Data Textile Mills : Transmission of Quarterly Report for the Period Ended September 30, 2022

September Quarter

REPORT

2022

CONTENT

1. Vision and Mission Statement
2. Corporate Information
3. Director's Report
4. Statement of Financial Position
5. Statement of Profit and Loss
6. Statement of Cash Flows
7. Statement of Comprehensive Income
8. Statement of Change in Equity
9. Notes to the Financial Statements

	September Report 2022	1

Vision Statement

Our vision is:

• A leading manufacturer of cotton yarn by providing the highest quality of products and services to its customers.
• To strive for excellence through commitment, integrity, honesty and team work.
• Highly ethical company and be respected corporate citizen to continue playing due role in the social and environmental sectors of the company.
• To develop an extremely motivated and professionally trained work force, which would drive growth through innovation and renovation.
• Sustained growth in earning in real terms.

Mission Statement

Our mission is to a dynamic profitable and growth-oriented company by providing good return on investment to its shareholders, investors and quality products to its customers.

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Company Information

Board of Directors
1.	Mr. Faiz Ahmad	Chairman
2.	Mr. Hafiz Mudassar Alam	Chief Executive Officer
3.	Ms. Sara Mahmud	Non-Executive Director
4.	Mr. Farhan Abbas Sheikh	Non-Executive Director
5.	Ms. Alia Riaz	Independent Director
6.	Mr. Muhammad Iqbal	Independent Director
7.	Mr. Muhammad Nasir Mirza	Independent Director
Audit Committee
1.	Ms. Alia Riaz	Chairperson
2.	Mr. Muhammad Nasir Mirza	Member
3.	Mr. Muhammad Iqbal	Member
Human Resource and Remuneration Committee
1.	Mr. Muhammad Iqbal	Chairman
2.	Mr. Muhammad Nasir Mirza	Member
3.	Ms. Sara Mahmud	Member
Company Secretary	Mr. Inamullah
Chief Financial Officer	Mr. Muhammad Usman
Auditors	Rafaqat Mansha Mohsin Dossani Masoom
		Chartered Accountants
Legal Advisor	Cornelius Lane & Mufti
Registrar	F.D. Registrar Services (Private) Limited
		1705,17th Floor, Saima Trade Tower A. I.I
		Chundrigar Road Karachi.
		Phone: [phone]‐93
		Fax: [phone]
Registered Office	Office # 505, 5TH Floor, LSE Building, Aiwan-e-
		Iqbal, Lahore.

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Directors' Report

The Directors are pleased to present the un-audited Financial Statements of the Company for the three months' period ending on September 30, 2022.

Data Textiles Limited (the Company) is a public listed company limited by shares, incorporated in Pakistan under the Companies Ordinance, 1984, which is listed on Pakistan Stock Exchange (PSX), having its registered office located at Office No. 505, 5th Floor, LSE Plaza, Khayaban-e-Aiwan-e-Iqbal, Lahore.

The main activity of the company had been the manufacturing and sale of yarn; however, the Company had ceased to conduct its business from 2008 onwards. Due to stoppage of business/commercial operations and various other defaults the Listed Regulations of PSX, the shares of the Company had been placed on the defaulters trading counter by the Exchange (PSX). Subsequently, on the receipt of the winding up Show Cause notice to the Company from the SECP, the trading in the shares of the Company at PSX had been suspended on August 01, 2012.

Subsequent to the failure of the Company to defend the Show Cause notice of the SECP for the winding up of the Company, the Additional Registrar of the Companies, Company Registration Office (CRO), of the SECP, Lahore, filed an application (C.O. No.19/2017) in accordance with Section 305, read with Section 309 of the then Companies Ordinance 1984, together with all enabling provisions of the law, to the Honorable Court for the winding up of the Company, which has been allowed by the Honorable Lahore High Court on March 08, 2022. Upon this, the Honorable Court also appointed an Official Liquidator (Mr. Muhammad Faizan Saleem, Advocate) for completing the process of liquidation of the Company. Accordingly, the Official Liquidator assumed the powers of the Board of Directors of the Company to pursue the liquidation process of the Company.

The Hon'ble Lahore High Court, Lahore, vide its order dated January 11, 2023, has disposed the winding up petition after recalling the winding up order dated March 08, 2022 in case titled as Additional Registrar SECP Vs. Data Textiles Limited and others bearing C.O. no. 19/2017 (certified copy of Court Order is attached).

With this Order, Board of Directors have resumed their powers from the Official Liquidators and presented the revival business plan of the Company that includes:

1. Revival of trading activities permissible under Memorandum of Association of the Company;
2. Merger with the following unlisted operating entities;
3. 1. LSE PropTech Limited
   2. LSE Ventures Limited

The Scheme of compromises, arrangement and reconstruction for amalgamation/merger of Data Textiles Limited (and its members) with and into LSE Ventures Limited (and its members) and LSE PropTech Limited (and its members) is

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