AL-NOOR SUGAR MILLS LIMITED

Transcription

1 AL-NOOR SUGAR MILLS LIMITED 3rd Quarterly Results for the period 1st October 2013 to 30th June, 2014

2 COMPANY INFORMATION BOARD OF DIRECTORS MR. ISMAIL H. ZAKARIA MR. YUSUF AYOOB MR. SULEMAN AYOOB MR. A. AZIZ AYOOB MR. NOOR MOHAMMAD ZAKARIA MR. ZIA ZAKARIA MR. SALIM AYOOB MR. ZOHAIR ZAKARIA MR. SHAMIM AHMAD MR. MUHAMMAD ASIF Managing Director Chairman Resident Director Independent Director (N.I.T. Nominee) BOARD AUDIT COMMITTEE MR. A. AZIZ AYOOB MR. ZIA ZAKARIA MR. MUHAMMAD ASIF Chairman Member Member HUMAN RESOURCE AND REMUNERATION COMMITTEE MR. NOOR MOHAMMAD ZAKARIA MR. ISMAIL H. ZAKARIA MR. ZIA ZAKARIA Chairman Member Member CHIEF FINANCIAL OFFICER MR. ZOHAIR ZAKARIA COMPANY SECRETARY MR. MOHAMMAD YASIN MUGHAL FCMA AUDITORS KRESTON HYDER BHIMJI & CO. Chartered Accountants LEGAL ADVISOR MR. ABDUL SATTAR PINGAR REGISTERED OFFICE 96-A, SINDHI MUSLIM SOCIETY, KARACHI Tel: Fax: FACTORY SHAHPUR JAHANIA, P.O. NOOR JAHANIA, TALUKA MORO, DISTRICT SHAHEED BENAZIR BHUTTO ABAD (NAWABSHAH) REGISTRAR & SHARE REGISTRATION OFFICE C & K MANAGEMENT ASSOCIATES (PVT) LTD. 404-TRADE TOWER, ABDULLAH HAROON ROAD, NEAR METROPOLE HOTEL, KARACHI WEBSITE 1

3 DIRECTORS REPORT IN THE NAME OF ALLAH THE MOST GRACIOUS AND MOST MERCIFUL Dear Members: Assalam-o-Alaikum: On behalf of the Board of Directors it is my privilege to present to you the unaudited financial statements of your Company for the nine months period ended During the period under review your company earned pre-tax profit amounting to Rs million as against Rs million earned in the same period of last year. The financial results are summarized as under. Profit before taxation 260, ,041 Provision for taxation 144, ,582 Profit after taxation 116, ,459 Earning per share Rs Rs PERFORMANCE REVIEW: (Rupees in thousand) Crushing operation commenced on November 01, 2013 and completed on April 5, The Mill operated for 155 days as against 114 days of operation in the preceding crushing season. During the current crushing season the mills crushed 1,293,261 metric tons of sugarcane as against 959,302 metric tons crushed during the last crushing season indicating an increase in the crushing volume by percent. Production of sugar increased to 126,719 metric tons as against 99,740 metric tons produced last year. The production of sugar was higher due to increase in the crushing volume. However the recovery rate decline to 9.80 percent as against percent achieved last year. This was due to early commencement of crushing as per directives of the Government. Sugarcane attained maturity fully during December when the winter season is at its peak. Had crushing been commenced in December the recovery rate would have increased or close to the last year's rate. Early start of crushing has increased the cost of production also. The Government maintained the minimum support price of sugarcane for the crushing season at the same level as was for the last crushing season i.e. Rs.172 per 40 kg of sugarcane. The production of sugar on overall country basis is in excess of the requirements including carry over stock with the sugar mills. In addition Trading Corporation of Pakistan is also maintaining sufficient buffer stock in order to meet the requirements if the country in case of any shortage. Keeping in view the availability of sugar the Government also allowed export of the product. Moreover, due to excess production internationally the price of the product remained under pressure in the international market also. 2

