CO
NT
EN
TS
CO
NT
EN
TS
CO
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EN
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Corporate Information
Directors’ Report
Condensed Interim Balance Sheet
Condensed Interim Profit & Loss Account
Condensed Interim Statement of Comprehensive Income
Condensed Interim Statement of Cash Flow
Condensed Interim Statement of Changes in Equity
Selected Notes to the Condensed Interim Financial Statement
02
03
10
11
12
13
14
Consolidated Condensed Interim Balance Sheet
Consolidated Condensed Interim Profit & Loss Account
Consolidated Condensed Interim Statement of Comprehensive Income
Consolidated Condensed Interim Statement of Cash Flow
Consolidated Condensed Interim Statement of Changes in Equity
Selected Notes to the Consolidated Condensed Interim Financial Statement
09
23
24
25
26
27
28
2
Board of Directors
CORPORATE INFORMATION
Company SecretaryMr. Islam Ahmed
Chief Financial OfficerMr. Shaukat Hussain Ch.
AuditorsMushtaq & Co.,Chartered Accountants
Registered OfficeDin House, 35-A/1, Lalazar Area,
Opp: Beach Luxury Hotel, M. T. Khan Road, Karachi.
MillsUnit-I and II: Kot Akbar Khan, 70 Km Multan Road, Tehsil Pattoki,
District Kasur, Punjab.Unit-III: Revenue Estate, Bhai Kot, Tablighi Chowk, Raiwind Road,
Tehsil and District Lahore - Punjab.Unit-IV: 48 Km Multan Road, Bhai Pheru, District Kasur, Punjab.
Websitewww.dingroup.com
Ba
nk
er
s
(ACA, FPFA, CFC )
ChairmanDirectorChief ExecutiveDirectorDirectorDirectorDirector
Audit Committee
Human Resource and Remuneration Committee
Shaikh Mohammad PervezShaikh Muhammad TanveerMr. Abdul Razzak Tarmuhammad
ChairmanMemberMember
ChairmanMemberMember
Shaikh Mohammad MuneerShaikh Mohammad PervezShaikh Muhammad TanveerShaikh Mohammad NaveedMr. Faisal JawedMr. Farhad Shaikh MohammadMr. Abdul Razzak Tarmuhammad
Allied Bank Ltd.
Barclays Bank PLC .
Dubai Islamic Bank Pakistan Ltd.
Faysal Bank Ltd.
Habib Bank Ltd.
Habib Metropolitan Bank Ltd.
MCB Bank Ltd.
Meezan Bank Ltd.
National Bank of Pakistan.
Pak Oman Investment Co. Ltd.
Standard Chartered Bank (Pakistan) Ltd.
The Bank of Punjab.
Mr. Abdul Razzak TarmuhammadShaikh Mohammad PervezMr. Farhad Shaikh Mohammad
31-Mar-14 Inc. / (Dec.) % age
Dear shareholders
Financial Results
a.
b.
DIRECTORS’ REPORT
Sales Gross Profit Pre-tax Profit After Tax Profit Gross Profit After Tax Profit Earning per share
General Market Conditions
Rupees in ‘000’Rupees in ‘000’Rupees in ‘000’Rupees in ‘000’PercentagePercentageRupees
3
operation cost.
Nine Months Ended
The Board of Directors take great privilege to present the un-audited Condensed Interim Financial Information of the Company along with observation on the performance of the company for the 3rd Quarter ended March 31,2014, are hereby presented to you in compliance with requirements of the section 245 of the Companies Ordinance ,1984.
During the 3rd quarter under review, the operational results of your company are as follows.
6,463,139 722,968 227,792 175,507 11.19
2.72 7.83
31-Mar-13
6,103,666 1,015,990 612,152 483,393
16.65 7.92 21.56
6 (29) (63) (64)
During the 3rd quarter under review the profitability of your company has shown a substantial improvements by managing to surmount the challenges faced by the whole industry in shape of high cost of fuel and power and intruppeted of power and gas supply.
Although the overall economy continue showing downward profitability trend the management of your company expects that they will remain successful in improving the situation in the remaining period of the financial year by strategic planning and reduce the per unit cost.
In addition to sales of the premium yarn , the rise in export sale of your company was also boosted by the start of sale of certain categories of specialized yarn for the international market. All these factors contributed towards improvements in the company's operations and reducing the
The economy of Pakistan is the 26th largest in the world in terms of purchasing power parity (PPP), and 44th largest in terms of nominal GDP. However as Pakistan has a population of over 183 million (the world's 6th-largest), thus GDP per capita is $4,141 ranking 140th in the world. Pakistan is a rapidly developing country and is one of the Next Eleven, the eleven countries that, along with the BRICs, have a high potential to become the world's largest economies in the 21st century. However, after decades of war and social instability, as of 2014,
serious deficiencies in basic services such as railway transportation and electric power generation had developed. The economy is semi-industrialized, with centers of growth along the Indus River. Major industries includes textiles (garments, bed linen, cotton cloth, yarn), chemicals, food processing (mainly sugar, salt, wheat, rice, fruit), agriculture, fertilizer, cement, dairy,polutary and rugs.
There is a direct need to fast-track the economy. A beginning has to be made involving at times painful and difficult decisions. Enabling conditions would have to be provided for increasing production, exports and employment opportunities. The primary prerequisite for all these is investment. Investment in industry is urgently required to impart inherent strength to the economy and confer on it the resilience to manage shocks and in the long term cure the economy of inflationary propensities and the like. There is an inverse relationship between industrial investment and interest rates. High interest rates while keeping inflation low have always disabled investment in industry. For achieving an economic turnaround a special line of credit for industry at internationally competitive interest rates is imperative.
China’s current progress in textiles and the continuing shift of its focus on downstream sectors gives an opportunity to Pakistan to fill up the area in spinning and weaving being vacated by China. This is an opportunity that should not be missed. We must take benefit of the rapid economic progress of China and enable synergies of operation to be achieved. Many Chinese companies have shown interest to explore Pakistan’s energy sector for making investment in hydro, solar and wind energy projects and help it in overcoming its energy problems.
4
Future OutlookIn future China would be focusing on hitech sectors, like Japan and Korea. The Federal Advisor was optimistic for the enhancement of textile exports due to EU allowing Pakistan duty free market access to the textile products bringing Pakistan at par with Bangladesh. Pakistan and China agreed to establish a joint Economic Corridor Energy Information platform, for which China would extend $6 million. After detailed formal deliberations during the first meeting of Energy Planning Working Group of China-Pakistan Economic Corridor (CPEC), Ministry of Water and Power, in an official announcement, stated that both parties discussed the organizational framework, basic concepts, main items, work programme and an enabling mechanism of the energy planning of CPEC. Ministry of Water and Power and China's National Energy Administration agreed for a fast-track implementation of the 21,690 MW power and related infrastructure projects under CPEC. It was agreed that both sides would jointly establish China-Pakistan Economic Corridor Energy Information Platform and provide timely, precise and complete data and information of the platform and also establish an Energy Planning Expert Group.
