BTL - FS June 2022
BTL - FS June 2022
BTL - FS June 2022
G
of Companies
Mission Statement
To become an exceptional manufacturer of
textile products global market.
Index
Corporate Information 4
Categories of Shareholders 69
Pattern of Holding 72
Company Secretary
Mr. Ghulam Mohiuddin ACMA
Audit Committee
Mr. Tauqeer Ahmed Sheikh Chairman
Mr. Bilal Sharif Member
Mr. Khurrum Salim Member
Statutory Auditors
M/s Rehman Sarfraz Rahim Iqbal Rafiq (Chartered Accountants)
72, Faisal Town, Lahore.
Legal Adivsor
M. Zahid Farooq- Advocate Lahore High Court
Bankers
Bank Alfalah Limited Samba Bank Limited
Dubai Islamic Bank United Bank Limited
Faysal Bank Ltd Bank Islami Pakistan Ltd
Habib Bank Limited Bank Al Habib Limited
MCB Bank Limited Habib Metropolitan Bank Ltd
Meezan Bank Limited
Share Registrar
Hameed Majeed Associated (Private) Limited
5th Floor Karachi Chamber, Karachi.
Registered Office
Umer House, 23/1, Sector 23, S. M. Farooq Road,
Korangi Industrial Area, Karachi, Pakistan
Tel : 021 35115177 - 80
Email: [email protected]
URL : http://www.umergroup.com
Manufacturing Units
Spinning Units I & III and Weaving Unit - II are loacted at:
Ferozewatwaan, Sheikhupura, Punjab. Tel: 056- 3731446-7
5. Special Business:
(A) To approve by way of special resolution with or without modification the following resolutions in
respect of related party transactions under the provisions of Section 208 of the Companies Act, 2017:
(i) “Resolved That Related Parties Transactions carried out during the year as disclosed in the financial
statements for the year ended June 30, 2022, be and are hereby ratified, approved and confirmed.”
(ii) “Resolved That the Board of Directors of the Company be and are hereby authorized to approve
the transactions to be conducted with Related Parties on case to case basis during the financial year
ending June 30, 2023.
Further Resolved That that transactions approved by Board shall be deemed to have been approved
by the shareholders and shall be placed before the shareholders in the next general meeting for their
formal ratification/approval.”
Moreover, the notice along with statement of material fact have been dispatched to the
shareholders by post and uploaded placed on company website at “www.umergroup.com”.
The copy of minutes of the extra ordinary general meeting of the company held on October 27,
2021 has also been enclosed and uploaded with aforesaid notice of AGM.
“I/We, ________ being a member of Blessed Textiles Limited, holder of ________ Ordinary Shares
vide folio ______ hereby opt for video conference facility at _____________.”
________________
Signature of Member
5. In compliance of SRO 1013(1)/2017 dated 6th September, 2017 the claimant wise details of
unclaimed shares and dividend or modarba certificates as on June 30, 2022 have been uploaded
on our website: www.umergroup.com. In this regard, the said shareholders are requested to
approach the Company Registered Office or Share Registrar Office with regard to any unclaimed
dividend, shares or modarba certificates.
6. Members are requested to immediately inform of any change in their addresses and bank details
to our share Registrar, Hameed Majeed Associates (Private) Limited.
Pursuant to the provisions of the Finance Act 2022 effective July 1, 2022, the rates of deduction
of income tax from dividend payments under section 150 of the Income Tax Ordinance, 2001 have
been revised as follows:
a. For filer of income tax return 15%
b. For non-filers of income tax return 30%
Statement of Material Facts Under Section 134 (3) of The Companies Act, 2017
Items pertaining to 5(A)(i) of the notice for ratification and approval of the related party transactions
during the year ended June 30, 2022.
The related party transactions (RPT) were carried out at arm’s length during the normal course of
business activity during the year ended June 30, 2022 with its associated undertaking and related
parties in accordance with its corporate policy, applicable laws, regulations compliance with the
provisions of IAS 24. All the RPT reviewed and approved by the board of directors were duly placed
before head of internal audit for approval, followed by the approval of audit committee
However, since common directorship exists between the related parties (by virtue of being the
shareholder or common directorship), these transactions are being placed for the approval by
shareholders in the Annual General Meeting. All transactions with related parties to be ratified have
been disclosed in the financial statements for the year ended June 30, 2022
The transactions entered into with the related parties include, but are not limited to, sale & purchase
of goods, dividends paid and received, investments and divestment made (in accordance with the
approval of shareholders and board where applicable). The nature of relationship with these related
parties has also been stated in the financial statements for the year ended June 30, 2022.
Related parties from the Company's perspective comprise associated companies and key management personnel. Key
management personnel are those persons having authority and responsibility for planning, directing and controlling the
activities of the Company, directly or indirectly, and includes the Chief Executive and Directors of the Company. The details
of Company's related parties, w ith w hom the Company had transactions during the year or has balances outstanding as
Transactions w ith key management personnel are limited to payment of short term employee benefits only. The Company
in the normal course of business carries out various transactions w ith associated companies and continues to have a
policy w hereby all such transactions are carried out on commercial terms and conditions w hich are equivalent to those
prevailing in an orderly transaction betw een market participants at the date of transaction.
There are no balances outstanding w ith related parties as at the reporting date. Detail of transactions w ith related parties
30-Jun-22 30-Jun-21
Rupees Rupees
Items pertaining to 5(A)(ii) of the notice for board authorization to approve related party transactions
that will be conducted during the period July 1, 2022 to June 30, 2023.
The Company shall be entering into transactions with its related parties during the year ending June
30, 2023 on an arm’s length basis as per the approved policy with respect to ‘transactions with related
parties’ in the normal course of business activity. Since, there has been common directorship in the
related party transactions, the Board seeks member’s consent to approve such transactions with the
related parties from time-to-time on case to case basis for the fiscal year ending June 30, 2023 and
such transactions shall be deemed to be approved by the shareholders. The nature and scope of such
related party transactions is explained above and these transactions shall be placed before the
shareholders in the next AGM for their formal approval/ratification.
As required under section 192(4) of Companies Act 2017 attached herewith a review report for the year
ended June 30, 2022 by the chairman on overall performance and effectiveness of the board of Blessed
Textiles Limited (Board) in achieving its objectives. The prevailing economic crisis with high exchange
rate of US$, rising of both oil and commodity pricing, depleting reserves, high inflation and borrowing
cost are wreaking havoc the economy of the country.
The global outlook doesn’t seem supportive for the textile sector since high energy costs due to Russia-
Ukraine crisis, supply-chain disruptions owing pandemic-related lockdowns in China, surging
commodities prices coupled with rising interest rates and high inflationary pressure adding the risk of
recession. Nonetheless, I believe that by utmost efforts of the board we can smoothly steered the
company in these challenging times.
The company has an effective governance framework in place which complies with the requirements
set out in the Companies Act, 2017 and the Listed Companies (Code of Corporate Governance)
Regulations, 2019 with respect to the composition, procedures and meetings of the Board and its
committees.
On the governance side, performance of our Board members remained exceptional throughout the year
as the company follows high corporate governance standards that assist in attaining company's
objectives and meeting the expectation of our stakeholders. The company has an independent internal
audit function which believes in a risk-based audit methodology and the internal audit reports were
duly presented to the Board on quarterly basis. The Board and Audit Committee meets at every quarter
before circulation of accounts where board and committee members participate quite proactively.
The annual evaluation of the Board has been carried out under the Code of Corporate Governance to
ensure that the Board’s overall performance is in line with the developed comprehensive criteria. During
The Board shall continue to play a vital role in setting the course of the Company, promoting its success
and performance and guiding the management to conduct operations in conformity with the strategies
approved by the Board while upholding the principles of good corporate governance.
As each stakeholder group requires a tailored engagement approach to foster effective communication
the Board has established effective communication vehicles for regular engagement with both internal
and external stakeholders which is a core element of our success. There has been effective and
expeditious mechanism in place for redressal in case of any grievance of its shareholders.
All the the ten members of the Board, are accredited under the requirements of the Code for directors
training program (DTP).
Mohammad Salim
(Chairman)
The Directors of your Company are pleased to present herewith the audit report on financial statement of
the Company for the year ended June 30, 2022.
Financial Recitals
Financial results of company for the year ended to June 30, 2022 are:
30-Jun-22 30-Jun-21
Rupees Rupees
The revenue has been significantly increased by almost 43 percent i.e from PKR 15,430.533 million to PKR
22,030.768 million during the current year ended June 30, 2022 as compared to corresponding year.
The gross profit to sales in current year increased from 21.45 percent to 22.94 percent during the
corresponding periods under consideration.
The company profitability has been considerably increased during the current year where it posted a net
profit after tax of PKR 3,206.701 million as compared corresponding period where it stood at PKR 2,145.301
million.
Moreover, the directors proposed to transfer an amount of PKR 1,500.00 million to the general reserve to
meet any unanticipated contingencies in future.
The earning per share for the year ended 30th June, 2022 is PKR 498.55 as compared to the year 30th June,
2021 where it stood at 333.54 Similarly, the breakup value per share for the year ended 30th June, 2022 is
PKR 1,401.83 as compared to the corresponding year where it was stood at PKR 936.68.
GRAPH
BV EPS
1,401.83
936.68
604.72
583.81
505.57
498.55
462.26
428.96
416.49
407.19
376.43
333.54
98.79
62.05
66.12
38.21
57.29
36.31
14.76
12.75
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
Financing Structure
Capital structure is one of the most vital and complex areas of decision making to any organization due to
its relationship with other financing variable and its closely related to the value of the company and returns
and wealth maximization of the shareholders.
The gearing ratio has been increased during the current period under review where it stands at 0.66
during the current year ended June 30, 2022 (Year 2021: 0.39) but still in acceptable limits as per industry
norms.
The production is estimated to be around 450 bags per day comprising of coarse count of PC, CVC and
lycra yarn targeted primarily for the consumption in local market.
The establishment of the new unit will render the cost of production significantly due to economies of
scale as the existing production, technical and administration staff are fully capable of handling the new
project without incurring any major cost for human resource. The automation in the unit required lesser
workforce which will helps us to improve quality control, wastages and efficiency besides having
energy efficient machineries to reduce utility expense.
It is expected that trial production will hopefully begin by April 2023 whereas it’s anticipated
that commercial production will be commenced probably by July 2023.
Credit Rating
The entity’s rating has been upgraded to ‘A/A-1’ (Single A/A-One) from ‘A-/A-1’ (Single A Minus/A-One) by
Messer’s VIS Credit Rating Company Limited published on August 11, 2022 for the current year. The
entity’s outlook has been assigned as ‘Stable’ on given ratings.
Financial Statements
As required under Companies Act 2017, listing regulations of PSX and directives issued by the SECP the
Chief Executive Officer and Chief Financial Officer presented the financial statements of the company for
the year ended June 30, 2022, duly endorsed under their respective signatures for consideration,
approval and authorization by the board of directors for issuance and circulation.
Accounting Standards
The accounting policies of the Company fully reflect the requirements of the Companies Act, 2017 and such
approved International Accounting Standards and International Financial Reporting Standards as have been
notified under this Act as well as through directives issued by the Securities and Exchange Commission of
Pakistan.
As per World Bank report, the growth in Pakistan is expected to around 4.0 percent in 2022-23 (FY 2020-
21:5.7 percent) as foreign demand slows significantly. During the fiscal year ended June 2022, country
witnessed a enormous fiscal deficit of PKR 5.26 trillion (7.9 precent of the recently rebased GDP) against
the initial target of PKR 3.4 trillion (5.1 percent of the rebased GDP. The government missed the deficit
target both due to the deployment of lesser-than-targeted net revenue and higher-than-targeted current
expenses. Presently, with the flooding situation and political instability it seems quite tough that the
government will keep the deficit within the targeted limit of 4.9 percent of GDP for fiscal year ending June
2023. It’s highly probable that revenue collections could be affected noticeably following the floods in Sindh
and Balochistan that caused heavy losses to agriculture, livestock, wholesale and retail trade besides
damaging houses, roads, railways and other infrastructure.
As per data released by PBS the country’s annual CPI inflation reached to 27.3 percent in August 2022 from
24.9 percent in July 2022, the highest since May of 1975. The non-food items, mainly fuel and electricity
charges, were the major reason for the rise besides, swelling prices for vegetables, pulses, cooking oil, wheat
flour and milk were also a significant factor. The country’s economic outlook remained uncertain and blurry,
the inflation of 27.3 percent is expected to go even higher as deadly floods hit the country.
The the sharp depreciation of Pak Rupee also causing price hike since the PKR in interbank is trading around
228 - 230 in September, 2022. Albeit, the IMF finally revived its Extended Fund Facility (EFF) programme for
Pakistan, as its board approved the disbursement of $1.1 billion for the seventh and eighth tranches.
However, the rupee still not showing any major gain against greenback since it’s been believed that IMF
programme has already factored in both stock and currency markets. The International Monetary Fund
(IMF) projected average value of the rupee at Rs 226 against greenback for fiscal year 2022-23.
