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Interim Financial Report
for the nine months ended
March 31, 2017
Samin Textiles Limited
Company Information
Legal Advisor
Imtiaz Saddiqui & Associates
Leading Banks
National Bank of Pakistan
Askari Bank Limited
Bank Alfalah Limited
Summit bank Limited
NIB Bank Limited
Allied Bank Limited
Pak Libya Holding Company (Private) Limited
Pak Oman Investment Company Limited
Soneri Bank Limited
Shares Registrar
Corplink (Pvt) Limited
Wings Arcade,
1-K, Commercial Model Town,
Lahore, Pakistan.
Tel: 92 - 42 -35839182
Fax: 92 - 42 - 35869037
Registered/Head Office
50-C, Main Gulberg,
Lahore, Pakistan.
Tel: 92 - 42 - 35753761
Fax: 92 - 42 - 35753688
Mills
th8 Kilometer,
Manga - Raiwaind Road,
District Kasur, Pakistan.
Board of Directors
Non-Executive Directors
Mr. Sarmad Amin Chairman
Mr. Shehryar Amin
Mr. Tariq Jilani
Mr. Jamil Masud
Executive Directors
Mr. Jehanzeb Amin Cheif Executive
Mr. Safder Hussain Tariq
Independent Director
Mr. Qamber Hamid
Audit Committee
Mr. Qamber Hamid Chairman
Mr. Jamil Masud Member
Mr. Tariq Jilani Member
Human Resource & Remuneration Committee
Mr. Jamil Masud Chairman
Mr. Tariq Jilani Member
Mr. Shehryar Amin Member
Chief Financial Officer
Mr. Safder Hussain Tariq
Company Secretary
Mr. Muhammad Tayyab
Chief Internal Auditor
Ms. Nayab Ayaz
Auditors
Grant Thornton Anjum Rahman
Chartered Accountants
01
Interim Financial Report
Contents
Company Information
Directors’ Review
Directors’ Review (Urdu)
Condensed Interim Balance Sheet
Condensed Interim Profit and Loss Account
Condensed Interim Statement of Comprehensive Income
Condensed Interim Statement of Cash Flows
Condensed Interim Statement of Changes in Equity
Notes to the Condensed Interim Financial Information
01
02
04
05
06
07
08
09
10
Company Information
Legal Advisor
Imtiaz Saddiqui & Associates
Leading Banks
National Bank of Pakistan
Askari Bank Limited
Bank Alfalah Limited
Summit bank Limited
NIB Bank Limited
Allied Bank Limited
Pak Libya Holding Company (Private) Limited
Pak Oman Investment Company Limited
Soneri Bank Limited
Shares Registrar
Corplink (Pvt) Limited
Wings Arcade,
1-K, Commercial Model Town,
Lahore, Pakistan.
Tel: 92 - 42 -35839182
Fax: 92 - 42 - 35869037
Registered/Head Office
50-C, Main Gulberg,
Lahore, Pakistan.
Tel: 92 - 42 - 35753761
Fax: 92 - 42 - 35753688
Mills
th8 Kilometer,
Manga - Raiwaind Road,
District Kasur, Pakistan.
Board of Directors
Non-Executive Directors
Mr. Sarmad Amin Chairman
Mr. Shehryar Amin
Mr. Tariq Jilani
Mr. Jamil Masud
Executive Directors
Mr. Jehanzeb Amin Cheif Executive
Mr. Safder Hussain Tariq
Independent Director
Mr. Qamber Hamid
Audit Committee
Mr. Qamber Hamid Chairman
Mr. Jamil Masud Member
Mr. Tariq Jilani Member
Human Resource & Remuneration Committee
Mr. Jamil Masud Chairman
Mr. Tariq Jilani Member
Mr. Shehryar Amin Member
Chief Financial Officer
Mr. Safder Hussain Tariq
Company Secretary
Mr. Muhammad Tayyab
Chief Internal Auditor
Ms. Nayab Ayaz
Auditors
Grant Thornton Anjum Rahman
Chartered Accountants
01
Interim Financial Report
Contents
Company Information
Directors’ Review
Directors’ Review (Urdu)
Condensed Interim Balance Sheet
Condensed Interim Profit and Loss Account
Condensed Interim Statement of Comprehensive Income
Condensed Interim Statement of Cash Flows
Condensed Interim Statement of Changes in Equity
Notes to the Condensed Interim Financial Information
01
02
04
05
06
07
08
09
10
03
Interim Financial Report
02 Samin Textiles Limited
Directors’ Review
The board of directors of your company is pleased to present before you the un-audited financial statements for
the 3rd Quarter ended March 31, 2017. These financial statements have been prepared in compliance with IAS – 34
“Interim Financial Reporting” and are submitted under section 245 of the companies ordinance 1984.
Financial Highlights
The aforementioned chart shows that during the period under review company posted net sales amounting to Rs.
784.019 million and a net loss of Rs. (141.195) million as compared to net sales of Rs. 992.075 million and net loss of
Rs. (63.744) million for the corresponding period of last financial year.
During the period under review the demand of grey fabric and selling price remained under pressure.
Consequently, the total plant capacity couldn't be achieved resulting in lower sales volume, high fixed cost and
increased red bottom line.
Future Outlook / Strategy
Subsequent to announcement of Textile Revival Package from the Government, the only hurdle in kick-off for bull-
run is the strong parity of Pak rupee verses US dollar. This situation has significantly adversely affected the export
volumes of the textile industry resulting in price war among the local players. The said unhealthy price war scene
has badly damaged the survival efforts of the company. Company is holding back its further investment in the
proposed BMR plan till clarity of overall situation of the textile industry.
However, cost cutting measures under all heads of account and financial support from the sponsors is helping the
company to survive till crossing the rough patch.
