Ansari Sugar Mills : Transmission of Annual Report for the Year Ended Sept 30, 2019

THIRTIETH ANNUAL REPORT

2019

2

3-7

8

9-15

16-17

18-19

20-21

22-23

24

25

26-30

32

33

34

35

36

37-70

BOARD OF DIRECTORS
Khawaja Anver Majid	Chief Executive & Executive Director
Noor Muhammad	Non-Executive Director (Independent)
Waheed Ahmed	Non- Executive Director
Khawaja Aleem Majid	Non- Executive Director
Iqbal Buledi	Non- Executive Director
Dawoodi Morkas	Non- Executive Director
Aurangzeb Khan	Executive Director & Chairman
AUDIT COMMITTEE
Khawaja Aleem Majid	Chairman, Non-Executive Director
Noor Muhammad	Member, Non-Executive Director (Independent)
Dawoodi Morkas	Member, Non Executive Director
HUMAN RESOURCE &
RUMENERATION COMMITTEE
Khawaja Aleem Majid	Chairman, Non Executive Director
Noor Muhammad	Member, Non- Executive Director (Independent)
Waheed Ahmed	Member Non- Executive Director
CHIEF FINANCIAL OFFICER	Khawaja Muhammad Salman Younis
COMPANY SECRETARY	Imran Hameed
BANKERS	National Bank of Pakistan
	Sindh Bank Limited
	Summit Bank Limited
	UBL Bank Limited
	MCB Bank Limited
	Habib Bank Limited
	Bank-Al-Habib Limited
AUDITORS	M/s. J.A.S.B Associates & Co. Chartered Accountants.
COST AUDITOR	Rao & Co Chartered Accountants
	Cost and Management Accountants
LEGAL ADVISOR	Kashif Hanif Law Associates
REGISTRAR	C&K Management Associates (Pvt) Ltd
	404, 4th floor, Trade Tower, Abdullah Harron Road,
	Saddar, Karachi.
REGISTERED OFFICE	Deh Jagsiyani, Taluka Tando Ghulam Hayder,
	District Tando Mohammad Khan, Hyderabad, Sindh.
CORPORATE OFFICE	CL-5/4, State Life Building No. 10,
	Abdullah Haroon Road, Karachi
EMAIL ADDRESS	[e-mail]
WEBSITE	www.ansarisugar.com.pk
FACTORY	Deh Jagsiyani,Taluka Tando Ghulam Hayder
	District Tando Muhammad Khan,Sindh.

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NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that the 30th (Thirtieth) Annual General Meeting of the members of Ansari Sugar Mills Limited (the Company) will be held on Thursday January 18, 2024 at 11:00 am at registered office of the company, situated at Deh Jagsiyani, Taulka Tando Ghulam Hayder, District Tando Muhammad Khan, Hyderabad Sindh for transacting the following business.

1. ORDINARY BUSSINESS
2. • To confirm the minutes of the last Annual General Meeting held on, August 16, 2023.
   • To receive, consider and adopt the Audited Financial Statements of the Company for the year ended September 30, 2019 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.ansarisugar.com.pk).

1. OTHER BUSINESS
2. • To approve and authorize Company to sell molasses to Pak ethanol (Pvt) Limited at a price agreed between both the companies.
   • To enter into any other business (es) with the permission of the chair.

For ANSARI SUGAR MILLS LIMTED

Karachi

Dated: December 26, 2023

Company Secretary

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NOTICE OF ANNUAL GENERAL MEETING

NOTES:

• Closure of Share Transfer Books:

The Shares Transfer Book of the Company will remain closed from January 10, 2024 to January 18, 2024 (both day inclusive). Transfers received in order at the office of our Registrar, M/s C&K Management Associates (Pvt.) Ltd. 404, 4th Floor, Trade Tower, Abdullah Haroon Road, Near Metropolitan Hotel, Saddar, Karachi, by the close of business (5:00 p.m.) on January 09, 2024 will be treated as being in time for the purposes of attending and voting at the meeting.

• 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/her 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.

CDC account holders / subaccount holders are requested to bring with them their original CNIC's or Passports along with Participant(s) ID number and CDC account numbers at the time of attending the Annual General Meeting for identification purpose. If proxies are granted by members the same must be accompanied with attested copies of CNIC's or the passports of the beneficial owners. In case of corporate entity, the Board of Directors' resolution / power of attorney with specimen signature of the nominee shall be submitted along with Proxy form to the Company. The nominee shall produce his original CNIC at the time of attending the meeting for verification.

