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Transcript of Din Groupdint.dingroup.com/datafiles/annual_reports/cc69b... · &2 1 7 ( 1 7 62 1 7 ( 1 7 6...
(Un-Audited)
Half Yearly Accounts December 31, 2019
2019-20
C O N T E N T S C O N T E N T S Corporate Information
Directors’ Report
Condensed Interim Statement of Financial Position
Condensed Interim Statement of Profit or Loss
Condensed Interim Statement of Comprehensive Income
Condensed Interim Statement of Cash Flows
Condensed Interim Statement of Changes in Equity
Selected Notes to the Condensed Interim Financial Statements
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DIN GROUP
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Directors’ Report (Urdu)
Independent Auditor’s Review Report to the Members on Interim Financial Statments
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CORPORATE INFORMATION
Board of Directors
Registered OfficeDin House, 35-A/1, Lalazar Area,
Opp: Beach Luxury Hotel, M. T. Khan Road, Karachi.Mills
Website
Mr. Abdul Razzak Chairperson Member Member
Unit-I and II: Kot Akbar Khan, 70 Km Multan Road, Tehsil Pattoki, District Kasur, Punjab. Unit-III: Revenue Estate, Bhai Kot, Tablighi Chowk, Raiwind Road, Tehsil and District Lahore - Punjab. Unit-IV: Dars Road, Off Raiwind Manga Road, Bachuki Majha Distt. Kasur.
Ba
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Audit Committee Mr. Abdul Razzak Shaikh Mohammad Pervez Mr. Farhad Shaikh Mohammad
Chair personMember Member
www.dingroup.com
Company SecretaryMr. Islam Ahmed
Chief Financial OfficerMr. Shaukat Hussain Ch.
AuditorsNaveed Zafar Ashfaq Jaffery & Co.Chartered Accountants
(ACA, CPFA, FPFA, CFC )
Human Resource and Remuneration Committee
Legal Advisor Mohsin Teyebaly & Co
Share Registrar
Shaikh Mohammad MuneerShaikh Mohammad PervezShaikh Muhammad TanveerShaikh Mohammad NaveedMr. Faisal JawedMr. Farhad Shaikh MohammadMr. Abdul RazzakMr. Ehtesham Maqbool ElahiMrs. Romisa Raffay
ChairmanDirectorChief ExecutiveDirectorDirectorDirectorDirectorDirectorDirector
CDC Share Registrar Services LimitedCDC House 99-B, Block-B, S.M.C.H.SMain Shahrah-e-Faisal, Karachi-74400Customer Support Services (Toll Free) 0800-23275Fax: (+92-21) 34326053Email : [email protected] : www.cdcsrsl.com
Allied Bank LimitedBank Alfalah LimitedBank Al-Habib LimitedBank Islami Pakistan LimitedDubai Islamic Bank Pakistan LimitedFaysal Bank LimitedHabib Bank LimitedHabib Metropolitan Bank LimitedMCB Bank LimitedMCB Islamic Bank LimitedMeezan Bank LimitedNational Bank of PakistanStandard Chartered Bank (Pakistan) Limited
Mr. Faisal JawedMr. Farhad Shaikh Mohammad
Email:[email protected]
Dear shareholders
Financial Results
DIRECTORS’ REPORT
General Market Conditions
The demand for Textiles started to show signs of improvement during the second quarter and this is reflected in the results as well. Overall economic position of the country has remained stable, in fact it is slightly improving. There have been some political instabilities & uncertainty, but reduction in power crisis, govt subsidies to industries along with stability of dollar rate has compensated this uncertainty.
The price of raw cotton is continuously rising which is in fact more than what was anticipated. The production of cotton has increased in comparison to last year but it still much below the estimation, due to which industry has to shift towards import of cotton in current financial year. It has substantial impact on the cost of finished products but the margins are expected to remain positive.
