Din Groupdint.dingroup.com/datafiles/annual_reports/cc69b... · &2 1 7 ( 1 7 62 1 7 ( 1 7 6 &rusrudwh,qirupdwlrq 'luhfwruv·5hsruw &rqghqvhg,qwhulp6wdwhphqwri)lqdqfldo3rvlwlrq &rqghqvhg,qwhulp6wdwhphqwri3urilwru/rvv

(Un-Audited)

Half Yearly Accounts December 31, 2019

2019-20

C O N T E N T S C O N T E N T S Corporate Information

Directors’ Report

Condensed Interim Statement of Financial Position

Condensed Interim Statement of Profit or Loss

Condensed Interim Statement of Comprehensive Income

Condensed Interim Statement of Cash Flows

Condensed Interim Statement of Changes in Equity

Selected Notes to the Condensed Interim Financial Statements

21

07

08

09

10

11

12

DIN GROUP

02

03

Directors’ Report (Urdu)

Independent Auditor’s Review Report to the Members on Interim Financial Statments

13

2

CORPORATE INFORMATION

Board of Directors

Registered OfficeDin House, 35-A/1, Lalazar Area,

Opp: Beach Luxury Hotel, M. T. Khan Road, Karachi.Mills

Website

Mr. Abdul Razzak Chairperson Member Member

Unit-I and II: Kot Akbar Khan, 70 Km Multan Road, Tehsil Pattoki, District Kasur, Punjab. Unit-III: Revenue Estate, Bhai Kot, Tablighi Chowk, Raiwind Road, Tehsil and District Lahore - Punjab. Unit-IV: Dars Road, Off Raiwind Manga Road, Bachuki Majha Distt. Kasur.

Ba

nk

er

s

Audit Committee Mr. Abdul Razzak Shaikh Mohammad Pervez Mr. Farhad Shaikh Mohammad

Chair personMember Member

www.dingroup.com

Company SecretaryMr. Islam Ahmed

Chief Financial OfficerMr. Shaukat Hussain Ch.

AuditorsNaveed Zafar Ashfaq Jaffery & Co.Chartered Accountants

(ACA, CPFA, FPFA, CFC )

Human Resource and Remuneration Committee

Legal Advisor Mohsin Teyebaly & Co

Share Registrar

Shaikh Mohammad MuneerShaikh Mohammad PervezShaikh Muhammad TanveerShaikh Mohammad NaveedMr. Faisal JawedMr. Farhad Shaikh MohammadMr. Abdul RazzakMr. Ehtesham Maqbool ElahiMrs. Romisa Raffay

ChairmanDirectorChief ExecutiveDirectorDirectorDirectorDirectorDirectorDirector

CDC Share Registrar Services LimitedCDC House 99-B, Block-B, S.M.C.H.SMain Shahrah-e-Faisal, Karachi-74400Customer Support Services (Toll Free) 0800-23275Fax: (+92-21) 34326053Email : [email protected] : www.cdcsrsl.com

Allied Bank LimitedBank Alfalah LimitedBank Al-Habib LimitedBank Islami Pakistan LimitedDubai Islamic Bank Pakistan LimitedFaysal Bank LimitedHabib Bank LimitedHabib Metropolitan Bank LimitedMCB Bank LimitedMCB Islamic Bank LimitedMeezan Bank LimitedNational Bank of PakistanStandard Chartered Bank (Pakistan) Limited

Mr. Faisal JawedMr. Farhad Shaikh Mohammad

Email:[email protected]

http://www.cdcsrsl.com

Dear shareholders

Financial Results

DIRECTORS’ REPORT

General Market Conditions

The demand for Textiles started to show signs of improvement during the second quarter and this is reflected in the results as well. Overall economic position of the country has remained stable, in fact it is slightly improving. There have been some political instabilities & uncertainty, but reduction in power crisis, govt subsidies to industries along with stability of dollar rate has compensated this uncertainty.

