Khalid Siraj Textile Mills Limited
(Un-Audited)
Interim Financial Report For The Half Year Ended December 31, 2024
Khalid Siraj Textile Mills Limited
Contents
Company Information | 1 | |
Directors' Report | 2 | |
Audit Review Report | 3 | |
Condensed Interim Statement of Financial Position | 5 | |
Condensed Interim Statement of Profit or Loss and | ||
Other Comprehensive Income | 6 | |
Condensed Interim Statement of Changes in Equity | 7 | |
Condensed Interim Statement of Cash Flows | 8 | |
Notes to the Condensed Interim Financial Information | 9 |
Khalid Siraj Textile Mills Limited
COMPANY INFORMATION
Chief Executive Officer | - | Mian Tayyab Iqbal |
Directors | - | Mian Iqbal Barkat |
- | Mian Hassan Barkat | |
- | Mian Tahir Iqbal | |
- | Mrs. Abida Iqbal | |
- | Mrs. Rafia Hassan | |
- | Mr. Muhammad Musaddaq | |
Audit Committee | ||
Chairman | - | Mian Tahir Iqbal |
Members | - | Mrs. Rafia Hassan |
- | Mr. Muhammad Musaddaq | |
HR Committee | ||
Chairman | - | Mian Hassan Barkat |
Members | - | Mrs. Abida Iqbal |
- | Mr. Muhammad Musaddaq | |
Company Secretary | - | Haji Tariq Samad |
Auditors | - | M/s. Sheikh & Chaudhri |
Corporate Avenue, 32-A, Jail Road, Lahore. | ||
Ph: 042-35463623-5 | ||
Bankers | - | National Bank of Pakistan |
Habib Metropolitan Bank Limited | ||
Meezan Bank Limited | ||
Chief Financial Officer | - | Mr. Nabeel Ahmed |
Legal Advisor | - | Mr. Majid Ali Rana (Advocate) |
Share Registrar | - | M/s. Corplink (Pvt) Limited |
Wings Arcade, 1-K, Commercial, Model Town, Lahore. | ||
Ph: 042-35916714, Fax: 042-35869037 | ||
Registered Office | - | 135-Upper Mall, Lahore. |
Website Address | - | www.kstml.com.pk |
Mills | - | 48-K.M, Lahore-Multan Road, Phool Nagar (Bhai Pheru), |
Tehsil Pattoki, Distt. Kasur. |
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Khalid Siraj Textile Mills Limited
Directors' Report to the Members
Dear Members
The Board of Directors of your Company is pleased to present before you the Condensed Interim Financial Information (Un-Audited) duly reviewed by the auditors for the half year ended December 31, 2024 in compliance with requirements of the Companies Act, 2017.
The sector faces several challenges such as the industry continues to grapple with structural inefficiencies that hinder its full potential. Higher taxation levels have been cited as a factor affecting competitiveness in the global market. A significant decline in cotton yarn exports suggests challenges in raw material availability or competitiveness in this segment. Addressing these challenges through policy reforms and strategic initiatives will be crucial for sustaining and enhancing the textile sector's contribution to Pakistan's economy. The sector requires regionally competitive electricity and gas tariffs to better compete with countries like India, Bangladesh, and Vietnam in export markets.
Financial Highlights:
Half Year Ended | Half Year Ended | |||
31-Dec-24 | 31-Dec-23 | 31-Dec-24 | 31-Dec-23 | |
Rupees | Rupees | Rupees | Rupees | |
Other income | - | - | - | - |
Admin. Expenses | (1,165,663) | (2,202,332) | (624,304) | (1,317,259) |
Other Operating Expenses | (10,624,700) | (11,790,306) | (5,312,348) | (5,895,154) |
Finance costs | 0 | (3,664) | - | (3,664) |
Taxation | 2,632,396 | 2,920,725 | 3,948,594 | 1,460,363 |
(Loss) / profit after taxation | (9,157,967) | (11,075,577) | (1,988,058) | (5,755,714) |
(Loss)/Earnings per share | ||||
(basic and diluted) | (0.86) | (1.04) | (0.19) | (0.54) |
Future Outlook:
Prospects for the stability of the economy are largely dependent on several factors, including political stability, the implementation of a proactive and prudent monetary policy, and access to external financing. For the textile sector to remain competitive on the global stage, the main priority is ensuring the availability and affordability of energy. Currently, the industrial electricity tariff in Pakistan is higher compared to other textile exporting countries, making us less competitive in the international market. Furthermore, yarn imports to Pakistan have been on the rise over the period resulting in lower prices and demand for locally manufactured yarns. Therefore, it is necessary to establish a predictable, stable, and compatible energy, taxation, and import policy that can improve business confidence levels and improve our international and domestic competitiveness. We are exploring new product offerings and collaborations with customers to improve competitiveness and profitability in this challenging environment.
