| Thal
Jute Mills Limited |
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| 29th Annual Report 1994-95 |
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|
| Board of Directors |
|
2 |
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| Notice of Annual General
Meeting |
|
3-4 |
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| Directors' Report |
|
5-7 |
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| Pattern of Shareholdings |
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8 |
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| Auditors' Report |
|
9 |
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| Balance Sheet |
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10-11 |
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| Profit & Loss Account |
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12 |
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| Statement
of Changes in Financial Position |
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13 |
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| Notes to the Accounts |
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14-25 |
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| BOARD OF DIRECTORS |
|
| Rafiq M. Habib |
Chairman |
|
| M. Khaleel Shirazi |
Chief Executive &
Vice Chairman |
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| Ali S. Habib |
|
| Mohamedali R. Habib |
|
| Mazhar Valjee |
|
| A. K. M. Sayeed |
NIT: Nominee |
|
| Behram Hasan |
1. C. P Nominee |
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| AUDITORS: |
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| Hyder Bhimji & Co. |
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| Chartered Accountants |
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| REGISTERED OFFICE: |
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| 5th Floor, Al-Manzoor
Building, |
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| 1. 1. Chundrigar Road, |
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| Karachi |
|
| MILLS: |
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| UNIT- 1 |
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| D. G. Khan Road, |
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| Muzaffargarh. |
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| UNIT - 2 |
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| Korangi, Karachi. |
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|
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| NOTICE OF MEETING |
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| NOTICE
is hereby given that the twenty-ninth Annual General Meeting of the
Shareholders of the |
|
| Company
will be held at Raffia Choudri Memorial Centre (Sidco Centre), 264, R. A.
Lines, Karachi on |
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| Saturday,
November 25, 1995 at 09.00 A.M. to transact the following business: - |
|
|
| Ordinary Business: |
|
| 1.
To confirm the Minutes of the twenty-eighth Annual General Meeting held on
Tuesday, December 27,1994 |
|
| 2.
To receive and adopt the Audited Accounts for the year ended June 30, 1995
together with the |
|
| Directors'
and Auditors' Reports thereon. |
|
| 3.
To elect Directors in accordance with the provisions of the Companies
Ordinance, 1984 for |
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| a
period of three years commencing from January 31, 1996. The present Directors
namely: |
|
| 1)
Mr. Rafiq M. Habib 2) Mr. M. Khaleel Shirazi 3) Mr. Ali S. Habib 4) Mr.
Mohamedali R. |
|
| Habib
5) Mr. Mazhar Valjee 6) Mr. A. K. M. Sayeed and 7) Mr. Behram Hasan, being |
|
| eligible
offer themselves for re-election. |
|
| 4.
To appoint Auditors for the year 1995-96 and fix their remuneration. The
present Auditors, |
|
| Messrs.
Hyder Bhimji & Company, being eligible, offer themselves for
re-appointment. |
|
| 5.
To transact such other business as may be placed before the meeting with the
permission of the |
|
| Chair. |
|
| Special Business: |
|
| 6.
To approve the remunerations of (i) the Chief Executive and (ii) the Vice
Chairman. |
|
| 7.
To consider and if thought proper, pass with or without modification(s) the
following Special Resolution: |
|
|
| "RESOLVED
that in terms of Section 208 of the Companies Ordinance, 1984 the Directors
of |
|
| the
Company be and are hereby authorised to make an investment of Rs. 1,406,250/-
in |
|
| acquiring
=187,500= fully paid up Right Shares of Rs. 7.50 per share (including premium
of Rs. |
|
| 2.50
per share) of Agriauto Industries Limited, an associated Company, making a
total |
|
| investment
of Rs. 4,031,250/- in this company. |
|
|
| RESOLVED
FURTHER that Directors of the Company be and are hereby authorised to sell
and |
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| disinvest
whole or part of these shares as and when they deem fit". |
|
| Statement
under Section 160 (1) (b) of the Companies Ordinance, 1984 is being sent to
the |
|
| Shareholders
alongwith this notice. |
|
|
By Order of the Board, |
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|
(M. Khaleel Shirazi) |
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|
Chief Executive |
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|
& Vice Chairman |
|
|
Karachi: October 29,
1995. |
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|
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| NOTES |
|
| i)
Any person who seeks to contest election to the office of Director shall file
with the Company, not |
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| later
than fourteen days before the date of the Meeting, a notice of his/her
intention to offer |
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| himself/herself
for election as a Director together with his/her consent to act as a
Director. |
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| ii)
The Share Transfer Books of the Company will remain closed from Sunday,
November 19, 1995 |
|
| to
Saturday, November 25, 1995 (both days inclusive). Shares may be lodged for
transfer with |
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| our
Registrar M/s. Noble Computer Services (Pvt.) Limited, 2nd Floor, Al-Manzoor
Building, I. I. |
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| Chundrigar
Road, Karachi. The Shareholders are advised to notify the Registrar of any
change |
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| in their addresses |
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| iii)
A member entitled to attend and vote at this meeting may appoint another
member as his/her |
|
| proxy
to attend and vote for him/her. Proxies in order to be effective must be
received at the |
|
| Registered
Office of the Company not less than 48 hours before the time of holding the
meeting. |
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| A
Proxy must be a member of the Company. |
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| iv)
The Minutes of the previous meeting are available at the Registered Office of
the Company. |
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|
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| STATEMENT
UNDER SECTION 160(1) (b) OF THE COMPANIES ORDINANCE, 1984. |
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| 1.
