Ruby Textile Mills LimitedPSX: RUBY

Transmission of Quarterly Report for the Period Ended September 30, 2024

Nov 1, 2024 at 5:53 AM UTC · Issued by Ruby Textile Mills Limited

SEPTEMBER 30, 2024 (UN-AUDITED)

35-Industrial Area, Gulberg -III,

Lahore - 54660, Pakistan

Phone: (+92-42)3571-4601,3576-1243-4

Fax: (+92-42)3571-1400,3576-1222 Email: info@rubytextile.com.pk

BOARD OF DIRECTORS	MR. NOOR ELAHI	- CHIEF EXECUTIVE
	MRS. PARVEEN ELAHI	- CHAIR PERSON
	Directors:
	MRS. NAHEED JAVED
	MR. IMTIAZ AHAMD
	MR. AMJAD SHAHID
	MR. MANSOOB AHMED KHAN
CHIEF FINANCIAL OFFICER	MR. ADREES AZAM
COMPANY SECRETARY	MR. ADREES AZAM
AUDIT COMMITTEE	MR. MANSOOB AHMED KHAN	- CHAIRMAN
	MRS. NAHEED JAVED		- MEMBER
	MR. IMTIAZ AHAMD		- MEMBER
HUMAN RESOURCE &	MR. MANSOOB AHMED KHAN	- CHAIRMAN
REMUNERATION	MR. IMTIAZ AHMAD		- MEMBER
COMMITTEE	MR. AMJAD SHAHID		- MEMBER
BANKERS	M/S. MEEZAN BANK LIMITED
	M/S. BANK AL-HABIB LIMITED
	M/S. HABIB METROPOLITAN BANK LTD
	M/S. NATIONAL BANK OF PAKISTAN
	M/S. SILK BANK LTD
	M/S. FAYSAL BANK LIMITED
	M/S. MUSLIM COMMERCIAL BANK LTD
	M/S. HABIB BANK LTD
	M/S. BANK ALFALAH LTD
AUDITORS	M/S. Sarwars
	Chartered Accountants,
	Oﬃce # 12-14, 2nd Floor, Lahore Centre,
	77-D, Main Boulevard, Gulberg-III, Lahore
	email: sarwarsca@sarwarsca.com
	Tel: 35782920-22, Fax: 35773825
INTERNAL AUDITOR	MR. TAHIR ALI
LEGAL ADVISOR	M/S. MOHSIN & WAHEED LAW ASSOCIATES
	Oﬃce # S-3, 2nd Floor, West End Plaza,
	72-The Mall Road, Lahore.
HEAD OFFICE	35-Industrial Area, Gulberg -III,
	Lahore - 54660, Pakistan
	Phone: (+92-42)3571-4601,3576-1243-4
	Fax: (+92-42)3571-1400,3576-1222
	Email: info@rubytextile.com.pk
REGISTERED OFFICE	35-Industrial Area, Gulberg -III,
	Lahore - 54660, Pakistan
	Phone: (+92-42)3571-4601,3576-1243-4
	Fax: (+92-42)3571-1400,3576-1222
	Email: info@rubytextile.com.pk
MILLS	Raiwind-Manga Road,
	Raiwind, District Kasur. -55050. Pakistan.
	Phone: (+92-42)3539-1031,3539-2651-2
	Fax: (+92-42)3539-1032
	Email: wasim@rubytextile.com.pk
SHARE REGISTRAR	M/S. CORPLINK (PRIVATE) LIMITED
	1-K, (Commercial) Wings Arcade,

Model Town, Lahore. 54700

Phone: (+92-42) 35916714, 35839182

Fax: (+92-42)3586-9037

Email: corplink786@gmail.com/shares@corplink.com.pk

DIRECTOR'S REPORT TO MEMBERS

The Board of Directors of your Company are pleased to present the Un-audited Financial Statements for the Quarter ended 30 September, 2024.

