| Haseeb Waqas Sugar Mills Limited |
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| Annual
Report 1998 |
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| CONTENTS |
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| Company
Information |
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| Notice
of Annual General Meeting |
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| Directors'
Report |
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| Auditors'
Report |
|
| Balance
Sheet |
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| Profit
and Loss Account |
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| Cash
Flow Statement |
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| Notes
to the Accounts |
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| Pattern
of Holding of Shares |
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|
|
| COMPANY
INFORMATION |
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|
| BOARD
OF DIRECTORS |
|
| Mian
Muhammad Ilyas Miraj |
Chief Executive/Chairman |
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| Mr.
Zia Mustafa |
|
| Mian
Muhammad Ijaz Miraj |
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| Mr.
Sohail Ahmad Butt |
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| Mrs.
Shahzadi Ilyas |
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| Mrs.
Yasmeen Riaz |
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| Mrs.
Ayesha Ijaz |
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| COMPANY
SECRETARY |
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| Mr.
Mahboob Ali Qureshi (ACA) |
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| AUDITORS |
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| M/S.
Saeed Methani & Co. |
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| Chartered
Accountants |
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| BANKERS |
|
| Habib
Bank Limited |
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| National
Bank of Pakistan |
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| Allied
Bank of Pakistan Ltd. |
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| The
Bank of Punjab |
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| Muslim
Commercial Bank Ltd. |
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| United
Bank Ltd. |
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| National
Development Finance Corporation |
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| REGISTRAR |
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| Softlink
(Pvt.) Ltd. |
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| Wings
Arcade |
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| 1-K
(Commercial) |
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| Model
Town Lahore. |
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| LEGAL
ADVISOR |
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| Shahid
Jamil Khan Advocate |
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| 19-Dinga
Singh Building, |
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| 46
- The Mall, Lahore. |
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| REGISTERED
OFFICE |
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| 103-B/1,
M.M. Alam Road, |
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| Gulberg
III, Lahore- Pakistan. |
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| WORKS |
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| Mirajabad, |
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| Teh.
Nankana Sahib, |
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| Distt.
Sheikhupura. |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| NOTICE
is hereby given that the 7th Annual General Meeting of the shareholders of
Haseeb Waqas Sugar |
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| Mills
Limited will be held at its Registered Office 103-B-1, M.M. Alam Road,
Gulberg III, Lahore, on Friday |
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| April
30, 1999 at 10:00 A.M. to transact the following business:- |
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| 1.
To confirm the minutes of the Extra Ordinary General Meeting held on March
31, 1999. |
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| 2.
To receive, consider and adopt the Annual Audited Accounts of the Company for
the year ended |
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| September
30, 1998 together with Directors and Auditors Reports thereon. |
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| 3.
To appoint Auditors and fix their remuneration, the retiring Auditors M/S.
Saeed Methani & Co., Chartered |
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| Accountants
Lahore, being eligible, have offered themselves for re-appointment. |
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| 4.
To transact such other business which may be placed before the meeting with
the permission of the |
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| Chair. |
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On behalf of the Board |
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| Lahore: |
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|
MAHBOOB ALl QURESHI |
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| April
09, 1999 |
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|
Company Secretary |
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| NOTES: |
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| 1.
The Share Transfer Book of the Company will remain closed from April 28 to
May 04 1999 (both days |
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| inclusive)
and no transfer will be accepted for registration during this period. |
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| 2.
A member entitle to attend and vote at this meeting may appoint another
member as his/her proxy to |
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| attend
and vote instead of him/her. Proxies in order to be effective must be
received at the Registered |
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| Office
of the Company not less than 48 hours before the time fixed for the meeting
and must be duly |
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| stamped,
signed and witnessed. |
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| 3.
