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It is a public limited company engaged in the manufacture and sale of sugar. Its shares are quoted on Karachi and Lahore Stock Exchanges. It was listed at Karachi Stock Exchange in 1989.
During the last two years the company has not been able to declare dividend. On 1st September its share's market price was quoted at Rs 7.30 at 27% discount. The company carries relatively large accumulated deficit at Rs 210.71 which wiped out its revenue reserve of Rs 107.60 mln and to a great extent its paid-up capital of Rs 119.46 mln.
The current ratio indicates liquidity crunch emanating from excess of current liabilities over the current assets.
The aforesaid scenario has been the subject matter of the review of its auditors. Nevertheless they also point out the positive scenario. They refer to the increased capacity utilisation and improved sucrose recovery level.
It is also argued that company has taken various cost reducing measures the effects of which have started translating positively. The company was able to restructure its cost of financing from banks which will result in substantial cost reduction on its borrowings.
It has been emphatically stated in the note annexed to the account that the management is confident that these measures and factors would result in the much better improved financial position of the company and there are no significant doubts upon the company's ability to continue as a going concern.
The company has posted net profit after taxation at Rs one million as against net loss after taxation at Rs 53.18 mln in the SPLY.



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Performance Statistics (Million Rupees)
======================================================
Balance sheet -As At-
======================================================
March 31 September 30
2004 2003
======================================================
Share Capital-Paid-up: 119.46 119.46
Revenue Reserve: 107.60 107.60
Accumulated (Loss): (210.71) (216.14)
Shareholders Equity: 16.35 10.92
Surplus on Revaluation
of Fixed Assets: 104.27 107.15
L T Debts: 155.13 162.72
Other L T Liability: 3.28 4.27
Deferred Liabilities: 39.28 38.56
Current Liabilities: 630.60 333.11
Tangible Fixed Assets: 559.88 570.32
L T Deposits: 0.98 3.07
Current Assets: 388.05 83.34
Total Assets: 948.91 656.73
------------------------------------------------------
Profit & Loss A/c For the
Half Year Ended March 31 2004 2003
------------------------------------------------------
Sales: 278.98 279.64
Gross Profit: 30.59 16.18
Operating Profit/(Loss): 8.11 (6.06)
Gain: 3.70 -
Other Income: 3.56 1.41
Financial (Charges): (10.87) (21.49)
Profit/(Loss) Before Taxation: 3.82 (26.74)
Profit/(Loss) After Taxation: 1.00 (53.18)
Earning/(Loss) Per Share (Rs): 0.08 (4.45)
Share Price (Rs) 01.09.2004: 7.30 -
Price/Earning Ratio: 91.25 -
Book Value of Share (Rs): 1.37 0.91
Debt/Equity Ratio: 56:44 58:42
Current Ratio: 0.62 0.25
Gross Profit Margin (%): 10.96 5.78
Net Profit Margin (%): 0.35 (19.02)
R.O.A: 0.10 (8.09)
======================================================

COMPANY INFORMATION: Chairman/Chief Executive: Haji Khuda Bux Rajar; Director: Jam Mitha Khan; Chief Financial Officer: Muhammad Jawad Durrani; General Manager Operations and Company Secretary: Abdul Ghafoor Ateeq; Registered Office: 101, First Floor Ocean Centre, Talpur Road Karachi (Sindh); Web Address: N.A; Factory: 13 KM, Sanghar - Sindhri Road Deh Kehar Distt Sanghar (Sindh)
Copyright Business Recorder, 2004

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