| The Hub Power Company 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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| Board
of Directors |
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| Chairman's
Review |
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| Report
of the Directors |
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| Auditors'
Report |
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| Profit
and Loss Account |
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| Balance
Sheet |
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| Cash
Flow Statement |
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| Statement
of Changes in Equity |
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| Notes
to the Financial Statements |
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| Pattern
of Shareholding |
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| Shareholders
Information |
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| COMPANY
INFORMATION |
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| Head Office: |
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3rd Floor, Islamic
Chamber of Commerce Building, |
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ST-2/A, Block-9, Clifton,
P.O. Box No. 13841, |
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Karachi-75600 |
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E.mail: info @
hubpower.com |
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Website:
http://www.hubpower.com |
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| Registered
Office: |
C/o Ford, Rhodes, Robson,
Morrow, |
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Premises No. I to 5,
Elahi Chambers, |
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C/o Ambassador Hotel
Building, |
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I&T Centre,
Khayaban-e-Suharwardi, |
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Aabpara, P.O. Box No.
2388, Islamabad. |
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| Islamabad
Office: |
Sardar M. Yusuf Khan,
Corporate Affairs Advisor |
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250-B, Street No. 23,
Sector E-7, Islamabad. |
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| Management: |
Mr. Vince R. Harris,
Chief Executive |
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Mr. Paul F. W. Chapman,
Operation Director |
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Mrs. Huma Pasha, Chief
Internal Auditor |
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Mr. Arshad A. Hashmi,
Company Secretary |
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Mr. S. Khalid Masood,
Financial Controller |
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Mr. S. Hasnain Haider,
Treasurer |
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Ms. Shahana Ahmed Ali,
Legal Counsel |
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| Principal
Bankers: |
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| Account
Banks: |
· National Development
Finance Corporation, Karachi |
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· Citibank N.A., Karachi |
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· Standard Chartered
Grindlays Bank Ltd. Karachi |
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· The Bank of
Tokyo-Mitsubishi Limited, London |
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· Sumitomo Mitsui Banking
Corporation, London |
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· Credem International
(Lux) S.A., Luxembourg |
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| Inter-Creditor
Agent: |
Citibank International,
Plc, London |
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| Legal
Advisors: |
Linklaters &
Alliance, London |
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Kabraji & Talibuddin,
Karachi |
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Rizvi, Isa & Hosain,
Karachi |
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| Auditors: |
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Ford, Rhodes, Robson,
Morrow |
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| Registrar: |
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Ford, Rhodes, Robson,
Morrow |
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| NOTICE
OF THE TENTH ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the Tenth Annual General Meeting of the Company will be
held on Saturday, |
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| December
22, 2001 at 2 pm at 250-B, Street No. 23, Sector E-7, Islamabad to transact
the following business: |
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| 1.
To confirm the minutes of the Extraordinary General Meeting of the Company
held on March 27, 2001. |
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| 2.
To receive and adopt the Audited Accounts of the Company for the year ended
June 30, 2001 together with |
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| the
Directors' & Auditors Reports' thereon. |
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| 3.
To approve and declare the final dividend of 22% (Rs. 2.20 per share) as
recommended by the Board of |
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| Directors
and the 17% (Rs. 1.70 per share) interim dividend already announced making a
total dividend of |
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| 39%
(Rs. 3.90 per share) for the year ended June 30, 2001. |
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| 4.
To appoint Auditors and fix their remuneration. |
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By Order of the Board |
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|
Arshad A. Hashmi |
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| Karachi
- November 23, 2001 |
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Company Secretary |
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| NOTES: |
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| 1.
The Share Transfer Books of the Company will remain closed from December 10
to 22, 2001 (both days |
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| included). |
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| 2.
A member entitled to attend and vote at the meeting may appoint a proxy in
writing to attend the meeting |
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| and
vote on the member's behalf. A Proxy need not be a member of the Company. |
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| 3.
Duly completed forms of proxy must be deposited with the Company Secretary at
the Head Office of the |
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| Company
not later than 48 hours before the time appointed for the meeting. |
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| 4.
Shareholders are requested to notify any change in their address immediately. |
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| 5.
