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1st QuarterSeptember 30, 2011

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1st Quarter September 30, 2011 1

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1st Quarter September 30, 20112

Contents

Company Information

Directors Report to the Shareholders

Balance Sheet

Profit & Loss Account

Statement of Comprehensive Income

Cash Flow Statement

Statement of Changes in Equity

Notes to the Financial Statements

3

4

5

6

7

8

9

10

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for and on behalf of the Board.

(Muhammad Anwar)

Chairman & Chief Executive


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EQUITY AND LIABILITIES

Share capital and reserves

Authorized share capital100 000 000 (June 30, 2011: 100 000 000)ordinary shares of Rupees 10 each

Issued, subscribed and paid up share capitalReserves

Surplus on revaluation of operating fixed assets-net of deferred tax

Total equity

Un-Audited

September 30,2011

( Rupees in thousand )

1 ,000 ,000 1 ,000 ,000

Note Audited

June 30,2011

5

492,099

2,020,786

2,512,885

1,640,385 1,640,388

Long term financing

Liabilities against assets subject to finance lease

Non-current liabilitiesLIABILITIES

553,111

57,599

610,710

Trade and other payables

Accrued mark-up

Short term borrowings

Current portion of non-current liabilities

Provision for taxation

Current liabilities1,349,855

123,788

5,523,333

311,856

177,474

7,486,306

8,097,016

1,318,565

140,717

5,935,690

350,401

151,068

7,896,441

8,463,148

Contingencies and commitments

Total liabilities

12,044,241 12,616,421TOTAL EQUITY AND LIABILITIES

6

Property, plant and equipment

Investment in an associate

Long term investments

Long term loans and advances

Long term deposits and prepaymentsDeferred income tax - asset

ASSETSNon-current assets

3,998,285

411,103

2,226,993

2,372

2,646

63,354

6,704,753

4,034,955

451,550

2,255,434

2,727

2,520

42,351

6,789,537

Stores, spares and loose tools

Stock in trade

Trade debts

Loans and advances

Short term deposits and prepayments

Accrued interest

Other receivables

Short term investments

Cash and bank balances

Current assets

190,808

1,232,463

3,267,698

346,485

23,185

3,253

234,723

33,940

6,933

160,147

1,658,003

3,391,911

309,062

67,104

2,806

181,876

37,444

18,531

5,339,488 5,826,884

TOTAL ASSETS 12,044,241 12,616,421

(Muhammad Anwar)


(Khalid Bashir)

Director

512,086

54,621

566,707

7

8

9

Condensed Interim Balance Sheet

as at September 30, 2011

492,099

1,814,741

2,306,840

The annexed notes form an integral part of this condensed interim financial information.


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(Muhammad Anwar)


(Khalid Bashir)

Director

Condensed Interim Profit and Loss Account (Un-Audited)

for the 1st Quarter Ended September 30, 2011

Sales

Cost of sales

September 30,2011

(Rupees in thousand)

Note

10

Gross profit

Other operating income

Profit from operations


122,490

43,195

31,088

3,279,118

2,879,410

148,987

49,700

10,772

2,546,764

2,331,722

196,773209,459

399,708215,042

202,9355,583

1.30(3.68)

Distribution cost

Administrative expenses

Other operating expenses

(Loss) / earning per share basic and diluted (Rupees)

September 30,2010

Finance cost

Share of loss of associate

(Loss) / profit before taxation


(Loss) / profit after taxation

119,416

(34,493)

94,089

30,059

64,030

188,488

(40,447)

(175,718)

5,403

(181,121)

45,063

247,998

47,634

53,217


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(Muhammad Anwar)


(Khalid Bashir)

Director

Condensed Interim Statement of Comprehensive Income (Un-Audited)


(Loss) / profit after taxation

Other comprehensive income

(Deficit) /surplus arising on remeasurement of available

for sale investments to fair value

Total comprehensive (loss) / income for the period

September 30,2011


64,030

2,076

66,106

(181,121)

(24,927)

(206,048)

September 30,2010



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Condensed Interim Cash Flow Statement (Un-Audited)


