Khyber Textile Mills : Transmission of Quarterly Report for the Period Ended 2022-09-30

KHYBER TEXTILE MILLS LIMITED

QUARTERLY ACCOUNTS (Unaudited)

As on September 30, 2022

Baldher, District Haripur, Khyber Pakhtunkhawa

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COMPANY INFORMATION
CHAIRMAN		Mr. Aurangzeb Khan
CHIEF EXECUTIVE		Mr. Adam Jadoon
DIRECTORS
		Mr. Aurangzeb Khan
		Mr. Adam Jadoon
		Mr. Hassan Ovais
		Mr. Amanullah Khan Jadoon
		Mr. Muhammad Bahauddin
		Mr. Nusrat Iqbal
		Mrs. Aamna Jadoon
AUDIT COMMITTEE
CHAIRMAN		Mr. Hassan Ovais
MEMBER		Mrs. Aamna Jadoon
MEMBER		Mr. Muhammad Bahauddin
HR COMMITTEE
CHAIRMAN		Mr. Hassan Ovais
MEMBER		Mr.Muhammad Bahauddin
MEMBER		Mr. Adam Jadoon
SECRETARY		Mr. Sadaqat Khan
C.F.O		Mr. Taj Muhammad
AUDITORS		M/s Clarkson Hyde Saud Ansari
		Chartered Accountants
SHARE REGISTRAR		F.D. Registrar Services
		(SMC-Pvt) Ltd
REGISTERED OFFICE	Khyber Textile Mills Ltd.
& HEAD OFFICE		Baldher, District Haripur,
		Khyber Pakhtunkhawa
MILLS		Baldher, District Haripur,
		Khyber Pakhunkhawa
Website address:-	www.khybertextile.com
Email Address:-	[e-mail]
Phone No:-	0995-655048

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Directors Report

On behalf of the Board of Directors (BOD) we are pleased to present the unaudited condensed interim financial statements for the 1st quarter ended 30th September 2022. The BOD reviewed the current business activities and operations of the Company, further they discussed the restriction on access to credit due to the on-going banking litigation and the closure of textile production.

As per the decisions made during previous AGMs and per the BODs instructions and approval, Management has repurposed the majority of its empty land for agricultural activities, including a Livestock Farm for the purchasing, rearing and sale of cattle. Management has reduced input costs by growing fodder on the Company's agricultural land for consumption by the livestock and has further increased the livestock sales for the 1st quarter of FY 2023. Moreover, Management has continued to rent some of its vacant buildings and warehouses to generate income, using this funding to reinvest in the Company's operations. Therefore, Management has generated significant revenue for the Company during the period under review, which has been reflected in the Financial Statements annexed herewith.

It was also discussed by the BOD that the main obstacle in restarting textile production has been the restrictions on access to credit facilities due to the false defaulter status placed on the Company and the litigation pending in the High Courts by the Banks to recover fictional liabilities. It was noted by the BOD that the banks were delaying the finalization of litigation to extend their financial constraints and pressurize the Company to give into their unjust demands. Nonetheless, efforts are being made to defend the Company's interest before the Courts to end this baseless litigation.

In spite of all odds, the Management is successfully defending the Company's interests in the High Courts, covering expenses, operating as an active taxpayer, investing in and generating revenue from its business activities.

For and on Behalf of Board of Directors,

Chief Executive	Director
Adam Jadoon	Muhammad Bahauddin

Baldher, Haripur Dated: 25th October 2022

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KHYBER TEXTILE MILLS LIMITED	4
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2022
UN-AUDITED
	Note		30/09/2022			30/06/2022
		Un-Audited			Audited
			------- Amount	in		Rupees -------
NON CURRENT ASSETS
Property, Plant and Equipment		960,327,061			962,873,700
Long Term Deposits		88,983			88,983
			960,416,044			962,962,683
CURRENT ASSETS
Inventory - Livestock (Biological Assets)
	-			7,890,000
Inventory - Animal Feed and Medicines			58,280			238,440
Stores and Spares	5		-			-
Advances, Deposits and Other Receivables			1,592,000			1,247,000
Cash and Bank Balances	6		13,333,719			2,006,927
			14,983,999			11,382,367
		975,400,043			974,345,050
SHARE CAPITAL AND RESERVES
Authorized Share Capital (1,500,000) Ordinary Share of 10/- each		15,000,000			15,000,000
Subscribed & paid-up Share Capital		12,275,030			12,275,030
			12,275,030			12,275,030
Capital Reserve
Statutory Reserve		257,782			257,782
Revaluation Surplus on Property, Plant & Equipment		927,295,959			927,295,959
Revenue Reserve
Accumulated Loss		(15,491,703)			(16,786,696)
			924,337,068			923,042,075
NON CURRENT LIABILITIES
Loan from Director	7
16,500,757			16,500,757
Deferred Taxation			24,175,818			24,175,818
CURRENT LIABILITIES		40,676,575			40,676,575
Short Term Loan from Directors	8
8,559,718			8,959,718
Trade and Other Payables	9		592,558			432,558
Provision for Taxation			1,234,124			1,234,124
			10,386,400			10,626,400
CONTINGENCIES AND COMMITMENTS	10
		975,400,043			974,345,050
The annexed notes form an integral part of these financial statements

CHIEF FINANCIAL OFFICER

DIRECTOR

CHIEF EXECUTIVE