COMPANY PERFORMANCE

Quarterly brief financial performance of the Company is presented here under:

		Rupees
	2024	2023

Revenue	-	-
Cost of Sales	-	(7,358,896)
Gross Loss	-	(7,358,896)
Distribution Cost	-	-
Administrative and general expenses	(15,652,227)	(6,806,579)
Other income	4,672,928	1,692,880
Finance cost	(181,369)	-
Loss before taxation	(11,160,668)	(12,472,595)
Taxation	-	-
Loss for the period	(11,160,668)	(12,472,595)
Loss per share - basic and diluted	(0.21)	(0.24)

We regret to inform that our Company's financial performance during the current period has been unsatisfactory. We have incurred a significant loss of 11.161 million. Although the company had closed its operation but your directors have firm believe and commitment to contribute funds to meet the financial requirement of the company, We do believe that with favorable market conditions, the company would be operational to achieve to optimum productivity and generate the sufficient funds to meet the commitment

The directors have full confidence in the company and they are committed to make it a profitable venture. The Directors and Associated Companies have made fresh injection of Rs.2.430 million to meet the financial commitment

ACKNOWLEDGEMENT

The Board records its profound appreciation for all our colleagues, customers, banks, management and staff who are strongly committed to their work as the success of your Company is built around their efforts. The Company acknowledges and thanks all stakeholders for the confidence reposed in it.

On behalf of the Board

LAHORE	(NOOR ELAHI)	Imtiaz Ahmad
October 30, 2024	CHIEF EXECUTIVE	Director

2023	2024
	-	-		EIآ
	(7,358,896)	-
			Ç T (وN
	(7,358,896)	-		نü é

-	-	Ç T (
	(6,806,579)	(15,652,227)	تçا/ ا sروا @¬ا
	1,692,880	4,672,928
-	(181,369)
	Ç T(
	(12,472,595)	(11,160,668)	نü é (
	-	-
	(12,472,595)	(11,160,668)	نü é ( ت
	(0.24)	(0.21)	لú روا ىدþ - نL

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED)

AS AT SEPTEMBER 30, 2024

		(Un-audited)	(Audited)
		March 31,	June 30,
ASSETS	Notes	2024	2024
--------------Rupees-------------
NON-CURRENT ASSETS	4
Property, plant and equipment & CWIP	895,683,349	902,793,832
Long term deposits		1,303,945	1,303,945
		896,987,294	904,097,777
CURRENT ASSETS
Stores, spare parts and loose tools		-	-
Stock-in-trade		-	-
Trade debts		7,973,426	10,848,426
Advances and prepayments		3,946,203	3,946,206
Due from Government		12,653,909	11,266,727
Cash and bank balances		152,787	116,756
		24,726,324	26,178,115
TOTAL ASSETS		921,713,618	930,275,892
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES		700,000,000	700,000,000
Authorized share capital
Issued, subscribed and paid up share capital		522,144,000	522,144,000
Accumulated losses		(933,285,993)	(922,125,325)
Surplus on revaluation of property, plant and equipment	5	416,866,781	416,866,781
Loan from sponsors and other related parties	690,433,209	688,003,209
		696,157,997	704,888,665
NON-CURRENT LIABILITIES
Long term ﬁnancing from others		59,062,500	59,062,500
Long term security deposits		1,791,660	1,791,660
Deferred liabilities		19,394,796	19,394,796
CURRENT LIABILITIES		80,248,956	80,248,956

Trade and other payables		80,832,598	78,181,586
Accrued markup		13,274,164	13,326,869
Unclaimed dividend		402,570	402,570
Current & overdue portion of long term loans		50,797,333	53,227,246
Provision for taxation		-	-
		145,306,665	145,138,271
TOTAL LIABILITIES		225,555,621	225,387,227
CONTINGENCIES AND COMMITMENTS	6	-	-
TOTAL EQUITY AND LIABILITIES		921,713,618	930,275,892

The annexd notes from 1 to 9 form an integral part of these ﬁnancial statements.

