| Tri-Star Mutual Fund Limited |
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| Annual
Report 2001 |
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| COMPANY
INFORMATION |
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| Board
of Directors: |
Mr. Mohammed Ahmad Ismail |
Chairman |
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|
Mr. Habib Jamal |
|
Director |
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|
Mr. Rashid Ahmad |
Director |
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|
Mr. Jawed Ahmad Siddiqui |
Director |
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|
Mr. Asad Ahmad |
Director |
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|
Mr. Jawed Dost Mohammad |
Director |
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|
Mr. Tahir Ahmad |
Chief Executive |
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| Investment
Adviser: |
Tri-Star Investments
(Pvt.) Ltd. |
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|
F/498, S.I.T.E., |
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|
Karachi. |
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| Auditors: |
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Hyder Bhimji & Co. |
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|
Chartered Accountants |
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| Bankers: |
|
Bank Al-Habib Ltd. |
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|
Habib Bank Ltd. |
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| Registrar
& Certificate |
F/498, S.I.T.E., |
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| Transfer
Office: |
Karachi-75700. |
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| Registered
Office: |
F/498, S.I.T.E., |
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|
Karachi-75700. |
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| Notice
of Meeting |
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| Notice
is hereby give that the Ninth Annual General Meeting of TRI-STAR MUTUAL FUND
LTD., will be |
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| held
on Monday 31st December, 2001at F/498, S.I.T.E., Karachi at 03.00 PM. to
transact the following |
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| business: |
|
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| 1.
Recitation from the Holy Quran. |
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|
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| 2.
To receive, consider and adopt the annual audited accounts for the year ended
30th June, 2001 |
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| together
with the Directors' Report and Auditors' Report thereon. |
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|
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| 3.
To appoint Auditors of the Company and to fix their remuneration. The present
Auditors M/s. |
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| Hyder
Bhimji & Co. Chartered Accountants retire and being eligible, offer
themselves for |
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| reappointment. |
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| 4.
To transact any other business with the permission of the Chair. |
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By and on behalf of the Board |
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| Dated:
8th December 2001 |
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| Place: Karachi. |
|
Fund Secretary |
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| NOTES: |
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| 1.
The Certificate Transfer books of the Fund will remain closed from 23rd
December, 2001 to 31st |
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| December
2001 (both days inclusive) |
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|
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| 2.
A member entitled to attend the Annual General Meeting is entitled to appoint
a proxy and vote in |
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| his
place at the meeting. Proxies in order to be effective must be received at
the registered office |
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| of
the Fund at F/498, S.I.T.E., Karachi duly stamped, signed and witnessed not
later than 48 |
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| hours
before the meeting. |
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| 3.
Members are requested to notify any change in their addresses immediately. |
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| DIRECTOR'S
REPORT |
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| The
Board of Directors have pleasure in presenting the Ninth Annual Report
together with the audited |
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| accounts
for the Year ended June 30, 2001. |
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| FINANCIAL
RESULTS: |
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| During
the period under review, your Fund earned dividend income of Rs.255,476
whereas capital |
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| loss
of Rs.25,781 occurred on investments. The market conditions remained
depressed during the |
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| current
year as well. The Karachi Stock Exchange 100 share index stood at 1366 points
on June 30, |
|
| 2001
as compared to 1500 points on June 30, 2000 i.e. decrease of 134 points.
