H

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Habib Rice Products Ltd.

(Formerly )
R

3rd Quarter
Unaudited Accounts
March 31, 2020
 Contents
Page No

Company Information 2

Chairman's Review / Directors' Report 3

Condensed Interim Statement of Financial Position (Un-audited) 4

Condensed Interim Statement of Profit or Loss (Un-audited) 5

Condensed Interim Statement of Comprehensive Income (Un-audited) 6

Condensed Interim Statement of Cash Flows (Un-audited) 7

Condensed Interim Statement of Changes in Equity (Un-audited) 8

Condensed Notes to the Financial Information (Un-audited) 9-16

 COMPANY INFORMATION
BOARD OF DIRECTORS

Executive Directors

Mr. Owais G. Habib Managing Director

Mr. Tufail Y. Habib

Non Executive Directors

Mr. Gaffar A. Habib Chairman

Dr. Howard J. Synenberg
Ms. Fatemah G. Habib
Dr. Salma Habib
Mr. Daniyal Ghani

BOARD OF AUDIT COMMITTEE

Mr. Gaffar A. Habib

Ms. Fatemah G. Habib
Dr. Salma Habib
Mr. Daniyal Ghani

BOARD OF HR AND REMUNERATION COMMITTEE

Mr. Tufail Y. Habib

Ms. Fatemah G. Habib
Dr. Salma Habib
Mr. Daniyal Ghani

CHIEF EXECUTIVE OFFICER

Mr. Owais G. Habib

CHIEF FINANCIAL OFFICER

Mr. Jamshed Ali Khan

COMPANY SECRETARY

Mr. Ali Asghar Rajani

AUDITORS

EY Ford Rhodes
Chartered Accountants

SHARE REGISTRAR

M/s. THK Associates (Pvt.) Limited

1st Floor, 40 - C, Block - 6, P.E.C.H.S., Karachi-75400
UAN: (021) 111-000-322 Fax: (021) 34168271

REGISTERED OFFICE ADMINISTRATIVE OFFICES & FACTORY

2nd Floor, UBL Building Ahmad Habib Boulevard,

I. I. Chundrigar Road, Hub - 90250
Karachi - 74000, Pakistan. Pakistan.
Telephone : (021) 32411887 Telephone : (0853) 363963-5
Fax : (021) 32414581 Fax : (0853) 363819
 CHAIRMAN'S REVIEW / DIRECTORS' REPORT
3RD QUARTER ENDED MARCH 31, 2020 (UN-AUDITED)

Dear Shareholders,

We bow our heads in gratitude to Allah the Beneficent, the Merciful, the
Provider, for the Blessings He continues to bestow on us which are partly
reflected in the Company's performance for the Quarter ended 31 March
2020.

By the Grace of Allah, the improved bottom line has been partially due
to the rupee devaluation, making competing imports more costly, allowing
as an opportunity of getting better prices for our products.

In closing, please join in my prayers to Allah the Beneficent, the Merciful,

the Provider to guide us and Bless us with Bounties as Befit His Glory,
Aameen.

On behalf of the Board

Gaffar A. Habib
Karachi: April 16, 2020 Chairman

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CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT MARCH 31, 2020 (UN-AUDITED)
March 31, June 30,
2020 2019
(Un-audited) (Audited)
ASSETS Note --------------- Rupees ---------------

NON-CURRENT ASSETS
Property, plant and equipment 4 398,577,893 403,841,387
Long-term deposits 14,832,280 5,093,181
Deferred tax asset 25,559,003 16,497,291
438,969,176 425,431,859
CURRENT ASSETS
Stores, spare parts and loose tools 56,797,709 51,804,107
Stock-in-trade 5 188,724,926 250,739,777
Trade debts 360,454 123,104
Loans and advances 5,210,809 3,536,177
Trade deposits and short-term prepayments 11,448,253 8,676,857
Short-term investments 6 372,657,758 157,296,175
Taxation - net 113,851,951 117,024,089
Cash and bank balances 7 84,693,158 150,159,737
833,745,018 739,360,023

