SHAHMURAD SUGAR MILLS LIMITED

SHAHMURAD SUGAR MILLS LIMITED 3rd Quarterly Results for the period 1st October 2015 to 30th June, 2016

COMPANY INFORMATION BOARD OF DIRECTORS MR. ISMAIL H. ZAKARIA MR. YUSUF AYOOB MR. SULEMAN AYOOB MR. A. AZIZ AYOOB MR. ZIA ZAKARIA MR. GHULAM MOHIUDDIN ZAKARIA MR. ZOHAIR ZAKARIA MR. NAEEM AHMED SHAFI MR. KHURRAM AFTAB BOARD AUDIT COMMITTEE MR. NAEEM AHMED SHAFI MR. SULEMAN AYOOB MR. ZOHAIR ZAKARIA HUMAN RESOURCE AND REMUNERATION COMMITTEE MR. SULEMAN AYOOB MR. YUSUF AYOOB MR.GHULAM MOHIUDDIN ZAKARIA Chairman Managing Director Resident Director Independent Director (N.I.T. Nominee) Chairman Member Member Chairman Member Member CHIEF FINANCIAL OFFICER MR. IQBAL UMER COMPANY SECRETARY MR. MOHAMMAD YASIN MUGHAL FCMA AUDITORS M/s. KRESTON HYDER BHIMJI & CO. Chartered Accountants LEGAL ADVISOR MR. ABDUL SATTAR PINGAR Advocate REGISTERED OFFICE 96-A, SINDHI MUSLIM HOUSING SOCIETY, KARACHI-74400 Tel: 34550161-63 Fax: 34556675 FACTORY JHOK SHARIF, TALUKA MIRPUR BATHORO, DISTRICT SUJAWAL (SINDH) REGISTRAR & SHARE REGISTRATION OFFICE C & K MANAGEMENT ASSOCIATES (PVT) LTD. 404-TRADE TOWER, ABDULLAH HAROON ROAD, NEAR METROPOLE HOTEL, KARACHI - 75530 WEBSITE www.shahmuradsugar.co 1

DIRECTORS' REPORT IN THE NAME OF ALLAH THE MOST GRACIOUS AND MOST MERCIFUL Dear members: Assalam-o-Alaikum On behalf of Board of Directors it is my pleasure to present the un-audited financial statements of your Company for the period ended June 30, 2016. During the period under review your company operated satisfactorily and earned an after-tax profit of Rs.83.397 million as against Rs.173.026 million earned in the same period last year. Salient features of production and financial results for the nine months period are summarized as under: PRODUCTION DATA 30-06-2016 30-06-2015 Crushing commenced on 04-12-2015 18-12-2014 Crushing completed on 29-02-2016 22-03-2015 Duration of crushing (days) 88 95 Sugarcane crushed (M. Tons) 496,109 596,006 Sugar produced (M. Tons) 52,578 65,791 Sugar recovery percentage 10.60 11.02 Molasses produced (M. Tons) 22,270 26,850 Ethanol produced (M. tons) 22,374 23,882 FINANCIAL DATA (Rs. in thousands) Sales 4,283,314 3,557,530 Cost of sales (3,802,868) (2,910,864) Gross profit 480,446 646,666 Administration expenses (135,473) (122,800) Selling and distribution expenses (85,602) (97,110) Other income net of other operating expenses (5,095) 17,992 Financial cost (141,555) (225,761) Profit before taxation 112,721 218,987 Provision for taxation (29,324) (45,961) Profit after taxation 83,397 173,026 Earnings per share Rs.3.95 Rs.8.20 PERFORMANCE REVIEW: During the current crushing season sugarcane crop was not as good as the same was last crushing season resultantly the volume of crushing reduced by about 16.76 percent. Sugarcane crop need sufficient water before attaining maturity. During the last two years there were reduced rain in the province of Sindh and being on the lower side the canal water was also not available at the required level. This has affected the cane crop adversely. The growers also harvest the sugarcane crop as early as possible in order to avail the benefit of sowing other crops and dump the harvested cane in the open which also reduced the sugar contents therein. This has also resulted in the reduction in the recovery percentage from 11.02 percent to 10.60 percent during the period under review. Due to these reasons, the volume of crushing reduced and the production of sugar reduced to 52,578 metric tons as against 65,791 metric tons produced last year. Although the Government of Sindh fixed support price of sugarcane at Rs.172/= per 40 kg of cane but due to competition amongst the mills and procurements of sugarcane from far flung areas for which the mill had to pay transport charges to the transporters raising the raw material Rs.205/= per 40 kg of the same. 2

