BABA FARID
S U G A R M I L L S L I M I T E D
GROWING
ABETTER
TOMORROW
REPORTANNUAL2020
TABLE OF | |
CONTENTS | |
Company Information........................................................................................................................................ | 2 |
Vision Statement, Mission Statement, Corporate Strategy, Core Values.................. | 3 |
Notice of Annual General Meeting......................................................................................................... | 4 |
Statement of Material Facts ....................................................................................................................... | 8 |
Chairman's Review.............................................................................................................................................. | 9 |
Director's Report................................................................................................................................................ | 11 |
Director's Report Urdu................................................................................................................................... | 15 |
6 Years Operating Results........................................................................................................................... | 19 |
Pattern of Holding of Shares..................................................................................................................... | 20 |
Categories of Share Holders.................................................................................................................... | 21 |
Code of Corporate Governance............................................................................................................. | 23 |
Review Report to the Members.............................................................................................................. | 26 |
Independent Auditor's Report to the Members......................................................................... | 27 |
Statement of Financial Position ............................................................................................................. | 33 |
Statement of Profit or Loss......................................................................................................................... | 34 |
Statement of Comprehensive Income.............................................................................................. | 35 |
Statement of Cash Flows............................................................................................................................. | 36 |
Statement of Changes in Equity............................................................................................................ | 37 |
Notes to the Financial Statements....................................................................................................... | 38 |
Proxy Form |
ANNUAL REPORT 2020 1
COMPANY
INFORMATION
BOARD OF DIRECTORS
Mrs. Qaiser Shamim Khan | Chairperson |
Mr. Adnan Ahmed Khan | Chief Executive |
Mr. Muhammad Shamim Khan | Executive Director |
Mr. Nauman Ahmed Khan | Non-Executive |
Mrs. Sarah Hajra Khan | Non-Executive |
Mr. Farid ud Din Ahmed | Independent Director |
Mr. Malik Manzoor Hussain Humayoon | Independent Director |
CHIEF FINANCIAL OFFICER | |
Mr. Wasif Mahmood | |
COMPANY SECRETARY | |
Mr. Muhammad Imran | |
AUDITORS | |
BDO Ebrahim & Co. | |
Chartered Accountants | |
F-2, First Floor, Grace Centre, | |
Canal Bank Road, 1-B Canal Park, | |
Gulberg-II, Lahore | |
Tel: 042-35875709-10 | |
Fax: 042-35717351 | |
Email: info@bdo.com.pk | |
MILLS | |
5 K.M. Faisalabad Road, Okara | |
Tel: 044-2522878, 2524279 | |
Fax: 044-2522978 | |
BANKERS | |
Habib Bank Limited | |
Bank Al-Habib Limited | |
MCB Bank Limited | |
Meezan Bank Limited | |
Bank Alfalah Limited | |
Soneri Bank Limited | |
Allied Bank Limited | |
Askari Bank Limited |
HUMAN RESOURCES & REMUNERATION COMMITTEE
Mr. Farid-ud-Din Ahmad | Chairman |
Mr. Adnan Ahmed Khan | Member |
Mr. Malik Manzoor Hussain Humayoon | Member |
AUDIT COMMITTEE | |
Mr. Farid-ud-Din Ahmad | Chairman |
Mrs. Sarah Hajra Khan | Member |
Mr. Malik Manzoor Hussain Humayoon | Member |
NOMINATION COMMITTEE | |
Mr. Malik Manzoor Hussain Humayoon | Chairman |
Mr. Farid-ud-Din Ahmad | Member |
RISK MANAGEMENT COMMITTEE | |
Mr. Malik Manzoor Hussain Humayoon Chairman | |
Mr. Farid-ud-Din Ahmad | Member |
SHARE REGISTRAR
M/s Corplink (Pvt) Limited
Share Registrar, Wings Arcade,
1-K Commercial Model Town, Lahore.
Tel: 042-35916714,
Fax: 042-35869037
Email: corplink786@gmail.com
REGISTERED OFFICE
2-D-1, Gulberg III, Lahore Tel: 042-35771066-71 Fax: 042-35756687 Email: info@bfsml.com Website: www.bfsml.com
LEGAL ADVISOR
M/S Ahmed & Pansota
Advocate and Legal Consutants
20 - Sir Gangaram Mansions
The Mall Lahore
Tel: 042-37313549, 37313520
Tel: 042-36672102
2 ANNUAL REPORT 2020
VISION
STATEMENT
We shall build on our core competencies and achieve excellence in performance to become a leading producer of best quality sugar. In doing so we aim to meet or accede the expectations of all our stakeholders.
