THIRD QUARTER REPORT FOR THE PERIOD … · Meezan Bank Ltd. MCB Bank Ltd. National Bank of Pakistan...

NAGINA

NAGINA GROUP

THIRD QUARTER REPORT

FOR THE PERIOD ENDED

MARCH 31, 2018

(Un-Audited)

ELLCOT SPINNING MILLS LTD.

2

NAGINA

NAGINA GROUP

ELLCOT SPINNING MILLS LIMITED

NAGINA

NAGINA GROUP


3

C O N T E N T S

Company Information

Directors’ Report to the Members

Condensed Interim Balance Sheet

Condensed Interim Profit and Loss Account

Condensed Interim Cash Flow Statement

Condensed Interim Statement of Changes in Equity

Notes to the Condensed Interim Financial Information

3

4

8

10

11

12

13

14

Condensed Interim Statement of Profit or Loss and other Comprehensive Income

COMPANY INFORMATION

BOARD OF DIRECTORS

MANAGING DIRECTOR (Chief Executive)

AUDIT COMMITTEE

HUMAN RESOURCE & REMUNERATION (HR & R) COMMITTEE

EXECUTIVE COMMITTEE

CORPORATE SECRETARY

CHIEF FINANCIAL OFFICER (CFO)

HEAD OF INTERNAL AUDIT

AUDITORS

LEGAL ADVISOR

LEAD BANKERS

REGISTERED OFFICE

WEB REFERENCE

SHARE REGISTRAR

MILLS

Mr. Shahzada Ellahi Shaikh Mr. Syed Moaz Mohiuddin

Mr. Jamal Nasim (Nominee NIT)

Mr. Shaukat Ellahi Shaikh

Mr. Raza Ellahi Shaikh

Mr. Amin Ellahi Shaikh

Mr. Shafqat Ellahi Shaikh

Non -Executive Director / Chairman Independent Non-Executive Director Non -Executive DirectorNon -Executive DirectorNon -Executive DirectorNon -Executive DirectorExecutive Director


Mr. Syed Moaz Mohiuddin



Mr. Syed Mohsin Gilani

ChairmanMemberMemberSecretary




Mr. Muhammad Azam



Mr. Shahzada Ellahi Shaikh



Mr. Muhammad Azam

Chairman MemberMemberMemberSecretary


Mr. Muhammad Ahmad

Mr. Kashif Saleem

Messrs Rahman Sarfraz Rahim Iqbal RafiqChartered Accountants

Bandial & Associates

Albaraka Bank (Pakistan) Ltd.

Allied Bank Ltd.

Askari Bank Ltd.

Bank Alfalah Ltd.

Faysal Bank Ltd.

Habib Bank Ltd.

Meezan Bank Ltd.

MCB Bank Ltd.National Bank of PakistanStandard Chartered Bank (Pakistan) Ltd.The Bank of PunjabUnited Bank Ltd.

Nagina House91-B -1, M.M. Alam RoadGulberg -III, Lahore -54660

www.nagina.com

M/s Hameed Majeed Associates (Pvt.) Ltd. 1

stFloor, H.M. House

7-Bank Square, Lahore Phone # 042 -37235081 -2 F ax # 042 -37358817

6.3 K.M, Manga Mandi, Raiwind Road Mouza Rossa, Tehsil & District Kasur

2

NAGINA

NAGINA GROUP


NAGINA

NAGINA GROUP


3

C O N T E N T S

Company Information

Directors’ Report to the Members

Condensed Interim Balance Sheet

Condensed Interim Profit and Loss Account

Condensed Interim Cash Flow Statement

Condensed Interim Statement of Changes in Equity

Notes to the Condensed Interim Financial Information

3

4

8

10

11

12

13

14

Condensed Interim Statement of Profit or Loss and other Comprehensive Income

COMPANY INFORMATION

BOARD OF DIRECTORS

MANAGING DIRECTOR (Chief Executive)

AUDIT COMMITTEE

HUMAN RESOURCE & REMUNERATION (HR & R) COMMITTEE

EXECUTIVE COMMITTEE

CORPORATE SECRETARY

CHIEF FINANCIAL OFFICER (CFO)

HEAD OF INTERNAL AUDIT

AUDITORS

LEGAL ADVISOR

LEAD BANKERS

REGISTERED OFFICE

WEB REFERENCE

SHARE REGISTRAR

MILLS

Mr. Shahzada Ellahi Shaikh Mr. Syed Moaz Mohiuddin

Mr. Jamal Nasim (Nominee NIT)





Non -Executive Director / Chairman Independent Non-Executive Director Non -Executive DirectorNon -Executive DirectorNon -Executive DirectorNon -Executive DirectorExecutive Director


Mr. Syed Moaz Mohiuddin








Mr. Muhammad Azam



Mr. Shahzada Ellahi Shaikh



Mr. Muhammad Azam

Chairman MemberMemberMemberSecretary


Mr. Muhammad Ahmad

Mr. Kashif Saleem

Messrs Rahman Sarfraz Rahim Iqbal RafiqChartered Accountants

Bandial & Associates

Albaraka Bank (Pakistan) Ltd.

Allied Bank Ltd.

Askari Bank Ltd.

Bank Alfalah Ltd.

Faysal Bank Ltd.

Habib Bank Ltd.

Meezan Bank Ltd.

MCB Bank Ltd.National Bank of PakistanStandard Chartered Bank (Pakistan) Ltd.The Bank of PunjabUnited Bank Ltd.

Nagina House91-B -1, M.M. Alam RoadGulberg -III, Lahore -54660

www.nagina.com

M/s Hameed Majeed Associates (Pvt.) Ltd. 1

stFloor, H.M. House

7-Bank Square, Lahore Phone # 042 -37235081 -2 F ax # 042 -37358817

6.3 K.M, Manga Mandi, Raiwind Road Mouza Rossa, Tehsil & District Kasur

DIRECTORS’ REPORT TO THE MEMBERS

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NAGINA

NAGINA GROUP

ELLCOT SPINNING MILLS LIMITED NAGINA

NAGINA GROUP


5

The Directors are pleased to present the un-audited condensed interim financial information of the Company for the third quarter ended on March 31, 2018. The comparative figures for the corresponding quarter ended on March 31, 2017 are included for comparison, except in balance sheet where figures are for the year ended on June 30, 2017.

