Mubarak Textile Mills : Transmission of Half Year Report for the Period Ended 2022-12-31

MUBARAK

TEXTILE MILLS LIMITED

FINANCIAL STATEMENTS (UN-AUDITED)

FOR THE HALF YEAR ENDING

DECEMBER 31, 2022

MRS. SANA KHALID

2022.

0.0324

0.760 (M)

0.00786 (M)

23-02-2023

2022
0.0324 (M)	2022
2021	0.760 (M)
	0.00786 (M)
	23-02-2023

We have reviewed the accompanying condensed interim statement of financial position of MUBARAK TEXTILE MILLS LIMITED as at December 31, 2022 and the related condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows together with the selected notes forming part thereof, for the six month period then ended (hereinafter referred to as the "interim financial statements"). Management is responsible for the preparation and presentation of the interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan. Our responsibility is to express a conclusion on these financial statements based on our review.

The figures included in condensed interim statement of profit or loss and condensed interim statement of comprehensive income for the quarters ended December 31, 2022 and 2021 and the notes forming part thereof have not been reviewed by us, as we are required to review only the cumulative figures for the six months' period ended December 31, 2022.

Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Basis for Adverse Conclusion

We believe that the procedures we have performed are sufficient and appropriate to provide a basis for our adverse conclusion and we report that:

1. The company has suffered a loss of Rs. 0.637 million during the period ended December 31, 2022 (2021: Rupees 0.634 million) and as on that date its accumulated losses stood at Rupees 84.966 million (Rupees 84.925 million: June 30, 2022). As on this date, the company's current liabilities exceeded its current assets by Rupees 5.599 million (Rupees 5.203 million: June 30, 2022). The Company through special resolution dated October 31, 2009 accorded approval of its shareholders for sale of its plant & machinery and to lease out factory buildings to sustain its working capital requirements; moreover, the Company's plan to enter into trading business in the near future as envisaged by the management has not yet materialized, and we were neither provided with future projections of the Company nor alternate