| Sindh Abadgar's Sugar Mills Limited |
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| Annual
Report 1999 |
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| CONTENTS |
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| Board of Directors |
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| Notice of Meeting |
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| Directors' Report |
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| Auditors' Report |
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| Balance Sheet |
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| Profit
and Loss Account |
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| Cash
Flow Statement |
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| Notes
to the Accounts |
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| Pattern
of Share Holding |
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| BOARD
OF DIRECTORS |
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| Mr.
Nisar H. Effendi |
Chairman/Chief Executive |
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| Mr.
Rizwan H. Said |
Director |
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| Mr.
Ikbal H. Effendi |
Director |
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| Mr.
Shah Nawaz Shah |
Director |
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| Mrs.
Marvi Fahadullah Khan |
Director |
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| Mr. Omer H. Said |
|
Director |
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| Mr.
Zain H. Effendi |
Director |
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| Mr.
Rao Muhammed Shafat |
Director (Nominee of
NDFC) |
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| COMPANY
SECRETARY |
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| Shahabuddin
Lakhani |
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| B.
Com. FCA, FCMA (UK), FCIS (UK) |
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| FITM,
FCIS, FICM |
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| BANKERS |
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| 1.
Allied Bank of Pakistan Ltd. |
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| 2.
Habib Bank Limited |
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| 3.
Muslim Commercial Bank Ltd. |
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| 4.
National Development Finance Corporation |
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| 5.
United Bank Ltd. |
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| AUDITORS |
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| Hyder
Bhimji & Co. |
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| Chartered
Accountants |
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| Rahman,
Sarfaraz & Co. |
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| Chartered
Accountants |
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| REGISTERED
OFFICE |
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| 164-L, Block-III, |
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| P.E.C.H. Society, |
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| Karachi-75400. |
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| MILLS |
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| Deh Deenpur |
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| Taluka:
Tando Mohd. Khan |
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| District:
Hyderabad |
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| SINDH |
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| REGISTRAR |
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| Gangjees
Investment & Finance Consultants, |
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| 513,
Clifton Centre, |
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| Khayaban-e-Roomi, |
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| Kehkashan,
Block-5, Clifton, |
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| Karachi-75600 |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| NOTICE
IS HEREBY GIVEN that the 16th Annual General Meeting of the Company will be
held at |
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| the
Registered Office, 164-L, Block-3, P.E.C.H.S., Karachi-75400, on Monday 29th
May, 2000 at 15.00 |
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| hours
to transact the following business: |
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| 1)
To read and confirm the Minutes of the Annual General Meeting held on 25th
March, 1999. |
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| 2)
To receive and adopt the Audited Accounts for the year ended 30th September,
1999 together |
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| with
the Directors and Auditors Report thereon. |
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| 3)
To appoint Auditors of the Company for the year 1999-2000 and to fix their
remuneration. |
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| 4)
To approve cash dividend @ 7 1/2% i.e. 0.75 paisa per share of Rs. 10/- each
for the year ended |
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| 30th
September, 1999 as recommended by the Directors, |
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| 5)
To transact any other business which may legally be transacted at an Annual
General Meeting |
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| with
the permission of the chair |
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| By
