Haseeb Waqas Sugar Mills : Transmission of Annual Report 30-09-2023

Annual Report 2023

HASEEB WAQAS SUGAR MILLS LIMITED

HASEEB WAQAS SUGAR MILLS LIMITED

CONTENTS

PAGE

1.	Company's Vision & Mission Statements	01
2.	Company Informaon	02
3.	Noce of Annual General Meeng	03 - 05
4.	Chairman's Review	06 - 09
5.	Directors' Report	10 - 18
6. Six Years Review at a Glance	19
7.	Paern of Shareholding	20 - 24

8. Statement of Compliance with the Best Pracce of Code of

	Corporate Governance	25 - 27
9.	Independent Auditor's Report	28 - 36
10.	Balance Sheet	37
11.	Profit & Loss Account	38
12.	Statement of Comprehensive Income	39
13.	Statement of Cash Flows	40
14.	Statement of Changes in Equity	41
15.	Notes of the Financial Statement	42 - 69
16.	Proxy Form	70

HASEEB WAQAS SUGAR MILLS LIMITED

Vision & Mission Statements

.	THE VISION	.

To be the leader in Sugar Industry by building the Companys' image through quality improvement, customers' satisfaction and by maintaining a high level of Ethical and Professional Standards through the Optimum use of Resources.

THE MISSION	.

Endeavoring to be the market leader by enhancing market share and to conduct business in the best possible manner by using high level of Ethical and Professional Standards.

Seeking long term and good trading relations with customers and suppliers with fair, honest and mutually profitable dealings.

Building an excellent repute of our organization and to maintain high professional and ethical standards with eyes on the future.

Offering high quality products according to the highest international standards.

Continuous enhancement in shareholders' value through teamwork and constant improvement in performance in all operating areas in a competitive business environment.

Providing congenial work environment, where employees are treated with respect and dignity and work as a team for common goals.

Contributing to the national economy by uplifting and skills diversification of the people through fulfillment of our social responsibilities.

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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.	Ms. Zainab Waqas	Director
6.	Mrs. Shahzadi Ilyas	Director
7.	Ms. 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.	Ms. Zakia Ilyas (Member)	2. Mrs. Zainab Waqas (Member)
3.	Mrs. Yasmin Riaz (Member)	3. Ms. Zakia Ilyas (Membr)
Company Secretary	Chief Financial Ofcer
Mr. Ansar Ahmed, FCA	Syed Mubashar Hussain Bukhari
Tel: [phone]	Tel: [phone]
Email: [e-mail]	Email: [e-mail]
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 Ofce
Mouza Jagmal, Tehsil Jattoi	06-F, Model Town, Lahore
District. Muzaffargarh	Tel: [phone]
		Fax: [phone]
		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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HASEEB WAQAS SUGAR MILLS LIMITED

NOTICE OF 32ND ANNUAL GENERAL MEETING

Notice is hereby given that the 32nd Annual General Meeting of Haseeb Waqas Sugar Mills Limited will be held at its Registered Office, 06-F, Model Town, Lahore on Saturday, 27th of January 2024 at 09:00 a.m. to transact the following business:-

1. To confirm the minutes of the 31st Annual General Meeting held on 28 January 2023.
2. To receive, consider and adopt the Annual Audited Accounts of the Company for the year ended 30 September 2023 together with Directors' and Auditors' Report thereon.
3. To appoint Auditors of the Company for the year ending 30 September 2024 and to fix their remuneration. The retiring auditors M/S Qadeer & Company, Chartered Accountants, being eligible, have offered themselves for re- appointment.
4. To approve, as and by way of an Ordinary Resolution, the transmission of the annual balance sheet, profit & loss account, auditors report, directors report (the "Audited Annual Financial Statements") and the notice of general meetings etc. to the Company's shareholders through email or QR enabled code and weblink as allowed by the Securities and Exchange Commission of Pakistan via S.R.O No. 389(I)/2023 dated March 21, 2023:
   "RESOLVED THAT as notified by the Securities and Exchange Commission of Pakistan via S.R.O No. 389(I)/2023 dated March 21, 2023 transmission of Audited Annual Financial Statements to the members through QR enabled code and weblink instead of transmitting the Audited Annual Financial Statements through CD/DVD/USB, be and is hereby ratified and approved for future."
5. To transact any other business with the permission of the Chair.

