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Board of Directors
Company Secretary and
Mr. Akbar Akhtar Khan (Chairman)
Mr. Haroon Akhtar Khan (Chief Executive)
Mr. Ghazi Akhtar Khan
Mrs. Rasheeda Begum
Mrs. Mobina Akbar Khan
Mrs. Nazli Rafat Jamal
Mr. Hameed Ullah Khan Paracha
Mr. Saeed Ullah Khan Paracha
Chief Financial Officer
Mr. Ahmad Jehanzeb Khan
Muslim Commercial Bank Limited
Bank Alfalah Limited
Habib Bank Limited
Allied Bank of Pakistan Limited
National Bank of Pakistan Limited
United Bank Limited
Legal Advisors
Cornelius, Lane & Mufti
Nawa-i-Waqat Building
4-Shahrah-e-Fatima Jinnah
Audit Committee
Mr. Haroon Akhtar Khan Chairman
Mr. Akbar Akhtar Khan Member
Mr. Ghazi Akhtar Khan Member / Secretary
Taseer Hadi Khalid & Co.
Chartered Accountants
Kanjwani, Tehsil Tandlianwala
District, Faisalabad
Registered Office
32-N, Gulberg-II, Lahore.
Dear Shareholders.
The Board of Directors of Tandlianwala Sugar Mills Limited are pleased to present before you the
Sixteenth Annual Report together with the Audited Accounts of the company for the year ended
September 30,2004.
The operating results for the season 2003-2004 and report on the financial position for the year are
discussed as under:
Cane Crushing and Production:
2003-2004 2002-2003
Season started November 30, 2003 November 18, 2002
Season closed April 20, 2004 April 24, 2003
Total days worked (Run) 143 158
Sugarcane crushed (M. Tons) 883,996.48 854,075.58
Sugar produced (M. Tons) 77,707 71,168
Sugar recovery (%) 8.79 8.33
Molasses production (M. Tons) 43,747 41.926
Molasses recovery (%) 4.95 4.91
Our Company achieved satisfactory operating and financial results during the year under review. The
sugar production increased by almost 9% during the season as compared to previous year, although the
days worked were less. We carried out a comprehensive cane development programme which resulted
in improved production and an enhanced recovery.
The average recovery of 8.79% was the highest achieved since inception of our Mills.
The overall situation in sugar sector remained depressed due to glut of sugar in the market.
Current Season 2004 - 2005
We started crushing with effect from November 01,2004. Production of sugar is expected to decrease
as area under sugarcane in Punjab declined this year by 16%.
The brief results of the present season, since inception till December 31.2004 are as follows:
Season started November 01, 2004
Total days worked (Run) 61
Sugarcane crushed (M. Tons) 374,610.60
Sugar produced (M. Tons) 30,033.00
Sugar recovery- (%) 8.09
Molasses production (M. Tons) 18,919.00
Molasses recovery (%) 5.104
This year we expect to end up with a recovery close to last year recovery. The cost of cane has astronomically
increased but so far the sugar prices have remained high also. The profitability, however, depends on the price of
sugar for the balance of the year.
The Government will tiy hard to keep the sugar prices down but due to rising price of sugar in the International
Market, it has a tough job ahead.
Distillery Division
We are currently in the process of setting up a distillery having a capacity of 125,000 liters of ethyl alcohol
(ethanol) per day at our existing sugar plant site situated at Tehsil Tandlianwala, District Faisalabad. The annual
capacity of the distillery will be 30 thousand tons of ethanol and the total project cost works out to be PKR 319.5
The Financial close of the distillery project has already been achieved through equity contribution in the form of
rights issue amounting to PKR 80.988 million. The right issue was offered on the stock exchanges in January
2004 and a total of 6,748,991 shares were offered at a premium of PKR 2 per share. The remaining debt portion
of the project has been raised through bank financing. L/Cs for procurement of machinery have already been
established and the distillery is expected to start production during the year 2004- 05.
SugarUnit(Expansion Unit2)
We have selected one of the best area in Pakistan for extension of our sugar mills division (Unit 2) at Meran in
Dera Ismail Khan. There is an abundant availability of sugarcane in the vicinity of our proposed mills with huge
acres of land available for further development of sugarcane crop.
The Unit 2 shall have a capacity of 10,000 TCD, which translates into an annual rated capacity of 1,500,000 tons.
Local component of the machinery is being supplied by Heavy Mechanical Complex, Taxila whereas the
foreign component is being procured from different companies of England, Germany, Japan and China. The
extension unit will go into production at the beginning of the 2005-2006 crushing campaign.
Compliance With Code of Corporate Governance
The Board of Directors of Tandlianwala Sugar Mills Limited and its management is fully conversant with its
responsibilities as formulated in the Code of Corporate Governance incorporated in the listing regulations of
stock exchanges. The prescribed practices are effectively under implementation in the company and there has
been no material departure from the best practices of Corporate Governance as detailed in the listing regulations.
The statements, as required by the Code of Corporate Governance are given below: .
The financial statements for the year ended September 30, 2004 present fairly its state of affairs, the
results of its operations, cash flows and changes in equity;
Proper books of accounts have been maintained;
International Accounting Standards (IAS) as applicable in Pakistan, have been followed in preparation
of financial statements. Appropriate accounting policies have been consistently applied;
The system of internal control is sound in design and has been effectively implemented and monitored;
There is no doubt about the company's ability to continue as a going concern;
There has been no material departure from the best practices of the corporate governance as detailed in
the listing regulations.
Six Years Review At a Glance
The six years review at a glance is annexed.
Pattern of Shareholdings
The pattern of shareholdings as on September 30,2004 is annexed.
Audit Committee
The Audit Committee comprises of the following members:
Mr. Haroon Akhtar Khan Chairman
Mr.AkbarAkhtarKhan Member
Mr. Ghazi Akhtar Khan Member/ Secretary
Board Meetings
There have been seven Board meetings during the year and the attendance of each director is stated as under:
Name of Directors Number of meeting attended
Mr. Akbar Akhtar Khan 7
Mr. Haroon Akhtar Khan 7
Mr. Ghazi Akhtar Khan 6
Mrs. Rasheeda Begum 5
Mrs. Mobina Akbar Khan 6
Mr. Saeedullah Khan Paracha 4
Mr. Hameedullah Khan Paracha 4
Mrs. Nazli Rafat Jamal 2
(However, leaves of absence were granted to the directors who could not attend the Board Meetings due to their
Trading in Shares
The Directors, CEO, CFO and Company Secretary and their spouses and minor children did not carry out
any transactions in the Shares of the company during the year.