Shareholders are requested to notify change in address immediately, if any. |
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| DIRECTORS'
REPORT |
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| Dear
Members |
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| On
behalf of the Directors and myself it is my privileged honour to welcome you
to the 7th Annual General |
|
| Meeting
of your Company and present the Annual Audited Accounts and Operational
Results for the year ended |
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| September
30, 1998. |
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| PERFORMANCE
REVIEW |
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| Operational
Results: |
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|
1998 |
1997 |
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|
| Crushing
Period (Days) |
|
|
|
156 |
156 |
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| Sugar
Cane Crushing (M. Tons) |
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|
1,003,996 |
536,326 |
|
| Sugar
Production (M. Tons) |
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|
80,720 |
42,455 |
|
| Sugar
Recovery (%) |
|
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|
8.04 |
7.92 |
|
| Molasses
Production (M. Tons) |
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|
48,072 |
28,000 |
|
| Rated
Capacity (TCD) |
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|
10,000 |
10,000 |
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| Financial
Results: |
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|
(Rs. "000") |
(Rs. "000") |
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|
| Sales |
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|
1,149,784 |
598,904 |
|
| Cost
of Sales |
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|
981,432 |
525,449 |
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|
---------- |
---------- |
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| Gross
Profit |
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|
168,352 |
73,456 |
|
| Operating
Expenses |
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|
|
60,961 |
27,708 |
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|
---------- |
---------- |
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| Operating
Profit |
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|
107,391 |
45,748 |
|
| Other
Income |
|
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|
1,455 |
208 |
|
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|
---------- |
---------- |
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|
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|
108,846 |
45,956 |
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| Financial
Charges |
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|
147,720 |
86,739 |
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|
---------- |
---------- |
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| Profit/(Loss)
before Taxation |
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|
(38,874) |
(40,783) |
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|
| Provision
for Turnover Tax |
|
6,942 |
- |
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| Provision
for Turnover Tax Written Back |
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- |
14,811 |
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---------- |
---------- |
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6,942 |
14,811 |
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---------- |
---------- |
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| Profit/(Loss)
after Taxation |
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|
(45,816) |
(25,972) |
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| Un-appropriated
Profit/(Loss) B/F |
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|
(25,653) |
319 |
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|
---------- |
---------- |
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| Un-appropriated
Profit/(Loss) C/F |
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|
(71,469) |
(25,653) |
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|
========== |
========== |
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| We
are pleased to inform you that your Company produced 80,720 M.Tons of sugar
during the year under review |
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| as
compared to 42,455 M. Tons during the preceding year 1996-97. An increase of
production of Sugar of 90% |
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| as
compared to previous year but these achievements were unproductive because
the sugar industry remained |
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| under
a constant pressure during the year under review as a result of carry over
stock of 400,000 M. Tons of |
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| Sugar
in the country. The surplus of sugar were created due to sugar imports much
in excess of country |
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| requirements
in 1996-97. The combined effect of bumper sugar cane crop in 1997-98 and huge
carry over |
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| sugar
stock created glut in local sugar sales market. Furthermore the Government
increased the sugarcane |
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| support
price from Rs. 24.00 per 40 K.g. to Rs. 35.00 per 40 K.g. thereby creating
the major impact of 46% |
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| increase
in sugar cane price resulted increase in cost of sugar production. |
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| The
Government allowed export rebate on the export of sugar keeping in view of
the depressed sugar prices in |
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| international
market. This permission was granted only after half the crushing season was
over. For the Sugar |
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| Mills
situated in Punjab, the only viable market was India. Trade is allowed with
India only through Wahga |
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| Border
or Via Sea. Due to Logistic constraints limited quantity of Railway Wagons
were available. In spite of |
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| these
limitations your company exported Sugar 13,799 M. Tons during the financial
year 1997-98. |
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| SEASON
1998-99 REVIEW |
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| This
year crushing by the sugar mills was generally delayed by 8 to 10 days for
the purpose of achieving healthy |
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| maturing
of sugar cane together with higher recovery of sugar. Another purpose of
delaying the crusing season |
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| was
to take off load of huge sugar stock of 1997-98 season. |
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| Your
Mill started crushing from November 25, 1998 and till March 31,1999 crushed
sugar cane 832,000 M. Tons |
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| and
produced 61,470 M.Tons of Sugar at an average recovery of 7.45%. In the
current crushing season better |
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| operating
results are expected. The Government has allowed the export of sugar which
will have better effect |
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| on
local sugar sales market by achieving the higher average sugar sale price.