1,272,714,194 1,164,791,882

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorized share capital

60,000,000 (June 30, 2019: 60,000,000)
ordinary shares of Rs.5/- each 300,000,000 300,000,000

Issued, subscribed and paid-up capital 200,000,000 200,000,000

Reserves 679,172,699 640,162,005
879,172,699 840,162,005
CURRENT LIABILITIES
Trade and other payables 8 372,854,510 309,222,996
Unclaimed dividend 20,686,985 15,406,881
393,541,495 324,629,877

1,272,714,194 1,164,791,882

CONTINGENCIES AND COMMITMENTS 9

The annexed notes from 1 to 15 form an integral part of these condensed interim financial
statements.

OWAIS G. HABIB JAMSHED ALI KHAN GAFFAR A. HABIB

Chief Executive Officer Chief Financial Officer Chairman
Karachi: April 16, 2020

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CONDENSED INTERIM STATEMENT OF

PROFIT OR LOSS
FOR THE 3RD QUARTER ENDED MARCH 31, 2020 (UN-AUDITED)

9 Months ended Quarter ended

March 31, March 31, March 31, March 31,
2020 2019 2020 2019
------------------------------------- Rupees -------------------------------------

Turnover - net 1,288,367,134 1,151,293,154 410,218,708 392,401,875

Cost of sales (995,639,867) (940,253,373) (312,625,900) (332,321,734)

Gross profit 292,727,267 211,039,781 97,592,808 60,080,141

Distribution cost (64,696,777) (84,184,791) (20,798,677) (28,125,424)

Administrative expenses (79,899,705) (69,454,924) (34,164,840) (24,360,040)
Other expenses (12,150,347) (5,280,181) (3,771,292) (918,120)
Other income 29,149,732 20,551,613 12,665,876 5,963,268
Finance costs (1,188,541) (1,427,325) (638,764) (251,869)

Profit before taxation 163,941,629 71,244,173 50,885,111 12,387,956

Taxation
- Current (33,992,647) (13,539,968) (10,091,577) (4,598,660)
- Deferred 9,061,712 (2,870,399) 2,529,537 843,223
(24,930,935) (16,410,367) (7,562,040) (3,755,437)

Profit after taxation 139,010,694 54,833,806 43,323,071 8,632,519

Earnings per share -

basic and diluted 3.48 1.37 1.08 0.22

The annexed notes from 1 to 15 form an integral part of these condensed interim financial
statements.

OWAIS G. HABIB JAMSHED ALI KHAN GAFFAR A. HABIB

Chief Executive Officer Chief Financial Officer Chairman
Karachi: April 16, 2020
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CONDENSED INTERIM STATEMENT OF

COMPREHENSIVE INCOME
FOR THE 3RD QUARTER ENDED MARCH 31, 2020 (UN-AUDITED)

9 Months ended Quarter ended

March 31, March 31, March 31, March 31,
2020 2019 2020 2019
------------------------------------- Rupees -------------------------------------

Profit after taxation

for the period 139,010,694 54,833,806 43,323,071 8,632,519

Other comprehensive
income - - - -

Total comprehensive
income for the period 139,010,694 54,833,806 43,323,071 8,632,519

The annexed notes from 1 to 15 form an integral part of these condensed interim financial
statements.

OWAIS G. HABIB JAMSHED ALI KHAN GAFFAR A. HABIB

Chief Executive Officer Chief Financial Officer Chairman
Karachi: April 16, 2020

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CONDENSED INTERIM STATEMENT OF CASH FLOWS

AS AT MARCH 31, 2020 (UN-AUDITED)

March 31, March 31,

2020 2019
(Un-audited) (Un-audited)
Note --------------- Rupees ---------------
CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation 163,941,629 71,244,173

Adjustments for non-cash items:

