UG
of Companies
THIRD QUARTERLY ACCOUNTS 2022-2023
(UN - AUDITED)
UMER GROUP OF COMPANIES
BHANERO TEXTILE MILLS LIMITED
Vision
A premier quality company providing quality products by maintaining an excellent level of ethical & professional standards.
Mission Statement
To become a leading manufacturer of textile products globally and explore the new era to achieve the highest level of success.
Bhanero Textile Mills Ltd | 1 |
Directors' Review
On behalf of the board of directors of Bhanero Textile Mills Limited, I am pleased to present the unaudited condensed interim financial statements for the nine months ended March 31, 2023.
Significant Financial Performance for the Nine Months Ended March 31, 2023:
Profit after tax for the nine months ended March 31, 2023 is PKR 919.290 million as compared to PKR 2,023.891 million in the corresponding period March 31, 2022.
Earnings per share for the nine months ended March 31, 2023 is PKR 306.43 (March 31, 2022: PKR 674.63).
Break-up value of the share as on March 31, 2023 is PKR 3,386.77 (June 30, 2022: PKR 3,101.96). The current ratio as on March 31, 2023 is 1.97 (June 30, 2022:4.31).
Outlook of Textile Sector
The environment is not conducive at all for the textile sector in the country and unless immediate measures will be taken there's a high probability that this sector quickly slipping into a disastrous situation since it is losing credibility and market share among international buyers. The major export-focused industry is in a downward spiral trend in world-wide shipments in the current fiscal year 2022-23 as global buyers are now reluctant to place orders due prevailing uncertainty and challenges faced by the country. As per spokespersons of leading textile associations, if current situation persists there's a high probability that we are likely to fall short of $25 billion export target.
Among the other issues, the production of cotton crop is the foremost factor since there has been a historical decline by 37.23 percent this year. Of the industry requirement of 15 million bales of cotton, the country has only produced meagre 4.6 million bales this year according to data released by PCGA on 1stJanuary, 2023. Primarily, heavy downpours and river flooding are the main reasons of decline on cotton production which washed away standing crops, particularly in the cotton belts of Sindh and Punjab however, factors like unavailability of lint, liquidity crunch and energy shortages and non-utilization of latest developed variety of cotton seed shouldn't have been ignored too.
The other reasons like intense global competition from Bangladesh, Vietnam, India, and Thailand coupled with lack of modernization of the machinery and equipment, lack of investment, rising borrowing costs resulting in overall decline of textile sector over the period. Since the country is in desperate needs of FCY inflows, the government should immediately addressed the core issues in particular release of imported consignment. As per APTMA, the industry barely holds stocks for two months and if the imported cotton is not released promptly, then the industry will entirely shut down by the end of March 2023 leaving massive unemployment of 25 million people associated with the sector.
New Spinning Unit
As stated earlier, the erecting work is still in process for the plant and machinery and the management is putting all efforts to commence the production by July 2023.
Acknowledgement
The Board appreciates the contribution of employees and continual supports all financial institutions.
On behalf of the Board
___________________ | _______________________ |
Khurrum Salim - CEO | Mohammad Salim - Director |
Dated: 28th April, 2023 |
Bhanero Textile Mills Ltd | 2 |
Bhanero Textile Mills Limited
Condensed Interim Statement of Financial Position (Un-Audited) As at March 31, 2023
Note
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized capital
6,000,000 (June 30, 2022: 6,000,000) ordinary shares of Rs.10 each
Issued, subscribed and paid up capital Reserves
Loan from directors and sponsors4 Unappropriated profit
.