After meeting |
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| administrative
and other expenses, the net loss came to Rs. 287,332. Provision for
diminution in |
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| value
of investment was made keeping in view the present market value of shares and
the provision |
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| will
be reversed as soon as the market value of shares increases. The Fund is
adopting a proactive |
|
| strategy
with caution, keeping in view the Poor market conditions due to uncertain
economic |
|
| conditions,
world wide economic recession, withdrawal of investment portfolios by foreign
funds, |
|
| Hubco
dispute and delay in release of IMF economic package. The financial results
are summarized |
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| as follows: |
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|
|
|
2001 |
2000 |
|
|
|
(Rupees) |
(Rupees) |
|
|
|
|
| Income |
|
|
255,476 |
325,933 |
|
| Capital
Gain/(Loss) |
|
|
(25,781) |
(73,700) |
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|
------------------ |
------------------ |
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|
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|
229,695 |
252,233 |
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| Less:
Operating Expenses |
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|
517,027 |
239~670 |
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|
------------------ |
------------------ |
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| Operating profit |
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|
(287,332) |
12,563 |
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|
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| Add:
Provision for diminution |
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|
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| in
value of investment |
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|
(957,937) |
(24,748,151) |
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|
|
|
------------------ |
------------------ |
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| Profit/(Loss)
for the year |
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|
(1,245,269) |
(24,735,588) |
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|
|
========== |
========== |
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| The
Board of Directors have not recommended any dividend for the year. |
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| MARKET
REVIEW AND FUTURE OUTLOOK |
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| The
KSE 100 share index stood at 1564 points at the end of 1st Quarter of the
year i.e. 30th Sept 2000 |
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| and
started to rise and reached 1637 points before returning to 1507 points as on
31st Dec. 2000. It |
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| started
its downward journey reaching 1324 Points as on 30th March 2001 and finally
closed at 1366 |
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| Points
as on 30th June 2001. |
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| The
genuine investor has moved out of the market due to speculative activities.
The efforts of SECP |
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| to
curb speculation by tightening trading regulations will hopefully yield
positive results in near future. |
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| The
future prospects of the market will depend on economic revival, removal of
uncertainties on |
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| political
front, better law and order situation, return of both foreign and local
investors to the market. |
|
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| Pakistan'
s credit rating and foreign reserves have increased. we are confident that
stock market |
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| conditions
will improve and we will be able to achieve better results in future. |
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| AUDITORS |
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| The
present auditors M/s. Hyder Bhimji & Co. are due for retirement and being
eligible offer |
|
| themselves
for re- appointment. |
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| ACKNOWLEDGMENTS |
|
| your
directors would like to record their appreciation of the dedication and hard
work of the staff and |
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| officers
of the Fund. |
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|
By and on behalf of the Board |
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|
TAHIR AHMAD |
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| Karachi:
December 7, 2001 |
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|
Chief Executive |
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| Auditors'
Report to the Certificate Holders |
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| We
have audited the annexed Balance Sheet of TRI-STAR MUTUAL FUND LIMITED as at
30th June, |
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| 2001
and the related profit and loss account, cash flow statement and statement of
changes in equity |
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| together
with the notes forming part there of, the year then ended and we state that
we have obtained all |
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| the
information and explanations which, to the best of our knowledge and belief,
were necessary for the |
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| purposes
of our audit. |
|
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| It
is the responsibility of the company's management to establish and maintain a
system of internal |
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| control,
and prepare and present the above said statements in conformity with the
approved accounting |
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| standards
and the requirements of the Companies Ordinance, 1984 and investment
Companies and |
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| Investment
Adviser's Rules, 1971. Our responsibility is to express our opinion on these
statements |
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| based
on our audit. |
|
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| We
conducted our audit in accordance with the auditing standards as applicable
in Pakistan. These |
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| standards
require that we plan and perform the audit to obtain reasonable assurance
about whether the |
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| above
said statements are free of any material misstatement. An audit includes
examining, on a test |
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| basis,
evidence supporting the amounts and disclosures in the above said statements.
