Chashma Sugar Mills : Transmission of Quarterly Report for the Period Ended 30.06.2023

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CHASHMA SUGARMILLSLIMITED

CONDENSEDINTERIM

UNCONSOLIDATED FINANCIAL INFORMATION

FORTHENINEMONTHPERIOD

ENDEDJUNE30,2023

(UN-AUDITED)

CHASHMA SUGARMILLSLIMITED
	COMPANY INFORMATION
BoardofDirectors
Begum	Chief
Mr. Abbas	Chairman
Ms.	Director
Mr.	Director
Mr. Abdul	Director
Ms. Ali	Independent
Mr.	Independent

CompanySecretary

Mr.

ChiefFinancialOfficer

Mr.

HeadofInternal Audit

Mr.

Auditors

M/s. A.F

Chartered Accountants

TaxConsultants

M/s.

Chartered Accountants

Legal Advisor

Mr. Tariq

Barrister-at-Law, Advocate

SharesRegistrar

M/s. Associates

H.M.

Phone

Bankers
Bank Al-Habib	Habib
The		National
MCB		Soneri
The		Askari
Bank Al-Falah	United
Dubai		Meezan
Al-Baraka	Allied
Habib	Samba

CHASHMA SUGARMILLSLIMITED

DIRECTORS' REVIEWREPORT

The Directors are pleased to present the un-audited condensed interim financial information of the Company for the nine months period ended on June 30, 2023. This condensed financial information is presented to the shareholders of the Company in compliance with the International Accounting Standard No. 34 "Interim Financial Reporting", the Code of Corporate Governance, under Section 237 of the Companies Act, 2017 and Listed Companies (Code of Corporate Governance) Regulations, 2019.

OPERATIONAL PERFORMANCE

The sugarcane crushing season commenced on November 28, 2022 continued till March 14, 2023. The mills crushed 1,963,169 tons (2022: 1,885,437 tons) of sugarcane to produce 211,871 tons (2022: 195,219.05 tons) of sugar having an average recovery of 10.80% (2022: 10.35%) The Provincial Government of Khyber Pakhtunkhwa (KPK) Fixed sugarcane price @ Rs. 300/- per 40 kg.

SUGAR PRICES

Sugar prices remained stable during the period.

ETHANOL FUEL PLANT AT UNIT-II

The Ethanol Fuel Plant produced 25,689 MT of Ethanol during the nine months ended on June 30, 2023.

FINANCIAL PERFORMANCE

The Company earned Rs. 257.048 million profit after taxation (2022: Rs. 256.517 million) during the nine months period ended June 30, 2023.

ACCOUNTING POLICIES

The accounting policies adopted in the preparation of this quarterly condensed interim financial information are the same as applied in the preparation of the preceding annual financial statements of the Company.

ACKNOWLEDGEMENT

The Directors appreciate the spirit of good work done by the Company's staff at all levels.

.

	ONBEHALFOFTHEBOARD
		-Sd-
Mardan	(BEGUMLAILA SARFARAZ)	(ISKANDERM.KHAN)
July	ChiefExecutive	Director

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CHASHMA SUGARMILLSLIMITED

CONDENSEDINTERIMSTATEMENTOFFINANCIAL POSITION

AS ATJUNE30,2023

			Un-audited		Audited
		Note	June	September
			2023	2022
			(Rupees
NONCURRENT ASSETS
Property,	5	18,097,495	18,016,724
Right-of-use		6	310,808	283,515
Long	7	723,964	423,964
Long	8	278,043	261,304
			19,410,310	18,985,507
CURRENT ASSETS

CHASHMA SUGARMILLSLIMITED

CONDENSEDINTERIMSTATEMENTOFPROFITORLOSS(UN-AUDITED)

FORTHENINEMONTHPERIODENDEDJUNE30,2023

			Three	Nine
	Note		June		June	June		June
		2023		2022			2023	2022
						(Rupees
Gross	22	6,099,345	7,105,325	18,660,936	15,065,432
Sales
discounts	23	(602,496)	(791,703)		(1,820,097)	(1,695,755)
Sales		5,496,849	6,313,622		16,840,839	13,369,677
Cost		(4,554,764)	(5,235,134)		(13,203,769)	(10,917,177)

Stores					489,520
Stock-in-trade			9		11,174,649
Trade			10		103,839
Loans			11		1,556,002
Trade	12	333,185	255,651
Income					-
Cash		13	822,132		212,853
					14,479,327
TOTAL ASSETS					33,889,637
SHARECAPITAL ANDRESERVES

509,428

3,379,869

44,157

1,474,655

41,457

5,918,070

24,903,577

Grossprofit			942,085	1,078,488	3,637,070	2,452,500
Selling		(130,115)	(173,669)	(604,903)	(399,923)
Administrative		(260,602)	(204,550)	(747,078)	(571,357)
Net	0	18,519	(34,128)		18,519
Other			40,346	18,012	100,677	42,540
Other				0	(17,926)	(29,662)	(43,691)

