SAMIN TEXTILES LIMITED · 1-Inter Floor, Eden Centre, 43-Jail Road, Lahore 54000, Pakistan. T +92...

SAMIN TEXTILES LIMITED

for the half year ended

December 31, 2015

INTERIM FINANCIAL REPORT

Contents

Condensed Interim Statement of Changes in Equity 08

Condensed Interim Cash flow statement 07

Condensed Interim Statement of comprehensive Income 06

Condensed Interim Profit and loss account 05

Condensed Interim Balance Sheet 04

Directors’ Review 02

Company Information 01

Notes to the Condensed Interim Information 09

COMPANY INFORMATION

Board of Directors

Non-Executive Directors

Mr. Sarmad Amin ChairmanMr. Shehryar Amin

Mr. Safder Hussain Tariq

Independent Director

Mr. Qamber Hamid

Audit Committee

Mr. Jamil Masud ChairmanMr. Tariq Jillani MemberMr. Qamber Hamid MemberMr. Wasim Abbas Secretary

Human Resource &Remuneration Committee

Mr. Jamil Masud ChairmanMr. Tariq Jillani MemberMr. Salman Chaudhary Member

Chief Financial OfficerMr. Safder Hussain Tariq

Company SecretaryMr. Sohail Omer

Chief Internal AuditorMr. Wasim Abbas

Auditors

Grant Thornton Anjum RahmanChartered Accountants

Legal Advisor

Imtiaz Siddiqui & Associates

Leading Banks

Mr. Tariq JillaniMr. Jamil Masud

Executive Directors

Mr. Jehanzeb Amin Chief Executive

National Bank of PakistanAskari Bank LimitedBank Alfalah LimitedSummit Bank LimitedNIB Bank LimitedAllied Bank Limited

Leading Banks

Pak Libya Holding Company (Private) Limited

Pak Oman Investment Company LimitedSoneri Bank LimitedOrix Leasing Pakistan LimitedPak China Investment Company Limited

Shares RegistrarCorplink (Pvt) LimitedWings Arcade, 1-K, Commercial Model Town,Lahore, Pakistan.Tel: 92 - 42 - 35839182Fax: 92 - 42 - 35869037

Registered/Head Office

50-C, Main Gulberg,Lahore, Pakistan.Tel: 92 - 42 - 35753761Fax: 92 - 42 - 35753688

th8 Kilometer,Manga - Raiwaind Road,District Kasur, Pakistan.

Auditors Report 03

02 Samin Textiles Limited 03

Interim Financial Report

DIRECTORS’ REVIEW

For and on behalf of the Board

Jehanzeb Amin

Chief Executive

Lahore :

Dated : February 24, 2016

Sales - Net

Gross Profit / (Loss)

Other Operating Income

Profit / (Loss) after tax

Depreciation

Cash Profit / (Loss)

683.221

28.716

(39.296)

35.779

(3.517)

Rupees in million

Half Year endedDecember 31, 2015

1,038.282

(66.156)

330.137

121.933

37.058

158.991

The board of directors of your company is pleased to present before you the un-audited financial statements duly reviewed by the auditors for the half Year ended December 31, 2015. These financial statements have been prepared in compliance with IAS - 34 "Interim Financial Reporting" and are submitted under section 245 of the companies ordinance 1984.

Financial Highlights

The figures tabulated above reveal that during the period under review company posted net sales amounting to Rs. 683.221 million and a net loss of Rs. (39.296) million as compared to net sales of Rs. 1,038.282 million and net profit of Rs. 121.933 million for the corresponding period of last financial year.

The sales were down due to the depressed market prices and low production volumes.

Investment

Company's wholly owned subsidiary named Nimas Trading (Private) Limited to whom the company sold 6,530,000 ordinary shares of Security General Insurance Company Limited (SGICL) face value of Rs. 10 each during last financial year @ 94 amounting to Rs. 613,820,000/- has decided to wind up its operations during the year. Consequently, the shares sold to Nimas Trading (Private) limited were received back by the parent company in the process of its liquidation at the same price.

In order to implement company's plan for its turnaround project like arrangement of additional working capital and BMR, the company has sold the said investment of 6,530,000/- shares @ Rs. 95 in the market. The liquidity so generated has helped the company in implementing its plan as mentioned in note 1.2 of the financial statement.

Future Outlook / Strategy

Though the company had suffered a loss of Rs. (39.296) million during the half year ended December 31, 2015, however, the significant achievement is that the company is out of gross loss situation. This is the first step towards revival and turnaround of the project. Management is hopeful of even further improvement for the financial year closing 30th June 2016.

Second step towards revival is to control the bleeding and convert the cash loss to cash profit. For this purpose management is exercising all measures to curtail the costs under every head. The major improvement can be seen after implementation of proposed BMR in which old and inefficient looms will be replaced with new / efficient looms.

Acknowledgement:

We are grateful to all our stakeholders exclusively the bankers for their ongoing support and the employees of the company for their commitment and hard work.

AUDITOR'S REPORT TO THE MEMBERS ON REVIEW OF CONDENSED INTERIM FINANCIAL INFORMATION

Chartered Accountants Member of Grant Thornton International Ltd

Offices in Karachi and Islamabad

Grant Thornton Anjum Rahman1-Inter Floor, Eden Centre,

43-Jail Road, Lahore 54000,

Pakistan.

T +92 42 37423 621-23, 37422 987-88

F +92 42 37425 485

www.gtpak.com

An instinct for growthTM

CHARTERED ACCOUNTANTSEngagement Partner: Imran AfzalLahoreDated: February 24, 2016

Introduction

We have reviewed the accompanying condensed interim balance sheet of Samin Textiles Limited as at December 31, 2015 and the related condensed interim profit and loss account, condensed interim statement of comprehensive income, condensed interim statement of cash flows, condensed interim statement of changes in equity together with the notes forming part thereof for the half year then ended (here-in-after referred to as the "condensed interim financial information"). Management is responsible for the preparation and presentation of this condensed interim financial information in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on this condensed interim financial information based on our review. The figures of condensed interim profit and loss account and condensed interim statement of comprehensive income for the quarters ended December 31, 2015 and 2014 have not been reviewed as we are required to review only the cumulative figures for the half year ended December 31, 2015.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial information as of and for the half year ended December 31, 2015 is not prepared, in all material respects, in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting.

Emphasis of Matter

We draw attention to note 1.2 to the financial information which describes that during the period ended December 31, 2015, the Company suffered a net loss amounting to Rs. 39.297 million. Currently, the Company is in the process of implementing its plan for improving production efficiencies and cost cuttings. These conditions indicate existence of uncertainties relating to going concern status of the Company in foreseeable future. Our conclusion is not qualified in respect of this matter.

