Khalid Siraj Textile Mills : Transmission of Quarterly Report for the Period Ended December 31, 2022

KHALID SIRAJ

TEXTILE MILLS LIMITED

INTERIM FINANCIAL REPORT

For the half year ended

December 31, 2022

KHALID SIRAJ

Textile Mills Limited

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KHALID SIRAJ

TEXTILE MILLS LIMITED

Contents

Company Information	1
Directors' Report			2
Directors' Report (Urdu)		3
Auditors' Review Report		4
Condensed Interim Statement of Financial Position	6
Condensed Interim Statement of Profit or Loss and Other Comprehensive Income		7
Condensed Interim Statement of Cash Flows	8
Condensed Interim Statement of Changes in Equity		9
Notes to the Condensed Interim Financial Information		10

KHALID SIRAJ

TEXTILE MILLS LIMITED

Company Information

Chief Executive Officer	-	Mian Tayyab Iqbal
Directors	-	Mian Iqbal Barkat
	-	Mian Hassan Barkat
	-	Mian Tahir Iqbal
	-	Mrs. Abida Iqbal
	-	Mrs. Rafia Hassan
	-	Mr. Shahid Mehmood
Audit Committee
Chairman	-	Mr. Shahid Mehmood
Members	-	Mrs. Rafia Hassan
	-	Mian Tahir Iqbal
HR Committee
Chairman	-	Mr. Shahid Mehmood
Members	-	Mian Hassan Barkat
	-	Mrs. Abida Iqbal
Company Secretary	-	Haji Tariq Samad
Auditors	-	Kamran & Co.
		Chartered Accountants
		A/2, Ingola Appartments, 24-Jail Road, Lahore.
Bankers	-	National Bank of Pakistan
		Dubai Islamic Bank Pakistan Limited
		Habib Metropolitan Bank Limited
		Silk Bank Pakistan Ltd
		Meezan Bank Limited
Chief Financial Officer	-	Mr. Nabeel Ahmed
Legal Advisor	-	Mr. Majid Ali Rana (Advocate)
Share Registrar	-	M/s. Corplink (Pvt) Limited
		Wings Arcade, 1-K, Commercial, Model Town, Lahore.
		Ph: 042-35916714, Fax: [phone]
Registered Office	-	135-Upper Mall, Lahore.
Website Address	-	www.kstml.com
Mills	-	48-K.M,Lahore-Multan Road, Phool Nagar (Bhai Pheru),
		Tehsil Pattoki, Distt. Kasur.

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KHALID SIRAJ

TEXTILE MILLS LIMITED

Directors' Report

Dear Shareholders

Assalam-o-Alaikum,

The Board of Directors of your Company is pleased to present before you the Condensed Interim Financial Information (Un-Audited) duly reviewed by the auditors for the half year ended December 31, 2022 in compliance with requirements of the Companies Act, 2017.

Financial Highlights

		Half Year ended	Half Year ended	Quarter ended	Quarter ended
		December 31,	December 31,	December 31,	December 31,
		2022	2021	2022	2021
		(Rupees in	(Rupees in	(Rupees in	(Rupees in
		million)	million)	million)	million)
−	Other Income	-	13.800	-	7.200
−	Loss after tax	(10.747)	(0.531)	(6.036)	(2.456)
−	Depreciation	13.085	15.017	6.542	7.509
−	Deferred Tax	(3.241)	(1.484)	(1.340)	(1.798)
−	Cash Gain/(Loss)	(0.903)	13.002	(0.834)	3.255

The Company has incurred a net loss of Rs.10.747 million (Dec 2022:Rs.0.531 million) resulting in accumulated losses of Rs.412.349 million (30 Jun 2022:Rs.409.537 million) at the close of the half year ended 31 Dec 2022. The Company's current liabilities exceed its current assets by Rs.133.819 million (30 Jun 2022: Rs.132.916 million). The Company managed its liquidity constraints largely thru financing from its sponsors. The Company's ability to continue as a going concern is dependent on continued financing from sponsors.

Future Outlook / Strategy

The Current environment is very challenging. The floods caused the cotton harvests to be devastated. Additionally, the situation has worsened due to political unrest, import restrictions, and an unchecked dollar increase. These factors have increased inflation, undermined the rupee, driven up cotton prices, driven up the cost of electricity per unit, and, most importantly, harmed business confidence. Furthermore with the weak current financial position of the government foreign reserves importing cotton too looks very difficult.

We hope that a Change in Government Policies and facilitation to textile sector will bring fruitful results for the Company.

Acknowledgement:

We are grateful to all our stakeholders exclusively the bankers for their ongoing support and the employees of the company for their commitment and hard work.

For and on behalf of the Board

Mian Tayyab Iqbal	Mian Tahir Iqbal
Chief Executive	Director

Lahore:

Dated: 22rd February, 2023

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KHALID SIRAJ

TEXTILE MILLS LIMITED

Directors' Report (Urdu)

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