Sally Textile Mills : Transmission of Quarterly Report for the year ended as at 31-03-2024

Interim Financial

Nine Months ended

March 31, 2024

(Un-audited)

SALLY TEXTILE MILLS LIMITED

CONTENTS

Company Informaon	01
Directors' Review	02
Condensed Interim Statement of Financial Posion	04
Condensed Interim Statement of Profit or Loss	06
Condensed Interim Statement of Cash Flows	07
Condensed Interim Statement of Changes in Equity	09

Notes to the Condensed Interim Finanacial Informaon

10

Interim Financial Report

	Company Informaon
Board Of Directors
Mian Iqbal Salahuddin	Chief Execuve Officer
Mst. Munira Salahuddin
Mian Yousaf Salahuddin
Mian Asad Salahuddin
Mian Sohail Salahuddin
Muhammad Khalil Laf
Syed Abid Raza Zaidi
Audit Commiee
Muhammad Khalil Laf	Chairman
Mian Asad Salahuddin	Member
Mian Sohail Salahuddin	Member
Syed Abid Raza Zaidi	Secretary

Human Resources & Remuneraon Commiee

Muhammad Khalil Laf	Chairman
Mst. Munira Salahuddin	Member
Mian Sohail Salahuddin	Member

Chief Financial Officer

Abid Ali Bajwa

Company Secretary

Syed Abid Raza Zaidi

Bankers

Naonal Bank Of Pakistan

Silk Bank Limited

The Bank of Punjab

Meezan Bank Limited

Habib Bank Limited

Registered Office

2-S, Gulberg II, Lahore.

Phones : [phone]

E-mail : [e-mail]

Fax

: [phone]

Mills

Muzaffargarh Road, Jauharabad

Phones: [phone], 720546, 720311

01

Sally TexÆle Mills Limited

Directors' Review

The Directors of Sally TexÆle Mills Limited ("the Company") present the 3rd quarter report of the Company for the

period ended 31st March 2024.

Overview - Performance review

During the period under review, mill operaons had been shut down due to negave viability. As evident from our accounts, there was no business conducted.

The financial results in a summarized form are given hereunder:

	Nine months ended	Nine months ended
Descripon	March 31, 2024	March 31, 2023
	Rupees '000'	Rupees '000'
Turnover-net	-
-
Gross Profit/(Loss)	(23,637)	(26,658)
Loss before tax	(75,057)	(75,741)
Loss aer tax	(75,057)	(75,741)

Acknowledgement

Yours directors record with appreciaon the resolve of company's limited staff members who are connuing their efforts to manage this present predicament. Your directors also extend their appreciaon to all company's stakeholders for their cooperaon.

For and on behalf of the board

Date: April 29, 2024	MIAN IQBAL SALAHUDDIN
Lahore.	Chief Execuve Officer

02

Interim Financial Report

	Nine months ended	Nine months ended
Descripon	March 31, 2024	March 31, 2023
	Rupees '000'	Rupees '000'
Turnover-net	-
-
Gross Profit/(Loss)	(23,637)	(26,658)
Loss before tax	(75,057)	(75,741)
Loss aer tax	(75,057)	(75,741)

202429

03

Sally TexÆle Mills Limited

Condensed Interim Statement of Financial Posion

as at March 31, 2024

	March 31, 2024		June 30, 2023
	Rupees '000		Rupees '000
	(Un-audited)		(Audited)
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized share capital
20,000,000 (June 30, 2016: 20,000,000) ordinary shares of Rs.10 each	200,000	200,000
Issued, subscribed and paid-up capital	87,750		87,750
SURPLUS ON REVALUATION OF PROPERTY, PLANT AND EQUIPMENT	207,406		207,406
Accumulated (Loss)/profit	(1,500,457)		(1,425,401)
TOTAL EQUITY	(1,205,301)	(1,130,245)
LOAN FROM SPONSORS - UNSECURED	721,624	680,110
NON-CURRENT LIABILITIES

Long term finances

Employees rerement benefits

Deferred taxaon

-

101,907

36,881

138,788

-

101,907

36,881

138,788

CURRENT LIABILITIES

Trade and other payables

Short term borrowings - Secured Unclaimed divident

Accrued interest/mark-up

Current por‰on of non-current liabilies

451,671

722,533

1,010

396,580

310,833

1,882,627

463,280

722,545

1,010

386,279

310,833

1,883,947

TOTAL LIABILITIES	2,021,415	2,022,735
CONTINGENCIES AND COMMITMENTS	-	-
TOTAL EQUITY AND LIABILITIES	1,537,739	1,572,601

Lahore	MIAN IQBAL SALAHUDDIN	ABID ALI BAJWA	MIAN YOUSAF SALAHUDDIN
Date : April 29, 2024	Chief Execuve	Chief Financial Officer	Director