Outstanding Statutory Dues
Details of outstanding dues towards minimum tax and those relating to other statutory obligations are set out
in note # 30 and 07 respectively.
No dividend is being recommended by the Board of Directors for the year ended September 30,2004.
Staff Retirement Benefits
The company operates an un-funded gratuity scheme for all employees with qualifying service period of six
The retiring Auditors. M/s Taseer Hadi Khalid & Company, Chartered Accountants, being eligible, offer
themselves for re-appointment for the year ending September 30,2005.
We appreciate the efforts and devotion of the workers, staff and executives and hope that they will contribute to
the enhancement of productivity and well being of the company with the same zeal and effort.
On behalf of the Board
Figures in '000
2004 2003 2002 2001 2000 1999
(Rupees) (Rupees) (Rupees) (Rupees) (Rupees) (Rupees)
Sales (Net) 1,055,439 843,137 1,385,566 1,145,546 919,013 1,201,924
Cost of Sales 959,807 788,160 1,103,024 1,104,152 795,015 1,040,742
Gross profit 95,632 54,977 282,542 41,394 123,998 161,182
Operating, financial and
other expenses 50,920 78,972 79,046 132,110 95,957 146,578
44,712 -23,995 203,496 -90,716 28,041 14,604
Other income 2,979 2,159 2,702 1,889 1,075 2,678
Net profit / (loss) before wppf 47,691 -21,836 206,198 -88,827 29,116 17,282
Workders' profit participation fund 2,385 1,326 10,309 - 1,456 864
Net (loss) / profit before
Taxation 45,306 -23,162 195,889 -88,827 27,660 16,418
Others _ _ _ _ _ _
Provision for taxation 5,277 4.216 6,928 5,728 4,595 5,499
Net (loss) / profit after
Taxation 40,029 -27,378 188,961 -94,555 23,065 10,919
Cash dividend . - 5% . _ .
(Loss) / Earning per share (Rs.) 1.4 -1.09 7.58 -3.79 (L23_ 0.44
Authorized Capital 350,000 250 250 250 250 250
Paid-up capital 316.806 249.316 249.316 249,316 249.316 249.316
Fixed capital expenditures (Net) 677.528 666.982 670.098 668.727 701.781 736.73
Sugarcane crushed M. Tons 883,096 854,076 840,392 637,032 621,889 970,917
Sugar recovery % 8.79 8.33 8.45 7.14 7.12 7.47
Sugar production M . Tons 77,707 71,168 71,101 * 64,951 44,265 72,545
* (including remelt raw sugar)
Molasses recovery % 4.95 4.91 4.92 5.17 5.16 5.15
Season started 30-11-2003 18-11-2002 04-12-2001 03-11-2000 15-11-1999 25-11-1998
Season closed 20-04-2004 24-04-2003 30-04-2002 09-04-2001 31-03-2000 01-05-1999
Crushing days No. 143 158 148 158 138 158
No. of Shareholders Shareholding Total Shares Held
From To
36 1 100 2926
635 101 500 307452
124 501 1000 113274
95 1001 5000 262013
23 5001 10000 169355
14 10001 15000 176777
2 15001 20000 36625
6 20001 25000 140600
3 25001 30000 79200
2 30001 35000 66000
1 40001 45000 43000
1 45001 50000 50000
2 55001 60000 119000
1 65001 70000 70000
1 90001 95000 93500
2 95001 100000 200000
1 100001 105000 100353
1 140001 145000 144300
1 145001 150000 150000
1 170001 175000 175000
1 245001 250000 250000
3 1375001 1380000 4129868
1 1380001 1385000 1383359
3 1455001 1460000 4379391
1 1460001 1465000 1461621
1 1490001 1495000 1490568
1 1685001 1690000 1688000
2 1890001 1895000 3787492
1 10610001 10615000 10610937
966 31680611
Categories of Shareholders Shares Held Percentage
Directors, chief executive officers
and their spouse and minor children 14,990,506 47.32%
Associated companies, undertaking and related parties - -
NIT and ICP 1,706,800 5.39%
Banks development financial institutions,
non banking financial institutions 238,100 0.75%
Insurance companies 277,500 0.88%
Modarabas and mututal funds 26,700 0.08%
Shares holders holding 10% 10,610,937 33.49%
General public
a. Local 3,223,983 10.18%
b. Foreign - -
Joint stock companies 604,985 1.91%
Non-residence / Foreign Ccompanies 10,612,037 33.50%
Pattern of Holding of Shares - Additional Information
As at 30 September 2004
S.No. Name Holding % of Share
Associated companies 0 0.00%
1. Investment Corp. of Pakistan 12,300 0.04%
2. National Bank of Pakistan (CDC) 1,688,000 5.33%
3. Investment Corp. of Pakistan (CDC) 6,500 0.02%
1,706,800 5.39%
Directors, CEO their spouse and minor children
1. Mr. Akbar Akhtar Khan 1,376,558 4.35%
Mr. Akbar Akhtar Khan (CDC) 1,459,780 4.61%
2. Mr. Haroon Akhtar Khan 1,383,359 4.37%
Mr. Haroon Akhtar Khan (CDC) 1,461,621 4.61%
3. Mr. Ghazi Akhtar Khan 1,376,955 4.35%
Mr. Ghazi Akhtar Khan (CDC) 1,459,887 4.61%
4. Mrs. Rasheeda Begum 1,376,355 4.34%
Mrs. Rasheeda Begum (CDC) 1,459,724 4.61%
5. Mrs. Mobina Akbar Khan 1,000 0.00%
6. Mr. Saeedullah Khan Paracha 1,490,568 4.71%
7. Mr. Hameedullah Khan Paracha 1,894,064 5.98%
8. Mrs. Nazli Rafat Jamal 635 0.00%
9. Mrs. Shahnaz Saeedullah 250,000 0.79%
14,990,506 47.32%
Public sector companies & corporations
1 . Sarfraz Mahmood (Pvt.) Ltd. 500 0.00%
2. Shirazi Investments (Pvt.) Ltd. 12,300 0.04%
3. A. Sattar Motiwala Securities (Pvt.) Ltd. (CDC) 270 0.00%
4 . A . H . K . D . Securities (Pvt .) Ltd . (CDC) 89,000 0.28%
5. Aqeel Karim Dhedhi Securities (Pvt.) Ltd. (CDC) 1,400 0.00%
6. B & B Securities (Pvt.) Ltd. (CDC) 2,000 0.01%
7. Bawa Securities (Pvt.) Ltd. (CDC) 2,000 0.01%
