| Sindh Abadgar's Sugar Mills Limited |
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| Annual
Report 1998 |
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| CONTENTS |
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| Board
of Directors |
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| Notice
of Meeting |
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| Directors'
Report |
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| Auditors'
Report |
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| 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 Share Holding |
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| BOARD
OF DIRECTORS |
Mr. Nisar H. Effendi |
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Chairman |
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Mr. Zulfiqar H. Effendi |
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Chief Executive |
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Mr. Rizwan H. Said |
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Director |
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Mr. Razi-ur-Rehman Khan |
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Director (Nominee of
NIT/ICP) |
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Mr. Ikbal H. Effendi |
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Director |
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Mr. Shah Nawaz Shah |
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Director |
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Mr. Omer H. Said |
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Director |
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|
Mr. Rao Muhammed Shafat |
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Director (Nominee of
NDFC) |
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| COMPANY
SECRETARY |
Shahabuddin Lakhani |
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|
B. Corn. FCA, FCMA (UK),
FCIS (UK) |
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FITM, FCIS, FICM |
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| BANKERS |
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1. Allied Bank of
Pakistan Ltd. |
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2. Habib Bank Limited |
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3. Muslim Commercial Bank
Ltd. |
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4. National Development
Finance Corporation |
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5. United Bank Ltd. |
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| AUDITORS |
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Hyder Bhimji & Co. |
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Chartered Accountants |
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Rahman, Sarfaraz &
Co. |
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Chartered Accountants |
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| REGISTERED
OFFICE |
164-L, Block-Ill, |
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P.E.C.H. Society, |
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Karachi-75400. |
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| MILLS |
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Deh Deenpur |
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Taluka: Tando Mohd. Khan |
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District: Hyderabad |
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SINDH |
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| REGISTRAR |
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Gangjees Investment &
Finance Consultants, |
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513, Clifton Centre, |
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Khayaban-e-Roomi, |
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Kehkashan, Block-5,
Clifton, |
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Karachi-75600 |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| NOTICE
IS HEREBY GIVEN that the 15th Annual General Meeting of the Company will be
held at the |
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| Registered
Office 164-L, Block-3, P.E.C.H.S., Karachi-75400 on Thursday 25th March, 1999
at 1600 |
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| hours
to transact the following business: |
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| 1.
To read and confirm the Minutes of the Extra-ordinary General Meeting held on
6th February, 1999. |
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| 2.
To receive and adopt the Audited Accounts for the year ended 30th September,
1998 together with |
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| the
Directors and Auditors Report thereon. |
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| 3.
To appoint Auditors of the Company for the year 1998-99 and to fix their
remuneration. |
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| 4.
To approve cash dividend @ 10% i.e. Rs.1.00 per share of Rs.10/- each for the
year ended 30th |
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| September,
1998 as recommended by the Directors. |
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| 5.
To transact any other business which may legally be transacted at an Annual
General Meeting with |
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| the
permission of the Chair. |
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By Order of the Board |
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(S. LAKHANI) |
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Company Secretary |
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| Karachi,
dated: 17th February, 1999 |
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| NOTE: |
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| 1)
The Share Transfer Books of the Company will remain close for ten days and no
transfer of shares |
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| will
be accepted for registration from Tuesday, 16th March, 1999 to Thursday, 25th
March, 1999 |
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| (both
days inclusive). Shares may be lodged for transfer with our Registrar M/s.
Gangjees |
|
| Investment
and Finance Consultants, 513, Clifton Centre, Kehkashan, Block-5, Clifton,
Karachi- |
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| 75600. |
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| 2)
A Member entitled to attend and vote at the General Meeting is entitled to
appoint a proxy to attend |
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| and
vote on his behalf. Proxies in order to be valid must be received at the
Registered Office of the |
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| Company
48 hours before the time of the Meeting. A proxy must be a member of the
Company. |
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| 3)
The shareholders are requested to communicate the change in their mailing
address, if any, |
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| immediately
to our Registrar. |
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| DIRECTORS'
REPORT |
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|
| Dear
Shareholders, |
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| On
behalf of the Directors and myself it is my privileged honour to welcome you
to the 15th Annual General Meeting |
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| of
the Company and it is with glorification of Allah's Blessings that I present
Fifteenth Annual Report for the 1998 Financial |
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| Year
along with the Financial Statements for the year ended on September 30, 1998. |
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| The
Crushing Season 1997-98 did not remain free from uncertain conditions and
unforeseen rattling problems of last year. |
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| Situation
aggravated further due to devaluation, escalation and imprudent adhoc sugar
policy of the Federal Government and |
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| unethical
and economically ill advised provincial levies. Cane support price alone was
enhanced from Rs. 24.50 in 1996-97 to |
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| Rs.