DIRECTORS’ REVIEW

For and on behalf of the Board

Jehanzeb Amin

Chief Executive

Lahore :

Dated : February 24, 2016

Sales - Net

Gross Profit / (Loss)

Other Operating Income

Profit / (Loss) after tax

Depreciation

Cash Profit / (Loss)

683.221

28.716

(39.296)

35.779

(3.517)

Rupees in million

1,038.282

(66.156)

330.137

121.933

37.058

158.991

The board of directors of your company is pleased to present before you the un-audited financial statements duly reviewed by the auditors for the half Year ended December 31, 2015. These financial statements have been prepared in compliance with IAS - 34 "Interim Financial Reporting" and are submitted under section 245 of the companies ordinance 1984.

Financial Highlights

The figures tabulated above reveal that during the period under review company posted net sales amounting to Rs. 683.221 million and a net loss of Rs. (39.296) million as compared to net sales of Rs. 1,038.282 million and net profit of Rs. 121.933 million for the corresponding period of last financial year.

The sales were down due to the depressed market prices and low production volumes.

Investment

Company's wholly owned subsidiary named Nimas Trading (Private) Limited to whom the company sold 6,530,000 ordinary shares of Security General Insurance Company Limited (SGICL) face value of Rs. 10 each during last financial year @ 94 amounting to Rs. 613,820,000/- has decided to wind up its operations during the year. Consequently, the shares sold to Nimas Trading (Private) limited were received back by the parent company in the process of its liquidation at the same price.

In order to implement company's plan for its turnaround project like arrangement of additional working capital and BMR, the company has sold the said investment of 6,530,000/- shares @ Rs. 95 in the market. The liquidity so generated has helped the company in implementing its plan as mentioned in note 1.2 of the financial statement.

Future Outlook / Strategy

Though the company had suffered a loss of Rs. (39.296) million during the half year ended December 31, 2015, however, the significant achievement is that the company is out of gross loss situation. This is the first step towards revival and turnaround of the project. Management is hopeful of even further improvement for the financial year closing 30th June 2016.

Second step towards revival is to control the bleeding and convert the cash loss to cash profit. For this purpose management is exercising all measures to curtail the costs under every head. The major improvement can be seen after implementation of proposed BMR in which old and inefficient looms will be replaced with new / efficient looms.

Acknowledgement:

We are grateful to all our stakeholders exclusively the bankers for their ongoing support and the employees of the company for their commitment and hard work.

AUDITOR'S REPORT TO THE MEMBERS ON REVIEW OF CONDENSED INTERIM FINANCIAL INFORMATION

Chartered Accountants Member of Grant Thornton International Ltd

Offices in Karachi and Islamabad

Grant Thornton Anjum Rahman1-Inter Floor, Eden Centre,

43-Jail Road, Lahore 54000,

Pakistan.

T +92 42 37423 621-23, 37422 987-88

F +92 42 37425 485

www.gtpak.com

An instinct for growthTM

CHARTERED ACCOUNTANTSEngagement Partner: Imran AfzalLahoreDated: February 24, 2016

Introduction

We have reviewed the accompanying condensed interim balance sheet of Samin Textiles Limited as at December 31, 2015 and the related condensed interim profit and loss account, condensed interim statement of comprehensive income, condensed interim statement of cash flows, condensed interim statement of changes in equity together with the notes forming part thereof for the half year then ended (here-in-after referred to as the "condensed interim financial information"). Management is responsible for the preparation and presentation of this condensed interim financial information in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on this condensed interim financial information based on our review. The figures of condensed interim profit and loss account and condensed interim statement of comprehensive income for the quarters ended December 31, 2015 and 2014 have not been reviewed as we are required to review only the cumulative figures for the half year ended December 31, 2015.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial information as of and for the half year ended December 31, 2015 is not prepared, in all material respects, in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting.

Emphasis of Matter

We draw attention to note 1.2 to the financial information which describes that during the period ended December 31, 2015, the Company suffered a net loss amounting to Rs. 39.297 million. Currently, the Company is in the process of implementing its plan for improving production efficiencies and cost cuttings. These conditions indicate existence of uncertainties relating to going concern status of the Company in foreseeable future. Our conclusion is not qualified in respect of this matter.

JEHANZEB AMIN

Chief Executive

SAFDAR HUSSAIN TARIQ

Director

Condensed Interim Profit and loss account (Un-audited)Condensed Interim Balance Sheet (Un-audited)as at December 31, 2015

JEHANZEB AMIN

Chief Executive

Director

Equity and liabilities

Share capital and reserves

Issued, subscribed and paid-up share capital

Reserves

Total share capital and reserves

Surplus on revaluation of property, plant and equipment

Liabilities

Non-current

Subordinated loan

Long term financing - secured 4

Deferred liabilities 5

Total non-current liabilities

Current

Trade and other payables 6

Interest accrued on borrowings

Short term borrowings - secured

Current portion of long term borrowings - secured

Total current liabilities

Total liabilities

Total equity and liabilities

Contingencies and commitments 7

Assets

Non-current

Property, plant and equipment 8

Intangible assets

Long term investments 9

Long term deposits

Total Non-current assets

Current

Stores, spare parts and loose tools

Stock in trade

Trade debts

Loans and advances

Trade deposits and prepayments

Tax refunds due from government

Other receivables 10

Interest accrued

Cash and bank balances 11

Total Current assets

Total assets

The annexed notes from 1 to 18 form an integral part of this condensed interim financial information.

Un-audited Audited

Dec 31 , 2015 June 30, 2015

Rupees Rupees

267,280,000 267,280,000

102,668,759 137,304,455

369,948,759 404,584,455

258,865,367 263,526,284

10,411,566 10,411,566

89,668,655 123,499,619

1,562,100 23,341,406

101,642,321 157,252,591

279,139,587 345,926,606

18,210,708 31,777,580

473,435,207 802,034,940

54,044,873 51,211,536

824,830,375 1,230,950,662

926,472,696 1,388,203,253

1,555,286,822 2,056,313,992

847,039,937 881,130,005

888,280 1,307,280

1,100,000 1,100,000

12,418,239 12,418,239

861,446,456 895,955,524

59,232,464 64,098,850

350,590,781 232,261,885

57,492,357 111,910,448

35,625,546 18,664,953

1,128,640 1,178,640

115,859,710 98,980,112

- 613,820,000

584,344 511,319

73,326,524 18,932,261

693,840,366 1,160,358,468

1,555,286,822 2,056,313,992

for the half year ended December 31, 2015

For the quarter

ended Dec 31,

Rupees

535,150,668

(582,878,980)

(47,728,312)

131,316

(7,849,816)

(13,986,721)

(333,877)

(69,767,410)

(31,157,384)

(100,924,794)

(21,808,072)

(122,732,866)

(4.59)

For the half year

ended Dec 31,

1,038,282,572

(1,104,438,767)

(66,156,195)

330,137,599

(17,800,225)

