FAST CABLES LIMITED

FOR THE YEAR ENDED JUNE 30,2023

 Page 1 of36

FAST CABLES LIMITED

STATEMENT OF FINANCIAL POSITION AS AT JI.INE 30,2023

2023 2022
Note Rupees Rupees

ASSETS

Non Current Assets

Property, plant and equipment 4 f 6psr,z7Lfis1an,r6o,sn-,ol:l

Right-of-use assets s I L44,46o,ss3ll go,soo,szol
Long term investment o I r,oro,oooll t,oto,oool
6,t97,742,288 4,352,548,613

Current Assets
Stock in trade 7 I ?,666rw,6991f520e"3s3,e39 I
Trade debts 8 I t,ga+,+tt,tcall6,oeB,2B3,2Bs I
Loans and advances 9 I r,g+r,+so,gggll r,gs4,t47,og3 |

Deposits and prepayments 10 I sr,zro,+za |

-ll |
46,32t,ss6 |

Tax refund due from the Government | se,Bee,428l

Other receivables i1 | 253,882,945 ll 62,463,854 |

Cash and bank balances t2 I goe,sgs,reo | | t,z6a,tst,++z I

18,866,180,969 14,698,620,997

Total Assets @_-i9;os1J6er-i6-

EQUITY AND LIABILITIES

Share Capital and Reserves

Authorized capital
750,000,000 (2022: 350,000,000) ordinary
shares of Rs. 10 each ___2I00,q00,999_ ___uoo,ooq999_
Issued, subscribed and paid up share capital 3 f-
1 f-2-Jii2 r 0po0 l
spoi-J4 0"0001
Reserves L4 | aso,r<r,zrsll 1,662,484,6881
Surplus on !-evaluation of property, plant
and equlpment - net is l r,rur,urr,ur, ll r,rrr,ruu,,,, I

7,662,335,586 5,699,140,801
Non Current Liabilities

Long term financing 16 [----tos-i16,321 I fJ+r"or"o3al

Diminishing musharaka finance t7 I ll s3,033,s2s
fle,++o,scz
18
I

Lease liabilities | ll 76,768,sss

tot,zgt,+e+
le ar,sar,s:zll 126,7861
I

Post employment benefit obligations I

Deferred liabilities 20 | +oo,gog,o+oll z+z,oo5,orol
L,023,749,524 760,557,364

Current Liabilities
Trade and other payables 27 7-WIOaeAl[-s^5EF6t6o-Bl
.Accrued mark up | 193,6s8,s08 | | 162,0s6,99s I

Sponsors' interest free loans

Current portion of non current liabilities 22
I
|
ll
246,997,ss6 ll
7s,2s0,0001
1s6,6s4,033 I

Short term borrowings 23 | +,rs:,oro,+z: I I 6,038,48s,6e3 |

Provision,for taxation 24 I Llt,z,qz+,gto ll sos,soz,rra I

76,377,838,r_47 12,591,,47L,4-45

Contingencies and Commitments

Total Equity and Liabilities W---ls,o-5f6gFm*

The annexed notes from 1 to 43 form an integral part of these financial statements.
(J{9
 Page 2 of 36

FAST CABLES LIMITED

STATEMENT OF PROFIT OR LOSS ACCOUNT
FOR TF{E YEAR ENDED JUNE 30,2023

2023 2022
Note Rupees Rupees

Revenue 26 32,858,549,117 22,978,118,987

Cost of sales 27 (26,964,762,768) (19,520,135,514)

Gross Profit 5,893,786,349 3,457,983,373

Distribution cost 28 061

Administrative expenses 29 457 129 299,2t8,346

(1,518,132,196) (1,052,159,970)

Operating Profit 4,375,654,t53 2,405,824,403

Other operating expenses 30 (508,391,367) (282,656,545)

Finance cost 31 (1,042,515,182) (528,030,720)
Other income 32 72,t72,609 16,262:,993

Profit before Taxation 2,896,920,213 1,611,400,031

Taxation (1,159,123,579) (572,302,479)

Net Profit for the Year 5 1,039,097,552

The annexed notes from 1 to 43 form an integral paft of these financial statements.
(ar,

CHIEF EXECUTIVE OFFICER

 Page 3 of36

FAST CABLES LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED JUNE 30,2023

2023
Rupees Rupees

Net Profit for the Year 1,737 ,796,635 t,039,097 ,552

Other comprehensive income

Items that will not be re-classified subseguently to profit or loss

Re-measurement of post employment benefits (61 (101,934

Less : Related deferred tax impact 24,002,796 33.638

Revaluation surplus on property/ plant and equipment 311,724,950

Less: Related deferred tax impact

ftems that may be re-classified subseguently to profit or loss

Other comprehensive income / (loss) for the year 274,182,LL6 (68,296)

Total Comprehensive Income for the Year ___2,9ilfl3f,51_ ___rA3g,A2g250_

The annexed notes from 1 to 43 form an integral part of these financial statements.
ll,L,

CHIEF EXE
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 Page 5 of 36

FAST CABLES LIMITBD

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED JUNE 30,2023

CASH FLOWS FROM OPERATING ACTIVITIES

Cash Generated from / (Used in) Operations 34 5,L98,470,475 (376,743,9L3)

Finance cost paid 1 T@s2omoll

Income tax paid (785,228,657) I Gts,c+t,tzrl
Employee benefits / contributions paid (L3,787,039) | 1to,+ot,lsz1l
Workers' welfare fund paid (37,261,969) I tts,sls,l+t1l
Workers' (profit) pafticipation fund paid 46 | (56,721,615)l

(1,910,377,810) (967,356,537)

Net Cash Generated from | (used in) Operating Activities 3,288,092,665 (1,344,100,450)

CASH FLOWS FROM INVESTING ACTIVITIES

Propefty, plant and equipment purchased T€l.i-dsz^54o)lT jJtJ6ot438l-l

Capital work in progress - propefi, plant and equipment I lr,ooa,rro,ssz;ll ez4,4g4,32ql
Investment in Joint Venture I +,zgo,:eo I

Net Cash Used in Investing Activities (L,824,L69,129) (533,809,384)

CASH FLOWS FROM FINANCING ACTIVITIES

Sponsors' loan received

Sponsors' loan paid (75,250,000
Diminishing musharaka - net 55,135,576
Long term financing - repaid (267,L04,74
Long term financing - obtained 264,607,85L 114,662,529
Short term borrowings 2,799,359,573
Dividend paid (244,033,020)
Lease rental paid

Net Cash (Used in) / Generated from Financing Activities 35 (1,763,479,8L3) 2,707,976,56L

Net (Decrease) / Increase in Cash and Cash Equivalents (299,556,276) 830,066,727

Cash and cash equivalenLs at the beginning of the year L,268,L51,442 438,084,715

Cash and Cash Equivalents at the End of the Year __jq8dgu!q_ 1,268,1s1,442

The annexed notes from 1 to 43 form an integral part ofthese financial statements,
ftri

CHIEF EXEC
 Page 6 af 36

FAST CABLES.L&TITED
NOTES TO AND TO,RMING PARTOF T:IIEI'INANCIAL STATEI,{ENIS
FOR, THE Y'EAR ENDED JI'NE 30.,2A23

Note I
ThE Companyand its Opeatione

1.1 Fast Cabtes Lir*ited (the Cornpany) is: a publie limited company incorpgr:ated in Pekistan on Des€mber 29, 2008'under the
repealed Companies Ordinance, 1984 (now the C"ornpanies Act, ZO1Z). The Company is domiciled in Pakistan and its
registered office,ls,situaEed at 192-Y, Commeicial Area DFIAi Lahore. The- Company is engaged in manufacturing and selling
of all typesof'.elecbic wires, cables and conductorr

1.2 The Companyoperates two manufacturing Units. Unit.I is located at T.Canal Bank Main Jallo Roa{ Harbans Fura, Lahore
and Unit U is loacted at Bhai Kot, Dars Road, Tekil Raiwind, District Lahore.The Company also has branch offfces located in
Lahore, Faisalabad, Islarnabad. Multan. Feshawar, Gujranwala" Hyderabad,Qu€ttaarrd Karalhi.

NoE 2
Basis of Preparation

2,L Statement of compliance

These financial statements have been prepared in accordance with the accounting and reporting standards as applicable in
Pakistan. The accounting and reporting standards applicable in Pakistan comprise:

- international Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) as
notified under the Companies Ad,20t7i
- Islamic Financial Accountng Standards (IFAS) issued by Institute of Chartered Accountants of Pakistan as notified under the
Companies Act, 2017 ; and
- Provisions of and directives issued under the Companies Act, 2017.

Where provisions of and directives issued under the Companies Act, 2017 differ from the iFRS and IFAS, the provisions of
and directives issued under the Companies Act, 2017 have been followed.

2.2 Basis of measurement

These flnancial statements have been prepared under historical cost convention except to the e]tent of following:

Certain property, plant andequipment Note 4 (stated at revalued amounts)

Post employment benefit obligations Note lg (stated at present value)
Lease liabilities Note 18 (stated at present value)

2,3 Functional and presentation currency

These nnancial statemenb are prepared and presented in Pak Rupees which is the Company's functional and presentation
currency, All the figures have been rounded offto the nearest Rupee, unless otherwise stated.

2.4 Use of estimates and judgments

The preparation of financial statements in conformity with approved accounting and reporting standards, as applicable in
Pakistan, requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in
the process of applying the Company's accounting policies. Estimates and judgments are continually evaluated and are
based on the historical experience, including expectations of future events that are believed to be reasonable under the
circumstances,

These estimates and related assumptions are reviewed on an ongoing basis. Accounting estimates are revised in the year in
which such revisions are made, Signincant management estimates in these financial statements relate primarily to:
- Useful lives, residual values, depreciatlon method and fair value oF property, plant and equipment - notes 3.1 & 4
- Provision for obsolescence of inventories - Note 3.3 & 7
- Provision for expected credit losses - Note 3.14 & 8
- Estimation of contingent liabiliUes - Note 3.8 & 25
- Obligation of post employment benents - Note 3.6 & 19
- Estimation of provisions - Note 3.5
- Current income tax expense, provision for current tax and recognition of deferred tax - Note 3.7, 20, 24 &.33

Howeverr the management believes that the change in outcome of estimates would not have a materiai effect on the
. amounts disclosed in these financial statements.
c,lv-
FAST CABLES TIMITED Pege 7 of 36
Notes to and forming part of the Financial Sfafuments

No&a Basis of Frepardtion " Continued,-

2"5 Changet in, accountlng standards, lnterpretations and pronouncementr

2,5., Standards, lnterpretations and'anrendments to approved raccounting standards which became effective
during theyear

eertaln SgnOaidg, amendments and lnterpretaflons to IFRS are effective for the year ended lune 30, 2023. These
standards, amefidments and jnte letatiom are either not relevant to the Company's operations or are not expected to have
signifieant impact on tlre Compant's frnandal statements other than ,certain additional dixlqsqres;

Standard or Interpretation Effeqtive Date'Annual

Periods
BeEinning on or After

IAS 37 Provisions, Contingent Liabilities and Contingent Assets lAmendments] January l, ZOII?
IAS 16 Propefi, Plant and Equipment lAmendments] Janualy 1, ?022
Annual Improvements to IFRS Standards 2018-2020 lanuary 1, 20?2

2..',2 Standards/ interpretation and amendments to approved accounting standards t$at are not ryet effective

The following standards, amendments and interpretaUons are only effective for accounting periodt beginning on or after
the date mentloaed against eadl 61 6gn. These standa-rds, lntemi.ebtions: and the af{}endrnent$ ar€.either not relevant to
the Cornpany's operations ur are not expecied to have significant impact on:th€ Company's financial statements olfier than
eftain addiHonal disdosuresi

Standard or tr nter?rretation Effective Date - Annual

P€risds
B€ginning on or After

IAS IPresentation of Finandal Statements [Amendmenb] January tr 2023

IAS 8Accounting Policies, Changes in Accounting Estimates and Errors (Amendments) January Ii 2023
IAS 12 Income Taxes lAmendments] January tr.,2023
IAS 12 Defered taX related to assets and liabilities arising from a single transaction * January 1, 2023
(Amendments)
IFRS 16 t€EsB Liabiiity in a, sale and Leaseback - (Amendmenh) lanuaryl, 20?4
(Amendmenb) January 1, 2024
IAS 1 Classification of liabilities as cunent or hon-current
-
IAS.TiStatement of Cash F.lows' and'IFRS 7 lfinami'a!,instrumenti disclosuresr "
Suprplier Finance AffbngEments qlmmendmerib-), January 1, 2024

The Company will assess the impacts of these changes in the period of initial application once such changes become
effective for the ComPanY.

