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  • 2016Quarterly Report

    CORPORATE OFFICE12th & 13th Floor, Centrepoint,O� Shaheed-e-Millat Expressway,Adjacent KPT Interchange, Karachi - 74900Phone: (+92)-21-34390300UAN: (+92)-21-111-000-300Fax: (+92)-21-35316032Email: [email protected]: www.tpltrakker.com

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    FREE Trakker App Steering Towards Success

    S e p t e m b e r

  • COMPANY PROFILEVision and Mission

    Company InformationGeographical Presence

    DIRECTOR'S REPORTEconomic Outlook

    Financial HighlightsStrategic Business Review

    Strategic InvestmentInvestment in Group Companies

    Future OutlookAcknowledgement

    Conclusion

    FINANCIAL STATEMENTSUnconsolidated Condensed Interim Balance Sheet

    Unconsolidated Condensed Interim Pro�t & Loss AccountUnconsolidated Condensed Interim Cash Flow Statement

    Unconsolidated Condensed Interim Statement of Changes in EquityNotes to the Unconsolidated Condensed Interim Financial Statements

    Consolidated Condensed Interim Balance SheetConsolidated Condensed Interim Pro�t And Loss Account

    Consolidated Condensed Interim Cash Flow StatementConsolidated Condensed Interim Statement of Changes in Equity

    Notes to the Consolidated Condensed Interim Financial Statements

    0405

    06

    0707

    0809

    1011

    1112

    1921

    2223

    2434

    3637

    3940

    Table of Contents

  • Vision

    Mission

    To be the market leader for bringing innovative solutions and products to Pakistan and beyond.

    In continuation of the vision to be the best of the best in everything and anything we do and setting benchmarks for

    outside.

  • COMPANY INFORMATION GEOGRAPHICAL PRESENCE

    BOARD OF DIRECTORS LEGAL ADVISORJameel Yusuf Director/Chairman Mohsin Tayebaly & Co. Ali Jameel DirectorZafar-ul-Hasan Naqvi Director Mark Rousseu Director Nadeem Arshad Elahi Director BANKERS Saad Nissar Director Habib Metropolitan Bank LimitedMuhammad Sha� Director Standard Chartered Bank LimitedBilal Alibhai Director National Bank of Pakistan Limited Dubai Islamic Bank Pakistan LimitedCHIEF EXECUTIVE OFFICER Habib Bank LimitedAli Jameel JS Bank Limited Bank Al Habib Limited Bank Islami United Bank Limited Burj Bank Limited Bank of Punjab Summit Bank

    CHIEF FINANCIAL OFFICER SHARE REGISTRARYousuf Zohaib Ali THK Associates Ground Floor, State Life Building-3 Dr. Ziauddin Ahmed Road,COMPANY SECRETARY Karachi-75530, Pakistan. Mehar Ameer Tel: (021) 35689021, 35686658 UAN: 111-000-322 Fax: (021) 35655595 AUDIT COMMITTEE REGISTERED OFFICENadeem Arshad Elahi Chairman 12th Floor, Centrepoint, O�-Shaheed-e-Muhammad Sha� Member Millat Expressway, Adjacent KPTSaad Nissar Member Interchange, Karachi, PostalNaseer Ali Khan Secretary Code: 74900

    HUMAN RESOURCE & REMUNERATION COMMITTEE WEB PRESENCEZafar-ul-Hasan Naqvi Chairman www.tpltrakker.comAli Jameel MemberNadeem Arshad Elahi MemberNader Nawaz Secretary

    AUDITORSErnst & Young Ford Rhodes & Co.Chartered Accountants

    Quarterly Report 2016 05

    KARACHI CORPORATE OFFICE12th &13th Floor, Centrepoint, O� Shaheed-e-Millat Expressway,Adjacent KPT Interchange, Karachi, Postal code-74900

    TPL TRAKKER INSTALLATION CENTER 20-B, Block 6, P.E.C.H.S., Karachi (Behind Bank Al Habib Islamic Banking Branch on Main Shahrah-e-Faisal) Phone: +92-21-34324011-13 UAN: +92-21-111-000-300FAX: +92-21-34324014

    ISLAMABAD OFFICEPlot No. 211, Street No. 7, Sector I-9/2, Industrial Area, IslamabadUAN: 051-111-000-300FAX: +92-51-4102453

    LAHORE OFFICE51-M, Denim Road, Quaid-e-Azam Industrial Estate (Kot Lakhpat), LahoreUAN: +92-42-111-000-300 FAX: +92-42-35157233MULTAN OFFICEHouse No. 5, Suraj Miani Road, Opp. Ashraf Cardiac Clinic, Chungi No. 1, Multan UAN: +92-61-111-000-300FAX: +92-61-4519391

    FAISALABAD OFFICEP-6161, West Canal road, Faisalabad UAN: 041-111-000-300, Phone: +92-41-8501471-3 Fax: +92-41-8501470

    HYDERABAD OFFICEA-8/9, District Council Complex, HyderabadPhone: +92-22-2783154 FAX: +92-22-2728676

    06Quarterly Report 2016

  • DIRECTORS’ REPORT

    1. ECONOMIC OUTLOOK

    2. FINANCIAL HIGHLIGHTS

    3. STRATEGIC BUSINESS REVIEW

    Quarterly Report 2016 07 08Quarterly Report 2016

    Dear Shareholders

    On behalf of the Directors of the Company, it is my pleasure to present to you the unaudited condensed interim �nancial statements with the performance review of the Company for the three months period ended September 30, 2016.

    Pakistan’s economy continued to perform well during the �rst quarter of FY17. In�ation rate increased 3.88% YoY basis. US Dollar appreciated by approximately 0.4% while the interest rate was steady at 5.75%.

    Locally produced automobile sales (including light commercial vehicles, vans and jeeps) dropped by 10% in the quarter ended September 30, 2016; compared to the same period of last year, according to data of the Pakistan Automotive Manufacturers Association (PAMA). Auto sales decreased to 56,642 units during the quarter under review from 62,788 units in the same period of last year.

    Business Performance - Standalone

    With a growing customer base by expanding product portfolio and constantly searching for new market opportunities, the Company achieved an increase in gross pro�t of Rs. 15.7 million, i.e. 8% increase compared to the corresponding period. Furthermore, Company has also improved its GP Margin to 52% from 50% in the corresponding period. Earnings per share is 0.13.

    Asset Tracking

    Asset tracking consists of the Company’s �agship product, Vehicle Tracking, as well as Generator Monitoring.

    Container Tracking

    Container tracking consists of two product areas: Safe Transport Environment (STE) and Container Tracking business.

    Business Performance - Consolidated

    The Group performed well during the quarter under review and achieved pro�t before tax of Rs. 123.7 million as compared to loss before tax of Rs. 49.9 million. This is majorly due to the fact that during the quarter ended September 30, 2015, an exchange loss of Rs. 57 million was recorded pertaining to a foreign loan of TPL Properties Limited. Further during the quarter under review, a gain on bargain purchase of TPL Life Insurance Limited of Rs. 86.3 million was reported. The Group reported earnings per share of Rs. 0.38 as compared to Rs. -0.09 in the corresponding period.

    The Company demonstrated overall growth during the �rst quarter of FY17. The Company’s major business segments consist of the following:

    Revenue

    600,000300,000

    02014 2015 2016

    Revenue

    800,000600,000400,000200,000

    02014 2015 2016

    Rupees in ‘000’

    First Quarter

    2014

    2015

    2016

    Revenue

    341,553

    384,541

    400,812

    Growth

    1%

    13%

    4%

    Rupees in ‘000’

    First Quarter

    2014

    2015

    2016

    Revenue

    592,352

    481,625

    563,621

    Growth

    16%

    -19%

    17%

    Asset TrackingContainer TrackingMapsE-TicketingTotal

    September’16256,355122,88216,6714,904

    400,812

    September’15251,515120,856

    9,1623,008

    384,541

    Growth (%)2%2%

    82%63%4%

    Business Segments Standalone Revenue

    Rupees in ‘000’

  • 4. STRATEGIC INVESTMENT

    5. INVESTMENT IN GROUP COMPANIESSafe Transportation Environment (STE)

    Safe Transportation Environment (STE) Project was initiated by the FBR in 2010 to manage risk of cargo pilferage in Customs transit and transshipment movements and to meet the requirement of bilateral Afghan Transit Trade Agreement. TPL Trakker is the only licensee of FBR under Tracking and Monitoring Cargo Rules 2012. During the quarter ended September 30, 2016, more than 400 Prime Mover Device (PMD) have been installed and approximately 16,900 trips have been monitored by installing Container Security Device (CSD) as compared to 284 PMDs and 17,119 trips in the same period of the corresponding year.

