Transmission of Annual Financial Statements for the Year Ended 2025-09-30

ANNUAL

REPORT

2025

TARIQ CORPORATION LIMITED

TABLE OF CONTENTS

58 YEARS

COMPANY OVERVIEW 02

CORE VALUES 03

COMPANY INFORMATION 04

CODE OF CONDUCT FOR DIRECTORS 05

CODE OF CONDUCT FOR EMPLOYEES 07

BUSINESS CONTINUITY PLAN 10

COMPANY PROFILE 11

DIRECTORS' PROFILE 13

MANAGEMENT 15

ORGANOGRAM 16

NOTICE OF ANNUAL GENERAL MEETING 17

KEY OPERATING AND FINANCIAL DATA 22

REPORT OF THE BOARD AUDIT COMMITTEE 23

ROLES AND RESPONSIBILITIES 24

CHAIRMAN'S REVIEW DIRECTORS' REPORT (ENGLISH) CORPORATE CALENDAR STATEMENT OF COMPLIANCE

26

28 TARIQ CORPORATION LIMITED (THE COMPANY) WAS INCORPORATED ON FEBRUARY 14, 1966 IN KARACHI AND RECEIVED

1. ITS CERTIFICATE FOR COMMENCEMENT OF BUSINESS ON APRIL 16,

   1966. THE COMPANY IS LISTED ON THE PAKISTAN STOCK EXCHANGE

2. AND HAS RECEIVED THE AWARD FOR TOP 25 COMPANIES OF PAKISTAN TWICE IN ITS HISTORY. THE COMPANY COMMENCED

   PATTERN OF SHAREHOLDING 42

   TRIAL PRODUCTION ON JANUARY 22, 1968 AND WENT INTO

   INDEPENDENT AUDITOR'S REVIEW REPORT INDEPENDENT AUDITOR'S REPORT FINANCIAL STATEMENTS

   NOTES OF FINANCIAL STATEMENTS DIRECTORS' REPORT (URDU) PROXY FORM (ENGLISH)

   PROXY FORM (URDU)

   46

   47

   51

   57

   112

   113

   114

   COMMERCIAL PRODUCTION ON FEBRUARY 14, 1968, MAKING IT ONE OF THE PIONEERS OF PAKISTAN'S SUGAR SECTOR. GIVEN THE RICH HISTORY OF THE COMPANY, WHICH IS NOW IN ITS THIRD GENERATION, IT ENJOYS CORDIAL AND FAMILIAL RELATIONS WITH THE SUGARCANE GROWERS OF THE AREA.

   THE CURRENT SPONSORS TOOK OVER MANAGEMENT IN 2015 AND TRANSFORMED THE COMPANY TO ITS CURRENT IDENTITY THROUGH A CONTINUED PROCESS OF BMR. THE EXISTING SUGAR MANUFACTURING PROCESS IS BASED ON DEFECATION REMELT SULPHITATION THAT WAS CHANGED IN 1986-87 FROM OUT-FASHIONED DOUBLE CARBONATION DOUBLE SULPHITATION PROCESS.

   ANNUAL REPORT 2025 1

   VISION

   COMPANY OVERVIEW

   To be a leading producer of sugar and its by-products by delivering the highest quality of products of the highest international standards to our customers at the lowest possible cost. To maximize the wealth of our shareholders by increasing equity and earnings in real terms. To strive for excellence through integrity, unrelenting efforts, and by synergizing the integral components of the company. To achieve sustainable growth and development by anticipating the expectations of our customers, predicting market trends, and through constant and fluid innovation. To provide a safe, hygienic, challenging, and non-discriminatory workplace environment to our employees. To contribute to the socia0l a1 nd economic development of our community.

   02

   MISSION

   Our mission is to be a dynamic, profitable, and growth oriented company by working with all relevant stakeholders to maximize the returns on the investments of our shareholders and investors through the production and sale of the highest quality of products at the lowest possible costs in a secure and harmonious environment. To conduct business with the philosophy of "business for better life, respect for human dignity, and intelligent investment for a prosperous future."

   
   
   

   CORE VALUES

   Our core values are at the heart of our business - they define who we are, how we work, what we believe in, what we stand for, how we act and how we expect to be treated as part of Tariq Corporation Limited.

   Integrity

   Consistently doing the right thing

   Ownership

   Acting with stewardship

   
   
   

   Being ethically unyielding and honest in the way we conduct business.

   Building a better, stronger and more dynamic organization

   Customer Focus

   Leveraging relationships for outperformance

   Delivering value through responsiveness to internal and external customers.

   Continuous Improvement

   Continuous Improvement gives us competitive advantage

   Fostering collaboration, innovation and, creativity as individuals and as teams.

   Community Care
   
   

   Social responsibility is at the heart of our business

   Facilitating social equity in communities where we operate.

