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Ansari Sugar Mills Limited
Annual Report 2000
CONTENTS
Company Profile
Notice of Annual General Meeting
Receiver's Report
Pattern of Shareholding
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. Imran Rasheed Ansari Director
Syed Anwar Raza Naqvi Director
Mr. S. M. Ahsan Raza Director
(Nominee of NIT)
Mr. M. Manzurul Haq Director
(Nominee of NDFC)
COMPANY SECRETARY Syed Moinuddin
ACA, ACMA, ACIS
BANKERS 1. Habib Bank Limited
2. Muslim Commercial Bank Limited
3. National Bank of Pakistan
4. National Development Finance Corporation
5. Allied Bank of Pakistan Limited
AUDITORS M/s. Rahman Sarfaraz & Co.
Chartered Accountants
M/s. Rahim Iqbal Rafiq & Company
Chartered Accountants
LEGAL ADVISOR Dr. Raees Mushtaq
REGISTRAR Uni Corporate and 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 Mohammed Khan,
Distt: 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 DATE D MAY 27, 1998
AND MAY 29, 1998 IN E. R. NO. 26/98, 27/98 AND 28/98.
NOTICE OF ANNUAL GENERAL MEETING
The Honourable Ehtesab Bench of Lahore High Court vide their order dated October 08, 1999 have
directed the Receiver to fix the date for holding of Annual General Meeting for the purpose of
authentication of the accounts in compliance u/s. 158, 236 and 241 of the Companies Ordinance,
1984. Accordingly the 9th and 10th meetings were held during the period January to April 2000
Notice is hereby given that the 11th Annual General Meeting of the Shareholders of ANSARI
SUGAR MILLS LIMITED, will be held on Thursday, 29th March, 2001 at 12.00 A.N1. at the registered
office of the Company at 41-K, Block-6, PECHS, Karachi for transacting the following business.
ORDINARY BUSINESS
1. To confirm the minutes of Annual General Meeting held on 5th April, 2000.
2. To receive, consider and adopt the Audited Accounts of the Company for the year ended
September 30, 2000 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
(AFAQ JAMAL HUSSAIN)
Karachi: Dated March 05, 2001 Receiver
NOTES:
1. The Share Transfer Books of the Company will remain closed from 20th March, 2001 to 29th
March, 2001.
2. A member entitled to attend 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 shareholders are requested to notify any changes in their address immediately.
4. Kindly quote your folio number in all correspondence with the Company.
RECEIVER'S REPORT
The Honourable Ehtesab Bench of Lahore High Court vide their order dated October 08, 1999 have
directed the Receiver to fix the date for holding of Annual General Meeting for fine purpose of
authentication of the accounts in compliance u/s. 158,236 and 241 of the Companies Ordinance, 1984.
On behalf of the Company, it is a pleasure to welcome you to the 11th Annual General Meeting of
the Company. It is my privilege to present to you the financial, operating results alongwith the audited
accounts for the year ended 30th September, 2000.
FINANCIAL RESULTS
The financial results are as follows:
Loss for the year before taxation (33,188,270)
Less: Provision for taxation for the year (4,137,943)
------------------
Loss after taxation for the year (37,326,213)
Accumulated loss brought forward (52,010,740)
------------------
Accumulated loss carried forward (89,336,953)
==========
OPERATING RESULTS
In 1999-2000 season, the mill commenced crushing on October 25, 1999 and continued upto March 02,
2000. Comparison with the previous years has been highlighted below:
Year ended Year ended Year ended Year ended Year ended
30-09-2000 30-09-1999 30-09-1998 30-09-1997 30-09-1996
Season started 25-10-1999 11-11-1998 25-10-1997 04-11-1996 16-10-1995
Season closed 02-03-2000 16-03-1999 27-03-1998 25-03-1997 26-03-1996
Days worked 130 126 152 142 163
Sugarcane crushed tonnes 491,757 651,224 554,718 317,192 415,635
maunds 13,175,352 17,447,794 14,862,238 8,498,304 11,135,821
Sugar recovery % 9.616 9.585 10.463 10.780 10.533
Sugar production tonnes 47,270 62,426 58,055 34,201 43,758
Molasses recovery % 5.025 5.002 5.218 5.145 4.867
Molasses production tonnes 24,704 32,577 28,944 16,323 20,225
The operational results are lower than that of the previous year due to shortage of sugarcane in entire
Sindh as compared with the previous years. The sugarcane recovery has slightly increased. However,
over all performance of the mills has been satisfactory. The management and staff certainly deserve
our appreciation.
SALE
Sale price of both sugar and molasses remained depressed during the crushing season period thereby
affecting the profitability of the Company.