(27,429,241) (333,877)

218,418,061

(69,445,923)

148,972,138

(27,038,317)

121,933,821

Rupees

For the quarter

ended Dec 31,

294,074,547

(282,053,022)

12,021,525

91,386

(7,699,388)

(13,057,485) (320,303)

(8,964,265)

(15,799,391)

(24,763,656)

14,680,986

(10,082,670)

(1.09)

Rupees

For the half year

ended Dec 31,

683,221,393

(654,504,827)

28,716,566

6,706,412

(16,704,702)

(30,329,719) (332,795)

(11,944,238)

(42,242,404)

(54,186,642)

14,890,029

(39,296,613)

(1.47)

RupeesNote

Sales - net

Cost of sales 12

Gross profit / (loss)

Other income 13

Distribution cost

Administrative expenses Other operating expenses

Operating (loss) / profit

Finance cost

(Loss) / profit before taxation

Taxation 14

(Loss) / profit after taxation

(Loss) / earning per share - basic and diluted

JEHANZEB AMIN

Chief Executive

Director

Condensed Interim Profit and loss account (Un-audited)Condensed Interim Balance Sheet (Un-audited)as at December 31, 2015

JEHANZEB AMIN

Chief Executive

Director

Equity and liabilities

Share capital and reserves

Issued, subscribed and paid-up share capital

Reserves

Total share capital and reserves

Surplus on revaluation of property, plant and equipment

Liabilities

Non-current

Subordinated loan

Long term financing - secured 4

Deferred liabilities 5

Total non-current liabilities

Current

Trade and other payables 6

Interest accrued on borrowings

Short term borrowings - secured

Current portion of long term borrowings - secured

Total current liabilities

Total liabilities

Total equity and liabilities

Contingencies and commitments 7

Assets

Non-current

Property, plant and equipment 8

Intangible assets

Long term investments 9

Long term deposits

Total Non-current assets

Current

Stock in trade

Trade debts

Loans and advances

Trade deposits and prepayments

Tax refunds due from government

Other receivables 10

Interest accrued

Cash and bank balances 11

Total Current assets

Total assets

Un-audited Audited

Dec 31 , 2015 June 30, 2015

Rupees Rupees

267,280,000 267,280,000

102,668,759 137,304,455

369,948,759 404,584,455

258,865,367 263,526,284

10,411,566 10,411,566

89,668,655 123,499,619

1,562,100 23,341,406

101,642,321 157,252,591

279,139,587 345,926,606

18,210,708 31,777,580

473,435,207 802,034,940

54,044,873 51,211,536

824,830,375 1,230,950,662

926,472,696 1,388,203,253

1,555,286,822 2,056,313,992

847,039,937 881,130,005

888,280 1,307,280

1,100,000 1,100,000

12,418,239 12,418,239

861,446,456 895,955,524

59,232,464 64,098,850

350,590,781 232,261,885

57,492,357 111,910,448

35,625,546 18,664,953

1,128,640 1,178,640

115,859,710 98,980,112

- 613,820,000

584,344 511,319

73,326,524 18,932,261

693,840,366 1,160,358,468

1,555,286,822 2,056,313,992

For the quarter

ended Dec 31,

Rupees

535,150,668

(582,878,980)

(47,728,312)

131,316

(7,849,816)

(13,986,721)

(333,877)

(69,767,410)

(31,157,384)

(100,924,794)

(21,808,072)

(122,732,866)

(4.59)

For the half year

ended Dec 31,

1,038,282,572

(1,104,438,767)

(66,156,195)

330,137,599

(17,800,225)

(27,429,241) (333,877)

218,418,061

(69,445,923)

148,972,138

(27,038,317)

121,933,821

Rupees

For the quarter

ended Dec 31,

294,074,547

(282,053,022)

12,021,525

91,386

(7,699,388)

(13,057,485) (320,303)

(8,964,265)

(15,799,391)

(24,763,656)

14,680,986

(10,082,670)

(1.09)

Rupees

For the half year

ended Dec 31,

683,221,393

(654,504,827)

28,716,566

6,706,412

(16,704,702)

(30,329,719) (332,795)

(11,944,238)

(42,242,404)

(54,186,642)

14,890,029

(39,296,613)

(1.47)

RupeesNote

Sales - net

Cost of sales 12

Gross profit / (loss)

Other income 13

Distribution cost

Administrative expenses Other operating expenses

Operating (loss) / profit

Finance cost

Taxation 14

(Loss) / profit after taxation

(Loss) / earning per share - basic and diluted

For the half year

ended Dec 31,

For the half year

ended Dec 31,

Note Rupees Rupees

Cash flows from operating activities

Cash (used in) operations 15 (131,118,713)

(65,657,570)

Income taxes paid (17,741,361)

(10,910,883)

Net cash (used in) operating activities (148,860,074)

(76,568,453)

Cash flows from investing activities

Proceeds from disposal of investments 620,350,000

350,066,830

Additions in property, plant and equipment (1,689,027)

(8,669,592)

Dividend received - 16,325,000

Net cash from investing activities 618,660,973 357,722,238 Cash flows from financing activities

(Decrease) in short term borrowings - net (328,599,733)

(162,332,136)

(Decrease) in long term financing - net (30,997,627)

(63,608,376)

Repayment of liabilities against assets subject to finance lease -

(439,590)

Finance cost paid (55,809,276)

(61,050,282)

Net cash (used in) financing activities (415,406,636)

(287,430,384)

Net change in cash and cash equivalents 54,394,263

(6,276,599)

Cash and cash equivalents at beginning of the period 18,932,261

17,812,734

Cash and cash equivalents at end of the period 73,326,524

11,536,135

JEHANZEB AMIN

Chief Executive

Director

Condensed Interim Statement of Cash flows (Un-audited)

Condensed Interim Statement of Comprehensive Income (Un-audited)

JEHANZEB AMIN

Chief Executive

Director

For the half year

ended Dec 31,

For the half year

ended Dec 31,

For the quarter

ended Dec 31,

For the quarter

ended Dec 31,

Rupees

(Loss) / profit after taxation (39,296,613) 121,933,821 (10,082,670) (122,732,866)

Other comprehensive income

Items that will not be reclassified to profit and loss account -

Items that may be reclassified subsequently to profit and loss account -

(368,536,875)

- (368,536,875)

(235,776,168)

- (235,776,168)

Other comprehensive (loss) for the period -

(604,313,043)

- (604,313,043)

Total comprehensive (loss) for the period (39,296,613)

(482,379,222)

(10,082,670) (727,045,909)

(Loss) on remeasurement of available-for-sale investment to fair value - net of tax

Gain on disposal of investment transferred to profit & loss account

The surplus arising on revaluation of fixed assets is presented under a separate head below equity in accordance with the requirements of Companies

Ordinance1984.