   COMPANY INFORMATION

   DIRECTORS

   Ahmed Ali Tariq Mustafa Ali Tariq

   Azher Fazal Muhammad Anwar Fouzia Abbas

   Muhammad Imran Khan Raza Elahi

   Chairman

   Chief Executive Officer Executive Director

   Non-Executive Director Independent Director Independent Director Independent Director

   EXTERNAL AUDITORS

   Kreston Hyder Bhimji & Co

   Chartered Accountants

   SHARE REGISTRAR CDC Share Registrar Services Limited CHIEF OPERATING & FINANCIAL OFFICER

   Rizwan Sohail, FCA

   COMPANY SECRETARY

   Khalid Mahmood

   HEAD OF INTERNAL AUDIT

   Zahid Mahmood

   AUDIT COMMITTEE CDC KARACHI OFFICE

   CDC House, 99 - B, Block 'B',

   S.M.C.H.S., Main Shahra-e-Faisal Karachi-74400.

   
   
   

   Tel: Customer Support Services (Toll Free) 0800-CDCPL (23275) Fax: (92-21) 34326053

   Email: info@cdcsrsl.com

   Website: https://www.cdcsrsl.com

   Mezzanine Floor,

   South Tower, LSE Plaza,

   Khayaban-E-Aiwan-E-Iqbal, Lahore Tel: (92-42)- 36362061-66

   
   
   CDC LAHORE OFFICE

   Chairman Member

   Muhammad Imran Khan Fouzia Abbas

   Member Muhammad Anwar

   HUMAN RESOURCE & REMUNERATION COMMITTEE CDC ISLAMABAD OFFICE

   Chairman Member Member

   Muhammad Imran Khan Mustafa Ali Tariq Muhammad Anwar

   Room # 410,4th Floor, ISE Towers, 55-B, Jinnah Avenue,

   Blue Area, Islamabad. Tel. (92-51) 2895456-9

   
   
   LEGAL ADVISORS RISK MANAGEMENT COMMITTEE

   Saad Rasool Law Associates

   Chairman Member Member

   Mustafa Ali Tariq Ahmad Ali Tariq

   Muhammad Imran Khan

   Siddiqui Bari Kasuri & Company

   COST AUDITORS

   Fazal Mahmood & Co Chartered Accountants

   BANKERS OF THE COMPANY SHARIAH COMPLIANT

   Bankislami Pakistan Limited Faysal Bank Limited Meezan Bank Limited

   OLP Modaraba

   CONVENTIONAL

   Allied Bank Limited Bank Alfalah Limited Bank of Khyber

   First Credit and Investment Bank Limited National Bank of Pakistan

   The Bank of Punjab

   MILLS

   Lahore Road, Jaranwala Ph:(92-41)-4312499

   
   
   REGISTERED / HEAD OFFICE
   
   
   

   28-C, Block E-1, Gulberg-III, Lahore Ph: (92-42) -111-111-476

   Fax:(92-42) -35712680

   Email: info@tariqcorp.com

   WEBSITE INFORMATION

   https://www.tariqcorp.com

   
   
   PSX SYMBOL

   TCORP

   
   
   

   It is a fundamental policy of the Company to conduct its business with honesty, integrity and in accordance with the highest professional, ethical, and legal standards. The Company has adopted a comprehensive Code of Conduct (Code) for members of the Board of Directors. The Code defines acceptable and unacceptable behavior, provides guidance to Directors in specific situations that may arise and foster a culture of honesty, accountability and high standards of personal and professional integrity.

CODE OF CONDUCT FOR DIRECTORS

Salient Features of the code

The Human Resources Department will act as the designated compliance office for implementation of the code.

BUSINESS CONTINUITY PLAN

The Board of Directors ensures that the Company has an updated Business Continuity and Disaster Recovery plan in place for the continuity of Company's business and operations in case of any extra ordinary circumstances. The comprehensive plan is designed to ensure the protection of overall company's operations and assets along with regular archival and system backups at remote sites.

THE KEY HIGHLIGHTS AND ACTIONS OF TARIQ CORPORATIONS' BUSINESS CONTINUITY PLAN ARE AS FOLLOWS:

It is regularly ensured that Data Recovery processes are operating effectively.

The management is responsible for the development and execution of an effective Business Continuity Plan.

The development of the plan must be done keeping in mind the on-going business needs and the environment it is operating in. A company-wide and detailed Process Documentation Activity has been conducted whereby all the processes are mapped and serve as an SOP for all practices.

The Management also ensures the training of all the employees on how to respond in case of any unforeseen or extraordinary event.

Employees are imparted multi-skill training which helps in the continuity of business activities.

To ensure protection of employees and assets, adequate systems are in place for natural disasters, fire emergencies, etc. at plants. The Company has also deployed adequate security staff at its plant to ensure uninterrupted sugar production regardless of the political situation and other external factors.

The Company ensures backup of all the assets whether physical or virtual; the physical assets are backed by insurance whereas backup of virtual assets and data is created on a routine basis.

10 TARIQ CORPORATION

PROFILE

COMPANY

Tariq Corporation Limited (The Company) was incorporated on February 14, 1966 in Karachi and received its Certificate for Commencement of Business on April 16, 1966.

40 km from Faisalabad, Jaranwala is situated in the heart of Punjab's urban centers. The region is highly suitable for the plantation of sugarcane because of the area's unique climate and soil conditions. The area has large tracts of land where sugarcane is cultivated and produces approximately 40-45 million maunds of sugarcane a year. The Company has recently initiated an efficiency improvement with project in which equipment is being installed, which will reduce steam consumption per ton of cane processed. The bagasse saved will help increase revenues and maximize profitability. In fact, various measures have already been completed and positive results have already been achieved, which have been reflected in the improved revenue generation and the increased profitability of the company.