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
Jehanzeb AminChief Executive
Lahore :
Dated : April 21, 2017
784.019
(22.100)
0.568
(141.195)
54.231
(86.964)
Rupees in million
Sales - Net
Gross Profit / (Loss)
Other Operating Income
Profit / (Loss) After Tax
Depreciation
Cash Profit / (Loss)
Nine months endedMarch 31, 2017
992.075
43.593
6.855
(63.744)
53.826
(9.918)
Nine months ended
March 31, 2016
199.289
(25.243)
0.400
(62.074)
18.109
(43.966)
Quarter endedMarch 31, 2017
308.854
14.876
0.148
(24.448)
18.047
(6.401)
Quarter ended
March 31, 2016
03
Interim Financial Report
02 Samin Textiles Limited
Directors’ Review
The board of directors of your company is pleased to present before you the un-audited financial statements for
the 3rd Quarter ended March 31, 2017. These financial statements have been prepared in compliance with IAS – 34
“Interim Financial Reporting” and are submitted under section 245 of the companies ordinance 1984.
Financial Highlights
The aforementioned chart shows that during the period under review company posted net sales amounting to Rs.
784.019 million and a net loss of Rs. (141.195) million as compared to net sales of Rs. 992.075 million and net loss of
Rs. (63.744) million for the corresponding period of last financial year.
During the period under review the demand of grey fabric and selling price remained under pressure.
Consequently, the total plant capacity couldn't be achieved resulting in lower sales volume, high fixed cost and
increased red bottom line.
Future Outlook / Strategy
Subsequent to announcement of Textile Revival Package from the Government, the only hurdle in kick-off for bull-
run is the strong parity of Pak rupee verses US dollar. This situation has significantly adversely affected the export
volumes of the textile industry resulting in price war among the local players. The said unhealthy price war scene
has badly damaged the survival efforts of the company. Company is holding back its further investment in the
proposed BMR plan till clarity of overall situation of the textile industry.
However, cost cutting measures under all heads of account and financial support from the sponsors is helping the
company to survive till crossing the rough patch.
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
Jehanzeb AminChief Executive
Lahore :
Dated : April 21, 2017
784.019
(22.100)
0.568
(141.195)
54.231
(86.964)
Rupees in million
Sales - Net
Gross Profit / (Loss)
Other Operating Income
Profit / (Loss) After Tax
Depreciation
Cash Profit / (Loss)
Nine months endedMarch 31, 2017
992.075
43.593
6.855
(63.744)
53.826
(9.918)
Nine months ended
March 31, 2016
199.289
(25.243)
0.400
(62.074)
18.109
(43.966)
Quarter endedMarch 31, 2017
308.854
14.876
0.148
(24.448)
18.047
(6.401)
Quarter ended
March 31, 2016
Condensed Interim Profit and Loss Account (Un-audited)for the nine months ended March 31, 2017
JEHANZEB AMIN
Chief Executive
SAFDAR HUSSAIN TARIQ
Director
04 Samin Textiles Limited
JEHANZEB AMIN
Chief Executive
SAFDAR HUSSAIN TARIQ
Director
Condensed Interim Balance Sheet (Un-audited)as at March 31, 2017
05
Interim Financial Report
Notes
6
7
8
9
10
11
Equity and liabilities
Share capital and reserves
Share capital
Reserves
Total share capital and reserves
Surplus on revaluation of property, plant and equipment
Liabilities
Non-current
Subordinated loan-related party
Long term financing-secured
Deferred tax and other liabilities
Total non-current liabilities
Current
Trade and other payables
Interest /markup accrued on borrowings
Short term borrowings
Current portion of long term borrowings
Total current liabilities
Total liabilities
Total equity and liabilities
Contingencies and commitments
Assets
Non-current
Property, plant and equipment
Intangible assets
Long term investments
Long term deposits
Total Non-current assets
Current
Stores, spare parts and loose tools
Stock in trade
Trade debts
Loans and advances
Trade deposits and prepayments
Tax refunds due from government
Interest accrued
Cash and bank balances
Current assets
Total assets
The annexed notes from 1 to 17 form an integral part of this interim financial information.
267,280,000
51,256,016
318,536,016
355,895,066
10,411,566 192,775,780
1,562,100
204,749,446
214,442,875
30,471,290
472,413,104
60,437,762
777,765,031
982,514,477
1,656,945,559
948,921,557
469,280
1,000,000
14,211,750
964,602,587
53,511,629
413,733,133
56,499,138
16,974,106
3,059,050
121,792,303
657,369
26,116,244
692,342,972
1,656,945,559
Audited
Jun 30, 2016
Rupees
Un-audited
Mar 31, 2017
Rupees
267,280,000
(81,605,713)
185,674,287
347,561,350
40,411,566
168,999,996
1,287,100
210,698,662
211,375,441
41,477,165
460,727,481
62,570,378
776,150,465
986,849,127
1,520,084,764
898,274,669
117,320
1,000,000
14,420,790
913,812,779
55,257,869
358,119,858
27,338,950
6,907,942
2,793,663
145,346,511
766,907
9,740,285
606,271,985
1,520,084,764
Notes
Sales - net
Cost of sales 12
Gross profit / (Loss)
Other operating income
Distribution cost
Administrative expenses Other operating expenses
Operating (loss)/ profit
Finance cost
Profit / (Loss) before taxation
Taxation
Profit / (Loss) for the period
Earning / (Loss) per share - basic & diluted
The annexed notes from 1 to 17 form an integral part of this interim financial information.