Future Outlook
The Government is very much eager to boost exports and reduce the cost of doing business. In order to do so, the government has decided to maintain regionally
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In the name of Allah, the most beneficent the most merciful,
The Board of Directors is pleased to present the un-audited financial statements of the Company for the half year ended Dec 31, 2019 in compliance with requirements of the Companies Act, 2017.
During the half year ended under review, following are the key financial results of the company as compare to previous half year ended:
The financial results of company for the half year ended are much better as compared to previous half year ended overall. The company has shown remarkable profits for the quarter ended December 31, 2019. This is very encouraging situation which is due to efforts of management towards profitability. The management of company striving their best to capture both local and international market more rigorously by intelligent marketing tactics.
Inc. / (Dec.) % age
SalesGross ProfitPre-tax Profit After Tax ProfitGross ProfitAfter Tax ProfitEarning per share
Rupees in '000'Rupees in '000'Rupees in '000'Rupees in '000'PercentagePercentageRupees
31-Dec-19 31-Dec-18Half Year Ended
6,677,362 5,438,574 22.78 767,836 548,966 39.87 173,608 164,298 5.67 109,102 103,284 5.63 11.50 10.09
1.63 1.90 3.74 3.54
competitive energy prices for which necessary legislative measures are required to implement. The imposition of import duty on raw cotton is a step in wrong direction as we need competitive pricing in raw materials and also the ability to source special cottons to meet our customer demands. This cannot happen if a consistent policy is not followed in imported raw materials such as cotton and polyester.
New markets are being targeted along with putting emphasis on existing markets as well. Management of the company further striving for best to make the company profitable and competitive for addition in value of shareholders. Our management remains focused on decreasing operating costs in spite of higher interest rate of 13.5% by SBP. The management is continuously working toward improvement in efficiencies and productivity as well as enhanced cost controls.
Non Adjusting Events after The Statement of Financial Position Date
The BOD in their meeting on 17th December 2019 approved the issuance of 23,318,555 right shares in proportion of 80 ordinary right shares for every 100 shares held (at the rate 80%) of Rs. 10/- each issued at a price of Rs. 42 per share (inclusive of premium of Rs. 32 per share) through letters of offer to the existing shareholders of the Company.
Pursuant to Company (Further Issue of Shares) Regulations, 2018, the directors and sponsors of the Company have deposited their share of right subscription prior to book closure for right issue totaling to Rs. 770,343,336.
The proceeds of this issue will be utilized to meet working capital requirements as well as capital expenditure requirements of the Company.
Acknowledgment
The Board of directors would like to place on record their appreciation to the valued shareholders, bankers, the Securities & Exchange Commission and to the management of Pakistan Stock Exchange for their valuable support, assistance and guidance. The Board also express its appreciation to the staff and workers of the Company for their services, loyalty and efforts being continuously rendered.
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On behalf of the Board of Directors
Karachi:Dated : February 24, 2020
SHAIKH MUHAMMAD TANVEER Chief Executive
FARHAD SHAIKH MOHAMMAD Director
DIN TEXTILE MILLS LTD.
ACCOUNTS Condensed Interim
Financial Statements (Un-Audited)Half Year Ended December 31, 2019
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KarachiDated : February 24, 2020
1st Floor, Modern Motors HouseBeaumont Road, Karachi-Pakistan.Tel: +92 21-35671909,35673754Fax: +92-21-35210626E-mail:[email protected]:www.njaj.com.pk
Naveed Zafar Ashfaq Jaffery & Co.Chartered Accountants
A Member Firm of:An Association of Independent Accounting Firms
OtherOffices:
3-B, ATS Centre, 30-West, Fazal-Ul-Haq Road, Blue Area, Islamabad-Pakistan. Ph: +92-51-2878530-32 Fax: +92-51-2206283 E-mail:[email protected] Plaza, M.M. Alam Road, Gulberg-II, Lahore-Pakistan. Ph: +92-42-37321969,37249053 Fax: +92-42-37324103 E-mail: [email protected]
Chartered AccountantsEngagement Partner: Ahsan Elahi Vohra - FCA
INDEPENDENT AUDITOR'S REVIEW REPORTTo the Members of Din Tex�le Mills Limited
Report on Review of Interim Financial Statements
Introduc�on:
We have reviewed the accompanying condensed interim statement of financial posi�on of Din Tex�le Mills Limited (“the Company”) as at December 31, 2019 and the related condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity, condensed interim statement of cash flows and notes to the financial statements for the half year then ended (here-in-a�er referred to as the “interim financial statements”). Management is responsible for the prepara�on and presenta�on of this interim financial statement in accordance with approved accoun�ng and repor�ng standards as applicable in Pakistan for interim financial repor�ng. Our responsibility is to express a conclusion on these interim financial statements based on our review.