An audit also |
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| includes
assessing the accounting policies and significant estimates made by
management, as well as |
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| 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. |
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| As
detailed in note 3.3 due to an illegal income Tax raid, physical verification
of FEBC's could not be |
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| carried out. |
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| Subject
to the above. |
|
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| (A)
in our opinion, proper books of account have been kept by the Company as
required by the |
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| Companies
Ordnance, 1984 and Rule 16 of the investment Companies and investment |
|
| Adviser's
Rules 1971. |
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|
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| (B)
in our opinion: |
|
|
| i-
The balance sheet and profit and loss account together with the notes thereon
have been drawn up in |
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| conformity
with the Companies Ordinance, 1984 and in accordance with the provisions of
the investment |
|
| Companies
and Investment Adviser's Rules, 1971, and are in agreement with the books of
account and |
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| are
further in accordance with accounting policies consistently applied: |
|
|
| ii-
The expenditure incurred during the years was for the purpose of the
company's business; and |
|
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| iii-
The business conducted, investments made and the expenditure incurred during
the year were in |
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| accordance
with the Investment policy of the Company and Investment Companies and
Investment |
|
| Adviser's
Rules, 1971. |
|
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| iv-
The Company has not contravened the provision of Rule 8 of the Investment
Companies and |
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| Investment
Adviser's Rules, 1971; and |
|
|
| (c)
in our opinion and the best of our information and according to the
explanations give to us. The |
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| balance
sheet etc; profit and loss account, cash flow statement and the statement of
changes in equity |
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| together
with the notes forming part thereof confirm with approved accounting
standards as applicable in |
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| Pakistan,
and give the information required by the Companies Ordinance, 1984 and
Investment |
|
| Companies
and Investment Adviser's Rules. 1971 in the manners so required and
respectively give a |
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| true
and fair view of the state of the company's affairs as at 30th June, 2001 and
of the profit loss, 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. |
|
|
| Date:
December 2, 2001 |
|
Hyder Bhimji & Co. |
|
| Place: Karachi. |
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|
Chartered Accountants |
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|
|
| Balance
Sheet as at June 30, 2001 |
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|
|
2001 |
2000 |
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|
Note |
RUPEES |
RUPEES |
|
|
|
|
| CURRENT
ASSETS |
|
|
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| INVESTMENTS
- Marketable Securities |
3 |
15,779,864 |
16,583,932 |
|
|
|
|
|
| Advances,
pre-payments & other receivables |
4 |
109,921 |
109,921 |
|
| Cash
& Bank Balances |
|
5 |
32,746 |
292,466 |
|
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|
|
------------------ |
------------------ |
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|
|
|
142,667 |
402,387 |
|
|
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|
------------------ |
------------------ |
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|
|
|
15,922,531 |
16,986,319 |
|
| CURRENT
LIABILITIES |
|
|
|
| Due
to investment adviser-an associated company |
6 |
307,237 |
166,071 |
|
| Trade
creditors, accrued expenses and other liabilities |
7 |
250,295 |
209,980 |
|
| Provision
for taxation |
|
|
3,135 |
3,135 |
|
|
------------------ |
------------------ |
|
|
|
|
560,667 |
379,186 |
|
|
|
|
------------------ |
------------------ |
|
| NET ASSETS |
|
|
15,361,864 |
16,607,133 |
|
|
|
|
========== |
========== |
|
|
