ANNUAL REPORT
2024
SALLY TEXTILE MILLS LIMITED
Mission Statement
The Mission of Sally TexÆle Mills Limited is to be the finest
organizaon, and to conduct business responsibly
and in a straight forward way.
Our basic aim is to benefit the customers, employees
and shareholders and to fulfill our commitments to the society.
Our hallmark is honesty, innovaon, teamwork of our people and our ability to respond effecvely to change in all aspects of life including technology, culture and environment.
We will create a work environment, which mo]vates, recognizes and rewards achievements at all levels of the organizaon because
In Allah We Believe & In People We Trust
We will always conduct ourselves with integrity
and strive to be the best
CONTENTS
COMPANY INFORMATION
VISION & MISSION STATEMENT
NOTICE OF ANNUAL GENERAL MEETING
KEY OPERATING & FINANCIAL DATA
03
04
05
07
DIRECTORS' REPORT
08
STATEMENT OF COMPLIANCE WITH BEST PRACTICES OF CODE OF CORPORATE GOVERNANCE
REVIEW REPORT ON THE STATEMENT OF COMPLIANCE
INDEPENDENT AUDITOR'S REVIEW REPORT
14
17
18
STATEMENT OF FINANCIAL POSITION
STATEMENT OF PROFIT OR LOSS
STATEMENT OF COMPREHENSIVE INCOME
STATEMENT OF CHANGES IN EQUITY
STATEMENT OF CASH FLOWS
NOTES TO THE FINANCIAL STATEMENTS
PATTERN OF SHAREHOLDING OF ORDINARY SHARES
FORM OF PROXY
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22
23
24
25
26
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Sally TexÆle Mills Limited Annual Report 2024
Company Informaon
Board Of Directors
Mian Iqbal Salahuddin | Chief Execuve Officer |
Mst. Munira Salahuddin | |
Mian Yousaf Salahuddin | |
Mian Asad Salahuddin | |
Mian Sohail Salahuddin | |
Muhammad Khalil Laf | |
Syed Abid Raza Zaidi | |
Audit Commiee | |
Muhammad Khalil Laf | Chairman |
Mian Asad Salahuddin | Member |
Mian Sohail Salahuddin | Member |
Syed Abid Raza Zaidi | Secretary |
Human Resources & Remuneraon Commiee
Muhammad Khalil Laf | Chairman |
Mst. Munira Salahuddin | Member |
Mian Sohail Salahuddin | Member |
Chief Financial Officer
Mr. Abid Ali Bajwa
Company Secretary
Syed Abid Raza Zaidi
Auditors
H.A.M.D & Co.
Chartered Accountants
Bankers
Naonal Bank Of Pakistan
Silk Bank Limited
The Bank of Punjab
Meezan Bank Limited
Habib Bank Limited
Registered Office
2-S, Gulberg II, Lahore.
Phones : (042) 35759002
E-mail : sallytex@hotmail.com
Fax | : (042) 35754394 |
Mills
Muzaffargarh Road, Jauharabad
Phones: (0454) 720645, 720546, 720311
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Sally TexÆle Mills Limited Annual Report 2024
Vision and Mission Statement
Vision
To achieve consistent superior performance in all respects, provide quality products to our valued customer and run the company purely on professional grounds
Mission
- Connuous improvement in total quality performance by achieving high standards in our products and
providing these to our customers without error, on }me and every me.
- We are dedicated to supply the product of highest quality and standards, yet at a reasonable cost for our naonal and internaonal customer's sasfacon.
- All of our commitments, ac ons and products must be recognized as an expression of quality.
- We are commied to improve our skills and know-how, competency, praccal experience and training of employees by implemenng quality system.
- We connuously improve the performance of quality standards through praccal parcipaon of our employees at all levels.
- Our mission is to meet Naonal and Internaonal Standards, Customers' Sasfacon and Connuous Improvements in our standards through use of latest methods and employees sasfacon.