The price of raw cotton is continuously rising which is in fact more than what was anticipated. The production of cotton has increased in comparison to last year but it still much below the estimation, due to which industry has to shift towards import of cotton in current financial year. It has substantial impact on the cost of finished products but the margins are expected to remain positive.

Future Outlook

The Government is very much eager to boost exports and reduce the cost of doing business. In order to do so, the government has decided to maintain regionally

3

In the name of Allah, the most beneficent the most merciful,

The Board of Directors is pleased to present the un-audited financial statements of the Company for the half year ended Dec 31, 2019 in compliance with requirements of the Companies Act, 2017.

During the half year ended under review, following are the key financial results of the company as compare to previous half year ended:

The financial results of company for the half year ended are much better as compared to previous half year ended overall. The company has shown remarkable profits for the quarter ended December 31, 2019. This is very encouraging situation which is due to efforts of management towards profitability. The management of company striving their best to capture both local and international market more rigorously by intelligent marketing tactics.

Inc. / (Dec.) % age

SalesGross ProfitPre-tax Profit After Tax ProfitGross ProfitAfter Tax ProfitEarning per share

Rupees in '000'Rupees in '000'Rupees in '000'Rupees in '000'PercentagePercentageRupees

31-Dec-19 31-Dec-18Half Year Ended

6,677,362 5,438,574 22.78 767,836 548,966 39.87 173,608 164,298 5.67 109,102 103,284 5.63 11.50 10.09

1.63 1.90 3.74 3.54

competitive energy prices for which necessary legislative measures are required to implement. The imposition of import duty on raw cotton is a step in wrong direction as we need competitive pricing in raw materials and also the ability to source special cottons to meet our customer demands. This cannot happen if a consistent policy is not followed in imported raw materials such as cotton and polyester.

New markets are being targeted along with putting emphasis on existing markets as well. Management of the company further striving for best to make the company profitable and competitive for addition in value of shareholders. Our management remains focused on decreasing operating costs in spite of higher interest rate of 13.5% by SBP. The management is continuously working toward improvement in efficiencies and productivity as well as enhanced cost controls.

Non Adjusting Events after The Statement of Financial Position Date

The BOD in their meeting on 17th December 2019 approved the issuance of 23,318,555 right shares in proportion of 80 ordinary right shares for every 100 shares held (at the rate 80%) of Rs. 10/- each issued at a price of Rs. 42 per share (inclusive of premium of Rs. 32 per share) through letters of offer to the existing shareholders of the Company.

Pursuant to Company (Further Issue of Shares) Regulations, 2018, the directors and sponsors of the Company have deposited their share of right subscription prior to book closure for right issue totaling to Rs. 770,343,336.

The proceeds of this issue will be utilized to meet working capital requirements as well as capital expenditure requirements of the Company.

Acknowledgment

The Board of directors would like to place on record their appreciation to the valued shareholders, bankers, the Securities & Exchange Commission and to the management of Pakistan Stock Exchange for their valuable support, assistance and guidance. The Board also express its appreciation to the staff and workers of the Company for their services, loyalty and efforts being continuously rendered.

4

On behalf of the Board of Directors

Karachi:Dated : February 24, 2020

SHAIKH MUHAMMAD TANVEER Chief Executive

FARHAD SHAIKH MOHAMMAD Director

DIN TEXTILE MILLS LTD.