| SHAREHOLDERS
EQUITY |
|
13 |
15,361,864 |
16,607,133 |
|
|
|
|
|
========== |
========== |
|
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|
|
|
| NOTE:
The annexed notes form an integral part of these accounts |
|
|
|
TAHIR AHMAD |
|
|
ASAD AHMAD |
|
|
Chief Executive |
|
|
Director |
|
|
|
| KARACHI:
December 7, 2001. |
|
|
|
| PROFIT
AND LOSS ACOOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
|
|
|
2001 |
2000 |
|
|
Note |
RUPEES |
RUPEES |
|
|
| INCOME |
|
8 |
255,476 |
325,933 |
|
| CAPITAL
(LOSS) |
|
9 |
(25,781) |
(73,700) |
|
|
------------------ |
------------------ |
|
|
|
229,695 |
252,233 |
|
|
|
|
|
| Less:
OPERATING EXPENSES |
|
|
|
| Administrative |
|
10 |
209,470 |
73,164 |
|
| Financial |
|
11 |
320 |
435 |
|
| Remuneration
of Investment Adviser |
6.1 |
307,237 |
166,071 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
517,027 |
239,670 |
|
|
|
|
------------------ |
------------------ |
|
| Operating
Profit/(Loss) for the Year |
|
(287,332) |
12,563 |
|
| Provision
for diminution in value of Investment |
|
(957,937) |
(24,748,151) |
|
|
|
|
------------------ |
------------------ |
|
| Profit/
(Loss) for the Year |
|
|
(1,245,269) |
(24,735,588) |
|
| Accumulated
(Loss) brought forward |
|
(33,392,867) |
(8,657,279) |
|
|
|
|
------------------ |
------------------ |
|
| Accumulated
(Loss) carried forward |
|
(34,638,136) |
(33,392,867) |
|
|
|
|
========== |
========== |
|
| Earning
per Share |
|
12 |
(0.25) |
(4.95) |
|
|
========== |
========== |
|
|
| NOTE:
The annexed notes form an integral part of these accounts |
|
|
|
TAHIR AHMAD |
|
ASAD AHMAD |
|
|
Chief Executive |
|
Director |
|
|
|
| KARACHI:
December 7, 2001. |
|
|
|
| STATEMENT
OF CHANGES IN FINANCIAL POSITION |
|
| CASH
FLOW STATEMENT |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
|
|
|
2001 |
2000 |
|
|
|
RUPEES |
RUPEES |
|
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
| Profit
/ (Loss) for the year |
|
|
(1,245,269) |
(24,735,588) |
|
| Add:
Items not involving movements of funds |
|
|
|
| Financial
Expenses |
|
|
-- |
-- |
|
| Profit/(Loss)
on Sale of Investments |
|
25,781 |
73,700 |
|
| Provision
for diminution in the value of Investments |
957,937 |
24,748,151 |
|
| Dividend
Income |
|
|
(255,476) |
(325,933) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(517,027) |
(239,670) |
|
| Less:
Financial Expenses paid |
|
|
-- |
(36,183) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(517,027) |
(275,853) |
|
| (Increase)
/ Decrease in Current Assets |
|
-- |
-- |
|
| Increase
/ (Decrease) in Current Liabilities |
|
181,481 |
(77,210) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(335,546) |
(353,063) |
|
|
------------------ |
------------------ |
|
| INVESTING
ACTIVITIES |
|
| Dividend
Income |
|
|
255,476 |
325,933 |
|
| Purchase
of Investment |
|
|
(2,795,850) |
-- |
|
| Sale
proceed of Investments |
|
|
2,616,200 |
307,450 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
75,826 |
633,383 |
|
|
|
|
------------------ |
------------------ |
|
| FINANCING
ACTIVITIES |
|
|
|
| NET
CASH FLOW |
|
|
(259,720) |
280,320 |
|
|
|
|
|
|
|
| Cash
and Bank Balance at beginning of the year |
|
292,466 |
12,146 |
|
|
|
|
========== |
========== |
|
| Cash
and Bank Balance at the end of the year |
|
32,746 |
292,466 |
|
|
========== |
========== |
|
|
|
| NOTES
TO THE ACCOUNTS FOR THE YEAR ENDED JUNE 30, 2001 |
|
|
| 1.
STATUS AND NATURE OF BUSINESS |
|
|
| The
fund was incorporated as public limited company under Investment Companies
and |
|
| Investment
Adviser's Rules 1971. The Fund has entered into an agreement with an
associated |
|
| company,
Tri-Star Investments (Pvt) Ltd. to act as its "Investment Adviser"
The Fund is listed at |
|
| Karachi
and Islamabad Stock Exchanges |
|
|
|
|
|
| 2.
ACCOUNTING POLICIES |
|
|
|
| The
significant accounting policies are summarized below · |
|
|
|
|
|
| 2.1
The accounts of the Company are prepared under the historical cost
convention. |
|
|
|
|
| 2.2
Investments-Marketable Securities. |
|
| (i)
Investments are valued at cost. |
|
| (ii)
Profit or loss on sale of investments is accounted for in the year in which
it arise. |
|
| (iii)
Full provision is made against diminution in the value of investments. |
|
|
| 2.3
Revenue Recognition |
|
| (i)
Dividend Income is recorded at the time of the closure of share transfer
books of |
|
| the
company declaring the dividend and is show net of zakat deducted. |
|
|
| (ii)
Sales and purchases of securities are recognized on the date of contract.
Capital |
|
| gain
on sale of investment is taken to income of the period in which it arises. |
|
|
| 3.