As per latest data provided by Pakistan Sugar Mills Association the crushing volume of sugarcane was 49.921 million metric tons on overall country basis as against 50.795 million metric tons crushed during the last year depicting a nominal decrease of 0.74 million metric tons. The production of sugar was 5.076 million metric tons as against 5.162 million metric tons produced during 2014-15. During the period under review the recovery percentage of the country is 9.44 percent as against 10.12 percent achieved last year. The current year production of sugar and closing stock available with the sugar mills is in excess of the requirement of the country. Keeping in view the excess stock of sugar the Government allowed export of sugar but the same could not be utilized by the sugar mills due to depressed price of the product in the international market. The availability of sugarcane in Sindh was low when compared with Punjab due to non-availability of water in the desired volume from the irrigation system and there was also hardly any rain in the province. In Punjab the availability of water through irrigation system was available and there was also good rain in the upper part of the country. Due to non-availability of cane in the vicinity, the mills had to purchase cane from far flung areas and heavy amounts were paid as transportation subsidy to the transporters which raised the cost of the raw material. DISTILLERY DIVISION: During the period under consideration the Distillery Division produced 22,374 metric tons of Ethanol as against 23,882 metric tons produced last year. The production is slightly lower than last year due to some maintenance of the plant. BOARD OF DIRECTORS: There was no change in the composition of Board of Directors during the period under review. FUTURE OUTLOOK: As always we look ahead with optimism that agriculture base in Pakistan will continue to grow. The new verities of cane, improved plantation techniques and expected improved monsoon rain should be beneficial to the sugar industry in the long run. 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. Karachi: Dated: July 25, 2016 YUSUF AYOOB Managing Director 3

CONDENSED INTERIM BALANCE SHEET (UN-AUDITED) AS AT JUNE 30, 2016 Un-Audited June 2016 Audited September 2015 Note ASSETS NON CURRENT ASSETS Property, plant and equipment 4 2,542,597 2,424,275 Intangible asset 5-508 Long term investments in associate 3,759 3,759 Long term loans 2,434 2,581 Long term deposits 2,411 2,395 2,551,201 2,433,518 CURRENT ASSETS Stores, spare parts and loose tools 193,489 181,745 Stock-in-trade 2,271,848 1,838,959 Trade debts 29,190 84,959 Loans and advances 103,394 167,980 Short term prepayments 3,376 226 Other receivables 500 78,000 Income tax refund due from Government 28,331 28,331 Income tax refundable - net of provision 3,162 10,082 Cash and bank balances 176,976 306,585 2,810,266 2,696,867 5,361,467 5,130,385 EQUITY AND LIABILITIES SHARE CAPITAL AND RESERVES Authorised Capital 25,000,000 ordinary shares of Rs. 10 each 250,000 250,000 Issued, subscribed and paid-up capital 211,187 211,187 General reserve 80,000 80,000 Share of associate's unrealized (loss) on re-measurement of investment (1,773) (1,773) Unappropriated Profit 809,776 779,798 1,099,190 1,069,212 SURPLUS ON REVALUATION OF PROPERTY, PLANT & EQUIPMENT 567,467 587,964 NON CURRENT LIABILITIES Long term financing 783,735 673,839 Loans from related parties 6-100,836 Deferred taxation 58,612 56,458 842,347 831,133 CURRENT LIABILITIES Trade & other payables 904,872 781,699 Accrued mark-up/profit 33,060 29,159 Short term borrowings 1,477,029 1,558,857 Current portion of long term financing/loans from related parties 437,502 272,361 2,852,463 2,642,076 CONTINGENCIES AND COMMITMENTS 7 - - 5,361,467 5,130,385 The annexed notes from 1 to 14 form an integral part of these condensed interim financial information. YUSUF AYOOB Managing Director 4 ZIA ZAKARIA Director