    Container Tracking

    Container tracking has been an important product for the Company. As part of this service, we provide a range of monitoring services such as intrusion monitoring and route deviation, which protect shipments against intrusion or pilferage. Our infrastructure stretches across major urban centers of Pakistan, and we provide security services for routes through TPL Security. During the quarter ended September 30, 2016 more than 3,800 trips have been monitored as compared to 3,700 trips in the corresponding period.

    TPL Maps

    Digital maps across the world have signi�cant impact on the commercial and social-economic growth. Based on insights we took the initiative of developing Pakistan’s �rst digital maps, and hence TPL Maps project was initiated in 2015 as a strategic business unit of TPL Trakker

    We have received an overwhelming response from the public and private sector organizations, corporates and individuals with almost 100,000+ downloads since the launch in mid-August, 2016.

    During the quarter, more than 2,500 units were sold generating growth of 82% in revenue as compared to 1,300 units sold in the same period last year.

    During the period, the Company has acquired a wholly owned subsidiary namely TPL Life Insurance Limited (formerly Asia Care Health and Life Insurance Company Limited).

    TPL Life Insurance Limited aims to provide innovative life and health insurance products based on international standards, tailored to cater to the divergent needs of the citizens of Pakistan. Through investing in state-of-the-art technologies and utilizing market intelligence, the Company aspires to be the fastest growing Health and Life Insurance Company in Pakistan.

    Net PremiumParticipants Takaful Fund - Gross ContributionsPro�t after taxEPS

    September’16312,310 142,778 52,076

    1.44

    September’15280,794 86,888 24,554

    0.52

    Growth11%64%

    1.1 times1.8 times

    Rupees in ‘000’

    Quarterly Report 2016 09 10Quarterly Report 2016

    TPL Properties Limited (TPLP)

    TPLP was listed on PSX on July 4, 2016. The company completed its book building process on June 30, 2016 at a strike price of Rs. 12.5 per share.

    TPLP is cementing its plan for entering into high-end residential space segment and focusing on exploring development options in Karachi. The negotiation with owners of land banks is in advance stages and the agreements are expected to be signed by next quarter. Additionally initial information has been shared with international design �rms to solicit concept papers. TPLP has already entered into a MoU with UBL Funds to explore the development opportunities by way of doing projects under developmental Real Estate Investment Trust (REIT).

    TPLP has also initiated marketing of its developer services, by presenting idea of one window solution, to corporates which have requirement to build their o�ce buildings. This is expected to materialize by third quarter of FY17.

    TPLP achieved a growth of 4% in rental income to Rs. 91.9 million from Rs. 88.3 million approximately in the corresponding period.

    TPL Direct Insurance Limited (TDIL)

    TPL Direct Insurance Limited closed on a positive note for the quarter year ended September 30, 2016.

    TPL Security Services (Private) Limited (TPLSS)

    TPL Security Services (Private) Limited performed well during the �rst quarter with a revenue growth of 12% compared to corresponding period. The increase in revenue is due to expansion of customer base and the Company’s constant e�orts to explore new business opportunities.

    TPL Rupiya (Private) Limited (TPLR)

    TPL Rupiya is an e-payments solution facilitating payments via bank, government and mobile account transactions. State Bank of Pakistan has issued In-Principle approval to TPLR during the year. TPLR allows mobile phone users to pay for goods and services using their bank account, mobile wallet or mobile phone account. The technology can facilitate daily consumer transactions such as: Bus fare, Railway fare, Taxi fare, Utility bill payments, grocery shopping, school fees, E-Commerce, money transfers and more.

  • Asset Tracking• Bike Tracking• Camera Monitoring & Tracking

    Container Tracking• Container Lock• Fuel and temperature monitoring

    6. FUTURE OUTLOOK

    ACKNOWLEDGEMENT

    CONCLUSIONTap n Pay; a feature which enables fast payment and helps to reduce long checkout lines is currently being implemented on LTC buses in Lahore. It involves a Near Field Communication (NFC) device / sticker on a POS terminal in order to provide a seamless transaction. Bene�ts of the technology include: Low transaction fees, Interoperable network, Secure / dual authentication system, Anti-fraud / Transparency and customizable / direct payment solutions for E-Commerce.

    Strategy and Focus Areas

    Moving forward the Company is gearing up for the next phase in its evolution after having established itself as the outright market leader in the Tracking industry of Pakistan. As such, the company aims to streamline operations, reposition itself as an Internet of Things (IoT) focused technology company and move towards regional expansion.

    Customer and market expansion

    The Company is looking to expand its product range in order to provide not just Stolen Asset Tracking service, but also to provide higher value added services in the form of monitoring reports and data. To this end, the Company is looking to increase its targeted customer segments through creating Digital Sales channels, aggressively marketing online and introducing new products.

    Furthermore, the Company is looking to expand its operations beyond the borders of Pakistan and become a regional player in the �eld of IoT within the next two years with options to expand into Qatar and UAE in the near future.

    New Products and Services

    A number of new products are planned to be introduced in the next quarter:

    The Company has completed its 16 years of operations in April, 2016. We would like to thank the shareholders of the Company for the con�dence 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, �nancial institutions and customers for their support in pursuit of our corporate objectives.

    Quarterly Report 2016 11 12Quarterly Report 2016

    The Board of Directors thank Almighty Allah for His blessings and hopes that the future will give new dimensions to the business.

    Karachi: October 26, 2016

    On behalf of the Board of Directors

    Jameel YusufDirector

  • Quarterly Report 2016 13 14Quarterly Report 2016

    600,000300,000

    02014 2015 2016

    800,000600,000400,000200,000

    02014 2015 2016

    256,355

    122,882

    16,671

    4,904

    400,812

    251,515

    120,856

    9,162

    3,008

    384,541

    2%

    2%

    82%

    63%

    4%

  • Quarterly Report 2016 15 16Quarterly Report 2016

  • Quarterly Report 2016 17 18Quarterly Report 2016

  • Unconsolidated Condensed Interim Balance Sheet Unconsolidated Condensed Interim Balance Sheet

    Quarterly Report 2016 19 20Quarterly Report 2016

    As at September 30, 2016 (Un-audited)

    September 30,2016

    Rupees(Un-audited)

    June 30,2016

    Rupees(Audited)Note

    As at September 30, 2016 (Un-audited)

    September 30,2016

    Rupees(Un-audited)

    June 30,2016

    Rupees(Audited)Note

    ASSETS NON-CURRENT ASSETS Fixed Assets Property and equipment 5 529,320,343 547,429,989 Intangible assets 6 1,430,329,333 1,430,336,278 1,959,649,676 1,977,766,267 Long-term investments 7 706,845,551 446,565,530 Long-term loans 317,804 430,466 Long-term deposits 42,100,702 30,480,042 Interest accrued 1,152,063 13,482,945 Due from related parties 8 248,995,136 243,307,802 Deferred tax asset 4,585,096 4,585,096 2,963,646,028 2,716,618,148 CURRENT ASSETS Stock-in-trade 9 325,596,287 293,838,894 Trade debts 1,134,007,419 1,037,594,834 Loans and advances 66,479,251 9,295,832 Trade deposits and prepayments 26,461,719 36,843,396 Interest accrued 11,492,615 12,148,610 Other receivables 8,746,414 8,183,397 Short-term investments 10 772,530,449 772,530,449 Due from related parties 8 180,946,818 85,030,006 Taxation - net 982,403 - Cash and bank balances 11 68,825,753 74,082,114 2,596,069,128 2,329,547,532 TOTAL ASSETS 5,559,715,156 5,046,165,680

    EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES Share capital Authorised 230,000,000 (June 30, 2016: 230,000,000) ordinary shares of Rs.10/- each 2,300,000,000 2,300,000,000 Issued, subscribed and paid-up capital 2,172,489,630 2,172,489,630 Revenue reserve - unappropriated pro�t 799,378,020 771,646,701 2,971,867,650 2,944,136,331 NON-CURRENT LIABILITIES Long-term �nancing 12 695,052,228 724,255,448 Liabilities against assets subject to �nance lease 13 18,862,769 20,717,461 Deferred income 14 4,644,448 5,377,780 Long Term Loans 15 38,010,733 50,653,413 756,570,178 801,004,102 CURRENT LIABILITIES Trade and other payables 16 746,308,155 360,982,256 Accrued mark-up 108,595,497 103,519,045 Short term �nancing 17 67,580,935 34,199,476 Running �nance under mark-up arrangements 18 528,998,770 420,965,430 Current portion of non-current liabilities 224,757,872 207,051,627 Due to related parties 19 62,823,343 68,159,261 Taxation - net - 866,482 Advance monitoring fees 92,212,756 105,281,670 1,831,277,328 1,301,025,247 CONTINGENCIES AND COMMITMENTS 20 TOTAL EQUITY AND LIABILITIES 5,559,715,156 5,046,165,680

    The annexed notes from 1 to 24 form an integral part of these condensed interim �nancial statements.