Company Performance

Alhamdulillah, despite difficult market conditions your Company has earned after tax profit of Rs.24,202,168 or 1.73% of sales for the 3rd quarter of the financial year 2017-18 ended on March 31, 2018 compared to Rs. 10,557,666 or 0.85% of sales during the corresponding quarter of previous year. Earning per share (EPS) for the period under review was Rs. 2.21 compared to Rs.0.96 for the corresponding period of last year. The main contributing factors for better profitability are better yarn sale rates and benefits of export drawback scheme.

Sales revenue for the quarter was Rs.1,402,465,162 compared to Rs.1,245,156,888 during the corresponding quarter of previous year showing increase of 12.63%. Revenue increased due to higher selling prices as well as increase in sales volume. Cost of sales decreased from 94.24% of sales during the same quarter of previous year to 93.17% of sales during the quarter under review. Increase in sales revenue and reduction in cost resulted in increase of Gross Profit (GP) by 33.56% over the same quarter of previous year.

Overall operating expenses increased from 3.03% of sales during same quarter of previous year to 3.49% of sales during the quarter under review. The increase is mainly due to increase in salaries and other inflationary impact. The Company has been able to generate stable cash flows and make timely discharge of all its operating and financial liabilities. Higher utilization of working capital lines increased finance cost from 1.36% of sales during same quarter of previous year to 2.02% of sales during the quarter under review.

According to the figures issued by the Pakistan Cotton Ginners Association, for the crop year 2017-18, Kapas, (seed cotton) arrivals upto April 01, 2018, at the Ginneries totaled 11.571 million bales compared to 10.726 million bales for similar period of last year 2016-17 showing increase in arrival of 7.88%.

Future Outlook

Despite stiff global competition, yarn market is showing strength. Yarn demand is firming which is resulting in better product margins. Approximately 9% adjustment in exchange rate has helped the industry to better compete in international markets. Export rebate scheme launched by the Government has helped in boosting exports. However, currency devaluation has also impacted our raw material import costs. Management is apprehensive about cost push factors such as rising energy costs and increase in SBP policy rate which will result in rise in financial costs. Local cotton crop size has improved in comparison to previous year but remained lower than initial crop estimates. We hope that in the ensuing year crop would be even better.

Lahore : April 19, 2018

On behalf of the Board.

Mg. Director (Chief Executive)Shafqat Ellahi Shaikh

ChairmanShahzada Ellahi Shaikh

The machinery for the BMR project has started to arrive at the mills and erection of same has started. The BMR project will InshaAllah improve the productivity and quality of the yarn produced and help to improve profitability of the company. Management is focusing on product diversification, seeking new global markets with application of effective cost controls. Overall management is optimistic about the fourth quarter of the year and hopes to close the year with a reasonable profit.

It is hoped that the Government will support the textile industry by expediting refunds of sales tax, income tax and export rebates and by providing sufficient gas to operate the mills and encourage value addition in the textile sector. We also expect that long awaited TUF funds would also be released.

Acknowledgement

Despite adverse conditions profitable results have been possible due to continued diligence and devotion of the staff and workers of the Company. The continued good human relations at all levels deserve acknowledgement. The Directors also wish to place on record their gratitude to the bankers for their continued support to the company.

DIRECTORS’ REPORT TO THE MEMBERS

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NAGINA

NAGINA GROUP


NAGINA GROUP


5

The Directors are pleased to present the un-audited condensed interim financial information of the Company for the third quarter ended on March 31, 2018. The comparative figures for the corresponding quarter ended on March 31, 2017 are included for comparison, except in balance sheet where figures are for the year ended on June 30, 2017.

Company Performance

Alhamdulillah, despite difficult market conditions your Company has earned after tax profit of Rs.24,202,168 or 1.73% of sales for the 3rd quarter of the financial year 2017-18 ended on March 31, 2018 compared to Rs. 10,557,666 or 0.85% of sales during the corresponding quarter of previous year. Earning per share (EPS) for the period under review was Rs. 2.21 compared to Rs.0.96 for the corresponding period of last year. The main contributing factors for better profitability are better yarn sale rates and benefits of export drawback scheme.

Sales revenue for the quarter was Rs.1,402,465,162 compared to Rs.1,245,156,888 during the corresponding quarter of previous year showing increase of 12.63%. Revenue increased due to higher selling prices as well as increase in sales volume. Cost of sales decreased from 94.24% of sales during the same quarter of previous year to 93.17% of sales during the quarter under review. Increase in sales revenue and reduction in cost resulted in increase of Gross Profit (GP) by 33.56% over the same quarter of previous year.

Overall operating expenses increased from 3.03% of sales during same quarter of previous year to 3.49% of sales during the quarter under review. The increase is mainly due to increase in salaries and other inflationary impact. The Company has been able to generate stable cash flows and make timely discharge of all its operating and financial liabilities. Higher utilization of working capital lines increased finance cost from 1.36% of sales during same quarter of previous year to 2.02% of sales during the quarter under review.

According to the figures issued by the Pakistan Cotton Ginners Association, for the crop year 2017-18, Kapas, (seed cotton) arrivals upto April 01, 2018, at the Ginneries totaled 11.571 million bales compared to 10.726 million bales for similar period of last year 2016-17 showing increase in arrival of 7.88%.

Future Outlook

Despite stiff global competition, yarn market is showing strength. Yarn demand is firming which is resulting in better product margins. Approximately 9% adjustment in exchange rate has helped the industry to better compete in international markets. Export rebate scheme launched by the Government has helped in boosting exports. However, currency devaluation has also impacted our raw material import costs. Management is apprehensive about cost push factors such as rising energy costs and increase in SBP policy rate which will result in rise in financial costs. Local cotton crop size has improved in comparison to previous year but remained lower than initial crop estimates. We hope that in the ensuing year crop would be even better.