FUTURE OUT LOOK
The crushing season of 2000-2001 which started on November 07, 2000 and upto 26-02-2001, i.e. 112
working days, the mills crushed 416,793 tonnes (11,166,847 maunds) of sugarcane and produced 39,888
tonnes of sugar at an average recovery of 9.771% against last year when in 125 working days on the
same date, the mills had crushed 479,014 tonnes (12,833,886 maunds) and produced 45,535 tonnes
of sugar at an average recovery of 9.565%. The reason for lower capacity utilization is due to severe
shortage of cane and high cane prices prevailing in the season.
LABOUR MANAGEMENT RELATIONS
The management labour relations remained cordial. I take the 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.
I thank the executives, officers and all the staff members of the Company and wish to place on record
my appreciation for their devotions, sense of responsibility and loyalty.
AUDITORS
M/s. Rahman Sarfraz & Co. and M/s. Rahim Iqbal Rafiq & Co., joint auditors of the Company retire
and have offered their services for the year 2000-2001.
PATTERN OF SHARE HOLDING
The pattern of share holding as on.30th September, 2000 is annexed.
CONCLUSION
At the end, let us pray to Almighty ALLAH to guide us in all our pursuits for National Development
and for the betterment of your organization - Ameen.
Thank you all,
for ANSARI SUGAR MILLS LIMITED
(AFAQ JAMAL HUSSAIN)
Karachi: February 28, 2001 Receiver
PATTERN OF HOLDING OF THE SHARES HELD BY THE
SHAREHOLDERS OF ANSARI SUGAR MILLS LIMITED
AS ON SEPTEMBER 30, 2000
NO. OF SHAREHOLDING TOTAL
SHARE FROM TO SHARES HELD
HOLDERS
612 1 -- 100 39,798
328 101 -- 500 68,898
242 501 -- 1000 169,324
489 1001 -- 5000 1,042,259
105 5001 -- 10000 719,964
57 10001 -- 15000 696,498
9 15001 -- 20000 150,421
9 20001 -- 25000 196,457
7 25001 -- 30000 187,679
11 30001 -- 35000 370,222
7 35001 -- 40000 260,319
6 40001 -- 45000 253,092
8 45001 -- 50000 382,047
5 50001 -- 55000 254,840
8 55001 -- 60000 462,711
4 60001 -- 65000 243,855
3 65001 -- 70000 206,862
3 75001 -- 80000 232,659
3 80001 -- 85000 249,550
1 95001 -- 100000 96,800
31 100001 -- 105000 3,101,550
2 105001 -- 110000 217,258
1 110001 -- 115000 114,770
1 120001 -- 125000 121,500
1 125001 -- 130000 126,754
1 135001 -- 140000 138,000
1 145001 -- 150000 148,120
4 155001 -- 160000 625,600
1 170001 -- 175000 173,362
1 180001 -- 185000 182,544
1 185001 -- 190000 186,300
1 195001 -- 200000 196,765
1 205001 -- 210000 206,310
1 210001 -- 215000 212,106
2 220001 -- 225000 441,600
1 230001 -- 235000 230,862
1 235001 -- 240000 238,941
1 245001 -- 250000 245,962
2 250001 -- 255000 504,857
1 260001 -- 265000 260,945
1 265001 -- 270000 266,570
1 270001 -- 275000 272,090
1 275001 -- 280000 276,747
1 290001 -- 295000 293,089
2 310001 -- 315000 624,105
1 315001 -- 320000 315,915
1 345001 -- 350000 349,715
1 410001 -- 415000 413,108
1 415001 -- 420000 418,300
1 605001 -- 610000 609,109
1 790001 -- 795000 790,248
1 1030001 -- 1035000 1,030,363
1 1345001 -- 1350000 1,345,500
1 3440001 -- 3445000 3,443,978
------------------ ------------------
1988 24,407,198
========== ==========
S. No. Categories of Shareholders No. of Total Shares Percentage
Share holders Held
1. Individuals 1961 16,577,352 67.92
2. Investment Companies 5 704,690 2.89
3. Insurance Companies 6 817,954 3.35
4. Joint Stock Companies 7 1,193,954 4.89
5. Financial Institutions 6 5,101,258 20.90
6. Modaraba Companies 3 11,990 0.05
------------------ ------------------ ------------------
1988 24,407,198 100.00
========== ========== ==========
AUDITORS' REPORT TO THE MEMBERS
We have audited the annexed Balance Sheet of ANSARI SUGAR MILLS LIMITED as at
September 30, 2000 and the related Profit and Loss Account, cash flow statement and statement
of changes in equity together with the notes forming part thereof, for the year then ended and
we state that we have obtained all the information and explanations which, to the best of our
knowledge and belief, were necessary for the purposes of our audit.
It is the responsibility of the Company's management to establish and maintain a system of
internal control, and prepare and present the above said statements ~n conformity with the
approved accounting standards and the requirements of the Companies Ordinance, 1984. Our
responsibility is to express an opinion on these statements based on our audit.
We conducted our audit in accordance with the auditing standards as applicable in Pakistan.
