DEWAN SUGAR MILLS LIMITED DEWAN SUGAR MILLS LIMITED
CONTENTS
Company Information | 4 |
Directors' Report | 5 |
Condensed Interim Statement of Financial Position | 6 |
Condensed Interim Statement of Profit or Loss | 7 |
Condensed Interim Statement of Comprehensive Income | 8 |
Condensed Interim Statement of Cash Flow | 9 |
Condensed Interim Statement of Changes in Equity | 10 |
Condensed Interim Statement of Segment Wise Operating Results | 11 |
Condensed Notes to the Financial Statements | 12 |
16 |
A YOUSUF DEWAN COMPANY
COMPANY INFORMATION
EXECUTIVE DIRECTORS
Zeeshan Ashraf - Chief Executive Officer
Ghazanfar Baber Siddiqui
NON-EXECUTIVE DIRECTORS
Haroon Iqbal - Chairman Board of Director
Syed Maqbool Ali
Nida Jamil
Muhammad Ashraf
INDEPENDENT DIRECTOR
Aziz-ul-Haque
COMPANY SECRETARY
Muhammad Hanif German
CHIEF FINANCIAL OFFICER
Muhammad Ilyas Abdul Sattar
AUDITORS
Feroze Sharif Tariq & Co. - Chartered Accountants
COST AUDITORS
UHY Hassan Naeem & Co.
TAX ADVISOR
Sharif & Company - Advocates
LEGAL ADVISOR
A.K. Brohi & Company Advocates
AUDIT COMMITTEE | Chairman |
Aziz-ul-Haque | |
Haroon Iqbal | Member |
Syed Maqbool Ali | Member |
HUMAN RESOURCE & REMUNERATION COMMITTEE MEMBERS | |
Aziz-ul-Haque | Chairman |
Haroon Iqbal | Member |
Ghazanfar Baber Siddiqui | Member |
BANKERS | MCB Bank Limited |
National Bank of Pakistan | |
Summit Bank Limited | Meezan Bank Limited |
Habib Bank Limited | Bank of Punjab Limited |
Standard Chartered Bank Limited | Dubai Islamic Bank |
Bank of Khyber Limited | Bank Islami Pakistan Limited |
REGISTERED OFFICE: | CORPORATE OFFICE |
Dewan Centre, 3-A Lalazar, Beach Hotel | Block-A, 2nd Floor |
Road, Karachi-74000, Pakistan. | Finance & Trade Centre |
Shahrah-e-Faisal, Karachi, Pakistan.
SHARE REGISTRAR / TRANSFER AGENT
BMF Consultants Pakistan (Pvt.) Limited
Annum Estate Building, Room No. 310 & 311,
3rd Floor, 49, Darul Aman Society.
Main Shahrah-e-Faisal, Adjacent Baloch Colony,
Karachi, Pakistan.
FACTORY | |
Jillaniabad, Budho Talpur, | WEBSITE |
Taluka: Mirpur Bathoro | |
www.yousufdewan.com | |
District: Sujawal Sindh, Pakistan. | |
04 QUARTERLY REPORT
DEWAN SUGAR MILLS LIMITED
DIRECTORS' REPORT
IN THE NAME OF ALLAH; THE MOST GRACIOUS AND MERCIFUL.
IF YE ARE GRATEFUL, I WILL GIVE YOU MORE (HOLY QURAN)
The Board of directors of Dewan Sugar Mills Limited is pleased to present you its unaudited condensed interim financial statements of the Company for the first quarter ended December 31, 2021
FINANCIAL RESULTS
During the period under consideration, your Company has suffered an after tax loss of Rs.274.999 million, as compared to loss of Rs.270.101 million in the corresponding period.
PERFORMANCE REVIEW
Sugar Segment
The Company started its crushing season 2021-2022 on 22nd December, 2021. During the current season Sindh agriculture department notified cane prices on 4th November 2021 Rs.250/- per 40 kg., in addition to payment of quality premium which will be determined at the end of season on actual sucrose recovery, however as a result of interim order of Sindh High court support price of raw material was reduced to Rs.227/- which is Rs. 2/- higher by Punjab province. From the start of crushing season price of cane is un controlled and reached to above Rs.300/- per 40 kg. which was much beyond the cost of prevailing finished goods prices. During the current quarter operating loss of sugar segment was Rs. 250.111 million as compared to last season Rs. 257.270 million.
.