Note 3
Signifi cant Accounting Policies

The significant.accounting policies adopEd in the preparauon of these finarrcial statements are set out below. These policies have
been considerrtly: apdled b all the p€risds,pr,esented.

3.1 Property, plant and eguipment

Owned

Propefty, plant :and equipment aie stated St c.ost 1 r€valued amouilts less accumulated deprecjation and identlfied
imp4lrment losses, if any except:land,wtrich is valued at cost / revalued amaunt, The Cimpany has revalued its land,
buildings on.lea$ehold land; buildings-an,fr€ehold rand; plantard maclrlaery wliile all other assets are sbted at cost. Cost of'
propeE& plant and equipment compiises his-torlcal eo$t, bonoxl'ing cost pe,rtaining to the cor,rstruction and erection Beriod
ind Oiiictiy ateiuuta$e aost of bringing axets barttreiriworkinE condition,

Deprectation on propertyr plant and equipment has been provided for using the reduclng balance inethod at tre rates
specified iil,Note 4, Dgpreclatjon is c.llaryed on additions from the date.of purchase and ondisposals, up tilt the date of
disposal oF Essets. \A/here an impairment loss is recognized, the depreciatjon charge is Adju$ed in tuture pe4ods to allocate
tte assefs r,erised cdrrying,a1n6un1 overits estimated usefd fifer

The maf.lagcmgnt revle.Wg market value of revalued as6€ts at each repo*ing date, to asceftain whefher the:fair value ol
revalued assets has differed materially'from the canying value of revalued assets, thus necessitating further revaluation.
The management engages independenl prsfessional valuers to value iB property. plant a6d equipmeft eyery three to five
years in line with the industry norms,
qa*.
FAST EABIES.LffiITED Page B of36
Notes'to aid furffiW patt of he Financial Statements

Note 3, Signifiq.nit Ac@wilng Fotid€s .. €ontinued.,.

Any acatmulaM,depreclauon at the date of revajuation ts elimirqated agairc,t the gtoss canyiry amount of the aset, and,
the net amount is restated to the revalued amount of the asset. Additions, subsequent to revaluJtion, are stated at cost less
actumulatd deprcciation and identified irnpalnnentioss, if any,

Incre€$es in the carrying amount arising on raraluation of asseB-are r€cognized, net of tax, in other aornprehensive income
and:accumulated in reserves [n shareholderd eqt ity, Hoqever/ the lncrease is first recqgnized in profrt or loss account to the
extentthat the ln€reasE reverses a revaluation decrease of ttte same agset previi?usly recggnired: in ppfit or. loss:account,

,Eaeh year the diffarence between depreciation based on revalued carrying amount of ttle asset (the depreciation chqrged to
ttle statement of profit or loss account) and depreciatlon based on the asset's original cost - incremintat depreciati-on on
revalue,d asse,ts ls, translencd from surylus Qn rqyalljation oi prope-rly, plrnt and eqqipment to retained .earninEsr All
transfeB fiorR surplus on revaluation of propqrg; plant and equipment nre net of applicable defened taxafioni-,pon
disposaf any revaluation surplus relating b he partiollar agset,being sold is trahsferred to retained earnings.

l{'aintenane and normEl repai$'are. €harged to income as and when incuned. f4ajor renewals acd improvemenB are
capltalized. Gain or loss,on disposal of properly, plant and equipment, if any, is shown in tlte statement of prcfit or loss
account

Cap i ta I wo * - in -p rog ress

Capital work-in-progress is stated at cost less any identified impairment loss, if any. All expenditure connected with specific
assets incuned during installation and construction period are caried under capital work in progress. These are transferred
io operating fixed assets as and when these are available for use,

3.2 Leases

At inception of a contract, the Company assesses whether a conkact is, or contains, a lease based on whether the contract
conveys the right to control the use of an identified asset for a period of t,me in exchange For consideration. Lease terms are
negotiated on an individual basis and contain a wide range of different terms and conditions.

Company as a lessee

R ecogn ition a n d m easurem en t

The Company recognizes a right-of-use asset and a lease liability at the comrnencement date, A commencement date is ihe
date on which the lessor makes an underlying asset available for use by the lessee (the Company).

Lease lnbllity

At the commencement date, the Company measures the lease liability at the present value of the lease payments that are
not paid. The lease payments are discounted using the interest rate implicit in the lease, or the Company's incremental
borrowing rate if the implicit rate is not readily available. Generally, the Company uses its incremental borrpwing rate as the
discount rate.

Lease payments comprise fixed payments less any lease incentives receivable; variable lease paymenG that depend on an
index or a rate; amounts expected to be payable by the Company under residual value guarantees; the exercise price of a
purchase option if the Company is reasonably certain to exercise that option; and payments of penalties for tenninatihg the
lease, if the lease term reflects the Company exercising an option to terminate the lease,

After the commencement date, the Company re-measures the lease liability to reflect the affect of interest on outstanding
lease liability, lease payments made, reassessments and lease modifications etc. Variable lease payments not included in the
' measurementof the lease liability and intereston lease liability are recognized in the statementof profitor loss accounl.

Right-of-use asset

The right'of-use asset is inilially measured based on the initial amount of the lease liability adjusted for any lease payments
made at or before the commencement date, plus any initial direct costs incurred.

The right-of-use asset is initially measured based on he iniual amgunt of the lease liabiliry adjusted for any lease payments
made at or before the commencement date, plus any initial direct costs incurred,
crrr/
FAST CAELES LIMTTED
Paqe 9 af 36
Notes to and fonning paft of the Financial Stdtenenb

Note 3, Significant Accounting Palicies - Continued.."

3.3 Stock in trade

These are valued at lower of cost and net realizable value. The cost is determined as follows:

Ra4 materials and paakiflg rnaterials - At FIFO bes.is,

Work iR process - Ai estimated average manufacturing cost.
Finished goods - At averagle manufacturing cost Comprising prirne cost and
an appropriat€ : portion of production. ov.erheads,

Manufacturing cost in relation !o work-in-process and finished goods comprises cost oF material, labour
and appropriate
allocation of manufacturing overheads.

Provision for slow moving, damaged and obsolete items are charged to the statement of profit or loss
account, value of
items comprising stores, spares and stock in fade is reviewed at reporting date to record provision
for any slow moving
items, damaged and obsolete items.

3.4 Cash and cash equivalents

Cash and cash equivalents are carried at cost, For the purpose of statement of cash flows, cash and cash equivalenis
comprise cash in hand and cash at banks in cunent and savings accounts.

3.5 Provisions

A provision is recognized in the statement of financial posiuon when the Company has a legal or
constructive obligation as a
result of a past event and it is probable that an oumow of economic benefits wili be required to settle the obljgation
and of
which a r€liable estimate can be made. However, provisions are reviewed at each reporting date and
ao;usied to reflect
current best estimate.

3.5 Post employment benefi ts

The company operates the Following schemes for post - employment benefib oF its employees:

3;6.1 Defined contribution plan

The Company operates a recognised provident fund for all its permanent non workmen employees. Equal monthly
contributions are made by the Company and employees into the fund at the rate of B.3olo of the basic salary. 6btigation
for
contributions to defined contribution plan is recognised as an expense in profit or loss account on monthly basis.

3.6.2 Defined benefit plan

The Company operates an approved, funded defined benefit plan for all of ils permanent employees. Under this plan,
gratuity is paid to the retiring employees on the basis of their last drawn gross salary for each completed year of service.
The presenl value of the defined benefit obligation is calculated using a discount rate determined by reference to the market
yeilds at the end oF repo*ing period on high quality corporate bonds, or where there is is no deep market
in such bonds, by
reference to market yeild on government bonds.

Actuarial gains / (losses) arising from experience adjustments and changes in actuarial assumptions for the defined
benefits
plan are dlarged or credited to other comprehensive income in the period in which they arise. past
service costs are
recognized immediately in the statement of proflt or loss account.

Provisions are made in the financial statements to cover obligations on the basis 0f actuarial valuation carried out at each
reporting date.

3,7 fncome tax expense

Income tax on the profit or loss account for the year comprises current and deferred tax, Income tax expense is recognized
in the statement of profit or loss account except to the extent that relates to items recognized direcly in other
comprehensive income or equity, in which case it is recognized in other comprehensive income or equity.

Current

The charge for current tax is higher 0F corporate tax (higher of tax based on taxable income and minimum tax) and
alternative corporate tax. Super tax applicable on the Company is also calculated. However, in case of loss for the year,
income tax expense is recognized as minimum tax liability on turnover of the company in accordance with the provisions of
the Income Tax Ordinance, 2001.
qL
FASTCABLES t[M,IIEb Pagel0 al!36
Notes to and,forptt:ng,part of ffie F.innclal .statemen ts

N1te t Signiticant Accounting policies - Conthued...

Corporate tax is based on taxable income for the year determined in accordance with the prevailing laws of taxation.
The
charge for cunent tax is calculated using prevailing tax rates or hx rates expected to apply to th-e profit for the year
if
enacted after taking into account tax credits, rebates and exemptions, if any. The charge for current tax also includes
adjustrnents, where considered necessary to provision for tax made in previous years aiising from assessments
franed
during the year for such years.

Alternative corporate tax is calculated at 17olo of accounting profit, after taking into account the required adjwtments.

The company offsets current tax assets and current tax liabilities if, and only it the entity has a legally enforceable
right to
set off the recognized amounts and intends either to settle on a net basis, or to realize the assit and settle
the li;biltty
simultaneously.

Defeted

Deierred tax is recognized using the balance sheet daie liability method on all temporary drfferences arising at
the reporting
date between the carrying amount of the assets and liabilities and their tax bases.

Deferred tax liabilities are recognized for all major taxable temporary differences, Deferred tax assets
are recognized for all
deductjble temporary diFferences to the eltent that future taxable profits will be available against which the
aisets may be
utilized.

The carrying amount of the deferred tax asset is reviewed at each reporting date and is recognized only
to the extent that it
is probable that future taxable proRts will be available against which assets may be utilized, Deferred
tax assets are reduced
to the extent that it is no longer probable that the related tax benefit wiil be realized,

unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent of probable
fulure
taxable profit available that witl allow deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rate that are expected to apply to the year when
the asset is
utilized or the liabilib/ is settled, based on the tax rates that have been enacted or have been notified for subsequent
enactments at the reporting date,

3.8 Contingentliabilities

Contingent liability is disclosed when there ls a possible obligation that arlses From past events and whose
existence is
confirmed only by the occurrence or non-occurrence of one or more uncertain lufure events not wholly within the control
of
the Company.

A contingent liability is also disclosed when there is a present obligation that arises from past events but it is not probable
that an oumow of resources embodying economic benefib would be required to settle the obligation or the amount of the
obligation cannot be measured with sufficient reliability.

3.9 Trade and other payables

Llabilities for trade and other amounts payable are canied at cost which is the fair value of the consideration to be paid or
given in future for goods and serYices received or to be delivered or for any other amount, whether or not
billed to the
Company,

3.10 Borrowing cost

General and specific borrowing costs directly attributable to the acquisition, construction or production of qualifoing assets,
' whidr are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to
the cost of those assets/ until such time as the assets are substantially ready For their intended use or sale. Investment
income earned on temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted
from the borrowlng costs eliQible for capitalization. All other borrowing costs are charged to profil oi loss account in the
period in which they are incurred-

3.11 Foreigncurrencytransactions

Assets and liabilities in foreign currency are stated in Pak Rupees at the rates of exchange ruling on the reporting date
or
rate of exchange fixed under contractual agreernents. Transactlons in foreign currency are translated at the'exchange rate
prevailing at the date of transaction. All exchange differences are included in the statement of profit or loss account
TASTCAELES IIMITED Page 11 of36
Notes to and forming Ntt of the Financial Statemenb

Note 3, Significant Accounting Policies - Continued...

3.12 Revenuerecognition

Revenue is to be recognised in accordance with the following steps:

i) ldentifo the contract with a customer

ii) identify the performance obligations in the conkact
iii) Determine the transaction price of the conh?ct
iv) Allocate the transaction price to each ofthe separate performance obligations in the contract
v) Recognize the revenue when (or as) the entity satisfies a performance obligation

Revenue from sale of goods is measured at fair value of the consideration received or receivable. The Company records
revenue from sale of goods at point in time when the performance obligation in respect of delivery of goods has been
satisfied. This usually happens when control of the goods has transferred to the customer. The sales invoices are generated
and revenue is recognized on delivery of products. Delivery occurs when the producls have been shipped / delivered to the
customers destination / specific location, the risk of the loss have been transferred to customer and the customer's has
accepted the product or the company has objective evidence that all criteria For acceptance have been satisfied.

