| Haroon Oils Limited |
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| Annual
Report 2001 |
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| CONTENTS |
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| Company
Information |
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| Notice
of Meeting |
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| Report
of Directors to Shareholders |
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| Pattern
of Shareholdings |
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| Graphs |
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| Statistical
Summary |
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| Auditor's
Report |
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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 Equity |
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| Notes
to the Accounts |
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| Company
Information |
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| BOARD
OF DIRECTORS |
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|
| Begum
Almas M. Haroon |
CHAIRPERSON |
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| Khaja
Habibullah |
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| Mrs.
Amber H. Saigol |
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| Mr. Nasim Beg |
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| Mr.
Darius Jal Balsara |
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| Mr.
Anis Wahab Zuberi |
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| Mr.
Shabbir Ahmed Dawood Gangat |
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| Saiyed
Hashim Ishaque |
CHIEF EXECUTIVE |
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| Ford,
Rhodes, Robson, Morrow |
AUDITORS |
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| Qadir H. Sayeed |
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LEGAL ADVISOR |
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| United
Bank Limited |
BANKERS |
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| Standard
Chartered Grindlays |
|
| Hongkong Bank |
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| (The
Hongkong and Shanghai Banking |
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| Corporation
Limited) |
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| Faysal
Bank Limited |
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| Al-Meezan
Investment Bank Limited |
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| 11,
Dockyard Road, |
REGISTERED OFFICE |
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| West
Wharf Industrial Area, |
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| Karachi-74000, |
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| Pakistan. |
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| Regency
Plaza, 120-P |
BRANCH OFFICE |
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| Mini
Market, Gulberg II |
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| Lahore. |
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| NOTICE
OF MEETING |
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| NOTICE
IS HEREBY GIVEN that the Thirty-Seventh Annual General Meeting of the Company
will be held at |
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| Ballroom
Hall "B" of Pearl Continental Hotel, Club Road, Karachi on
Thursday, November 15, 2001 at 10:30a.m. in |
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| order
to transact the following as ordinary business:- |
|
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| 1.
To confirm the Minutes of Thirty-Sixth Annual General Meeting held on
Saturday, December 30, 2000. |
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|
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| 2.
To receive and adopt the Thirty-Seventh Annual Report of the Directors and
the Audited Accounts of the |
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| Company
for the year ended June 30, 2001. |
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| 3.
To consider and approve payment of 7.5% final cash dividend making a total of
15% for the year ended June |
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| 30,
2001 as recommended by the Board of Directors. |
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| 4.
To appoint the auditors and fix their remuneration; |
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| 5.
To transact any other business with the permission of the Chair. |
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On Behalf of the Board |
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| KARAC H I |
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|
(S. Hashim Ishaque) |
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| DATED:
October 09, 2001 |
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Chief Executive |
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| Notes: |
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| 1.
A member entitled to attend and vote at the Annual General Meeting is
entitled to appoint a Proxy to attend |
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| and
vote instead of him at the Meeting. Instrument appointing a Proxy must be
received at the Registered |
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| Office
of the Company not less than 48 hours before the time appointed for holding
the Annual General |
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| Meeting.
A Proxy need not be member of the Company. A form of Instrument of Proxy is
attached herewith. |
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| 2.
The Share Transfer Books of the Company will remain closed from November 09,
2001 to November 15, |
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| 2001
(both days inclusive). Transfers received in order at the registered office
of the Company by close of |
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| business
on November 08, 2001 will be treated in time to determine the entitlement of
7.5% final dividend |
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| recommended
by the Board of Directors. |
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|
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| 3.
CDC Shareholders desiring to attend the meeting are requested to bring their
original National Identity Cards, |
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| Account
and Participant's ID numbers, for identification purpose, and in case of
proxy, to enclose an attested |
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| copy
of his/her National Identity Card. |
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| 4.
