AL-ABBAS SUGAR MILLS LIMITED AL-ABBAS | 01 | |
SUGAR MILLS LTD. | ||
CONTENTS | ||
32nd ANNUAL REPORT 2022 | ||
Corporate Information | 02 | |
Vision and Mission Statement | 03 | |
Notice of Annual General Meeting | 04 | |
Chairman's Review | 09 | |
Directors' Report | 10 | |
Pattern of Shareholding | 22 | |
Key Financial Data | 25 | |
Swot Analysis | 26 | |
Composition of Balance Sheet | 28 | |
Financial at a Glance | 29 | |
Independent Auditor Review Report to the Members of | ||
Al-Abbas Sugar Mills Limited | 30 | |
Statement of Compliance with the Code of Corporate Governance | 31 | |
Independent Auditors' Report to the Members | 33 | |
Statement of Financial Position | 38 | |
Statement of Profit or Loss | 39 | |
Statement of Other Comprehensive Income | 40 | |
Statement of Changes in Equity | 41 | |
Statement of Cash Flows | 42 | |
Notes to the Financial Statements | 43 | |
Chairman's Review (Urdu version) | 90 | |
Directors' Report (Urdu version) | 104 | |
Form of Proxy (English) | ||
Form of Proxy (Urdu) | ||
Form of Bank Account detail for Payment of Cash Dividend |
Form for Video Conference Facility
Standard Request Form
02 Annual Report 2022
COMPANY INFORMATION
BOARD OF DIRECTORS | |
Zakaria Usman | Chairman |
Asim Ghani | Chief Executive Officer |
Asma Aves Cochinwala | Director |
Darakshan Zohaib | Director |
Haroon Askari | Director |
Muhammad Salman Hussain Chawala | Director |
Shahid Hussain Jatoi | Director |
Siddiq Khokhar | Director |
Suleman Lalani | Director |
COMPANY SECRETARY | |
Zuhair Abbas | |
CHIEF FINANCIAL OFFICER | |
Samir Hajani | |
HEAD OF INTERNAL AUDIT | |
Suhaib Afzal Khan | |
AUDIT COMMITTEE | |
Haroon Askari | Chairman |
Asma Aves Cochinwala | Member |
Darakshan Zohaib | Member |
Muhammad Salman Hussain Chawala | Member |
Zakaria Usman | Member |
HUMAN RESOURCE AND REMUNERATION COMMITTEE
STATUTORY AUDITORS
BDO Ebrahim & Co.
Chartered Accountants
COST AUDITORS
UHY Hassan Naeem & Co.
Chartered Accountants
REGISTERED OFFICE
2nd Floor, Pardesi House, Survey No. 2/1, R.Y. 16, Old Queens Road, Karachi - 74000 Tel: 92-21-111-111-224
Fax: 92-21-32470090
Website: www.aasml.com
SHARE REGISTRAR OFFICE
M/s. CDC Share Services Limited
CDC House-99B, Block 'B', S.M.C.H.S
Main Shahra-e-faisal,Karachi-74400
FACTORIES/STORAGE LOCATIONS
- Mirwah Gorchani, Distt. Mirpurkhas, Sindh
- Main National Highway, Dhabeji, Sindh
- Oil Installation Area, Kemari, Karachi, Sindh
RISK MANAGEMENT COMMITTEE
Haroon Askari | Chairman | Muhammad Salman Hussain Chawala | Chairman |
Asim Ghani | Member | Asim Ghani | Member |
Shahid Hussain Jatoi | Member | Darakshan Zohaib | Member |
Siddiq Khokhar | Member | Siddiq Khokhar | Member |
Suleman Lalani | Member | ||
Zakaria Usman | Member | ||
BANKERS | |||
Al Baraka Bank Pakistan Limited | |||
Allied Bank Limited | |||
Askari Bank Limited | |||
Bank Alfalah Limited | |||
Habib Metropolitan Bank Limited | |||
MCB Bank Limited | |||
MCB Islamic Bank | |||
National Bank of Pakistan | |||
The Bank of Punjab | |||
Meezan Bank Limited | |||
Samba Bank Limited | |||
Soneri Bank Limited | |||
United Bank Limited |
AL-ABBAS03
SUGAR MILLS LTD.