36.00 per 40 KG (a percentage-wise increase of 46.94%) and increase in the
rate of Quality Premium was also not in line or |
|
| balanced
with the average mill gate sale price. of sugar obtained to compensate the
farmer for excess sugar produced over and |
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| above
the bench mark of sugar recovery (8.7%). Installed crushing capacity of each
mill in Sindh Zone remained under utilized |
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| because
of ill advised and unplanned increase in crushing capacity both horizontally
and vertically. Besides the total cost of sugar |
| production,
the total quantity of sugar in the country has now become important to study
by the policy makers. Sugar for domestic |
| consumption
has been achieved. The surplus sugar production will ruin the total economics
of Sugar Industry both for producers |
|
| and
processors. Requirement of sugar quantity in international market and the
vagaries of the international market visa vis the |
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| price
of sugar internationally obtainable as against our own cost of sugar has to
be studied, lowered and controlled to be |
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| competitive
also in price, without which over production of sugar would be suicidal.
Actual sugar cane crushed during the year in |
| Sindh
Zone was higher by 3.54 million tons (34.30%) due to increase in cultivated
area under sugar cane from 247,988 to 261,586 |
|
| hectares.
Crushing average per mills during the year works out to 513,086 tons.
Effective total installed crushing capacity of the |
| sugar
mills in Sindh Zone is around 21.91 million tons against which only 13.85
million tons of cane being available was crushed. |
| This
factor alone reduced the capacity utilization in Sindh to 63.23%. Whereas the
capacity utilization achieved by our Mills |
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| SASM,
MASHAH-ALLAH was 80.23% for the year. Sugar Mills were under pressure of
competition to secure the required sugar |
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| cane.
This compelled the Mills to accept and to pay more even for banned varieties
of Sugar Cane. |
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| In
spite of the turbulent and untold difficulties, our company because of full
cooperation of sincere dedicated working staff and |
| above
all with Blessing and Guidance of ALLAH the Merciful and Beneficent, made
after tax profit of Rs. 13,509,683. Reasons |
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| for
comparative less profit are obvious and mentioned above which is mainly
higher cost and less sugar price, due to no other |
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| reason
but the principle of Demand and Supply. |
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| Hereunder,
we place the accounts for 1997-98 for your perusal: |
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| (i)
Summarized operating financial results for the year under report; |
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| (ii)
Financial analysis and ratio; and |
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| (iii)
Comparative Statistics for the last five years. |
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| (I)
FINANCIAL RESULTS |
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|
(Rupees in million) |
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|
1998 |
1997 |
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| Profit
before taxation and after prior period items |
11.650 |
41.829 |
|
| Provision
for taxation |
|
|
|
1.860 |
(13.000) |
|
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|
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|
---------- |
---------- |
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| Profit
after taxation |
|
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|
13.510 |
28.829 |
|
| Unappropriated
profit brought forward |
|
6.231 |
5.040 |