The approval of the Shareholders of the Company will be sought for the
remuneration payable to |
|
| Vice
Chairman and the Chief Executive of the Company in accordance with their
terms and |
|
| conditions
of service and if thought proper, to pass the following Resolution as
Ordinary |
|
| Resolution: |
|
| "RESOLVED
that the Company be and hereby approves and authorize the payment of |
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| remuneration
to (1) Mr. M. Khaleel Shirazi, Director & Vice Chairman and (2) Mr.
Mazhar Valjee, |
|
| Chief
Executive of a total sum not exceeding Rupees one million per annum exclusive
of the |
|
| perquisites
and retirement benefits which are admissible under the Company's Rules to
Senior |
|
| Executives
for a period of three years commencing from January 31. 1996". |
|
| 2.
Agriauto Industries Limited, a public limited company, has offered Right
Shares at the rate of Rs. |
|
| 7.50
per share (including premium of Rs. 2.50 per share). The Directors have no
vested interest |
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| in
Agriauto Industries Limited except that one of our directors is also a
director in the said |
|
| company. |
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|
|
| TWENTY
NINTH REPORT OF THE DIRECTORS |
|
| FOR THE YEAR ENDED JUNE 30,
1995. |
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|
| The Shareholders, |
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| The
Directors take pleasure in presenting their report together with the Audited
Accounts of the Company for |
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| the year ended June 30, 1995. |
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| The
financial results are given below: |
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|
1995 |
1994 |
|
|
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|
Rs. 000's |
Rs 000's |
|
|
| Profit before Taxation |
|
11,206 |
1,703 |
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| Provision for Taxation |
|
4,129 |
530 |
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|
------------------ |
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| Profit after Taxation |
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7,077 |
1,173 |
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| Deferred Taxation |
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_ |
100 |
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| Prior Years' Adjustments |
|
188 |
1,550 |
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|
188 |
1,450 |
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|
------------------ |
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|
6,889 |
(277) |
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|
| Unappropriated
Profit brought forward |
121 |
398 |
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| Profit
available for appropriation ... |
7,010 |
121 |
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|
================== |
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| Appropriation Recommended: |
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| Transfer to General Reserve
... |
|
7,000 |
_ |
|
|
| Unappropriated
profit carried forward |
10 |
121 |
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|
------------------ |
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|
7,010 |
121 |
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|
================== |
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| The
earning per share after tax was Rs. 0.51 as against Rs. 0.08 in the preceding
year. |
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|
| The
year under review augured well for the Company as projected and as can be
seen from the profit before |
|
| tax
of Rs. 11.206 million compared to Rs. 1.703 million during the preceding
year. |
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|
| SALES: |
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| The
Punjab Food Department after experimenting with other types of bags including
polypropylene bags |
|
| concluded
that jute bags are the most suitable for their use. This resulted in
increased business for the Jute |
|
| Industry
and particularly for Thal Jute Mills Limited whose sales increased from Rs.
