Bilal Fibres : TRANSMISSION OF QUARTERLY ACCOUNTS MARCH-2024

BILAL

FIBERSLIMITED

QUARTERLY

REPORT (UN-AUDITED)

3RD QUARTER ENDED

MARCH 31, 2024

DIRECTORS' REPORT

The Directors of your Company are presenting before you the un-audited Accounts of the Company for the period ended March 31, 2024.

These Accounts have been prepared in compliance with IAS-34 and being submitted as required under section 237 of Companies Act, 2017.

The Company has incurred a loss of Rs.14.083 million for the period ended March 31, 2024 as compared to last year comparative period loss of Rs. 14.042 million.

OPERATING PERFORMANCE

During the period under review, mills operations had been shut down due to challenging conditions faced by the Company and therefore there was no business conducted.

FUTURE PROSPECTS

The management of the Company has been closely working with the banking companies to be out from these litigation matters amicably. The management is also exploring different options for potential investments / joint venture to cope with the prevailing crisis. We are very optimistic that our efforts would be successful in near future and the Company would be in position to resume its operations and able to diminish its losses with healthy profits and fulfil all its obligations. The management of your Company has continuously been doing efforts for the best possible solution to the benefit of all the stakeholders. We would like to thank all our shareholders for their continued support and cooperation.

ACKNOWLEDGEMENT

Hereby, we do appreciate the efforts for the continued support and cooperation extended to us by our customers, suppliers and bankers. The invaluable services rendered by our employees during such crucial time are also thankfully recognized.

For and behalf of the by Order of Board

Director

Chief Executive

Lahore

April 30, 2024

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ٹروپر زٹکیرئاڈ

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ہر رک شیپ سٹنؤاکا ہدش ٹڈآ ٹغے کے نپمک نل کے تدم لیاو نوہ متخ وک 2024 چرام 31 نماس کے پآ زٹکیرئاڈ کے نپمک کی پآ

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لیمعت کی IAS-34 سٹنؤاکا ہی ۔یہے

نک عمج قباطم کے تروض تحت کے 237 نشکیس کے 2017 ،ٹکیا ٹنپمکے

روا یہےنگ نکرایت یمے

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تدم لیباقت کے لاس ہتشزگ ہکبج ہ اوہ ناصقن اک نور یلمے

14.083 یمے تدم لیاو نوہ متخ وک 2024 چرام 31 وک نپمک۔یہے نگ

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14.042 یمے لےباقم کے ناصقن کے

۔ہ اوہ ناصقن اک نور یلمے

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سنمرافرپ گنٹیرپآ

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ئوک سے ہجو سا روا ےھت نگ ید رک دنب ٹشیرپآ کے ںولم سے ہجو کی تلااح گنجنلیچ شیپرد وک نپمک ،نارود کے تدم ہزئاج ریز

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۔اوہ یہنے رابوراک

تاناکما کے لبقتسم

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ہیر رک ماکرک لم ھتاس کے ںوینپمک گنکنیب نل کے نلکن سے ئولسا شوخ سے تلاماعم کے ئوج ہراچ ئوناق نا ہیماظتنا کی نپمک

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مہ ۔ہ ہیر رک شلات ھیب ٹشپآ فلتخم نل کے رچنیو ٹنئاوج /یراک ہیامسر ہنکمم نل کے نٹمن سے نارحب ہدوجوم ہیماظتنا ۔ہ

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بیرق لبقتسم یششوکے

یرامہ ہک یہےدیما رپ تہب

روا کیوہ یمے نشیزوپ کی نرک عوسر ہرابود ماکانپا نپمکروا کی ںوہ بایماک یمے

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ہیماظتنا کی نپمک کی پآ ۔کیوہ لباق کے نرکاروپ وک ںویراد ہمذ مامت نپا روا نرک مکوک تاناصقن نپا ھتاس کے عفانم دنم تحص

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لسلسم کیزرڈلوہ ٹیش مامت نپا مہ ۔ہ ہیر رک یششوکے

لسلسم نل کے لح ہنکمم نیٹہب نل کے ےدئاف کے زرڈلوہ کیٹسا مامت

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انرکادا ہیرکش اک نواعت روا تیامح

۔کے یہاچے

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فاتعا

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نرک فیرعت کی ںوششوک کی نواعت روا نواعت لسلسم سے فرط کیزرکنیب روا ناگدننک مہارف ،یفراص نپا مہ ،حرط سا

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میلست ھتاس کے رکش ھیب وک تامدخ لومنا لیاو یاج کی شیپ سے بناج کی یمزلام ےرامہ نارود کے تقو مہا سےیا ۔یہ

