Haseeb Waqas Sugar Mills : Transmission of Quarterely Report for the period 31 03 2024

HASEEB WAQAS SUGAR MILLS LIMITED

Company Information

Board of Directors
1.	Mr. Raza Mustafa	Chairman
2.	Mian Abdullah Ilyas	Director/Chief Executive
3.	Mian Waqas Riaz	Director
4.	Mrs. Yasmin Riaz	Director
5.	Ms. Zainab Waqas	Director
6.	Mrs. Shahzadi Ilyas	Director
7.	Ms. Zakia Ilyas	Director
8.	Miss. Aqsa Riaz	Director
Audit Committee	Human Resource & Remuneration
		Committee
1.	Mian Waqas Riaz (Chairman)	1. Mian Waqas Riaz (Chairman)
2.	Ms. Zakia Ilyas (Member)	2. Mrs. Zainab Waqas (Member)
3.	Mrs. Yasmin Riaz (Member)	3. Ms. Zakia Ilyas (Membr)
Company Secretary	Chief Financial Ofcer
Mr. Ansar Ahmed, FCA	Syed Mubashar Hussain Bukhari
Tel: [phone]	Tel: [phone]
Email: [e-mail]	Email: [e-mail]
Auditors	Registrar
M/s Qadeer & Company	Hameed Majeed Associates (Pvt.) Limited
Chartered Accountants	H.M. House, 7-Bank Square, Lahore
32-A, Lawrence Road, Lahore
Mills	Registered Ofce
Mouza Jagmal, Tehsil Jattoi	06-F, Model Town, Lahore
District. Muzaffargarh	Tel: [phone]
		Fax: [phone]
		Website: www.hwgc.com.pk
Bankers	Legal Advisor
National Bank of Pakistan	Muhammad Ahsan Khan
Sindh Bank Limited	(Advocate)
The Bank of Punjab

DIRECTORS' REVIEW

FOR THE HALF YEAR ENDED 31 MARCH 2024

Dear Members

On behalf of the Board of Directors, it is my privilege to present you the Half Yearly condensed financial statements duly reviewed by the statutory auditors and their report is attached to the financial statements.

FINANCIAL RESULTS

The financial results of the company for the period under review are summarized as follows:

	For the half year ended
	31 March
	2024	2023
	(Rupees)
Net Sales	-	-
Gross Profit / (Loss)	(172,009,937)	(74,170,892)
Net Profit / (Loss) before tax	(183,110,222)	(207,235,518)
Net Profit / (Loss) after tax	(223,721,645)	(199,783,412)
Basic Earning	(06.90)	(06.17)

During the period under review, the Company posted gross loss of Rs.172,009,937 as compared to last periods of Rs.74,170,892. Further, the company remains non-operational during the crushing season and resultantly has zero production and sales during the period.

The management of the company is striving hard to arrange funds for the coming season. Hopefully we will be able to start the 2024-25 crushing season timely with full swing.

Moreover, the management of the company has already started negotiating with the financial institutions for Rescheduling & Restructuring of outstanding liabilities and with FBR as well, hopefully would be finalized before start of season.

FUTURE OUTLOOK

Management of the company is hopeful of catching the crushing season 2024-25 and optimistic of doing the crushing at its maximum level.

ACKNOWLEDGEMENT

The Board of Directors deeply express their appreciation and pay their gratitude to sugarcane growers, valuable customers, shareholders, banks and Government Departments for their continued support, trust, persistent co-operation and patronage which gives strength to pursue our corporate objectives with renewed vigor. The Board also acknowledges the valuable teamwork, devotion and dedication by the executives, employees and workers of the Company.

On behalf of the Board

Place: Lahore:	(ABDULLAH ILYAS)
Dated: 30 May 2024	Chief Executive

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HASEEB WAQAS SUGAR MILLS LIMITED

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

	AS AT MARCH 31, 2024	Un-audited		Audited
		March 31, 2024		Sep 30, 2023
EQUITY AND LIABILITIES	Note	Rupees
Share Capital and Reserves
Authorized capital
35,000,000 (Sept. 30, 2022: 35,000,000) ordinary
shares of Rs. 10 each		350,000,000	350,000,000
Issued, subscribed and paid up capital	6	324,000,000	324,000,000
Loan from Directors	7	1,232,425,119	1,225,190,739
Surplus on Revaluation of Property,
Plant and Equipment		4,630,147,946	4,713,414,891
Accumulated loss		(5,636,881,707)		(5,496,427,007)
		549,691,359	766,178,623

Non Current Liabilities

Long term financing	8
Deferred liabilities
Deferred taxation
Current Liabilities
Trade and other payables
Markup/ interest payables
Short term borrowings	9
Unclaimed dividend
Current portion of non current liabilities	10
Contingencies and Commitments	11
ASSETS
Non Current Assets
Property, plant and equipment	12
Long term deposits
Current Assets
Stores, spares and loose tools
Stock in trade	13
Advances, deposits, prepayments and other recievables
Cash and bank balances

-

17,727,974

1,449,676,949

1,467,404,923

826,457,790

1,183,695,578

751,891,594

1,443,972

1,367,187,642

4,130,676,575

-

6,147,772,857

6,009,145,668

490,000

6,009,635,668

62,856,765

-

73,894,795

1,385,629

138,137,189

6,147,772,857

-

17,727,972

1,409,065,523

1,426,793,495

841,461,866

1,183,695,578

673,246,932

1,443,972

1,367,187,642

4,067,035,990

-

6,260,008,108

6,152,109,232

490,000

6,152,599,232

61,310,234

-

44,126,807

1,971,835

107,408,876

6,260,008,108

The annexed notes form an integral part of these condensed interim financial information

