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. | 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 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 |
DIRECTORS' REVIEW
FOR THE HALF YEAR ENDED 31 MARCH 2024
Dear Members
On behalf of the Board of Directors, it is my privilege to present you the Half Yearly condensed financial statements duly reviewed by the statutory auditors and their report is attached to the financial statements.
FINANCIAL RESULTS
The financial results of the company for the period under review are summarized as follows:
For the half year ended | ||
31 March | ||
2024 | 2023 | |
(Rupees) | ||
Net Sales | - | - |
Gross Profit / (Loss) | (172,009,937) | (74,170,892) |
Net Profit / (Loss) before tax | (183,110,222) | (207,235,518) |
Net Profit / (Loss) after tax | (223,721,645) | (199,783,412) |
Basic Earning | (06.90) | (06.17) |
During the period under review, the Company posted gross loss of Rs.172,009,937 as compared to last periods of Rs.74,170,892. Further, the company remains non-operational during the crushing season and resultantly has zero production and sales during the period.
The management of the company is striving hard to arrange funds for the coming season. Hopefully we will be able to start the 2024-25 crushing season timely with full swing.
Moreover, the management of the company has already started negotiating with the financial institutions for Rescheduling & Restructuring of outstanding liabilities and with FBR as well, hopefully would be finalized before start of season.
FUTURE OUTLOOK
Management of the company is hopeful of catching the crushing season 2024-25 and optimistic of doing the crushing at its maximum level.
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
Place: Lahore: | (ABDULLAH ILYAS) |
Dated: 30 May 2024 | Chief Executive |
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HASEEB WAQAS SUGAR MILLS LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31, 2024 | Un-audited | Audited | |||
March 31, 2024 | Sep 30, 2023 | ||||
EQUITY AND LIABILITIES | Note | Rupees | |||
Share Capital and Reserves | |||||
Authorized capital | |||||
35,000,000 (Sept. 30, 2022: 35,000,000) ordinary | |||||
shares of Rs. 10 each | 350,000,000 | 350,000,000 | |||
Issued, subscribed and paid up capital | 6 | 324,000,000 | 324,000,000 | ||
Loan from Directors | 7 | 1,232,425,119 | 1,225,190,739 | ||
Surplus on Revaluation of Property, | |||||
Plant and Equipment | 4,630,147,946 | 4,713,414,891 | |||
Accumulated loss | (5,636,881,707) | (5,496,427,007) | |||
549,691,359 | 766,178,623 |
Non Current Liabilities
Long term financing | 8 |
Deferred liabilities | |
Deferred taxation | |
Current Liabilities | |
Trade and other payables | |
Markup/ interest payables | |
Short term borrowings | 9 |
Unclaimed dividend | |
Current portion of non current liabilities | 10 |
Contingencies and Commitments | 11 |
ASSETS | |
Non Current Assets | |
Property, plant and equipment | 12 |
Long term deposits | |
Current Assets | |
Stores, spares and loose tools | |
Stock in trade | 13 |
Advances, deposits, prepayments and other recievables | |
Cash and bank balances |
-
17,727,974
1,449,676,949
1,467,404,923
826,457,790
1,183,695,578
751,891,594
1,443,972
1,367,187,642
4,130,676,575
-
6,147,772,857
6,009,145,668
490,000
6,009,635,668
62,856,765
-
73,894,795
1,385,629
138,137,189
6,147,772,857
-
17,727,972
1,409,065,523
1,426,793,495
841,461,866
1,183,695,578
673,246,932
1,443,972
1,367,187,642
4,067,035,990
-
6,260,008,108
6,152,109,232
490,000
6,152,599,232
61,310,234
-
44,126,807
1,971,835
107,408,876
6,260,008,108
The annexed notes form an integral part of these condensed interim financial information
ABDULLAH ILYAS | RAZA MUSTAFA | SYED MUBASHIR HUSSAIN BUKHARI | ||
CHIEF EXECUTIVE | DIRECTOR | CHIEF FINANCIAL OFFICER |
HASEEB WAQAS SUGAR MILLS LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED)
FOR THE HALF YEAR AND 2ND QUARTER ENDED MARCH 31, 2024
Note |
Half year ended
March 31, 2024 | March 31, 2023 |
Rupees
Quarter ended
March 31, 2024 | March 31, 2023 |
Rupees
Sales - Net | 14 |
Cost of goods sold | 15 |
Gross (loss) | |
Operating expenses: | |
- Administrative and general | |
Other operating income | 16 |
(Loss/Profit) from operation
Finance cost
(Loss/Profit) before taxation
Taxation
Current
Deferred
-
(172,009,937)
(172,009,937)
(11,072,575)
(183,082,512)
-
(183,082,512)
(27,710)
(183,110,222)
-
(40,611,423)
(40,611,423)
-
(74,170,892)
(74,170,892)
(8,182,971)
(82,353,863)
-
(82,353,863)
(124,881,655)
(207,235,518)
-
7,452,106
7,452,106
-
(136,454,309)
(136,454,309)
(8,265,904)
(144,720,213)
-
(144,720,213)
41,917,802
(102,802,411)
-
(47,928,450)
(47,928,450)
-
(38,615,264)
(38,615,264)
(5,376,300)
(43,991,564)
-
(43,991,564)
(82,936,143)
(126,927,707)
-
135,079
135,079
(Loss/Profit) after taxation | (223,721,645) | (199,783,412) | (150,730,861) | (126,792,628) | |||
Loss/Profit per share - basic and diluted | (6.90) | (6.17) | (4.65) | (3.91) | |||
The annexed notes form an integral part of these condensed interim financial information.
