2nd Quarter & Half Year December 31, 2017

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4 CONTENTS Company s Information Directors Report - English Directors Report - Urdu Auditors Report to the Members on Review of Interim Financial Information Balance Sheet Profit and Loss Account Statement of Comprehensive Income Cash Flow Statement Statment of Changes in Equity Notes to the Accounts

5 COMPANY S INFORMATION 01

6 DIRECTORS REPORT On behalf of the directors I am pleased to present the un-audited condensed interim financial information (reviewed by the statutory auditors) for second quarter and half year ended December 31,. The company s pretax profit in the current quarter is /- million as compared to Profit of Rs /- million in corresponding period of previous year. In six monthly results pre-tax profit is Rs /- million as compared to profit of Rs /- million in the previous corresponding period. Company s six months sales of yarn are also increased to Rs. 2, 540/- million from Sales of Rs. 2,211/- million in corresponding period of previous year. The unstable political situation of the country is continuously jeopardizing the economic circumstances and snubbing the business growth. The present affirmative changes in the financial data is due to reversal of contingent amount of provision Rs /- million created against 2 percent further tax levied by the government on supply of yarn to unregistered person in the finance bill of tax year The company filed case before the Lahore High Court, Lahore against the illegality of the levy of further tax which was decided in favor of the company and we have to reverse the provision of Rs /- million. Raw material prices i.e. cotton, polyester and viscose displayed upward trend in prices during the period under discussion as compared to corresponding period of previous year. The volume of cotton production remained suppressed in current season and its price raised to Rs.7500 per maund. Similarly, the same trend is observed in other raw material prices like polyester Rs.146 per kg and viscose Rs.233 /- per kg. The other cotton growing countries have better quality crop in the period under discussion, therefore, they enjoy privileged position in international market for manufacturing and selling better quality of yarn and comparatively getting good return of their products. In the present scenario it is very much difficult for textile industry to compete in global market, as our cotton crop is not of that quality which could produce competitively better quality yarn. Furthermore the production cost of yarn is excessively high where main factor is power cost. In order to compete in the international market government has to come on the back of the textile industry by taking practical cost lowering steps like provision of cheaper electricity. On the contrary export of yarn shall be adversely affected. The local yarn market is also not positively responding and industrialists are forced to sell the yarn on loss. This state of affairs cannot be continued for unlimited period. Resultantly industrialists shall be compelled to close down their units. FUTURE OUTLOOK Our expansion plan like import of five new Janbacher Gas Generator and absolute over hauling of two existing Gas generator with which we mentioned in our Annual Report June, and quarterly Report September for smooth power generation at our mills have been successfully accomplished by the extreme efforts of the management. These Generators are yielding excellent results according to their capacity. Management is further determined to renovate the units with the latest machinery for producing yarn of excellent quality. Earning per share is Rs in half year ended as compared Rs.0.57/- per share in Corresponding period of previous year. We are thankful to our valued customers, bankers, share holders and staff members who have sincerely participated in all business activities of the company. Lahore. Dated : February 23, 2018 For and on behalf of the board Imran Aslam Chief Executive Officer 02

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8 Introduction AUDITORS REPORT TO THE MEMBERS ON REVIEW OF INTERIM FINANCIAL INFORMATION We have reviewed the accompanying condensed interim balance sheet of SHAHZAD TEXTILE MILLS LIMITED ( the Company ) as at December 31,, the related condensed interim profit and loss account, condensed interim statement of comprehensive income, condensed interim cash flow statement and condensed interim statement of changes in equity and the notes to the accounts for the six-month period then ended (here-in-after referred to as the interim financial information ). Management is responsible for the preparation and presentation of this 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 interim financial information based on our review. 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 the 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 interim financial information as of and for the half year ended December 31, is not prepared, in all material respects, in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting. LAHORE HORWATH HUSSAIN CHAUDHURY & CO. Dated: February 23, 2018 Chartered Accountants (Engagement Partner: Muhammad Nasir Muneer) 04