Statement of Ethics and Business Pracces
We believe that a complete code of ethics is essenal for the maintenance of integrity and professionalism in the day-to-day funconing of Sally TexÆle Mills Limited. We always place the Company's interest first through resource management namely human, financial and other infra structural facili]es and to ensure reasonable return to all the shareholders. Conduct business as a responsible and law abiding corporate member of society to achieve its legi mate commercial objecve and supports uncondionally the Compliance with best Pracces of Corporate Governance for the beerment of corporate culture. We develop and observe cost effecve pracces in our acvies and strive for excellence and quality. We encourage ini]ave and self-realizaon in employees through meaningful empowerment.
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Sally TexÆle Mills Limited | Annual Report 2024 |
Noce of Annual General Meeng | |
05 |
Sally TexÆle Mills Limited Annual Report 2024
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Sally TexÆle Mills Limited Annual Report 2024
Key Operang and Financial Data
2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
Rupees in million
OPERATING PERFORMANCE | |||||||
Sales | - | - | - | - | - | 112 | 1,913 |
Gross (loss)/profit | (32) | (33) | (35) | (37) | (40) | (155) | (242) |
(Loss) / Profit before tax | (204) | (106) | 92 | (139) | (262) | (329) | (373) |
Tax | 9 | 9.4 | (0.93) | 10 | 7.2 | 13 | 25 |
(Loss) / Profit aer tax | (195) | (96) | 91 | (128) | (254) | (316) | (398) |
FINANCIAL POSITION | |||||||
Assets | |||||||
Non-current assets | 736 | 768 | 800 | 834 | 872 | 911 | 957 |
Current assets | 760 | 805 | 805 | 805 | 805 | 805 | 838 |
Total assets | |||||||
1,496 | 1,573 | 1,605 | 1,639 | 1,677 | 1,716 | 1,796 | |
Equity & liabilies | |||||||
Share capital & reserves | |||||||
(667) | (1337) | (1245) | (1311) | (1215) | (964) | (653) | |
Surplus on revaluaon | 204 | 207 | 210 | 215 | 218 | 222 | 227 |
Total equity | (472) | (1130) | (1035) | (1096) | (997) | (742) | (426) |
Non-current liabilies | |||||||
129 | 819 | 772 | 906 | 844 | 783 | 844 | |
Current liabilies | 1839 | 1884 | 1868 | 1,829 | 1,830 | 1,675 | 1,378 |
Total liabilies | 1,968 | 2,703 | 2,640 | 2,735 | 2,674 | 2,458 | 2,222 |
Total | |||||||
1,496 | 1,573 | 1,605 | 1,639 | 1,677 | 1,716 | 1,796 | |
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Sally TexÆle Mills Limited Annual Report 2024
Directors' Report
The Directors of Sally TexÆle Mills Limited ("the Company") present the 56th annual report of the Company for the period ended June 30, 2024.
Overview - Performance review
During the period under review, mill operaons remained shut down. As evident from our accounts, there was no business conducted. The board is expecng same uncertainty for future unl maer is resolved with banking companies and business of the company is restored.
The financial results in a summarized form are given hereunder:
Descripon
Turnover - net
June 30, 2024 | June 30, 2023 |
Rs. in '000' | Rs. in '000' |
- | - |
Gross Profit / (Loss)
(31,516)
(33,336)
Loss before tax
(204,116)
(105,659)
Loss aer tax
(195,115)
(96,167)
Loss per share
Loss per share of your company for ended June 30, 2024 is Rs. (22.24) as compared to Rs. (10.96) for the comparave period ended June 30, 2023.
Modificaon in Auditors' Report and Going Concern assumpons
The Company had been facing operaonal losses. High cost of business due to leverage remains the main impediment for re-starng operaons. Books of account could not be updated due to closure of operaons and non-availability of staff. In addion, delays in approvals/post-approval formalies from financial instušons resulted in further losses which eventually led to halng mill operaons. The Company is rigorously following ligaon with the banking companies for suitable resolu}on.
Internal financial controls
A system of internal control is established and implemented at all levels within the Company to ensure achievement of Company objecives and compliance with laws and regulaons.
Risk management
Your Company has formulated risk management structure by ancipang risks and migang the risks swily. In order to address business related risks, the risk management policy specifies role for each individual department for taking appropriate measures.
Corporate Social Responsibility (CSR)
Your company gives high priority to its social responsibilies. However, due to negave cash - our CSR levels were curtailed this year.
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