3.13 Related party transactions

Related parties comprise the associated companies / undertakings, directors of the Company and their close relatives and
key management personnel of the Company. The Company in the normal course of business carries out transactions with
various related parties.

Transactions with related parties are based on the transfer pricing policy that all transactions between the Company and the
related party or between two or more segments of the Company are at arm's length prices using the comparable
unconkolled price method except in circumstances where it is not in the interest of the Company to do so.

3.14 Financial instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrurnent of another entity.

3,14i:1 Financial assets

All financial assets are recognized at the time when the Company becomes a party to the contractual provisions of the
instrument,

Classiftcation

Financial assets are dassified in either of the three categoriesi at amortized cost, at fair value through other comprehensive
income and at fair value through profit or loss. Cunently, the Company classifies its financial assets at amortized cost, This
classification is based on the Company's business model for managing the financial assets and the contraitual cash flow
characteristics of the financial asset. The management determines the classification of its financial assets at the time oF
initial recognition.

3, 14,1.2:.I,t itidl te@lgttition and meacuanent

All finandal asseB are inifiatly measured at cost plus transactlon cosE that.are directly atkibutable to-tts:acquisltion exc€pt
for htde rcceivables. Trade reqeivahles arc initially rrleasured at the transaction price, if these do n6f eontain signlficant
financing componenetas per IFRS - 15,
.
3, 14,13 Subsequent measurement

Financial assets measured at amortized cost are subsequently measured using the effective intereg rate method. The
arnortized cost is reduced bv lrnpairment lo-sses, lf any. Inrterest incorrr9, foreigrn exdrange gains and tbsges and. impdrunent
are recognized in the statenrent of proftt or ioss account

Financial assets measured at fair value through profit or loss are subsequenfly measured at fair value prevailing at the
reportirg date, 'the differerrce arisinE is chafged to the Brofit Or lass aecount.

Finarrcial ffi€F measur€d at'ftir value, through other cqfirprehensiyejrrconle eire subsequently meafured at fair value
pr.evaiiing at the reporung d8te, 'lhe difference arising is charged to the other comprehensive income.
FAST CABLES Ui{TTEE Page 12 of 36
Notes ta and formirq paft of the financiat Statements

Note 3, SignificantAccounting Policles - Continued...

3, L4. 1,4 Derecognition

Financiai assets are derecognized when the contractual rights to receive cash flows from the assets have expired. The
difference between the carrying amount and the consideration received is recognized in pront or loss account.

3,14.1,5 Impalrment of flnancial assets

The company recogniies an allowance for expected credit losses (ECLs) for all financial assets which are measured at
amoftised cost. ECLs are based on the difference between the contractual cash flows due in accordance with the contract
and all the cash flows that the Cornpany expects t0 receive, discountecj at an approximation of the original effective interest
rate,

ECLs are recognized in two stages. For credit exposures for which there has not been a significant increase in credit risk
since lnitial recognition, ECLs are provided for credit losses that result from default events that are possible within the nexl
12-months (a 12-month ECL), For those credit exposures for which there has been a signlficant increase in credit risk since
initial recognition, a loss allowance is required for credit losses expected over the remaining life of the exposure,
irrespective of the timing of the default (a lifetime ECL).

For trade receivables, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not
irack changes in credit risk, but instead recognizes a loss allowance based on lifetime ECLs at each reporting date.

3,74,2 Financial liabilities

a) fnidal recognition and measurement

Financiai liabilities are initjally crassified at amortized cost. Such liabilities are recognized at the time when the Company
becomes a party to the contracfual provisions of the instrument and include trade and otlrer payables, loans'or borrowingi
and accrued mark up etc.

b) gubsequen t measurement

The Company measures its financial liabilities subsequenuy at amortized cost using the eFFective interest rate (EIR) method.
'Amortized cost is calculated by taking into account any discount or premium on acquisition and fees or costs that are an
integral part of the EIR, The EIR amortization is included as finance cosG in the statement of profit or loss account"
Difference between carrying amount and consideration paid is remgnized in the statement of profit or loss account when
the iiabilities are derecognized.

3.74,3 Ott-setting of financial assets and financiat liabilities

A financial asset and a financial liabiliby is offset and the net amount is reported in the stat€ment of financial position iF the
Company has a legally enforceable right to ofFset the recognized amounts and intends either to settle on a net basis or to
realize the asset and settle the liability simultaneously.

3.15 Dividend

Dividends are recognized as a liability in the period in which these are approved.

3.16 Balances from contracts with customers

lrddercetrables
A receivable r€presents ,the Company:s right to aR amo,unt of consider€tioJt that is unconditional Ttade recejvables are
eanigd a.t original invoice amount less expected credit loss based on a review of ,all outgandlng amounts at,the year end.
tsad debts are wriften off when identifed,

Contndasse9

A contpct. as$et iS the i.i'Eht to consftJeration ln excharue for goods or ser,vic€s atready transfeBed to the custorner. The
Company rec€gnizes a,{ontract ffiet fqr Ule earned @nSiderafim flut :is eo.ndiilanal if ttle. Company performs by
kansfehlflg goods b a €ustomer before the customer pays::conslderation or before p.ay,nent is due,
ql./
FAST'CAELES UMrfEO Page 13 of36
Notes to and.Forming paft oFthe Findncial Statenents

Nofe i. Signifiant Accatnting PdEEs . Continued-..

Confuctliahtfr.ties

A contract liability is the obligation to transfer goods to a customer for which the Company has received consideration from
the customer. A contract liability is recognized at earlier of when the payment is received or the payment ls due if a
customer pays consideration before the Company transfers goods to the customer.

Right of return assets

Right of return asset represents the Company's right to recover the goods expected to be returned by customers- The asset
is measured at the former carrying amount of the inventory, less any expected costs to recover the goods, including any
potential decreases in the value of the returned goods. The Company updates the measurement of the asset recorded for
any revisions to its expected level of returns, as well as any additional decreases in the value of the returned products.

Refund liabilities

A refund liabili! is the obligation to refund some or all of the consideration received (or receivable) from the customer and
is measured at the amount the Company ultimately expects it will have to return to the customer, The Company updates itg
estimates of refund liabilitie's (and the corresponding change in the transaction price) at the end of each reporting period.

3,L7 Impairment

Carrying amounts of the Company's assets are reviewed at each reporting date to determine whether there is any indication
of impainnent. lf any such indication exists, the asset's recoverable amount is estimated in order to determine the extent of
the impairment loss, if any. The recoverable amount is the higher of fair value less costs to sell and value in use. In the
absence of any information about the fair value, the recoverable amount is determined to be the value in use, Impairment
losses are recognized as expense in the statement of profit or loss account.

3,18 Government grants

Grants from the government are recognised at their fair value where tlrere is a reasonable assurance that the grant will be
received and the Company will comply with all attached conditions.

Governrnent granb relating to costs are deferred and recognised in the profit or loss over the period necessary to match
them with the cosG that they are intended to compensate. :

Government grants relating to the purchase oF property, plant and equipment are included in noncurrent liabiliiies as
deferred income and are credited to profit or loss on a straight-line basis over the expected lives of the related assets,

3.1, Fair value measurement

Fair value is the price that would be receivq6 .i6 sell an asset or paid to kAnsFer a Iiability in rah orderV franaaction bett4reen
market participanE :at the measurement date in the principal, or in iE absence, the most advantageous market to,which the
Company has access at tslat date. 'Ihe fair value of a liability reflects its non-performance risk. When applicable, the
Compaay measjres the fair value of an lnsburnent using th€ quot€d priee in an active ma*et.for stal instr.ument, A malket
is regarded as active if transactions for tle asset or tiability take place with sufficient frequency and volume to provide
pridng lnformation on an ongoinE basis,

The Compa-ny uses valuation:techniques.that arre,appropriatein ths drcUrnsbnces and for whidr arfiiiient data is availabte
to measure fair value, maxirnizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

Atf assets and liabilities for whiclr:fair vatue ls measured or disclo"sed in, the financial statements are categori:ed, wilhin
djfferent lerre Of the fair value hierarchy, based on the lowest level input stat is significant to the fair. valud fieasufement
as a whole,

Fainclue hierarchy eategoriees inlo foltowing threq tevels,of the inpub ts valuation techniques that are used to measure
fair value:

- [e\€l 1 *
Quoted prices (unadjusted) in aetive mar,kets For ldentical asseE,or liabilities that the Company can acEess
at the measurement date,
. Lerel 2 Inputs other than quoted plices: included within level I that are observable foi the,asset or tiability, either
-
directly or indirectly.
. UnobserTaple inputsfor the asst or fability.
glr"
Level 3
-
FA T CABLES LIFIITED.
Notes to and formtng patof
Page 14 af36
the FfnahciAt StatementS

Nate 3, Signifrcant AWnnilhg palidies. €on$naed,,,,

The management uqra,lty engaEes exter,nal valuers for vatuation,of property, plant and
equiprnent. selecfi.on qriteria of ,sudr
valuers comprise market knowledge, reputation, independence anO wf,etne.'piof.irlonal
#;.;d;;il;iil:
When there is no quoted price in an active market, fte Company uses valuatlon t€etrniQues
that maximize the use .of
relevant observable inputs and minimize Bre use of unobsenable inpub. The chosen ,aluatioi.1
i".nniqr.',*.iplr.t* .ilmi
factors that market participants wouid take into account in
tricing ;-ta;saction. The best evidence th; F.i;;;tr;; ;
financial instrument at initial.recognition ts.normaly trre transacti6n price ie. th"
r ffi ;;il;ffi;-.]*il;iil;il'";
"f
r,€ceived;
;;;
Sre Cornpany determines thal the fair vilre at initial ru,cognitlon diff;s
;;;";
U; ;il* il G d;
'i;,at\€. is evrdenc€d neither by a quoted price tn an ee{ve,:ma|ket ror i-nioenttut-issuioi riao,iitr,iliuasea on a v,aluation
technique that uEes only data'from thqkansaction price. subsequenuy., that
statement of profit or loss on an appropriate basis over the life of ure in*rureni
oiiiilJffi;
difference ir .i.aiteu
ili;;l.i;r:il;-wrren *re vatuation is
srpported wholly'by observable market data.or the transaction is closed out.

The Companls policy is tio: recognize :transers.into and transfers out of fair va:lue hierarctry
levels as of the date of the
event or drange in circumstances that caused the transfer.

Fair-value related disctozures for financial insEuments and non-financial

asseb that are meazured at fair vafue or where fair
values are disclosed, are summarized in the following notes:

- Property, plant and equipment under revaluation model

Note 15
- Financial instruments (including those caried at amortized cost)
Note 38

3,20 Investment

The investment in joint ventures companies are initially recognised at cost including
transaction costs and subsequently
carried at cost less impairment, if any.
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FAST CABLES UMITED Page 16 of36
Notes to afld forming part of the Financial Statements

Note 4, Propetty, Plant and Equipment - Continued...

4,2 Paf{iculars of immovable property (i.e, land and building) in the name of Company are as follows:

U-sage o-f inrmorrable

Location / Address
prgrerty Total area

Owned-Land

Bhai Kot. Dars Road, Tehsil Raiwind. District Lahore (Unit II) Ptoduftion phnt 145 Kanals - 17 Marlas

Nawab Pura, Harbanspura, Tihsil Shalimar, District Lahore tartd 2 Kanals - 11 Marlas

Bhai Kot, Dars Road, Tehsil Raiwind, Distnct Lahore (Unit II) Production p{afi 8Kanals-8Marlas
Bhai Kot, Dars Road, Tehsil Raiwind, Distrlct Lahore (Unit ID Frodgcflon plqnt 49Kanals-9Marlas
thai Kot, Sundar Raiwand Manga Road,Tehsil Raiwind, ProdErtion ptant 36 Kanals - 17 Marlas
Distnct Lahore (Unit II)

Leaeehold-Land

7-Canal Bank, Main Jallo Road, Harbans Pura Lahore. (Unit I) Froduction plant 24 Kanals. 19 Marlas

4.3 Apportionment of depreciation charge for the year

2023 202X
Note Rupees Rupees

Cost of sales 77 271,858,771 253.759,911.