Order of the Board |
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| S. LAKHANI |
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| Company
Secretary |
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| Karachi,
the 24th April 2000 |
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| NOTES: |
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| 1)
The Share Transfer Books of the Company will remain closed for ten days and
no transfer of |
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| shares
will be accepted for registration from Saturday, the 20th May, 2000 to
Monday, the 29th |
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| May,
2000 (both days inclusive). Shares may be lodged for transfer with our
Registrar M/s |
|
| Gangjees
Investment & Finance Consultants, 513, Clifton Centre, Kehkashan Block-5,
Clifton, |
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| Karachi-75600. |
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| 2)
A member entitled to attend and vote at the General Meeting is entitled to
appoint a proxy to |
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| attend
and vote on his behalf. Proxies in order to be valid must be received at the
Registered |
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| Office
of the Company 48 hours before the time of the Meeting. A proxy must be a
member of |
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| the Company. |
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| 3)
CDC shareholders are requested to bring their original National Identity
Card, Account and |
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| Participant's
ID Numbers for identifications and in case of Proxy, to enclose an attested
copy |
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| of
his/her National Identity Card. |
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| 4)
The shareholders are requested to communicate the change in their mailing
address, if any, |
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| immediately
to our Registrar. |
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| DIRECTORS'
REPORT |
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| Dear
Shareholders, |
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| On
behalf of the Directors and myself it is my privileged honour to welcome you
to the 16th Annual Meeting of |
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| the
Company and it is with glorification of Allah's Blessings that I present
Sixteenth Annual Report for the 1999 |
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| Financial
Year along with the Financial Statements for the year ended on September 30,
1999. |
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| The
Crushing Season 1998-99 did not remain free from uncertain conditions and
unforeseen rattling problems. |
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| Short-supply
of sugarcane with further increase in crushing capacity all around, added
more difficulties in |
|
| procurement
of cane and its price competition. Though minimum support price of cane per
40 KG and the rate |
|
| of
Quality Premium @ 0.50 paisa per every 0.1% increase over benchmark of 8.7%
remained the same undisturbed |
|
| by
the Government but the market price found no economical barrier and even
ethical norms. It was free for |
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| all
and the newly born and inducted middlemen were in complete control to crush
the rules, laws and the most |
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| essential
good relationships till recent maintained between the Growers and the
Millers. The Sugar Factories |
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| Control
Act and its purpose such as regular lifting and supply of the cane to the
Mills for smooth crushing, the |
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| total
cost of sugar production, the total quantity of sugar in the country have all
now become important subject |
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| and
factors to study by the policy makers to save the entire sugar industry and
total sugar economics from complete |
|
| collapse. |
|
|
| Actual
sugar cane crushed during the year in Sindh Zone was higher by 1.24 million
tons (8.97%). Average |
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| Operating
Efficiency (capacity utilization) in Sindh Zone during the year was 64.14%.
However our achieved |
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| capacity
utilization, only with the Mercy of Allah, was 65.86% i.e. comparatively
little higher by 1.72%. Whereas |
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| average
crushing per day during reporting crushing season works out to be 3,193 tons,
which is less as against |
|
| last
year's 3,209 tons average per day and so also the sucrose recovery average
9.6273% against last year's |
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| 10.80%.
This ofcourse was because of weather conditions, no rains and delayed supply
of cane from fields by |
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| Cane
Growers in expectation of receiving higher price from competing Mills. We,
facing all such turmoils, remain |
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| Grateful
to Allah for His Guidance in our efforts and efficiency which can be judged
by comparing the averages |
|
| attained
by industries of Sindh which was 8.96 percent recovery for the year under
