Sh. Faisal Tauheed | (Executive Director) |
Sh. Kashif Tauheed | (Executive Director) |
Mrs. Samira Faisal | Non Executive Director |
Mrs. Tahira Kashif | Non Executive Director/Chairperson |
Sh Mustafa Faisal Tauheed | Non Executive Director |
Mr. Imran Ali Safdar | Independent Director |
Mr. Shehzad Ehsan | Independent Director |
Mr. Shahzad Ehsan | (Chairman) |
Sh Mustafa Faisal Tauheed | |
Mrs. Tahira Kashif | |
Mr. Shehzad Ehsan | (Chairman) |
Mrs. Samira Faisal | |
Mrs. Tahira Kashif | |
Sh. Faisal Tauheed Puri | (Chief Executive) |
Qaisar Ali Faheem | (Chief Financial Officer) |
Imran Zafar | (Company Secretary) |
Hafiz Sultan Nasir | (Internal Auditor) |
Riaz Ahmad and Company | |
Chartered Accountants |
National Bank of Pakistan
The Bank of Punjab
Bank Alfalah Limited
Habib Metropolitan Bank Limited
Askari Bank Limited
Bank Al-Habib Limited
MCB Limited
Meezan Bank Limited
United Bank Limited
House No. 8/3, Aziz Avenue,
Canal Road, Gulberg V, Lahore.
Dhuddiwala, Jaranwala Road, Faisalabad.
Corplink (pvt.) Ltd.
Share Registrar & Corporate Consultants
Wings Arcade, 1-K Commercial, Model Town, Lahore.
Tel: 035916714, 35916719, 035839182 Fax: 92-42-35869037
Sahibzada Muhammad Arif
Advocate High Court,
Chamber No.52, District Courts,
Faisalabad.
01
The Board Directors of your company are pleased to present Financial Statement of the company for the quarter ended September 30, 2024.
The financial performance of your Company during the first quarter ended on September 30, 2024 is as follow:
Operating Results
Gross profit
Quarter ended September 30
2024 | 2023 |
RUPEES | |
32,469,876 | 23,829,719 |
Selling, administrative and operating expenses
16,310,156
14,317,739
Profit before taxation
16,637,042
9,708,388
Taxation
5,881,385
3,758,466
Profit after taxation
10,755,657
5,949,922
Earning per share
0.69
0.38
The Company remains committed to deliver on its long-term objective of sustainable growth and value creation. This is being achieved through continued focus on operational excellence, product portfolio diversification, cost reduction and a strong capital structure.
The company recorded sale of Rs.600,848,926/- in its first quarter as compared to Rs. 416,973,413/- during the first quarter of the last year showing increase in sale 44% .
Future Outlook and Challenges:
Pakistan's economy is experiencing stabilization due to the signing of a new Long Term EFF with the IMF. Inflation and interest rates are decreasing, and other macro indicators are now improving. The management of the Company is working hard to optimize the cost levels and finding new avenues of revenue generation in all segments of the company to maximize benefit to the shareholders.
However, we are confident about the future prospects of your Company as the demand of cloth processing is expected to increase further in the years to come. We are also working internally to become more efficient by becoming more cost effective, focusing on energy conservation and expenditure reduction techniques.
Appreciation
We would like to thank all of our staff members for the way they have responded to challenges of the year. Their hard work and commitment is greatly appreciated and is reflected in these results.
We are also thankful for the encouragement and support which we received from our suppliers, shareholders, bankers and financial institutions.