Growth poles of Pakistan's economy are situated along the Indus River the diversified economies of Karachi and major urban centers in the Punjab, coexisting with lesser developed areas in other parts of the country. The economy
has suffered in the past from internal political disputes, a fast growing population, mixed levels of foreign investment. Foreign exchange reserves are bolstered by steady worker remittances, but a growing current account deficit – driven by a widening trade gap as import growth outstrips export expansion – could draw down reserves and dampen GDP growth in the medium term. Pakistan is currently undergoing process economic liberalization with includes privatization of all government corporations, aimed to attract foreign investment and decrease budget deficit in 2014, foreign currency reserves cross $10b while it is expected to cross $15 billion by end-2014.
Under these very difficult challenges, your director would like to assure you that every effort will be made to achieve better results in the becoming years. Your company remain committed to business growth and opportunity for new investment and your company's management is well aware of the challenges that are ahead and focusing on value added products to deal with the ongoing crisis and will be making all efforts to ensure continued growth, operational efficiency and optimal results for the company and its valued stakeholders in the days to come.
Acknowledgment
The mission of Din Textile Mills Limited is to be the finest organization, and to conduct business responsibly and in a straight forward way. Our hall mark is honesty, innovation, teamwork of our people and our ability to respond effectively to change in all aspects of life including technology, culture and environment. Our basic aim to benefit the customers, employees and shareholders and fulfill our commitment to the society.
In the end we would like to thank Almighty for all his blessing in these challenges times and to convey our appreciation to all our customers, dealers, bankers and stakeholders for their continued support and confidence in the company. We also want to recognize the efforts of all our team members, who have worked diligently to achieve the results.
5
On behalf of the Board of Directors
Karachi:
Dated :April 26, 2014
SHAIKH MUHAMMAD TANVEER
Chief Executive
9
(Amounts in Thousand)
Note31-Mar-14
Rupees
30-Jun-13 30-Jun-12Rupees Rupees
The annexed notes form an integral part of these condensed interim financial statements.
5
7
6
NON CURRENT ASSETS
Property, plant and equipment
Long term deposits
Long term invesment
Deferred tax assets
CURRENT ASSETS
Stores, spare parts and loose toolsStock in tradeTrade debtsLoans and advancesTrade deposits and short term prepaymentsOther receivablesTax refunds due from the GovernmentCash and bank balances
CURRENT LIABILITIES
Trade and other payablesAccrued mark up / interestShort term borrowingsCurrent portion of Long term financing from banking companies - securedLiabilities against assets subject to finance lease
WORKING CAPITAL
TOTAL CAPITAL EMPLOYED
NON CURRENT LIABILITIES
Long term financing from banking companies - securedLiabilities against assets subject to finance leaseDeferred liabilitiesStaff retirement benefits - gratuity
CONTINGENCIES AND COMMITMENTS
Net Worth
Authorized capital
Net Worth Represented by:Issued, subscribed and paid up capital
Reserves
9
Condensed Interim Balance Sheet (Un-Audited)as at March 31, 2014
Karachi:Dated : April 26, 2014
SHAIKH MOHAMMAD MUNEER SHAIKH MUHAMMAD TANVEERChief Executive Chairman
EQUITY AND LIABILITIESSHARE CAPITAL AND RESERVES
50,000,000 ordinary shares of Rs. 10/- each
22,421,688 (June 30, 2013 20,383,353) ordinary shares of Rs. 10/- each
8
1,635,532
15,099
44,681
141,632
1,836,944
267,028 1,636,247 1,579,248 755,278 5,982 42,365 166,888 54,000
4,507,036
2,627,435 81,063 182,332
185,826 33,090
3,109,746
1,397,290
3,234,234
820,967 19,910
99,689
940,566
2,293,668
500,000
203,833 2,089,835
2,293,668
1,695,685
15,500
-
141,632
1,852,817
122,048 1,128,025 1,005,597 71,044 5,594 3,525 100,899 74,424
2,511,156
1,576,585 63,469 501,526
222,563 34,739
2,398,882
112,274
1,965,091
274,215 46,815
92,090
413,120
1,551,971
500,000
203,833 1,348,138
1,551,971
----Restated----
10
1,738,838
12,188
44,681
141,632
1,937,339
357,350 1,711,274 1,278,644 1,457,723 10,161 17,356 256,535 163,777
5,252,820
2,631,849 113,079 1,007,733
261,621 24,382
4,038,664
1,214,156
3,151,495
729,758 7,251
103,281
840,290
2,311,205
500,000
224,216 2,086,989
2,311,205
Un-Audited Audited Audited
The annexed notes form an integral part of these condensed interim financial statements.
(Amounts in Thousand except earning per share)
Sales
Cost of sales
Gross Profit
Distribution cost
Administrative expenses
Other operating expenses
Finance cost
Other income
Profit / (Loss) before taxation
Provision for taxation
Profit / (Loss) for the period
Earning / (Loss) per share - basic and diluted
10
31-Mar-14 Rupees
Condensed Interim Profit and Loss Account (Un-audited)For the quarter and 3rd quarter ended March 31, 2014
Nine Months Ended Quarter Ended
Note
11
31-Mar-13 Rupees
31-Mar-13 Rupees
31-Mar-14 Rupees
6,463,139
(5,740,171)
722,968
(84,680)
(86,475)
(12,278)
(311,926)
(495,359)
227,609
183
227,792
(52,285)
175,507
7.83
6,103,666
(5,087,676)
1,015,990
(84,733)
(79,246)
(32,436)
(208,615)
(405,030)
610,960
1,192
612,152
(128,759)
483,393
21.56
2,056,699
(1,894,563)
162,136
(28,691)
(30,260)
413
(115,162)
(173,700)
(11,564)
43
(11,521)
(19,311)
(30,832)
(1.38)
2,212,391
(1,824,141)
388,250
(24,828)
(26,921)
(13,504)
(69,704)
(134,957)
253,293
816
254,109
(51,708)
202,401
9.03
Karachi:Dated : April 26, 2014
SHAIKH MOHAMMAD MUNEER SHAIKH MUHAMMAD TANVEERChief Executive Chairman
11
(Amounts in Thousand)
Profit / (Loss) for the period
Other comprehensive income for the period
Total comprehensive Income/ for the period
(Loss)
The annexed notes form an integral part of these condensed interim financial statements.