On behalf of the Board.

Mg. Director (Chief Executive)Shafqat Ellahi Shaikh

ChairmanShahzada Ellahi Shaikh

The machinery for the BMR project has started to arrive at the mills and erection of same has started. The BMR project will InshaAllah improve the productivity and quality of the yarn produced and help to improve profitability of the company. Management is focusing on product diversification, seeking new global markets with application of effective cost controls. Overall management is optimistic about the fourth quarter of the year and hopes to close the year with a reasonable profit.

It is hoped that the Government will support the textile industry by expediting refunds of sales tax, income tax and export rebates and by providing sufficient gas to operate the mills and encourage value addition in the textile sector. We also expect that long awaited TUF funds would also be released.

Acknowledgement

Despite adverse conditions profitable results have been possible due to continued diligence and devotion of the staff and workers of the Company. The continued good human relations at all levels deserve acknowledgement. The Directors also wish to place on record their gratitude to the bankers for their continued support to the company.

6

NAGINA

NAGINA GROUP


NAGINA GROUP


7

6

NAGINA

NAGINA GROUP


NAGINA GROUP


7

NAGINA

NAGINA GROUP


98

CONDENSED INTERIM BALANCE SHEETAS AT MARCH 31, 2018


NAGINA

NAGINA GROUP


EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorized capital

20,000,000 (June 30, 2017: 20,000,000)

Ordinary shares of Rs. 10 each

200,000,000

Issued, subscribed and paid-up capital

109,500,000

Capital reserve

(2,744,398)

Accumulated profit

1,342,268,486

TOTAL EQUITY

1,449,024,088

LIABILITIES

NON-CURRENT LIABILITIES

Long term finances 4

494,645,971

Employees retirement benefits

70,670,998

Deferred taxation

51,142,039

616,459,008

CURRENT LIABILITIES

Trade and other payables

275,941,173

Accrued interest / markup

17,411,243

Short term borrowings

922,677,657

Current portion of non-current liabilities

72,263,479

1,288,293,552

TOTAL LIABILITIES

1,904,752,560

CONTINGENCIES AND COMMITMENTS 5

TOTAL EQUITY AND LIABILITIES

3,353,776,648

The annexed notes from 1 to 12 form an integral part of this condensed interim financial information.

200,000,000

109,500,000

14,416,621

1,374,233,870

1,498,150,491

1,398,401,470

76,433,135

51,142,039

1,525,976,644

380,381,745

28,640,096

1,423,286,277

89,363,435

1,921,671,553

3,447,648,197

4,945,798,688

Un-Audited Audited

March 31 June 30

2018 2017

Note Rupees Rupees

Shahzada Ellahi ShaikhChairman

Shafqat Ellahi ShaikhMg. Director (Chief Executive)

Muhammad AhmadChief Financial Officer

ASSETS

NON-CURRENT ASSETS

Fixed assets 6 1,886,533,966 1,172,920,884

Long term deposits 7,090,700 7,090,700

1,893,624,666 1,180,011,584

CURRENT ASSETS

Stores, spares and loose tools 103,834,453

38,689,803

Stock in trade 1,250,094,359

850,294,545

Trade debts 531,636,158

390,184,845

Advances, prepayments and other receivables 600,169,203

260,170,428

Short term investments 465,507,380

546,042,499

Advance income tax 92,650,895

72,443,909

Cash and bank balances 8,281,574

15,939,035

3,052,174,022

2,173,765,064

TOTAL ASSETS 4,945,798,688 3,353,776,648


Un-Audited Audited

March 31 June 30

2018 2017

Note Rupees Rupees

NAGINA

NAGINA GROUP


98

CONDENSED INTERIM BALANCE SHEETAS AT MARCH 31, 2018


NAGINA

NAGINA GROUP


EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorized capital

20,000,000 (June 30, 2017: 20,000,000)

Ordinary shares of Rs. 10 each

200,000,000

Issued, subscribed and paid-up capital

109,500,000

Capital reserve

(2,744,398)

Accumulated profit

1,342,268,486

TOTAL EQUITY

1,449,024,088

LIABILITIES

NON-CURRENT LIABILITIES

Long term finances 4

494,645,971


70,670,998

Deferred taxation

51,142,039

616,459,008

CURRENT LIABILITIES


275,941,173

Accrued interest / markup

17,411,243

Short term borrowings

922,677,657

Current portion of non-current liabilities

72,263,479

1,288,293,552

TOTAL LIABILITIES

1,904,752,560

CONTINGENCIES AND COMMITMENTS 5

TOTAL EQUITY AND LIABILITIES

3,353,776,648


200,000,000

109,500,000

14,416,621

1,374,233,870

1,498,150,491

1,398,401,470

76,433,135

51,142,039

1,525,976,644

380,381,745

28,640,096

1,423,286,277

89,363,435

1,921,671,553

3,447,648,197

4,945,798,688

Un-Audited Audited

March 31 June 30

2018 2017

Note Rupees Rupees


Shafqat Ellahi ShaikhMg. Director (Chief Executive)


ASSETS

NON-CURRENT ASSETS

Fixed assets 6 1,886,533,966 1,172,920,884

Long term deposits 7,090,700 7,090,700

1,893,624,666 1,180,011,584

CURRENT ASSETS

Stores, spares and loose tools 103,834,453

38,689,803

Stock in trade 1,250,094,359

850,294,545

Trade debts 531,636,158

390,184,845

Advances, prepayments and other receivables 600,169,203

260,170,428

Short term investments 465,507,380

546,042,499

Advance income tax 92,650,895

72,443,909

Cash and bank balances 8,281,574

15,939,035

3,052,174,022

2,173,765,064

TOTAL ASSETS 4,945,798,688 3,353,776,648


Un-Audited Audited

March 31 June 30

2018 2017

Note Rupees Rupees

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHERCOMPREHENSIVE INCOME (UN-AUDITED)