9 CONDENSED INTERIM BALANCE SHEET AS AT DECEMBER 31, Note December 31, June 30, (Un-audited) (Audited) CAPITAL AND LIABILITIES Rupees in thousand Share Capital and Reserves Authorized capital: 40,000,000 (June 30, : 40,000,000) ordinary shares of Rs. 10 each Issued, subscribed and paid up capital 17,971,372 (June 30, : 17,971,372) ordinary shares of Rs. 10 each Reserves Surplus on Revaluation of Property, Plant and Equipment 400, , , ,714 1,088,335 1,088,787 1,268,049 1,268, , ,511 Non Current Liabilities Long term financing Staff retirement benefits Deferred tax liability Current Liabilities Trade and other payables Accrued mark up Short term borrowings Current portion of long term financing Provision for taxation Contingencies and Commitments 78,406 98,777 97,746 91, , , , , , ,575 6,733 8, , ,847 40,740 40,740 30,195 45,167 1,162, , ,286,562 2,908,802 ASSETS Non Current Assets Property, plant and equipment Long term investment in associate Long term deposits Current Assets Stores and spares Stock in trade Trade debts Advances, trade deposits, prepayments and other receivables Short term investments Tax refunds due from the Government Cash and bank balances 5 1,644,474 1,684, , ,635 13,970 13,970 2,033,234 2,069,589 55,360 71, , ,374 99,192 92, ,736 51,055 1, ,119 84,147 31,187 60,340 1,253, ,213 3,286,562 2,908,802 The annexed notes form an integral part of this condensed interim financial information (un-audited). CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER DIRECTOR 05

10 CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, Note Half Year Ended December 31, December 31, 2016 Quarter Ended December 31, December 31, Rupees in thousand Sales Cost of sales Gross Profit 2,539,893 2,211,334 1,312,337 1,149,135 6 (2,455,050) (2,091,993) (1,284,592) (1,093,083) 84, ,341 27,745 56,052 Operating expenses: - Selling and distribution - Administrative expenses 10 (12,413) (11,493) (5,770) (17,098) (62,847) (56,973) (33,329) (28,371) (75,260) (68,466) (39,099) (45,469) Operating Profit / (Loss) Finance cost Other operating expenses Other income Share of net profit of associate 9,583 50,875 (11,354) 10,583 (17,057) (15,999) (9,713) (8,309) (11,591) (22,825) (9,240) (1,588) 43,227 2,453 42,904 2,240 18,924 21,450 12,612 15,934 33,503 (14,921) 36,563 8,277 Profit before Taxation Taxation Net Profit for the Period Earnings per Share - Basic 43,086 35,954 25,209 18,860 (36,584) (25,681) (23,745) (16,776) 6,502 10,273 1,464 2, The annexed notes form an integral part of this condensed interim financial information (un-audited). CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER DIRECTOR 06

11 CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE HALF YEAR AND QUARTER ENDED DECEMBER 31, December 31, December 31, December 31, December 31, Rupees in thousand Net Profit for the Period 6,502 10,273 1,464 2,084 Other Comprehensive Income for the Period Half Year Ended Quarter Ended Items that will not be reclassified subsequently to profit and loss Items that may be reclassified subsequently to profit and loss Share of associate's other comprehensive income - net of deferred tax Total Comprehensive Income for the Period 6,502 10,912 1,464 2,723 The annexed notes form an integral part of this condensed interim financial information (un-audited). CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER DIRECTOR 07

12 CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED) FOR THE HALF YEAR ENDED DECEMBER 31, December 31, December 31, Rupees in thousand --- CASH FLOW FROM OPERATING ACTIVITIES Profit before taxation Adjustments for: - Depreciation - Gain on disposal of property, plant and equipment - Net - Share of net profit of associate - Surplus on revaluation of investments - at fair value through profit or loss - Provision for gratuity - Exchange gain - Provision for workers' (profit) participation fund - Provision for workers' welfare fund - Provision for further sales tax - Reversal of further sales tax - Finance cost Operating Profit before Working Capital Changes Decrease / (Increase) in current assets - Stores and spares - Stock in trade - Trade debts - Advances, trade deposits, prepayments, and other receivables - Tax refunds due from the Government Increase in current liabilities - Trade and other payables Cash used in operations Income tax paid Gratuity paid Finance cost paid Workers' (profit) participation fund paid Net Cash Used in Operating Activities CASH FLOW FROM INVESTING ACTIVITIES Property, plant and equipment purchased Capital work in progress Dividend received from associated undertaking Proceeds from disposal of property, plant and equipment Net Cash Generated from Investing Activities 43,086 35,954 50,688 42,997 2,454 (1,881) (18,924) (21,450) (487) (252) 17,377 17, ,315 1, ,792 - (42,168) - 12,658 13,153 30,634 52,962 73,720 88,916 16,432 (4,506) (405,053) (265,793) (6,529) 15,212 (54,597) (3,315) (3,002) (15,413) 289,241 40,769 (163,508) (233,046) (89,788) (144,130) (37,657) (10,011) (10,818) (12,982) (14,556) (10,114) (3,521) (1,189) (156,340) (178,426) (3,586) (16,828) (23,406) - 16,240 10,150 14,359 7,926 3,607 1,248 CASH FLOW FROM FINANCING ACTIVITIES Dividends paid Loan repaid to directors Long term loan repaid Short term borrowings - net Net Cash Generated from Financing Activities Net (Decrease) / Increase 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 (17,977) - (40,000) - (20,370) - 201, , , ,597 (29,153) 2,419 60,340 88,151 31,187 90,570 The annexed notes form an integral part of this condensed interim financial information (un-audited). CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER DIRECTOR 08

