D.M. TEXTILE MILLS LIMITED
INTERIM CONDENSED FINANCIAL INFORMATION FOR THE THIRD QUARTER ENDED
March 31,
2025
PRINTED MATTER
(UNDER CERTIFICATE OF POSTING)
If Undelivered Please Return to:
D.M. TEXTILE MILLS LIMITED
Westridge, Industrial Area, Rawalpindi. Telephone: (051) 5181977-78
E-mail: dmtm@dmtextile.com.pk E-mail: dmtextilemills@yahoo.com Website: https://www.dmtextile.com.pk
BOOK POST
D.M. TEXTILE MILLS LIMITED | ||
Company's Information BOARD OF DIRECTORS CHAIRMAN Mian Habib Ullah CHIEF EXECUTIVE: Sami Ullah DIRECTORS: Mr. Amer Zeb Mr. Abrar Alam Mr. Syed Hameed ul Haq Mr. Muhammad Suleman Khan Mr. Rao Khalid Pervaiz AUDIT COMMITTEE: CHAIRMAN: Mr. Amer Zeb MEMBERS: Mr. Abrar Alam Mr. Muhammad Suleman Khan HUMAN RESOURCE & REMUNERATION COMMITTEE: CHAIRMAN: Mr. Muhammad Suleman Khan MEMBERS: Mr. Syed Hameed ul Haq Mr. Sami Ullah ACTING COMPANY SECRETARY Rao Khalid Pervaiz & CHIEF FINANCIAL OFFICER BANKERS: Faysal Bank Limited Meezan Bank Ltd Habib Metropolitan Bank MCB Bank Limited AUDITORS: M/s Mushtaq & Co Chartered Accountants 19-B, Block-G, Gulberg III , Lahore Tel: (042) 35858624-6 LEGAL ADVISER: Malik Sheheryar Qamar Afzal Afzal & Afzal 208-B, Tufail Road, Opp. Fatima Jinnah University, Katchery Chowk, Rawalpindi. REGISTRAR: Corplink (Pvt) Ltd. Wing Arcade, 1-K, Commercial Model Town, Lahore. Phone: 042-35916714, 35916719 Fax: 042-36869037 REGISTERED OFFICE: Industrial Area, Westridge, Rawalpindi. Telephone: 051-5181977-78 E-mail: dmtm@dmtextile.com.pk E-mail: dmtextilemills@yahoo.com Website: https://www.dmtextile.com.pk | ||
01 | ||
D.M. TEXTILE MILLS LIMITED | ||
VISION STATEMENT We envision ourselves as a leading company known for its values, good business practices and optimum quality standards in diversified products & services with sustained growth. MISSION STATEMENT To provide quality products and services to our customers and to explore new era to achieve the highest level of success. | ||
02 | ||
D.M. TEXTILE MILLS LIMITED | ||
CHAIRMAN'S REVIEW REPORT I am pleased to present the nine monthly financial statements along with Directors' Report for the period ended 31 March 2025. The Management is continuously trying its level best to utilize the available resources for the betterment of the Company. Management has positive intention and capability to revive the company. I acknowledge and appreciate the contributions of the employees for betterment of the Company. Rawalpindi: Mian Habib Ullah April 28, 2025 Chairman of the Board of Directors | ||
03 | ||
D.M. TEXTILE MILLS LIMITED | ||
DIRECTORS' REPORT Dear Shareholders, The Directors present before you the un-audited financial statements for the third quarter ended 31 March 2025. Performance: Net Profit/(Loss) During the period Company had a net Loss of Rs. (12,389,283) as compared to previous period net Profit of Rs.18,815,076/= which was due to gain on disposal of assets. Comparative financial results are given below: Debt Servicing Entire liabilities of the financial institutions have been paid off. Management is