04

Interim Financial Report

Condensed Interim Statement of Financial Posion

as at March 31, 2024

March 31, 2024	June 30, 2023
Rupees '000	Rupees '000
(Un-audited)	(Audited)

ASSETSQUITY AND LIABILITIES

NON-CURRENT ASSETS

Property, plant and equipment

Long term deposits - Unsecured, Considered good

CURRENT ASSETS

Stores, spares and loose tools

Stock in trade

Trade debts

Short term Deposit

Advances, prepayments and other receivables Current taxaon

Cash and bank balances

732,950

11,244

744,193

69,014

565,440

96,614

1,613

46,470

11,765

2,629

793,545

756,229

11,244

767,473

80,623

565,440

96,588

1,613

46,470

11,765

2,629

805,128

TOTAL ASSETS	1,537,739	1,572,601

The annexed notes 1 to 8 form an integral part of this condensed interim financial informaon.

Lahore	MIAN IQBAL SALAHUDDIN	ABID ALI BAJWA	MIAN YOUSAF SALAHUDDIN
Date : April 29, 2024	Chief Execuve	Chief Financial Officer	Director

05

Sally TexÆle Mills Limited

Condensed Interim Statement of Profit or Loss (Un-audited)

for the nine month ended March 31, 2024

Nine Months Ended

Quarter Ended

March 31, 2024	March 31, 2023	March 31, 2024	March 31, 2023
Rupees '000	Rupees '000	Rupees '000	Rupees '000

Sales - net

Cost of sales

Gross Profit / (Loss)

Selling and distribu]on expenses Administrave and general expenses

Other income

Operang Profit / (Loss)

Finance cost

Noonal Interest

Other expenses

Profit /(Loss) before taxaon

Taxaon

Profit / (Loss) a er taxaon

Profit / (Loss) per share - basic and diluted

-

(23,637)

(23,637)

-

(5,504)

(5,504)

-

(29,141)

(10,301)

(35,614)

-

(75,056)

-

(75,056)

(8.55)

-

(26,658)

(26,658)

-

(5,217)

(5,217)

-

(31,875)

(10,944)

(32,922)

-

(75,741)

-

(75,741)

(8.63)

-

(7,879)

(7,879)

-

(2,359)

(2,359)

-

(10,238)

-

(11,745)

-

(21,983)

-

(21,983)

(2.51)

-

(9,917)

(9,917)

-

(1,982)

(1,982)

-

(11,899)

(3,865)

(10,731)

-

(26,495)

-

(26,495)

(3.02)

The annexed notes 1 to 8 form an integral part of this condensed interim financial informaon.

Lahore	MIAN IQBAL SALAHUDDIN	ABID ALI BAJWA	MIAN YOUSAF SALAHUDDIN
Date : April 29, 2024	Chief Execuve	Chief Financial Officer	Director

06

Interim Financial Report

Condensed Interim Statement of Cash Flows (Un-audited)

for the nine month ended March 31, 2024

March 31, 2024	March 31, 2023
Rupees '000	Rupees '000

CASH FLOWS FROM OPERATING ACTIVITIES

Loss before taxation

Adjustments for non-cash and other items

Interest/markup on borrowings

Notional interest

Provision for employees retirement benefits

Depreciation

Operating profit/(loss) before changes in working capital

Changes in working capital

Stores, spares and loose tools

Stock in trade

Trade debts

Advances, deposits, prepayments and other receivables

Trade and other payables

Net cash generated from/(used in) operations

Payments for:

Employees retirement benefits

Interest/markup on borrowings

Income tax

Net cash generated from/(used in) operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

(75,056)

10,301

35,614

-

23,279

69,194

(5,862)

11,609

-

(26)

-

(11,609)

(26)

(5,888)

0

-

0

(5,888)

(75,740)

10,944

32,922

-

25,892

69,758

(5,983)

-

-

87,620

-

(223)

87,397

81,414

-

-

(71)

81,343

Capital expenditure

-

-

Net cash used in investing activities

-

-

07

Sally TexÆle Mills Limited

Condensed Interim Statement of Cash Flows (Un-audited)

for the nine month ended March 31, 2024

March 31, 2024	March 31, 2023
Rupees '000	Rupees '000

CASH FLOWS FROM FINANCING ACTIVITIES

Long term finances obtained

Repayment of long term finances

Net (decrease)/increase in short term borrowings

Loan from sponsors obtained

Net cash (used in)/generated from financing activities

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD

-

-

(12)

6,650

6,638

750

2,629

3,380

-

-

(42)

6,650

6,608

87,951

2,629

90,580

The annexed notes 1 to 19 form an integral part of this condensed interim financial information.

Lahore	MIAN IQBAL SALAHUDDIN	ABID ALI BAJWA	MIAN YOUSAF SALAHUDDIN
Date : April 29, 2024	Chief Execuve	Chief Financial Officer	Director

08