The continuous torrential rains and floods have engulfed Pakistan’s cotton fields resulting in irreparable loss
to the cotton crop & officials estimated that around 45 percent of cotton has also been flooded. The
government had estimated an output of 11 million cotton bales this year, however, it is now expected to be
somewhere around 7.5 million bales, the shortage will need to be bridged through imports. The rates of
cotton have reached the highest level in the history of Pakistan, the spot rates of cotton are on continuous
rise both in local and international markets. The price of quality cotton is Rs 24,000 per maund and the price
of high-quality Phutti cotton is Rs 11,000 to 13,000 per 40 kg and the spot rate of Karachi Cotton Association
(KCA) is Rs23,000 per maund in August 2022.
Inspite of grim scenario the the textile sector witnessed a growth of 25.53 percent for the fiscal year 2021-
22, the exports were posted $19.329 billion compared to $15.399 billion during 2020-21(Source: PBS).
Unfortunately, the higher policy and inflation rates along with sliding of PKR against the greenback will
adversely impact the outlook of economy. In existing scenario, the cost of production for the textile sector
will definitely be increased since they have to recourse towards cotton imports in exceptionally challenging
and uncertain global environment.
• These financial statements, prepared by the management of the company, present fairly its state of
affairs, the result of its operations, cash flows and changes in equity.
• Proper books of account of the company have been maintained.
• Appropriate accounting policies have been consistently applied in preparation of financial statements
and accounting estimates are based on reasonable and prudent judgment.
• International Financial Reporting Standards, as applicable in Pakistan, have been followed in preparation
of financial statements.
• The system of internal control was sound in design and has been effectively implemented and monitored.
• There were no significant doubts upon the company's ability to continue as a going concern.
The RPT were duly approved by the internal audit followed by the approval of the audit committee before
presentation of the same in the board meeting, to ensure that all the transactions are at arm’s length during
the normal conduct of business activity.
All the RPT’s during the current fiscal year ending June 30, 2022 will be presented before the general meeting
of the company for members approval. Similarly, the board has also decided to avail the approval of members
in the general meeting of the company for the transactions to be carried during the fiscal year ending June
30, 2023 and same shall be placed before the shareholders in the next annual general meeting for their
formal ratification/approval.
Board Evaluation
Thorough, rigorous, and recurring evaluations are an important mechanism to assess the performance and
effectiveness of the board. The regular assessment of board encourages collaborative decision making and
high performance by individual directors. It also encourages directors to work together effectively to reduce
conflict in the boardroom and embed a culture of good governance and team spirit.
In compliance of the regulation 10(3)(v) of Code during the current fiscal year an exhaustive and well-
structured evaluation has been carried out internally to identify areas of strength and areas where
improvements can be made to improve overall improvement in the functioning and performance of the
board.
A comprehensive review has been carried out accompanied by statutory documents, agenda of meetings,
minutes of board and committee meetings, significant policies in place and other ancillary documents,
questionnaires, interactions with the board and committee members.
Board Composition
As required under regulation 34 of Code the board of ten (10) directors is comprised as follows;
Gender
Sr No Category Total
Male Female
(i) Independent Directors 3 0 3
(ii) Executive Directors 3 0 3
(ii) Non- Executive Directors 3 1 4
• Following are the number of meetings held and attended by board of directors, audit committee and
human resource & remuneration committee during 2021-22:
Committees
Board of Directors Human Resource and
Audit
Name of Directors Remuneration
Audit Committee
The appointment of financial literate member has been made in line with Regulation 27(1)(iii) in the Chapter
X of the Code.
The meetings of audit committee were held at regular intervals in compliance with the Regulation 27(2) of
the Code to review the both interim and annual financial statements before the approval of board of
directors along with an additional meeting once a year with an external auditor without the CFO and other
with an internal auditor without the presence of the CFO and external auditor.
The AC is a sub-group of a company’s board of directors responsible for the oversight of the financial
reporting and disclosure process of the company with complete awareness of the processes and internal
controls of the company. The AC normally liaise with the management team, independent auditor, and
internal auditors to monitor the choice of accounting policies and principles and to ensure compliance with
laws and regulations.
The AC ensures that appropriate policies and processes are in place for the prevention and identification of
fraud, such as asset misappropriation, corruption, and financial statement fraud and closely works with
management to make sure that necessary steps are taken on the detection of fraud.
The AC regularly meets with management and the statutory auditors to discuss the quarterly and audited
annual financial statements of the company while during the annual audit, the audit committee meets
separately with external auditor’s and head of internal audit in compliance of regulation 27(2)(iii) of Code to
discuss matters that need to be discussed confidentially.
The AC plays a significant role in setting the tone of an organization by ensuring to implement a code of
conduct and establish effective communication channels. The AC are fully aware of what management is
doing to achieve compliance with laws and regulations, and they must be knowledgeable about issues such
as ongoing investigations and disciplinary actions. The AC members collectively works toward preventing
fraud and are adept at detecting willful accounting errors and anomalies.
The human resource and remuneration committee (HRRC) is comprised of three members of which majority
are non-executive directors whereas chairman is an independent director. The HRRC recommends significant
human resource management policies to the Board for selection, evaluation, compensation (including
retirement benefits) and succession planning of the CEO.
The HRRC assists the board and management with recruitment & training of the Senior Management,
remuneration, performance evaluation, succession planning and measures for effective utilization of the
human capital.
The remuneration policy is prepared under the recommendations and suggestions by human resource and
remuneration committee (HRRC) to the board subject to the provisions of the Companies Act 2017,
Companies’ Article of Association and Code of Corporate Governance Regulations, 2019.
The executive directors entitled for the fixed monthly remuneration and other perquisites recommended by
HRRC which were duly approved by the board and followed by the approval of members in general meeting
of the company.
In pursuance of section 227(l)(a) of the Act, the following remuneration (Note 30) has been paid to the
directors of the company during the current fiscal year:
Besides, the other fringe benefits for above directors includes company maintained vehicle with fuel,
business travelling and communication expenses.
No fee or remuneration has been paid to any other directors of the company.
Auditors
The present auditor’s M/s Rahman Sarfaraz Rahim Iqbal Rafiq, Chartered Accountants shall retire on the
conclusion of the annual general meeting scheduled for October 27, 2022 however, being eligible they have
offered themselves for re-appointment. The audit committee has suggested the appointment of
M/s Rahman Sarfaraz Rahim Iqbal Rafiq, Chartered Accountants, as external auditor for the year ended 30th
June 2023. The external auditor M/s Rahman Sarfaraz Rahim Iqbal Rafiq, Chartered Accountants have been
given satisfactory rating under the quality control review program of the Institute of Chartered Accountants
of Pakistan. The firm and all its partner are in compliance with the International Federation of Accountants’
Guidelines on the Code of Ethics as adopted by Institute of Chartered Accountants of Pakistan and they are
registered with Audit Oversight Board under section 36I of SECP Act, 1997.
The statutory auditors neither performed any of the decision making, internal audit or management
functions nor they have any sort of relationship with any directors or executives of the company. The
engagement partners were rotated after completion of every five years.
Acknowledgement
I am highly indebted to Board of Directors, valued shareholders, customers, bankers, suppliers and other
stakeholders for their support, trust and confidence. I also appreciate to all employees for their loyalty
dedication and hard work which enabled the Company to achieve its objectives.
Muhammad Amin
(Chief Executive)
Mohammad Salim
(Director)
The statement is being presented to comply with the requirement of regulation 36(1) contained in Code
of Corporate Governance Regulations, 2019 for the purpose of establishing a framework of good
corporate governance, whereby a company quoted at Pakistan Stock Exchange Limited is managed in
compliance with best practices of corporate governance.
The company has complied with the requirements of the Regulations in the following manner:-
1. The total number of directors are ten (10) as per the following:-
Sr Category Name
i) Independent Directors (*) Mr. Tauqeer Ahmed Sheikh
Mr. Asif Elahi
Mr. Mustafa Tanvir
iii) Non- Executive Directors Mr. Khurrum Salim
Mr. Mohammad Salim
Mr. Bilal Sharif
ii) Executive Directors Mr. Muhammad Shaheen
Mr. Muhammad Amin
Mr. Adil Shakeel
iv) Female director Mrs. Samia Bilal
3. The directors have confirmed that none of them is serving as a director on more than seven listed
companies, including this company;
4. The company has prepared a code of conduct and has ensured that appropriate steps have been
taken to disseminate it throughout the company along with its supporting policies and procedures;
6. All the powers of the Board have been duly exercised and decisions on relevant matters have been
taken by the Board/ shareholders as empowered by the relevant provisions of the Act and these
Regulations;
7. The meetings of the Board were presided over by the Chairman and, in his absence, by a director
elected by the Board for this purpose. The Board has complied with the requirements of Act and the
Regulations with respect to frequency, recording and circulating minutes of meeting of the Board;
8. The Board have a formal policy and transparent procedures for remuneration of directors in
accordance with the Act and these Regulations;
9. The Board has arranged Directors’ Training program for the following:
The entire board is accredited under directors training program.
(Name of Executive & Designation - (N/A);
10. The Board has approved appointment of chief financial officer, company secretary and head of
internal audit, including their remuneration and terms and conditions of employment and complied
with relevant requirements of the Regulations;
11. Chief financial officer and chief executive officer duly endorsed the financial statements before
approval of the Board;
12. The Board has formed committees comprising of members given below:
13. The terms of reference of the aforesaid committees have been formed, documented and advised
to the committee for compliance;
14. The frequency of meetings (quarterly/half yearly/ yearly) of the committee were as per following,-
15. The Board has set up an effective internal audit function who are considered suitably qualified
and experienced for the purpose and are conversant with the policies and procedures of the
company;
16. The statutory auditors of the company have confirmed that they have been given a satisfactory
rating under the Quality Control Review program of the Institute of Chartered Accountants of
Pakistan and registered with Audit Oversight Board of Pakistan, that they and all their partners are in
compliance with International Federation of Accountants (IFAC) guidelines on code of ethics as
adopted by the Institute of Chartered Accountants of Pakistan and that they and the partners of the
firm involved in the audit are not a close relative (spouse, parent, dependent and non-dependent
children) of the chief executive officer, chief financial officer, head of internal audit, company
secretary or director of the company;
17. The statutory auditors or the persons associated with them have not been appointed to provide
other services except in accordance with the Act, these Regulations or any other regulatory
requirement and the auditors have confirmed that they have observed IFAC guidelines in this regard;
19. Explanation for non-compliance with requirements, other than regulations 3, 6, 7, 8, 27, 32, 33
and 36 are below (N/A):
MOHAMMAD SALIM
(Chairman)
Karachi
September 28, 2022
LIABILITIES
NON-CURRENT LIABILITIES
CURRENT LIABILITIES
4,336,730,462 1,327,122,157
TOTAL LIABILITIES 8,308,974,473 3,996,023,866
The annexed notes from 1 to 53 form an integral part of these financial statemements.
ASSETS
NON-CURRENT ASSETS
6,151,809,899 3,903,269,952
CURRENT ASSETS
The annexed notes from 1 to 53 form an integral part of these financial statemements.
3,987,837,408 2,656,667,986
Other income 32 22,945,379 9,827,814
Operating profit 4,010,782,787 2,666,495,800
Finance cost 33 (221,279,054) (224,785,156)
Profit before taxation 3,789,503,733 2,441,710,644
Provision for taxation 34 (582,802,679) (296,409,468)
Profit after taxation 3,206,701,054 2,145,301,176
The annexed notes from 1 to 53 form an integral part of these financial statemements.
(2,599,142) (10,143,137)
The annexed notes from 1 to 53 form an integral part of these financial statemements.
Comprehensive income
Profit after taxation - - 2,145,301,176 2,145,301,176
Other comprehensive loss - - (10,143,137) (10,143,137)
Total comprehensive income - - 2,135,158,039 2,135,158,039
Other transactions
Profit transferred to general reserve - 1,700,000,000 (1,700,000,000) -
Balance as at 30 June 2021 64,320,000 5,500,000,000 460,385,271 6,024,705,271
Comprehensive income
Profit after taxation - - 3,206,701,054 3,206,701,054
Other comprehensive loss - - (2,599,142) (2,599,142)
Total comprehensive income - - 3,204,101,912 3,204,101,912
Other transactions
Profit transferred to general reserve - 1,500,000,000 (1,500,000,000) -
Balance as at 30 June 2022 64,320,000 7,000,000,000 1,952,231,183 9,016,551,183
The annexed notes from 1 to 53 form an integral part of these financial statemements.
Payments for:
Employees retirement benefits (47,591,415) (40,585,420)
Interest/profit on borrowings (112,891,361) (247,084,306)
Income tax (354,974,383) (24,972,319)
The annexed notes from 1 to 53 form an integral part of these financial statemements.
Blessed Textiles Limited ['the Company'] was incorporated in Pakistan as a Public Limited Company under the repealed Companies
Ordinance, 1984 and is listed on Pakistan Stock Exchange Limited. The Company is primarily engaged in the manufacture and sale of yarn
and woven fabric, however, it is also engaged in the generation of electricity for self consumption. The registered office of the Company is
situated at Umer House, 23/1, Sector 23, S.M. Farooq Road, Korangi Industrial Area, Karachi. The manufacturing facility is located at 18
KM, Feroze Wattoan, Sheikhupura Road, District Sheikhupura in the Province of Punjab.
