| The Frontier Sugar Mills & Distillery
Limited |
|
|
|
|
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|
| Annual
Report 2000 |
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| CONTENTS |
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|
| Board
of Directors |
|
| Ten
Year's Review |
|
| Notice
of Meeting |
|
| Directors'
Report |
|
| Pattern
of Share Holdings |
|
| Auditors' Report |
|
| Balance Sheet |
|
| Profit
and Loss Accounts |
|
| Cash
Flow Statement |
|
| Statement
of Changes in Equity |
|
| Notes
to the Accounts |
|
|
|
| BOARD
OF DIRECTORS |
|
|
| CHAIRPERSON |
Ms ZARMINE SARFARAZ |
|
|
|
|
| CHIEF
EXECUTIVE |
BEGUM ZARI SARFARAZ |
|
|
|
|
| DIRECTORS |
|
KHAN AZIZ SARFARAZ KHAN |
|
|
|
BEGUM LAILA SARFARAZ |
|
|
|
ISKANDAR M. KHAN |
|
|
|
ABDUL QADAR KHATTAK |
|
|
|
MUHAMMAD RAFIQ KHAN |
|
|
|
| SECRETARY / |
|
| CONTROLLER
FINANCE |
MALIK MOHAMMAD ASLAM,
FCMA |
|
|
|
|
| AUDITORS |
|
MESSRS HAMEED CHAUDHRI
& CO., |
|
|
|
CHARTERED ACCOUNTANTS |
|
|
| REGISTERED OFFICE |
11, FORT ROAD, PESHAWAR
CANTT. |
|
|
|
| FACTORY |
|
TAKHT-I-BHAI, DISTT.
MARDAN. |
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|
PHONES: 551051 - 551049-
551041 |
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FAX: (0931) 62815 |
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|
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| TEN
YEARS' REVIEW |
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|
|
CANE |
|
BEET |
|
|
|
|
| YEAR |
CANE |
RECOVERY |
SUGAR |
BEET |
RECOVERY |
SUGAR |
|
|
CRUSHED |
% |
PRODUCED |
SLICED |
% |
PRODUCED |
|
|
M.Ton |
|
M.Ton |
M.Ton |
|
M.Ton |
|
|
|
| 1991 |
118,552 |
7.79 |
9,244.70 |
61,376 |
9.29 |
4,777.20 |
|
| 1992 |
134,757 |
9.68 |
13,045.00 |
59,018 |
10.17 |
6,007.00 |
|
| 1993 |
117,578 |
9.71 |
11,417.60 |
45,740 |
9.94 |
4,548.85 |
|
| 1994 |
76,452 |
9.83 |
7,520.25 |
38,973 |
10.32 |
4,022.95 |
|
| 1995 |
61,488 |
9.54 |
5,866.95 |
36,418 |
10.60 |
3,860.40 |
|
| 1996 |
42,640 |
8.53 |
3,640.25 |
48,264 |
10.39 |
5,016.60 |
|
| 1997 |
42,340 |
8.37 |
3,543.65 |
30,565 |
9.84 |
3,008.10 |
|
| 1998 |
62,434 |
8.48 |
5,296.90 |
26,022 |
8.64 |
2,248.40 |
|
| 1999 |
124,462 |
9.09 |
11,318.85 |
26,410 |
9.57 |
2,528.15 |
|
| 2000 |
65,512 |
8.12 |
5,323.60 |
38,256 |
8.33 |
3,342.40 |
|
|
|
| NOTICE
OF MEETING |
|
|
| NOTICE
IS HEREBY GIVEN that 63rd Annual General Meeting of the shareholders of The
Frontier |
|
| Sugar
Mills & Distillery Limited will be held on 31st March, 2001 at 10:00 A.M
at the Registered |
|
| Office
of the Company at 11, Fort Road, Peshawar Cantt. for transacting the
following business. |
|
|
|
| 1.
To confirm the minutes of the last meeting held on 31st March, 2000. |
|
|
|
|
| 2.
To receive and consider the audited Balance Sheet and Profit and Loss Account
of the |
|
| Company
together with the Directors' and Auditors' Reports for the year ended 30th |
|
| September 2000. |
|
|
|
|
|
| 3.
To appoint auditors for the year 2000 - 2001 and to fix their remuneration.
The outgoing |
|
| auditors,
Messrs. Hameed Chaudhri & Co., Chartered Accountants offer themselves for |
|
| re-appointment. |
|
|
|
|
|
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| 4.
To declare dividend. |
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|
|
|
|
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| 5.