ACCOUNTS Condensed Interim

Financial Statements (Un-Audited)Half Year Ended December 31, 2019

This Page left blank intentionally

KarachiDated : February 24, 2020

1st Floor, Modern Motors HouseBeaumont Road, Karachi-Pakistan.Tel: +92 21-35671909,35673754Fax: +92-21-35210626E-mail:[email protected]:www.njaj.com.pk

Naveed Zafar Ashfaq Jaffery & Co.Chartered Accountants

A Member Firm of:An Association of Independent Accounting Firms

OtherOffices:

3-B, ATS Centre, 30-West, Fazal-Ul-Haq Road, Blue Area, Islamabad-Pakistan. Ph: +92-51-2878530-32 Fax: +92-51-2206283 E-mail:[email protected] Plaza, M.M. Alam Road, Gulberg-II, Lahore-Pakistan. Ph: +92-42-37321969,37249053 Fax: +92-42-37324103 E-mail: [email protected]

Chartered AccountantsEngagement Partner: Ahsan Elahi Vohra - FCA

INDEPENDENT AUDITOR'S REVIEW REPORTTo the Members of Din Tex�le Mills Limited

Report on Review of Interim Financial Statements

Introduc�on:

We have reviewed the accompanying condensed interim statement of financial posi�on of Din Tex�le Mills Limited (“the Company”) as at December 31, 2019 and the related condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity, condensed interim statement of cash flows and notes to the financial statements for the half year then ended (here-in-a�er referred to as the “interim financial statements”). Management is responsible for the prepara�on and presenta�on of this interim financial statement in accordance with approved accoun�ng and repor�ng standards as applicable in Pakistan for interim financial repor�ng. Our responsibility is to express a conclusion on these interim financial statements based on our review.

The figures of the condensed interim statement of profit or loss and condensed interim statement of comprehensive income for the quarters ended December 31, 2019 and December 2018 have not been reviewed, as we are required to review only the cumula�ve figures for the half year ended December 31, 2019.

Scope of Review:

We conducted our review in accordance with Interna�onal Standard on Review Engagements 2410, “Review of Interim Financial Informa�on Performed by the Independent Auditor of the En�ty.” A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accoun�ng ma�ers, and applying analy�cal and other review procedures. A review is substan�ally less in scope than an audit conducted in accordance with Interna�onal Standards on Audi�ng and consequently does not enable us to obtain assurance that we would become aware of all significant ma�ers that might be iden�fied in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our a�en�on that causes us to believe that the accompanying interim financial statements are not prepared, in all material respects, in accordance with approved accoun�ng and repor�ng standards as applicable in Pakistan for interim financial repor�ng.

The engagement partner on the audit resul�ng in this independent auditor’s report is Ahsan Elahi Vohra.

(Un-audited) (Audited) (Amounts in Thousand)

Note 31-Dec-19 Rupees

30-Jun-19Rupees

Condensed Interim Statement of Financial Position (Un-Audited) As at December 31, 2019

8

NON CURRENT ASSETSProperty, plant and equipment

Long term deposits

CURRENT ASSETS

Stores, spare parts and loose tools

Stock in trade

Trade debts

Advances

Trade deposits

Other receivables

Tax refunds due from Government

Cash and bank balances

CURRENT LIABILITIES

Trade and other payablesUnclaimed dividend

Accrued mark up / interest

Short term borrowings

Current portion of

Long term financing from banking companies - secured

WORKING CAPITAL

TOTAL CAPITAL EMPLOYED

NON CURRENT LIABILITIES

Long term financing from banking companies - securedDeferred liabilities

Staff retirement benefits - gratuity Deferred taxation

CONTINGENCIES AND COMMITMENTSNet WorthEQUITY SHARE CAPITAL AND RESERVES

Authorized capital

Net Worth Represented by:

Reserves

5

6

7

8


SHAUKAT HUSSAINChief Financial Officer

SHAIKH MUHAMMAD TANVEERChief Executive

FARHAD SHAIKH MOHAMMADDirector

The annexed notes form an integral part of these condensed interim financial statements.