Shareholders are requested to immediately notify to Company the changes, if
any, in their mailing addresses. |
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| REPORT
OF DIRECTORS TO SHAREHOLDERS |
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| The
Directors would like to present their Report with the Audited Accounts of the
Company, for the year ended June |
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| 30, 2001. |
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| FINANCIAL
RESULTS |
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|
Rupees |
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| Profit
for the year before taxation |
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|
4,914,615 |
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| Less: |
Taxation |
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Current |
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2,446,677 |
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|
Prior |
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(47,466) |
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------------------ |
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|
2,399,211 |
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| Net
Profit for the year |
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------------------ |
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|
2,515,404 |
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| Unappropriated
profit brought forward |
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-- |
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------------------ |
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| Profit
available for appropriation |
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2,515,404 |
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| APPROPRIATIONS:- |
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| Interim
dividend at the rate of Rs. 0.75 per ordinary |
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| share
of Rs. 10/= each. |
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|
(600,000) |
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| Proposed
final dividend at the rate of Rs. 0.75 per |
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| Ordinary
share of Rs. 10/= each. |
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|
(600,000) |
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------------------ |
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| Unappropriated
Profit carried forward to Revenue Reserve |
1,315,404 |
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|
========== |
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| The
Board is pleased to inform you that your Company has earned Rs.4.9 million
profit before taxation for the year as |
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| compared
to a loss before taxation of Rs. 10 million during last year: This remarkable
improvement is mainly due to |
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| strict
control on cost and greater emphasis on Retail Trade, which carry higher
margins. |
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| In
view of the improvement in financial results the Board propose a final cash
dividend of 7.5%, which is in addition to |
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| the
7.5% interim dividend already paid, makes the total dividend 15% for the
year. |
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| MARKETING
DEPARTMENT |
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| The
Sale Volumes for the year is 5,854 tones as against 6,362 tones last year.
The shortfall in Sale Volumes is on |
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| account
of Contract Business of Pakistan Railway, which your Company could not obtain
despite our best efforts. |
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| Some
other factors, which affected volumes, were:- |
|
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| 1.
Continued economic recession and sluggish industrial activity. |
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| 2.
Worst drought in living memory. |
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| 3.
Taxation Survey towards documentation of the economy resisted vigorously by
the trading community. |
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| 4.
Unrestricted flow of finished lubricants from abroad. |
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| 5.
Frequent increase in the Base oil prices by the National Refinery. |
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| Our
disassociation with Gulf since March 2001 has not affected the Company's sale
volumes. We have developed |
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| Haroon
Oils own branded grades for some time now, which are blended to meet
internationally approved standards. |
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| Market
acceptance has been overwhelming helping the Company to continue to improve
its market share. Demand |
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| of
our grades has stabilized to the extent that now customers demand lubricants
by Haroon Oils brand name. |
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| The
Management of the Company has developed a Sales Van for delivery of product
at the doorstep of the retailers. |
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| The
van has been successful in establishing the Company's image in the market. |
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| Your
Company has also built a Display Centre in Karachi at the corner of the West
Wharf and Dockyard Road. The |
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| main
purpose of Display Centre is to attract and capture business especially that
located near the blending plant of |
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| your Company. |
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| PRODUCTION
DEPARTMENT |
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| The
Production Department of your Company is making efforts to modernize and
improve the blending & filling process |
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| to
make it more cost effective. |
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| They
are also developing Container / Packaging material to ensure its
acceptability in the market. |
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| The
filling process has been improved to increase the filling capacity of 3,4,10
and 20 litres Cans by converting the |
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| old
manual filling machine to semi automatic machine. A new semi automatic
filling and two pneumatic heat-sealing |
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| machines
have been added during the year. By doing this, the Can filling process has
become cost effective and the |
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| filling
quality has also improved. |
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| Screen
printing on 20 litres Can has been introduced to enhance the outlook of the
Can to make it more attractive. |
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| The
screen printing of 3,4 and 10 litres Cans will also be examined. |
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| As
part of meeting the market requirement your Company has introduced Plastic
drums during the year, the result |
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| of
which is encouraging. |
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| HUMAN
RESOURCES |
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| Union
agreement concluded in July 2000 is operative and is being implemented
smoothly. |
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| The
working relationship between the Management and Haroon Oils Employees Union
continues to be cordial and |
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| harmonious.
Productivity has markedly improved with better inputs and commitment by
Management to integrate the |
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| Workers
in the progressive development and growth of the Company. |
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| In
line with the National Industrial Policy, work environs and facilities were
considered to be below the general |
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| standards.
To upgrade the environment and improve the quality & output of work
performance and business goals, |
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| a
comprehensive renovation and upgradation program was initiated. The primary
focus was to improve the facilities |
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| for
workers, then of production and finally the corporate functioning and main
offices. |
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| A
Manual for implementing 'Safety, Health and Environment Management System'
has been approved by the |
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| management.