Depreciation 28,892,207 23,686,415
Gain on disposal of fixed assets (9,711) -
Finance costs 1,188,541 1,427,325
Long term deposits (9,739,099) (500,000)
Operating profit before working capital changes 184,273,567 95,857,913
Working capital changes 10 115,969,385 17,382,111
Cash generated from operations 300,242,952 113,240,024

Taxes paid (30,820,509) (32,653,119)

Finance costs paid (1,188,541) (1,427,325)
(32,009,050) (34,080,444)
Net cash generated from operating activities 268,233,902 79,159,580

CASH FLOWS FROM INVESTING ACTIVITIES

Capital expenditure (23,629,002) (31,803,527)

Proceeds from disposal of operating fixed assets 10,000 -
Net cash used in investing activities (23,619,002) (31,803,527)

CASH FLOWS FROM FINANCING ACTIVITIES

Dividend paid (94,719,896) (48,912,452)

Net cash used in financing activities (94,719,896) (48,912,452)

Net increase/(decrease) in cash and cash equivalents 149,895,004 (1,556,399)

Cash and cash equivalents at the beginning of the period 307,455,912 276,263,201
Cash and cash equivalents at the end of the period 11 457,350,916 274,706,802

The annexed notes from 1 to 15 form an integral part of these condensed interim financial statements.

OWAIS G. HABIB JAMSHED ALI KHAN GAFFAR A. HABIB

Chief Executive Officer Chief Financial Officer Chairman
Karachi: April 16, 2020

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CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY

FOR THE 3RD QUARTER ENDED MARCH 31, 2020 (UN-AUDITED)
Reserves
Capital
RP

Issued,
H

Subscribed Reserve Revenue reserves Total Total

Particulars reserves equity
And Paid-up Share General Unappropriated
Capital Premium Reserve Profit
------------------------------------------------------- Rupees -------------------------------------------------
Balance as at July 01, 2018 200,000,000 10,000,000 50,000,000 506,912,965 566,912,965 766,912,965
Final dividend @ 25% for the year ended
June 30, 2018 - - - (50,000,000) (50,000,000) (50,000,000)
Profit after taxation for the period - - - 54,833,806 54,833,806 54,833,806
Other comprehensive income - - - - - -
Total comprehensive income - - - 54,833,806 54,833,806 54,833,806
Balance as at March 31, 2019 200,000,000 10,000,000 50,000,000 511,746,771 571,746,771 771,746,771
Balance as at July 01, 2019 200,000,000 10,000,000 50,000,000 580,162,005 640,162,005 840,162,005
Final dividend @ 50% for the year ended
Habib Rice Products Ltd. (Formerly

June 30, 2019 - - - (100,000,000) (100,000,000) (100,000,000)

Profit after taxation for the period - - - 139,010,694 139,010,694 139,010,694
Other comprehensive income - - - - - -
Total comprehensive income - - - 139,010,694 139,010,694 139,010,694
R

Balance as at March 31, 2020 200,000,000 10,000,000 50,000,000 619,172,699 679,172,699 879,172,699
)

The annexed notes from 1 to 15 form an integral part of these condensed interim financial statements.

OWAIS G. HABIB JAMSHED ALI KHAN GAFFAR A. HABIB

Chief Executive Officer Chief Financial Officer Chairman
Karachi: April 16, 2020
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CONDENSED NOTES TO THE

FINANCIAL STATEMENTS
FOR THE 3RD QUARTER ENDED MARCH 31, 2020 (UN-AUDITED)

1. THE COMPANY AND ITS OPERATIONS

Habib Rice Products Limited (Formerly Habib-ADM Limited) (the Company) is a

public listed company limited by shares incorporated in Pakistan on July 10, 1980
and is listed on the Pakistan Stock Exchange. The registered office of the Company
is situated at 2nd Floor, UBL Building I.I Chundrigar Road, Karachi. The Company
is engaged in the production of rice based Starch Sugar and Proteins.

The Company's primary production facility is located at its industrial complex in Hub
Industrial Area, District Lasbela, Baluchistan.

