941
June 30,2013
67.3999.90
2941
13HALF YEARLY REPORT
TPL TRAKKER LIMITEDNotes to the Unconsolidated Condensed Interim Financial StatementsFor the Half Year Ended December 31, 2013 (Un-Audited)
Note
5.15.2
5.1.1
5.1.3
5.1.25.1.4
4. SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and the methods of computation adopted in the preparation of this condensedinterim financial report are the same as those applied in the preparation of the annual financialstatements (unconsolidated) for the year ended June 30, 2013, except for the adoption of new, amendedand revised standards and interpretations:
New, Amended and Revised Standards and Interpretations of IFRSs
The Company has adopted the following revised standards, amendments and interpretation of IFRSswhich became effective for the current period:
about offsetting financial assets and financial liabilitiesIFRS 7 - Financial Instruments: Disclosures (Amendment) – Amendments enhancing disclosures
IAS 19 - Employee Benefits (Revised)
IFRIC 20 - Stripping Costs in the Production Phase of a Surface Mine
Improvement to Accounting Standards issued by the IASB
IAS 1 - Presentation of Financial Statements – Clarification of the requirements for comparativeinformation
IAS 16 - Property, Plant and Equipment – Classification of Servicing Equipment
IAS 32 - Financial Instruments: Presentation – Tax effects of Distribution to Holders of EquityEquipment
IAS 34 - Interim Financial Reporting – Interim Financial Reporting and Segment Information forTotal Assets and Liabilities
The adoption of the above amendments, revisions, interpretations and improvements to accountingstandards did not have any material effect on these condensed interim financial statements of theCompany.
5. PROPERTY AND EQUIPMENT
Operating fixed assetsCapital work-in-progress
5.1. The movement in operating fixed assets during the period / year are as follows:
Opening balanceAdd: Additions during the period / year
period / year (WDV)
period / year
Less: Disposals during the period / year (WDV)Transferred to stock-in-trade during the
Sale and leaseback transactions for the
Depreciation charge for the period / year
Operating fixed assets (WDV)
December 31,2013
June 30,2013
------------ (Rupees) ------------
399,233,62916,402,590
415,636,219
366,896,688133,233,443
500,130,131
(4,516,630)
(12,374,167)
(12,631,545)(71,374,160)
(100,896,502)(399,233,629)
-
397,372,21316,994,438
414,366,651
399,233,62950,226,058
449,459,687
(5,837,181)
(8,928,029)(37,322,264)
(52,087,474)(397,372,213)
14HALF YEARLY REPORT
TPL TRAKKER LIMITEDNotes to the Unconsolidated Condensed Interim Financial StatementsFor the Half Year Ended December 31, 2013 (Un-Audited)
Note
5.25.2
13.3
5.1.2
Note
19
21
5.1.1. Additions including transfers during theperiod / year
Computers and accessoriesElectrical equipmentsFurniture and fittingsVehiclesMobile phones
5.1.2. During the period, the Company has entered into a sale and lease back transaction aggregatingto Rs.35.0 million representing computers and accessories (operating fixed assets) of Rs.9.650million and computer softwares (intangible assets) of Rs.25.350 million against the written downvalue of Rs.8.928 million and Rs.20.567 million respectively. The resultant gain of Rs.5.504million has been deferred as per the requirements of IAS – 17 “Leases” and shall be recognisedover the lease term of the leased assets.
5.1.3. Disposals during the period / year – at WDV
Computer and accessoriesElectrical equipmentsGeneratorsVehiclesMobile phones
5.1.4. Depreciation charged during the period / year
Cost of salesDistribution expensesAdministrative expenses
5.2. Capital work-in-progress
December 31,2013
June 30,2013
------------ (Rupees) ------------
December 31,2013
June 30,2013
------------ (Rupees) ------------
--
36,458
5,781,66719,056
5,837,181
24,257,11581,137,3613,348,830
23,040,2121,449,925
133,233,443
35,37331,724
9,7504,294,290
145,493
4,516,630
35,888,0079,776,678
25,709,475
71,374,160
5.1.1
5.2.1
Opening balanceAdditions during the period / yearTransferred during the period / year toOperating fixed assets
Closing balance
5.2.1. Represents expenses incurred and advances made by the Company in respect of procurementof computer equipments and softwares, office equipments, furniture and fittings.
6. LONG-TERM INVESTMENTS
Represents investments in TPL Direct Insurance Limited, TPL Securities (Pvt) Limited (subsidiarycompanies) and Trakker Middle East LLC and TPL Properties (Private) Limited (associated companies)amounting to Rs.635.583 million, Rs.37.749 million, Rs.85.30 million and Rs.11.00 million respectively.
7. LONG TERM DEPOSITS
llion) in respect of securityIncluded herein amount of Rs.16.259 million (June 30, 2013: Rs.5.787 mideposits on leased assets and ijarah arrangements.