Cash flows from operating activities

Cash generated from / (utilized) in operations

Finance cost paid

Income tax paid

Dividend paid

Increase in long term deposits and prepayments


September 30,2011

September 30,2010

(337,175)

Capital expenditure on property, plant and equipment

Proceeds from sale of property, plant and equipment

Decrease in long term loans and advances

(163,314)

6,500

138

Cash and cash equivalents at the beginning of the period

Cash and cash equivalents at the end of the period 24,054

(Muhammad Anwar)


(Khalid Bashir)

Director

418,939

(24,687)

694

355

6,933

646,378

(205,417)

(21,895)

(2)

(125)

Net cash generated from / (utilized) in

operating activities

Net cash used in investing activities (156,676)(23,638)

Repayment of long term financing

Proceeds from long term financing

Proceeds from finance lease

Short term borrowings - net

(79,390)

147,085

-

433,791

Cash flows from financing activities

(150,216)

150,000

5,674

(412,357)

Net cash from financing activities 501,486(406,899)

Net (decrease) / increase in cash and cash equivalents 7,635(11,598)

16,41918,531


11 (196,554)

(108,600)

(32,012)

(9)

-

Cash flows from investing activities


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Condensed Interim Statement of Changes in Equity (Un-Audited)


Balance as at July 01, 2010

Transfer from surplus on revaluation of operating fixed assets

on account of incremental depreciation

Total comprehensive income for the quarter ended

September 30, 2010

Sharecapital

UnappropriatedProfit /

(accumulated loss)

TotalEquity

Revenue Reserves

GeneralDividend

Equalization

Capital

Reserve

Fair Value


(Muhammad Anwar)


(Khalid Bashir)

Director

Reserves

Sub total

300,908

3

64,030

2,180,340

3

66,106

2,672,439

3

66,106

Balance as at September 30, 2010 2,246,449 2,738,548364,941

Final dividend for the year ended June 30, 2010

at the rate of Rupees 1.50 per share


on account of incremental depreciation - net of deferred tax

Share of associate's items directly credited in equity

Total comprehensive loss for the period from

October 1, 2010 to June 30, 2011

(73,815)

19

4,761

(182,675)

(73,815)

19

4,761

(156,628)

(73,815)

19

4,761

(156,628)

Balance as at July 01, 2011 2,020,786 2,512,885113,231

Balance as at September 30, 2011 1,814,741 2,306,840(67,887)



on account of incremental depreciation

Total comprehensive loss for the quarter ended

September 30, 2011

3

(181,121)

3

(206,048)

3

(206,048)

492,099

-

-

1,773,643

-

-

30,000

-

-

492,099 77,865 1,773,643 30,000

-

-

-

-

492,099 103,912 1,773,643 30,000

492,099 78,985 1,773,643 30,000

75,789

-

2,076

-

-

-

(24,927)

-

-

-

26,047

-

-

-

-

-

-

-

-

-

-

-

-


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Selected Notes to the Condensed Interim Financial Information (Un-Audited)


The company and its activities1.

The Crescent Textile Mills Limited (the Company) is a public limited company incorporated in Pakistan under theCompanies Ordinance, 1984. The registered office of the Company is located at 40-A, Off: Zafar Ali Road,Gulberg-V, Lahore. Its shares are quoted on all the Stock Exchanges in Pakistan. The Company is engaged inbusiness of textile manufacturing comprising of spinning, combing, weaving, dyeing, bleaching, printing,stitching, buying, selling and otherwise dealing in yarn, cloth and other goods and fabrics made from rawcotton, synthetic fiber(s) and to generate, accumulate, distribute, supply and sale of electricity. The Companyalso operates a cold storage unit.

Basis of preparation2.

This condensed interim financial information is un-audited and is being submitted to shareholders, as requiredby section 245 of the Companies Ordinance, 1984. This condensed interim financial information of the Companyfor the 1st quarter ended September 30, 2011 has been prepared in accordance with the requirements of theInternational Accounting Standard (IAS) 34 "Interim Financial Reporting" and provisions of and directivesissued under the Companies Ordinance, 1984 as applicable in Pakistan and notified by the Securities andExchange Commission of Pakistan (SECP). In case where requirements differ, the provisions of or directivesissued under the Companies Ordinance, 1984 have been followed. This condensed interim financialinformation should be read in conjunction with the audited annual published financial statements for the yearended June 30, 2011.