Distillery Segment
The Distillery unit produced 4,679 tons of Alcohol during the period under review as compared to 4,805 tons of Alcohol in corresponding period last quarter. Prices of raw material are slightly higher and expected to go up forth. During the current quarter operating loss of distillery segment was Rs,25.974million as compared to last quarter loss was Rs.4.523 million. The management is optimistic for improvement of better results in the coming period.
Chip Board
The Chip Board plant produced 22,830 sheets during the period under review as compared to last quarter production was 50,570 sheets.
In conclusion, we bow, beg and pray to Almighty Allah, Rahman-o-Ar-Rahim, in the name of our beloved Prophet Muhammad (peace be upon him) for the continued showering of his blessings, guidance, strength, health, and prosperity to us, our company, country and nation; and also pray to Almighty Allah to bestow peace, harmony, brotherhood, and unity in true Islamic spirit to whole of the Muslim Ummah; Ameen; Summa Ameen.
LO-MY LORD IS INDEED HEARER OF PRAYER (AL-QURAN)
Under Authority of the Board of Directors
Date: January 28, 2022 | Haroon Iqbal |
Place: Karachi | Chairman Board of Director |
QUARTERLY REPORT 05
A YOUSUF DEWAN COMPANY
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
FOR THE QUARTER ENDED DECEMBER 31, 2021
Notes | Dec-21 | Sep-21 | ||||
ASSETS | (Rupees in '000') | |||||
NON-CURRENT ASSETS | ||||||
Property, Plant and Equipment | 5 | 6,739,766 | 6,866,133 | |||
CURRENT ASSETS | ||||||
Stores, Spares and Loose Tools | 160,913 | 154,982 | ||||
Stock-in-Trade | 888,048 | 1,336,763 | ||||
Trade Debts - Unsecured, Considered Good | 62,539 | 14,219 | ||||
Loans and Advances and Other Receivable - | 432,631 | |||||
Unsecured, Considered Good | 219,810 | |||||
Trade Deposits, Short-Term Prepayments | ||||||
and Current Balances with Statutory Authorities | 15,095 | 10,317 | ||||
Income Tax Refunds and Advances | 137,780 | 121,222 | ||||
Short term Investment - Related Party | 6 | - | - | |||
Cash and Bank Balances | 24,351 | 60,225 | ||||
1,721,357 | 1,917,538 | |||||
TOTAL ASSETS | 8,461,123 | 8,783,671 | ||||
EQUITY AND LIABILITIES | ||||||
SHARE CAPITAL AND RESERVES | ||||||
Authorized Capital | ||||||
130,000,000 (2021: 130,000,000) Ordinary | ||||||
Shares of Rs. 10/- each | 1,300,000 | 1,300,000 | ||||
Issued, Subscribed and Paid-up Capital | 915,120 | 915,120 | ||||
Reserves and Surplus | (4,417,115) | (4,161,662) | ||||
Surplus on Revaluation of Property, | 3,813,285 | |||||
Plant & Equipment(Net) | 3,832,831 | |||||
311,290 | 586,289 | |||||
NON-CURRENT LIABILITIES | 7 | 426,733 | ||||
Sponsors Loan - Unsecured | 416,226 | |||||
Long Term Finance (Secured) | 8 | - | - | |||
Long Term Interest Payable | 9 | - | - | |||
Deferred Liabilities | 10 | 1,098,184 | 1,127,825 | |||
CURRENT LIABILITIES | ||||||
Trade and Other Payables - Unsecured | 3,545,057 | 3,586,929 | ||||
Interest, Profit, Mark-up Accrued on Loans | 12,010 | |||||
and Other Payables | 12,010 | |||||
Short Term Finances - Secured | 11 | 237,115 | 235,893 | |||
Unclaimed Dividend | 770 | 770 | ||||
Current Portion of Non-Current Liabilities | 8&9 | 2,632,929 | 2,632,929 | |||
Provision for Taxation | 197,035 | 184,800 | ||||
6,624,916 | 6,653,331 | |||||
CONTINGENCIES & COMMITMENTS | 12 | - | ||||
8,461,123 | 8,783,671 | |||||
The annexed notes form an integral part of these financial statements | ||||||
Zeeshan Ashraf | Muhammad Ilyas Abdul Sattar | Haroon Iqbal |
Chief Executive Officer | Chief Financial Officer | Chairman Board of Director |
06 QUARTERLY REPORT
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Dewan Sugar Mills Ltd. published this content on 31 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2022 08:08:11 UTC.