1,947,07117,589,541
(3,134,022)
16,402,590
22,143,75121,375,378
5,706,5771,000,352
50,226,058
-
18,944,1675,122,534
13,255,563
37,322,264
16,402,5902,540,981
(1,949,133)
16,994,438
15HALF YEARLY REPORT
TPL TRAKKER LIMITEDNotes to the Unconsolidated Condensed Interim Financial StatementsFor the Half Year Ended December 31, 2013 (Un-Audited)
- Trakker Middle East LLC- TPL Properties (Private) Limited
Others
- Global Connect Limited- Trakker Financial Consultancy (Private)Limited- TPL Logistic (Pvt) Limited- The Resource Group Pakistan Limited
Accrued mark-up on current account with:
Less: Current portion
Less: Current portion
9. DUE FROM RELATED PARTIES – unsecured,
8. INTEREST ACCRUED – unsecured,considered good
considered good
9.1. There are no major changes in the terms and conditions of current account balances with relatedparties as disclosed in the annual financial statement (unconsolidated) for the year ended June30, 2013.
9.1
Note2013
December 31, June 30,2013
------------ (Rupees) ------------
36,324,241
4,326,421
2,653,16111,710,151
14,363,312
1,219,318458,965
46,7811,702,180
3,427,244
58,441,218
46,731,067
11,710,151
20,424,889
33,483,378
304,6143,850,142
4,154,756
89,150671,810340,551
2,696,583
3,798,094
61,861,11758,010,975
3,850,142
37,315,390
4,326,421
2,653,16112,011,242
14,664,403
1,232,481506,98774,257
1,905,274
3,718,999
60,025,213
(48,013,971)
12,011,242
13,949,024
33,649,464
68,3864,956,476
5,024,862
89,150688,335440,101
3,078,727
4,296,313
56,919,663(51,963,187)
4,956,476
16HALF YEARLY REPORT
TPL TRAKKER LIMITEDNotes to the Unconsolidated Condensed Interim Financial StatementsFor the Half Year Ended December 31, 2013 (Un-Audited)
10. STOCK-IN-TRADE
10.1. Includes stock of Rs.9.391 million (June 30, 2013: Rs.10.254 million) held with DigicoreElectronics (Pty) Limited (Supplier and a related party by virtue of common directorship) andRs.3.511 million (June 30, 2013: Rs.34.745 million) held with third parties on account of stockgiven for demo purposes.
13: Rs.50.443 million) held with third parties on10.2. Includes stock of Rs.76.755 million (June 30, 20account of on-site container tracking installations.
11. TRADE DEBTS – unsecured
11.1. Included herein amount due from TPL Direct Insurance Limited and TPL Securities Services(Pvt) Limited (subsidiary companies) of Rs.16.598 million and Rs.0.043 million (June 30, 2013:Rs.22.405 million and Rs.0.012 million) respectively, and The Resource Group Pakistan Limited(a related party) of Rs.0.741 million (June 30, 2013:Rs.0.075 million).
11.2. Provision for doubtful debts
12. CASH AND BANK BALANCES
Tracking devicesSpare parts
Considered good
Considered doubtfulLess: Provision for doubtful debts
Opening balanceProvision for the period / yearWritten off during the period / year
Closing balance
Cash in handAt banks in:
- foreign currency- local currency
current accounts
saving accounts
Note
10.1 & 10.2
Note
11.1
11.2
Note
12.1
------------ (Rupees) ------------
------------ (Rupees) ------------
------------ (Rupees) ------------
June 30,2013
June 30,2013
June 30,2013
125,114,51210,731,804
135,846,316
-
508,641,088
22,125,23022,125,230
508,641,088
-
-
-
22,125,230
22,125,230
829,241
107,2541,151,358
1,258,612
2,087,853
December 31,2013
December 31,2013
December 31,2013
22,125,23010,497,056(8,816,953)
23,805,333
4,469,578
107,2543,862,898
3,970,15246,153,230
54,592,960
148,976,51514,993,207
163,969,722
-
684,933,370
23,805,333(23,805,333)
684,933,370
17HALF YEARLY REPORT
TPL TRAKKER LIMITEDNotes to the Unconsolidated Condensed Interim Financial StatementsFor the Half Year Ended December 31, 2013 (Un-Audited)
12.1. Included herein debt service reserve account maintained with United Bank Limited for any date ofUS Dollars 0.440 million equal to the aggregate amount of principal, interest payments and feesof Rs.46.153 million for the immediately succeeding six month period with respect to thefinancing facility as disclosed in note 13.1 to these condensed interim financial statements. Thisaccount shall be quarterly adjusted to account for exchange rate fluctuations in accordance withthe requirement of the Security and Deposit Account Control Agreement among the Company,Overseas Private Investment Corporation (OPIC) and United Bank Limited dated December 09,2013.
13. LONG-TERM FINANCING - secured
Project financeDiminishing musharaka
Less: Current portion shown under currentliabilities
13.1.five years from OPIC (a foreign financial
During the period, the Company has obtained a project financing facility of US Dollars 3.5 million(equivalent to Rs.367.663 million) for a period ofinstitution) through an agreement dated November 27, 2013.
13.2. As of balance sheet date, the Company has utilised the aforementioned financing facility. Thesaid facility amount is repayable in US Dollar in sixteen equal quarterly installments commencingfrom September 15, 2014 and ending no later than June 15, 2018 i.e. maturity date. It carriesmarkup at the rate of 5 year United States Treasury Rate plus 3.75 percent (i.e. 5.12 percent) perannum payable quarterly on 15
thof each March, June, September and December after the
receipt of first disbursement date i.e. December 24, 2013. The facility is secured against pledgeof 35 million ordinary shares owned by the TPL Holdings (Private) Limited (parent company) inthe Company, guarantees of the parent company of US Dollars 2.70 million and charge onsaving account (note 12.1). The Company shall be liable to pay commitment fee semi-annually atthe rate of 0.5 percent per annum in arrears after the receipt of first disbursement on the undrawnbalance of set facility and maintenance fee of US Dollars 7,500 per annum in arrears. Under theaforesaid agreement there are certain restrictive payment covenants.