308,854,125
(293,977,672)
14,876,453
148,607
(5,551,329)
(14,022,224)
(54,655)
(4,603,148)
(16,731,154)
(21,334,302)
(3,113,527)
(24,447,829)
(0.91)
For the quarter
ended March 31,
2016
Rupees
199,289,318
(224,532,499)
(25,243,181)
400,917
(4,723,522)
(13,649,964)
-
(43,215,750)
(18,105,522)
(61,321,272)
(753,702)
(62,074,974)
(2.32)
For the quarter
ended March 31,
2017
Rupees
992,075,518
(948,482,499)
43,593,019
6,855,019
(22,256,031)
(44,351,943) (387,450)
(16,547,386)
(58,973,558)
(75,520,944)
11,776,502
(63,744,442)
(2.38)
For the nine
month ended
March 31, 2016
Rupees
784,019,650
(806,120,647)
(22,100,997)
568,805
(13,965,872)
(44,169,286)
(15,500)
(79,682,850)
(57,370,313)
(137,053,163)
(4,142,282)
(141,195,445)
(5.28)
For the nine
month ended
March 31, 2017
Rupees
Condensed Interim Profit and Loss Account (Un-audited)for the nine months ended March 31, 2017
JEHANZEB AMIN
Chief Executive
SAFDAR HUSSAIN TARIQ
Director
04 Samin Textiles Limited
JEHANZEB AMIN
Chief Executive
SAFDAR HUSSAIN TARIQ
Director
Condensed Interim Balance Sheet (Un-audited)as at March 31, 2017
05
Interim Financial Report
Notes
6
7
8
9
10
11
Equity and liabilities
Share capital and reserves
Share capital
Reserves
Total share capital and reserves
Surplus on revaluation of property, plant and equipment
Liabilities
Non-current
Subordinated loan-related party
Long term financing-secured
Deferred tax and other liabilities
Total non-current liabilities
Current
Trade and other payables
Interest /markup accrued on borrowings
Short term borrowings
Current portion of long term borrowings
Total current liabilities
Total liabilities
Total equity and liabilities
Contingencies and commitments
Assets
Non-current
Property, plant and equipment
Intangible assets
Long term investments
Long term deposits
Total Non-current assets
Current
Stores, spare parts and loose tools
Stock in trade
Trade debts
Loans and advances
Trade deposits and prepayments
Tax refunds due from government
Interest accrued
Cash and bank balances
Current assets
Total assets
The annexed notes from 1 to 17 form an integral part of this interim financial information.
267,280,000
51,256,016
318,536,016
355,895,066
10,411,566 192,775,780
1,562,100
204,749,446
214,442,875
30,471,290
472,413,104
60,437,762
777,765,031
982,514,477
1,656,945,559
948,921,557
469,280
1,000,000
14,211,750
964,602,587
53,511,629
413,733,133
56,499,138
16,974,106
3,059,050
121,792,303
657,369
26,116,244
692,342,972
1,656,945,559
Audited
Jun 30, 2016
Rupees
Un-audited
Mar 31, 2017
Rupees
267,280,000
(81,605,713)
185,674,287
347,561,350
40,411,566
168,999,996
1,287,100
210,698,662
211,375,441
41,477,165
460,727,481
62,570,378
776,150,465
986,849,127
1,520,084,764
898,274,669
117,320
1,000,000
14,420,790
913,812,779
55,257,869
358,119,858
27,338,950
6,907,942
2,793,663
145,346,511
766,907
9,740,285
606,271,985
1,520,084,764
Notes
Sales - net
Cost of sales 12
Gross profit / (Loss)
Other operating income
Distribution cost
Administrative expenses Other operating expenses
Operating (loss)/ profit
Finance cost
Profit / (Loss) before taxation
Taxation
Profit / (Loss) for the period
Earning / (Loss) per share - basic & diluted
The annexed notes from 1 to 17 form an integral part of this interim financial information.
308,854,125
(293,977,672)
14,876,453
148,607
(5,551,329)
(14,022,224)
(54,655)
(4,603,148)
(16,731,154)
(21,334,302)
(3,113,527)
(24,447,829)
(0.91)
For the quarter
ended March 31,
2016
Rupees
199,289,318
(224,532,499)
(25,243,181)
400,917
(4,723,522)
(13,649,964)
-
(43,215,750)
(18,105,522)
(61,321,272)
(753,702)
(62,074,974)
(2.32)
For the quarter
ended March 31,
2017
Rupees
992,075,518
(948,482,499)
43,593,019
6,855,019
(22,256,031)
(44,351,943) (387,450)
(16,547,386)
(58,973,558)
(75,520,944)
11,776,502
(63,744,442)
(2.38)
For the nine
month ended
March 31, 2016
Rupees
784,019,650
(806,120,647)
(22,100,997)
568,805
(13,965,872)
(44,169,286)
(15,500)
(79,682,850)
(57,370,313)
(137,053,163)
(4,142,282)
(141,195,445)
(5.28)
For the nine
month ended
March 31, 2017
Rupees
07
Interim Financial Report
JEHANZEB AMIN
Chief Executive
SAFDAR HUSSAIN TARIQ
Director
Condensed Interim Statement of Comprehensive Income (Un-audited)
06 Samin Textiles Limited
for the nine months ended March 31, 2017For the nine For the nine For the quarter For the quarter
month ended month ended ended ended
March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016
Rupees Rupees Rupees Rupees
Profit / (Loss) after taxation (141,195,445) (63,744,442) (62,074,974) (24,447,829)
Other comprehensive income for the period -
-
-
-
Total comprehensive (loss) / income for the period (141,195,445)
(63,744,442)
(62,074,974)
(24,447,829)
The annexed notes from 1 to 17 form an integral part of this interim financial information.
for the nine months ended March 31, 2017
Notes
Cash generated from operations
Cash (used in) / generated from operations 13
Taxes paid
Net cash (used in) / from operating activities
Cash flows from investing activities
Proceeds from disposal of long term investment
Additions in property, plant and equipment
Dividend received
Net cash (used in)/ from investing activities
Cash flows from financing activities
(Decrease) / increase in short term borrowings
(Decrease) in long term financing - net
(Decrease) / increase in sub-ordinated loan
Repayment of liabilities against assets subject to finance lease
Finance cost paid
Net cash (used in) / from financing activities
Net change 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
The annexed notes from 1 to 17 form an integral part of this interim financial information.