    Jameel YusufDirector

    Ali JameelChief Executive

  • Unconsolidated Condensed Interim Pro�t & Loss Account Unconsolidated Condensed Interim Cash Flow Statement

    Quarterly Report 2016 21 22Quarterly Report 2016

    For the Period Ended September 30, 2016 (Un-audited)

    September 30,2016

    Rupees(Un-audited)

    September 30,2015

    Rupees(Un-audited)Note

    For the Period Ended September 30, 2016 (Un-audited)

    September 30,2016

    Rupees(Un-audited)

    September 30,2015

    Rupees(Un-audited)Note

    Turnover – net 21 400,812,491 384,540,610 Cost of sales (191,952,088) (191,425,750) Gross pro�t 208,860,403 193,114,860

    Distribution expenses (55,373,906) (53,791,968)

    Administrative expenses (91,818,664) (79,975,622)

    Operating pro�t 61,667,833 59,347,270

    Finance cost (31,983,107) (28,396,361)

    Other income 11,210,548 9,401,155

    Exchange gain / (loss) 602,773 (6,511,951)

    Workers' welfare fund (834,347) (666,128)

    Pro�t before taxation 40,663,700 33,173,985

    Taxation (12,932,381) (10,658,053)

    Pro�t for the period 27,731,319 22,515,932

    Earnings per share - Basic and diluted (Rupees) 0.13 0.10 The annexed notes from 1 to 24 form an integral part of these condensed interim �nancial statements.

    CASH FLOWS FROM OPERATING ACTIVITIES Pro�t before taxation 40,663,700 33,173,986 Adjustment for non cash charges and other items: Depreciation 5.1 31,707,131 29,083,824 Amortisation 6 14,940,719 15,217,751 Provision for doubtful debts 6,749,233 6,464,080 Finance cost 31,249,120 28,396,361 Loss/(gain) on sale of property and equipment (993,750) (1,100,000) Exchange loss / (gain) -net (602,773) 6,511,951 Deferred income (733,332) (1,249,347) 82,316,348 83,324,620 Operating pro�t before working capital changes 122,980,048 116,498,606 (Increase) / decrease in current assets Stock in trade 9 (31,757,393) (41,123,992) Trade debts (103,161,818) (93,921,009) Loans and advances (7,183,419) (8,272,622) Trade deposits & prepayments 10,381,677 32,944,186 Other receivables (563,017) 33,221 Accrued markup 12,986,877 (4,982,140) Due from related parties 8 (101,604,146) 3,752,352 (220,901,239) (111,570,004) Increase / (decrease) in current liabilities Trade and other payables 16 125,045,878 193,245,052 Due to related party 19 (5,335,918) (9,750,196) Advance monitoring fees (13,068,914) (19,687) Cash �ows from operations 106,641,046 183,475,169

    Payments for: Finance cost (26,172,668) (71,657,322) Income taxes (14,781,266) (10,470,828) (40,953,934) (82,128,150) Net cash �ows from operating activities (32,234,079) 106,275,621

    CASH FLOWS FROM INVESTING ACTIVITIES Purchase of - property and equipment (10,086,066) (8,781,594) - capital work-in-progress 5.2 (3,511,419) (30,102,506) - intangible assets 6 (5,300,000) (3,328,773) - intangible assets under development 6 (9,633,774) - Sale proceeds from disposal of property and equipment 993,750 1,100,000 Advance against investment (50,000,000) - Long-term loans 112,662 (2,139,378) Long-term deposits (11,620,660) (49,831,998) Net cash �ows used in investing activities (89,045,507) (93,084,249)

    CASH FLOWS FROM FINANCING ACTIVITIES Long-term loans - net (20,307,281) (12,165,342) Obligation under �nance lease - net (304,616) (9,429,115) Short Term Financing 33,381,459 (33,991,405) Long term loan Financing (4,779,677) (25,740,687) Net cash �ows used in �nancing activities 7,989,885 (81,326,549) Net increase / (decrease) in cash and cash equivalents (113,289,701) (68,135,177) Cash and cash equivalents at the beginning of the period (346,883,316) (212,744,235)

    Cash and cash equivalents at the end of the period (460,173,017) (280,879,412)

    The annexed notes from 1 to 24 form an integral part of these condensed interim �nancial statements.

    Jameel YusufDirector

    Ali JameelChief Executive

    Jameel YusufDirector

    Ali JameelChief Executive

  • Unconsolidated Condensed Interim Statement of Changes in Equity Notes to the Unconsolidated Condensed Interim Financial Statements

    Quarterly Report 2016 23 24Quarterly Report 2016

    For the Period Ended September 30, 2016 (Un-audited)

    Unappropriated pro�t

    (Rupees)

    Issued,subscribed

    and paid-upcapital

    TotalEquity

    For the Period Ended September 30, 2016 (Un-audited)

    Balance as at June 30 2015 - Restated 2,172,489,630 625,309,601 2,797,799,231 Pro�t for the period - 22,515,932 22,515,932

    Other comprehensive income for the period,net of tax - - -

    Total comprehensive income for the period - 22,515,932 22,515,932

    Balance as at September 30, 2015 2,172,489,630 647,825,533 2,820,315,163

    Balance as at June 30 2016 2,172,489,630 771,646,701 2,944,136,331

    Pro�t for the period - 27,731,319 27,731,319

    Other comprehensive income for the period,net of tax - - -

    Total comprehensive income for the period - 27,731,319 27,731,319

    Balance as at September 30, 2016 2,172,489,630 799,378,020 2,971,867,650

    The annexed notes from 1 to 24 form an integral part of these condensed interim �nancial statements.

    1. LEGAL STATUS AND OPERATIONS

    1.1. TPL Trakker Limited (the Company) was incorporated in Pakistan on December 04, 2008 as a private limited company

    under the Companies Ordinance, 1984. Subsequently in 2009, the Company was converted into a public company. The Company got listed on the Pakistan Stock Exchange Limited on July 16, 2012. The registered o�ce of the Company is situated at Centrepoint Building, O� Shaheed-e-Millat Expressway, Near KPT Interchange Flyover, Karachi. The principal activity of the Company is installation and sale of tracking devices, vehicle tracking and �eet management.

    1.2. TPL Holdings (Private) Limited is the parent company, which holds 114,950,274 (June 30, 2016: 114,950,274) ordinary shares of the Company representing 52.91 percent (June 30, 2016: 52.91 percent) shareholding as of the balance sheet date.

    1.3. These condensed interim �nancial statements are the separate condensed interim �nancial statements of the Company,

    in which investments in the below mentioned subsidiaries and associates have been accounted for at fair value and cost less accumulated impairment losses, if any. As of balance sheet date, the Company has the following subsidiaries and associates:

    % of shareholding

    Note

    Subsidiaries

    TPL Security Services (Private) Limited [TSS] 99.90 99.90 TPL Life Insurance Limited [TPLL] 1.4 100.00 -

    TPL Properties Limited [TPPL] 26.44 26.44 Centrepoint Management Services (Private) Limited (Sub-Subsidiary) 26.44 26.44

    Associates TPL Direct Insurance Limited [TDIL] 24.39 24.39 Trakker Middle East LLC [TME] 29.00 29.00

    1.4. The Company has acquired a wholly owned subsidiary namely TPL Life Insurance Limited (formerly Asia Care Health and

    Life Insurance Company Limited). 2. STATEMENT OF COMPLIANCE These condensed interim �nancial statements have been prepared in accordance with the approved accounting standards as applicable in Pakistan. Approved accounting standards comprise of such International Financial Reporting Standards (IFRSs) issued by the International Accounting Standard Board (IASB) and Islamic Financial Accounting Standards (IFAS) issued by the Institute of Chartered Accountants of Pakistan (ICAP) as are noti�ed under the Companies Ordinance, 1984, provisions of and directives issued under issued under the Companies Ordinance, 1984. In case where requirements di�er, the provisions or directives of the Companies Ordinance, 1984, shall prevail.

    3. BASIS OF PREPARATION These condensed interim unconsolidated �nancial statements have been prepared in accordance with approved accounting standards as applicable in Pakistan for Interim Financial Reporting. These condensed interim unconsolidated �nancial statements do not contain information required for full �nancial statements and should be read in conjunction with the �nancial statements of the Company for year ended June 30, 2016.

    These condensed unconsolidated interim �nancial statements comprise of the condensed interim unconsolidated balance sheet as at September 30, 2016, condensed interim unconsolidated pro�t and loss account, condensed interim unconsolidated cash �ow statement, condensed interim unconsolidated statement of changes in equity and notes thereto for the three months ended September 30, 2016.