13.3. During the period, the Company has obtained diminishing musharika financing facilities forvehicles aggregating to Rs.3.986 million from First Habib Modaraba for a period of 3 years,carrying mark-up at the rate of 6 months KIBOR plus 3 percent per annum with a floor of 11percent and ceiling of 21 percent subject to quarterly revision. The musharika units are to bepurchased during the period of 3 years in 36 monthly installments latest by August 10, 2016 andOctober 10, 2016 respectively and are secured against first charge of Rs.4.428 million onvehicles.
------------ (Rupees) ------------Note
13.1 & 13.213.3
June 30,2013
--
-
-
-
December 31,2013
368,200,0003,665,224
371,865,224
(47,353,556)
324,511,668
18HALF YEARLY REPORT
TPL TRAKKER LIMITEDNotes to the Unconsolidated Condensed Interim Financial StatementsFor the Half Year Ended December 31, 2013 (Un-Audited)
14. DEFERRED LIABILITIES
Note
December 31,2013
June 30,2013
------------ (Rupees) ------------
Deferred tax liabilityDeferred income
14.114.2
7,158,8516,141,635
13,300,486
14.1. Deferred tax liability / (asset)
Deferred tax liabilities on taxable temporarydifference:
and leased assets- accelerated tax depreciation on owned assets
- intangible assets
Deferred tax assets on deductible temporarydifference:
- liabilities against assets subject to finance lease- trade debts- deferred income
14.2. Deferred income
Opening balanceGain on sale and lease back transactionsduring the period / yearAmortisation for the period / year
15. TRADE AND OTHER PAYABLES
Sales tax payableWithholding tax payableWorkers’ Welfare Fund
15.1. Includes an amount of Rs.4.997 million (June 30, 2013: Rs.8.336 million) equivalent to USDollars 0.048 million (June 30, 2013: US Dollar 0.0.80 million) in respect of bills payable toDigicore Electronics (Pty) Limited (Supplier and a related party by virtue of common directorship).
16. ACCRUED MARK-UP
Included herein accrued mark-up of Rs.108.704 million (June 30, 2013: Rs.86.236 million) on currentaccount balance with a related party.
17. CONTINGENCIES AND COMMITMENTS
There are no major changes in the status of contingencies and commitments as reported in the annualfinancial statements (unconsolidated) of the Company for the year ended June 30, 2013.
TPL TRAKKER LIMITEDNotes to the Unconsolidated Condensed Interim Financial StatementsFor the Half Year Ended December 31, 2013 (Un-Audited)
20. DISTRIBUTION EXPENSES
Included herein Rs.18.179 million, Rs. 29.365 million, Rs.12.626 million and Rs.20.581 million (December31, 2012: Rs.16.256 million, Rs.9.931 million, Rs.7.216 million and Rs.24.033 million) in respect ofsalaries, wages and other benefits, commission expense, outsourcing expense and sales and promotionexpense respectively.
21. ADMINISTRATIVE EXPENSES
Included herein Rs.47.741 million, Rs.13.255 million and Rs.5.513 million (December 31, 2012:Rs.42.582 million, Rs.9.778 million and Rs.2.368 million) in respect of salaries, wages and other benefits,depreciation and ijarah rentals respectively.
Salaries, wages andbenefitsActivation and connectionchargesInsuranceVehicle running andmaintenanceDepreciationAmortisation of intangibleassetsLicense renewal royaltyTelephoneTraveling and conveyanceElectricity, gas and waterRent, rates and taxesComputer expenses
These are net of sales tax for the period amounting to Rs.98.698 million (December 31, 2012:Rs.50.335 million).
18.1.
18.1
18. TURNOVER - net
Note
Half year ended
------------ ------------(Rupees)
December 31,2013
December 31,2012
December 31,2013
December 31,2012
Quarter ended
------------ ------------(Rupees)
170,144,200267,789,184167,525,825
28,568,95532,924,268
666,952,432
139,965,212245,541,040
19,201,36119,143,58243,558,810
467,410,005
48,986,744132,287,464
10,197,99812,089,41728,250,160
231,811,783
76,923,149162,102,373
59,861,2229,008,694
20,765,092
328,660,530
20HALF YEARLY REPORT
TPL TRAKKER LIMITEDNotes to the Unconsolidated Condensed Interim Financial StatementsFor the Half Year Ended December 31, 2013 (Un-Audited)
23. TAXATION
22. OTHER INCOME
Included herein Rs.1.583 million and Rs.3.225 million (December 31, 2012: Rs.7.373 million andRs.11.397 million) related to mark-up on current account with related parties and amortisation of deferredincome on sale and leaseback transactions respectively.
