D M Textile Mills : Transmission of Quarterly Report for the Period Ended 31.12.2021

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D.M. TEXTILE MILLS LIMITED

Westridge Industrial Area, Rawalpindi.

Telephone: [phone]

Fax: [phone]

E-mail: [e-mail]

E-mail: [e-mail]

Website: www.dmtextile.com.pk

D.M. TEXTILE

MILLS LIMITED

INTERIM CONDENSED

FINANCIAL INFORMATION

FOR THE HALF YEARLY

ENDED

December 31,

2021

D.M. TEXTILE MILLS LIMITED

Company's Information

BOARD OF DIRECTORS

CHAIRMAN	Mian Habib Ullah
CHIEF EXECUTIVE:	Sami Ullah
DIRECTORS:	Mr. Shahid Aziz (Nominee of NIT)
	Mr. Amer Zeb
	Mr. Abrar Alam
	Mr. Shahid Hussain
	Mr. Rao Khalid Pervaiz

AUDIT COMMITTEE:

CHAIRMAN:	Mr. Amer Zeb
MEMBERS:	Mr. Shahid Aziz
	Mr. Abrar Alam
HUMAN RESOURCE &
REMUNERATION COMMITTEE:
CHAIRMAN:	Mr. Shahid Hussain
MEMBERS:	Mr. Shahid Aziz
	Mr. Sami Ullah
ACTING COMPANY SECRETARY	Rao Khalid Pervaiz
& CHIEF FINANCIAL OFFICER
BANKERS:	Meezan Bank Ltd.
	Habib Metropolitan Bank
	Muslim Commercial Bank Limited
	Faysal Bank Limited
AUDITORS:	M/s Riaz Ahmed & Company
	Chartered Accountants
	2-A, ATS Centre, 30-West
	Fazal-ul-Haq Road, Blue Area,
	Islamabad. Ph: 051-2274121, 2274122
LEGAL ADVISER:	Afzal and Afzal
	Malik Sheheryar Qamar Afzal,
	208-B, Tufail Road, Opp. Fatima Jinnah
	University, Katchery Chowk, Rawalpindi.
REGISTRAR:	Corplink (Pvt) Ltd.
	Wing Arcade, 1-K, Commercial
	Model Town, Lahore.
	Phone: [phone]
	Fax:	042-36869037
REGISTERED OFFICE:	Westridge Industrial Area, Rawalpindi.
	Telephone: [phone]
	Fax:	051-5181979
	E-mail: [e-mail]

E-mail: [e-mail]

Website: www.dmtextile.com.pk

01

D.M. TEXTILE MILLS LIMITED

VISION STATEMENT

We envision ourselves as a leading company known for its values, good business practices and optimum quality standards in diversified products & services with sustained growth.

MISSION STATEMENT

To provide quality products and services to our customers and to explore new era to achieve the highest level of success.

02

D.M. TEXTILE MILLS LIMITED

CHAIRMAN'S REVIEW REPORT

I am pleased to present the half yearly financial statements along with Directors' Report & Auditors' Review Report for the period ended 31-12-2021. The Management is continuously trying its level best to utilize the available resources for the betterment of the Company. Management has positive intention and capability to revive the company.

I acknowledge and appreciate the contributions of the employees for betterment of the Company.

Rawalpindi:	Chairman of the Boardof Directors
February 25, 2022

03

D.M. TEXTILE MILLS LIMITED

DIRECTORS' REPORT

Dear Shareholders,

The Directors present before you the condensed interim financial statements for the half- year ended 31 December, 2021.

Net Profit/(Loss)

During the period Company had a net loss of Rs. 7.943 Million as compared to previous period net loss of Rs. 8.829 Million.

Comparative financial results are given below:

	Rupees
Half Year Ended	31 December 2021	31 December 2020
Revenue	-	1,697,693
Cost of Revenue	-	(1,725,900)
Gross Loss	-	(28,207)
Administrative & General Expenses	(22,451,984)	(20,514,374)
Other Expenses	(9,744,400)	(665,250)
Other Income	26,016,490	15,726,793
(Loss)/Profit from Operations	(6,179,894)	(5,481,038)
Financial Cost	(175,472)	(174,870)
(Loss)/Profit before Taxation	(6,355,366)	(5,655,908)
Taxation	(1,588,000)	(3,172,832)
(Loss)/Profit after taxation	(7,943,366)	(8,828,740)
(Loss)/ Earning per share Basic & Diluted	(2.60)	(2.89)

Directors have granted specific approval for following transactions/adjustments.

Property, plant and equipment	Rupees
∙	Cost of additions	7,966,075
∙	Cost of deletions	1,895,346

Debt Servicing

Entire liabilities of the financial institutions have been paid off. Further, management is negotiating with other debt providers/suppliers so as to further reduce the liabilities of the Company.

Dividend

The Directors have not recommended dividend due to loss.

Future Prospects & Plans

The management is trying its level best to utilize the available recourses. Further, the management has positive intention and capability to revive the company.

04

D.M. TEXTILE MILLS LIMITED

Remarks on Independent Auditors' Review Report

The Company has successfully settled all of its liabilities towards financial institution. Further, due to regular income and efforts to utilize the available resources to pay-off the remaining liabilities & revival of the Company, the management has prepared the accounts on going concern basis.

As for as the auditors' remarks regarding Property/House 8, Street 71, F-8/3, Islamabad are concerned; the management is trying its level best to resolve the matter at the earliest.

The Board of Directors is of the view that the Company follows the approved accounting standards as applicable in Pakistan and the accounts do give a true and fair view of the state of Company's affairs as at 31 December 2021 in the light of the facts stated above.

Corporate Social Responsibility

The company is aware of its corporate and social responsibilities and doing its best within the available resources.

Director's Remuneration Policy

The Company pays remuneration to two of its Executive Directors as disclosed in Notes of the financial statements. No remuneration is paid to the Non-Executive and Independent Directors other than meeting fees.

Acknowledgement

The Directors wish to place on record their acknowledgement for the cooperation extended by the debt providers/suppliers & financial institutions. Appreciation is also due to the employees of the company for their hard work and devoted efforts for the betterment of the company.

For and behalf of the Board of Directors

Chief Executive Officer

Director

Rawalpindi: February 25, 2022

05

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