| Baluchistan Wheels Limited |
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| Annual
Report 2000 |
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| Corporate
Mission |
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| To
produce Automotive Wheels and allied products of International Quality |
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| standard
of ISO 9002 and contribute towards national economy by import |
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| substitution,
exports, taxation, employment and consistently compensate the |
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| stake
holders through stable returns. |
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| Contents |
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| Corporate
Information |
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| Notice
of Meeting |
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| Chairman's
Review |
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| Directors'
Report to the Shareholders |
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| Auditors'
Report to the Members |
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| Balance Sheet |
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| Profit
& Loss Account |
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| Cash
Flow Statement |
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| Statement
of Changes in Financial Position |
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| Notes
to the Accounts |
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| Five-Years
at a Glance |
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| Pattern
of Shareholdings |
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| Corporate
Information |
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| Board
of Directors |
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| Mr.
Muhammad Siddique Memon |
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| Chairman |
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| Mr.
Razak Haji Mohammed Bengali |
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| Chief Executive |
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| Mr.
Muhammed Irfan Ghani |
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| Chief
Operating Officer |
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| Mr.
Sikandar Mustafa Khan |
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| Mr.
Istaqbal Mehdi |
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| Mr.
J.M. Pereira |
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| Mr.
Mohammed Khalid Ali |
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| COMPANY
SECRETARY |
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| Mr.
Irfan Ahmed Qureshi |
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| AUDITORS |
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| Sidat
Hyder Qamar & Co. |
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| (Chartered
Accountants) |
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| LEGAL
ADVISOR |
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| Mohsin
Tayebaly & Company |
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| BANKERS |
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| Union
Bank Limited |
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| Habib
Bank Limited |
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| Gulf
Commercial Bank Ltd. |
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| National
Bank of Pakistan |
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| Bank of Khyber |
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| SHARES
DEPARTMENT & HEAD OFFICE |
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| 1st
Floor, State Life Building # 3, |
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| Dr.
Ziauddin Ahmed Road, Karachi. |
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| E-mail:
bwheels@khi.compol.com |
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| Website:
http.//www.bwheels.com |
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| Telephone
# 5689259, 5683474, 5687502 |
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| Fax # 5684003 |
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| FACTORY
& REGISTERED OFFICE |
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| Main
RCD Highway, Hub Chowki, |
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| Lasbella,
Baluchistan. |
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| Telephone
# (0202) 32496, 32497, 32498 |
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| Fax
# (0202) 33035 |
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| Notice
of the Meeting |
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| NOTICE
IS HEREBY GIVEN that the Twentieth Annual General Meeting of the Company will
be held at |
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| the
company's Registered office, Main RCD Highway, Hub Chowki, District Lasbella,
Baluchistan, on Saturday, |
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| December
16, 2000 at 09:00 a.m. to transact the following business:- |
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| 1.
To confirm the minutes of the 19th Annual General Meeting held on November
27, 1999. |
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| 2.
To receive, consider and adopt the audited accounts for the year ended June
30, 2000 together with the |
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| Directors'
and Auditors' reports thereon. |
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| 3.
To approve dividend (Directors have recommended Final dividend @ 17.5% in
addition to interim dividend |
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| already
paid @ 15% thus making the total dividend of 32.5% for the year ended June
30, 2000.) |
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| 4.
To appoint Auditors for the year ending June 30, 2001 and to fix their
remuneration. |
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| SPECIAL
BUSINESS: |
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| 5.
To consider, ratify and approve the remuneration of the Chairman, Chief
Executive and full time working |
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| Director. |
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| 6.
Any other Business with the permission of the Chair. |
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By Order of the Board |
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|
IRFAN AHMED QURESHI |
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Company Secretary |
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| NOTES: |
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| 1)
The Share Transfer Books of the Company will remain closed from December 09,
2000 to December 16, 2000 (both days |
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| inclusive) |
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| 2.