negotiating with other debt providers/suppliers so as to further reduce the liabilities of the Company. Dividend The Directors have not recommended dividend due to loss. Future Prospects & Plans The management is trying its level best to utilize the available resources. The Shareholders of the Company in their meetings on 28/10/2024 & 26/03/2025 have passed Special Resolutions for change of principal line of business to real estate and alter/change the name as D.M. Corporation Ltd. Company's applications are under consideration for approval with the Companies Registration Office, Securities & Exchange Commission of Pakistan. The management has positive intention and capability to revive the company. | ||
04 | ||
D.M. TEXTILE MILLS LIMITED | ||
Corporate Social Responsibility The company is aware of its corporate and social responsibilities and doing its best within the available resources. Director's Remuneration Policy The Company pays remuneration to two of its Executive Directors as disclosed in Notes of the financial statements. No remuneration is paid to the Non-Executive and Independent Directors other than meeting fees. Acknowledgement The Directors wish to place on record their acknowledgement for the cooperation extended by the financial institutions. Appreciation is also due to the employees of the company for their hard work and devoted efforts for the betterment of the company. For and behalf of the Board of Directors Chief Executive Director Rawalpindi: April 28, 2025 | ||
05 | ||
Rupees | ||
Nine Month Ended | 31 March 2025 | 31 March 2024 |
Administrative & General Expenses | (34,534,233) | (34,631,873) |
Other Expenses | (105,000) | (729,500) |
Other Income | 25,145,037 | 54,233,140 |
Profit / (Loss) from Operations | (9,494,196) | 18,871,767 |
Financial Cost | (10,504) | (56,691) |
Profit/(Loss) before Levies & Income Tax | (9,504,700) | 18,815,076 |
Taxation | (2,884,583) | - |
Profit / (Loss) after taxation | (12,389,283) | 18,815,076 |
Profit / (Loss) Earning per share -Basic & Diluted | (4.06) | 6.16 |
D.M. TEXTILE MILLS LIMITED | ||
^gEgiI´´Ie ‹gILid tłSWC6"^eW)3cgIØÉ CƯlS"l/~Š àI›ċƒ»1 2025 agl31 ,ìgY"7 wł;*²,ìIƒ6gÄd[›g12,389,283/= +LiIˆ1vgIg››S]æô.i Å assets žŽ BIƒ «od[›g 18,815,076/=+LiIˆgIg››S]æ ÏI ,BÐz›Å"´.wi7e ,ìsżzgqyiIrd ò}àl | ||
06 | ||
D.M. TEXTILE MILLS LIMITED | |||
›"ÐiJa/u›gI›n)Œc/››ðOI,Ø›™I›I]'I›Su›gI›ICƯlçÙċv 7´m?eªeiaeÐz›ÅcgÄċiI´´Ie,SYƯ(ehç'1øEàlSvž C⁄ì"g™ï Sv,ćYƯwEIÐjA+41bł›[‡ø›žì"g™Ò1´˜IáðOI,ìƯ S u››I›gI)ŒàȦ1 28/10/2024 & 26/03/2025 QgrÔKI ċ ig®ƒ ç.Jr1; G cgEgd*I,~eç*C*g›Iì~›~gà Åċ™ÃILgÐbÃgC.›gd±´.dv)gż hIúgsGxfGr1‹jWcZgç..Frxr ntgIg›Iˆ~›I™ṪZIpg›,ì~›~gà ÅØ˙g™ r à ™Åvg›IìµM÷ ÅðOI ,ìgĊ´.inS~gà k˛CSgβCsW›zâÞI ,ìb`gs¢&Å v,ìC™Ò1.bSbł›[‡ø›g›Iì6é WÐuagI›3ż Yłg›I$fgEgdKIv S:)1iI´´IegI-Y)g›IiI´´IeÁh Ig*C,ìî›]svI1iI´´IeÁh I››LI S›I›}ifSv,g‡Sg›ťSu›gI›ICƯliI´´Ie,CY~›7]svI6›f ,ƯçdÐœg›IÎnS~4ÅvċuØIž 2025s´.I28:~f›Ig | |||
07 | |||
[›g | , | |
2024 agl31 | 2025 agl31 | |
(34,631,873) | (34,534,233) | ]YIs`I w¾g›IòOI |
(729,500) | (105,000) | ]YIs`I¾› |
54,233,140 | 25,145,037 | gæW¾› |