For the nine For the nine
month ended month ended
March 31, 2017 March 31, 2016
Rupees Rupees
50,464,585
(226,515,293)
(13,354,312)
(21,673,963)
37,110,273
(248,189,256)
(209,040)
620,350,000
(3,583,963)
(3,244,227)
- -
(3,793,003) 617,105,773
(11,685,623)
(235,344,308)
(21,643,168)
(35,247,628)
30,000,000
-
-
(46,364,438)
(66,503,969)
(49,693,229)
(337,095,905)
(16,375,959)
31,820,612
26,116,244
18,932,261
9,740,285
50,752,874
Condensed Interim Statement of Cash Flows (Un-audited)
JEHANZEB AMIN
Chief Executive
SAFDAR HUSSAIN TARIQ
Director
07
Interim Financial Report
JEHANZEB AMIN
Chief Executive
SAFDAR HUSSAIN TARIQ
Director
Condensed Interim Statement of Comprehensive Income (Un-audited)
06 Samin Textiles Limited
for the nine months ended March 31, 2017For the nine For the nine For the quarter For the quarter
month ended month ended ended ended
March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016
Rupees Rupees Rupees Rupees
Profit / (Loss) after taxation (141,195,445) (63,744,442) (62,074,974) (24,447,829)
Other comprehensive income for the period -
-
-
-
Total comprehensive (loss) / income for the period (141,195,445)
(63,744,442)
(62,074,974)
(24,447,829)
The annexed notes from 1 to 17 form an integral part of this interim financial information.
for the nine months ended March 31, 2017
Notes
Cash generated from operations
Cash (used in) / generated from operations 13
Taxes paid
Net cash (used in) / from operating activities
Cash flows from investing activities
Proceeds from disposal of long term investment
Additions in property, plant and equipment
Dividend received
Net cash (used in)/ from investing activities
Cash flows from financing activities
(Decrease) / increase in short term borrowings
(Decrease) in long term financing - net
(Decrease) / increase in sub-ordinated loan
Repayment of liabilities against assets subject to finance lease
Finance cost paid
Net cash (used in) / from financing activities
Net change 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
The annexed notes from 1 to 17 form an integral part of this interim financial information.
For the nine For the nine
month ended month ended
March 31, 2017 March 31, 2016
Rupees Rupees
50,464,585
(226,515,293)
(13,354,312)
(21,673,963)
37,110,273
(248,189,256)
(209,040)
620,350,000
(3,583,963)
(3,244,227)
- -
(3,793,003) 617,105,773
(11,685,623)
(235,344,308)
(21,643,168)
(35,247,628)
30,000,000
-
-
(46,364,438)
(66,503,969)
(49,693,229)
(337,095,905)
(16,375,959)
31,820,612
26,116,244
18,932,261
9,740,285
50,752,874
Condensed Interim Statement of Cash Flows (Un-audited)
JEHANZEB AMIN
Chief Executive
SAFDAR HUSSAIN TARIQ
Director
09
Interim Financial Report
Condensed Interim Statement of Changes in Equity (Un-audited)for the nine months ended March 31, 2017
Rupees Rupees Rupees Rupees
Balance as at July 01, 2015 267,280,000
137,304,455
137,304,455
404,584,455
Loss for the period -
(63,744,442)
(63,744,442)
(63,744,442)
-
-
-
-
-
(63,744,442)
(63,744,442)
(63,744,442)
-
6,991,376
6,991,376
6,991,376
Balance as at March 31, 2016 267,280,000
80,551,389
80,551,389
347,831,389
Loss for the period -
(14,955,970)
(14,955,970)
(14,955,970)
Other comprehensive income for the period - - - - -
(14,955,970)
(14,955,970)
(14,955,970)
-
2,467,544
2,467,544
2,467,544
Balance as at June 30, 2016 267,280,000
51,256,016
51,256,016
318,536,016
Loss for the period -
(141,195,445)
(141,195,445)
(141,195,445)
Other comprehensive income for the period -
-
-
-
Total comprehensive loss for the period -
(141,195,445)
(141,195,445)
(141,195,445)
-
8,333,716
8,333,716
8,333,716
Balance as at March 31, 2017 267,280,000
(81,605,713)
(81,605,713)
185,674,287
The annexed notes from 1 to 17 form an integral part of this interim financial information.
Total Equity
Revenue reserve-
Accumulated
Profits/(Loss) Sub-total
Transfer from surplus on revaluation of property,
plant and equipment -net of tax
Particulars Issued, subscribed
and paid up share
capital
Reserves
Other comprehensive income for the period
Total comprehensive loss for the period
Transfer from surplus on revaluation of property,
plant and equipment-net of tax
Total comprehensive loss for the period
Transfer from surplus on revaluation of property,
plant and equipment -net of tax
Notes to the Condensed Interim Financial Information (Un-audited)for the nine months ended March 31, 2017
Un-audited Audited
Mar 31, 2017 Jun 30, 2016
Note Rupees Rupees
6 Long term financing - secured
From financial institutions 230,189,009 251,832,177
230,189,009 251,832,177
Less:
Payable within in next twelve months (61,189,013)
(59,056,397)
Non-current portion 168,999,996
192,775,780
7 Defered Liabilities
Defered tax 7.1
-
-
Staff gratuity 1,287,100
1,562,100
Total 1,287,100
1,562,100
08 Samin Textiles Limited
JEHANZEB AMIN
Chief Executive
SAFDAR HUSSAIN TARIQ
Director
1 General information and nature of operations
Samin Textiles Limited (the "Company") is a public limited company incorporated in Pakistan on November 27,
1989 under the Companies Ordinance, 1984. The shares of the Company are listed on Pakistan Stock Exchange.
