COMPANY INFORMATION BOARD OF DIRECTORS
Mr. Raza Mustafa Chairman
Mr. Abdullah Ilyas Chief Executive/Director
Mian Waqas Riaz Director
Mian Abubakar Ijaz Director
Mrs. Yasmin Riaz Director
Mrs. Zainab Waqas Director
Mrs. Shahzadi Ilyas Director
Mrs. Zakia Ilyas Director
Mian Waqas Riaz (Chairman) REMUNERATION COMMITTEE
Mrs. Zakia Ilyas (Member) 1. Mian Waqas Riaz (Member)
Mrs. Yasmin Riaz (Member) 2. Mrs. Zainab Waqas (Member)
3. Mrs. Zakia Ilyas (Member)
COMPANY SECRETARY REGISTERED OFFICEMr. Ansar Ahmed FCA 6-F, Model Town, Lahore
Tel: 042-35917313 Tel: 042-35917321-23
Email: cs@hwgc.com.pk Fax: 042-35917317 Website: https://www.hwgc.com.pk
CHIEF FINANCIAL OFFICER AUDITORSSyed Mubashar Hussain Bukhari M/s Saeed Ul Hassan & Co. Tel: 042-35917321-3 Chartered Accountants
Email: mubashir_qadari@hwgc.com.pk 66-H Block, Gulberg-III, Lahore
REGISTRAR LEGAL ADVISORHameed Majeed Associates (Pvt.) Limited Muhammad Ahsan Khan
H.M. House, 7-Bank Square, Lahore (Advocate)
MILLS BANKERSMauza Jagmal, Tehsil Jattoi National Bank of Pakistan
District. Muzaffargarh Sindh Bank Limited The Bank of Punjab
DIRECTORS' REVIEW FOR THE NINE MONTHS ENDED 30 JUNE 2025 Dear MembersThe Directors of your Company take this opportunity to present the interim accounts for the 3rd quarter ended on 30 June 2025.
FINANCIAL RESULTSThe financial results of the company for the period under review are summarized as follows:
For the Nine Months ended 30 June | ||
2025 | 2024 | |
(Rupees in thousand) | ||
Net Sales | - | - |
Gross Profit / (Loss) | (211,732) | (254,096) |
Net Profit / (Loss) before tax Net Profit / (Loss) after tax Basic Earning | (222,013) (150,117) (4.63) | (266,502) (201,466) (6.22) |
During the period under review, the Company posted gross loss of Rs. 211,731,890 as compared to last period of Rs.254,095,879. Further, the company remains non-operational during the crushing season and resultantly has zero production and sales.
The management of the company is striving hard to arrange funds for the coming season. Hopefully we will be able to start the 2025-26 crushing season timely with full swing.
FUTURE OUTLOOK
Management of the company is hopeful of catching the crushing season 2025-26 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 Lahore (ABDULLAH ILYAS) 29 July 2025 Chief Executive
CONDENSED INTERIM BALANCE SHEET (UN-AUDITED)
CAPITAL AND LIABILITIES
Share Capital and Reserves
Authorized capital
AS AT JUNE 30, 2025
Note
Un-audited Audited
June 30, 2025 Sep 30, 2024
Rupees
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 | 1,283,018,319 | 1,258,445,119 | |
Capital Reserves | ||||
Surplus on Revaluation of Property, Plant | ||||
and equipments | 4,433,511,138 | 4,549,877,439 | ||
Accumulated loss | (5,663,486,080) | (5,629,735,684) | ||
377,043,377 | 502,586,874 | |||
Long term financing | 8 | - | - | |
Deferred liabilities | 147,727,972 | 147,727,972 | ||
Deferred taxation | 1,263,555,981 | 1,335,458,933 | ||
1,411,283,953 | 1,483,186,905 | |||
Current Liabilities | ||||
Trade and other payables | 807,878,128 | 796,322,771 | ||
Markup/ interest payables | 1,183,695,578 | 1,183,695,578 | ||
Short term borrowings | 10 | 752,066,113 | 752,088,315 | |
Unclaimed Dividend | 1,443,972 | 1,443,972 | ||
Current portion of non current liabilities | 11 | 1,367,187,642 | 1,367,187,642 | |
4,112,271,433 | 4,100,738,278 | |||
Contingencies and Commitments | 12 | - | - | |
5,900,598,763 | 6,086,512,057 | |||
ASSETS | ||||
Non Current Assets | ||||
Property, plant and equipment | 13 | 5,660,435,994 | 5,863,625,134 | |
Long term deposits | 112,470,000 | 112,470,000 | ||
5,772,905,994 | 5,976,095,134 | |||
Stores, spares and loose tools | 56,407,832 | 56,407,829 | ||
Stock in trade | 14 | - | - | |
Advances ,deposits,prepayments and other recievables | 59,947,564 | 45,376,209 | ||