We actively seek opportunities to contribute to the communities in which we operate and to improve the environments that sustain us all. Our areas of primary focus are education and health a and community building. At Tariq-Corp, Corporate Social Responsibility (CSR) is a strategic management driven initiative that incorporates our business, environmental, and citizenship activities in a manner that supports our vision and upholds our values. We aim to play a positive role in the communities in which we operate. Our community involvement policy is one of the core components underpinning our ethical behaviour. Our programmes involve building long term relationships with local communities to deliver our shared objective: establishing strong, safe, healthy and educated communities by investing time and resources into projects that directly address local needs. Our Social Action Programme (under Tariq Welfare Foundation) delivers a variety of social services in our extended community.These services include education, healthcare. Our school adoption initiative provides support to local girls' and boys' schools that includes provision of clean drinking water, nutrition supplements, uniforms, maintenance of infrastructure and building additional facilities where required. Tariq Welfare Foundation also provides support to education programme . Tariq Welfare Foundation funded special incentives for school children include recognition of high achievers in school exams with scholarships and awards, sports competitions for school children, and inter-school handwriting competitions for school children and teachers. Our Healthcare initiative delivers primary medical facilities at the doorsteps of our extended community. Three teams of qualified doctors, paramedical staff, and mobile dispensaries served the patients during the year. Diagnostic facilities, preventive treatment, and free medicines are provided through this programme.

DIRECTORS PROFILE

Chairman

Ahmed Ali Tariq the Chairman of the Board of Directors of Tariq Corporation Limited. He holds a Bachelor of Science (Honors) degree from the Lahore University of Management Sciences and is a certified director accredited by the Institute of Cost and Management Accountants of Pakistan (ICMAP). Additionally, he contributes to the industry as a member of the Executive Committee of The Pakistan Sugar Mills Association in Punjab and has previously served on the Sugarcane Research and Development Board.

He also serves on the Boards of Ravi Urban Development Authority (RUDA) and Punjab Board of Investment & Trade (PBIT). Beyond his professional endeavors, Ahmed is committed to community service. Under his guidance, Tariq Corporation Limited has increased its involvement in social welfare and development. Tariq Welfare Foundation, where he serves as Patron, supports accessible education and healthcare, offering substantial scholarships for quality services to thousands of children and patients annually.

Chief Executive Officer

Mustafa Ali Tariq is the Chief Executive Officer of the company. He completed his higher education at the University of California, Los Angeles and was awarded with a Bachelor of Arts degree in Economics. He has also been certified by the Lahore University of Management Sciences for successfully completing their course on Enhancing Board Effectiveness. He is a member of the HR&R Committee of the Board.

He is also a trustee of his family's non-profit social welfare organization. The family's foundation, which operates Mian Mohammad Ali Tariq College and Mian Nazir Husein School, has provided financial and scholarships to thousands of children since its inception. The foundation also operates a non-profit hospital that provides low-cost and free health care services.

Executive Director

Non-Executive Director

Non-Executive Director

Independent Director

Independent Director

Azher Fazal has been appointed as an Executive Director of Tariq Corporation Limited on September 08,2025 . Mr. Azher Fazal has been a part of the Tariq Corporation team since 2013. Mr. Azher Fazal completed his higher education at the University of Engineering and Technology where he was rewarded with a degree in Mechanical Engineering. Mr. Azher Fazal is also a certified engineer from the Pakistan Engineering Council. Mr. Azher's numerous contributions in the technical operations of the plant have been instrumental in the operating success of the company.

Fouzia Abbas is an independent director of Tariq Corporation Limited. She got her Master degree in English Literature from Forman Christian College (F.C.C) Lahore. She is a member of the Audit Committee constituted by Board of Directors of Tariq Corporation Limited.

Muhammad Anwar was appointed as a Non - Executive Director on the Board of Tariq Corporation Limited on September 15, 2025. Mr. Anwar is graduate of the Pakistan Military Academy Kakul and Commissioned into the Pakistan Army in 1985, he dedicated 24+ years to various Command and Staff appointments, garnering extensive experience including dealing with civil departments of Government and monitoring of Punjab Police for

1.5 year. Actively participated in numerous courses, seminars, training programs, and workshops, he remains committed to continuous learning. His expertise spans operational, administrative, and human resource management, along with a profound understanding of assessment and evaluation systems. Mr. Anwar has more than 05 years of experience in the sugar industry. He is also member of Human Resource and Remuneration Committee constituted by Board of Directors of Tariq Corporation Limited.

Muhammad Imran Khan joined the Board on 31 May 2018. He is currently serving as independent director on the Board of Directors of Tariq Corporation Limited, and as the Member of the Board's Audit Committee. Mr. Khan's contributions to the company are of the utmost importance. Mr. Khan serves as CEO/Founder of Sule International and brings in several years of experience in commodities trading domestic and internationally. He was Co-Founder of Amber Road Trading Co New York with focus on trading between South East Asia, North America and England. Mr. Khan also serves on the Board of Admaxim, a global digital advertising technology company. Mr. Khan holds a bachelor's degree from Government College (Lahore, Pakistan) and has completed a business management and marketing certification from the University of California Los Angeles.