2 BASIS OF PREPARATION
These financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan. The
accounting and reporting standards applicable in Pakistan comprise:
- International Financial Reporting Standards ['IFRS'] issued by the International Accounting Standards Board ['IASB'] as notified under
the Companies Act, 2017;
- Islamic Financial Accounting Standards ['IFAS'] issued by Institute of Chartered Accountants of Pakistan as notified under the
Companies Act, 2017; and
These financial statements have been prepared on the historical cost basis except for the following items, which are measured on an
alternative basis as at the reporting date.
The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions and
judgments are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the
result of which forms the basis of making judgments about carrying values of assets and liabilities that are not readily apparent from other
sources. Subsequently, actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected.
(a) Calculation of impairment allowance for expected credit losses on financial assets (see note 42.1.3)
The Company recognizes a loss allowance for expected credit losses on financial assets carried at amortized cost on date of initial
recognition. The amount of expected credit losses is updated on each reporting date to reflect the changes in credit risk since initial
recognition of the respective financial asset. Estimating expected credit losses and changes there in requires taking into account
qualitative and quantitative forward looking information. When measuring expected credit losses on financial assets the Company uses
reasonable and supportable forward looking information as well as historical data to calculate the difference between the contractual
cash flows due and those that the Company would expect to receive, taking into account cash flows from collateral and integral credit
enhancements, if any. Probability of default constitutes a key input in measuring expected credit losses. Probability of default is an
estimate of the likelihood of default over a given time horizon, the calculation of which includes historical data, assumptions and
expectations of future conditions. If the ECL rates on financial assets carried at amortized cost were higher (lower) by 10%, the loss
allowance on those assets would have been higher (lower) by Rs. 499.42 million (30-Jun-21: Rs. 189.75 million). Further information on
the Company's credit risk management practices and credit quality and impairment of financial assets is referred to in note 42.1.3.
Present value of the Company's defined benefit obligation has been determined by an independent actuary, Najeeb Consultants
(Private) Limited, and is stated in the statement of financial position at Rs. 185.493 million (30-June-21: Rs. 170.827 million). Further
information on the carrying amounts of the Company's defined benefit obligation and the sensitivity of those amounts to changes in
assumptions is referred to in note 11.
Provision for deferred tax of Rs. 2.479 million (30-Jun-21: Rs. 10.47 million) has been estimated after taking into account historical and
future turnover and profit trends and their taxability under the current tax law.
3 NEW AND REVISED STANDARDS, INTERPRETATIONS AND AMENDMENTS EFFECTIVE DURING THE YEAR.
The following new and revised standards, interpretations and amendments are effective in the current year but are either not relevant to the
Company or their application does not have any material impact on the financial statements of the Company other than presentation and
disclosures, except as stated otherwise.
3.1 Interest Rate Benchmark Reform - Phase 2 (Amendments to IFRS 9 - Financial Instruments, IAS 39 - Financial Instruments:
Recognition and Measurement, and IFRS 7 - Financial Instruments: Disclosures, IFRS 4 - Insurance Contracts, IFRS 16 - Leases)
The amendments in Interest Rate Benchmark Reform - Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) introduce
a practical expedient for modifications required by the reform, clarify that hedge accounting is not discontinued solely because of the IBOR
reform, and introduce disclosures that allow users to understand the nature and extent of risks arising from the IBOR reform to which the
entity is exposed to and how the entity manages those risks as well as the entity’s progress in transitioning from IBORs to alternative
benchmark rates, and how the entity is managing this transition.
3.2 COVID-19 - Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16 - Leases)
The amendment extends, by one year, the May 2020 amendment that provides lessees with an exemption from assessing whether a
COVID-19-related rent concession is a lease modification.
4 NEW AND REVISED STANDARDS, INTERPRETATIONS AND AMENDMENTS NOT YET EFFECTIVE.
The following standards, interpretations and amendments are in issue which are not effective as at the reporting date and have not been
early adopted by the Company.
Effective date
(annual periods beginning
on or after)
Sale or contribution of assets between an Investor and its Associate or Joint Venture Deferred Indefinitely
(Amendments to IFRS 10 - Consolidated Financial Statements and IAS 28 - Investments in
Associates and Joint Ventures).
Reference to the Conceptual Framework (Amendments to IFRS 3 - Business Combinations). 01 January 2022
Property, Plant and Equipment - Proceeds before Intended Use (Amendments to IAS 16 - 01 January 2022
Property, Plant and Equipment).
Onerous Contracts - Cost of Fulfilling a Contract (Amendments to IAS 37 - Impairment of 01 January 2022
Assets).
Definition of Accounting Estimates (Amendments to IAS 8 - Accounting Policies, Changes in 01 January 2023
Accounting Estimates and Errors).
Deferred Tax related to Assets and Liabilities arising from a Single Transaction (Amendments to 01 January 2023
IAS 12 - Income Taxes).
Other than afore mentioned standards, interpretations and amendments, IASB has also issued the following standards which have not
been notified by the Securities and Exchange Commission of Pakistan ['SECP']:
The accounting policies set out below have been applied consistently to all periods presented in these financial statements.
Property, plant and equipment assets held for use in the production or supply of goods or services or for administrative purposes, are
stated in the statement of financial position at their at cost less accumulated depreciation and accumulated impairment losses, except for
freehold land, which is not depreciated.
Assets in the course of construction for production, supply or administrative purposes, or for purposes not yet determined, are carried at
cost, less any recognized impairment loss. Cost includes the cost of material, labour and appropriate overheads directly relating to the
construction, erection and installation of the asset and, for qualifying assets, borrowing costs capitalized in accordance with the Company’s
` accounting policy. Depreciation of these assets, determined on the same basis as other assets of the same class, commences when the
assets are ready for their intended use.
Depreciation is recognized in profit or loss, using rates specified in note 20.1, so as to write off the cost of assets (other than freehold land
and assets under construction) over their useful lives, using the reducing balance method. Depreciation commences from the month in
which the item is ready for intended use and is discontinued from the month in which the asset is disposed or classified as held for
disposal.
The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any
changes in estimate accounted for on a prospective basis.
A property, plant and equipment asset is derecognized upon disposal or when no future economic benefits are expected to arise from its
continued use. The gain or loss arising on the disposal or retirement of such assets is determined as the difference between the sales
proceeds and the carrying amount of the asset and is recognized in profit or loss.
These are generally held for internal use and are valued at cost. Cost is determined on the basis of weighted average except for items in
transit, which are valued at invoice price plus related cost incurred up to the reporting date. For items which are considered obsolete, the
carrying amount is written down to nil. Spare parts held exclusively for capitalization are classified as property, plant and equipment.
These are valued at lower of cost and net realizable value, with the exception of stock of waste which is valued at net realizable value. Cost
is determined using the following basis:
Average manufacturing cost in relation to work in process and finished goods consists of direct material, labour and an appropriate
proportion of manufacturing overheads.
Net realizable value signifies the estimated selling price in the ordinary course of business less estimated costs of completion and
estimated costs necessary to make the sale.
5.5.1 Recognition
A financial instrument is recognized when the Company becomes a party to the contractual provisions of the instrument.
5.5.2 Classification
The Company classifies its financial assets on the basis of the Company's business model for managing the financial assets and the
contractual cash flow characteristics of the financial asset. Financial liabilities are classified in accordance with the substance of contractual
provisions. The Company determines the classification of its financial instruments at initial recognition as follows:
(b) Financial assets at fair value through other comprehensive income ['fair value through OCI']
These are:
(i) financial assets held within a business model whose objective is achieved by both collecting contractual cashflows and selling
financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments
of principal and interest on the principal amount outstanding; and
(ii) investments in equity instruments, that are not held for trading nor contingent consideration recognized by the Company as acquirer
in a business combination, for which the Company makes an irrevocable election at initial recognition to present changes in fair
value on subsequent measurement in other comprehensive income.
5.5.3 Measurement
The particular measurement methods adopted are disclosed in individual policy statements associated with each financial instrument.
5.5.4 Derecognition
A financial asset is derecognized when the Company's contractual rights to the cash flows from the financial assets expire or when the
Company transfers the financial asset to another party without retaining control of substantially all risks and rewards of the financial asset. A
financial liability is derecognized when the Company's obligations specified in the contract expire or a discharged or cancelled.
5.5.5 Off-setting
A financial asset and financial liability is offset and the net amount reported in the statement of financial position if the Company has legally
enforceable right to set-off the recognized amounts and intends either to settle on a net basis or to realize the asset and settle the liability
simultaneously.
Ordinary share capital is recognized as equity. Transaction costs directly attributable to the issue of ordinary shares are recognized as
deduction from equity.
5.7 Loans and borrowings
Loans and borrowings are classified as 'financial liabilities at amortized cost'. On initial recognition, these are measured at cost, being fair
value at the date the liability is incurred, less attributable transaction costs. Subsequent to initial recognition, these are measured at
amortized cost with any difference between cost and value at maturity recognized in the profit or loss over the period of the borrowings on
an effective interest basis.
The Company applies the short-term lease recognition exemption to its short-term leases (i.e., those leases that have a lease term of
twelve months or less from the commencement date and do not contain a purchase option). Lease payments on short-term leases are
recognised as expense on a straight-line basis over the lease term.
Provisions are recognized when the Company has a legal and constructive obligation as a result of past events and it is probable that
outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the
amount of obligation. The amount recognized as provision is the best estimate of the consideration required to settle the present obligation
at the reporting date, taking into account the risk and uncertainties surrounding the obligation. Where a provision is measured using cash
flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. Where outflow of resources
embodying economic benefits is not probable, or where a reliable estimate of the amount of obligation cannot be made, a contingent
liability is disclosed, unless the possibility of outflow is remote.
5.12.1 Revenue
Revenue is measured based on the consideration specified in a contract with a customer. The Company recognises revenue from a
contract with customer when the Company satisfies an obligation specified in that contract. The following table provides information about
the nature and timing of the satisfaction of performance obligations in contracts with customers, including significant payment terms, and
the related revenue recognition policies.
Yarn, Fabric, Cotton, Performance obligations are satisfied when goods are Revenue is recognised at a point in time
Polyester, Waste and others dispatched to the customers. Invoices are generated at that when the goods are dispatched to
point in time and are usually payable within a period ranging customers.
from 30 days to 90 days. There are no customer loyalty
programs or warranty provisions. However, some contracts
allow for return of goods if those do not meet the requirements
or specifications provided in the contract.
5.12.2 Contract assets
Contract assets represent work performed upto the reporting date which has not been invoiced to customers because the related
performance obligations remain partially unsatisfied as at the reporting date.
Comprehensive income is the change in equity resulting from transactions and other events, other than changes resulting from
transactions with shareholders in their capacity as shareholders. Total comprehensive income comprises all components of profit or loss
and other comprehensive income ['OCI']. OCI comprises items of income and expense, including reclassification adjustments, that are not
recognized in profit or loss as required or permitted by accounting and reporting standards as applicable in Pakistan, and is presented in
'statement of comprehensive income'.
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily
take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the
assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings
pending their expenditure on qualifying asset is deducted from the borrowing costs eligible for capitalization. All other borrowing costs are
recognized in profit or loss as incurred.
Income tax expense comprises current tax and deferred tax. Income tax expense is recognized in profit or loss except to the extent that it
relates to items recognized directly in other comprehensive income, in which case it is recognized in other comprehensive income.
Government grants are recognised in profit or loss on a systematic basis over the periods in which the Company recognises as expenses
the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the
Company should purchase, construct or otherwise acquire non-current assets (including property, plant and equipment) are recognised as
deferred income in the statement of financial position and transferred to profit or loss on a systematic and rational basis over the useful
lives of the related assets.
Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate
financial support to the Company with no future related costs are recognised in profit or loss in the period in which they become receivable.
The benefit of a government loan at a below-market rate of interest is treated as a government grant, measured as the difference between
proceeds received and the fair value of the loan based on prevailing market interest rates. The amount of grant is recognized as deferred
income in the statement of financial position and transferred to profit or loss on a systematic and rational basis over the tenure of loan.
Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number
of ordinary shares outstanding during the year.
Diluted EPS is calculated by adjusting basic EPS by the weighted average number of ordinary shares that would be issued on conversion
of all dilutive potential ordinary shares into ordinary shares and post-tax effect of changes in profit or loss attributable to ordinary
shareholders of the Company that would result from conversion of all dilutive potential ordinary shares into ordinary shares.
Cash and cash equivalents for the purpose of cash flow statement comprise cash in hand and cash at banks. Interest income on cash and
cash equivalents is recognized using effective interest method.