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|
---------- |
---------- |
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| Profit
available for appropriation |
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|
19.741 |
33.869 |
|
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|
| Appropriation: |
|
|
|
| Proposed
cash dividend |
|
(10.425) |
(15.638) |
|
| Transfer
to general reserve |
|
(7.000) |
(12.000) |
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|
---------- |
---------- |
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| Unappropriated
profit carried forward |
|
2.316 |
6.231 |
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|
========== |
========== |
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1998 |
1997 |
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| (II)
FINANCIAL ANALYSIS AND RATIOS |
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| Gross
profit / sales |
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|
10.71% |
12.70% |
|
| Net
profit to sales before taxation |
|
|
0.11% |
4.65% |
|
| Net
profit to sales after taxation |
|
|
1.64% |
3.21% |
|
| Earning
per share before taxation |
|
|
Rs. 1.18 |
Rs. 4.01 |
|
| Earning
per share after taxation |
|
|
Rs. 1.30 |
Rs. 2.77 |
|
| Break-up
value of share |
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|
|
Rs. 13.87 |
Rs. 13.57 |
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| Debt
equity ratio |
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|
48.23: 51.77 |
49.81: 50.19 |
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| Current
ratio |
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|
1.14: 1.00 |
1.12:1.00 |
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|
1997-98 |
1996-97 |
1995-96 |
1994-95 |
1993-94 |
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| (III)
COMPARATIVE STATISTICS |
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| Season
Commenced |
|
07.11.1997 |
04.11.96 |
16.10.95 |
09.11.94 |
02.10.93 |
|
| Season
Closed |
|
15.04.1998 |
09.04.97 |
04.04.96 |
17.04.95 |
10.04.94 |
|
| Days worked |
|
160 |
157 |
172 |
160 |
191 |
|
| Sugarcane
crushed (M.T.) |
513,451 |
472,344 |
501,523 |
534,662 |
545,478 |
|
| Daily
average crushing (M.T.) |
3,209 |
3,009 |
2,916 |
3,341 |
2,856 |
|
| Sugar
recovery % |
|
10.8000 |
10.7200 |
10.451 |
9.7555 |
9.6091 |
|
| Sugar
production (M.T.) |
|
55,450 |
50,638 |
52,358 |
52,196 |
52,362 |
|
| Molasses
production (M.T.) |
24,853 |
22,426 |
23,092 |
24,937 |
26,291 |
|
|
| PERFORMANCE |
|
|
| During
the reporting crushing season 1997-98, cane crushed was 513,451 metric tons
which is higher by 41,107 metric |
|
| tons
(8.70%) when compared with last year's crushing of 472,344 metric tons. This
increase is due to improvement in |
|
| cane
production supply as discussed in the preceding paras. The comparative figure
with averages of Sindh Zone are |
|
| given
as under: |
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|
| Particulars |
|
Sindh Zone |
SASM |
Increase |
|
|
(Average) |
|
|
|
| Crushing
tons |
|
513,086 |
513,451 |
+ 365 |
|
| Sucrose
Recovery % |
|
9.92% |
10.80% |
+ 0.88% |
|
| Sugar
Production tons |
|
50,907 |
55,450 |
+ 4,543 |
|
|
| It
is pleasing to note that in all the three averages of Sindh, our Company has
achieved better results. Average crushing |
|
| shows
slight increase by 365 tons but the production of sugar record increase by
4,543 tons (8.92%) due to the better |
|
| extraction
of sucrose recovery derived by the mills during the year. |
|
|
| As
for our average crushing per day during this crushing season works out to
3,209 tons as against last year's 3,009 |
|
| tons
per day. Sucrose recovery extracted also increase by 0.08% over the last year
(1997 10.72% and 1998 10.80%). |
|
| Overall
operational performance is, MASHAH-ALLAH better when compared with the
general average and when compared |
|
| with
company's performance last year. |
|
|
| FINANCIAL
COMMITMENTS |
|
| Our
Company MASHAH-ALLAH has paid off every due financial commitments in time.