Cash and bank balances | 11,337,373 | 8,632,885 | ||
127,692,768 | 110,416,923 | |||
5,900,598,762 | 6,086,512,057 |
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 FINACIAL OFFICER
CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED)
FOR THE 3RD QUARTER ENDED JUNE 30, 2025
Nine Months ended | Quarter ended | |||||||||
June 30, 2025 | June 30, 2024 | June 30, 2025 | June 30, 2024 | |||||||
Note | Rupees | Rupees | ||||||||
Sales - Net 15 | - | - | - | - | ||||||
Cost of goods sold 16 | (211,731,890) | (254,095,879) | (70,313,224) | (82,085,942) | ||||||
Gross (loss) | (211,731,890) | (254,095,879) | (70,313,224) | (82,085,942) | ||||||
Operating expenses: | ||||||||||
- Administrative and general | (10,281,894) | (12,405,843) | (3,871,338) | (1,333,268) | ||||||
(222,013,784) | (266,501,722) | (74,184,562) | (83,419,210) | |||||||
Other operating income | - | - | - | - | ||||||
(Loss) from operation | (222,013,784) | (266,501,722) | (74,184,562) | (83,419,210) | ||||||
Finance cost | (5,868) | (77,522) | (4,226) | (49,812) | ||||||
(Loss) before taxation | (222,019,652) | (266,579,244) | (74,188,788) | (83,469,022) | ||||||
Taxation | ||||||||||
Current | - | - | - | - | ||||||
Deferred | 71,902,955 | 65,113,456 | 36,944,605 | 105,724,879 | ||||||
71,902,955 | 65,113,456 | 36,944,605 | 105,724,879 | |||||||
(Loss) after taxation | (150,116,697) | (201,465,788) | (37,244,183) | 22,255,857 | ||||||
Loss per share - basic and diluted | (4.63) | (6.22) | (1.15) | 0.69 | ||||||
The annexed notes form an integral part of these condensed interim financial information. | ||||||||||
Abdullah Ilyas CHIEF EXECUTIVE | Raza Mustafa DIRECTOR | Syed Mubashir Hussain bukhari CHIEF FINACIAL OFFICER | ||||||||
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)
FOR THE 3RD QUARTER ENDED JUNE 30, 2025
Nine Months ended Quarter ended
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
Rupees Rupees
(Loss) after taxation (150,116,697) (201,465,788) (37,244,183) 22,255,857
Other comprehensive income for the period - - - -
Total comprehensive (loss) for the period (150,116,697) (201,465,788) (37,244,183) 22,255,857
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 FINACIAL OFFICER
CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)
FOR THE 3RD QUARTER ENDED JUNE 30, 2025
June 30, 2025 June 30, 2024
CASH FLOW FROM OPERATING ACTIVITIES | Rup | ees | |
(Loss)/profit before taxation | (222,019,652) | (266,579,244) | |
Adjustments for: | |||
- Depreciation | 203,189,140 | 214,445,344 | |
- Finance cost | 5,689 | 77,522 | |
203,194,829 | 214,522,866 | ||
Operating profit before working capital changes | (18,824,823) | (52,056,378) | |
(Increase) / decrease in current assets: | |||
- Stores, spares and loose tools | (3) | (1,546,529) | |
- Stock in trade | - | - | |
- Advances ,deposits,prepayments and other recievables | (14,571,355) | (23,391,558) | |
Increase / (decrease) in current liabilities: | |||
- Trade and other payables | 11,555,537 | (48,785,728) | |
(3,015,821) | (73,723,815) | ||
Cash generated /(used in) from operations (21,840,644) (125,780,193) Income tax paid / deducted - -
Gratuity paid - -
Finance cost paid (5,868) 30,487,089
Net cash generated from/(used in) operating activities | (21,846,512) | (95,293,104) | |
CASH FLOW FROM INVESTING ACTIVITIES | |||
Property, plant and equipment purchased | - | - | |
Gratuity Paid | - | 76,748 | |
Proceeds from Long Term Deposit Proceeds from sale of property, plant and equipment | - - | 20,000 - | |
Net cash (used in) investing activities | - | 96,748 | |
CASH FLOW FROM FINANCING ACTIVITIES | |||
Proceeds / (Repayment) from long term loans - Net Proceeds / (Repayment) from Directors/Sponsors- Net | - 24,573,200 | - 20,954,380 | |