ABDULLAH ILYAS		RAZA MUSTAFA		SYED MUBASHIR HUSSAIN BUKHARI
CHIEF EXECUTIVE		DIRECTOR		CHIEF FINANCIAL OFFICER

HASEEB WAQAS SUGAR MILLS LIMITED

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED)

FOR THE HALF YEAR AND 2ND QUARTER ENDED MARCH 31, 2024

Note

Half year ended

March 31, 2024

March 31, 2023

Rupees

Quarter ended

March 31, 2024

March 31, 2023

Rupees

Sales - Net	14
Cost of goods sold	15
Gross (loss)
Operating expenses:
- Administrative and general
Other operating income	16

(Loss/Profit) from operation

Finance cost

(Loss/Profit) before taxation

Taxation

Current

Deferred

-

(172,009,937)

(172,009,937)

(11,072,575)

(183,082,512)

-

(183,082,512)

(27,710)

(183,110,222)

-

(40,611,423)

(40,611,423)

-

(74,170,892)

(74,170,892)

(8,182,971)

(82,353,863)

-

(82,353,863)

(124,881,655)

(207,235,518)

-

7,452,106

7,452,106

-

(136,454,309)

(136,454,309)

(8,265,904)

(144,720,213)

-

(144,720,213)

41,917,802

(102,802,411)

-

(47,928,450)

(47,928,450)

-

(38,615,264)

(38,615,264)

(5,376,300)

(43,991,564)

-

(43,991,564)

(82,936,143)

(126,927,707)

-

135,079

135,079

(Loss/Profit) after taxation	(223,721,645)		(199,783,412)		(150,730,861)		(126,792,628)
Loss/Profit per share - basic and diluted	(6.90)	(6.17)	(4.65)	(3.91)

The annexed notes form an integral part of these condensed interim financial information.

ABDULLAH ILYAS		RAZA MUSTAFA		SYED MUBASHIR HUSSAIN BUKHARI
CHIEF EXECUTIVE		DIRECTOR		CHIEF FINANCIAL OFFICER

HASEEB WAQAS SUGAR MILLS LIMITED

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)

FOR THE HALF YEAR AND 2ND QUARTER ENDED MARCH 31, 2024

	Half year ended		Quarter ended
	March 31, 2024		March 31, 2023		March 31, 2024		March 31, 2023
	Rupees		Rupees
(Loss/Profit) after taxation	(223,721,645)	(199,783,412)	(150,730,861)	(126,792,628)
Other comprehensive income for the period	-	-	-	-
Total comprehensive (loss) for the period
(223,721,645)	(199,783,412)	(150,730,861)	(126,792,628)

The annexed notes form an integral part of these condensed interim financial information

ABDULLAH ILYAS		RAZA MUSTAFA		SYED MUBASHIR HUSSAIN BUKHARI
CHIEF EXECUTIVE		DIRECTOR		CHIEF FINANCIAL OFFICER

HASEEB WAQAS SUGAR MILLS LIMITED

CONDENSED INTERIM STATEMENT OF CASH FLOWS (UN-AUDITED)

FOR THE HALF YEAR ENDED MARCH 31, 2024

CASH FLOW FROM OPERATING ACTIVITIES

March 31, 2024

September 30, 2023

Rupees

(Loss)/profit before taxation

Adjustments for:

• Depreciation
• Finance cost

Operating profit before working capital changes

(Increase) / decrease in current assets:

• Stores, spares and loose tools
• Stock in trade
• Advances, deposits, prepayments and other recievables Increase / (decrease) in current liabilities:
• Trade and other payables

Cash generated /(used in) from operations

Income tax paid / deducted

Gratuity paid

Finance cost paid

Net cash generated from/(used in) operating activities

CASH FLOW FROM INVESTING ACTIVITIES

Property, plant and equipment purchased Long term deposits

Proceeds from sale of property, plant and equipment

Net cash (used in) investing activities

CASH FLOW FROM FINANCING ACTIVITIES

Proceeds / (Repayment) from long term loans - Net Proceeds / (Repayment) from Directors/Sponsors- Net

Proceeds / (Repayment) of related parties

Net cash generated from financing activities

(183,110,222)

142,963,564

27,710

142,991,274

(40,118,948)

(1,546,531)

-

(29,767,988)

(15,004,076)

(46,318,594)

(86,437,542)

(23,819)

(3,886)

-

(86,465,247)

-

-

-

-

-

7,234,380

78,644,662

85,879,042

(477,935,797)

206,819,510

125,224,606

332,044,116

(145,891,681)

(5,417,440)

-

357,678

40,578,812

35,519,050

(110,372,631)

(960,064)

-

(346,840)

(111,679,535)

-

-

-

-

-

94,369,000

16,847,046

111,216,046

Net increase/(decrease) in cash and cash equivalents	(586,206)	(463,489)
Cash and cash equivalents at the beginning of the period	1,971,835	2,435,324
Cash and cash equivalents at the end of the period
1,385,629	1,971,835

The annexed notes form an integral part of these condensed interim financial information.

ABDULLAH ILYAS		RAZA MUSTAFA		SYED MUBASHIR HUSSAIN BUKHARI
CHIEF EXECUTIVE		DIRECTOR		CHIEF FINANCIAL OFFICER