2. BASIS OF PREPARATION

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

- International Accounting Standard (IAS) 34, Interim Financial Reporting, issued

by the International Accounting Standards Board (IASB) as notified under the
Companies Act, 2017; and

- Provisions of and directives issued under the Companies Act, 2017.

Where the provisions of and directives issued under the Companies Act, 2017 differ
with the requirements of IAS 34, the provisions of and directives issued under the
Companies Act, 2017 have been followed.

2.2. These condensed interim financial statements do not include all the information and
disclosures required in annual financial statements and should be read in conjunction
with the Company's annual financial statements for the year ended June 30, 2019.

2.3. The figures of the condensed interim statement of profit or loss and condensed
interim statement of comprehensive income for the quarters ended March 31, 2020
and March 31, 2019 and notes forming part thereof have not been reviewed by the
statutory auditors of the Company, as they have reviewed the cumulative figures for
the half years ended December 31, 2019 and December 31, 2018.

3. SIGNIFICANT ACCOUNTING POLICIES

The accounting policies and the methods of computations adopted in the preparation
of these condensed interim financial statements are consistent with those followed
in the preparation of the Company's annual financial statements for the year ended
June 30, 2019 except for;

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New / revised standards, and amendments

The Company has adopted the following standards and amendments to IFRSs which
became effective for the current period:

Standards or amendments

IFRS 9 - Prepayment features with negative compensation (Amendments)

IFRS 16 - Leases
IAS 19 - Plan amendment, curtailment or settlement (Amendments)
IAS 28 - Long term interests in associates and joint ventures (Amendments)
IFRIC 23 - Uncertainty over income tax treatments

Improvements to accounting standards issued by the IASB in December 2017

IFRS 3 Business combinations - Previously held interests in a joint operation

IFRS 11 Joint arrangements - Previously held interests in a joint operation

IAS 12 Income taxes - Income tax consequences of payments on financial instruments

classified as equity

IAS 23 Borrowing costs - Borrowing costs eligible for capitalization

The adoption of the above standards and amendments to accounting standards did
not have any material effect on the Company's financial statements except for IFRS
16 - Leases. The impact of adoption of IFRS 16 is described below:

IFRS 16 - Leases

IFRS 16 supersedes IAS 17 Leases, IFRIC 4 Determining whether an Arrangement

contains a Lease, SIC-15 Operating Leases-Incentives and SIC-27 Evaluating the
Substance of Transactions Involving the Legal Form of a Lease. The standard sets
out the principles for the recognition, measurement, presentation and disclosure of
leases and requires lessees to account for all leases under a single on statement
of financial position model. It resulted in almost all leases being recognized on the
condensed interim statement of financial position, as the distinction between operating
and finance leases is removed. Under the new standard, an asset (the right to use
lease item) and a lease liability to pay rentals are required to be recognized. The
only exceptions are short-term and low value leases.

The Company has assessed the impact of IFRS-16 and concluded that all leases
are short-term. Accordingly, the Company has not recognized the right to use asset
and accounted for lease expense on straight line basis over the lease term. Based
on above, no impact of adoption of IFRS 16 on opening equity has been recognized
as per modified retrospective approach permitted under IFRS-16.

3.1. Accounting estimates and judgements

The preparation of these condensed interim financial statements in conformity with

the approved accounting standards, as applicable in Pakistan, requires the
management to make estimates, judgments that affect the application of policies
and the reported amount of assets and liabilities and income and expenses.

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Estimates and judgments made by the management in the preparation of these

condensed interim financial statements are the same as those that were applied to
the annual audited financial statements of the Company for the year ended June
30, 2019.The Company's financial risk management objectives and policies are
consistent with those disclosed in the financial statements as at and for the year
ended June 30, 2019.