8. Capital Vision Securities (Pvt.) Ltd. (CDC) 400 0.00%
9. Continental Capital Management (Pvt.) Ltd. (CDC) 600 0.00%
10. Darson Securities (Pvt.) Ltd. (CDC) 70,000 0.22%
1 1 . DJM Securities (Pvt.) Ltd. (CDC) 223,500 0.71%
12. Fawad Yousauf Securities (Pvt.) Ltd. (CDC) 8,500 0.03%
13. First Capital Equities Limited (CDC) 2,500 0.01%
14. Intermarket Securities (Pvt.) Ltd. (CDC) 20,500 0.06%
S. No. Name Holding % of Share
15. Invest Capital & Securities (Pvt.) Ltd. (CDC) 115 0.00%
16. Iqbal Usman Kodvavi Securities (Pvt.) Ltd. (CDC) 1,000 0.00%
17. Jahangir Siddique Capital Markets Ltd. (CDC) 10,100 0.03%
18. Jamshaid & Hasain Securities (Pvt.) Ltd. (CDC) 1,500 0.00%
19. Live Securities (Pvt.) Ltd. (CDC) 31,000 0.10%
20. M.R.A. Securities (Pvt.) Ltd. (CDC) 6,000 0.02%
21. MGM Securities (Pvt.) Ltd. (CDC) 1,000 0.00%
22. Moosa, Noor Mohammad, Shahzada & Co. (Pvt.) Ltd .(CDC) 5,000 0.02%
23. Moosani Securities (Pvt.) Ltd. (CDC) 5,000 0.02%
24. Oriental Securities (Pvt.) Ltd. (CDC) 812 0.00%
25. Prudential Securities Ltd. (CDC) 500 0.00%
26. Safe Securities (Pvt.) Ltd. (CDC) 635 0.00%
27. Salim Chamdia Securities (Pvt.) Ltd. (CDC) 1,000 0.00%
28. Salman Services (Pvt.) Ltd. (CDC) 4,500 0.01%
29. Y.S. Securities & Services (Pvt.) Ltd. (CDC) 2,500 0.01%
30. Zillion Capital Securities (Pvt.) Ltd. (CDC) 100,353 0.32%
31 . The Karachi Stock Exchange (G) Ltd. (CDC) 500 0.00%
604,985 1.91%
Banks development financial institutions.
non banking financial institutions
1 . Bankers Equity Limited 1,000 0.00%
2. Paksitan Kawait Investment 700 0.00%
3. Pakistan Industrial Credit & Investment Corp. Ltd. 24,500 0.08%
4. Saudi Pak Industrial & Agricultural
Investment Company (Pvt.) Ltd. 43,000 0.14%
5. National Development Finance Corporation Investor 2,000 0.01%
6. Atlas Bot Investment Bank Ltd. 22,100 0.07%
7. Indus Bank Ltd. 144,300 0.46%
8. Prudential Investment Bank Ltd. 500 0.00%
238,100 0.75%
Insurance Companies
1. Adamjee Insurance Co. Ltd. 100,000 0.32%
2. New Jubliee Insurance Co. 2,400 0.01%
3. EFU General Insurance 100 0.00%
4. State Life Insurance Corp. Ltd. (CDC) 175,000 0.55%
277,500 0.88%
Modaraba & Mutual Fund
1 . First Interfund Modaraba 25,200 0.08%
2. First Equity Modaraba (CDC) 1,500 0.00%
26,700 0.08%
Non-Residence / Foreign Companies
1. Somers Nominees (Far East) Ltd. 1,100 0.00%
2. Toddi Investments Limited 10,610,937 33.49%
10,612,037 33.50%
Shares Held by the General Public 3,223,982 10.18%
Total 31,680,610 100.00%
Shareholders Holding 10% or More of Total Capital
1 . Toddi Investments Limited 10,610,937 33.49%
10,610,937 33.49%
Review Report to the Members on Statement of Compliance with Best Practices
of Code of Corporate Governance
We have reviewed the Statement of Compliance with the best practices contained in the Code of Corporate
Governance prepared by the Board of Directors of Tandlianwala Sugar Mills Limited ("the Company") to
comply with the Listing Regulations of the respective Stock Exchanges, where the Company is listed.
The responsibility for compliance with the Code of Corporate Governance is that of the Board of Directors of the
Company. Our responsibility is to review, to the extent where such compliance cart be objectively verified,
whether the Statement of Compliance reflects the status of the Company's compliance with the provisions of the
Code of Corporate Governance and report if it does not. A review is limited primarily to inquiries of the
Company personnel and review of various documents prepared by the Company to comply with the Code.
As part of our audit of financial statements we are required to obtain an understanding of the accounting and
internal control systems sufficient to plan the audit and develop an effective audit approach. We have not carried
out any special review of the internal control system to enable us to express an opinion as to whether the Board's
statement on internal control covers all controls and the effectiveness of such internal controls.
Based on our review nothing has come to our attention, which causes us to believe that the Statement of
Compliance does not appropriately reflect the Company's compliance, in all material respects, with the best
practices contained in the Code of Corporate Governance.
Statement of Compliance with the Code of Corporate Governance
For the year ended 30 September 2004
This statement is being presented to comply with the Code of Corporate Governance contained in the Listing
Regulations of the stock exchanges for the purpose of establishing a framework of good governance whereby a
listed Company is managed in compliance with the best practices of corporate governance. The Company has
applied the principles contained in the Code in the following manner:
1 The Board of Directors comprised of eight Directors. The Company encourages representation of
independent non-executive Directors. At present the Board includes seven independent non-executive
2 The Directors have voluntarily confirmed that none of them is serving as a director in more than ten
listed companies, including this Company.