4 MDF BOARD DIVISION: Laminated products of the Division have now established their acceptability in the market but persistent power crises continue to effect the production and efficiency of the Division. CHANGES IN THE COMPOSITION OF BOARD OF DIRECTORS: The tenure of the Board of Directors was completed on March 25, 2014 and the members in their Extra Ordinary General Meeting held on the same date elected the following persons as directors of your Company for the next three years. 01. Mr. Ismail H Zakaria 02. Mr. Yusuf Ayoob 03. Mr. Suleman Ayoob 04. Mr. A Aziz Ayoob 05. Mr. Noor Mohammad Zakaria 06. Mr. Zia Zakaria 07. Mr. Salim Ayoob 08. Mr. Zohair Zakaria 09. Mr. Shamim Ahmad Independent Director 10. Mr. Muhammad Asif NIT Nominee Director FUTURE OUTLOOK: As always we look ahead with optimism that agriculture base in Pakistan will continue to grow. Availability of water in canals has been timely and regular which should greatly benefit the planted sugarcane. The management and Directors are pleased to place on record their appreciation for the dedicated and devoted efforts of officers, staff and workers of the company. Board of Directors wish to assure to respectable stakeholders for dedicated efforts to achieve the best results. Please pray to Almighty Allah to guide / help us to achieve the desired goals (Ameen). Karachi: 24th July 2014 ISMAIL H ZAKARIA MANAGING DIRECTOR 3

5 CONDENSED INTERIM BALANCE SHEET (UN-AUDITED) AS AT JUNE 30, 2014 ASSETS NON - CURRENT ASSETS Note Un-Audited June 2014 Audited September 2013 (Rupees in 000) Property, plant and equipment 4 3,658,757 3,479,922 Intangible asset Long term investments 6 219, ,158 Long term deposits 46,968 37,889 Long term loans 3,311 2,196 3,928,384 3,703,148 CURRENT ASSETS Stores, spare parts and loose tools 373, ,187 Stock in trade 3,821,261 1,809,154 Trade debts 174,351 96,348 Loans and advances 80,777 51,263 Trade deposit and short term prepayments 10,548 3,090 Other receivables 59,191 59,810 Income tax refundable-payment less provision 63,907 22,624 Cash and bank balances 112,011 98,123 4,695,683 2,406,599 EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES 8,624,067 6,109,747 Authorised Capital 50,000,000 (2012 : 20,000,000) ordinary shares of Rs.10 each 500, ,000 Issued, subscribed and paid-up capital 204, ,988 General reserve 1,000,000 - Share of associate's unrealised gain on remeasurement of investments (1,603) (1,603) Unappropriated profit 99, ,995 1,302,432 1,151,380 SURPLUS ON REVALUATION OF PROPERTY, PLANT AND EQUIPMENT 1,199,046 1,243,465 2,501,478 2,394,845 NON-CURRENT LIABILITIES Long term financing 1,061, ,792 Liabilities against assets subject to finance lease 70,762 94,570 Deferred liabilities 828, ,339 Long term deposits 7, ,967,761 1,784,142 CURRENT LIABILITIES Trade and other payables 1,036, ,526 Accrued markup/finance cost 107,519 45,483 Short term borrowings 2,637, ,243 Current portion of Long term financing and Liabilities against Leases 373, ,508 4,154,828 1,930,760 CONTINGENCIES AND COMMITMENTS The annexed notes from 1 to 13 form an integral part of this financial information. 8,624,067 6,109,747 ISMAIL H. ZAKARIA Chief Executive Officer 4 SULEMAN AYOOB Director

6 CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED 30TH JUNE, 2014 Note For the Nine Months For the quarter October-June April-June (Rupees in 000) Sales 5,171,245 5,985,396 2,199,491 2,117,759 Cost of sales 8 (4,343,398) (5,142,450) (1,955,323) (2,003,266) Gross profit 827, , , ,493 Profit from trading activities 2,016 2,735 1,192 1,743 Other income 12,483 10,934 9,779 2,703 14,499 13,669 10,971 4, , , , ,939 Administration expenses (296,566) (255,441) (92,369) (82,901) Selling and Distribution expenses (24,191) (83,249) (3,422) (7,714) Other operating expenses (21,380) (19,166) (2,617) 5,027 (342,137) (357,856) (98,408) (85,588) 500, , ,731 33,351 Finance cost (281,393) (256,486) (132,619) (99,743) 218, ,273 24,112 (66,392) Share of Profit of Investment in associate 42,140 5,768 11, Profit/(Loss) before taxation for the nine months 260, ,041 35,306 (66,313) Taxation (144,574) (111,582) (45,489) (174) Profit/(Loss) for the nine months after taxation 116, ,459 (10,183) (66,487) Restated Restated Earnings per share - Basic and diluted- (Rupees) (0.50) (3.25) The annexed notes from 1 to 13 form an integral part of this financial information. ISMAIL H. ZAKARIA Chief Executive Officer SULEMAN AYOOB Director 5