    The comparative condensed unconsolidated balance sheet, presented in the condensed interim unconsolidated �nancial statements, as at June 30, 2016 has been extracted from the annual audited unconsolidated �nancial statements of the company for the year then ended whereas the comparative condensed interim unconsolidated pro�t and loss account, condensed interim unconsolidated cash �ow statement and condensed interim unconsolidated statement of changes in equity have been extracted from the condensed unconsolidated interim �nancial statements for the three months ended September 30, 2015. The comparative condensed interim unconsolidated pro�t and loss account for the three months ended September 30, 2015 which is included in these condensed interim unconsolidated �nancial statements is neither audited nor reviewed.

    June 30,2016

    September 30,2016

    Jameel YusufDirector

    Ali JameelChief Executive

  • Quarterly Report 2016 25 26Quarterly Report 2016

    For the Period Ended September 30, 2016 (Un-audited)

    4. SIGNIFICANT ACCOUNTING POLICIES

    The accounting policies and the methods of computation adopted in the preparation of these condensed unconsolidated interim �nancial statements are consistent as those applied in the preparation of the annual �nancial statements (unconsolidated) for the year ended June 30, 2016 are as follows:

    New standards The Company has adopted the following new standards which became e�ective for the current period:

    IFRS 10 - Consolidated Financial Statements

    IFRS 11 - Joint Arrangements

    IFRS 12 - Disclosure of Interest in Other Entities

    IFRS 13 - Fair Value Measurement

    IAS 27 (Revised 2011) - Separate Financial Statements

    IAS 28 (Revised) - Investment in associated and joint venture

    The adoption of the above new standards did not have any material e�ect on these condensed interim �nancial statements.

    Notes to the Unconsolidated Condensed Interim Financial Statements

    September 30,2016

    Rupees(Un-audited)

    June 30,2016

    Rupees(Audited)Note5. PROPERTY AND EQUIPMENT

    Operating �xed assets 5.1 507,303,314 528,924,376 Capital work-in-progress 5.2 22,017,029 18,505,613 529,320,343 547,429,989 5.1. The movement in operating �xed assets during the period / year is as follows: Opening balance 528,924,376 490,816,104 Add: Additions / Transfers during the period 5.1.1 10,086,069 168,481,934 539,010,445 659,298,038 Less: Disposals during the period (WDV) - (10,530,406) Depreciation charge for the period (31,707,131) (119,843,256) (31,707,131) (130,373,662) Operating �xed assets (WDV) 507,303,314 528,924,376 5.1.1. Additions including transfers during the period: Computers and accessories 1,191,750 16,073,524 Generator - 16,000,400 Electrical equipment 8,356,619 59,910,828 Furniture and �ttings 160,500 44,380,727 Vehicles - 25,458,320 Mobile phones 377,200 6,658,135 10,086,069 168,481,934 5.2. Capital work-in-progress Opening balance 18,505,610 46,476,686 Additions during the period / year 3,511,419 66,921,983 Less: Transfers during the period: 5.1.1 - Operating �xed assets - (94,893,059) Closing balance 22,017,029 18,505,610

    For the Period Ended September 30, 2016 (Un-audited)

    6. INTANGIBLE ASSETS Opening balance Add: Additions / transfers during the period Intangible assets under development Less: Amortisation charge for the period Intangible assets (WDV)

    7. LONG-TERM INVESTMENTS Represents investments in TPL Security Services (Private) Limited (TSS), TPL Life Insurance Limited (TPLL) [subsidiary companies] and TPL Direct Insurance Limited (TDIL) [assocaited company] amounting to Rs. 44.065 million, Rs. 260.280 and Rs.402.499 million (June 30, 2016: Rs. 44.065 million, Rs. Nil million and Rs. 402.499 million) respectively. During the period the Company has acquired a wholly owned subsidiary namely TPL Life Insurance Limited (formerly Asia Care Health and Life Insurance Company Limited).

    Notes to the Unconsolidated Condensed Interim Financial Statements

    September 30,2016

    Rupees(Un-audited)

    June 30,2016

    Rupees(Audited)Note

    September 30,2016

    Rupees(Un-audited)

    June 30,2016

    Rupees(Audited)Note

    8. DUE FROM RELATED PARTIES - unsecured

    Holding company - TPL Holdings (Private) Limited 8.1 99,373,070 18,789,612 Subsidiary companies - TPL Security Services (Private) Limited 8.2 66,040,413 57,334,544 - TPL Properties Limited 8.3 248,995,136 243,307,802 - TPL Life Insurance Limited 5,697,669 - 320,733,218 300,642,346 Subsidiary companies Others - TPL Direct Finance (Pvt) Limited [Formerly Trakker Financial Consultancy (Private) Limited] 757,425 757,425 - TPL Logistics (Private) Limited 765,247 734,805 - TPL Rupiya (Private) Limited 2,428,421 1,529,048 - The Resource Group Pakistan Limited 5,884,573 5,884,572 8.1 9,835,666 8,905,850 429,941,954 328,337,808 Less: Current portion 180,946,818 85,030,006 248,995,136 243,307,802

    1,430,336,278 1,361,154,521 5,300,000 65,886,889 9,633,774 60,831,039 1,445,270,052 1,487,872,449 14,940,719 57,536,171 1,430,329,333 1,430,336,278

    8.1. Represents current account balances with related parties carrying markup at the variable rate of 6 months KIBOR plus 3 percent i.e. 9.06 percent (June 30, 2016: 9.06 percent and �xed rate of 18 percent) per annum repayable on demand.

    8.2. Represents interest free current account balance with related party and is repayable on demand.

    8.3. Represents loan �nancing facility having limit of Rs.250 million carrying mark-up rate of 10.35 percent (June 30, 2016: 10.35 percent) per annum and repayable on or before August 31, 2121. On June 07, 2016, the rate of mark-up was changed from �xed rate of 14 percent to variable rate of 6 month KIBOR plus 4 percent, which was e�ective from May 01, 2016.

  • Quarterly Report 2016 27 28Quarterly Report 2016

    For the Period Ended September 30, 2016 (Un-audited)

    Notes to the Unconsolidated Condensed Interim Financial Statements

    September 30,2016

    Rupees(Un-audited)

    June 30,2016

    Rupees(Audited)Note

    9. STOCK-IN-TRADE Tracking devices 9.1 & 9.2 298,739,055 282,410,259 Spare parts 9.3 26,857,232 11,428,635 325,596,287 293,838,894

    9.1. Includes stock of Rs.0.032 million (June 30, 2016 : Rs.0.032 million) held with Digicore Electronics (Pty) Limited (Supplier and a related party by virtue of common directorship) and Rs. 13.422 million (June 30, 2016: Rs. 13.422 million) held with third parties on account of stock given for demo purposes.

    9.2. Includes stock of Rs.7.077 million (June 30, 2016: Rs. 77.901 million) held with third parties on account of on-site container tracking installations.

    9.3. Represents Bonnet Locks, Window Motors etc. which are held for sale.

    10.1. The Company holds 55 million (June 30, 2016: 55 million) ordinary shares of Rs.10/- each, representing 26.44 percent (June 30, 2016: 26.44 percent) of the share capital of TPL Properties Limited as of the balance sheet date. As of the balance sheet date, the management of the Company intends to dispose o� the said investment shortly.

    11.1. Included herein debt service account maintained with United Bank Limited for any date of US Dollars 0.493 million (June 30, 2016: 0.493 million) equal to the aggregate amount of principal, interest payments and fees of Rs.52.415 million (June 30, 2016: Rs.52.415 million) for the immediately succeeding six month period with respect to the �nancing facility as disclosed in note 12.1 to these condensed interim �nancial statements.

    12.1. The Company had obtained a project �nancing facility of US Dollars 3.5 million (equivalent to Rs.367.663 million) for a period of �ve years from OPIC (a foreign �nancial institution) through an agreement dated November 27, 2013 to be read with amendment dated March 31, 2014 to the original loan agreement.