3 The Directors have voluntarily declared that all the resident Directors of the Company are registered as
taxpayers and none of them has defaulted in payment of any loan to a banking Company, a DPI or an
NBFI. None of the Directors is a member of a stock exchange.
4. No causal vacancy in the Board of Directors during the year ended September 30, 2004.
5. The Board of Directors prepared a Statement of Ethics and Business Practices, which has been signed
by all the Directors and employees of the company.
6. The Board of Directors of the company has developed a vision / mission statement, over all corporate
strategy and significant policies. A complete record of particulars of significant policies, which were
approved amended or changed has been maintained.
7. All the powers of the Board have been duly exercised and decisions on material transactions, including
appointment and determination of remuneration and terms and conditions of employment of the CEO
and other Executive Directors, have been taken by the Board.
8. All the meetings of the Board, which were held during the year (including the four quarterly meetings)
were presided by the Chairman. Written notices of the Board Meetings, along with agenda and working
papers, were circulated at least seven days before the meetings. The minutes of the meetings were
appropriately recorded and circulated in time.
9. The Board of Directors arranged orientation course for its Directors and they have the copies of the
Listing Regulations of the Karachi Stock Exchange, Company's Memorandum and Articles of
Association and the Code of Corporate Governance and they are well conversant with their duties and
10. No new appointments of CFO, Company Secretary or Head of Internal Audit have been made after the
application of the Code of Corporate Governance. The remuneration & terms and conditions of
employment by the CEO has also been approved by the Board.
11. The Directors' Report for this year has been prepared in compliance with the requirements of the Code
and fully describes the salient matters required to be disclosed.
12. The financial statements of the Company were duly endorsed by the CEO and CFO before approval of
the Board.
13. The Directors, CEO and executives do not hold any interest in the shares of the Company other than that
disclosed in the pattern of shareholding.
14. The Company has complied with all the corporate and financial reporting requirements of the Code.
15. The Board has formed an audit committee. It comprises of three members of the whom two are non-
executive directors including the chairman of the committee.
16. The meetings of the audit committee were held at least once in every quarter prior to approval of interim
and final results of the company as required by Code. The term of reference of the committee have been
formed and advised to the committee for compliance.
17. Tandlianwala Sugar Mills Limited has had an effective Internal Audit Function in place since the late
18. The statutory auditors of the Company have confirmed that they have been given a satisfactory rating
under the quality control review programme of the Institute of Chartered Accountants of Pakistan, that
they or any of the partners of the firm, their spouses and minor children do not hold shares of the
Company and that the firm and all its partners are in compliance with International Federation of
Accountants (IFAC) guidelines on Code of Ethics as adopted by the Institute of Chartered Accountants
of Pakistan.
19. The statutory auditors or the persons associated with them have not been appointed to provide other
services except in accordance with the Listing Regulations and the auditors have confirmed that they
have observed IFAC guidelines in this regard.
20. We confirm that all other material principles contained in the Code have been complied with.
We have audited the annexed balance sheet of Tandlianwala Sugar Mills Limited ("the Company") as at 30
September 2004 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 in 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 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) 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 30
September 2004 and of the profit, 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.
Balance Sheet
Note 2004 2003
LIABILITIES (Rupees) (Rupees)
Authorised Capital 350,000,000 250,000,000
35,000,000 (2003: 25,000,000) Ordinary shares of Rs. 10/- each
Issued, Subscribed and Paid-Up Capital
31, 680,611 (2003: 24, 931, 620) Ordinary shares of Rs.10/- each 316,806,110 249,316,200
fully paid in cash 195,924,370 142,396,623
Reserves 512,730,480 391,712,823
NON CURRENT LIABILITIES 157,385,117 51,117,891
Loans from Directors - Unsecured 4 217,687,106 36,148,836
Long term loans - Secured 5 21,312,243 14,761,923
Liabilities against assets subject to finance lease 6 - 11,643,851
Road cess payable 7 1,979,967 57,801,371
Other long term liabilities 8 14,583,670 13,295,442
Deferred liability - Gratuity 9 412,948,103 184,769,314
CURRENT LIABILITIES 63,652,804 70,345,458
Current maturity of long term liabilities 10 401,798,075 263,270,649
Short term borrowings - secured 11 135,717,625 120,946,949
Creditors, accrued and other liabilities 12 5,277,193 3,784,542
Provision for taxation 606,445,697 458,347,598
- -
Contingencies and Commitments 13 1,532,124,280 1,034,829,735
As at 30 September 2004
Note 2004 2003
ASSETS (Rupees) (Rupees)
Property, plant and equipment 14 677,528,472 666,981,776
Capital work in progress 16 106,514,257
784,042,729 666,981,776
LONG TERM DEPOSITS 18 5,759,175 2,879,375
Trade debtors - considered good 19 5,694,000
Stores and spares 20 68,945,553 63,841,029
Stock in trade 21 302,147,129 241,121,128
Advances, deposits, prepayments and
other receivables 22 160,258,350 57,790,778
Cash and bank balances 23 108,268,975 2,215,649
645,314,007 364,968,584
1,532,124,280 1,034,829,735
Profit and Loss Account
For the year ended 30 September 2004
Note 2004 2003
(Rupees) (Rupees)
Cost of sales 24 1,055,438,647 843,137,267
Gross profit 25 -959,807,094 -788,160,207
95,631,553 54,977,060
Operating Expenses
Administrative 26 -47,274,326 -39,301,127
Selling and distribution 27 -1,776,011 -2,165,726
-49,050,337 -41,466,853
Operating Profit 46,581,216 13,510,207
Financial Charges 28 -1,869,412 -37,559,738
44,711,804 -24,049,531
Other Income 29 2,979,731 2,212,938
47,691,535 -21,836,593
Workers' Profit Participation Fund 12.1 -2,384,577 -1,326,132
Profit / (Loss) before taxation 45,306,958 -23,162,725
Provision for taxation 30 -5,277,193 -4,215,686
40,029,765 -27,378,411
Profit / (Loss) after taxation
EARNINGS / (LOSS) PER SHARE 35 1.4 (1-09)
Cash Flow Statement
For the year ended 30 September 2004
Note 2004 2003
Profit / (Loss) before taxation 45,306,958 -23,162,725
Adjustments for:
Depreciation 29,980,791 36,371,066