Authorised				500,000		500,000
Issued,	14	286,920	286,920
Capital
General			327,000	327,000
Revenue
Unappropriated			4,217,297	3,567,555
Surplus,	6,541,784	6,934,478
Shareholders'			11,373,001	11,115,953

Operatingprofit	591,714	718,874		2,321,976	1,498,588
Finance	(907,922)	(410,728)		(1,923,745)	(900,096)
(Loss)/profitbeforetaxation	(316,208)	308,146		398,231	598,492
Taxation

NON-CURRENTLIABILITIES
Long		15	3,675,522		3,577,818
Loans	16		131,854	163,089
Lease				17	141,024	146,604
Deferred
-						2,939,591		3,102,225
-						19,298		14,843
-						84,672		417
					3,043,561	3,117,485
					6,991,961	7,004,996
CURRENTLIABILITIES

-

-

-

(Loss)/profitaftertaxation

(Loss)

(11.46)

1.62

8.96

The

(79,458)

-

66,817

(12,641)

(328,849)

8.94

(139,271)

(64,704)

(57,579)

(261,554)

46,592

(261,882)

(41,938)

162,637

(141,183)

257,048

(158,040)

(64,704)

(119,231)

(341,975)

256,517

Trade		18	2,907,145	1,225,998
Unclaimed				14,597
Short	19	11,133,299	4,489,508
Current	20	1,403,906	1,052,515
Provision				65,728
				15,524,675
				22,516,636
Contingencies		21
TOTAL EQUITY ANDLIABILITIES			33,889,637

14,607

-

6,782,628

13,787,624

24,903,577

The

CHIEFFINANCIAL OFFICER CHIEFEXECUTIVE

DIRECTOR

CHIEFFINANCIAL OFFICER CHIEFEXECUTIVE

DIRECTOR

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CHASHMA SUGARMILLSLIMITED

CONDENSEDINTERIMSTATEMENTOFCOMPREHENSIVEINCOME(UN-AUDITED)

FORTHENINEMONTHPERIODENDEDJUNE30,2023

			Three	Nine
			June	June	June	June
			2023			2022		2023	2022
						(Rupees
(Loss)		(328,849)	46,592	257,048	256,517
Other	-	-	-			-
Total			(328,849)			46,592		257,048	256,517
The

CHIEFFINANCIAL OFFICER CHIEFEXECUTIVE

DIRECTOR

CHASHMA SUGARMILLSLIMITED

CONDENSEDINTERIMSTATEMENTOFCASHFLOWS(UN-AUDITED)

FORTHENINEMONTHPERIODENDEDJUNE30,2023

								Nine
								June	June
							2023	2022
						Note		(Rupees
Cashflowfromoperatingactivities
Profit		398,231		598,492
Adjustments
	Depreciation						1,007,510	770,532
	Gain		(5,483)		(1,392)
	Gain		-	(12,979)
	Profit						(18,240)	(5,836)
	Finance						1,923,745	900,096
	Net		34,128	(18,519)
	Provision							4,179	2,916
							3,344,070	2,233,310
Changesinworkingcapital
	Decrease
	stores							19,908		27,329
	stock-in-trade							(7,794,780)		(4,778,179)
	trade							(47,521)		397,133
	loans							(81,347)		(287,421)
	trade		(111,662)		(7,322)
	Increase		1,681,147		383,776
							(6,334,255)	(4,264,684)
							(2,990,185)	(2,031,374)
	Income						(196,635)	(71,982)
	Gratuity							276		(1,029)
Netcashusedinoperatingactivities				(3,186,544)	(2,104,385)
Cashflowfrominvestingactivities
	Purchase,		(1,035,778)	(3,181,571)
	Sale		16,863		41,597
	Increase			(300,000)		-
	Profit							18,240		5,836
Netcashusedininvestingactivities				(1,300,675)	(3,134,138)
Cashflowfromfinancingactivities
	Long							419,179		2,177,360
	Short		1,166,000		(963,154)
	Loan							(31,235)		-
	Lease							(109,200)		(100,996)
	Dividend							(10)		(141,177)
	Finance							(1,319,633)		(612,304)
Netcashgeneratedinfinancingactivities				125,101	359,729
Netdecreaseincashandcashequivalents			(4,362,118)	(4,878,794)
Cashandcashequivalents-	(2,389,042)	51,133
Cashandcashequivalents-		(6,751,160)	(4,827,661)
Cashandcashequivalentscomprisedof:
	Bank						822,132	294,481
	Short	19	(7,573,292)	(5,122,142)
							(6,751,160)	(4,827,661)
The

CHIEFFINANCIAL OFFICER CHIEFEXECUTIVE

DIRECTOR

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