RupeesRupeesRupees

For the half year

ended Dec 31,

For the half year

ended Dec 31,

Note Rupees Rupees

Cash flows from operating activities

Cash (used in) operations 15 (131,118,713)

(65,657,570)

Income taxes paid (17,741,361)

(10,910,883)

Net cash (used in) operating activities (148,860,074)

(76,568,453)

Cash flows from investing activities

Proceeds from disposal of investments 620,350,000

350,066,830

Additions in property, plant and equipment (1,689,027)

(8,669,592)

Dividend received - 16,325,000

Net cash from investing activities 618,660,973 357,722,238 Cash flows from financing activities

(Decrease) in short term borrowings - net (328,599,733)

(162,332,136)

(Decrease) in long term financing - net (30,997,627)

(63,608,376)

Repayment of liabilities against assets subject to finance lease -

(439,590)

Finance cost paid (55,809,276)

(61,050,282)

Net cash (used in) financing activities (415,406,636)

(287,430,384)

Net change in cash and cash equivalents 54,394,263

(6,276,599)

Cash and cash equivalents at beginning of the period 18,932,261

17,812,734

Cash and cash equivalents at end of the period 73,326,524

11,536,135

JEHANZEB AMIN

Chief Executive

Director

Condensed Interim Statement of Cash flows (Un-audited)

Condensed Interim Statement of Comprehensive Income (Un-audited)

JEHANZEB AMIN

Chief Executive

Director

For the half year

ended Dec 31,

For the half year

ended Dec 31,

For the quarter

ended Dec 31,

For the quarter

ended Dec 31,

Rupees

(Loss) / profit after taxation (39,296,613) 121,933,821 (10,082,670) (122,732,866)

Other comprehensive income

Items that will not be reclassified to profit and loss account -

Items that may be reclassified subsequently to profit and loss account -

(368,536,875)

- (368,536,875)

(235,776,168)

- (235,776,168)

Other comprehensive (loss) for the period -

(604,313,043)

- (604,313,043)

Total comprehensive (loss) for the period (39,296,613)

(482,379,222)

(10,082,670) (727,045,909)

(Loss) on remeasurement of available-for-sale investment to fair value - net of tax

Gain on disposal of investment transferred to profit & loss account

The surplus arising on revaluation of fixed assets is presented under a separate head below equity in accordance with the requirements of Companies

Ordinance1984.

RupeesRupeesRupees

08 Samin Textiles Limited

Condensed Interim Statement of Changes in Equity (Un-audited)

JEHANZEB AMIN

Chief Executive

Director

Rupees

Balance as at July 01, 2014 (audited) 267,280,000

997,125,119

(390,559,476)

606,565,643

873,845,643

Profit for the period after taxation -

121,933,821

Other comprehensive loss for the period -

(604,313,043)

121,933,821

(482,379,222)

- 4,699,236

4,699,236

Balance as at December 31, 2014 (un-audited) 267,280,000

392,812,076

(263,926,419)

128,885,657

396,165,657

137,304,455

404,584,455

Loss for the period after taxation -

(39,296,613)

Other comprehensive income for the period -

Total comprehensive loss for the period -

(39,296,613)

4,660,917

102,668,759

369,948,759

Transfer from surplus on revaluation of property, plant

and equipment -net of tax

Particulars Issued,

subscribed and

paid up share

capital

Total comprehensive loss for the period

and equipment-net of tax

Reserves

Total Equity

Capital reserve-

Surplus on

revaluation of

investment to fair

Revenue reserve-

Accumulated

profit / (loss) Sub-total

RupeesRupeesRupeesRupees

Notes to the Condensed Interim Financial Information (Un-audited)for the half year ended December 31, 2015

1 Legal Status And Nature Of Business

1.1 Samin Textiles Limited (the "Company") is a public limited company incorporated in Pakistan on November 27, 1989 under the Companies Ordinance, 1984. The shares of the Company are listed on the Lahore and Karachi Stock Exchanges. The principal business of the Company is manufacturing and sale of cloth. The address of its registered/head office is 50-C, Main Gulberg, Lahore. The mill is situated at Manga - Raiwind Road, District Kasur in the Province of Punjab.

1.2 During the period ended December 31, 2015, the Company posted a gross profit of Rs. 28.716 million (4.2%) whereas suffered net loss amounting to Rs. 39.297 million mainly due to depressed market conditions for grey fabric in local & international market. Continuation of the Company as a going concern is dependent on its ability to attain satisfactory levels of profitability in the future based on following plans drawn by the management and resources for this purpose:

- Gross Profit

The management has improved production efficiencies and curtailed the wastages etc, thereby the company has posted a Gross Profit of 4.2% during half year ended December 31, 2015 as compared to 10.2 % Gross Loss during the year June 30, 2015. Similar trend is expected in future.

- Liquidity

In order to implement its BMRE plan and control the consequential losses due to paucity of liquidity, the company has realized its investment in SGI amounting to Rs. 620.350 million. The funds so realized have been deployed towards its working capital requirements and to reduce the borrowing cost, as a result the borrowings from the banks have been substantially reduced.

- Future Projections

The future projections for the whole year based on the same business model exhibit that there is no cash loss during the year ended June 30, 2016.

- Cost Cutting / Staff Retrenchment

The company has taken proactive measures to reduce the existing cost i.e. released the redundant work force, curtailed the wastages, minimized idle capacities and many other steps to improve the company’s financial health and makes the project efficient/profitable.

Keeping in view the aforementioned achievements/plans, the management is of the view that company will have requisite resources and continue to work as a going concern in a foreseeable future.

2 Statement Of Compliance

This condensed interim financial information is un-audited and is being submitted to the members in accordance with section 245 of the Companies Ordinance, 1984. It has been prepared in accordance with the requirements of the International Accounting Standard (IAS) 34 - ‘Interim Financial Reporting’ and provisions of and directives issued under the Companies Ordinance, 1984. In case where requirements differ, the provisions of or directives issued under the Companies Ordinance, 1984 have been followed. The figures for the half year ended December 31, 2015 have, however, been subjected to limited scope review by the auditors as required by the Code of Corporate Governance. This condensed interim financial information does not include all the information required for annual financial statements and therefore, should be read in conjunction with the annual financial statements for the year ended June 30, 2015.

3 Significant Accounting Policies

The accounting policies adopted for the preparation of this condensed interim financial information are the same as those applied in the preparation of the preceding annual published financial statements of the Company for the year ended June 30, 2015.

The new standards, amendments to the approved accounting standards and interpretations that are mandatory for accounting period beginning on or after July 1, 2015, were either considered not to be relevant to the Company's operations or did not have significant effect on the accounting policies of the Company.