This will be pursued as a major program in line with the upgradation of the
ISO-9002 quality System |
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| Certificate
of your Company. |
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| EARNING
PER SHARE |
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| Earning
per share of Rs. 10 each is Rs. 3.14 as compared to Rs. (17.06) last year. |
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| AUDITORS |
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| The
present auditors Messrs. Ford, Rhodes, Robson, Morrow, Chartered Accountants,
retire and being eligible to |
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| offer
themselves for reappointment. |
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| PATTERN
OF SHAREHOLDINGS |
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| The
pattern of Shareholdings of shares as at June 30,2001 is on page # 9. |
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| FUTURE
PROSPECTS |
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| Your
Company expects to participate in all tender business of Karachi Water &
Sewerage Board (KWS&SB), Karachi |
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| Development
Authority (KDA), Karachi Metropolitan Corporation (KMC), industries
controlled by Army Welfare Trust |
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| (AWT),
Sugar and Cement Industries etc., Pakistan Railways and Defence. |
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| Our
ratio of trade between drums of 205 litres and small packages is 70:30. In
the last two years since the introduction |
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| of
plastic containers, we have stabilized growth in our market share of smaller
packages. 20 litres for automotive |
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| grades
were introduced about six months ago and 3 litres packings has also been
introduced giving the Company a |
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| broader
base in terms of packages. As a result of the development of newer packages,
we expect to achieve even |
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| better
results next year. |
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| The
Company realises that the key to success is in improving and continuing to
maintain quality and to provide good |
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| services
to all our customers irrespective of business volumes. We aim to develop a
strategy to achieve this and |
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| thereby
trying to create a niche for Haroon Oils Limited. |
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| ACKNOWLEDGEMENT |
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| The
Board of Directors would like to take this opportunity to the management and
staff, the bankers, all the customers |
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| and
suppliers, who made our task pleasant. |
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On Behalf of the Board |
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|
|
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|
| KARAC H I |
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|
(Begum Almas M. Haroon) |
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| DATED:
October 09, 2001 |
|
Chairperson |
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|
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|
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| PATTERN
OF SHAREHOLDINGS |
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| No. of |
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|
Total |
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| Shareholders |
|
SHAREHOLDING |
|
Shares Held |
|
|
|
|
|
|