Current maturity of Rs. 6.591 million |
|
| of
GTF loan will INSHAH-ALLAH be paid in time. All the long term loans have been
cleared except NDFC GTF loan with |
|
| an
outstanding amount of Rs. 10.26 million which includes current maturity of
Rs. 6.591. Thereafter the last installment |
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| is
due on December 31, 1999 and INSHAH-ALLAH on repayment of that, our company
by the Grace of ALLAH will be |
|
| free
from every long term liabilities secured for Project Financing. |
|
|
| CENTRAL
EXCISE DUTY CLAIMS |
|
| AND
PENDING CASES |
|
| Central
Excise Duty cases for 1988-89, 1991-92 and 1992-93 filed by the company,
almost remain pending in Courts. |
|
| Case
for 1988-89, though decided in our favour by the Supreme Court but referred
back to the CBR and then appeal |
|
| before
the Tribunal, as previously reported. Appeal before Tribunal of two members,
(one judicial and other technical |
|
| member)
was heard and the judgement given was a split decision. Technical member
against us and judicial member |
|
| in
our favour. Thereupon case was referred to the Chairman Tribunal, who after
hearing, decided in our favour. Thus |
|
| two
decisions were in our favour and one against. The Collector. Customs (CBR)
has now preferred an appeal before |
|
| the
High Court of Sindh and the matter therefore again remains pending. It is
important to understand that bank guarantees |
|
| of
some Sugar Mills who did not obtain Stay Order from Tribunal were cashed by
the Collector of Customs. On |
|
| representation,
the High Court then decided that the CBR should return/refund the money
within 15 days of the Tribunal's |
|
| final
order. The Collector, Customs accordingly advised the Sugar Mills to accept
adjustment of the forcibly recovered |
|
| amount
in their future Central Excise Duty payments for the year 1998-99 onwards. |
|
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| In
our case, out of two bank guarantees, one amounting to Rs. 10.75 million was
encashed forcibly. Second bank |
|
| guarantee
for Rs. 13.648 million still remains because the Collector of Customs has
neither encashed nor returned. |
|
| The
encashed amount of Rs. 10.75 (M) will be adjusted and therefore shown as
Receivable in the Financial Statements. |
|
|
| The
cases of 1991-92 and 1992-93 remain pending. |
|
|
| SALES
AND SALES TAX |
|
| The
Government has levied the sales tax @ 12.50% w.e.f. April 1, 1998, for sales
to the registered buyers and 13.50% |
|
| for
unregistered buyers. Prior to this date, only Central Excise Duty was levied
at Rs. 2,150/- per ton. But after the levy |
|
| of
Sales Tax at 13.50%, the Sales Tax Rs. 1,755/- plus Excise Duty Rs. 400/- per
ton increased the total to |
|
| Rs.2,155/-
till November 30, 1998. |
|
|
| EXPORT
OF SUGAR |
|
| The
company, By the Grace of ALLAH, did export 10,305 tons of sugar during the
year. International sugar price fluctuated |
|
| from
a high US$ 320 to US$ 245 per ton F.O.B. The government therefore allowed
Duty-Draw back of Rs. 1,500 per |
|
| ton
upto May, 1998, and then due to price fluctuation and on P.S.M.A. request, it
was raised to Rs. 4,500 per ton w.e.f. |
|
| June
01, 1998. |
|
|
| DIVIDEND
1997 |
|
| The
SASM Board of Directors declared cash dividend @ 15% for the year September
30, 1997. Dividend Warrants for |
|
| the
resident shareholders were despatched on May 12, 1998, and for non-resident
shareholders an application was made |
|
| to
the State Bank of Pakistan in April, 1998, with a request for approval of the
remittance. We have since been vehemently |
|
| following
the Bank in writing as well as personal visits for the approval. We have also
written a letter to the Governor |
|
| State
Bank of Pakistan on October 08, 1998, but approval is still awaited. The
dividend amount was deposited with Muslim |
|
| Commercial
Bank Limited for the total payment of dividend for 1997 on May 12, 1998.
Separate Dividend Account for |
|
| non-resident
shareholders is also with the Bank. To find workable solution for the
non-resident shareholders, we offered |
|
| them
option to accept payment in Pak Currency vide our letter dated March 04,
1998. Non-resident shareholders who |
|
| opted
for the payment of the dividend in Pak Currency were paid immediately. Those
who have not accepted the option |
|
| the
payment has not yet been made and the matter is pending with the State Bank
of Pakistan. |
|
|
| CENTRAL
DEPOSITORY SYSTEM |
|
| Pakistan
Central Depository System has been introduced vide Central Depositories Act,
1997. It is mainly to avoid |
|
| compulsory
physical transfer of shares for securing other advantages by the
shareholders. Ordinary shares of our company |
|
| have
been declared eligible securities under the Act w.e.f. November 18, 1998. All
the formalities have been completed |
|
| in
time and complied with as per requirement of the Central Depository Company
of Pakistan Limited. |
|
|
| COMPLIANCE
FOR THE YEAR 2000 |
|
| All
over Computer Hardware, Software and Operating System have been updated and
MASHAH-ALLAH are capable of |
|
| handling
"dates" after December 31, 1999. |
|
|
| ON
GOING CURRENT SEASON 1998-99 |
|
| Information
on current season upto February 16, 1999 is as under: |
|
|
| (i)
Date of commencement |
|
November 14, 1998 |
|
| (ii)
Cane crushed (M.Tons) |
|
342,440.481 |
|
| (iii)
Sugar bagged (M.Tons) |
|
31,696.000 |
|
| (iv)
Average recovery todate |
|
9.4931% |
|
| (v)
Sugar sold and delivered (M.Tons): |
19,742.150 |
|
| (vi)
Sugar balance in stock (M.Tons) |
11,953.850 |
|
| (vii)
Cane procurement support price |
Same at Rs.36.00 as it
was last year. |
|
| (viii)
Quality Premium |
|
|
Increased to .50 paisa
from .32 paisa per unit with bench mark of8.7% |
|
|
|
|
remains the same. |
|
|
| The
Government has increased the Sales Tax to 15% from 12.50% for registered
buyers and 16% for non-registered |
|
| buyers
w.e.f. December 01, 1998. As such the total amount for Excise Duty and Sales
Tax increased to Rs. 2,350 at |
|
| 15%
and in majority cases to Rs. 2,480 @ 16%. Further the base sale price for
computing the Sales Tax has been retained |
|
| at
Rs. 13,000 per ton upto end March 1999 as per the Government Notification.
