2 0 1 6 - 1 7First Quarter Financial Statements

01

CORPORATE INFORMATION

BOARD OF DIRECTORS

AUDIT COMMITTEE

COMPANY SECRETARY

CHIEF FINANCIAL OFFICER

AUDITORS

LEGAL ADVISORS

SHARE REGISTRAR

BANKERS

REGISTERED OFFICE

Mr. Obaid Ghani ChairmanMr. Aftab Ahmad Khan Chief Executive Officer

ChairmanMemberMember

ChairmanMemberMember

Hafiz Mohammad Imran Sabir

Mr. Umer Farooq Khan

Hassan Farooq & CompanyChartered Accountants

Ally Law Associates

Corplink (Pvt) Ltd.Wings Arcade, 1-K Commercial Model Town Lahore, PakistanPhones : (042) 35916714, 35916719 Fax : (042) 35869037

Albaraka Islamic BankAllied Bank of Pakistan LimitedSoneri Bank Limited, Islamic BankingHabib Metropolitan Bank Limited (IBD)Habib Bank LimitedMeezan Bank LimitedUBL Ameen LimitedBank Alfalah LimitedBurj Bank Limited

274-B, N Block, Model Town Extension, LahorePhones : (042) 3516 8873, 3517 2205Fax : (042) 3517 2263E-mail : i nfo@ghaniautomobiles.comhttp://www.ghaniautomobiles.com

AUTOMOBILE PLANT 49-KM, Multan Road, (from Lahore)

HR & R COMMITTEE Mr. Obaid GhaniMrs. Ayesha AftabMr. Junaid Ghani

Mr. Jubair GhaniMrs. Ayesha AftabMr. Sarfaraz Anwar

Mrs. Ayesha AftabMrs. Maryam JunaidMrs. Musfira jubairMrs. Afifa AnwaarMrs. Zahra AftabMr. Junaid GhaniMr. Jubair GhaniHafiz Muhammad SaadMr. Muhammad AyubMr. Nauman ShaukatMr. Sarfraz AnwarDr. Amjad Aqeel

02

DIRECTORS’ REPORT

FINANCIAL INDICATORS

Dear Shareholders,

Assala-mo-Alaikum wa Rahmatullah wa Barakatohu.

The Board of Directors of Ghani Automobile Industries Limited is pleased to present financial statements of the company for the first quarter ended September 30, 2016.

The results for the first quarter ended September 30, 2016 are as follow:

On behalf of the Board of Directors

Lahore: Otober 29, 2016 Aftab Ahmed Khan

Chief Executive Officer

Sales – Net

Gross profit / (loss)

Net profit / (loss)

Earning / (loss) per share

During the first quarter ended September 30, 2016, the net sale of the Company has increased to Rupees 26 million as compared to Rupees 24 million for the corresponding period of last year. Gross Loss has decreased to Rupees 81 thousand as compared to Gross Loss of Rupees 18.8 million for the corresponding period of the last year. Net Loss has also reduced to Rupees 3.4 million as compared to Rupees 21.4 million for the corresponding period of the last year. Loss per shares was Rupees 0.07 as compared to Rupees 0.43 for the same period of the last year.

On behalf of the Directors, we are pleased to record our appreciation for our customers, employees, suppliers, shareholders and financial institutions for their trust in the management of the company.

We thank Allah Subhanatallah for blessing all of us and your company. We all should continue our endeavors to fully obey the commandments of Almighty Allah and Sunnah of our Prophet Muhammad (Sallallaho-Alaihe-Wasallum).

September 30, 2016 September 30, 2015

25,586

(81)

(3,383)

(0.07)

24,241

(18,797)

(21,448)

(0.43)

Rupees ‘000’

03

CONDENSED INTERIM BALANCE SHEET

The annexed notes 1 to 7 form an integral part of these interim financial statements.

Chief Executive Officer Director

For the Quarter Ended September 30, 2016 (Un-Audited)

June

2016 2016

Rupees Rupees

EQUITY & LIABILITIES

Share capital and reserves

Authorized Share Capital

50,000,000 (Jun 2014: 20,000,000) ordinary

shares of Rs.10 each 500,000,000 500,000,000

Issued, subscribed and paid up capital 500,000,000 500,000,000

Discount On Right Share (150,000,000) (150,000,000)

Accumulated Reserves (211,043,758) (207,660,382)

138,956,242 142,339,618

Current liabilities

Loan from sponsors 115,105,000 115,105,000

Creditors, accrued and other liabilities 125,477,809 98,734,632

Provision for taxation 816,563 560,708

241,399,372 214,400,340

380,355,615 356,739,958

ASSETS

Non-current assets

Property, Plant and Equipment 54,390,199 55,216,055

Security Deposits 459,700 459,700

Deferred tax 26,765,812 26,765,812

81,615,711 82,441,567

Current Assets

Stores, Spares and Loose Tools 1,260,918 1,264,142

Stock In Trade 48,157,341 46,327,688

Trade Debts 169,956,574 163,420,980

Advances And Other Receivables 76,339,044 61,981,470

Cash And Bank Balances 3,026,027 1,304,111

298,739,904 274,298,391

380,355,615 356,739,958

September

04

CONDENSED INTERIM PROFIT & LOSS ACCOUNT

The annexed notes 1 to 7 form an integral part of these interim financial statements.

