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ANSARI SUGAR MILLS LIMITED
CONTENTS
Company Profile
Notice of Annual General Meeting
Vision and Mission Statement
Receiver s Report
Statement of Compliance with the Code of
Corporate Governance
Review Report to the Members on Statement of
Compliance with Best Practices of Code of
Corporate Governance
Pattern of Shareholding
Pattern of Shareholding as per
requirements of Code of Corporate Governance
Six Years' Review at a Glance
Auditors' Report
Balance Sheet
Profit and Loss Account
Cash Flow Statement
Statement of Changes in Equity
Notes to the Financial Statements
COMPANY PROFILE
RECEIVER Mr. Afaq Jamal Hussain
BOARD OF DIRECTORS Mr, Dinshaw Hoshang Anklesaria Chief Executive
(Suspended for the time being) Mr. Ahmed Khan Ansari Director
Mr. Abdul Hafeez Ansari Director
Mrs. Nasreen Ghani Ansari Director
Mr. Irnran Rasheed Ansari Director
Syed Anwar Raza Naqvi Director
Mr. S.M.Ahsan Raza Director
{Nominee of N.I.T.)
Mr. M.Manzurul Haq Director
(Nominee of N.D.F.C.}
COMPANY SECRETARY Mr. Muhammad Tahseen
BANKERS Habib Bank Limited
Muslim Commercial Bank Limited
National Bank of Pakistan
National Development Finance Corporation
Allied Bank of Pakistan
AUDITORS M/s. Khalid Majid Rahman Sarfaraz Rahim Iqbal Rafiq
Chartered Accountants
LEGAL ADVISOR Dr. Raees Mushtaq
REGISTRAR Uni Corporate & Financial Services
Westland Trade Centre,
Opp. Flyover, Shaheed-e-Millat Road,
Karachi
REGISTERED OFFICE 41-K, Block 6, P.E.C.H.S.
Karachi
FACTORY Deh Jagsiyani,
Taluka Tando Mohammad Khan
District Hyderabad, Sindh
STATEMENT UNDER SEC. 138 (2) OF THE COMPANIES ORDINANCE, 1984
MR. AFAQ JAMAL HUSSAIN HAS BEEN APPOINTED AS RECEIVER BY
THE EHTESAB BENCH LAHORE HIGH COURT VIDE ITS ORDER DATED
MAY 27,1998 AND MAY 29,1998 IN E.R. NO. 26/98, 27/98 & 28/98.
NOTICE OF ANNUAL GENERAL MEETING
The Honourable Ehtesab Bench of Lahore High Court vide its order dated October 08, 1999 has
directed the Receiver to fix the date for holding of Annual General Meeting for the purpose of
authentication of accounts in compliance with sections 158, 236 and 241 of the Companies Ordinance,1984
Notice is hereby given that the 14th Annual General Meeting of the Shareholders of ANSARI SUGAR
MILLS LIMITED, will be held on Thursday, January 29, 2004 at 8 a.m. at the registered office of the
Company situated at 41-K, Block 6, P.E.C.H.S., Karachi for transacting the following business.
ORDINARY BUSINESS:
1.       To confirm the minutes of the Annual General Meeting held on 27th March 2003.
2.       To receive, consider and adopt the audited accounts of the Company for the year ended
September 30, 2003 together with the Receiver's and Auditors' Report thereon.
3.       To appoint Auditors and to fix their remuneration.
4.       To consider any other Business with the permission of the Receiver.
for ANSARI SUGAR MILLS LIMITED
Karachi                                                                                           (AFAQ JAMAL HUSSAIN)
Dated: December 27. 2003                                                         Receiver
NOTES :
1.       The Share Transfer Books of the Company will remain closed from 19th January, 2004 to 29th
January, 2004 .
2.       A member entitled to atteud and vote at this meeting may appoint another member as his/her
proxy to attend the meeting and vote on his/her behalf. Proxies, in order to be effective, must
be received by the Company not less than 48 hours before the meeting.
3.       The share holders are requested to notify any change in their address immediately.
4.       Kindly quote your folio number in all correspondence with the Company.
VISION & MISSION STATEMENT
VISION
To make a product of International Standard acceptable as a brand in
the world market. To explore business opportunities available under
the World Trade Organization regime.
