QUARTERLY ACCOUNTS
FOR THE 1ST QUARTER ENDED
SEPTEMBER 30, 2023
(UN-AUDITED)
Ruby Textile Mills Limited
RUBY TEXTILE MILLS LIMITED
DIRECTORS' REPORT TO THE MEMBERS
On behalf of the Board of Directors, we hereby present the interim financial information of the company for the 1st quarter ended on September 30, 2023.
During the quarter under review the company suffered a gross loss of Rs. 7.359 million as compared to gross loss of Rs. 2.680 million of the same period in the last year 2022 and loss before tax of Rs.12.473 as compared to loss of Rs. 0.426M of the corresponding year.
Overall business environment remained challenging and Milld operation remained closed during the period under review. Directors are trying their best to minimize the effects. The company is approaching banks for borrowing loans to fulfill working capital needs. the directors are working on a plan to best utilize the prodcution capacities of the company.
The directors have full confidence in the company and they are commited to make profitable venture. Therefore, they have made fresh injection of Rs. 9.841 million to fulfill the working capital requirements of the unit
We would like to thank all of workers, staff and officers, customers, agents,suppliers and shareholders to their dedicated efforts
For and on behalf of the Board of Directors
Chief Executive
Lahore:
Dated: October 26, 2023
RUBY TEXTILE MILLS LIMITED
STATEMENT OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2023
ASSETS | Notes |
NON-CURRENT ASSETS | |
Property, plant and equipment & CWIP | 4 |
Long term deposits | |
CURRENT ASSETS | |
Trade debts | |
Advances and prepayments | |
Due from Government | |
Cash and bank balances | |
TOTAL ASSETS | |
EQUITY AND LIABILITIES | |
SHARE CAPITAL AND RESERVES | |
Authorized share capital | |
Issued, subscribed and paid up share capital | |
Accumulated losses | |
Surplus on revaluation of property, plant and equipment | |
Loan from sponsors and other related parties | 5 |
NON-CURRENT LIABILITIES
Long term financing from others
Long term security deposits
Deferred liabilities
CURRENT LIABILITIES
Trade and other payables
Accrued markup
Unclaimed dividend
Current & overdue portion of long term loans
Provision for taxation
TOTAL LIABILITIES
CONTINGENCIES AND COMMITMENTS | 23 |
TOTAL EQUITY AND LIABILITIES
The annexd notes from 1 to 42 form an integral part of these financial statements.
September 2023
Rupees
925,394,301
1,303,945
926,698,246
15,862,426
6,312,550
9,096,743
479,908
31,751,627
958,449,873
700,000,000
522,144,000
(899,601,166)
425,271,805
663,440,709
711,255,348
79,395,423
5,731,660
29,404,309
114,531,392
78,023,042
11,705,355
402,570
42,532,166
-
132,663,133
247,194,525
-
958,449,873
-
2023
Rupees
931,131,964
1,303,945
932,435,909
17,737,426
6,310,764
8,296,745
638,678
32,983,612
965,419,521
700,000,000
522,144,000
(887,128,572)
425,271,805
653,309,709
713,596,942
79,477,250
7,731,660
29,404,309
116,613,218
78,088,715
11,755,993
402,570
44,962,083
-
135,209,361
251,822,579
-
965,419,521
-
CHIEF EXECUTIVE | DIRECTOR | CHIEF FINANCIAL |
OFFICER |
RUBY TEXTILE MILLS LIMITED
CONDENSED INTERIM PROFIT OR LOSS ACCOUNT (UN-AUDITED) FOR THE QUARTER ENDED SEPTEMBER 30, 2023
THREE MONTHS ENDED
September 30,
2023
September 30,
2022
------------Rupees------------ | |||
Sales | - | - | |
Cost of sales | (7,358,896) | (2,680,218) | |
Gross loss | (7,358,896) | (2,680,218) | |
Distribution cost | - | - | |
Administrative and general expenses | (6,806,579) | (5,403,337) | |
Other income / (Loss) | 1,692,880 | 8,301,660 | |
Finance cost | - | (644,680) | |
Loss before taxation | (12,472,594) | (426,575) | |
Taxation | - | - | |
Loss for the period | (12,472,594) | (426,575) | |
- | |||
Loss per share - basic and diluted | (0.24) | (0.01) | |
The annexed notes form an integral part of these condensed interim financial statements.