5,382,515 3,987,275

17,747 17,747

5,400,262 4,005,022

463,065 472,835

2,996,595 3,466,157

1,861,430 1,532,234

86,426

343,589

1,145 1,144

5,501 11,037

537,069 680,641

126,412 24,316

6,077,643 6,531,953

3,983,229 3,081,466

5,982 5,201

213,211 191,047

1,565,978 2,228,255

462,092 474,259

6,230,492 5,980,228

(152,849) 551,725

5,247,413 4,556,747

2,886,959 2,247,306

124,145

116,765

37,022

29,620

3,048,126 2,393,691

2,199,287 2,163,056

200,000,000 (2019: 77,100,000) ordinary shares of Rs. 10/- each 2,000,000 771,000

Issued, subscribed and paid up capital29,148,194 (2019: 29,148,194) ordinary shares of Rs. 10/- each 291,482 291,482

1,907,805 1,871,574

2,199,287 2,163,056

(Amounts in Thousand except earning per share)

Condensed Interim Statement of Profit or Loss (Un-Audited) For the quarter & half year ended December 31, 2019

9

Note

9

Sales

Cost of sales

Gross Profit

Distribution cost

Administrative expenses

Other operating expenses

Finance cost

Other income

Profit before taxation

Taxation

Profit for the period

Earnings per share - basic and diluted-Rupee per share

31-Dec-19 Rupees

31-Dec-18 Rupees

31-Dec-19 Rupees

31-Dec-18 Rupees

Quarter EndedHalf Year Ended

6,677,362 5,438,574 3,611,022 2,624,042

(5,909,526) (4,889,608) (3,224,843) (2,381,744)

767,836 548,966 386,179 242,298

(30,752)

(17,178)

(14,521) (5,749)

(88,201) (75,937) (47,101) (41,111)

(25,756) (22,126) (11,873) (2,065)

(451,746)

(269,432)

(237,910) (163,888)

(596,455)

(384,673)

(311,405) (212,813)

171,381

164,293

74,774 29,485

2,227

5

(1,532) 3

173,608 164,298 73,242 29,488

(64,506) (61,014) (29,968) (28,505)

109,102 103,284 43,274 983

3.74 3.54 1.48 0.03






(Amounts in Thousand)

Condensed Interim Statement of Comprehensive Income (Un-Audited) For the quarter & half year ended December 31, 2019

10


Other comprehensive income for the period

Total comprehensive Income for the period

31-Dec-18 Rupees

31-Dec-19 Rupees

- -- -

31-Dec-19 Rupees

31-Dec-18 Rupees

Quarter EndedHalf Year Ended

109,102 103,284 43,274 983

109,102 103,284 43,274 983







Condensed Interim Statement of Cash Flows (Un-Audited) For the half year ended December 31, 2019

11

31-Dec-18 Rupees

31-Dec-19 Rupees

CASH FLOWS FROM OPERATING ACTIVITIES

Profit before taxation

Adjustments for

DepreciationStaff retirement benefits - gratuityWorkers' profit participation fundWorkers' welfare fundProvisions for doubtful debtsFinance cost(Gain) on disposal of property, plant and equipment

Profit before working capital changes

Decrease / (increase) in current assetsStores, spare parts and loose toolsStock in tradeTrade debtsAdvancesOther receivables

Increase in current liabilitiesTrade and other payables

Cash generated from / (used) in operations

Finance cost paidTaxes refund/paidDividend paidWorkers' profit participation fund paidStaff retirement benefits - gratuity paid

Net cash generated from / (used) in operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Proceeds from sale of property, plant and equipmentFixed capital expenditureLong term deposits

Net cash (used) in investing activities

CASH FLOWS FROM FINANCING ACTIVITIES

Net cash generated from financing activities

Net increase / (decrease) 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

CASH AND CASH EQUIVALENTS

Cash and bank balancesShort term borrowings

Long term financing

164,298

230,167 170,67027,348 26,9289,968 8,8233,788 3,353

12,000 -451,746 269,432(2,223)

732,794 479,204

906,402 643,502

9,770 (181,421)469,562 (1,918,988)

(341,196) 51,290257,163 (171,406)

5,536 4,060

400,835 (2,216,465)

895,846 1,350,191

2,203,083 (222,772)