Proceeds / (Repayment) from short term borrowings - Net | (22,200) | 78,559,314 | |
Net cash generated from financing activities | 24,551,000 | 99,513,694 | |
Net increase/(decrease) in cash and cash equivalents | 2,704,488 | 4,317,338 | |
Cash and cash equivalents at the beginning of the period | 8,632,885 | 1,971,835 | |
Cash and cash equivalents at the end of the period | 11,337,373 | 6,289,173 | |
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 FINACIAL OFFICER
HASEEB WAQAS SUGAR MILLS LIMITEDCONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)
FOR THE 3RD QUARTER ENDED JUNE 30, 2025
Issued, subscribed and | Loan from | Surplus on Revaluation of Propery, Plant | Accumulated | ||
paid-up | Directors | and quipment | profit / (Loss) | Total | |
R u p e e s | |||||
Balance as at September 30, 2023 | 324,000,000 | 1,225,190,739 | 4,713,414,891 | (5,496,427,007) | 766,178,623 |
Total comprehensive loss for the period | - | ||||
Net (loss) for the period Other comprehensive income | - - | - - | (201,465,788) - | (201,465,788) - | |
Total comprehensive income / (loss) for the period | - | - | (201,465,788) | (201,465,788) | |
Increase in Directors Loan during the period Surplus on revaluation of fixed assets transferred to retained earnings in respect of incremental depreciation | - | 56,085,000 - | (33,431,737) | -33,431,737 | 56,085,000 - |
Balance as at June 30, 2024 | 324,000,000 | 1,281,275,739 | 4,679,983,154 | (5,664,461,058) | 620,797,835 |
Total comprehensive loss for the period | |||||
Net (loss) for the period Other comprehensive income | - - | (95,380,341) - | (95,380,341) - | ||
Total comprehensive income / (loss) for the period | - | (95,380,341) | (95,380,341) | ||
Increase in director's loan during the year Revaluation Surplus arise during the year Surplus on revaluation of fixed assets transferred to | - | (22,830,620) | - | - | (22,830,620) - |
retained earnings in respect of incremental depreciation | - | (130,105,713) | 130,105,713 | - | |
Balance as at September 30, 2024 | 324,000,000 | 1,258,445,119 | 4,549,877,441 | (5,629,735,686) | 502,586,874 |
Total comprehensive loss for the period | |||||
Net loss for the period Other comprehensive income | - - | (150,116,697) - | (150,116,697) - | ||
Total comprehensive income / (loss) for the period | - | (150,116,697) | (150,116,697) | ||
Increase in director's loan during the period Surplus on revaluation of fixed assets transferred to retained earnings in respect of incremental depreciation | - - | 24,573,200 | (116,366,303) | - 116,366,303 | 24,573,200 - |
Balance as at June 30, 2025 | 324,000,000 | 1,283,018,319 | 4,433,511,138 | (5,663,486,080) | 377,043,377 |
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 FINACIAL OFFICER
HASEEB WAQAS SUGAR MILLS LIMITED
SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION
FOR THE 3RD QUARTER ENDED JUNE 30, 2025
STATUS AND ACTIVITIES
Haseeb Waqas Sugar Mills Limited ("the Company") was incorporated on 13 January 1992 as a Public Limited Company under the Companies Ordinance, 1984. The Company's registered office is situated at 6-F Model Town, Lahore. The mill is situated at Tehsil Jattoi Distt. Muzafargarh. The Company is listed on Pakistan Stock Exchange. The principal activity of the Company is manufacture and sale of refined sugar and its by-products.
STATEMENT OF COMPLIANCE
This condensed interim financial report of the company for the nine months period ended June 30, 2025 has been prepared in accordance with the requirements of the International Accounting Standard 34-Interim Financial Reporting and Provisions of and directives issued under the Companies Ordinance, 1984 (the Ordinance). In case where requirements differ, the provisions of or directives issued under the Ordinance have been followed.