Loss on disposal of fixed assets 16,911 13,924
Financial charges 1,869,412 37,559,738
Deferred mark up written hack 28,492,392 -
Provision for workers' profit participation fund 2,384,577 1,326,132
Provision for staff retirement benefits 1,609,591 2,335,395
64,353,674 77,606,255
Operating profit before working capital changes 109,660,632 54,443,530
Increase in current assets:
Trade debtors -5,694,000 -
Store, spares and loose tools -5,104,524 -7,289,330
Advances, deposits, prepayments and other receivables -102,467,572 -19,859,175
Stock in trade -61,026,001 -240,778,050
-174,292,097 -267,926,555
Increase in creditors, accrued and other liabilites 27,733,022 22,065,781
Cash generated from operations -36,898,443 -191,417,244
Financial charges paid -31,752,755 -42,048,683
Staff retirement benefits paid -321,363 -352,308
WPPFpaid -13,955,972 -
Taxes paid -3,784,541 -5,560,276
-49,814,631 -47,961,267
Net cash used in operating activities -86,713,074 -239,378,511
Additions to fixed assets -68,622,063 -33,318,690
Payments to suppliers for capital expenditure -97,008,369 -
Sale proceeds / Adjustment from fixed assets 28,077,665 50,000
Additions to capital work in progress -106,514,257 -
Increase in lease deposits -2,879,800 -2,879,375
Net Cash used in investing activities -246,946,824 -36,148,065
Increase / (Decrease) in long term loans 187,802,002 -4,393,076
Increase in short term borrowing 138,527,426 263,270,649
Decrease in other long term liabilities -87,321,404 -48,908,851
Increase in loans from Directors 106,267,226 11,063,361
Proceeds from issue of right shares 80,987,892 -
Increase in lease liability 13,450,082 23,090,418
Net cash generated from financing activities 439,713,224 244,122,501
Increase / (Decrease) in cash and cash equivalents 106,053,326 -31,404,075
Cash and cash equivalents at the beginning of the year 2,215,649 33,619,724
Cash and cash equivalents at the end of the year 23 108,268,975 2,215,649
Statement of Changes in Equity
For the year ended 30 September 2004
Share Capital Reserve Revenue Reserve Total
Capital Share premium Accumulated Profit / (Loss)
Balance as at 30 September 2002 249,316,200 - 169,775,034 419,091,234
Net profit for the year - - -27,378,411 -27,378,411
Balance as at 30 September 2003 249,316,200 - 142,396,623 391,712,823
Right shares issued 67,489,910 - - 67,489,910
Premium on right shares issued - 13,497,982 - 13,497,982
Net profit for the year - - 40,029,765 40,029,765
Balance as at 30 September 2004 316,806,110 13,497,982 182,426,388 512,730,480
Notes to the Accounts
For the year ended 30 September 2004
Tandlianwala Sugar Mills Limited ("the Company") was incorporated in Pakistan on 01 November
1988 as a Public Limited Company under the Companies Ordinance, 1984. The shares of the Company
are quoted on Karachi and Lahore Stock Exchanges. The principal activity of the Company is
production of white crystalline sugar.
These financial statements have been prepared in accordance with approved accounting standards as
applicable in Pakistan and the requirements of Companies Ordinance, 1984. Approved accounting
standards comprise of such International Accounting Standards as notified under the provisions of the
Companies Ordinance, 1984. Wherever, the requirements of the Companies Ordinance, 1984 or
directives issued by the Securities and Exchange Commission of Pakistan differ with the requirements
of these standards, the requirements of Companies Ordinance, 1984 or the requirements of the said
directives take precedence.
3.1 Accounting convention
These accounts have been prepared under the historical cost convention.
3.2 Fixed assets
Operating fixed assets are stated at cost less accumulated depreciation and any identified
impairment loss except freehold land and capital work in progress, which are stated at cost.
Depreciation is charged to income on reducing balance method so as to write off the written
down value of an asset over its estimated useful life at rates disclosed in Note-14 to the accounts.
Plant and machinery is depreciated at 5% per annum on reducing balance method. It is the
Company's estimate that this rate adequately accounts for the useful life of the plant based on
normal maintenance and regular replacement and renewal of aging components.
Maintenance and normal repairs are charged to income as and when incurred. Major renewals
and improvements are capitalized and the assets so replaced, if any, are retired.
Borrowing costs incurred on term loan and bridge loan obtained from Muslim Commercial
Bank are capitalized for the period up to the date of commissioning of the respective assets
acquired out of the proceeds of such loans.
Gain or loss arising on the sale of fixed assets is taken to profit and loss account.
Leased assets held under finance leases are stated at cost less accumulated depreciation at the rates and
basis applied to the Company's owned assets. The outstanding obligations relating to assets subject to
finance lease are accounted for at the net present value of liabilities.
The financial charges are calculated at the interest rates implicit in the lease and are charged to income.
3.3 Staff retirement benefit
The Company operates an un-funded gratuity scheme for all employees with qualifying service
period of six months. Actuarial valuations are carried out at the end of each year to determine
and adjust the liability on the balance sheet date. The Actuary has adopted projected unit credit
method for ascertaining the fair value of assets and liabilities. Actuarial gains/losses of the
immediate preceding year is fully recognised in the current year.
The principal actuarial assumptions used in the valuation of these schemes as of 30 September
2004 are as follows:
Expected rate of salary increase in future years 7 %
Discount rate 8%
Average expected remaining working life-time of employees 14 years
3.4 Receivables
Trade debts are carried at original invoice amount less an estimate made for doubtful debts
based on a review of all outstanding amounts at the year end. Bad debts are written off when
3.5 Stores and spares
These are valued at weighted average cost except for items in transit, which are valued at cost
comprising invoice value and related expenses incurred thereon up to the balance sheet date.
3.6 Stock in trade
These are valued at the lower of weighted average cost and net realizable value except for stock
in transit, which is valued at cost comprising invoice value and related expenses incurred
thereon up to the balance sheet date.
Cost is determined as follows:
Raw material at weighted average cost
Work in process and finished at weighted average cost and related manufacturing
goods expenses
Molasses at net realizable value
Net realizable value signifies the estimated selling price in the ordinary course of business less
other costs necessary to be incurred to make the sale.