Condensed Interim Statement of Comprehensive Income (Un-Audited) For the quarter and 3rd quarter ended March 31, 2014
31-Mar-14 Rupees
Nine Months Ended Quarter Ended
31-Mar-13 Rupees
31-Mar-13 Rupees
31-Mar-14 Rupees
175,507 483,393 (30,832) 202,401
- - - -
175,507 483,393 (30,832) 202,401
Karachi:Dated : April 26, 2014
SHAIKH MOHAMMAD MUNEER SHAIKH MUHAMMAD TANVEERChief Executive Chairman
31-Mar-14 Rupees
(Amounts in Thousand)
Rupees
The annexed notes form an integral part of these condensed interim financial statements.
Condensed Interim Cash Flow Statement (Un-Audited) for the 3rd quarter ended March 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation
Adjustments forDepreciationStaff retirement benefits - gratuity
Workers' profit participation fundFinance costLoss/(Gain) on disposal of property, plant and equipment
Profit before working capital changes
(Increase) / Decrease in current assetsStores, spare parts and loose toolsStock in tradeTrade debtsLoans and advancesTrade deposits and short term prepaymentsOther receivables
(Decrease) / Increase in current liabilitiesTrade and other payables
Cash generated from operations
Finance cost paidTaxes paidDividend paidWorkers' profit participation fund paidStaff retirement benefits - gratuity paid
Net cash generated from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment
Fixed capital expenditure
Long term deposits
Long term Investment
Net cash used in investing activities
CASH FLOWS FROM INVESTING ACTIVITIES
Long term financing
Liabilities against assets subject to finance lease
Net cash generated from / (used) in financing activities
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
CASH AND CASH EQUIVALENTS
Cash and bank balances
Short term borrowings
12
31-Mar-13
227,792
132,017 27,915 11,989 311,926 145
483,992
711,784
(90,322) (75,027) 300,604 (702,445) (759) 25,009
(542,940)
21,383
190,227
(279,453) (139,595) (100,790) (44,253) (24,322)
(398,186)
1,847
(237,313)
(510)
(44,681)
(280,657)
(15,414)
(21,367)
(36,781)
(715,624)
(128,332)
(843,956)
163,777
(1,007,733)
(843,956)
612,152
124,958 30,883 32,214 208,615 (399)
396,271
1,008,423
(62,153) (228,910) (100,686) (324,392) 757 (764,200)
(1,479,584)
784,495
313,334
(212,018) (104,383) (16)
- (17,402)
(20,485)
2,344
(68,609)
(640)
-
(66,905)
(182,497)
(26,976)
(209,473)
(296,863)
(427,101)
(723,964)
178,416
(902,380)
(723,964)
Karachi:Dated : April 26, 2014
SHAIKH MOHAMMAD MUNEER SHAIKH MUHAMMAD TANVEERChief Executive Chairman
(Amounts in Thousand)
P a r t i c u l a r sUnappropriated
profit
Sub totalGeneral
Merger reserve
Total
Rupees
The annexed notes form an integral part of these condensed interim financial statements.
Revenue Share capital
Capital
Reserves
Condensed Interim Statement of Changes in Equity (Un-Audited)
for the 3rd quarter ended March 31, 2014
Balance as at July 01, 2012
as originally reported
Effect of retrospective application of
change in an accounting policy
referred in note 3.3
Balance as at
July 01, 2012 - as restated
Total comprehensive income for the
3rd Quarter ended March 31, 2013
Balance as at March 31, 2013
Balance as at July 01, 2013
- as restated
Balance as at March 31, 2014
203,833
- -
- -
203,833
203,833
20,383
10,377
10,377
- -
-
-
-
-
-
400,000
-
-
-
400,000
400,000
224,216 400,000
(20,383)
1,566,587
(14,616)
2,293,668
(101,916)
-
10,377
10,377
203,833 10,377 400,000 1,551,971
13
952,377
(14,616)
937,761
483,393
1,421,154
1,679,458
175,507
(101,916)
(56,054)
1,676,612
Total comprehensive income for the 3rd quarter ended March 31, 2014
Dividend for the year ended june 30, 2013 @ Rs 5/- per share
10% Bonus share issue for the yearended June 30,2013 @ Rs 1/- per share
Interim dividend for the half year ended December 31, 2013 @ Rs 2.50/- per share (56,054)
1,362,754
(14,616)
1,348,138
483,393
1,831,531
2,089,835
175,507
(101,916)
(20,383)
(56,054)
2,086,989 2,311,205
175,507
2,035,364
483,393
Karachi:Dated : April 26, 2014
SHAIKH MOHAMMAD MUNEER SHAIKH MUHAMMAD TANVEERChief Executive Chairman
Selected Notes to the Condense Interim Financial Statements (Un-Audited) for the 3rd quarter ended March 31, 2014
LEGAL STATUS AND NATURE OF BUSINESS
The company is limited by shares, incorporated in Pakistan on June 13, 1988 and is quoted on stock exchanges at Karachi and Lahore. The registered office of the company is situated at 35-A/1, Lalazar area, opposite Beach Luxury Hotel, M. T. Khan road, Karachi in the province of Sind, Pakistan.
The principal business of the company is to manufacture and sale of yarn. The manufacturing units are located at Pattoki, Raiwind and Bhai Pheru in the province of Punjab.
The company had entered into an agreement during the year ended June 30, 2011 with Brother Textile Mills Limited having registered office at 135 Upper mall, Lahore (Manufacturing unit located at 48 Km Multan Road, Bhai Pheru) and obtained a license to use the site and spinning unit with installed capacity of 17,280 spindles. During the period, the license was renewed and extended for a period of twelve months expiring on November 12, 2014. Upon expiry of the license period, the agreement may be extended for future periods at the option of both parties. The license fee is agreed at rupees 2,843,375 per month payable quarterly in advance.
The company had entered into an agreement during the year ended June 30, 2013 with Din Farm Products (Pvt) Limited (an associated undertaking) to sell electric power at a reference price as and when required by the Din Farm Products (Pvt) Limited. The company will charge tariff against fuel cost component at cost of furnace oil 247 grams per KWH delivered by the company based on specific fuel consumption and at the reference fuel price adjusted from time to time for fuel price movement. Tariff against fixed cost component will be charged at Rs. 1.67 per KWH delivered by the company which includes but not limited to O & M cost, insurance cost etc.