This condensed interim financial report comprises of the condensed interim balance sheet as at June 30, 2025 and the condensed interim profit and loss account, condensed interim statement of changes in equity and the condensed interim cash flow statement for the nine months period then ended have not been audited. This condensed interim financial report also includes the condensed interim profit and loss account for the quarter ended June 30, 2024 were not audited.
The comparative condensed balance sheet, presented in this condensed interim financial report, as at June 30, 2025 has been extracted from the annual audited financial statements of the Company for the year ended September 30, 2023 whereas the comparative condensed interim profit and loss account, condensed interim statement of changes in equity and condensed interim cash flow statement for the nine months period ended June 30, 2024 were not audited..
BASIS OF MEASUREMENT
This condensed interim financial information has been prepared under the historical cost convention modified by adjustment of revaluation of certain assets. In this condensed interim financial information, except for the cash flow statement, all the transactions have been accounted for on accrual basis.
SIGNIFICANT ACCOUNTING POLICIES
The accounting policies and the methods for computation adopted for the preparation of this condensed interim financial information is the same as those applied in preparation of the financial statements for the year ended September 30, 2024.
GOING CONCERN ASSUMPTION
During the period under review, the Company posted gross loss of Rs. 211.7 million as compared to last year's Rs. 254.1 million. Further, the Company remains non operational during the crushing season and resultantly have Zero produstion and Sales during the period.
OPERATIONAL MEASURES
In view of above issues Company has taken following mitigating steps:
Shifting of mill to Alipur Jatoi, Muzaffargarh done where sugar cane availability and sugar recovery are better.
BMR done and we will see impact of this BMR in the financials of coming season.
The management foresees positive cash flow from future operations in expectation of better availability of sugar cane and sugar prices in coming season, since sugar dynamics are good and rising.
The projected financial statements prepared by the management to support its going concern assessment is based on following assumptions.
PROJECTED
2026
2027
2028
Sugar cane crushing M.T
800,000
800,000
800,000
Sugar cane rate
425
450
450
Sugar price per Kg
180
190
190
However, it is believed that considering the mitigating factors set out in the preceding paragraphs, the going concern assumption is appropriate and has, as such, prepared these financial statements on a going concern basis.
ISSUED, SUBSCRIBED AND PAID UP CAPITAL
Note June 30, 2025 Sept. 30, 2024
Rupees
27,000,000 (Sept. 2021: 27,000,000) shares issued for cash. 270,000,000 270,000,000
5,400,000 (Sept. 2021: 5,400,000) shares issued as fully paid bonus shares. 54,000,000 54,000,000
324,000,000 324,000,000
There is no movement in ordinary share capital of the Company during period.
LOAN FROM DIRECTORS #REF! 1,130,821,739
This loan has been obtained from Sponsors of the Company, and is interest free. There is no fixed tenor or schedule for repayment of this loan.According to the loan agreement, the lenders shall not demand repayment and the same is entirely at the Company's option. Further, this loan is subordinated to National Bank of Pakistan, The Bank of Punjab, Sindh Bank Ltd and Silk Bank Ltd.
These loans are accounted for under Technical Release - 32 "Accounting Directors' Loan" issued by the Institute of Chartered Accountants of Pakistan effective for the financial statements for the period beginning on or after January 01, 2016 with earlier application permitted.
Loan from banking companies and other financial
institutions-secured
-
-
National Bank of Pakistan
- Demand Finance I
8.1
220,000,000
220,000,000
- Demand Finance II
8.2
160,000,000
160,000,000
Sindh Bank Ltd
- Demand Finance
8.3
500,000,000
500,000,000
Silk Bank Ltd
- Demand Finance
8.4
390,000,000
390,000,000
PAIR Investment Company Limited
- Demand Finance
8.5
70,000,000
70,000,000
1,340,000,000
1,340,000,000
Less: current portion shown under current liabilities
- NBP - Demand Finance - I
(220,000,000)
(220,000,000)
- NBP - Demand Finance - II
(160,000,000)
(160,000,000)
- Sindh Bank - Demand Finance
(500,000,000)
(500,000,000)
SIlk Bank - Demand Finance
(390,000,000)
(390,000,000)
- Demand Finance - PAIR
(70,000,000)
(70,000,000)
Balance
(1,340,000,000)
-
(1,340,000,000)
-
Demand Finance I - NBP
Opening balance 220,000,000 220,000,000
Loan obtained during the period / year - -
220,000,000 220,000,000
Less: payment made during the period / year - -
220,000,000 220,000,000
This finance has been obtained from National Bank of Pakistan The finance is secured by 1st PP charge of Rs. 293.334 million on fixed assets of the Company and personal guarantees of sponsoring directors of the Company. It carries markup 3 months KIBOR +2.5% per annum. This loan is payable in ten bi-annual instalments.