Half year ended
------------ ------------(Rupees)
December 31,2013
December 31,2012
------------ ------------(Rupees)
Quarter ended
December 31,2013
December 31,2012
CurrentPriorDeferred
(17,917,515)(1,426,325)
1,077,839
(18,266,001)
-(4,091,195)
7,210,913
3,119,718
(14,534,596)(1,426,325)
1,077,839
(14,883,082)
-(1,930,391)
7,210,913
5,280,522
– (Associated Company)Trakker Middle East LLC.Expenses incurred on behalf of the Company
Expenses incurred by the CompanyMark-up on current account
Common directorshipGlobal Connect Limited,Mark-up on current account
The Resource Group Pakistan Limited,Common directorship
Expenses incurred by the CompanyExpenses incurred on behalf of the CompanyMark-up on current account
-
-
-
24,10045,232
422,388
173,523
TPL Security Services (Pvt) Limited,Subsidiary company
Rental incomeExpenses incurred by the CompanyServices acquired by the CompanyAmount received by the Company
1,012,31723,132,73212,700,05910,415,000
TPL Direct Insurance Limited, Subsidiary companySales made to TDILExpenses paid by the Company on behalf of TDILAmount received from TDILMark-up on current accountPayments made to TDILExpenses paid by TDIL on behalf of the Company
66,492,46621,314,962
127,000,00015,847,28035,500,000
849,427
TPL Holdings (Private) Limited, Holding companyAdvances given by the CompanyAmount received by the CompanyExpenses paid / incurred by the CompanyMark-up on current account
236,228
16,52548,022
13,163
723,504341,360203,094
-27,022,41214,716,32612,140,000
83,699,87523,972,047
165,800,00022,468,01895,000,000
3,297,110
18,950,00025,796,790
370,925991,149
-86,000,000
540,1527,062,961
Name / Relationship
Related parties of the Company comprise holding company, subsidiaries, associates, directors and keymanagement personnel. Transactions with related parties during the period, other than those which havebeen disclosed elsewhere in these condensed interim financial statements, are as follows:
24. TRANSACTIONS WITH RELATED PARTIES
December 31,2013
December 31,2012
Half year ended
---------- (Rupees) ----------
21HALF YEARLY REPORT
TPL TRAKKER LIMITEDNotes to the Unconsolidated Condensed Interim Financial StatementsFor the Half Year Ended December 31, 2013 (Un-Audited)
Component
Condensedinterim profit
and lossaccount
From
Equipment installation andsales – Sales
Commission expense – Sales
Note(financial
statementsperiod ended31 December
2012)
18
18
To
Navigation services –Sales
Commission expense –Distribution expense
Note(financial
statementsperiod ended31 December
2013)
18
20
(Rupees)
19,143,582
9,931,629
Reclassifications
12
25. CASH AND CASH EQUIVALENTS
Cash and bank balances
Running finance under mark-up arrangements
27. CORRESPONDING FIGURES
Corresponding figures, wherever necessary have been rearranged in line with reclassifications reportedin annual financial statements (unconsolidated) for the year ended June 30, 2013. The details ofreclassifications are as follows:
28. GENERAL
28.1. All figures have been rounded off to the nearest rupee, unless otherwise stated.
26. DATE OF AUTHORISATION OF ISSUE
Board of Directors of the Company.These condensed interim financial statements were authorised for issue on
5,881,104
(401,583,049)
(395,701,945)
54,592,960
(471,609,378)
(417,016,418)
Name / Relationship
DirectorshipTPL Logistics (Private) Limited, Common
Expenses incurred by the CompanyMark-up on current account
DirectorshipDigicore Electronics (Pty) Limited, Common
Purchases made during the period by the CompanyPayments made to Digicore
TPL TRAKKER LIMITEDConsolidated Condensed Interim Balance SheetAs At December 31, 2013 (Un-Audited)
DirectorJameel Yusuf (S.St)
December 31,2013
Rupees(Un-audited)
June 30,2013
Rupees(Audited)
499,098,9301,782,735,967
2,281,834,897
Note
5
ASSETS
NON-CURRENT ASSETSFixed assets
Property and equipmentIntangible assets
726,938,7001,238,244
17,541,87611,710,1513,850,142
-
3,043,114,010
6
7
Long-term investmentsLong-term loansLong-term depositsInterest accruedDue from related partiesDeferred tax
135,846,316491,316,839107,687,584
61,248,49342,404,64619,735,2622,158,872
24,527,59757,886,915
20,6936,619,400
-39,396,454
6,376,87754,169,443
1,049,395,391
4,092,509,401
8
7
9Cash and bank balances
CURRENT ASSETS
Stock-in-tradeTrade debtsLoans and advancesTrade deposits and prepaymentsInterest accruedOther receivablesShort-term investmentsDue from related partiesPremium due but unpaidAmounts due from other insurers / reinsurersReinsurance recoveries against outstanding claimsAccrued investment incomeDeferred commission expenseTaxation – net
TOTAL ASSETS
EQUITY AND LIABILITIESSHARE CAPITAL AND RESERVESShare capitalAuthorised230,000,000 (June 30, 2013: 230,000,000) ordinary shares of Rs.10/- each
Liabilities against assets subject to finance leaseDeferred liabilitiesLong-term financingLong-term loansProvision for outstanding claimsProvision for unearned premium
CURRENT LIABILITIES
Trade and other payablesAccrued mark-upShort-term financingRunning finance under mark-up arrangementsTaxation - netCurrent portion of non-current liabilitiesAdvance monitoring feesPremium received in advanceAmounts due to other insurers / reinsurers
CONTINGENCIES AND COMMITMENTS
TOTAL EQUITY AND LIABILITIES
The annexed notes from 1 to 16form an integral part of these consolidated financial statements.