BASIS OF PREPARATION
Statement of compliance
This condensed interim financial information is un-audited and has been prepared in accordance with the requirements of the International Financial Reporting Standard (IFRS) IAS 34 "Interim Financial Reporting" as applicable in Pakistan. This condensed interim financial information does not include all of the information and disclosures required for annual financial statements, and should be read in conjunction with the financial statements of the company as at and for the year ended 30th June, 2013.
These condensed interim financial information are being submitted to the shareholders as required by the Listing regulations of Karachi and Lahore Stock Exchange and section 245 of the Companies Ordinance, 1984.
These condensed interim financial statements comprise of condensed interim
1
1.1
1.2
1.3
2
2.1
1.4
14
15
balance sheet, condensed interim profit and loss account, condensed interim statement of comprehensive income, condensed interim cash flow statement and condensed interim statement of changes in equity together with the selected notes for the 3rd quarter ended March 31, 2014 which have not been audited. These condensed interim financial statements also include condensed interim profit and loss statement for the 3rd quarter ended March 31,2014.
SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and methods of computation which have been used in the preparation of these condensed interim financial information are the same as those applied in preparation of the financial statements for the preceding year ended June 30, 2013.
Amendments to certain existing standards and new interpretations on approved accounting standards effective during the period either were not relevant to the company's operations or did not have any impact on the accounting policies of the company.
During the period, the company has adopted IAS 19, (Revised) 'Employee Benefits'. The amendments in the revised standard require the company to eliminate the corridor approach and recognize all actuarial gains and losses (now called 'remeasurements', that result from the remeasurement of defined benefits obligations and fair value of plan assets at the balance sheet date) in other comprehensive income as they occur, immediately recognize all past service costs and replace interest cost and expected return on plan assets with a net interest amount that is calculated by applying the discount rate to the net defined benefits liability / asset.
This change in accounting policy has been accounted for retrospectively as required under International Accounting Standard - 8 'Accounting Policies, Changes in Accounting Estimates and Errors', and the comparative financial statements have been restated.
Effects of the change in the accounting policy on the interim financial statement are not quantifiable, hence the effects based on the relevant available actuarial valuation on the financial statements have been summarized below:
3.2
3
3.1
3.3
8,5762,007 6,569
16,623 2,007
14,616
Impact on Balance Sheet
Increase in the retirement benefits obligationIncrease in deferred tax assetDecrease in accumulated profits
30-Jun-13 30-Jun-12-------------Rupees in’000’------------
As at
Impact on profit and loss account Increase in profit and loss accountDecrease in deferred taxation - current yearIncrease in other comprehensive income
30-Jun-13 30-Jun-12-------------Rupees in’000’------------
Year Ended
1,012 - 7,035
2,131 2,007 5,682
5.1
16
4 ACCOUNTING ESTIMATES, JUDGMENTS AND FINANCIAL RISK MANAGEMENT
The preparation of these condensed interim financial information in conformity with approved accounting standards requires management to make estimates, assumptions and use judgements that affect the application of policies and reported amounts of assets and liabilities and income and expenses. Estimates, assumptions and judgements are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Revisions to accounting estimates are recognized prospectively commencing from the period of revision.
Judgements and estimates made by management in the preparation of these condensed interim financial informations are the same as those that were applied to the financial statements as at and for the year ended June 30, 2013.
The Company's financial risk management objectives and policies are consistent with those disclosed in the financial statements as at and for the year ended June 30, 2013.
4.1
4.2
Note31-Mar-14 30-Jun-13
-------------Rupees in’000’------------
PROPERTY, PLANT AND EQUIPMENT5
1,722,825
16,013
1,738,838
1,620,275
15,257
1,635,532
Operating assets
Capital work in progress - at cost
(Un-audited) (Audited)
31-Mar-14 31-Mar-13Acquisition Disposal
Cost-----------Rupees in '000'-----------
Acquisition DisposalCost
-----------Rupees in '000'-----------
The cost of additions and deletions to property, plant and equipment during the 3rd quarter ended were as follows.
Owned Assets
Building
Plant and machinery
Electric installation
Tools and equipment
Furniture and fixture
Office equipment
Computers
Vehicles
Leased Assets
Vehicles
5.1
5.2
-
221,483
4,571
-
2,162
235
941
146
7,020
236,558
-
15,991
-
-
-
-
85
2,336
-
18,412
44
137,255
2,180
887
1,846
1,906
3,809
269
2,459
150,655
-
3,875
-
-
-
-
-
9,483
-
13,358
17
5.2
6
CAPITAL WORK IN PROGRESS (Un-audited) (Audited)
31-Mar-14
30-Jun-13-------------Rupees in’000’------------
Building
Electric Installation
Investment in Subidiray company
Ihsan Raiwind Mills (Pvt) Limited
27,017,996 (June 30, 2013: 27,017,996) ordinay shares of Rs. 10 each.Equity Interest Held 100%
LONG TERM INVESTMENT
44,681
44,681
44,681
44,681
15,257
-
15,257
9.1
DEFERRED TAX ASSETSIn view of applicability of presumptive tax regime, deferred tax assets has been worked out after taking effect of income covered under presumptive tax regime. During the period net deferred tax assets amounted to Rs. 176,743,098 has arised. The increase in the amount of deferred tax asset has not been recognized because proportion of export sales for the year exceeds the thresholds of 80 percent of total sales, therefore, the assessment of the company for the period will be finalized under final tax regime under section 169 of the income tax ordinance 2001.
STOCK IN TRADE
Finished goods amounting to Rs. Nil (June 30, 2013 : Rs. 5,177,560) stated at their net realizable value aggregating Rs. Nil (June 30, 2013 : Rs. 4,968,866). The amount charged to profit and loss in respect of stocks written down to their net realizable value is Rs. Nil (June 30, 2013 : Rs. 208,694).
CONTINGENCIES AND COMMITMENTS
There has been no significant change in the contingencies and commitments since the last audited financial statements except as disclosed in note 9.1, 9.2 and 9.3 respectively.
The Company has issued post dated cheques amounting to Rs. 79.878 million (June 30, 2013: Rs. 77.474 million) in favor of Collector of Customs in lieu of custom levies against various statutory notification. The indemnity bonds furnished by the company are likely to be released after the fulfillment of term of related SROs.