On behalf of the Board
LAHORE: | Sh. Faisal Tauheed Puri | Sh. Kashif Tauheed |
October 30, 2024 | Chief Executive | Director |
02
Condensed Interim Statement of Financial Position
AS AT SEPTEMBER 30, 2024
EQUITY AND LIABILITIES | Note |
SHARE CAPITAL AND RESERVES
Authorised share capital
20 000 000 (30 June 2024: 20 000 000) A - class ordinary shares
of Rupees 10 each4 400 000 (30 June 2024: 400 000) B - class ordinary shares of Rupees 10 each
Issued, subscribed and paid-up share capital | 5 |
Reserves
Capital reserve - surplus on revaluation of freehold land Revenue reserve - unappropriated profit
Total Reserves
Total equity
LIABILITIES
NON CURRENT LIABILITIES
Deferred income tax liability | 6 |
Deferred liability
CURRENT LIABILITIES
Trade and other payables
Unclaimed dividend
Accrued Markup
Short Term borrowings | 7 |
CONTINGENCIES AND COMMITMENTS | 8 |
September 30,
2024
(Un-audited)
Rupees
200,000,000
4,000,000
204,000,000
155,531,740
1,123,279,091
202,806,140
1,326,085,231
1,481,616,971
23,817,535
-
23,817,535
547,235,108
594,836
570,774
70,410,363
618,811,081
-
June 30, | ||
2024 | ||
(Audited) | ASSETS | |
Rupees | Note | |
NON CURRENT ASSETS | ||
Property, plant and equipment | 9 | |
200,000,000 | Intangible asset | |
4,000,000 | Long term deposits and prepayment | |
204,000,000 | ||
155,531,740 | ||
1,123,279,091 | ||
192,050,483 | ||
1,315,329,574 | ||
1,470,861,314 | ||
23,950,648 | ||
- | ||
23,950,648 | CURRENT ASSETS | |
Stores and Spare Parts | ||
566,138,933 | Stock-in-trade | |
594,836 | Trade Debts | |
372,783 | Loans and advances | |
120,485,552 | Prepayments and other receivables | |
Income Tax refundable | ||
687,592,104 | Sales Tax Refundable | |
Short Term Investments | ||
Cash and bank balances |
-
September 30,
2024
(Un-audited)
Rupees
1,383,010,357
2,348,345
26,441,864
1,411,800,566
122,561,321
17,146,454
425,351,314
7,563,210
1,023,651
60,587,933
17,253,125
20,953,208
40,004,805
712,445,021
June 30,
2024
(Audited)
Rupees
1,366,083,548
2,700,597
26,441,864
1,395,226,009
129,529,656
17,146,454
463,491,299
9,256,446
1,469,887
59,131,723
16,942,705
57,953,125
32,256,762
787,178,057
TOTAL EQUITY AND LIABILITIES | 2,124,245,587 | 2,182,404,066 | TOTAL ASSETS | 2,124,245,587 |
The annexed notes from 1 to 15 form an integral part of these condensed interim financial statements.
2,182,404,066
03
CHIEF EXECUTIVE
DIRECTOR | CHIEF FINANCIAL OFFICER |
FOR THE QUARTER ENDED SEPTEMBER 30, 2024
Note | |
Revenue from Contracts with Customers | 10 |
Cost against Services Provided
Gross profit
Distribution costs
Administrative expenses
Other expenses
Other income | 11 |
Finance costs
Profit before Levy & Taxation
Levy
Profit before Taxation
Taxation:
Current
Deferred | 6.1 |
Profit for the period
Earnings per share- Basic and Diluted
QUARTER ENDED
September 30, | September 30, |
2024 | 2023 |
Rupees | |
600,848,926 | 416,973,413 |
568,379,050 | 393,143,694 |
32,469,876 | 23,829,719 |
639,084 | 377,550 |
15,456,437 | 13,781,564 |
214,635 | 158,625 |
16,310,156 | 14,317,739 |
16,159,720 | 9,511,980 |
1,048,096 | 230,684 |
17,207,816 | 9,742,664 |
570,774 | 34,276 |
16,637,042 | 9,708,388 |
194,407 | 23,937 |
16,442,635 | 9,684,451 |
5,820,091 | 4,145,797 |
(133,113) | (411,268) |
5,686,978 | 3,734,529 |
10,755,657 | 5,949,922 |
--------------R u p | e e s ------------- |
0.69 | 0.38 |
The annexed notes from 1 to 15 form an integral part of these condensed interim financial statements.
CHIEF EXECUTIVE | DIRECTOR | CHIEF FINANCIAL OFFICER |
04
FOR THE QUARTER ENDED SEPTEMBER 30, 2024
THREE MONTH ENDED
September 30, | September 30, | |
2024 | 2023 | |
Rupees | ||
Profit for the period | 10,755,657 | 5,949,922 |
Other comprehensive income | - | - |
Total comprehensive income for the period | 10,755,657 | 5,949,922 |
The annexed notes from 1 to 15 form an integral part of these condensed interim financial statements.