Raza Elahi is currently working as as independent Director on the Board of Tariq Corporation Limited. Mr. Raza Elahi has completed his MBA in Marketing and Finance. Mr. Elahi joined the Board of Directors of Tariq Corporation Limited on May 2024.

MANAGEMENT

Chief Executive Officer

General Manager Operations

Executive Director

Company Secretary

Chief Operating & Financial Officer

General Manager Agriculture

CHART

BOARD OF DIRECTORS

Company Secretary

Risk Management Committee

Chief Executive Officer

Human

Re nd

source a

Remuneration Committee

Audit Committee

Chief

O g

peratin

Officer

Human Resource

Internal Audit

Sales &

Marketing

Resident Director

Chief Financial Officer

Purchase

Technical Operations

Agriculture

Quailty Control

Accounts

Security

Admin

Information Technology

&

Fin ce

ana

ORGANIZATION

GENERAL MEETING

59th

Notice is hereby given that 59th Annual General Meeting of the Tariq Corporation Limited (the company) will Insha Allah be held on Wednesday, January 28, 2026 at 11:30 a.m. its registered office at 28-C, Block E-1, Gulberg-III, Lahore to transact the following businesses:

ORDINARY BUSINESS

1. To confirm minutes of the Annual General Meeting of the company held on January 28, 2025.

2. To receive, consider and approve the annual audited Financial Statements of the company together

   with the Chairman's Review Report, the Directors' and Auditors' Reports thereon for the year ended September 30, 2025

3. To appoint Auditors and fix their remuneration for the financial year ending September 30, 2026.

   A notice pursuant to the provisions of sub-section (2) of section 246 of the Companies Act, 2017 is hereby given that the Board on proposal of the Audit Committee has recommended the name of M/s Kreston Hyder Bhimji & Company, Chartered Accountants after obtaining their consent for appointment as external auditors of the company for the year ending September 30, 2026.

   SPECIAL BUSINESS

4. Increase in authorized Share Capital of the company

   To consider and, if thought fit to approve an increase in authorized share capital of the Company and for this purpose pass the following 'Special Resolution' with or without any amendments and to approve the consequent amendments in the Memorandum and Articles of Association of the Company, subject to requisite approvals, if any: -

   "RESOLVED THAT the authorized share capital of the company be and is hereby increased from Rs. 850,000,000/- to Rs. 1,150,000,000/- divided into 100,000,000 ordinary shares of Rs. 10 each and 15,000,000 preference shares of Rs. 10 each with such preferential, qualified or special rights, privileges, conditions or restrictions attaching thereto as the Company may from time to time determine by Special Resolution, with the power insofar as is permitted by law.

   "RESOLVED FURTHER THAT in consequence of the said increase in the Authorized Share Capital of the Company, the existing Clause V of the Memorandum of Association and Article clause 6A of the Articles of Association of the Company be and are hereby replaced accordingly, to read as follows;

   Clause V of the Memorandum of Association:

   V. The authorized share capital of the Company is Rs. 1,150,000,000 (Rupees One billion and one hundred fifty million) divided into 100,000,000 (One hundred million) ordinary shares of Rs.10 (Rupees ten) each, and 15,000,000 (Fifteen million) preference shares of Rs.10 (Rupees ten) each, being with such preferential, qualified or special rights, privileges, conditions or restrictions attaching thereto as provided under the Companies Act, 2017. The company shall have the power to vary, modify or abrogate any such rights, privileges or conditions in such manner as may be permitted by law.

   Clause 6A of the Articles of Association.

   6A. The authorized share capital of the Company is Rs.1,150,000,000 (Rupees One billion and one hundred fifty million) divided into 100,000,000 (One hundred million) ordinary shares of Rs.10 (Rupees ten) each, and 15,000,000 (Fifteen million) preference shares of Rs.10 (Rupees ten) each, being with such preferential, qualified or special rights, privileges, conditions or restrictions attaching thereto as provided under the Companies Act, 2017. The company shall have the power to vary, modify or abrogate any such rights, privileges or conditions in such manner as may be permitted by law.

   "FURTHER RESOLVED THAT the Chief Executive Officer and Secretary of the Company be and are hereby singly authorized to take all necessary steps and execute documents including legal and corporate formalities and file all requisite documents with Securities & Exchange Commission of Pakistan as may be necessary or expedient for the purpose of giving effect to the spirit and intent of the above resolutions."

5. To transact any other business with permission of the chair.

By Order of the Board

Lahore

January 07, 2026

KHALID MAHMOOD

Company Secretary

Notes:

BOOK CLOSURE:

The Share Transfer Books of the Company will remain closed from 21 January 2026 to 28 January 2026 (both days inclusive) to determine the names of members entitled to attend the Annual General Meeting. Transfers received in order at the office of the company's Share Registrar CDC Share Registrar Services Limited by the close of business on 20 January 2026, will be treated in time for determination of entitlement of the members to attend and vote at the meeting.

