Vision and Mission ..........................................................................................................

02
Geographical Presence ..................................................................................................03
Company Information ...................................................................................................04
Directors Report to the Shareholders .....................................................................05
Unsolidated Condensed Interim Balance Sheet ..................................................08
Unsolidated Condensed Interim Profit and Loss Account ...............................09
Unsolidated Condensed Interim Cash Flow Statement .....................................10
Unsolidated Condensed Interim Statement of Changes in Equity.................11
Notes to the Unsolidated Condensed Interim Financial Statements ...........12
Consolidated Condensed Interim Balance Sheet ................................................19
Consolidated Condensed Interim Profit and Loss Account .............................20
Consolidated Condensed Interim Cash Flow Statement ...................................21
Consolidated Condensed Interim Statements of Changes in Equity............22
Notes to the Consolidated Condensed Interim Financial Statements .........23

Quartery Report 2015

Quartery Report 2015

main

Quartery Report 2015

Quartery Report 2015

DIRECTORS REPORT

Quartery Report 2015

As a result of sale of investment in TPL Direct Insurance Limited and further investment in TPL Properties
with eect from 31st December 2014, the group results include the impact of TPL Direct Insurance
Limited accounted as an associate and TPL Properties accounted as a subsidiary. The corresponding
numbers reect TPL Direct Insurance Limited as a subsidiary and TPL Properties as an associate for the
three months period ended 30 September, 2014

During the three months ended September 30, 2015 gross prot increased by Rs.80.6 million. The
increase is due to the eect of TPL Direct Insurance Limited accounted for as a subsidiary in the
corresponding period however in the current period it is accounted for as an associate. Similarly the
operating prot increased by Rs.75.2 million. The group reported consolidated post-tax loss of Rs.60.2
million as compared to a post-tax loss of Rs.65.7 million in the corresponding period. The loss in the
current period pertains to exchange loss of Rs. 63.9 million (2014: Rs.13.1 million) mainly attributable to
the consolidation of TPL Properties Limited (TPLP) as a subsidiary during the current period (accounted
for as an associate in the corresponding period). Excluding the impact of TPLPs exchange loss, the prot
before tax would have been Rs.7.5 million approximately.

Quartery Report 2015

On behalf of the Board of Directors

Karachi: October 26, 2015

Jameel Yusuf (S.ST)

Chairman

Quartery Report 2015

UNCONSOLIDATED CONDENSED INTERIM BALANCE SHEET

Jameel Yusuf (S.ST)

Chairman

Quartery Report 2015

UNCONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT

September 30,
2015
Rupees
(Un-audited)

September 30,
2014
Rupees
(Un-audited)

18

Jameel Yusuf (S.ST)

Chairman

Quartery Report 2015

UNCONSOLIDATED CONDENSED INTERIM CASH FLOW STATEMENT

September 30,
2015
Rupees
(Un-audited)

Jameel Yusuf (S.ST)

Chairman

10

Quartery Report 2015

September 30,
2014
Rupees
(Un-audited)

UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

Jameel Yusuf (S.ST)

Chairman

Quartery Report 2015

11

NOTES TO THE UNCONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

For the Three Months Ended September 30, 2015 (Un-Audited)

50
50

24.39

12

Quartery Report 2015

The adoption of the above amendments to the accounting standards and interpretations did not have any material eect on these
condensed interim nancial statements.
In addition to the above standards and interpretations, improvements to various accounting standards have also been issued by the
IASB and are generally eective for the current period. The Company expects that such improvements to the standards do not have
any material impact on the Company's condensed interim nancial statements for the current period.

Quartery Report 2015

13

September 30,
2015
Rupees
(Un-audited)

14

Quartery Report 2015

June 30,
2015
Rupees
(Audited)

Quartery Report 2015

15

Included herein debt service reserve account maintained with United Bank Limited for any date of US Dollars 0.50 million equal to the
aggregate amount of principal, interest payments and fees of Rs.50.296 million for the immediately succeeding six month period with
respect to the nancing facility as disclosed in note 12.1 to these condensed interim nancial statements.