| 208 |
Holding from |
1 |
to |
100 |
Shares |
11,145 |
|
| 42 |
Holding from |
101 |
to |
500 |
Shares |
10,100 |
|
| 9 |
Holding from |
501 |
to |
1,000 |
Shares |
5,700 |
|
| 14 |
Holding from |
1,001 |
to |
5,000 |
Shares |
21,500 |
|
| 1 |
Holding from |
5,001 |
to |
15,000 |
Shares |
5,100 |
|
| 1 |
Holding from |
15,001 |
to |
20,000 |
Shares |
17,619 |
|
| 1 |
Holding from |
20,001 |
to |
25,000 |
Shares |
21,900 |
|
| 1 |
Holding from |
145,001 |
to |
235,000 |
Shares |
215,536 |
|
| 1 |
Holding from |
235,001 |
to |
240,000 |
Shares |
240,000 |
|
| 1 |
Holding from |
2,500,001 |
to |
255,000 |
Shares |
251,400 |
|
| 1 |
Holding from |
|
|
|
|
|
| ------------------ |
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|
------------------ |
|
| 279 |
|
|
|
|
|
800,000 |
|
| ========== |
|
|
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|
========== |
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|
| Categories
of Shareholders |
|
Number |
Shares Held |
Percentage |
|
|
| INDIVIDUAL |
|
266 |
74,863 |
9.36 |
|
| *
INVESTMENT COMPANIES |
|
2 |
240,100 |
30.01 |
|
| **
FINANCIAL INSTITUTIONS |
|
3 |
205,566 |
25.70 |
|
| ***
INSURANCE COMPANIES |
|
3 |
27,800 |
3.47 |
|
| ****
JOINT STOCK COMPANIES |
3 |
251,600 |
31.45 |
|
| *****
GOVERNMENT BODIES |
|
2 |
71 |
0.01 |
|
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|
------------------ |
------------------ |
------------------ |
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|
279 |
800,000 |
100.00 |
|
|
|
========== |
========== |
========== |
|
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| *
Includes OLYMPIA INVESTMENTS LIMITED |
|
240,000 |
Shares |
|
| *
Includes NAEEM INVESTMENT TRUST (PVT.) LTD. |
100 |
Shares |
|
| **
Includes INVESTMENT CORPN. OF PAKISTAN |
2,200 |
Shares |
|
| **
Includes INVESTMENT CORPN. OF PAKISTAN (SH) |
800 |
Shares |
|
| **
Includes NATIONAL BANK OF PAKISTAN (TRUSTEE DEPTT) |
202,566 |
Shares |
|
| ***
Includes PAKISTAN GUARANTEE INSURANCE LTD. |
900 |
Shares |
|
| ***
Includes PAKISTAN INSURANCE CORPORATION |
5,000 |
Shares |
|
| ***
Includes ALPHA INSURANCE CO. LIMITED |
|
21,900 |
Shares |
|
| ****
Includes MEC SHIPBREAKERS (PVT.) LIMITED |
100 |
Shares |
|
| ****
Includes HAROON SONS (PVT.) LIMITED |
|
251,400 |
Shares |
|
| ****
Includes SALEEM CHAMDIA SECURITIES (PVT.) LTD. |
100 |
Shares |
|
| *****
Includes CORPORATE LAW AUTHORITY |
|
1 |
Shares |
|
| *****
Includes THE ADMINISTRATOR ABANDONED PROPERTIES |
70 |
Shares |
|
|
|
|
|
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| STATISTICAL
SUMMARY |
|
|
|
1992 |
1993 |
1994 |
1995 |
1996 |
1997 |
1998 |
1999 |
2000 |
2001 |
|
| Subscribed
Ordinary Share Capital |
Rs'.000 |
8,000 |
8,000 |
8,000 |
8,000 |
8,000 |
8.00 |
8,000 |
8,000 |
8,000 |
8.00 |
| Reserve
and Unappropriated Profit |
Rs'.000 |
17,465 |
17,632 |
20,751 |
30,000 |
34,404 |
42,437 |
39,973 |
38,247 |
24,602 |
25,918 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
| Capital
Employed |
Rs'.000 |
25,465 |
25,632 |
28,751 |
38,000 |
42,404 |
50,437 |
47,973 |
46,247 |
32,602 |
33,918 |
|
========== |
========== |
========== |
========== |
========== |
========== |
========== |
========== |
========== |
========== |
|
|
|
| Sale Proceeds |
|
Rs'.000 |
396,068 |
324,196 |
389,835 |
502,644 |
481,472 |
464,491 |
376,068 |
301,275 |
410,886 |
371,239 |
| Sale Volumes |
|
MT. |
12,953 |
10,508 |
9,959 |
11,852 |
9,634 |
8,095 |
7,103 |
4,794 |
6,362 |
5,854 |
| Profit
/ (Loss) Before Tax |
Rs'.000 |
5,836 |
5,357 |
13,010 |
20,226 |
21,137 |
12,942 |
1,587 |
827 |
(10,023) |
4,915 |
| Profit
/ (Loss) After Tax |
Rs'.000 |
2,087 |
2,167 |
5,719 |
11,848 |
11,004 |
6,633 |
(864) |
(525) |
(13,645) |
2,515 |
| Profit
/ (Loss) After Tax Percent of Sales |
% |
0.53 |
0.67 |
1.47 |
2.36 |
2.29 |
1.43 |
(0.23) |
(0.17) |
(3.32) |
0.68 |
| Profit