The figures of the condensed interim statement of profit or loss and condensed interim statement of comprehensive income for the quarters ended December 31, 2019 and December 2018 have not been reviewed, as we are required to review only the cumula�ve figures for the half year ended December 31, 2019.
Scope of Review:
We conducted our review in accordance with Interna�onal Standard on Review Engagements 2410, “Review of Interim Financial Informa�on Performed by the Independent Auditor of the En�ty.” A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accoun�ng ma�ers, and applying analy�cal and other review procedures. A review is substan�ally less in scope than an audit conducted in accordance with Interna�onal Standards on Audi�ng and consequently does not enable us to obtain assurance that we would become aware of all significant ma�ers that might be iden�fied in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our a�en�on that causes us to believe that the accompanying interim financial statements are not prepared, in all material respects, in accordance with approved accoun�ng and repor�ng standards as applicable in Pakistan for interim financial repor�ng.
The engagement partner on the audit resul�ng in this independent auditor’s report is Ahsan Elahi Vohra.
(Un-audited) (Audited) (Amounts in Thousand)
Note 31-Dec-19 Rupees
30-Jun-19Rupees
Condensed Interim Statement of Financial Position (Un-Audited) As at December 31, 2019
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NON CURRENT ASSETSProperty, plant and equipment
Long term deposits
CURRENT ASSETS
Stores, spare parts and loose tools
Stock in trade
Trade debts
Advances
Trade deposits
Other receivables
Tax refunds due from Government
Cash and bank balances
CURRENT LIABILITIES
Trade and other payablesUnclaimed dividend
Accrued mark up / interest
Short term borrowings
Current portion of
Long term financing from banking companies - secured
WORKING CAPITAL
TOTAL CAPITAL EMPLOYED
NON CURRENT LIABILITIES
Long term financing from banking companies - securedDeferred liabilities
Staff retirement benefits - gratuity Deferred taxation
CONTINGENCIES AND COMMITMENTSNet WorthEQUITY SHARE CAPITAL AND RESERVES
Authorized capital
Net Worth Represented by:
Reserves
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Karachi:Dated : February 24, 2020
SHAUKAT HUSSAINChief Financial Officer
SHAIKH MUHAMMAD TANVEERChief Executive
FARHAD SHAIKH MOHAMMADDirector
The annexed notes form an integral part of these condensed interim financial statements.