CDC account holders will further have to follow the under mentioned
guidelines as laid down in Circular 1 |
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| dated
January 26, 2000 issued by the Securities and Exchange Commission of
Pakistan. |
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| A
For Attending the Meeting |
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| i)
In case of individuals, the account holder or sub-account holder and/or the
person whose securities |
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| are
in group account and their registration details are uploaded as per the
Regulations, shall authenticate |
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| identity
by showing his original National Identity Card (NIC) or original passport at
the time of attending |
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| the meeting. |
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| ii)
In case of corporate entity, the Board of Directors' resolution/power of
attorney with specimen signature |
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| of
the nominee shall be produced (unless it has been provided earlier) at the
time of the meeting. |
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| B
For Appointing Proxies |
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| (i)
In case of individuals, the account holder or sub-account holder and/or the
person whose securities |
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| are
in group account and their registration details are uploaded as per the
Regulations, shall submit |
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| the
proxy form as per the above requirement. |
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| (ii)
Attested copies of NIC or the passport of the beneficial owners and the Proxy
shall be furnished with |
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| the
Proxy Form. |
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| (iii)
The proxy shall produce his original NIC or original passport at the time of
the meeting. |
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| (iv)
In case of corporate entity, the Board of Directors' resolution/power of
attorney with specimen signature |
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| shall
be submitted (unless it has been provided earlier) alongwith proxy form to
the Company. |
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| BOARD
OF DIRECTORS |
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|
Mr. M. A. Alireza H. I. |
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|
Chairman |
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Other directorships |
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Xenel Industries Ltd |
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& other Xenel Group Companies |
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Xenel International Ltd |
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Mr. P. Giller |
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V.R. Harris |
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Vice Chairman |
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Chief Executive |
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Other Directorships |
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Other directorships |
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International Power plc |
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Anglo Cayman Energy Development Co. Ltd |
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National Power (Thailand)
Limited |
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British Cayman Energy Development Co. Ltd |
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National Power AI Kamil
Investments Limited |
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Jiaxing Jinijan Cogemeration Co. Ltd |
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National Power
International Limited |
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Yichang Yihua Pacific Cogen Ltd |
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National Power Oman
Investments Limited |
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Shijiazhuang Yongtai Cogen Ltd |
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Mr. P. Atkinson |
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Mr. B. Chang |
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Mr. P. G. Cox |
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Other directorships |
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Other directorships |
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Task Technology Ltd |
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International Power plc |
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Brian Chang Group of Companies |
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Wincanton plc |
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Asia Petroleum Ltd |
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Fauji Oil Terminal Co. Ltd |
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Pakistan Power Ltd |
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| Mr.
P.M. Grasby |
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Mr. Taufique Habib |
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Mr.T. Miura |
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Mr. I.W. Nutt |
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| Other
directorships |
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Other directorships |
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| Kot
Addu Power Co. Ltd |
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Hub Power Japan
Corporation |
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| Tejo
Energia SA |
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| National
Power Enerji AS |
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| Mr.
S. N. A. Shah |
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Mr. E. E. Silagy |
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Mr. M. A. Tumbi |
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| Other
directorships |
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Other directorships |
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Other appointments |
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| Jahangir
Siddiqui & Co. Ltd |
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Entergy Pakistan Ltd |
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General Manager Finance, Xenel |
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| Philips
Electrical Industries of Pakistan Ltd |
|
Entergy Power Chile S. A. |
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| Forbes,
Forbes, Campbell & Co. (Pvt) Ltd |
|
Entergy Power Peru S. A. |
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| National
Development Finance Corporation |
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EWO Holdings Inc. |
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Highland Energy Company |
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|
Latin America Holding I, Ltd |
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Marine Safety Systems |
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| Mr. S. A. Ali |
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Mr. S. Hashmi |
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Mr. B. Khan |
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| Nominee of |
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Nominee of |
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Nominee of |
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| Government
of Balochistan |
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Commonwealth Development |
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National Development Finance |
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|
Corporation |
|
Corporation |
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| CHAIRMAN'S
REVIEW |
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| In
the name of God the Most Merciful and Most Benevolent. |
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| I
am pleased to report that the long drawn-out tariff dispute with the Water
and Power Development Authority |
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| (WAPDA)
and Government of Pakistan (GOP) has been resolved. On December 17, 2000, a
Settlement |
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| Agreement
(SA) was signed between the Company, WAPDA and GOP. |
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| It
must be appreciated that the GOP, WAPDA and the Company all contributed in
finishing what was a very |
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| painful
period in the history of the Company and had jeopardized international
perceptions of investment in |
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| Pakistan.