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۔ہ اتاج ایک

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سے بناج کی سا روا عےیرذ کے رڈرآ کے ڈروب

وٹیکیزگیا فیچ	ر
ٹکیرئاڈ
	روہلا
	2024 لیرپا 30

BILAL FIBRES LIMITED

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT MARCH 31, 2024

Un-AuditedAudited

March 31, 2024

June 30,

2023

Note

NON-CURRENT ASSETS

Rupees

Property, plant and equipment	4
Right of use assets	4
Investment Property	5
Long term deposits
CURRENT ASSETS
Stock in trade
Trade deposits and short term prepayments
Other receivables
Sales tax refundable
Tax Refunds Due From Government
Cash and bank balances
SHARE CAPITAL AND RESERVES
Authorised share capital
15,000,000 (June 30, 2023: 15,000,000) Ordinary shares of Rs. 10 each
Issued, subscribed and paid up capital
14,100,000 (June 30, 2023: 14,100,000) Ordinary shares of Rs. 10 each
Accumulated loss
Surplus on revaluation of property, plant and equipment
NON CURRENT LIABILITIES
Long term financing from Banking Companies - Secured
Long term financing from directors and associates
Liabilities against assets subject to finance lease
Deferred liabilities
CURRENT LIABILITIES
Trade and other payables
Unclaimed dividend
Accrued Interest/Mark up payable
Loan from directors and associates	6
Short term borrowings
Current portion of:
Long term financing from Banking Companies
Liabilities against assets subject to finance lease
Contingencies and commitments	7

The annexed notes form part of these financial statements.

323,961,289

45,066,727

572,997,757

1,156,180

943,181,953

57,872,747

2,925,765

18,502,975

818,786

3,515,444

439,690

84,075,407

1,027,257,360

150,000,000

141,000,000

(533,168,386)

401,577,282

9,408,896

-

-

-

7,561,010

7,561,010

45,443,036

235,776

97,520,035

129,271,361

136,365,534

493,145,381

108,306,331

1,010,287,454

-

1,027,257,360

336,690,005

46,822,573

572,997,757

1,156,180

957,666,515

57,872,747

2,925,765

17,002,975

818,786

3,515,444

440,530

82,576,247

1,040,242,762

150,000,000

141,000,000

(521,558,728)

404,051,436

23,492,708

-

-

-

7,561,010

7,561,010

45,443,036

235,776

97,520,035

128,172,951

136,365,534

493,145,381

108,306,331

1,009,189,044

-

1,040,242,762

CHIEF EXECUTIVE

CHIEF FINANCIAL OFFICER

DIRECTOR

BILAL FIBRES LIMITED

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024

Note

Nine months ended

March 31, 2024 March 31, 2023

Rupees

Quarter ended

March 31, 2024	March 31, 2023
Rupees

Sales

Cost of sales

Gross loss

Distribution cost

Administrative expenses

Other income

Finance cost

Loss before taxation

Taxation

Loss after taxation

-

-

-

-

(15,582,971)

1,500,000

(841)

(14,083,812)

(14,083,812)

-

(14,083,812)

-

-

-

-

(18,541,941)

4,500,000

(870)

(14,042,811)

(14,042,811)

-

(14,042,811)

-	-
-		-
-	-
-		-
(4,573,058)		(6,239,315)
-		1,500,000
-		(116)
(4,573,058)	(4,739,431)
(4,573,058)	(4,739,431)
-	-
(4,573,058)	(4,739,431)

Loss per share - basic and diluted	(1.00)	(1.00)

(0.32)	(0.34)

The annexed notes form part of these financial statements.

CHIEF EXECUTIVE

CHIEF FINANCIAL OFFICER

DIRECTOR

BILAL FIBRES LIMITED
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (Un-Audited)
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024
	Nine months ended		Quarter ended
	March 31, 2024		March 31, 2023		March 31, 2024		March 31, 2023
	Rupees		Rupees
Loss after taxation	(14,083,812)	(14,042,811)	(4,573,058)	(4,739,431)
Other comprehensive income	-	-	-	-
Total comprehensive income / (loss) for the
(14,083,812)	(14,042,811)	(4,573,058)	(4,739,431)

period

The annexed notes form part of these financial statements.