Circulation of Annual Report through QR Code and through Web-link:

In accordance with the provision of Section 223 (7) of the Companies Act, 2017 and pursuant to SRO 389(I)/2023 dated 21 March 2023 of the Securities & Exchange Commission of Pakistan, the Company has posted its Financial Statements to the members through a QR-enabled code and web-link. The Annual Report is available on the Company's website and can be downloaded through the following QR code and web-link:

https://tariqcorp.com/annual-reports/

PROXIES:

A member entitled to attend and vote at this meeting may appoint another member of the as a proxy to attend and vote instead of him / her. Proxy Form duly completed must be deposited at the Company's Registered Office, not less than 48 hours before the time of the meeting.

If a member appoints more than one proxy and more than one instruments of proxy are deposited by a member with the company, all such instruments of proxy shall be rendered invalid.

Proxies of the Members through CDC should be accompanied with attested copies of their CNIC. In case of corporate entity, the Board's Resolution / power of attorney with specimen signature shall be furnished along with proxy form to the Company. The shareholders through CDC are requested to bring original CNIC, Account Number and Participant Account Number to produce at the time of attending the meeting.

Members are requested to immediately notify the change in their address, if any. Members who have deposited their shares into Central Depository Company of Pakistan Limited ("CDC") will further have to follow the under mentioned guidelines as laid down by the Securities and Exchange Commission of Pakistan.

1. For Attending the Meeting

   1. In case of Individuals, the account holder and / or sub-account holder and their registration details are uploaded as per the CDC Regulations, shall authenticate his / her identity by showing his / her original CNIC or, original Passport at the time of attending the Meeting.

   2. In case of corporate entity, the Board's resolution / power of attorney with specimen signature of the nominee shall be produced (unless it has been provided earlier) at the time of the meeting.

2. For Appointing Proxies

   1. In case of Individuals, the account holder and / or sub-account holder and their registration details are uploaded as per the CDC Regulations, shall submit the Proxy Form as per above requirements.

   2. The Proxy Form shall be witnessed by two persons, whose names, addresses and CNIC numbers shall be mentioned on the form.

   3. Attested copies of the CNIC or the passport of beneficial owners and the proxy shall be furnished with the proxy form.

   4. The proxy shall produce his original CNIC or original passport at the time of the Meeting.

   5. In case of corporate entity, the Board's resolution/power of attorney with specimen signature shall be furnished (unless it has been provided earlier) along with Proxy Form to the Company.

Participation in the AGM through Video Link:

Name of Member/ Proxy holder

CNIC No.

Folio No. /

CDC Account No.

Cell No. / WhatsApp No.

Email ID

The Securities and Exchange Commission of Pakistan ("SECP") vide Circular No. 4 of 2021 dated 15 February, 2021 has advised to provide participation of the members through electronic means. The members can attend the AGM via video link using smart phones / tablets. To attend the meeting through video link, members and their proxies are requested to register themselves by providing the following information along with valid copy of Computerized National Identity Card (both sides) / passport, attested copy of Board Resolution / power of attorney (in case of corporate members) through email at corporate@tariqcorp.com by January 26,2026.

Video Conference Facility:

In terms of the Companies Act, 2017, members residing in a city holding at least 10% of the total paid up share capital may demand the facility of video-link for participating in the Annual General Meeting. The request for video-link facility shall be received by the Share Registrar at their address at least 7 days prior to the date of the meeting on the Standard Form available on the website of the Company.

Polling on Special Business Resolution

The members are hereby notified that pursuant to Companies (Postal Ballot) Regulations, 2018 ("the Regulations") amended through Notification dated March 20, 2025, issued by the Securities and Exchange Commission of Pakistan ("SECP"), SECP has directed all the listed companies to provide the right to vote through electronic voting facility and voting by post to the members on all businesses classified as special business.

Accordingly, members of Tariq Corporation Limited will be allowed to exercise their right to vote through electronic voting facility or voting by post for the special business in its forthcoming Annual General Meeting to be held on January 28.,2026., at 11:30 AM, in accordance with the requirements and subject to the conditions contained in the aforesaid Regulations.

Procedure for E-Voting

1. Details of the e-voting facility will be shared through an e-mail with those members of the Company who have their valid CNIC numbers, cell numbers, and e-mail addresses available in the register of members of the Company by the close of business on January 20,2026.

2. The web address, login details, and password, will be communicated to members via email. The security codes will be communicated to members through SMS from the web portal of CDC Share Registrar Services Limited (being the e-voting service provider).

3. Identity of the members intending to cast vote through e-voting shall be authenticated through electronic signature or authentication for login.

4. I.E-Voting lines will be opened from January 22,2026,. and shall close on January 27, 2026 at 5.00 p.m. Members can cast their votes any time during this period. Once the vote on a resolution is cast by a Member, he / she shall not be allowed to change it subsequently.

Procedure for Voting Through Postal Ballot

The members shall ensure that duly filled and signed ballot paper, along with copy of Computerized National Identity Card (CNIC), should reach the Chairman of the meeting through post on the Company's registered address 28-C, Block E-1, Gulberg-III, Lahore or email at corporate@tariqcorp.com one day before the Annual General Meeting i.e. on January 27,2026 during working hours. The signature on the ballot paper shall match the signature on CNIC.