This has resulted in a lower tariff leading to a reduced return to
shareholders, however, I am hopeful |
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| that
the Company and the Country will benefit from a dispute free environment |
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| over
the remainder of the project life. I am also delighted to advise that the
amicable |
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| dispute
settlement has led to a greater and cordial understanding with WAPDA |
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| and
we foresee ourselves as partner in progress with our valuable customer. I am |
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| confident
that with the resolution of tariff dispute foreign investors will see
Pakistan |
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| as
an investment friendly country and will find many avenues for investment in
the |
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| country
which in turn will strengthen the Pakistani economy. |
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| The
Hub Power Plant is operated in accordance with the highest international |
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| standards
and International Standards Organisation (ISO) certifies both the Power |
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| Plant
and its Operations & Maintenance (O&M) Contractor. As a result, the
Plant has achieved very high |
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| availability
rates. I feel great pleasure in seeing that Hubco is playing its part in
reliably delivering much needed |
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| electricity
for the development of Pakistan. |
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| Hubco
is and remains a socially responsible Company. The Company has been
constantly taking part in various |
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| programmes
designed towards the uplift of local people living around the Power Plant. At
the core of these |
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| programmes
are various education schemes by which the Company provided supplies needed
in the local |
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| schools. |
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| I
am also pleased to see that with the dispute resolution the flow of dividends
to the shareholders has started |
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| and
the Company has announced its interim and final dividends. I am confident
that with continued high standard |
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| operation
of the Plant the return of investors' investment will also continue. |
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| We
all hope that the challenges faced by the Pakistani economy and our Company
will be overcome with resolve |
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| and
determination for achieving shared success. Electricity generation, being a
fundamental building block of |
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| a
modern economy, has a long-term future, the benefits of which, we hope, will
be shared by the entire economy. |
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| On
behalf of all the shareholders, I also take this opportunity to welcome Mr.
Vince Harris as the Company's |
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| new
Chief Executive. I offer thanks to the employees of the Company who have
worked hard and with dedication |
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| in
order to seek negotiated settlement of the tariff dispute and together we
managed to resolve one of the most |
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| difficult
commercial disputes in the history of Pakistan. |
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|
| Mohamed
A. Alireza |
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| Chairman |
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|
| REPORT
OF THE DIRECTORS |
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| The
Directors have pleasure in presenting the Annual Report and the Financial
Statements of the Company for the |
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| year
ended June 30, 2001. |
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|
| General |
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| The
principal activities of the Company are to own, operate and maintain an
oil-fired power station with a net capacity |
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| of
1,200 MW located at the Hub River estuary in Balochistan. |
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| Resolution
of dispute |
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| On
December 17, 2000, a Settlement Agreement (SA) was signed between the
Company, the Water and Power |
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| Development
Authority (WAPDA) and Government of Pakistan (GOP) to resolve the tariff
dispute. The SA revises, |
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| retroactively,
the fixed portion of the tariff charged under the Power Purchase Agreement
(PPA). All major requirements |
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| to
make the SA binding on all parties have been fulfilled. On October 14, 2001,
pursuant to the SA, an amendment |
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| to
the PPA was signed between the Company and WAPDA which incorporates the terms
of the SA. |
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| Finance |
|
| The
Company made a net profit of Rs. 10,859 million in the current year compared
to a net loss of Rs. 6,985 million |
|
| last
year. This is due to the reversal of provision which is no longer necessary
in the light of the SA. Turnover for the |
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| year
was Rs. 29,086 million (2000: Rs. 25,601 million) and operating costs were
Rs. 20,622 million (2000: Rs. 14,886 |
|
| million)
resulting in a gross profit of Rs. 8,464 million (2000:Rs.10,715 million).
These amounts are higher than |
|
| previous
year figures due to the cumulative effect of the revised tariff charged under
the Settlement Agreement (SA), |
|
| the
continuous rise in the price of Residual Fuel Oil (RFO), higher electricity
despatch by WAPDA at 68% (2000: 61%) |
|
| and
retirement of debt. The RFO price, as set by the Pakistan State Oil (PSO), at
the beginning of the year was |
|
| Rs.