NAGINA

NAGINA GROUP


CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2018

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2018

10 11

NAGINA

NAGINA GROUP


Lahore : April 19, 2018Shafqat Ellahi Shaikh

Mg. Director (Chief Executive)



March 31 March 31

2018 2017

Note

Sales-net 3,903,387,299 3,605,953,740 1,402,465,162 1,245,156,888

Cost of sales 7 (3,643,726,210) (3,375,858,725) (1,306,623,924) (1,173,396,205)

Gross profit 259,661,089

230,095,015

95,841,238

71,760,683

Distribution cost (23,207,772) (24,964,994) (8,642,339) (9,498,027)

Administrative expenses (93,866,883) (79,427,276) (35,499,975) (26,488,359) Other expenses (17,721,047) (6,937,532) (4,757,612) (1,734,055)

(134,795,702) (111,329,802) (48,899,926) (37,720,441)

124,865,387 118,765,213 46,941,312 34,040,242

Other income 16,796,013 9,955,513 5,534,559 1,423,715

Operating profit 141,661,400 128,720,726 52,475,871 35,463,957

Finance cost (71,261,294) (40,838,445) (28,273,703) (16,974,825)

Profit before taxation 70,400,106 87,882,281 24,202,168 18,489,132

Provision for taxation (109,722) (30,737,112) - (7,931,466)

Profit after taxation 70,290,384 57,145,169 24,202,168 10,557,666

Earnings per share - basic and diluted 6.42 5.22 2.21 0.96


Nine Months Ended Quarter Ended

Rupees Rupees

March 31 March 31

2018 2017

Rupees Rupees March 31 March 31

2018 2017

17,161,019 6,197,085 (9,470,075)

(20,434,009)

- - - -

17,161,019 6,197,085 (9,470,075) (20,434,009)

- - - -

17,161,019 6,197,085 (9,470,075) (20,434,009)

70,290,384

57,145,169

24,202,168

10,557,666

87,451,403

63,342,254

14,732,093

(9,876,343)


Rupees Rupees

March 31 March 31

2018 2017

Rupees Rupees

Items that may be reclassified subsequently to profit or loss

Changes in fair value of available for sale financial assets

Items that will not be reclassified to profit or loss

Other comprehensive income/(loss) before taxation

Taxation

Other comprehensive Income/(loss) after taxation

Profit after taxation

Total comprehensive income






CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHERCOMPREHENSIVE INCOME (UN-AUDITED)

NAGINA

NAGINA GROUP


CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2018


10 11

NAGINA

NAGINA GROUP






March 31 March 31

2018 2017

Note

Sales-net 3,903,387,299 3,605,953,740 1,402,465,162 1,245,156,888

Cost of sales 7 (3,643,726,210) (3,375,858,725) (1,306,623,924) (1,173,396,205)

Gross profit 259,661,089

230,095,015

95,841,238

71,760,683

Distribution cost (23,207,772) (24,964,994) (8,642,339) (9,498,027)

Administrative expenses (93,866,883) (79,427,276) (35,499,975) (26,488,359) Other expenses (17,721,047) (6,937,532) (4,757,612) (1,734,055)

(134,795,702) (111,329,802) (48,899,926) (37,720,441)

124,865,387 118,765,213 46,941,312 34,040,242

Other income 16,796,013 9,955,513 5,534,559 1,423,715

Operating profit 141,661,400 128,720,726 52,475,871 35,463,957

Finance cost (71,261,294) (40,838,445) (28,273,703) (16,974,825)

Profit before taxation 70,400,106 87,882,281 24,202,168 18,489,132

Provision for taxation (109,722) (30,737,112) - (7,931,466)

Profit after taxation 70,290,384 57,145,169 24,202,168 10,557,666

Earnings per share - basic and diluted 6.42 5.22 2.21 0.96



Rupees Rupees

March 31 March 31

2018 2017

Rupees Rupees March 31 March 31

2018 2017

17,161,019 6,197,085 (9,470,075)

(20,434,009)

- - - -

17,161,019 6,197,085 (9,470,075) (20,434,009)

- - - -

17,161,019 6,197,085 (9,470,075) (20,434,009)

70,290,384

57,145,169

24,202,168

10,557,666

87,451,403

63,342,254

14,732,093

(9,876,343)


Rupees Rupees

March 31 March 31

2018 2017

Rupees Rupees

Items that may be reclassified subsequently to profit or loss

Changes in fair value of available for sale financial assets

Items that will not be reclassified to profit or loss

Other comprehensive income/(loss) before taxation

Taxation

Other comprehensive Income/(loss) after taxation

Profit after taxation







CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)

NAGINA

NAGINA GROUP


CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)

12 13

NAGINA

NAGINA GROUP








CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation

Adjustments for non-cash items

Depreciation

Provision for employees retirement benefits

Loss / (Gain) on disposal of property, plant and equipment

Loss / (Gain) on sale of short term investments

Finance cost

Dividend income

Operating profit before changes in working capital

Changes in working capital

Stores, spares and loose tools

Stock in trade

Trade debts

Advances, prepayments and other receivables


Net cash used in operations

Payments for


Finance cost

Income tax

Net cash used in operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment

Proceeds from disposal of property, plant and equipment

Purchase of short term investments

Proceeds from disposal of short term investments

Dividend received

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Long term finances obtained

Repayment of long term finances

Repayment of liabilities against assets subject to finance lease

Dividend paid

Net cash generated from financing activities

NET DECREASE IN CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD


Net Increase in short term borrowings

March 31 March 31

2018 2017

70,400,106 87,882,281

94,991,070 94,363,611

20,088,747 18,831,393

2,677,707 (14,114)

1,070,875 (1,439,323)

71,261,294 38,353,948

(16,044,483) (7,784,750)

174,045,210 142,310,765

244,445,316 230,193,046

(65,144,650) (2,826,948)

(399,799,814) (279,310,532)