    September 30,2016

    Rupees(Un-audited)

    June 30,2016

    Rupees(Audited)Note

    10. SHORT-TERM INVESTMENTS Investment in a sbusidiary company - available-for-sale at fair value TPL Properties Limited - Subsidiary 10.1 687,500,000 687,500,000 Investment in associated companies - at cost Trakker Middle East LLC (TME) - Associate 85,030,449 85,030,449 772,530,449 772,530,449

    September 30,2016

    Rupees(Un-audited)

    June 30,2016

    Rupees(Audited)Note

    11. CASH AND BANK BALANCES Cash in hand 1,514,468 594,853 At banks in: current accounts - local currency - conventional banking 6,863,367 10,599,955 - islamic banking 7,901,613 10,338,250 14,764,980 20,938,205 current accounts - foreign currency - conventional banking 130,563 133,314 saving accounts - local currency - conventional banking 11.1 52,415,742 52,415,742 68,825,753 74,082,114

    September 30,2016

    Rupees(Un-audited)

    June 30,2016

    Rupees(Audited)Note

    12. LONG TERM FINANCING

    Conventional �nancing Project Finance 12.1 & 12.2 205,513,206 206,128,126 Islamic �nancing Diminishing Musharaka I - 393,352 Diminishing Musharaka II 27,666,952 32,041,131 Sukuk Financing 12.3 & 12.4 600,000,000 600,000,000 627,666,952 632,434,483 833,180,158 838,562,609 Less: Current potion shown under current liabilities 138,127,930 114,307,161 695,052,228 724,255,448

    For the Period Ended September 30, 2016 (Un-audited)

    Notes to the Unconsolidated Condensed Interim Financial Statements

  • September 30,2016

    Rupees(Un-audited)

    June 30,2016

    Rupees(Audited)Note

    14 DEFERRED INCOME Deferred income 14.1 4,644,448 5,377,780 14.1. Deferred income Opening balance 5,377,780 10,014,427 Less: Amortization for the period 733,332 4,636,647 4,644,448 5,377,780

    15. LONG-TERM LOANS

    Represents term �nance facilities obtained from various conventional commercial banks.

    19. DUE TO RELATED PARTIES - Unsecured

    Associated Companies TPL Direct Insurance Limited (TDIL) 19.1 62,521,767 67,857,685 Trakker Middle East LLLC (TME) 19.2 301,576 301,576 62,823,343 68,159,261

    Quarterly Report 2016 29 30Quarterly Report 2016

    For the Period Ended September 30, 2016 (Un-audited)

    Notes to the Unconsolidated Condensed Interim Financial Statements

    12.2. As of balance sheet date, the Company has utilised the aforementioned �nancing facility. The said facility amount 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 United States Treasury Rate plus 3.75 percent (i.e. 5.12 percent) per annum payable quarterly on 15th of each March, June, September and December after the receipt of �rst 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 2.7 million and charge on savings account (note 11.1).

    12.3. During the year ended June 30, 2016, the Company issued Sukuk certi�cates of Rs.600 million divided into 600 certi�cates of Rs.1 million each for a period of 5 years under an agreement dated April, 08 2016 to be read with amended agreement for Green Shoe Option dated May, 08 2016.

    12.4. The said certi�cates are reedemable in 4 equal quarterly installments starting from 4th quarter (i.e. October 2019) and ending no later than April 2021 i.e. redemption date. The rate of rental payment is 1 year KIBOR plus 3 percent per annum payable at the end of each April, July, October and January, after the date of agreement. These certi�cates are secured against pledge of 55 million ordinary shares of TPL Properties Limited owned by the Company, charge by way of hypothecation of Rs.750 million (inclusive of 20% margin) over the hypothecated assets in favour of the trustee and a ranking charge ranking subordinate and subservient to the charge in favour of the existing creditors.

    13 LIABILITIES AGAINST ASSETS SUBJECT TO FINANCE LEASE

    Represents conventional obligation in respect of assets acquired under �nance lease arrangements from various conventional �nancial institutions.

    16.1. Includes an amount of Rs.3.8 million (June 30, 2016: Rs.15.730 million) equivalent to US Dollars 0.038 million (June 30, 2016: 0.150 million) in respect of bills payable amounting to Digicore Electronics (Pty) Limited (Supplier and a related party by virtue of common directorship). Further, it includes amount of Rs.24.9 million (June 30, 2016: Rs.15.730 million) payable to TPL Properties Limited (a subsidiary company).

    16.2. These are non-interest bearing and generally on a term of 1 to 6 months execpt for creditors are on a credit term of 30 days.

    17. SHORT TERM FINANCING

    Represents FATR and Sight LCs facility obtained by the Company having a limit of Rs.135 million (June 30, 2016: 135 million) from conventional commercial banks. The FATR carries mark-up at the rate of 3 months KIBOR plus 3.5 percent per annum and is secured against �rst pari passu hypothecation charge of Rs. 336 million (June 30, 2016: 336 million) over all present and future stocks, book debts and �xed assets excluding land and buildings of the Company with 15 percent cash margin. As of the balance sheet date, Rs.21.4 million (June 30, 2016: 63.23 million) remained unutilized. 18. RUNNING FINANCE UNDER MARK-UP ARRANGEMENTS

    The facilities for short term running �nance are obtained from various commercial banks aggregating to Rs.492 million (June 30, 2016: Rs.385 million) which remained fully utilised (June 30, 2016: fully utilised) as of the balance sheet date. These carry markup ranging between 3 months KIBOR plus 2.1 percent and 3.5 percent (June 30, 2016: 3 months KIBOR plus 2.1 percent, 3.50) per annum. These are secured by way of registered hypothecation over stocks and book debts aggregating to Rs.387 million (June 30, 2016: Rs.387 million) and equitable �rst pari passu charge over properties to the extent of Rs.268 million (June 30, 2016: Rs.268 million).

    September 30,2016

    Rupees(Un-audited)

    June 30,2016

    Rupees(Audited)Note

    September 30,2016

    Rupees(Un-audited)

    June 30,2016

    Rupees(Audited)Note

    16. TRADE AND OTHER PAYABLES Creditors 16.1 344,962,136 253,853,741 Accrued liabilities 53,935,701 17,531,710 Unearned equipment rentals 43,829,545 46,256,239 Other liabilities Sales commission payable 1,121,631 8,530,078 Payable against purchase of investment 260,280,021 - Sales tax payable 21,068,477 15,170,776 Worker’s welfare fund 13,678,413 12,844,067 Dividend payable 3,000,000 3,000,000 Provident fund 2,770,433 2,133,847 Others 1,661,798 1,661,798 303,580,773 43,340,566 746,308,155 360,982,256

    For the Period Ended September 30, 2016 (Un-audited)

    Notes to the Unconsolidated Condensed Interim Financial Statements

  • 22 TRANSACTIONS WITH RELATED PARTIES Related parties of the Company comprise holding company, subsidiaries, associates, directors and key management personnel. Transactions with related parties during the period, other than those which have been disclosed elsewhere in these condensed interim �nancial statements are as follows:

    Name / Relationship

    TPL Holdings (Private) Limited – (Holding company) Expenses paid by the Company 12,000 58,080 Mark-up on current account 3,519,430 559,055 Amount received by the Company from TPL Holdings (Private) Limited 80,571,456 - TPL Security Services (Private) Limited – (Subsidiary company) Expenses incurred by the Company 21,719,519 20,563,838 Services acquired by the Company from TPL Security Services (Private) Limited 2,963,650 3,341,780 Amount received by the Company 10,050,000 - TPL Properties Limited - (Subsidiary company) Expenses incurred by the Company 4,188,448 4,748,580 Payments made by the Company 72,298,885 - Amount received by the Company 70,800,000 20,000,000 Mark-up on current account 5,968,003 4,241,031

    Centrepoint Management Services (Private) Limited - (Sub-subsidiary) Services acquired by the Company from CMS 10,295,491 9,429,758 Payments made by the Company 7,409,322 - Advance against Maintenance and other Services - 4,200,000 TPL Life Insurance Limited - (Subsidiary company) Expenses incurred by the Company 8,897,669 - Amount received by the Company 3,200,000 - TPL Direct Insurance Limited – (Associated company) Sales 40,176,694 99,356,465 Expenses paid by the Company on behalf of TDIL 10,246,501 10,669,499 Amount received from TDIL 45,087,277 48,570,000 Mark-up on current account 1,563,079 5,089,680 Expenses paid by TDIL on behalf of the Company - 970,392 TPL Direct Finance (Private) Limited - (Common directorship) Expenses incurred by the Company - 10,000 Mark-up on current account 17,297 18,137 Global Connect Limited - (Common directorship) Mark-up on current account - 2,222 The Resource Group Pakistan Limited - (Common directorship) Expenses incurred by the Company - 1,000,000 Mark-up on current account 134,381 145,066 TPL Logistics (Private) Limited - (Common directorship) Expenses incurred by the Company 30,442 38,929 Mark-up on current account 15,132 16,630 Digicore Electronics (Pty) Limited Purchases made during the year by the Company 3,842,609 - Payments made by the Compnay 12,688,432 - TPL Rupiya (Private) Limited Expenses incurred by the Company 899,374 - Mark-up on current account 48,535 - Sta� retirment bene�t TPL Trakker Limited - Provident fund Employer contribution 3,387,841 2,572,905 23. CASH AND CASH EQUIVALENTS

    Cash and bank balances 68,825,753 90,426,491 Running �nance under mark-up arrangements (528,998,770) (371,395,903) (460,173,017) (280,969,412)

    Quarterly Report 2016 31 32Quarterly Report 2016

    For the Period Ended September 30, 2016 (Un-audited)

    Notes to the Unconsolidated Condensed Interim Financial Statements

    19.1. Represents current account balance with a related party and carries mark-up at the variable rate of 9.06 percent (June 30, 2016: 9.06 percent) per annum and is repayable on demand.

