HASEEB WAQAS SUGAR MILLS LIMITED Company Information
Board of Directors | ||
1. | Mr. Raza Mustafa | Chairman |
2. | Mian Abdullah Ilyas | Director/Chief Executive |
3. | Mian Waqas Riaz | Director |
4. | Mrs. Yasmin Riaz | Director |
5. | Mrs. Zainab Waqas | Director |
6. | Mrs. Shahzadi Ilyas | Director |
7. | Mrs. Zakia Ilyas | Director |
8. | Miss. Aqsa Riaz | Director |
Audit Committee | Human Resource & Remuneration | |
Committee | ||
1. | Mian Waqas Riaz (Chairman) | 1. Mian Waqas Riaz (Chairman) |
2. | Mrs. Zakia Ilyas (Member) | 2. Mrs. Zainab Waqas (Member) |
3. | Mrs. Yasmin Riaz (Member) | 3. Mrs. Zakia Ilyas (Member) |
Company Secretary | Chief Financial Ofcer | |
Mr. Ansar Ahmed, FCA | Syed Mubashar Hussain Bukhari | |
Tel: 042-35917313 | Tel: 042-35917313 | |
Email: cs@hwgc.com.pk | Email: hwgc@hwgc.com.pk | |
Auditors | Registrar | |
M/s Qadeer & Company | Hameed Majeed Associates (Pvt.) Limited | |
Chartered Accountants | H.M. House, 7-Bank Square, Lahore | |
32-A, Lawrence Road, Lahore | ||
Mills | Registered Ofce | |
Mouza Jagmal, Tehsil Jattoi | 06-F, Model Town, Lahore | |
District. Muzaffargarh | Tel: 042-35917321-23 | |
Fax: 042-35917317 | ||
Website: www.hwgc.com.pk | ||
Bankers | Legal Advisor | |
National Bank of Pakistan | Muhammad Ahsan Khan | |
Sindh Bank Limited | (Advocate) | |
The Bank of Punjab |
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DIRECTORS' REVIEW
FOR THE FIRST QUARTER ENDED 31 DECEMBER 2022
Dear Members
The Directors of your Company take pleasure in presenting the un-audited accounts for the period ended 31 December 2022.
FINANCIAL RESULTS
The financial results of the company for the period under review are summarized as follows:
For the period ended 31 December | |||
2022 | 2021 | ||
(Rupees) | |||
Net Sales | - | - | |
Gross (Loss) | (35,555,628) | (37,667,639) | |
Net (Loss) before tax | (99,841,472) | (82,429,842) | |
Net (Loss) after tax | (82,818,165) | (75,112,815) | |
Basic Earning per share | (2.56) | (2.32) |
It is in your good knowledge that the above situation arose due to Supreme Court judgment about shifting of mills from Nankana to Ali Pur Muzaffar Garh.
As already mentioned in the Annual Accounts of the company, that there has been developed a positive scenario regarding the operations of the mills at its existing current location that is Muzaffar Garh. Recently the Punjab Provincial Assembly passed "The Punjab Industries (Control on Establishment and Enlargement) Amendment Act 2002 which after getting assent of Governor of Punjab, published as an Act of the Provincial Assembly of Punjab.
Keeping in view of the above, the Company moved an application for regularization of relocation and crushing capacity as 20,000 TCD under Section 11 of the Punjab Industries (Control on Establishment and Enlargement (amendment) Act 2022 to The "Director General of Industries, Prices, Weight & Measures, Government of Punjab".
FUTURE OUTLOOK
We are hopeful, we would be able to secure approval of operation of the mills at its existing current location that is Muzaffar Garh.
ACKNOWLEDGEMENT
The Board of Directors deeply express their appreciation and pay their gratitude to sugarcane growers, valuable customers, shareholders, banks and Government departments for their continued support, trust, persistent co-operation and patronage which gives strength to pursue our corporate objectives with renewed vigor. The Board also acknowledges the valuable teamwork, devotion and dedication by the executives, employees and workers of the Company.