(141,451,313) (14,602,489)

(339,998,775) (104,912,063)

103,770,010 78,848,431

(842,624,542) (322,803,601)

(598,179,226) (92,610,555)

(14,326,610) (12,788,482)

(60,032,441) (34,518,520)

(20,316,708) (22,297,444)

(692,854,985) (162,215,001)

(817,060,691) (89,771,677)

5,778,832 1,180,000

(129,729,253) (412,311,366)

226,354,516 201,439,323

16,044,483 7,784,750

(698,612,113) (291,678,970)

988,573,481 52,148,841

(67,718,026) (96,078,711)

- (1,108,785)

500,608,620 372,613,466

(37,654,438) (37,951,445)

1,383,809,637 289,623,366

(7,657,461) (164,270,605)

15,939,035 176,195,561

8,281,574 11,924,956

Nine Months Ended

Rupees Rupees





Share Capital Revenue reserve

Balance as at June 30, 2016 - Audited 109,500,000

452,161

7,760,000

8,212,161

1,300,769,538 1,418,481,699

Comprehensive income

Profit after taxation -

-

- 57,145,169 57,145,169

Other comprehensive income -

6,197,085

6,197,085 - 6,197,085

-

6,197,085

-

6,197,085 57,145,169 63,342,254

Transactions with owners

Final dividend @ 35% i.e. Rs. 3.50 - -

- (38,325,000) (38,325,000)

per ordinary share -

Balance as at March 31, 2017 - Un-audited 109,500,000

6,649,246

7,760,000

14,409,246 1,319,589,707 1,443,498,953


Profit after taxation - -

- 20,525,755 20,525,755

Other comprehensive (Loss) / income -

(17,153,644)

(17,153,644) 2,153,024 (15,000,620)

-

(17,153,644)

-

(17,153,644) 22,678,779 5,525,135


(10,504,398)

7,760,000

(2,744,398) 1,342,268,486 1,449,024,088



-

-

- 70,290,384 70,290,384

Other comprehensive Income -

17,161,019

-

17,161,019 - 17,161,019

-

17,161,019

-

-

-

-

-

-

-

17,161,019 70,290,384 87,451,403


Final dividend @ 35% i.e. Rs. 3.50 -

-

- (38,325,000) (38,325,000)

per ordinary share


6,656,621

7,760,000

14,416,621 1,374,233,870 1,498,150,491



Total comprehensive (Loss) / income


Rupees

Capitalreserve

Total Equity

Issued, subscribed

and paid-up share

capital

Changes in fair

value of available

for sale financial

assetsCapital reserve Total

Accumulatedprofit

RupeesRupeesRupeesRupeesRupees

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)

NAGINA

NAGINA GROUP


CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)

12 13

NAGINA

NAGINA GROUP








CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation

Adjustments for non-cash items

Depreciation

Provision for employees retirement benefits

Loss / (Gain) on disposal of property, plant and equipment

Loss / (Gain) on sale of short term investments

Finance cost

Dividend income

Operating profit before changes in working capital

Changes in working capital

Stores, spares and loose tools

Stock in trade

Trade debts

Advances, prepayments and other receivables


Net cash used in operations

Payments for


Finance cost

Income tax

Net cash used in operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property, plant and equipment

Proceeds from disposal of property, plant and equipment

Purchase of short term investments

Proceeds from disposal of short term investments

Dividend received

Net cash used in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Long term finances obtained

Repayment of long term finances

Repayment of liabilities against assets subject to finance lease

Dividend paid

Net cash generated from financing activities

NET DECREASE IN CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD


Net Increase in short term borrowings

March 31 March 31

2018 2017

70,400,106 87,882,281

94,991,070 94,363,611

20,088,747 18,831,393

2,677,707 (14,114)

1,070,875 (1,439,323)

71,261,294 38,353,948

(16,044,483) (7,784,750)

174,045,210 142,310,765

244,445,316 230,193,046

(65,144,650) (2,826,948)

(399,799,814) (279,310,532)

(141,451,313) (14,602,489)

(339,998,775) (104,912,063)

103,770,010 78,848,431

(842,624,542) (322,803,601)

(598,179,226) (92,610,555)

(14,326,610) (12,788,482)

(60,032,441) (34,518,520)

(20,316,708) (22,297,444)

(692,854,985) (162,215,001)

(817,060,691) (89,771,677)

5,778,832 1,180,000

(129,729,253) (412,311,366)

226,354,516 201,439,323

16,044,483 7,784,750

(698,612,113) (291,678,970)

988,573,481 52,148,841

(67,718,026) (96,078,711)

- (1,108,785)

500,608,620 372,613,466

(37,654,438) (37,951,445)

1,383,809,637 289,623,366

(7,657,461) (164,270,605)

15,939,035 176,195,561

8,281,574 11,924,956

Nine Months Ended

Rupees Rupees





Share Capital Revenue reserve


452,161

7,760,000

8,212,161

1,300,769,538 1,418,481,699



-

- 57,145,169 57,145,169

Other comprehensive income -

6,197,085

6,197,085 - 6,197,085

-

6,197,085

-

6,197,085 57,145,169 63,342,254


Final dividend @ 35% i.e. Rs. 3.50 - -

- (38,325,000) (38,325,000)

per ordinary share -


6,649,246

7,760,000

14,409,246 1,319,589,707 1,443,498,953


Profit after taxation - -

- 20,525,755 20,525,755

Other comprehensive (Loss) / income -

(17,153,644)

(17,153,644) 2,153,024 (15,000,620)

-

(17,153,644)

-

(17,153,644) 22,678,779 5,525,135


(10,504,398)