The principal business of the Company is manufacturing and sale of cloth. The address of its registered/head office
is 50-C, Main Gulberg, Lahore. The mill is situated at Manga - Raiwind Road, District Kasur in the Province of Punjab.
2 Basis of preparation
This condensed interim financial information is unaudited and is being submitted to shareholders, as required by
section 245 of Companies Ordinance, 1984.
This condensed interim financial information of the Company for the nine month period ended 31 March2017 has
been prepared in accordance with the requirements of the International Accounting Standard (IAS) 34, "Interim
Financial Reporting" and provisions of and directives issued under the Companies Ordinance, 1984. In case where
requirements differ, the provisions of or directives issued under the Companies Ordinance, 1984 have been
followed. This condensed interim financial report does not include all the information required for full annual
financial statements and should be read in conjunction with the annual financial statements of the Company for
the year ended June 30, 2016.
3 Accounting policies
The accounting policies and methods of computation adopted for the preparation of this condensed interim
financial information are consistent with those applied in the preparation of the annual published financial
statements of the Company for the year ended June 30, 2016.
The new standards, amendments to the approved accounting standards and interpretations that are mandatory for
accounting periods beginning on or after July 1, 2016, were either considered not to be relevant to the Company's
operations or did not have significant effect on the accounting policies of the Company.
4 Critical accounting estimates and judgments
Judgments and estimates made by the management in the preparation of this condensed interim financial report
are the same as those applied to the preceding annual published financial statements of the Company for the year
ended June 30, 2016.
5 Financial risk management
The financial risk management objectives and policies adopted by the Company are consistent with those
disclosed in the financial statements of the Company for the year ended June 30, 2016.
09
Interim Financial Report
Condensed Interim Statement of Changes in Equity (Un-audited)for the nine months ended March 31, 2017
Rupees Rupees Rupees Rupees
Balance as at July 01, 2015 267,280,000
137,304,455
137,304,455
404,584,455
Loss for the period -
(63,744,442)
(63,744,442)
(63,744,442)
-
-
-
-
-
(63,744,442)
(63,744,442)
(63,744,442)
-
6,991,376
6,991,376
6,991,376
Balance as at March 31, 2016 267,280,000
80,551,389
80,551,389
347,831,389
Loss for the period -
(14,955,970)
(14,955,970)
(14,955,970)
Other comprehensive income for the period - - - - -
(14,955,970)
(14,955,970)
(14,955,970)
-
2,467,544
2,467,544
2,467,544
Balance as at June 30, 2016 267,280,000
51,256,016
51,256,016
318,536,016
Loss for the period -
(141,195,445)
(141,195,445)
(141,195,445)
Other comprehensive income for the period -
-
-
-
Total comprehensive loss for the period -
(141,195,445)
(141,195,445)
(141,195,445)
-
8,333,716
8,333,716
8,333,716
Balance as at March 31, 2017 267,280,000
(81,605,713)
(81,605,713)
185,674,287
The annexed notes from 1 to 17 form an integral part of this interim financial information.
Total Equity
Revenue reserve-
Accumulated
Profits/(Loss) Sub-total
Transfer from surplus on revaluation of property,
plant and equipment -net of tax
Particulars Issued, subscribed
and paid up share
capital
Reserves
Other comprehensive income for the period
Total comprehensive loss for the period
Transfer from surplus on revaluation of property,
plant and equipment-net of tax
Total comprehensive loss for the period
Transfer from surplus on revaluation of property,
plant and equipment -net of tax
Notes to the Condensed Interim Financial Information (Un-audited)for the nine months ended March 31, 2017
Un-audited Audited
Mar 31, 2017 Jun 30, 2016
Note Rupees Rupees
6 Long term financing - secured
From financial institutions 230,189,009 251,832,177
230,189,009 251,832,177
Less:
Payable within in next twelve months (61,189,013)
(59,056,397)
Non-current portion 168,999,996
192,775,780
7 Defered Liabilities
Defered tax 7.1
-
-
Staff gratuity 1,287,100
1,562,100
Total 1,287,100
1,562,100
08 Samin Textiles Limited
JEHANZEB AMIN
Chief Executive
SAFDAR HUSSAIN TARIQ
Director
1 General information and nature of operations
Samin Textiles Limited (the "Company") is a public limited company incorporated in Pakistan on November 27,
1989 under the Companies Ordinance, 1984. The shares of the Company are listed on Pakistan Stock Exchange.
The principal business of the Company is manufacturing and sale of cloth. The address of its registered/head office
is 50-C, Main Gulberg, Lahore. The mill is situated at Manga - Raiwind Road, District Kasur in the Province of Punjab.
2 Basis of preparation
This condensed interim financial information is unaudited and is being submitted to shareholders, as required by
section 245 of Companies Ordinance, 1984.
This condensed interim financial information of the Company for the nine month period ended 31 March2017 has
been prepared in accordance with the requirements of the International Accounting Standard (IAS) 34, "Interim
Financial Reporting" and provisions of and directives issued under the Companies Ordinance, 1984. In case where
requirements differ, the provisions of or directives issued under the Companies Ordinance, 1984 have been
followed. This condensed interim financial report does not include all the information required for full annual
financial statements and should be read in conjunction with the annual financial statements of the Company for
the year ended June 30, 2016.