5,382,515 3,987,275
17,747 17,747
5,400,262 4,005,022
463,065 472,835
2,996,595 3,466,157
1,861,430 1,532,234
86,426
343,589
1,145 1,144
5,501 11,037
537,069 680,641
126,412 24,316
6,077,643 6,531,953
3,983,229 3,081,466
5,982 5,201
213,211 191,047
1,565,978 2,228,255
462,092 474,259
6,230,492 5,980,228
(152,849) 551,725
5,247,413 4,556,747
2,886,959 2,247,306
124,145
116,765
37,022
29,620
3,048,126 2,393,691
2,199,287 2,163,056
200,000,000 (2019: 77,100,000) ordinary shares of Rs. 10/- each 2,000,000 771,000
Issued, subscribed and paid up capital29,148,194 (2019: 29,148,194) ordinary shares of Rs. 10/- each 291,482 291,482
1,907,805 1,871,574
2,199,287 2,163,056
(Amounts in Thousand except earning per share)
Condensed Interim Statement of Profit or Loss (Un-Audited) For the quarter & half year ended December 31, 2019
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Note
9
Sales
Cost of sales
Gross Profit
Distribution cost
Administrative expenses
Other operating expenses
Finance cost
Other income
Profit before taxation
Taxation
Profit for the period
Earnings per share - basic and diluted-Rupee per share
31-Dec-19 Rupees
31-Dec-18 Rupees
31-Dec-19 Rupees
31-Dec-18 Rupees
Quarter EndedHalf Year Ended
6,677,362 5,438,574 3,611,022 2,624,042
(5,909,526) (4,889,608) (3,224,843) (2,381,744)
767,836 548,966 386,179 242,298
(30,752)
(17,178)
(14,521) (5,749)
(88,201) (75,937) (47,101) (41,111)
(25,756) (22,126) (11,873) (2,065)
(451,746)
(269,432)
(237,910) (163,888)
(596,455)
(384,673)
(311,405) (212,813)
171,381
164,293
74,774 29,485
2,227
5
(1,532) 3
173,608 164,298 73,242 29,488
(64,506) (61,014) (29,968) (28,505)
109,102 103,284 43,274 983
3.74 3.54 1.48 0.03
Karachi:Dated : February 24, 2020
SHAUKAT HUSSAINChief Financial Officer
SHAIKH MUHAMMAD TANVEERChief Executive
FARHAD SHAIKH MOHAMMADDirector
The annexed notes form an integral part of these condensed interim financial statements.
(Amounts in Thousand)
Condensed Interim Statement of Comprehensive Income (Un-Audited) For the quarter & half year ended December 31, 2019
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Profit for the period
Other comprehensive income for the period
Total comprehensive Income for the period
31-Dec-18 Rupees
31-Dec-19 Rupees
- -- -
31-Dec-19 Rupees
31-Dec-18 Rupees
Quarter EndedHalf Year Ended
109,102 103,284 43,274 983
109,102 103,284 43,274 983
Karachi:Dated : February 24, 2020
SHAUKAT HUSSAINChief Financial Officer
SHAIKH MUHAMMAD TANVEERChief Executive
FARHAD SHAIKH MOHAMMADDirector
The annexed notes form an integral part of these condensed interim financial statements.
(Amounts in Thousand)
Condensed Interim Statement of Cash Flows (Un-Audited) For the half year ended December 31, 2019
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31-Dec-18 Rupees
31-Dec-19 Rupees
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation
Adjustments for
DepreciationStaff retirement benefits - gratuityWorkers' profit participation fundWorkers' welfare fundProvisions for doubtful debtsFinance cost(Gain) on disposal of property, plant and equipment
Profit before working capital changes
Decrease / (increase) in current assetsStores, spare parts and loose toolsStock in tradeTrade debtsAdvancesOther receivables
Increase in current liabilitiesTrade and other payables
Cash generated from / (used) in operations
Finance cost paidTaxes refund/paidDividend paidWorkers' profit participation fund paidStaff retirement benefits - gratuity paid
Net cash generated from / (used) in operating activities
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipmentFixed capital expenditureLong term deposits
Net cash (used) in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES
Net cash 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
CASH AND CASH EQUIVALENTS
Cash and bank balancesShort term borrowings
Long term financing
164,298
230,167 170,67027,348 26,9289,968 8,8233,788 3,353
12,000 -451,746 269,432(2,223)
732,794 479,204
906,402 643,502
9,770 (181,421)469,562 (1,918,988)
(341,196) 51,290257,163 (171,406)
5,536 4,060
400,835 (2,216,465)
895,846 1,350,191
2,203,083 (222,772)
(429,582) (196,223)101,248 (53,758)(72,090) -(22,619) (4,428)(19,969) (20,785)
1,760,071
(497,966)
22,698 1,926(1,645,882)
(194,636)- (9,946)
(1,623,184)
(202,656)
627,486 77,708
627,486 77,708
764,373 (622,914)
(2,203,939) (1,042,060)
(1,439,566) (1,664,974)
126,412 76,194(1,565,978) (1,741,168)
(1,439,566) (1,664,974)
173,608
(2)
Karachi:Dated : February 24, 2020
SHAUKAT HUSSAINChief Financial Officer
SHAIKH MUHAMMAD TANVEERChief Executive
FARHAD SHAIKH MOHAMMADDirector
The annexed notes form an integral part of these condensed interim financial statements.