This postal Poll paper is also available for download from the website of the Company at https://www.tariqcorp.com or use the same as attached to this Notice and published in newspapers.

Please note that in case of any dispute in voting including the casting of more than one vote, the Chairman shall be the deciding Authority.

Electronic circulation of Notice

In compliance with SECP SRO 787(1)/2014 notice of the Annual General Meeting is sent to the members, who have provided their email address, on their registered email address.

Availability and Transmission of Annual Report

In compliance with Section 223 of the Companies Act, 2017, SECP's S.R.O. 389(I)/2023 dated March 21, 2023, and the shareholders' approval in the Extra Ordinary Annual General Meeting held on September 09,2023 the Company circulates its annual audited financial statements through QR-enabled code and weblink. Accordingly, the audited financial statements of the Company for the year ended September 30, 2025, can be accessed through the QR-enabled code and weblink mentioned above.

Shareholders also have the option to receive the Annual Report electronically through e-mail or in hard copy. Members who wish to avail this facility are requested to send their consent on the prescribed form available on the Company's website, which may be submitted to the Company Secretary / Company's Share Registrar, the Company shall provide hard copies of the Annual Report 2025, free of cost, to any Member upon receipt of a written request at their registered address, within one (1) week of such request. Members desirous of obtaining printed copies of the Annual Report 2025 may submit their request using the Standard Request Form available on the Company's official website.

Conversion of Physical Shares to CDC Accounts

In compliance with Section 72 of the Companies Act, 2017, physical shares are required to be converted into book-entry form within four years of the promulgation of the Act. Shareholders holding physical share certificates are encouraged to convert their shares into book-entry form at the earliest. The shareholders of the Company may contact the Share Registrar, namely M/s. CDC Share Registrar Services Limited, CDC House, 99-B, Block-B, S.M.C.H.S., Main Shahrah-e-Faisal, Karachi, for the conversion of physical shares into book-entry form.

E-voting Service Provider:

M/s CDC Share Registrar Services Limited

Members of the Company, are advised in their best interest, to convert their physical shares into book-entry form at earliest.

In compliance with section 185 of the Companies Act, 2017 and SRO 452(I)/2025 dated March 17, 2025 issued by SECP, it is hereby notified that no gifts in any form or manner, shall be distributed to shareholders at the Annual General Meeting

STATEMENT UNDER SECTION 134 (3) OF THE COMPANIES ACT, 2017

This statement sets out the material facts pertaining to the special business to be transacted at the Annual General Meeting of the Company to be held on January 28,2026.

1. Item No.4 of the notice

Increase in Authorized Shares Capital of the Company and consequent amendments in the Memorandum and Articles of Association:

The following resolution will be proposed at the meeting to be passed as Special Resolution, with or without modification, addition(s) or deletion(s), as recommended by the Board of Directors:

"RESOLVED THAT pursuant to the provisions of section 85 and other applicable provisions of the Companies Act, 2017, the Authorized Capital of the Company be and is hereby increased from Rs. 850,000,000/- to Rs 1,150,000,000/- divided into 100,000,000 ordinary shares of Rs 10 each and 15,000,000 preference shares of Rs 10 each with such preferential, qualified or special rights, privileges, conditions or restrictions attaching thereto as the Company may from time to time determine by Special Resolution, with the power insofar as is permitted by law

The proposed increase in the Authorized Share Capital of the Company will also necessitate amendments in clause V of the Memorandum of Association and clause 6A of the Articles of Association of the Company. The Board of Directors have also recommended alteration in the Memorandum and Articles of Association of the Company to reflect increase in Authorized Share Capital of the company.

A copy of the Memorandum and Articles of Association of the Company is available at the Company's Registered Office for inspection during the working hours.

None of the directors of the company has any direct or indirect interest in the aforementioned special businesses except to the extent of his shareholding as has been detailed in the pattern of shareholding annexed to the Financial Statements.

The share capital of the Company is being increased to cater for any future need of issue of capital.

KEY OPERATING AND FINANCIAL DATA

REPORT OF THE BOARD AUDIT COMMITTEE

The Board Audit Committee (BAC) is governed by the mandate given to it by the Board of Directors in compliance of the Code of Corporate Governance. It is a vital platform to ensure the transparency of financial reporting and is critical for the efficient effectiveness of the company's objectives. The BAC assists the Board in scrutinizing the financial and nonfinancial information and maintaining an independent check on the activities of the management. It also serves as a platform to evaluate, asses, and monitor internal controls, compliance, and manage risks.

The Board Audit Committee comprises of three members:

M. Imran Khan

Fozia Abbas

Muhammad Anwar

Independent Director

Independent Director

Non-Executive Director

Chairman

Member

Member

ll the members have extensive knowledge and experience in the fields of finance, accounting, controls, and systems management.

The BAC takes into account information from various sources such as biweekly reports from management, internal auditors' report, external auditors' report among other sources. The BAC is empowered to invite and question any person from management as and when required for the purposes it has been authorized to scrutinize by the Board of Directors.