	By Order of the Board
Place: Lahore	(ANSAR AHMED, FCA)
Dated: 08 January 2024	Company Secretary
Notes:

1. The Members Register will remain closed from 19 January 2024 to 27 January 2024 (both days inclusive). Transfers received at Hameed Majeed Associates (Pvt.) Limited, H.M. House, 7-Bank Square, Lahore, the Registrar and Shares Transfer Office of the Company, by the close of business on 18 January 2024 will be treated in time for the purpose of Annual General Meeting.

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1. A member eligible to attend and vote at the meeting may appoint another member as proxy to attend and vote in the meeting. Proxies in order to be effective must be received by the company at the Registered Office not later than 48 hours before the time for holding the meeting.
2. In order to be valid, an instrument of proxy and the power of attorney or other authority (if any) under which it is signed, or a notarially certified copy of such power of attorney, must be deposited at the Registered Office of the Company, 06-F, Model Town, Lahore, not less than 48 hours before the time of the meeting.
3. a) individual beneficial owners of CDC entitled to attend and vote at the meeting must bring his/her participant ID and account/sub account number along with original CNIC or passport to authenticate his/her identity. In case of corporate entity, resolution of the Board of Directors/Power of Attorney with specimen signatures of nominees shall be produced (unless provider earlier) at the time of meeting.
   b) For appointing of proxies, the individual beneficial owners of CDC shall submit the proxy form as per above requirement along with participant ID and account/sub account number together with attested copy of their CNIC or Passport. The proxy form shall be witnessed by two witnesses with their names, addresses and CNIC numbers. The proxy shall produce his/her original CNIC or Passport at the time of meeting. In case of corporate entity, resolution of the Board of Director/Power of Attorney along with specimen signatures shall be submitted (unless submitted earlier) along with the proxy form.
4. As per Section 72 of the Companies Act, 2017 every existing listed company shall be required to replace its physical shares with book-entry form in a manner as may be specified and form the date notified by the Commission. The shareholders having physical shareholding are encouraged to open CDC sub account with any of the brokers or Investor Account directly with CDC to place their physical shares into scrip less form, this will facilitate them in many ways, including safe custody and sale of shares, any time they want, as the trading of physical shares is not permitted as per existing regulations of the Pakistan Stock Exchange.
5. To circulate annual audited financial statements through QR enabled code SECP, vide its notification No. SRO 389(1)/2023, have allowed to the listed companies to circulate the annual balance sheet and profit and loss account, auditor's report, etc. annual financial statements to its members through QR enabled code and weblink to its members subject to approval of shareholders in the Annual General Meeting. This facility will help all members, wherever they are located, to access the financial statements of the company, secondly it will also reduce unnecessary expenditure for making CDs etc. it was also noted that most new computers do not have CD Rom as well, which was causing problems for many members. Considering technological advancements and old technology becoming obsolete, the circulation of annual audited financial statements through CD/DVD/USB will be discontinued.
   The company will supply the hard copies of the annual audited financial statements to the shareholders on demand, free of cost, within one week of such demand. In this regard the company will place a standard request form on its website along with designated postal and email address of the company secretary/share registrar to whom such requests will be made. No directors have direct or indirect interest in the above said business other than as shareholders of the company.
6. Members are requested to notify any change in their registered address immediately.

Statements under section 134(3) of the Companies Act, 2017 are annexed to the notice of meeting

circulated to the members of the Company.

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HASEEB WAQAS SUGAR MILLS LIMITED

Chairman's Review

A Review Report by the Chairman on Board's overall performance and effectiveness of role played by the Board in achieving the Company's objectives u/s 192 of the Companies Act 2017.