8
8.1
9
7
15,421
592
16,013
18
10 ISSUED, SUBSCRIBED AND PAID UP CAPITAL
9.2
9.3
Contingencies
Bills discounted with recourse
Bank guarantees issued in ordinary course of business
Commitments
Letters of credit for capital expenditure Letter of credit for raw material Letter of credit for stores and spares
53,302
159,060
140,495 506,926 40,858
-------------Rupees in’000’------------
(Un-audited) (Audited)
31-Mar-14 30-Jun-13
-------------Rupees in’000’------------
(Un-audited) (Audited)
31-Mar-14 30-Jun-13 Number of Shares
31-Mar-14 30-Jun-13
13,479,600
1,962,334
6,979,754
22,421,688
13,479,600
1,962,334
4,941,419
20,383,353
Ordinary shares of Rs. 10 each allotted for consideration paid in cash
Ordinary shares of Rs. 10 each allotted for consideration paid in cash
Ordinary shares of Rs. 10 each allotted as fully paid bonus shares
134,796
19,623
69,797
224,216
134,796
19,623
49,414
203,833
Associated company (Din Leather (Pvt.) Limited) held 7,260 (June 30, 2013 : 6,600) ordinary shares of the company.
The shareholders' are entitled to receive all distributions to them including dividend and other entitlements in the form of bonus and right shares as and when declared by the company. All shares carry "one vote" per share without restriction.
During the period the company issued 2,038,335 (June 30, 2013: Nil) as fully paid bonus shares at one share for every ten held.
10.1
10.2
10.3
220,128
169,060
156,662 178,892 50,337
11
11.2
11.1
12
19
31-Mar-14 Rupees
Nine Months ended Quarter ended
EARNINGS / (LOSS) PER SHARE - BASIC AND DILUTED
------------------------Rupees-----------------------
Profit/(Loss) for the period
Weighted average number of ordinary shares outstanding during the period
Earnings/(Loss) per share - basic (Rupee per share)
Weighted average number of shares in issue during comparative periods have been restated for the effect of bonus shares issued during current period.
There is no dilutive effect on the basic earnings per share of the company.
TRANSACTIONS WITH RELATED PARTIES
(Un-audited)
-------------Rupees in’000’------------
(Un-audited)
Transactions with related parties
MCB Bank Limited
Deposits
Withdrawals
Din Farm Product (Pvt) Limited
Relationship
Associated company
Associated company
31-Mar-14
Sale of electricity
Salaries and other
employees benefits
Staff retirement
benefits
Key management personnel
Ihsan Raiwind Mills (Pvt) Limited Subsidiary company
SalesPurchase Advance
Key management personnel
31-Mar-13 Rupees
31-Mar-14 Rupees
31-Mar-13 Rupees
175,507
22,421,688
7.83
483,393
22,421,688
21.56
(30,832)
22,421,688
(1.38)
202,401
22,421,688
9.03
215,305 212,702
4,779
203,486 3,333 49,440
61,746
1,817
31-Mar-13
244,822 219,514
2,785
220,750 - 546,732
52,213
1,352
20
(Un-audited) (Audited)
-------------Rupees in’000’------------
31-Mar-14 30-Jun-13
Balances outstanding at the period end
MCB Bank Limited
Din Farm Products (pvt) Ltd
Ihsan Raiwind Mills (Pvt) Ltd
-
18,421
1,047
1,004,822
13 NON ADJUSTING EVENTS AFTER THE BALANCE SHEET DATE
FromReclassification
To Nature Rupees
(In Thousands)
Sales - Electricity Sales
Cost of Sales - Electricity Sales
Other Income - Income from Power generation
Other Income - Income from Power generation
Better Presentation
Better Presentation
14
21,024
1,254,415
The company had filed an application in the Honorable Sindh High Court under the Section 284 through 288 of the Companies Ordinance, 1984 for the approval of scheme of merger of Ihsan Raiwind Mills (Pvt) Limited (IRML) the wholly owned subsidiary with Din Textile Mills Limited (DTML). Pursuant to the order of the Honorable Sindh High Court separate meetings of members and creditors of DTML and IRML have been convened on January 17, 2014 for the approval of the scheme and the same has been conferred by them.
CORRESPONDING FIGURES
Comparative information has been rearranged and reclassified, wherever necessary, for the purpose of better presentation and comparison. Minor reclassifications were made in cash flow statement for better presentation and understanding. Significant reclassifications includes the following.
15 DATE OF AUTHORIZATION FOR ISSUE
These condensed interim financial statements have been authorized for issue on April 26, 2014 by the board of directors of the company.
GENERAL
Figures have been rounded off to the nearest thousand rupees.
16
2,785
(2,028)
Karachi:Dated : April 26, 2014
SHAIKH MOHAMMAD MUNEER SHAIKH MUHAMMAD TANVEERChief Executive Chairman
CONSOLIDATED Financial Statements (Un-Audited)
3rd Quarter Ended March 31, 2014
DIN TEXTILE MILLS LTD.
(Amounts in Thousand)
Note 31-Mar-14 Rupees
30-Jun-13Rupees
5
7
6
NON CURRENT ASSETS
Property, plant and equipment
Long term deposits
Deferred tax assets
CURRENT ASSETS
CURRENT LIABILITIES
Trade and other payablesAccrued mark up / interestShort term borrowingsCurrent portion of Long term financing from banking companies - securedLiabilities against assets subject to finance lease
WORKING CAPITAL
TOTAL CAPITAL EMPLOYED
NON CURRENT LIABILITIES
Long term financing from banking companies - securedLiabilities against assets subject to finance leaseDeferred liabilitiesStaff retirement benefits - gratuity
CONTINGENCIES AND COMMITMENTS
Net Worth
Authorized capital
Net Worth Represented by:Issued, subscribed and paid up capital
Reserves
8
EQUITY AND LIABILITIESSHARE CAPITAL AND RESERVES
50,000,000 ordinary shares of Rs. 10/- each
22,421,688 (June 30, 2013 20,383,353) ordinary shares of Rs. 10/- each
Intangibles
Stores, spare parts and loose toolsStock in tradeTrade debtsLoans and advancesTrade deposits and short term prepaymentsOther receivablesOther financial assetsTax refunds due from The GovernmentCash and bank balances
The annexed notes form an integral part of these consolidated condensed interim financial statements.
9
23
Consolidated Condensed Interim Balance Sheet (Un-audited)as at March 31, 2014
2,413,942
17,090
16,043
141,632
2,588,706
286,131 1,713,102 1,356,977 112,170 5,982 43,172 87 194,954 76,707
3,789,281
2,745,075 84,658 182,332
185,826 33,090
3,230,981
558,300
3,147,006
820,967 19,911
107,063
947,941
2,199,065
500,000
203,833
1,995,232
2,199,065
1,695,685
15,500
-
141,632
1,852,817
122,048 1,128,025 1,005,597 71,044 5,594 3,525 -
100,899 74,424
2,511,156
1,576,585 63,469 501,526
222,563 34,739
2,398,882
112,274
1,965,091
274,215 46,815
92,090
413,120
500,000
30-Jun-12Rupees
......... Restated..........