CONDENSED INTERIM PROFIT & LOSS ACCOUNT (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED JUNE 30, 2016 For the Nine Months October to June 2016 2015 For the Quarter April to June 2016 2015 Notes Sales 4,283,314 3,557,530 1,807,288 1,323,773 Cost of Sales 8 (3,802,868) (2,910,864) (1,599,130) (1,165,894) Gross profit 480,446 646,666 208,158 157,879 Distribution cost (85,602) (97,110) (25,988) (38,108) Administrative expenses (135,473) (122,800) (42,727) (40,964) Other operating charges (10,585) (18,821) (6,160) 73 (231,660) (238,731) (74,875) (78,999) Operating profit 248,786 407,935 133,283 78,880 Other income 5,490 36,813 2,118 5,699 254,276 444,748 135,401 84,579 Finance cost (141,555) (225,761) (57,138) (90,998) Profit before taxation 112,721 218,987 78,263 (6,419) Taxation (29,324) (45,961) (25,448) 19,622 Profit after taxation 83,397 173,026 52,815 13,203 Earning per share - Basic and diluted - Rupees 3.95 8.20 2.50 0.63 The annexed notes from 1 to 14 form an integral part of these condensed interim financial information. YUSUF AYOOB Managing Director ZIA ZAKARIA Director 5

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED JUNE 30, 2016 For the Nine Months October to June 2016 2015 For the Quarter April to June 2016 2015 Profit after taxation 83,397 173,026 52,815 13,203 Other comprehensive income Items that shall not be reclassified subsequently to profit and loss account Transfer from surplus on revaluation of property, plant and equipment on account of incremental 20,497 21,538 6,832 7180 depreciation -net of deferred tax Total comprehensive income for the period 103,894 194,564 59,647 20,383 The annexed notes from 1 to 14 form an integral part of these condensed interim financial information. YUSUF AYOOB Managing Director ZIA ZAKARIA Director 6

CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED JUNE 30, 2016 Note June June 2016 2015 A. CASH FLOW FROM OPERATING ACTIVITIES Profit before taxation 112,721 218,987 Adjustment for : Depreciation 4.1 96,623 95,661 Amortisation 5 508 1,479 Profit on disposal of property, plant and equipment (232) (266) Provision for obsolescence and slow moving items 1,090 1,070 Finance cost 141,555 225,761 239,544 323,705 352,265 542,692 (Increase) / decrease in current assets Stores, spare parts and loose tools (12,834) 8,592 Stock in trade (432,889) (1,430,982) Trade debts 55,769 (196,872) Loans & advances 64,586 1,672 Short term prepayments (3,150) (2,686) Other receivables 77,500 (14,834) (251,018) (1,635,110) Increase in current liabilities Trade and other payables 170,457 (33,271) Short term borrowings (81,828) 1,392,902 88,629 1,359,631 189,876 267,213 (Increase) in long term loan 147 161 Decrease in long term deposits (16) 494 Income tax paid (20,250) (24,279) Finance cost paid (137,654) (197,912) (157,773) (221,536) Net cash inflow from operating activities 32,103 45,677 B. CASH FLOW FROM INVESTING ACTIVITIES Addition in property, plant & equipment (215,143) (61,911) Sale proceeds from disposal of property, plant and equipment 430 360 Net cash out flow from investing activities (214,713) (61,551) C. CASH FLOW FROM FINANCING ACTIVITIES Long term finance received 300,000 300,000 Repayment of liabilities against assets subject to finance lease - (4,704) Repayment of long term financing (125,799) (138,663) Dividend paid (121,200) (41,054) Net cash (outflow)/inflow from financing activities 53,001 115,579 Net increase in cash and bank balances (A+B+C) (129,609) 99,705 Cash and bank balance at the beginning of the period 306,585 32,922 Cash and bank balance at the end of period 176,976 132,627 The annexed notes from 1 to 14 form an integral part of these condensed interim financial information. YUSUF AYOOB Managing Director 7 ZIA ZAKARIA Director