1 Muslim
Commercial Bank 2004 2003 Mark-up rate Number of
Limited (Rupees) (Rupees) Installments
- Term loan 80,886,521 - Six month T-Bill 10 semi annual
2 - Demand Finance rate plus 3% with installments
floor of 5% commencing from
28 January 2006
7,989,500 15,979,000 SBP discount rate Four half yearly
3 - Bridge loan plus 3% installments ending
on 24 September
99,904,981 - Average six month 10 semi annual
4 Saudi Pak KIBOR plus 275 installments
Commercial Bank bps with a floor of commencing from
Limited-Running 6.50% 27 June 2006
Finance 20,000,000 - 9 % per annum Due on November
5 Zarai Taraqiati 2006
Bank Limited
Note 45,686,800 50,686,800 14 % per annum To be repaid after
Less: Current Maturity 10 approval of
5.1 Muslim Commercial Bank Limited - Term Loan
This loan having sanctioned limit of Rs. 239 million is obtained for the import and local
purchase of machinery related to the distillery unit and is secured by first registered charge of
Rs. 319 million by way of equitable mortgage over present and future fixed assets of the
Company, first exclusive registered charge for Rs. 225 million over imported and local
machinery of distillery unit, lien over import/local documents for the import and local purchase
of machinery relating to distillery unit and personal guarantees of all Directors of the Company.
5.2 Muslim Commercial Bank Limited - Demand Finance
This loan having sanctioned limit of Rs. 25 million is obtained for import of machinery and is
secured by first exclusive registered charge over imported machinery of Rs. 34 million, lien
over import documents, ranking charge over fixed assets of the Company for Rs. 50 million and
personal guarantees of all Directors of the Company.
3.13 Creditors, accrued and other liabilities
Liabilities for trade and other amounts payable are carried at cost which is the fair value of the
consideration to be paid in future for goods and services.
3.14 Foreign currency transactions
Foreign currency transactions are converted into Pak Rupees using the rates prevailing on the
date of transaction while monetary assets and liabilities are converted into Pak Rupees using the
rates of exchange prevailing at the balance sheet date. Exchange gains and losses on conversion
are charged to income.
3.15 Related Parties
All transactions with related parties are at arms length prices determined in accordance with the
pricing method as approved by the Board of Directors.
3.16 Impairment
The carrying amounts of the Company's assets are reviewed at each balance sheet date to
determine whether there is any indication of impairment If any such indication exists, the
asset's recoverable amount is estimated and impairment losses are recognised.
The amount of future minimum lease payments along with their present value and the periods during
which they will fall due are:
This loan of Rs. 750 million including Letter of credit facility of Rs. 210 million has been
sanctioned for setting up another unit of sugar mills in Meran at Dera Ismail Khan with a
capacity of 6,000 TCD extendable to 8,000 TCD.
The loan is secured by way of first registered specific equitable mortgage charge over all
present and future fixed assets of TSML unit 2 (to be established in D.I.K.), first registered
equitable mortgage pari passu charge on all present and future assets at TSML unit 1 (at
Kanjwani in Faisalabad) aggregated to Rs. one billion, and personal guarantees of Directors of
the Company.
After disbursement of the entire loan of Rs. 750 million, it will be converted into Privately
Placed Term Finance Certificates (PPTFCs), after formal approval from SECP. The Bank of
Khyber, PICIC Commercial Bank Ltd., National Bank of Pakistan Ltd., United Bank Ltd., The
Bank of Punjab, KASB Bank Ltd., Soneri Bank Ltd. and Pak Kuwait Investment Co. (Pvt.)
Ltd. are the consortium participants in PPTFCs along with Muslim Commercial Bank in the
As on 30 September 2004 an amount of Rs. 99.9 million has been disbursed as a bridge finance
by MCB to avoid any delay in project implementation.
Subsequent to the balance sheet date the entire bridge finance was converted into PPTFCs loan
on prorata basis amongst the consortium participants.
5.4 Saudi Pak Commercial Bank Limited - Running Finance
This facility having sanctioned limit of Rs. 70 million is secured by way of pledge of sugar and
carries markup at the rate of 9% per annum. The repayment of the loan is due on 30 November
5.5 Zarai Taraqiati Bank Limited (ZTBL)
This foreign currency loan of Rs. 89.478 million (US$ 3.478 million) was obtained from
ZTBL, under ADB Agro Industries Credit line against an irrevocable letter of credit. The loan
carries interest @ 14% per annum and was repayable in 18 half yearly installments
commencing three years after the disbursement of the first installment.
ZTBL had restructured / rescheduled the Foreign Currency Loan and frozen the interest
accrued upto 30 December 1998. The revised purchase price according to restructuring /
rescheduling arrangement was re-payable by the Company to ZTBL in eight years including a
grace period of six months in 16 half yearly installments commencing from 31 December 1999.
The frozen interest was repayable in three annual installments with a grace period of 5 years,
commencing from 31 December 2004 and ending on 31 December 2006. This rescheduling
was sanctioned in April 1999.
The loan is secured by a pari-passu charge over the project assets and agricultural property
valuing 10% of the sanctioned loan value.
The Company has applied for settlement of the entire loan liability under the ZTBL policy of
loan repayment on interest based loans as per their circular number PLD 2/93 of 1993 by
offering to pay double the principal amount in full settlement of the final liability.
Note Limit 2004 2003
(Rs. In million) (Rupees) (Rupees)
Habib Bank Limited - Cash Finance U.I 200 28,595,929
Muslim Commercial Bank Limited 11.2 300 164,984,000 100,000,000
- Cash Finance
Bank Alfalah Limited - Cash Finance 11.3 100 36,232,000 50,000,000
Union Bank Limited - Cash Finance 11.4 100 55,945,600 25,675,000
The Bank of Punjab - Cash Finance 11.5 150 - 8,999,720
Allied Bank Limited - Cash Finance 11.6 150 60,966,556 -
United Bank Limited - Cash Finance 11.7 200 83,669,919 -
Saudi Pak Commercial Bank Limited 11.8 50 - 30,000,000
- Cash Finance
First Pubjab Modaraba - Morabaha 11.8 20 - 20,000,000
401,798,075 263,270,649
11.1 This facility is secured by way of pledge of sugar and personal guarantees of all Directors of the
Company. It carries markup at the rate of one month KIBOR plus 1.5% with a floor of 3.5 % per
annum. The repayment of the loan is due on 30 October 2004.
