| Dewan Sugar Mills Limited |
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| (Annual
Report 1996) |
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| COMPANY
INFORMATION |
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| BOARD
OF DIRECTORS: |
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| DEWAN
ZIAUR REHMAN FAROOQUI |
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| Chairman |
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|
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| DEWAN
GHULAM MUSTAFA KHALID |
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| Vice
Chairman |
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| DEWAN
MOHAMMAD YOUSUF FAROOQUI |
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| Managing
Director / Chief Executive |
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|
|
|
| DEWAN
ABDUL REHMAN FAROOQUI |
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| Deputy
Managing Director |
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| DEWAN
MUHAMMAD AYUB KHALID |
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| DEWAN
ASIM MUSHFIQ FAROOQUI |
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| DEWAN
ABDULLAH AHMED SWALEH FAROOQUI |
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| AUDITORS: |
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| MESSRS.
FARUQ ALI & CO. |
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| Chartered
Accountants |
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| Habib
Square, |
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| M.A.
Jinnah Road, |
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| Karachi. |
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| BANKERS: |
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| MUSLIM
COMMERCIAL BANK LIMITED |
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| HABIB
BANK LIMITED |
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| SOCIETE
GENERALE, |
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| THE FRENCH & INTERNATIONAL BANK |
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| STANDARD
CHARTERED BANK |
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| AMERICAN
EXPRESS BANK |
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| BANK
OF AMERICA |
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| CITI BANK |
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| REGISTERED
OFFICE |
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| DEWAN CENTRE |
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| 3-A,
Lalazar, |
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| Beach
Hotel Road, |
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| Karachi
- 74000, |
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| Pakistan. |
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| MILLS |
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| JILLANIABAD,
BUDHO TALPUR |
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| Taluka:
Mirpur Bathoro, |
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| District:
Thatta, Sindh, |
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| Pakistan. |
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|
NOTICE OF FIFTEENTH
ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the Fifteenth Annual General Meeting of Dewan Sugar
Mills |
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| Limited
will be held on Saturday, 28 June 1997 at 4.00 p.m. at Dewan Centre, 3-A
Lalazar |
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| Beach
Hotel Road, Karachi, to transact the following business: |
|
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| ORDINARY
BUSINESS: |
|
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| 1.
Recitation from HOLY QURAN. |
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|
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| 2.
To read and confirm the minutes of the Fourteenth Annual General Meeting held
on |
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| 31
March 1996. |
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|
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| 3.
To receive, consider and adopt the annual audited accounts for the year ended
30 |
|
| September
1996, together with the Directors' and Auditors' Report thereon. |
|
|
| 4.
To approve the declaration of 25% Cash Dividend. |
|
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| 5.
To appoint Auditors of the Company for the year ending 30 September t997 and
to fix |
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| their
remuneration. |
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| SPECIAL
BUSINESS: |
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| 6.
To consider and approve shot term loans and advances out of surplus funds
available with the |
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| Company to Dewan Textile Mills Limited
and/or Dewan Khalid Textile Mills Limited and/or |
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| Dewan Mushtaq Textile Mills Limited, in
compliance with the provisions of Section 208 of the |
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| Companies Ordinance, 1984. |
|
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| 7.
To transact any other business with the permission of the Chairman. |
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|
By Order of the Board |
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| Date:
06 June 1997 |
(DEWAN MOHAMMAD YOUSUF
FAROOQUI) |
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| Place:
Karachi. |
Managing Director/Chief
Executive |
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|
| NOTES: |
|
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| 1.
The Share Transfer Books of the Company will remain closed from 15th June,
1997 to |
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| 28th
June, 1997 (Both days inclusive). |
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|
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| 2.
A member entitled to attend, speak and vote at the Annual General Meeting is
entitled to |
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| appoint
a proxy to attend, speak and vote for him/her, A proxy must be member of the
com- |
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| pany. |
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|
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| 3.
An instrument of proxy and a power of attorney or other authority (if any)
under which it is |
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| signed or a notarilly certified copy of
such power to attorney, in order to be valid must be |
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| deposited at the registered office of the
Company not less than 48 hours before the time of the |
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| meeting. |
|
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| 4.