7,760,000

(2,744,398) 1,342,268,486 1,449,024,088



-

-

- 70,290,384 70,290,384

Other comprehensive Income -

17,161,019

-

17,161,019 - 17,161,019

-

17,161,019

-

-

-

-

-

-

-

17,161,019 70,290,384 87,451,403


Final dividend @ 35% i.e. Rs. 3.50 -

-

- (38,325,000) (38,325,000)

per ordinary share


6,656,621

7,760,000

14,416,621 1,374,233,870 1,498,150,491



Total comprehensive (Loss) / income


Rupees

Capitalreserve

Total Equity

Issued, subscribed

and paid-up share

capital

Changes in fair

value of available

for sale financial

assetsCapital reserve Total

Accumulatedprofit

RupeesRupeesRupeesRupeesRupees

NAGINA

NAGINA GROUP


NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED)

14

5.2

441,289,737

1,165,518,505

866,019,382

69,509,716

1,307,309,119

1,235,028,221

Commitments

Irrevocable letters of credit for

Capital expenditures

Non-capital expenditures

Operating Lease

- payable with in one year 217,800 396,000

1,307,526,919 1,235,424,221

6 FIXED ASSETS

Property, plant and equipment

- Assets owned by the Company (Note 6.1) 1,164,266,573 1,162,585,962

- Assets subject to finance lease (Note 6.2) - -

- Capital work in progress (Note 6.3) 718,340,736

5,478,267

1,882,607,309 1,168,064,229 Intangible asset (Note 6.4) 3,926,657

4,856,655

1,886,533,966 1,172,920,884

15

NAGINA

NAGINA GROUP


1 LEGAL STATUS AND OPERATIONS

Ellcot Spinning Mills Limited ("the Company") is incorporated in Pakistan as a Public Limited Company under the Companies Ordinance, 1984 and is listed on Pakistan Stock Exchange. The Company is a spinning unit engaged in the manufacture and sale of yarn. The registered office of the Company is situated at Nagina House, 91-B-1, M.M. Alam Road, Gulberg III, Lahore. The manufacturing facility is located in District Kasur in the Province of Punjab.

2 STATEMENT OF COMPLIANCE

2.1 These un-audited condensed interim financial statments of the Company for the nine months period ended March 31, 2018 have been prepared in accordance with the requirements of the International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standard 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.

This condensed interim financial information does not include all of the information required for the full financial statements and, therefore, these should be read in conjunction with the annual financial statements of the Company for the year ended June 30, 2017.

2.2 Basis of measurement

This condensed interim financial information has been prepared under the historical cost convention except for certain financial instruments at fair value, certain financial liabilities at amortized cost and employees retirement benefits at present value. In this financial information, except for the amounts reflected in the statement of cash flows, all transactions have been accounted for on accrual basis.

2.3 Functional currency

This financial information is prepared in Pak Rupees which is the Company's functional currency.

2.4 The comparative balance sheet presented has been extracted from annual financial statements for the year ended June 30, 2017, whereas comparative condensed profit and loss account, condensed cash flow statement and condensed statement of changes in equity are stated from the unaudited condensed interim financial information for the nine months ended March 31, 2017.

2.5 Judgements, estimates and assumptions

The preparation of financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions and judgements are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which forms the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected.

3 ACCOUNTING POLICIES AND ESTIMATES

3.1 The accounting policies and the methods of computation adopted in the preparation of this condensed interim financial report are the same as those applied in the preparation of the annual audited financial statements of the Company for the year ended June 30,2017.


5 CONTINGENCIES AND COMMITMENTS

5.1 Contingencies

There is no significant change in status of contingencies since June 30, 2017, with the exception of bills discounted / Negotiated which amount to Rs. 33,933,549/- (June 30, 2017: Rs. nill) as at the reporting date.

4 LONG TERM FINANCES

From Banking companies

Opening Balance 566,909,450 627,884,775

Obtain during the period 988,573,481 52,148,841

Repayment made during the period / year (67,718,026) (113,124,166)

1,487,764,905 566,909,450

Less: Current portion shown under current liabilities (89,363,435) (72,263,479)

1,398,401,470 494,645,971

Un-audited

March 31

2018

Rupees

Audited

June 30

2017

Rupees

NAGINA

NAGINA GROUP


NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED)

14

5.2

441,289,737

1,165,518,505

866,019,382

69,509,716

1,307,309,119

1,235,028,221

Commitments

Irrevocable letters of credit for

Capital expenditures

Non-capital expenditures

Operating Lease

- payable with in one year 217,800 396,000

1,307,526,919 1,235,424,221

6 FIXED ASSETS

Property, plant and equipment

- Assets owned by the Company (Note 6.1) 1,164,266,573 1,162,585,962

- Assets subject to finance lease (Note 6.2) - -

- Capital work in progress (Note 6.3) 718,340,736

5,478,267

1,882,607,309 1,168,064,229 Intangible asset (Note 6.4) 3,926,657

4,856,655

1,886,533,966 1,172,920,884

15

NAGINA

NAGINA GROUP


1 LEGAL STATUS AND OPERATIONS

Ellcot Spinning Mills Limited ("the Company") is incorporated in Pakistan as a Public Limited Company under the Companies Ordinance, 1984 and is listed on Pakistan Stock Exchange. The Company is a spinning unit engaged in the manufacture and sale of yarn. The registered office of the Company is situated at Nagina House, 91-B-1, M.M. Alam Road, Gulberg III, Lahore. The manufacturing facility is located in District Kasur in the Province of Punjab.

2 STATEMENT OF COMPLIANCE

2.1 These un-audited condensed interim financial statments of the Company for the nine months period ended March 31, 2018 have been prepared in accordance with the requirements of the International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standard 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.

This condensed interim financial information does not include all of the information required for the full financial statements and, therefore, these should be read in conjunction with the annual financial statements of the Company for the year ended June 30, 2017.

2.2 Basis of measurement

This condensed interim financial information has been prepared under the historical cost convention except for certain financial instruments at fair value, certain financial liabilities at amortized cost and employees retirement benefits at present value. In this financial information, except for the amounts reflected in the statement of cash flows, all transactions have been accounted for on accrual basis.

2.3 Functional currency

This financial information is prepared in Pak Rupees which is the Company's functional currency.