During the year ended 30 June 2014, the Company obtained a project nancing facility of US Dollars 3.5 million (equivalent to Rs.367.663
million) for a period of ve years from OPIC (a foreign nancial institution) through an agreement dated November 27, 2014.

As of balance sheet date, the Company has utilised the aforementioned nancing facility. The said facility amount is repayable in US Dollar
in sixteen equal quarterly installments commencing from September 15, 2014 and ending no later than June 15, 2018 i.e. maturity date.
It carries markup at the rate of 5 year United States Treasury Rate plus 3.75 percent (i.e. 5.12 percent) per annum payable quarterly on
15th of each March, June, September and December after the receipt of rst disbursement date i.e. December 24, 2014. The facility is
secured against pledge of 35 million ordinary shares owned by the TPL Holdings (Private) Limited (parent company) in the Company,
guarantees of the parent company of US Dollars 2.70 million and charge on saving account (note 11.1).

16

Quartery Report 2015

The facilities for short term running nance are obtained from various commercial banks aggregating to Rs.370 million (2015: Rs.370
million) which remained fully utilized (2015: Rs.331 million) as of the balance sheet date. These carries markup ranges between 3 months
KIBOR plus 2.1 percent to 3.5 percent (2015: 3 months KIBOR plus 2.1 percent and 3.5 percent) per annum. These are secured by way of
registered hypothecation over stocks and book debts aggregating to Rs.313 million (2015: Rs.337 million) and equitable rst pari passu
charge over properties to the extent of Rs.237 million (2015: Rs.237 million).

212,513,593
258,191
212,771,784
These represent current account balances with associated undertakings and carries markup at the rate of 9.89% (June 30, 2015: 14%) per
annum.

There are no major changes in the status of contingencies and commitments as reported in the annual nancial statements (unconsolidated) of the Company for the year ended June 30, 2015.
September 30,
2015
Rupees
(Un-audited)

September 30,
2014
Rupees
(Un-audited)

Related parties of the Company comprise subsidiaries, associates, suppliers, directors and key management personnel. Transactions with
related parties and associated undertakings during the period, other than those which have been disclosed elsewhere in the condensed
interim nancial statements, are as follows:
September 30,
2015
Rupees
(Un-audited)

September 30,
2014
Rupees
(Un-audited)

Quartery Report 2015

17

September 30,
2015
Rupees
(Un-audited)

September 30,
2014
Rupees
(Un-audited)

These condensed interim nancial statements were authorised for issue on 26th October ,2015 by the Board of Directors
of the Company.

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

Jameel Yusuf (S.ST)

Chairman

18

Quartery Report 2015

CONSOLIDATED CONDENSED INTERIM BALANCE SHEET

2015

Jameel Yusuf (S.ST)

Chairman

Quartery Report 2015

19

CONSOLIDATED CONDENSED INTERIM PROFIT AND LOSS ACCOUNT

September 30,
2015
Rupees
(Un-audited)

Share of prot / (loss) from investment in associates - net

Jameel Yusuf (S.ST)

Chairman

20

Quartery Report 2015

September 30,
2014
Rupees
(Un-audited)

CONSOLIDATED CONDENSED INTERIM CASH FLOW STATEMENT

September 30,
2015
Rupees
(Un-audited)

September 30,
2014
Rupees
(Un-audited)

Jameel Yusuf (S.ST)

Chairman

Quartery Report 2015

21

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

Jameel Yusuf (S.ST)

Chairman

22

Quartery Report 2015

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS

The Group comprises of the Holding Company and the following subsidiary companies that have been consolidated in these
nancial statements:

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

Quartery Report 2015

23

24

Quartery Report 2015

Quartery Report 2015

25

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

September 30,
2015
Rupees
(Un-audited)

Advance received against maintenance

26

Quartery Report 2015

September 30,
2014
Rupees
(Un-audited)

September 30,
2015
Rupees
(Un-audited)

September 30,
2014
Rupees
(Un-audited)

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

Jameel Yusuf (S.ST)

Chairman

Quartery Report 2015

27

28

Quartery Report 2015