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(Amounts in Thousand)
P a r t i c u l a r sUnappropriated
profitSub total
General
Total
Rupees
Revenue Share capital
Reserves
Condensed Interim Statement of Changes in Equity (Un-Audited) For the half year ended December 31, 2019
Balance as at July 01, 2018
Balance as at December 31, 2018
Balance as at July 01, 2019
Balance as at December 31, 2019
25% cash dividend for the year ended June 30, 2019 @ Rs 2.50/- per share
Total comprehensive income forthe half year ended December 31, 2018
Total comprehensive income for the half year ended December 31, 2019
224,217 400,000 1,176,594 1,576,594 1,800,811
67,265 - (67,265) -
- -
103,284
103,284
103,284
291,482 400,000 1,212,613
1,612,613
1,904,095
291,482 400,000 1,471,574
1,871,574
2,163,056
- -
(72,871)
(72,871)
- - 109,102 109,102 109,102
291,482 400,000 1,507,805 1,907,805 2,199,287
30% bonus share issue for the yearended June 30, 2018 @ Rs. 3/- per share (67,265)
(72,871)
Karachi:Dated : February 24, 2020
SHAUKAT HUSSAINChief Financial Officer
SHAIKH MUHAMMAD TANVEERChief Executive
FARHAD SHAIKH MOHAMMADDirector
The annexed notes form an integral part of these condensed interim financial statements.
Selected Notes to the Condensed Interim Financial Statements (Un-Audited) For the half year ended December 30, 2019
LEGAL STATUS AND NATURE OF BUSINESS
The company is limited by shares, incorporated in Pakistan on June 13, 1988 and is quoted on Pakistan stock exchange (Formerly: Karachi Stock Exchange Limited). The registered office of the company is situated at 35 - A / 1 Lalazar Area, Opposite Beach Luxury Hotel, M. T Khan Road Karachi in the province of Sindh, Pakistan.
The principal business of the company is to manufacture and sale of yarn. The manufacturing units are located at Pattoki and Raiwind in the province of Punjab.
a) Unit-I and II: Kot akbar Khan, 70 Km Multan Road, Tehsil Pattoki, District Kasur, Punjab. b) Unit-III: Revenue Estate, Bhai Kot, Tablighi Chowk, Raiwind Road, Tehsil and District Lahore - Punjab. c) Unit-IV: Dars Road, Off Raiwind Manga Road, Bachuki Majha Distt. Kasur
BASIS OF PREPARATION
Statement of compliance
These financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan. The accounting and reporting standards applicable in Pakistan comprise of:
International Financial Reporting Standards (IFRS Standards) issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; andProvisions of and directives issued under the Companies Act, 2017.
Where provisions of and directives issued under the Companies Act, 2017 differ from the IFRS Standards, the provisions of and directives issued under the Companies Act, 2017 have been followed.
These condensed interim financial statements comprise of condensed interim statement of financial position, condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of cash flows and condensed interim statement of changes in equity together with the selected notes for the half year ended December 31, 2019 which have not been audited. However a limited scope review of these condensed interim financial statements has been performed by the external auditors of the company.
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1.1
1.2
2
2.1
13
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4.1
4.2
SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and methods of computation which have been used in the preparation of these condensed interim financial statements are the same as those applied in preparation of the financial statements for the preceding year ended June 30, 2019.