Members are requested to notify the Company any change in their addresses
immediately. |
|
|
| "Statement
under section i60 of the Companies Ordinance, 1984 is attached with the
Annual |
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| Report
circulated to the members of the company". |
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| STATEMENT
UNDER SECTION 160 |
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| OF
THE COMPANIES ORDINANCE, 1984 |
|
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| This
statement is annexed to the Notice of Fifteenth Annual General Meeting of
Dewan Sugar Mills |
|
| Limited
to be held on 28 June, 1997 and sets out the material fact concerning the
Special Business to |
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| be transacted at the Meeting. |
|
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| The
Board of Directors considers to advance temporary short term financing to the
following associ- |
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| ated
Companies out of the surplus funds available with the Company. |
|
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| -
Dewan Textile Mills Limited |
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| -
Dewan Khalid Textile Mills Limited, and |
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| -
Dewan Mushtaq Textile Mills Limited |
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| The
Directors of the Company have no other vested interest in the above named
companies except that |
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| some
of them are also Shareholders and Directors in the said companies. |
|
|
| In
this regard following resolution is proposed to be passed as a "SPECIAL
RESOLUTION" |
|
|
| "RESOLVED
that the Chairman of the Board of Directors of the Company be and is hereby
authorised |
|
| to
make temporary short term loans/advances to the following associated
companies at 1% above the |
|
| mark-up
rate on which Dewan Sugar Mills Limited has made its own borrowings." |
|
|
| -
Dewan Textile Mills Limited - upto a maximum limit of Rs. 50 Million. |
|
| -
Dewan Khalid Textile Mills Ltd. - upto a maximum limit of Rs. 25 Million |
|
| Dewan Mushtaq Textile Mills Ltd. - upto a
maximum limit of Rs. 25 Million. |
|
|
| "FURTHER
RESOLVED that these temporary loans/advances shall be adjusted as and when
required by |
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| the
Company and shall not exceed 12 (Twelve) months period". |
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|
DIRECTORS' REPORT |
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| Your
Directors take pleasure in presenting to you the 15th Annual Report of the
Company together |
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| with
the audited accounts for the financial year ended on September 30, 1996. |
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|
| Alhamdolillah,
the Sales of the Company once again exceeded Rs. 1 billion mark. The Net
Profit |
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| came
out to Rs. 69.3 million, after charging Rs. 61.8 million for Depreciation and
making provision |
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| for
Taxation amounting to Rs. 38.8 million. |
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| We
once again humbly and gratefully bow our heads before Almighty Allah, the
most gracious |
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| and
merciful, who has rewarded and blessed your Company with His bounties. |
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| IF YE GIVE THANKS, I WILL GIVE YOU MORE
(HOLY QURAN) |
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| Your
Directors are pleased to propose appropriation of profit in the following
manner: |
|
|
| Profit
for the Year 1996 |
|
|
Rs. 69,382,751 |
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| Profit
brought forward from previous year |
Rs. 28,250,195 |
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|
------------ |
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| Total
amount available for appropriation |
|
Rs. 97,632,946 |
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|
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|
============ |
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| Appropriation |
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| Proposed
cash dividend @ 25% |
|
Rs. 31,432,500 |
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| Un-appropriated
profit carried forward |
|
Rs. 66,200,446 |
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|
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|
------------ |
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|
Total |
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Rs. 97,632,946 |
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|
============ |
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| PLANT
PERFORMANCE |
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| The
efficiency of the plant remained satisfactory. However, during the year under
review, overall |
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| drop
of about 18% has been witnessed in sugar cane crushing all over Pakistan,
resulting in 18% |
|
| decrease
of sugar production, Sugar cane crushing by your Company has also decreased
by 10% |
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| compared
to last year. However, due to improved cane procurement policy, average
percentage of |
|
| recovery
improved from 9.5% to 10.15%. Sugar production showed a decline by 3% over
the last |
|
| year. |
|
|
| The
sugar cane crushing season for 1995-96 started on October 18, 1995 and
continued upto April, |
|
| 14,
1996. During the season, the plant crushed 983,489 metric tons or 26,349,931
maunds of sugar |
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| cane.