The C.E.D. in addition to Sales Tax, |
|
| remains
the same. |
|
|
| The
local sale price of sugar instead of increasing in proportion to the increase
in total cost has further decreased because |
|
| of
over production than the consumption. SASM has MASHAH-ALLAH exported
10,268.50 tons of sugar upto February |
|
| 16,
1999. The Government has made it obligatory to export 25% of the total
production of the year for each mill. We, |
|
| INSHAH-ALLAH,
will be exporting more sugar accordingly. Duty draw back to encourage export
and to compensate for |
|
| low
international prices of sugar has been allowed to remain the same at Rs.
4,500/- per exported ton alongwith exemption |
|
| allowed
in sales tax and excise duty. |
|
|
| MOLASSES: |
|
| The
International price and over production has created a big financial crises
because there is no disposal of Molasses |
|
| at present. |
|
|
| AUDITORS: |
|
| M/s.
Hyder Bhimji & Company and Rahman, Sarfaraz & Company, the Auditors
of the company retired and have offered |
|
| their
services for the ensuing year. |
|
|
| PATTERN
OF SHAREHOLDING: |
|
| The
pattern of shareholding is annexed to this Report. |
|
|
| WORDS
OF THANKS |
|
| The
Board of Directors wishes to keep on record their sincere thanks to each and
every shareholder member, who very |
|
| kindly
have reassured us of their faith and confidence by re-electing us on the
Board. All elected directors wish to convey' |
|
| their
thanks and reassure the shareholders of their dedicated and hard work to
achieve, INSHAH-ALLAH, better and much |
|
| better
results. Please pray for all of us including the staff members and our Cane
Growers who all join in to contribute |
|
| for
achieving exemplary results, Aameen. |
|
|
|
|
On behalf of the Board of Directors |
|
|
|
|
|
|
|
NISAR H. EFFENDI |
|
|
|
Chairman |
|
|
| Dated:
February 18th, 1999. |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed Balance Sheet of SINDH ABADGAR'S SUGAR MILLS LIMITED
as |
|
| at
September 30, 1998 and the related Profit & Loss Account for the year
then ended and the Statement |
|
| of
Changes in Financial Position (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 which |
|
| to
the best of our knowledge and belief were necessary for the purpose 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
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 |
|
| (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 Profit and |
|
| the
Changes in Financial Position (Cash Flows) 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. |
|
|
|
|
RAHMAN SARFARAZ & CO. |
|
|
HYDER BHIMJI AND CO. |
|
|
|
Chartered Accountants |
|
|
Chartered Accountants |
|
|
|
| Karachi;
the 18th February, 1999 |
|
|
|
| BALANCE
SHEET AS AT 30TH SEPTEMBER, 1998 |
|
|
|
|
|
1998 |
1997 |
|
|
|
Note |
Rupees |
Rupees |
|
| CAPITAL
AND RESERVES |
|
|
|
|
|
|
| SHARE
CAPITAL |
|
|
|
| Authorised |
|
|
|
|
| 12,500,000
Ordinary shares of Rs.10 each |
|
125,000,000 |
125,000,000 |
|
|
|
|
========== |
========== |
|