3 Accounting policies
The accounting policies and methods of computation adopted for the preparation of this condensed interim
financial information are consistent with those applied in the preparation of the annual published financial
statements of the Company for the year ended June 30, 2016.
The new standards, amendments to the approved accounting standards and interpretations that are mandatory for
accounting periods beginning on or after July 1, 2016, were either considered not to be relevant to the Company's
operations or did not have significant effect on the accounting policies of the Company.
4 Critical accounting estimates and judgments
Judgments and estimates made by the management in the preparation of this condensed interim financial report
are the same as those applied to the preceding annual published financial statements of the Company for the year
ended June 30, 2016.
5 Financial risk management
The financial risk management objectives and policies adopted by the Company are consistent with those
disclosed in the financial statements of the Company for the year ended June 30, 2016.
11
Interim Financial Report
Un-audited Audited
Mar 31, 2017 Jun 30, 2016
Rupees Rupees
Commitments
Commitments against foreign bills 15,096,156
74,323,035
10 Property, plant and equipment
Operating fixed assets 10.1 898,274,669
948,921,557
Total 898,274,669
948,921,557
10.1 Operating fixed assets
Written down value - opening 948,921,557 881,130,005
Add: Cost of additions during the period / year 3,583,963 141,270,137
952,505,520 1,022,400,142
Disposals during the period / year (W.D.V) - (881,540)
Less: Depreciation (54,230,911) (72,597,045)
Written down value - closing 898,274,609 948,921,557
Note
8 TRADE AND OTHER PAYABLES
Creditors
- for goods
- for supplies
- for services
Accrued liabilities
Advances from customers
Security deposits
Withholding tax payable
Payable to Workers' Welfare Fund 8.1
Provident fund payable
Unclaimed dividend
Total
10 Samin Textiles Limited
Un-audited
Mar 31, 2017
Rupees
64,317,078
40,537,553
38,189,792
143,044,423
26,989,238
26,923,948
513,630
5,918,467
1,891,540
2,628,031
3,466,164
211,375,441
Audited
Jun 30, 2016
Rupees
92,400,284
41,230,648
28,451,526
162,082,458
28,603,227
13,555,241
513,630
3,335,243
1,891,540
995,372
3,466,164
214,442,875
8.1 Workers’ Welfare Fund Ordinance, 1971 has been amended through Finance Acts 2006 and 2008. These
amendments were held unconstitutional and struck down by the Honorable Lahore High Court, Lahore (HLHC) on
August 05, 2011. The decision of the HLHC has been challenged in the august Supreme Court of Pakistan decision
of which is still pending. Therefore, the Company has not yet made payment of this amount. Further, the Company
has also not made any provision during the year as the management is confident of favorable outcome of such
litigation.
9 Contingencies and commitments
Contingencies
There is no material change in contingencies as disclosed in the notes to the financial statements for the year ended
June 30, 2016.
10.1.1 Cost of additions during the period
Free hold land
Building on freehold land
Plant and machinery
Furniture and fittings
Office equipment
Vehicles
Total
11 CASH AND BANK BALANCES
Cash at bank:
- current accounts
- deposit accounts
- foreign currency accounts
Cash in hand
Total
12 Cost of Sales
Raw materials consumed
Salaries, wages and other benefits
Factory overheads
(Increase)/decrease in work in process
Opening work in process
Closing work in process
Adjustment of work in process
Cost of goods manufactured
(Increase)/decrease in finished goods
Opening stock
Closing stock
Adjustment of finished goods
Less: Export Rebate
Total
- 62,659,375
- 41,677,437
2,915,261 31,382,985
234,000
668,702 1,578,671
- 3,737,669
3,583,963 141,270,137
7,953,240
11,105,761
353,334
10,276,334
15,691 1,908,878
8,322,265 23,290,973
1,418,020
Un-audited
Mar 31, 2017
Rupees
Audited
Jun 30, 2016
Rupees
2,825,271
9,740,285
26,116,244
376,321,001
114,504,385
282,932,799
773,758,185
2,850,745 (526,874)
2,323,871
776,082,056
364,733,755
(334,623,240)
30,110,515
(71,924)
806,120,647
Un-auditedNine month ended
Mar 31, 2017
Rupees
(336,714,519)
(156,253,126)
(375,315)
664,946,365
84,843,605
357,066,923
1,106,856,893
4,532,107 (6,278,060)
(1,745,953)
1,105,110,940
180,461,393
948,857,814
Un-auditedNine month ended
Mar 31, 2016
Rupees
79,208,537
36,048,591
104,686,576
219,943,703
291,054 (526,874)
(235,820)
219,707,883
339,453,922
(334,623,240)
4,830,682
(6,067)
224,532,498
Un-auditedQuarter ended
Mar 31, 2017
Rupees
Un-auditedQuarter ended
Mar 31, 2016
Rupees
220,040,726
25,271,552
106,324,518
351,636,796
2,647,685
(6,278,060)
(3,630,375)
348,006,421
282,693,038
(336,714,519)
(54,021,481)
(7,268)
293,984,940
Notes to the Condensed Interim Financial Information (Un-audited)Notes to the Condensed Interim Financial Information (Un-audited)for the nine months ended March 31, 2017for the nine months ended March 31, 2017
11
Interim Financial Report
Un-audited Audited
Mar 31, 2017 Jun 30, 2016
Rupees Rupees
Commitments
Commitments against foreign bills 15,096,156
74,323,035
10 Property, plant and equipment
Operating fixed assets 10.1 898,274,669
948,921,557
Total 898,274,669
948,921,557
10.1 Operating fixed assets
Written down value - opening 948,921,557 881,130,005
Add: Cost of additions during the period / year 3,583,963 141,270,137
952,505,520 1,022,400,142
Disposals during the period / year (W.D.V) - (881,540)
Less: Depreciation (54,230,911) (72,597,045)
Written down value - closing 898,274,609 948,921,557
Note
8 TRADE AND OTHER PAYABLES
Creditors
- for goods
- for supplies
- for services
Accrued liabilities
Advances from customers
Security deposits
Withholding tax payable
Payable to Workers' Welfare Fund 8.1
Provident fund payable
Unclaimed dividend
Total
10 Samin Textiles Limited
Un-audited
Mar 31, 2017
Rupees
64,317,078
40,537,553
38,189,792
143,044,423
26,989,238
26,923,948
513,630
5,918,467
1,891,540
2,628,031
3,466,164
211,375,441
Audited
Jun 30, 2016
Rupees
92,400,284
41,230,648
28,451,526
162,082,458
28,603,227
13,555,241
513,630
3,335,243
1,891,540
995,372
3,466,164
214,442,875
8.1 Workers’ Welfare Fund Ordinance, 1971 has been amended through Finance Acts 2006 and 2008. These
amendments were held unconstitutional and struck down by the Honorable Lahore High Court, Lahore (HLHC) on
August 05, 2011. The decision of the HLHC has been challenged in the august Supreme Court of Pakistan decision
of which is still pending. Therefore, the Company has not yet made payment of this amount. Further, the Company
has also not made any provision during the year as the management is confident of favorable outcome of such
litigation.