Un-Audited Audited Audited
1,551,971
203,833
1,348,138
1,551,971
2,502,541
15,626
-
141,632
2,659,799
384,075 1,782,748 1,489,067 215,575 12,015 17,713 90 293,502 221,824
4,416,609
2,727,733 113,079
1,007,733
261,621 24,382
4,134,548
282,061
2,941,860
729,758 7,251
113,580
850,589
2,091,271
500,000
224,216
1,867,055
2,091,271
Karachi:Dated : April 26, 2014
SHAIKH MOHAMMAD MUNEER SHAIKH MUHAMMAD TANVEERChief Executive Chairman
24
The annexed notes form an integral part of these condensed interim financial statements.
(Amounts in Thousand except earning per share)
Sales
Cost of sales
Gross Profit
Distribution cost
Administrative expenses
Other operating expenses
Finance cost
Other operating income
Profit / (Loss) before taxation
Provision for taxation
Profit / (Loss) for the period
Earning / (Loss) per share - basic and diluted
31-Mar-14 Rupees
Nine Months Ended Quarter Ended
Consolidated Condensed Interim Profit and Loss Account (Un-audited)for the quarter and 3rd quarter ended March 31, 2014
10
Note31-Mar-13 Rupees
31-Mar-14 Rupees
31-Mar-13 Rupees
7,728,671
(7,115,799)
612,872
(102,333)
(88,200)
(12,278)
(312,377)
(515,188)
97,684
6,185
103,869
(53,696)
50,173
2.24
5,914,452
(4,912,619)
1,001,833
(84,887)
(79,290)
(32,436)
(216,027)
(412,640)
589,193
1,369
590,562
(129,074)
461,488
20.58
3,322,231
(3,270,191)
52,040
(46,344)
(31,985)
413
(115,613)
(193,529)
(141,489)
6,045
(135,444)
(20,722)
(156,166)
(6.96)
2,023,177
(1,649,084)
374,093
(24,982)
(26,965)
(13,504)
(77,116)
(142,567)
231,526
993
232,519
(52,023)
180,496
8.05
Karachi:Dated : April 26, 2014
SHAIKH MOHAMMAD MUNEER SHAIKH MUHAMMAD TANVEERChief Executive Chairman
25
(Amounts in Thousand)
The annexed notes form an integral part of these condensed interim financial statements.
31-Mar-14 Rupees
Nine Months Ended Quarter Ended
Profit / for the period(Loss)
Items that may be reclassified to profit and loss account
Un realized Gain on available for sale Investments
Total comprehensive Income / for the period(Loss)
Consolidated Condensed Interim Statement of Comprehensive Income (Un-audited)for the quarter and 3rd quarter ended March 31, 2014
31-Mar-13 Rupees
31-Mar-13 Rupees
31-Mar-14 Rupees
50,173
3
50,176
461,488
-
461,488
(156,166)
-
(156,166)
180,496
-
180,496
Karachi:Dated : April 26, 2014
SHAIKH MOHAMMAD MUNEER SHAIKH MUHAMMAD TANVEERChief Executive Chairman
31-Mar-14 Rupees
(Amounts in Thousand)
Rupees
The annexed notes form an integral part of these condensed interim financial statements.
Consolidated Condensed Interim Cash Flow Statement (Un-Audited) for the 3rd quarter ended March 31, 2014
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation
Adjustments forDepreciationStaff retirement benefits - gratuity
Workers' profit participation fundFinance costLoss / (Gain) on disposal of property, plant and equipment
Profit before working capital changes
(Increase) / Decrease in current assetsStores, spare parts and loose toolsStock in tradeTrade debtsLoans and advancesTrade deposits and short term prepaymentsOther receivables
(Decrease) / Increase in current liabilitiesTrade and other payables
Cash generated from operations
Finance cost paidTaxes paidDividend paidWorkers' profit participation fund paidStaff retirement benefits - gratuity paid
Net cash (used in) generated from operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipmentFixed capital expenditureLong term depositsLong Term Investments
Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Long term financing
Liabilities against assets subject to finance lease
Net cash generated from / (used) in financing activities
Net increase / (decrease) in cash and cash equivalents
Cash and cash equivalents at the beginning of the period
Cash and cash equivalents at the end of the period
CASH AND CASH EQUIVALENTS
Cash and bank balances
Short term borrowings
26
31-Mar-13
103,869
182,260
31,835
11,989
312,377
145
538,606
642,475
(97,944)
(69,646)
(132,090) (103,405)
(2,613)
25,459
(380,239)
14,918
277,154
(283,499) (149,858) (100,790)
(44,253) (24,712)
(325,958)
1,847
(272,754)
(1,957)
(44,681)
(317,545)
(15,414)
(21,367)
(36,781)
(680,284)
(105,625)
(785,909)
221,824
(1,007,733)
(785,909)
590,562
126,468
30,883
32,214
216,027
(399)
405,193
995,755
(64,510) (434,062) (156,391) (324,637) 757 (764,200)
(1,743,043)
1,310,055
562,767
(244,290) (104,391) (16)
-
(17,402)
196,668
2,344 (68,609)
(9,370)-
(75,635)
(378,766)
(26,976)
(405,742)
(284,709)
(427,101)
(711,810)
190,570
(902,380)
(711,810)
Karachi:Dated : April 26, 2014
SHAIKH MOHAMMAD MUNEER SHAIKH MUHAMMAD TANVEERChief Executive Chairman
(Amounts in Thousand)
The annexed notes form an integral part of these condensed interim financial statements.