Chief Executive

Director

CFO

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED)

FOR THE QUARTER ENDED SEPTEMBER 30, 2024

	QUARTER ENDED
	September 30,	September 30,
	2024	2023
	------------Rupees------------
Sales	-	-
Less: Sales tax	-	-
Sales- net	-	-
Cost of sales	-	(7,358,896)
Gross loss	-	(7,358,896)
Distribution cost	-	-
Administrative and general expenses	(15,652,227)	(6,806,579)
Other income / (Loss)	4,672,928	1,692,880
Finance cost	(181,369)	-
Loss before taxation	(11,160,668)	(12,472,595)
Taxation
-Current	-	-
-Deferred	-	-
	-	-
Loss for the period	(11,160,668)	(12,472,595)
Loss per share - basic and diluted	(0.21)	(0.24)

The annexd notes from 1 to 9 form an integral part of these ﬁnancial statements.

Chief Executive

Director

CFO

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)

FOR THE QUARTER ENDED SEPTEMBER 30, 2024

	QUARTER ENDED
	September 30,	September 30,
	2024	2023
	---------------Rupees-------------
Loss for the period	(11,160,668)	(12,472,595)
Other comprehensive income for the period	-	-
Total comprehensive loss for the period	(11,160,668)	(12,472,595)

The annexd notes from 1 to 9 form an integral part of these ﬁnancial statements.

Chief Executive

Director

CFO

			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, 2022	522,144,000	-	(835,989,446)	331,712,177	17,866,731	624,593,909	642,460,640
Loss for the year	-	-	(60,271,380)	-	(60,271,380)	-	(60,271,380)
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)	323,349,491	60,287,233	653,309,709	713,596,942
Balance as at July 01, 2023	522,144,000	-	(887,128,572)	323,349,491	60,287,233	653,309,709	713,596,942
Loss for the year	-	-	(45,244,944)	-	(45,244,945)	-	(45,244,945)
Surplus on revaluation of property, plant and equipment -net of deferred
tax	-	-	-	-	-	-	-
Remeasurement of staﬀ retirement benefits -net of deferred tax	-	-	1,843,167	-	1,843,167	-	1,843,167
Loan received during the year	-	-	-	-	-	34,403,500	34,403,500
Loan from associates	-	-	-	-	-	290,000	290,000
Incremental depreciation - net of deferred tax	-	-	8,405,024	(8,405,024)	-	-	-
Balance as at June 30, 2024	522,144,000	-	(922,125,325)	314,944,467	16,885,456	688,003,209	704,888,665
Loss for the period	-	-	(11,160,668)	-	(11,160,668)	-	(11,160,668)
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 period	-	-	-	-	-	-	-
Loan from associates	-	-	-	-	-	2,430,000	2,430,000
Incremental depreciation - net of deferred tax	-	-	-	-	-	-	-
Balance as at September 30, 2024	522,144,000	-	(933,285,993)	314,944,467	5,724,788	690,433,209	696,157,997

The annexd notes from 1 to 9 form an integral part of these ﬁnancial statements.

Chief Executive

Director

CFO

FOR THE QUARTER ENDED SEPTEMBER 30, 2024	CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN
	-AUDITED)

CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)