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE NINE MONTHS PERIOD ENDED JUNE 30, 2016 Balances as at October 01, 2014 211,187 80,000 (780) 656,894 947,301 During the nine months period ended June 30, 2015 Total Comprehensive Income for the nine months period ended June 30, 2015 Profit after taxation - - - 173,026 173,026 Other comprehensive income Transfer from surplus on revaluation of property, plant and equipment on account of incremental depreciation -net of deferred tax - - - 21,538 21,538 Transactions with owners Issued, Subscribed & paid up capital Share of Associate's General unrealised Un-appropriated Total reserves (loss)/gain on profit remeasurement of investment - - - 194,564 194,564 Final Dividend for 30-September-2014 @ Rs. 2.00 Per Share - - - (42,233) (42,233) Balances at June 30, 2015 211,187 80,000 (780) 809,225 1,099,632 Balances as at October 01, 2015 (Audited) 211,187 80,000 (1,773) 779,798 1,069,212 During the nine months period ended June 30, 2016 Total Comprehensive Income for the nine months period ended June 30, 2016 Profit after taxation - - - 83,397 83,397 Other comprehensive income Transfer from surplus on revaluation of property, plant and equipment on account of incremental depreciation - net of deferred tax - - - 20,497 20,497 Transactions with owners - - - 103,894 103,894 Final Dividend for 30-September-2015 @ Rs. 3.50 Per Share - - - (73,916) (73,916) Balances at June 30, 2016 211,187 80,000 (1,773) 809,776 1,099,190 The annexed notes from 1 to 14 form an integral part of these condensed interim financial information. YUSUF AYOOB Managing Director ZIA ZAKARIA Director 8

NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE PERIOD ENDED JUNE 30, 2016 1 The Company and its Operations The Company was incorporated in Pakistan as a public limited company on April 9, 1979. Its shares are quoted at the Pakistan Stock Exchange. The Company owns and operates Sugar and Ethanol manufacturing units which are located at Jhoke Sharif, District Sujawal in the province of Sindh. The company's registered office is located at 96-A, Sindhi Muslim Cooperative Housing Society, Karachi, 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 provisions of and directives issued under the Companies Ordinance, 1984. In case where requirements differs, the provisions of or directives issued under the Companies Ordinance, 1984 have been followed. The condensed interim financial information does not include all the information and disclosures 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, 2015. 3 Significant accounting policies and disclosures 3.1 The accounting policies and methods of computation followed for the preparation of this condensed interim financial information are consistent with those followed in the preparation of the company's annual financial statements for the year ended September 30, 2015. 3.2 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 up to the reporting date have been accounted for. Accordingly, the costs incurred/accrued after the reporting date will be reported in the subsequent interim and annual financial statements. 3.3 The following standards, amendments and interpretations of approved accounting standards have become effective for the current accounting period, however these are either irrelevant or do not have any material effects on this condensed interim financial information. Standard or Interpretation Effective date (accounting periods beginning on or after) IFRS-9 Financial Instruments: Classification and Measurement 01 January 2015 IFRS-10 Consolidated Financial Statements 01 January 2015 IFRS-11 Joint Arrangements 01 January 2015 IFRS-12 Disclosure of Interest in Other Entities 01 January 2015 IFRS-13 Fair Value Measurement 01 January 2015 There have been certain other revision/amendments during the period which are also either irrelevant or immaterial to the Company hence not presented here. 9

4. Property, Plant and Equipment Un-Audited June 2016 Audited September 2015 Operating fixed assets 4.1 2,456,157 2,344,078 Capital work in progress 4.2 86,440 80,197 4.1 OPERATING FIXED ASSETS 2,542,597 2,424,275 Opening book value 2,344,078 2,383,222 Direct additions during the period / year Owned Furniture, Fixture and Fittings 107 - Office Equipment 1,299 2,154 Plant and machinery 410 - Vehicle 10,418 3,484 12,234 5,638 Transfer from CWIP during the period / year Owned Factory building - 3,081 Non Factory building - 684 Plant and Machinery 196,667 79,125 196,667 82,890 Disposals - Operating assets (net book value) Vehicles (199) (422) Depreciation Charged for the period / year (96,623) (127,250) Closing book value 2,456,157 2,344,078 4.2 CAPITAL WORK IN PROGRESS Opening balance 80,197 42,386 Additions during the period / year Civil Works 8,266 8,064 Plant & Machinery 194,643 112,637 202,909 120,701 Capitalization during the period/year Civil Works - (3,765) Plant & Machinery (196,667) (79,125) (196,667) (82,890) Closing balance 86,439 80,197 10