Acknowledgement:
We are grateful to all our stakeholders exclusively the bankers for their ongoing support and the employees of the company for their commitment and hard work.
For and on behalf of the Board
Mian Tayyab Iqbal | Mian Tahir Iqbal |
Chief Executive Officer | Director |
Lahore: | |
February 28, 2025 |
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Khalid Siraj Textile Mills Limited
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4
Khalid Siraj Textile Mills Limited
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2024
Un-Audited | Audited | |||
31-Dec-24 | 30-Jun-24 | |||
ASSETS | Notes | Rupees | Rupees | |
Non-current assets | ||||
Property, plant and equipment | 5 | 303,744,612 | 314,369,312 | |
Long-term deposits | 6,348,000 | 6,348,000 | ||
310,092,612 | 320,717,312 | |||
Current assets |
Stores, spare parts and loose tools
Trade deposits and short-term prepayments Tax refunds due from government
Cash and bank balances
EQUITY AND LIABILITIES
Share capital and reserves
Authorized share capital
12,000,000 (30 June 2024: 12,000,000) ordinary shares of Rs. 10 each
Issued, subscribed and paid-up share capital
Accumulated loss
Surplus on revaluation of property, plant and equipment
Non-current liabilities
Long-term finances
Deferred liabilities
Current liabilities
Trade and other payables
Unclaimed Dividend
Mark-up accrued
Short-term borrowings
Income tax liability
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7
8
3,018,542
507,100
56,663
7,384
3,589,689
313,682,301
120,000,000
107,000,000
(395,475,227)
221,395,582
(67,079,645)
153,825,767
42,425,271
196,251,038
75,123,681
24,058,182
16,790,575
68,286,755
251,715
184,510,908
3,018,542
507,100
56,663
7,384
3,589,689
324,307,001
120,000,000
107,000,000
(392,762,091)
227,840,413
(57,921,678)
149,975,333
45,057,667
195,033,000
77,770,255
24,058,182
16,790,575
68,216,918
359,749
187,195,679
Contingencies and commitments | - | - |
313,682,301324,307,001
The annexed notes 1 to 12 form an integral part of this condensed financial information.
CHIEF EXECUTIVE OFFICER | DIRECTOR | CHIEF FINANCIAL OFFICER |
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Khalid Siraj Textile Mills Limited
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (UN-AUDITED) FOR THE SIX-MONTHS PERIOD ENDED 31 DECEMBER 2024
Note
Other operating income
Other operating expenses
Administrative and selling expenses
Other Operating Expenses9 Finance costs
(Loss) / profit before taxation
Provision for taxation
(Loss) / profit after taxation
Other comprehensive loss
Total comprehensive loss
(Loss)/Earnings per share (basic and diluted)
Half Year Ended
31-Dec-24 31-Dec-23
RupeesRupees
--
(1,165,663) | (2,202,332) |
(10,624,700) | (11,790,306) |
0(3,664)
(11,790,363) (13,996,302)
(11,790,363) (13,996,302)
2,632,396 2,920,725
(9,157,967) (11,075,577)
--
(9,157,967) (11,075,577)
(0.86)(1.04)
Quarter Ended
31-Dec-24 31-Dec-23
RupeesRupees
--
(624,304) (1,317,259)
(5,312,348) (5,895,154)
-(3,664)
(5,936,652) (7,216,077)
(5,936,652) (7,216,077)
3,948,594 1,460,363
(1,988,058) (5,755,714)
--
(1,988,058) (5,755,714)
(0.19)(0.54)
The annexed notes 1 to 10 form an integral part of this condensed interim financial information.