A member entitled to attend and vote at the General Meeting may appoint
another member as his/her proxy to attend the |
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| meeting
and vote instead oŁ him/her, Proxies in order to be effective must be
received by the company not less that 48 hours |
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| before
the meeting. |
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| 3.
Shareholders are advised to immediately notify of any change in their
addresses to our Shares Department, 1st floor, State Life |
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| Building
No. 3, Dr. Ziauddin Ahmed Road, Karachi. |
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| CDC
Account holders will further have to follow the under mentioned guidelines as
laid down in Circular 1 dated January |
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| 26,
2000 issued by the Securities and Exchange Commission of Pakistan. |
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| For
Attending the Meeting/Appointing Proxies: |
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| i)
In case of individuals, the account holder or sub-account holder and/or the
person whose securities are in group account and |
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| their
registration details are uploaded as per the Regulations, shall authenticate
his Identity by showing his original National |
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| Identity
Card (NIC) or original passport at the time of attending the meeting., |
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| ii)
In case of corporate entity, the Board of Directors resolution/power of
attorney with specimen signature oŁ the nominee shall |
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| be
produced (unless it has been provided earlier) at the time of the meeting. |
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| iii)
The proxy form shall be witnessed by two persons whose names, address and NIC
numbers shall be mentioned on the form. |
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| iv)
Attested copies of NIC or the passport of the beneficial owners and the proxy
shall be furnished with the proxy form. |
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|
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| v)
The proxy shall produce his original NIC or original passport at the time of
meeting. Transport will be provided to members |
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| from
the Karachi Stock Exchange Building to attend the meeting. Departure from
Stock Exchange Building will be |
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| at 08:00 a.m. |
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| According
to the press release of The Karachi Stock Exchange (Guarantee) Limited, we
may advised all our respective shareholders |
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| to
please let us have their declaration as required under the law as soon as
possible, so that the Zakat Exemption can be recorded |
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| for
all future Dividend payments. |
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| STATEMENT
UNDER SECTION 160 (1) (B) OF THE COMPANIES ORDINANCE, 1984 |
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| Approval
of remuneration of the Chairman, Chief Executive and full time working
Director of the Company. |
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| The
approval of nominal increase in remuneration alongwith other benefits as per
the services rules paid to Chairman, Chief Executive |
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| and
the full time working Director as per recommendations of the Board of
Directors of the Company. For this purpose it is proposed |
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| that
the following resolution be passed as an ordinary resolution. |
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| RESOLVED
that an annual aggregating sum not exceeding Rs. 7.400 million be and is
hereby authorized for payment towards |
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| remuneration
alongwith other benefits as per the services rules to Chairman, Chief
Executive and the full time working Director |
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| M/s.
Muhammad Siddique Memon, Razak H.M. Bengali, and Muhammad lrfan Ghani
respectively. |
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| Chairman
s Review |
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| Your
Directors are pleased to present ANNUAL ACCOUNTS of the company for the year
ended June 30, |
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| 2000,
which is also the first review of the company's annual operations in the New
Millennium. |
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| OPERATING
RESULTS: |
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| The
sales during the period under review was Rs. 337 million which is slightly
lower than the last year's |
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| sales
of Rs. 340 million. The company would have met the projected sales target of
Rs. 369 million, but |
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| due
to overall depressed market conditions and other economic indicators being
unfavourable, the purchasing |
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| power
of the buyers of automobiles remained depressed, and therefore, there was a
decline in the sales of |
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| passenger
car wheel rims to the assemblers. Your company during the period under review
sold 227,355 |
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| wheel
rims as compared to 271,618 wheel rims last year. The automobile assemblers
are making all-out |
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| efforts
to increase sales of their products by arranging car financing scheme.