To transact any other ordinary business of the Company as may be permitted by
the Chair. |
|
|
| The
share transfer books of the Company will remain closed for entitlement of
dividend from 20th |
|
| March,
2001 to 30th March, 2001 (Both days inclusive). |
|
|
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|
By order of the Board |
|
|
|
|
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|
(MALIK MOHAMMAD ASLAM) FCMA |
|
| Peshawar:
19 February, 2001 |
|
SECRETARY |
|
|
| N.B: |
1. Member unable to
attend in person may kindly send proxy form attached with the Balance Sheet
signed and witnessed to |
|
|
the Company at least 48
hours before the time of the meeting. No person shall act as proxy unless he
is entitled to be |
|
|
present and vote in his
own right. |
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|
|
|
2. Members are requested
to notify any change in address immediately. |
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|
|
3. C.D.C. shareholders
desiring to attend the meeting are requested to bring their original National
Identity Cards, Account |
|
|
and participants I.D.
numbers, for identification purpose, and in case of proxy, to enclose an
attested copy of his / her |
|
|
National Identity Card. |
|
|
|
|
|
| DIRECTORS'
REPORT |
|
|
| The
Directors have pleasure in submitting their annual report alongwith the
Audited Accounts of the |
|
| Company
for the year ended 30th September, 2000. |
|
|
| 1.
SUGARCANE SEASON 1999- 2000 |
|
| The
sugarcane crushing season started on 11th November, 1999 and ended on 23rd
February, 2000, we |
|
| crushed
65,512 tons of sugarcane and produced 5,323.60 tons of sugar at an average
recovery of 8.12%. |
|
| The
sugarcane supply was further decreased as compared with the last year i.e.
124,462 tons, as a result |
|
| only
30% of the rated capacity was utilized. The reason for low supplies of
sugarcane to the mills is |
|
| diversion
of sugarcane to gur making. There is a sales tax of Rs. 3,500.00 per ton on
sugar, but there |
|
| is
no tax on gur, which has make, it difficult for the sugar factories to
compete with gur makers. We |
|
| had
been requesting the Government to provide a level playing field to the
industry by bringing gur |
|
| under
sales tax net but nothing has been done so far. In the process not only we
suffer but |
|
| the
Government is also losing revenue. Beside due to low production of sugar, the
Government has |
|
| to
spend huge amount of scare foreign exchange on import of sugar. |
|
|
|
| 2.
SUGARBEET SEASON 2000 |
|
| Sugarbeet
slicing season started on the 15th May 2000 and ended on 16th June 2000. We
sliced 38,256 |
|
| Tons
Of sugarbeet and produced 3342.40 tons of sugar at an average recovery of
8.33%. The recovery for |
|
| the
year decreased as extra ordinary high temperature during the months of May
and June damaged the |
|
| crop. |
|
|
| 3. DISTILLERY |
|
| The
Distillery plant remain closed due to very low prices of spirit in the local
market. |
|
|
| 4.
GENERAL RESERVE |
|
| A
sum of Rs. 10.000 million has been transferred to general reserve. |
|
|
| 5. DIVIDEND |
|
| The
Directors recommend the payment of 60% cash dividend out of the profits
available for appropriation |
|
| on
ordinary shares and 7% on irredeemable preference shares. |
|
|
| 6. STAFF |
|
| An
agreement between the Management and Collective Bargaining Agents was signed
during the |
|
| year,
which provides improved working conditions and added monetary benefits to the
workers. The |
|
| Labour
and Management relations remained cordial during the year, all employees were
paid |
|
| bonus
equivalent to 2.1/2 months salary in additional to other amenities and
statutory benefit. |
|
|
| 7.
SALES TAX ON SUGAR |
|
| The
sugar buyers are not registered under the sales tax act, therefore, we have
to pay 1.50% extra |
|
| sales
tax to the Federal Government from our own source. During the year Federal
Government imposed |
|
| sales
tax on ex mill price replacing the earlier practice of fixed price, this
resulted in the increase of sales |
|
| tax
on refined sugar from Rs. 2,520 per ton to Rs. 3,500 per ton approximately,
which is great burden |
|
| on us. |
|
|
| 8.