Chief Executive Officer Director

For the Quarter Ended September 30, 2016 (Un-Audited)

2016 2015Rupees Rupees

Sales-Net 25,585,509 24,241,107

Cost of sales 25,666,265 43,037,649

Gross (loss)/profit (80,756) (18,796,542)

Administrative expenses 3,217,031 2,281,059

Distribution and marketing expenses 2,696,258 2,469,834

5,913,289 4,750,893

Operating (loss) (5,994,045) (23,547,436)

Other Operating Income 2,902,671 2,366,916

Operating profit/(loss) before finance costs (3,091,374) (21,180,520)

Finance Cost (36,146) (267,473)

Profit/(loss) before taxation (3,127,520) (21,447,993)

Taxation (255,855) -

Profit/(loss) after taxation (3,383,376) (21,447,993)

Earning/(loss) Per Share - Basic (0.07) (0.43)

July To September

September September

05

Chief Executive Officer Director

CONDENSED INTERIM STATMENT OF COMPREHENSIVE INCOME

The annexed notes 1 to 7 form an integral part of these interim financial statements.

For the Quarter Ended September 30, 2016 (Un-Audited)

SEP SEP

2016 2015

Rupees Rupees

(Loss) For the Year (3,383,376) (21,447,993)

- -

-

Total Comprehensive (Loss) (3,383,376) (21,447,993)

July To September

06

CONDENSED INTERIM CASH FLOW STATEMENT

The annexed notes 1 to 7 form an integral part of these interim financial statements.

Chief Executive Officer Director

For the Quarter Ended September 30, 2016 (Un-Audited)

SEP SEP

2016 2015

Rupees Rupees

CASH FLOWS FROM OPERATING ACTIVITIES

Profit / (loss) for the period before tax (3,383,376) (21,447,993)

Adjustment for :

Depreciation 932,367 782,773

Provision 255,855

Financial charges 36,146 267,473

1,224,368 1,050,246

Operating profit / (loss) before working capital changes (2,159,007) (20,397,747)

(Increase) / decrease in current assets

Store, spares and loose tools 3,224 (5,900)

Stock in trade (1,829,653) 21,031,203

Trade debtors (6,535,594) 9,969,658

Advances and other receivables (14,357,574) 5,990,775

(22,719,597) 36,985,736

Increase / (decrease) in current liabilities

Creditors, accrued and other liabilities 26,743,177 (242,887)

1,864,573 16,345,102

Financial charges paid (36,146) (267,473)

Taxes paid (2,767,087)

NET CASH FLOWS FROM OPERATING ACTIVITIES 1,828,427 13,310,542

Acquisition of Fixed Assets (106,511) (10,122,024)

NET CASH FLOWS FROM INVESTING ACTIVITIES (106,511) (10,122,024)

Loan from sponsors - (1,000,000)

Murabaha financing repaid - (5,808,406)

NET CASH FLOWS FROM FINANCING ACTIVITIES - (6,808,406)

Net increase / (decrease) in cash 1,721,916 (3,619,888)

Cash and cash equivalents at the beginning of the period 1,304,111 4,049,563

Cash and cash equivalents at the end of the period 3,026,027 429,675

July To September

07

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

Chief Executive Officer Director

The annexed notes 1 to 7 form an integral part of these interim financial statements.

For the Quarter Ended September 30, 2016 (Un-Audited)

Share Capital Discount on

Right Shares

Accumulated

Loss

Capital profit/(loss)

Rupees Rupees Rupees

Balance as on July 01, 2015 500,000,000 (150,000,000) (132,669,277) 217,330,723

Net Profit / loss for the year 2015-2016 - (74,991,105) (74,991,105)

Balance as on June 30, 2016 500,000,000 (150,000,000) (207,660,382) 142,339,618

Net profit / (loss) for the period (3,383,376) (3,383,376)

Balance as on Sep 30, 2016 (Net profit/loss) 500,000,000 (150,000,000) (211,043,758) 138,956,242

Total

Fa

ran

: 0

30

0-4

43

15

38

, 0

32

1-4

01

89

36

Ghani Automobile Industries LimitedRegistered Office:

274-B, N Block, Model Town Extension, Lahore-Pakistan

Tel: +92-42-35168873, 35172205 I FAX: +92-42-35172263

Web: www.ghaniautomobiles.com