Distribution cost 24 j599j7i4 11,5.33,785
Administrative expens€s 29 .47,736,295 20,903,700
344,194,830 286,197,398

4,4 Reveluation of property, plant and equjpment rwerc carrried out by an indeBendent valuer as detailed ln Note 15; Had there
been no revaluation, @rrying amounts of revalued assets would have been as follows:

Land 11043,369,17t, 2I1i630,130

Building on frCchold land 709,807,150 538,646,U3
Building, on leasehold tand {t6i277,721 212,q48i729
Plant and machinery 7,612,410tr24 1,039,383,329
3,481,864,165 2,002,308,291

4.5 As'per the valqation report of independent valuer,:tre forcedisales iralues'of praper,ty,plant and equipment is as followt

7A23
Rupees

Land 1,711658,000
Buildlng,on #eehold land 569,625,874
Buildlng on leasohold land I"sgj71?,050
Pla_-nt and maghinery 1107,18r,358
_3$qFIAS-
4"6 ta!!d Oeasuring 24 kanal, 19 marla approximatelii (41500 square feet per k6nal) is obtained on ledse frorn the director of the
Corflpany,

4,V owned vehieles lncludE vehicfqs having 6psl of Es, 3_6213 mlflion (202* Rs-,20j"155 miflion) which have been obtaiind

'.
through Diminishing Musharaka Flnancing. Out of which, vechicles amountlng !o Rs. 44.667 million are currently in used by
J'oint venttlr€s; Bes+Ct:Mec€ns :(Priva-tg) Limited dnd Sarqlron - Fast (private) Limited.

4'8 Land measurifiE 2. kah[al 11 Marla, o^,ned by Fast Cables Limlted is cu]rentl-y in, use for charitable aciivities by qFatimq Lntif
Welfare Tiu#'-a related p_aity.

4.9 Capital Wcrk in Prcgr,ess,

- Opening balance 65,275r?65 4?,500,7tr5

- Additions during the year. 1,608,116,582 224,494326
1,67e391,847 266895,041
- Transferred to fixed asseld $,6BiIet847)
FASTCABLES TIilITED Paqe 17 af36
Notes to.and f*mlng part of thA Finaneiat StatandlE,

Nste tr
Right ofUse Asrets
2023 2022
Note Rupees Rupees

Opening balance 90,966,526 78,022,967

Add: Additions during the year 120,665,839 43;5061879
211,632,365 121,529,846
Lessi Depreciation charge for the year 5.1 (46..237,633) (30,563,320)
Less: Derecognition of lease liability (20,933,779)
Closing balance
-TtrffiOBs3- -9OF66F26-
Overall Lease Term 1 - l0Years

il Appontiormen! of depreElatldn ehange,forthe year

:eost of saleS 27 6,g59,3gg 4,799,922

Dhtribution ctst 28 26,499,398 12,693,087
Admlnistrative, exBenses 29 12,879;U7 13,081f311
46,237,633 3!,sqtr!3g_

5.2 There are no variable lease payments in the lease contracts. Further, there were no leases with residual value guarantees
or leases not yet commenced to which the Company is committed.

Note 6
Long Term Investment
2023 2422
Note Rupees Rupees
Iflvestmdnt;in Joint Ventui€ (At eest)
-BES-rc1-MECoNS (Private) Umited o.r
l-S@oo{ I---Elopool
-Barqtron-Fast (Private) Limited 6.2 | 500,000 I 500,000
I *-
---r,0T 0n00- .--.1.,0mF00-
I

6,1 This refl"esents investment in BES-FCL-MECONS (Private) Llmited (the JV C-ompany),, wlich was for.med under the joint
venture agreement between the Barqkon Engineering Solutions (Private) Umited (BES) and the Company on January I,
2022. BES owns 49,570 and the Company owns 50.5Yo of its share capital ard have Joint esnkol under the terms of Joint
. Venture Agreement. BES-FCL-MECONS (Private) Umited is incorporated in Pakistan and engaged in manufacture,
cgnstrudionr installation, tesfing, coinmisioning, enerqisationr suppF and handing over of fansmission lines of 220KV for
5001(/ KKI grid station.

6.2 This represent investrfient in Barqkon-F:ast (Priv.ate) Limited (the JV ,eompany), which was,formed' undet the joint venture
agreement between the Earqkon Engineering Solutions (Private) Umited (BES) and the Company on June B, 2022 in
proportion of 50:50 of its share capiEl having joint conffol. The Barqtr.on-Fast (Private) Limlted is incorporated in Fa-kistan
and enggged in design, engineering, manufacture, suFply / transpg{tatiol, constructien, instatlation, ere€tion. testing,
commissioning, energisation and handing over tumkey basis complete with electrical telecom / SCADA, mechanical and
allied civil works of 82/11 Kr/ PloC (BQIP) GIS.Gr,d Stauan and e.xtention works at iB r€rnote end grid stations complete
in all respe{Latrf respects and asssciated D/C 132 ltu Transmission tine at Bin Qasim IndusEial Park (BQIP} (t}re Project).

Note 7
Stoekin Trade
2023
Rupees Rupees

Raw materlals and packing materials 3,596;188,239 2,13,1,554,785

Work in process 1,302,268,864 834,194,052
Finilhed goods 2,767,@A"596 2.243,601$2.
____2.666,Oe7,6es ___ i209J53pL
7,1 Refer to Note 23, short term borrowings of the Company are secured by way of hypothecation chqrge o1 present and
future current assets of the Company which includes stock in trade,
(.t!
FAST CABLES LIMITED Page 1B of36
Notes to and forming paft of the Financial StatemenB

Note I
Trade Debts
2023 2022
Note Rupees Rupees

Local - Unsecured
Considered good 8.1 l r,6-94 Tj-jjj--6p98283-28s
I I
1

Considered doubtful rs+,roa,zez I or,sss,ro+ |

7,828,406,t53 6,159,838,389
Less: Loss allowance 8,2 (134,308.282) (61,sss,104)
7,694,097,87L 6,098,283,285
Exports - Secured
Considered good 290,339,877
-__J-931A37f,33_ ____6.A98283285_
8.1 Trade debts include an amount of Rs. 506,456,320 (2022: Nil) due from related parties.

Maxtmum
90 days and outsanding at
Year End 1-30 Days 31-90 Days Total
above the end of any
m^nth
Rupees Rupees Rupees Rupees Rupees

June 30, 2023 506,4

)une 30, 2022

Loss allowance

Opening balance 61,555,104 32,5L6,785

Loss allowance for the year 72,832,277 44,026,647
134,387,381 76,543,432
Less: Bad debts written off (79,099) (14,988,328)
____131J0&282_ _______01155J!1_

Note 9
Loans and Advances
2022
Note Rupees Rupees
Advances (Unsecured - Considered good):
- Employees 9.1 42,022,s80 t3,934,26L
- Suppliers and contractors 634,285,578 527,344,537
- Advance against import letters of credit 348,023,138 873,477,40L
Income tax deducted at source 917,125,692 539,390,894
___Lutu55.gg!_ -__19s4,u-,0%_
9.1 Advances to employees does not inciude an amount paid to any director of the Company (2022: Nil).

Note 10
Deposits and Prepayments
2023 2022
Rupees Rupees

Security deposits and bid monies 36,673,048 37,204,930

Security deposits against lease / ijarah arrangements 7,495,000 487,050
Prepayments 7,542,375 8,629,976
____5f,J9,t23_ _____16;2-lp5g_
Note 11
Other Receivables

Note Rupees Rupees

Receivab/e from Joint Venture - unsecured - interest bearing:
- Bes-FCL-Mecons (Private) Limited i, 617|[-18^3
I-
11.1 roL 1r^ooo l
- Barqtron - Fast (Private) Limited zo,gso,ozo | | zg,r++,es+ |

L72,732,147 47,463,854
Margin against bank guarantee 81,150,798 15,000,000
c*b ___253.882p15_ _____ 62A63l[!_.
 FAST CAELES LIN{ITED
Page 19'o/i 36
Not45 to and forming part af the finandal Sbtemeng

Note 11, Other Receivablet- Contrhged...

1t.1 These rcpr€sent advancesdisbursed tormeet th6 workipg capital requirementsj operdtlonal
I oapitet nature,needsof the
joint venture companies. These loans carry markup at th; rate of average uorrowing
iligf
ild;rpany i.e. s-monin,
Kibor+lolo. Effective markup rate charged bythe Company during the yeii ranges rrom rs.esoz";
per the agreement, these loans along with r,elated, markup ar.e repayable on the
il.lg./'p.;.;;;.;
omp,letion of'the respective projects. The
maximum aggregate outstanding at any time during the year calculated by refeience to
month l,.J
106,841653 & Rs: 178,70e458 for Bes-FCl-l'lecons (Private) Limited & sarqtron - fastlPrtvatel umited
U.[.i*
L nr."
r.espectivety.
Note XI
Cash ind Bank Balancr:s
2023 2023
Note Rupees Rupees

Cash in hand
7,989,809 7,ltz,0gt
Cash at banks inl
r Cunent accoun&
196,260,979 522,336,879
' Savings accounts 12.1 764,344,378 738,V02,412
____96ff95J96_ ___1268J51t12_
t2,t The savings accounts earn interest at floating rates based on daily bank deposit rates ranging from
6,230lo to 20.500/o
(2022:3,55o/o to 8.25olo ) per annum.

12.2 aPo:e figures of cash and bank balances reconcile to the amount of cash and cash equivalents shown in the statement
Te
or casn nows.

Note 13
Issued, Sulscribed:and Pald up,share {aFital

9,ooo 9,000 Ordinary: shares of Rs, 10 each fully 90,000 90,000

paid in cash

33,696,500 33,696,500 Ordinary shares of Rs. l0 each for 336,965,000 336,965,000

eon$derattein other. than in cash

366,256,002 115,829,002 Ordinary shares of Rs. 10 each issued 3.662,560,020 1,158.290,020

as honus shars.
100,892,498 100,892,498 Ordinarry shales of Es. 10 each issued 1,008,924,990 1,008,924,980
As rightstures.
500.854,000 7s0.ru.,000-
__5!0eJlq.qaq_ _2Eg32Zq.A00_
13.1 Reconciliatlon of numbel of ordlnanfyshares.oubtanding atthe beginning of the year:

2023 2022
Rupees Rupees

Number of shares outs&nding at the bqginntng oF the ye.ar 250,427r000 48,806,604

Right shares issued against share deposit money
85,791,394
Bonus shares issued against share premium
86,363.212
Bonus shares issued against retained earnihgs 164,063,788 11s.829,002
Number of shares outstanding at the end of the year
__lql.gsla!g_ _25Al3ZXqq_
13,2 The Company has issued 250,427,000 {2A22i L15,829,002) ordinary shares as bonus shares to its existing.shareholders
on
the basis of its current shareholding ratio. During,last year/ the Company atso issued 85,791,39; ;r;i;u,y
shares as right
shares against share deposit money of Rs. 857,913,940.

13,3 All ordinary shares rank equally with regard to residual assets of the company. Ordinary shareholders
are entiled to
receive all distributions including dividends and other entiUements in the form of bonus and right shares
as and when
declared by the Company. Voting and other righb are in proportion to the shareholding"
gl{r
FAST CABLES LIMITED Page 20 of 36
Notes to and forming part of the Financial Statements

f\lote L4
Reserves
2023 2022
Rupees Rupees
Capital reserves

Share premium reserye - 863,632,127

Revenue reserves

Unappropriated profit 890,741,7L5 798,852,567

------€-e-0-;1417Is---Sq$$N

Note 15
Surplus on Revaluation of Propefi Plant and Equipment - Net
2023 2022
Rupees Rupees

Land - freehold
Opening baiance T 1J66tr6efso lTl-rjj-B6e.aeo l
Add: Surplus on revaluation arisen during the year I srt,tzq,gsoll I

7,478,594,830 1,166,869,880
Building on freehoid land 1,698,120 t,924,060
Building on leasehold land 63,069,871 7L,461,493
Plant and machinery 300,748,242 340,763,635
L,844,7LL,063 1,581,019,068
Transferred to retained earnings in respect of net incremental
depreciation - net of deferred tax (3L,673,226) (41,414,9t9)
Effect of rate change (48,783,966) (7,218,036)
Closing balance - net of tax ____!t63653.821_ _1,532J95J]3_
15.1 The surplus on revaluation of property, plant and equipment is not available for distribution to the shareholders in
accordance with section 241 of the Companies Acl, 20L7.