CURRENT SEASON 2000 - 2001 |
|
| The
current season started on 16th November 2000 and ended within 14 days due to
the diversion of |
|
| sugarcane
towards tax-free gur production. We crushed 6,010 tons of sugarcane and
produced 357 tons of |
|
| sugar
at an average recovery of 6.32%. Due to the extremely high profitability in
absence of all kind of |
|
| taxes
in Gut manufacturing, the entire sugarcane crop was diverted to gur
manufacturing. Our efforts to |
|
| procure
sugarcane much above the support price fixed by the Government, could not
stop the diversion of |
|
| sugarcane
for Cur manufacturing, as a result we were forced to close the factory on 1st
December, 2000. |
|
| During
the year we submitted several presentation to the government to impose sales
tax on gut, which |
|
| would
give level playing field and allow us to compete with the Commercial Cur
Manufacturers determined |
|
| by
the market force. We are looking towards the Federal and Provisional
Governments to take measures in |
|
| the
national interest and remove the disparity between sweetener producers i.e.
Sugar and Gur. We feel it |
|
| is
extremely unfair that there are approximately Rs. 3500 per ton as sales tax
to the Federal Government |
|
| on
sugarcane delivered to the factory, and road cess at 50 paisa per 40 kg goes
to the Provincial |
|
| Government
for sugarcane delivered and crushed by the factory. These bonanzas of taxes
have rendered |
|
| sugar
manufacturing unfeasible in 'the Peshawar valley of NWFP in competition with
tax free Cur |
|
| manufacturing.
Moreover, there is huge export of gur to Afghanistan, which in a real sense
is export of |
|
| sugar.
This export/smuggling of gur across the border to Afghanistan has worsened
the situation. |
|
| Unfortunately
due to unbridled import of sugar especially from India during the crushing
season has |
|
| depressed
the sugar prices and made the offtake practically impossible, causing high
inventory of stock at |
|
| the mills. |
|
|
| We
have also imported some raw sugar for processing but this is not an answer
for remedying the |
|
| situation
of sugarcane supplies to the factory. |
|
|
| 9.
SUGARBEET CROP 2001 |
|
| The
area under sugarbeet crop this year is slightly more than last year and we
expect the factory will |
|
| produce
more sugar from sugarbeet than last year. |
|
|
| 10. AUDITORS |
|
| The
present auditors, Messers Hameed Chaudhri & Co., Chartered Accountants,
Lahore retire and being |
|
| eligible
offer themselves for re appointment. |
|
|
| 11.
PATTERN OF SHAREHOLDING |
|
| Pattern
of shareholdings of the Company is annexed. |
|
|
| 12.
REVALUATION OF FIXED ASSETS |
|
| The
Directors decided to revalue Plant & Machinery and Building at present
worth, which have been |
|
| incorporated
in these accounts. |
|
|
| 13.
ACKNOWLEDGMENT |
|
| The
Directors appreciate the spirit of good work done by the Company's staff at
all levels. |
|
|
|
|
ON BEHALF OF THE BOARD |
|
|
|
|
|
|
|
|
(BEGUM ZARI SARFARAZ ) |
|
| Peshawar:
February 19, 2001. |
|
CHIEF EXECUTIVE |
|
|
|
| PATTERN
OF HOLDINGS OF THE SHARES HELD |
|
| BY
THE SHAREHOLDERS AS ON 30TH SEPTEMBER, 2000 |
|
| BY
RANGE OF SHARES HELD |
|
|
| NUMBER OF |
RANGE OF
SHARES HELD |
SHARES HELD |
|
| SHARE |
FROM |
TO |
PREFERENCE |
ORDINARY |
TOTAL |
|
|
| HOLDERS |
|
|
| 546 |
1 |
100 |
3,090 |
10,638 |
13,728 |
|
|
| 113 |
101 |
500 |
1,490 |
30,155 |
31,645 |
|
|
| 42 |
501 |
1,000 |
460 |
29,865 |
30,325 |
|
|
| 48 |
1,001 |
5,000 |
21,940 |
107,650 |
129,590 |
|
|
| 7 |
5,001 |
10,000 |
200 |
54,601 |
54,801 |
|
|
| 2 |
10,001 |
150,000 |
-- |
23,096 |
23,096 |
|
|
| 2 |
15,001 |
20,000 |
-- |
37,893 |
37,893 |
|
|
| 1 |
1,075,001 |
1,080,000 |
22,820 |
1,056,102 |
1,078,922 |
|
|
| ------------------ |