Total white sugar produced was 100,008 metric tons at an average recovery of
10.15%. Total |
|
| quantity
of molasses produced was 47,556 metric tons at an average recovery of 4.8%.
Again due |
|
| to
lower availability of sugar cane coupled with start up of new factories and
expansion of existing |
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| mills
in the vicinity, we could not meet the target of crushing 3.5 crore maunds. |
|
|
| REVIEW
ON ACCOUNTS |
|
| Alhamdolillah,
despite reduced production and increased cost of sugar cane and other inputs,
the |
|
| results
may be termed as satisfactory. The sales figure has once again crossed Rs. 1
billion mark. |
|
| The
gross profit and net profit margins show upward trend due to favourable
prices. Your |
|
| Company
has been able to achieve a Net Profit of Rs. 69.3 million against last year's
profit of Rs. 48.9 |
|
| million.
The earning per share of the Company for the period works out to Rs. 5.52. |
|
|
| DIRECTORS'
REPORT |
|
| The
Sugar Industry of Pakistan is facing problems of low sugar cane yield and
high cost of inputs |
|
| including
cost of sugar cane and other incidentals. The growers have not only shifted
to cotton |
|
| in
last two years but the existing once are using old varieties of sugar cane
seeds which are obso- |
|
| lete
and need replacement to achieve better results for sugar cane production. |
|
|
| The
Government should recognize the importance of Sugar Industry in Pakistan as
it is con- |
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| tributing
heavily towards national exchequer, directly through various federal and
provincial taxes |
|
| and
indirectly by providing employment to thousands of people. |
|
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| The
Government should take steps to improve research and development work for
sugar cane cul- |
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| tivation,
which was previously being carried out by sugar mills individually. Further,
the present |
|
| area
under cultivation is unable to cater the requirements due to increased
capacities of existing |
|
| sugar
mills as well as of new sugar mills which commenced production during last
year. |
|
|
| During
the period under review, the Government increased minimum sugar cane support
price to |
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| Rs.
21.75 per 40 Kg from Rs. 20.75 for last year. Despite the constant increase
in minimum sugar cane |
|
| support
price, the growers were demanding price higher than the fixed support price.
In order to |
|
| achieve
this objective, the growers intentionally curtailed supplies from time to
time. Increased com- |
|
| petition
and shortage of sugar cane forced your Company to pay higher prices to at
least recover the |
|
| fixed
costs. Besides, increase in utilities, tariffs, financial charges and wages,
have also effected the |
|
| profitability
of your Company. |
|
|
| PENDING
DISPUTES OF EXCISE DUTY |
|
| As
reported in our previous annual reports, two cases of excise duty are still
pending in the court of |
|
| law,
one for the amount of Rs. 31,220,741/- the provision of which has already
been made in the |
|
| accounts
of 1991-92; another is for the amount of Rs. 3,878,750/- the provision of
which has also been |
|
| made
in the accounts of 1993-94. |
|
|
| CURRENT
YEAR PR0SPECTS |
|
| The
present sugar cane crushing season (1996-97) started on October 30, 1996 and
ended on April 12, |
|
| 1997.
The plant crushed 1,036,314 metric tons or 27,765,229 maunds of sugar cane at
an average |
|
| recovery
of 10.31% and produced. 106,900 metric tons of sugar and 51,430 metric tons
of molasses. |
|
|
| The
current sugar cane crushing season commenced with a further increase in
minimum sugar cane |
|
| support
price of Rs. 24/50 per 40 Kg as against last year's price of Rs. 21/75 per 40
Kg. This rise did |
|
| not
seem to provide necessary incentive to the growers to make regular supplies
to the mills, as there |
|
| was
shortfall of over 15% in the crop. At the same time, crushing capacity in the
Province has |
|
| increased,
resulting in more tight availability of sugar cane to the mills, thus
provoking another bout |
|
| of
price warfare. This situation has been greatly exploited by the growers and
they have adopted the |
|
| policy
of withholding sugar cane supplies. Hence, it has become difficult for the
sugar mills to oper- |
|
| ate
at their optimum capacities. Besides, your Company has had to provide heavy
transport subsidy |
|
| to
the growers to optimize its crushing. |
|
|
| As
this was not enough, State Bank of Pakistan imposed ban on providing finances
to sugar mills |
|
| for
procurement of sugar cane. Although the ban was lifted later but due to tight
liquidity the sugar |
|
| mills
were forced to sell sugar at much cheaper prices. |
|
|
| The
national production is expected to touch 2.4 million tons against the total
requirement of 2.7 mil- |
|
| lion
tons which may result in shortfall of 0.3 million tons. The Government has
also allowed free |
|
| import
of sugar at import duty of just 10%. This makes the imported sugar much
cheaper than the |
|
| cost
of production of indigenous sugar. This bulk import has resulted in
tremendous pressure on |
|
| selling
prices. The Prospects of Current year are tough as glut of imported Sugar,
high Cost of Sugar |
|
| cane
and other inputs and pressure on selling prices are the odds which Sugar
Industry is faced |
|
| with.