MISSION
     To sustain contribution to the National Economy by producing cost
effective product.
     To ensure professionalism and healthy working environment.
     To create a reliable product through adoption of latest technology/
advancement.
     To promote research & development and provide technical know
how to the growers for improvement of sugarcane yield/recovery.
RECEIVER'S REPORT
The Honourable Ehtesab Bench of Lahore High Court vide its order dated October 08/1999 has
directed the Receiver to fix the date for holding of Annual General Meeting for the purpose of
authentication of the accounts in compliance with sections 158, 236 and 241 of the Companies
Ordinance., 1984.
On behalf of the Company, it is my pleasure to welcome you to the 14th Annual General Meeting
of the Company. It is my privilege to present to you the financial and operating results of your
Company along with the audited accounts for the year ended September 30, 2003.
FINANCIAL RESULTS
The financial results are as follows: RUPEES RUPEES
2003 2002
Loss for the vear before taxation 61,327,218 117,243,468
Provision for taxation for the year 4,903,114 3,142,499
Loss after tax 66,230,332 120,385,967
Accumulated loss brought forward 190,819,445 70,433,478
Accumulated loss carried forward 257,049,777 190,819,445
It is evident from above that the company has achieved note worthy results in respect of reducing
its traditional losses. In last year our loss before tax was Rs. 117.243 million which has now reduced
to Rs. 61.327 million . This represents 48% improvemeuc in the current year.
OPERATING RESULTS
In 2002-2003 season, the mi" commenced crushing on December 10, 2002 and continued upto April
6, 2003. Though the industry has not yet been released from the crisis yet the operating results, like
wise financial results, are tending towards improvement. There is an increase in production and
capacity utilization by 58% and 27% respectively beside increase in recovery rate of sugar and
molasses. These indicators reflect satisfactory performance of mill for which management and staff
deserve appreciation.
A six years analysis of our financial and operating results is annexed to this report.
SALES
Average sale price of sugar during the year 2003 was 10% lower than year 2002 that effected revenue
to the Company.
FUTURE OUTLOOK
The crushing season of 2003-2004 started on November 30, 2003. On the basis of the following
production data till this report date our progress may be analyzed.
PARTICULARS SEASON SEASON
2003-04 2002-03
*   No of crushing days till todate 28 13
*   Sugar cane crushed- tonnes 148,367 76,189
*   Sugar produced- tonnes 12,785 5,818
*   Sugar recovery rate 9.411 9.311
STATEMENT ON CORPORATE AND FINANCIAL REPORTING FRAMEWORK
1         The financial statements , prepared by the Company , present fairly its state of affairs, results
of its operation, cash flow and statement of equity.
2        Proper books of account of the company have been maintained
3        Appropriate Accounting policies have been consistently applied in prepraration of the finiancial
statements, changes, if any have been adequately disclosed and accounting estimates are based
on reasonable and prudent judgement.
4        International Accouting Standard, as applicable in Pakistan, have been followed in preparation
of financial statements, and departure thereform,if any, has been adequately disclosed.
5        The system of internal control is sound in design and has been effectively implemented and
monitored.
6        There are no significant doubts upon the Company's ability to continue as a going concern.
7        Key operating and financial data for last six years in summarized form is annexed.
8        There have been no material departure from the best practices of Corporate Governance except
those mentioned in the Statement of Compliance with Code of Corporate Governance.
9         In view of the loss during the year, the Company has not declared any dividend.
10      No trades in share of the Company were carried out by the directors and their spouses and
minor children.
LABOUR MANAGEMENT RELATIONS
The management labour relations remained cordial. I take this opportunity to thank and appreciate
the spirit of understanding, goodwill and co-operation shown by the workers and hope that the same
will continue in future.
1 arn also thankful to the executives, officers and all the staff members of the Company and wish to
place on records my appreciation for their devotions, Sense of responsibility and loyalty.
AUDITORS
M/s. Khalid Majid Rahman Sarfaraz Rahim Iqbal Rafiq, Chartered Accountants retire and offer their
services for the year 2003-20U4
CODE OF CORPORATE GOVERNANCE
Statement of compliance with the Code of Corporate Governance is anexed.
PATTERN OF SHARE HOLDING