Condensed Interim Statement of Changes in Equity (Un-audited)

JEHANZEB AMIN

Chief Executive

Director

Rupees

997,125,119

(390,559,476)

606,565,643

873,845,643

Profit for the period after taxation -

121,933,821

Other comprehensive loss for the period -

(604,313,043)

121,933,821

(482,379,222)

- 4,699,236

4,699,236

392,812,076

(263,926,419)

128,885,657

396,165,657

137,304,455

404,584,455

Loss for the period after taxation -

(39,296,613)

Other comprehensive income for the period -

Total comprehensive loss for the period -

(39,296,613)

4,660,917

102,668,759

369,948,759

and equipment -net of tax

Particulars Issued,

subscribed and

paid up share

capital

Total comprehensive loss for the period

and equipment-net of tax

Reserves

Total Equity

Capital reserve-

Surplus on

revaluation of

investment to fair

Revenue reserve-

Accumulated

profit / (loss) Sub-total

RupeesRupeesRupeesRupees

1 Legal Status And Nature Of Business

1.1 Samin Textiles Limited (the "Company") is a public limited company incorporated in Pakistan on November 27, 1989 under the Companies Ordinance, 1984. The shares of the Company are listed on the Lahore and Karachi Stock Exchanges. The principal business of the Company is manufacturing and sale of cloth. The address of its registered/head office is 50-C, Main Gulberg, Lahore. The mill is situated at Manga - Raiwind Road, District Kasur in the Province of Punjab.

1.2 During the period ended December 31, 2015, the Company posted a gross profit of Rs. 28.716 million (4.2%) whereas suffered net loss amounting to Rs. 39.297 million mainly due to depressed market conditions for grey fabric in local & international market. Continuation of the Company as a going concern is dependent on its ability to attain satisfactory levels of profitability in the future based on following plans drawn by the management and resources for this purpose:

- Gross Profit

The management has improved production efficiencies and curtailed the wastages etc, thereby the company has posted a Gross Profit of 4.2% during half year ended December 31, 2015 as compared to 10.2 % Gross Loss during the year June 30, 2015. Similar trend is expected in future.

- Liquidity

In order to implement its BMRE plan and control the consequential losses due to paucity of liquidity, the company has realized its investment in SGI amounting to Rs. 620.350 million. The funds so realized have been deployed towards its working capital requirements and to reduce the borrowing cost, as a result the borrowings from the banks have been substantially reduced.

- Future Projections

The future projections for the whole year based on the same business model exhibit that there is no cash loss during the year ended June 30, 2016.

- Cost Cutting / Staff Retrenchment

The company has taken proactive measures to reduce the existing cost i.e. released the redundant work force, curtailed the wastages, minimized idle capacities and many other steps to improve the company’s financial health and makes the project efficient/profitable.

Keeping in view the aforementioned achievements/plans, the management is of the view that company will have requisite resources and continue to work as a going concern in a foreseeable future.

2 Statement Of Compliance

This condensed interim financial information is un-audited and is being submitted to the members in accordance with section 245 of the Companies Ordinance, 1984. It has been prepared in accordance with the requirements of the International Accounting Standard (IAS) 34 - ‘Interim Financial Reporting’ and provisions of and directives issued under the Companies Ordinance, 1984. In case where requirements differ, the provisions of or directives issued under the Companies Ordinance, 1984 have been followed. The figures for the half year ended December 31, 2015 have, however, been subjected to limited scope review by the auditors as required by the Code of Corporate Governance. This condensed interim financial information does not include all the information required for annual financial statements and therefore, should be read in conjunction with the annual financial statements for the year ended June 30, 2015.

3 Significant Accounting Policies

The accounting policies adopted for the preparation of this condensed interim financial information are the same as those applied in the preparation of the preceding annual published financial statements of the Company for the year ended June 30, 2015.

The new standards, amendments to the approved accounting standards and interpretations that are mandatory for accounting period beginning on or after July 1, 2015, were either considered not to be relevant to the Company's operations or did not have significant effect on the accounting policies of the Company.

Un-audited Audited

Half year ended June 30, 2015

Dec 31, 2015

Rupees Rupees

7.2 Commitments

Commitments against foreign bills 17,841,444 19,650,000

8 Property, plant and equipment

Operating fixed assets 8.1 847,039,937 881,130,005

Total 847,039,937 881,130,005

Un-audited Audited

Dec 31, 2015

Note Rupees Rupees

6 TRADE AND OTHER PAYABLES

Creditors 6.1 220,765,862 281,419,691

Accrued liabilities 40,091,051 36,942,835

Advances from customers 5,931,816 16,603,340

Security deposits 513,630 513,630

Withholding tax 4,867,365 3,356,371

Workers' Welfare Fund 6.2 1,891,540 1,891,540

Provident fund 1,612,159 1,733,035

Unclaimed dividend 3,466,164 3,466,164

Total 279,139,587

345,926,606

4 Long term financing - secured

From financial institutions

Payable within in next twelve months

Transaction cost

Amortization of transaction cost

Non-current portion

5 Deferred Liabilities

Deferred tax 5.1

Staff gratuity

Un-audited Audited

Dec 31, 2015

Rupees Rupees

142,332,163 173,329,790

(52,663,508) (49,830,171)

89,668,655 123,499,619

- (1,126,250)

- 1,126,250

89,668,655 123,499,619

- 21,779,306

1,562,100 1,562,100

1,562,100

23,341,406

5.1 This represented deferred tax liability on surplus on revaluation of property, plant and equipment and remeasurement of available for sale investments to fair value. Deferred tax asset amounting to Rs. 118.315 million (2015: Rs 41.980 million) arising on account of temporary differences mainly for property, plant and equipment (other than revaluation surplus), trade debts, finance lease liabilities, un-used tax losses, unabsorbed deprecation and tax credits has not been accounted for due to uncertainty regarding its recoverability in the foreseeable future.

6.1 This includes amount of Rs 4.19 million (2015: Rs. 2.99 million) payable to Security General Insurance Company Limited, a related party, on account of insurance services.

6.2 Workers’ Welfare Fund Ordinance, 1971 has been amended through Finance Acts 2006 and 2008. These amendments were held unconstitutional and struck down by the Honorable Lahore High Court, Lahore (HLHC) on August 05, 2011. The decision of the HLHC has been challenged in the august Supreme Court of Pakistan decision, outcome of which is still pending. Therefore, the Company has not yet made payment of this amount. Further, the Company has also not made any provision during last year as the management is confident of favourable outcome of such litigation.

7 Contingencies and commitments

7.1 Contingencies

There is no material change in contingencies as disclosed in the notes to the financial statements for the year ended June 30, 2015 except as follows:

7.1.1 Appeal effect order u/s 122(5A) of the Income Tax Ordinance 2001 for Tax Year 2010 that has been passed raising demand amounting to Rs. 1,775,510. The Company is in process of filing appeal before CIR-Appeals against the impugned demand. The Company has not made any provision against such order as the management is confident of favourable outcome of such case.