Similarly the Government has |
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| allowed
5% price reduction of sugar cane and increased rate of TPT to be deducted
from cane growers. This will |
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| have
the effect of average price reduction of sugar cane. Although the quality of
sugar cane is weak but the |
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| sugar
mills are expected better financial results due to the above-mentioned facts. |
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| THE
PROSPECTS FOR THE CRUSHING SEASON 1999-2000 |
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| For
the forthcoming sugar cane crushing season bumper sugar cane crop is expected
as the support price of |
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| sugar
cane is stable @ Rs. 35 per 40 K.g. is still viable for the cane growers,
also a better local sugar sales |
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| market
is expected and mainly depends upon sugar stock piled up before the start of
crushing season. |
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| YEAR
2000 COMPLIANCE OF COMPUTER SYSTEM |
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| The
Company is based on Unix based Software requiring no changes in software and
hardware being fully |
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| compliant
to Y2K requirements. |
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| PATTERN
OF SHARE HOLDINGS |
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| The
pattern of shareholdings as on September 30, 1998 is enclosed. |
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| AUDITORS |
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| The
Auditors M/S. Saeed Methani & Co., Chartered Accountants retire and being
eligible, offered for their services |
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| for
the ensuing year. |
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| APPRECIATION |
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| Finally
I thank the management especially the workers of the Company and wish to
place on record my |
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| appreciation
for their devotion, sense of responsibility and loyalty. |
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|
On behalf of the Board. |
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|
MIAN MUHAMMAD ILYAS MIRAJ |
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|
CHIEF EXECUTIVE |
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|
| AUDITORS'
REPORT TO THE MEMBERS |
|
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| We
have audited the annexed Balance Sheet of HASEEB WAQAS SUGAR MILLS LIMITED as
at September |
|
| 30,
1998 and the related Profit and Loss Account and the 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 explanations |
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| 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; |
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|
|
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| (b)
In our opinion; |
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|
|
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| 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