CHIEF EXECUTIVE

CHIEF FINANCIAL OFFICER

DIRECTOR

BILAL FIBRES LIMITED

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024

			Revenue Reserve		Capital Reserve
	Share
				Surplus on		Total
	capital
		Accumulated loss		revaluation of
					fixed assets
	------------------------------------------		( Rupees ) --------------------------------------
Balance as on 01 July 2022	141,000,000	(501,564,754)	407,523,932	46,959,178
Transfer from surplus on revaluation on account of
incremental depreciation - net of tax		2,565,219	(2,565,219)
	-					-
Net Profit/(loss) for the year	-	(14,042,811)	-	(14,042,811)
Other comprehensive income for the period	-	-	-	-

Balance as on 31 March 2023

Balance as on 01 July 2023

Transfer from surplus on revaluation on account of incremental depreciation - net of tax

141,000,000	(513,042,346)	404,958,713	32,916,367
141,000,000	(521,558,728)	404,051,436	22,267,708
-	2,474,154	(2,474,154)	-

Net Profit/(loss) for the year	-	(14,083,812)	-	(14,083,812)
Other comprehensive income for the period	-	-	-	-
Balance as on 31 March 2024	141,000,000	(533,168,386)	401,577,282	8,183,896

The annexed notes form part of these financial statements.

CHIEF EXECUTIVE

CHIEF FINANCIAL OFFICER

DIRECTOR

BILAL FIBRES LIMITED

CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024

	Nine months ended
Note	March 31, 2024 March 31, 2023
	(Rupees)

CASH FLOWS FROM OPERATING ACTIVITIES

Loss before taxation

Adjustment for non-cash and other related items:

Depreciation on operating fixed assets

Depreciation on right of use assets

Finance cost

Cash flow generated/(used in) from operating activities before working capital changes

Effect on cash flow due to working capital changes :

(Increase) / decrease in current assets:

Other receivables

Increase / (decrease) in current liabilities:

Increase in trade and other payables

Loan from directors and associates

Net cash used in working capital

Cash generated from operations

Finance cost

Net cash generated from operating activities

CASH FLOWS FROM FINANCING ACTIVITIES

Increase/(decrease) in short term borrowings - net

Increase/(decrease) in financing from directors and associates

Net cash (used in) financing activities

(14,083,812)

12,728,715

1,755,846

841

401,590

(1,500,000)

-

1,098,410

(401,590)

0

(840)

(840)

-

-

-

(4,522,067)

4,470,227

616,086

754

565,000

(1,000,000)

420,000

-

(580,000)

(15,000)

(754)

(15,754)

-

-

-

Net (decrease)/increase in cash and cash equivalents	(840)	(15,754)
Cash and cash equivalents at the beginning of the period	440,530	445,250
Cash and cash equivalents at the end of the period	439,690	429,496

The annexed notes form part of these financial statements.

CHIEF EXECUTIVE

CHIEF FINANCIAL OFFICER

DIRECTOR

BILAL FIBRES LIMITED

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (Un-audited)

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024

1 LEGAL STATUS AND NATURE OF BUSINESS

1.1 The company is limited by shares, incorporated in Pakistan on April 13, 1987 under the Companies Ordinance, 1984 (Repealed with the enactment of the companies Act, 2017) and the shares of the company are listed on Pakistan Stock Exchange Limited. The principal business of the company is manufacture and sale of yarn. The geographical location and address of the company's business units including plant as follows.

Business Unit	Geographical location and address
Registered office	Plaza No.47,48-B Gate No.1 B Block Elite Town, 29-km Main Ferozepur
	Road Lahore Punjab
Manufacturing Plant	38.KM, Sheikhupura Road, Tehsil Jarranwala, District, Faisalabad

1.2 Significant transactions and events affecting the Company's financial position and performance

The Company had closed its operation since June 16, 2016 and reported accumulated losses of Rupees 533.168 million (June 30, 2023: Rupees 521.559 million). The current liabilities exceeded its current assets by Rupees 926.212 million (June 30, 2023: Rupees 926.613 million) as of balance sheet date. These conditions along with adverse key financial ratios and company's court cases with the banking companies on its inability to comply with covenants of loan agreements and to pay long term financing liabilities against assets subject to finance lease, short term borrowings and related finance costs on due dates indicate the existence of a material uncertainty which may cast significant doubt about the company's ability to continue as a going concern and therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business.

These financial statements, however, have been prepared under the going concern assumptions as the management after settling trade creditors is seeking amicable settlement of cases with the banking companies and at the same time in search of local or international investors to enter into joint venture arrangement to invest in the plant and machinery in order to compete with the international market players. Moreover, In order to meet the day to day expenses, the company has leased out the factory premises.

1. BASIS OF PREPARATION
   This interim financial information is not audited and has been presented in condensed form and does not include all the information as is required to be provided in a full set of annual financial statements. This condensed interim financial information should be read in conjunction with the audited financial statements of the Company for the year ended June 30, 2023.