Transactions in foreign currency are translated to the functional currency of the Company using exchange rate prevailing at the date of
transaction. Monetary assets and liabilities denominated in foreign currency are translated to the functional currency at exchange rate
prevailing at the reporting date. Non-monetary assets and liabilities denominated in foreign currency that are measured at fair value are
translated to the functional currency at exchange rate prevailing at the date the fair value is determined. Non-monetary assets and liabilities
denominated in foreign currency that are measured at historical cost are translated to functional currency at exchange rate prevailing at the
date of initial recognition. Any gain or loss arising on translation of foreign currency transactions and balances is recognized in profit or loss.
5.20 Impairment
Impairment is recognized at an amount equal to lifetime expected credit losses for financial assets for which credit risk has increased
significantly since initial recognition. For financial assets for which credit risk is low, impairment is recognized at an amount equal to twelve
months' expected credit losses, with the exception of trade receivables, for which the Company recognizes lifetime expected credit losses
estimated using internal credit risk grading based on the Company's historical credit loss experience, adjusted for factors that are specific
to debtors, general economic conditions, and an assessment for both the current as well as the forecast direction of conditions at the
reporting date, including time value of money where appropriate.
All impairment losses are recognized in profit or loss. An impairment loss is reversed if the reversal can be related objectively to an event
occurring after the impairment loss was recognized. An impairment loss is reversed only to the extent that the financial asset’s carrying
amount after the reversal does not exceed the carrying amount that would have been determined, net of amortization, if no impairment loss
had been recognized.
The Company writes off a financial asset when there is information indicating that the counter-party is in severe financial condition and
there is no realistic prospect of recovery. Any recoveries made post write-off are recognized in profit or loss.
The carrying amount of the Company’s non-financial assets, other than inventories and deferred tax assets are reviewed at each reporting
date to determine whether there is any indication of impairment. If any such indication exists, then the asset’s recoverable amount is
estimated. The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less costs to sell.
In assessing value in use, the estimated future cash flows are discounted to their present values using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset or cash generating unit.
An impairment loss is recognized if the carrying amount of the asset or its cash generating unit exceeds its estimated recoverable amount.
Impairment losses are recognized in profit or loss. Impairment losses recognized in respect of cash generating units are allocated to
reduce the carrying amounts of the assets in a unit on a pro rata basis. Impairment losses recognized in prior periods are assessed at each
reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a
change in the estimates used in determining the recoverable amount. An impairment loss is reversed only to that extent that the asset’s
carrying amount after the reversal does not exceed the carrying amount that would have been determined, net of depreciation and
amortization, if no impairment loss had been recognized.
Segment reporting is based on the operating segments that are reported in the manner consistent with internal reporting of the Company.
An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur
expenses, including revenues and expenses that relate to transactions with any of the Company’s other components. An operating
segment’s operating results are reviewed regularly by the Chief Executive Officer to make decisions about resources to be allocated to the
segment and assess its performance and for which discrete financial information is available.
Segment results that are reported to the Chief Executive Officer include items directly attributable to a segment as well as those that can be
allocated on a reasonable basis. Unallocated items comprise mainly other income and expenses, share of profit/loss of associates and
provision for taxes.
Dividend to ordinary shareholders is recognized as a deduction from accumulated profit in statement of changes in equity and as a liability,
to the extent it is unclaimed/unpaid, in the Company’s financial statements in the year in which the dividends are approved by the
Company’s shareholders.
‘Fair value’ is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market
participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Company has access
at that date. The fair value of a liability reflects its non‑performance risk.
None of the Company’s accounting policies and disclosures require the measurement of fair values.
8 GENERAL RESERVE
General reserve is being maintained to have adequate resources for future requirements and business operations.
9.1 These finances have been obtained from MCB Bank Limited against the total sanctioned limit of Rs. 2,805 million to finance capital
expenditure and are secured by charge over operating fixed assets of the Company. These finances carry interest at three months KIBOR
plus 0.45% (30-Jun-21: three months KIBOR plus 0.45%) per annum, payable quarterly. These finances are repayable in twenty four to
seventy two equal monthly/quarterly installments with final maturity due in June 2028.
9.2 These finances have been obtained from MCB Bank Limited against the total sanctioned limit of Rs. 1,888 million to finance capital
expenditure and are secured by charge over operating fixed assets of the Company. These finances carry interest at SBP rate plus 0.40%
(30-Jun-21: SBP rate plus 0.40%) per annum, payable quarterly. These finances are repayable in thirty two equal quarterly installments
with final maturity due in May 2030.
9.3 These finances have been obtained from MCB Bank Limited to finance capital expenditure and is secured by charge over operating fixed
assets of the Company. These finances carry interest at a below-market rate of SBP rate plus 0.40% (30-Jun-21: SBP rate plus 0.40%) per
annum, payable quarterly. These finances are repayable in thirty two equal quarterly installments with final maturity due in August 2031.
The amortized cost of these finances has been determined using discount rates ranging from of 7.71% to 8.02% being the prevailing
market rates of interest for similar instruments at the date of disbursement. The diferrence between the amortised cost and face value has
been recognized as deferred grant (See note ). The details are as follows:
9.4 These finances have been obtained from Meezan Bank Limited against the total sanctioned limit of Rs. 2,800 million to finance capital
expenditure and are secured by charge over operating fixed assets of the Company. These finances carry profit at SBP rate plus 1.50%
(30-Jun-21: SBP rate plus 1.50%) per annum, payable quarterly. These finances are repayable in thirty two equal quarterly installments
with final maturity due in June 2032.
9.5 These finances have been obtained from Bank Alfalah Limited to finance payment of wages and salaries of workers and employees for six
months from April 2020 to September 2020 and is secured by charge over current assets of the Company. These finances carry interest at
a below-market rate of SBP rate plus 0.75% (30-Jun-21: SBP rate plus 0.75%) per annum, payable quarterly. These finances are
repayable in eight equal quarterly installments with final maturity due in October 2022. The amortized cost of these finances has been
determined using discount rates ranging from of 7.47% to 8.05% being the prevailing market rates of interest for similar instruments at the
date of disbursement. The diferrence between the amortised cost and face value has been recognized as deferred grant (See note 12.1).
The details are as follows:
9.6 For mortgages and charges on assets as security for liabilities, refer to note 45 to the financial statements.
The Company operates an unfunded gratuity scheme, a defined benefit plan, for all its employees who have completed the minimum
qualifying service period. Under the scheme, the Company pays a lump-sum benefit equal to last drawn monthly gross salary for each year
of service to scheme members whereas the members of the scheme are not required to make any contributions to the scheme. The
scheme is administered by the management of the Company under the supervision and directions of the Board of Directors of the
Company. The amount recognized in statement of financial position represents present value of defined benefit obligation.
30-Jun-22 30-Jun-21
11.7 Expected charge to profit or loss for the next financial year
The expected charge to profit or loss for the year ending 30 June 2023 amounts to Rs. 73.96 million.
30-Jun-22 30-Jun-21
Change Defined Change Defined
in actuarial benefit in actuarial benefit
assumption obligation assumption obligation
Rupees Rupees
The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely
that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. Furthermore, in
presenting the above sensitivity analysis, the present value of defined benefit obligation as at the reporting date has been calculated using
projected unit credit method, which is the same as that applied in calculating the defined benefit obligation to be recognized in these
financial statements.
Longevity risk: The present value of defined benefit obligation is calculated by reference to the best estimate of the expected remaining
working lives of employees. An increase in the expected remaining working lives will increase the defined benefit obligation. However, the
increase is not expected to be material.
Salary risk: The present value of defined benefit obligation is calculated by reference to future salaries of employees. An increase in salary
of employees will increase the defined benefit obligation.
12 DEFERRED TAXATION
30-Jun-22
As at Recognized in Recognized As at
01-Jul-21 profit or loss in OCI 30-Jun-22
Rupees Rupees Rupees Rupees
30-Jun-21
As at Recognized in Recognized As at
01-Jul-20 profit or loss in OCI 30-Jun-21
Rupees Rupees Rupees Rupees
12.2 Deferred tax arising from timing differences pertaining to income from business is provided for only that portion of timing differences that
represent income taxable under normal provisions of the Income Tax Ordinance, 2001 ['the Ordinance'] as revenue from export sales of
the Company is subject to taxation under the final tax regime, while the remaining portion of revenue attracts assessment under normal
provisions of the Ordinance. These differences are calculated at that proportion of total timing differences that the local sales, other than
the indirect exports taxable under section 154 (3) of the Ordinance, bear to the total sales revenue based on historical and future trends.
Deferred tax has been calculated at 33% (30-Jun-2021: 29%) of the timing differences so determined based on tax rates notified by the
Government of Pakistan for future tax years.
13 DEFERRED GRANT
The State Bank of Pakistan ['SBP'] through IH&SMEFD circular no. 1 of 2020 dated 17 March 2020, introduced a 'Temporary Economic
Refinance Facility' ['TERF']. Further SBP through IH&SMEFD circular no. 6 of 2020 dated 10 April 2020, introduced a 'Refinance Scheme
for Payment of Wages and Salaries to Workers and Employees of Business Concern' ['the Refinance Scheme']. The purpose of these
schemes was to provide relief to dampen the effects of COVID - 19 by providing loans at interest rates that are below normal lending rates.
The Company obtained financing of Rs. 262.17 million under the Refinance Scheme (see note 9.5) and of Rs. 421.834 million under TERF
(see note 9.3). The benefit of below market interest rates, measured as the difference between the fair value of loan on the date of
disbursement and its face value on that date has been recognised as deferred grant.
14.1 Other payables include cess levied under the Cotton Cess Act, 1923, the recovery of which has been stayed by the High Court of Lahore.
(see note 19.1.3).
15 ACCRUED INTEREST/PROFIT
Secured
These represent short term finances utilized under interest/profit
arrangements from banking companies
Running finances 16.1 1,499,054,165 -
Running Musharakah 16.1 600,000,000 -
Term loans 16.1 460,000,000 -
2,559,054,165 -
16.1 These facilities has been obtained from various banking companies for working capital requirements and are secured by charge over all
present and future current assets of the Company and demand promissory notes. These carry interest/profit at rates ranging from one to
three months KIBOR plus 0.3% to 1.00% per annum, payable quarterly/on maturity.
16.2 The aggregate available short term funded facilities amounts to Rs. 9,223 million (30-Jun-21: Rs. 10,920 million) out of which Rs. 6,662
million (30-Jun-21: Rs. 10,920 million) remained unavailed as at the reporting date.
16.3 For mortgages and charges on assets as security for liabilities, refer to note 45 to the financial statements.
19.1 Contingencies
19.1.1 Various banking companies have issued guarantees on behalf of the Company and discounted receivables of the Company as detailed
below:
30-Jun-22 30-Jun-21
Rupees Rupees
19.1.2 In September 2014, the Federal Government promulgated Gas Infrastructure Development Cess ['GIDC'] Ordinance No. VI of 2014 to
circumvent earlier decision of the Supreme Court of Pakistan ['the SCP'] on the subject, where it had up held that the earlier introduction of
GIDC Act 2011 was unconstitutional and ultra vires on the ground, amongst others, that GIDC was a 'Fee' and not a 'Tax' and the same
suit was also filed against Federation of Pakistan, OGRA, SSGC and SNGPL in different Honorable High Courts of Pakistan by Industry at
Large. In May 2015, the Government passed the GIDC Act, 2015. The Company vide petition 1234/2020 filed before the High Court of
Sindh challenged the recovery of GIDC installments. The High Court of Sindh vide its order dated 22 November 2020 has suspended the
recovery of GIDC installments. No further date is fixed for hearing. Further, the Company vide petition 1848/2021 dated 30 August 2021
filed before the High Court of Sindh challenged the levy of GIDC on the ground of the Government's failure to comply with the Supreme
Court's judgment dated 13 August 2020 in relation to commencement of work on specified projects. Date of hearing is fixed for 18
November 2022. However, the Company has recognized liability for GIDC amounting to Rs. 111.106 million (30-Jun-21: Rs. 112.598
million). (see note 10).
19.1.3 The Company vide petition ICA 239111 of 2018 filed before the High Court of Lahore challenged the recovery of Cotton Cess against the
judgment passed in writ petition No. 31009 of 2016 and writ petition No. 214708 of 2018 respectively. No further date is fixed for hearing.
19.1.4 Contingencies related to tax matters are referred to in note 34 to the financial statements.
30-Jun-22 30-Jun-21
Rupees Rupees
19.2 Commitments
30-Jun-22
COST DEPRECIATION Net book
As at As at As at As at value as at
01-Jul-21 Additions Disposals Transfers 30-Jun-22 Rate 01-Jul-21 For the year Adjustment 30-Jun-22 30-Jun-22
Rupees Rupees Rupees Rupees Rupees % Rupees Rupees Rupees Rupees Rupees
30-Jun-21
COST DEPRECIATION Net book
As at As at As at As at value as at
01-Jul-20 Additions Disposals Transfers 30-Jun-21 Rate 01-Jul-20 For the year Adjustment 30-Jun-21 30-Jun-21
Rupees Rupees Rupees Rupees Rupees % Rupees Rupees Rupees Rupees Rupees
20.1.1 Free hold land of the Company is located at Ferozewattoan, Sheikhupura with a total area of 808 Kanal 19 Marla (30-Jun-2021: 763 Kanal 19 Marla).
