Baba Farid Sugar Mills : Transmission of Annual Report for the Year Ended 30th Sep. 2022

BABA FARID	https://bfsml.com

S U G A R M I L L S L I M I T E D

CONTENTS

Company Information	02
Vision Statement, Mission Statement	03
Corporate Strategy, Core Values	04
Notice of Annual General Meeting	05
Statement of Material Facts	10
Chairman's Review	12
Director's Report	14
Director's Report Urdu	20
6 Years Operating Results	25
Pattern of Holding of Shares	26
Categories of Share Holders	27
Statement of Compliance
Code of Corporate Governance	29
Independent Auditor's
Review Report to the Members	32
Independent Auditor's Report to the Members	33
Statement of Financial Position	38
Statement of Profit or Loss	39
Statement of Comprehensive Income	40
Statement of Cash Flows	41
Statement of Changes in Equity	42
Notes to the Financial Statements	43
Proxy Form

ANNUAL REPORT 2022

1

COMPANY

INFORMATION

BOARD OF DIRECTORS

Mrs. Qaiser Shamim Khan	Chairperson
Mr. Adnan Ahmed Khan	Chief Executive
Mr. Muhammad Shamim Khan	Executive Director
Mr. Nauman Ahmed Khan	Non-Executive
Mrs. Sarah Hajra Khan	Non-Executive
Mr. Farid ud Din Ahmed	Independent Director
Mr. Malik Manzoor Hussain Humayoon	Independent Director
CHIEF FINANCIAL OFFICER
Mr. Wasif Mahmood
COMPANY SECRETARY
Mr. Muhammad Imran
AUDITORS
M/s BDO Ebrahim & Co.
Chartered Accountants
F-2, First Floor, Grace Centre,
Canal Bank Road, 1-B Canal Park,
Gulberg-II, Lahore
Tel: [phone]
Fax: [phone]
Email: [e-mail]
MILLS
5 K.M. Faisalabad Road, Okara
Tel: [phone]
Fax: [phone]
BANKERS
Habib Bank Limited
Bank Al-Habib Limited
MCB Bank Limited
MCB Islamic Bank Limited
Meezan Bank Limited
Bank Alfalah Limited
Soneri Bank Limited
Allied Bank Limited
Askari Bank Limited

HUMAN RESOURCES & REMUNERATION COMMITTEE

Mr. Farid-ud-Din Ahmad	Chairman
Mr. Adnan Ahmed Khan	Member
Mr. Malik Manzoor Hussain Humayoon	Member
AUDIT COMMITTEE
Mr. Farid-ud-Din Ahmad	Chairman
Mrs. Sarah Hajra Khan	Member
Mr. Malik Manzoor Hussain Humayoon	Member
NOMINATION COMMITTEE
Mr. Malik Manzoor Hussain Humayoon	Chairman
Mr. Farid-ud-Din Ahmad	Member
RISK MANAGEMENT COMMITTEE
Mr. Malik Manzoor Hussain Humayoon Chairman
Mr. Farid-ud-Din Ahmad	Member

SHARE REGISTRAR

M/s Corplink (Pvt) Limited

Share Registrar, Wings Arcade,

1-K Commercial Model Town, Lahore.

Tel: [phone],

Fax: [phone]

Email: [e-mail]

REGISTERED OFFICE

2-D-1, Gulberg III, Lahore Tel: [phone] Fax: [phone] Email: [e-mail] Website: www.bfsml.com

LEGAL ADVISOR

M/s Ahmed & Pansota

Advocate and Legal Consutants

20 - Sir Gangaram Mansions

The Mall Lahore

Tel: [phone]

Tel: [phone]

2

BABA FARID SUGAR MILLS LIMITED

VISION

STATEMENT

We shall build on our core competencies and achieve excellence in performance to become a leading producer of best quality sugar. In doing so we aim to meet or accede the expectations of all our stakeholders.

Our goal is not only to attain technological advancements in the field of sugar but also to inculcate the most efficient, ethical and time tested business practices in our management.

Furthermore, we shall strive to innovate the ways for the improvement and increase in per acre yield of sugarcane and introduce improved varieties of sugarcane having better yield characters, high sucrose contents, disease and drought resistant and better ratooning crop in the region. We shall introduce the mechanized sugarcane cultivation mehtod to the growers and to educate regarding latest developments of agriculture technology and free consultancy of professionals.

MISSION

STATEMENT

We aim to be a leading producer and supplier of quality sugar by adopting the most technological advancement. We intend to play a pivotal role in the economic development of Pakistan.

ANNUAL REPORT 2022

3

CORPORATE

STRATEGY

Our corporate strategy and objectives for the future are to find new and improved means of cost reduction, fuel economy and to acquire advanced manufacturing capabilities to support our product development efforts and product line expansion and stand ready to leverage our debt and be responsive to the changing economic scenario. We believe in harnessing the inherent strengths of available human resource and materials to the utmost and a commitment for building a solid foundation poised for sustainable growth for the long-term benefit of our shareholders and employees.

CORE VALUES

Strive for excellence and build on our core competencies.

Keep up with technological advancements in our biological control laboratory and extend the Research & Development Programme to control sugarcane crop diseases.

Inculcate efficient, ethical and time tested business practices in our management.

Work as a team and support each other.

Put the interest of the company before that of the individuals.