9,680 per tonne compared to the Rs. 11,150 per tonne at the end of the year
representing an increase of 15% |
|
| in
the current fiscal year. |
|
|
| The
Company has reached an agreement with WAPDA in relation to the outstanding
balance of unpaid Capacity |
|
| Purchase
Price and a schedule of payment has been set. WAPDA is making the payments in
accordance with that |
|
| schedule.
In accordance with the International Accounting Standards (IAS) the Company
has decided to reverse the |
|
| provision
for doubtful debts fully. |
|
|
| The
Company continues to discharge its liabilities as they become due. During the
year, the Company repaid two |
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| tranches
of the senior debt amounting to Rs.2,989 million which were due in July 2000
and January 2001. The |
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| Company
will continue to fulfill its obligations under its various contracts. |
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|
| Operations |
|
| During
the year, the Plant's Actual Capability Available (ACA) was 85.3% which is
higher than international standards |
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| for
this class of plant. During the year, the station successfully met the
Dependable Capacity Test by generating |
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| 1,204 MW. |
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| Despatch
during the year has been high resulting in the plant generating 7,165 GWh
(2000:6,404 GWh) translating |
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| in
a load factor of 68% (2000: 61%) and thermal efficiency of 37.68% (2000:
37.70%). Routine and preventive |
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| maintenance
programmes have been completed as scheduled to ensure the long-term integrity
of the plant. The |
|
| Company
earned a generation bonus in January 2001 for generating in excess of the
bonus threshold limit of 6,791 |
|
| GWh
from January 2000 to December 2000. |
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|
| Environment,
Health, Safety and Social Actions |
|
| The
overall health and safety performance of the Plant was excellent throughout
the year. The Hub Power Station |
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| Site
has an ongoing proactive approach to safety management. |
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|
| During
the year, Lloyds Register conducted two surveillance audits of the station's
Quality Management System. The |
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| plant
continues to operate within the strict guidelines and limits established by
the World Bank for emission and waste. |
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|
| Over
the years, HUBCO, together with International Power (IPR), has been actively
involved in various social action |
|
| programmes
in the locality of the Power Station site, under its Social Action Programme
(SAP). |
|
|
| With
the aim of assisting the people of the Hub region, HUBCO has contributed
towards vital areas of human welfare, |
|
| e.g.
health care and education. Villages local to the Power Station have been
provided with appropriate. infrastructure, |
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| such
as electric poles and transmission lines. There is also a two-year
Apprenticeship Training Programme on site, |
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| to
provide technical training of international standards to apprentices
appointed from the local area, thus enhancing |
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| their
technical skills. |
|
|
| The
recent donation of a Laser Photo Coagulator to the Layton Rahmatulla
Benevolent Trust (LRBT), at a cost of Rs. 2.3 |
|
| million,
was an essential contribution in facilitating eye surgery for the people of
Balochistan, thus helping to eradicate |
|
| blindness.
Previously to obtain eye treatment, poor people of the province were faced
with traveling to Karachi or Lahore, |
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| at
a cost of thousands of rupees putting such treatment out of the reach of the
common man. Through this contribution, |
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| the
eyesight of 1,200 people will be salvaged every year, and this is yet another
milestone of the company in its aim to serve |
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| the
community. |
|
|
| HUBCO
has also provided to the Government Boys' High School located in Hub Chowki,
ventilation fans that have added |
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| some
much-needed comfort to the students of the school. Furthermore, in
collaboration with AI-Shifa, HUBCO made a |
|
| generous
donation of medicines to the people of Zhob, Balochistan. |
|
|
| Recently,
a group of about 100 experts from 35 countries, belonging to an NGO called
Leadership for Environment |
|
| and
Development (LEAD), visited the plant to assess HUBCO's Social Action
Programme, as well as its environmental |
|
| policies
and practices. They were impressed by the international standards adhered to
at the plant and the ISO 9000 |
|
| and
ISO 14000 certifications received as a result. The work done under the SAP
and the Apprenticeship Training |
|
| Programme
were also appreciated by the LEAD experts. |
|
|
| Appropriations |
|
| In
May 2001, the Board of Directors declared an interim dividend of Rs. 1.70 per
share subject to lenders' approval. |
|
| In
October 2001, lenders' approval of interim dividend was granted. The Company
expects to make the payment |
|
| towards
the end of November 2001. |
|
|
| The
Directors have pleasure in recommending the final dividend of Rs. 2.20 per
share subject to lenders approval in |
|
| accordance
with the Company's Agreements. As such, subject to the Lenders' approval
being received by the Company |
|
| prior
to the 22rid December 2001, the Total Dividend to be approved and declared by
the shareholders at the Annual |
|
| General
Meeting on December 22nd, 2001 will be Rs. 3.90 per share i.e. 39% for the
year ended June 30, 2001 which |
|
| is
inclusive of the Interim Dividend already announced. |
|
|
| Board
of Directors |
|
| The
current members of the Board are listed on Page 3 During the year the changes
were as follows: |
|
|
| Mr.