20.1.2 Transfers represent transfers from capital work in progress on related assets becoming available for use.
30-Jun-22
Accumulated Net Disposal Gain on Mode of
Particulars Cost depreciation book value proceeds disposal disposal Particulars of buyer
Rupees Rupees Rupees Rupees Rupees
Vehicle
Honda City 1,507,060 1,363,581 143,479 400,000 256,521 Negotiation Ghulam Asghar, Islamabad.
Toyota Corolla 1,593,269 1,356,257 237,012 500,000 262,988 Negotiation Muhammad Altaf, Lahore.
Suzuki Cultus 970,434 873,180 97,254 300,000 202,746 Negotiation Muhammad Salim, Lahore.
4,070,763 3,593,018 477,745 1,200,000 722,255
27,001,749 25,326,344 1,675,405 3,900,000 2,224,595
30-Jun-21
Accumulated Net Disposal Gain on Mode of
Particulars Cost depreciation book value proceeds disposal disposal Particulars of buyer
Rupees Rupees Rupees Rupees Rupees
Land
Land 16,819,712 - 16,819,712 19,409,985 2,590,273 Negotiation Khawaja Zahid Latif, Multan.
20.1.4 The depreciation charge for the year has been allocated as follows:
Cost of sales 28 384,577,913 369,719,216
Administrative expenses 30 7,887,720 8,709,781
392,465,633 378,428,997
30-Jun-22
As at As at
01-Jul-21 Additions Transfers 30-Jun-22
Rupees Rupees Rupees Rupees
30-Jun-21
As at As at
01-Jul-20 Additions Transfers 30-Jun-21
Rupees Rupees Rupees Rupees
20.2.1 Plant and machinery includes borrowing cost capitalized during the year amounting to Rs. 21,245,764 (30-Jun-21: Rs. 3,538,254) at
capitalization rate of 1.40% to 15.05% (30-Jun-21: 1.40% to 3.50%). The expansion has been financed by long term financing.
These have been deposited with various utility companies. These are classified as 'financial assets at amortized cost' under IFRS 9 which
are required to be carried at amortized cost. However, these, being held for an indefinite period with no fixed maturity date, are carried at
cost as their amortized cost is impracticable to determine.
22 STOCK IN TRADE
22.2 Stock of finished goods includes stock of waste valued at Rs. 4,646,837 (30-Jun-21: Rs. 1,269,246). The entire stock of waste is valued at
net realizable value.
23 TRADE RECEIVABLES
1,882,779,457 1,184,189,695
Impairment allowance for expected credit loss 23.2 (124,074,445) (48,762,505)
1,758,705,012 1,135,427,190
These represent deposits with a banking company against bank guarantees and carry return at rates ranging from 4.20% to 13.00% (30-
Jun-21: 4.70% to 11.83%) per annum.
25.1 These represent advances to employees against future salaries and post employment benefits in accordance with the Company policy.
24,007,038 11,086,064
26 BANK BALANCES
Cash at banks
Current accounts - local currency 1,314,711,858 486,165,739
Deposit accounts - local currency 26.1 1,257,809,530 -
Deposit accounts - foreign currency 5,488,686 6,952,283
2,578,010,074 493,118,022
26.1 These represents term deposit with a banking company and carries return at the rates ranging from 2.59% to 14.00% per annum.
27 REVENUE FROM CONTRACTS WITH CUSTOMERS - NET
30-Jun-22
Local Export Total
Rupees Rupees Rupees
Yarn 9,823,180,257 8,117,379,695 17,940,559,952
Fabric 2,837,374,148 2,829,032,457 5,666,406,605
Cotton and polyester 523,266,756 - 523,266,756
Waste and other 232,122,986 - 232,122,986
13,415,944,147 10,946,412,152 24,362,356,299
Sales tax (1,949,710,739) (381,876,743) (2,331,587,482)
11,466,233,408 10,564,535,409 22,030,768,817
30-Jun-21
Local Export Total
Rupees Rupees Rupees
Yarn 8,110,619,867 4,561,472,885 12,672,092,752
Fabric 1,824,437,635 1,953,488,829 3,777,926,464
Cotton and polyester 315,568,248 - 315,568,248
Waste and other 161,211,049 - 161,211,049
10,411,836,799 6,514,961,714 16,926,798,513
Sales tax (1,496,264,801) - (1,496,264,801)
8,915,571,998 6,514,961,714 15,430,533,712
27.1 Export sales include indirect exports made during the year amounting to Rs. 2,628,210,525 (30-Jun-2021: Rs. nil).
(36,393,793) (45,887,949)
Cost of goods manufactured 16,542,661,142 11,639,871,021
Finished goods
As at beginning of the year 666,965,294 859,944,506
Purchased during the year 59,154,945 25,813,345
Written off during the year - (5,411,704)
As at end of the year (721,512,992) (666,965,294)
4,607,247 213,380,853
Cost of cotton sold 28.3 428,920,669 267,337,660
16,976,189,058 12,120,589,534
30-Jun-22 30-Jun-21
Rupees Rupees
13,546,742,038 9,094,968,129
28.2 These include charge in respect of employees retirement benefits amounting to Rs. 47,735,431 (30-Jun-21: Rs. 40,535,646).
428,920,669 267,337,660
Export
Ocean freight and forwarding 299,994,007 165,747,148
Export development surcharge 20,345,775 16,083,392
Commission 93,788,769 67,655,358
Others 4,057,220 1,648,108
418,185,771 251,134,006
Local
Inland transportation 6,198,942 4,827,125
Quality claims - 5,003,006
Commission 84,158,432 55,167,290
Others 2,593,585 183,953
92,950,959 65,181,374
511,136,730 316,315,380
30 ADMINISTRATIVE EXPENSES
200,567,090 166,462,203
30.1 These include charge in respect of employees retirement benefits amounting to Rs. 11,425,512 (30-Jun-21: Rs. 8,902,865).
1,809,000 1,538,500
31 OTHER EXPENSES
Other expenses
Workers' Profit Participation Fund 14.2 203,436,516 131,344,910
Workers' Welfare Fund 14.2 75,790,075 49,743,329
Donations 500,000 1,200,000
279,726,591 182,288,239
279,726,591 182,810,406
32 OTHER INCOME
20,177,718 6,899,076
Other income
Gain on disposal of property, plant and equipment 20.1.3 2,224,596 2,895,070
Duty drawback on export 543,065 33,668
2,767,661 2,928,738
22,945,379 9,827,814
33 FINANCE COST
Interest/profit on borrowings:
long term finances 57,411,092 56,189,417
short term borrowings 98,381,025 125,447,530
155,792,117 181,636,947
Interest on workers' profit participation fund 14.2 4,915,548 1,419,060
Bank charges and commission 33.1 60,571,389 41,729,149
221,279,054 224,785,156
33.1 These include letters of credit discounting charges amounting to Rs. 52,455,311 (30-Jun-21: Rs. 34,024,689).
Current taxation
for current year 34.1 580,323,509 302,646,426
for prior year - (16,707,444)
580,323,509 285,938,982
Deferred taxation
attributable to origination and reversal of temporary differences (27,975,345) 10,470,486
attributable to changes in tax rates 30,454,515 -
12.1 2,479,170 10,470,486
582,802,679 296,409,468
34.1 Provision for current tax has been made in accordance with section 4C, 18 and 154 (30-Jun-21: section 113 and 154) of the Income Tax
Ordinance, 2001 ['the Ordinance']. Reconciliation between average effective tax rate and applicable tax rate is as follows:
34.2 Assessments upto assessment year 2002-2003 have been finalized under the relevant provisions of the Repealed Income Tax Ordinance,
1979.
34.3 The income tax assessments of the Company up to and including tax year 2021 have been completed by the concerned income tax
authorities or are deemed to have been so completed under the provisions of section 120 of the Ordinance except as explained in note 34.4
and 34.5.
34.4 For tax year 2021, Additional Commissioner Inland Revenue ['ACIR'], on 08 April 2022, served notice to amend assessment under section
122(9) of the Ordinance whereby tax credits of Rs. 129.6 million and various deductions/adjustments for Rs. 292.51 million were intended
to be disallowed and minimum tax on trading revenue of Rs. 313.85 million was intended to be imposed. The Company has submitted its
reply on 28 July 2022. The assessment is pending finalization.
34.5 The Company has filed civil petitions for leave to appeal before the Supreme Court of Pakistan ['the SCP'] vide CPLA No. 605-K, 606-K of
2020 for Tax Years 2018 and 2019 respectively. The SCP has granted stay subject to the condition that the Company deposits 50% of
respective impugned tax amounts of super tax. The Company has paid the 50% of impugned super tax during the previous year.
Weighted average number of ordinary shares outstanding during the year No. of shares 6,432,000 6,432,000
There is no diluting effect on the basic earnings per share of the Company.
678,461,824 594,719,755
4,467,965,557 3,036,430,399
Changes in working capital
Long term deposits (22,556,790) (10,534,300)
Stores and spares (79,210,077) (18,870,957)
Stock in trade (1,532,465,255) 1,016,660,155
Trade receivables (698,589,762) (306,433,793)
Short term deposits (290,374,600) (56,024,900)
Advances and other receivables (86,618,677) 99,351,296
Sales tax refundable (470,347,725) 125,737,731
Trade and other payables 388,920,261 199,633,920
Long term payables 118,039,094 21,991,151
(2,673,203,531) 1,071,510,303
2,578,010,074 493,118,022
30-Jun-22
Long term Short term Unclaimed
finances borrowings dividend
Rupees Rupees Rupees
30-Jun-21
Long term Short term Unclaimed
finances borrowings dividend
Rupees Rupees Rupees
Related parties from the Company's perspective comprise associated companies and key management personnel. Key management
personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly
or indirectly, and includes the Chief Executive and Directors of the Company. The details of Company's related parties, with whom the
Company had transactions during the year or has balances outstanding as at the reporting date are as follows:
Transactions with key management personnel are limited to payment of short term employee benefits only. The Company in the normal
course of business carries out various transactions with associated companies and continues to have a policy whereby all such transactions
are carried out on commercial terms and conditions which are equivalent to those prevailing in an orderly transaction between market
participants at the date of transaction.
There are no balances outstanding with related parties as at the reporting date. Detail of transactions with related parties is as follows:
30-Jun-22 30-Jun-21
Rupees Rupees
The information about receivables and contract liabilities from contracts with customers is as follows:
1,902,731,869 1,208,548,689
30-Jun-22 30-Jun-21
Rupees Rupees
The Company during the year has recognized Rs. 94.367 million (30-Jun-21: Rs. 11.185 million) as impairment allowance for expected
credit losses on receivables (trade receivables) arising from the Company's contracts with customers. Further, impairment allowance
amounting to Rs. 19.056 million (30-Jun-21: Rs. 23.496 million) was reversed during the year on actual recovery. See note 23.2.
41 FINANCIAL INSTRUMENTS
The carrying amounts of the Company's financial instruments by class and category are as follows:
4,870,123,396 1,848,733,387
The Company’s activities expose it to a variety of financial risks: credit risk, liquidity risk and market risk (including currency risk, interest
rate risk and price risk). These risks affect revenues, expenses and assets and liabilities of the Company.
The Board of Directors has the overall responsibility for establishment and oversight of risk management framework. The Board of Directors
has developed a risk policy that sets out fundamentals of risk management framework. The risk policy focuses on unpredictability of
financial markets, the Company's exposure to risk of adverse effects thereof and objectives, policies and processes for measuring and
managing such risks. The management team of the Company is responsible for administering and monitoring the financial and operational
financial risk management throughout the Company in accordance with the risk management framework.
The Company’s exposure to financial risks, the way these risks affect the financial position and performance, and forecast transactions of
the Company and the manner in which such risks are managed is as follows:
The Company reviews the recoverable amount of each financial asset on an individual basis at each reporting date to ensure that adequate
loss allowance is made in accordance with the assessment of credit risk for each financial asset.
The Company considers a financial asset to have low credit risk when the asset has reasonably high external credit rating or if an external
rating is not available, the asset has an internal rating of ‘performing’. Performing means that the counterparty has no past due amounts or
otherwise there is no significant increase in credit risk if the amounts are past due in the normal course of business based on history with
the counterparty.
In assessing whether the credit risk on a financial asset has increased significantly since initial recognition, the Company compares the risk
of a default occurring on the financial asset at the reporting date with the risk of a default occurring on the financial asset at the date of
initial recognition. In making this assessment, the Company considers both quantitative and qualitative information that is reasonable and
supportable, including historical experience and forward‑looking information that is available without undue cost or effort. Irrespective of the
outcome of the above assessment, the Company presumes that the credit risk on a financial asset has increased significantly since initial
recognition when contractual payments are more than 30 days past due, unless the Company has reasonable and supportable information
that demonstrates otherwise. This is usually the case with various customers of the Company where the Company has long standing
business relationship with these customers and any amounts that are past due by more than 30 days in the normal course of business are
considered 'performing' based on history with the customers. Therefore despite the foregoing, the Company considers some past due trade
receivables to have low credit risk where the debtor has a good history of meeting its contractual cash flow obligations and is expected to
maintain the same in future.