9 Contingencies and commitments
Contingencies
There is no material change in contingencies as disclosed in the notes to the financial statements for the year ended
June 30, 2016.
10.1.1 Cost of additions during the period
Free hold land
Building on freehold land
Plant and machinery
Furniture and fittings
Office equipment
Vehicles
Total
11 CASH AND BANK BALANCES
Cash at bank:
- current accounts
- deposit accounts
- foreign currency accounts
Cash in hand
Total
12 Cost of Sales
Raw materials consumed
Salaries, wages and other benefits
Factory overheads
(Increase)/decrease in work in process
Opening work in process
Closing work in process
Adjustment of work in process
Cost of goods manufactured
(Increase)/decrease in finished goods
Opening stock
Closing stock
Adjustment of finished goods
Less: Export Rebate
Total
- 62,659,375
- 41,677,437
2,915,261 31,382,985
234,000
668,702 1,578,671
- 3,737,669
3,583,963 141,270,137
7,953,240
11,105,761
353,334
10,276,334
15,691 1,908,878
8,322,265 23,290,973
1,418,020
Un-audited
Mar 31, 2017
Rupees
Audited
Jun 30, 2016
Rupees
2,825,271
9,740,285
26,116,244
376,321,001
114,504,385
282,932,799
773,758,185
2,850,745 (526,874)
2,323,871
776,082,056
364,733,755
(334,623,240)
30,110,515
(71,924)
806,120,647
Un-auditedNine month ended
Mar 31, 2017
Rupees
(336,714,519)
(156,253,126)
(375,315)
664,946,365
84,843,605
357,066,923
1,106,856,893
4,532,107 (6,278,060)
(1,745,953)
1,105,110,940
180,461,393
948,857,814
Un-auditedNine month ended
Mar 31, 2016
Rupees
79,208,537
36,048,591
104,686,576
219,943,703
291,054 (526,874)
(235,820)
219,707,883
339,453,922
(334,623,240)
4,830,682
(6,067)
224,532,498
Un-auditedQuarter ended
Mar 31, 2017
Rupees
Un-auditedQuarter ended
Mar 31, 2016
Rupees
220,040,726
25,271,552
106,324,518
351,636,796
2,647,685
(6,278,060)
(3,630,375)
348,006,421
282,693,038
(336,714,519)
(54,021,481)
(7,268)
293,984,940
Notes to the Condensed Interim Financial Information (Un-audited)Notes to the Condensed Interim Financial Information (Un-audited)for the nine months ended March 31, 2017for the nine months ended March 31, 2017
13
Interim Financial Report
12 Samin Textiles Limited
Un-audited
Mar 31, 2017
Rupees
13 Cash (used in) generated from operations
Loss/(Profit) before taxation (137,053,163)
Adjustments for:
Depreciation on property, plant and equipment 54,230,911
Foreign currency translation difference -
Amortization 117,320
Gain on diposal of investment -
Interest Income (109,538)
Finance cost 20,666,118
Operating profit before changes in working capital (62,148,352)
Changes in working capital
(Increase) /decrease in current assets
Stores, spare parts and loose tools (1,746,240)
Stock in trade 55,613,275
Trade debts 29,160,188
Loans and advances 10,066,164
Trade deposits, prepayments and balances with statutory authorities (14,351,850)
(Decrease) /increase in current liabilities
Trade and other payables (3,067,435)
Total 13,525,750
Un-audited
Mar 31, 2016
Rupees
(75,520,944)
53,825,734
387,450
628,500
(6,530,000)
(109,538)
58,973,558
31,654,760
5,372,669
(164,987,013)
29,877,419
(37,421,907)
(7,875,646)
(83,135,575)
(226,515,293)
14
Member of the Company
900,000 600,000
Member of the Company
2,198,715 1,176,647
Un-audited Un-audited
Mar 31, 2017 Mar 31, 2016
Relationship Rupees Rupees
Associated company
124,824
215,481
Associated company
109,538
109,538
Directors and executives
Transactions with related parties
Significant transactions with related parties during nine months are as follows:
Mrs. Mehvish Amin
Office rent
Mrs. Shehla Segal
Markup on subordinated loan
MCB Bank Limited
Profit received on PLS account
Onetel Pakistan (Pvt) Limited
Interest On Loan
Directors and other key management personnel
Remuneration and benefits 20,850,635
29,963,639
Un-audited Un-audited
Mar 31, 2017 Mar 31, 2016
Relationship Rupees Rupees
15 Significant balances with related parties as on balance sheet date are as follows:
Associate
1,000,000 1,000,000
1,150,000 1,150,000
766,907
620,857
Subsidiary
-
100,000
Associated company
-
1,219,245
Director 30,000,000 -
22,827,525 20,628,810
Loan
Onetel Pakistan (Private) Limited
Investment
Interest accrued on loan
Nimas Trading (Private) Limited
Investment
Security General Insurance Company Limited
Outstanding balance of Insurance premium
Payable to Sponsors
Payable to other related parties
Payable to Provident Fund Provident fund 1,632,659 1,660,972
16 General
16.1 Corresponding figures have been rearranged wherever necessary, for the purpose of comparison. However, there
were no material reclassification or rearrangement to report.