INVESTMENTS - MARKETABLE SECURITIES |
|
| These
securities are shares / certificates of Rs. 10/- each. |
|
|
|
|
|
|
|
NUMBER OF SHARES |
|
Balance As At June 30, 2001 |
|
Percentage in Relation to |
|
|
|
|
| NAME
OF COMPANY |
Balance |
Purchases |
Bonus |
Sales |
Number of |
At Cost |
At Market |
Own |
Investee
Companies |
|
|
|
as at July 1, |
|
Shares |
|
Shares |
(Rupees) |
(Rupees) |
Assets |
Paid-up |
Number |
|
|
|
2001 |
|
|
|
3.1 |
Capital |
of Shares |
|
|
|
|
|
|
3.2 |
|
|
| FINANCIAL
COMPANIES, |
|
| MUTUAL
FUNDS AND BANKS ETC. |
|
| Askari
Bank Ltd. |
4,013 |
-- |
200 |
-- |
4,213 |
124,660 |
55,401 |
0.30 |
0.01 |
0.00 |
|
| Askari
Leasing Ltd. |
74,000 |
-- |
-- |
-- |
24,000 |
457,143 |
230,400 |
1.10 |
0.14 |
0.07 |
|
| Bank
Al-Habib Ltd. |
17,174 |
-- |
3,434 |
-- |
20,608 |
152,494 |
320,454 |
0.37 |
0.02 |
0.03 |
|
| Jahangir
Siddiqui Investment Bank |
12,100 |
-- |
-- |
-- |
12,100 |
986,104 |
122,210 |
2.37 |
0.54 |
0.07 |
|
| Foreign
Exchange Bearer Certificate(3.3) |
36,000 |
-- |
-- |
-- |
3,600,000 |
3,933,000 |
3,924,000 |
9.45 |
-- |
-- |
|
| First
Tri-Star Modaraba |
412,500 |
-- |
-- |
-- |
412,500 |
4,886,250 |
206,250 |
11.74 |
3.47 |
2.93 |
|
| Muslim
Commercial Bank Ltd. |
16,760 |
-- |
3,931 |
-- |
20,691 |
1,036,874 |
506,930 |
2.49 |
0.04 |
0.01 |
|
| Second
Tri-star Modaraba |
468,000 |
-- |
-- |
-- |
468,000 |
4,812,000 |
117,000 |
11.56 |
3.74 |
3.64 |
|
| Soneri
Bank Ltd. |
18,397 |
-- |
4,599 |
-- |
22,996 |
496,860 |
288,600 |
1.19 |
0.06 |
0.03 |
|
| Union
Leasing Ltd. |
5,175 |
-- |
-- |
-- |
5,175 |
98,975 |
23,029 |
0.24 |
0.05 |
0.03 |
|
|
|
|
|
| TEXTILE
SPINNING: |
|
|
| Faisal
Spinning Mills Ltd. |
74,000 |
-- |
-- |
-- |
74,000 |
2,206,265 |
1,376,400 |
5.30 |
2.21 |
0.74 |
|
|
|
|
|
| TEXTILE
COMPOSITE: |
|
|
| Crescent
Textile Mills Ltd. |
27,979 |
-- |
-- |
-- |
27,979 |
1,247,946 |
426,680 |
3.00 |
0.31 |
0.07 |
|
| Nishat
Mills Ltd. |
78,500 |
-- |
-- |
78,500 |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
| SYNTHETIC
& PAYON: |
|
| Dewan
Salman Fibre Ltd. |
61,594 |
-- |
-- |
-- |
61,594 |
3,876,641 |
1,114,851 |
9.31 |
0.13 |
0.020 |
|
| Tri-Star
Polyester Ltd. |
190,000 |
-- |
-- |
-- |
190,000 |
4,755,700 |
304,000 |
11.42 |
2.22 |
0.885 |
|
|
|
|
| INSURANCE: |
|
|
| Commercial
Union Life Assurance |
-- |
150,000 |
-- |
-- |
150,000 |
852,500 |
1,245,000 |
2.05 |
0.28 |
0.000 |
|
| American
Life Insurance |
-- |
147,000 |
-- |
-- |
147,000 |
1,943,350 |
2,646,000 |
4.67 |
0.60 |
0.005 |
|
|
|
|
| FUEL
& ENERGY: |
|
| Shell
Pakistan Ltd. |
6,469 |
-- |
-- |
2,000 |
4,469 |
1,012,306 |
1,097,306 |
2.43 |
0.29 |
0.01 |
|
| Sui Northern Gas Co. Ltd. |
50,371 |
-- |
7,555 |
-- |
57,926 |
1,092,150 |
590,845 |
2.62 |
0.20 |
0.01 |
|
| Tri-Star
Power Ltd. |
119,000 |
-- |
-- |
-- |
119,000 |
4,964,750 |
95,200 |
11.93 |
3.31 |
0.79 |
|
|
|
|
| CHEMICAL
