| Reckitt Benckiser Pakistan Limited |
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| (Formerly
Reckitt & Colman of Pakistan Ltd) |
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| Annual
Report 2000 |
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| CONTENTS |
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| Notice
of Meeting |
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| Review
of the Year |
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| Comparison
of Results |
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| Report
of the Directors |
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| Auditors'
Report to the Members |
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| Profit
and Loss Account |
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| Balance Sheet |
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| Statement
of Changes in Equity |
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| Cash
Flow Statement |
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| Notes
to the Accounts |
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| Pattern
of Shareholding |
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| List of Products |
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| COMPANY
INFORMATION |
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| BOARD
OF DIRECTORS |
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| K.J. Dinshaw |
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Chairman |
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| Sabir Sami |
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Chief Executive |
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| Brian Bentley |
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(Alternate: |
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|
Nael Ahmed) |
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| Freddy Caspers |
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(Alternate: |
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S. Aslam Ali) |
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| M. Waddington |
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(Alternate: |
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|
Nadir A. Jamal) |
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| Rasheed
Y. Chinoy |
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| Yusuf
G. Mandviwalla |
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| Istaqbal Mehdi |
(NIT) |
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| COMPANY
SECRETARY |
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| Nadir A. Jamal |
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| BANKERS |
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| Citibank N.A. |
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| Hong
Kong & Shanghai Banking Corporation |
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| Muslim
Commercial Bank Ltd. |
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| Prime
Commercial Bank Ltd. |
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| Standard
Chartered Bank |
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| Standard
Chartered Grindlays Bank Ltd. |
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| AUDITORS |
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| A.
F. Ferguson & Co. |
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| SOLICITORS |
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| Surridge
& Beecheno |
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| REGISTRARS |
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| Ferguson
Associates (Pvt) Ltd. |
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| State
Life Building 1-A |
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| I.I.
Chundrigar Road |
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| P.O. Box 4716 |
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| Karachi 74000. |
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| Tel:
2426682-6, 2426711-5 |
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| NOTICE
OF MEETING |
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| NOTICE
is hereby given that the Fiftieth Annual General Meeting of the Company will
be held at 9:00 a.m. on Tuesday, |
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| May
15, 2001 at the Karachi Marriott Hotel, Abdullah Haroon Road, Karachi to
transact the following business: |
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| ORDINARY
BUSINESS |
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| 1.
To receive and consider the Audited Accounts for the year ended December 31,
2000 and the Reports of the |
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| Directors
and Auditors thereon. |
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| 2.
To appoint auditors and to fix their remuneration. |
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| SPECIAL
BUSINESS |
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| 3.
To consider and if thought fit to pass the following resolution as a Special
Resolution, namely: |
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| RESOLVED
THAT the Articles of Association of the Company be altered: |
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| (a)
By substituting for the existing Article 2, the following new Article as
Article 2 (inclusive of its |
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| marginal
note), namely: |
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| Company name |
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2. The name of the
Company shall remain Reckitt Benckiser Pakistan Limited so |
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|
long as the Company shall
be licensed by Reckitt Benckiser AG, Switzerland, |
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to use the names
"Reckitt", "Benckiser" or "Reckitt Benckiser". |
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| At
the request in writing of Reckitt Benckiser AG, Switzerland, the Company
shall |
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| change
its name so as to substitute for the words "Reckitt Benckiser" some
other |
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| word
or words not capable of being confused therewith. After receipt of such a |
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| request
from Reckitt Benckiser AG, Switzerland, the Directors of the Company |
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| shall
forthwith convene an Extraordinary General Meeting of the Company to pass |
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| the
requisite special resolution and shall also take steps to obtain the
requisite |
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| Government
approval. With respect to such Extraordinary General Meeting the |
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| shareholders
of the Company undertake to be present in person or by proxy and to |
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| vote
for the change of name of the Company. |
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| Any
person acquiring shares in the Company after the date of adoption of this
Article |
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| shall
be deemed to acquire the same on the basis that he will be bound by the |
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| foregoing
undertaking. |
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| (b)
By substituting for the existing Article 75, the following new Article as
Article 75 (inclusive of its |
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| marginal
note), namely: |
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| Directors' |
75. The remuneration of a
Director (other than the paid Managing Director / Chief |
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| remuneration |
Executive and full time
working Directors) for attending meetings of the Board of |
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|
Directors shall be such
as may be determined by the Directors from time to time and |
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subject thereto a
Director shall receive such remuneration for his services as may |
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from time to time be
determined by the Board of Directors provided that the aggregate |
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of the annual
remuneration paid to the Directors shall be determined by the Company |
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|
in General Meeting.