On behalf of the Board | |
Lahore | (Abdullah Ilyas) |
30 January 2023 | Chief Executive |
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HASEEB WAQAS SUGAR MILLS LIMITED
CONDENSED INTERIM BALANCE SHEET
AS AT DECEMBER 31, 2022
CAPITAL AND LIABILITIES | Note |
Share Capital and Reserves |
Authorized capital
35,000,000 (2016: 35,000,000) ordinary shares of Rs. 10 each
Issued, subscribed and paid up capital
Loan from Directors
Capital Reserves
Surplus on Revaluation of Property
Revenue Reserves
Accumulated (loss) / Profit
Non Current Liabilities
Long term financing
Liability against assets subject to finance lease Deferred liabilities
Deferred taxation
Current Liabilities
Trade and other payables
Markup on Loans and other Payables
Short term borrowings
Unclaimed dividend
Current portion of non current liabilities
Contingencies and Commitments | 4 |
ASSETS
Non Current Assets
Property, plant and equipment | 5 |
Long term deposits
Current Assets
Stores, spares and loose tools Stock in Trade
Advances, Deposits, Prepayments and other Receivables Cash and bank balances
The annexed notes form an integral part of these condensed interim financial statements.
Dec 31, 2022
Rupees
350,000,000
324,000,000
1,130,821,739
1,242,524,645
(4,269,710,679)
(1,572,364,294)
-
-
17,782,639
499,918,817
517,701,456
777,753,758
1,150,594,434
656,399,886
1,443,972
1,367,187,642
3,953,379,692
-
2,898,716,854
2,792,434,680
490,000
2,792,924,680
55,892,796
49,641,461
257,917
105,792,174
2,898,716,854
Sep 30, 2022
Rupees
350,000,000
324,000,000
1,130,821,739
1,262,648,855
(4,207,016,723)
(1,489,546,129)
-
17,727,972
516,942,121
534,670,093
800,883,054
1,058,817,812
656,399,886
1,443,972
1,367,187,642
3,884,732,366
-
2,929,856,330
2,827,513,789
490,000
2,828,003,789
55,892,796
43,524,421
2,435,324
101,852,541
2,929,856,330
Mian Abdullah Ilyas | Raza Mustafa | Syed Mubashir Hussain Bukhari | |
CHIEF EXECUTIVE. | DIRECTOR. | CHIEF FINANCIAL OFFICER | 3 |
HASEEB WAQAS SUGAR MILLS LIMITED
CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (Unaudited)
FOR THE QUARTER ENDED DECEMBER 31, 2022
Un-audited | ||||
Note | Dec 31, 2022 | Dec 31, 2021 | ||
Rupees | ||||
Sales - Net | 6 | - | - | |
Cost of goods sold | 7 | 35,555,628 | 37,677,639 | |
Gross (loss) | (35,555,628) | (37,677,639) | ||
Operating expenses: | ||||
- Administrative and general expenses | 3,073,833 | 2,806,671 | ||
(38,629,461) | (40,484,310) | |||
Other operating income | - | - | ||
(Loss) from operation | (38,629,461) | (40,484,310) | ||
Finance cost | 61,212,011 | 41,945,532 | ||
(Loss) before taxation | (99,841,472) | (82,429,842) | ||
Deferred Tax | 17,023,307 | 7,317,027 | ||
(Loss)/ profit after taxation | (82,818,165) | (75,112,815) | ||
Earning per share - basic | ||||
(2.56) | (2.32) | |||
Mian Abdullah Ilyas | Raza Mustafa | Syed Mubashir Hussain Bukhari |
CHIEF EXECUTIVE. | DIRECTOR. | CHIEF FINANCIAL OFFICER |
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Haseeb Waqas Sugar Mills Ltd. published this content on 31 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 January 2023 10:17:00 UTC.
