SAKRAND SUGAR MILLS LIMITED

34th ANNUAL REPORT

FOR THE YEAR ENDED SEPTEMBER 30, 2022

CONTENTS

PAGE NO.

Company Profile

2

Notice of Annual General Meeting

4

Vision and Mission Statement

8

Directors' Report

9

Chairman's Review

19

Statement of Compliance with the Code of

Corporate Governance

20

Review Report to the Members on Statement of

Compliance with Best Practices of Code of

Corporate Governance

22

Pattern of Shareholding

24

Pattern of Shareholding as per requirements of

Code of Corporate Governance

25

Auditors' Report

27

Statement of Financial Position

31

Statement of Profit or Loss

32

Statement of Comprehensive Income

33

Statement of Cash Flows

34

Statement of Changes in Equity

35

Notes to the Financial Statements

36

Six Years' Review at a Glance

73

Form of Proxy

1

COMPANY PROFILE

BOARD OF DIRECTORS

Mr. Saleem Zamindar

Chairman / Director

Mr. Dinshaw H. Anklesaria

Director

Mr. Shams Ghani

Director

Mr. Muhammad Jamshid Malik

Director (Resigned on February 23, 2023)

Miss. Sadia Moin

Director

Mr. Muhammad Saleem Mangrio

Director

Mr. Abdul Qayyum Khan Abbasi

Director

Mr. Muhammad Omar Arshid

Director (Appointed on March 15, 2023)

AUDIT COMMITTEE

Miss. Sadia Moin

Chairperson

Mr. Saleem Zamindar

Member

Mr. Muhammad Saleem Mangrio

Member

HR COMMITTEE

Mr. Abdul Qayyum Khan Abbasi

Chairman

Mr. Muhammad Omar Arshid

Member

Mr. Shams Ghani

Member

CHIEF EXECUTIVE OFFICER

Mr. Mansoor Afzal Subzwari

CHIEF FINANCIAL OFFICER

Mr. Shams Ghani

COMPANY SECRETARY

Mr. Muhammad Yousuf Qureshi

2

BANKERS

Allied Bank Limited

Bank Al Habib Limited

Bank Alfalah Limited

Habib Bank Limited

Meezan Bank Limited

MCB Bank Limited

National Bank of Pakistan

Soneri Bank Limited

Sindh Bank Limited

Summit Bank Limited

United Bank Limited

Al-Baraka Bank Pakistan Limited

AUDITORS

UHY Hassan Naeem & Co.

Chartered Accountants

LEGAL ADVISOR

Mr. Muhammad Jamshid Malik

REGISTRAR

M/s. JWAFFS Registrar Services (Pvt.) Ltd.

407-408, Al Ameera Centre

Shahrah-e-Iraq, Saddar, Karachi-74400

REGISTERED OFFICE

41-K,Block-6, P.E.C.H.S., Karachi

Phone. 0092-21-35303291-2

www.sakrandsugar.com

FACTORY ADDRESS

Deh Tharo Unar, Taluka Sakrand

District Shaheed Benazir Abad, Sindh

3

NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that the 34th (Thirty Fourth) Annual General Meeting of the members of Sakrand Sugar Mills Limited (the Company) will be held on Tuesday May 09, 2023 at 3:30 pm at Institute of Chartered Accountants Auditorium Clifton Karachi to transact the following business.

  1. ORDINARY BUSINESS
  1. To confirm the minutes of the Annual General Meeting held on Wednesday, September 14, 2022.
  2. To receive, consider and adopt the Audited Financial Statements of the Company for the year ended September 30, 2022 together with the Directors' report and the Auditors' report thereon.
    As required under section 223(7) of the Companies Act 2017, Financial Statements of the Company have been uploaded on the official website of the Company (http://www.sakrandsugar.com).
  3. To appoint auditors for the year ending September 30, 2023 and fix their remuneration. The Members are hereby notified that the Audit Committee and the Board of Directors have recommended the name of Parker Russell-A.J.S. Chartered Accountants to be the Auditors' for the year ending September 2023.
  1. OTHER BUSINESS

1. To transact any other business with the permission of the Chairman.

Board

Karachi,

Muhammad Yousuf Quraishi

Dated: April 18, 2023

Company Secretary

NOTES:

  1. Closure of Share Transfer Books:
    The Shares Transfer Book of the Company will remain closed from April 29, 2023 to May 09, 2023 (both day inclusive). Transfers received in order at the office of our Registrar, M/s JWAFFS Registrar Services (Pvt.) Ltd. (407-408, Al Ameera Centre, Shahrah-e-Iraq, Saddar, Karachi), by the close of business (5:00 p.m.) on April 28, 2023 will be treated as being in time for the purposes of attending and voting at the meeting.
  2. Participation in Annual General Meeting and appointing proxies:
    A member of the company entitled to attend and vote at the AGM may appoint another member as his/her proxy to attend and vote on his behalf. Proxies in order to be effective must be received at the registered office of the company or shares registrar's office not later than 48 hours before the meeting.

4

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Sakrand Sugar Mills Ltd. published this content on 18 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 18 April 2023 08:02:07 UTC.