13 CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED) FOR THE HALF YEAR ENDED DECEMBER 31, Particulars Share Capital Share Premium Reserve Unappropriated Profit Total Equity Rupees in thousand Balance as at June 30, ,714 5,796 1,023,529 1,209,039 Net profit for the period ended December 31, ,273 10,273 Other comprehensive income for the period ended December 31, Transferred from surplus on revaluation of property, plant and equipment on incremental depreciation charged in current period (net of deferred tax) - - 7,722 7,722 Share in realized surplus on revaluation of property, plant and equipment of associate (net of deferred tax) Balance as at December 31, ,714 5,796 1,043,127 1,228,637 Balance as at June 30, 179,714 5,796 1,082,991 1,268,501 Net profit for the period ended December 31, - - 6,502 6,502 Other comprehensive income for the period ended December 31, Transferred from surplus on revaluation of property, plant and equipment on incremental depreciation charged in current period (net of deferred tax) - - 6,642 6,642 Surplus realized on disposal of revalued property, plant and equipment (net of deferred tax) transferred to retained earnings - - 2,904 2,904 Share in realized surplus on revaluation of property, plant and equipment of associate (net of deferred tax) - - 1,471 1,471 Dividend paid during the period - - (17,971) (17,971) Balance as at December 31, 179,714 5,796 1,082,539 1,268,049 The annexed notes form an integral part of this condensed interim financial information (un-audited). CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER DIRECTOR 09

14 Note 1 General Information NOTES TO AND FORMING PART OF THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) FOR THE HALF YEAR ENDED DECEMBER 31, Shahzad Textile Mills Limited is a Public Limited Company incorporated in Pakistan under the Companies Act, 1913 (now the Companies Act, ). Its shares are quoted on Pakistan Stock Exchange (PSX). The Company manufactures and deals in all types of yarn. The registered office of the Company is situated at 19-A, Zafar Ali Road, Gulberg - V, Lahore. Note 2 Basis of Preparation This condensed interim financial information has been prepared in accordance with the directives issued by the Securities & Exchange Commission of Pakistan (SECP) and is in compliance with the International Accounting Standard - 34 (Interim Financial Reporting). The SECP vide its Circular No.23 dated 04 October, has directed the companies whose financial year closes on or before December 31, to prepare the financial statements under the provisions of the repealed Companies Ordinance 1984, that has been replaced through the enactment of the Companies Act,. As per Circular No. 17 of the Institute of Chartered Accountants of Pakistan issued on October 06,, the Commission has included the preparation of interim financial information for the period ended December 31, within the scope of said SECP's circular. Thus, this condensed financial information has been prepared under the repealed Companies Ordinance, This condensed interim financial information is unaudited and has been subjected to limited scope review by the external auditors as required by the Code of Corporate Governance and is being submitted to the shareholders as required by Section 245 of the Companies Ordinance, The figures for the quarters ending on December 31, 2016 and presented in the condensed interim profit and loss account have not been reviewed by the external auditors. This condensed interim financial information is presented in Pak Rupees, which is the Company's functional and presentational currency. Figures have been rounded off to nearest thousand rupees, unless stated otherwise. This condensed 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,. Note 3 Accounting Policies The accounting policies and methods of computation of this condensed interim financial information are the same as those followed in the preparation of annual financial statements for the preceding financial year ended on June 30,. Note 4 Contingencies and Commitments Contingencies - The Company has provided bank guarantees / post dated cheques in the favour of following parties: December 31, June 30, (Un-audited) (Audited) Rupees in Million - Sui Northern Gas Pipeline Limited The Company is contingently liable for Rs million (June : Rs million) on account of electricity duty on self generation. However the company has not admitted the levy of said duty and case is pending before the Supreme Court of Pakistan. 10