7 CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED 30TH JUNE, 2014 Profit/(Loss) for the nine months after taxation 116, ,459 (10,183) (66,487) Other Comprehensive Income /(Loss) Items that shall not be reclassified subsequently to profit and loss Transfer from surplus on revaluation of property, plant and equipment on account of incremental depreciation net of deferred tax from: revaluation of fixed assets - net of deferred tax For the Nine Months For the quarter October-June April-June (Rupees in 000) Company's revaluation surplus 42,252 16,195 14,389 5,399 Shares of associate's incremental depreciation of revaluation surplus 2,167 2, ,419 18,464 15,111 6,155 Total Comprehensive Income for the nine months 160, ,923 4,928 (60,332) The annexed notes from 1 to 13 form an integral part of this financial information. ISMAIL H. ZAKARIA Chief Executive Officer SULEMAN AYOOB Director 6

8 CONDENSED INTERIM CASH FLOW STATEMENT (UNAUDITED) FOR THE NINE MONTHS PERIOD ENDED 30TH JUNE, Rupees in 000 A. CASH FLOWS FROM OPERATING ACTIVITIES Profit before taxation 260, ,041 Adjustments for non cash charges & other items: Depreciation of property,plant and equipment 164, ,694 Amortization of intangible assets Gain on disposal of property, plant and equipment (3,383) (1,741) Finance cost 281, ,486 Share of profit of investment in associate (42,140) (5,768) Provision for obsolescence and slow moving items 2,040 1, , ,481 Operating cash flows before movement in working capital 664, ,522 (Increase) / decrease in current assets Stores, spare parts and loose tools (109,490) (32,394) Stock in trade (2,012,107) (336,958) Trade debts (78,003) (94,257) Loans and advances (29,514) 8,218 Trade deposits and short term prepayments (7,458) (3,683) Other receivables 619 1,085 (2,235,953) (457,989) Increase/(decrease) in current liabilities Trade and other payables 133,868 (611,341) Short term bank borrowings 1,966, ,859 2,100,706 79,518 Cash generated from operations 529, ,051 Taxes paid (88,920) (61,837) Long Term Deposits (2,256) 10,911 Long Term Loans (1,115) 2,285 Finance cost paid (219,357) (247,954) (311,648) (296,595) Net cash flows from operating activities 217,444 (47,544) B. CASH FLOWS FROM INVESTING ACTIVITIES Addition in Property, Plant & Equipment (345,249) (17,825) Sale proceeds from disposal of property, plant and equipment 5,330 3,213 Dividend received 4,950 4,950 Net cash flow from investing activities (334,969) (9,662) C. CASH FLOWS FROM FINANCING ACTIVITIES Increase in long term financing 378, ,000 Repayment of liabilities against assets subject to finance lease (21,321) (23,061) Repayment of long term financing (216,250) (140,833) Dividend paid (9,749) (9,285) Net cash flow from financing activities 131,413 76,821 Net increase / (decrease) in cash and cash equivalents (A+B+C) 13,888 19,615 Cash and cash equivalents at the beginning of the period 98,123 63,341 Cash and cash equivalents at the end of the period 112,011 82,956 The annexed notes from 1 to 13 form an integral part of these condensed interim financial statements ISMAIL H. ZAKARIA Chief Executive Officer 7 SULEMAN AYOOB Director

