CONTENTS | |
Company Information | 3 |
Directors' Report | 4 |
Review Report to the Members | 6 |
Condensed Interim Statement of Financial Position | 8 |
Condensed Interim Statement of Profit or Loss | 9 |
Condensed Interim Statement of Comprehensive Income | 10 |
Condensed Interim Statement of Cash Flows | 11 |
Condensed Interim Statement of Changes in Equity | 12 |
Condensed Interim Segmentwise Operating Results | 13 |
Notes to the Condensed Interim Financial Information | 14 |
Directors' Report in Urdu | 21 |
COMPANY INFORMATION
EXECUTIVE DIRECTORS
Zeeshan Ashraf - Chief Executive Officer
Ghazanfar Baber Siddiqui
NON-EXECUTIVE DIRECTORS
Abdul Basit - Chairman Board of Directors
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
Aziz-ul-Haque
Syed Maqbool Ali
Abdul Basit
HUMAN RESOURCE & REMUNERATION COMMITTEE
Aziz-ul-Haque
Ghazanfar Baber Siddiqui
Abdul Basit
BANKERS
National Bank of Pakistan
Summit Bank Limited
Habib Bank Limited
Standard Chartered Bank Pakistan Limited
The Bank of Khyber Limited
REGISTERED OFFICE:
Dewan Centre, 3-A Lalazar, Beach Hotel
Road, Karachi-74000, 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,
Taluka: Mirpur Bathoro
District: Sujawal Sindh, Pakistan.
Chairman
Member
Member
Chairman
Member
Member
MCB Bank Limited
Meezan Bank Limited
The Bank of Punjab
Dubai Islamic Bank Pakistan Limited Bank Islami Pakistan Limited
CORPORATE OFFICE
Block-A, 2nd Floor
Finance & Trade Centre
Shahrah-e-Faisal, Karachi, Pakistan.
WEBSITE
www.yousufdewan.com
HALF YEARLY REPORT 03
DIRECTORS' REPORT
IN THE NAME OF ALLAH; THE MOST GRACIOUS AND MERCIFUL
IF YE GIVE THANKS, I WILL GIVE YOU MORE (HOLY QURAN)
The Directors are pleased to present condensed unaudited interim financial information of the Company duly reviewed by the auditors for the period ended March 31, 2023.
Industry Overview
During the period under review the political instability prevailing in the Country, intermittent hike of foreign exchange rates, unprecedentedly higher inflation, exorbitant interest rates and inflated fuel & Electricity costs have impacted the economy and the sugar industry negatively.
Financial Results.
During the period under consideration, the financial results in brief summary is given as under: -
March 31, 2023 | March 31, 2022 | |
(Rupees) | (Rupees) | |
Net Sales | 4,886,616,478 | 5,676,628,336 |
Gross (Loss) | (134,614,551) | (295,210,004) |
(Net Loss) after tax | (613,108,479) | (431,636,356) |
Operational Performance of the Company
Sugar Segment
The sugar plant started its crushing process on 23rd December 2022 and operated for 55days till 15th February 2023 as compared to the comparative period of last year when the plant operated for 99 days in the previous season. During the current season plant crushed 209,436 Metric tons of sugar cane and produced 20,380 Metric Tons of white refined sugar with average sucrose recovery of 9.821% in comparison to the previous corresponding period when the plant managed to crush 489,240 tons of sugar cane with the average sucrose recovery of 10.41% and refined sugar production of 50,789 tons. The decrease in production from that of the previous year is mainly due to the financial crunch and the impact of higher raw material and input costs which were not sustainable and resultantly the crushing was ceased within a short period of time.
During the period sugar segment suffered operating loss of Rs.663.67 million as compared to Rs.395.43 million in the corresponding period of previous year.
Distillery Segment
Distillery unit produced 12,775 tons of Alcohol during the period under review as compared to 14,207 tons of Alcohol produced during the corresponding period of last year. The operating profit of distillery unit has been achieved at Rs.75.95 million as against the operating profit of Rs.0.334 million incomparable previous period. Major suffering came due to abrupt increase in feed stock cost nearly 45% over last year. Advance from customers in USD created a negative impact by recording exchange loss of Rs.321 million due to continuously depreciated rupee value during the period. In order to get better results, the Company is adopting various cost cutting measures. Moreover, the power project is in the process of development for the more efficient supply of energy.
04 HALF YEARLY REPORT
Chip Board Polypropylene Segment
Chip Board plant has produced 52,410 sheets during the period under review as against last period's 64,140sheets.The operating loss of Rs.0.108 million was suffered as against that of Rs.5.337 million in the previous comparable period. Management is focused on producing value added products and "A" quality sheets which are well accepted in the market. The management is confident it will bring this segment out from losses in future.
Polypropylene unit is already in the state of non-production because of working capital constraints.
The auditors have expressed adverse opinion in their report on going concern assumption, default in repayment of installments of restructured liabilities and related non-provisioning of mark-up as explained in their report.
The condensed interim financial information has been prepared on going concern assumption as the Company approached its lender for further restructuring of its liabilities which is in process. Company is hopeful that such restructuring will be effective soon and will streamline the funding requirements of the Company which will ultimately help the management to operate with optimum utilization of production capacity. Therefore, the preparation of condensed interim financial information using going concern assumption is justified as fully explained in note 1.1 to the condensed interim financial information.
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 (HOLY QURAN)
By and under Authority of the Board of Directors
Zeeshan Ashraf | Abdul Basit |
Chief Executive Officer | Chairman Board of Directors |
Place : Karachi | |
Date : May 29, 2023 |
HALF YEARLY REPORT 05
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Dewan Sugar Mills Ltd. published this content on 09 June 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 June 2023 09:49:18 UTC.