CHIEF EXECUTIVE OFFICER | DIRECTOR | CHIEF FINANCIAL OFFICER |
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Khalid Siraj Textile Mills Limited
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE SIX-MONTHS PERIOD ENDED 31 DECEMBER 2024
Particulars
Share capital
Accumulated
Loss
Revaluation surplus on property, plant and equipment
Total Equity
------------------------------ Rupees ------------------------------
Balance as at June 30, 2023
Total comprehensive loss for the six months period ended 31 December 2023
Total comprehensive income/(loss)
Incremental depreciation on revaluation of property, plant and equipment for the period (net of deferred taxation
Balance as at December 31, 2023
Total comprehensive loss for the six months period ended 31 December 2024
Total comprehensive income/(loss)
Incremental depreciation on revaluation of property, plant and equipment for the period (net of deferred taxation
Balance as at June 30, 2024
Total comprehensive income/(loss)
Incremental depreciation on revaluation of property, plant and equipment for the period (net of deferred taxation
107,000,000 | (393,338,815) | 242,141,894 | (44,196,921) |
- | (11,075,577) | - | (11,075,577) |
- | 7,150,742 | (7,150,742) | - |
107,000,000 | (397,263,650) | 234,991,152 | (55,272,498) |
- | (2,649,180) | - | (2,649,180) |
- | 7,150,739 | (7,150,739) | - |
107,000,000 | (392,762,091) | 227,840,413 | (57,921,678) |
- | (9,157,967) | - | (9,157,967) |
- | 6,444,831 | (6,444,831) | - |
Balance as at December 31, 2024 | 107,000,000 | (395,475,227) | 221,395,582 | (67,079,645) |
The annexed notes 1 to 10 form an integral part of this condensed interim financial information.
CHIEF EXECUTIVE OFFICER | DIRECTOR | CHIEF FINANCIAL OFFICER |
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Khalid Siraj Textile Mills Limited
CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED) FOR THE SIX-MONTHS PERIOD ENDED 31 DECEMBER 2024
CASH FLOW FROM OPERATING ACTIVITIES
Operating Profit / (loss)
Add / (Less) Adjustment for non-cash items:
Adjustment for depreciation on property, plant and equipment
Finance cost
Operating profit / (loss) before working capital changes
Working capital changes
(Decrease) / Increase in trade and other payables
Cash (used in) / generated from operations
Income taxes paid
Finance cost paid
Net cash (used in) operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
------ Six months ended ------
31-Dec-24 | 31-Dec-23 | |
Rupees | Rupees | |
(11,790,363) | (13,996,302) | |
10,624,700 | 11,790,306 | |
0 | (3,664) | |
10,624,700 | 11,786,642 | |
(1,165,663) | (2,209,660) | |
(2,646,574) | 1,900,021 | |
(2,646,574) | 1,900,021 | |
(3,812,237) | (309,639) | |
(108,034) | - | |
- | 3,664 | |
(3,920,271) | (305,975) | |
CASH FLOW FROM FINANCING ACTIVITIES | |||
Proceeds (net) of long-term finances | 3,850,434 | 87,757 | |
(Repayments) / Proceeds (net) of short-term borrowings | 69,837 | 218,218 | |
Net cash in / (out) flow from financing activities | 3,920,271 | 305,975 | |
Net (decrease) / increase in cash and cash equivalents (A+B+C) | - | - | |
Cash and cash equivalents at beginning of the period | 7,384 | 501,519 | |
Cash and cash equivalents at end of the period | 7,384 | 501,519 | |
The annexed notes 1 to 10 form an integral part of this condensed interim financial information.
CHIEF EXECUTIVE OFFICER | DIRECTOR | CHIEF FINANCIAL OFFICER |
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