ABDULLAH ILYAS | RAZA MUSTAFA | SYED MUBASHIR HUSSAIN BUKHARI | ||
CHIEF EXECUTIVE | DIRECTOR | CHIEF FINANCIAL OFFICER |
HASEEB WAQAS SUGAR MILLS LIMITED
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)
FOR THE HALF YEAR AND 2ND QUARTER ENDED MARCH 31, 2024
Half year ended | Quarter ended | ||||||
March 31, 2024 | March 31, 2023 | March 31, 2024 | March 31, 2023 | ||||
Rupees | Rupees | ||||||
(Loss/Profit) after taxation | (223,721,645) | (199,783,412) | (150,730,861) | (126,792,628) | |||
Other comprehensive income for the period | - | - | - | - | |||
Total comprehensive (loss) for the period | |||||||
(223,721,645) | (199,783,412) | (150,730,861) | (126,792,628) | ||||
The annexed notes form an integral part of these condensed interim financial information
ABDULLAH ILYAS | RAZA MUSTAFA | SYED MUBASHIR HUSSAIN BUKHARI | ||
CHIEF EXECUTIVE | DIRECTOR | CHIEF FINANCIAL OFFICER |
HASEEB WAQAS SUGAR MILLS LIMITED
CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)
FOR THE HALF YEAR ENDED MARCH 31, 2024
CASH FLOW FROM OPERATING ACTIVITIES
March 31, 2024 | September 30, 2023 |
Rupees
(Loss)/profit before taxation
Adjustments for:
- Depreciation
- Finance cost
Operating profit before working capital changes
(Increase) / decrease in current assets:
- Stores, spares and loose tools
- Stock in trade
- Advances, deposits, prepayments and other recievables Increase / (decrease) in current liabilities:
- Trade and other payables
Cash generated /(used in) from operations
Income tax paid / deducted
Gratuity paid
Finance cost paid
Net cash generated from/(used in) operating activities
CASH FLOW FROM INVESTING ACTIVITIES
Property, plant and equipment purchased Long term deposits
Proceeds from sale of property, plant and equipment
Net cash (used in) investing activities
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds / (Repayment) from long term loans - Net Proceeds / (Repayment) from Directors/Sponsors- Net
Proceeds / (Repayment) of related parties
Net cash generated from financing activities
(183,110,222)
142,963,564
27,710
142,991,274
(40,118,948)
(1,546,531)
-
(29,767,988)
(15,004,076)
(46,318,594)
(86,437,542)
(23,819)
(3,886)
-
(86,465,247)
-
-
-
-
-
7,234,380
78,644,662
85,879,042
(477,935,797)
206,819,510
125,224,606
332,044,116
(145,891,681)
(5,417,440)
-
357,678
40,578,812
35,519,050
(110,372,631)
(960,064)
-
(346,840)
(111,679,535)
-
-
-
-
-
94,369,000
16,847,046
111,216,046
Net increase/(decrease) in cash and cash equivalents | (586,206) | (463,489) | |
Cash and cash equivalents at the beginning of the period | 1,971,835 | 2,435,324 | |
Cash and cash equivalents at the end of the period | |||
1,385,629 | 1,971,835 | ||
The annexed notes form an integral part of these condensed interim financial information.
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 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 31 May 2024 04:36:02 UTC.