C. R. W. Masterson |
|
Mr. D.W. Crane |
|
| (Retired
w.e.f. 13.9.2000) |
|
(Elected w.e.f.
13.9.2000) |
|
| Nominee
of National Power Intl. Holdings Bv |
|
Nominee of National Power
Intl. Holdings Bv |
|
|
| Mr.
P.H. Smith |
|
Mr. P. J. Parker |
|
| (Retired
w.e.f. 13.9.2000) |
|
(Elected w.e.f.
13.9.2000) |
|
| Nominee
of National Power Intl. Holdings Bv |
|
Nominee of National Power
Intl. Holdings By |
|
|
| Mr.
T.A.R. Allerbrand |
|
Mr. Taufique Habib |
|
| (Retired
w.e.f. 13.9.2000) |
|
(Elected w.e.f.
13.9.2000) |
|
|
| Mr.
P. J. Windsor |
|
Mr. P. Giller |
|
| (Resigned
w.e.f. 27.9.2000) |
|
(Appointed on 15.11.2000) |
|
| Nominee
of National Power Intl. Holdings By |
|
Nominee of National Power
Intl. Holdings Bv |
|
|
| Mr.
M. A. Said |
|
Mr. W. M. Syed |
|
| (Resigned
w.e.f. 10.11.2000) |
|
(Appointed on 15.11.2000) |
|
| Nominee
of National Development Finance Corporation |
|
Nominee of National
Development Finance Corporation |
|
|
| Mr.
R. G. L Spiers |
|
Mr. P. G. Cox |
|
| (Resigned
w.e.f. 15,11.2000) |
|
(Appointed on 15.11.2000) |
|
| Nominee
of National Power Intl. Holdings Bv |
|
Nominee of National Power
Intl. Holdings By |
|
|
| Mr.
D. W. Crane |
|
Mr. I. W. Nutt |
|
| (Resigned
w.e.f. 15.11.2000) |
|
(Appointed on 15.11,2000) |
|
| Nominee
of National Power Intl. Holdings By |
|
Nominee of National Power
Intl. Holdings Bv |
|
|
| Mr.
C. J. Parker |
|
Mr. C. L. Gifford |
|
| (Resigned
w.e.f. 15,11.2000) |
|
(Appointed on 15.11.2000) |
|
| Nominee
of National Power Intl. Holdings By |
|
Nominee of National Power
Intl. Holdings By |
|
|
| Mr.
W. M. Syed |
|
Mr. B. Khan |
|
| (Resigned
w.e.f. 16.03.2001 ) |
|
(Appointed on 16.03.2001
) |
|
| Nominee
of National Development Finance Corporation |
|
Nominee of National
Development Finance Corporation |
|
|
| Mr. A. Azim |
|
Mr. S. K. Mandokhail |
|
| (Resigned
w.e.f. 19.06.2001 ) |
|
(Appointed on 19.06.2001
) |
|
| Nominee
of Government of Balochistan |
|
Nominee of Government of
Balochistan |
|
|
| Mr.
S. K. Husain |
|
Mr. V. R. Harris |
|
| (Resigned
w.e.f. 25.06.2001) |
|
(Appointed on 25.06.2001) |
|
|
| Mr.