Income tax expense is recognized based on the best estimate of the weighted
average annual effective income tax rate for the full financial year.
March 31, June 30,
2020 2019
(Un-audited) (Audited)
Note --------------- Rupees ---------------

4. PROPERTY, PLANT AND EQUIPMENT

Operating fixed assets 4.1 398,268,592 403,841,387

Capital work-in-progress (CWIP) 4.2 309,301 -
398,577,893 403,841,387

4.1. The movement in operating fixed assets during the period / year is as follows:

Net book value (NBV) at the beginning of

the period / year 403,841,387 269,386,761
Additions during the period / year (cost) 4.1.1 5,782,093 5,525,976
Transfers from CWIP during the
period / year (cost) 4.2 17,537,608 164,147,020
427,161,088 439,059,757

Disposals during the period / year (NBV) (289) (1,231,676)

Depreciation charged during
the period / year (28,892,207) (33,986,694)
(28,892,496) (35,218,370)
NBV at the end of the period/year 398,268,592 403,841,387

4.1.1. Additions during the period / year

Plant and machinery 299,913 -

Computer, office and electrical equipment 220,780 691,876
Laboratory equipment 1,037,400 234,000
Vehicles 4,224,000 4,600,100
5,782,093 5,525,976

4.2. Capital work-in-progress

At the beginning of the period / year - 98,292,966

Additions during the period / year -
plant and machinery 17,846,909 65,854,054
17,846,909 164,147,020

Transfers to operating fixed assets

during the period / year (17,537,608) (164,147,020)
At the end of the period / year 309,301 -

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March 31, June 30,

2020 2019
(Un-audited) (Audited)
Note --------------- Rupees ---------------

5. STOCK-IN-TRADE

Raw material - in hand 108,749,452 141,679,930

- in transit 4,938 6,962,327
108,754,390 148,642,257
Work-in-process 2,256,725 218,101
Finished goods 77,713,811 101,879,419
188,724,926 250,739,777

6. SHORT-TERM INVESTMENTS

At amortized cost
Term deposit receipts (TDR) 6.1 356,560,768 150,254,450
Interest accrued 16,096,990 7,041,725
372,657,758 157,296,175

6.1. These represent investments made in TDR having a term of less than 12 months,
carrying interest rates ranging from 9.50% to 13.50% (June 30, 2019: 9.50% to
10.50%) per annum.

7. CASH AND BANK BALANCES

Cash in hand 1,342,046 2,999,450

Cash with banks

Current accounts 7,046,386 13,478,227
Deposit accounts 7.1 76,304,726 133,682,060
83,351,112 147,160,287
84,693,158 150,159,737

7.1. These carry interest rate of 11.25% (June 30, 2019: 10.25%) per annum.

8. TRADE AND OTHER PAYABLES

Creditors 5,539,381 10,455,453

Accrued liabilities 31,327,212 19,466,671
Provision for Gas Infrastructure 8.1 &
Development Cess and other charges 8.2 265,897,335 228,067,705
Advances from customers 56,293,526 44,611,943
Workers' welfare fund 6,777,760 3,432,012
Workers' profit participation fund 4,599 2,410,135
Sales tax payable 7,014,697 779,077
372,854,510 309,222,996

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8.1. In the year 2011, Gas Infrastructure Development Cess (GIDC) was made applicable
to the industrial consumers by means of GIDC Act, 2011 and the Company has been
making provision on account of GIDC. In September 2014, the Federal Government
(the Government) promulgated Gas Infrastructure Development Cess (GIDC)
Ordinance No.VI of 2014 to circumvent earlier decision of the Honorable Supreme
Court on the subject, where it upheld that the earlier introduction of GIDC Act of
2011 was unconstitutional and ultravires on the grounds that GIDC was a 'Fee' and
not a 'Tax'. In May 2015, the Government passed the GIDC Act., 2015.

