SAKRAND SUGAR MILLS LIMITED
Annual Reports 2003
COMPANY PROFILE
RECEIVER		Mr. Salman Khalid Mirza
BOARD OF DIRECTORS		S. All Baqar Naqvi		Chief Executive
(Suspended for the time being)		Dr. Jamshed Hoshang Anklesaria		Director
		Mr. Waseem Kerio		Director
		Mrs. Hamida Bano		Director
		Miss Zahida Kerio		Director
		Miss Shahida Kerio		Director
		Mr. Riaz Ahmed Longi		Director
		(Nominee of I.C. P.)
		Syed Lutf Ali Shah		Director
		(Nominee of N.B.P. - formerly N.D.F.C.)
COMPANY SECRETARY		Mr. Mustafa Kanani
BANKERS		Habib Bank Limited
		Muslim Commercial Bank Limited
		National Bank of Pakistan
		National Bank of Pakistan (Formerly N.D.F.C)
		Allied Bank of Pakistan Limited
AUDITORS		Khalid Majid Rahman Sarfaraz
		Rahim Iqbal Rafiq
		Chartered Accountants
LEGAL ADVISOR		Barrister Jamil Choudhry
		(Advocate)
REGISTRAR		Uni Corporate and Financial Services,
		Westland Trade Centre,
		Opp. flyover, Shaheed-e-Millat Road,
		Karachi.
REGISTERED OFFICE		41-K, Block-6, P.E.C.H.S.,
		Karachi.
FACTORY		Deh Tharo Unar, Taluka Sakrand,
		District Nawabshah, Sindh.
VISION & MISSION STATEMENT
VISION
To make a product of International Standard acceptable as a brand
in the world market. To explore business opportunities available
under the World Trade Organization regime.
MISSION
•     Sustained contribution to the National Economy by producing
cost effective product.
•     To ensure professionalism and healthy working environment.
•     To create a reliable product through adoption of latest technology/
advancement.
•     To promote research & development and provide technical know
how to the growers for improvement of sugarcane yield/recovery.
STATEMENT UNDER SEC. 138(2) OF THE COMPANIES ORDINANCE, 1984
MR. SALMAN KHALID MIRZA HAS BEEN APPOINTED AS RECEIVER BY THE EHTESAB
BENCH LAHORE HIGH COURT VIDE ITS ORDER DATED MAY 27,1998 AND MAY 29,
1998 INE. R. NO. 26/98, 27/98 AND 28/98.
NOTICE OF ANNUAL GENERAL MEETING
The Honourable Ehtesab Bench of Lahore High Court on May 27,1998'orderd appointment of Receiver at
SAKRAND SUGAR MILLS LIMITED. Vide their order dated October 08,1999, the Court directed Receiver
to fix the date and hold Annual General Meeting for the purpose of authentication of accounts to comply
with sections 158,236 and 241 of the Companies Ordinance, 1984.
Notice is hereby given that the 15th Annaul General Meeting of the Shareholders of SAKRAND SUGAR
MILLS LIMITED, will be held on Thursday 29th January, 2004 at 9:00 a.m. at the registered office of the
Company at 41-K, Block-6, P.E.C.H.S., Karachi for transacting the following business.
ORDINARY BUSINESS
1.       To confirm the minutes of Annual General Meeting held on 27th March, 2003.
2.       To receive, consider and adopt the audited accounts of the Company for the year ended
September 30,2003 together with the Receiver's and Auditors' report thereon.
3.       To appoint Auditors and to fix their remuneration.
4.       To consider any other business with the permission of the Receiver.
for SAKRAND SUGAR MILLS LIMITED
(SALMAN KHALID MIRZA)
Receiver
Karachi: Dated January 06, 2004
NOTES:
1.        The Share Transfer Books of the Company will remain closed from 19th January, 2004 to
29th January 2004.
2.        A member entitled to attend and vote at this meeting may appoint another member as his/her proxy
to attend the meeting and vote on his/her behalf. Proxies, in order to be effective, must be received
by the Company not less than 48 hours before the meeting.
3.        The shareholders are requested to notify any change in their address immediately.
4.        Kindly quote your folio number in all correspondence with the Company.
I thank the executives, officers and all the staff members of the Company and wish to place on record my
appreciation for their devotion, sense of responsibility and loyalty.
AUDITORS
M/s. Khalid Majid Rahman Sarfaraz Rahim Iqbal Rafiq, Chartered Accountants retire and offer their
services for the year 2003-2004.
STATEMENT ON CORPORATE AND FINANCIAL REPORTING FRAMEWORK
1.       The financial statements, prepared by the company, present fairly its state of affairs, the result of its
operation, cash flows and changes in equity.
2.       Proper Books of Accounts of the Company have been maintained.
3.       Appropriate accounting policies have been consistently applied in preparation of the financial
statements, changes if any have been adequately disclosed and accounting estimates are based on
reasonable and prudent judgment.
4.       International Accounting Standards, as applicable in Pakistan, have been followed in preparation
of financial statements and departure there from if any, has been adequately disclosed.
5.       The system of internal control is sound in design and has been effectively implemented and
monitored.
6.       Various factors have affected the industry in general. The Management has adopted measures to
ensure continuation of production during the ensuing season as usual with support from customers'
advances and its making efforts through Pakistan Sugar Mills Association (PSMA) for stable selling
prices. It has approached all the financial institutions to reschedule the repayments referring
substantial repayments made over last four years. It expects some quick decision form the
Government commensurate with the crisis faced by the sugar industry. In view of the above, these
financial statements have been prepared on a going concern basis.