    19.2. Represents interest free current account balance with related party and is repayable on demand.

    19.3. There are no major changes in the terms and conditions as disclosed in the �nancial statements (unconsolidated) for the year ended June 30, 2016.

    20. CONTINGENCIES AND COMMITMENTS

    There are no major changes in the status of contingencies and commitments as reported in the annual �nancial statements (unconsolidated) of the Company for the year ended June 30, 2016.

    21. TURNOVER - net Equipment installation and sales 102,951,944 110,414,363 Monitoring fees 134,984,666 129,489,963 Equipment rentals 137,352,936 125,878,038 Navigation Services 16,671,164 9,161,532 Other services 8,851,781 9,596,714 400,812,491 384,540,610

    For the Period Ended September 30, 2016 (Un-audited)

    Notes to the Unconsolidated Condensed Interim Financial Statements

    September 30,2016

    Rupees(Un-audited)

    September 30,2015

    Rupees(Un-audited)

    September 30,2016

    Rupees(Un-audited)

    September 30,2015

    Rupees(Un-audited)

    September 30,2016

    Rupees(Un-audited)

    September 30,2015

    Rupees(Un-audited)

  • Consolidated Condensed Interim Balance Sheet

    As at September 30, 2016 (Un-audited)September 30,

    2016Rupees

    (Un-audited)

    June 30,2016

    Rupees(Audited)NoteASSETS

    NON-CURRENT ASSETS Fixed Assets Property and equipment Intangible assets Investment property Long-term investments Government securities Listed equities Long-term loans Long-term deposits Deferred tax asset

    CURRENT ASSETS Stock-in-trade Trade debts Loans and advances Trade deposits and prepayments Interest accrued Other receivables Short-term investment Due from related parties Accrued invsetment income Amounts due from other insurers/reinsurers Premiums due but unpaid Taxation - net Cash and bank balances

    TOTAL ASSETS

    45

    6

    7

    8

    9

    1,283,980,8541,530,687,3152,814,668,1694,093,415,736

    519,118,604 100,425,975

    7,646,123 317,804

    47,828,565 67,694,227

    7,651,115,203

    325,596,287 1,216,575,093

    113,257,742 114,369,991

    7,166,174 8,746,414

    144,572,243 109,208,736

    3,638,866 86,957

    16,496,698 135,295,369 456,574,901

    2,651,585,471

    10,302,700,674

    1,305,464,831 1,520,261,040 2,825,725,871 4,090,415,737

    506,417,217 - -

    430,466 36,207,905 71,458,824

    7,530,656,020

    294,125,367 1,086,022,757

    33,126,089 40,430,992

    7,822,178 8,183,393

    144,572,243 27,695,462

    - - -

    110,111,218 927,774,474

    2,679,864,173

    10,210,520,193

    Quarterly Report 2016 33 34Quarterly Report 2016

    For the Period Ended September 30, 2016 (Un-audited)

    Notes to the Unconsolidated Condensed Interim Financial Statements

    23. DATE OF AUTHORISATION OF ISSUE These condensed interim �nancial statements were authorised for issue on October 26, 2016 by the Board of Directors of the Company.

    24 GENERAL

    24.1. Corresponding �gures have been reclassi�ed for the purpose of better presentation and comparison, wherever necessary. However, there are no material reclassi�cations to the report. 24.2. Figures have been rounded o� to the nearest rupee, unless otherwise stated.

    Jameel YusufDirector

    Ali JameelChief Executive

  • The annexed notes from 1 to 16 form an integral part of these consolidated condensed interim �nancial statements.

    For the period ended September 30, 2016 (Un-audited)

    September 30,2016

    Rupees(Un-audited)

    September 30, 2015

    Rupees(Un-audited)Note

    Consolidated Condensed Interim Pro�t and Loss Account

    Turnover – net 563,621,254 481,625,226

    Cost of sales (305,376,742) (227,397,273)

    Gross pro�t 258,244,512 254,227,953 Distribution expenses (47,800,964) (53,791,968)

    Administrative expenses (115,512,558) (115,577,572)

    Operating pro�t 94,930,990 84,858,413

    Finance cost (77,696,807) (85,292,298)

    Other income 93,946,744 7,784,726

    Other operating expenses - exchange gain / (loss) 602,773 (63,911,950)

    Share of pro�t from investment in associates - net 12,701,387 6,575,613 Workers' Welfare Fund (834,347) -

    Pro�t / (loss) before taxation 123,650,740 (49,985,496)

    Taxation (21,297,636) (10,279,049)

    Pro�t / (loss) for the period 102,353,104 (60,264,545)

    Other comprehensive income for the period, net of tax - -

    Total comprehensive income for the period 102,353,104 (60,264,545)

    Earnings / (loss) per share - Basic and diluted 0.38 (0.09)

    Total Comprehensive income attributable to :

    Owners of the parent 83,008,369 (19,238,694)Non-Controlling interest 19,344,735 (41,025,851) 102,353,104 (60,264,545)

    Consolidated Condensed Interim Balance Sheet

    As at September 30, 2016 (Un-audited)September 30,

    2016Rupees

    (Un-audited)

    June 30,2016

    Rupees(Audited)NoteEQUITY AND LIABILITIES

    SHARE CAPITAL AND RESERVES Share capital Authorised 230,000,000 (June 30, 2016: 230,000,000) ordinary shares of Rs.10/- each

    Issued, subscribed and paid-up capital Revenue reserves-Unappropriated pro�t

    Non-controlling interest

    NON-CURRENT LIABILITIES Long-term �nancing Liabilities against assets subject to �nance lease Long-term loans Deferred Liabilities Due to related parties Accrued mark-up

    CURRENT LIABILITIES Trade and other payables Accrued mark-up Short-term �nancing Running �nance under mark-up arrangements Current portion of non-current liabilities Due to related parties Advance monitoring fees

    CONTINGENCIES AND COMMITMENTS

    TOTAL EQUITY AND LIABILITIES

    The annexed notes from 1 to 16 form an integral part of these consolidated condensed interim �nancial statements.

    10

    10

    11

    2,300,000,000

    2,172,489,630 533,816,997

    2,706,306,627 2,525,420,572 5,231,727,199

    2,746,866,809 30,217,506 50,653,413 10,738,080 32,338,178

    5,612,555 2,876,426,541

    620,806,027 178,348,148 234,199,476 420,965,430 451,312,032

    91,453,670 105,281,670

    2,102,366,453

    10,210,520,193

    2,300,000,000

    2,172,489,630 616,825,366

    2,789,314,996 2,544,765,307 5,334,080,303

    2,496,103,995 28,362,813 38,010,735 18,024,740 90,338,178

    6,134,483 2,676,974,944

    970,288,098 124,267,960

    67,580,935 528,998,770 440,289,242

    68,007,666 92,212,756

    2,291,645,427

    10,302,700,674

    Quarterly Report 2016 35 36Quarterly Report 2016

    Jameel YusufDirector

    Ali JameelChief Executive

    Jameel YusufDirector

    Ali JameelChief Executive

  • The annexed notes from 1 to 16 form an integral part of these consolidated condensed interim �nancial statements.