As required under the Code of Corporate Governance, an annual evaluation of the Board of Directors (the "Board") of Haseeb Waqas Sugar Mills Limited (the "Company") is carried out. The purpose of this evaluation is to ensure that the Board's overall performance and effectiveness is measured and benchmarked against expectations in the context of objectives set for the Company. Areas where improvements are required are duly considered and action plans are framed.

I am pleased to present the Annual Review for the year ended 30 September 2023:

• The Board of Directors ("the Board") of Haseeb Waqas Sugar Mills Limited, has performed their duties diligently in upholding the best interest of shareholders' of the Company and has managed the affairs of the Company in an effective and efficient manner.
• The Board of Haseeb Waqas Sugar Mills Limited is highly professional and experienced people. They bring a vast experience including the independent director. All board members are well aware of their responsibilities and fulfilling these diligently.
• The Board has adequate representation of non-executive and independent directors on the Board and its committees as required under the Code and that members of the Board and its respective committees has adequate skill experience and knowledge to manage the affairs of the Company;
• The Board has ensured that the directors are provided with orientation courses to enable them to perform their duties in an effective manner. The Board unable arranged Directors Training Program for our Director Mr. Abdullah Ilyas and Miss Aqsa Riaz and the remaining directors meet the qualification and experience criteria of the Code.
• The Board has formed an Audit and Human Resource and Remuneration Committee and has approved their respective terms of references and has assigned adequate resources so that the committees perform their responsibilities diligently.

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• The Board has ensured that the meetings of the Board and that of its committee were held with the requisite quorum, all the decision making were taken through Board resolution and that the minutes of all the meetings (including committees) are appropriately recorded and maintained.
• The Board has actively participated in strategic planning process enterprise risk management system, policy development, and financial structure, monitoring and approval. All the significant issues throughout the year were presented before the Board or its committees to strengthen and formalize the corporate decision making process.
• All the significant issues throughout the year were presented before the Board or its committees to strengthen and formalize the corporate decision making process and particularly all the related party transactions executed by the Company were approved by the Board on the recommendation of the Audit Committee.
• The Board has ensured that the adequate system of internal control is in place and its regular assessment through self-assessment mechanism and /or internal audit activities.
• The Board has prepared and approved the director's report and has ensured that the director report is published with the quarterly and annual financial statement of the Company and the content of the director's report are in accordance with the requirement of applicable laws and regulation.
• The Board has exercised its powers in light of the power assigned to the Board in accordance with the relevant laws and regulation applicable on the Company and the Board has always prioritized the Compliance with all the applicable laws and regulation in terms of their conduct as directors and exercising their powers and decision making.
• The Board has ensured the hiring, evaluation and compensation of the Chief Executive and other key executives including Chief Financial Officer, Company Secretary, and Head of internal Audit.
• The Board has ensured that adequate information is shared among its members in a timely manner and the Board members are kept abreast of developments between meetings.

I would like to place on record with thanks and appreciation to my fellow directors, shareholders, management and staff for their continued support in very challenging operating conditions. I look forward for more future success for the Company.

Lahore	Raza Mustafa
08 January 2024	Chairman

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	ﮉﭩﯿﻤﻟ ﺰﻠﻣ ﺮﮔﻮﺷ صﺎﻗو ﺐ ﺴﺣ
			ەﺰﺋﺎﺟ ﺎ	ﻣ ﯿﭼ
ﮔ ﮐادا فﺮﻃ ڈرﻮﺑ ﻣ لﻮﺼﺣ ﺪﺻﺎﻘﻣ 192	ﭙﻤ ﺖﺤﺗ 2017 ﭧﮑ ا ﻨﭙﻤروا	دﺮﮐرﺎ	ﻮﻤﺠﻣ	ڈرﻮﺑ
	۔ٹرﻮ ر ەﺰﺋﺎﺟ	ﻣ ﯿﭼ	ﻣ رﺎ	رادﺮﮐ

("ڈرﻮﺑ") ز

ﮑ ﺋاڈ فآ ڈرﻮﺑ

("