Directors, when out of Pakistan, shall not be entitled to receive |
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any fee. The Directors
may allow and pay to any Director who for the time being is |
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resident out of the place
at which any meeting of the Directors may be held and who |
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shall come to that place
for the purpose of attending such meeting such sum as the |
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Directors may consider
fair and reasonable for his expenses and loss of time in |
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connection with his
attending at the meeting in addition to his remuneration as above |
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|
specified. |
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| (c)
By substituting in Articles 7, 9, 121 and 122, for the words "Corporate
Law Authority" 'the words |
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| "Securities
and Exchange Commission of Pakistan". |
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| A
statement under Section 160(1)(b) of the Companies Ordinance, 1984 setting
forth all material facts concerning |
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| the
Resolution contained in item 3 of the Notice which will be considered for
adoption at the Meeting is annexed |
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| to
this Notice of Meeting being sent to Members. |
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BY ORDER OF THE BOARD |
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| March 16, 2001 |
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|
NADIR A. JAMAL |
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| Karachi |
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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 May 8, 2001
to May 15, 2001, both days |
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| inclusive. |
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| 2.
A Member entitled to attend the Annual General Meeting is entitled to appoint
a proxy to attend and vote |
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| instead
of him/her. No person shall act as a proxy (except for a corporation) unless
he/she is entitled to be |
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| present
and vote in his/her own right. The completed proxy form must be received at
the Registered Office of |
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| the
Company not less than 48 hours before the Meeting. |
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| 3.
Since the shares of the Company are now being maintained as "book entry
security" on the Central Depository |
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| System
(CDS) of the Central Depository Company of Pakistan Limited (CDC), the
beneficial owners of the |
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| shares
registered in the name of CDC are advised to follow the Guidelines for
attending General Meetings and |
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| appointment
of Proxies as given in Circular No. I of 2000 of the Securities &
Exchange Commission of |
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| Pakistan,
Islamabad. A copy of the said Circular is being sent to each of the
beneficial owners of shares in CDC |
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| together
with this Notice. |
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|
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| 4.
Members are requested to promptly communicate to the Company any change in
their addresses. |
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| Statement
under section 160(l)(b) of the Companies Ordinance, 1984 |
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| This
statement sets out the material facts concerning the Special Business to be
transacted at the Fiftieth Annual General |
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| Meeting
of Reckitt Benckiser Pakistan Limited (Formerly Reckitt & Colman of
Pakistan Limited) to be held at the |
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| Karachi
Marriott Hotel on Tuesday, May 15, 2001 at 9:00 a.m.. |
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| Item
No. 3 of the Agenda: Alterations to the Articles of Association of the
Company |
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| The
Board of Directors has recommended that the Company's Articles of Association
be altered in the manner set forth |
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| in
the special resolution proposed at item 3 of the Notice convening the Annual
General Meeting. Alterations have been |
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| proposed
in Article 2 to reflect correctly the name of the licensor permitting the
Company to adopt and use the new |
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| corporate
name "Reckitt Benckiser Pakistan Limited". The alteration also
proposes to authorise the Directors to determine |
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| the
remuneration payable to a Director (other than the paid Managing Director /
Chief Executive and full time working |
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| Directors)
for attending meetings of the Board of Directors. The other alterations
proposed to be made reflect the |
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| dissolution
of the Corporate Law Authority and its substitution by the Securities and
Exchange Commission of Pakistan. |
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| The
resolution required for the above purpose is set forth in the Notice
convening the Annual General Meeting and that |
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| resolution
will be proposed and passed as a Special Resolution. |
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| REVIEW
OF THE YEAR |
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| Trading
Performance |
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| After
the normalisation of distributor and trade stock levels in the previous year,
Sales for the year under report at |
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| Rs.
2,081 M are almost back on track. This reflects a 17.3% increase over 1999.