449 million to Rs. 596 |
|
| million
that is by 33% over the previous year. |
|
|
|
| PRODUCTION: |
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| The
Company produced 19,570 tons of jute goods during the year under review as
against 20,433 tons of |
|
| last
year which shows a decrease of 4%. The shortfall is due to high labour
turnover at Muzaffargarh Unit |
|
| and
the poor law and order situation affecting Karachi Unit. |
|
|
| COST OF MANUFACTURE: |
|
| A
number of factors contributed to the increase in the cost of manufacture
consisting mainly of the following : |
|
| -- a sharp rise in
raw jute price in Bangladesh. |
|
| -- higher financing charges on imported raw
jute. |
|
| -- increase in cost of jute batching oil
(JBO), fuel & power, stores, spares, repairs & maintenance, |
|
| freight etc. |
|
| In
addition to these factors the wages and benefits increased by Rs. 16 million
for reasons as outlined below: |
|
| a)
disbursement of terminal benefit to 300 retrenched workers at Karachi Unit; |
|
| b)
revision of minimum wage of skilled labour by Punjab Wage Board; |
|
| c)
part provision for social security and employees' old age benefits on the
Punjab Special Allowance; |
|
| d)
payment of "atta" allowance for the full year (as against three
months in the preceding financial year). |
|
| FINANCIAL EXPENSES: |
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| There
was drastic cut in the financial expenses from Rs. 32.841 million in the
previous year to Rs. 12.705 |
|
| million
which represents reduction of 61 % brought about by better financial
planning. |
|
| INCOME TAX: |
|
| The
Income Tax Department has finalized the assessment for the assessment year
1994-95 on a normal |
|
| basis
but it has invoked the provisions of section 80C in respect of this
assessment year as well as for prior |
|
| years.
The aggregate of such liability works out to Rs. 17 million for which an
appeal has been filed with the |
|
| Commissioner
of Income Tax (Appeals). An appeal has also been submitted to the Chairman,
Central Board |
|
| of
Revenue for redressal by your Company and by Pakistan Jute Mills Association. |
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| Terms
and conditions of tenders floated by DG Supplies (Ministry of Industries)
were such that a jute mill |
|
| secured
a contract and other mills supplied through the contracting mill at the
contract price on no profit no |
|
| loss
basis to contracting mill. Such an activity has now been classified by Income
Tax, as a trading |
|
| transaction
of the contracting mill and consequently they have levied 2.5% withholding
tax on all such |
|
| transactions. |
|
| FUTURE PLANS AND PROSPECTS: |
|
| The
Management intends to partially shift the Karachi Unit facilities to
Muzaffargarh during the year 1995-96 |
|
| as
part of the merger plan and expects to save on the indirect costs. It also
plans to dispose of factory |
|
| building
and land at Korangi, Karachi (Unit 111) measuring 2 acres. |
|
| During
the ensuing year the Company has plans to purchase 71 second hand Shuttleless
Looms for |
|
| installation
at Muzaffargarh Unit at a cost of Rs. 7 million to augment productivity and
will resolve problem of |
|
| shortage
of labour in the weaving section. |
|
| The
future prospects of the Jute industry as a whole is bleak despite the fact
that the National Tariff |
|
| Commission
has taken cognizance of the dumping of finished jute goods at below cost of
production from |
|
| Bangladesh.
The Government of Pakistan has not taken any concrete steps to save many
thousands of jobs |
|
| created
by jute industry in Pakistan. |
|
| Your
Company has decided to diversify in the field of progressive manufacture of
auto air-conditioners by |
|
| setting
up a separate division in technical collaboration with Nippon Denso of Japan.