ﭙﻤ") ﮉﭩﯿﻤﻟ ﺰﻠﻣ ﺮﮔﻮﺷ صﺎﻗو ﺐ ﺴﺣ ،

ترو

ﺖﺤﺗ

ﺲ ﻧرﻮﮔ ﭧ رﻮ رﺎ فآ ڈﻮﮐ ﮧﮐﺎﺴ ﺟ

رﺮﻘﻣ

ﻟ

ﭙﻤﻮﮐ

ﺛﺎﺗ روا

دﺮﮐرﺎ

ﻮﻤﺠﻣ

ڈرﻮﺑ ﮧﮐ

ﺎﻧﺎﻨﺑ

ﯿﻘ ﻮﮐ تﺎ سا ﺪﺼﻘﻣ ﺎ

ﺰﺠﺗ سا ۔

ﺎﺗﺎﺟ ﺎ ﻟ ەﺰﺋﺎﺟ ﮧﻧﻻﺎﺳ ﺎ

رﻮﻏ ﺐﺳﺎﻨﻣ ﺮﭘ نا

ترو

ی

ﮩﺑ ﻣ ںﻮﺒﻌﺷ ﻦﺟ ۔ ﺎﺟ ﺎ ﮐ کرﺎﻣ ﭻﻨ ﺑ روا ﺎ ﺎﻣ فﻼﺧ

تﺎﻌﻗﻮﺗ

ﻣ ﺮﻇﺎﻨﺗ

ﺪﺻﺎﻘﻣ ەدﺮﮐ

۔

ﺎﺗﺎﺟ ﺎ ﺎﻨﺑ نﻼ

ﻦﺸﮑ ا روا ﺎﺗﺎﺟ ﺎ ﮐ

ر ﻮ

ﻮﺧ ﻮ

ﺮﮐ ﺶ ﭘ ەﺰﺋﺎﺟ ﮧﻧﻻﺎﺳ ﺎ

لﺎﺳ او

ﻮ

ﻢﺘﺧ ﻮﮐ 2023

ﻤﺘﺳ 30

ﮭﺠﻣ:

-

ﻟ

ﮭﮐر راﺮﻗﺮﺑ ﻮﮐدﺎﻔﻣ ﻦ

ﮩﺑ

نﺎ ﺘﻓﺎ

ﺺﺼﺣ

ﭙﻤ

("ڈرﻮﺑ") ز ﮑ ﺋاڈ فآ ڈرﻮﺑ

ﮉﭩﯿﻤﻟ ﺰﻠﻣ ﺮﮔﻮﺷ صﺎﻗو ﺐ ﺴﺣ

۔

ﺎ ﻼﭼ

ﻣ زاﺪﻧا ﺮﺛﻮﻣ روا ﺮﺛﻮﻣ ﻮﮐ تﻼﻣﺎﻌﻣ

ﭙﻤروا

ﮨ

ﺎﮭﺒﻧ ںﺎ راد ﮧﻣذ ﭘا

ﺪﻨﺗ

- ﮧG ﺠﺗ ﻊﯿﺳو ﮏ ا ﺖ ﻤﺳ

ﮑ

ﺋاڈ دازآ ەو ۔

ﻞﻤﺘﺸﻣ ﺮﭘ داﺮﻓا رﺎ

ﮧ ﺠﺗ روا رو ﮧﺸ ﭘ

ﺎﮩﺘﻧا ڈرﻮﺑ ﺎ

ﮉﭩﯿﻤﻟ ﺰﻠﻣ ﺮﮔﻮﺷ صﺎﻗو ﺐ ﺴﺣ

۔

ﮨ

ر ﺮﮐارﻮﭘ

ﺪﻨﺗ ﻮﮐ نا روا

ﮨ ﻒﻗاو

ﻮﺨ

ںﻮ راد ﮧﻣذ

ﭘا نا

ﻤﻣ مﺎﻤﺗ

ڈرﻮﺑ ۔

ﮨ ﻻ

- بﻮﻠﻄﻣ ﺖﺤﺗ ﮧﻄ ﺎﺿ ﮧﮐﺎﺴ ﺟ

ﺪﻨﺋﺎﻤﻧ ﺐﺳﺎﻨﻣ

ز ﮑ

ﺋاڈ دازآ روا ﻮﭩﮑ

ﮕ ا

ﻏ

ﻣ ںﻮﯿ ﯿﻤ

سا روا ڈرﻮﺑ سﺎ

ڈرﻮﺑ

؛

ﻢﻠﻋ روا ﮧG ﺠﺗ ﺎ

ترﺎﮩﻣ

ﺎ

ﻟ

ﺮﮐ ﻢﻈﻨﻣ ﻮﮐ تﻼﻣﺎﻌﻣ

ﭙﻤ سﺎ

نا

ﻤﻣ

ںﻮﯿ ﯿﻤ ﮧﻘﻠﻌﺘﻣ

سا روا ڈرﻮﺑ روا

- مﺎﺠﻧا	ﻃ ﺮﺛﺆﻣ ﻮﮐ ﺾﺋاﺮﻓ	ﭘا ەو	ﮧ ﺎﺗ	ﺋﺎﺟ	ﮐ ﻢ اﺮﻓ	رﻮﮐ ﻦﺸ ﭩ روا ﻮﮐز ﮑ ﺋاڈ ﮧﮐ	ﺎ ﺎﻨﺑ
ﺎ ﮐ ﮩﻧ مﺎﻤﺘ	ا ﺎ ماﺮﮔوﺮﭘ ﯿ ﺗ	ز ﮑ	ﺋاڈ	ﻟ	ضﺎ ر ٰ	ﻗا ﺲﻣ روا سﺎ ﻟا ﷲﺪ9ﻋ	ﺴﻣ ﮑ	ﺋاڈ
					۔	ﮨ ﺮﺗا ارﻮﭘ ﺮﭘ رﺎ ﻌﻣ	ﺮﺠﺗ روا ﺖ ﻠﮨا

ﯿﻘ ﻮﮐ تﺎ	سا	ڈرﻮﺑ
رﺎﻤ ڈرﻮﺑ ۔	ﮑﺳ ےد
ﮧﻄ ﺎﺿ ز ﮑ	ﺋاڈ	ﺎ روا

- روا	ید یرﻮﻈﻨﻣ	ﻂﺋا	ﮧﻘﻠﻌﺘﻣ ﭘا	سا روا		ید ﻞ ﮑﺸq	ﯿﻤ	وﺎﻌﻣ روا ﻞﺋﺎﺳو ﺎﺴا روا ٹڈآ ﮏ ا	ڈرﻮﺑ
			۔ﮟﯾد مﺎﺠﻧا		ﺪﻨﺗ یرﻮﭘ ںﺎ راد ﮧﻣذ ﭘا ںﺎ ﯿﻤ ﮧ ﺎﺗ	ﮨ	ﮐ ﺾ ﻔﺗ ﻞﺋﺎﺳو ﺐﺳﺎﻨﻣ
- دادراﺮﻗ	ڈرﻮﺑ ﺼ ﻓ مﺎﻤﺗ ،	ﺋﻮ ﮫﺗﺎﺳ	مرﻮﮐ ﮧG ﻠﻄﻣ	ﮕﻨ ﯿﻣ	ﯿﻤ	سا روا ڈرﻮﺑ ﮧﮐ	ﺎ ﺎﻨﺑ	ﯿﻘ ﻮﮐ تﺎ	سا	ڈرﻮﺑ
	۔	ﺎ ﮔﺎﮭﮐر راﺮﻗﺮﺑ روا ڈرﺎ ر	ﻃ ﺐﺳﺎﻨﻣ ﻮﮐ ﺲJﻨﻣ	(ںﻮﯿ ﯿﻤ لﻮﻤﺸ ) ﺰﮕﻨ ﯿﻣ مﺎﻤﺗ روا	ﮔ ﮐ	رذ

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