9 CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED 30TH JUNE, 2014 Balance as at October 1, ,703 (1,675) 928,179 1,112,207 Total Comprehensive Income for the nine months ended 2013 Profit for the nine months ended 30 June , ,459 Other Comprehensive Income Transfer from surplus on revaluation of property, plant and equipment on account of incremental depreciation net of deferred tax from: Company's Revaluation Surplus 16,195 16,195 Shares of associates incremental depreciation of revaluation surplus 2,269 2, ,464 18,464 Transcation with owners Final dividend for the year ended September 30, Rs per share - - (9,285) (9,285) Issued Bonus Sharesfor the year ended September 30, Rs per share 9,285 (9,285) - Balance as at June ,988 (1,675) 1,064,532 1,257,845 Total Comprehensive (Loss) for the year ended 30-September-2013 Loss for the year ended 30, September (112,385) (112,385) Other Comprehensive Income Transfer from surplus on revaluation of property, plant and equipment on account of incremental depreciation net of deferred tax from: Company's Revaluation Surplus - - 5,731 5,731 Shares of associates incremental depreciation of revaluation surplus Shares of associate's unrealized gain on remeasurement of investment ,848 5,920 Balance as at September ,988 (1,603) 957,995 1,151,380 During the Nine Months ended 2014 Total Comprehensive Income for the nine months ended 2014 Profit for the nine months ended , ,382 Other Comprehensive Income Transfer from surplus on revaluation of property, plant and equipment on account of incremental depreciation net of deferred tax from: Issued, Subscribed & paid up capital General reserve Company's Revaluation Surplus 42,252 42,252 Shares of associates incremental depreciation of revaluation surplus 2,167 2, ,419 44,419 Transfer from Un-appropriated profit to General revenue reserve 1,000,000 (1,000,000) Transcation with owners Final dividend for the year ended September 30, Rs per share - - (9,749) (9,749) Issued Bonus Shares for the year ended September 30, Rs per share 9,749 (9,749) - Balance as at ,737 1,000,000 (1,603) 99,298 1,302,432 The annexed notes from 1 to 13 form an integral part of this financial information. Unrealised loss on remeasurement of investments Rupees in Unappropriated profit Total ISMAIL H. ZAKARIA Chief Executive Officer 8 SULEMAN AYOOB Director

10 NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS PERIOD ENDED 30TH JUNE, SELECTED EXPLANATORY NOTES TO THE ACCOUNTS 1.1 The Company and its Operations The Company was incorporated in Pakistan under the repealed Companies Act, 1913 (now companies Ordinance, 1984) as a public limited company. Its shares are listed in Karachi and Lahore stock Exchanges. The principal activities of the Company are manufacturing and sale of sugar, medium density fiber (MDF) board, power generation. The registered office of the company is situated at 96-A, Sindhi Muslim Society, Karachi and the manufacturing facilities are located at Shahpur Jahania, District Shaheed Benazir Bhutto Abad (Nawabshah) in the province of Sindh. 2 Basis of Preparation 2.1 This condensed interim financial information is being submitted to the shareholders as required under section 245 of Companies Ordinance,1984 and have been prepared in accordance with the requirements of the International Accounting Standard-34 "Interim Financial Reporting" as applicable in Pakistan and provision of and directives issued under the Companies Ordinance, In case where requirements differs,the provisions of and directives issued under the Companies Ordinance 1984 have been followed. The condensed interim financial statements do not include all the information and disclosure required in the annual financial statements and should be read in conjunction with the company's annual financial statements for the year ended September 30, Significant accounting policies and disclosures The accounting policies and methods of computation followed for the preparation of these condensed interim financial statements are consistent with those followed in the preparation of the company's annual financial statements for the year ended September 30, Due to the seasonal availability of sugarcane, the manufacture of sugar is carried out during the period of availability of sugarcane and costs incurred/accrued upto the reporting date have been accounted for. Accordingly, the costs incurred/accrued after the reporting date will reported in the subsequent interim and annual financial statements. 9

11 4. Property Plant and Equipment Unaudited Audited September 30, Rupees in '000 Operating fixed Assets 3,505,198 3,463,912 Capital Work in Progress 153,559 16,010 3,658,757 3,479, Operating Fixed Assets: Opening Book Value 3,463,912 2,651,554 Direct Additions during the period/year Owned Non-Factory Building - - Plant and Machinery 9,775 7,195 Furniture, Fixture and Fittings Office Equipment 8,315 2,646 Vehicle 1,868 3,361 20,130 13,332 Transfer from CWIP during the period/year Owned Factory Building 18,895 4,272 Plant and Machinery 168,676 18, ,571 23,103 Effect of fresh Revaluation of Property, Plant and Equipment Land - 57,455 Factory Building - 130,834 Non Factory building - 381,060 Plant and Machinery - 358,058 Power Plant - 22, ,028 Book Value of Asset disposed off during the period/year Vehicles (1,926) (1,744) Depreciation Charged for the period/year (164,489) (172,340) Closing Book Value 3,505,198 3,463, CAPITAL WORK IN PROGRESS Opening 16,010 22,478 Addition during the nine months Civil Work 47,879 5,292 Plant & Machinery-Owned 277,241 11, ,120 16,635 Capitalization during the nine months Civil Work -factory/non factory building (18,895) (4,272) Plant & Machinery-Owned (168,676) (18,831) (187,571) (23,103) Closing Balance 153,559 16,010 10