(429,582) (196,223)101,248 (53,758)(72,090) -(22,619) (4,428)(19,969) (20,785)

1,760,071

(497,966)

22,698 1,926(1,645,882)

(194,636)- (9,946)

(1,623,184)

(202,656)

627,486 77,708

627,486 77,708

764,373 (622,914)

(2,203,939) (1,042,060)

(1,439,566) (1,664,974)

126,412 76,194(1,565,978) (1,741,168)

(1,439,566) (1,664,974)

173,608

(2)






12


P a r t i c u l a r sUnappropriated

profitSub total

General

Total

Rupees

Revenue Share capital

Reserves

Condensed Interim Statement of Changes in Equity (Un-Audited) For the half year ended December 31, 2019

Balance as at July 01, 2018

Balance as at December 31, 2018

Balance as at July 01, 2019

Balance as at December 31, 2019

25% cash dividend for the year ended June 30, 2019 @ Rs 2.50/- per share

Total comprehensive income forthe half year ended December 31, 2018

Total comprehensive income for the half year ended December 31, 2019

224,217 400,000 1,176,594 1,576,594 1,800,811

67,265 - (67,265) -

- -

103,284

103,284

103,284

291,482 400,000 1,212,613

1,612,613

1,904,095

291,482 400,000 1,471,574

1,871,574

2,163,056

- -

(72,871)

(72,871)

- - 109,102 109,102 109,102

291,482 400,000 1,507,805 1,907,805 2,199,287

30% bonus share issue for the yearended June 30, 2018 @ Rs. 3/- per share (67,265)

(72,871)






Selected Notes to the Condensed Interim Financial Statements (Un-Audited) For the half year ended December 30, 2019

LEGAL STATUS AND NATURE OF BUSINESS

The company is limited by shares, incorporated in Pakistan on June 13, 1988 and is quoted on Pakistan stock exchange (Formerly: Karachi Stock Exchange Limited). The registered office of the company is situated at 35 - A / 1 Lalazar Area, Opposite Beach Luxury Hotel, M. T Khan Road Karachi in the province of Sindh, Pakistan.

The principal business of the company is to manufacture and sale of yarn. The manufacturing units are located at Pattoki and Raiwind in the province of Punjab.

a) Unit-I and II: Kot akbar Khan, 70 Km Multan Road, Tehsil Pattoki, District Kasur, Punjab. b) Unit-III: Revenue Estate, Bhai Kot, Tablighi Chowk, Raiwind Road, Tehsil and District Lahore - Punjab. c) Unit-IV: Dars Road, Off Raiwind Manga Road, Bachuki Majha Distt. Kasur

BASIS OF PREPARATION

Statement of compliance

These financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan. The accounting and reporting standards applicable in Pakistan comprise of:

International Financial Reporting Standards (IFRS Standards) issued by the International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; andProvisions of and directives issued under the Companies Act, 2017.

Where provisions of and directives issued under the Companies Act, 2017 differ from the IFRS Standards, the provisions of and directives issued under the Companies Act, 2017 have been followed.

These condensed interim financial statements comprise of condensed interim statement of financial position, condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of cash flows and condensed interim statement of changes in equity together with the selected notes for the half year ended December 31, 2019 which have not been audited. However a limited scope review of these condensed interim financial statements has been performed by the external auditors of the company.

1

1.1

1.2

2

2.1

13

4

4.1

4.2

SIGNIFICANT ACCOUNTING POLICIES

The accounting policies and methods of computation which have been used in the preparation of these condensed interim financial statements are the same as those applied in preparation of the financial statements for the preceding year ended June 30, 2019.

Amendments to certain existing standards and new interpretations on approved accounting standards effective during the period either were not relevant to the company's operations or did not have any impact on the accounting policies of the company.