These standards require that we plan and perform the audit to obtain reasonable assurance about
whether the above said statements are free of any material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the above said
statements. An audit also includes assessing the accounting policies and significant estimates
made by management, as well as, evaluating the overall presentation of the above said statements.
We believe that our audit provides a reasonable basis for our opinion and, after due verification,
we report that:
a) in our opinion, proper books of account have been kept by the Company as required by
the Companies Ordinance, 1984;
(b) in our opinion;
(i) the balance sheet and profit and loss account together with the notes thereon have
been drawn up in conformity with the Companies Ordinance, 1984 and are in
agreement with the books of account and are further in accordance with accounting
policies consistently applied;
(ii) the expenditure incurred during the year was for the purpose of the Company's
business; and
(iii) the business conducted, investments made and the expenditure incurred during the
year were in accordance with the objects of the Company;
c) except for the effect on the financial statement of the matter referred to in note 22.1, in our
opinion and to the best of our information and according to the explanations given to us,
the balance sheet, profit and loss account, cash flow statement and statement of changes
in equity, together with the notes forming part thereof, conform with approved accounting
standards as applicable in Pakistan, and give the information required by the Companies
Ordinance, 1984, in the manner so required and respectively give a true and fair view of
the state of the Company's affairs as at September 30, 2000 and of the Loss, its cash flows
and changes in equity for the year then ended; and
d) in our opinion, no Zakat was deductible at source under the Zakat and Ushr Ordinance,
1980 (XVIII of 1980)
RAHIM IQBAL RAFIQ & COMPANY RAHMAN SARFARAZ & CO.
Chartered Accountants Chartered Accountants
Karachi:
Dated: February 28, 2001
BALANCE SHEET AS AT SEPTEMBER 30, 2000
2000 1999
Note Rupees Rupees
SHARE CAPITAL AND RESERVES
Authorised capital
30,000,000 Ordinary Shares of Rs.10/- each 300,000,000 300,000,000
========== ==========
Issued, subscribed and paid-up capital 3 244,071,980 244,071,980
General reserve 27,000,000 27,000,000
Unappropriated loss (89,336,953) (52,010,740)
------------------ ------------------
181,735,027 219,061,240
LONG TERM LOANS
Interest bearing 4(a) 309,457,434 270,599,095
Non-interest bearing 4(b) 390,666,837 --
------------------ ------------------
700,124,271 270,599,095
DEFERRED LIABILITIES 5 14,380,520 327,977,859
CURRENT LIABILITIES
Short term finances - secured 6 -- 30,000,000
Current portion of long term loans 165,410,285 267,111,414
Creditors, accrued and other liabilities 7 93,148,050 102,951,918
Taxation 19,743,699 15,605,756
------------------ ------------------
278,302,034 415,669,088
8
CONTINGENCIES AND COMMITMENTS ------------------ ------------------
1,174,541,852 1,233,307,282
========== ==========
The annexed notes form an integral part of these financial statements.
Pursuant to order of the Ehtesab Bench of Lahore High Court no. CM 26/99, the Balance Sheet and
Profit and Loss Account has been authenticated by the Receiver to comply with the requirements of
section 241 of the Companies Ordinance, 1984.
FIXED CAPITAL EXPENDITURE
Operating fixed assets - Tangible 9 1,003,729,946 981,297,954
Capital work in progress 10 -- 33,542,226
------------------ ------------------
1,003,729,946 1,014,840,180
LONG TERM LOANS 11 193,077 250,618
LONG TERM DEPOSITS 744,365 741,615
CURRENT ASSETS
Stores, spares and loose tools 12 24,709,172 28,850,025
Stock in trade 13 5,201,947 52,113,451
Trade Debts - unsecured considered good 14 9,453,366 17,424,281
Loans and advances - unsecured 15 35,285,342 56,002,498
Prepayments and other receivables 16 10,072,824 36,126,247
Cash and bank balances 17 85,151,813 26,958,367
------------------ ------------------
169,874,464 217,474,869
------------------ ------------------
1,174,541,852 1,233,307,282
========== ==========
AFAQ JAMAL HUSSAIN
RECEIVER
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED SEPTEMBER 30, 2000
2000 1999
Note Rupees Rupees
SALES- Net 18 827,588,656 918,064,546
Cost of goods sold 19 (762,673,975) (784,445,552)
------------------ ------------------
Gross Profit 64,914,681 133,618,994
OPERATING EXPENSES
Administration and general 20 52,327,129 38,882,522
Selling and distribution 21 1,190,390 18,669,284
------------------ ------------------
(53,517,519) (57,551,806)
------------------ ------------------
OPERATING PROFIT FOR THE YEAR 11,397,162 76,067,188
------------------ ------------------
Financial charges 22 44,307,660 122,429,452
Other charges 23 273,772 573,405
Other loss / (income) 24 4,000 (37,635)
------------------ ------------------
(44,585,432) (122,965,222)
------------------ ------------------