12 5. Intangible Asset Unaudited Audited September 30, Rupees in '000 Opening 983 3,274 Amortization charged during the period (983) (2,291) Closing Balance Long Term Investment Investment in associated undertakings:- The company holds % (September 2013:14.285%) interest in Al-Noor Modaraba Management (Pvt) Ltd, and holds % (September 2013:15.625%) interest in Shahmurad Sugar Mills Limited. Since the financial statement of Al Noor Modaraba Management (Pvt) Limited are neither prepared except on year end June 30; hence the no effect of share of profit or loss or other comprehensive income of Al-Noor Modaraba Management (Pvt) Ltd has been taken in this condensed interim financial information, however in the case of Shahmurad Sugar Mills Ltd, the shares of profit and other comprehensive income has been taken on the basis of its reviewed condensed interim financial information for the nine months ended CONTINGENCIES AND COMMITMENTS 7.1 Contingencies Shahmurad Sugar Mills Limited There is no material change in the status of contingencies as disclosed in the published annual audited financial statements for the year ended September 30, Except that; a) As stated in note # of the Annual Report 2013,that Honorable High Court of Sindh Karachi has declared Special Excise Duty as void-abinitio and of no legal effect. The Inland revenue Department Karachi has filed an appeal before Honorable Supreme Court of Pakistan against the decision of honorable High Court of Sindh Karachi. During the period under review, the company has received Show Cause Notice, from department of Inland Revenue -LTU Karachi, against refund claim of Special Excise Duty amounting to Rs Million filed by the company, in compliance of order of Honorable High Court of Sindh Karachi. 11 Al Noor Modaraba Management (Pvt) Limited Total 2014 Total September Opening balance - As Originally reported 177,812 4, , ,566 Share of profit of associate for nine months 42,140-42,140 14,470 Share of unrealised gain / (loss) on remeasurement of securities for the nine months Dividend received during the nine months (4,950) - (4,950) (4,950) 37,190-37,190 9, ,002 4, , ,158

13 The company has filed another appeal in Honorable High Court of Sindh Karachi, against the Show Cause Notice issued by the department of Inland Revenue-LTU Karachi. Honorable High Court of Sindh has issued, stay order against the proceedings on the show cause notice. b) During the period under review, the company has received Show Cause Notice, from department of Inland Revenue, for recovery of Federal Excise Duty availed by the company amounting to Rs Million, under SRO 77( 1 ) 2013 dated 7th February The company has filed an appeal, before Honorable High Court of Sindh against Show Cause Notice and the Honorable High Court of Sindh has issued, stay order against the proceedings on the Show Cause Notice. c) During the period under review due to torrential rain / storm and fire during the month of June damaged raw material, finished goods and factory infrastructure. The loss is estimated to be around of Rs million. Insurance claim has been lodged with the insurer which has not yet been finally assessed by the insurance company. However the loss has been incorporated in the accounts on estimated basis. 7.2 Commitments Unaudited Audited September 30, Rupees in '000 Letters of credit Stores 6,438 12,114 Raw Material 72,627 79,467 Machinery (CWIP) 66,141 99, , ,447 Bank Gurantees In favour of Trading of Corporation of Pakistan (TCP) 34,731 6, COST OF GOODS SOLD For Nine Months For the quarter October-June April-June (Rupees in 000) Cost of goods manufactured 8.1 6,505,408 5,597, , ,319 Finished goods Opening stock 1,479,010 2,130,961 5,146,824 4,057,590 Closing stock 8.2 (3,641,020) (2,585,643) (3,641,020) (2,585,643) (2,162,010) (454,682) 1,505,804 1,471,947 4,343,398 5,142,450 1,955,323 2,003,266 12