NON CURRENT LIABILITIES Long term financing - secured
Long term payables5 Staff retirement benefits
Deferred taxation Deferred government grant
CURRENT LIABILITIES Trade and other payables
Unclaimed dividend
Accrued interest/markup
Short term borrowings - secured Current portion of non current liabilities Provision for taxation - net
CONTINGENCIES AND COMMITMENTS | 6 |
TOTAL EQUITY AND LIABILITIES
March 31, 2023
Un-Audited
Rupees
60,000,000
30,000,000
8,000,000,000
149,618,200
1,980,683,719
10,160,301,919
3,831,313,841
405,291,835
231,269,863
231,555,260
987,756,799
5,687,187,598
1,682,817,340
1,722,649
120,335,529
4,888,233,792
418,985,958
-
7,112,095,268
-
22,959,584,785
June 30, 2022
Audited
Rupees
60,000,000
30,000,000
8,000,000,000
-
1,275,893,956
9,305,893,956
2,816,943,750
285,713,297
208,934,489
231,555,260
673,119,963
4,216,266,759
1,579,460,996
1,519,833
31,367,006
-
336,847,787
73,746,474
2,022,942,096
-
15,545,102,811
Note
ASSETS
NON CURRENT ASSETS
Property, plant and equipment | 7 |
Long term deposits
CURRENT ASSETS
Stores, spares and loose tools
Stock in trade
Trade debts
Short Term Investments8 Loans and advances
Trade deposits and short term prepayments Other receivables
Advance income tax / Income tax refundable Sales tax refundable
Cash and bank balances
TOTAL ASSETS
March 31, 2023
Un-Audited
Rupees
8,911,769,534
41,596,116
8,953,365,650
304,955,149
9,512,382,761
1,756,812,339
86,909,836
126,568,046
396,592,697
30,966,391
39,269,743
999,441,409
752,320,764
14,006,219,135
22,959,584,785
June 30, 2022
Audited
Rupees
6,777,100,444
41,596,116
6,818,696,560
150,348,628
5,101,913,563
1,883,524,023
-
65,701,413
246,263,643
28,945,773
-
608,870,900
640,838,308
8,726,406,251
15,545,102,811
The annexed notes form an integral part of these condensed interim financial information.
CHIEF EXECUTIVE | DIRECTOR | CHIEF FINANCIAL OFFICER |
Bhanero Textile Mills Ltd | 3 |
Bhanero Textile Mills Limited
Condensed Interim Statement of Profit or Loss (Un-Audited) For The Nine Months Ended March 31, 2023
Nine Months Ended
March 31, 2023 | March 31, 2022 |
Three Months Ended
March 31, 2023 | March 31, 2022 |
Sales
Cost of sales
Gross profit
Distribution cost
Administrative expenses
Other income
Other operating expenses
Finance cost
Profit before taxation
Provision for taxation | 9 |
Profit after taxation
Rupees
12,841,768,978
10,950,838,742
1,890,930,236
271,731,569
190,516,246
462,247,815
299,129,442
1,727,811,863
78,036,753
497,041,604
575,078,357
1,152,733,506
233,443,743
919,289,763
Rupees
12,312,430,092
9,625,578,474
2,686,851,618
315,741,562
158,133,659
473,875,221
231,748,422
2,444,724,819
152,863,116
86,380,741
239,243,857
2,205,480,962
181,590,229
2,023,890,733
Rupees
4,818,332,611
4,119,457,468
698,875,143
81,410,256
66,222,638
147,632,894
138,517,485
689,759,734
23,446,127
288,751,395
312,197,522
377,562,212
95,366,230
282,195,982
Rupees
4,588,576,050
3,659,670,835
928,905,215
150,725,273
57,922,740
208,648,013
13,223,230
733,480,432
48,863,133
22,159,923
71,023,056
662,457,376
73,251,415
589,205,961
Earning per share - basic and diluted | 306.43 | 674.63 | |
The annexed notes form an integral part of these condensed interim financial information.
94.07
196.40
CHIEF EXECUTIVE | DIRECTOR | CHIEF FINANCIAL OFFICER |
Bhanero Textile Mills Ltd | 4 |
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Bhanero Textile Mills Ltd. published this content on 28 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 April 2023 07:06:12 UTC.