business; and |
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|
|
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| iii)
the business conducted, investments made and the expenditure incurred during
the year were |
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| 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 Cash Flow Statement, 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 September 30, |
|
| 1998
and of the loss and the Cash Flow Statement for the year then ended; and |
|
|
| d)
In our opinion, no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
|
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|
Sd/- |
|
| Lahore |
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|
|
Saeed Methani & CO., |
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| March
31, 1999 |
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|
CHARTERED ACCOUNTANTS |
|
|
|
| BALANCE
SHEET AS AT SEPTEMBER 30, 1998 |
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|
1998 |
1997 |
|
|
|
NOTE |
RUPEES |
RUPEES |
|
|
|
|
|
| CAPITAL
AND RESERVES |
|
|
|
| Authorised
Capital |
|
|
|
| 35,000,000
Ordinary Shares of RS. 10/- each |
|
350,000,000 |
350,000,000 |
|
|
|
|
========== |
========== |
|
| Issued,
Subscribed and Paid up |
|
3 |
324,000,000 |
324,000,000 |
|
| Reserves |
|
4 |
90,000,000 |
90,000,000 |
|
| Un-appropriated
Profit/(Loss) |
|
|
(71,468,719) |
(25,652,892) |
|
|
|
|
---------- |
---------- |
|
|
|
|
342,531,281 |
388,347,108 |
|
|
|
|
|
| LONG
TERM LOANS |
|
5 |
247,675,958 |
208,931,924 |
|
|
|
|
| LIABILITIES
AGAINST ASSETS SUBJECT |
|
|
| TO
FINANCE LEASE |
|
6 |
31,099,040 |
61,092,382 |
|
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|
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| CURRENT
LIABILITIES |
|
|
| Shod
Term Loans |
|
7 |
281,979,123 |
172,845,276 |
|
| Current
Portion of Long Term Liabilities |
8 |
134,217,684 |
133,104,393 |
|
| Creditors,
Provisions and Accrued Liabilities |
9 |
267,203,093 |
218,936,468 |
|
| Unclaimed
Dividend |
|
|
5,290,979 |
11,806,763 |
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|
---------- |
---------- |
|
|
|
|
688,690,879 |
536,692,900 |
|
| CONTINGENCIES
AND COMMITMENTS |
|
10 |
|
|
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|
---------- |
---------- |
|
|
|
1,309,997,158 |
1,195,064,314 |
|
|
|
|
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|
========== |
========== |
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|
1998 |
1997 |
|
|
|
NOTE |
RUPEES |
RUPEES |
|
|
|
|
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| FIXED
CAPITAL EXPENDITURE |
|
|
| Fixed
Assets |
|
11 |
600,857,588 |
630,202,466 |
|
| Assets
Subject to Finance Lease |
|
12 |
143,333,657 |
150,162,362 |
|
| Capital
Work in Progress |
|
13 |
5,418,415 |
5,362,228 |
|
|
|
|
---------- |
---------- |
|
|
|
|
749,609,660 |
785,727,056 |
|
|
|
|
| LONG
TERM DEPOSITS |
|
2,159,500 |
7,009,500 |
|
|
|
|
|
| DEFERRED
EXPENSES |
|
14 |
1,655,500 |
3,311,000 |
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Stores
and Spares |
|
|
61,159,223 |
63,927,724 |
|
| Loose Tools |
|
|
12,430,180 |
12,730,180 |
|
| Stock
in Trade |
|
|
309,718,950 |
189,422,349 |
|
| Advances,