2.4 The comparative balance sheet presented has been extracted from annual financial statements for the year ended June 30, 2017, whereas comparative condensed profit and loss account, condensed cash flow statement and condensed statement of changes in equity are stated from the unaudited condensed interim financial information for the nine months ended March 31, 2017.

2.5 Judgements, estimates and assumptions

The preparation of financial information requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions and judgements are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the result of which forms the basis of making judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected.

3 ACCOUNTING POLICIES AND ESTIMATES

3.1 The accounting policies and the methods of computation adopted in the preparation of this condensed interim financial report are the same as those applied in the preparation of the annual audited financial statements of the Company for the year ended June 30,2017.


5 CONTINGENCIES AND COMMITMENTS

5.1 Contingencies

There is no significant change in status of contingencies since June 30, 2017, with the exception of bills discounted / Negotiated which amount to Rs. 33,933,549/- (June 30, 2017: Rs. nill) as at the reporting date.

4 LONG TERM FINANCES

From Banking companies

Opening Balance 566,909,450 627,884,775

Obtain during the period 988,573,481 52,148,841

Repayment made during the period / year (67,718,026) (113,124,166)

1,487,764,905 566,909,450

Less: Current portion shown under current liabilities (89,363,435) (72,263,479)

1,398,401,470 494,645,971

Un-audited

March 31

2018

Rupees

Audited

June 30

2017

Rupees

NAGINA

NAGINA GROUP


16 17

March 31 March 31

2018 2017

Nature of Relationship Nature of Transaction

Associated companies Purchase of goods and services 118,389,200

1,017,750

Sale of goods and services 575,047,872 609,197,537

Dividend paid 9,322,114 9,322,114

Key Management Personnel Remuneration and other benefits 6,557,500 6,959,932

Dividend paid to directors and their family members 17,867,934 17,131,530

Nine Months Ended (Un-audited)

Rupees

6.1 Assets owned by the Company

Net book value at the beginning of the period/year 1,162,585,962 1,201,212,714 Additions during the period / year

Plant and machinery 100,576,630

81,871,181

Buildings on freehold land - Mills -

3,479,103

Electric installations and equipment 319,552

-

Office equipment 570,640

1,828,358

Furniture and fixtures 432,400

212,770

Vehicles 2,299,000

6,294,499 104,198,222

93,685,911

Tarnsfers from leased assets during the period/year -

6,122,448 Net book value of assets disposed during the period/year (8,456,539)

(12,617,868)

Depreciation for the period/year (94,061,072)

(125,817,243) Net book value at end of the period/year 1,164,266,573

1,162,585,962

6.2 Assets subject to finance lease

Net book value at the beginning of the period/year -

6,267,508

Net book value of assets transferred during the period/year -

(6,122,448)

Depreciation for the period/year -

(145,060)

Net book value at end of the period/year -

-

6.3 Capital work in progress

Opening 5,478,267

-

Additions during the period/year 813,439,099

90,828,551

Transfers to own assets (100,576,630)

(85,350,284)

Net book value at end of the period/year 718,340,736

5,478,267

6.4 Intangible assets

Net book value at beginning of the period/year 4,856,655

6,096,652

Amortization for the period/year (929,998)

(1,239,997)

Net book value at end of the period/year 3,926,657 4,856,655

NAGINA

NAGINA GROUP


Un-audited

March 31

2018

Rupees

Audited

June 30

2017

Rupees

7 COST OF SALES

Raw material consumed 2,614,766,960

2,399,851,382

877,095,921 783,958,356

Fuel and power 395,843,021

340,680,840

140,935,314

121,650,519

Stores, spares and loose tools consumed 132,043,928

138,300,723

46,351,419

51,605,241

Salaries, wages and benefits 287,915,864

279,249,055

98,533,469

90,828,550

Insurance 4,884,865

8,740,955

1,742,783

4,032,847

Repair and maintenance 7,607,071

8,737,770

1,727,645

3,696,448

Depreciation 88,872,996

87,561,388

29,810,435

29,741,470

Other manufacturing overheads 2,998,321

11,698,097

(4,872,010)

2,993,653

Manufacturing Cost 3,534,933,026

3,274,820,210

1,191,324,976

1,088,507,084

Work in process

As at beginning of the period 46,147,798

53,273,667

50,918,028

75,279,904

As at end of the period (50,234,111)

(47,324,976)

(50,234,111)

(47,324,976)

(4,086,313)

5,948,691

683,917

27,954,928

Cost of goods manufactured 3,530,846,713

3,280,768,901

1,192,008,893

1,116,462,012

Finished goods


97,472,315

54,619,127

62,563,734

Purchased during the period 117,747,900

54,401,300

117,747,900

51,154,250


(56,783,791)

(57,751,996)

(56,783,791)

112,879,497 95,089,824 114,615,031 56,934,193

3,643,726,210 3,375,858,725 1,306,623,924 1,173,396,205

March 31 March 31

2018 2017

Quarter Ended (Un-audited)

Rupees Rupees


March 31

2018

Rupees

March 31

2017

Rupees

8 TRANSACTIONS WITH RELATED PARTIES

The related parties comprise of associated companies, directors and key management personals of the company. The Company in the normal course of business enters into transactions with various related parties. The transactions with related parties during the period generally consist of sales and purchases.