Consolidated Condensed Interim Statement of Changes in Equity (Un-Audited)for the 3rd quarter ended March 31, 2014
27
P a r t i c u l a r sUnappropriated
profit
Sub total
GeneralMerger reserve
Total
Rupees
Revenue
Share capital
Capital
Reserves
Balance as at July 01, 2012
as originally reported
Effect of retrospective application of
change in an accounting policy
referred in note 3.3
Balance as at
July 01, 2012 - as restated
Total comprehensive income for the
3rd Quarter Ended March 31, 2013
Balance as at March 31, 2013
Balance as at July 01, 2013
- as restated
Total comprehensive income for the
3rd Quarter Ended March 31, 2014
Dividend for the year ended
june 30, 2013 @ Rs 5/- per share
10% Bonus share issue for the year
ended June 30,2013 @ Rs 1/- per share
Balance as at March 31, 2014
203,833
- -
203,833
- -
203,833
203,833
20,383
10,377
10,377
10,377
- -
- -
-
-
-
400,000
-
- -
- -
400,000
400,000
400,000
224,216 400,000
Un realized gain / (loss) on remeasurement
of available for sale
investment
-
-
-
20
3
-
-
23
10,377
10,377
Interim dividend for the 3rd Quarter
ended March 31, 2014 @ Rs 2.50/-
per share
952,377
(14,616)
937,761
461,488
1,399,249
1,584,835
50,173
(101,916)
(20,383)
(56,054)
1,456,655
1,362,754
(14,616)
1,348,138
461,488
1,809,626
1,995,232
50,176
(101,916)
(20,383)
(56,054)
1,867,055
1,566,587
(14,616)
1,551,971
461,488
2,013,459
2,199,065
50,176
(101,916)
-
(56,054)
2,091,271
Karachi:Dated : April 26, 2014
SHAIKH MOHAMMAD MUNEER SHAIKH MUHAMMAD TANVEERChief Executive Chairman
LEGAL STATUS AND NATURE OF BUSINESS
Selected Notes to the Consolidated Condensed InterimFinancial Statements (Un-Audited) for the 3rd quarter ended March 31, 2014
The company is limited by shares, incorporated in Pakistan on June 13, 1988 and is quoted on stock exchanges at Karachi and Lahore. The registered office of the company is situated at 35-A/1, Lalazar area, opposite Beach Luxury Hotel, M. T. Khan road, Karachi in the province of Sind, Pakistan.
The principal business of the company is to manufacture and sale of yarn. The manufacturing units are located at Pattoki, Raiwind and Bhai pheru in the
The company had entered into an agreement during the year ended June 30, 2011 with Brother Textile Mills Limited having registered office at 135 Upper mall, Lahore (Manufacturing unit located at 48 Km Multan Road, Bhai Pheru) and obtained a license to use the site and spinning unit with installed capacity of 17,280 spindles. During the period, the license was renewed and extended for a period of twelve months expiring on November 12, 2014. Upon expiry of the license period, the agreement may be extended for future periods at the option of both parties. The license fee is agreed at rupees 2,843,375 per month payable quarterly in advance.
The company had entered into an agreement during the year ended June 30, 2013 with Din Farm Products (Pvt) Limited (an associated undertaking) to sell electric power at a reference price as and when required by the Din Farm Products (Pvt) Limited. The company will charge tariff against fuel cost component at cost of furnace oil 247 grams per KWH delivered by the company based on specific fuel consumption and at the reference fuel price adjusted from time to time for fuel price movement. Tariff against fixed cost component will be charged at Rs. 1.67 per KWH delivered by the company which includes but not limited to O & M cost, insurance cost etc.
IHSAN RAIWIND MILLS (PVT) LIMITED (Subsidiary Company)
The subsidiary company was incorporated in Pakistan on February 28, 2001 as a private limited group under the Companies Ordinance, 1984. During the year the entire share capital was acquired by the holding company. The company became a subsidiary in the group with effect from March 15, 2013. The financial results of the subsidiary are incorporated in these consolidated financial statements since the date it became the part of the group. The company is engaged in the manufacturing, sale and trading of yarn and textile products. Registered Office of the group is situated at 35-A/1 Lalazar Area, Opposite Beach Luxury Hotel, Karachi in the province of Sindh, Pakistan with effect form March 15, 2013. Previously it was situated at F-207, Textile Avenue, of polytechnic site Karachi. The production facility is located at Dars Road, Off Raiwind Road, Bachuki Mujha District, Kasur in the province of Punjab.
28
The group consists of;
DIN TEXTILE MILLS LIMITED (The holding company)
1
1.1
1.2
1.3
1.4
1.5
BASIS OF PREPARATION
Statement of compliance
This condensed interim financial information is un-audited and has been prepared in accordance with the requirements of the International Financial Reporting Standard (IFRS) IAS 34 "Interim Financial Reporting" as applicable in Pakistan. This condensed interim financial information does not include all of the information and disclosures required for annual financial statements, and should be read in conjunction with the financial statements of the company as at and for the year ended 30th June, 2013.
These condensed interim financial information are being submitted to the shareholders as required by the Listing regulations of Karachi and Lahore Stock Exchange and section 245 of the Companies Ordinance, 1984.
These condensed interim financial statements comprise of condensed interim balance sheet, condensed interim profit and loss account, condensed interim statement of comprehensive income, condensed interim cash flow statement and condensed interim statement of changes in equity together with the selected notes for the 3rd Quarter ended March 31, 2014 which have not been audited. These condensed interim financial statements also include condensed interim profit and loss statement for the quarter ended March 31,2014.
SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and methods of computation which have been used in the preparation of these condensed interim financial information are the same as those applied in preparation of the financial statements for the preceding year ended June 30, 2013.
Amendments to certain existing standards and new interpretations on approved accounting standards effective during the period either were not relevant to the company's operations or did not have any impact on the accounting policies of the company.
During the period, the group has adopted IAS 19, (Revised) 'Employee Benefits'. The amendments in the revised standard require the company to eliminate the corridor approach and recognize all actuarial gains and losses (now called 'remeasurements', that result from the remeasurement of defined benefits obligations and fair value of plan assets at the balance sheet date) in other comprehensive income as they occur, immediately recognize all past service costs and replace interest cost and expected return on plan assets with a net interest amount that is calculated by applying the discount rate to the net defined benefits liability / asset.
This change in accounting policy has been accounted for retrospectively as required under International Accounting Standard - 8 'Accounting Policies, Changes in Accounting Estimates and Errors' by the holding company, and the
2
2.1
3
3.3
29
3.1
3.2
comparative financial statements have been accordingly restated. For the comprehensive impacts on the financial statement of the holding company refer to the annexed separate condensed financial statements.
The subsidiary company has already 'accounted for the actuarial gain / loss and the liability was fully recorded hence there is no impact of the revision of the International Accounting Standard (IAS) 19, in its 'condensed interim financial information. Further there is no consequential effect in the condensed interim profit and loss 'account or condensed interim statement of other comprehensive income as the provision in this behalf was 'incorporated on the basis of management's estimate in the condensed interim half yearly financial information and 'impact of actuarial gain / loss was considered immaterial.
ACCOUNTING ESTIMATES, JUDGMENTS AND FINANCIAL RISK MANAGEMENT
The preparation of these condensed interim financial information in conformity with approved accounting standards requires management to make estimates, assumptions and use judgements that affect the application of policies and reported amounts of assets and liabilities and income and expenses. Estimates, assumptions and judgements are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Revisions to accounting estimates are recognized prospectively commencing from the period of revision.
Judgements and estimates made by management in the preparation of these condensed interim financial informations are the same as those that were applied to the financial statements as at and for the year ended June 30, 2013.
The group's financial risk management objectives and policies are consistent with those disclosed in the financial statements as at and for the year ended June 30, 2013.
