Sunrays Textile Mills : Transmission of Quarterly Report for the Period Ended 31/12/2022 REVOKED

Contents

Page

CompanySprofile	2
Director's Report EnglishH	3 - 4
Director's ReportqUrdu	5 - 6
IndependentHAuditor'sWReview Report	7
Unconsolidated Condensed Interim Financial Position	8
Unconsolidated Condensed Interim ProfitHor LossG	9
Unconsolidated Condensed Interim Statement ofHComprehensiveUincome	10
Unconsolidated Condensed Interim Statement ofHChangesQin Equity	11
Unconsolidated Condensed Interim CashGFlowsV	12
Unconsolidated Condensed Interim Notes toQtheHfinancialWStatement	13-19
Consolidated Condensed Interim Statement ofGFinancialHPosition	20
Consolidated Condensed Interim ProfitQor Loss	21
Consolidated Condensed Interim Statement ofGComprehensiveLincome	22
Consolidated Condensed Interim Statement ofGChangesWin Equity	23
Consolidated Condensed Interim CashHFlowsH	24
Consolidated Condensed Interim Notes toVtheGfinancialHStatement	25-31

		Sunrays Textile Mills Limited
		COMPANY PROFILE
		BOARD OF DIRECTORS
1.	Mian Imran Ahmed	Chairman
2.	Mr. Kashif Riaz	Chief Executive

1. Mr. Naveed Ahmed
2. Mian Shahzad Ahmed
3. Mrs. Fadia Kashif
4. Mr. Irfan Ahmed
5. Mr. Shahwaiz Ahmed
6. Mr. Shafqat Masood
7. Mr. Faisal Hanif
8. Ms. Azra Yaqub Vawda
9. Mr. Farooq Hassan

AUDIT COMMITTEE

1.	Mr. Faisal Hanif	(Chairman)
2.	Mr. Shahwaiz Ahmed	(Member)
3.	Mrs. Fadia Kashif	(Member)
HUMAN RESOURCES AND REMUNERATION COMMITTEE
1.	Mr. Faisal Hanif	(Chairman)
2.	Mr. Irfan Ahmed	(Member)
3.	Mrs. Fadia Kashif	(Member)
CHIEF FINANCIAL OFFICER
Mr. Shabbir Kausar
CHIEF INTERNAL AUDITOR
Mr. Imran Iftikhar
COMPANY SECRETARY
Mr. Ahmed Faheem Niazi
LEGAL ADVISOR
Mr. Yousuf Naseem
Advocates & Solicitors
REGISTERED OFFICE
5th floor, Office # 508, Beaumont Plaza,
Beaumont Road, Civil Lines Quarters, Karachi
SYMBOL OF TH E COMPANY
SUTM
WEBSITE
http://www.Indus-
REGISTRAR & SHARE TRANSFER OFFICE
JWAFFS REGISTRAR SERVICES (PVT) LTD	Tel.	35662023 - 24
407 -408, Al - Ameera Center,
Shahrah-e-Iraq, Saddar Karachi.	Fax.	35221192

FACTORY LOCATION

Khanpur Shomali Bagga Sher M.M. Road Muzaffar Garh

BANKERS

MCB Bank Limited

Allied Bank Limited

Soneri Bank Limited

United Bank Limited

Meezan Bank Limited

Habib Bank Limited

Bank Alfalah Limited

AUDITORS

Yousuf Adil

Chartered Accountants

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DIRECTOR'S REPORT

The Directors of the Company have pleasure in submitting their Report together with the un-audited financial statements of the Company for the half year ended December 31, 2022 duly reviewed by external auditors. During the period under review your Company has earned pre-tax profit Rs. Rs. 248.153 (M).

FINANCIAL HIGHLIGHTS

	Half Year Ended December 31.(Rs.In Millions)
	2022	2021
Sales - Net	4,584.458	4,820.446
Gross Profit	402.739	1,275.842
Other Income	148.395	23.610
Profit Before Taxation	248.153	1,026.317
Taxation	(58.861)	(53.682)
Profit After Taxation	189.293	972.635

REVIEW OF OPERATIONS

Yours Company earned profit aer tax Rs.189.293 million as compared to Rs.972.635 million over the last corresponding period. Gross profit decreased by 68% as compared to the last corresponding period. The main reason of decrease in profit as compared to the last corresponding period is due to increase in co}on prices and disproporonate decrease in corresponding yarn prices. During the period Rs2,329.820 (M) was invested in the fixed assets for BMR and addion of new plant comprises of ten sets of Rooter machines along with necessary back process. Retained earnings and long term financing were used to finance these investments.

EARNING PER SHARE

The earnings per share for the half year ended December 31, 2022 is Rs.9.14 as compared to Rs.46.99 for the previous corresponding period

FUTURE PROSPECTS

Pakistan along with other world is in a dire economic crisis, with rising inflaon, a depleted rupee and diminishing foreign exchange reserves. Inflaon is at the top of the world over but in Pakistan inflaon is many mes higher than in all texÆle- exporng economies. A part from increase in co}on prices, raising of markup rates by central banks, wage-increaseetc. was the main reason for decrease in profit. In China, COVID-19outbreaks have undermined the regions' growth trajectory and disrupted supply chains. The Pakistani texÆle sector is highly dependent on China's economy. Pakistan texÆle industry is facing addi onal drawback in shape of weak economy and volale polical polarizaon. All these factors would connue to haunt the texÆle industry in 2023. In spite of all these obstacles, we hope by the grace of ALLAH and hard work of the management by focusing on specialized and value-addedhigh-quality texÆle products, your company will be able to achieve beer results.

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COMPOSITION OF BOARD
The composion of the Board is in compliance with the requirements of the Code of
Corporate Governance regulaons,
2019 applicable on listed enŸes which is given below:
1.	The total number of directors are 11 as per follows;
a)	Male	09
b)	Female	02

2. The Composi‰on of Board is as followed ;

Category	Names
Independent Directors	Mr. Faisal Hanif
	Ms. Azra Yaqub Vawda
	Mr. Farooq Hassan
Execuve Directors	Mr. Kashif Riaz (CEO)
	Mr. Sheikh Shafqat Masood
	Mr. Naveed Ahmed
Non-Execuve Directors	Mian Shahzad Ahmed
	Mian Imran Ahmed
	Mrs. Fadia Kashif
	Mr. Irfan Ahmed
	Mr. Shahwaiz Ahmed
Female Directors	Ms.Azra Yaqub Vawda
	Mrs. Fadia Kashif

ENVIRONMENT, HEALTH AND SAFETY.

Your Company is commied towards protecng a sound climate for everyone by complying with all environmental

policies at the producon facili]es.

WEB PRESENCE

Annual and periodic financial statements of the company are also available on the website of the company

hp://www.indus-group.com for informaon of the shareholders and others.

ACKNOWLEDGEMENT

The Directors acknowledge the contribu]on of each and every employee of the Company. We would like to express our thanks to our customers for the trust t hey have shown in our products and the bankers for connued support to the Company. We are also grateful to our shareholders for their confidence in our management.

FOR AND ON BEHALF OF THE BOARD

Karachi

Kashif Riaz

Dated: March 01, 2023

CHIEF EXECUTIVE OFFICER

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