23HALF YEARLY REPORT
TPL TRAKKER LIMITEDConsolidated Condensed Interim Profit And Loss AccountFor the Half Year Ended December 31, 2013 (Un-Audited)
DirectorJameel Yusuf (S.St)
24HALF YEARLY REPORT
December 31,2012
December 31,2013
Quarter ended
1,023,730,536
(529,598,086)
494,132,450
(96,198,632)
(314,031,494)
(4,666)
83,897,658
(38,708,090)
25,086,257
13,594,617
(1,041,088)
82,829,354
(30,153,254)
52,676,100
52,676,100
0.22
-
47,342,2515,333,849
52,676,100
771,178,162
(373,775,085)
397,403,077
(72,101,936)
(310,652,502)
14,648,639
(38,106,467)
42,975,949
12,351,984
(289,910)
31,580,195
(814,949)
30,765,246
30,765,246
0.14
-
-
26,404,5034,360,743
30,765,246
511,015,976
(198,850,053)
312,165,922
(46,516,398)
(224,017,243)
(4,666)
41,627,615
(15,881,679)
10,994,519
9,231,723
(1,041,088)
44,931,090
(24,407,416)
20,523,674
-
20,523,674
0.08
17,522,1983,001,476
20,523,674
400,593,496
(110,266,119)
290,327,377
(48,447,074)
(231,089,605)
(2,075,044)
8,715,654
(15,433,961)
19,544,608
8,245,834
(289,910)
20,782,225
2,582,847
23,365,072
-
23,365,072
0.11
19,588,4903,776,582
23,365,072
Owners of the parent
Non-Controlling interest
Total comprehensive income attributableto:
Earningsper share - Basicand diluted
Total comprehensive income forthe period
Other comprehensive income for theperiod, net of tax
Share of profit from investment inassociates - net
Cost of sales
Gross profit
Distribution cost
Administrative expenses
Other operating expenses
Operating profit
Finance cost
Other income
Workers’ Welfare Fund
Profit before taxation
Taxation
Profit for the period
The annexed notes from 1 to 16 form an integral part of these consolidated financial statements.
TPL TRAKKER LIMITEDConsolidated Condensed Interim Cash Flow StatementFor the Half Year Ended December 31, 2013 (Un-Audited)
Profit before taxation
Adjustment for non-cash charges and other items:
DepreciationAmortisation of intangible assetsFinance costAsset written offGain on sale of property and equipmentGain on disposal of investmentProvision for doubtful debtsDeferred IncomeExchange loss-net
Operating profit before working capital changes
(Increase) / decrease in assets
Stock-in-tradeTrade debtsShort-term investmentsLoans and advancesTrade deposits and prepaymentsAccrued mark-upOther receivablesDue from related partiesPremium due but unpaidAmounts due from other insurers / reinsurersReinsurance recoveries against outstanding claimsDeferred commission expense
Increase / (decrease) in liabilities
Trade and other payablesDue to a related partyAdvance monitoring feesPremium received in advanceAmounts due to other insurers / reinsurersUnearned premiumProvision for outstanding claims
Cash flows (used in) / from operations
Payments for :
Finance costIncome taxes
Net cash flows (used in) / from operating activities
Purchase of - property and equipment- capital work-in-progress – net- intangible assets
Sale proceed from disposals of property and equipmentLong-term loansLong-term depositsProceed from disposal of investmentLong-term investmentsPurchase of short-term investments – net
Net cash flows used in investing activities
Receipt of long-term loanPayment of long-term loanPayment of long-term financingObligation under finance lease repaid – netAdvance against issue of sharesShare issue costIssue of sharesShort-term financing – net
Net cash flows from / (used in) financing activities
equivalents beginningCash and cash at the of the period
Cash and cash equivalents at the end of the period
CASH FLOWS FROM OPERATING ACTIVITIES
CASH FLOWS FROM INVESTING ACTIVITIES
CASH FLOWS FROM FINANCING ACTIVITIES
Net (decrease) / increase in cash and cash equivalents
The annexed notes from 1 to 16 form an integral part of these consolidated financial statements.