report. |
|
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| Because
of the reasons stated above, our company has incurred an operational loss of
Rs. 18.058 million before |
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| other
charges and income. However, due to the final decision in our favour, the
Collector of Customs was ordered |
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| by
the Honourable Court to refund the Bank Guarantee and also the amount
forcibly taken earlier. As such the |
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| reverse
entry of the remaining balance of Rs. 38.098 million has been shown as this
year's income. |
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| ACCOUNTS
FOR 1998-99: |
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| 1. Summarised operating financial results
for the year under report. |
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| 2. Financial analysis and ratio, and |
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| 3. Comparative statistics for the last five
years. |
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| (I)
FINANCIAL RESULTS |
|
(Rupees in 000') |
|
|
1999 |
1998 |
|
|
| Operational
Loss before other charges & income |
|
(18.058) |
(2.850) |
|
| Add:
Other Charges |
|
(1.772) |
(1.131) |
|
| Less:
Other Income |
|
5.667 |
4.880 |
|
|
---------- |
---------- |
|
| (Loss)
/ Profit after other charges & income |
|
(14.163) |
0.90 |
|
| Add:
Central Excise Duty and Mark-up written back |
|
38.098 |
10.750 |
|
|
---------- |
---------- |
|
| Net
Profit before Taxation |
|
23.935 |
11.649 |
|
| Less:
Taxation Provision |
|
(8.800) |
1.86 |
|
|
---------- |
---------- |
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|
15.14 |
13.51 |
|
| Un-appropriated
Profit brought forward |
|
2.32 |
6.23 |
|
|
---------- |
---------- |
|
| Profit
available for appropriation |
|
17.451 |
19.741 |
|
| Proposed
cash dividend 7 1/2 % (1998 - 10%) |
|
(7.818) |
(10.425) |
|
| Transfer
to General Reserve |
|
(7.000) |
(7.000) |
|
|
---------- |
---------- |
|
| Un-appropriated
Profit carried forward |
|
2.633 |
2.316 |
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|
========== |
========== |
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|
1999 |
1998 |
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| (11)
FINANCIAL ANALYSIS AND RATIOS |
|
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| Gross
profit / sales |
|
11.64% |
10.71% |
|
| Net
profit before taxation |
|
3.99% |
1.41% |
|
| Net
profit after taxation |
|
2.52% |
1.64% |
|
| Earning
per share before taxation |
|
Rs. 2.30 |
Rs. 1.12 |
|
| Earning
per share after taxation |
|
Rs. 1.45 |
Rs. 1.29 |
|
| Break-up
value of share |
|
Rs. 14.57 |
Rs. 13.87 |
|
| Debt equity ratio |
|
35.84:64.16 |
48.23:51.77 |
|
| Current ratio |
|
0.97:1.00 |
1.21:1.00 |
|
|
| (111)
COMPARATIVE STATISTICS |
1998-99 |
1997-98 |
1996-97 |
1995-96 |
1994-95 |
|
|
| Season
Commenced |
14.11.98 |
07.11.97 |
04.11.96 |
16.10.95 |
09.11.94 |
|
| Season Closed |
|
25.03.99 |
15.04.98 |
09-04-97 |
04.04.96 |
17.04.95 |
|
| Days worked |
|
132 |
160 |
157 |
172 |
160 |
|
| Sugarcane
crushed |
421,487 |
513,451 |
472,344 |
501,523 |
534,662 |
|
| Daily
average crushing (M.T.) |
3,193 |
3,209 |
3,009 |
2,916 |
3,341 |
|
| Sugar recovery % |
|
9.63 |
10.80 |
10.72 |
10.45 |
9.76 |
|
| Sugar
production (M.T.) |
40,570 |
55,450 |
50,638 |
52,358 |
52,196 |
|
| Molasses
production (M.T.) |
19,780 |
24,853 |
22,426 |
23,092 |
24,937 |
|
|
| FINANCIAL
COMMITMENTS |
|
|
| Our
Company, with the Blessings of Allah, has paid off every financial
commitments dues in time. Last installment |
|
| of
Rs. 3.9 million against GTF loan has also been paid on December 26, 1999, the
due date. All long term loans |
|
| secured
from NDFC for project financing have been totally cleared. By the Grace of
ALMIGHTY ALLAH, our |
|
| company
is free from all previously committed liabilities obtained for Project
Financing. |
|
|
| EFFICIENCY
AND IMPROVEMENT PLAN UNDER BMR |
|
|
| SASM,
as recently planned, carried out an Efficiency & Improvement Programme to
increase its sugar recovery |
|
| and
its quality by virtue of better cane handling, management, preparation,
extraction and thereafter controlling |
|
| moisture
content in its bagasse for better burning. |
|
|
| Under
the Programme, our company has incurred an expenditure of Rs. 14.897 million
upto 30th September, |
|
| 1999
against purchase and installation of Heavy Duty Shredder, Turbine 1500 K.W.
etc., which MASHAHALLAH |
|
| was
successfully operated during the crushing season year 1999-2000 and has
helped to obtain highest (10.08%) |
|
| recovery
of sucrose in Pakistan from the cane crushed during the year. |
|
|
| CENTRAL
EXCISE DUTY CLAIMS AND PENDING CASES |
|
|
| Central
Excise Duty refund claim cases for the years 1991-92 and 1992-93 are still
awaiting for the hearings |
|
| turn
in Courts and Appellate Tribunals respectively. However, case for 1988-89, as
reported above, has finally |
|
| been
justly decided in our favour. The Hon. Supreme Court dismissed the Final
Review Petition filed by the |
|
| Collector,
Customs & Excise, Hyderabad on 30.12.1999. The Bank Guarantee given by
the company has been |
|
| cancelled
by the Bank and the amount of Rs. 13,648,200 deposited by us, has been
released. Similarly the balance |
|
| refund
of Rs. 7.8 million after adjustment of current Sales Tax out of the second
Bank Guarantee amount of |
|
| Rs.