14 8.1 Cost of goods manufactured For Nine Months For the quarter October-June April-June (Rupees in 000) Raw material consumed 6,390,358 5,187, , ,732 Salaries, wages and benefits 144, ,694 42,443 42,426 Stores and spares consumed 163, ,402 49,967 37,191 Process Chemical consumed 46,755 35,358 2, Packing materials 62,092 39,522 1,428 - Fuel and oil 88, ,634 16,472 27,549 Power and water 133, ,871 75,531 57,336 Repair and maintenance 100,420 77,716 23,084 17,536 Insurance 10,322 12,779 3,126 4,740 Other manufacturing expenses 31,956 55,254 4,307 11,845 Cane development cess and surcharge 8,083 5, Depreciation 132, ,836 45,397 36,629 7,312,169 6,064, , ,139 Less: by product sale Molasses (625,210) (349,090) (200,560) (16,395) Power Generation (178,622) (116,264) (7,334) 0 Sander dust (702) (491) (87) (347) Baggase (1,152) (805,686) (465,845) (207,981) (16,742) Work-in-process Opening stock 4,834 3,527 68,594 4,642 Closing stock (5,909) (4,720) (5,909) (4,720) (1,075) (1,193) 62,685 (78) 6,505,408 5,597, , , It includes stock of refined sugar and molasses at nine months ended 2014 valued at net realisable value amounting of Rs. 223 million (2013 2,066 million). 9. TRANSACTIONS WITH RELATED PARTIES The related parties comprise associated companies, staff retirement funds, directors and key management personnel. The transaction with related parties are carried out in the normal course of business. Relationship with the company Associates Natrue of Transtations Shahmurad Sugar Mills Ltd Sale of molasses 574, ,910 Reliance Insurance Compnay Ltd Insurance premium paid 10,882 25,150 Reliance Insurance Compnay Ltd Insurance claim received 426 9,775 Other Related Parties 2014 Rupees in ' Directors' and key management personnel Director's remuneration 25,459 29,549 Directors meeting fee Executives remuneration 75,531 62,085 Staff provident fund Contribution made during period 8,608 6,354 13

15 10. SEGMENT INFORMATION The Company's operating businesses are organized and managed separately according to the nature of products produced with each segment representing a strategic business unit that offers different products and serves different markets. The sugar segment is the manufacturer of sugar and board segment is a manufacturer of Medium Density Fiber (MDF) board. The following tables represent revenue and profit information regarding business segment for the period ended 2014 and 2013 and assets and liabilities information regarding business segments as at 2014 and September 30, 2013: External Sales 3,668,785 4,282,588 1,502,460 1,702,808 5,171,245 5,985,396 External Sales of By-product & electricity 803, , , ,355 Inter segment transfer 42,488 46, ,488 46,467 Segment Results 4,515,105 4,794,410 1,502,460 1,702,808 6,017,565 6,497,218 RESULTS Profit from operation 468, ,838 31,493 36, , ,759 Finance charges (281,393) (256,486) Share of profit of investment in associate 42,140 5,768 Profit before tax 260, ,041 Taxation (144,574) (111,582) Profit after taxation 116, ,459 Other Comprehensive Income 44,419 18,464 Total Comprehensive Income for the period 160, ,923 OTHER INFORMATION Sugar For the Nine Month MDF Board For the Nine Month Total For the Nine Month (Rupees in '000) Capital expenditure 184,326 13, ,923 3, ,249 17,825 Depreciation 95,407 66,528 69,082 62, , ,694 Amortisation

16 Sugar MDF Board Total BALANCE SHEET 2014 September 30, September 30, September 30, (Rupees in '000) Assets Segment assets 5,961,682 3,539,555 2,379,130 2,365,410 8,340,812 5,904,965 Investment in associates 219, , , ,158 Unallocated assets ,907 22,624 Total assets 8,624,067 6,109,747 Liabilities Segment liabilities 5,132,712 2,853, , ,569 6,011,415 3,702,415 Unallocated liabilities 111,174 12,487 6,122,589 3,714, WORKER'S PROFIT PARTICIPATION FUND, WORKERS WELFARE FUND AND TAXATION Allocation to the Worker's Profit participation Fund, Worker's Welfare Fund and provision for taxation are provisional, Final Liability would be determined on the basis of annual results. 12. GENERAL 12.1 Amounts have been rounded off to the nearest thousand rupee unless otherwise stated. 13. APPROVAL OF FINANCIAL STATEMENTS These financial statements were authorized for issue on July 24, 2014 by the Board of Directors of the Company. ISMAIL H. ZAKARIA Chief Executive Officer SULEMAN AYOOB Director 15

17 BOOK POST PRINTED MATTER If undelivered please return to : AL-NOOR SUGAR MILLS LTD. 96-A, SINDHI MUSLIM SOCIETY, KARACHI