However, it appears that due |
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| to
depressed market conditions, the sales volume of wheel rims has also not
increased. Furthermore, the |
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| rupee
devaluation has also affected this industry, due to which the increase in
sale prices of cars by some of |
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| the
OEMs would certainly affect the vending industry. |
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| As
far as sales of truck/bus wheel rims are concerned during the period under
review, there has been a |
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| negligible
increase, and it is hoped that a change in the Government policy will lead to
an increase in the |
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| sales
of truck/bus wheel rims in the coming year. |
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| The
sales of tractor wheels during the period under review was 103,203 tractor
wheels as compared with |
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| 120,572
tractor wheels sold last year. |
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| Your
management feels pleasure in informing the shareholders that there has been a
lot of improvement |
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| in
the export sales during the current financial year as compared to last year.
We have exported wheels |
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| valuing
at Rs. 7 million as compared to Rs. 4 million last year. We can further
increase our share in the |
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| export
market, once we have developed the designs as required by European buyers, a
working on which |
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| is
under way. Your company participated in the international exhibitions held in
France and Germany. It |
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| will
be heartening to note that we are exporting wheels to Germany and we have
received further orders |
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| from
there for passenger car wheel rims. |
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| It
is expected that the operation of the most modern electro deposition (ED)
painting system, installed by |
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| your
company, will help in enhancing our exports in the international market. |
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| Inspite
of all the difficulties mentioned above, your company was able to maintain
its profitability and the |
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| profit
before taxation was Rs. 64 million as compared to Rs. 62 million last year,
and the profit after taxation |
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| was
Rs. 50 million as compared to Rs. 42 million last year. We were able to
achieve all this because of the |
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| tight
control over the expenses which overall remained within the same vicinity as
last year. We are happy |
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| that
your company has done well, but it has been possible through joint effort of
the entire management |
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| team,
who helped us out in shaping the company better, and there is still a lot
more to be done, because |
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| your
company during the last few years has made no capital investment whatsoever
in improving production |
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| facilities
at the Factory. Furthermore, your machines have become very old, requiring
extensive balancing |
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| and
modernisation which have to be carried out to effect improvement in the plant
and machinery, so that |
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| quality
products are supplied to our customers. Your management is endeavouring to
achieve these goals |
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| through
organisation-wide commitment, quality consciousness, professional management
and sound business |
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| practices
and team-work. |
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| FUTURE
PROSPECTS: |
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| Your
company is fully committed to its customers to provide quality products at
competitive prices, and |
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| we
have taken all steps in this direction. Now, the most modern tool-room is in
operation with Computerised |
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| Numeric
Control Machine to enable us to consolidate our tool-room, so that inhouse
development and |
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| maintenance
of tools are carried out, resulting in saving of time and the country's
precious foreign exchange. |
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| In
addition, the most modern electro deposition (ED) painting system has been
successfully commissioned, |
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| which
resulted in painting of wheels in accordance with the international
standards. Besides meeting the |
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| requirements
of automobile assemblers, it will also help in augmenting the exports. |
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| Your
management is aware of the challenges of future, including World Trade Order
(WTO) which will |
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| result
in increased globalisation of trade and elimination of trade barriers, We at
BWL are trying our best |
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| to
diversify our markets and are making various studies and research to develop
other products required |
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| by
automobile sector, so that we can increase our volume. We hope and pray to
Almighty Allah to give us |
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| courage
and strength to implement our plans. |
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| The
Auditors' observations concerning investment with National Bank of Pakistan
(formerly: Mehran Bank |
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| Limited)
and the loan and interest due to the Economic Affairs Division, Government of
Pakistan, have been |
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| fully
explained in Notes 19.1, 6.3 respectively and reason for change in Accounting
Policy has also been |
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| stated
in notes 2.3.3 and 2.9 of the Accounts. |
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| The
Government continues to reiterate its commitment to revamp the present
economic system. There has |
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| been
success in the Tax Amnesty Scheme, Tax Survey and recovery from chronic
defaulters, but it will take |
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| some
time to see the real improvement in the economy because of the other problems
like balance of |
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| payment,
resulting in continuous depreciation of Pak Rupee against strong currencies,
privatisation of |
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| industry,
inattraction of fresh capital investment in the economy, regular increase in
fuel, electric and gas |
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| charges.
