Haseeb Waqas Sugar Mills : Transmission of Quarterly Report for the period 31-03-2023

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 2023

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
	2023		2022
	(Rupees in	thousand)
Net Sales	-		-
Gross Profit / (Loss)	(774,171)		(73,607)
Net Profit / (Loss) before tax	(207,236)		(22,146)
Net Profit / (Loss) after tax	(199,784)		5,115
Basic Earning	(06.16)		(0.16)

During the period under review, the Company posted gross loss of Rs.74,170,892 as compared to last periods of Rs.73,606,732. Further, the company remains non- operational during the crushing season and resultantly have zero production and sales during the period.

It is in your good knowledge that the above situation arose due to Supreme Court judgment about shifting of mills from Nankana to Ali Pur, Muzaffar Garh.

Alhamdulillah, by the Grace of Almighty Allah, Government of the Punjab has accorded approval for regularization of your company through order dated 06 February 2023. The Management of the company is in the process of arranging funds to meet the working capital requirement for maintenance of mills, Rescheduling & Restructuring with the Financial Institutions & start up cost of the coming crushing season by selling off balance sheet assets.

The Management of the company has already started negotiating with the financial institutions for Rescheduling & Restructuring of the outstanding liabilities & hopefully would be finalized before start of season.

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During the period Mr. Haseeb Ilyas, Director/Chief Executive resigned from the post of Directorship. Mr. Abdullah Ilyas have been appointed respectively as Director/Chief Executive of the Company to fill the casual vacancy.

FUTURE OUTLOOK

Due to developments stated above, the Management of the company is hopeful of catching the coming crushing season 2023-24 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 2023	Chief Executive

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