Accounting policies and computation methods3.

The accounting policies and methods of computations adopted for the preparation of this condensed interimfinancial information are the same as applied in the preparation of the preceding audited annual publishedfinancial statements of the Company for the year ended June 30, 2011.

September 30,2011

June 30,2011

Un-Audited


Audited

Long term financing5.

Financing from banking companies

Opening balance

Add: Obtained during the period / year

Less: Repaid during the period / year

Less: Current portion shown under current liabilities

853,428

150,000

(150,216)

853,212

(300,101)

553,111

1,108,019

147,085

(401,676)

853,428

(341,342)

512,086

Critical accounting estimates and judgments4.

The preparation of this condensed interim financial information in conformity with the approved accountingstandards requires the use of certain critical accounting estimates. It also requires the management to exerciseits judgment in the process of applying the Company's accounting policies. Estimates and judgments arecontinually evaluated and are based on historical experience and other factors, including expectations of futureevents that are believed to be reasonable under the circumstances.

During preparation of this condensed interim financial information, the significant judgments made by the

management in applying the Companys accounting policies and the key sources of estimation and uncertaintywere the same as those that applied in the preceding audited annual published financial statements of theCompany for the year ended June 30, 2011.


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Contingencies and commitments6.

Contingencies

Commitments

Property, plant and equipment7.

Operating fixed asset (Note 7.1)Capital work in progress (Note 7.2)

3,977,437

20,848

3,998,285

3,998,049

36,906

4,034,955

Letters of guarantee of Rupees 129.018 million (June 30, 2011: Rupees 115.918 million) are given by thebanks of the Company to Sui Northern Gas Pipeline Limited against gas connection and collector ofCustoms against import of raw material and supplies.

Post dated cheques of Rupees 11.648 million (June 30, 2011: Rupees 9.412 million) are issued to customauthorities in respect of duties on imported material availed on the basis of consumption and exportplans. If documents of exports are not provided on due dates, cheques issued as security shall beencashable.

Operating fixed asset7.1

Opening book value

Add: Additions during the period/year (Note 7.1.1)

Less: Deletions/write off during the period/year (Note 7.1.2)

Less: Depreciation charged for the period/year

Book value at the end of the period/year

3,998,049

40,745

4,038,794

874,038,707

61,270

3,977,437

3,948,372

313,073

4,261,445

10,1234,251,322

253,273

3,998,049

Additions during the period / year7.1.1

Building on freehold land

Plant and machinery Owned

Plant and machinery Lease hold

Factory tools and equipment

Gas and electric installations

Vehicles

Office equipment

Software

-

3,799

30,343

740

-

60

101

5,702

40,745

20,237

262,583

-

2,917

7,886

15,632

3,818

-

313,073

-

Contracts for capital expenditure amounting to Rupees Nil (June 30, 2011: Rupees 82.872 million).Letters of credit other than for capital expenditure amounting to Rupees 23.949 million (June 30, 2011:

Rupees 98.839 million).

-

--

The Company is contingently liable to the extent of Rupees 130.616 million (June 30, 2011: Rupees130.616 million) as its share of contingent liabilities of its associate.

-

September 30,2011

June 30,2011

Un-Audited


Audited

Book value of deletions/write off during the period / year7.1.2

Plant and machinery

Factory tools and equipmentGas and electric installations

Vehicles

Furniture and fixtures

Office equipment

87

--

-

-

-

87

5,783

715647

2,793

94

91

10,123


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Capital work in progress7.2

BuildingPlant and machinery

Advances for vehicles

60

9,490

11,298

20,848

-

34,406

2,500

36,906

Investment in an associate8.