During FY2024-25, The Board Audit Committee met four times. The Chief Financial Officer and the Head of Internal Audit are regular participants of the meeting. The BAC also meets external and internal auditors independently once a year.

The terms of BAC are precisely defined by the Board. The Committee monitors including other things:

The Board Audit Committee has reviewed the performance and operations of the Company for the year ended September 30, 2025 and reports that:

MUHAMMAD IMRAN KHAN

Chairman

BOARD AUDIT COMMITTEE

Lahore

ROLES AND RESPONSIBILITIES OF THE CHAIRMAN AND THE CHIEF EXECUTIVE OFFICER

Listed below are the responsibilities of the Chairman and the Chief Executive Officer of the Company.

CHAIRMAN

The Chairman is responsible for the leadership of the Board. In particular, he will:

1. Ensure effective operation of the Board and its committees in conformity with the highest standards of corporate governance.

2. Ensure effective communication with shareholders.

3. Set the agenda of Board discussions to promote constructive debate and effective decision-making.

4. Chair the Nominations Committee and build an effective and complementary Board, initiating change and planning succession on Board and Executive appointments.

5. Ensure that all Board committees are properly established, composed and operated.

6. Ensure comprehensive induction programs for new directors and updates for all directors as and when necessary.

7. Support the Chief Executive in the development of strategy and, more broadly, to support and advise the Chief Executive.

8. Maintain access to senior management as is necessary and useful, but not intrude on the Chief Executive's responsibilities.

9. Promote effective relationships and communications between non-executive directors Executive directors.

10. Ensure that the performance of the Board, its main committees and individual directors is formally evaluated on an annual basis.

11. Preside over all the BOD meetings and AGM.

12. Declare results of the meetings where result based on show of hands of General Meeting.

13. Sign the minutes of meetings of the Board Of Directors and the Annual General Meeting.

14. Establish a harmonious and open relationship with the Chief Executive Officer and Management.

CHIEF EXECUTIVE OFFICER

The Chief Executive Officer is responsible for leadership of the business and managing it within the authorities delegated by the Board. In particular, he will:

1. Develop strategy proposals for recommendation to the Board and ensure that agreed strategies are

   reflected in the business.

2. Develop annual plans, consistent with agreed strategies, for presentation to the Board for support.

3. Plan human resource strategies to ensure that the Company has the capabilities and resources required to achieve its plans.

4. Develop an organizational structure and establish processes and systems to ensure the efficient organization of resources.

5. Be responsible to the Board for the performance of the business consistent with agreed plans, strategies, and policies.

6. Lead the executive team, including the development of performance contracts and appraisals.

7. Ensure that financial results, business strategies and, where appropriate, targets and milestones are communicated to the investors.

8. Develop and promote effective communication with shareholders.

9. Ensure that business performance is consistent with the Business Principles.

10. Ensure that robust management succession and management development plans are in place and presented to the Board from time to time.

11. Develop processes and structures to ensure that capital investment proposals are reviewed thoroughly and that associated risks are identified and appropriate steps taken to manage the risks.

12. Develop and maintain an effective framework of internal controls over risk in relation to all business activities including the Company's trading activities.

13. Ensure that the flow of information to the Board is accurate, timely and clear.

14. Establish a close relationship of trust with the Chairman, reporting key developments to him in a timely manner and seeking advice and support as appropriate.

REVIEW

CHAIRMAN'S

DEAR SHAREHOLDERS,

I am delighted to address you as we reflect on a year of resilience and progress at Tariq Corp. Amid a stabilizing macroeconomic environment in Pakistan-marked by declining inflation, improved foreign exchange reserves, and a clearer economic direction-our committed team has navigated lingering

challenges effectively, laying a strong foundation for continued stability and long-term growth.

For the financial year ending September 30, 2025, Tariq Corp has successfully managed the evolving domestic and global landscape. This achievement comes against a backdrop of ongoing reforms, moderated inflationary pressures, and a monetary policy environment that has fostered greater economic stability. As the year unfolded, these positive developments have reinforced a more confident outlook, supporting recovery across key sectors.

The Board of Directors has reviewed management's performance for this fiscal year and found it commendable, fully aligned with our strategic vision. This evaluation covers areas such as prudent strategic planning, financial management, effective policy implementation, operational enhancements, and solid results.

Tariq Corp remains a frontrunner in Corporate Social Responsibility, particularly in Education and Healthcare. Our affiliated social initiatives thrive, establishing industry standards in education by offering subsidized quality schooling to over 1,000 children each year. These programs are integral to our core mission of community upliftment and sustainable economic advancement, embodying the principles of resilience, accountability, and progressive vision that characterize Tariq Corp.

Operationally, the year brought distinct challenges, such as moderated gross profitability despite lower recoveries, influenced by supply-demand imbalances and fluctuating domestic sugar prices. However, the market has shown signs of stabilization and gradual recovery. Our dedicated R&D Division continued to play a crucial role in supporting farmers with expert guidance and essential resources. Through these efforts, we have advanced our diversification strategy, building on the success of our retail sugar operations to further expand our food brand, 'Krystal,' now incorporating dairy products. Entering its fourth year, this initiative has delivered encouraging results, highlighting our focus on finding opportunities for growth.