Deposits and Prepayments |
|
15 |
162,524,455 |
131,261,064 |
|
| Cash
and Bank Balances |
|
16 |
10,739,690 |
1,675,441 |
|
|
|
|
---------- |
---------- |
|
|
|
|
556,572,498 |
399,016,758 |
|
|
|
|
---------- |
---------- |
|
|
|
|
|
1,309,997,158 |
1,195,064,314 |
|
|
|
|
|
========== |
========== |
|
|
|
|
|
|
|
| The
annexed notes form 1 to 26 form an integral part of the financial statements. |
|
|
|
|
|
|
|
|
CHIEF EXECUTIVE |
|
|
|
DIRECTOR |
|
|
|
|
|
|
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED SEPTEMBER 30, 1998 |
|
|
|
|
|
1998 |
1997 |
|
|
|
NOTE |
RUPEES |
RUPEES |
|
|
|
|
| SALES |
|
17 |
1,149,784,330 |
598,904,425 |
|
| COST
OF SALES |
|
18 |
981,432,363 |
525,448,716 |
|
|
|
|
---------- |
---------- |
|
| GROSS
PROFIT |
|
|
168,351,967 |
73,455,709 |
|
|
|
|
| OPERATING
EXPENSES |
|
|
|
| ADMINISTRATIVE
EXPENSES |
|
19 |
24,835,541 |
27,687,101 |
|
| SELLING
EXPENSES |
|
20 |
36,125,576 |
20,834 |
|
|
|
|
---------- |
---------- |
|
|
|
|
60,961,117 |
27,707,935 |
|
|
|
|
---------- |
---------- |
|
| OPERATING
PROFIT |
|
|
107,390,850 |
45,747,774 |
|
| NON-OPERATING
INCOME |
|
21 |
1,454,905 |
208,330 |
|
|
|
|
---------- |
---------- |
|
|
|
|
|
108,845,755 |
45,956,104 |
|
| FINANCIAL
CHARGES |
|
22 |
147,719,707 |
86,738,697 |
|
|
|
|
---------- |
---------- |
|
| NET
PROFIT/(LOSS) BEFORE TAXATION |
|
|
(38,873,952) |
(40,782,593) |
|
|
|
|
|
|
|
| PROVISION
FOR TURNOVER TAX |
|
23 |
6,941,875 |
- |
|
| PROVISION
FOR TURNOVER TAX WRITTEN BACK |
|
- |
14,810,964 |
|
|
|
|
|
|
---------- |
---------- |
|
|
|
|
6,941,875 |
14,810,964 |
|
|
|
|
---------- |
---------- |
|
| NET
PROFIT/(LOSS) AFTER TAXATION |
|
(45,815,827) |
(25,971,629) |
|
| UN-APPROPRIATED
PROFIT/(LOSS) BROUGHT FORWARD |
|
(25,652,892) |
318,737 |
|
|
|
|
|
---------- |
---------- |
|
| UN-APPROPRIATED
PROFIT/(LOSS) CARRIED FORWARD |
|
(71,468,719) |
(25,652,892) |
|
|
|
|
|
========== |
========== |
|
|
| The
annexed notes from 1 to 26 form an integral pad of the financial statements. |
|
|
|
|
CHIEF EXECUTIVE |
|
|
|
DIRECTOR |
|
|
|
| CASH
FLOW STATEMENT |
|
|
|
| FOR
THE YEAR ENDED SEPTEMBER 30, 1998 |
|
|
|
|
|
|
1998 |
1997 |
|
|
|
|
|
RUPEES |
RUPEES |
|
|
|
|
| a)
CASH FROM OPERATING ACTIVITIES |
|
|
|
| Net
Profit/(Loss) Before Taxation |
|
(38,873,952) |
(40,782,593) |
|
| Add: |
|
|
|
| Items
not involving Movements of Funds |
|
|
|
| Depreciation: |
|
|
|
| Operating
Assets |
|
35,309,857 |
37,613,269 |
|
| Assets
subject to Finance Lease |
|
6,828,704 |
7,144,024 |
|
| Amortisation
of Deferred Cost |
|
1,655,500 |
- |
|
| Income
Tax Provision |
|
(6,941,875) |
- |
|
| Loss
on sales of fixed assets |
|
- |
304 |
|
| Income
Tax Provision written back |
|
- |
14,810,964 |
|
|
|
---------- |
---------- |
|
|
|
36,852,186 |
59,568,561 |
|
|
|
|
| OPERATING
PROFIT/(LOSS) BEFORE |
|
|
|
| WORKING
CAPITAL CHANGES |
|
(2,021,766) |
18,785,968 |
|
|
|
|
|
| CHANGES
IN WORKING CAPITAL |
|
|
|
| (Increase)/Decrease
in Current Assets: |
|
|
|
|
|
|
|
| Stores
and Spares |
|
2,768,501 |
7,563,071 |
|
| Loose Tools |
|
300,000 |
1,355,690 |
|
| Stock
in Trade |
|
(120,296,601) |
(152,256,717) |
|
| Advances,
Deposits and Prepayments |
|
(31,263,391) |
(16,807,949) |
|
|
|
---------- |
---------- |
|
| OPERATING
PROFIT BEFORE WORKING CAPITAL |