|
------------------ |
------------------ |
------------------ |
|
|
| 761 |
|
50,000 |
1,350,000 |
1,400,000 |
|
|
| ========== |
|
========== |
========== |
========== |
|
|
| NUMBER OF |
CATEGORIES OF |
SHARE HELD |
|
|
| SHARE |
SHARE |
|
PREF |
ORDINARY |
TOTAL |
% AGE |
|
| HOLDERS |
HOLDERS |
|
|
| 753 |
Individuals |
|
4,880 |
284,740 |
289,620 |
20.69 |
|
|
Investment Corporation |
|
| 1 |
of Pakistan |
|
300 |
2,272 |
2,572 |
0.18 |
|
| 1 |
Financial Institution |
0 |
5,501 |
5,501 |
0.39 |
|
| 1 |
Joint Stock Companies |
22,820 |
1,056,102 |
1,078,922 |
77.07 |
|
|
OTHERS |
|
|
| 1 |
Government of NWFP |
20,000 |
0 |
20,000 |
1.43 |
|
| 1 |
Distt Council Mardan |
1,000 |
72 |
1,072 |
0.08 |
|
| 1 |
Municipal Committee |
|
|
Mardan |
|
1,000 |
73 |
1,073 |
0.08 |
|
| 1 |
Naeem's Securities Ltd. |
0 |
480 |
480 |
0.03 |
|
| 1 |
Frontier Ass. Handicap |
0 |
760 |
760 |
0.05 |
|
| ------------------ |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
| 761 |
|
|
50,000 |
1,350,000 |
1,400,000 |
100.00 |
|
| ========== |
|
|
========== |
========== |
========== |
========== |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of THE FRONTIER SUGAR MILLS &
DISTILLERY |
|
| LIMITED
as at 30 September, 2000 and the related profit and loss account, cash flow
statement and |
|
| statement
of changes in equity 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 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 statements 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; |
|
|
| (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 conform 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 September, 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. |
|
|
|
|
|
HAMEED CHAUDHRI & CO., |
|
| LAHORE:
20 FEBRUARY, 2001 |
|
CHARTERED ACCOUNTANTS. |
|
|
|
| BALANCE
SHEET AS AT 30 SEPTEMBER, 2000 |
|
|
|
|
2000 |
1999 |
|
|
|
Note |
Rupees |
Rupees |
|
|
|
| SHARE
CAPITAL AND |
|
| RESERVES |
|
| Authorised
capital |
|
3.1 |
20,000,000 |
20,000,000 |
|
|
|
========== |
========== |
|
|
| Issued.
subscribed and |
|
| paid-up capital |
|
|
3.2 |
14,000,000 |
14,000,000 |
|
| General reserve |
|
154,000,000 |
144,000,000 |
|
|
| Unappropriated profit |
|
513,417 |
192,868 |
|
|
|
------------------ |
------------------ |
|
|
|
168,513,417 |
158,192,868 |
|
|
|
|
|
|
|
| SURPLUS
ON REVALUATION |
|
|
|
|
|
| OF
FIXED ASSETS |
|
4 |
55,413,904 |
0 |
|
|
|
|
|
|
| DEFERRED
LIABILITY |
|
|
|
|
|
| FOR
GRATUITY |
|
|
19,126,702 |
18,477,778 |
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
| Current
port on of long |
|
|
|
|
|
| term loans |
|
5 |
0 |
6,441,000 |
|
|
| Short
term finances |
|
6 |
1,682,237 |
144,504 |
|
|
| Creditors,
accruals and |
|
|
|
| other liabilities |
|
|
7 |
10,427,093 |
18,290,338 |
|
|
| Provision
for taxation |
|
8 |
2,752,313 |
1,752,313 |
|
|
| Unclaimed
dividend |
|
|
351,069 |
98,678 |
|
| Proposed
dividends |
|
|
8,135,000 |
6,482,500 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
23,347,712 |
33,209,333 |
|
|
| CONTINGENCIES
AND COMMITMENTS |
9 |
|
|
|
|
|
------------------ |
------------------ |
|
|
266,401,735 |
209,879,979 |
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
ABDUL QADAR KHATTAK |
|
MUHAMMAD RAFIQ KHAN |
|
|
DIRECTOR |
|
DIRECTOR |
|
|
|
| FIXED
CAPITAL EXPENDITURE |
|
|
|
| Operating
fixed assets |
|
10 |
62,155,654 |
8,981,612 |
|
| Non-operating
fixed assets |
|
11 |
2,312,693 |
1,342,955 |
|
|
|
|
------------------ |
------------------ |
|
|
|
64,468,347 |
10,324,567 |
|
|
|
|
| INVESTMENTS |
|
12 |
6,135,279 |
4,333,680 |
|
|
| SECURITY
DEPOSITS |
|
93,485 |
56,985 |
|
|
|
|
| CURRENT
ASSETS |
|
| Stores
and spares |
|
14 |
28,935,493 |
22,284,255 |
|
|
| Trade debtors |
|
16 |
82,308 |
3,912,103 |
|
|
| Advances.