Amendments to certain existing standards and new interpretations on approved accounting standards effective during the period either were not relevant to the company's operations or did not have any impact on the accounting policies of the company.
ACCOUNTING ESTIMATES, JUDGEMENTS AND FINANCIAL RISK MANAGEMENT
The preparation of these condensed interim financial statements in conformity with approved accounting standards requires management to make estimates, assumptions and use judgments that affect the application of policies and reported amounts of assets and liabilities and income and expenses. Estimates, assumptions and judgments are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Revisions to accounting estimates are recognized prospectively commencing from the period of revision.
Judgments and estimates made by management in the preparation of these condensed interim financial statements are the same as those that were applied to the financial statements as at and for the year ended June 30, 2019.
The Company's financial risk management objectives and policies are consistent with those disclosed in the financial statements as at and for the year ended June 30, 2019.
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3.2
(Un-audited) (Audited)
31-Dec-19 30-Jun-19-------------Rupees in’000’------------
PROPERTY, PLANT AND EQUIPMENT
Note
Operating assetsCapital work in progress - at cost
5.15.2
5
3
3.1
5,254,159
3,953,128128,356
34,147
5,382,515
3,987,275
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5.2
6
CAPITAL WORK IN PROGRESS (Un-audited) (Audited)
31-Dec-19
30-Jun-19-------------Rupees in’000’------------
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STOCK IN TRADE
Finished goods amounting to Rs. 57,791,274 (June 30, 2019 : Rs. 7,668,035) stated at their net realizable value aggregating Rs.52,242,436 (June 30, 2019 : Rs. 5,930,919). The amount charged to profit or loss in respect of stocks written down to their net realizable value is Rs. 5,548,838 (June 30, 2019 : Rs. 1,737,116).
CONTINGENCIES AND COMMITMENTS
There has been no significant change in the contingencies and commitments since the last audited financial statements except as disclosed in note 7.1, 7.2 and 7.3 respectively.
The Company has issued post dated cheques amounting to Rs. 107.045 million (June 30, 2019 : Rs. 100.648 million) in favor of Collector of Customs in lieu of custom levies against various statutory notification. The indemnity bonds
6.1
7.1
31-Dec-19Acquisition Disposal
Cost-----------Rupees in '000'-----------
Acquisition DisposalCost
-----------Rupees in '000'-----------
5.1
Owned Assets
The cost of additions and deletions to property, plant and equipment during the half year ended were as follows.
31-Dec-18
Freehold land 22,240 - - -
Building 7,901
-
217
-
Plant and machinery 1,503,309
82,144
93,985
10,972
Electric installation 6,144 -
35,494 - - -- -
Furniture and fixture 920 853
Office equipment 202
105
Computers 368
- 1,448
1,205
Vehicles 10,589 5,725 - 91
1,551,673 87,869 132,102 12,268
Building 112,345 26,601 4,240 -
4,225 - Intangible 7,546 7,546
128,356 34,147
Plant and machineryElectric Installation
- -
- -
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ISSUED, SUBSCRIBED AND PAID UP CAPITAL 8 (Un-audited) (Audited)
31-Dec-19 30-Jun-19Number of shares
Ordinary shares of Rs. 10 each allotted for consideration paid in cash
Ordinary shares of Rs. 10 each allotted for consideration of amalgamation of power plant
Ordinary shares of Rs. 10 each allotted as fully paid bonus shares
30-Jun-19-------------Rupees in’000’------------
8.1
8.2
13,479,600
13,479,600
134,796
1,962,334
1,962,334
19,623
13,706,260
13,706,260
137,063
29,148,194 29,148,194 291,482
31-Dec-19
7.2
7.3
Contingencies
Bills discounted with recourse
Bank guarantees issued in ordinary course of business
Commitments
Letters of credit for capital expenditure Letter of credit for raw material Letter of credit for stores and spares
(Un-audited) (Audited)
30-Jun-19-------------Rupees in’000’------------
31-Dec-19
furnished by the company are likely to be released after the fulfillment of term of related SROs.