Demand Finance II - NBP
Opening balance 160,000,000 160,000,000
Loan obtained during the period / year - -
160,000,000 160,000,000
Less: payment made during the period / year - -
160,000,000 160,000,000
This finance has been obtained from National Bank of Pakistan The finance is secured by 1st PP charge of Rs. 213.334 million on fixed assets of the Company and personal guarantees of sponsoring directors of the Company. It carries markup 3 months KIBOR +2.5% per annum. This loan is payable in twelve equall quarterly instalments.
Demand Finance - Sindh Bank
Opening balance 500,000,000 500,000,000
Loan obtained during the period / year - -
500,000,000 500,000,000
Less: payment made during the period / year - -
500,000,000 500,000,000
This finance has been obtained from Sindh Bank Limited under demand finance arrangement. The finance is secured by ranking charge over all present and future fixed assets of the Company and personal guarantees of directors of the Company. It carries markup 3 months KIBOR +5% per annum. This loan is payable in twelve quarterly instalments.
Demand Finance - Silk Bank Ltd
Opening balance 390,000,000 390,000,000
Loan obtained during the period / year - -
390,000,000 390,000,000
Less: payment made during the period / year - -
390,000,000 390,000,000
Demand Finance - PAIR
Opening balance
70,000,000
70,000,000
Less: payment made during the period / year
-
-
70,000,000
70,000,000
This finance has been obtained from PAIR Investment Company Limited. The finance is secured by parri passsu charges over the present and future fixed assets of the Company, with a margin of 33% above the financing amount. Parri passu charge by way of creation of mortgage over the land and building of the Company and personal guarantees of directors of the Company. It carries markup 3 months KIBOR +350 bps per annum. This loan is payable in eighteen equal monthly installments.
MARKUP PAYABLE
As the bamls are in litigation and the Management decided not to Charge Markup for the quarter and cost of funds will be charged as per deceion of Cort
10 SHORT TERM BORROWINGS | |||
Loan from related parties | 752,066,112 | 752,088,314 | |
752,066,112 | 752,088,314 | ||
11 CURRENT PORTION OF NON CURRENT LIABILITIES | |||
Long term finances | 1,340,000,000 | 1,340,000,000 | |
Liabilities against assets subject to finance lease | 271,487,642 | 27,187,642 | |
1,611,487,642 | 1,367,187,642 | ||
12 CONTINGENCIES AND COMMITMENTS | |||
The collector of Sales Tax And Central Excise (Adjudication) Lahore has issued a show cause notice to the Company for the further tax amounting to Rs. 47 million upto the tax period September 2002 on the grounds that it charged sales tax at the rate of 15 % on its sales to persons liable to be registered.
The Federal Board of Revenue has blacklisted the Sales Tax status of the Company on 8th March 2018 due to non compliance of the Sales Tax Act, 1990 and the rules made thereunder including not discharging of sales tax liability amounting to Rs. 209 million. However, the Company will further proceed to restate the sales tax status after starting of crushing season as mentioned in Note # 05
Company has made defaults in repayment of installment of long term loans form financial institutions and bank. As a result, company's name has been included in CIB report of State Bank of Pakistan. The detail of the cases are as:
Sr, #`
Name of the
Court
Date
Initiated
Principal Parties
Description of factual basis of the
proceedings
Relief
sought
1
Lahore High court
03-May-17
Sindh Bank Limited
Default in repayment of Principal amount of long
term loans along with markup
Rescheduling
of loan
2
Lahore High court
22-Sep-16
National Bank of
Pakistan
Default in repayment of Principal amount of long
term loans along with markup
Rescheduling
of loan
3
Banking courts
31-Mar-17
First National Bank
Modarba
Default in repayment of Principal amount of long
term loans along with markup
Rescheduling
of loan
4
Banking courts
20-Apr-18
PAIR Investment
Company Limited
Default in repayment of Principal amount of long
term loans along with markup
Rescheduling
of loan
Our review petition (regarding shifting of mill to Alipur Jatoi) dismissed by Supreme Court and management considering alternate options available including but not limited to application to Ministry of Industries and Planning under Section 3 of the Punjab Industries (Control on Establishment and Enlargement) Ordinance, 1963.