4
30
5
(Un-audited) (Audited)
31-Mar-14 30-Jun-13-------------Rupees in’000’------------
PROPERTY, PLANT AND EQUIPMENT
Note
Operating assets
Capital work in progress - at cost
5.1
5.2
4.1
4.2
2,377,244
36,698
2,413,942
2,486,300
16,241
2,502,541
31
31-Mar-14Acquisition Disposal
Cost-----------Rupees in '000'-----------
Acquisition DisposalCost
-----------Rupees in '000'-----------
5.1
31-Mar.13
The cost of additions and deletions to property, plant and equipment during the 3rd Quarter ended were as follows.
Owned Assets
Building
Plant and machinery
Electric installation
Tools and equipment
Furniture and fixture
Office equipment
Computers
Vehicles
Leased Assets
Vehicles
-
-
-
-
-
-
9,483
-
13,358
5.2
6
CAPITAL WORK IN PROGRESS (Un-audited) (Audited)
31-Mar-14 30-Jun-13-------------Rupees in’000’------------
Building
Plant and machinery
Electric Installation
17,405
19,293
36,698
INTANGIBLES
GoodwillOpening BalanceArised in the period / yearImpaired
16,043
16,043
This represents excess of the amount paid by the holding company over fair value of net assets of Ihsan Raiwind Mills (Pvt.) Limited on its acquisition. The recoverable amount of goodwill was tested for impairment by allocating the amount of goodwill to respective assets on which it arose, based on value in use in accordance with ‘IAS-36 Impairment of Assets’.Based on the calculations the entire amount of goodwill has been impaired and accordingly charged off.
DEFERRED TAX ASSETS
In view of applicability of presumptive tax regime, deferred tax assets has been worked out after taking effect of income covered under presumptive tax regime.
6.1
7
-
-
-
4,094
252,800
24,119
706
2,863
235
1,228
146
7,020
293,211
-
15,991
-
-
-
-
85
2,336
-
18,412
44
137,255
2,180
887
1,846
1,906
3,809
269
2,459
150,655
15,421
-
820
16,241
16,043 -
(16,043)
-
3,875
during the period net deferred tax assets amounted to Rs. 176,743,098 has arised. The increase in the amount of deferred tax asset has not been recognized because proportion of export sales for the year exceeds the thresholds of 80 percent of total sales, therefore, the assessment of taxation for the period will be finalized under final tax regime under section 169 of the income tax ordinance 2001.
STOCK IN TRADE
Finished goods amounting to Rs. Nil (June 30, 2013 : Rs. 30,880,756) stated at their net realizable value aggregating Rs. Nil (June 30, 2013 : Rs. 29,630,817). The amount charged to profit and loss in respect of stocks written down to their net realizable value is Rs. Nil (June 30, 2013 : Rs. 1,249,939).
CONTINGENCIES AND COMMITMENTS
There has been no significant change in the contingencies and commitments since the last audited financial statements except as disclosed in note 9.1, 9.2 and 9.3 respectively.
The holding company has issued post dated cheques amounting to Rs. 79.878 million (June 30, 2013: Rs. 77.474 million) in favor of Collector of Customs in lieu of custom levies against various statutory notification. The indemnity bonds furnished by the company are likely to be released after the fulfillment of term of related SROs.
8
9
9.1
8.1
9.2
9.3
Contingencies
Bills discounted with recourse
Bank guarantees issued in ordinary course of business
Commitments
Letters of credit for capital expenditure Letter of credit for raw material Letter of credit for stores and spares
53,302
159,060
140,495 506,926 40,858
-------------Rupees in’000’------------
(Un-audited) (Audited)
31-Mar-14 30-Jun-13
220,128
169,060
156,662 178,892 50,337
32
(Un-audited)
-------------Rupees in’000’------------
EARNINGS / (LOSS) PER SHARE - BASIC AND DILUTED10
Quarter Ended
31-Mar-14
Profit / (Loss) for the period
Weighted average number of ordinary shares outstanding during the period
Earnings / (Loss) per share - basic (Rupee per share)
-------------Rupees in’000’------------
Nine Months Ended
31-Mar-14 31-Mar-13
Transactions with related parties
MCB Bank Limited
Deposits
Withdrawals
Din Farm Product (Pvt) Ltd
Sale of Electricity
Salaries and other employees
benefits
Staff retirement benefits
Relationship
Associated company
Associated company
Key management personnel
TRANSACTIONS WITH RELATED PARTIES 11
10.1
10.2
31-Mar-13
(Un-audited) (Audited)
-------------Rupees in’000’------------
31-Mar-14 30-Jun-13
Balances outstanding at the period end
MCB Bank Limited
Din Farm Products (pvt) Ltd
21,024
-
18,421
1,047
33
Key management personnel
(Un-audited)
31-Mar-1331-Mar-14
50,173
22,421,688
2.24
461,488
22,421,688
20.58
(156,166)
22,421,688
(6.96)
180,496
22,421,688
8.05
Weighted average number of shares in issue during comparative periods have been restated for the effect of bonus shares issued during current period.
There is no dilutive effect on the basic earnings per share of the group.
215,305
212,702
4,779
64,075
2,002
244,822
219,514
2,785
52,213
1,352
12 NON ADJUSTING EVENTS AFTER THE BALANCE SHEET DATE
The holding company had filed an application in the Honorable Sindh High Court under the Section 284 through 288 of the Companies Ordinance, 1984 for the approval of scheme of merger of Ihsan Raiwind Mills (Pvt) Limited (IRML) the wholly owned subsidiary with Din Textile Mills Limited (DTML). Pursuant to the order of the Honorable Sindh High Court separate meetings of members and creditors of DTML and IRML have been convened on January 17, 2014 for the approval of the scheme and the same has been conferred by them.
CORRESPONDING FIGURES
Comparative information has been rearranged and reclassified, wherever necessary, for the purpose of better presentation and comparison. Minor reclassifications were made in cash flow statement for better presentation and understanding. Significant reclassifications includes the following.
13
14
FromReclassification
To Nature Rupees
(In Thousands)
Sales - Electricity Sales
Cost of Sales - Electricity Sales
Other Income - Income from Power generation
Other Income - Income from Power generation
Better Presentation
Better Presentation
DATE OF AUTHORIZATION FOR ISSUE
These condensed interim financial statements have been authorized for issue on April 26, 2014 by the board of directors of the company.
GENERAL
Figures have been rounded off to the nearest thousand rupees.
15
2,785
(2,028)
Karachi:Dated : April 26, 2014
SHAIKH MOHAMMAD MUNEER SHAIKH MUHAMMAD TANVEERChief Executive Chairman
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