CHIEF EXECUTIVE | CHIEF FINANCIAL OFFICER |
RUBY TEXTILE MILLS LIMITED
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE QUARTER ENDED SEPTEMBER 30, 2023
THREE MONTHS ENDED | |||
September 30, | September 30, | ||
2023 | 2022 | ||
---------------Rupees | ------------- | ||
Loss for the period | (12,472,594) | (426,575) | |
Other comprehensive income for the period | - | - | |
Total comprehensive loss for the period | (12,472,594) | (426,575) | |
The annexed notes form an integral part of these condensed interim financial statements.
CHIEF EXECUTIVE | DIRECTOR | CHIEF FINANCIAL |
OFFICER |
RUBY TEXTILE MILLS LIMITED
CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED) FOR THE QUARTER ENDED SEPTEMBER 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
SEPTEMBER 30, | SEPTEMBER 30, |
2023 | 2022 |
---------------Rupees-------------
Loss before taxation
Adjustments for:
Depreciation
Provision for staff retirement benefits - gratuity
Finance cost
Profit/(loss) before working capital changes
Working capital changes:
(Increase) / decrease in current assets Stores, spares and loose tools Stock in trade
Trade debts
Loans and advances
Balance with statutory authority
Trade deposits and short term prepayments
Increase in current liabilities
Trade, accrued and other payables
Cash used in operations
Finance cost paid
Income tax paid
Staff retirement benefits - gratuity paid
Net cash used in operating activities
CASH FLOW FROM INVESTING ACTIVITIES
Addition in property ,plant and equipment
Long term deposits
Net cash used in investing activities
CASH FLOW FROM FINANCING ACTIVITIES
Long term financing from banking companies and others
Long term security deposit
Deffered Liabilities
Loans from sponsors and other related parties
Net cash generated from financing activities
Net (decrease) / 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
Cash and cash equivalents
Cash and bank balances
Loan from banking companies
The annexed notes form an integral part of these condensed interim financial statements.
(12,472,594)
7,358,896
589,246
410,214
8,358,356
(4,114,238)
-
-
(1,875,000)
(1,786)
(799,998)
-
(2,676,784)
(65,673)
(6,856,696)
610,852
7,224
(6,238,620)
(1,621,233)
-
(1,621,233)
(2,429,917)
-
-
10,131,000
7,701,083
(158,770)
638,678
479,908
120,500
359,408
479,908
(426,575)
2,680,218
-
644,680
3,324,898
2,898,323
-
-
-
746,689
4,063,041
-
4,809,730
-
(13,559,059)
(5,851,006)
(679,594)
(1,165)
(135,000)
(6,666,765)
-
-
-
(2,429,917)
(1,758,469)
-
3,175,000
(1,013,386)
(7,680,151)
9,676,755
1,996,604
1,773,222
223,382
1,996,604
(0)
RUBY TEXTILE MILLS LIMITED
STATEMENT OF CHANGES IN EQUITY FOR THE QUARTER ENDED SEPTEMBER 30, 2023
Revenue reserve | Revaluation | Long term loan | ||||||
Share capital | Capital | surplus on | Sub | from chief | Total | |||
reserves | Accumulated | property, plant | Total | executive and | ||||
losses | and equipment | directors | ||||||
----------------------------------------------------------------------------- | Rupees----------------------------------------------------------------------------- | |||||||
Balance as at June 30, 2021 | 522,144,000 | - | (780,213,844) | 340,374,422 | 82,304,578 | 589,833,409 | 672,137,987 | |
Loss for the year | - | - | (27,919,627) | - | (27,919,627) | - | (27,919,627) | |
Surplus on revaluation of property, plant and equipment -net of deferred | ||||||||
tax | - | - | - | - | - | - | - | |
Remeasurement of staff retirement benefits -net of deferred tax | - | - | (141,024) | - | (141,024) | - | (141,024) | |
Loan received during the year | - | - | - | - | - | 23,725,000 | 23,725,000 | |
Loan from associates | - | - | - | - | - | 11,035,500 | 11,035,500 | |
Incremental depreciation - net of deferred tax | - | - | 8,662,245 | (8,662,245) | - | - | - | |
Balance as at June 30, 2022 | 522,144,000 | - | (799,612,250) | 331,712,177 | 54,243,927 | 624,593,909 | 678,837,836 | |
Effect of restatement (see note 3.29) | - | - | (36,101,494) | - | (36,101,494) | - | (36,101,494) | |
Effect of restatement (see note 3.29) | - | - | (275,701) | - | (275,701) | - | (275,701) | |
Balance as at July 01, 2023 | 522,144,000 | - | (835,989,446) | 331,712,177 | 17,866,732 | 624,593,909 | 642,460,641 | |
Loss for the year | - | - | (60,271,380) | - | (60,271,381) | - | (60,271,381) | |