FOR THE QUARTER ENDED SEPTEMBER 30, 2024

	September 30,	September 30,
	2024	2023
	Rupees	Rupees
a) CASH FLOWS FROM OPERATING ACTIVITIES
Loss before taxation	(11,160,668)	(12,472,595)
Adjustments for non cash and other items:
Depreciation	7,110,483	7,358,896
Provision for staﬀ retirement beneﬁt-gratuity	-	589,246
Liability written back	-	-
Provision for obsolete stores and spares & written down to NRV	-	-
Reversal of Provision	-	-
Finance cost	181,369	410,214
	7,291,852	8,358,356
Operating cash ﬂow before working capital changes	(3,868,816)	(4,114,239)
Changes in working capital
(Increase) / decrease in current assets
Stores and spares	-	-
Stock in trade	-	-
Trade debts	2,875,000	(1,875,000)
Loans and advances		(1,786)
Advances and prepayments	3	-
Balance with statutory authorities	(1,039,769)	(799,998)
Increase in current liabilities
Trade and other payables	2,651,012	(65,673)
	4,486,246	(2,742,457)
Cash used in from operations	617,430	(6,856,696)
Finance cost paid	(234,073)	610,852
Taxes paid	(347,413)	7,224
Staﬀ retirement gratuity paid	-	-
	(581,486)	618,076
Net cash used in from operating activities	35,944	(6,238,620)
b) CASH FLOWS FROM INVESTING ACTIVITIES
Addition in property, plant and equipment	-	(1,621,233)
Long term deposits	-	-
Net cash (used in)/generated from investing activities	-	(1,621,233)
CASH FLOWS FROM FINANCING ACTIVITIES
c) Long term financing from banking companies	-	(2,429,917)
Short term financing	(2,429,913)	-
Deferred Liabilities	-	-
Long term security deposuts	-	-
Long term financing from directors and associates	2,430,000	10,131,000
Net cash generated from ﬁnancing activities	87	7,701,083
Net increase in cash and cash equivalents	36,031	(158,770)
Cash and cash equivalents at the beginning of the year	116,756	638,678
Cash and cash equivalents at the end of the year	152,787	479,908

The annexd notes from 1 to 9 form an integral part of these ﬁnancial statements.

Chief Executive

Director

CFO

SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE QUARTER ENDED SEPTEMBER 30, 2024

STATUS AND NATURE OF 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 and head office of the company is located at 35-Industrial area, Gulberg III, Lahore. The shares of the company are quoted on the Pakistan stock exchange limited. The principal business of the company is manufacturing and sale of yarn. The manufacturing units are located at 3-km, Manga Road, Raiwind in the province of Punjab.
BASIS OF PREPARATION

2.1 Statement of compliance

These financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan. The accounting and reporting standards applicable in Pakistan comprise of:

International Financial Reporting Standard (IFRS) 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 provisions of and directives issued under the Companies Act, 2017 differ from the IFRS, 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, 2024.

3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

The accounting policies and methods of computations adopted in 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, 2024.

		Un-audited	Audited
		30-Sep-24	30-Jun-24
4	PROPERTY, PLANT AND EQEUIPMENT	895,683,349	902,793,831

	Opening written down value	862,386,028	892,345,393
	Add: Deﬁcit during the year
	Add: Addition during the year	-	-
	Capital Work in Process	40,407,804	40,407,804
		902,793,832	932,753,197
	Less: Depreciation charged during the period / year	(7,110,483)	(29,959,366)
	Closing written down value	895,683,349	902,793,831

5. RELATED PARTY TRANSACTIONS

Disclosure of transactions between the Company and related parties have disclosed in the relevant notes to the financial statements except followings:

		(Un-audited)	(Un-audited)
Name of Related Party	Basis of relationship	September 30,	September 30,
2024	2023

		RUPEES	RUPEES
Loan obtained from;	Chief executive
Mr . Noor Elahi	2,430,000	8,991,000
Mrs. Parveen Elahi	Director	-	850,000
Mrs. Naheed Javed	Director	-	-
Naheed Noor Enterprises (Pvt) Limited	Common Directorship	-	290,000
Loan repaid to;

Mr . Noor Elahi	Chief executive
Naheed Noor Enterprises (Pvt) Limited	Common Directorship
Aroma drinks (Pvt.) Limited

6. CONTINGENCIES AND COMMITMENTS

6.1 Contingencies

-	-
-	-
-	-

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, 2024

6.2 Commitment

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, 2024

FINANCIAL RISK MANAGEMENT
The Company's financial risk management objectives and policies are consistent with those disclosed in the preceding audited annual published financial statements of the Company for the year ended 30 June 2024.
DATE OF AUTHORIZATION FOR ISSUE
The condensed interim financial statements were authorised for issued on October 30, 2024 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.

Chief Executive

Director

CFO