A fast track agreement |
|
| has
already been signed with Nippon Denso for Technical Assistance. The Company
is expected to invest Rs. |
|
| 23
million during the year 1995/96 towards fixed assets and pre-production
expenses. The successful |
|
| completion
of the project in 1996 will position the Company to substantially increase
its earning capacity. |
|
|
|
| DIRECTORS: |
|
| The
present Directors will stand retired on 30th January, 1996 and offer
themselves for re-election. |
|
| AUDITORS: |
|
| The
present auditors of the company Messrs. Hyder Bhimji & Co., Chartered
Accountants, retire and being |
|
| eligible
offer themselves for re-appointment for the ensuing year. |
|
| PATTERN OF SHAREHOLDINGS: |
|
| The
pattern of shareholdings as at June 30, 1995 is attached to this report. |
|
| STAFF: |
|
| The
Board wishes to place on record its deep appreciation for the hard work and
efforts put in by the workers, |
|
| staff and officers of the
Company. |
|
|
On behalf of the Board |
|
|
M. KHALEEL SHIRAZI |
|
|
Chief Executive & |
|
|
Vice Chairman |
|
|
Karachi: October 29,
1995. |
|
|
|
PATTERN OF SHAREHOLDING AS ON JUNE 30, 1995 |
|
|
|
|
|
|
|
|
| NUMBER OF |
SIZE OF SHAREHOLDINGS |
TOTAL |
|
| SHAREHOLDERS |
RS. 5/- EACH |
|
SHARES HELD |
|
| 1,372 |
1 |
TO |
100 |
54,487 |
|
| 1,341 |
101 |
TO |
500 |
333,856 |
|
| 433 |
501 |
TO |
1,000 |
318,465 |
|
| 495 |
1,001 |
TO |
5,000 |
1,021,759 |
|
| 49 |
5,001 |
TO |
10,000 |
360,646 |
|
| 12 |
10,001 |
TO |
15,000 |
144,564 |
|
| 9 |
15,001 |
TO |
20,000 |
160,550 |
|
| 5 |
20,001 |
TO |
25,000 |
117,309 |
|
| 3 |
25,001 |
TO |
30,000 |
88,052 |
|
| 2 |
30,001 |
TO |
35,000 |
64,529 |
|
| 4 |
35,001 |
TO |
40,000 |
151,129 |
|
| 1 |
40,001 |
TO |
45,000 |
41,600 |
|
| 1 |
45,001 |
TO |
50,000 |
50,000 |
|
| 6 |
50,001 |
TO |
55,000 |
323,000 |
|
| 3 |
55,001 |
TO |
60,000 |
175,712 |
|
| 1 |
65,001 |
TO |
70,000 |
66,000 |
|
| 1 |
120,001 |
TO |
125,000 |
123,830 |
|
| 1 |
140,001 |
TO |
145,000 |
140,921 |
|
| 2 |
145,001 |
TO |
150,000 |
294,644 |
|
| 1 |
155,001 |
TO |
160,000 |
157,559 |
|
| 2 |
160,001 |
TO |
165,000 |
326,979 |
|
| 1 |
165,001 |
TO |
170,000 |
169,811 |
|
| 1 |
170,001 |
TO |
175,000 |
174,979 |
|
| 2 |
175,001 |
TO |
180,000 |
352,876 |
|
| 1 |
180,001 |
TO |
185,000 |
180,593 |
|
| 2 |
190,001 |
TO |
195,000 |
380,466 |
|
| 1 |
205,001 |
TO |
210,000 |
208,976 |
|
| 1 |
260,001 |
TO |
265,000 |
263,741 |
|
| 2 |
300,001 |
TO |
305,000 |
606,218 |
|
| 1 |
465,001 |
TO |
470,000 |
466,478 |
|
| 1 |
625,001 |
TO |
630,000 |
628,116 |
|
| 1 |
1,750,001 |
TO |
1,755,000 |
1,753,893 |
|
| 1 |
1,980,001 |
TO |
1,985,000 |
1,983,749 |
|
| 1 |
2,225,001 |
TO |
2,230,000 |
2,227,788 |
|
|
| ----------------------------------- |
|
|
|
---------- |
|
|
| 3,760 |
|
|
13,913,275 |
|
|
| =================================== |
|
|
========== |
|
|
|
|
|
|
|
|
|
Number |
|
Shares Held |
Percentage % |
|
| Categories of Shareholders |
|
|
|
|
|
| INDIVIDUALS |
|
3711.00 |
|
5,000,469 |
|
35.94 |
|
| INVESTMENT COMPANIES |
|
4.00 |
|
1,777,565 |
|
12.776 |
|
|
|
| INSURANCE COMPANIES |
|
8.00 |
|
1,189,267 |
|
8.548 |
|
|
|
| JOINT
STOCK COMPANIES |
|
12.00 |
|
786,372 |
|
5.652 |
|
|
|
| FINANCIAL
INSTITUTIONS |
|
7.00 |
|
2,262,906 |
|
16.264 |
|
|
|
| MODARABA |
|
4.00 |
|
16,781 |
|
0.121 |
|
|
|
| FOREIGN
INVESTORS |
|
3.00 |
|
2,392,890 |
|
17.199 |
|
| CO-OPERATIVE