7.1.2 An order u/s 122(1) / 122(5A) for Tax Year 2011 has been passed by Additional CIR by disallowing the refunds of tax years 2008, 2009, and 2010 amounting to Rs. 6,014,075. The Company is in process of filing appeal before CIR-Appeals against the impugned demand. The Company has not made any provision against such order as the management is confident of favourable outcome of such case.

7.1.3 During last year, Company had filed a writ petition against imposition of Universal Obligation Fund Surcharge (UOFS), Debt Servicing Surcharge (DSS), Neelam-Jhelum Surcharge (NJS) and Equalisation (EQ) Surcharge on consumption of electricity whereby the Honorable Lahore High Court, Lahore has stayed recovery of these surcharges from November 2014. However, during the period ended December 31, 2015, Supreme Court of Pakistan ordered against the company and accordingly, the Company has made related provision in this condensed interim financial information.

Un-audited Audited

Dec 31, 2015

Rupees Rupees

7.2 Commitments

Commitments against foreign bills 17,841,444 19,650,000

8 Property, plant and equipment

Operating fixed assets 8.1 847,039,937 881,130,005

Total 847,039,937 881,130,005

Un-audited Audited

Dec 31, 2015

Note Rupees Rupees

6 TRADE AND OTHER PAYABLES

Creditors 6.1 220,765,862 281,419,691

Accrued liabilities 40,091,051 36,942,835

Advances from customers 5,931,816 16,603,340

Security deposits 513,630 513,630

Withholding tax 4,867,365 3,356,371

Workers' Welfare Fund 6.2 1,891,540 1,891,540

Provident fund 1,612,159 1,733,035

Unclaimed dividend 3,466,164 3,466,164

Total 279,139,587

345,926,606

4 Long term financing - secured

From financial institutions

Payable within in next twelve months

Transaction cost

Amortization of transaction cost

Non-current portion

5 Deferred Liabilities

Deferred tax 5.1

Staff gratuity

Un-audited Audited

Dec 31, 2015

Rupees Rupees

142,332,163 173,329,790

(52,663,508) (49,830,171)

89,668,655 123,499,619

- (1,126,250)

- 1,126,250

89,668,655 123,499,619

- 21,779,306

1,562,100 1,562,100

1,562,100

23,341,406

5.1 This represented deferred tax liability on surplus on revaluation of property, plant and equipment and remeasurement of available for sale investments to fair value. Deferred tax asset amounting to Rs. 118.315 million (2015: Rs 41.980 million) arising on account of temporary differences mainly for property, plant and equipment (other than revaluation surplus), trade debts, finance lease liabilities, un-used tax losses, unabsorbed deprecation and tax credits has not been accounted for due to uncertainty regarding its recoverability in the foreseeable future.

6.1 This includes amount of Rs 4.19 million (2015: Rs. 2.99 million) payable to Security General Insurance Company Limited, a related party, on account of insurance services.

6.2 Workers’ Welfare Fund Ordinance, 1971 has been amended through Finance Acts 2006 and 2008. These amendments were held unconstitutional and struck down by the Honorable Lahore High Court, Lahore (HLHC) on August 05, 2011. The decision of the HLHC has been challenged in the august Supreme Court of Pakistan decision, outcome of which is still pending. Therefore, the Company has not yet made payment of this amount. Further, the Company has also not made any provision during last year as the management is confident of favourable outcome of such litigation.

7 Contingencies and commitments

7.1 Contingencies

There is no material change in contingencies as disclosed in the notes to the financial statements for the year ended June 30, 2015 except as follows:

7.1.1 Appeal effect order u/s 122(5A) of the Income Tax Ordinance 2001 for Tax Year 2010 that has been passed raising demand amounting to Rs. 1,775,510. The Company is in process of filing appeal before CIR-Appeals against the impugned demand. The Company has not made any provision against such order as the management is confident of favourable outcome of such case.

7.1.2 An order u/s 122(1) / 122(5A) for Tax Year 2011 has been passed by Additional CIR by disallowing the refunds of tax years 2008, 2009, and 2010 amounting to Rs. 6,014,075. The Company is in process of filing appeal before CIR-Appeals against the impugned demand. The Company has not made any provision against such order as the management is confident of favourable outcome of such case.

7.1.3 During last year, Company had filed a writ petition against imposition of Universal Obligation Fund Surcharge (UOFS), Debt Servicing Surcharge (DSS), Neelam-Jhelum Surcharge (NJS) and Equalisation (EQ) Surcharge on consumption of electricity whereby the Honorable Lahore High Court, Lahore has stayed recovery of these surcharges from November 2014. However, during the period ended December 31, 2015, Supreme Court of Pakistan ordered against the company and accordingly, the Company has made related provision in this condensed interim financial information.

11 CASH AND BANK BALANCES

Cash at bank:

- current accounts

- deposit accounts

- foreign currency accounts

Cash in hand

40,498,654

22,841,203

1,800,155

65,140,012

8,186,512

73,326,524

10,698,257

3,782,239

1,861,472

16,341,968

2,590,293

18,932,261

8.1 Operating fixed assets

Written down value - opening 881,130,005

899,247,429

Transferred from capital work in progress 1,294,292

30,932,336

Cost of additions during the period / year 394,735

27,780,900

882,819,032

957,960,665

Disposals during the period / year (W.D.V) -

(704,499)

Depreciation for the period / year (35,779,095) (76,126,161)

Written down value - closing 847,039,937 881,130,005

9 LONG TERM INVESTMENT

Investments in related parties

Associate

Onetel Pakistan (Private) Limited 9.1 1,000,000 1,000,000

Subsidiary

Nimas Trading (Private) Limited 9.2 100,000 100,000

Total 1,100,000 1,100,000

Un-audited Audited

Dec 31, 2015

Rupees RupeesNote

9.1 This represents Company's investment in an associate, Onetel Pakistan (Private) Limited. The Company has common directorship with the associate and holds 24% (2015: 24%) equity in the associate. The breakup value per share based on unaudited accounts amounts to Rs. 10 per share at 30 June 2015 (2015: Rs. 10 per share).

9.2 This represents Company's investment in its wholly owned subsidiary company, Nimas Trading (Private) Limited. The Company has 100% equity in the subsidiary. Currently, the Company is in the process of winding up.

9.3 During the period ended December 31, 2015 the Company has disposed off its investment in Security General Insurance Company Limited of 6,530,000 Ordinary shares.