15 Commitments - The Company's outstanding commitments / contracts as at the balance sheet date are as under: December 31, June 30, (Un-audited) (Audited) Rupees in Million Foreign bills of exchange purchased Letters of credit Note 5 Property, Plant and Equipment 5.1 Operating fixed assets December 31, June 30, (Un-audited) (Audited) Rupees in thousand Opening written down value Additions during the period / year (at cost) Disposals during the period / year (at written down value) Depreciation charge for the period / year 5.2 Capital work in progress Capital work in progress 1,609, ,149 1,711,975 (16,813) 1,695,162 (50,688) 1,644,474-1,644,474 1,576, ,989 1,717,064 (19,099) 1,697,965 (88,140) 1,609,826 75,158 1,684,984 Note 6 Cost of Sales Half Year Ended Quarter Ended December 31, December 31, December 31, December 31, (Un-audited) Rupees in thousand Raw materials consumed 1,728,922 1,425, ,387 Stores and spares consumed 41,658 39,379 24,012 Packing materials consumed 53,197 46,844 26,858 Salaries, wages and other benefits 248, , ,176 Fuel and power 317, , ,815 Insurance 3,789 3,434 1,913 Repairs and maintenance 4,312 9,479 2,463 Other manufacturing expenses 5,119 5,564 2,649 Depreciation 45,263 37,628 19,725 2,448,479 2,081,571 1,278,998 Opening work in process 33,324 29,336 37,170 Closing work in process (36,166) (31,700) (36,166) (2,842) (2,364) 1,004 Cost of goods manufactured 2,445,637 2,079,207 1,280,002 Opening finished goods 55,108 52,961 50,285 Closing finished goods (45,695) (40,175) (45,695) 9,413 12,786 4,590 2,455,050 2,091,993 1,284, ,786 18,288 23, , ,701 1,382 1,780 2,575 19,276 1,089,673 28,548 (31,700) (3,152) 1,086,521 46,737 (40,175) 6,562 1,093,083 11

16 Note 7 Transactions with Related Parties Related parties comprise related group companies, associated companies, directors and key management personnel. Transactions with related parties and associated companies, other than remuneration and benefits to key management personnel under the terms of their employment are as follows: Transaction during the period Related Party Relationship Nature of transactions December 31, (Un-audited) December 31, 2016 (Un-audited) Rupees in thousand Sargodha Jute Associate Dividend income received 16,240 Mills Limited Rent receivable / received from 240 leasehold land Purchase of materials, goods 216 and services Sale of materials, goods and 156 services 10, Director Associated person Mark up on loan from directors - 1,219 Balance outstanding as at December 31, Sargodha Jute Associate Trade debts 59 Mills Limited Director Associated person Short term loan (paid) / payable (40,000) Accrued mark up payable ,000 1,219 Note 8 Segment Information For management purposes, the activities of the Company are recognized into one operating segment, i.e. manufacturing and sales of yarn. The Company operates in the said reportable operating segment based on the nature of the product, risk and return, organizational and management structure and internal financial reporting systems. Accordingly, the figures reported in these financial statements related to the Company's only reportable segment. Entity-wide disclosures regarding reportable segment are as follows: December 31, (Un-audited) Percentage 8.1 Information about products: Yarn 99.22% 8.2 Major customers: 4 customers (: 4 customers) 45% June 30, (Audited) Percentage 99.27% 54.10% 12

17 8.3 Geographical Information: Company's revenue from external customers on the basis of geographical location is given as under: December 31, June 30, (Un-audited) (Audited) Rupees in thousand Pakistan 1,967,253 Asia 514,613 Europe 58,027 3,666, , , All non-current assets of the Company are located and operated in Pakistan as at the reporting date. Note 9 Authorization of Interim Financial Information This condensed interim financial information (un-audited) is authorized for issue on February 23, 2018 by the Board of Directors of the Company. Note 10 General Comparative figures have been re-arranged, wherever necessary, to facilitate comparison. Following material rearrangements have been made in these financial statements for better presentation. From To Amount Rupees in thousand Selling and distribution Other operating expenses 19,780 CHIEF EXECUTIVE CHIEF FINANCIAL OFFICER DIRECTOR 13

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