| Issued,
subscribed and paid-up |
|
3 |
104,250,000 |
104,250,000 |
|
| General
reserve - Revenue |
|
|
38,000,000 |
31,000,000 |
|
| Unappropriated
profit |
|
|
2,316,441 |
6,231,758 |
|
|
|
|
---------- |
---------- |
|
| Shareholders'
equity |
|
|
144,566,441 |
141,481,758 |
|
|
|
|
|
|
| REDEEMABLE
CAPITAL (Secured) |
|
4 |
3,671,402 |
10,262,875 |
|
| LIABILITIES
AGAINST ASSETS SUBJECT TO |
|
|
| FINANCE
LEASE |
|
5 |
8,926,550 |
9,368,407 |
|
|
|
|
|
| LOAN
FROM DIRECTORS |
|
6 |
- |
2,296,542 |
|
| DEFERRED
LIABILITIES |
|
7 |
108,705,676 |
102,862,049 |
|
|
|
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
|
| Current
portion of long term |
|
|
|
| liabilities |
|
|
8 |
13,375,069 |
15,603,086 |
|
|
|
|
|
| Short
term running finance |
|
9 |
77,845,000 |
34,000,000 |
|
| Creditors,
accrued and other liabilities |
10 |
54,334,600 |
80,278,980 |
|
| Provision
for taxation |
|
|
25,689,644 |
29,718,560 |
|
| Proposed
dividend |
|
|
10,425,000 |
15,637,500 |
|
|
|
|
---------- |
---------- |
|
|
|
|
|
181,669,313 |
175,238,126 |
|
| CONTINGENCIES AND CAPITAL
COMMITMENT |
11 |
|
|
|
|
---------- |
---------- |
|
|
|
|
|
447,539,382 |
441,509,757 |
|
|
|
|
========== |
========== |
|
|
|
|
| FIXED
ASSETS - TANGIBLE |
|
|
|
|
|
|
|
| Operating
fixed assets |
|
12 |
240,686,268 |
245,834,512 |
|
| LONG
TERM LOANS AND ADVANCES |
|
13 |
268,769 |
415,761 |
|
| LONG
TERM DEPOSITS |
|
14 |
15,543,576 |
15,752,940 |
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
|
| Stores
and spares |
|
15 |
45,149,798 |
53,385,796 |
|
| Stock
in trade |
|
16 |
82,048,746 |
70,057,714 |
|
| Trade
debts (Unsecured) considered good |
|
8,002,727 |
5,905,978 |
|
| Loans
and advances |
|
17 |
17,555,702 |
37,212,173 |
|
| Deposits
and prepayments |
|
18 |
4,403,900 |
3,066,480 |
|
| Other
receivables |
|
19 |
20,777,348 |
1,534,081 |
|
| Cash
and bank balances |
|
20 |
13,102,548 |
8,344,322 |
|
|
|
|
---------- |
---------- |
|
|
|
|
191,040,769 |
179,506,544 |
|
|
|
|
---------- |
---------- |
|
|
|
|
|
447,539,382 |
441,509,757 |
|
|
|
|
|
========== |
========== |
|
| Note:
The annexed notes form an integral part of these accounts. |
|
|
|
ZULFIQAR H. EFFENDI |
|
RIZWAN H. SAID |
|
|
Chief Executive |
|
Director |
|
|
| Karachi:
the February 18, 1999 |
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE YEAR ENDED |
|
| 30TH
SEPTEMBER, 1998 |
|
|
|
|
|
1998 |
1997 |
|
|
Note |
Rupees |
Rupees |
|
|
|
|
| SALES |
|
21 |
823,719,203 |
898,633,021 |
|
| COST
OF GOODS SOLD |
|
22 |
(735,487,966) |
(784,544,659) |
|
|
|
|
---------- |
---------- |
|
| GROSS
PROFIT |
|
|
88,231,237 |
114,088,362 |
|
| OPERATING
EXPENSES |
|
|
|
|
|
|
|
|
| Administrative |
|
23 |
(48,056,637) |
(41,864,275) |
|
| Selling
and distribution |
|
24 |
(10,234,682) |
(1,347,645) |
|
|
|
|
---------- |
---------- |
|
|
|
|
(58,291,319) |
(43,211,920) |
|
|
|
|
---------- |
---------- |
|
| OPERATING
PROFIT |
|
|
29,939,918 |
70,876,442 |
|
| FINANCIAL
CHARGES |
|
25 |
(32,789,655) |
(28,748,159) |
|