• Submission of copies of CNIC:

In terms of the directive of the Securities and Exchange Commission of Pakistan (SECP) the Computerized National Identity Card Numbers (CNIC) of the registered shareholders or the authorized person, except in the case of minor(s) and corporate shareholders, are required to be mentioned in the annual return filed by the Company with the SECP. Therefore, the shareholders who have not yet provided copies of their CNIC's are advised to provide at earliest the attested copies of their CNIC's (if not already provided) directly to our Independent Share Registrar, M/s C&K Management Associates (Pvt.) Ltd. 404, 4th Floor, Trade Tower, Abdullah Haroon Road, Near Metropolitan Hotel, Saddar, Karachi.

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NOTICE OF ANNUAL GENERAL MEETING

• Submission of Annual audited accounts through E-mail/CD

Pursuant to the directions issued by the SECP vide SRO 787 (1) 2014 dated September 8, 2014, has directed and shareholders of the Company in the 29th Annual General Meeting held on August 16, 2023, approved to circulate audited Financial Statements along with Notice of Annual General Meeting to its members through e-mail/CD. However, the Company will provide hard copies of the Annual Report to any member on their demand, free of cost at their registered address.

• Conversion of Physical Shares into CDC Account:

The SECP, through its letter No. CSD/ED/Misc./2016-639-640 dated March 26, 2021, has advised all listed companies to adhere to the provisions of Section 72 of the Companies Act, 2017 (the Act), which requires all companies to replace shares issued in physical form to book- entry form within four years of the promulgation of the Act. Accordingly, all shareholders of the Company having physical folios/share certificates are requested to convert their shares from physical form into book-entry form at the earliest. Shareholders may contact a PSX Member, CDC Participant, or CDC Investor Account Service Provider for assistance in opening a CDS Account and subsequent conversion of the physical shares into book-entry form. Maintaining shares in book-entry form has many advantages. Safe custody of shares with the CDC, avoidance of formalities required for the issuance of duplicate shares etc. The shareholders of the Company may contact the Share Registrar M/s C&K Management Associates (Pvt.) Ltd. for the conversion of physical shares into book-entry form.

• Members are requested to notify any change in their addresses and contact numbers immediately to our share registrar M/s C&K Management Associates (Pvt.) Ltd. 404, 4th Floor, Trade Tower, Abdullah Haroon Road, Near Metropolitan Hotel, Saddar, Karachi.
• Kindly quote your folio number in all correspondences with the Company.

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DIRECTOR'S REPORT

We are pleased to present 30th Annual report of Ansari Sugar Mills Ltd ("The Company") along with the audited accounts and auditor's report for the year ended September 30, 2019.

The summarized results are set out below:

	Pakistani Rupees (PKR)
	2019	2018
Loss before taxation	(597,101,466)	(122,948,881)
Taxation	(97,310,956)	( 80,129,611)
Loss after taxation	(694,412,422)	(203,078,492)
Loss per share	(12.37)	(3.62)

Delay in issuance / submission of Audited Accounts for FY2019:

An enquiry against the Company's sponsors / directors and its shareholders along with other group companies had been initiated by the Federal Investigation Agency (FIA). Further, the matter was transferred to National Accountability Bureau (NAB) and we understand the Financial Institutions had blocked all Company bank accounts on a notice of NAB under section 23 of National Accountability Ordinance 1999 (NAO) on allegation of illicit transactions. Howev- er, it is pertinent to mention here that the action of blocking of account was not endorsed by Court of competent jurisdiction.

As a consequence, Company's access to available funds / legitimate sales proceeds and banking facilities were denied on the unjustified and arbitrary instructions of NAB, without realizing the consequences. Resultantly, the Company was forced to default on its dues including payments of banks' instalments, salaries, growers' and vendors', etc.

It is pertinent to note that the JIT, constituted under orders of the Supreme Court of Pakistan thoroughly investigated the entire Group Accounts maintained with all banks and that no charge has been established till yet. Despite all the ordeal no case have been filled against the Company.

Henceforth, after the amendment of NAB Ordinance, the bank accounts of the Company have been unfrozen and we are in coordination with all the stakeholders owing debt and other liabilities to move forward amicably.

It is pertinent to mention here that besides all the pressures of liquidity crises, risk and uncertain business environ- ment, the Company took the initiative to carry on its business activities in extreme difficult situation with all possible efforts, making the necessary financial arrangements on personal basis by the sponsoring directors to ensure the going concern of the Company and by the collective efforts of the entire team of Ansari Sugar Mills Limited, we are through of the precarious conditions successfully by the grace of Almighty (Alhamdulillah).

Performance Review

The crushing season 2018-19 started as per usual practice in the month of November. The provincial government announced price of cane at PKR 182 per 40 kg for the season 2018-19.

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