o
13
N te
50,359,85020,518,94038,708,090
1,041,999
10,497,056(3,225,007)(2,011,985)
115,888,943
198,718,297
-
-
(35,213,705)(28,407,497)
(63,621,202)
(28,123,405)(188,242,521)
(4,189,767)(17,450,855)(39,018,359)
(1,583,995)(4,499,498)
5,107,540(30,330,866)
(1,440)1,479,400
(18,029,334)
(324,883,100)
(51,662,565)
(22,959,338)328,000435,164
57,625,50956,912,848
40,679,618
(85,485,185)
-
(149,106,387)
(39,874,149)(33,269,434)(14,757,356)
42,814,695465,649
(10,682,049)10,831,500
(13,219,937)
(57,691,081)
371,865,224(25,000,000)
(12,782,951)
-
-
---
(17,699,858)
316,382,415
109,584,947
(307,783,184)
(417,368,131)
December 31,2013
Rupees
(Un-audited)
82,829,354
-
-
-
-
-
-
-
-
57,926,20515,813,34753,953,504
8,667,570(4,212,501)
10,508,884(11,397,055)(1,824,777)
129,435,177
161,015,372
(17,697,701)(9,375,240)
1,258,77512,727,811
717,377(16,025,960)(17,197,510)
85,087,6736,131,974
429,399(3,717,216)
4,221,129
46,560,511
47,873,445
(54,997,940)495,001
(772,131)(16,139,178)
16,581,069
(6,959,734)
200,616,149
(47,864,215)(31,585,664)
(79,449,879)
121,166,269
(51,363,051)(30,915,764)(23,719,077)
4,587,861(669,026)
(2,391,135)
(18,279,116)
(122,749,308)
(16,666,666)
(9,553,395)
(7,482,159)
(8,000,000)
(41,702,220)
(43,285,258)(334,358,441)
(377,643,699)
December 31,2012
Rupees
(Un-audited)
31,580,195
DirectorJameel Yusuf (S.St)
25HALF YEARLY REPORT
TPL TRAKKER LIMITEDConsolidated Condensed Interim Statement of Changes in EquityFor the Half Year Ended December 31, 2013 (Un-Audited)
The annexed notes from 1 to 16 form an integral part of these consolidated financial statements.
1,872,489,630
300,000,000
-
-
2,172,489,630
2,172,489,630
-
2,172,489,630
187,037,875
26,404,503
26,404,503
(7,482,159)
205,960,219
249,463,007
47,342,251
(10,527)
47,342,251
296,805,258
-
161,464
(832,511)
(832,511)
(671,047)
201,392
(10,527)
(10,527)
190,865
187,199,339
26,404,503
(832,511)
25,571,992
(7,482,159)
205,289,172
249,664,399
47,342,251
47,331,724
296,996,123
151,303,930
4,360,743
(402,852)
3,957,,891
155,261,821
166,845,875
5,333,849
(5,185)
5,328,664
172,174,539
2,210,992,899
300,000,000
30,765,246
(1,235,363)
29,529,883
(7,482,159)
2,533,040,623
2,588,999,904
52,676,100
(15,711)
52,660,388
2,641,660,292
Balance as at July 01, 2012
Issue of shares
Profit for the period
Other comprehensive lossfor the period, net of tax
Total comprehensive income for theperiod
Share issue cost
Balance as at December 31, 2012
Balance as at July 01, 2013
Profit for the period
Other comprehensive lossfor the period, net of tax
Total comprehensive income for theperiod
Balance as at December 31, 2013
DirectorJameel Yusuf (S.St)
26HALF YEARLY REPORT
TPL TRAKKER LIMITEDNotes to the Consolidated Condensed Interim Financial StatementsFor the Half Year Ended December 31, 2013 (Un-Audited)
1. LEGAL STATUS AND OPERATIONS OF THE GROUP
The Group comprises of the Holding Company and the following subsidiary companies that have been consolidatedin these financial statements:
1.1. Holding Company
TPL Trakker Limited
TPL Trakker Limited [the Holding Company] is a subsidiary of TPL Holdings (Private) Limited [TPL, theultimate parent company], which holds 52.91 percent (June 30, 2013: 52.91 percent) ordinary shares of theHolding Company. The Holding Company was incorporated in Pakistan on December 04, 2008 under theCompanies Ordinance, 1984 (the Ordinance).The principal activity of the Holding Company is installationand sale of tracking devices, vehicle tracking and fleet management. The registered office of the HoldingCompany is situated at 39-K, Block 6, P.E.C.H.S., Karachi.
Effective from July 16, 2012, the Holding Company has been listed on Karachi Stock Exchange Limitedthrough issuance of 30 million ordinary shares of Rs.10/- each. Out of the total issuance of 30 millionordinary shares, 20 million ordinary shares were subscribed through book building process by High NetWorth Individuals and Institutional Investors and 10 million ordinary shares were subscribed by the generalpublic.
1.2. As of the balance sheet date, the Holding Company has the following subsidiaries:
TPL Direct Insurance Limited (TDI) was incorporated in Pakistan in 1992 as a public limitedcompany under the Companies Ordinance, 1984 to carry on general insurance business. Theprincipal office of the TDI is located at 172-B, 2nd Floor, Najeeb Centre, Block 2, P.E.C.H.S,Karachi, Pakistan. The financial year end of TDI is 31 December, however, the condensed interimfinancial statements for the period ended June 30, 2013 reviewed by auditors have been used forconsolidation purposes. TDI got listed at the Karachi Stock ExchangeLimited through issue of 15million ordinary shares of Rs. 10 each on September 22, 2011.
1.2.2. TPL Security Services (Pvt) Limited
TPL Security Services (Pvt) Limited is a private limited company incorporated on May 01, 2000 inPakistan under the Companies Ordinance, 1984. The principal activity of TSS is to provide securityservices. The registered office of the TSS is situated at 39-K, Block-6, P.E.C.H. Society, Karachi.
1.2.3. Associates
1.2.3.1. Trakker Middle East L.L.C.
Trakker Middle East L.L.C. (TME) is a limited liability company registered in Abu Dhabi,United Arab Emirates. The principal activities of the TME are the selling, marketing anddistribution of products and services in the field of wireless, fleet management, trackingand telemetry services. The registered office of TME is at P.O. Box 52331, Abu Dhabi,United Arab Emirates.