18,871,767 | (9,494,196) | C6gÄ3/«od:´.I |
(56,691) | (10,504) | [YIs`Iàl |
18,815,076 | (9,504,700) | LiIIC6gÄ3/«o |
- | (2,884,583) | L |
18,815,076 | (12,389,283) | LiIˆ C6gÄ3/«o |
6.16 | (4.06) | (Basic & Diluted) [›g C6gÄ3/gæW¥° |
NINE MONTHS ENDED | QUARTER ENDED | |||||
31 March 2025 | 31 March 2024 | 31 MARCH 2025 | 31 MARCH 2024 | |||
ADMINISTRATIVE AND GENERAL EXPENSES | (34,534,233) | (34,631,873) | (10,879,776) | (11,554,390) |
OTHER EXPENSES | (105,000) | (729,500) | (105,000) | (62,500) |
(34,639,233) | (35,361,373) | (10,984,776) | (11,616,890) | |
OTHER INCOME | 25,145,037 | 54,233,140 | 9,009,511 | 44,614,406 |
(LOSS) / PROFIT FROM OPERATIONS | (9,494,196) | 18,871,767 | (1,975,265) | 32,997,516 |
FINANCE COST | (10,504) | (56,691) | (2,397) | (56,060) |
(LOSS) / PROFIT BEFORE LEVIES AND INCOME TAX | (9,504,700) | 18,815,076 | (1,977,662) | 32,941,456 |
LEVIES | - | - | - | - |
(LOSS) / PROFIT BEFORE INCOME TAX | (9,504,700) | 18,815,076 | (1,977,662) | 32,941,456 |
TAXATION | (2,884,583) | - | (1,939,306) | - |
(LOSS) / PROFIT AFTER TAXATION | (12,389,283) | 18,815,076 | (3,916,968) | 32,941,456 |
(LOSS)/EARNING PER SHARE - BASIC AND DILUTED | (4.06) | 6.16 | (1.28) | 10.79 |
CONTINGENCIES AND COMMITMENTS | 6 | The annexed notes form an integral part of these condensed interim financial statements. | ||||
TOTAL EQUITY AND LIABILITIES | 780,291,189 | 786,318,726 | ||||
ASSETS | ||||||
NON-CURRENT ASSETS | ||||||
Property, plant and equipment | 7 | 289,620,351 | 291,173,261 | |||
Investment properties Advance against property | 8 | 363,921,975 - | 363,921,975 - | |||
Long term investments | 8,010,665 | 7,526,915 | ||||
Long term deposits | 9,155,034 | 9,155,034 | ||||
670,708,025 | 671,777,185 | |||||
CURRENT ASSETS | ||||||
Advances | 184,600 | 194,600 | ||||
Due from related party Short term deposit Other receivables | 17,619,962 -20,000 | 17,619,962 -20,000 | ||||
Short term investments | 9 | 88,015,945 | 94,467,876 | |||
Cash and bank balances | 3,742,657 | 2,239,103 | ||||
109,583,164 | 114,541,541 | |||||
TOTAL ASSETS | 780,291,189 | 786,318,726 |
------------------------ Rupees ------------------------
CHIEF EXECUTIVE OFFICER
DIRECTOR
CHIEF FINANCIAL OFFICER
09D.M. TEXTILE MILLS LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025
Un-audited Audited
31 March 30 June
2025 2024
NOTE Rupees Rupees
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized share capital
5,000,000 (30 June 2024: 5,000,000) ordinary shares of Rupees 10 each
50,000,000 50,000,000
Issued, subscribed and paid-up share capital
3,052,429 (30 June 2024: 3,052,429) ordinary shares of Rupees
10 each
30,524,290
30,524,290
Reserves
Capital reserves - surplus on revaluation of property, plant and 5
equipment and investment properties - net of deferred income tax
Revenue reserve - unappropriated profit
Total reserves Total equity
NON-CURRENT LIABILITIES
619,916,875
650,441,165
632,306,158
662,830,448
The annexed notes form an integral part of these condensed interim financial statements.