deposits, |
|
| prepayments
and |
|
| other
receivables |
|
17 |
7,984,038 |
22,051,168 |
|
|
| Cash
and bank balances |
|
18 |
158,702,785 |
146,917,221 |
|
|
|
------------------ |
------------------ |
|
|
195,704,624 |
195,164,747 |
|
|
|
------------------ |
------------------ |
|
|
|
266,401,735 |
209,879,979 |
|
|
========== |
========== |
|
|
|
|
BEGUM ZARI SARFARAZ |
|
|
|
CHIEF EXECUTIVE |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED 30 SEPTEMBER, 2000 |
|
|
|
Note |
2000 |
1999 |
|
|
|
Rupees |
Rupees |
|
|
| SALES - Net |
|
|
19 |
160,025,420 |
244,806,907 |
|
| COST
OF SALES |
|
20 |
154,214,255 |
238,203,097 |
|
|
|
|
|
------------------ |
------------------ |
|
| GROSS PROFIT |
|
|
|
5,811,165 |
6,603,810 |
|
| ADMINISTRATIVE
AND SELLING EXPENSES |
21 |
8,103,592 |
7,496,834 |
|
|
|
|
|
------------------ |
------------------ |
|
| OPERATING
LOSS |
|
|
(2,292,427) |
(893,024) |
|
| OTHER
INCOME - Net |
|
22 |
24,682,886 |
22,298,578 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
22,390,459 |
21,405,554 |
|
|
|
|
|
| OTHER
CHARGES |
|
| Financial |
|
|
23 |
835,945 |
4,009,879 |
|
| Miscellaneous |
|
|
24 |
318,940 |
439,371 |
|
| Workers'
(profit) participation fund |
|
1,024,000 |
783,284 |
|
| Workers'
welfare fund (current and |
|
|
|
| prior years - net) |
|
|
0 |
(128,970) |
|
| Sales
tax - prior year |
|
7.3 |
756,025 |
1,290,625 |
|
|
|
|
|
------------------ |
------------------ |
|
|
2,934,910 |
6,394,189 |
|
|
------------------ |
------------------ |
|
| PROFIT
BEFORE TAXATION |
|
19,455,549 |
15,011,365 |
|
|
| PROVISION
FOR TAXATION |
|
8 |
|
| -Current year |
|
|
|
1,000,000 |
1,270,000 |
|
| - Prior years |
|
0 |
148,989 |
|
|
------------------ |
------------------ |
|
|
1,000,000 |
1,418,989 |
|
|
------------------ |
------------------ |
|
| PROFIT
AFTER TAXATION |
|
18,455,549 |
13,592,376 |
|
|
|
|
| UNAPPROPRIATED
PROFIT/(ACCUMULATED Loss) |
|
| -
Brought forward |
|
192,868 |
(10,917,008) |
|
|
|
|
------------------ |
------------------ |
|
| PROFIT
AVAILABLE FOR APPROPRIATION |
|
18,648,417 |
2,675,368 |
|
|
|
|
|
|
| APPROPRIATIONS: |
|
|
|
| Transfer
(to) / from general reserve |
|
(10,000,000) |
4,000,000 |
|
| Proposed
dividends: |
|
|
|
|
| On
ordinary shares @ 60% (1999: @ 47.5%) |
|
(8,100,000) |
(6,412,500) |
|
| On
preference shares @ 7% for one year |
|
|
|
| (1999:
@ 7% for two years) |
|
(35,000) |
(70,000) |
|
|
|
|
------------------ |
------------------ |
|
|
|
(18,135,000) |
(2,482,500) |
|
|
|
------------------ |
------------------ |
|
| UNAPPROPRIATED
PROFIT |
|
|
|
| -
Carried to Balance Sheet |
|
|
513,417 |
192,868 |
|
|
|
========== |
========== |
|
| BASIC
EARNINGS PER SHARE |
|
25 |
13.64 |
10.04 |
|
|
|
|
|
========== |
========== |
|
|
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
ABDUL QADAR KHATTAK |
|
MUHAMMAD RAFIQ KHAN |
|
BEGUM ZARI SARFARAZ |
|
|
DIRECTOR |
|
DIRECTOR |
|
CHIEF EXECUTIV |