UnquotedCost

Share of post acquisition profit

At the beginning of the period/year

Share of loss (Note 8.1)

Share of associate's item directly credited in equity

Elimination of inter company adjustment

269,264

182,286

(40,447)

-

-

141,839

411,103

269,264

348,606

(150,712)

5,290

(20,898)

182,286

451,550

8.1

Quoted - Related parties

Unquoted - Related parties

Quoted - Others

Unquoted - Others

Impairment loss charged to profit and loss account

Fair value adjustment

130,408

1,976,500

2,616

41,998

2,151,522

(3,514)

78,985

2,226,993

133,041

1,976,500

2,708

41,998

2,154,247

(2,725)

103,912

2,255,434

9.

Long term investments- available for sale

Share of loss of associate has been taken on the basis of un-audited accounts of the associate for thequarter ended September 30, 2011 (June 30, 2011: Audited accounts for the year ended June 30, 2011).

September 30,2011

June 30,2011

Un-Audited


Audited

Work-in-process:

Opening stock

Closing stock

Cost of goods manufactured

133,539

(129,564)

3,975

1,593,228

84,732

(132,817)

(48,085)

1,985,606

Finished goods:

Opening stockClosing stock

Cost of sales - purchased for resale

1,167,910(852,757)

315,153

423,341

2,331,722

783,746(822,868)

(39,122)

932,926

2,879,410

Cost of sales

10.

Raw material consumedCloth and yarn purchased

Stores, spare parts and loose tools

Packing materials

Processing and weaving charges

Salaries, wages and other benefits

Fuel and power

Repair and maintenance

Insurance

Depreciation

Other factory overheads

709,921

123,886

143,708

62,022

84,793

138,188

242,243

17,492

4,710

57,263

5,027

1,589,253

956,705

232,466

153,617

96,746

102,570

175,281

243,203

10,773

3,975

56,278

2,077

2,033,691


Un-Audited

September 30,2011

September 30,2010

Quarter ended


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(Loss) / profit before taxation

Adjustments for non-cash charges and other items:

Depreciation

Gain on disposal of operating fixed assets

Impairment loss on investments

Provision for workers welfare fund

Provision for workers profit participation fund


Income from loans and advances

Finance cost

Working capital changes (Note 11.1)

(175,718)

61,270

(607)

7,018

-

-

40,447

-

188,488

525,480646,378

94,089

59,718

(1,748)

10,794

2,384

6,923

34,493

(29,710)

129,246

(502,743)

(196,554)

Cash generated from operations11.


Un-Audited

September 30,2011

September 30,2010

Quarter ended

(30,661)

425,540

124,213

(15,528)

43,919

(447)

(52,847)

494,189

31,291

525,480

(16,993)

(218,400)

(420,968)

(36,098)

(2,500)

(3,228)

(34,705)

(732,892)

230,149

(502,743)

11.1

Working capital changes

(Increase) / decrease in current assets:

Stores, spare parts and loose tools

Stock-in-trade

Trade debts

Loans and advances

Short term deposits and prepayments

Interest accrued

Other receivables

Increase in current liabilities:

Trade and other payables


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Segment information12.

Quarter ended

September30, 2011

(Un-Audited)

Spinning Weaving Processing & Home Textile

(Un-Audited) (Un-Audited)

Sales

Cost of sales

Gross profit

12.1

1,021,331

1,036,885

(15,554)

1,501,903

1,280,151

221,752

11,569

19,266

30,835

11,588

17,264

28,852

1,136,688

1,107,552

29,136

1,560,109

1,460,272

99,837

22,319

3,782

26,101

19,188

3,389

22,577

Distribution cost

Administrative expenses

1,797,707

1,569,509

228,198

1,817,231

1,785,567

31,664

114,747

23,678

138,425

91,376

19,855

111,231

(Loss) / profit before taxation and

unallocated income and expenses (46,389) 192,900 3,035 77,260 89,773 (79,567)

Unallocated income

and expenses

Other operating expenses

Other operating income

Finance cost



(Loss)/ profit after taxation

September30, 2010

Reconciliation of reportable segment assets and liabilities:

Spinning Weaving Processing & Home Textile

Total assets for reportable

segments

12.2

1,366,511 1,481,436 1,478,333 1,692,019 1,377,740 1,778,359

September30, 2011

June30, 2011

(U n- Au di ted ) (Au di te d) ( Un -Aud it ed) (Au di ted ) (U n- Au di te d) (Au dit ed)

Unallocated assets

All segment assets are allocated to reportable segments other than those directly relating to corporate and tax assets.