Operationally, the year presented unique challenges, including a lower gross profitability than usual despite significantly high recoveries. Supply and Demand dynamics kept domestic sugar prices deflated but the market seems to be recovering from a state of saturation. Our proactive R&D Division provided vital support to farmers, offering assistance and advisory for essential inputs. Amid these challenges, we successfully further expanded into new business verticals. Our retail sugar division inspired further diversification under our food brand, 'Krystal,' which now includes dairy products.

We consistently maintain the highest levels of governance, transparency, and accountability, in full compliance with the Code of Corporate Governance. Our robust policies for talent acquisition, development, and retention continue to fuel our ongoing success.

Looking ahead, we advance with optimism, supported by Pakistan's improving economic direction and stability, alongside the steadfast backing of our shareholders and stakeholders. United, we will persist in generating shareholder value, promoting sustainable progress, and delivering consistent growth. I offer my sincere appreciation to all stakeholders and commend the exceptional efforts and commitment of the Tariq Corp team. Your ongoing confidence and partnership are invaluable as we embrace the opportunities of the year ahead.

Ahmed Ali Tariq Chairman of the Board

DIRECTORS' REPORT

Your Directors are pleased to present the 58th Annual Report of Tariq Corporation Limited for the year ended September 30, 2025.

The Company's performance for the current and last year is given below:

FINANCIAL

The Directors of your Company fully endorse the Chairman's Review for the year ended September 30, 2025.

ECONOMY IN REVIEW

FY24-25 marked a period of macroeconomic stabilization and gradual recovery for Pakistan, following years of high inflation, external imbalances, and subdued growth. The economy benefited from disciplined fiscal and monetary policies, bringing average CPI inflation down to around 6%-while the State Bank of Pakistan progressively reduced the policy rate from 22% to 10.5% by year-end. These measures, combined with a stable exchange rate and improved foreign exchange reserves, fostered a resurgence in investor confidence, bolstered remittances, and contributed to modest GDP growth of approximately 2.7%.

Despite these positive developments, challenges persisted across sectors, including the sugar industry, where higher financing costs earlier in the year, volatile input prices, and supply chain disruptions impacted production costs. Surplus stocks and export authorizations in prior periods initially weighed on domestic prices, though a production shortfall-estimated at around 5.9-6.8 million tons amid weather-related issues and lower yields-led to tighter supplies and a sharp rebound in retail sugar prices during the latter part of the year, supporting revenues for manufacturers in the industry.

For Tariq Corporation Limited, lingering cost pressures accompanied by limited access to capital tested profitability margins in the initial phases, with weaker consumer demand reflecting broader economic caution. However, as inflation moderated, interest rates declined significantly, and spending recovered in the second half, retail sugar prices strengthened markedly, delivering a vital uplift to revenues and overall performance.

Looking ahead, the economic outlook inspires measured optimism. With inflation anchored within the 5-7% target range, single-digit borrowing costs, ongoing structural reforms, and relative political continuity providing a platform for sustained recovery, Tariq Corporation Limited is strategically positioned to leverage these trends. Expectations of lower financing expenses, enhanced capital access, and growing demand will drive operational efficiencies and profitability. Tariq Corporation Limited remains dedicated to steering through this evolving landscape with prudent strategy and agility, capitalizing on emerging prospects to deliver enduring growth and greater shareholder value.

OPERATIONAL RESULTS

The Agriculture Department at Tariq Corporation Limited has remained steadfast in its efforts to promote sustainable farming practices and support sugarcane growers in its operational region, despite facing significant challenges in the broader sugar sector. Adverse weather conditions, pest pressures, and other external factors impacted soil health and crop performance, limiting the effectiveness of initiatives such as satellite imagery for monitoring soil nutrition and precision resource application. In addition to ongoing advisory services, Tariq Corporation continued to extend support by providing farmers with essential pesticides and fertilizers where possible. However, these measures were unable to fully mitigate the financial and environmental strains on farmers, resulting in lower-than-expected sugarcane yields and a decline in sucrose content across the region.

These challenges underscore the difficulties encountered in sustainable agriculture amid sector-wide headwinds, while reaffirming the company's commitment to supporting the local farming community. The initiatives-including collaborations with financial institutions, deployment of advanced technology, and distribution of critical agricultural inputs-aimed to deliver positive outcomes but were constrained by prevailing conditions. The crushing season of 2024-25 reflected these sector challenges, with notably lower sugarcane yields and reduced recoveries, highlighting the need for continued resilience and adaptive strategies in the face of such adversities.

The previous crushing season posed significant challenges, marked by a notable increase in the costs of raw material and cost of capital. Sugarcane costs were driven upwards of Rs. 500 rupees in the previous year. In the ongoing financial year, our company has achieved net sales of PKR 7.551 billion, marking a 10% increase compared to the preceding year's PKR 6.876 billion, despite poor recoveries of sugar content. It is important to note that although the sugar sector as a whole produced 14% less sugar than the previous year, Tariq Corporation crushed an additional 16% of cane. Correspondingly, Gross Profitability has also increased. The company has increased profitability from 21 Million to 37 Million and accordingly EPS has increased also.