Un-Audited June 2016 Audited September 2015 5. INTANGIBLE ASSET ERP Software Opening balance 508 2,480 Amortization charged during the period / year (508) (1,972) - 508 Cost of ERP software has been amortized over the period of three years on straight line basis as per company policy: However the software is still in use of the company. 6. LOANS FROM RELATED PARTIES These represent loans from certain Directors and other related parties carrying mark-up at the prevailing market financing rates and repayable in full in the next following year. The related parties, considering the financial position and liquidity requirements of the Company, have waived off the markup for the current period hence no provision has been made in this condensed financial information in this respect. 7. CONTINGENCIES AND COMMITMENTS 7.1 Contingencies There is no material change in status of contingencies as disclosed in note No. 25 (a) of the annual financial statements for the year ended September 30, 2015. 7.2 Commitments Un-Audited June 2016 Audited September 2015 Commitments for capital expenditure 10,464 94,410 Commitments for stores and spares 2,147 29,544 12,611 123,954 Bank Gurantees in favor of Excise and Taxation Department 500 500 11

8. COST OF SALES For the Nine Month October to June 2016 2015 For the Quarter April to June 2016 2015 Openign stock of finished goods 1,577,261 1,350,522 2,785,148 3,088,188 Cost of goods manufactured 3,937,283 4,016,267 525,658 533,631 5,514,544 5,366,789 3,310,806 3,621,819 Closing stock of finished goods (Note 8.1) (1,711,676) (2,455,925) (1,711,676) (2,455,925) 3,802,868 2,910,864 1,599,130 1,165,894 8.1 Finished goods costing Rs. 24.439 million (June 2015: Nil) have been written down to their net relaizable value of Rs. 21.813 million (June, 2015 : Nil). At period end stock pledged against short term borrowings amounted to Rs. 362 million (June 2015 : 1,686 million). 9. TRANSACTION WITH RELATED PARTIES. Related parties comprises of associated entities, staff retirement funds, directors and key management personnel. The transactions with balances of related parties during the period/as at period end are given below: Relationship with the Company Nature of Transactions June 2016 June 2015 Associates Al-Noor Sugar Mills Limited Purchase of Goods 313,091 362,738 Reliance Insurance Company Ltd Insurance premium 13,607 13,963 Insurance claim 1,000 360 Other related parties Directors' and key management personnel Directors remuneration 19,055 14,295 Executive remuneration 39,756 31,956 Directors' meeting fee 120 145 Staff provident fund Company's Contribution during the period 3,272 2,784 Relationship with the Company Nature of Transactions September 2016 June 2015 Associates Al-Noor Sugar Mills Limited Loans and advances - - Dividend payable - 7,590 Reliance Insurance Company Ltd Trade & other payables 3,284 102 Other receivables 500 500 Other related parties Dividend payable - 1,868 Staff provident fund Trade & other payables 900 68 12