CHIEF EXECUTIVE OFFICER
DIRECTOR
CHIEF FINANCIAL OFFICER
08D.M. TEXTILE MILLS LIMITED
517,748,170
114,557,988
517,356,643
102,560,232
Employees' retirement benefit - gratuity 5,642,011 5,131,993 | |||
Deferred income tax liability | - | - | |
5,642,011 | 5,131,993 | ||
CURRENT LIABILITIES | |||
Trade and other payables | 119,840,148 | 114,632,205 | |
Due to related parties | 3,259,177 | 1,100,000 | |
Unclaimed dividend | 144,947 | 144,947 | |
Taxation - net | 963,741 | 2,479,133 | |
124,208,013 | 118,356,285 | ||
Total liabilities | 129,850,024 | 123,488,278 | |
NINE MONTHS ENDED | ||
31 March 2025 | 31 March 2024 | |
QUARTER ENDED | ||
31 March 2025 | 31 March 2024 | |
- | - | - | 18,815,076 | |||
- | - | - | - |
(12,389,283)
18,815,076
(3,916,968)
32,941,456
OTHER COMPREHENSIVE INCOME/(LOSS)Items that will not be reclassified to profit or loss
Items that may be reclassified subsequently to profit or loss
--
--
TOTAL COMPREHENSIVE INCOME /(LOSS) FOR THE PERIOD(12,389,283) 18,815,076 (3,916,968) 32,941,456
The annexed notes form an integral part of these condensed interim financial statements.
CHIEF EXECUTIVE OFFICER
DIRECTOR
CHIEF FINANCIAL OFFICER
10D.M. TEXTILE MILLS LIMITED
-
-
-
-
-
-
-
-
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED 31 MARCH 2025
N
--------------------------------- Rupees ---------------------------------
Balance as at 30 June 2023 - audited
30,524,290
268,612,032
308,408,697
40,642,162
648,187,181
Incremental depreciation transferred from surplus on revaluation of
property, plant and equipment to unappropriated profit- net of deferred income tax
-
(298,930)
-
298,930
-
Profit/(Loss) for the period
Other comprehensive income/(loss) for the period Total comprehensive income/(loss) fogr the period
Balance as at 31 March 2024 - un-audited Balance as at 30 June 2024 - audited
Incremental depreciation transferred from surplus on revaluation of
property, plant and equipment to unappropriated profit- net of deferred income tax
-
-
-
18,815,076
18,815,076
30,524,290 268,313,102 308,408,697 59,756,168 667,002,257
30,524,290
268,014,172
249,733,998
114,557,988
662,830,448
-
-
-
-
-
(391,527)
-
-
-
-
-
391,527
Profit/(Loss) for the period
Other comprehensive income/(loss) for the period Total comprehensive income/(loss) for the period
-
(12,389,283)
-
-(12,389,283)
-(12,389,283)
Balance as at 31 March 2025 - un-audited
30,524,290
267,622,645 249,733,998
102,560,232
650,441,165
The annexed notes form an integral part of these condensed interim financial statements.
CHIEF EXECUTIVE OFFICER
DIRECTOR
CHIEF FINANCIAL OFFICER
11D.M. TEXTILE MILLS LIMITED
(12,389,283)
-
-
-
UNAPPROPRIATED PROFIT
FAIR VALUE RESERVE OF INVESTMENT PROPERTIES -NET OF DEFERRED INCOME
TAX
SURPLUS ON REVALUATIO OF PROPERTY, PLANT AND EQUIPMENT NET OF DEFERRED INCOME TAX
SHARE CAPITAL
REVENUE RESERVE
CAPITAL RESERVE
18,815,076
-
TOTAL EQUITY
D.M. TEXTILE MILLS LIMITED
SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL (UN-AUDITED) STATEMENTS FOR THE NINE MONTHS ENDED 31 MARCH 2025-
LEGAL STATUS AND OPERATIONS
NINE MONTHS ENDED
31 March
2025
31 March
2024
D.M. Textile Mills Limited is a public limited company incorporated in Pakistan under the Companies Act, 1913 (now the Companies Act, 2017) and listed on Pakistan Stock Exchange Limited (PSX). The registered office and head office is situated at Westridge, IndustrialArea, Rawalpindi. The principal activity of the Company is manufacturingof yarn and cloth, processing and stitching the cloth and trade of textile products.
The Shareholders of the Company in their meetings on 28/10/2024 & 26/03/2025 have passed Special Resolutionsfor change of principal line of business to real estate and change of name as D.M. Corporation Ltd. Companys applications are under consideration for approval with The Securities & Exchange Commission of Pakistan.