ACCOUNTING ESTIMATES, JUDGEMENTS AND FINANCIAL RISK MANAGEMENT

The preparation of these condensed interim financial statements in conformity with approved accounting standards requires management to make estimates, assumptions and use judgments that affect the application of policies and reported amounts of assets and liabilities and income and expenses. Estimates, assumptions and judgments are continually evaluated and are based on historical experience and other factors, including reasonable expectations of future events. Revisions to accounting estimates are recognized prospectively commencing from the period of revision.

Judgments and estimates made by management in the preparation of these condensed interim financial statements are the same as those that were applied to the financial statements as at and for the year ended June 30, 2019.

The Company's financial risk management objectives and policies are consistent with those disclosed in the financial statements as at and for the year ended June 30, 2019.

14

3.2

(Un-audited) (Audited)

31-Dec-19 30-Jun-19-------------Rupees in’000’------------

PROPERTY, PLANT AND EQUIPMENT

Note

Operating assetsCapital work in progress - at cost

5.15.2

5

3

3.1

5,254,159

3,953,128128,356

34,147

5,382,515

3,987,275

15

5.2

6

CAPITAL WORK IN PROGRESS (Un-audited) (Audited)

31-Dec-19

30-Jun-19-------------Rupees in’000’------------

7

STOCK IN TRADE

Finished goods amounting to Rs. 57,791,274 (June 30, 2019 : Rs. 7,668,035) stated at their net realizable value aggregating Rs.52,242,436 (June 30, 2019 : Rs. 5,930,919). The amount charged to profit or loss in respect of stocks written down to their net realizable value is Rs. 5,548,838 (June 30, 2019 : Rs. 1,737,116).

CONTINGENCIES AND COMMITMENTS

There has been no significant change in the contingencies and commitments since the last audited financial statements except as disclosed in note 7.1, 7.2 and 7.3 respectively.

The Company has issued post dated cheques amounting to Rs. 107.045 million (June 30, 2019 : Rs. 100.648 million) in favor of Collector of Customs in lieu of custom levies against various statutory notification. The indemnity bonds

6.1

7.1

31-Dec-19Acquisition Disposal

Cost-----------Rupees in '000'-----------

Acquisition DisposalCost

-----------Rupees in '000'-----------

5.1

Owned Assets

The cost of additions and deletions to property, plant and equipment during the half year ended were as follows.

31-Dec-18

Freehold land 22,240 - - -

Building 7,901

-

217

-

Plant and machinery 1,503,309

82,144

93,985

10,972

Electric installation 6,144 -

35,494 - - -- -

Furniture and fixture 920 853

Office equipment 202

105

Computers 368

- 1,448

1,205

Vehicles 10,589 5,725 - 91

1,551,673 87,869 132,102 12,268

Building 112,345 26,601 4,240 -

4,225 - Intangible 7,546 7,546

128,356 34,147

Plant and machineryElectric Installation

- -

- -

16

ISSUED, SUBSCRIBED AND PAID UP CAPITAL 8 (Un-audited) (Audited)

31-Dec-19 30-Jun-19Number of shares

Ordinary shares of Rs. 10 each allotted for consideration paid in cash

Ordinary shares of Rs. 10 each allotted for consideration of amalgamation of power plant

Ordinary shares of Rs. 10 each allotted as fully paid bonus shares

30-Jun-19-------------Rupees in’000’------------

8.1

8.2

13,479,600

13,479,600

134,796

1,962,334

1,962,334

19,623

13,706,260

13,706,260

137,063

29,148,194 29,148,194 291,482

31-Dec-19

7.2

7.3

Contingencies

Bills discounted with recourse

Bank guarantees issued in ordinary course of business

Commitments

Letters of credit for capital expenditure Letter of credit for raw material Letter of credit for stores and spares

(Un-audited) (Audited)

30-Jun-19-------------Rupees in’000’------------

31-Dec-19

furnished by the company are likely to be released after the fulfillment of term of related SROs.