In order to comply with the requirements of International Accounting Standard 34 - ‘Interim Financial Reporting’,
the condensed interim balance sheet has been compared with the balances of annual audited financial statements
of preceding financial year, whereas, the condensed interim profit and loss account, condensed interim statement
of comprehensive income, condensed interim statement of changes in equity and condensed interim statement of
cash flows have been compared with the balances of condensed interim half yearly financial information of
comparable period.
16.2 Figures have been rounded off to the nearest rupees unless otherwise stated.
17 Date of authorization for issue
This financial information was authorized for issue on 21 April 2017 by the Board of Directors of the Company.
JEHANZEB AMIN
Chief Executive
SAFDAR HUSSAIN TARIQ
Director
Notes to the Condensed Interim Financial Information (Un-audited)Notes to the Condensed Interim Financial Information (Un-audited)for the nine months ended March 31, 2017for the nine months ended March 31, 2017
13
Interim Financial Report
12 Samin Textiles Limited
Un-audited
Mar 31, 2017
Rupees
13 Cash (used in) generated from operations
Loss/(Profit) before taxation (137,053,163)
Adjustments for:
Depreciation on property, plant and equipment 54,230,911
Foreign currency translation difference -
Amortization 117,320
Gain on diposal of investment -
Interest Income (109,538)
Finance cost 20,666,118
Operating profit before changes in working capital (62,148,352)
Changes in working capital
(Increase) /decrease in current assets
Stores, spare parts and loose tools (1,746,240)
Stock in trade 55,613,275
Trade debts 29,160,188
Loans and advances 10,066,164
Trade deposits, prepayments and balances with statutory authorities (14,351,850)
(Decrease) /increase in current liabilities
Trade and other payables (3,067,435)
Total 13,525,750
Un-audited
Mar 31, 2016
Rupees
(75,520,944)
53,825,734
387,450
628,500
(6,530,000)
(109,538)
58,973,558
31,654,760
5,372,669
(164,987,013)
29,877,419
(37,421,907)
(7,875,646)
(83,135,575)
(226,515,293)
14
Member of the Company
900,000 600,000
Member of the Company
2,198,715 1,176,647
Un-audited Un-audited
Mar 31, 2017 Mar 31, 2016
Relationship Rupees Rupees
Associated company
124,824
215,481
Associated company
109,538
109,538
Directors and executives
Transactions with related parties
Significant transactions with related parties during nine months are as follows:
Mrs. Mehvish Amin
Office rent
Mrs. Shehla Segal
Markup on subordinated loan
MCB Bank Limited
Profit received on PLS account
Onetel Pakistan (Pvt) Limited
Interest On Loan
Directors and other key management personnel
Remuneration and benefits 20,850,635
29,963,639
Un-audited Un-audited
Mar 31, 2017 Mar 31, 2016
Relationship Rupees Rupees
15 Significant balances with related parties as on balance sheet date are as follows:
Associate
1,000,000 1,000,000
1,150,000 1,150,000
766,907
620,857
Subsidiary
-
100,000
Associated company
-
1,219,245
Director 30,000,000 -
22,827,525 20,628,810
Loan
Onetel Pakistan (Private) Limited
Investment
Interest accrued on loan
Nimas Trading (Private) Limited
Investment
Security General Insurance Company Limited
Outstanding balance of Insurance premium
Payable to Sponsors
Payable to other related parties
Payable to Provident Fund Provident fund 1,632,659 1,660,972
16 General
16.1 Corresponding figures have been rearranged wherever necessary, for the purpose of comparison. However, there
were no material reclassification or rearrangement to report.
In order to comply with the requirements of International Accounting Standard 34 - ‘Interim Financial Reporting’,
the condensed interim balance sheet has been compared with the balances of annual audited financial statements
of preceding financial year, whereas, the condensed interim profit and loss account, condensed interim statement
of comprehensive income, condensed interim statement of changes in equity and condensed interim statement of
cash flows have been compared with the balances of condensed interim half yearly financial information of
comparable period.
16.2 Figures have been rounded off to the nearest rupees unless otherwise stated.
17 Date of authorization for issue
This financial information was authorized for issue on 21 April 2017 by the Board of Directors of the Company.
JEHANZEB AMIN
Chief Executive
SAFDAR HUSSAIN TARIQ
Director
Notes to the Condensed Interim Financial Information (Un-audited)Notes to the Condensed Interim Financial Information (Un-audited)for the nine months ended March 31, 2017for the nine months ended March 31, 2017
samintextile.com
SAMIN TEXTILES LIMITED
50-C, Main Gulberg,Lahore, Pakistan.Tel: +92 42 3575 3761Fax: +92 42 3575 3688