PSX vide Notice No. PSX/N-1222 dated 02 November 2020 placed the Company as Non-Compliantwith effect from 03 November 2020 due to non-compliance with PSX Regulations.
-
BASIS OF PREPARATION
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 from the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.
These condensed interim financial statements does not include all the information and disclosures as required in an annual audited financial statements, and these should be read in conjunctionwith the Companys annual audited financial statements for the year ended June 30,2024. These condensed interim financial statements are being submitted to theshareholders as required by provisions of the Companies Act, 2017.
-
MATERIAL ACCOUNTING POLICY INFORMATION
The accounting policies and methods of computations adopted for the preparation of these condensed interim financial statements are the same as applied in the preparation of the preceding audited annual published financial statements of the Company for the year ended 30 June 2024.
-
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
The preparation of these condensed interim financial statements in conformity with the approved accounting standards requires the use of certain critical accounting estimates. It also requires the management to exercise its judgment in the process of applying the Company's accounting policies. Estimates and judgments are continuallyevaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
During preparation of these condensed interim financial statements,the significant judgmentsmade by the management in applying the Company's accounting policies and the key sources of estimation and uncertainty were the same as those applied in the preceding audited annual published financial statements of the Company for the year ended 30 June 2024.
13 CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE NINE MONTHS ENDED 31 MARCH 2025 NOTE Rupees Rupees CASH FLOWS FROM OPERATING ACTIVITIES Cash generated from / (used in) operations 10(862,907) (102,433,926)
Finance cost paid
(10,504)
(56,691)
Income tax paid
Net cash used in operating activities(6,879,108)
(6,833,2-42)
(7,752,519) (109,323,859)
CASH FLOWS FROM INVESTING ACTIVITIESInterest received
Net cash flows from investing activities403,941
431,427
CASH FLOWS FROM FINANCING ACTIVITIESProceeds From disposal of investment properties Related party transactions-net
NET DECREASE IN CASH AND CASH EQUIVALENTS-
8,852,139
112,350,000
-
1,503,561 3,457,568
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD2,239,103
3,742,664
262,952
3,720,520
The annexed notes form an integral part of these condensed interim financial statements.
CHIEF EXECUTIVE OFFICER
DIRECTOR
CHIEF FINANCIAL OFFICER
12D.M. TEXTILE MILLS LIMITED
431,427
403,941
D.M. TEXTILE MILLS LIMITED
D.M. TEXTILE MILLS LIMITED
-
CAPITAL RESERVE - SURPLUS ON REVALUATION OF PROPERTY, PLANT AND EQUIPMENT AND INVESTMENT PROPERTIES - NET OF DEFERRED INCOME TAX
Un-audited Audited
31 March 30 June
2025 2024
Rupees Rupees
Rawalpindi Bench, in its interim order dated 06 February 2015, granted adjournmentwith the directions not to transfer / alienate the property / undertaking of the Company meanwhile. Further, the court, through its order dated 09 December 2015 transferred the case to Islamabad High Court (IHC), Islamabad.
The Board of Directors in the meeting held on 23 April 2014, after getting valuationat forced sale value of Rupees 72.007 million of said property from NAKMS Associates (Private) Limited, resolved that the right in property along with fixtures and fittings to be offered to the C.E.O on the basis of "first right of refusal" at the fixed floor price of Rupees 75.00 million. The Board further decided that an amount of Rupees 48.570 million be adjusted from interest free loan given by C.E.O
Balance at the end of the period / year 267,622,645 268,014,172
313,858,182
(58,674,699)
(5,449,485)
249,733,998
-
-
Revaluation surplus
Fair value reserve realized on disposal Related deferred income tax liability
249,733,998 249,733,998
517,356,643 517,748,170
CONTINGENCIES AND COMMITMENTS
Contingencies
There is no significant change in the status of contingencies, as disclosed in preceding audited annual published financial statements of the Company for the year ended 30 June 2024.
