HIRA TEXTILE MILLS
L I M I T E D
Quarterly Accounts September 30, 2023
(Un-Audited)
HIRA TEXTILE MILLS
L I M I T E D
HIRA TEXTILE MILLS LIMITED
Contents | |
Company Information | 02 |
Director's Report | 03 |
Statement of Financial Position | 05 |
Statement of Profit or Loss | 07 |
Statement of Changes In Equity | 08 |
Statement of Cash Flows | 09 |
Condensed Interim Notes to the Financial Statements | 10 |
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HIRA TEXTILE MILLS
L I M I T E D
HIRA TEXTILE MILLS LIMITED
COMPANY INFORMATION
CHAIRMAN | |
Mr. Dr. Azhar Waheed | |
CHIEF EXECUTIVE | |
Mr. Mohammad Tariq | |
BOARD OF DIRECTORS | |
Mr. Dr. Azhar Waheed | (Non-Executive / Chairman) |
Mr. Mohammad Hussnain Saeed Sohbin | (Executive Director) |
Mr. Muhammad Awais Qarni Chaudhry | (Non-Executive) |
Mr. Muhammad Tariq | (Executive Director) |
Mrs. Zainab Malik | (Non-Executive / Independent Director) |
Mr. Saeed Ahmed Khan | (Non-Executive) |
Mr. Shaukat Nazir Malik | (Non-Executive / Independent Director) |
AUDIT COMMITTEE | |
Mr. Shaukat Nazir Malik | (Chairman) |
Mr. Muhammad Tariq | (Member) |
Mrs. Zainab Malik | (Member) |
HUMAN RESOURCE & REMUNERATION COMMITTEE | |
Mrs. Zainab Malik | (Chairperson) |
Mr. Saeed Ahmed Khan | (Member) |
Mr. Mohammad Awais Qarni Chaudhry | (Member) |
COMPANY SECRETARY & CHIEF FINANCIAL OFFICER | |
Mr. Mohammad Hussnain Saeed Sohbin | |
AUDITORS | |
M/S H.A.M.D. & Co. | |
(Chartered Accountants) | |
Member of TIAG. | |
1st Floor, 2G (2/7), Mushtaq Ahmad Gurmani Road Gulberg II | |
Lahore | |
LEGAL ADVISER | REGISTERED OFFICE OF THE COMPANY |
Salman Akram Raja. | 8 KM Manga Raiwind Road, Raiwind, District Kasur |
Raja Mohammad Akram & Co., | BUSINESS OFFICE |
Advocates & Legal Consultants | |
33-C Main Gulberg Lahore. | 19 Aibak Block New Garden Town, Lahore |
W: www.hiratex.com.pk | |
REGISTRAR OF THE COMPANY | MILLS |
Vision Consulting Ltd. | 8 KM Manga Raiwind Road, Raiwind, District Kasur |
3 - C, 1st floor, LDA Flats, Lawrance Road Lahore | |
Ph: + 92 42 36283096-97 | |
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HIRA TEXTILE MILLS
L I M I T E D
HIRA TEXTILE MILLS LIMITED
Directors' Report
We hereby present the un-audited financial statements of the Company for 1st Quarter ended on September 30, 2023. The Company's sales are Rs. NIL million as compared to Rs. 40.160 million during the corresponding period of last year. Gross Loss for the period is Rs. 34.533 million. Decrease in Gross Loss is due to substantial decrease in cost.
Loss from operations is Rs. 28.834 million as compared to loss of Rs. 66.869 million in the corresponding period. The decrease in operational loss is mainly due to decrease in Gross Loss. Loss after tax is Rs. 67.590 million as compared to loss of Rs. 67.371 million in the corresponding period. Loss per share for three months period is Rs. 0.78 as compared to loss of Rs. 0.78 during the corresponding period of last year.
The result of the current quarter is quite unsatisfactory in the current difficult business condition and the management of the company is utilizing its full skills to improve the efficiency of the company and is hopeful for better profitability of the company for the remaining year.