The Company, along with other companies in the industry, challenged the GIDC Act,
2015 and filed writ petition in the Honorable High Court of Sindh (HCS) including
retrospective treatment of the provision of the GIDC Act. The Honorable Court vide
its order dated October 26, 2016 has held the GIDC Act 2011, GIDC Ordinance 2014
and GIDC Act, 2015 as ultravires and unconstitutional on the grounds mentioned
above. The Government and Sui Southern Gas Company Ltd (SSGC), however,
has filed an appeal in the Double Bench of HCS in a similar case against certain
petitioners, which is at the stage of hearing as of March 31, 2020. Due to the inherent
uncertainties involved in the matter, the eventual outcome of the case cannot be
determined at this stage. Therefore, the Company, on a prudent basis, has made
an aggregate provision of Rs. 189.34 million as of March 31, 2020 which includes
Rs. 28.25 million for the period in these condensed interim financial statements.

8.2. In August 2015, Sui Southern Gas Company (SSGC) increased rates of natural gas
vide notification No. SRO 876(1)2015 dated August 31, 2015 issued by Oil and Gas
Regulatory Authority (OGRA) whereby prices for natural gas for industrial sector
were increased from Rs. 488 to Rs. 600 per MMBTU. Whereas those for the captive
power sector were increased from Rs. 573 to Rs. 600 per MMBTU. The Company
was subject to charge within both categories. The Company challenged the OGRA
notification and filed writ petition in the HCS. Thereafter, HCS vide its order dated
May 18 2016, decided the case in Company's favor and concluded that the OGRA
notification lacks the sanctity of law and it cannot be validated in terms of Section
7 and 8 of the Oil & Gas Regulatory Authority Ordinance 2002. SSGC filed an appeal
in the HCS which was dismissed on August 15, 2017. Subsequently, SSGC has
taken the matter to the Honorable Supreme Court of Pakistan and filed the petition
to appeal against the order dated August 15, 2017.

Further, OGRA in suppression of its Notification No. SRO 876(1)2015 dated August
31, 2015, issued notification No. SRO 1185 dated December 30, 2016 notified the
sale price and minimum charges, in respect of natural gas to industrial customer
with effect from December 15, 2016 being flat rate of Rs. 600 per MMBTU. The
Company challenged the impugned notification dated December 30, 2016 before
the HCS. HCS has passed ad-interim orders dated January 20, 2017 suggesting
stay on the rates aforementioned, while ordering plaintiffs to deposit the differential
amount in terms of impugned notification as security till further orders.

Moreover, OGRA in suppression of its notification No. SRO 1185(I)2016 dated

December 30, 2016 issued notification No. SRO 1234(I)2018 dated October 4, 2018
stating that the sale prices and minimum charges in respect of natural gas to industrial
customer with effect from September 27, 2018 shall be at flat rate of Rs.780 per
MMBTU. The Company challenged the impugned notification before HCS. The case
is at the stage of hearings as of March 31, 2020. However, the Company has under
protest paid the bills from October 2018 to December 2019 on the increased tariff
rate. The HCS in September 2019 has dismissed all the petitions challenging the
Gas Tariff 2018. However, the Company, along with other companies in the industry,
challenged the HCS order and filed a petition in the Honorable Supreme Court of
Pakistan which is at the stage of hearing as on March 31, 2020.

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Further, OGRA in suppression of its notification No. SRO 1234(I)2018 dated October
04, 2018, SRO 1284(i)2018 dated October 18, 2018, SRO 1523(I)2018 dated
December 14, 2018 and SRO 234(I)2018 dated February 21, 2019 issued notification
SRO 795(I)2019 dated June 29, 2019 which was superseded by SRO (I)2019 dated
August 9, 2019, stating that the sale prices and minimum charges in respect of
natural Gas to industrial customer with effect from July 1, 2019 shall be at flat rate
of Rs.1,021 per MMBTU. The Company challenged the said impugned notifications
before HCS. The Honorable HCS has passed interim order dated November 22,
2019 suggesting stay on the rates aforementioned, while ordering plaintiffs to deposit
the differential amount of notified price and prescribed price of estimated revenue
requirement (ERR) of OGRA (Rs.937.57 per MMBTU) amounting to Rs.83.43 per
MMBTU as security till further orders. Due to the inherent uncertainties involved in
the matter, the Company, on a prudent basis, has provided Rs.9.57 million in these
interim financial statements. The case is at the stage of hearings as of March 31,
2020.