Commitments Nil Nil
Un-audited Audited
31 March 30 June
2025 2024
Rupees Rupees
PROPERTY, PLANT AND EQUIPMENT
Net book value at the beginning of the period / year 291,173,261 362,609,741
Less: Depreciation charged during the period / year (1,552,910) (71,436,480)
Net book value at the end of the period / year 289,620,351 291,173,261
ADVANCE AGAINST PROPERTY
An amount of Rupees 51.150 million was given by the Company as advance against purchase of property. The property could not be transferred in the Company's name due to the want of completion of legal formalities. With reference to this advance, the Director (Enforcement) of Securities and Exchange Commission of Pakistan (SECP) vide his Order dated 29 November 2007 imposed a penalty of Rupees 100,000 on each of the director except one (nominee NIT) of the Company for contraventionof section 196(2j) of the repealed Companies Ordinance, 1984. Furtherdirections were given under section 473 for transferring the property in the name of the Company within thirty days from the Order date. The Chief Executive Officer (C.E.O) of the Company filed a revision application with the Appellate Bench of SECP under section 484 of the repealed Companies Ordinance, 1984 against this Order on 10 January 2008, where the Appellate Bench decided not to interfere with the impugned order.
The C.E.O also filed an appeal under section 485 of the repealed Companies Ordinance, 1984 read with section 34 of the Securities and Exchange Commission of Pakistan Act, 1997 before the Lahore High Court, Rawalpindi Bench whereby stay order was granted to suspend the operation of above said impugned order. The Lahore High Court,
cases titled The Bank of Punjab versus Bilal Fibers Limited and The Bank of Punjab versus Bilal Textiles (Private) Limited wherein the C.E.O was a guarantor. Meanwhile, the Board of directors and the shareholders in their meetings held on 09 October 2016 and 31 October 2016 respectively resolved to reverse the transaction of sale of property to C.E.O, subject to completion of legal formalities and in accordance with rules / law / procedures.
- Property, plant and equipment
Balance at the beginning of the period / year
268,014,172
268,612,032
and his close family members to the Company and the balance amount to be paid in three equal annual instalments of
Rupees 8.810 million commencing from 01 May 2015. Accordingly, agreement was made between the Company and the
C.E.O under the directions given by the Board of Directors of the Company.
Transferred to unappropriated profit in respect of incremental
depreciation charged during the period / year
(551,446)
(842,056)
However, the C.E.O in the case proceedings before the Islamabad High Court (IHC), Islamabad on 03 May 2016 has
Related deferred income tax liability
159,919
244,196
submitted to transfer the property in the name of the Company within sixty days there from. The C.E.O filed a petition
(391,527)
(597,860)
before the Islamabad High Court to seek relief on the grounds that the said property has already been attached in the
The Company filed a suit before the court of Civil Judge 1st Class (West), Islamabad dated 17 October 2017 against the
C.E.O. while making Securities and Exchange Commission of Pakistan and Capital Development Authorityparties to the case for directions to transfer the property in the name of the Company. Civil Judge 1st Class (West), Islamabad, vide order dated 28 July 2021 accepted the Company's appeal and directed to submit evidence and vide order dated 13 July 2023 partially decreed the case of the Company to the extent of recover of remaining amount from the C.E.O. The Company has filed an appeal on 28 September 2023 against the said order before Islamabad High Court (IHC). On 25 October 2023 IHC, Islamabad, suspended the operations of the impunged judgementand decree dated 13 July 2023 until the next date of hearing. The matter is pending adjudication.
The IHC vide its order dated 16 November 2017, reduced the penaltyfrom Rupees 100,000 to Rupees 50,000 to be paid by each director of the Company within the period of thirty days.
The Company also filed an appeal before the Lahore High Court, Lahore Bench in May 2018 for detachment of the property, so that property can be transferred in the name of the Company, which is pending adjudication.
The Securities and Exchange Commission of Pakistan filed an appeal before the IHC, Islamabad, dated 13 September 2018 for execution of IHC decision dated 16 November 2017 to appoint statutory auditors to conduct a special audit to calculate the amount of profit which could have been earned on the amount of Rupees 51.150 million, if invested with any scheduled bank on daily product basis in the relevant period, and furtherrequested the IHC to send notice to Lahore High Court, Lahore, for release of the property. The matter is pending adjudication.
The Bank of Punjab filed an appeal before the Islamabad High Court, Islamabad to set-aside orders dated 03 May 2016 and 16 November 2017. The matter is pending adjudication.