The Company regularly monitors the effectiveness of the criteria used to identify whether there has been a significant increase in credit risk
and revises them as appropriate to ensure that the criteria are capable of identifying significant increase in credit risk.
The Company considers 'default' to have occurred when the financial asset is credit-impaired. A financial asset is considered to be
credit‑impaired when one or more events that have a detrimental impact on the estimated future cash flows of that financial asset have
occurred.
The Company writes off a financial asset when there is information indicating that the counter-party is in severe financial condition and
there is no realistic prospect of recovery.
The Company's credit risk grading framework comprises the following categories:
Performing The counterparty has low credit risk Trade receivables: Lifetime ECL
Other assets: 12-month ECL
Doubtful Credit risk has increased significantly since initial recognition Lifetime ECL
In default There is evidence indicating the assets is credit-impaired Lifetime ECL
Write-off There is no realistic prospect of recovery Amount is written-off
42.1.2 Exposure to credit risk
Credit risk principally arises from the Company's Repayments and receivables. The maximum exposure to credit risk as at the reporting
date is as follows:
30-Jun-22 30-Jun-21
Rupees Rupees
1,882,779,457 1,184,189,695
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due.
30-Jun-22
Carrying Contractual One year One to More than
amount cash flows or less five years five years
Rupees Rupees Rupees Rupees Rupees
30-Jun-22 30-Jun-21
Rupees Rupees
Financial assets
Trade receivables
USD 316,555,237 343,267,782
Bank balances
USD 5,488,686 6,952,283
322,043,923 350,220,065
Financial liabilities - -
(4,812,927,028) (3,408,148,278)
Net exposure (4,490,883,105) (3,057,928,213)
30-Jun-22 30-Jun-21
Rupees Rupees
CHF 215.96 170.72
EURO 215.75 187.27
USD 206.00 157.60
JPY 1.51 1.43
(d) Sensitivity analysis
A five percent appreciation in Pak Rupee against foreign currencies would have decreased profit for the year and equity as at the
reporting date by Rs. 16.102 million (30-Jun-21: Rs. 17.511 million). A five percent depreciation in Pak Rupee would have had an equal
but opposite effect on profit for the year and equity. The analysis assumes that all other variables, in particular interest rates, remain
constant and ignores the impact, if any, on provision for taxation for the year.
30-Jun-22 30-Jun-21
Rupees Rupees
43 CAPITAL MANAGEMENT
The Company's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain future
development of the business. The Board of Directors monitors the return on capital and level of dividends to ordinary shareholders. The
Company seeks to keep a balance between the higher return that might be possible with higher level of borrowings and the advantages and
security afforded by a sound capital position. The Company monitors capital using the gearing ratio which is debt divided by total capital
employed. Debt comprises long term finances including current maturity. Total capital employed includes total equity as shown in the
statement of financial position plus debt. The Company's strategy is to maintain an optimal capital structure in order to minimize cost of
capital. Gearing ratio of the Company as at the reporting date is as follows:
12,528,249,025 8,464,750,788
There were no changes in the Company's approach to capital management during the year. The Company is not subject to externally
imposed capital requirements, except those, related to maintenance of debt covenants, commonly imposed by the providers of debt finance.
30-Jun-22 30-Jun-21
Rupees Rupees
45 RESTRICTION ON TITLE, AND ASSETS MORTGAGED/PLEDGED AS SECURITY
The aggregate amount charged to profit or loss in respect of chief executive, directors and executives on account of managerial
remuneration, allowances and perquisites, post employment benefits and the number of such directors and executives is as follows:
30-Jun-22
Chief Executive Directors Executives
Rupees Rupees Rupees
Number of persons 1 2 12
30-Jun-21
Chief Executive Directors Executives
Rupees Rupees Rupees
Number of persons 1 2 9
47 SEGMENT INFORMATION
47.1 Products and services from which reportable segments derive their revenues
Information reported to the Company's chief operating decision maker for the purpose of resource allocation and assessment of segment
performance is focused on type of goods supplied. The Company's reportable segments are therefore as follows:
Segment Product
Spinning Yarn
Weaving Fabric
30-Jun-22
Spinning Weaving Total
Rupees Rupees Rupees
30-Jun-21
Spinning Weaving Total
Rupees Rupees Rupees
The accounting policies of the reportable segments are the same as the Company's accounting policies. Segment results represent
operating profit earned by the segment. This is the measure reported to the chief operating decision maker for the purpose of resource
allocation and assessment of segment performance.
30-Jun-21
Spinning Weaving Total
Rupees Rupees Rupees
30-Jun-21
Spinning Weaving Total
Rupees Rupees Rupees
30-Jun-22
Spinning Weaving Total
Rupees Rupees Rupees
Total for reportable segments 1,113,369,136 474,497,317 1,587,866,453
Un-allocated liabilities
Long term finances 3,407,093,079
Deferred taxation 222,777,079
Deferred grant 104,604,763
Short term borrowings 2,559,054,165
Accrued interest/profit 60,290,812
Workers' Profit Participation Fund 203,436,516
Workers' Welfare Fund 156,042,075
Unclaimed dividend 7,809,531
Total for the Company 1,113,369,136 474,497,317 8,308,974,473
30-Jun-21
Spinning Weaving Total
Rupees Rupees Rupees
Total for reportable segments 853,261,227 246,442,070 1,099,703,297
Un-allocated liabilities
Long term finances 2,332,660,376
Deferred taxation 220,795,231
Deferred grant 107,385,141
Short term borrowings -
Accrued interest/profit 17,390,056
Workers' Profit Participation Fund 131,344,910
Workers' Welfare Fund 80,252,000
Unclaimed dividend 6,492,855
Total for the Company 853,261,227 246,442,070 3,996,023,866
Sales include Rs. 3,420.215 million of revenue derived from sales to one customer, Faisal Spinning Mills Limited. There is no other single
significant external customer to whom sales in excess of 10% of the Company's total sales were made during the year.
30-Jun-22 30-Jun-21
No of shares No of shares
1,189,160 1,189,160
Spinning
Number of spindles installed No. 73,440 72,240
Plant capacity on the basis of utilization converted into 20s count Kgs'000 29,570 27,583
Actual production during the year Kgs'000 28,551 26,639
Weaving
Number of looms installed No. 150 150
Plant capacity on the basis of utilization converted into 50 picks Mtrs'000 30,866 30,866
Actual production during the year Mtrs'000 25,004 23,820
It is difficult to precisely compare production capacity and the resultant production converted into base count in the textile industry since it
fluctuates widely depending on various factors such as count of yarn spun, raw materials used, spindle speed and twist, picks etc. It would
also vary according to the pattern of production adopted in a particular year.
The Board of Directors in their meeting held on 28 September 2022 has proposed dividend on ordinary shares at Rs. 33 per ordinary share
of Rs. 10 each. The proposed dividend is subject to approval of the Company's shareholders in the forthcoming annual general meeting and
thus has not been included as a liability in the financial statements.
51 NUMBER OF EMPLOYEES
30-Jun-22 30-Jun-21
As at the reporting date, recoverable amounts of all assets/cash generating units are equal to or exceed their carrying amounts, unless
stated otherwise in these financial statements.
53 GENERAL
Comparative figures have been rearranged and reclassified, where necessary, for the purpose of comparison. However, there were no
significant reclassifications during the year.
Spinning Unit
Weaving Unit
Air jet looms installed 150 150 140 140 140 140
Air jet looms worked 150 150 140 140 140 140
Installed capacity after conversion into 50 picks - Meter 29,355,000 29,355,000 29,355,000 29,355,000 20,352,500 20,352,500
Actual production converted to 50 picks - Meter 23,820,000 23,820,000 23,714,000 25,773,000 26,942,000 14,491,059