Total liabilities for reportable

segments 858,125 1,371,572 1,051,463 1,003,310 783,871 798,694

Unallocated liabilities

All segment liabilities are allocated to reportable segments other than trade and other payables, corporate

September30, 2011

September30, 2010

September30, 2011

September30, 2010

Quarter ended Quarter ended

September30, 2011

June30, 2011

September30, 2011

June30, 2011


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borrowings and current and deferred tax liabilities.

Trading

(Un-Audited)

403,127

423,573

(20,446)

946,378

933,342

13,036

-

-

-

( 20 ,44 6) 13 ,0 36

Power Generation Cold Storage Elimination ofInter-segment transactions

(Un-Audited) (Un-Audited) (Un-Audited)

209,825

218,014

(8,189)

250,583

218,028

32,555

352

2,817

3,169

338

2,525

2,863

5,004

3,107

1,897

4,008

3,144

864

-

157

157

-

162

162

2,026,918

2,026,918

-

2,801,094

2,801,094

-

-

-

-

-

-

-

(11,358) 29,692 1 ,740 702 --

Total - Company

(Un-Audited)

2,546,764

2,331,722

215,042

3,279,118

2,879,410

399,708

148,987

49,700

198,687

122,490

43,195

165,685

16,355 234,023

(10,772)

47,634

(188,488)

(40,447)

(5,403)

(181,121)

(31,088)

45,063

(119,416)

(34,493)

(30,059)

64,030

-

-

-

1,949,681 1,796,283 450,794 444,015 13,668 11,832 6,636,727 7,203,944

Trading Power Generation Cold Storage Total - Company

5,407,514

12,044,241

5,412,477

12,616,421

(U n-Au di ted ) (Au di ted ) (U n-Au di ted ) (Au di ted ) ( Un- Au di ted ) (Au di ted ) ( Un- Au di ted ) (Au di ted )

- - 247,422 277,585 95 827 2,940,976 3,451,988

5,156,040

8,097,016

5,011,160

8,463,148

Rupees in thousand

Rupees in thousand

September30, 2011

June30, 2011

Quarter ended

September30, 2011

September30, 2010

Quarter ended Quarter ended Quarter ended

September30, 2011

September30, 2010

September30, 2011

September30, 2010

September30, 2011

September30, 2010

Quarter ended

September30, 2011

September30, 2010

June30, 2011

June30, 2011

June30, 2011

September30, 2011

September30, 2011

September30, 2011


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(Muhammad Anwar)


(Khalid Bashir)

Director

Date of authorization14.

This condensed interim financial information was approved by the Board of Directors and authorized forissue on October 27, 2011.

Corresponding Figures15.

Comparative figures have been rearranged / reclassified, wherever necessary, for the purpose of comparison.However, no significant rearrangements / reclassifications have been made except.

General16.

Figures have been rounded off to the nearest thousand rupees.

Associated Companies

Employees Provident Fund Trust

Remuneration paid to chief executive, director and executives

20,625

133,589

403

7,619

32,938

6,210

4,007

21,873

34,323

38,243

379

6,129

9,516

34,015

3,818

21,994

Transaction with related parties12.

The related parties comprise associated undertakings, other related companies, staff retirement funds and keymanagement personnel. Significant transactions with related parties are as under:


Un-Audited

September 30,

2011

September 30,

2010

Quarter ended

Company Type Nature of Transaction

Purchases

Sales

Processing income

Insurance charges

Interest income

Dividend income

Amount contributed

Net gain on fair value of derivative financial instruments is adjusted against finance cost instead ofshowing separately in other operating income.

-

Exchange loss on foreign currency loans is merged in finance cost instead of showing separately in otheroperating expenses.

-


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