Half year ended

June 30, 2015Dec 31, 2015

Rupees Rupees

10 OTHER RECEIVABLES

Nimas Trading (Private) Limited 10.1 - 613,820,000

Total - 613,820,000

10.1 Such receivables have been settled in lieu of shares transferred to Samin Textiles Limited.

Un-audited Audited

Dec 31, 2015

Rupees Rupees

Un-audited

Quarter ended

Dec 31, 2014

Rupees

Raw materials consumed 446,648,993

Salaries, wages and other benefits 37,932,468

Factory overheads 136,682,287

621,263,748

(Increase)/decrease in work in process

Opening work in process 2,735,148

Closing work in process (2,923,786)

Adjustment of work in process (188,638)

Cost of goods manufactured 621,075,110

(Increase)/decrease in finished goods

Opening stock 205,562,511

Closing stock (243,758,641)

Adjustment of finished goods (38,196,130)

Less: Export Rebate -

Total 582,878,980

Un-audited

Half year ended

Dec 31, 2015

Rupees

444,905,639

59,572,053

250,742,405

755,220,097

4,532,107

(2,647,685)

1,884,422

757,104,519

180,461,393

(282,693,038)

(102,231,645)

(368,047)

654,504,827

Un-audited

Half year ended

Dec 31, 2014

Rupees

824,398,983

74,655,979

242,523,992

1,141,578,954

6,779,303

(2,923,786)

3,855,517

1,145,434,471

202,762,937

(243,758,641)

(40,995,704)

1,104,438,767

Un-audited

Quarter ended

Dec 31, 2015

Rupees

176,142,344

18,432,875

131,336,412

325,911,631

6,725,940

(2,647,685)

4,078,255

329,989,886

234,788,459

(282,693,038)

(47,904,579)

(32,285)

282,053,022

12 COST OF SALES

11 CASH AND BANK BALANCES

Cash at bank:

- current accounts

- deposit accounts

- foreign currency accounts

Cash in hand

40,498,654

22,841,203

1,800,155

65,140,012

8,186,512

73,326,524

10,698,257

3,782,239

1,861,472

16,341,968

2,590,293

18,932,261

8.1 Operating fixed assets

Written down value - opening 881,130,005

899,247,429

Transferred from capital work in progress 1,294,292

30,932,336

Cost of additions during the period / year 394,735

27,780,900

882,819,032

957,960,665

Disposals during the period / year (W.D.V) -

(704,499)

Depreciation for the period / year (35,779,095) (76,126,161)

Written down value - closing 847,039,937 881,130,005

9 LONG TERM INVESTMENT

Investments in related parties

Associate

Onetel Pakistan (Private) Limited 9.1 1,000,000 1,000,000

Subsidiary

Nimas Trading (Private) Limited 9.2 100,000 100,000

Total 1,100,000 1,100,000

Un-audited Audited

Dec 31, 2015

Rupees RupeesNote

9.1 This represents Company's investment in an associate, Onetel Pakistan (Private) Limited. The Company has common directorship with the associate and holds 24% (2015: 24%) equity in the associate. The breakup value per share based on unaudited accounts amounts to Rs. 10 per share at 30 June 2015 (2015: Rs. 10 per share).

9.2 This represents Company's investment in its wholly owned subsidiary company, Nimas Trading (Private) Limited. The Company has 100% equity in the subsidiary. Currently, the Company is in the process of winding up.

9.3 During the period ended December 31, 2015 the Company has disposed off its investment in Security General Insurance Company Limited of 6,530,000 Ordinary shares.

Half year ended

June 30, 2015Dec 31, 2015

Rupees Rupees

10 OTHER RECEIVABLES

Nimas Trading (Private) Limited 10.1 - 613,820,000

Total - 613,820,000

10.1 Such receivables have been settled in lieu of shares transferred to Samin Textiles Limited.

Un-audited Audited

Dec 31, 2015

Rupees Rupees

Un-audited

Quarter ended

Dec 31, 2014

Rupees

Raw materials consumed 446,648,993

Salaries, wages and other benefits 37,932,468

Factory overheads 136,682,287

621,263,748

(Increase)/decrease in work in process

Opening work in process 2,735,148

Closing work in process (2,923,786)

Adjustment of work in process (188,638)

Cost of goods manufactured 621,075,110

(Increase)/decrease in finished goods

Opening stock 205,562,511

Closing stock (243,758,641)

Adjustment of finished goods (38,196,130)

Less: Export Rebate -

Total 582,878,980

Un-audited

Half year ended

Dec 31, 2015

Rupees

444,905,639

59,572,053

250,742,405

755,220,097

4,532,107

(2,647,685)

1,884,422

757,104,519

180,461,393

(282,693,038)

(102,231,645)

(368,047)

654,504,827

Un-audited

Half year ended

Dec 31, 2014

Rupees

824,398,983

74,655,979

242,523,992

1,141,578,954

6,779,303

(2,923,786)

3,855,517

1,145,434,471

202,762,937

(243,758,641)

(40,995,704)

1,104,438,767

Un-audited

Quarter ended

Dec 31, 2015

Rupees

176,142,344

18,432,875

131,336,412

325,911,631

6,725,940

(2,647,685)

4,078,255

329,989,886

234,788,459

(282,693,038)

(47,904,579)

(32,285)

282,053,022

12 COST OF SALES

13 OTHER INCOME Un-audited

Quarter ended

Dec 31, 2014

Rupees

Un-audited

Half year ended

Dec 31, 2015

Rupees

Un-audited

Half year ended

Dec 31, 2014

Rupees

Un-audited

Quarter ended

Dec 31, 2015

RupeesNote

23,276,583

(1,468,511)

21,808,072

(17,652,540)

(14,680,986)

2,971,554 29,891,424

(2,853,107)

27,038,317

6,889,277

(21,779,306)

(14,890,029)

14 PROVISION FOR TAXATION

Current

Deferred

Income from financial assets

Profit on deposit accounts

Dividend income

Interest income

Gain on disposal of Investment 9.3

Foreign currency translation differences

103,387

73,025

6,530,000

6,706,412

191,359

16,325,000

263,809

313,046,597

310,834

330,137,599

54,874

36,512

91,386

75,092

56,224

131,316

Income from assets other than

financial assets

Un-audited Un-audited

Half year ended Half year ended

Dec 31, 2015 Dec 31, 2014

Rupees Rupees

15 Cash (used in) operations

Adjustments for:

Depreciation on property, plant and equipment

Foreign currency translation difference

Amortization

Gain on disposal of investment

Interest Income

Dividend income

Finance cost

Operating profit before changes in working capital

Changes in working capital

(Increase) /decrease in current assets

Stock in trade

Trade debts

Loans and advances

Trade deposits, prepayments and balances with statutory authorities

(Decrease) /increase in current liabilities

Trade and other payables Total

(54,186,642)

35,779,095

332,795

419,000

(6,530,000)

(73,025)

42,242,404

17,983,627

4,866,386

(118,328,896)

54,085,296

(16,960,593)

(5,977,514)

(66,787,019) (131,118,713)

148,972,138

37,058,586

214,528

(313,046,597)

(72,450)

(16,325,000)

69,445,923

(73,752,872)

3,542,328

18,473,853

(27,570,951)