On 24 May 2022, the Company filed an application before Islamabad High Court, Islamabad praying that The Bank of Punjab and Bilal Fibers Limited and Bilal Textiles (Private) Limited have entered into a settlementagreements, hence, the said property may please be declared as lawful property of D.M. Textile Mills Limited. The last hearing was held on 25 January 2024 and the matter is pending adjudication.
SHORT TERM INVESTMENTS
During the year ended June 2024, investmentamountingto Rs.92.950 Million was made by the Company in DM Ventures (Related Party) under the authorityof the shareholders. The Company accounted for profit of Rs. 2.5 million for the year ended June 30, 2024. As per Short Term InvestmentAgreement, the profit will be determined and paid within 30-days of the end of the investmentperiod. Accordingly, for the period ended 31 March 2025 profit is not recognized in the financial statements.
14 15D.M. TEXTILE MILLS LIMITED
(Un-audited)
NINE MONTHS ENDED | ||
31 March 2025 | 31 March 2024 | |
NOTE Rupees Rupees
Mian Sami Ullah - CEO | 1,919,177 | - |
Mian Habib Ullah - Director | 240,000 | - |
CASH GENERATED FROM / (USED IN) OPERATIONS
10.1
11
i)
Loss before levies and taxation (9,504,700) 18,815,076
Adjustments for non-cash changes and other items: Depreciation | 1,552,910 | 1,910,039 | Sam Corporation (Private) Limited, Associated Company Short Term Investment | 1,100,000 | 1,100,000 | ||||
Provision for gratuity | 510,018 | 769,039 | DM Ventures - Associates | 86,577,670 | 92,950,670 | ||||
Interest income | (808,759) | (915,959) | |||||||
Finance cost | 10,504 | 56,691 | 12 | CORRESPONDING FIGURES | |||||
Working capital changes | 10.1 | 7,377,120 | (96,221,837) | In order to comply with the requirements of InternationalAccounting Standard (IAS) 34 | "Interim Financial | Reporting", the | |||
Gain on remeasurement of Fair Value of Investment Properties - (26,846,975) (862,907) (102,433,926) Working capital changes (Increase) / decrease in current assets: Advances 10,000 2,747,600 Other receivables - (91,382,464) 10,000 (88,634,864) Increase / (decrease) in current liabilities: Trade and other payables 5,207,943 7,982,470 Due to related party 2,159,177 (15,569,443) 7,367,120 (7,586,973) 7,377,120 (96,221,837) TRANSACTIONS WITH RELATED PARTIES Transactions | condensed interim statement of financial position and condensed interim statement of changes in equity have been compared with the balances of annual audited financial statements of preceding financial year, whereas, the condensed interim statement of profit or loss, condensed interim statement of comprehensive income and condensed interim statement of cash flows have been compared with the balances of comparable period of immediately preceding financial year. Corresponding figures have been re-arranged, wherever necessary, for the purpose of comparison. However, no significant reclassification / rearrangement of corresponding figures has been made.
These condensed interim financial statements have been issued for authorization on 28,April 2025 by the board of directors of the company. | ||||||||
(Un-audited) | ||||||
NINE MONTHS ENDED | QUARTER ENDED | |||||
31 March 2025 | 31 March 2024 | 31 March 2025 | 31 March 2024 | |||
Key management personnel | - Rupees | --------------------------- | ||
Remuneration and other benefits | 5,568,084 | 5,284,410 | - | 1,857,680 |
Sami Ullah - Chief Executive Officer (CEO) | ||||
Loan obtained during the period | 3,121,970 | 1,000,000 | - | - |
Paid during the period | 1,202,793 | 2,050,000 | - | - |
Habib Ullah - Director | ||||
Loan obtained during the period | 240,000 | - | - | - |
Paid during the period | - | - | - | - |
DM Ventures - Associates Received from DM Venture | 6,373,000 | 700,000 | - | - |
17
CHIEF FINANCIAL OFFICER
DIRECTOR
CHIEF EXECUTIVE OFFICER
Period / year end balances
Due to related parties:
ii)
Audited
30 June
2024
Rupees
Un-audited
31 March
2025
Rupees
D.M. TEXTILE MILLS LIMITED