11.2 This facility is secured by way of pledge of refined sugar, ranking charge over stocks and debts
for Rs. 400 million, ranking registered equitable mortgage charge for Rs. 50 million over fixed
assets of the Company and personal guarantees of all Directors of the Company. It carries
markup at the rate of 4 % per annum. The repayment of the loan is due on 31 October 2004.
11.3 This facility is secured by way of pledge of sugar and carries markup at the rate of 5.5% per
annum. The repayment of the loan is due on 30 November 2004.
11.4 This facility is secured by way of pledge of sugar and personal guarantees of sponsoring
Directors of the Company. Markup is to be computed at the rate of 5.5% per annum. The
repayment of the loan is due on 31 October 2004.
11.5 This facility is secured by way of pledge of sugar and personal guarantees of all Directors of the
Company. Markup is to be computed at the rates ranging from 4.25 % to 4.75 % per annum. The
repayment of the loan is due on 30 September 2004.
11.6 This facility is secured by way of pledge of sugar and personal guarantees of all Directors of the
Company. It carries markup at the rate of 5 % per annum. The repayment of the loan is due on
30 September 2005.
11.7 This facility is secured by way of pledge of sugar and personal guarantees of Directors of the
Company. It carries markup at the rate of three month KIBOR plus 2% with a floor of 4% per
annum. The repayment of the loan is due on 31 October 2004.
11.8 These facilities have been repaid during the year.
Note 2004 2003
Deferred mark-up on long term loans 8.1 . 56,301,797
Retention money 8.2 1,979,967 1,499,574
1,979,967 57,801,371
Note 2004 2003
Opening Balance 13,295,442 11,312,355
Add: Provision for the year 9.1 1,609,591 2,335,395
Less: Payments made during the year 321,363 352,308
Closing Balance 9.2 14,583,670 13,295,442
Current service cost 1,434,558 1,256,508
Interest cost 997,813 1,078,887
Actuarial gain recognised -822,780 -
Net amount chargeable to Profit & Loss Account 1,609,591 2,335,395
Present value of defined benefit obligation 13,646,148 12,472,662
Add: Actuarial gains to be recognized in later periods 937,522 822,780
14,583,670 13,295,442
Current maturity of long term loans 5 36,780,696 30,516,964
Current portion of liability against assets subject to
finance lease 15,228,257 8,328,494
Current portion of road cess payable 7 11,643,851 31,500,000
63,652,804 70,345,458
LIABILITIES Note 2004 2003
Trade creditors (Rupees) (Rupees)
Creditors for stores and capital expenditure
Advances from customers 13,156,895 11,436,666
Sales tax payable 32,222,341 25,797,245
Mark-up on secured loans 30,123,397 10,522,289
Workers' profit participation fund 17,907,632 14,878,449
Excise duty on borrowings 19,588,691 20,979,642
Accrued liabilities 2,384,577 13,955,972
Unclaimed dividend 12.1 2,364,574 2,364,574
Others payable 6,276,220 5,093,959
Income tax deducted at source 5,071,109 6,313,973
6,513,830 9,500,929
12.1 Workers' Profit Participation Fund 108,359 103,251
Opening balance 135,717,625 120,946,949
Add: Allocation for the year
Interest on funds used in the company 13,955,972 12,629,840
Less : Paid during the year 2,384,577 -
Closing balance - 1,326,132
-13,955,972 -
13.1 The Sales Tax Department has demanded further tax from the Company on the grounds that it
charged sales tax at the rate of 15 % on its sales to persons who were liable to be registered. The
Company is in adjudication against this on the grounds of the definition of registered person in
the Sales Tax Act.
The Company has won a favourable decision from the Supreme Court on the same issue in the
past, although there has been an increase in the rate of sales tax on persons who are liable to be
registered. Certain other sugar mills have been granted stay in the recovery proceedings by the
Lahore High Court.
The Sindh High Court upheld the petitioner's view in its judgment in November 2000 on a
constitutional petition filed by Matiari Sugar Mills Limited. The Sales Tax Department has
however filed an appeal in the Supreme Court against this decision.
The Company expects a favourable outcome in this case. The amount of further tax involved is
Rs. 64.026 million.
13.2 The Company has capital commitments of Rs. 251.44 million (2003: Nil) on account of
import of machinery and its related components.
Note 2004 2003
STORES AND SPARES (Rupees) (Rupees)
Stores 61,135,912 55,938,076
Spares 1,890,801 1,730,044
Oil and lubricants 3,485,270 3,026,242
Chemicals 2,433,570 3,146,667
68,945,553 63,841,029
Work in process 460,344 597,609
Finished goods - Sugar 269,425,785 240,523,519
- Molasses 32,261,000 -
302,147,129 241,121,128
Advances to staff - Unsecured, considered good 17,035,250 6,757,241
Advances to sugar cane growers - Unsecured,
considered good 1,318,873 1,175,254
Advances to suppliers and contractors - Unsecured,
considered good 22.1 120,542,782 8,234,211
Advance income tax 3,645,375 1,120,300
Other receivables - Unsecured, considered good - 20,762,708
Sales tax receivable 16,006,507 18,006,507
Deposits 534,800 429,800
Prepayments 637,712 781,585
Others 22.2 537,051 523,172
160,258,350 57,790,778
This mainly comprise of security deposits with leasing companies in respect of leasing facilities
This represents amount due from Riaz Bottlers (Private) Limited, an associated Company against
sale of sugar. Maximum amount due at the end of any month was Rs. 8,244,000 (2003: Nil).