    Consolidated Condensed Interim Cash Flow Statement

    For the period ended September 30, 2016 (Un-audited)

    September 30,2016

    Rupees(Un-audited)

    September 30, 2015

    Rupees(Un-audited)Note

    CASH FLOWS FROM INVESTING ACTIVITIES Purchase of - property and equipment (17,337,645) (35,490,094) - capital work-in-progress – net (3,511,419) (11,389,142) - intangible assets (15,600,000) (3,327,450) - intangible assets under development (9,633,774) - Sale proceed from disposals of property and equipment 993,750 1,100,000 Long-term investments (12,701,387) - Investment property (2,999,999) (18,037,637) Government securities (100,425,975) - Listed equities (7,646,123) - Long-term loans 112,662 (2,139,377) Long-term deposits (11,620,660) (49,931,997) Net cash �ows used in investing activities (180,370,570) (119,215,697)

    CASH FLOWS FROM FINANCING ACTIVITIES Long-term loans - net (20,307,281) (12,165,342) Obligation under �nance lease repaid - net (9,658,644) (9,429,115) Short-term �nancing - net (166,618,541) (33,991,405) Issue of Shares - 342,500,000 Long term �nancing (144,831,623) (74,828,926) Deferred Liabilities 6,553,328 - Loan from directors (17,796,681) 22,981,003 Net cash �ows (used in) / from �nancing activities (352,659,442) 235,066,215 Net (decrease) / increase in cash and cash equivalents (579,232,913) (209,392,524) Cash and cash equivalents at the beginning of the period 506,809,044 (32,038,318) Cash and cash equivalents at the end of the period (72,423,869) (241,430,842)

    Quarterly Report 2016 37 38Quarterly Report 2016

    Consolidated Condensed Interim Cash Flow Statement

    For the period ended September 30, 2016 (Un-audited)

    September 30,2016

    Rupees(Un-audited)

    September 30, 2015

    Rupees(Un-audited)Note

    CASH FLOWS FROM OPERATING ACTIVITIES

    Pro�t before taxation 123,650,740 (49,985,496) Adjustment for non cash charges and other items: Depreciation 4 41,327,508 37,943,360 Amortisation of intangible assets 5 15,380,821 15,250,585 Provision for doubtful debts 6,749,233 6,464,081 Finance cost 77,696,807 85,292,298 Gain on sale of property and equipment (993.750) (1,100,000) Gain on bargain purchase of a subsidiary (86,282,392) - Share of pro�t in investment in associates (12,701,387) (6,575,613) Unrealised gain on sale of assets to associates - 6,499,002 Exchange (gain) / loss-net (602,773) 63,911,950 Deferred Income (733,332) (1,249,347) 39,840,735 206,436,316 Operating pro�t before working capital changes 163,491,475 156,450,820 (Increase) / decrease in current assets Stock-in-trade (31,470,920) (41,134,992) Trade debts (137,301,569) (118,556,090) Loans and advances (80,131,653) 7,482,043 Trade deposits and prepayments (73,938,999) 19,017,986 Other receivables (563,021) 236,771 Short-term investments - - Due from related parties (81,513,274) (1,107,009) Interest accrued 656,004 (741,109) Accrued invsetment income (3,638,866) - Amounts due from other insurers/reinsurers (86,957) - Premiums due but unpaid (16,496,698) - (424,485,953) (134,802,400) Increase / (decrease) in current liabilities Trade and other payables 349,482,071 157,180,459 Advance monitoring fees (13,068,914) (19,686) Due to related parties 52,350,677 (305,550,984) 388,763,834 (148,390,211) Cash �ows from operations 127,769,356 (126,741,791) Payments for : Finance costs paid (131,255,067) (182,632,906) Income taxes paid (42,717,190) (15,868,345) (173,972,257) (198,501,251)Net cash �ows from operating activities (46,202,901) (325,243,042)

    Jameel YusufDirector

    Ali JameelChief Executive

  • Notes to the Consolidated Condensed Interim Financial Statements

    For the Period Ended September 30, 2016 (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 consolidated in these �nancial statements:

    1.1. Holding Company

    TPL Trakker Limited TPL Trakker Limited [the Holding Company] is a subsidiary of TPL Holdings (Private) Limited [TPL, the ultimate parent company], which holds 52.91 percent (2015: 52.91 percent) ordinary shares of the Holding Company. The Holding Company was incorporated in Pakistan on December 04, 2008 under the Companies Ordinance, 1984 (the Ordinance). The Holding Company is listed on Pakistan Stock Exchange Limited (PSEL) with e�ect from July 16, 2012. The principal activity of the Holding Company is installation and sale of tracking devices, vehicle tracking and �eet management. The registered o�ce of the Holding Company is situated at Centrepoint Building, O� Shaheed-e-Millat Expressway, Near KPT Interchange Flyover, Karachi.

    1.2. As of the balance sheet date, the Holding Company has the following subsidiaries and associates:

    1.2.1. TPL Security Services (Pvt) Limited TPL Security Services (Private) Limited (TSS) is a private limited company incorporated on May 01, 2000 in Pakistan under the Companies Ordinance, 1984. The principal activity of TSS is to provide security services. The registered o�ce of the TSS is situated at 39-K, Block-6, P.E.C.H. Society, Karachi. The company is in a process to update the new registered address as Centrepoint Building, O� Shaheed-e-Millat Expressway, Near KPT Intercange Flyover, Karachi, Pakistan. TSS is fully supported by the �nancial assistance of the Holding Company for smooth running of business operations.

    1.2.2. TPL Life Insurance Limited

    The Holding company has acquired a wholly owned subsidiary namely TPL Life Insurance Limited (TPLL) (formerly Asia Care Health & Life Insurance Company Limited). It was incorporated on March 19, 2008 under the Companies Ordinance, 1984 as public limited company and registered as a Life insurance company by the Securities and Exchange Commission of Pakistan (SECP) under the Insurance Ordinance, 2000, it was granted licence for insurance business on March 02, 2009. The registered o�ce of the Company is situated at 15-17C 2nd Floor, Commercial Lane No. 5 Zamzama Phase 5, Karachi.

    1.2.3. TPL Properties Limited

    TPL Properties Limited (TPPL) was incorporated in Pakistan as a private limited company on February 14, 2007 under the Companies Ordinance, 1984. The principal activity of TPPL is to invest, purchase, develop and build real estate and to sell, rent out or otherwise dispose o� in any manner the real estate including commercial and residential buildings, houses, shops, plots or other premises. The registered o�ce of the TPPL is situated at Centrepoint Building, O� Shaheed-e-Millat Expressway, Near KPT Interchange Flyover, Karachi, Pakistan.

    Subsidiaries TPL Security Services (Private) Limited [TSS] TPL Life Insurance Limited [TPLL] TPL Properties Limited [TPPL] Centrepoint Management Services (Private) Limited (Sub-subsidiary) Associates TPL Direct Insurance Limited [TDIL] Trakker Middle East LLC [TME]

    September 30, June 30, 2016 2016 99.90 99.90 100.00 - 26.44 26.44

    26.44 26.44

    24.39 24.39 29.00 29.00

    % of shareholding

    Quarterly Report 2016 39 40Quarterly Report 2016

    Consolidated Condensed Interim Statement of Changes in Equity

    For the period ended September 30, 2016 (Un-audited)

    Jameel YusufDirector

    Ali JameelChief Executive

    The annexed notes from 1 to 16 form an integral part of these consolidated condensed interim �nancial statements.

    Issued, subscribed andpaid up capital

    Revenue reserve -unapporpriated

    pro�ts

    Available forsale reserve Total reserves

    Non-controllinginterest Total equity

    Attributable to the equity holders of parent

    Balance as at June 30, 2015 2,172,489,630 901,176,240 - 901,176,240 806,560,205 3,880,226,075

    Pro�t for the period - (19,238,694) (19,238,694) (41,025,851) (60,264,545) Other comprehensive income / (loss) for the period - (149,653,760) - (149,653,760) 549,959,760 400,306,000

    Total Comprehensive income for the year - (168,892,454) - (168,892,454) 508,933,909 340,041,455

    Balance as at September 30, 2015 2,172,489,630 732,283,786 - 732,283,786 1,315,494,114 4,220,267,530

    Balance as at June 30, 2016 2,172,489,630 533,816,997 - 533,816,997 2,525,420,572 5,231,727,199

    Pro�t for the period - 83,008,369 - 83,008,369 19,344,735 102,353,104 Other comprehensive income for the period - - - - - -

    Total - 83,008,369 - 83,008,369 19,344,735 102,353,104

    Balance as at September 30, 2016 2,172,489,630 616,825,366 - 616,825,366 2,544,765,307 5,334,080,303

    (Rupees)

  • September 30,2016

    Rupees(Un-audited)

    June 30,2016

    Rupees(Audited)Note

    4. PROPERTY AND EQUIPMENT Operating Fixed Assets 4.1 1,261,963,825 1,286,959,218 Capital work-in-progress 22,017,029 18,505,613 1,283,980,854 1,305,464,831

    4.1. Operating �xed assets

    The following is the movement in operating �xed assets during the period: Opening balance 1,286,959,218 1,274,750,025 Add: Additions during the period 17,337,645 182,104,554 1,304,296,863 1,456,854,579

    Less: Disposals during the period (WDV) 1,005,530 10,890,316 Depreciation charge for the period 41,327,508 159,005,045 42,333,038 169,895,361Operating �xed assets (WDV) 1,261,963,825 1,286,959,218

    5. INTANGIBLE ASSETS

    Opening balance 1,520,834,362 1,451,210,613 Add: Additions/ transfers during the period 15,600,000 91,236,607 Intangible assets under development 9,633,774 60,831,039 Less: Disposals during the period - (25,349,718) 1,546,068,136 1,577,928,541 Less: Amortisation charge for the period 15,380,821 57,667,501 Intangible assets (WDV) 1,530,687,315 1,520,261,040

    6. LONG TERM INVESTMENTS Investment in associated companies - equity method TPL Direct Insurance Limited 519,118,604 506,417,217

    7. STOCK-IN-TRADE Tracking devices 298,739,055 282,696,732 Spare parts and loose tools 26,857,232 11,428,635 325,596,287 294,125,367

    Notes to the Consolidated Condensed Interim Financial Statements

    For the Period Ended September 30, 2016 (Un-audited)

    Notes to the Consolidated Condensed Interim Financial Statements

    For the Period Ended September 30, 2016 (Un-audited)

    1.2.4. Centrepoint Management Services (Private) Limited

    Centrepoint Management Services (Private) Limited (CMS) was incorporated in Pakistan as a private limited company on August 10, 2011 under the Companies Ordinance, 1984. The principal activity of CMS is to provide building maintenance services to all kinds and description of residential and commercial buildings. The registered o�ce of the Company is situated at Centrepoint Building, O� Shaheed-e-Millat Expressway, Near KPT Interchange Flyover, Karachi, Pakistan. CMS is a subsidiary of TPL Trakker Limited by virtue of TPPL 99% shareholding in the company as of the balance sheet date.

