QUARTERLY STATEMENT
FOR THE 3rd QUARTER
ENDED MARCH 31, 2023
Contents | Page | |||||||||
CompanySprofile | 2 | |||||||||
Director's Report EnglishH | 3 - 4 | |||||||||
Director's ReportqUrdu | 5 - 6 | |||||||||
Unconsolidated Condensed Interim Financial Position | 7 | |||||||||
Unconsolidated Condensed Interim ProfitHor LossG | 8 | |||||||||
Unconsolidated Condensed Interim Statement ofHComprehensiveUincome | 9 | |||||||||
Unconsolidated Condensed Interim Statement ofHChangesQin Equity | 10 | |||||||||
Unconsolidated Condensed Interim CashGFlowsV | 11 | |||||||||
Unconsolidated Condensed Interim Notes toQtheHfinancialWStatement | 12-15 | |||||||||
Consolidated Condensed Interim Statement ofGFinancialHPosition | 16 | |||||||||
Consolidated Condensed Interim ProfitQor Loss | 17 | |||||||||
Consolidated Condensed Interim Statement ofGComprehensiveLincome | 18 | |||||||||
Consolidated Condensed Interim Statement ofGChangesWin Equity | 19 | |||||||||
Consolidated Condensed Interim CashHFlowsH | 20 | |||||||||
Consolidated Condensed Interim Notes toVtheGfinancialHStatement | 21-24 | |||||||||
Sunrays Textile Mills Limited | ||
COMPANY PROFILE | ||
BOARD OF DIRECTORS | ||
1. | Mian Imran Ahmed | Chairman |
2. | Mr. Kashif Riaz | Chief Executive |
- Mr. Naveed Ahmed
- Mian Shahzad Ahmed
- Mrs. Fadia Kashif
- Mr. Irfan Ahmed
- Mr. Shahwaiz Ahmed
- Mr. Shafqat Masood
- Mr. Faisal Hanif
- Ms. Azra Yaqub Vawda
- Mr. Farooq Hassan
AUDIT COMMITTEE
1. | Mr. Faisal Hanif | (Chairman) | |
2. | Mr. Shahwaiz Ahmed | (Member) | |
3. | Mrs. Fadia Kashif | (Member) | |
HUMAN RESOURCES AND REMUNERATION COMMITTEE | |||
1. | Mr. Faisal Hanif | (Chairman) | |
2. | Mr. Irfan Ahmed | (Member) | |
3. | Mrs. Fadia Kashif | (Member) | |
CHIEF FINANCIAL OFFICER | |||
Mr. Shabbir Kausar | |||
CHIEF INTERNAL AUDITOR | |||
Mr. Imran Iftikhar | |||
COMPANY SECRETARY | |||
Mr. Ahmed Faheem Niazi | |||
LEGAL ADVISOR | |||
Mr. Yousuf Naseem | |||
Advocates & Solicitors | |||
REGISTERED OFFICE | |||
5th floor, Office # 508, Beaumont Plaza, | |||
Beaumont Road, Civil Lines Quarters, Karachi | |||
SYMBOL OF TH E COMPANY | |||
SUTM | |||
WEBSITE | |||
http://www.Indus- | |||
REGISTRAR & SHARE TRANSFER OFFICE | |||
JWAFFS REGISTRAR SERVICES (PVT) LTD | Tel. | 35662023 - 24 | |
407 -408, Al - Ameera Center, | |||
Shahrah-e-Iraq, Saddar Karachi. | Fax. | 35221192 |
FACTORY LOCATION
Khanpur Shomali Bagga Sher M.M. Road Muzaffar Garh
BANKERS
MCB Bank Limited
Allied Bank Limited
Soneri Bank Limited
United Bank Limited
Meezan Bank Limited
Habib Bank Limited
Bank Alfalah Limited
AUDITORS
Yousuf Adil
Chartered Accountants
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DIRECTOR'S REPORT
The Directors of the Company have pleasure in subming their Report together with the un-audited financial statements of the Company for the nine month ended March 31, 2023. During the period under review your Company has earned pre-tax profit Rs. Rs. 395.688 (M).
