Dewan Farooque Spinning Mills : Transmission of Annual Report for the Year Ended June 30,2023

Vision Statement

To be the leader in textile industry by building the Companys' image through quality, competitive prices, customer's satisfaction and meeting social obligation.

Mission Statement

Our Mission is to be recognized as a premium quality yarn

manufacturing unit.

The Unit is setup with an idea to cater to the premium market of

fine count compact yarn to satisfy the valuable customers.

To assume leadership role in the technological advancement of the

industry.

To benefit the customers, employees and

shareholders and to fulfill our commitments to the society.

Our trademark is honesty, innovation, fairness, teamwork of our people

and integrity in relationship with our customers, associates,

shareholders, community and stake holders.

CONTENTS

Company Information	4
Notice of Annual General Meeting	5
Chairman's Review	7
Directors' Report	8
Financial Highlights	13
Statement of Compliance with Listed Companies
(Code of Corporate Governance) Regulations, 2019	14
Independent Auditors' Review Report to the Member on Statement of Compliance
contained in Listed Companies (Code of Corporate Governance) Regulations, 2019	16
Independent Auditors' Report	17
Statement of Financial Position	21
Statement of Profit or Loss	22
Statement of Comprehensive Income	23
Statement of Cash Flows	24
Statement of Changes in Equity	25
Notes to the Financial Statements	26
Pattern of Share Holding	48
	54

56

Jama Punji

Form of Proxy

COMPANY INFORMATION

BOARD OF DIRECTORS
Executive Directors	:	Syed Maqbool Ali
		Chief Executive Officer & Director
Non-Exective Director	:	Mehmood-Ul-Hassan Asghar - Chairman, Board of Directors
		Mr. Ghazanfar Baber Siddiqi
		Mr. Abdul Basit
		Mr. Muhammad Hanif German
		Mrs. Nida Jamil
Independent Director	:	Mr. Aziz -ul-Haque
Audit Committee	:	Mr. Aziz -ul-Haque (Chairman)
		Mr. Abdul Basit (Member)
		Mr. Ghazanfar Baber Siddiqi (Member)
Human Resources & Remuneration	:	Mr. Aziz -ul-Haque (Chairman)
Committee		Mr. Mehmood-ul-Hassan Asghar (Member)
		Syed Maqbool Ali (Member)
Auditors	:	Feroze Sharif Tariq & Company
		Chartered Accountants
		4/N/4 Block-6, P.E.C.H.S. Karachi
Company Secretary	:	Mr. Muhammad Hanif German
Chief Financial Officer	:	Mr. Muhammad Irfan Ali
Tax Advisor	:	Abbas & Atif Law Associates
Legal Advisor	:	Sharif & Co. Advocates
Bankers	:	United Bank Limited
		Bank Islami Pakistan Limited
		MCB Bank Limited
		Silk Bank Limited
		Askari Bank Limited
		Allied Bank Limited
		Soneri Bank Limited
		Summit Bank Limited
Registered Office	:	Dewan Centre
		3-A, Lalazar Beach Hotel Road
		Karachi.
Shares Registrar & Transfer Agent	:	BMF Consultants Pakistan (Private) Limited
		Anum Estate Building, Room No. 310 & 311,
		3rd Floor, 49, Darul Aman Society,
		Main Shahrah-e-Faisal, adjacent to Baloch Colony Bridge,
		Karachi 75350, Pakistan.
Factory Office	:	54 Km, Multan Road, Phool Nagar By Pass
		District Kasur, Punjab , Pakistan.
Website	:	www.yousufdewan.com

04 ANNUAL REPORT 2023

NOTICE OF ANNUAL GENERAL MEETING

NOTICE IS HEREBY GIVEN that the TwentiethAnnual General Meeting of Dewan Farooque Spinning Mills Limited ("DFSML" or "the Company") will be held on Thursday, October 26, 2023, at 2:00 p.m. at Dewan Cement Limited Factory Site, at Deh Dhando, Dhabeji, District Malir, Karachi, Pakistan; to transact the following businesses upon recitation from Holy Qur'aan and other religious recitals:

ORDINARY BUSINESS:

1. To confirm the minutes of the preceding Extra Ordinary General Meeting of the Company held on Thursday, January 26, 2023;
2. To receive, consider, approve and adopt the annual audited financial statements of the Company for the year ended June 30, 2023, together with the Directors' and Auditors' Reports thereon;
3. To confirm the appointment of the Statutory Auditors of the Company for the year ended June 30, 2024, and to fix their remuneration;
4. To consider any other business with the permission of the Chair.

By order of the Board

Karachi: September 28, 2023	Muhammad Hanif German
	Director & Company Secretary

NOTES:

1. The Share Transfer Books of the Company will remain closed for the period from October 19, 2023 to October 26, 2023 (both days inclusive).
2. Members are requested to immediately notify change in their addresses, if any, at our Shares Registrar Transfer Agent BMF Consultants Pakistan (Private) Limited, located at Anum Estate Building, Room No. 310 & 311, 3rd Floor, 49, Darul Aman Society, Main Shahrah-e-Faisal, adjacent to Baloch Colony Bridge, Karachi, Pakistan.
3. A member of the Company entitled to attend and vote at this meeting, may appoint another member as his/her proxy to attend and vote instead of him/her. Proxies, in order to be effective, must be received by the Company at the abovesaid address, not less than 48 hours before the meeting.
4. CDC Account holders will further have to observe the following guidelines, as laid down in Circular 01 dated January 20, 2000, issued by the Securities and Exchange Commission of Pakistan:

1. ForAttending Meeting:

1. In case of individual, the account holder or sub-account holder, and/or the person whose securities are in group account and their registration details are uploaded as per the regulations, shall authenticate his/her identity by showing his/her original National Identity Card (CNIC), or original passport at the time of attending the meeting.
2. In case of corporate entity, the Board of Directors' resolution/power of attorney, along with the specimen signature of the nominee, shall be produced (unless it has been provided earlier) at the time of meeting.

1. ForAppointing Proxies:

1. In case of individual, the account holder or sub-account holder, and/or the person whose securities are in group account and their registration details are uploaded as per the regulations, shall submit the proxy form as per the above requirements.
2. Two persons, whose names, addresses, and CNIC numbers shall be mentioned on the form, shall witness the proxy.

ANNUAL REPORT 2023 05