It’s a great honor and I feel privileged on being entrusted with the Chairmanship of Mirpurkhas Sugar Mills. Despite the challenges being faced by sugar industry, the performance of the company over the years has been the outcome of our shared business vision, strategic objectives, values, and collective efforts of all stakeholders of the Company.
For the financial year ended 30 September 2018, The company probably faced one of the most challenging years due to the glut in the global sugar market including Pakistan owing to bumper production. Operating in an environment of increasing competition, domestic challenges and changing environmental conditions, the company posted increase in sales by 49% as compared to last year. This was mainly due to timely exports and quality production. Export sales, freight subsidy and profit from distillery enabled the company to earn marginal profit compared to a loss in the previous year.
This year, Mirpurkhas Sugar Mills contributed over US$ 25.66 million to the country’s foreign exchange reserves, besides providing a contribution of Rs. 202 million to the national exchequer in the form of taxes and levies.
The composition of Board of Director reflects mix of varied backgrounds and rich experience in the field of business to provide strategic guidance and inputs regularly to the company’s management. The Board approves budgets and ensures that a competent and energetic team is there to achieve the goals set. During the year, the Board approved a risk management framework after Identifying risks and applying risk mitigating strategies specific to the company. As required under the Code of Corporate Governance the Board evaluates its own performance through a formal and effective mechanism developed and by engaging an external independent consultant.
The Board is assisted by its committees. The Audit committee reviews the financial statements and ensures that the periodic/annual accounts fairly represent the financial position of the company. It also ensures the effectiveness of internal control. The HR committee overviews the HR policy framework and recommends selection and compensation of senior management team with a continuous watch on succession planning done by the company.
In the end I would like to acknowledge the immense contribution and commitment of each member of leadership team and the employees of the company, who ensured the company’s continued success.
BOARD OF DIRECTORS
Mr. Arif Faruque
Mr. Arif Faruque is a Swiss – qualified Attorney-at-Law and also holds Masters degrees in both Law and Business Administration from the USA. He is the Chief Executive of Faruque (Pvt.) Ltd. as well as Madian Hydro Power Ltd. He is on the Board of Directors of Cherat Cement Company Ltd., Cherat Packaging Ltd., UniEnergy Ltd. Besides the above, he is also a member of the Board of Governors of Lahore University of Management Sciences.
Mr. Aslam Faruque is a graduate with a major in Marketing. He is the Chief Executive of Unicol Ltd., UniEnergy Ltd. and Mirpurkhas Energy Ltd. He is on the Board of Directors of Cherat Packaging Ltd., Greaves Airconditioning (Pvt.) Ltd and Greaves Engineering Services (Pvt.) Ltd. Currently; he is serving as Chairman of Pakistan Sugar Mills Association – Center. In the past, he has also served as the Chairman of Pakistan Sugar Mills Association – Sindh Zone, and Director of Sui Southern Gas Company Ltd., State Life Insurance Corporation of Pakistan and Pakistan Industrial Development Corporation.
Mr. Amer Faruque is a Bachelor of Science (BS) graduate in Business Administration majoring in Management / Marketing from Drake University, Des Moines, Iowa, USA. He is the Chief Executive of Cherat Packaging Ltd. He serves as a member of Board of Directors of Faruque (Pvt.) Ltd., Greaves Pakistan (Pvt.) Ltd., Greaves CNG (Pvt.) Ltd., Greaves Modaraba Management Company (Pvt.) Ltd. and Executive Director Marketing of Cherat Cement Co. Ltd. In the past he has served as a member of the Board of Governors of Ghulam Ishaq Khan (GIK) Institute of Engineering Sciences and Technology, Lahore University of Management Sciences (LUMS) and the Centre of International Private Enterprise (CIPE). He is the Honorary Consul of Brazil in Peshawar.
Ms. Farzana Faruque graduated from Chelsea College of Art and Design with a BA (Hons) in Graphic Design and Communications. She later pursued her pasion for nutrition and fitness and got certified as a Health Coach and Fitness Trainer. Ms. Farzana, founded an indoor cycling fitness studio and co-founded a Health and Detox food brand in 2015. She is also the social media and marketing manager for Studio X. Her expertise allow her to be able to grow her brands and become a known name throughout Pakistan.
Muhammad Izqar Khan – Director (NIT)
Mr. Muhammad Izqar Khan is presently working as Executive Director in State Life Insurance Corporation of Pakistan. He looks after the affairs of Group & Pension Division, Marketing, Health Insurance, Takaful and Policy Holders Division. He is also serving as a Director of Alpha Insurance Company Limited. His is a professional Accountant. He is an ACMA from Chartered Institute of Management Accountants London. He is also the member of Institute of Cost & Executive Accountants London. He is also Master in Business Administration from Clyton University London. He has contributed immensely towards development of Financial Analysis, Planning & Financial Reporting, Project elevation and Information Technology.
Samir Mustapha Chinoy
Samir M. Chinoy is currently serving as Director Sales and Marketing at International Steels Limited. Mr. Chinoy is a graduate of Babson College, USA with a Bachelors of Science in Finance and Entrepreneurship and a minor in Human Communication. Prior to International Steels Limited, Mr. Chinoy worked at Pakistan Cables, Deloitte & Touche, New York and Foothill Capital (a Wells Fargo Company), Boston. Samir has served on the management committee of Landhi Association of Trade and Industry and has held the position of Vice Chairman. In Addition to being a director of Mirpurkhas Sugar Mills Ltd., IIL Australia Pty Limited, International Steels Ltd. and Intermark (Private) Ltd. He is Chairman of The Amir Sultan Chinoy Foundation. Samir is a certified Director from the Pakistan Institute of Corporate Governance.
Mr. Wasif Khalid is a fellow member of Institute of Chartered Accountant of Pakistan and Fellow Member of the Pakistan Institute of Public Finance Accountants (PIPFA). He is also Masters in Business Administration (Marketing and Operations Management) from the Hamdard University, Karachi. He is the Chief Operating Officer and Chief Financial Officer of Mirpurkhas Sugar Mills Ltd, Chief Financial Officer of Mirpurkhas Energy Ltd. and Zensoft (Pvt.) Ltd. Mr. Khalid is also serving on the Boards of Directors of Mirpurkhas Sugar Mills Ltd., Mirpurkhas Energy Ltd., Greaves Airconditioning (Pvt.) Ltd., Greaves CNG (Pvt.) Ltd., Greaves Engineering Services (Pvt.) Ltd. and as an Executive Director Finance of Unicol Ltd. He has contributed immensely towards development of financial models and implementation of new projects. He has been actively involved with the regulators, practitioner and leading Shariah scholars of the industry for developing the commercial industry transactions. Prior to Ghulam Faruque group, Mr. Khalid was associated with various companies in Middle East and in Pakistan worked with one Big 4 audit firms. He has over 19 years’ worth of rich experience in financial restructuring and modeling, project financings, operational management and internal audit. He has served as a General body member of FPCCI, Head of Cost and Budget Committee of PSMA- Sindh Zone and Member committee agriculture development and cost of production at Ministry of Industries and Production on behalf of PSMA- Sindh Zone.