15,2 Incremental depreciation charged on revalued property, plant and equipment has been transferred to retained earnings to
record realization of surplus to the extent of incremental depreciation. Incremental depreciation represents the difference
between actual depreciation baseci on revalued carrying amount of the asset and equivalent depreciation based on the
original carryanE amount of the asset.

Note 15
Long Term Financing
2023 2022
Note Rupees Rupees

Habib Bank Limited 16.1 210,368,369 193,330,969

Habib Bank Limited -Renewable energy scheme 16.2 28,247,473 44,316,694
Bank Al Habib Limited 16.3 186,865,689 152,581,540

Refinance for salaries - Bank Al Habib Limited 16.4 l---874r,n41

Less: deferred income - Government grant 22 | (t,z+e,zos)l
34,001,019
425,487,53L 424,230,222
Less: Current portion of loans
- Habib Bank Limited T-(66Je3Bn jlf lrJ-r1g/4451
- Bank Al Habib Limited
22
| $s,ztt,zzt)ll
(115,865,210)
(zo,zee,zag)l
(80,607,184)
_____30e,91981_ _____11,6?3,039_
16.1 This represents the remaining balance of long term financing facilities package granted by Habib Bank Limited for capital
expenditure at unit 2 amounting to Rs. 210.368 million (2022: Rs. 193.331 million). These facilities carry markup at 3
months KIBOR + 7.25olo to 1.5% per annum (2022:3 months KIBOR+ !.25o/o to 1.5% per annum) and are reoayable in 5
to 6 years (including 1 year as grace period) on the basis of 16 to 20 quarterly principal installments. The markup is
recoverable on quarterly basis.

The facility is secured by way of combined collateral for various other funded and non-funded facilities approved by Habib
Bank Limited for the Company. Such combined collateral consists of:

a) Joint Pari Passu charge of Rs. 1,574 million (2022: Rs. 540 million) over fixed assets of the Company.

b) Personal guarantees of certain Directors of the Company.

FAST CABLES TIMITED Page 21 ofi6
Nabs to and fonning Nrt of tl?e Flrlaaclbl Statetnenfs

Note 16, Long Term Financing - €ontinued.,.

16.2 This represents the remaining balance of long term financing facilities package granted by Habib Bank Limited under SBP's
renewable energy scheme for Rs 28.247 million (June 30, 2022: Rs. 44.3U million). These facilites carry markup at 3.5olo
and are repayable in 5 years on the basis of 16 to 20 quarterly princcipal installments. The markup is recoverable on
quarterly basis"

16.3 This represents the remaining balance of long term financing facilities package granted by Bank At - Habib Limitect for
capital expenditure at unit 2 for Rs. 186.865 million (2022: Rs. 152.582 million). These facilities carry markup at 6 months
KIBOR+ 1.5olo per anhum (2022: 6 months KIBOR+ 1..5olo per annum) and are repayable in 16 to 20 quarterly principal
installments. The markup is recoverable on quarterly basis. These facilities are secured against:

a) Joint Pari Passu charge of Rs. 1,869 million (20221 Rs. 1,572.90 million) on fixed assets (i.e., land, building, plant and
machlnery of unit II).

b) Personal guarantees of certain Directors of the Company.

t6.4 This represents availed portion of long term financing facilities package grant€d by Bank lt - nabiO Limited for
disbursement of salaries of employees under the State Bank of Pakistan Refinance Scheme for an amount of Rs, 37.749
million. This loan was repayable in 8 equal quarterly installments starting from January 01, 2021. Markup was charged at
the rate of SBP rate plus 3olo p.a payable quarterly in arrears. This facility was secured against the securities as mentioned
in Note 16.3.

Note 17
Diminishing l'lusharaka Finance
2023 2022
Rupees Rupees

Diminishinq musharaka finanice 189,138,200 134,002,624

Less: Current portisn (70,691,658) (40,969,099)
____)LB1!5,s4_ _____91!U,5?!_

t7.L This represents amount payable in respect oF diminishing musharaka finance arrangements entered into with Fust Habib
Modaraba and Habib Metropolitan Bank for the purchase of vehicles, These flnances are repayable in monthly installments.
The rental portion included in monthly installments is charged to fte statement of profit or loss account.

L7,2 These arrangements are secured by joint ownership of assets purchased under the arrangements,

Note 18
Lease Liabilitieg
2023 2422
Rupees 'Rupees

Openlng balance 108,098,544 91,087,196

Add; Additions during:the Ycar 120,665,839 43,506,880
Add: Interest s\pense 23,622,270 10,766,989
Less: Sereaognition of leaEe tiahility (29,259;209)
Less; Paymenb made (55J93,273) (37,262,52r)
Gross liabitity 167,7341172 10&09B,544
Lessl Cunent portion (60i440,688) (31,329,545)
Closing batance
-____w 293,484_ _____JSJ 68ffi_
18.1 Summary of amounts relating to leases charged in different line items of the financial statements is as follows:

2023 2022
Included in Note Rupees RuBees

sbtemeht of
Carrying amount of Right of Use assets
financial position
144,460,953 90,966,526

Sbtement of
Depreciation charge
profit or loss
(t 46,237,633 30,563,320

Siatemeht of
Finance cost 31 23,622,nA 10,755,989
profit:or loss

Sbterneht of
Payments made 18 (55F93r273) (37,262,521)
cash florryg
CA.-
FAST CABLES LIMITED Page 22 of 3.6
Notes to and fonning Wft of the Financial Statements

Nab 18, Lease.Uabi{ities . €antrbaed.,

18.2 litaturity analysli of contractEal eath flows induding Interest:csst

AtJune,2023
WithinOna BdtureenTwo Later'thanFive
Year tg Fiv:e Years.. Years
"--"-"-""(fiupees)"--'-"-'--
74,39'!.,847 190,18I,123

18,3 Nature of leaslng activities

The Company's leases comprise space taken for its branches, factory and head office. Periodic rentals are fixed over the
lease term. These neither contain any variable lease payments nor any lease incentives. The Company is not committed to
any lease not yet commenced as at the reporting date.

Remaining lease term of exlsting lease contract is L-5 years for which lease liability is recorded.

Note 19
Post Employment Benefi t Obli gatlons
?,022
Note Rupqes Rupee€

Post employment benefi t obligations ____etrE"s3z- ___l20zgg_

19.1 The Company operates s. funded gratuity;scheme.rfor fts permanent employees subject to mmpletion 6f one year of
service. Aeuar,ial valuation of the scheme is carded, out annually by an :independent actuary'and the latest valuation has
been canied clut as at June 30, 2023. The disdosures made in the following notes are based on the information included in
that actuarial report.

19,2 R€condrliatlon of postemploymerrtbenefit obllgatlons:

PresRt yalue of defined benefit obligauons 19.4 1341V4,659 37r805r147

Fair vatue of plan as6eE 19.5 (53,191,u3) (37,679,361)
Net reportlng date liabillty _--**_u!ql$7_ ___j6lg!*
19.3 Net Liability / asset Movernent

Opening balance L26,786 (79,835)

CharEe foi $eyear 19.6 33,698,160 10,50 1439
Conhiiutisn paid durihg the year (13,787,039) (:10,40115?)
Remeasurernent losses 6i,5{5;630 101,934
_______t L5g3t3L _____12il96-
19.4. Movernent in pr€eent value of defined benefitroo-ligation

OPening balance 37,905,147 28,091184

Cunent service cost 23,201,090 &,077,734
trnterest cost 15,596,304 3t478,744
Rerneasurement losses 60,892,365 38,454
Pnyments,mad€ during th'e year (2,74,1s5) _" (1,878;e6s)
Oosing balartce _ 134.nff5A_ 37.805.112_
______

tS.s f..dovemqlt in fair value of plan as-sets

Openiflg balance 37,678,361 28,175,019

Conwibution rcgeived during the year 13/787,039 L0,40L,752
Return on plan aEset 1099,234 , 1,044,039
BenefiB paid in the y€ar (2,720it56) (1,878,969)
Remeasurement losses (653;36s) (53,{80)
Closing balance: s3J9. 13_ ____37-f/3fi_
tn(,
FA$'CAELES LIMITED Page 23 of 36
Na,tus to and loming Nrt'af the Finaneial Statemenb

Note 19, Post Employment Benelit Obligations - Continued.^.

2023
19.6 Charge for the year Rupees Rupees

The amounts recognised in the statement of profit or loss account against defined benefit scheme are as follows:

Current service cost 23,201,090 8,47L734

Interest cost 15.596,304 3,4V8,744
Return on plan assets (s,099,234) ... (1,044,03e)
169_ _____l!J06.{39_

L9.7 The charge for the year has been allocated as follows:
-33.698
Cost of sales 32,504/793 10,134,370
Administrative expenses r,193J67 372,069
,,,,, 33,698.160 10,506,439
Investment in modaraba companies 2,15.5,?95 2,019,855
Investment with Meezan lnvestment Bank 13,207,?20 11"379,252
Cash and cash equivalents 31,094,425 21,604,900
Others 6,734,{7?,..-- a675;354
____E191!_!?_ ______I.6?83!1_
19.8 Actuarialassumptions

Discount rate - per annum / Rate of return on plan assets 16.25% 13.25o/o
Expected rate of increase in salary level - per annum 15.257o 10.00o/s
Expected year of services B - 12 years I years
ActuariaI valuation method Projected Unit Credit Method
Expected mortality rate for active employees SUC (2001-2005) Mortality rates

19.9 Estimated Charge for the year 2023-2024 .zo2*

Rupees

Current service cost and Interest cost

--**-{3Jfi€oz-
1S.10 Year end,aensitivity analysis on defined benefit obligati.ons

-
R€asonably possible dranges,Pt therepoffng d@:to one Of thg rclevant aetuarial agsurnptions, holding otner assua$tions
cona*ar*, would have resulled in present value-,of d4fined benefitobligatioas as stated below:

2023 7.022
Rupees Rupees

Discount,rate + lryo (3,585,191) (1,215,320)

Discount-fat€ " Io/o 3,735,405 1,272,317
Salary increase + 1oA 3,735,405 l,zgg/2a
Salary incr-€ase - tr% (3,646,663) (1,261,597)
ct.&
FAST CABLES LIMITED Page 24 of 36
Notes to and forming part of the Financial Statements

Note 20
Deferred Liabilities
2022
Note Rupees Rupees

Deferred tax liability 20.t 406,809,640 246,86t,6rl

Deferred income
____195E09819_ _____247-f4E/df._

z0.t Deferred tax liability

Taxable temporary differences

Accelerated tax depreciation 39t,268,902 250,026,595
Surplus on revaluation of property plant and equipment L96,567,027 162,405,806
Right of use assets 56,339,772 30,018,954
Deductible temporary differences
Lease liabilities (6s,416,327) (3s,672,s19)
Loss allowance on local debts (52,380,230) (20,313,184)
Staff retirement benefits (31,817,579) (41,839)
Tax credits for minimum tax - (96,4t6,871)
Others (87,751,92s) (43,14s,331)
____l!9, B99e{_ ____246, Bgllll_
20.1.1 Reconciliation of deferred tax liabilities / (assets) - Net

Opening balance 246,861,6t7 203,542,808

Deferred tax expense I (income) during the year recognised in profit or
loss account 135,166,8s9 36,134,405
Deferred tax expense / (income) during the year recognrsed in other
comprehensive income (24,002,796) (33,638)
EfFect of rate change 48,783,966 7,2t8,036
Closing balance ___l!6809-61!_ _____215,861"-0ll_

20,L,2 Deferred tax assets / liabilities on temporary differences are measured at eFfective tax rate of 39ok (2022:33a/o).

20.1.3 The Company has not adjusted the tax rate for exclusion of export related income since export sales constitute
insignificant portion of overall turnover of the Company.

