Crescent Sugar Mills & Distillery Limited

CONTENTS

CRESCENT SUGAR MILLS & DISTILLERY LIMITED

General Information

Company profile

Notice of annual general meeting

Production data

Vision and Mission statements

Directors' report to the shareholders

Chief Executive Officer's Review

Financial results

Pattern of holding of shares

Statement of compliance with best practices of code of corporate governance

Auditors' report to the members

Balance sheet

Profit and loss account

Cash flow statement

Statement of change in equity

Notes to the accounts

CRESCENT SUGAR MILLS & DISTILLERY LIMITED AND ITS SUBSIDIARIES

Consolidated Financial Statements with Accompanying Information

Crescent Sugar Mills & Distillery Limited

GENERAL INFORMATION

PRINCIPAL & REGISTERED OFFICE

New Lahore Road,

Nishatabad,

Faisalabad.

Phones : (041)752111-4

Fax        : (041) 750366

E-mail    : csmd@brain.net.pk

KARACHI OFFICE

Office # 409, Business Avenue,

Plot # 26-A, Block # 6, P.E.C.H.S.,

Shahrah-e-Faisal, Karachi - Pakistan. Phones    : (021)4387315-7

Fax          : (021) 4387318

WORKS

Sugar Division

New Lahore Road,

Nishatabad, Faisalabad.

Phones . (041)752111-4

E-mai!    : csmd@brain.net.pk

Distillery Division

New Lahore Road,

Nishatabad, Faisalabad.

Phones : (041)752111-4

E-mail    : csmd@brain.net.pk

Textile Division

Kotla Kahlon,

8/9 Kilometers from

Shahkot towards Sheikupura,

Shahkot Distt. Sheikhupura.

Phones : (04955) 71622 & 71700

Fax        : (04955) 71700

SUBSIDIARIES

CRESCOT MILLS LIMITED

PRINCIPAL & REGISTERED OFFICE

108-109, 1st Floor,

Park Avenue, Block-6,

P.E.C.H.S., Shahrah-e-Faisal,

Karachi - Pakistan.

Phones : (021) 4310826

Fax        : (021) 4310827

Works

B-10, SITE, Kotri.

Phones : (0221) 870027 Fax        : (0221) 870322

Company Activities

Spinning Unit

Chief Executive Officer

Mr. Naveed Gulzar

KARACHI BULK STORAGE &

TERMINALS (PVT) LIMITED

PRINCIPAL & REGISTERED OFFICE

3rd Floor,

OIU rlOOl, The Cotton Exchange Building,

I.I. Chundrigar Road, Karachi.

Phones : (021) 2415501-4

Telex      :21028 MAMBPK

Fax        : (021)2412275

Works

60/1-A, Oil Installation

Area, Keamari, Karachi

Company Activity

Export of Molasses and General Trading

Also offers facility of Storage

Chief Executive

Mr. Nadeem Maqbool

COMPANY PROFILE

BOARD OF DIRECTORS

Mr. Mazhar Karim (Chairman)

Mr. Muhammad Arshad (Chief Executive Officer)

DIRECTORS

(In alphabatical order)

Mr. Abid Mehmood

Mr. Khalid Bashir

Mr. Muhammad Anwar

Mr. Muhammad Rafi

Mr. Shahid Anwar (Nominee NIT)

AUDIT COMMITTEE

Mr. Abid Mehmood (Chairman)

Mr. Khalid Bashir

Mr. Muhammad Anwar

COMPANY SECRETARY

Mr. Sami Ullah Chaudhry

BANKERS

Muslim Commercial Bank

National Bank of Pakistan

United Bank Limited

Saudi Pak Commercial Bank Limited

AUDITORS

Messrs Riaz Ahmad & Company

Chartered Accountants

NOTICE OF ANNUAL

GENERAL MEETING

NOTICE IS HEREBY GIVEN THAT the 45th

Annual General Meeting of the shareholders of

CRESCENT SUGAR MILLS & DISTILLERY

LIMITED will be held at the Registered Office

of the Company on Friday the January 30, 2004

at 10:30 a.m. to transact the following business:-

1. To receive, consider and adopt Annual

Audited   Accounts   and   consolidated

Accounts of the Company for the year

ended September 30, 2003 together with

the   Directors'   and   Auditors'   Reports

thereon.

2. To appoint External Auditors and fix their

remuneration.

3. To transact any other business with the

permission of the Chair.

On Behalf Of The Board

(Sami Ullah Ch.)

Company Secretary

REGISTERED OFFICE:

In the premises of

Crescent Sugar Mills & Distillery Limited

New Lahore Road, Nishatabad,

Faisalabad.

Phones     :    752111-14

Fax            :    750366

Dated: December 30, 2003

Notes:

1. The Share Transfer Books of the Company will

remain closed from January 22,2004 to January 30,

2004 (both days inclusive).

2

A member eligible to attend and vote at this meeting

may appoint another member as proxy to attend and

vote in the meeting. Proxies in order to be effective

must be received by the company at the Registered

Office not later than 48 hours before the time of

holding the meeting.

3. CDC account holders will further have to follow the

under mentioned guidelines as laid down in Circular

No. 1 dated January 26, 2000 of the Securities and

Exchange Commission of Pakistan:

a.     For attending the meeting:

i. In case of individuals, the account holder or sub-

account holder and/or the person whose securities

are in group account; and their registration details

are uploaded as per the Regulations, shall

authenticate his identity by showing his original

Nation Identity Card (NIC) or original passport at the

time of attending the meeting. The shareholders

registered on CDC are also requested to bring their

Participants I.D. numbers and account numbers in

CDC.

ii) In case of corporate entity, the Board of Directors'

resolution/power of attorney with specimen

signature of the nominee shall be produced (unless it

has been provided earlier) at the time of meeting.

b.     For appointing proxies:

i) In case of individuals, the account holder or sub-

accont holder and/or the person whose securities

are in group account; and their registration details

are uploaded as per the Regulations, shall submit

the proxy form as per the above requirement.

ii) The proxy form shall be w