Balance Sheet
Share Capital 64,320 64,320 64,320 64,320 64,320 64,320
Reserves 7,000,000 5,500,000 3,800,000 3,500,000 3,000,000 2,800,000
Shareholder equity 9,016,551 6,024,705 3,889,547 3,755,089 3,251,805 2,973,279
Long term loans 3,061,920 1,893,206 1,959,433 1,600,162 1,543,020 1,817,591
Short term loan 2,559,054 - 3,480,258 2,190,947 3,146,462 1,242,801
Current liabilities 4,336,730 1,327,122 4,271,426 3,185,410 3,980,546 1,846,274
Current portion of long term loans 364,484 461,487 59,566 369,637 303,439 221,742
Fixed assets 3,830,370 3,661,241 3,811,341 3,781,060 3,595,552 3,897,891
Current assets 11,173,716 6,117,459 6,936,294 5,333,098 5,695,622 3,169,630
Breakup value per share - Rupees per share 1401.83 936.68 604.72 583.81 505.57 462.26
Market value of share - at the year end - Rupees per share 490.00 440.00 255.00 239.90 355.30 240.36
Earnings per share - Rupees per share 498.55 333.54 66.12 98.79 57.29 38.21
Price earning ratio 0.98 1.32 3.86 2.43 6.20 6.29
Leverage
Gearing ratio 0.66 0.39 1.41 1.11 1.54 1.10
Debt to equity (%) 33.96% 31.42% 50.38% 42.61% 47.45% 61.13%
Interest covering ratio 18.13 11.86 2.79 3.12 3.70 3.27
Liquidity ratio
Current ratio 2.58 4.61 1.62 1.67 1.43 1.72
NUMBERS OF
SR # CATEGORIES OF SHAREHOLDERS SHARES HELD PERCENTAGE %
SHAREHOLDERS
مایل نمائ
30-Jun-22 30-Jun-21
Rupees Rupees
غت
می کیس بیھ ں
ی ر ے یعن PKR 33.00یف حصص ےک کیش ڈیویڈنڈ یک منظوری ر
دیت ہوئ خوش ںہی۔مزید برآں ،ڈائریکتز ن مستقبل ں ی
ی
آمدن اور ے
شیت یک بریک اپ ویلیو۔ یف ے
شیت
ی ی
کردیک کا اندازہ لگا ی EPSکا اعداد و شمار اہم ہ کیونکہ اےس رسمایہ کاروں اور تجزیہ کاروں یک طرف ےس ی
آمدن ن ،مستقبل یک کمپن یک کار ے
کمپن ےک حصص یک قدر کا اندازہ لگا ی
ن ےک لئ استعمال کیا جاتا ہ۔ EPSجتنا زیادہ ہوگا ،ی
کمپن کو اتنا یہ زیادہ منافع کا اندازہ لگا ی
ن اور ی
ے ں
می تقسیم ےک لئ اتنا یہ زیادہ منافع دستیاب ہوتا ہ۔ جبکہ رسمایہ کار ی
کمپن یک ے
ے ں بخش سمجھا جاتا ےہ اور اس ےک شیت ہولڈرز ں
ی
آمدن ہوئ واےل سال ےک لئ یف ے
شیت ی ن ےک لئ بریک اپ ویلیو کا استعمال ر
کرئ ںہی۔ 30جون 2022 ،کو ختم مایل استحکام کا اندازہ لگا ی
ں ں
ی
ہوئ واےل سال ےک ںلئ می PKR 498.55ےہ جہاں یہ 333.54ریہ ایس طرح 30 ،جون 2022 ،کو ختم
30جون 2021 ،ےک مقابےل ں
بریک اپ ویلیو PKR 1,401.83ےک مقابےل PKRےہ۔ ایس سال جہاں یہ PKR 936.68تھا۔
GRAPH
BV EPS
1,401.83
936.68
604.72
583.81
505.57
498.55
462.26
428.96
416.49
407.19
376.43
333.54
98.79
62.05
66.12
38.21
57.29
36.31
14.76
12.75
2022 2021 2020 2019 2018 2017 2016 2015 2014 2013
فنانسنگ ڈھانچہ۔
می ےس ایک ےہ کیونکہ اس ےک دورسے ے
رسمان کا ڈھانچہ کیس بیھ تنظیم ےک ںلئ فیصلہ سازی ےک سب ےس اہم اور پیچیدہ شعبوں ں
کمپن یک قدر اور حصص یافتگان ےک منافع اور دولت کو زیادہ ےس زیادہ ی
کرئ ےس گہرا متغت ےک ساتھ تعلقات ںہی اور اس کا ی
فنانسنگ ں
می اضافہ کیا گیا ےہ جہاں یہ 30جون ( 2022سال )0.39 :2021کو ے
تعلق ےہ۔زیر جائزہ موجودہ مدت ےک دوران گیتنگ ریشو ں
می ےہ۔ ر ی
ختم ہوئ واےل موجودہ سال ےک دوران 0.66پر کھڑا ےہ لیکن پھر بیھ انڈستی ےک اصولوں ےک مطابق قابل قبول حدوں ں
ےہ۔
آزمائش پیداوار اپریل 2023تک رشوع ہو جان ک جبکہ امید ےہ کہ تجارٹ پیداوار جوالٹ 2023تک رشوع کر دی جان ک۔
ر ےہ کہ
کریڈٹ ریٹنگ
A-سنگلاے مائنس( ' 'A-/A-1کریڈٹ ریٹنگ کمپٹ لمیٹڈ ک طرف ےس اگست کو شائع ہوپ وایل کمپٹ ک درجہ بندی کو VISمیس ک
می اپ گریڈ کر دیا گیا ےہ۔ موجودہ سال ےک لی 2022 ،11۔ دی گٹ درجہ بندیوں پر ہسٹ ) A/A-Oneسنگل( ' 'A/A-1ون( ےس
ےک آؤٹ لک کو 'مستحکم' ےک طور پر تفویض کیا گیا ےہ۔
ر
مالیان گوشوارے
یی
ریگولیشت اور ایس ای یس ین یک طرف ےس جاری کردہ کمپنت ایکٹ 2017ےک تحت یضورت ےہ ،ین ایس ایکس ےک ریگولیشن
ںی جیسا کہ
ر
مالیان بیانات پیش ی
ہوئ واےل سال ےک لئ ی
کمپن ےک ہدایات چیف ایگزیکٹو آفیرس اور چیف فنانشل آفیرس ی
ن 30جون 2022کو ختم
ں
ر
ڈائریکتز یک منظوری اور گن ،جاری ی
کرئ اور گردش ےک ںلئ بورڈ آف کئ ،ان ےک متعلقہ دستخطوں ےک تحت غور ےک لئ توثیق یک ے
ں ں
آڈیتوں ی
ن باقاعدہ طور پر آڈٹ کیا ےہ ،رحمن رسفراز رحیم اقبال رفیق ،چارٹرڈ اکاؤنٹنٹس کمپن ےک ر ر
مالیان بیانات کو ی ی
اجازت۔کمپن ےک
ی
ہوئ واےل سال ےک مایل بیانات پر ں ی
کلی آڈٹ رپورٹ جاری یک ےہ اور بیان پر صاف جائزہ رپورٹ آڈیتز ی
ن 30جون 2022کو ختم اور ر
اکاؤنٹنگ ےک معیارات
بی االقوایم اکاؤنٹنگ سٹینڈرڈز اور ر
انتنیشنل فنانشل ںی
کمپنت ایکٹ 2017 ،اور اس طرح ےک منظور شدہ ں ی ی
کمپن یک اکاؤنٹنگ پالیسیاں
ںی
سیکیورٹت اینڈ رپورٹنگ سٹینڈرڈز یک مکمل طور پر عکایس ر
کرن ںہی جیسا کہ اس ایکٹ ےک تحت مطلع کیا گیا ےہ اور ساتھ یہ
معیشت کا جائزہ
ا می ایک محتاط عالیم بحایل ےک بعد 2022می تاریک پیش رفت ہوٹ جہاں چی اور روس می مندی ک وجہ ےس اس سال 2021
ک دوشی سہ مایہ می پیداوار می کیم واقع ہوٹ۔ وباٹ امراض ک وجہ ےس پہل یہ کمزور عالیم معیشت کو کٹ جھٹےک لگ ہی۔
عالیم بینک ک رپورٹ ےک مطابق ،پاکستان می ) 23-2022مایل سال 21:5.7-2020فیصد( می ترق ک رشح تقریبا 4.0فیصد رہن
PKRک توقع ےہ کیونکہ غن ملیک طلب می نمایاں کیم واقع ہوٹ ےہ۔ جون 2022کو ختم ہوپ واےل مایل سال ےک دوران ،ملک ن
حال یہ می بحال ہوپ وایل( PKRٹریلی PKR 5.26ٹریلی )ری بیسڈ ےج ڈی ٹ کا 5.1فیصد( ےک ابتداٹ ہدف ےک مقابل می 3.4
کا 7.9فیصد( کا زبردست مایل خسارہ دیکھا۔ حکومت دونوں خسارے ےک ہدف ےس محروم ریہ۔ ہدف ےس کم خالص محصول GDP
مشکل دکھاٹ دے رہا ےہ کہ حکومت خسارے کو ےج ڈی ٹ ےک 4.9فیصد ک مقررہ حد ےک اندر رکھے ک۔ جون 2023کو ختم ہوپ
واےل مایل سال ےک لی۔ یہ بہت زیادہ امکان ےہ کہ سندھ اور بلوچستان می سیالب ےک بعد محصوالت ک وصویل نمایاں طور پر متاثر
ہو سکٹ ےہ جس ےس زراعت ،مویشیوں ،ہول سیل اور ریٹیل تجارت کو بھاری نقصانات ےک عالوہ گھروں ،ر
شکوں ،ریلوے اور دیگر
انفر ر
اسنکچر کو نقصان پہنچا ےہ۔ٹ ےٹ ایس ےک جاری کردہ اعداد و شمار ےک مطابق ملک ک ساالنہ س ٹ آٹ افراط زر اگست 2022
،می 27.3فیصد تک پہنچ گٹ جو جوالٹ 2022می 24.9فیصد تھ ،جو مٹ 1975ےک بعد سب ےس زیادہ ےہ۔ غن غذاٹ اشیاء
خاص طور پر ایندھن اور بجل ےک چارجز ،اس ک بڑی وجہ تھے۔ اس ےک عالوہ سنیوں ،دالوں ،کوکنگ آئل ،گندم ےک آ ر
ن اور دودھ ک ے
ر
معاس نقطہ نظر غن یقیٹ اور دھندال رہا ،مہنگاٹ ک رشح 27.3فیصد مزید قیمتوں می اضافہ بھ ایک اہم عنرص تھا۔ ملک کا
IMFےک لی 1.1بلی ڈالر۔ تاہم ،روپیہ اب بھ گرین بیک ےک مقابل می کوٹ بڑا فائدہ نہی دکھا رہا ےہ کیونکہ یہ خیال کیا جاتا ےہ کہ
-پروگرام پہل یہ اسٹاک اور کرنش دونوں بازاروں می اثر انداز ہو چکا ےہ۔ بی االقوایم مالیاٹ فنڈ )آٹ ایم ایف( ن مایل سال 2022
میٹنگ می پالیش ریٹ کو 15فیصد پر برقرار رکھا ،جو کہ معیشت کو MPCاسٹیٹ بینک آف پاکستان ن اگست 2022می اپٹ
زیادہ گرم کرپ اور کرنٹ اکاؤنٹ خسارے پر قابو پاپ ےک لی ایک اقدام ےہ۔مسلسل موسال دھار بارشوں اور سیالب ن پاکستان ےک
یج می کپاس ک فصل کو ناقابل تالق نقصان پہنچا ےہ اور حکام کا اندازہ ےہ
کپاس ےک کھیتوں کو اپٹ لپیٹ می ےل لیا ےہ جس ےک نت ے
کہ تقریبا 45فیصد کپاس بھ سیالب ک نذر ہو چیک ےہ۔ حکومت ن اس سال 11ملی روٹ ک گانٹھوں ک پیداوار کا تخمینہ لگایا
تھا ،تاہم اب یہ 7.5ملی گانٹھوں ےک لگ بھگ ہوپ ک توقع ےہ ،اس کیم کو درآمدات ےک ذریےع پورا کرپ ک ضورت ہوک۔ روٹ ےک
۔بدقسمٹ ےس ،اعل پالیش اور افراط زر ک رشح ےک ساتھ ساتھ گرین بیک ےک): PBSماخذ( مقابل می 19.329بلی ڈالر ک گئی
می کیم معیشت ےک آؤٹ لک پر منف اثر ڈاےل ک۔ موجودہ حاالت می ،ٹیکسٹائل سی ر
کن ک پیداواری الگت یقیٹ طور PKRمقابل می
پر بڑےھ ک کیونکہ انہی غن معمویل چیلنجنگ اور غن یقیٹ عالیم ماحول می کپاس ک درآمدات کا سہارا لینا پڑتا ےہ۔ 23ےک گرین
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مالیان رپورٹنگ فریم ورک پر بیان۔ کارپوریٹ اور
یی
ریگولیشت " 2019کوڈ" ،پاکستان اسٹاک ایکسچینج لمیٹڈ ںی
کمپنت ایکٹ ، 2017کوڈ آف کارپوریٹ گورننس ر
ڈائریکتز آپ یک ی
کمپن ےک
می مستقل طور پر الگو کیا گیا ےہ اور اکاؤنٹنگ کا تخمینہ معقول
accountمناسب حساب کتاب یک پالیسیوں کو مایل بیانات یک تیاری ں
اور سمجھدار فیصےل پر ی
مبن ےہ۔
تفصییل ےہ۔
ںی
مالزمی ےک درمیان ایک ضابطہ اخالق اور کاروباری حکمت عمیل تیار اور گردش یک ےہ۔ ر
ڈائریکتوں اور • ہم ی
ن
ڈائریکتز ی
ن ویژن اور مشن کا بیان اور مجمویع کارپوریٹ حکمت عمیل کا بیان اپنایا ےہ۔ ر Directبورڈ آف
لگان جا ے
ن۔ ن اس یک عام میٹنگ می ررسکت یک ہ جب تک کہ معقول وجہ یک بنا پر روک نہ ے
ڈائریکتز ی
ر • تمام
ے ں
ر
ڈائریکتز کو ان یک ذمہ داریوں ،کرداروں ،معاوضوں ،اختیارات اور ذمہ داری ےک ساتھ ان یک ررسائط ےک آغاز پر کوڈ آف کارپوریٹ • تمام
ںی
کمپنت ایکٹ اور آرٹیکل آف ایسویس ایشن ےک مطابق تفویض کیا جاتا ےہ۔ گورننس ،
ڈائریکت ٹریننگ پروگرام (ڈی رن ن) ےک تحت تسلیم شدہ /چھوٹ دی ے
گن ےہ جیسا کہ کوڈ آف کارپوریٹ ر ر
ڈائریکتز کو ofی
کمپن ےک تمام
ی
گورننس ریگولیشن یک یضورت ےہ۔
ر
مواصالن طریقہ کار ،ماحولیات ،صحت اور حفاظت ، سین بجا ی
ن ،خریداری ،اسٹیک ہولڈرز ےک ساتھ ی
انسان وسائل ،ر human
ر
ڈائریکتز یک طرف ےس منظور شدہ اہم پالیسیوں کا وغتہ پر بورڈ آف اینن ی ر
ڈائریکت کا معاوضہ ،ر
من النڈرنگ اور رسک مینجمنٹ ں
ےہ۔
شیت ہولڈنگ ےک ر
پیتن کا بیان الگ ےس دیا گیا ےہ۔ oے
تھی۔ ر
طریق ےس ظاہر یک ے
گن ں می مناسب
بیانات ں
ی
اندرون تجارت یک سخن ےس پتوی ر