/ (Loss) After Tax Percent of Total Assets |
% |
2.39 |
2.96 |
5.95 |
9.90 |
8.60 |
5.22 |
(0.76) |
(0.39) |
(12.93) |
1.84 |
| Profit
/ (Loss) After Tax Percent of Shareholders Equity |
% |
8.20 |
8.45 |
18.24 |
31.18 |
23.71 |
13.15 |
(1.80) |
(1.34) |
(41.85) |
7.41 |
| Dividend
Rupee Per share |
Rs. |
2.00 |
2.50 |
3.25 |
3.25 |
3.25 |
3.25 |
2.00 |
1.50 |
-- |
1.50 |
| Dividend
Percent of Subscribed Capital |
% |
20.00 |
25.00 |
32.50 |
32.50 |
32.50 |
32.50 |
20.00 |
15.00 |
-- |
15.00 |
| Break-up
Value of Share |
Rs. |
31.83 |
32.04 |
35.94 |
47.50 |
58.00 |
63.04 |
59.97 |
57.80 |
40.75 |
42.40 |
| Earning
/ (Loss) Per Share |
Rs. |
2.61 |
2.71 |
7.15 |
14.18 |
13.75 |
8.29 |
(1.08) |
(0.66) |
(17.06) |
3.14 |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of HAROON OILS
LIMITED as at June 30, 2001 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 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 June 30, 2001 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. |
|
|
|
|
|
|
|
Ford, Rhodes, Robson, Morrow |
|
| Karachi:
October 09, 2001 |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 2001 |
|
|
|
|
Note |
2001 |
2001 |
|
|
|
|
Rupees |
Rupees |
|
| TANGIBLE
FIXED ASSETS |
|
|
|
| Operating
fixed assets at cost less accumulated |
|
|
| depreciation |
|
3 |
34,254,452 |
35,011,525 |
|
|
|
|
|
| LONG
TERM DEPOSITS |
|
4 |
4,772,486 |
1,004,178 |
|
|
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Stock-in-trade |
|
5 |
25,162,426 |
47,001,478 |
|
| Trade debts |
|
6 |
53,827,387 |
4,673,795 |
|
| Advances,
deposits, prepayments and other receivables |
7 |
11,876,292 |
16,480,999 |
|
| Cash
and bank balances |
|
8 |
6,868,532 |
1,385,471 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
97,734,637 |
69,541,743 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
136,761,575 |
105,557,446 |
|
|
|
|
========== |
========== |
|
| CAPITAL
AND RESERVES |
|
| Share capital |
|
|
| Authorised |
|
|
| 1,500,000
ordinary shares of Rs. 10 each |
|
15,000,000 |
15,000,000 |
|
|
|
|
========== |
========== |
|
| Issued,
subscribed and paid-up |
|
|
|
| 800,000
(2000: 800,000) ordinary shares of |
|
|
| Rs.10
each fully paid in cash |
|
|
8,000,000 |
8,000,000 |
|
|
|
|
| Revenue
reserves |
|
9 |
25,917,702 |
24,602,298 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
33,917,702 |
32,602,298 |
|
|
| OBLIGATIONS
UNDER FINANCE LEASES |
10 |
2,098,131 |
84,356 |
|
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
| Current
portion of obligations under finance leases |
|
632,292 |
205,295 |
|
| Short
term finances |
|
11 |
82,972,644 |
64,015,393 |
|
| Creditors,
accrued and other liabilities |
12 |
16,207,196 |
8,513,063 |
|
| Unclaimed
dividend |
|
|
333,610 |
137,041 |
|
| Proposed
dividend |
|
|
600,000 |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
100,745,742 |
72,870,792 |
|
| CONTINGENCY
AND COMMITMENTS |
13 |
|
|
|
------------------ |
------------------ |
|
|
|
136,761,575 |
105,557,446 |
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
S. Hashim Ishaque |
|
|
Nasim Beg |
|
|
Chief Executive |
|
|
Director |
|
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30,2001 |
|
|
|
|
2001 |
2000 |
|
|
Note |
Rupees |
Rupees |
|
|
|
|
| TURNOVER |
|
|
14 |
322,008,511 |
356,812,510 |
|
| Cost of sales |
|
15 |
261,901,968 |
309,511,622 |
|
|
|
|
|
------------------ |
------------------ |
|
| GROSS
PROFIT |
|
|
60,106,543 |
47,300,888 |
|
|
|
|
|
------------------ |
------------------ |
|
| Administrative
expenses |
|
16 |
17,024,831 |
21,979,490 |
|
| Selling
and distribution expenses |
|
17 |
24,684,032 |
22,785,034 |
|
|
|
|
------------------ |
------------------ |
|
|
41,708,863 |
44,764,524 |
|
|
------------------ |
------------------ |
|
| OPERATING
PROFIT |
|
18,397,680 |
2,536,364 |
|
|
|
| OTHER
CHARGES |
|
|
|
| Financial
charges |
|
18 |
14,817,841 |
14,434,125 |