The Directors wish to express their appreciation to the staff & workers of the Company for their dedication & devotion displayed in the success & growth of the company. The Directors also wish to place on record their thanks to the Bankers and other Stake holders for their continued support to the company.
On behalf of the Board
November 09, 2024 | Dr. Azhar Waheed | Mohammad Tariq |
Lahore | (Director) | (Chief Executive Officer) |
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HIRA TEXTILE MILLS
L I M I T E D
HIRA TEXTILE MILLS LIMITED
9
4
HIRA TEXTILE MILLS
L I M I T E D
HIRA TEXTILE MILLS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023
Un-Audited | Audited | ||
30-Sep-23 | 30-Jun-23 | ||
Rupees | Rupees | ||
EQUITY AND LIABILITIES | |||
SHARE CAPITAL AND RESERVES | |||
Authorized share capital | 870,000,000 | 870,000,000 | |
Issued share capital | 865,779,200 | 865,779,200 | |
Share premium | 82,500,000 | 82,500,000 | |
Revaluation reserve | 1,127,337,480 | 1,133,626,295 | |
Accumulated losses | (2,920,863,426) | (2,859,562,232) | |
Loan from sponsors | 481,500,000 | 481,500,000 | |
TOTAL EQUITY | (363,746,746) | (296,156,737) | |
LIABILITIES | |||
NON-CURRENT LIABILITIES | |||
Long term finances | 1,586,268,141 | 1,586,268,141 | |
Lease liabilities | 2,387,302 | 2,387,302 | |
Employees retirement benefits | - | - | |
Deferred interest | - | - | |
Deferred taxation | 369,846,477 | 369,846,477 | |
1,958,501,920 | 1,958,501,920 | ||
CURRENT LIABILITIES |
Trade and other payables
Unclaimed dividend
Short term borrowings
Accrued interest/profit
Current portion of non-current liabilities
416,136,349
2,757,216
334,970,742
653,429,297
66,308,883
410,722,045
2,757,216
334,970,742
624,595,200
66,308,883
1,473,602,487 | 1,439,354,086 | |
TOTAL LIABILITIES | 3,432,104,406 | 3,397,856,006 |
CONTINGENCIES AND COMMITMENTS | ||
TOTAL EQUITY AND LIABILITIES | 3,068,357,660 | 3,101,699,269 |
The annexed notes from 1 to 8 form an integral part of these financial statements.
Date : November 09, 2024 | |||
Lahore | Director | Chief Financial Officer | Chief Executive |
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HIRA TEXTILE MILLS
L I M I T E D
HIRA TEXTILE MILLS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment
Right-of-use assets
Investment in associate
Long term deposits
CURRENT ASSETS
Stores and spares
Stock in trade
Trade receivables
Advances and other receivables
Advance income tax/income tax refundable
Cash and bank balances
Un-Audited
30-Sep-23
Rupees
2,874,974,774
51,028,554
-
49,609,093
2,975,612,421
3,223,295
-
-
65,884,433
22,596,744
1,040,767
92,745,239
Audited 30-Jun-23 Rupees
2,905,738,616
51,765,379
-
49,609,093
3,007,113,088
202,011
-
-
65,884,433
22,596,744
5,902,993
94,586,181
TOTAL ASSETS | 3,068,357,660 | 3,101,699,269 |
The annexed notes from 1 to 8 form an integral part of these financial statements.
Date : November 09, 2024 | |||
Lahore | Director | Chief Financial Officer | Chief Executive |
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HIRA TEXTILE MILLS
L I M I T E D
HIRA TEXTILE MILLS LIMITED
STATEMENT OF PROFIT OR LOSS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Un-Audited | Audited | ||
30-Sep-23 | 30-Sep-22 | ||
Rupees | Rupees | ||
Revenue from contracts with customers - net | - | 40,160,000 | |
Cost of sales | (34,533,159) | (97,711,610) | |
Gross loss | (34,533,159) | (57,551,610) | |
Selling and distribution expenses | - | - | |
Administrative expenses | (4,222,753) | (802,169) | |
Other expenses | - | - | |
(4,222,753) | (802,169) | ||
Impairment allowance for expected credit losses | - | - | |
(38,755,912) | (58,353,779) | ||
Other income | - | 15,945,486 | |
Operating profit | (38,755,912) | (42,408,293) | |
Finance cost | (28,834,097) | (24,460,488) | |
Notional interest | - | - | |
(28,834,097) | (24,460,488) | ||
Loss before taxation | (67,590,009) | (66,868,781) | |
Provision for taxation | - | (502,000) | |
Loss after taxation | (67,590,009) | (67,370,781) | |
Loss per share - basic and diluted | (0.78) | (1.55) |
The annexed notes from 1 to 8 form an integral part of these financial statements.