Your company is also affected by all these economic issues and its
performance is dependent on |
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| these
factors as also on overall performance of auto and allied sector. We would
like to bring to the attention |
|
| of
our members that the cost of raw materials and other inputs have increased
because of change in the |
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| parity
rate of rupee, and also once again it is sad that the banks have introduced
deposit of 15% cash margin |
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| at
the time of establishment of L/C. We have made representation to the
Government that for the import |
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| of
industrial raw material and plant and machinery, the condition of 15% cash
margin be removed, as |
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| otherwise
it will lead to increase in the raw material cost and thereby it will result
in increase in cost of sales |
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| of
your products. Further, this will negate the Government policy of achieving
export targets as fixed by |
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| the
Government. Nevertheless, we have been able to achieve a significant growth
and it is hoped that we |
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| continue
with the same zeal in future also. |
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|
| HUMAN
RESOURCES: |
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| We
believe that our people are life-blood of the organisation. All possible
measures are taken for their |
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| welfare,
and this year we have made a new spacious canteen having all the facilities.
Besides, regular sporting |
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| and
other events are also encouraged for their rest and recreation. |
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| The
company puts lot of emphasis on the training and development of its employees
who are nominated |
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| regularly
to attend various courses to update their technical and intellectual
capabilities. |
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|
| ACKNOWLEDGEMENT: |
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| The
Directors place on record their appreciation for the valuable contribution
made by all employees in the |
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| progress
and development of the company. Further, the relationship between the
management and employees |
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| remained
cordial. |
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| BASIC
EARNING PER SHARE |
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| Based
on the net profit for the current year, the earning per share improved to Rs.
4.31 from Rs. 3.62 last year. |
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|
For and on Behalf of the Board |
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|
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|
MUHAMMAD SIDDIQUE MEMON |
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| Karachi:
November 15, 2000 |
|
Chairman |
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|
| Directors'
Report to the Shareholders |
|
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| The
Directors of your company take pleasure in presenting their twentieth ANNUAL
REPORT |
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| with
Audited Accounts of the company together with Auditors' report thereon for
the year ended |
|
| of
June 30, 2000. |
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|
(Rupees in
'000') |
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|
2000 |
1999 |
|
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| FINANCIAL
RESULTS |
|
| Profit
before Taxation |
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|
63,825 |
61,535 |
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|
------------------ |
------------------ |
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| Profit
after Taxation |
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|
50,015 |
41,980 |
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| Unappropriated
Profit brought forward |
|
7,252 |
58 |
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|
------------------ |
------------------ |
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| Profit
available for appropriation |
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|
57,267 |
42,038 |
|
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| Appropriations: |
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| Interim
Dividend 15% (1999: 15%) |
|
17,393 |
17,393 |
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| Proposed
Final Dividend 17.5% (1999: 15%) |
|
20,291 |
17,393 |
|
| Unappropriated
Profit carried forward |
|
19,583 |
7,252 |
|
|
|
|
|
|
| EARNING
PER SHARE |
|
|
Rs. 4.31 |
Rs. 3.62 |
|
|
| The
Board proposes payment of Final Dividend of 17.5 % in addition to interim
dividend of 15% |
|
| already
paid, thus making a total Dividend of 32.5% for the year under review. |
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| CHAIRMAN'S
REVIEW |
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| Your
Directors endorse the contents of the Chairman's Review, which deals with the
company's |
|
| activities
during the year, and forms part of the Directors' Report. |
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|
| DIRECTORS |
|
| Mr.