20.L.4 Analysis of deferred tax

Statement of Financial Position Statement of profit and loss
2023 2022 2023 2022
Rupees Rupees Rupees Rupees

Accelerated tax depreciation and amoftization 39L,268,902 250,026,595 L4L,242,307 63,591,958

Surplus on revaluation of property,
plant and equipment L96,567,027 162,405,806 (L4,622,745) (25,263,126)
Right of Use Asset 56,339,772 30,018,9s4 26,320,818 7,392,294
Lease liabilities (65,416,327) (35,672,519) (29,743,808) (9,2s7,232)
Loss allowance on local debts (52,380,230) (20,313,184) (32,067,046) ( 10,883,3 16)
Staff retirement beneflts (3L,8L7,579) (41,839) (7,772,944) (8,201)
Tax credits for minimum tax (96,416,871) 96,4t6,87t 29,859,962
Others (87,75L,925) (43,145,331) (44,606,594) (L9,297,934)
___3qd q _ ____49891,61t_ _____lIIJgqpIg_ _36tl1lg!_
Note 21
'
Trade and Other Payables

Note Rupees Rupees

Trade creditors 8,899,518,430 4,337,495,725

Contract liabilities 893,826,9 19 907,203,874
Accrued and other liabilities 2t6,540,027 140,054,922
Workers' (profit) participation fund 21.1 159,022,806 89,433,462
Workers' welfare fund 2L.2 6s,982,131 4t,272,467
Withholding tax payable 9,676,788 5,576,192
Other payables 99,138,346 72,025,9_66
Sales tax'payable 58,041,187
?44 __194Lf,15fi3_ _i93I0?.qQg_'
FAST CABLES LIMITED Page 25 of 36
Notes to and forming paft of the Financial Statements

Note 21, Trade and Other Payables - Continued...

2023 2022
2t.L Workers' (profit) participation fund Rupees Rupees

Opening balance 89,433,462 59,346,331

Provision during the year 155,731,150 86,808,746
Interest on workers' (profit) participation fund 666,940 2,624,7L6
245,83t,552 148,779,793
Paid during the year (86,808,746) (59,346,331)

---ElE?Eqq- -----8e 4T162-

2L.2 Workers'welfarefund
Opening balance 4L,272,467 22,886,07L
Provision during the year ,6t,971,633 37,966,L37
L03,244,L00 60,852,208
Paid during the year (37,26L,969) (L9,579,74L)

Note 22
Current Portion of Non Current Liabilities
2023 2022
Note Rupees Rupees

Long term financing 16 11s,865,210 80,607,184

Diminishing musharaka finance 77 70,691,658 40,969,099
Lease liabilities 1B 60,440,688 37,329,545
Deferred income - Government grant 22.1

-----u6 w ----llq,6s4,031-
22.t -9-
This represents the value of benefit of below-market interest rate which has been accounted for as government granf
under IAS 20 - Accounting for Government Grants and Disclosure of Government Asistance.

Note 23
ShoftTerm Borrowings
2023 2022
Note Rupees Rupees
Banking companies - Secured

Running musharka t,r20,957,955 435,98r,997

Borrowings / Finance against trust receipts 23.1 3,232,052,518 5,602,503,696
___435tprc,123_ ____6J3glg5.09t_

23,1 Terms and conditions of borrowings

Purpose

This represents availed poftion of funded facilities against finance package of funded and non-funded facilities of Rs. 4,353
million (2022: Rs. 6,038 million) obtained from various banks to meet working capital requirements, retirement of local and
foreign LC's, discounting local bills / receivables and loan against trust receipts.

Markup

Mark-up on short term borrowings is charged using 1, 3 or 6 Months KIBOR+ spread of up to 1olo (2022: 3 to 6 Months
KIBOR + spread of up to 1.15%) per annum. Mark up is payable on monthly quarterly basis in arrears or at the time of
l
adjustment of liability.

Securities

Joint pari passu charge of Rs. 11,529 million, ranking charge of Rs. 3,102 million (2022: Equitable moftgage amounting to
Rs. 577.861 million, pari passu and hypothetication charge amounting to Rs. 10,398.37 million, pari passu charge, ranking
charge and exclusive charge amounting to Rs. 2,745 million) over current assets of the Company.

b) Personal guarantees of certain Directors of the Company.

t-ta,
FAST CABTES LIMITED Page 26 of36
Notes b and'fontting part of'the Financiil 9tatements

Note 24'
Provbion'for Taxation
2023 2A?2
Rupees Rupees

Opening balance 5651962i115 A71,4:d394

Add: Charge for the year 835,874,344 492,463,208
Prior year adjustment (r2L,775,788) (37,013,906)
Add: Super tax :3P9;858,161 73,50qru6
1,5891919,935 800,3841432
Payment I adjustment against adyance tax ({qJ,le3,Bse) (?34,422,316}
_uga.€1,926_ _-___56596er6_
U,l The provision for cuffent year tax represents normal tax at rate of 29o/o and super tax of l0o/o (2022: normal tax @ 29olo
and super tax oF 4ol5).

24.2 Income tax assessments are deemed finalized by the management up to the Tax Year 2022 as tax returns were filed under
the self assessment scheme.

Note 25
Contingencles and Commitments

25"1 Contingencles

25.1.1 The income tax department has raised demand of,Rs. 109,488,035 in respect of tdx year 2021 through an order dated
August 31, 2022 under section 122(5A) of the Income Tax Ordinance, 2001. The Company has filed ippeal against the
dem6.nd before Comissioner Inland Revenue (OR), Tha matter is s$ll pending before CIR. The management forsee that no
adverse,outeome,against the Company will arise basid,,cfl the opinion of internal legal advisor, therefore no provision ls
recorded in these financial statements.

25.1.2 The income tax department has raised demand of Rs. 36,379,695 in respect of tax year 2019 through an order dated June
0t" 2020' under'section 122(5A) of the Income Tax Ol.dinance, 200.1. TherCompany has filed appeal aga,nsf the demand
before Comissioner Inland R,evsnue Appealb (CIR(A)) who passed an order dated December 31, 201J, prw'iding flartial
relief to the CarrDany. Eeing aggrieved by partiatreffi:the f.ompany filed appeal before Appellate Tribunal Inland revenue
(ATIR) o.n &brugry,23, 2022, The Federql boad,,of:,r€wiue has Also file-d crocs appeal dated Mareh 09, 2022 against the
order of OR(A) before ATIR. The matter is shll pending, adjudicatlon. The management Forsee that no adverse outcome
against the C-ompany based on the opinion of internal legal advisor, therefore no provision is recsrded in these financial
statements.

25.1.3 The incpme tax department has raised demand oF Rs. 4?290,208 in resgect. oF tax year ?020 through an order dated
September 06, 2021 under section 122(5A) of the Income Tax Ordinsnce, 2001. The Company has filed appeat against the
demand before Comissioner lnlahd ReVenue (CIR). The matter is stll pending bebre CIR. The manaEement forsee no
adverse outeome against fte Company:basd on the opinion of internal legal advisor, theref,ore no provision is recorded in
these financial gtatements.

25,1.4 The income tax department has raised demand of Rs,28,779,628 in respect oF tax year 2017 through an order dated
&toler 31, 201& undet,section 122(5A) of the Income Tax Ordinanee, 200- The &mpany has filbd App€al aqainst the
demand before Comissioner Intand Revenue appeal.s (CiR(A)) who passed an order dated September 5,2019 giving partial
relief and reducing tax demand to Rs. 7,539,2149. Being aggrieved by partial relief, the Company filed appeal before
Appellate Tribunal InlAnd Revefiue:(ATIR) on November 14, 2019. The Federal Board of Revenue has also filed crgss
appeal dated oetober. It
2019 against the order of CIR(A) bEfore ATIRr The matter is still pending before ATIR and the
management forsee no adverse outcome against *re Company based on the opinion of internal legal advisor, therefore no
provision is recorded In these financial statements.

The income tax department has raised demand of Rs 631,300 in respect of tax year 2014 through an order dated
September 30, 20?0 under section 12?(5A) of tire ln-C.erne TAx Or.dinance. 2001. The Company has filed appeal against the
demand before Comissioner Inland Revenue (CIR) who has passed an order dated February 18,,2021 against the
Company. Being aggreived the Company filed appeal before ATIR and ATIR decided case in favour of Company on August
Lti aQZZ. the Fcderal Board of Revenue has fited second apqerbl igainst the order of ATIR appeats before Honourable
Lahore High CourL The matter is still pending before ATIR. Managernent forsee no adverse outcome against the Company
based on the opinion of internal legal advisor, therefore no provision is recorded in these financial statements.
qt.
FAST CABLES LII{ITED
Page 27 af36
Notes toand forfiwp.art of the financiat statemeng

t{ote. 2$ &nti{rgeocies and eonmifuen;b' - €an$nted,.

25.1.6 The Compariy reeeived'an order under seetion:4s8 of The sales Tax ac1, 199.0 dated $eptember. 15r, 2021
and whefain the
discrepancy. has r€sulted in short payment of sales altrqr;ntlng to R,s; 1/7, .91,138.., Being aggrleved, the Comppny filed an
Sf
appeal before the CIR(A) agajnst the said order, tt,e gq(A} iiib order dated April o+,-iOzz annufleu ci* oroer ana
r,ernanded baeJ<'the case to CIR for adjudication rhe CIe again €reated same demand vii Le;e|dated
June ?2, 2023
and being aggrieved the Ggmpanv filed apBeal berfor.e c!R(A) whiefr is riending adjudication. No liabilitrT on this accsunt
has
been recognized in these financial statemenE as management expects favorable outcome ofthe case.

25;1.7 'Ihe Company has rdceived an order dated March 26,2019 ln the maEer of showcase notkes issued to electrtc cables
manufdcturers by Competition Commission of Pakistan and imposed a penalty of Rs. S,000,00O Being usgrier"d,
tf"
Cornpany fi[ed an appeal be_fore The &mpetition Ap6El Tribuna! a.gainst the.said orOer wfr*n ts penAng for
;-djuO#flon.
No,lirability on thls:account has been recogntzeg.in fiise Rnsmiat stitements as ,managemBnt e*pe.eli;"oui.uii-oricjme
of the case-

25,2 Cornmitments 2023 2022

RuPees Rupees

Letters of guarantee: issued by banks on behalf'of the fompany 2A30,812,Lt7 2,031,423,000

Letters of credit outstanding
4878_565"199- 433,8L7iW7
Rentals' of asseB .under iJarah arrangemenb
- Due not lafer than one year
487,050
Commitr,nqrls:against eapibl woik ln prqc€ss
.125,0q0,000
(lrt-r _5JE9,37Z&A __JffiJne_
FAST CABLES.UMITED Page 28 of 35
Natesto and forming paft of tte finanaat Statemenb

Note 26
Revenue

- local
Gross sales
t- 3sJsr;srp:rl T ,6^esxo4|rss-l
Sport Sales | 29A339,877 |

38,647992,709 26,859,047,2ii,i
Less: Sales tax (s,789,143,592) (3,880,928,268)
llet sales ?6,1 _la!5!t!9J!Z_ __22.9ZUrq.9EL
26.1 All the revenue is recognised at a point in time.

26,2 Geographical markets

- pakistan 3e569,2q,240 22,9?8,118897
- Saudi Arabia 263,895,516
- Ghana
32,8s8,549.117 22,gruJlgpgz_
Nat€ 27
Gcgt q-f sales 2023 zfrzz
Note Rupees Rupees

Raw materials consumed 27.1 84A7?, 1.8,537?373,585

25,074i
Salaries, wages and other benefits 2V..2 563,603,457 45a704,353
Packing materials consumed 381,611,954 345,354,331
UUlities 412,97L265 301420,39?
Other factory overheads 108,184,084 65,258,285
Fuel and power 176,80i434 125.220,298
Repairs and maintenance 135,458,796 84,311,41.4
Insurance 20,L57142 16,075,8?.0
Printing and stationery 1,710,256
4072,8V8
Office supplies 1,3,19,963 Lt282,240
Diminshing musharaka rentals / lease rentals 9.590,967 7.1E,.53
Entertainment 3.7141565 ?,285,641
Depreciation on propert/, plant and equipment 4,3 lli,g$E,7il 25j.759.913
Depreciation on right-oF-use assets 5.1 6,859,388 4,788,922
?7,t67,607,09L 2A,293,274,893
Work in process;
- Opening stock
I 834Jr4psI l-
,sr/6r,o4s I
- Closing stock I (1,30a268,864)ll (834,1e4,0s2)l
Cost of goods manufactured 26,699,532,779 19,718,542,886

Finished goods:
- Opening finished goods fj2r36os,rozl I- lr3?,s;J_?oo I
- Finished goods purchases
I| zss,zos,ses | 207,644,fi0
- Closing finished goods (2,767,640,s96)ll
|
(2,243,60s,102)l
|

265,230,489 (198,407,272)
__26,964f, 62f 68_ __19t2!J15.613_
27.1 Raw materials consumed:

Opening raw material 2,131,554,785 1,571,395,865

Purchases 26,539,617,891 19,197,532,505
. Raw material consumed
Closing balance +#H8**'Irqfl1**#P
27.2 This includes Rs. 37,165,683 (2022: Rs, L4,248,528) in respect of employees benefits.
tlr<,
FAST CABLES LIMITED Page 29 of 36
Notes to and forming part of the Financial Statemenb