Apart from a significant increase in the |
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| Marketing
spend (Rs. 237.8 M against Rs. 169.5 M in the previous year) a number of
measures were taken to improve |
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| the
top line, including price reductions in certain Household products. Despite
these efforts, we are still short by 7.4% of |
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| the
peak number (Rs. 2,247 M) delivered in 1998. The factors impeding strong
growth in sales have been enumerated |
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| before,
but are worth recalling - intense competition in certain products, a sluggish
domestic economy, smuggling, |
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| under-invoicing
in imports, counterfeit products both locally made and, surprisingly,
imported as well. |
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| Gross
Profit at Rs. 561.4 M is an 87.3% improvement over the last year. The GP
ratio to Sales too improved significantly- |
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| 27.0
% as against 16.9 % in 1999. This was largely the result of restructuring and
rightsizing the manufacturing operations, |
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| and
the continuing cost saving initiatives relating to inputs of materials which
started in 1999. This and the long awaited |
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| price
increase allowed on most of our pharma products by the Government in mid 2000
has brought our GP ratio to |
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| almost
the 1998 level (28.6%). |
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| The
Company has contracted out the manufacture of some of the Company's Ethical
pharma products. These were |
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| previously
being made at C-36, S.I.T.E. Karachi factory which has now been closed. |
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| In
order to drive business growth, the Company has begun to give greater focus
to improving the quality of its Selling |
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| and
Distribution functions, and to the performance and terms of its country-wide
distributor network. This results in a |
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| high
proportion of turnover amongst the field force and, wherever necessary, in
the distributors too. There is a cost |
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| attached
to this; however, the benefits therefrom should accrue in the years to come. |
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| Another
area of enhanced focus has been on minimising the level of net working
capital. Efforts in this direction have |
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| been
most fruitful and the cash position has improved significantly, thereby not
only generating handsome savings in |
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| Financial
Expenses but also resulting in a marked increase in Other Income. The
improved Gross Profit combined with |
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| lower
Financial Costs, higher Other Income, offset by higher Selling/Marketing and
Administrative Expenses resulted in |
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| a
Profit before Tax of Rs. 19.2 M, compared with a Loss of Rs. 212.7 M in 1999.
In view of the negligible profit and |
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| accumulated
losses, the Board does not recommend payment of dividend. |
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| In
1999 the Company had obtained a stay from the High Court of Sindh against a
government directive requiring the |
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| Company
to reduce the prices of some of its decontrolled drugs. Subsequently an
out-of-Court settlement was arrived |
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| between
the parties on a mutually acceptable basis. |
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| The
issue of Sales Tax on Dettol antiseptic liquid pertaining to prior periods is
pending in various forums. Arising |
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| therefrom,
demands were raised during the year by the Sales Tax Department. The Company
filed a suit and the Honourable |
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| High
Court of Sindh granted a temporary stay in favour of the Company, which is
still continuing. The Company is |
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| confident
that the eventual outcome will be in its favour. |
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|
| Name Change |
|
| As
a result of an international merger at the level of the principal
shareholder, the name of the Company was changed |
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| from
Reckitt & Colman of Pakistan Ltd. to Reckitt Benckiser Pakistan Ltd. The
Chief Executive Officer of Reckitt |
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| Benckiser
plc is from Ex-Benckiser N.V. and so are the big majority of the senior
executives at regional and central |
|
| level. |
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| Prospects
and Development |
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| The
Company has managed to come into profitability, albeit marginally, after
suffering a big loss in 1999. The present |
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| thrust
involves heavy investment behind core brands; maximising distribution
coverage; developing a highly capable, |
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| motivated
and achievement-oriented team; a growing proportion of compensation to
management to be linked to |
|
| achievement
of targets. The objective is to grow the business for the purpose of creating
shareholder value. |
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|
| Chief Executive |
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| During
the year the Government of Pakistan requested the principal shareholder of
the Company to arrange the release |
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| of
the then Chief Executive of Reckitt's Pakistan, Mr. Tariq Ikram, so that he
could be appointed as Chairman, Export |
|
| Promotion
Bureau, and Minister of State. The Company, as a 'good corporate citizen'
acceded to this request. Mr. Ikram |
|
| has
served the Company for over thirty years, the last seventeen of which were as
the Chief Executive. Reckitt's has |
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| grown
manifold and been a very successful business under his leadership for which
we are all most appreciative. |
|
|
| Directors |
|
| During
the year Mr. Freddy Caspers was appointed director in place of Mr. M.F.