Your Directors seek the blessings of Almighty Allah for His support and
divine guidance to |
|
| effectively
tackle the situation. |
|
|
| NOTE
OF THANKS |
|
| The
Board also express its thanks for the valuable services, loyalty and
commendable efforts ren- |
|
| dered
by the executives, staff members and workers of the Company, during the year
under review, |
|
| and
wish to place on record its appreciation for the same. |
|
|
| The
Board also express its gratitude to its valued shareholders, Federal and
Provincial Government |
|
| functionaries,
bank and development financial institutions, sugar-cane farmers of the area
whose |
|
| cooperation
and continued support have enabled the Company to achieve the desired
results. |
|
|
| AUDITORS |
|
| The
Auditors of your Company, M/s. Faruq Ali & Company. Chartered
Accountants, retire and offer |
|
| their
services for re-appointment for the ensuing year on the same remuneration. |
|
|
| CONCLUSION |
|
| In
conclusion, we bow, beg and pray to Almighty Allah, Rahman-o-Rahim, in the
name of our |
|
| beloved
prophet. Muhammad, peace be upon him, for continued showering of His
Blessings, |
|
| 'Guidance,
Strength, Health and Prosperity to us, our Company, Country and Nation; and
also pray |
|
| to
Almighty Allah to bestow peace, harmony, brotherhood and unity in true
Islamic spirit to whole |
|
| of
Muslim Ummah, Ameen, Summa-Ameen. |
|
|
|
LO-MY LORD IS INDEED
HEARER OF PRAYER (HOLY QURAN) |
|
|
|
|
For and on behalf of the
Board of Directors |
|
|
|
|
Dewan Mohammad Yousuf
Farooqui |
|
| Karachi:
21, May 1997 |
|
Managing Director/Chief
Executive |
|
|
|
|
|
AUDITORS' REPORT TO THE
MEMBERS |
|
| We
have audited the annexed Balance Sheet of Dewan Sugar Mills Limited, as at 30
September, 1996 |
|
| and
the related Profit and Loss Account and Cash Flow Statement together with the
notes forming part |
|
| thereof,
for the year then ended and we state that we have obtained all the
information and explana- |
|
| tions
which to the best of our knowledge and belief were necessary for the purposes
of our audit and, |
|
| after
due verification thereof, we report 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 the Company's
busi- |
|
| ness; 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 the Cash Flow Statement, together with the |
|
| Notes forming part thereof, give the
information required by the Companies Ordinance, 1784 |
|
| in the manner so required and respectively
give a true and fair view of the state of the |
|
| Company's affairs as at 30 September 1996
and of the profit and the Cash Flow for the year |
|
| then ended and |
|
|
| (d)
in our opinion Zakat deductible at source under the Zakat and Ushr Ordinance,
1980 was |
|
| deducted by the Company and deposited in
the Central Zakat Fund established under Section |
|
| 7 of that Ordinance. |
|
|
| Faruq
Ali & Company |
|
| Chartered