10. RELATIONSHIP WITH THE ISLAMIC AND CONVENTIONAL FINANCIAL INSTITUTION The Company in the normal course of business deals with sole Islamic financial institutions as well as the financial institutions who operate both the conventional side and Islamic window. During the period the Company carried out transactions with both the conventional side as well as Islamic window of financial institutions. The details segregation between Shariah complaints and conventional assets/liabilites and income/expenditure are given below: As at June 30, 2016 Rupees in thousand Islamic Mode Conventional Total As at September 30, 2015 Rupees in thousand Islamic Mode Conventional Total Long term financing-musharka and others finance 290,506 493,229 783,735 378,700 395,975 774,675 Current portion of long term finance 88,194 349,308 437,502 25,000 247,361 272,361 378,700 842,537 1,221,237 403,700 643,336 1,047,036 Trade and other payables - Murabaha/Istisna 150,000-150,000 120,000-120,000 Accrued Mark-up/profit 9,528 23,516 33,044 9,580 19,579 29,159 Short term borrowings 120,000 1,357,029 1,477,029-1,558,857 1,558,857 Cash at banks (2,599) (167,308) (169,907) (42,594) (262,987) (305,581) 655,629 2,055,774 2,711,403 490,686 1,958,785 2,449,471 Nine months ended June 30, 2016 Rupees in thousand Islamic Mode Conventional Total Nine months ended June 30, 2015 Rupees in thousand Islamic Mode Conventional Total Finance cost 45,130 96,409 141,539 20,970 204,791 225,761 Income from PLS bank account - (11) (11) - (13) (13) 45,130 96,398 141,528 20,970 204,778 225,748 13

11. 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 offer different products and serves different markets. The sugar segment is the manufacturer of the sugar and ethanol segment is a manufacturer of ethanol. The following tables represents revenue and profit information regarding business segment for the nine months period ended June 30, 2016 and June 30, 2015 and assets and liabilities information regarding business segments as at June 30, 2016 and September 30, 2015. Sugar Ethanol Consolidated Nine months period ended June 30, Nine months period ended June 30, Nine months period ended June 30, 2016 2015 2016 2015 2016 2015 REVENUE External Sales 2,804,625 1,769,702 1,478,689 1,787,828 4,283,314 3,557,530 Inter segment transfer 176,565 201,750 - - 176,565 201,750 Total 2,981,190 1,971,452 1,478,689 1,787,828 4,459,879 3,759,280 RESULTS Profit from operation 129,018 217,417 130,353 209,339 259,371 426,756 Other operating expenses (10,586) (18,821) Other income 5,490 36,813 Finance cost (141,555) (225,761) Profit before tax 112,721 218,987 Taxation (29,324) (45,961) Profit for the period 83,397 173,026 Other comprehensive income 20,497 21,538 Total comprehensive income for the period 103,894 194,564 SEGMENT ASSETS AND LIABILITIES June 2016 September 2015 June 2016 September 2015 June 2016 September 2015 Assets Segment assets 3,238,574 3,282,687 1,975,042 1,692,927 5,213,616 4,975,614 Un-allocated assets 144,092 151,012 Long term investment 3,759 3,759 Total assets 5,361,467 5,130,385 Liabilities Segment liabilities 2,536,323 2,686,854 1,139,698 761,793 3,676,021 3,448,647 Unallocated liabilites 18,789 24,562 3,694,810 3,473,209 14

Nine Month June 30, Nine Month June 30, Nine Month June 30, 2016 2015 2016 2015 2016 2015 OTHER INFORMATION Additions to property, plant and equipment 146,617 46,051 68,526 15,860 215,143 61,911 Depreciation 53,539 50,361 43,084 45,300 96,623 95,661 Amortization 294 855 214 624 508 1,479 Revenue from major customers During the period external sales to major customers amounted to Rs. 1049 million. (June 2015: Rs. 1,323 million) Geographical information All non-current assets of the Company are located in Pakistan. Company's local sales represent sales to external customers in Pakistan whereas export sales amounting to Rs. 312 million (June 2015: Rs. 1,293 million) represent sales to customers in various countries (other than Pakistan) of Asia and export sales amounting to Rs. 1167 million (June 2015: Rs. 497 million) represent sales to custoemrs in various countries of Europe. 12. WORKERS 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. 13. AUTHORIZATION This condensed interim financial information was authorized for issue on 25th July 2016 by the Board of Directors of the Company. 14. GENERAL 14.1 Figures have been rounded off nearest to thousand rupees. YUSUF AYOOB Managing Director ZIA ZAKARIA Director 15

16

52,578 65,791 172/= 205/= 49.921 5.162 22,374 23,882 17

(135,473) 18

BOOK POST PRINTED MATTER If undelivered please return to : SHAHMURAD SUGAR MILLS LTD. 96-A, SINDHI MUSLIM SOCIETY, KARACHI-74400.