9. CONTINGENCIES AND COMMITMENTS

Contingencies

There is no change in the status of contingencies as disclosed in the annual audited

financial statements for the year ended June 30, 2019.

Commitments March 31, June 30,

2020 2019
(Un-audited) (Audited)
--------------- Rupees ---------------
Guarantee issued in favor of:
- Sui Southern Gas Company Limited 9.1 66,345,865 63,889,755

Cheques / Pay Orders issued in favor

of Nazir High Court 51,721,697 43,917,158

9.1 Guarantees have been issued by a commercial bank on behalf of the Company to
Sui Southern Gas Company Limited in the normal course of business.

March 31, March 31,

2020 2019
(Un-audited) (Un-audited)
--------------- Rupees ---------------
10. WORKING CAPITAL CHANGES

Decrease / (Increase) in current assets

Stores, spare parts and loose tools (4,993,602) (17,227,525)
Stock-in-trade 62,014,851 (42,683,876)
Trade debts (237,350) (1,590,780)
Loans and advances (1,674,632) (3,730,296)
Trade deposits and short-term prepayments (2,771,396) 7,227,513
52,337,871 (58,004,964)
Increase in current liabilities
Trade and other payables 63,631,514 75,387,075

115,969,385 17,382,111

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March 31, March 31,

2020 2019
(Un-audited) (Un-audited)
--------------- Rupees ---------------
11. CASH AND CASH EQUIVALENTS

Short-term investments 6 372,657,758 194,661,981

Cash and bank balances 7 84,693,158 80,044,821
457,350,916 274,706,802

12. TRANSACTIONS WITH RELATED PARTIES

Related parties comprise of associated companies, directors, executives and

retirement benefit plans. Transactions with related parties other than those disclosed
elsewhere in the financial information as mentioned below are entered under agreed
terms:

Transactions during the period

Associated Companies
Dividend paid
- Haydari Boring & Piling Company (Private) Limited 38,250 19,125
- Abbas Builders (Private) Limited 2,918 1,459
- Indus Oil Expellers (Private) Limited 425 212

Key management personnel

Salaries and allowances 32,641,996 29,577,416

Retirement benefit plans

Contribution to provident fund 15,280,800 14,254,214

12.1 The aggregate amount paid / payable to the directors as a fee for attending the
Board of Director's meetings for the period ended March 31, 2020 amounted to
Rs.75,000 (March 31, 2019: Rs.75,000).

13. FINANCIAL RISK MANAGEMENT

These condensed interim financial statements do not include all financial risk
management information and disclosures which are required in the annual financial
statements and should be read in conjunction with the Company's annual financial
statements for the year ended June 30, 2019. There have been no changes in any
risk management policies since the year end.

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The carrying value of all financial and non-financial assets and liabilities measured
at other than amortised cost in these condensed interim financial statements
approximate their fair values.

14. OPERATING SEGMENTS

These condensed interim financial statements have been prepared on the basis of
a single reportable segment.

Sales of the Company relate to starch sugar and proteins.

Total sales of the Company relating to customers in Pakistan were 87.56% of total
sales during the period ended March 31, 2020 (March 31, 2019: 71.59%).

All non-current assets of the Company as at March 31, 2020 and June 30, 2019 are
located in Pakistan.

Sales to the major five customers of the Company are around 36.91% of total sales
during the period ended March 31, 2020 (March 31, 2019: 45.78%)

15. GENERAL

15.1. These condensed interim financial statements have been authorised for issue on
16 April 2020 by the Board of Directors of the Company.

15.2. Figures have been rounded off to the nearest rupee, unless otherwise stated.

OWAIS G. HABIB JAMSHED ALI KHAN GAFFAR A. HABIB

Chief Executive Officer Chief Financial Officer Chairman

Karachi: April 16, 2020

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Habib Rice Products Ltd. (Formerly R

Habib Rice Products Limited (Formerly Habib-ADM Ltd.) pioneered the conversion of Rice into:-