Accountants |
|
| Karachi: |
|
| Date:
21 May, 1997 |
|
|
|
|
|
BALANCE SHEET AS ON 30
SEPTEMBER, 1996 |
|
|
| CAPITAL
AND LIABILITIES |
|
|
1996 |
1995 |
|
|
|
Notes |
Rupees |
Rupees |
|
|
| Share
Capital |
|
|
| Authorized |
|
| 15,000,000
Ordinary shares of Rs. 10 each |
150,000,000 |
150,000,000 |
|
|
=========== |
=========== |
|
| Issued,
Subscribed and Paid up |
|
| 12,573,000
Ordinary shares of |
|
| Rs. 10 each. |
|
3 |
125,730,000 |
125,730,000 |
|
|
|
|
|
| Reserves
and Surplus |
|
4 |
256,200,446 |
218,250,195 |
|
|
|
|
----------- |
----------- |
|
|
|
|
381,930,446 |
343,980,195 |
|
| Liability
Against Assets Subject to |
|
|
| Finance
Lease |
|
5 |
19,965,301 |
26,626,545 |
|
|
|
|
| Deferred
Liability for Staff Gratuity |
|
16,637,866 |
13,393,765 |
|
|
| Current
Liabilities |
|
|
| Current
Portion of Long Term Liabilities |
6 |
14,072,716 |
14,745,785 |
|
| Short
Term Running Finances |
7 |
41,707,153 |
141,584,128 |
|
|
| Creditors,
Accrued Expenses & |
|
| Other
Liabilities |
|
8 |
121,987,333 |
99,359,609 |
|
|
|
|
|
| Provision
for Taxation |
|
|
56,445,409 |
135,227,904 |
|
| Dividend
Payable / Proposed |
9 |
32,155,324 |
26,016,243 |
|
|
|
|
|
|
|
|
|
266,367,935 |
416,933,669 |
|
|
|
|
----------- |
----------- |
|
| Contingencies
and Commitments |
10 |
|
|
|
|
----------- |
----------- |
|
|
684,901,548 |
800,934,174 |
|
|
=========== |
=========== |
|
|
|
|
| PROPERTY
AND ASSETS |
|
|
|
|
|
|
|
|
|
| Fixed
Assets (at cost less |
|
| accumulated
depreciation) |
|
11 |
455,751,636 |
449,794,982 |
|
|
|
|
| Capital
Work in Progress |
|
12 |
6,973,758 |
18,024,467 |
|
|
|
----------- |
----------- |
|
|
462,725,394 |
467,819,449 |
|
|
| Current
Assets |
|
|
| Stores
and Spares |
|
13 |
59,590,724 |
56,390,655 |
|
| Stock
in Trade |
|
14 |
1,304,730 |
13,911,532 |
|
|
|
|
| Advances,
Deposits, Prepayments |
|
|
| and
Other Receivables |
|
15 |
154,291,171 |
256,641,198 |
|
|
|
|
| Cash
and Bank Balances |
|
16 |
6,989,529 |
6,171,340 |
|
|
|
----------- |
----------- |
|
|
222,176,154 |
333,114,725 |
|
|
|
----------- |
----------- |
|
|
684,901,548 |
800,934,174 |
|
|
=========== |
=========== |
|
|
|
|
PROFIT AND LOSS ACCOUNT |
|
|
FOR THE YEAR ENDED 30
SEPTEMBER, 1996 |
|
|
|
|
1996 |
1995 |
|
|
Notes |
Rupees |
Rupees |
|
|
| Sales |
|
17 |
1,659,770,365 |
1,410,848,259 |
|
| Less:
Excise Duty & Sales Tax |
|
210,016,800 |
185,491,714 |
|
|
|
----------- |
----------- |
|
|
|
1,449,753,565 |
71,225,356,545 |
|
| Cost
of Sales |
|
18 |
1,222,416,023 |
1,074,789,292 |
|
|
----------- |
----------- |
|
| Gross Profit |
|
227,337,542 |
150,567,253 |
|
|
| Operating
Expenses |
|
| Administrative
& General Expenses |
19 |
20,970,290 |
20,098,603 |
|
| Selling
& Distribution Expenses |
20 |
18,656,513 |
17,806,786 |
|
|
----------- |
----------- |
|
|
39,626,803 |
37,905,389 |
|
|
----------- |
----------- |
|
| Operating