SOCIETIES |
|
4.00 |
|
132,203 |
|
0.95 |
|
| CHARITABLE
TRUSTS |
|
5.00 |
|
164,450 |
|
1.182 |
|
| OTH ERS |
|
2 |
|
190,372 |
|
1.368 |
|
| ----------------------------------- |
|
----------------------------------- |
|
|
-------------------------- |
|
| TOTAL |
|
3,760 |
|
13,913,275 |
|
100.000 |
|
| =================================== |
=================================== |
|
=================================== |
|
========================== |
|
|
|
|
|
|
|
| AUDITORS' REPORT TO THE
MEMBERS |
|
| We
have audited the annexed Balance Sheet of THAL JUTE MILLS LIMITED, as at June
30, 1995 and |
|
| the
related Profit and Loss Account and Statement of Changes in Financial
Position, together with the notes |
|
| forming
part thereof, for the year then ended and we state that we have obtained all
the information and |
|
| explanations
which to the best of our knowledge and belief were necessary for the purpose
of our audit and, |
|
| after
due verification thereof. we resort that: |
|
| a)
in our opinion, proper books of account have been kept by the Company as
required by the |
|
| Companies Ordinance, 1984; |
|
|
| b) in our opinion; |
|
| i)
the Balance Sheet and Profit and Loss Account together with the notes thereon
have been |
|
| drawn
up in conformity with the Companies Ordinance, 1984 and are in agreement with
the |
|
| books
of account and are further in accordance with accounting policies
consistently applied; |
|
| ii)
the expenditure incurred during the year was for the purpose of Company's
business; and |
|
| iii)
the business conducted, investments made and the expenditure incurred during
the year |
|
| were
in accordance with the objects of the Company; |
|
| c)
in our opinion, and to the best of our information and according to the
explanations given to us, the |
|
| Balance
Sheet, Profit and Loss Account and Statement of Changes in Financial
Position, together |
|
| with
the notes forming part thereof, give the information required by the
Companies Ordinance, |
|
| 1984
in the manner so required and respectively give a true and fair view of the
state of the |
|
| Company's
affairs as at June 30, 1995 and of the profit and the changes in financial
position for the |
|
| year then ended; and |
|
| d)
in our opinion, no zakat was deductible at source under Zakat and Ushr
Ordinance, 1980. |
|
|
HYDER BHIMJI & CO. |
|
|
Chartered Accountants |
|
|
Karachi: October 29,
1995. |
|
|
|
|
|
|
|
|
Note |
1995 |
1994 |
|
|
|
No. |
Rs 000's |
Rs 000's |
|
|
| SHARE CAPITAL AND RESERVES: |
|
|
|
|
| Share Capital: |
|
|
|
|
| Authorised: |
|
|
|
|
| 20.000.000
Ordinary Shares of Rs. 5/- each |
|
100,000 |
100,000 |
|
|
|
|
|
========== |
========== |
|
|
| Issued, Subscribed and Paid-up |
|
3 |
69,566 |
69,566 |
|
|
| Reserves & Surplus: |
|
|
|
|
|
|
| Reserves |
|
4 |
74,240 |
67,240 |
|
|
|
| Unappropriated Profit |
|
|
10 |
121 |
|
|
|
|
74,250 |
67,361 |
|
|
|
|
|
-------------------- |
|
|
|
|
143,816 |
136,927 |
|
|
|
|
| DEFERRED LIABILITIES |
|
5 |
24,211 |
27,349 |
|
| CURRENT LIABILITIES: |
|
|
|
|
| Short Term Running Finance |
|
6 |
4,956 |
138,083 |
|
|
| Deposits |
|
7 |
7,669 |
5,530 |
|
|
| Creditors,
Accrued and Other Liabilities |
8 |
145,324 |
42,856 |
|
|
|
| Provision for Income Tax ... |
|
|
3,478 |
4,019 |
|
|
|
|
|
161,427 |
190,488 |
|
|
|
|
|
|
|
| CONTINGENCIES &
COMMITMENTS |
|
9 |
|
|
|
|
|