7.       Key operating and financial data for last six years in summarized form is given on page 12.
8.       There has been no material departure from the best practices of Corporate Governance except those
mentioned in the Statement of Compliance with Code of Corporate Governance.
9.       In view of the loss during the year, the Company has not declared any dividend.
10.     No trade in the shares of the Company were carried out by the Directors and their spouses and
minor children.
PATTERN OF SHARE HOLDING
The pattern of share holding and additional information regarding pattern of shareholding as on
September 30,2003 is given on pages 10 & 11.
CONCLUSION
At the end, let us pray to Almighty ALLAH to guide us in all our pursuits for national development and
for the betterment of your organization - Ameen.
Thank you all,
for SAKRAND SUGAR MILLS LIMITED
SALMAN KHALID MIRZA
RECEIVER
Karachi: December 27,2003.
PATTERN OF SHAREHOLDING OF THE SHARES HELD BY
THE SHAREHOLDERS OF SAKRAND SUGAR MILLS LIMITED
AS ON SEPTEMBER 30, 2003
NUMBER OF	SHARE HOLDING			TOTAL
SHAREHOLDERS	FROM		TO	SHARES HELD
258	1	—	100	17,095
172	101	—	500	46,600
233	501	—	1000	152,074
125	1001	—	5000	261,330
28	5001	—	10000	185,968
19	10001	—	15000	238,396
2	15001	—	20000	39,600
2	20001	—	25000	44,196
5	25001	—	30000	133,188
10	30001	—	35000	332,772
4	35001	—	40000	154,848
8	45001	—	50000	364,980
3	50001	—	55000	161,964
1	55001	—	60000	58,740
2	65001	—	70000	135,444
21	70001	—	75000	1,522,224
1	85001	—	90000	87,648
5	90001	—	95000	456,759
1	95001	—	100000	99,410
1	105001	—	110000	109,920
4	115001	—	120000	474,098
1	120001	—	125000	120,040
7	130001	—	135000	927,988
1	135001	—	140000	135,828
2	150001	—	155000	303,072
1	155001	—	160000	158,400
4	195001	—	200000	792,744
1	290001	—	295000	294,868
1	310001	—	315000	313,956
1	320001	—	325000	323,532
1	345001	—	350000	349,358
1	925001	—	930000	926,400
1	1030001	—	1035000	1,031,360
1	1545001	—	1550000	1,547,040
1	4270001	—	4275000	4,270,340
1	5735001	—	5740000	5,735,820
930				22,308,000
S. No.	Categories of Shareholders		No. of	Total Shares	Percentage
			Shareholders	Held
1	INDIVIDUALS		906	6,954,062	31.17
2	JOINT STOCK COMPANIES		4	416,460	1.87
3	FINANCIAL INSTITUTIONS		10	13,245,902	59.38
4	INSURANCE COMPANIES		2	284,592	1.28
5	INVESTMENT COMPANIES		5	1,173,232	5.26
6	MODARABA COMPANIES		2	199,300	0.89
7	CO-OPERATIVE SOCIETY		1	34,452	0.15
			930	22,308,000	100
DETAIL OF PATTERN OF SHARE HOLDING AS PER
REQUIREMENTS OF CODE OF CORPORATE
GOVERNANCE AS AT SEPTEMBER 30,2003
Categories of			Number of	Category wise	Category wise	Percentage
Shareholders			Shares held	No. of shareholders	shares held
JOINT STOCK COMPANIES				4	416,460	1.87
INVESTMNET COMPANIES				4	246,832	1.11
DIRECTORS, CHIEF EXECUTIVE AND
THEIR SPOUSE AND MINOR CHILDREN				7	524,294	2.35
S. AH Baqar Naqvi			198,744
Dr. Jamshed Hoshang Anklesaria			500
Mr. Waseem Kerio			6,600
Mrs. Hamida Bano			90,750
Miss Zahida Kerio			90,750
Miss Shahida Kerio			90,750
Mrs. Surayya Naqvi W/o. S. Ali Baqar Naqvi			46,200
Mr. Riaz Ahmed Longi (Nominee of ICP)			—
Syed Luft Ali Shah
(Nominee of NBP - FOrmerly NDFC)			—
EXECUTIVE				1	2,904	0.01
NIT / ICP				3	7,011,578	31.43
Investment Corporation of Pakistan			926,400
National Bank of Pakistan
- Trustee Department			6,085,178
BANKS, DFIs, NBFIs,
INSURANCE COMPANIES,
MODARABAS AND MUTUAL FUNDS				12	7,645,016	34.27
CO-OPERATIVE SOCIETY				1	34,452	0.15
INDIVIDUALS				898	6,426,864	28.81
				930	22,308,000	100
Shareholders holding ten percent or more voting interest in the Listed Company.
Name of Shareholders					No. of Shares held	Percentage
National Bank of Pakistan					4,270,240	19.14
National Bank of Pakistan - Trustee Department					6,085,178	27.28
SIX YEARS' REVIEW AT A GLANCE
			2003	2002	2001	2000	1999	1998
OPERATING RESULTS
Sugarcane crushed		(tonnes)	501,123	375,259	405,532	504,406	650,332	537,785
Sugar recovery		(%)	8.754	8.25	7.98	8.383	7.983	8.58
Sugar produced		(tonnes)	43,900	30,975	32,315	42,320	51,918	46,075
Raw sugar processed		(tonnes)	—	—	29,889	—	—	—
Sugar recovery		(%)	—	—	93.114	—	—	—
Sugar produced		(tonnes)	—	—	2,783	—	—	—
Total sugar produced		(tonnes)	43,900