Nasim Beg, nominee Director of NIT resigned, and Mr. Istaqbal Mehdi was taken
on the |
|
| Board
in place of Mr. Nasim Beg. The Board welcomes Mr. Istaqbal Mehdi on his
appointment |
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| as
Director and places on record its appreciation for the valuable services
rendered by |
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| Mr. Nasim Beg. |
|
|
| Subsequently,
On November 15, 2000, Mr. Akbar Ali Hussain, joined as nominee Director of
State |
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| Life
Insurance Corporation in place of Mr. J.M. Pereira, who has retired from
State Life. The Board |
|
| welcomes
Mr. Akbar Ali Hussain and places on record the services rendered by Mr. J.M.
Pereira. |
|
|
| AUDITORS |
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| The
retiring Auditors, Sidat Hyder Qamar & Co., being eligible, offer
themselves for reappointment. |
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|
| PATTERN
OF SHAREHOLDING |
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| A
statement of the pattern of shareholding of the company as on June 30, 2000
is annexed to this |
|
| Annual Report. |
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|
|
|
For and on behalf of the board |
|
|
|
|
|
|
|
|
RAZAK H.M. BENGALI |
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| Karachi;
November 15, 2000 |
|
Chief Executive |
|
|
|
| Auditors
Report to the Members |
|
|
| We
have audited the annexed balance sheet of BALUCHISTAN
WHEELS LIMITED as at 30 June 2000 |
|
| and
the related profit and loss account, cash flow statement and statement of
changes in equity together |
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| 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 purposes |
|
| of our audit. |
|
|
| It
is the responsibility of the Company's management to establish and maintain a
system of internal control, |
|
| and
prepare and present the above said statement in conformity with the approved
accounting standards |
|
| and
the requirements of the Companies Ordinance, 1984. Our responsibility is to
express an opinion on |
|
| these
statements based on our audit. |
|
|
| We
conducted our audit in accordance with the auditing standards as applicable
in Pakistan. These standards |
|
| require
that we plan and perform the audit to obtain reasonable assurance about
whether the above said |
|
| statements
are free of any material misstatement. An audit includes examining, on a test
basis, evidence |
|
| supporting
the amounts and disclosures in the above said statements. An audit also
includes assessing the |
|
| accounting
policies and significant estimates made by management, as well as, evaluating
the overall |
|
| presentation
of the above said statements. We believe that our audit provides a reasonable
basis for our |
|
| opinion
and, after due verification, 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
except for the |
|
| changes
as stated in notes 2.3.3 and 2.9 with which we concur; |
|
|
| 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, cash flow statement and statement of changes
in equity together |
|
| with the notes forming part thereof confirm
with approved accounting standards as applicable in |
|
| Pakistan,
and, 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 30 June |
|
| 2000
and of the profit, its cash flows and changes in equity for the year then
ended; and |
|
|
| d)
in our opinion Zakat deductible at source under the Zakat and Ushr Ordinance,
1980 (XVIII of 1980), |
|
| was
deducted by the Company and deposited in the Central Zakat Fund established
under section 7 |
|
| of
that Ordinance. |
|
|
| Without
qualifying our report we draw attention to note 19.1 to the accounts in
respect of Rs.50.840 |
|
| million
deposited with former Mehran Bank Limited (MBL) and note 18 in respect of Rs.
