Shams Textile Mills : Transmission of Quarterly Report for the Period Ended 31 December 2022

HALF YEARLY REPORT

31 December 2022

(Un-Audited)

CONTENTS

1.	Company Information	4
2.	Independent Auditor's Review Report	5
3.	Directors' Report	6-7
4.	Condensed Interim
	Statement of Financial Position	8-9
5.	Condensed Interim
	Statement of Profit or Loss	10
6.	Condensed Interim
	Statement of Comprehensive Income	11
7.	Condensed Interim
	Statement of Changes in Equity	12

8. Condensed Interim

	Statement of Cash Flow	13
9.	Notes to the accounts	14-18

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COMPANY INFORMATION

Board of Directors
Muhammad Anwar	(Chairman)
Adil Bashir
Asif Bashir
Khurram Mazhar Karim
Muhammad Shafiq Gill	(Nominee: NIT)
Shahid Arshad
Minail Mishal Adamjee
Chief Executive Officer
Khalid Bashir
Chief Financial Officer
Tariq Javed
Company Secretary
Muhammad Haroon Arif
Audit Committee
Shahid Arshad	(Chairman)
Khurram Mazhar Karim	(Member)
Adil Bashir	(Member)
Human Resource & Remuneration Committee
Minail Mishal Adamjee	(Chairman)
Asif Bashir	(Member)
Khurram Mazhar Karim	(Member)
Risk Committee
Asif Bashir	(Chairman)
Shahid Arshad	(Member)
Khurram Mazhar Karim	(Member)
Share Registrar
Corptec Associates (Pvt) Ltd.
503-E, Johar Town, Lahore.
Auditors
Riaz Ahmad & Company
Chartered Accountants
Bankers
MCB Bank Limited
National Bank of Pakistan (Aitemaad Islamic Banking)
Allied Bank Limited
United Bank Limited

Registered Office

7-B-III, Aziz Avenue, Gulberg-V, Lahore

Ph:	[phone]	0379, 576 0381
Fax:	[phone]	0376
Email:	[e-mail]
Web:	www.shams.com.pk

Project Locations

Kotla Kahloon, District Nankana Sahib, Punjab

3-KM, Faisalabad Road, Chiniot, Punjab

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Independent Auditor's Review Report

To the members of Shams Textile Mills Limited

Report on review of Condensed Interim Financial Statements

Introduction

We have reviewed the accompanying condensed interim statement of financial position of SHAMS TEXTILE MILLS LIMITED as at 31 December 2022 and the related condensed interim statement of profit or loss, condensed interim statement of comprehensive income, condensed interim statement of changes in equity, and condensed interim statement of cash flows, and notes to the condensed interim financial statements for the half year then ended (here-in-after referred to as the "condensed interim financial statements"). Management is responsible for the preparation and presentation of these condensed interim financial statements in accordance with accounting and reporting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on these condensed 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 31 December 2022 and 31 December 2021 have not been reviewed and we do not express a conclusion on them as we are required to review only the cumulative figures for the half year ended 31 December 2022.

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 condensed interim financial statements consists of making inquiries, primarily of persons responsible for 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 condensed interim financial statements are not prepared, in all material respects, in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting.

The engagement partner on the review resulting in this independent auditor's review report is Syed Mustafa Ali.

RIAZ AHMAD & COMPANY

Chartered Accountants

Lahore

Date: 28 February, 2023

UDIN: RR202210168SR5nDt4el

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