(Un-Audited)
Interim Financial Report For The Quarter Ended September 30, 2024
Khalid Siraj Textile Mills Limited
Khalid Siraj Textile Mills Limited
Contents
Company Information | 1 | |
Directors' Report | 2 | |
Condensed Interim Statement of Financial Position | 3 | |
Condensed Interim Statement of Profit or Loss and | ||
Other Comprehensive Income | 4 | |
Condensed Interim Statement of Changes in Equity | 5 | |
Condensed Interim Statement of Cash Flows | 6 | |
Notes to the Condensed Interim Financial Information | 7 |
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. |
1
Khalid Siraj Textile Mills Limited
Directors' Report to the Members
Dear Members
The Board of Directors of your Company is pleased to present their report together with the Condensed Interim Financial Information (Un-Audited) for the 1st quarter ended September 30, 2024 before you..
Financial Highlights
Qarter ended | Half Year ended | |
September 30, 2024 | September 30, 2023 | |
(Rs. in million) | (Rs. in million) | |
Loss after tax | (4.538) | (5.320) |
Depreciation | 5.312 | 5.895 |
Cash Gain/(Loss) | 0.775 | 0.575 |
During the period under review, the Company has incurred loss of Rs.4.538 million (Sep 2023:Rs.5.319 million) resulting in accumulated losses of Rs.394.077 million (30 Jun 2024:Rs.392.762 million) at the close of the quarter ended September 30, 2024.
The textile industry has never faced such a depressing operating environment and is still passing through severe crises. In these circumstances, textile industry cannot compete with the other countries. The government is increasing electricity prices on adhoc basis every month making cost of production shoot out of control. These times are very hard and turbulent. Despite current adverse factors your management is making best efforts to improve the financial results of the company. The board avails the opportunity to appreciate the devoted work done by the executives, officers, staff and workers of the company.
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 | Director |
Lahore: | |
Dated: February 06, 2025 |
2
Khalid Siraj Textile Mills Limited
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2024
Un-Audited | Audited | |||
Three Months | Three Months | |||
Notes | ||||
30-Sep-24 | 30-Jun-24 | |||
-------------- Rupees -------------- | ||||
ASSETS | ||||
Non-current assets | ||||
Property, plant and equipment | 6 | 309,056,960 | 314,369,312 | |
Long-term deposits | 6,348,000 | 6,348,000 | ||
315,404,960 | 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
Contingencies and commitments
7
8
9
3,018,542
507,100
56,663
14,221
3,596,526
319,001,486
120,000,000
107,000,000
(394,077,190)
224,617,999
(62,459,191)
153,825,767
43,741,469
197,567,236
74,612,790
24,058,182
16,790,575
68,180,179
251,715
183,893,441
-
3,018,542
507,100
56,663
7,384
3,589,689
324,307,001
120,000,000
107,000,000
(392,762,094)
227,840,416
(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
-
319,001,486 324,307,001
The annexed notes 1 to 12 form an integral part of this condensed financial information.
CHIEF EXECUTIVE OFFICER | DIRECTOR | CHIEF FINANCIAL OFFICER |
3
Khalid Siraj Textile Mills Limited
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2024
Notes
Sales
Cost of sales
Gross Loss
Other operating expenses
Administrative and selling expenses
Other Operating Expenses10 Finance costs
(Loss) / profit before taxation
Un-Audited | Un-Audited | |
Three Months | Three Months | |
30-Sep-24 | 30-Sep-23 | |
-------------- Rupees | -------------- | |
- | - | |
- | - | |
- | - | |
(541,359) | (885,073) | |
(5,312,352) | (5,895,152) | |
- | - | |
(5,853,711) | (6,780,225) | |
(5,853,711) | (6,780,225) |
Provision for taxation | 1,316,198 | 1,460,362 |
(Loss) / profit after taxation | (4,537,513) | (5,319,863) |
Other comprehensive loss | - | - |
Total comprehensive loss | ||
(4,537,513) | (5,319,863) | |
Total comprehensive income/(loss) for the period | ||
(1,315,096) | (1,744,493) | |
Earnings per share (basic and diluted) | (0.42) | (0.50) |
The annexed notes 1 to 12 form an integral part of this condensed financial information.
CHIEF EXECUTIVE OFFICER | DIRECTOR | CHIEF FINANCIAL OFFICER |
4
Khalid Siraj Textile Mills Limited
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)
For The Quarter Ended September-2024
Revaluation | |||||
Particulars | Share capital | surplus on | Accumulated | Total | |
property, plant | Loss | Equity | |||
and equipment | |||||
------------------------------ | Rupees | ------------------------------ | |||
Balance as at June 30, 2023 | 107,000,000 | 242,141,895 | (393,338,817) | (44,196,922) | |
Total comprehensive income/(loss) | - | - | (5,319,863) | (5,319,863) | |
Incremental depreciation on revaluation of | |||||
property, plant and equipment for the | - | (3,575,370) | 3,575,370 | - | |
period (net of deferred taxation ) | |||||
Balance as at September 30, 2023 | 107,000,000 | 238,566,525 | (395,083,310) | (49,516,785) | |
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
- | - | (8,404,893) | (8,404,893) |
- | (10,726,109) | 10,726,109 | - |
107,000,000 | 227,840,416 | (392,762,094) | (57,921,678) |
Total comprehensive income/(loss)
Incremental depreciation on revaluation of property, plant and equipment for the period (net of deferred taxation )
- | - | (4,537,513) | (4,537,513) |
- | (3,222,417) | 3,222,417 | - |
Balance as at September 30, 2024 | 107,000,000 | 224,617,999 | (394,077,190) (62,459,191) |
The annexed notes 1 to 12 form an integral part of this condensed financial information.