18.272 million |
|
| return
accrued thereon and notes 6.3 and 8 (i) to the accounts. The affairs of the
former MBL have been |
|
| taken
over by National Bank of Pakistan and the matters relating to MBL are
reportedly pending settlement. |
|
|
| KARACHI:
November 15, 2000 |
|
CHARTERED ACCOUNTANTS |
|
|
|
|
| Balance
Sheet as at 30 June 2000 |
|
|
|
|
|
(Rupees in
'000') |
|
|
Note |
2000 |
1999 |
|
| SHARE
CAPITAL AND RESERVES |
|
| Authorised
capital |
|
| 15,000,000
Ordinary shares of Rs. 10/- each |
|
150,000 |
150,000 |
|
|
========== |
========== |
|
|
|
|
| Issued,
subscribed and paid-up capital |
3 |
115,950 |
115,950 |
|
| General reserve |
|
|
101,498 |
101,498 |
|
| Accumulated
profit |
|
19,583 |
7,252 |
|
|
|
|
------------------ |
------------------ |
|
|
237,031 |
224,700 |
|
|
| LONG-TERM
DEPOSIT |
|
4 |
544 |
353 |
|
| LIABILITIES
AGAINST ASSETS SUBJECT |
|
|
|
| TO
FINANCE LEASE |
|
5 |
8,157 |
12,244 |
|
| DEFERRED
INCOME |
|
2.5.2 |
865 |
2,017 |
|
| DEFERRED
LIABILITY- Compensated absences |
2.3.3 |
2,454 |
-- |
|
|
| CURRENT
LIABILITIES |
|
| Overdue
portion of long-term loan-secured |
6 |
85,851 |
859,851 |
|
| Current
portion of liabilities against assets subject |
|
|
|
| to finance lease |
|
|
5 |
12,950 |
9,051 |
|
| Creditors,
accrued and other liabilities |
7 |
55,799 |
52,154 |
|
| proposed
dividend |
|
|
20,291 |
17393 |
|
|
|
|
|
------------------ |
------------------ |
|
|
174,891 |
164,449 |
|
| CONTINGENCIES
AND COMMITMENTS |
8 |
-- |
-- |
|
|
------------------ |
------------------ |
|
|
423,942 |
403,763 |
|
|
========== |
========== |
|
| FIXED
ASSETS-TANGIBLE |
|
| Operating
assets - at book value |
|
9 |
124,666 |
120,730 |
|
| Capital
work-in-progress |
|
10 |
23,574 |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
148,240 |
120,730 |
|
|
|
|
| LONG-TERM
INVESTMENTS-AT COST |
11 |
450 |
450 |
|
| LONG-TERM
LOANS |
|
12 |
631 |
445 |
|
| LONG-TERM
DEPOSITS AND OTHER RECEIVABLES |
13 |
2,896 |
4,531 |
|
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Stores,
spares and loose tools |
|
14 |
13,940 |
20,281 |
|
| Stock-in-trade |
|
15 |
98,796 |
62,402 |
|
| Trade
debts- unsecured, considered good |
16 |
36,875 |
59,064 |
|
| Loans,
advances, deposits and prepayments |
17 |
22,351 |
26,128 |
|
| Other
receivables |
|
18 |
22,994 |
25,347 |
|
| Short-term
investments |
|
19 |
50,840 |
56,840 |
|
| Bank balances |
|
20 |
25,929 |
27,545 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
271,725 |
277,607 |
|
|
|
------------------ |
------------------ |
|
|
|
423,942 |
403,763 |
|
|
========== |
========== |
|
|
| Auditors'
Report Annexed |
|
| These
accounts should be read with the annexed notes. |
|
|
|
MUHAMMAD SIDDIQUE MEMON |
|
RAZAK H. M. BENGALI |
|
|
CHAIRMAN |
|
CHIEF EXECUTIVE |
|
|
|
| Profit
& toss Account for the year ended 30 June 2000 |
|
|
|
|
(Rupees in
'000') |
|
|
Note |
2000 |
1999 |
|
|
| Sales - net |
|
21 |
336,901 |
339,773 |
|
| Cost of sales |
|
22 |
235,176 |
238,202 |
|
|
|
|
------------------ |
------------------ |
|
| Gross profit |
|
|
101,725 |
101,571 |
|
|
| Operating
expenses |
|
|
|
| Administrative |
|
23 |
28,690 |
25,765 |
|
| Selling
and distribution |
|
24 |
7,629 |
9,707 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
36,319 |
35,472 |
|
|
|
|
------------------ |
------------------ |
|
| Operating Profit |
|
65,406 |
66,099 |
|
|
|