D. V. Johns |
|
Mr. Shabbir Hashmi |
|
| (Resigned
w.e.f. 29.06.2001) |
|
(Appointed on 29.06.2001) |
|
| Nominee
of CDC Group plc |
|
Nominee of CDC Group plc |
|
|
| Mr.
S. K. Mandokhail |
|
Mr. Muhammad Arshad
Bhatti |
|
| (Resigned
on 24.10.2001 ) |
|
(Appointed on 25.10.2001
) |
|
| Nominee
of Government of Balochistan |
|
Nominee of Government of
Balochistan |
|
|
| Mr.
Muhammad Arshad Bhatti |
|
Mr. Syed Arshad All |
|
| (Resigned
on 31.10.2001) |
|
(Appointed on 31.10.2001) |
|
| Nominee
of Government of Balochistan |
|
Nominee of Government of
Balochistan |
|
|
| Mr.
C. L. Gifford |
|
Mr. P. Atkinson |
|
| (Resigned
on 16.7.2001) |
|
(Appointed on 5.11.2001) |
|
| Nominee
of National Power Intl. Holdings By |
|
Nominee of National Power
Intl. Holdings Bv |
|
|
| Auditors |
|
| The
retiring auditors Messrs Ford, Rhodes, Robson, Morrow, Chartered Accountants
being eligible offer themselves |
|
| for
re-appointment. |
|
|
| Shareholding
Pattern |
|
| A
statement reflecting the distribution of shareholding is attached with this
report. |
|
|
|
By Order of the Board |
|
|
|
|
|
Vince R. Harris |
|
| Karachi
- November 5, 2001 |
|
Chief Executive |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of THE HUB POWER COMPANY 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 |
|
| 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 June 30, 2001 and of the profit
for the year then ended; |
|
|
| (d)
in our opinion, no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980 (XVIII of 1980); |
|
| and |
|
|
| (e)
without qualifying our opinion, we draw attention to the contents of note
20.4 relating to assessments raised by |
|
| the
Central Board of Revenue; the ultimate outcome of this matter cannot
presently be determined. |
|
|
|
Ford, Rhodes, Robson, Morrow |
|
| Karachi
- November 5, 2001 |
|
Chartered Accountants |
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE YEAR ENDED JUNE 30, 2001 |
|
|
|
|
2001 |
2000 |
|
|
Note |
(Rs. '000s) |
(Rs. '000s) |
|
| Turnover |
|
29,086,288 |
25,600,782 |
|
| Operating
costs |
|
3 |
(20,622,322) |
(14,885,874) |
|
|
|
---------- |
---------- |
|
| GROSS
PROFIT |
|
|
8,463,966 |
10,714,908 |
|
| Other
income |
|
4 |
1,231,464 |
222,612 |
|
|
|
---------- |
---------- |
|
|
|
9,695,430 |
10,937,520 |
|
| Selling,
general and administration expenses |
|
5 |
(326,953) |
(375,813) |
|
| Reversal
/ (Provision) for doubtful debts |
|
12.1 |
5,325,873 |
(13,444,967) |
|
| Other
expenses |
|
6 |
(152,551) |
(193,868) |
|
|
|
---------- |
---------- |
|
| OPERATING
PROFIT / (LOSS) |
|
|
14,541,799 |
(3,077,128) |
|
| Financing
costs |
|
7 |
(3,683,071) |
(3,907,639) |
|
|
|
---------- |
---------- |
|
| NET
PROFIT / (LOSS) FOR THE YEAR |
|
10,858,728 |
(6,984,767) |
|
| Unappropriated
profit brought forward |
|
9,767,998 |
16,752,765 |
|
|
---------- |
---------- |
|
|
20,626,726 |
9,767,998 |
|
| APPROPRIATION |
|
| Interim
dividend @ 17% (2000: Nil) |
|
(1,967,162) |
-- |
|
| Proposed
final dividend @ 22% (2000: Nil) |
|
(2,545,740) |
-- |
|
|
---------- |
---------- |
|
|
(4,512,902) |
-- |
|
|
---------- |
---------- |
|
| Unappropriated
profit carried forward |
|
16,113,824 |
9,767,998 |
|
|
========== |
========== |
|
| BASIC
EARNINGS / (LOSS) PER SHARE (RUPEES) |
25 |
9.38 |
(6.04) |
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these financial statements. |
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|