& PHARMACEUTICAL: |
|
| Engro
Chemical (Pak) Ltd. |
22,654 |
-- |
1,448 |
13,000 |
11,102 |
1,125,934 |
639,475 |
2.70 |
0.08 |
0.016 |
|
| Hoechst
Marion Roussel. |
10,000 |
-- |
-- |
-- |
10,000 |
1,424,050 |
450,000 |
3.42 |
2.05 |
0.144 |
|
|
|
|
------------------ |
------------------ |
|
|
Provision for diminution
in the value |
|
|
41,485,952 |
15,779,864 |
|
|
of Investments |
|
|
|
25,706,088 |
========== |
|
|
|
|
|
------------------ |
|
|
2001 Rupees |
Market Value |
|
|
15,779,864 |
|
|
|
|
|
|
========== |
========== |
|
|
2000 Rupees |
Market Value |
|
|
16,583,932 |
|
|
|
|
|
|
========== |
========== |
|
|
|
|
| 3.1
Own assets as defined in Section 17(2) of the Investment Companies and
Investment Adviser's Rules, 1971. |
|
|
|
|
| 3.2
The percentage in relation to investee companies paid-up capital has been
worked out in relation to the acquisition cost of |
|
| the
respective shares of the company. |
|
|
|
|
| 3.3
In September, 1996 the Income Tax authorities raided Fund's premises and took
away by force all records, documents, and |
|
| valuable
securities including FEBC's/bearer NIT units of all our Group Companies which
included FEBC's of the Fund, |
|
| without
lawful authority and without making any inventory. This raid caused a serious
disruption in Fund's business. The Fund |
|
| has
filed a suit against the Income Tax authorities in the Hon' ble High Court of
Sindh challenging the act as illegal. The Hon |
|
| 'ble
High Court of Sindh held vide its order dated 31.07.98 that the presence of
irregularities and malafides in the acts of |
|
| Income
Tax Department cannot be ruled out. Further the remaining two ingredients
namely balance of convenience and |
|
| causing
irreparable loss and injury also exists in favour of Fund. Further Income Tax
department was directed to submit their |
|
| report
keeping in view the provision of section 146 (c) of the Income Tax Ordinance,
1979 declaring how much more time they |
|
| would
need to return the impounded documents and records. Inspite of the orders of
the Hon 'ble High Court of Sindh, the |
|
| Income
Tax Department has neither returned the records nor any FEBC' s/valuables.
The Fund has filed a contempt |
|
| application
against the Department and the matter is subjudice. |
|
|
|
2001 |
2000 |
|
|
|
RUPEES |
RUPEES |
|
|
|
|
| 4.
ADVANCES, PRE-PAYMENTS AND OTHER RECEIVABLES |
|
| Advance
Income Tax |
|
109,921 |
109,921 |
|
|
========== |
========== |
|
|
| 5.
CASH AND BANK BALANCES |
|
| Cash in hand |
|
4,791 |
5,482 |
|
| Cash
at bank Current Account |
|
27,956 |
286,975 |
|
| Cash
at bank PLS Account |
|
-- |
9 |
|
|
|
------------------ |
------------------ |
|
|
|
32,746 |
292,466 |
|
|
|
========== |
========== |
|
|
| 6.
DUE TO INVESTMENT ADVISER |
|
| TRI-STAR
INVESTMENTS (PVT.) LTD. |
|
| AN
ASSOCIATED COMPANY |
|
| Opening
balance |
