Haseeb Waqas Sugar Mills : Transmission of Quarterly Report for the period ended 30-06-2022

Company Information

Board of Directors
1.	Mr. Raza Mustafa	Chairman
2.	Mian Haseeb 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 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

1

DIRECTORS' REVIEW

FOR THE NINE MONTHS ENDED 30 JUNE 2022

Dear Members

The Directors of your Company take this opportunity to present the interim accounts for the period of nine months ended on 30 June 2022.

FINANCIAL RESULTS

The financial results of the company for the period under review are summarized as follows:

	For the Nine Months ended 30 June
	2022	2021
	(Rupees in thousand)
Net Sales	-	-
Gross Profit / (Loss)	(110,362)	(116,816)
Net Profit / (Loss) before tax	(107,558)	(252,433)
Net Profit / (Loss) after tax	(73,625)	(210,841)
Basic Earning	(2.27)	(6.51)

As per order of Supreme Court of Pakistan, we could not operate mills hence incurred losses.

FUTURE OUTLOOK

The Management of the company moved an application to Ministry of Industries, under section 3 of the Punjab Industries (Control & Enlargement) Ordinance, 1963. The application has been turned down by the Ministry of Industries.

However, in the similar case Ittefaq Sugar Mills Limited v/s Province of Punjab, Lahore High Court, allowed setting up the mills under section 3 of the Punjab industries (Control & Enlargement) Ordinance, 1963 and against this order, Government of Punjab filed CPLA in August Supreme Court of Pakistan.

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	(MIAN HASEEB ILYAS)
30 July 2022	Chief Executive

CONDENSED INTERIM BALANCE SHEET (UN-AUDITED)

AS AT JUNE 30, 2022

		Un-audited	Audited
		June 30, 2022	Sep 30, 2021
CAPITAL AND LIABILITIES	Note
Rupees
Share Capital and Reserves
Authorized capital
35,000,000 (Sep. 2021 : 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	1,127,335,139			841,942,639
Capital Reserves
Surplus on Revaluation of Property, Plant
and equipments		1,276,452,823			1,323,260,805
Revenue Reserves
Accumulated loss		(4,109,491,005)			(4,082,674,095)
		(1,381,703,043)			(1,593,470,651)

Non Current Liabilities

Long term financing	0	-
Deferred liabilities		17,804,720
Deferred taxation		511,050,243
		528,854,963
Current Liabilities
Trade and other payables
	784,779,312
Markup/ interest payables		1,030,562,343
Short term borrowings	9	656,399,886
Unclaimed Dividend		1,443,972
Current portion of non current liabilities	10	1,367,187,642
		3,840,373,154
Contingencies and Commitments	11	-
		2,987,525,075
ASSETS
Non Current Assets
Property, plant and equipment	12	2,867,159,268
Long term deposits		490,000
		2,867,649,268
Current Assets
Stores, spares and loose tools
	55,892,796
Stock in trade	13	-
Advances ,deposits,prepayments and other recievables		62,092,801
Cash and bank balances		1,890,210
		119,875,807
		2,987,525,075

The annexed notes form an integral part of these condensed interim financial information

-

17,782,639

546,697,573

564,480,212

791,525,787

1,011,317,540

656,462,763

1,443,972

1,652,187,642

4,112,937,704

-

3,083,947,265

2,976,625,434

490,000

2,977,115,434

55,892,796

-

49,209,513

1,729,522

106,831,831

3,083,947,265

Mian Haseeb Ilyas	Raza Mustafa	Syed Mubashir Hussain bukhari
CHIEF EXECUTIVE	DIRECTOR	CHIEF FINACIAL OFFICER

CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)

FOR THE 3RD QUARTER ENDED JUNE 30, 2022

		Nine Months ended				Quarter ended
		June 30, 2022				June 30, 2021				June 30, 2022		June 30, 2021
	Note
	Rupees						Rupees
Sales - Net	14	-	-	-	-
Cost of goods sold	15	(110,361,262)	(116,815,488)	(36,754,530)	(39,488,400)
Gross (loss)		(110,361,262)	(116,815,488)	(36,754,530)	(39,488,400)
Operating expenses:
- Administrative and general		(8,514,437)	(8,673,762)	(2,837,851)	(2,846,856)
		(118,875,699)	(125,489,250)	(39,592,381)	(42,335,256)
Other operating income		137,188,002	-	-	-
(Loss) from operation		18,312,304	(125,489,250)	(39,592,381)	(42,335,256)
Finance cost		(125,869,678)	(126,942,787)	(45,819,691)	(40,930,744)
(Loss) before taxation
	(107,557,375)	(252,432,037)	(85,412,072)	(83,266,000)
Taxation
Current
	(1,714,850)		-		-	-
Deferred		35,647,333			41,591,164			6,673,180		26,752,217
		33,932,483	41,591,164	6,673,180	26,752,217
(Loss) after taxation		(73,624,892)	(210,840,873)	(78,738,892)	(56,513,783)
Loss per share - basic and diluted	(2.27)	(6.51)	(2.43)	(1.74)

The annexed notes form an integral part of these condensed interim financial information.

Mian Haseeb Ilyas	Raza Mustafa	Syed Mubashir Hussain bukhari
CHIEF EXECUTIVE	D DIRECTOR	CHIEF FINACIAL OFFICER