Note 28
Distribution Cost
2022
Note Rupees Rupees

Salaries anci benefits 28.1 338,960,702 212,063,015

Advedisement 297,405,989 286,610,030
Carriage and freight 135,026,499 4s,090,630
Vehicle running expenses 59,97s,814 28,047,028
Rents, rates anci taxes 3,637,088 3,642,!96
Communication 3,664,842 3,435,303
Travelling and conveyance t9,679,128 t5,344,970
Fees and subscription 28,100 47,632
Insurance 6,143,550 2,794,002
Printing and stationery 4,383,799 2,199,812
Entertainment 2,tB7,gg3 7,976,092
Ijarah rentals 6,063,430
Utilities 9,914,664 5,756,092
Repairs and maintenance 5,925,228 6,368,798
Internet charges 366,7L2 224,099
Diminishing musharaka rentals 9,682,354 2,064,2s3
Staff training 2,457,000 3,094,41r
Miscellaneous g5,0gg 42,482
Inspections and testing charges 110,380,254 703,855,477
Depreciation on property, plant and equipment 4.3 24,599,764 1 1,533,785
Depreciation on right-of-use assets 5.1 26,498,398 L2,693,087
___l,gsl.gaill_ _____18"940,6u_
28.1 This includes Rs. 10,338,369 (2022: Rs.9,253,744)in respect of employees benefits.
Note 29
Administrative Expenses

Note Rupees Rupees

Salaries and benefits 29.t 254,884,375 180,780,391

Utilities 13,006,191 9,894,814
Insurance 4,957,946 3,158,506
Communication 6,459,108 5,053,614
Repairs and maintenance 11,173,689 8,331,461
Vehicle running charges 18,697,001 It,994,349
Travelling and conveyance 4,L93,339 r,779,7t2
Fees and subscription 29,692,7-61 14,742,1L0
Rents, rates and taxes L,797,464
Software license fees 7,460,679 4,616,333
Printing and stationery 4,903,2_61 L,6g2,287
Ijarah rentals 306,266
Office supplies 3,966,939 1,395,187
Legal and professional charges L3,L47,385 L2,733,075
Entertarnment 3,344,506 L,274,302
Miscellaneous 2,4L6,747 275,224
Diminishing musharaka rentals 18,419,150 5,429,240
Depreciation on property, plant and equipment 4.3 47,736,295 20,903,700
Depreciation on right-of-use assets 72,879,847 13,081,311
___3s7]n zLs_ __2es2t\335_
29"L, This includes Rs. 9,664,517 (2022: Rs. 5,688,940) in respect of employees benefits.

Note 30
Other Operating Expenses
2023 2022
Note Rupees Rupees

Charity and donations 30.1 276,756,307 112,595,015

Loss allowance 8.2 72,832,277 44,026,647
Workers' (profit) pafticipation fund 155,73 1,150 86,808,746
Workers' welfare fund 6L,971,,633 37,966,i37
Auditor's remuneration 30.2 1,600,000 1,260,000
____lEJ9I35z- _____282655eL
30.1' This represents amount paid to M/s Fatima Latif Welfare Trust. Three directors of the Company are included on the Board
of Trustees of the donee.
FAST CABLES LIMITED Page j0 of 36
Notes to and forming part of the Financial Statements

Norc 3q Other Operating Expenses - Continued...

2023 2022
30.2 Auditor'sremuneration Rupees Rupees

- Audit fee 900,000 750,000

- Half yearly review 350,000 510,000
- Other assurance services

Note 31
Finance Cost
2023
Rupees Rupees
Markup on :
- Short term borrowings 888,158,596 442,826,945
- Long term finance 80,598,032 31,566,624
- Lease Iiabilities 23,622,270 L0,766,989
Bank charges 49,469,344 40,245,446
Interest on workers' (profit) participation fund 666,940 2,624,7t6
___L095r5.82_ ___52!.030J20_
Note 32
Other Income

Rupees Rupees

Profit on bank deposits 38,821,1 54 76,262,893

Income from associates 13,478,496
Derecognition of lease liability 8,325,429
Reversal of provision against advance to employees 1 1,607,530
____zLt7z609_ ______JS2O,Be3_
Note 33
Taxation

Note Rupees Rupees

Current tax:

- Current tax 24 835,874,344 492,463,208

- Super tax 309,858,163 73,500,736
- Prior year adjustment 906
L,023,956,7L9 528,950,038
Deferred tax 135,166,959 . 43,352,44L
___u59.t2389_ ____s7 2,392,47 9_

33.1 Reconciliation of tax charge for the year

Profit before taxation 2.896.920,273 1.611.400.031

Tax @ 29% on profit before taxation 840,106,962 531,762,0L0

Prior year adjustment (t2t,775,788) (37,013,906)
Super tax @ 10% 289,692,02L 64,456,00I
Other adjustments L5,933,624 (30,254,067)
___1J23.9562!9_ *-___528SA.Q3g_

33.2 The current tax expense for the year is calculated using normal taxof 29o/o and super tax of 10% (2022: Normal tax @
29o/o and super tax @ 4%). The tax rate was enacted through the Finance Act, 2022. Deferred tax assets and liabilities
on temporary differences are measured at 39%.
q{,
 FAST CABLES LIMITED Page 31 of36
Notes to and forming part of the Financial Statements

Note 34
Cash Generated from Operations

Rupees Rupees

Profit before Taxation 2,896,920,2L3 1,611,400,031

Adjustments for:

- Depreciation on poperty plant and equipment 344,1.94,830 286,L97,398

- Depreciation on right of use asset 46,237,633 30,563,320
- Workers' (profit) participation fund 155,731,150 86,808,746
- Interest on workers' (profit) participation fund 666,940 2,624,716
- Provision for loss allowance 72,832,277 44,026,647
- Workers' welfare fund 61,971,633 37,966,L37-
- Gain on derecognition of lease liability (8,325,429)
- Deferred Income (143,405)
- Post employment benefits 33,698,160 10,506,439
- Finance cost 1,042,515,182 5
L,749,378,977 7,024,099,407
Operating profit before working capital changes 4,646,299,784 2,635,499,438

(Increase) /
decrease in current assets
- Stock-in-trade (2,456,743,760) (L,540,942,329
- Trade debts (1,958,986,740) (2,528,164,887
- Loans and advances 390,424,903
- Deposits and prepayments (5,388,467) (77,073,736
- Tax refund due from the Government 59,899,428 (1,327,LgL
- Other receivables (191,419,091)
Increase in current liabilities
- Trade and other payables 7t4 018
552,L71,29t (3,072,243,35I)
Cash Generated from / (Used in) Operations __5.193,479.4U_ __!375,1 43,g_3l

Note 35
Liabilities arising from Financing Activities

As at June 30, Non-cash Cash flows As at June 30,

2022 changes (Net) 2023
Rupees

Long term financing 424,230,222 3,748,205 (2,496,896) 425,49L,53t

Diminishing musharaka finance 734,002,624 55,135,576 189,138,200
Lease liabilities 108,098,544 1 1 5,028,901 (55,393,273) 767,734,172
Sponsors' interest free loans 75,250,000 (75,250,000)
Shod term borrowings 6,038,485,693 (1,685,475,220) 4,353,010,473
Total liabilities from financing activities ____q4.99zpql_ --------=------
__JtBlZ,r0g_ ___gl 63,4?2,8A_ __!.1lI;g1;zg_
As at June 30, Non-cash Cash flows As at June 30,
202L changes (Net) 2022
Rupees

Long term financing 305,062,305 4,505,388 114,662,529 424,230,222

Dividend (244,033,020)' (244,033,020)
Diminishing musharaka finance 47,976,25A 92,086,374 - 134,002,624
Lease liabilities 91,087,196 54,273,868 (37 262,520) 108,098,544
Sponsors' interest free loans 75,250,000 75,250,000
Short term borrowings u99,359,573
zrt J)rJJ)rJt J 6,038,485,693
U,UJo,AOJ,UtJ
Totai liabilities from financing activities 3,677,19L,87L
Jtv, t tLrLte, r 150,865,630
rJvreuJrvJv _L707,976,562
2,707,976,562
z,tvl,)/v,Jvz 6,536,034,063
6,536,031,063
u,JJo,uJa,uoJ
r+f&,
 FAST CABTES LIMITEO
Page 32 of 36
Notes b and forming pdtt of the Fioancidl Statements

Not€ 36
Remuneretion qf Chief Exec*rtive OJlieer; Directorc and Executive$

The agrgreEate amou:nts.dtArged in the,finaneial Statements,for he year as remuneration and beneflts paid to the dlief ex€.utive
officer, directors
and execirtives of the Company are as follows:

Managerial remuneration 36,920.000 31,200.000 39.420,000 27,600,000 186,54"S,850 16:5,727;785 26:?,988,8s0 124,527,.788
Other benefits 4,651,107 2,600,000 4,790,000 2,300,000 18,710,649
4r,571,t07 33"800p06--4a7iTId6--1e-_s-0bi-0-d-
243,238,437

Number of persons

35'1 An executive is defined as an employee, other than the chief executive officer and
directors, whose basic salary v^r
vervr t exceeds Rs. 1.2 million in a
financial year.

35'2 Tle Company has provided company maintained vehicles to the Chief Executiye officer and
two directors.
35'3 MeetingFeeamountingtoRs. 1.150million(2022rNil)hasbeenpaidtodirectorsoftheCompany.

Note 37
Balances and Transaction with Related parties

Rernuneration of keymanagementpersonnel is disclpsed ih noteii$tolheseiinan iii*ui**!ns. Transicrions *irt-i.rr,.Jp"nlesare,,asfolows:

Related party Relationship I{atuf € of tiA niactions 2023 2022

Rupees Rupees
Chief &ecutive Officer Assoc'lated per.son Sponsols loan recelyed - 103,000.000
Fay-rnent against,?ure.hase of tand 486,420,000
Renipaid 25,199,300 13,4B3,161
Sponsoris loan repaid 75,250,000 . 27,750,000
Director Associated person DMdend pald - 244,033,020
Rent:paid 11,863,261 t0,784,783
Employees' Gratuity Fund Retirement Benefit Fund Contribuuon paid to gratuity ftrnd 13,787,039 10.401,752
StafF Provident Fund Retkernenttenefit;FuM Contrjbutjon paid to provident fun! 24,645,492 18,684,773
Fatima Latif Welfare Trust C6mmon dir€dorEhip Donatioos paitl dudng Sle year 2.L6,?56,307 97,100,000
Bes-FCL-Mecons (Private) Llmited Joint venture Salg ofggsd5- 31,735
Iidvance received against s8le of{oods '170,350,000
Short term han paid 135,243,954 18,319,000
Short term loan recovered 47,1 1 7,303
Earqtron - Fast (Frivate)'Umited Joint venture Sale -o_fgoodsr 126,960
Shofitffi lsan gaid 222,790,015 29,144,854
Short teim loa$ f.ecov€red 1 74.631,314

Balance ar at 2023 ?.022

Rupees Rupees

Sponsors: lnter€st free.hans

8€s-FcL+lecons.{private) Lirnlted
- 75,250,000
.Barqtron - Fast (privatel,limiled
701,775,727 18,319,000
70,956,020 29,744,8s4
I{gte 38
Financial Risk, Marag€fient

38.1 Flnanclal risk factors

'credit risl( :and liquidiry rhk' fie company's overall risli n,ana*ment progrim*e no*so on traviirg cost ,efficie; ffi* ; ;;i il;
' manage financialrisk to minimize earnhgs volatility and proviiJe maxlmum reium to shareholders,

Risk managemen, ,t **:!-:-r1!lt-. Bl?i! (th.e aoard)" Tire Board pmvides princtptes for overall risk
management as weil as
?,.,"d9rs
p0licies covering speciftc areas such as currency"f risk, other prhe rist<, interest rate As*, creUii risf lnA liqridit ,irk:--
'
,r+iL-
FAST CABLES UMITED
Notes to and forming part of the Financbl Statements
Page33 of36

Note 3& Financlal Risk Managemeni - Continued...