Turrell who had earlier resigned. Sayed |
|
| Muzafar
Ali Shah, nominee of National Investment Trust Ltd. resigned in November 2000
and was replaced by Mr. |
|
| lstaqbal
Mehdi. The Board acknowledges the valuable services of the outgoing directors
and welcomes the incoming |
|
| directors. |
|
|
|
K.J. DINSHAW |
|
SABIR SAMI |
|
| March 16, 2001 |
|
Chairman |
|
Chief Executive |
|
|
|
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| COMPARISON
OF RESULTS |
|
|
|
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|
1994 |
1995 |
*1996 |
1997 |
1998 |
1999 |
2000 |
|
|
|
|
|
(Rupees'000) |
|
|
|
|
| EARNINGS
& DISTRIBUTION (RECKITT BENCKISER PAKISTAN LTD.) |
|
|
|
|
| Sales |
|
|
792,200 |
922,447 |
1,534,110 |
1,987,051 |
2,247,447 |
1,773,884 |
2,081,014 |
| Profit
/ (Loss) before tax |
|
123,104 |
157,839 |
199,416 |
253,555 |
199,834 |
(212,769) |
19,215 |
| Taxes |
|
|
46,594 |
52,556 |
1,454 |
55,828 |
87,068 |
2,906 |
7,007 |
| Net
earnings / (loss) |
|
76,510 |
105,283 |
197,962 |
197,727 |
112,766 |
(215,675) |
12,208 |
| Dividend |
|
|
45,172 |
59,288 |
112,205 |
112,205 |
83,352 |
-- |
-- |
| Increase
/ (Decrease) in reserves |
|
31,338 |
45,995 |
85,757 |
85,522 |
29,414 |
(215,675) |
12,208 |
| Bonus
shares issued |
|
23,527 |
28,232 |
49,368 |
-- |
-- |
-- |
-- |
|
|
|
| EARNINGS
& DISTRIBUTION (RECKITT & COLMAN PHARMACEUTICALS (PVT.) LTD.) |
|
|
| Sales |
|
373,284 |
417,200 |
|
| Profit before tax |
|
105,698 |
110,756 |
|
| Taxes |
|
47,864 |
22,025 |
|
| Net earnings |
|
57,834 |
88,731 |
|
| Dividend |
|
17,113 |
20,964 |
|
| Increase
/ (Decrease) in reserves |
40,721 |
67,767 |
|
| Bonus
shares issued |
7,130 |
17,114 |
|
|
| FINANCIAL
POSITION (RECKITT BENCKISER PAKISTAN LTD.) |
|
|
| Share Capital |
|
141,162 |
169,394 |
320,587 |
320,587 |
320,587 |
320,587 |
320,587 |
|
| Capital
& revenue reserves |
121,907 |
137,128 |
282,633 |
368,155 |
397,569 |
181,894 |
194,102 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
| Shareholders
equity |
263,069 |
306,522 |
603,220 |
688,742 |
718,156 |
502,481 |
514,689 |
|
| Surplus
on revaluation |
671 |
671 |
1408 |
1,408 |
1,408 |
1,408 |
1,408 |
|
| Long
term loans and |
|
| deferred
liabilities/tax |
27,438 |
33,421 |
54,787 |
64,136 |
84,156 |
59,568 |
27,987 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
| Total
capital employed |
291,178 |
340,614 |
659,415 |
754,286 |
803,720 |
563,457 |
544,084 |
|
|
========== |
========== |
========== |
========== |
========== |
========== |
========== |
|
|
|
|
| Represented by: |
|
| Fixed assets |
|
128,083 |
151,738 |
327,147 |
345,796 |
354,541 |
318,981 |
296,545 |
|
| Long
term loans/deposits |
|
|
| &
deferred cost |
|
4,779 |
3,964 |
39,798 |
34,515 |
30,385 |
22,875 |
13,018 |
|
| Net
current assets |
158,316 |
184,912 |
292,470 |
373,975 |
418,794 |
221,601 |
234,521 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
|
291,178 |
340,614 |
659,415 |
754,286 |
803,720 |
563,457 |
544,084 |
|
|
========== |
========== |
========== |
========== |
========== |
========== |
========== |
|
|
| STATISTICS
(RECKITT BENCKISER PAKISTAN LTD.) |
|
| Net
earnings / (loss) per share (Rs.) |
5.42 |
6.22 |
6.17 |
6.17 |
3.52 |
(6.72) |
0.38 |
|
| Dividend
declared per share (Rs.) |
3.20 |
3.50 |
3.50 |
3.50 |
2.60 |
-- |
-- |
|
| Bonus issue |
|
2:10 |
3:20 |
-- |
-- |
-- |
-- |
-- |
|
| Break
up value per share (Rs.) |
18.64 |
18.10 |
18.82 |
21.48 |
22.40 |
15.67 |
16.05 |
|
|
| *
COMBINED RESULTS INCLUDING THE FORMER RECKITT & COLMAN |
|
| PHARMACEUTICALS
(PVT.) LTD. |
|
|
|
|
| REPORT
OF THE DIRECTORS |
|
|
| The
Directors submit their Report together with the audited Statement of Accounts