Nature and description of related party transactions during the period along with monetary values are as follows:

Rupees

NAGINA

NAGINA GROUP


16 17

March 31 March 31

2018 2017

Nature of Relationship Nature of Transaction

Associated companies Purchase of goods and services 118,389,200

1,017,750

Sale of goods and services 575,047,872 609,197,537

Dividend paid 9,322,114 9,322,114

Key Management Personnel Remuneration and other benefits 6,557,500 6,959,932

Dividend paid to directors and their family members 17,867,934 17,131,530


Rupees

6.1 Assets owned by the Company

Net book value at the beginning of the period/year 1,162,585,962 1,201,212,714 Additions during the period / year

Plant and machinery 100,576,630

81,871,181

Buildings on freehold land - Mills -

3,479,103

Electric installations and equipment 319,552

-

Office equipment 570,640

1,828,358

Furniture and fixtures 432,400

212,770

Vehicles 2,299,000

6,294,499 104,198,222

93,685,911

Tarnsfers from leased assets during the period/year -

6,122,448 Net book value of assets disposed during the period/year (8,456,539)

(12,617,868)

Depreciation for the period/year (94,061,072)

(125,817,243) Net book value at end of the period/year 1,164,266,573

1,162,585,962

6.2 Assets subject to finance lease

Net book value at the beginning of the period/year -

6,267,508

Net book value of assets transferred during the period/year -

(6,122,448)

Depreciation for the period/year -

(145,060)

Net book value at end of the period/year -

-

6.3 Capital work in progress

Opening 5,478,267

-

Additions during the period/year 813,439,099

90,828,551

Transfers to own assets (100,576,630)

(85,350,284)

Net book value at end of the period/year 718,340,736

5,478,267

6.4 Intangible assets

Net book value at beginning of the period/year 4,856,655

6,096,652

Amortization for the period/year (929,998)

(1,239,997)

Net book value at end of the period/year 3,926,657 4,856,655

NAGINA

NAGINA GROUP


Un-audited

March 31

2018

Rupees

Audited

June 30

2017

Rupees

7 COST OF SALES

Raw material consumed 2,614,766,960

2,399,851,382

877,095,921 783,958,356

Fuel and power 395,843,021

340,680,840

140,935,314

121,650,519

Stores, spares and loose tools consumed 132,043,928

138,300,723

46,351,419

51,605,241

Salaries, wages and benefits 287,915,864

279,249,055

98,533,469

90,828,550

Insurance 4,884,865

8,740,955

1,742,783

4,032,847

Repair and maintenance 7,607,071

8,737,770

1,727,645

3,696,448

Depreciation 88,872,996

87,561,388

29,810,435

29,741,470

Other manufacturing overheads 2,998,321

11,698,097

(4,872,010)

2,993,653

Manufacturing Cost 3,534,933,026

3,274,820,210

1,191,324,976

1,088,507,084

Work in process


53,273,667

50,918,028

75,279,904


(47,324,976)

(50,234,111)

(47,324,976)

(4,086,313)

5,948,691

683,917

27,954,928

Cost of goods manufactured 3,530,846,713

3,280,768,901

1,192,008,893

1,116,462,012

Finished goods


97,472,315

54,619,127

62,563,734

Purchased during the period 117,747,900

54,401,300

117,747,900

51,154,250


(56,783,791)

(57,751,996)

(56,783,791)

112,879,497 95,089,824 114,615,031 56,934,193

3,643,726,210 3,375,858,725 1,306,623,924 1,173,396,205

March 31 March 31

2018 2017

Quarter Ended (Un-audited)

Rupees Rupees


March 31

2018

Rupees

March 31

2017

Rupees

8 TRANSACTIONS WITH RELATED PARTIES

The related parties comprise of associated companies, directors and key management personals of the company. The Company in the normal course of business enters into transactions with various related parties. The transactions with related parties during the period generally consist of sales and purchases.

Nature and description of related party transactions during the period along with monetary values are as follows:

Rupees

19

NAGINA

NAGINA GROUP


18

NAGINA

NAGINA GROUP


Transaction with related parties are carried out at arm's length in the normal course of business. The consideration is computed on commercial terms and conditions. 'There is no balance outstanding with or from associated undertakings as at reporting date.

9 FAIR VALUE OF FINANCIAL INSTRUMENTS

The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).

Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

The following table presents the Company's financial assets which are carried at fair value:

Financial assets - at fair value

Available for sale

- Listed equity securities


Available for sale


March 31, 2018

June 30, 2017

Level 1 Level 2 Level 3 Total

Rs

465,507,380

-

-

465,507,380

465,507,380 - - 465,507,380

RsRsRs


Rs

546,042,499

-

-

546,042,499

546,042,499 - - 546,042,499

RsRsRs

10 DATE OF AUTHORIZATION FOR ISSUE

This un-audited condensed interim financial information has been approved by the Board of Directors of the Company and authorized for issue on April 19, 2018.

11 OTHERS

There are no other significant activities since June 30, 2017 affecting the condensed interim financial information.

12 CORRESPONDING FIGURES

Corresponding figures have been rearranged and regrouped where ever necessary for the purpose of comparison. However no significant changes have been made. Figures have been rounded off to the nearest rupee.





19

NAGINA

NAGINA GROUP


18

NAGINA

NAGINA GROUP


Transaction with related parties are carried out at arm's length in the normal course of business. The consideration is computed on commercial terms and conditions. 'There is no balance outstanding with or from associated undertakings as at reporting date.

9 FAIR VALUE OF FINANCIAL INSTRUMENTS

The table below analyses financial instruments carried at fair value, by valuation method. The different levels have been defined as follows:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).

Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).

The following table presents the Company's financial assets which are carried at fair value:


Available for sale



Available for sale


March 31, 2018

June 30, 2017


Rs

465,507,380

-

-

465,507,380

465,507,380 - - 465,507,380

RsRsRs


Rs

546,042,499

-

-

546,042,499

546,042,499 - - 546,042,499

RsRsRs

10 DATE OF AUTHORIZATION FOR ISSUE

This un-audited condensed interim financial information has been approved by the Board of Directors of the Company and authorized for issue on April 19, 2018.

11 OTHERS

There are no other significant activities since June 30, 2017 affecting the condensed interim financial information.

12 CORRESPONDING FIGURES

Corresponding figures have been rearranged and regrouped where ever necessary for the purpose of comparison. However no significant changes have been made. Figures have been rounded off to the nearest rupee.





ELLCOT SPINNING MILLS LTD.Nagina House, 91-B-1, M.M. Alam Road,Gulberg-III Lahore-54660

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THIRD QUARTER REPORT FOR THE PERIOD … · Meezan Bank Ltd. MCB Bank Ltd. National Bank of Pakistan...

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