204,196 168,675
266,947
256,947
218,593 731,198
1,334,215 189,190
44,194
37,040
134,796
19,623
137,063
291,482
Associated company, Din Corporation (Pvt.) Limited, held 817,531 (June 30, 2019 : 817,531) ordinary shares of the company.
The shareholders' are entitled to receive all distributions to them including dividend and other entitlements in the form of bonus and right shares as and when declared by the company. All shares carry "one vote" per share without restriction.
The company has issued Nil (June 30, 2019: 6,726,506) ordinary shares of Rs. 10 each during the period as fully paid bonus shares.
8.3
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10 TRANSACTIONS WITH RELATED PARTIES (Un-audited)
-------------Rupees in’000’------------
(Un-audited)
Relationship
30-Dec-19 31-Dec-18
Profit for the period
Weighted average number of ordinary shares outstanding during the period
Earning per share - basic anddiluted-Rupee per share
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9.1
EARNING PER SHARE - BASIC AND DILUTED-RUPEE PER SHARE
31-Dec-19Half Year Ended
-----------Rupees in '000'-----------
31-Dec-18 31-Dec-19Quarter Ended
-----------Rupees in '000'-----------
31-Dec-18
There is no dilutive effect on the basic earnings per share of the company.
The company paid a final cash dividend for the year ended June 30, 2019 of Rs. 2.50 per share amounting to Rs. 72.870 million during the period.
109,102 103,284 43,274 983
29,148,194 29,148,194
29,148,194
29,148,194
3.74 3.54 1.48 0.03
8.4
Transactions with related partiesMCB Bank Limited
MCB Islamic Bank Limited
Din Farm Product (Pvt) Limited
Din Leather (Pvt) Limited
Din Industries Limited
Salaries and other employees benefits
Associated company
Withdrawals
Associated company
Staff retirement benefits
DepositsWithdrawals
Key management personnel
Sale of Yarn
Deposits
Associated company
Purchase of fixed assets
Reimbursement of Expenses
Reimbursement of Expenses
Associated company
Associated company
3 4
970,000 1,120,026
22,240
2,253
14,450 165
44,104
1,387
6 8
- -
-
1,706
4,100 -
40,022
1,408 Key management
personnel
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(Un-audited) (Audited) -------------Rupees in’000’------------
31-Dec-19 30-Jun-19
Balances outstanding at the period end
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MCB Bank Limited
MCB Islamic Bank Limited
Din Leather (Pvt) Limited
Din Industries Limited
962 963
499,720 349,695
275 384
5,586 530
NON ADJUSTING EVENT AFTER THE STATEMENT OF FINANCIAL POSITION DATE
The BOD in their meeting on 17th December 2019 approved the issuance of 23,318,555 right shares in proportion of 80 ordinary right shares for every 100 shares held (at the rate 80%) of Rs. 10/- each issued at a price of Rs. 42 per share (inclusive of premium of Rs. 32 per share) through letters of offer to the existing shareholders of the Company.
Pursuant to Company (Further Issue of Shares) Regulations, 2018, the directors and sponsors of the Company have deposited their share of right subscription prior to book closure for right issue totaling to Rs. 770,343,336.
The proceeds of this issue will be utilized to meet working capital requirements as well as capital expenditure requirements of the Company.
DATE OF AUTHORIZATION FOR ISSUE
These condensed interim financial statements have been authorized for issue on February 24, 2020 by the board of directors of the company.
GENERALFigures have been rounded off to the nearest thousand rupees.
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13
(Un-audited) (Aaudited)
Karachi:Dated : February 24, 2020
SHAUKAT HUSSAINChief Financial Officer
SHAIKH MUHAMMAD TANVEERChief Executive
FARHAD SHAIKH MOHAMMADDirector