for the year ended December 31, |
|
| 2000. |
|
|
| Business
Review |
|
| The
annexed Review deals with the year's activities and the Directors of the
Company endorse the contents thereof. |
|
|
| Financial
Results |
|
| The
results for the year are as follows: |
|
|
|
|
Rupees '000 |
|
|
| Net
profit for the year before taxation |
|
19,215 |
|
| Provision
for taxation |
|
(7,007) |
|
|
|
|
------------------ |
|
| Profit
after taxation |
|
12,208 |
|
| Accumulated
loss from previous year |
|
(215,406) |
|
|
|
|
------------------ |
|
| Accumulated
loss carried forward to next year |
|
(203,198) |
|
|
========== |
|
|
| Earnings
per share |
|
| The
"earnings per share" numbers are provided at page 9 and 19. |
|
|
| Pattern
of Shareholding |
|
| The
pattern of shareholding is provided at page 34. The Company's holding company
is Reckitt Benckiser plc, (formerly |
|
| Reckitt
& Colman plc) which is incorporated in the U.K. |
|
|
| Directors |
|
| Directors
were last elected for a period of three years at the Annual General Meeting
held on April 29, 1999. |
|
|
| Auditors |
|
| The
Company's auditors Messrs A. F. Ferguson & Co., retire and offer
themselves for re-appointment. |
|
|
|
|
BY ORDER OF THE BOARD |
|
|
|
|
|
|
|
|
|
SABIR SAMI |
|
| March 16, 2001 |
|
|
Chief Executive |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of Reckitt Benckiser Pakistan Limited
(Formerly Reckitt & Colman of |
|
| Pakistan
Limited) as at December 31, 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 accounts 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 December 31,2000 and of
the profit, its cash flows and |
|
| changes
in equity for the year then ended; and |
|
|
|
|
|
| (d)
in our opinion no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980 (XVIII of 1980). |
|
|
|
|
A. F. Ferguson & Co. |
|
| Karachi:
March 20, 2001 |
|
Chartered Accountants |
|
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 2000 |
|
|
|
|
|
|
Note |
2000 |
1999 |
|
|
|
(Rupees in
thousand) |
|
|
|
|
| Sales |
|
3 |
2,081,014 |
1,773,884 |
|
| Cost of sales |
|
3 |
(1,519,599) |
(1,474,116) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
561,415 |
299,768 |
|
|
| Selling
and administrative expenses |
3 |
(547,169) |
(470,081) |
|
|
|
|
------------------ |
------------------ |
|
| Operating
profit / (loss) |
|
|
14,246 |
(170,313) |
|
|
|
|
|
|
| Other income |
|
6 |
23,581 |
6,801 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
37,827 |
(163,512) |
|
|
|
|
| Financial
expenses |
|
7 |
(3,093) |
(34,857) |
|
| Other charges |
|
8 |
(15,519) |
(14,400) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(18,612) |
(49,257) |
|
|
|
|
------------------ |
------------------ |
|
| Profit/(Loss)
before taxation |
|
|
19,215 |
(212,769) |
|
|
|
|
|
|
| Taxation |
|
9 |
(7,007) |
(2,906) |
|
|
|
|
------------------ |
------------------ |
|
| Profit
/ (Loss) after taxation |
|
|
12,208 |
(215,675) |
|
|
|
|
| (Accumulated
loss) / Unappropriated profit brought forward |
(215,406) |
269 |
|
|
|
|
------------------ |
------------------ |
|
| Accumulated
loss carried forward |
|
|
(203,198) |
(215,406) |
|
|
|
|
========== |
========== |
|
| Basic
earnings / (loss) per share |
|
10 |
Rs. 0.38 |
Rs. (6.72) |
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
SABIR SAMI |
|
RASHEED Y. CHINOY |
|
|
Chief Executive |
|
Director |
|
|
|
| BALANCE
SHEET AS AT DECEMBER 31, 2000 |
|
|
|
|
|
Note |
2000 |
1999 |
|
|
|
(Rupees in
thousand) |
|
|
| SHARE
CAPITAL AND RESERVES |
|
|
| Share capital |
|
|
| Authorised |
|
|
| 50,000,000
ordinary shares of Rs. 10 each |
|
500,000 |
500,000 |
|