1.2.3.2. TPL Properties (Private) Limited
TPL Properties (Private) Limited [TPL Properties] is a private limited companyincorporated on February 14, 2007 in Pakistan under the Companies Ordinance, 1984.The principal activity of TPL Properties is to invest, purchase, develop and build realestate and to sell, rent out or otherwise dispose off in any manner the real estateincluding commercial and residential buildings, houses, shops, plots or other premises.The registered office of the TPL Properties is situated at 39-K, Block-6, P.E.C.H. Society,Karachi.
27HALF YEARLY REPORT
TPL TRAKKER LIMITEDNotes to the Consolidated Condensed Interim Financial StatementsFor the Half Year Ended December 31, 2013 (Un-Audited)
Note
5.1
6.1
3. ACCOUNTING POLICES
The accounting policies and methods of computation followed for the preparation of this condensed interimconsolidated financial statement are the same as those applied in preparing the consolidated financial statement forthe year ended June 30, 2013.
2. BASIS OF PREPARATION
This unaudited condensed interim consolidated financial information has been prepared in condensed form inaccordance with approved accounting standards as applicable in Pakistan for interim financial reporting and is beingsubmitted to the shareholders as required under section 245 of the Companies Ordinance, 1984. This condensedinterim financial information does not include all of the information required for full annual financial information andshould be read in conjunction with the annual financial information as at and for the year ended June 30, 2013.
4. BASIS OF CONSOLIDATION
The interim consolidated financial information of the group comprises the interim financial information of the holdingcompany and the entities controlled by it. The interim financial information of the holding company and subsidiarycompanies was prepared up to the same reporting date using consistent accounting policies and are combined on aline-by-line basis. All intercompany balances, transactions and resulting unrealized profits are eliminated.
5. PROPERTY AND EQUIPMENT
Operating fixed assetsCapital work-in-progress
5.1. Operating fixed assets
The following is the movement in operating fixed assets during the period/year:
Opening balanceAdd: Additions during the period/year
Less: Disposals during the period / year (WDV)Asset written off during the period / year (WDV)Depreciation charge for the period / year
Operating fixed assets (WDV)
6. LONG-TERM INVESTMENTS
Investment in associated companies – equity method
Trakker Middle East L.L.C. (TME)TPL Properties (Private) Limited
OthersHeld-to-maturity
6.1. Represents 10 years Pakistan Investment Bonds (PIBs) having face value of Rs.50 million (market value ofRs.51.547 million) [June 30, 2013: Rs 50 million (market value of Rs 53.476 million.These carry mark-up of12 percent (June 30, 2013: 12 percent) per annum and will mature latest by August 18, 2021. These havedeposited with the State Bank of Pakistan as statutory deposit in accordance with the requirements ofCircular No. 15 of 2008 dated July 07, 2008 issued by the Securities and Exchange Commission ofPakistan and Section 29 of Insurance Ordinance, 2000.
December 31,2013
Rupees(Un-audited)
471,105,64027,993,290
499,098,930
433,815,062192,039,695
625,854,757
32,923,13040,700
121,785,287
154,749,117
471,105,640
133,927,023544,673,392
678,600,415
48,338,285
726,938,700
June 30,2013
Rupees(Audited)
468,827,97120,036,918
488,864,889
453,504,96693,909,798
547,414,764
-28,226,943
50,359,850
78,586,793
468,827,971
145,246,759546,948,263
692,195,022
47,963,207
740,158,637
28HALF YEARLY REPORT
TPL TRAKKER LIMITEDNotes to the Consolidated Condensed Interim Financial StatementsFor the Half Year Ended December 31, 2013 (Un-Audited)
Note
7.1
Note
8.1& 8.2
9.1
7. DUE FROM RELATED PARTIES – unsecured, considered good
- TPL Properties (Private) Limited- Trakker Middle East LLC.
Others
- Global Connect Limited- Trakker Financial Consultancy (Private) Limited- TPL Logistic (Private) Limited- The Resource Group Pakistan Limited
Less: Current portion
7.1. Represents current account balances with related parties carrying markup of 14 percent (June 30, 2013: 14percent) per annum and are repayable on demand except for amount due from TPL Properties (Private)Limited, an associated company.
8. STOCK-IN-TRADE
Tracking devicesSpare parts
8.1. Includes stock of Rs.9.391 million (June 30, 2013: Rs.10.254 million) held with Digicore Electronics (Pty)Limited (Supplier and a related party by virtue of common directorship) and Rs.3.511 million (June 30, 2013:Rs.34.745 million) held with third parties on account of stock given for demo purposes.
8.2. Includes stock of Rs.76.755 million (June 30, 2013: Rs.50.443 million) held with third parties on account ofon-site container tracking installations.
9. CASH AND BANK BALANCES
Cash in hand
At banks in:
current accounts
- foreign currency
- local currency
saving accounts
9.1. Included herein debt service reserve account maintained with United Bank Limited for any date of USDollars 0.440 million equal to the aggregate amount of principal, interest payments and fees of Rs.46.153million for the immediately succeeding six month period with respect to the financing facility as disclosed innote 10.1 to these consolidated condensed interim financial statements. This account shall be quarterlyadjusted to account for exchange rate fluctuations in accordance with the requirement of the Security andDeposit Account Control Agreement among the Company, Overseas Private Investment Corporation(OPIC) and United Bank Limited dated December 09, 2013.