-------------------- |
|
|
|
|
329,454 |
354,764 |
|
|
|
|
========== |
========== |
|
| TANGIBLE FIXED ASSETS: |
|
|
|
|
|
| Operating Assets |
|
10 |
85,580 |
89,156 |
|
| Capital Work-in-Progress |
|
11 |
922 |
174 |
|
|
|
|
86,502 |
89,330 |
|
| LONG TERM INVESTMENTS |
|
12 |
22,448 |
22,448 |
|
| LONG TERM LOANS AND ADVANCES |
|
13 |
1,048 |
867 |
|
| LONG TERM DEPOSITS 8 DEFERRED
COST |
|
14 |
647 |
1,234 |
|
|
|
|
| CURRENT ASSETS: |
|
|
|
| Stores, Spares and Loose Tools |
|
15 |
37,481 |
36,392 |
|
| Stock-in-Trade |
|
16 |
97,946 |
140,667 |
|
| Trade
Debts (Unsecured Considered Good) |
|
17,392 |
37,157 |
|
| Short Term Investment |
|
17 |
37,000 |
|
| Advances,
Prepayments, Deposits and Receivables |
18 |
8,170 |
8,177 |
|
| Advances
against Supplies & Expenses |
19 |
7,996 |
5,627 |
|
| Advance Income Tax |
|
|
4,046 |
5,332 |
|
| Income Tax Refundable |
|
|
6,756 |
6,030 |
|
| Cash and Bank Balances |
|
20 |
2,019 |
1,503 |
|
|
|
|
218,809 |
240,885 |
|
|
|
|
|
|
|
|
|
-------------------- |
|
|
|
|
329,454 |
354,764 |
|
|
|
|
|
========== |
========== |
|
|
|
|
|
|
|
|
|
| Note:
The annexed notes form an integral part of these accounts. |
|
|
|
|
|
|
|
| M. Khaleel Shirazi |
|
Mazhar Valjee |
|
|
| Chief Executive & Vice
Chairman |
|
Director |
|
|
| Karachi: October 29,1995 |
|
|
|
|
|
|
|
|
|
|
|
|
Note |
1995 |
1994 |
|
|
No |
Rs. 000's |
Rs. 000's |
|
|
|
|
|
| Sales |
21 |
595,714 |
448,811 |
|
| Cost of Sales |
22 |
553,029 |
396,655 |
|
| GROSS PROFIT |
|
|
| On Manufacturing |
|
42,685 |
52,146 |
|
Jan-00 |
| On Trading |
23 |
_ |
_ |
|
|
|
|
|
-------------------- |
|
|
|
|
42,685 |
52,146 |
|
|
| Administrative Expenses |
24 |
16,912 |
16,529 |
|
Jan-00 |
| Selling Expenses |
25 |
6,103 |
5,331 |
|
Jan-00 |
|
|
23,015 |
21,860 |
|
Jan-00 |
|
|
|
-------------------- |
|
|
| OPERATING PROFIT |
|
19,670 |
30,286 |
|
Jan-00 |
| Other Income |
26 |
5,047 |
4,395 |
|
- |
|
|
|
-------------------- |
|
|
|
|
24,717 |
34,681 |
|
| Financial Expenses |
27 |
12,705 |
32,841 |
|
| Other Charges |
28 |
806 |
137 |
|
|
|
|
|
13,511 |
32,978 |
|
|
|
|
|
|
-------------------- |
|
|
|
| PROFIT BEFORE TAXATION |
|
11,206 |
1,703 |
|
|
|
| Provision for Taxation |
29 |
4,129 |
530 |
|
|
|
|
|
|
-------------------- |
|
|
|
| PROFIT AFTER TAXATION |
|
7,077 |
1,173 |
|
|
|
| Deferred Taxation |
|
_ |
(100) |
|
|
|
| Prior Years' Adjustments |
31 |
188 |
1,550 |
|
|
188 |
1,450 |
|
|
|
|
|
-------------------- |
|
|
|
|
6,889 |
(277) |
|
|
|
| Unappropriated
Profit Brought Forward |
121 |
398 |
|
|
|
|
|
|
|
-------------------- |
|
|
|
|
| AVAILABLE FOR APPROPRIATION |
|
7,010 |
121 |
|
|
|
| APPROPRIATION: |
|
|
|
|
|
| Transfer to General Reserve |
|
7,000 |
_ |
|
|
|
|
-------------------- |
|
| UNAPPROPRIATED
PROFIT CARRIED FORWARD |
10 |
121 |
|
|
========== |
========== |
|
|
|
|
|
| Note:
The annexed notes form an integral part of these accounts. |
|
|
| M. Khaleel Shirazi |
|
Mazhar Valjee |
|
| Chief Executive & Vice
Chairman |
|
Director |
|
| Karachi: October 29. 1995 |
|
|
|
|
|
|
|
|
|
1995 |
1994 |
|
|
Rs. 000's |
Rs. 000's |
|
|
|
|
|
|
|
| CASH IN-FLOW: |
|
|
|
|
|
|
|
| FROM OPERATIONS: |
|
|
|
|
|
| Profit before Taxation |
|
11,206 |
1,703 |
|
|
| Adjustments
for Items not involving the Movement of Funds: |
|
|
|
|
| Depreciation |
|
9,550 |
10,005 |
|
| (Profit) on Sale of Fixed
Assets |
|
(168) |
(620) |