    Associates

    1.2.5. TPL Direct Insurance Limited TPL Direct Insurance Limited (TDI) was incorporated in Pakistan in 1992 as a public limited company under the Companies Ordinance, 1984 to carry on general insurance business. The principal o�ce of TDI is located at Centrepoint Building, O� Shaheed-e-Millat Expressway, Near KPT Interchange Flyover, Karachi, Pakistan.

    1.2.6. 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 and distribution of products and services in the �eld of wireless, �eet management, tracking and telemetry services. The registered o�ce of TME is at P.O. Box 52331, Abu Dhabi, United Arab Emirates.

    2. BASIS OF PREPARATION

    These unaudited consolidated condensed interim �nancial statements have been prepared in condensed form in accordance with approved accounting standards as applicable in Pakistan for interim �nancial reporting and is being submitted to the shareholders as required under section 245 of the Companies Ordinance, 1984. These consolidated condensed interim �nancial statements do not include all of the information required for full annual �nancial information and should be read in conjunction with the annual �nancial information as at and for the year ended June 30, 2016.

    These consolidated condensed interim �nancial statements have been prepared under the ‘historical cost’ convention, except for investment property which is measured at fair value and certain �nancial instruments which are measured in accordance with the requirements of International Accounting Standard (IAS-39) “Financial Instruments: Recognition and Measurement”.

    3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies and methods of computation followed for the preparation of these consolidated condensed interim �nancial statements are the same as those applied in preparing the consolidated �nancial statement for the year ended June 30, 2016.

    Quarterly Report 2016 41 42Quarterly Report 2016

  • September 30,2016

    Rupees(Un-audited)

    September 30, 2015

    Rupees(Un-audited)

    Name / Relationship TPL Holdings (Private) Limited – (Holding company) Amount received by the Company 58,000,000 67,000,000 Expenses incurred/paid by the Company 12,000 58,080 Payment made by the Company 80,571,456 400,300,000 Loan received by the Company - 49,500,000 Mark-up on current account 4,042,219 19,781,982 TPL Direct Insurance Limited (TDI) – (Associated Company) Sales 40,176,694 99,356,465 Expenses incurred / paid by the Company on behalf of TDI 10,246,501 10,669,499 Amount received from TDI 45,087,277 48,570,000 Mark-up on current account 1,563,079 5,089,680 Services acquired by the Company - 9,300,246 Services rendered by the Company 6,017,513 2,353,692 Advance received against maintenance - 1,142,004 Expenditure incurred / paid by TDI on behalf of the Company - 970,392

    TPL Direct Finance (Private) Limited - (Common directorship) Expenses incurred by the Company - 10,000 Mark-up on current account 17,297 18,137

    September 30,2016

    Rupees(Un-audited)

    June 30,2016

    Rupees(Audited)Note

    10. DUE TO RELATED PARTIES - UNSECURED

    Ultimate parent company TPL Holdings (Private) Limited 90,338,178 32,651,583

    Associated companies TPL Direct Insurance Limited (TDI) 62,521,767 67,857,685 Trakker Middle East (TME) 301,576 301,576 62,823,343 68,159,261 Loan from a Director 5,184,323 22,981,004 158,345,844 123,791,848 Less: Current portion (68,007,666) (91,453,670) 90,338,178 32,338,178

    11. CONTINGENCIES AND COMMITMENTS

    There are no major changes in the status of contingencies and commitments as reported in the annual �nancial statements of the Company for the year ended June 30, 2016.

    12. TRANSACTIONS WITH RELATED PARTIES

    Related parties of the Group comprise of ultimate parent company, associates, suppliers, directors and key management personnel. Transactions with related parties and associated undertakings during the period, other than those which have been disclosed elsewhere in these consolidated condensed interim �nancial statements, are as follows:

    Notes to the Consolidated Condensed Interim Financial Statements

    For the Period Ended September 30, 2016 (Un-audited)

    Notes to the Consolidated Condensed Interim Financial Statements

    For the Period Ended September 30, 2016 (Un-audited)

    September 30,2016

    Rupees(Un-audited)

    June 30,2016

    Rupees(Audited)Note

    September 30,2016

    Rupees(Un-audited)

    June 30,2016

    Rupees(Audited)

    8. DUE FROM RELATED PARTIES - unsecured, considered good Ultimate parent company TPL Holdings (Private) Limited 8.1 99,373,070 18,789,612

    Others TPL Direct Finance (Private) Limited [formerly Trakker Financial Consultancy (Private) Limited] 757,425 757,425 TPL Logistics (Private) Limited 765,247 734,805 TPL Rupiya (Private) Limited 2,428,421 1,529,048 The Resource Group Pakistan Limited 5,884,573 5,884,572 8.1 9,835,666 8,905,850 109,208,736 27,695,462

    9. CASH AND BANK BALANCES

    Cash in hand 1,751,338 594,853 At banks in: current accounts - local currency - conventional banking 101,832,730 712,004,212 - islamic banking 8,303,558 118,227,954 110,136,288 830,232,166 current accounts - foreign currency - conventional banking 130,563 133,314 savings accounts - local currency - conventional banking 344,549,813 69,786,140 - islamic banking 6,899 27,028,001 344,556,712 96,814,141 456,574,901 927,774,474

    8.1. Represents current account balances with related parties carrying markup at the variable rate of 6 months KIBOR plus 3 percent i.e. 9.06 percent and �xed rate of 18 percent (June 30, 2016:9.06 percent and �xed rate of 18 percent) per annum and are repayable on demand.

    Quarterly Report 2016 43 44Quarterly Report 2016

  • Notes to the Consolidated Condensed Interim Financial Statements

    For the Period Ended September 30, 2016 (Un-audited)September 30,

    2016Rupees

    (Un-audited)

    September 30, 2015

    Rupees(Un-audited)

    Name / Relationship Global Connect Limited - (Common directorship) Mark-up on current account - 2,222 The Resource Group Pakistan Limited - (Common directorship) Expenses incurred by the Company - 1,000,000 Services rendered by TPL Security 470,500 260,000 Mark-up on current account 134,381 145,066 TPL Logistics (Private) Limited - (Common directorship) Expenses incurred by the Company 30,442 38,929 Markup on current account 15,132 16,630 Digicore Electronics (Pty) Limited - (Common directorship) Purchases made during the year by the Company 3,842,609 - Payments made to Digicore 12,688,432 -

    Shakarganj Foods Limited Premium written (1,743,370) - Claims Incurred 2,569,770 -

    Grant Thornton Consulting (Private) Limited Premium written (16,215) - Claims Incurred 579,757 -

    Sta� retirement bene�t TPL Trakker Limited-Provident Fund Employer Contribution 3,387,841 2,572,905

    13. CASH AND CASH EQUIVALENTS Cash and bank balances 456,574,901 129,965,061 Running �nance under mark-up arrangements (528,998,770) (371,395,903) (72,423,869) (241,430,842)

    14. DATE OF AUTHORISATION OF ISSUE

    These consolidated condensed interim �nancial statements were authorised for issue on October 26, 2016 by the Board of Directors of the Company.

    15. CORRESPONDING FIGURES

    Certain prior year’s �gures have been rearranged consequent upon certain changes in the current year’s presentation for more appropriate comparison, where necessary.

    16. GENERAL

    Figures have been rounded o� to the nearest rupee, unless otherwise stated.

    Quarterly Report 2016 45

    Jameel YusufDirector

    Ali JameelChief Executive