However if management opt to restore and restitute the position by dismantling & removing the said mills from the present location than cost may be borne by the company..
Sr . #
1 r i gh
2
3
4 i
5
13 PROPERTY, PLANT AND EQUIPMENT | |||
Opening written down value | 5,863,625,134 | 6,152,109,232 | |
Addition / (Deletion) during the period Revaluation of Assets during the period | - - | - - | |
5,863,625,134 | 6,152,109,232 | ||
Depreciation for the period / year | (203,189,140) | (288,484,098) | |
5,660,435,994 | 5,863,625,134 | ||
14 STOCK IN TRADE | |||
Work in process | |||
Sugar By products stock | - - | - - | |
- | - | ||
Nine Months ended Quarter ended
June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024
15 SALES - NET | Rupees | Rupees | ||
- Sugar | - | - | - | - |
- Molasses | - | - | - | - |
- Mud | - | - | - | - |
- | - | - | - | |
Less: Sales tax and excise duty | - | - | - | - |
- | - | - | - | |
16 COST OF GOODS SOLD | ||||
Raw materials consumed | - | - | - | - |
Stores and spares consumed | 100,830 | 1,020,360 | (1,446,921) | 168,714 |
Salaries, wages and other benefits | 7,469,682 | 3,775,639 | 1,989,035 | 1,667,864 |
Repair and maintenance | 3,429,744 | - | 2,534,667 | (14,333) |
Depreciation | 200,731,634 | 112,014,489 | 134,484,217 | 26,150,564 |
Others | - | 5,000 | - | (53,564) |
211,731,890 | 116,815,488 | 137,560,998 | 27,919,245 | |
Opening work in process | - | - | - | - |
Closing work in process | - | - | - | - |
- | - | - | - | |
Cost of goods manufactured | 211,731,890 | 116,815,488 | 137,560,998 | 27,919,245 |
Opening finished goods | - | - | - | - |
Closing finished goods | - | - | - | - |
- | - | - | - | |
211,731,890 | 116,815,488 | 137,560,998 | 27,919,245 | |
17 RELATED PARTY TRANSACTIONS |
Related parties comprise holding company, subsidiaries and associated undertakings, other related group companies, key management personnel including Chief executive, Directors and Executives and Post employment benefit plans. The Company in the normal course of business carries out transactions with various related parties. Details of related party transactions and balances are as follows:
Details of related party transactions other than those with key management personnel
The Company during the period / year entered into following transactions with related parties other than key management personnel:
Transactions with Associates
June 30, 2023 Sep 30, 2024
Rupees
Sale of molasses - -
(Repayment) / Obtain of Laon to/from
Abdullah Sugar Mills Ltd
22,200
79,010,162
Sponsors and Directors
24,573,200
23,254,380
Payments against balances due to related parties were made partially in cash and partially by paying for expenses on behalf of related parties and vice versa.
As per common practice in the sugar industry in Pakistan, the Company also purchased sugar cane from persons associated, directly and indirectly, with management personnel of the Company. These purchases were made in accordance with the cane procurement practice in the sugar industry. It is not practicable to determine the related amounts.
June 30, 2025 Sep 30, 2024
Rupees
17.2 | Details of related party balances are as follows: | ||
Due to: Abdullah Sugar Mills Limited | 749,862,048 | 749,884,251 | |
Haseeb Waqas Trading (Pvt.) Limited | 2,204,064 | 2,204,064 | |
Loan from / (to) Directors and Sponsors | 1,283,018,319 | 1,258,415,119 | |
AUTHORIZATION FOR ISSUE
This condensed interim financial informtion has been authorized for issue by the Board of Directors of the Company on July 31, 2023.
GENERAL
Comparative figures have been rearranged / reclassified, wherever necessary, to facilitate comparison.
Figures have been rounded off to the nearest of Pakistani rupees.
Abdullah Ilyas | Raza Mustafa | Syed Mubashir Hussain bukhari |
CHIEF EXECUTIVE | DIRECTOR | CHIEF FINACIAL OFFICER |