Profit |
|
187,710,739 |
112,661,864 |
|
| Other
Charges |
|
| Financial
Expenses |
|
21 |
54,894,133 |
52,389,538 |
|
| Donation |
|
9,710,000 |
909,500 |
|
| Workers'
Profit Participation Fund |
|
6,155,330 |
3,053,914 |
|
| Workers'
Welfare Fund |
|
2,544,104 |
410,000 |
|
|
----------- |
----------- |
|
|
73,303,567 |
56,762,952 |
|
|
|
|
114,407,172 |
55,898,912 |
|
| Other Income |
|
22 |
3,180,800 |
1,710,461 |
|
|
----------- |
----------- |
|
| Profit
before Taxation |
|
117,587,972 |
57,609,373 |
|
|
| Taxation |
|
| Current Year |
|
38,838,440 |
16,227,904 |
|
| Prior Year |
|
9,366,781 |
(7,500,000) |
|
|
----------- |
----------- |
|
|
48,205,221 |
8,727,904 |
|
|
----------- |
----------- |
|
| Profit
after Taxation |
|
69,382,751 |
48,881,469 |
|
| Unappropriated
profit brought forward |
|
28,250,195 |
4,514,726 |
|
|
----------- |
----------- |
|
|
97,632,946 |
53,396,195 |
|
|
|
|
| Appropriation |
|
| Transferred
to General Reserve |
|
- |
- |
|
| Proposed
Cash Dividend : @ 25% (1995: 20%) |
31,432,500 |
25,146,000 |
|
|
----------- |
----------- |
|
|
31,432,500 |
25,146,000 |
|
|
----------- |
----------- |
|
| Unappropriated
profit carried forward |
|
66,200,446 |
28,250,195 |
|
|
=========== |
=========== |
|
|
| DEWAN
ZIAUR REHMAN FAROOQUI |
|
DEWAN MOHAMMAD YOUSUF
FAROOQUI |
|
| Chairman |
|
Managing Director/Chief
Executive |
|
|
|
|
CASH FLOW STATEMENT |
|
|
FOR THE YEAR ENDED 30
SEPTEMBER 1996 |
|
|
|
1996 |
1995 |
|
|
Rupees |
Rupees |
|
| CASH
FLOWS FROM OPERATING ACTIVITIES |
|
|
| Profit
before tax |
|
117,587,972 |
57,609,373 |
|
|
| Adjustment
to reconcile profit to cash generated in |
|
| operating
activities; |
|
| Depreciation |
|
61,794,039 |
59,190,482 |
|
| Provision
for gratuity |
|
3,244,101 |
3,932,328 |
|
| (Gain)
on sale on fixed assets |
|
(614,566) |
(444,577) |
|
|
----------- |
----------- |
|
|
64,423,574 |
62,678,233 |
|
|
----------- |
----------- |
|
|
182,011,546 |
120,287,606 |
|
|
|
|
| (Increase)
/ Decrease in Stores and Spares |
(3,20(3,069) |
(9,390,756) |
|
| (Increase)
/ Decrease in Stock in Trade |
|
12,606,802 |
26,540,642 |
|
| (Increase)
/ Decrease in Advances, Deposits |
|
|
| Prepayments
and Other Receivables |
|
(14,195,636) |
(48,490,443) |
|
| Increase
/ (Decrease) in Short Term Running Finance |
(99,876,975) |
48,946,323 |
|
| Increase
/ (Decrease) in Creditors, Accrued Expenses |
|
|
| and
Other Liabilities |
|
22,627,724 |
37,046,341 |
|
|
----------- |
----------- |
|
|
(82,038,154) |
54,652,107 |
|
|
----------- |
----------- |
|
|
99,973,392 |
174,939,713 |
|
| CASH
FLOWS FROM FINANCING ACTIVITIES |
|
| Liability
Against Assets Subject to Finance Lease |
(9,000,000) |
(55,000,000) |
|
| Payments
for; |
|
| Taxes |
|
10,442,053 |
37,443,842 |
|
| Long
Term Liabilities |
|
16,334,313 |
65,173,119 |
|
| Dividend |
|
25,293,419 |
45,302,673 |
|
|
----------- |
----------- |
|