|
(148,491,491) |
(160,145,905) |
|
|
|
|
| Increase/(Decrease)
In Current Liabilities |
|
|
| Short
term loans |
|
109,133,847 |
1,014,373,661 |
|
| Creditors
and Accured Liabilities |
|
48,266,625 |
85,943,648 |
|
|
|
---------- |
---------- |
|
|
|
157,400,472 |
187,381,014 |
|
| Increase
in Working Capital |
|
8,908,981 |
27,235,109 |
|
|
|
---------- |
---------- |
|
| NET
CASH FROM OPERATING ACTIVITIES |
|
6,887,215 |
46,021,077 |
|
|
|
|
| b)
CASH FLOW FROM INVESTING ACTIVITIES |
|
|
| Fixed
Capital Expenditure |
|
|
(5,964,979) |
(21,037,488) |
|
| Capital
Work in Progress |
|
|
(56,186) |
15,456,120 |
|
| Leased
Assets |
|
|
- |
3,520,852 |
|
| Long
Term Deposits |
|
|
4,850,000 |
- |
|
| Cash
from sale of assets |
|
|
- |
130,000 |
|
|
|
|
|
---------- |
---------- |
|
| NET
CASH USED IN INVESTING ACTIVITIES |
|
(1,171,165) |
(1,930,516) |
|
|
|
|
| CASH
FROM FINANCING ACTIVITIES |
|
|
|
| Long
Term Loans Repayments |
|
55,306,291 |
(15,745,927) |
|
| Payment
to leasing companies |
|
(45,442,308) |
(27,757,531) |
|
| Dividend
Payments |
|
|
(6,515,784) |
(20,593,237) |
|
|
|
|
|
---------- |
---------- |
|
|
|
|
|
3,348,199 |
(64,096,695) |
|
| NET
(DECREASE)/INCREASE IN CASH AND |
|
|
|
| BANK
BALANCES (a+b+c) |
|
|
9,064,249 |
(20,006,134) |
|
|
|
|
|
|
|
| OPENING
CASH AND BANK BALANCES |
|
1,675,441 |
21,681,575 |
|
|
|
|
|
---------- |
---------- |
|
| CLOSING
CASH AND BANK BALANCES |
|
10,739,690 |
1,675,441 |
|
|
|
|
========== |
========== |
|
|
|
|
|
|
|
| NOTES
TO THE ACCOUNTS |
|
| FOR
THE YEAR ENDED SEPTEMBER 30, 1998 |
|
|
| 1.
STATUS AND PRINCIPAL ACTIVITIES |
|
| Haseeb
Waqas Sugar Mills Limited is a public company quoted on Karachi and Lahore
Stock Exchanges. The |
|
| principal
activity of the Company is to manufacture and sale of refined sugar and its
bi-products. |
|
|
| 2.
SIGNIFICANT ACCOUNTING POLICIES |
|
|
| 2.1
ACCOUNTING CONVENTION |
|
| These
accounts have been prepared in accordance with the historical cost
convention. |
|
|
| 2.2
STAFF RETIREMENT BENEFITS |
|
| Gratuity
is paid as and when become due. |
|
|
| 2.3
FOREIGN CURRENCY TRANSLATION |
|
| The
exchange rate for the foreign currency loan (supplier's credit) is fixed with
the State Bank of Pakistan. |
|
|
| 2.4
FIXED ASSETS - TANGIBLE |
|
| Operating
assets are stated at cost less accumulated depreciation. Depreciation is
charged on all fixed |
|
| assets
except land on reducing balance method on the basis at the rates specified in
the operating assets |
|
| note.
Full year's depreciation is charged in the year of acquisition while no
depreciation is charged in the |
|
| year
of disposal. However depreciation on plant and machinery is calculated on the
basis of actual number |
|
| of
working days. Maintenance and normal repairs are charged to income as and
when incurred. Major |
|
| renewals
and improvements are capitalized. Gain or loss, if any, on disposal of assets
is charged to current |
|
| year's
income. |
|
|
| 2.5
ASSETS SUBJECT TO FINANCE LEASE |
|
| These
are sated at lower of present value of minimum lease payments under the lease
agreement and fair |
|
| value
of assets. The aggregate amount of obligations relating to these assets are
accounted for at net |
|
| present
value of liabilities. Depreciation is charged in line |