204,196 168,675

266,947

256,947

218,593 731,198

1,334,215 189,190

44,194

37,040

134,796

19,623

137,063

291,482

Associated company, Din Corporation (Pvt.) Limited, held 817,531 (June 30, 2019 : 817,531) ordinary shares of the company.

The shareholders' are entitled to receive all distributions to them including dividend and other entitlements in the form of bonus and right shares as and when declared by the company. All shares carry "one vote" per share without restriction.

The company has issued Nil (June 30, 2019: 6,726,506) ordinary shares of Rs. 10 each during the period as fully paid bonus shares.

8.3

17

10 TRANSACTIONS WITH RELATED PARTIES (Un-audited)

-------------Rupees in’000’------------

(Un-audited)

Relationship

30-Dec-19 31-Dec-18


Weighted average number of ordinary shares outstanding during the period

Earning per share - basic anddiluted-Rupee per share

9

9.1

EARNING PER SHARE - BASIC AND DILUTED-RUPEE PER SHARE

31-Dec-19Half Year Ended

-----------Rupees in '000'-----------

31-Dec-18 31-Dec-19Quarter Ended

-----------Rupees in '000'-----------

31-Dec-18

There is no dilutive effect on the basic earnings per share of the company.

The company paid a final cash dividend for the year ended June 30, 2019 of Rs. 2.50 per share amounting to Rs. 72.870 million during the period.

109,102 103,284 43,274 983

29,148,194 29,148,194

29,148,194

29,148,194

3.74 3.54 1.48 0.03

8.4

Transactions with related partiesMCB Bank Limited

MCB Islamic Bank Limited

Din Farm Product (Pvt) Limited

Din Leather (Pvt) Limited

Din Industries Limited

Salaries and other employees benefits

Associated company

Withdrawals

Associated company

Staff retirement benefits

DepositsWithdrawals

Key management personnel

Sale of Yarn

Deposits

Associated company

Purchase of fixed assets

Reimbursement of Expenses

Reimbursement of Expenses

Associated company

Associated company

3 4

970,000 1,120,026

22,240

2,253

14,450 165

44,104

1,387

6 8

- -

-

1,706

4,100 -

40,022

1,408 Key management

personnel

18

(Un-audited) (Audited) -------------Rupees in’000’------------

31-Dec-19 30-Jun-19

Balances outstanding at the period end

11

MCB Bank Limited

MCB Islamic Bank Limited

Din Leather (Pvt) Limited

Din Industries Limited

962 963

499,720 349,695

275 384

5,586 530

NON ADJUSTING EVENT AFTER THE STATEMENT OF FINANCIAL POSITION DATE

The BOD in their meeting on 17th December 2019 approved the issuance of 23,318,555 right shares in proportion of 80 ordinary right shares for every 100 shares held (at the rate 80%) of Rs. 10/- each issued at a price of Rs. 42 per share (inclusive of premium of Rs. 32 per share) through letters of offer to the existing shareholders of the Company.

Pursuant to Company (Further Issue of Shares) Regulations, 2018, the directors and sponsors of the Company have deposited their share of right subscription prior to book closure for right issue totaling to Rs. 770,343,336.

The proceeds of this issue will be utilized to meet working capital requirements as well as capital expenditure requirements of the Company.

DATE OF AUTHORIZATION FOR ISSUE

These condensed interim financial statements have been authorized for issue on February 24, 2020 by the board of directors of the company.

GENERALFigures have been rounded off to the nearest thousand rupees.

12

13

(Un-audited) (Aaudited)





Documents

Din Groupdint.dingroup.com/datafiles/annual_reports/cc69b... · &2 1 7 ( 1 7 62 1 7 ( 1 7 6 &rusrudwh,qirupdwlrq 'luhfwruv·5hsruw &rqghqvhg,qwhulp6wdwhphqwri)lqdqfldo3rvlwlrq &rqghqvhg,qwhulp6wdwhphqwri3urilwru/rvv