VISION AND MISSION STATEMENT
VISION
The Company is committed to keep its focus on improving its core competencies and its clients' needs thereby, keeping the Company as one of the leading sugar and ethanol manufacturing unit as well as the provider of bulk storage services in the country with a purpose of creating enhanced value for its stakeholders, its community and overall economy of Pakistan.
MISSION
To be a profitable Company with an expert management team, motivated and productive employees and satisfied clients.
To remain consistent with management philosophy to always observe the accepted standard of fair-conduct in dealing with employees, customers, suppliers and others.
To keep shareholders informed and ensure timely dissemination of all material information to them and concerned regulators.
To keep the Company always compliant with Corporate Governance rules and all other applicable laws, rules and regulations.
To keep the workplace and working environment safe, clean and comfortable for all employees.
To be a partner with the community in all efforts to preserve healthy enlivenment, ecological balance, heritage and overall quality of life.
04 Annual Report 2022
NOTICE OF 32ND ANNUAL GENERAL MEETING
Notice is hereby given that the 32nd Annual General Meeting of Al-AbbasSugar Mills Limited will be held at Movenpick Hotel, Karachi on Thursday, January 26, 2023 at 12:00 noon to transact the following business:
Ordinary Business
- To confirm the minutes of the 31st Annual General Meeting of the shareholders of the Company held on January 26, 2022.
- To receive, consider and adopt Annual Audited Financial Statements for the year ended September 30, 2022, together with the reports of the Auditors' and Directors' thereon.
- To declare and approve the cash dividend for the year ended September 30, 2022 on the ordinary shares of the Company. The Directors have recommended a final cash dividend at 300% i.e. Rs. 30.00 per share. This is in addition to the interim dividend 250% i.e. Rs. 25.00 per share already paid. The total dividend for 2021- 22 will thus amount to Rs. 954.927 million i.e. Rs. 55.00 per share.
- To appoint auditors for the ensuing year, and to fix their remuneration. The retiring auditors M/s. BDO Ebrahim & Co. Chartered Accountants, being eligible have offered themselves for re-appointment for the year 2023.
- To transact any other business with the permission of the chair.
By Order of the Board
Zuhair Abbas
Company Secretary
Karachi: December 30, 2022
Notes:
-
Closure of Share Transfer Books:
The Share Transfer Books of the Company will remain closed from January 19, 2023 to January 26, 2023 (both days inclusive) for the purpose of Annual General Meeting and payment of final dividend. Transfer requests on prescribed format, received at the office of the Share Registrar of the Company, M/s. CDC Share Registrar Services Limited, CDC House, 99 -B, Block B, S.M.C.H.S., Main Shahrah-e- Faisal, Karachi-74400 on or before the close of business on January 18, 2023 will be treated 'in time' for the purpose of above entitlement(s) to the transferees and/or to attend the AGM and vote at the meeting. - Virtual Participation in the AGM Proceedings:
Shareholders interested in attending the AGM virtually are hereby advised to get themselves registered with the Company by providing the following information through email at agm@aasml.com
Name of Shareholder
CNIC No.
Folio No./CDC Account No.
No. of Shares
Contact No.
Email Address
Online meeting link and login credentials will be shared with only those Members whose emails, containing all the required particulars, are received at the given email address by the end of business on Wednesday January 25, 2023. The login facility shall remain open from 12:00 noon till the end of the Meeting on January 26, 2023.
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Al-Abbas Sugar Mills Ltd. published this content on 02 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 January 2023 05:57:04 UTC.
