REGISTERED OFFICE A-39, S.I.T.E., Manghopir Road, Karachi. REPORT AND ACCOUNTS FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2017 AL-ABID SILK MILLS LIMITED
REGISTERED OFFICEA-39, S.I.T.E., Manghopir Road, Karachi.
REPORT AND ACCOUNTSFOR THE FIRST QUARTER ENDED
SEPTEMBER 30, 2017
AL-ABID SILK MILLS LIMITED
CONTENTS
Company Information ...................................................................................................... 2
Directors’ Report (English) ............................................................................................... 3
Directors’ Report (Urdu) ................................................................................................... 4
Condensed Interim Balance Sheet .................................................................................. 5
Condensed Interim Profit & Loss Account ....................................................................... 7
Condensed Interim Statement Of Comprehensive Income ............................................. 8
Condensed Interim Cash Flow Statement ....................................................................... 9
Condensed Interim Statement of Changes in Equity ..................................................... 10
Notes to the Condensed Interim Financial Statements ................................................. 11
AL-ABID SILK MILLS LIMITED
AL-ABID SILK MILLS LIMITED
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COMPANY INFORMATION
BOARD OF DIRECTORS Mr. S.M. Jawed Azam ChairmanMr. Naseem A. Sattar Chief Executive OfficerMr. Azim Ahmed Executive DirectorMr. Qamar Mashkoor Independent Non-Executive DirectorMr. Muhammad Sajid Hafeez Independent Non-Executive DirectorMst. Adia Naseem Non-Executive DirectorMrs. Sadaf Nadeem Non-Executive DirectorSyed Raza Abbas Jaffari Nominee Director (N.I.T.)
Mr. Muhammad Imran
Mr. Nasim Ahmed
Mr. Qamar Mashkoor ChairmanMr. Muhammad Sajid Hafeez MemberMr. S.M. Jawed Azam Member
Mr. Muhammad Sajid Hafeez ChairmanMr. Naseem A. Sattar MemberMr. Qamar Mashkoor Member
Muniff Ziauddin & Co.,Chartered Accountants
Jwaffs Registrar Services (Pvt) Ltd.Room # 407-408, 4th Floor,Al-Ameera Centre, Shahrah-e-Iraq,Saddar, Karachi
Allied Bank LimitedFaysal Bank LimitedHabib Bank LimitedHabib Metropolitan Bank LimitedJS Bank LimitedMeezan Bank LimitedNational Bank of PakistanOrix Leasing Pakistan Ltd.Pak Oman Investment Company LimitedPak Kuwait Investment Company (Private) LimitedPAIR Investment Company LimitedStandard Chartered Bank (Pakistan) LimitedSummit Bank LimitedThe Bank of PunjabUnited Bank Limited
A-39, S.I.T.E., Manghopir Road, Karachi.
A-39,A-51 / B,A-34 / A,D-14 / C-1,A-29 / B,S.I.T.E., Karachi.
SECRETARY
AUDIT COMMITTEE
AUDITORS
REGISTRARS
BANKERS
REGISTERED OFFICE
MILLS
HUMAN RESOURCE ANDREMUNERATION COMMITTE
CHIEF FINANCIAL OFFICER
The Board of Directors presents the condensed interim financial statements of the companyfor the first quarter ended September 30, 2017.
In the annual report ended June 30, 2017, we reported you the situation although itappears the government is gradually getting aware of difficulties in textile and apparentlysome measures are also now and then are reported. However the reported measuresuntil they come to play, in real practice, it is going to be time consuming as internationalbuyers diverted themselves to other countries, to return has got to do with their overallplanning of purchases which are also quite time consuming.
In the present circumstances, supports reported for textile by the government have yetto come to play. However, the general circumstances and uncertainties presently prevailingin the country hopefully do not overshadow the efforts of the government which have yetto come in practice.
FUTURE OUTLOOK:
As far as your company is concerned, the management is committed as can be notedfrom our last nearly 4-decade of business. Your company created an excellent reputationin the international market and we are sure when circumstances ease, all our buyersconsidering our performance would surely return to us. We are pursuing with the banksvigorously who also have to follow their own processes which are time consuming, butwe are hopeful that we will soon come to a mutually agreed way of working as our banksalso have understanding that our company which was exporting for US$100 Million yearly,providing jobs to more than 7000 people is also need of the day.
We are thankful to our shareholders who have still shown their full confidence in thecompany and we hope once the company is in production our workers and staff will againenthusiastically put their efforts to achieve efficient and quality production as always.
Thanks to all of you,
October 26, 2017
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DIRECTORS’ REPORT TO THE SHAREHOLDERS
For and on behalf of theBoard of Directors
(NASEEM A. SATTAR)Chief Executive Officer
AL-ABID SILK MILLS LIMITED
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CONDENSED INTERIM BALANCE SHEET
AL-ABID SILK
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AS AT SEPTEMBER 30, 2017
MILLS LIMITED
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CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (Unaudited)FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2017
AL-ABID SILK MILLS LIMITED
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14
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20
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CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (Unaudited)FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2017
AL-ABID SILK MILLS LIMITED
20
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CONDENSED INTERIM CASH FLOW STATEMENT (Unaudited)FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2017
AL-ABID SILK MILLS LIMITED
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CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (Unaudited)FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2017
AL-ABID SILK MILLS LIMITED
20
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NOTES TO THE CONDENSED INTERIMFINANCIAL STATEMENT (Unaudited)
FOR THE THREE MONTHS PERIOD ENDED SEPTEMBER 30, 2017
AL-ABID SILK MILLS LIMITED
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AL-ABID SILK MILLS LIMITED
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AL-ABID SILK MILLS LIMITED
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AL-ABID SILK MILLS LIMITED
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