(3,276,311)

1,402,184

15,524,199 (65,657,570)

Un-audited

Half year ended

Dec 31, 2015

Rupees

Un-audited

Half year ended

Dec 31, 2014

Rupees

16 Transactions with related parties

Significant transactions with related parties during six months are as follows:

Security General InsuranceCompany Limited

Associated company

Dividend received -

16,325,000

Mrs. Mehvish Amin Member of the company

Office rent 600,000

450,000

Mrs. Shehla Segal Member of the company

Markup on subordinated loan 780,867

780,867

MCB Bank Limited Associated company

Profit received on PLS account 374 1,526

Onetel Pakistan (Pvt) Limited Associated company

Interest on loan 73,025 72,450

Directors and executives Directors and executives

Remuneration 15,898,200 12,586,992

Relationship

Un-audited Audited

Dec 31, 2015

Note Rupees Rupees

Associate

9 1,000,000

1,000,000

1,150,000

584,344

511,319

Subsidiary

9 100,000

100,000

613,820,000

Associated company

6 4,194,231

2,989,326

21,416,094 23,618,136

Significant balances with related parties as onbalance sheet date are as follows:

Onetel Pakistan (Private) Limited

Investment

Interest accrued on loan

Nimas Trading (Private) Limited

Investment

Outstanding balance of receivables

Outstanding balance ofInsurance premium

Payable to other related parties

Payable to Provident Fund Provident fund 1,690,320

1,733,035

Relationship

13 OTHER INCOME Un-audited

Quarter ended

Dec 31, 2014

Rupees

Un-audited

Half year ended

Dec 31, 2015

Rupees

Un-audited

Half year ended

Dec 31, 2014

Rupees

Un-audited

Quarter ended

Dec 31, 2015

RupeesNote

23,276,583

(1,468,511)

21,808,072

(17,652,540)

(14,680,986)

2,971,554 29,891,424

(2,853,107)

27,038,317

6,889,277

(21,779,306)

(14,890,029)

14 PROVISION FOR TAXATION

Current

Deferred

Income from financial assets

Profit on deposit accounts

Dividend income

Interest income

Gain on disposal of Investment 9.3

Foreign currency translation differences

103,387

73,025

6,530,000

6,706,412

191,359

16,325,000

263,809

313,046,597

310,834

330,137,599

54,874

36,512

91,386

75,092

56,224

131,316

Income from assets other than

financial assets

Un-audited Un-audited

Half year ended Half year ended

Dec 31, 2015 Dec 31, 2014

Rupees Rupees

15 Cash (used in) operations

Adjustments for:

Depreciation on property, plant and equipment

Foreign currency translation difference

Amortization

Gain on disposal of investment

Interest Income

Dividend income

Finance cost

Operating profit before changes in working capital

Changes in working capital

(Increase) /decrease in current assets

Stock in trade

Trade debts

Loans and advances

Trade deposits, prepayments and balances with statutory authorities

(Decrease) /increase in current liabilities

Trade and other payables Total

(54,186,642)

35,779,095

332,795

419,000

(6,530,000)

(73,025)

42,242,404

17,983,627

4,866,386

(118,328,896)

54,085,296

(16,960,593)

(5,977,514)

(66,787,019) (131,118,713)

148,972,138

37,058,586

214,528

(313,046,597)

(72,450)

(16,325,000)

69,445,923

(73,752,872)

3,542,328

18,473,853

(27,570,951)

(3,276,311)

1,402,184

15,524,199 (65,657,570)

Un-audited

Half year ended

Dec 31, 2015

Rupees

Un-audited

Half year ended

Dec 31, 2014

Rupees

16 Transactions with related parties

Significant transactions with related parties during six months are as follows:

Associated company

Dividend received -

16,325,000

Mrs. Mehvish Amin Member of the company

Office rent 600,000

450,000

Mrs. Shehla Segal Member of the company

Markup on subordinated loan 780,867

780,867

MCB Bank Limited Associated company

Profit received on PLS account 374 1,526

Onetel Pakistan (Pvt) Limited Associated company

Interest on loan 73,025 72,450

Directors and executives Directors and executives

Remuneration 15,898,200 12,586,992

Relationship

Un-audited Audited

Dec 31, 2015

Note Rupees Rupees

Associate

9 1,000,000

1,000,000

1,150,000

584,344

511,319

Subsidiary

9 100,000

100,000

613,820,000

Associated company

6 4,194,231

2,989,326

21,416,094 23,618,136

Significant balances with related parties as onbalance sheet date are as follows:

Onetel Pakistan (Private) Limited

Investment

Interest accrued on loan

Nimas Trading (Private) Limited

Investment

Outstanding balance of receivables

Outstanding balance ofInsurance premium

Payable to other related parties

Payable to Provident Fund Provident fund 1,690,320

1,733,035

Relationship

samintextile.com

Samin Textiles Limited50-C, Main Gulberg, Lahore - Pakistan.

Tel: +92 42 3575 3761

Fax: +92 42 3575 3688

17 General

17.1 Corresponding figures have been rearranged wherever necessary, for the purpose of comparison. However, there were no material reclassification or rearrangement to report.

In order to comply with the requirements of International Accounting Standard 34 - ‘Interim Financial Reporting’, the condensed interim balance sheet has been compared with the balances of annual audited financial statements of preceding financial year, whereas, the condensed interim profit and loss account, condensed interim statement of comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows have been compared with the balances of condensed interim half yearly financial information of comparable period.

17.2 Figures have been rounded off to the nearest rupees unless otherwise stated.

18 Date of authorization for issue

This financial information was authorized for issue on February 24, 2016 by the Board of Directors of theCompany.

JEHANZEB AMIN

Chief Executive

Director

samintextile.com

Samin Textiles Limited50-C, Main Gulberg, Lahore - Pakistan.

Tel: +92 42 3575 3761

Fax: +92 42 3575 3688

17 General

17.1 Corresponding figures have been rearranged wherever necessary, for the purpose of comparison. However, there were no material reclassification or rearrangement to report.

In order to comply with the requirements of International Accounting Standard 34 - ‘Interim Financial Reporting’, the condensed interim balance sheet has been compared with the balances of annual audited financial statements of preceding financial year, whereas, the condensed interim profit and loss account, condensed interim statement of comprehensive income, condensed interim statement of changes in equity and condensed interim statement of cash flows have been compared with the balances of condensed interim half yearly financial information of comparable period.

17.2 Figures have been rounded off to the nearest rupees unless otherwise stated.

18 Date of authorization for issue

This financial information was authorized for issue on February 24, 2016 by the Board of Directors of theCompany.

JEHANZEB AMIN

Chief Executive

Director

SAMIN TEXTILES LIMITED · 1-Inter Floor, Eden Centre, 43-Jail Road, Lahore 54000, Pakistan. T +92...

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