1. Statement of compliance
   This condensed interim financial information has been prepared in accordance with the requirements of International Accounting Standard 34 - Interim Financial Reporting, and provisions of and directives issued under the Companies Act, 2017. In case where requirements differ, the provisions of and directives issued under the Companies Act, 2017 have been followed.
2. Change in accounting standards, interpretations and amendments to published approved accounting standards

1. Standards, interpretations and amendments to published approved accounting standards that are effective
   There are certain amendments and interpretations to the accounting and reporting standards which are mandatory for the Company's annual accounting period which began on July 1, 2023. However, these do not have any significant impact on the Company's financial reporting.
2. Standards, interpretations and amendments to published approved accounting standards that are not yet effective
   There are certain amendments and interpretations to the accounting and reporting standards that will be mandatory for the Company's annual accounting periods beginning on or after July 1, 2023. However, these will not have any impact on the Company's financial reporting and, therefore, have not been disclosed in these condensed interim financial statements.

1. Basis of measurement
   This condensed interim financial information has been prepared under the historical cost convention except for certain financial instruments at fair value, certain financial liabilities at amortized cost and employees retirement benefits at present value. In this financial information, except for the amounts reflected in the statement of cash flows, all transactions have been accounted for on accrual basis.
2. Accounting Estimates and Judgments
   The preparation of condensed interim financial information requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amount of assets and liabilities, income and expenses. Actual results may differ from these estimates. The significant judgments made by management in applying the Company's accounting policies and the key source of the estimates are the same as those that applied to the financial statements for the year ended June 30, 2023.
3. Functional currency
   This financial information is prepared in Pak Rupees which is the Company's functional currency.

1. SIGNIFICANT ACCOUNTING POLICIES
   The accounting policies and methods of computation adopted in the preparation of these condensed interim financial statements are the same as those applied in the preparation of preceding annual financial statements of the Company for the year ended June 30, 2023 except as disclosed otherwise.

7

BILAL FIBRES LIMITED
NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (Un-audited)
FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2024
				Un-Audited	Audited
				March 31,	June 30,
			Note
			2024			2023
				Rupees
4	PROPERTY PLANT & EQUIPMENT
	Operating assets	4.1	323,961,289			336,690,004
	Right-of-use assets	4.2		45,066,727			46,822,573
			369,028,016			383,512,577
4.1	Operating assets
	Opening Book Value		336,690,004			354,570,907
	Depreciation charged during the period / year		(12,728,715)			(17,880,903)
			323,961,289			336,690,004

4.2 Right-of-use assets

	Opening Balance	46,822,573	49,286,919
	Depreciation charged during the period	(1,755,846)	(2,464,346)
		45,066,727	46,822,573
5	INVESTMENT PROPERTY
	Opening net book value	572,997,757	572,997,757
	Fair Value Gain	-		-
	Closing net book value	572,997,757	572,997,757

1. Investment property represents the fair value of land and building leased out by the company to MKB Spinning Mills Limited since April 01, 2017. The fair value of investment property is determined by the M/s Akram Enterprises independent valuer as at July 11, 2022 having relevant professional experience. The fair market value was determined from market based evidence in accordance with the market value of similar land and building existing in near vicinity.
   There are no contractual obligations to purchase, construct or develop investment property or for repairs, maintenance or enhancements.
2. Forced Sale Value
   The forced sale value of Land and Building is 249.240 and 237.807 million respectively.

6	LOAN FROM DIRECTORS AND ASSOCIATES - UNSECURED
			Un-Audited	Audited
		Notes	March 31,	June 30,
		2024			2023
			Rupees
	Mian Naeem Omer		93,720,081			92,672,951
	Mian Muhammad Saleem Omer		11,000,000			11,000,000
	Mrs. Surrya Begum		1,500,000			1,500,000
	Mrs. Farrah Naeem		23,000,000			23,000,000
			129,220,081			128,172,951

6.1 During the year ended June 30,2023, the agreement has been revised and the loan is payable on demand of directors and associates.

CONTINGENCIES AND COMMITMENTS

7.1 Contigencies and commitments are same as at June 30, 2023.

1. TRANSACTION WITH RELATED PARTIES
   The related parties comprise of associated undertakings, other related companies and key management personnel. The company in the normal course of business carried out transactions with related parties. There are no other significant related
2. GENERAL

1. There are no other significant activities since June 30, 2023 affecting the interim financial information.
2. Figures have been rounded off to the nearest Rupee.

10 DATE OF AUTHORIZATION FOR ISSUE

This condensed interim financial information have been approved by the Board of Directors of the Company and authorized for issue on April 30, 2024.

CHIEF EXECUTIVE

CHIEF FINANCIAL OFFICER

DIRECTOR