Our goal is not only to attain technological advancements in the field of sugar but also to inculcate the most efficient, ethical and time tested business practices in our management.
Furthermore, we shall strive to innovate the ways for the improvement and increase in per acre yield of sugarcane and introduce improved varieties of sugarcane having better yield characters, high sucrose contents, disease and drought resistant and better ratooning crop in the region. We shall introduce the mechanized sugarcane cultivation mehtod to the growers and to educate regarding latest developments of agriculture technology and free consultancy of professionals.
MISSION
STATEMENT
We aim to be a leading producer and supplier of quality sugar by adopting the most technological advancement. We intend to play a pivotal role in the economic development of Pakistan.
CORPORATE
STRATEGY
Our corporate strategy and objectives for the future are to find new and improved means of cost reduction, fuel economy and to acquire advanced manufacturing capabilities to support our product development efforts and product line expansion and stand ready to leverage our debt and be responsive to the changing economic scenario. We believe in harnessing the inherent strengths of available human resource and materials to the utmost and a commitment for building a solid foundation poised for sustainable growth for the long-term benefit of our shareholders and employees.
CORE VALUES
Strive for excellence and build on our core competencies.
Keep up with technological advancements in our biological control laboratory and extend the Research & Development Programme to control sugarcane crop diseases.
Inculcate efficient, ethical and time tested business practices in our management.
Work as a team and support each other.
Put the interest of the company before that of the individuals.
ANNUAL REPORT 2020 3
NOTICE OF ANNUAL
GENERAL MEETING
Notice is hereby given that the 42nd Annual General Meeting of the Shareholders of the Baba Farid Sugar Mills Limited will be held on Saturday, January 23, 2021 at 03.00 p.m. at Registered Office, 2-D-1, Gulberg III, Lahore and through electronically video link/Zoom application, to transact the following business:
ORDINARY BUSINESS:
- To Confirm minutes of the 41st Annual General Meeting of the Baba Farid Sugar Mills Limited held on 27-01-2020.
- To receive, consider and adopt the Annual Audited Financial Statements of the Company for the financial year ended
30th September 2020 together with the Auditor's and Board of Directors' reports thereon. - To appoint Auditors of the Company for the next financial year 30th September, 2020-21 and to fix their remuneration. The present Auditors, M/s. BDO Ebrahim & Co. Chartered Accountants, Lahore, retired and being eligible, have offered themselves for reappointment as Auditors of the Company.
SPECIAL BUSINESS:
4. To consider and approve the transactions carried out with related parties in normal course of business and if thought fit to pass the following resolutions as special resolutions with or without modification.
- "RESOLVED that transactions carried out by the Company in the normal course of business with related parties for the period ended September 30, 2020 be and are hereby ratified, approved and confirmed"
Names | Nature of Transactions | Transactions during |
the period | ||
Amount (PKR) | ||
Naubahar Bottling Company (Pvt.) Limited | Long term loans (Net) - repaid | 65,960,400 |
Mark-up charged on Long Term Loan | 113,096,406 | |
The Thal Industries Corporation Limited | Purchases - Store items | 8,896,967 |
Purchase - Plant & Machinery | 23,000,000 | |
Sale - Store Items | 322,042 | |
Almoiz Industries Limited | Sale of scrap | 13,134,468 |
Purchase - Steel items | 7,427,833 | |
- "FURTHER RESOLVED THAT the Chief Executive Officer of the Company or his nominee be and is hereby authorized to approve all the transactions to be carried out in the normal course of business with related parties till the next Annual
General Meeting of the Company and in this connection the Chief Executive Officer of the Company or his nominee be and is hereby authorized to take any and all necessary actions and sign/execute any and all such documents/ indentures as may be required in this regards on behalf of the Company"
5. To transact any other business with the permission of the Chair.
BY ORDER OF THE BOARD
Lahore: | MUHAMMAD IMRAN |
December 24, 2020 | Company Secretary |
4 ANNUAL REPORT 2020
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Baba Farid Sugar Mills Ltd. published this content on 07 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 January 2022 13:17:03 UTC.