Surplus on revaluation of property, plant and equipment -net of deferred | ||||||||
tax | - | - | - | 101,922,314 | 101,922,314 | - | 101,922,314 | |
Remeasurement of staff retirement benefits -net of deferred tax | - | - | 769,568 | - | 769,568 | - | 769,568 | |
Loan received during the year | - | - | - | - | - | 25,629,800 | 25,629,800 | |
Loan from associates | - | - | - | - | - | 3,086,000 | 3,086,000 | |
Incremental depreciation - net of deferred tax | - | - | 8,362,686 | (8,362,686) | - | - | - | |
Balance as at June 30, 2023 | 522,144,000 | - | 887,128,572 | 425,271,805 | 60,287,233 | 653,309,709 | 713,596,942 | |
Loss for the year | - | - | (12,472,594) | - | (12,472,595) | - | (12,472,595) | |
Surplus on revaluation of property, plant and equipment -net of deferred | ||||||||
tax | - | - | - | - | - | - | - | |
Remeasurement of staff retirement benefits -net of deferred tax | - | - | - | - | - | - | - | |
Loan received during the year | - | - | - | - | - | 9,841,000 | 9,841,000 | |
Loan from associates | - | - | - | - | - | 290,000 | 290,000 | |
Incremental depreciation - net of deferred tax | - | - | - | - | - | |||
Balance as at September 30,2023 | 522,144,000 | - | (899,601,166) | 425,271,805 | (12,472,595) | 663,440,709 | 711,255,348 | |
The annexd notes from 1 to 8 form an integral part of these financial statements.
CHIEF EXECUTIVE | DIRECTOR | CHIEF FINANCIAL |
OFFICER |
RUBY TEXTILE MILLS LIMITED
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED)
FOR THE QUARTER ENDED SEPTEMBER 30, 2023
-
THE COMPANY AND NATURE OF ITS BUSINESS
The company was incorporated in Pakistan on October 18, 1980 as a private limited company and was subsequently converted into public limited company. The registered office of the company is located at 3-A, SMC Housing Society, Shara-e-Faisal, Karachi. The shares of the company are quoted on Pakistan Stock Exchange Limited. The principal business of the company is manufacturing and sale of yarn. The manufacturing units are located at Manga Road, Raiwind in the province of Punjab. - 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.
2.2 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, 2023.
3 SIGNIFICANT ACCOUNTING POLICIES
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, 2023.
Note
4 PROPERTY, PLANT AND EQUIPMENT Operating fixed assets
Opening written down value Add: Revaluation surplus Add: Addition during the year Capital Work in Process
Less: Depreciation charged during the period / year Closing written down value
(Un audited) | (Audited) | ||
30-Sep-23 | 30-Jun-23 | ||
--------------Rupees------------- | |||
925,394,301 | 931,131,964 | ||
890,724,160 | 791,277,560 |
- 126,412,942
1,621,233-
40,407,804 40,407,804
932,753,197 958,098,306
(7,358,896) (26,966,342)
925,394,301 931,131,964
RUBY TEXTILE MILLS LIMITED
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE QUARTER ENDED SEPTEMBER 30, 2023
5 | RELATED PARTY DISCLOSURES | ||
Transaction with the related parties | Relationship | ||
Mr. Noor Elahi | Loan received | Director / Chief Executive | |
Mrs.Parveen Elahi | Loan received | Director | |
Mrs. Naheed Javed | Loan received | Director | |
Mr.Nabeel Javed | Loan Paid | Director | |
Naheed Noor | Loan Received | Associated company | |
Enterprises (Pvt) Ltd | |||
Sunrise Bottling (Pvt) Ltd Loan Received | Associated company | ||
6 | CONTINGENCIES AND COMMITMENTS | ||
6.1 | Contingencies |
(Un-audited) | (Audited) | ||
30-Sep-23 | 30-Jun-23 | ||
--------------Rupees-------------- | |||
8,991,000 | 2,169,800 | ||
850,000 | 4,905,000 | ||
1,450,000 | |||
- | 2,345,000 | ||
290,000 | 1,586,000 | ||
- | 1,115,000 |
There is no change in status of contingencies as disclosed in note 23 of the audited annual financial statements of the Company for the year ended June 30, 2023.
6.2 Commitments
There is no change in status of commitments as disclosed in note 23 of the audited annual financial statements of the Company for the year ended June 30, 2023.
-
DATE OF AUTHORIZATION FOR ISSUE
The condensed interim financial statements were authorised for issued on October 26, 2023 by the Board of Directors of the Company . - GENERAL
Figures in this condensed interim financial information have been rounded off to the nearest of rupee.