December 31,2013
Rupees(Un-audited)
December 31,2013
Rupees(Un-audited)
13,949,024
4,956,47668,386
5,024,862
89,150688,335440,101
3,078,727
4,296,313
23,270,19918,313,723
4,956,476
148,976,51514,993,207
163,969,722
4,606,133
107,254
97,585,635
97,692,889
60,590,397
162,889,419
June 30,2013
Rupees(Audited)
June 30,2013
Rupees(Audited)
20,424,889
3,850,142304,614
4,154,756
89,150671,810340,551
2,696,583
3,798,094
28,377,73924,527,597
3,850,142
125,114,51210,731,804
135,846,316
-
829,241
107,254
1,151,358
1,258,612
2,087,853
December 31,2013
Rupees(Un-audited)
June 30,2013
Rupees(Audited)
29HALF YEARLY REPORT
TPL TRAKKER LIMITEDNotes to the Consolidated Condensed Interim Financial StatementsFor the Half Year Ended December 31, 2013 (Un-Audited)
12. TRANSACTIONS WITH RELATED PARTIES
Related parties of the Group comprise ultimate parent company, associates, suppliers, directors and keymanagement personnel. Transactions with related parties and associated undertakings during the period, other thanthose which have been disclosed elsewhere in these consolidated financial statements, are as follows:
11. CONTINGENCIES AND COMMITMENTS
There have been no material changes in contingencies and commitments during the period.
10.3. During the period, the Company has obtained diminishing musharika financing facilities for vehiclesaggregating to Rs.3.986 million from First Habib Modaraba for a period of 3 years, carrying mark-up at therate of 6 months KIBOR plus 3 percent per annum with a floor of 11 percent and ceiling of 21 percentsubject to quarterly revision. The musharika units are to be purchased during the period of 3 years in 36monthly installments latest by August 10, 2016 and October 10, 2016 respectively and are secured againstfirst charge of Rs.4.428 million on vehicles
10.2. As of balance sheet date, the Company has utilised the aforementioned financing facility. The said facilityamount is repayable in US Dollar in sixteen equal quarterly installments commencing from September 15,2014 and ending no later than June 15, 2018 i.e. maturity date. It carries markup at the rate of 5 year UnitedStates Treasury Rate plus 3.75 percent (i.e. 5.12 percent) per annum payable quarterly on 15th of eachMarch, June, September and December after the receipt of first disbursement date i.e. December 24, 2013.The facility is secured against pledge of 35 million ordinary shares owned by the TPL Holdings (Private)Limited (parent company) in the Company, guarantees of the parent company of US Dollars 2.70 millionand charge on saving account (note 9.1). The Company shall be liable to pay commitment fee semi-annually at the rate of 0.5 percent per annum in arrears after the receipt of first disbursement on theundrawn balance of set facility and maintenance fee of US Dollars 7,500 per annum in arrears. Under theaforesaid agreement there are certain restrictive payment covenants.
Note
10.1& 10.210.3
10. LONG-TERM FINANCING - secured
Project financeDiminishing musharaka
Less: Current portion shown under currentliabilities
10.1. During the period, the Company has obtained a project financing facility of US Dollars 3.5 million (equivalentto Rs.367.663 million) for a period of five years from OPIC (a foreign financial institution) through anagreement dated November 27, 2013.
------------ (Rupees) ------------
December 31,
2013
June 30,
2013
--
-
-
-
368,200,0003,665,224
371,865,224
(47,353,556)
324,511,668
– (Associated Company)Trakker Middle East LLC.Expenses incurred on behalf of the Company
Expenses incurred by the CompanyMark-up on current account
Global Connect Limited, Common directorshipMark-up on current account
24,10045,232
-
-
mited, Holding companyTPL Holdings (Private) LiAdvances given by the CompanyAmount received by the CompanyExpenses paid / incurred by the CompanyMark-up on current account
86,000,000540,152
7,062,961
-
Name / Relationship
December 31,2013
Rupees(Un-audited)
December 31,2012
Rupees(Un-audited)
236,228
16,52548,022
13,163
18,950,00025,796,790
370,925991,149
30HALF YEARLY REPORT
HALF YEARLY REPORT
TPL TRAKKER LIMITEDNotes to the Consolidated Condensed Interim Financial StatementsFor the Half Year Ended December 31, 2013 (Un-Audited)
31
DirectorJameel Yusuf (S.St)
Name / Relationship
The Resource Group Pakistan Limited,Common directorship
Expenses incurred by the CompanyExpenses incurred on behalf of the CompanyMark-up on current account
Cash and bank balancesRunning finance under mark-up arrangements
15. CORRESPONDING FIGURES
Corresponding figures, wherever necessary have been rearranged in line with reclassifications reportedin annual financial statements (consolidated) for the year ended June 30, 2013.
16. GENERAL
16.1. All figures have been rounded off to the nearest rupee, unless otherwise stated.
14. DATE OF AUTHORISATION FOR ISSUE
These consolidated financial statements were authorised for issue on by the Board of Directors.