CHIEF EXECUTIVE | DIRECTOR | CHIEF FINANCIAL OFFICER |
05
FOR THE QUARTER ENDED SEPTEMBER 30, 2024
Note
CASH FLOWS FROM OPERATING ACTIVITIES
Cash Generated from Operations | A |
Taxes Paid
Finance cost paid
Long term deposits and prepayments
Gratuity paid
Net cash used in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Fixed capital expenditure
Sale proceeds from fixed assets
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Short term borrowings
Net cash (used in) / generated from financing activities
Net increase in cash and cash equivalents
Cash and Cash Equivalents at the Beginning of the Period
Cash and Cash Equivalents at the End of the Period | B |
THREE MONTH ENDED
September 30, | September 30, |
2024 | 2023 |
--------------Rupees------------ | |
89,396,182 | 14,401,063 |
(7,470,708) | (7,074,201) |
(372,783) | (374,658) |
- | - |
- | - |
81,552,692 | 6,952,204 |
(23,729,460) | - |
- | - |
(23,729,460) | - |
(50,075,189) | (31,071,080) |
(50,075,189) | (31,071,080) |
7,748,043 | (24,118,875) |
32,256,762 | 94,400,337 |
40,004,805 | 70,281,462 |
The annexed notes from 1 to 15 form an integral part of these condensed interim financial statements.
CHIEF EXECUTIVE | DIRECTOR | CHIEF FINANCIAL OFFICER |
06
FOR THE QUARTER ENDED SEPTEMBER 30, 2024
A - CASH GENERATED FROM OPERATIONS
Profit before Levy & taxation
Adjustments of non cash and other items:
Depreciation
Gain on disposal of fixed assets
Finance cost
Cash Flows Before Working Capital Changes
EFFECT ON CASH FLOW OF WORKING CAPITAL CHANGES
(Increase)/Decrease in current assets
Stores and spare parts
Trade debts
Loan and advances
Trade deposit and short term prepayments
Short Term Investments
Sales Tax Refundable
Increase/(Decrease) in current liabilities
Trade and other payables
CASH USED IN OPERATIONS
B - CASH AND CASH EQUIVALENTS
Cash and bank balances
THREE MONTH ENDED
September 30, | September 30, |
2024 | 2023 |
Rupees | |
16,637,042 | 9,708,388 |
7,154,903 | 7,120,209 |
- | - |
570,774 | 34,276 |
7,725,677 | 7,154,485 |
24,362,718 | 16,862,873 |
6,968,335 | (14,573,016) |
38,139,985 | (15,365,752) |
1,693,236 | 951,541 |
446,236 | (78,694) |
36,999,917 | (1,000,000) |
(310,420) | 37,415 |
(18,903,825) | 27,566,696 |
65,033,464 | (2,461,810) |
89,396,182 | 14,401,063 |
40,004,805 | 70,281,461 |
40,004,805 | 70,281,461 |
The annexed notes from 1 to 15 form an integral part of these condensed interim financial statements.
CHIEF EXECUTIVE | DIRECTOR | CHIEF FINANCIAL OFFICER |
07
FOR THE QUARTER ENDED SEPTEMBER 30, 2024
REVENUE | CAPITAL | ||||
SHARE | RESERVE | RESERVE - | |||
SUB TOTAL | SURPLUS ON | TOTAL | |||
CAPITAL | UNAPPROPRIA | REVALUATION | |||
OF FREEHOLD | |||||
TED PROFIT | LAND | ||||
--------------------R | u p e e | s-------------------- | |||
Balance as at June 30, 2023- Audited | 155,531,740 | 125,746,948 | 281,278,688 | 1,123,279,091 | 1,404,557,779 |
Profit for the three months ended September 30, 2023 | - | 5,949,922 | 5,949,922 | - | 5,949,922 |
- | |||||
Other comprehensive income for the period | - | - | - | - | - |
Total comprehensive income | - | 5,949,922 | 5,949,922 | - | 5,949,922 |
Balance as at September 30, 2023- Un-audited | 155,531,740 | 131,696,870 | 287,228,610 | 1,123,279,091 | 1,410,507,701 |
Balance as at June 30, 2024- Audited | 155,531,740 | 192,050,483 | 347,582,223 | 1,123,279,091 | 1,470,861,314 |
Profit for the three months ended September 30, 2024 | - | 10,755,657 | 10,755,657 | - | 10,755,657 |
Other comprehensive income for the period | - | - | - | - | - |
Total comprehensive income | - | 10,755,657 | 10,755,657 | - | 10,755,657 |
Balance as at September 30, 2024- Un-audited | 155,531,740 | 202,806,140 | 358,337,880 | 1,123,279,091 | 1,481,616,971 |
The annexed notes from 1 to 15 form an integral part of these condensed interim financial statements.