(a) Market rlsk

(i) Currency risk

Foreign curency risk is the risk that the fair value oF future cash flows of a financial
instrument will fluctuate because of
changes in foreign exchange rates' This exists due to the Company's exposure resulting
from outstanding impolt and export
payments. The Company is exposed to following currency rates risks;

2023 2022
Rupees Rupees
Letters of credit commitments
_?AEEq5 _ __433f{/./ul_
The following exchange rates were applied during the year:

Rupees per foreign cuffency rate

Average rate - Rupees per US Dollar
Reporting date rate - Rupees per US Dollar
246.95 182.2
287.90 205,00
At June & 2023, :if pakistani Rupee had w€Akened /.strengthen by 16/E aqainstthe US do]lars
with all od.rer varisbles held
constant, pre-tax profit for the year would have been iow*r / nign.r ov-a., ili.gli
rirrr" iiiiiz,
a result of foreign exchange losses / gains on translation ot us iolraJenominriJ'nn.*i.r
il: ;;ffi#;, ffi,r";:
assets and liabilities.

(ii) Interestrate ri$k

Intercst rate risk E the risk that the fair value or fub.rre cash no$€ af a
financial instrument lryill fluctuate because of changes in
market interest rates. The company's interest rate risk arises irom sh"rt;il-g-tem
variable rates which expose the company to cash flow interest rate risk;
uor.o*ings. ;Le are-ueicnrari eo to
Company to fair value interest rate risk.
Biruowings ort i,iJ ;, il;J,il";;;;;; u.,;

As the.company has no significant floating lnterest rab a=eb, th: company s income is substantially independent
in mprket inter€s[ rate5. Ttre interest rate profile oi ttre comf,any's intirest-a<rrinq of changes
inanciat instrumens ai it- itre repsrting
date follows:
is as

Flo atlng' ra te. it gtru m en ts

Financlalasset'

Cash and:bank balances

____e68dgE1!!_ _JASULI44L
Financial liabilitier,

Shortterm borrowings.
4,353,010,473 6,039,485,693
La.ng,telm Borowi0ss
425,481,531 429,229,736
Dminl$ing rnushgraka ft nanee
Lease liabilities'
199,13g,200 . 134,002,624
t67,734,172 108.098.s44
-s,i3t364-;3i6---6-m'e^e-i6Jer
Cash flow s€nsitivity analysis for variable rat€ instruments

As at lune 30, 2023, if interest rates on the company's borrowings had been 1olo higher
I lower with all other variables hetd
€onstant, profit before tax for the year would have been lower / hilher by Rs. aI"668 million (2022t
Rs. 54.4i7 miilion), mainly
as a result of interest exposure on variable rate borrowings,

(iii) Other price risk

' other price risk is the risk that the fair value or future cash flows of a Financial instrument
wilt fluctuate because of changes in
market prices (other than those arising from currency risk or interest rate risk), whether
irrai" ar,."s* ,r" Iaused by factors
specific to the individual financial instrument or ils issuer, or factors affeainf
all similar financial i-nstruments traded in the
market.

The Company is not exposed to any market price risk.

(b) credit risk

credit risk is the risk that a counterparty will not meet its obligations under a financial
instrument or customer contract, leading
to a ftnancial loss' The company is exposed to credit risk from its operating activities (primarily
trade receivables) and From its
lTn.ln, activities, including deposits with banks and financial institution{ fortign exchange transactions and other financial
rn$ruments"
Ort/
FAST CABLES LIMITED Page 34 of 36
Notes to and forming part of the Financial Statements

Note 38, Financial Risk Management - Continued...

Credit risk of the Company arises from deposits, trade debts, other receivables and bank balances. The management assesses
the credit quality of the customers, taking into account their financial position, past experience and other factors. The
utilization of credit Iimits is regularly monitored. For banks and financial institutions, only independently rated parties with a
strong credit rating are accepted.

The Company monitors the credlt quality of its financial assets with reference to historical performance of such assets and
available external credit ratings, if any. As at June 30, 2023, the maximum exposure to credit risk is equal to the carrying
amount of the financial assets as detailed below:

2023 2022
Note Rupees Rupees

Trade debts - (Unsecured - consider good) B 7,984,437,748 6,098,283,285

Trade deposits 10 44,768,048 37,691,980
Other receivables 11 253,882,945 62,463,854
Cash and bank balances t2 968,595,166 7,268,151,442

The aging of trade debts as at repofting date is as follows:

1 - 30 days 7,632,128,794 5,570,464,347

31 - 50 days 757,449,044 207,599,691
6i - 120 days 56,538,752 757,775,L92
More than 120 days 738,327,758 168,444,055
__1,e83., 437 f 4e _ ___qp9!ZE2q!_
Customer credit risk is managed by each business unit subject to the Company's established policies, procedures and control
relating to customer credit risk management. Credit quality of a customer is assessed based on an extensive credit rating
scorecard and individual credit limits are defined in accordance with this assessment. The Company believes that it is not
exposed to major concentration of credit risk as its exposure is spread over a large number of counter parties.

An impairment analysis is performed at each reporting date using a provision matrix to measure expected credit losses. The
provision rates are based on days past due for groupings of various customer segments with similar loss patterns (i.e., by
geographical region, product type, customer type and rating, and coverage by letters of credit or other forms of credit
insurance), The calculation reflects the probability-weighted outcome, the time value of money and reasonable and
suppoftable information that is available at the reporting date about past events, current conditions and forecasts of future
economic conditions. The Company does not hold collateral as security.

The Company evaluates the concentration of risk with respect to trade receivables as low, as lts customers are operated in
largely independent markets. The credit risk on liquid funds is limited because the counter pafties are either banks (with
reasonably high credit ratings) and trade receivables for which the exposure is spread over a large number of counter parties.

The credit quality of bank balances that are neither past due nor impaired can be assessed by reference to e*ernal credit
ratings (if available) or to historical information about counterparty default rate:

Rating Rating zoz3 zoz2

Short term Long term Agency
Rupees Rupees

Muslim Commercial Bank A1+ AAA PACRA 2,776,746 15,359

Bank Alfalah Limited A1+ AA+ PACM 41,807,819 77,720,324
Dubai Islamic Bank A1+ AA JCR-VIS 97,489 63t,922
Habib Bank Limited A1+ AAA PACM 229,3L4,257 138,202,770
Faysal Bank Limited A1+ M PACM 30,878,494 300,358,433
Bank Al Habib Limited A1+ AAA PACM L6,266,873 t24,861,623
Habib Metropolitan Bank Limited A1+ AA+ PACM 5,639,276 7L0,229,9I2
Askari Bank Limited A1+ AA+ PACRA 5t,424,524 r45,343,4L3
Standard Chartered Bank A1+ AAA PACM 983,L27 , 3L,t42,393
Summit Bank Limited A-3 BBB- PACM 237,243,724 192,433,957
Allied Bank Limited A1+ AAA PACM t9,594,449 56,160,415
Soneri Bank Limited A1+ AA. PACM 1,284,523 2,475,419
Bank Islami Pakistan Limited A1 AA- PACM 22,L26,893 32,529,938
Bank of Punjab A1+ AA+ PACM 44,405,122 49,338,939
Al Baraka Bank Limited A-1 A+ JCR-VIS 5,740 255,7-40
Meezan'Bank Limited A1+ AAA PACRA 255,767,901
United Bank Limited A1+ AAA JCR-VrS 1,000,000
gal ___9c4.095,3!Z_ _1251 89.35!_
FAST CABLES LIMITED Page 35 of 36
Notes to and forming part of the Financial Statements

Note 3& Financial Risk Management - Continued...

(c) Liquidity risk

Liquidity risk represents the risk that the Company will encounter difficulties in meeting obligations associated with iinancial liabilities"
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an
adequate amount of committed credit facilities. Due to dynamic nature of the business, the Company maintains flexibility in funding by
maintaining committed credit lines available. The Company's liquidity management involves projectjng cash flows and considering the
ievel of liquid asseG necessary to meet these, monitoring balance sheet liquidity ratios and maintaining debt financing plans. The table
below analyses the Company's financial liabilities into relevant maturity groupings based on the remaining period at the reporting date
to contractual maturity dates. The amounts disclosed in the table are the contractual undiscounted cash flows:

Contractual maturities of financial liabilities as at lune 3A,2023i

Carrying Contractual cash

Description
Amount flows
Within l year 2-5 Years Above 5 Years
Rupees Rupees Rupees Rupees Rupees

Long-term financing 425,481,531 5t0,577,837 139,038,252 371,539,585

Diminishing musharakahh finance 189,138,200 t98,447,473 85,074,54t 113,366,932
Lease liabilities L67,734,L72 2U,482,970 74,301,847 190,181,123
Trade and other payables 9,215,196,803 9,215,196,803 9,215,196,803
Accrued markup 193,658,508 193,6s8,s08 193,558,508
Short term borrowings

Contractual maturities of financial liabilities as at June 30,2022:

Carrying Contractual cash

Description Within 1 year 2-5 Years Above 5 Years
Amount flows
Rupees Rupees Rupees Rupees Rupees

Long-term financing 424,230,222 486,047,406 2t9,57t,912 266,475,434

Diminishing musharakahh fi nance L34,002,624 140,593,905 60,274,507 80,319,398
Lease liabilities 108,098,543 152,5 14,103 28,087,934 L24,426,169
Trade and other payables 4,549,576,6L3 4,549,576,613 4,549,576,6L3
Accrued markup 162,056,995 162,056,995 162,056,995
Short term borrowings

(d) Fair value of financial instruments

Fair value is an amount for which an asset could be exchanged, or a liability settled, between knowledgeable willing parties in an arm's
length transaction. Consequently, differences may arise between the carrying value and the fair value estimates.

Financial assets which are tradable in an open market are revalued at the rharket prices prevailing on the reporting date. Fair value is
determined on the basis of objective evidence at each reporting date. The management believes that the fair values of financial assets
and financial liabilities approximate to their carrying amounts largely due to the short-term maturities of these instruments.

38.2 Financial instruments by categories

Financial asset as at amortized cost

Rupees Rupees

Trade debts - (Unsecured - consider good) 7 ,748 6,098,283,28s

,984,437
Trade deposits 44,168,048 37,691,980
Other receivables 253,882,945 62,463,854
Cash and bank balances

The Company did not possess any financial assets designated as fair value through profit or loss and fair value through other comprehensive
income categorics.

Financial liabilities at amortized cost 2023 2022

Rupees Rupees

Long-term financing 425,487,53L 424,230,222

Diminishing musharaka flnance 189,138,200 t34,002,624
Lease liabilities L67,734,t72 108,098,543
Trade and other payabies 9,215,196,803 4,549,576,6L3
Accrued markup 193,658,508 162,056,995
Shbrt term borrowings 4,353,0t0,473 6,038,485,693
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FAST CABLES LIMITED Page 36 of 36
Notes to and forming part of the Financial Statements

Note 39
Capital Risk Management

While managing capital, the objectives of the Company are to ensure that it continues to meet the going concern assumption, enhances
shareholders' wealth and meets stakeholders' expectations. The Company ensures its sustainable growth viz. maintaining optimal capital
structure, keeping its finance cost low, exercising the option of issuing right shares or repurchasing shares, if possible, selling surplus
property, plant and equipment without affecting the optimal operating level and regulating its dividend payout thus maintaining smooth
capital management.
line with the industry norms, the Company monitors capital on the basis of the gearing ratio. This ratio is calculated as net debt divided
by total capital. Net debt is calculated as total borrowings (incduding current and non current) less cash and cash equivalents. Total capital
is calculated as equity, as shown in the statement of financial position, plus net debt.
2023 2022
Rupees Rupees

Total borrowings 4,967,630,204 6,596,718,539

Cash and bank balances (968,595,166) (1,268,151,442)
Net debt 3,999,035,038 5,328,567,097
Equity 7,662,335,586 5,699,140,801
Total capital employed 11,661,370,624 11,027,707,898
Gearing ratio 34.29% 48.32%

Note 40
Plant Capacity and Actual Production

The production capacity of the plant cannot be determined as this depends on the relative proportions of the various types and sizes of
cables and wires and type of aluminium sections produced.
Note 41
Number of Employees
2023 2022
Number Number

Employees as at June 30 1,388 1,252

Average employees during the year 1,320 1,110

Note 42
Authorization of Financial Statements

These financial statements were approved and authorized for issue on

30 SEP 2023by the Board of Directors of the Company.
Note 43
General

Comparative figures are re-arranged/ reclassified, wherever necessary, to faclitate comparison. The following re-arrangements have been
made in these financial statements for better presentation:

Nature Transferred from Transferred to Amount

Rupees

Post employment benefits Deferred liabilities (Note 20) Post employement benefits (Note 126,786
19)
Long term Investment Other receivables (Note 11) Long term investment (Ngte 6) 1,010,000

Chief Executive Officer DIRECTQR