FINANCIAL HIGHLIGHTS
Nine Month Ended March 31.(Rs.In Millions) | ||
2023 | 2022 | |
Sales - Net | 7,630.503 | 7,316.784 |
Gross Profit | 681.901 | 1,848.836 |
Other Income | 157.189 | 93.097 |
Profit Before Taxation | 395.688 | 1,541,030 |
Taxation | (89.753) | (76.028) |
Profit After Taxation | 305.935 | 1,465.002 |
REVIEW OF OPERATIONS
Yours Company earned profit aer tax Rs.305.935 million as compared to Rs.1,465.002 million over the last corresponding period. Gross profit decreased by 63% and profit aer tax decreased by 79% as compared to the last corresponding period. The main reason of decrease in profit as compared to the last corresponding period is due to increase in co}on prices and disproporonate decrease in corresponding yarn prices. During the period Rs3,294.299 (M) was invested in the fixed assets including building for BMR and addion of new plant comprises of ten sets of Rotor machines along with necessary back process. Retained earnings and long term financing were used to finance these investments.
EARNING PER SHARE
The earnings per share for the nine-month ended March 31, 2023 is Rs.14.78 as compared to
Rs.70.77 for the previous corresponding period.
FUTURE PROSPECTS
Pakistan's Texle industry is going through toughest mes. On one side, there is economic slowdown being observed in the internaonal markets due to recession and on the other hand there is polical and economic crisis being witnessed in the country. Foreign reserve has dropped to the lowest level. Due to scarcity of foreign exchange, imports have been strongly discouraged
- regulated by the banks/SBP resultantly industry has been facing problem for import of raw materials & spare parts. Pak Rupees has been significantly depreciated against US dollar. Rate of inflaon has been observed at more than 27.6% in the country. SBP has significantly increased interest rate to 20% p.a. in order to lessen inflaon in the country. The government has abolished various subsidies & rebates resultantly subsidized tariff of electricity & gas for texÆle industry has withdrawn by the government. The prices of fuel has been significantly increased in the country despite lowering of price in the internaonal market. In addivon therewith, crop of co}on has already
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substanally effected due to recent devastang flood in the country. Due to lowering of demand, shortage
- higher rate of raw material, higher rates of fuel & power as well as higher interest rate, texÆle sector in the country has undergone into huge losses. In spite of all these obstacles, we hope by the grace of ALLAH and hard work of the management by focusing on specialized and value-addedhigh-quality texÆle products, your company will be able to achieve beer results.
COMPOSITION OF BOARD
The composion of the Board is in compliance with the requirements of the Code of Corporate Governance regulaons,
2019 applicable on listed enŸes which is given below:
1. The total number of directors are 11 as per follows;
a) | Male | 09 |
b) | Female | 02 |
2. The Composi‰on of Board is as followed ;
Category | Names |
Independent Directors | Mr. Faisal Hanif |
Ms. Azra Yaqub Vawda | |
Mr. Farooq Hassan | |
Execuve Directors | Mr. Kashif Riaz (CEO) |
Mr. Sheikh Shafqat Masood | |
Mr. Naveed Ahmed | |
Non-Execuve Directors | Mian Shahzad Ahmed |
Mian Imran Ahmed | |
Mrs. Fadia Kashif | |
Mr. Irfan Ahmed | |
Mr. Shahwaiz Ahmed | |
Female Directors | Ms.Azra Yaqub Vawda |
Mrs. Fadia Kashif |
ENVIRONMENT, HEALTH AND SAFETY.
Your Company is commied towards protecng a sound climate for everyone by complying with all environmental
policies at the producon facili]es.
WEB PRESENCE
Annual and periodic financial statements of the company are also available on the website of the company
hp://www.indus-group.com for informaon of the shareholders and others.
ACKNOWLEDGEMENT
The Directors acknowledge the contribu]on of each and every employee of the Company. We would like to express our thanks to our customers for the trust t hey have shown in our products and the bankers for connued support to the Company. We are also grateful to our shareholders for their confidence in our management.
FOR AND ON BEHALF OF THE BOARD
Karachi
Kashif Riaz
Dated: APRIL 28, 2023 | CHIEF EXECUTIVE OFFICER |
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Sunrays Textile Mills Ltd. published this content on 02 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 May 2023 05:05:09 UTC.