Date : November 09, 2024 | |||
Lahore | Director | Chief Financial Officer | Chief Executive |
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HIRA TEXTILE MILLS
L I M I T E D
HIRA TEXTILE MILLS LIMITED
STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Issued | Share | Revaluation | Accumulated | Loan from | Total | ||||||
share capital | premium | reserve | losses | sponsors | equity | ||||||
Rupees | Rupees | Rupees | Rupees | Rupees | Rupees | ||||||
Balance as at 01 July 2022 | 865,779,200 | 82,500,000 | 1,158,769,554 | (2,518,460,411) | 481,500,000 | 70,088,343 | |||||
Comprehensive income |
Loss after taxation
Other comprehensive (loss)/income
Total comprehensive (loss)/income
Other transactions
-
-
-
-
-
-
- (366,245,080)
- -
- (366,245,080)
- (366,245,080)
- -
- (366,245,080)
Incremental depreciation | - | - | (25,143,259) | 25,143,259 | - | - | |
Transaction with owners | - | - | - | - | - | - | |
Balance as at 30 | June 2023 | 865,779,200 | 82,500,000 | 1,133,626,295 | (2,859,562,232) | 481,500,000 | (296,156,737) |
Balance as at 01 | July 2023 | 865,779,200 | 82,500,000 | 1,133,626,295 | (2,859,562,232) | 481,500,000 | (296,156,737) |
Comprehensive income
Loss after taxation
Other comprehensive income
Total comprehensive income/(loss)
-
-
-
-
-
-
-
-
-
(67,590,009)
-
(67,590,009)
- (67,590,009)
- -
- (67,590,009)
Other transactions | ||||||
Incremental depreciation | - | - | (6,288,815) | 6,288,815 | - | - |
Transaction with owners | - | - | - | - | - | - |
Balance as at 30 September 2023 | 865,779,200 | 82,500,000 | 1,127,337,480 | (2,920,863,426) | 481,500,000 | (363,746,746) |
The annexed notes from 1 to 8 form an integral part of these financial statements.
Date : November 09, 2024 | |||
Lahore | Director | Chief Financial Officer | Chief Executive |
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HIRA TEXTILE MILLS
L I M I T E D
HIRA TEXTILE MILLS LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
Unaudited | Audited | |
30-Sep-23 | 30-Sep-22 | |
Rupees | Rupees | |
CASH FLOW FROM OPERATING ACTIVITIES | ||
Cash generated from operations | 219,138 | 521,097 |
Payments for: | ||
Employees retirement benefits | - | - |
Interest on borrowings | - | - |
Income tax | - | (787,036) |
Net cash (used in)/generated from operating activities | 219,138 | (265,939) |
CASH FLOW FROM INVESTING ACTIVITIES |
Purchase of property, plant and equipment
Proceeds from disposal of property, plant and equipment
Net cash generated from/(used in) investing activities
CASH FLOW FROM FINANCING ACTIVITIES
-
-
-
-
880,000
880,000
Repayment of long term finances | - | - | |
Payment of lease liabilities | - | (667,242) | |
Net cash used in financing activities | - | (667,242) | |
NET DECREASE IN CASH AND CASH EQUIVALENTS | 219,139 | (53,181) | |
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR | 821,629 | 874,810 | |
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR | 1,040,768 | 821,629 |
The annexed notes from 1 to 8 form an integral part of these financial statements.
Date : November 09, 2024 | |||
Lahore | Director | Chief Financial Officer | Chief Executive |
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