CHIEF EXECUTIVE OFFICER | DIRECTOR | CHIEF FINANCIAL OFFICER |
5
Khalid Siraj Textile Mills Limited
CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)
AS AT SEPTEMBER 30, 2024
Un-Audited | Un-Audited | |
30-Sep-24 | 30-Sep-23 | |
------ Three months ended ------ | ||
Note | -------------- Rupees | -------------- |
CASH FLOW FROM OPERATING ACTIVITIES | ||
Operating Profit / (loss) | (5,853,711) | (6,780,225) |
Add / (Less) Adjustment for non-cash items: |
Adjustment for depreciation on property, plant and equipmen 26
Operating profit / (loss) before working capital changes
Working capital changes
Decrease / (increase) in current assets
(Decrease) / Increase in trade and other payables Cash (used in) / generated from operations
Income taxes paid
Net cash (used in) operating activities
CASH FLOW FROM FINANCING ACTIVITIES
(Repayments) / Proceeds (net) of short-term borrowings
Net cash in / (out) flow from financing activities
Net (decrease) / increase in cash and cash equivalents (A+B+C) Cash and cash equivalents at beginning of the period
Cash and cash equivalents at end of the period
5,312,3525,895,152
(541,359)(885,073)
(3,157,465)967,055
(3,698,824)81,982
(108,034)-
(3,806,858)81,982
(36,739) | (44,288) | |
3,813,695 | (44,288) | |
6,837 | 37,694 | |
7,384 | 501,519 | |
14,221 | 539,213 | |
The annexed notes 1 to 12 form an integral part of this condensed financial information.
CHIEF EXECUTIVE OFFICER | DIRECTOR | CHIEF FINANCIAL OFFICER |
6
Khalid Siraj Textile Mills Limited
Notes to the Condensed Interim Financial Information (un-audited)
For the quarter ended September 30, 2024
1 General information and nature of operations
Khalid Siraj Textile Mills Limited (the "Company") was incorporated in Pakistan as a public limited company on 17 January 1988 under the repealed Companies Ordinance, 1984 and is quoted on Pakistan Stock Exchange.
Registered office of the Company is situated at 135, Upper Mall, Lahore. The project of the Company is located at 48 KM, Lahore Multan Road, Phool Nagar (Bhai Pheru), Tehsil Pattoki, District Kasur. The principle business of the Company is manufacturing and sale of yarn and the other related / allied operations.
2 Basis of preparation
This condensed interim financial information is un-audited and is being submitted to shareholders, as required by the Companies Act, 2017.
This financial information has been prepared in accordance with approved accounting standards as applicable in Pakistan. Approved accounting standards comprise of such International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) as are notified under the Companies Act, 2017, provisions of and directives issued under the Companies Act, 2017. In case requirements differ, the provisions or directives of the Companies Act, 2017 shall prevail.
This condensed interim financial report does not include all the information required for full annual financial statements and should be read in conjunction with the annual financial statements of the Company for the year ended June 30, 2024.
3 Significant accounting policies
The accounting policies and methods of computation adopted for the preparation of this condensed interim financial information are consistent with those applied in the preparation of the annual published financial statements of the Company for the year ended June 30, 2024.
The new standards, amendments to the approved accounting standards and interpretations that are mandatory for accounting periods beginning on or after July 1, 2021, were either considered not to be relevant to the Company's operations or did significantly effect the accounting policies of the Company.
4 Critical accounting estimates and judgments
Judgments and estimates made by the management in the preparation of this condensed interim financial report are the same as those applied to the preceding annual published financial statements of the Company for the year ended June 30, 2024.
5 Financial risk management
The financial risk management objectives and policies adopted by the Company are consistent with those disclosed in
the financial statements of the Company for the year ended June 30, 2024.
7
Khalid Siraj Textile Mills Limited
6 Property, plant and equipment
Opening written down value
Addition during the period
Depreciation for the period
Closing book value
(Un-Audited) | (Audited) | |
30-09-2024 | Jun 30, 2024 | |
Rupees | Rupees | |
314,369,311 | 337,949,920 | |
- | - | |
5,312,352 | 23,580,609 | |
309,056,959 | 314,369,311 | |
7 | Share capital | |||
Authorized share capital | ||||
12,000,000 (30 June 2024: 12,000,000) ordinary shares of Rs. 10/- each | 120,000,000 | 120,000,000 | ||
Total | 120,000,000 | 120,000,000 | ||
Issued, subscribed and paid-up share capital
10,000,000 (30 June 2024: 10,000,000) ordinary shares of Rs. 10 each fully paid in cash
700,000 (30 June 2024: 700,000) ordinary shares of Rs. 10 each fully paid as bonus shares
100,000,000 100,000,000
7,000,0007,000,000
Total | 107,000,000 | 107,000,000 |
8 Long term financing
8.01 Current and ex-directors | 153,825,767 | 149,975,333 | |
153,825,767 | 149,975,333 | ||
8.01 Current and ex-directors
These represents unsecured and interest free loans from chief executive officer, directors and sponsors. The terms of repayment has not yet been decided so far, however, the directors and sponsors have given undertaking that they have no intention to demand such loan within period of next twelve months, as such the current maturity has not been presented.
9 Short term borrowings - banks and financial institutions
Cash finance/overdraft | 60,680,179 | 60,680,179 | ||
Finance against trust receipts | 7,500,000 | 7,500,000 | ||
9.01 | Book overdraft - unsecured | 0 | 36,739 | |
68,180,179 | 68,216,918 | |||
9.01 Book overdraft - unsecured
This has arisen due to issuance of post dated cheques in respect of balance in a bank account.
10 Cost of sale
Since there is no sales during this period, therefore depreciation and factory repairs amounting Rs. 5.312 million has been classified into other operting expenses.
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