کرن ےہ جو کہ لسٹڈ کمپنیوں ےک ر listedی
کمپن ایس ای یس ین یک طرف ےس جاری کردہ ہدایات یک
ں
کمپن سیکرٹری ،ہیڈ آف ر
انتنل آڈٹ ر
ڈائریکت ،یس ای او ،یس ایف او ،ی کمپن ےک حصص می ے
کون تجارت اس ےک ممانعت پر ہ اور ی
ں ے
می انکشاف ے
نہی شیت ہولڈنگ ےک انداز ں
اور ان ےک میاں بیوی اور نابالغ بچوں ےک عالوہ ں
متعلقہ ر
پارن ں ی
لی دین
ےک تحت ضورت ک تعمیل کرپ ہوپ مناسب طور پر انکشاف کیا جاتا IAS 24اور ان ک حیثیت کا ) (RPTمتعلقہ ر
پارٹ ٹرانزیکشن
مناسب طریق ےس شامل کیا گیا ےہ۔آر ٹ رٹ کو اندروٹ آڈٹ ےک ذریےع باضابطہ طور پر منظور کیا گیا تھا جس ےک بعد بورڈ میٹنگ می
اےس پیش کرپ ےس پہل آڈٹ کمی رٹ ک منظوری یل گٹ تھ ،تاکہ اس بات کو یقیٹ بنایا جا سےک کہ کاروباری شگریم ےک معمول ےک دوران
ممنان ک منظوری RPTتمام لی دین مکمل طور پر مکمل ہوں۔ 30جون 2022کو ختم ہوپ واےل موجودہ مایل سال ےک دوران تمام
کو ے
ےک لی کمپٹ ک جنل میٹنگ ےک سامی پیش کیا جان گا۔ اس طرح ،بورڈ ن 30جون 2023کو ختم ہوپ واےل مایل سال ےک دوران کی
ممنان ک منظوری حاصل کرپ کا بھ فیصلہ کیا ےہ اور اےس اگل ساالنہ جنل
جان واےل لی دین ےک لی کمپٹ ک جنل میٹنگ می ے
میٹنگ می شین ہولڈرز ےک سامی رکھا جان گا۔ ان ک رسیم توثیق منظوری۔
بورڈ یک تشخیص
بورڈ ک کارکردک اور تاثن کو جانچن ےک لی مکمل ،سخت اور بار بار ہوپ وایل تشخیص ایک اہم طریقہ کار ےہ۔ بورڈ کا باقاعدہ جائزہ
یکنز ک جانب ےس باہیم تعاون ےک ساتھ فیصلہ سازی اور ی
اعل کارکردک ک حوصلہ افزاٹ کرتا ےہ۔ یہ بورڈ روم می انفرادی ڈائر ر
تنازعات کو کم کرپ اور اچھ حکمراٹ اور ٹیم ےک جذن ک ثقافت کو شایت کرپ ےک لی ڈائر ر
یکنز کو مؤثر طریق ےس کام کرپ ک ترغیب ے
دیتا ےہ۔
بورڈ یک تشکیل
ر
ڈائریکتز کا بورڈ مندرجہ ذیل پر مشتمل ےہ۔ ضابطہ 34ےک تحت یضورت ےک مطابق دس ()10
Gender
Sr No Category Total
Male Female
)(i Independent Director 3 0 3
)(ii Executive Directors 3 0 3
)(ii Non- Executive Directors 3 1 4
Committees
Board of Directors Human Resource and
Audit
Name of Directors Remuneration
آڈین ،اور اندروٹ آڈ رینز ےک ساتھ رابطہ کرتا ےہ۔ ACکو یقیٹ بنان ےک لی
اس بات کو یقیٹ بناتا ہ ACعام طور پر انتظایم ٹیم ،آزاد ر
ے
،کہ دھوکہ دیہ ک روک تھام اور شناخت ےک لی مناسب پالیسیاں اور عمل موجود ہی ،جیس کہ اثاثوں کا غلط استعمال ،بدعنواٹ
اور مالیاٹ اسٹیٹمنٹ فراڈ اور انتظامیہ ےک ساتھ مل کر کام کرتا ےہ تاکہ اس بات کو یقیٹ بنایا جا سےک کہ فراڈ ک نشاندیہ پر ضوری
کمپٹ ےک سہ مایہ اور آڈٹ شدہ ساالنہ مالیاٹ بیانات پر تبادلہ خیال کرپ ےک لی انتظامیہ اور قانوٹ ر
آڈینز ACاقدامات کی جائی۔
ےس باقاعدک ےس مالقات کرتا ےہ جبکہ ساالنہ آڈٹ ےک دوران ،آڈٹ کمی رٹ ریگولیشن (2)27ک تعمیل می بنوٹ آڈ رین اور اندروٹ آڈٹ
ACان معامالت پر بات کرپ ےک لی جن پر رازداری ےس بات کرپ ک ضورت ےہ۔ ) iiiےک شبراہ ےک ساتھ الگ ےس مالقات کرٹ ےہ۔
ممنان اجتمایع طور پر دھوکہ دیہ کو روکن ےک لی ACتحقیقات اور تادی ےٹ کارروائیوں جیس مسائل ےک بارے می علم ہونا چاہن۔
ے
کام کرپ ہی اور جان بوجھ کر اکاؤنٹنگ ک غلطیوں اور ےن ضابطگیوں کا پتہ لگان می ماہر ہی۔
کا مقصد کش تنظیم ےک بورڈ ،انتظایم ٹیم HRRCبندی ےک لی بورڈ کو انساٹ وسائل ےک انتظام ک اہم پالیسیوں ک سفارش کرتا ےہ۔
بورڈ کو انساٹ وسائل ےک انتظام HRRCاور اس ےک مالزمی ک تاثن کو بہن بنا کر اس ک پیداواری صالحیت کو زیادہ ےس زیادہ کرنا ےہ۔
اور کمپٹ سکر رینی ےک انتخاب ،تشخیص ،معاوض )بشمول ریٹائرمنٹ فوائد( CEO، CFOک پالیش ک سفارش کرپ کا ذمہ دار ےہ۔
،سینن مینجمنٹ ک بھرٹ اور تربیت HRRCاور جانشیٹ ک منصوبہ بندی ک سفارش کرپ ک مجمویع ذمہ داری کم ر
یٹ پر ہوک۔
معاوض ،کارکردک کا جائزہ ،جانشیٹ ک منصوبہ بندی اور انساٹ شمان ےک موثر استعمال ےک لی اقدامات می بورڈ اور انتظامیہ ک مدد
کرتا ےہ۔
ر
سماج ذمہ داری یک پالییس کارپوریٹ
یقین بنا کر کہ ی
کمپن کا مقایم کرن ہ اس بات کو ی ماحولیان ذمہ داریوں ےس متعلق پالیسیاں تیار ر
ر ر
اخالف ،پائیدار اور کمپن ی
کمپن یک ی
ے
سماج ذمہ داری ہ ی
کمپن ےک کاموں ےک تمام ر تئی ایک ر
کمیونن اور ماحولیات ےک ں پڑے۔کمپن یک ی
اپن ی ںی
کمیونٹت اور ماحول پر مثبت اثر
ے
ر ی پہلوؤں جیےس مسائل جو ماحول پر اثرانداز ر
کمیونن ہوئ ںہی جیےس کہ آلودیک ،فضلہ ،مصنوعات یک حفاظت اور مزدوری لیکن ضف
مدن تعلقات کو فریقی ےک ساتھ اچھے طویل ر
ںی نہی۔ ماحول ،بلکہ ی
کمپن ےس متعلق ی ر
سماج افراد کو فنڈز فراہم کرئ تک محدود ں اور
ر ی
کمپن آلودیک اور گرین ہاؤس گیسوں ےک اخراج کو کم یبرقرار رکھنا بیھ شامل ہ۔ ی
قدرن وسائل ےک پائیدار استعمال ،ضیاع کو کم کرئ، ے
ر ر
سماج اور ماحولیان طور پر پائیدار ے ر ر ی ی
طریق ےس ٹھکان لگان ےک مقصد ےک ساتھ ماحولیان برقرار رکھت ہوئ اقتصادی، ر ےس کم اور مناسب
سماج ذمہ داری ( )CRSپالییس کا انتظام ر
کرن ےہ۔ مینوفیکچرنگ ےک عمل ےک دوران ری ر طریق ےس کام ی
کرئ ےک ںلئ ایک جامع کارپوریٹ ر
ر
ڈائریکت معاوضہ پالییس
ے ی ے ر ی
معاوض یک پالییس ی ر
می صحیح ٹیلنٹ کو برقرار کمپن ےک طویل مدن مقاصد کو آگ بڑھان ےک ںلئ بورڈ اور سینت مینجمنٹ ں ڈائریکت یک
استیٹجک سمت فراہم ی سینت مینجمنٹ ر ے کردیک اور استحکام کا سنگ بنیاد ہ۔چونکہ ی ی کھت ےک لئ یر ی
کرئ، کمپن کا بورڈ اور ے کمپن یک کار ں
ی ر
اہم کاروباری فیصلوں اور عمل درآمد یک ذمہ داریاں نبھان ںہی ،اس ںلئ یہ بہت یضوری ےہ کہ ں
انہی ان یک کارکردیک ےک ںلئ زیادہ ذمہ دار
طریق کارپوریٹ گورننس ےک مجمویع فریم ورک ےک بہت اہم ر ی
معاوض ےک ممتان ےک ے ے
اور جوابدہ بنایا جان۔ سینت مینجمنٹ اور بورڈ ر
شیت ہولڈرز کو واپیس اور ی کردیک کو متاثر کرتا ہ ،جس ےک نتیج می عام ے ی ی
کمپن ےک ر ں ے کمپن یک کار می ےس ایک ںہی ،کیونکہ یہ پہلوؤں ں
ںی
کمپنت آرٹیکل آف ایسویس ایشن اور کوڈ آف کارپوریٹ گورننس ںی
کمپنت ایکٹ ،2017 ی
۔معاوض یک پالییساستحکام پر اثر پڑتا ےہ
ی
معاوض یک ر
کمین ( )HRRCیک سفارشات اور تجاویز ےک تحت تیار یک ی
انسان وسائل اور یی
ریگولیشت 2019 ،یک دفعات ےک تحت بورڈ کو
معاوض اور HRRCیک طرف ےس تجویزکردہ دیگر مراعات ےک حقدار ہی جن یک بورڈ ی
ن باضابطہ ی ر
ڈائریکتز مقررہ ماہانہ ے
گن ےہ۔ایگزیکٹو
ں
متان یک منظوری یل ے
گن۔ایکٹ ےک سیکشن (l)(a)227ےک مطابق، ی طور پر منظوری دی اور اس ےک بعد ی
می م ر
کمپن یک جتل میٹنگ ں
ر
ڈائریکتز کو درج ذیل معاوضہ (نوٹ )30ادا کیا گیا ےہ: موجودہ مایل سال ےک دوران ی
کمپن ےک
)aجناب محمد ں ی
امی ( CEO) - PKR 800,000.00ماہانہ۔
ب) ر
مست محمد ں ی
شاہی ( ED) - PKR 1,000,000.00ماہانہ۔
)cر
مست عادل شکیل ( ED) - PKR 800,000.00ماہانہ۔
ر
آڈیتز۔
موجودہ آڈ رین میسز رحمان شفراز رحیم اقبال رفیق ،چارٹرڈ اکاؤنٹنٹس 27اکتوبر 2022کو ہوپ وایل ساالنہ جنل میٹنگ ےک اختتام
پر ریٹائر ہو جائی ےک تاہم اہل ہوپ ک وجہ ےس انہوں ن خود کو دوبارہ تقرری ےک لی پیش کیا ہ۔ آڈٹ کم ر
یٹ ن میسز رحمان ے
شفراز رحیم اقبال رفیق ،چارٹرڈ اکاؤنٹنٹس کو 30جون 2023کو ختم ہوپ واےل سال ےک لی بطور بنوٹ ر
آڈین تعینات کرپ ک تجویز
ر
انسٹ ٹیوٹ یکسننل آڈ رین میسز رحمان شفراز رحیم اقبال رفیق ،چارٹرڈ اکاؤنٹنٹس کو تسل بخش درجہ بندی دی گٹ ےہ۔
ر دی ےہ۔ ا
ر
انسٹ ٹیوٹ آف چارٹرڈ کوالٹ ر
کننول ریویو پروگرام ےک تحت۔ فرم اور اس ےک تمام پارٹن ر آف چارٹرڈ اکاؤنٹنٹس آف پاکستان ےک
اکاؤنٹنٹس آف پاکستان ک طرف ےس اپنان گی کوڈ آف ایتھکس پر ر
انننیشنل فیڈریشن آف اکاؤنٹنٹس ےک رہنما اصولوں ک تعمیل کرپ
رجسنڈ ہی۔قانوٹ آڈی رنز ن نہ تو کوٹ Iایکٹ 1997ےک سیکشن SECP 36ہی اور وہ
ر ےک تحت آڈٹ اوور سائیٹ بورڈ ےک ساتھ
فیصلہ سازی ،اندروٹ آڈٹ یا انتظایم کام انجام دیا اور نہ یہ ان کا کمپٹ ےک کش ڈائری ر
کن یا ایگزیکٹوز ےک ساتھ کش قسم کا تعلق
ہ۔ منگٹ ےک رشاکت داروں کو ہر پانچ سال ک تکمیل ےک بعد گھمایا جاتا تھا۔بورڈ آف ڈائری ر
کنز ن میسز رحمان شفراز رحیم اقبال ے
یکسننل ر
آڈین تعینات کرپ ک بھ سفارش ک اور ر رفیق ،چارٹرڈ اکاؤنٹنٹس کو 30جون 2023کو ختم ہوپ واےل سال ےک لی بطور ا
مقرر کیا گیا ےہ۔ ضابطہ ےک ضابطہ (3)32ےک تحت آڈٹ کمی رٹ PKR 2,000,000.00سال 2022-2022ےک لی آڈ رینز کا معاوضہ
،ک طرف ےس بورڈ کو سفارش ک گٹ ےہ۔ معاوض می جیب ےس باہر ےک اخراجات شامل ہی اور اسائنمنٹس می ساالنہ قانوٹ آڈٹ
کارپوریٹ گورننس ےک تحت محدود دائرہ کار کا جائزہ اور جائزہ رپورٹ شامل ےہ۔
محمد ں ی
امی
(چیف ایگزیکیٹو)
محمد سلیم
ر
(ڈائریکت)
ستمت 2022
ر کر یاج28 :
2022 27
2022
Witness: _____________________
Signature : ____________________ ( Signature should agree with specimen registered with company)
Name : ________________________
Address: _______________________
________________________
Notes:
If a member is unable to attend the meeting, they may complete and sign this form and sent it to the
Company Secretary, BLESSED TEXTILES LIMITED, Umer House, 23/1, Sector 23, S.M. Farooq Road, Korangi
Industrial Area, Karachi. so as to reach not less than 48 hours before the time scheduled for holding the
meeting.
(i) The Proxy form shall be witnessed by a person whose name, address and CNIC/Passport number should
be stated on the form.
(ii) Attested copy of CNIC or the Passport of the beneficial owner alongwith the Proxy form should also be
submitted.
(iii) The Proxy nominee shall produce his / her original CNIC or original Passport at the time of the meeting.
(iv) In case of a Corporate entity, the Board of Directors Resolution/Power of Attorney with specimen
signature should be submitted (unless it has been provided earlier) along with Proxy form to the
Company.