CHIEF EXECUTIVE | DIRECTOR | CHIEF FINANCIAL OFFICER |
08
FOR THE QUARTER ENDED SEPTEMBER 30, 2024
-
THE COMPANY AND NATURE OF ITS BUSINESS
The Company is a Public Limited Company, incorporated in Pakistan on June 27, 1950 under the Companies Act, 1913 (Now Companies Act, 2017). The Company is quoted on Pakistan Stock Exchange Limited. The registered office of the Company is situated at House No. H-8-3, Aziz Avenue, Canal road, Gulberg V, Lahore. The factory is located at Dhuddiwala, Jaranwala Road, Faisalabad in the province of Punjab. The principal activity of the company is dyeing, bleaching, finishing and embroidery of fabrics. - BASIS OF PREPARATION
2.1 Statement Of Compliance
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.
- These condensed interim financial statements do not include all the information and disclosures required in the annual audited financial statements, and should be read in conjunction with Company's annual audited financial statements for the year ended June 30, 2024.
- Critical Accounting Estimates And Judgments
Judgments and estimates made by the management in the preparation of the condensed interim financial statements were the same | |
as those applied to the financial statements as at and for the year ended June 30, 2024. | |
3 | SIGNIFICANT ACCOUNTING POLICIES |
3.1 | The accounting policies and methods of computation adopted in the preparation of these condensed interim financial statements |
are consistent with those applied in the preparation of the financial statements for the year ended June 30, 2024except those stated | |
in note 3.2 (a) below. | |
3.2 | Change in accounting standards, interpretations and amendments to published accounting and reporting standards |
- Standardsandamendmentsto published accounting and reporting standards which were effective during the three months ended September 30, 2024
There were certain amendments to accounting and reporting standards which became mandatory for the Company's annual accounting period which began on July 1, 2024. However, these do not have any significant impact on the Company's financial reporting and, therefore, have not been detailed in these condensed interim financial statements. - Standards and amendments to approved accounting and reporting standards that are not yet effective
There is a new standard an interpretation and certain amendments to the accounting and reporting standards that will be mandatory for the Company's annual accounting periods beginning on or after July 1, 2024. However, these will not have any significant impact on the financial reporting of the Company and, therefore, have not been disclosed in these condensed interim financial statements.
September 30, 2024 | June 30, 2024 | |
Rupees | Rupees | |
Note | (Un-audited) | (Audited) |
4 AUTHORIZED SHARE CAPITAL
20,000,000 (June 30, 2024: 20,000,000) A - Class Ordinary shares of Rs. 10 each | 200,000,000 | 200,000,000 |
400,000 (June 30, 2024: 400,000) B - Class Ordinary shares of Rs. 10 each | 4,000,000 | 4,000,000 |
204,000,000 | 204,000,000 |
5 ISSUED, SUBSCRIBED AND PAID-UP CAPITAL Issued for Cash
15,051,267 (June 30, 2024: 15,051,267) A - Class Ordinary Shares of Rs.10 each | 150,512,670 | 150,512,670 | |
320,100 (June 30, 2024: 320,100) | B - Class Ordinary Shares of Rs.10 each | 3,201,000 | 3,201,000 |
Issued as Bonus Shares | 153,713,670 | 153,713,670 | |
181,807 (June 30, 2024: 181,807) | Ordinary Shares of Rs.10 each | 1,818,070 | 1,818,070 |
155,531,740 | 155,531,740 |
09
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