Particulars Cost Accumulated Written Sale Profit / Mode of Buyer
Depreciation Down Proceeds (Loss) Disposal
Motorcycle 39,800 35,525 4,275 25,700 21,425 Negotiation Mehmood
LOR 6896 Ahmad
Motorcycle 39,800 35,526 4,274 30,000 25,726 Negotiation Mehmood
LOR 6897 Ahmad
Motorcycle 38,300 34,187 4,113 28,700 24,587 Negotiation Liaqat Ali
LOS 2903 (Outsider)
Motorcycle 32,505 29,016 3,489 27,200 23,711 Negotiation Mehmood
FDP 6573 Ahmad
Motorcycle 32,990 29,449 3,541 24,700 21,159 Negotiation Bilal Autos
FDP 8459
Motorcycle 33,100 29,545 3,555 25,000 21,445 Negotiation Mehmood
FDP 4802 Ahmad
Motorcycle 72,300 14,460 57,840 - -57,840 Lost by theft -
FS 5291
Motorcycle 56,600 44,730 11,870 - -11,870 Lost by theft -
FDU 5025
Suzuki Car 172,614 154,081 18,533 24,000 5,467 Negotiation Shahzad
LON 7063 Ahmad
Photocopier 145,000 75,647 69,353 25,000 -44,353 Negotiation Shirazi
8 Ridgers 115,920 11,592 104,328 57,960 -46,368 Negotiation Various
2004 778,929 493,758 285,171 268,260 -16,911
2003 165,000 101,076 63,924 50,000 -13,924
(Rupees) (Rupees)
Plant and machinery 56,961,278 -
Civil works 40,833,447 -
Financial charges 2,209,017 -
Other expenses 6,510,515 -
106,514,257 -
Note 2004 2003
25.1 Cost of goods manufactured (Rupees) (Rupees)
Cost of sugarcane consumed
(including procurement and other costs) 880,185,146 894,195,411
Salaries, wages and benefits 26,413,796 24,119,121
Store consumption 32,690,934 27,898,364
Fuel and power 5,242,210 4,844,015
Repair and maintenance 38,200,484 35,847,426
Vehicle running expenses 4,492,921 3,730,688
Insurance 6,505,632 4,109,729
Depreciation 25,496,442 33,644,520
Others 14 1,605,530 548,983
1,020,833,095 1,028,938,257
Work in process
Opening stock of sugar and molasses 597,609 343,078
Closing stock of sugar and molasses -460,344 -597,609
137,265 -254,531
1,020,970,360 1,028,683,726
Salaries, wages and benefits 17,429,269 16,639,889
Rent, rates and taxes 26.1 1,457,461 1,449,397
Electricity 572,368 449,038
Printing and stationery 1,532,873 1,152,892
Insurance 638,746 366,662
Postage, telephone and telegraph 1,445,678 1,195,521
Vehicle running and maintenance 5,461,845 5,108,928
Repair and maintenance 2,763,991 2,778,442
Traveling, boarding and lodging 5,233,495 3,186,095
Subscription, books and periodicals 998,444 860,436
Legal and professional charges 2,628,837 1,433,170
Entertainment 1,051,790 806,718
Charity and donations 199,775 147,052
Auditors' remuneration 26.2 425,000 420,450
Depreciation 26.3 4,484,349 2,726,546
Others 14 950,405 579,891
47,274,326 39,301,127.00
2004 2003
Note (Rupees) (Rupees)
Cash in hand 171,911 162,017
Cash at bank: - In current accounts 34,479,266 556,255
- In saving accounts 73,617,798 1,497,377
108,097,064 2,053,632
108,268,975 2,215,649
Sugar 1,139,757,600 918,834,600
Molasses 74,345,581 44,899,175
1,214,103,181 963,733,775
Less: Sales Tax -158,664,534 -120,596,508
1,055,438,647 843,137,267
Cost of goods manufactured 1,020,970,360 1,028,683,726
Finished goods: 25.1
Opening Stock - Sugar 240,523,519 -
1,261,493,879 1,028,683,726
Closing Stock
- Sugar -269,425,785 -240,523,519
- Molasses -32,261,000 -
-301,686,785 -240,523,519
959,807,094 788,160,207
2004 2003
26.3 Auditors' remuneration Note (Rupees) (Rupees)
Audit fee ############### 271,500
Half yearly review ############### 123,950
Out of pocket expenses 25,000 25,000
############### 420,450
Sugar stacking / restacking 1,776,011 2,165,726
Mark-up on long term loans - Secured 3,017,912 513,323
Mark-up on short term borrowings - Secured 20,538,230 28,694,947
Mark-up on loans from Directors 1,553,768 4,107,170
Financial charges on leases 2,990,966 2,199,354
Bank charges 1,138,697 536,373
Other charges 1,122,231 1,041,263
Excise duty on loans - 467,308
Deferred mark up written back -28,492,392 -
8.1 1,869,412 37,559,738
Profit on saving accounts 82,276 54,358
Sale of mud 1,096,424 347,500
Sale of scrap 1,810,942 1,808,807
Loss on sale of fixed assets -16,911 -13,924
Miscellaneous income 7,000 16,197
2,979,731 2,212,938
Income tax - Current 5,277,193 4,215,686
The overall cane crushing capacity of the plant on three shifts basis for 160 days operations comes to 960,000
tonnes. During the season, plant was operated for 143 days (2003: 158 days) and 883,996 tonnes (2003: 854,075)
of sugarcane was crushed producing 77,707 tonnes (2003: 71,168) of sugar.
Due to normal technical stoppages during the season 100% crushing capacity could not be achieved.
35. EARNINGS / (LOSS) PER SHARE 2004 2003
(Rupees) (Rupees)
Profit / (Loss) after taxation 40,029,765 -27,378,411
Weighted average number of ordinary shares 28,546,521 25,180,936
Earnings / (Loss) per share 1.4 -1.09
460 265
The total number of employees at the end of the year 233 311
These financial statements were authorized for issue on February 06, 2005 by the Board of Directors of the
have been rounded off to the nearest rupee.
Corresponding figures have been re-arranged, where necessary, for the purpose of comparison.
Name of Relationship Nature of Transactions 2004 2003
Company (Rupees) (Rupees)
Riaz Bottlers Associated Sale of sugar 107,392,200 _
(Pvt). Limited Company
Superior Textile Associated Provision of services to - 59,768
Mills Ltd. Company Superior Textile Mills Ltd.
Haroon Akhtar Director Loan 81,016,458 20,300,000
Ghazi Akhtar Director Loan 76,368,659 15,813,891
Rasheeda Begum Director Loan - 15,004,000
Haroon Akhtar Director Mark up on loan 778,153 1,030,000
Ghazi Akhtar Director Mark up on loan 397,432 1,576,770
Rasheeda Begum Director Mark up on loan 378,183 1,500,400
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