10.75 million, which was forcibly encashed by the Collector in June 1996, has
also been received and credited |
|
| in
company's account. |
|
|
| EXPORT
OF SUGAR |
|
|
| The
company, By the Grace of ALLAH, did export 10,518.50 tons of sugar during the
year under report. |
|
| International
sugar price fluctuated to as low as US$ 161.00 per ton F.O.B. The government
considering various |
|
| factors
allowed Duty-Draw back of Rs. 4,500 per ton on these exports. This was in
addition to the usual exemption |
|
| in
Central Excise Duty and/or Sales Tax. The Sugar Industry thus was partly
saved from otherwise disastrous |
|
| end. |
|
|
| ON-GOING
CURRENT SEASON 1999-2000 |
|
|
| Since
the season 1999-2000 came to an end on 07.03.2000, the crushing information
on current season upto |
|
| April
24. 2000 is reported hereunder: |
|
|
| i.
Date of Commencement |
· |
November 06, 1999 |
|
| ii. Cane Crushed |
|
· |
317,254.260 M.Ton |
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| iii. Sugar bagged |
|
· |
31,985.000 M.Ton |
|
| iv.
Average Recovery to-date |
· |
10.08 % |
|
| v.
Sugar sold and delivered (tons) |
· |
15,821.900 M. Ton(23rd
April, 2000) |
|
|
| vi. |
Sugar balance in stock (tons) |
· |
16,163.100 ( |
-do- |
) |
|
|
| The
Sales Tax remained at 15% for very few registered buyers and 18% for
non-registered sugar buyers w.e.f. |
|
| December
01,1998. The base sale price for the purpose of recovering sales tax has been
increased to Rs. 14,000 |
|
| from
Rs. 13,000 w.e.f. July 01, 1999, which is announced by the Government from
month to month. As such the |
|
| Sales
Tax till this month @ 15% and @ 18% works out to be Rs. 2,100/- and Rs.
2,520/- per ton respectively. |
|
| Central
Excise Duty has been fully replaced with Sales Tax w.e.f. 21.06.1999. |
|
|
| AUDITORS |
|
|
| M/s.
Hyder Bhimji & Company and Rahman Sarfaraz & Company, the Auditors of
the company retire and have |
|
| offered
their services for the ensuing year. |
|
|
| PATTERN
OF SHAREHOLDING |
|
|
| The
pattern of shareholding is annexed to this Report. |
|
|
| DIRECTORS |
|
|
| During
the reporting year following change took place in the Board of Directors: |
|
|
| Mr.
Razi-ur-Rahman Khan, nominee of ICP/NIT, was elected director but had to
resign w.e.f. 07.08.1999 due |
|
| to
resigning from his job. Mr. Zain H. Effendi was appointed to fill up the
casual vacancy with the concurrence |
|
| and
blessings of ICP/NIT. |
|
|
| WORDS
OF THANKS |
|
|
| The
Board of Directors wishes to keep on record their sincere thanks to each and
every shareholder member |
|
| for
their cooperation and blessings without which the turmoil would have perhaps
been difficult to overcome by |
|
| the
management. Please pray for all of us including the workers staff members and
our Cane Growers who all |
|
| with
joint dedicated efforts and honest contribution have been able to achieve
what has been possible to present. |
|
|
| On
behalf of the Board of Directors |
|
|
| NISAR
H. EFFENDI |
|
| Chairman |
|
|
| Dated:
April 24, 2000 |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed Balance Sheet of SINDH ABADGAR'S SUGAR MILLS LIMITED
as |
|
| at
September 30, 1999 and the related Profit & Loss Account for the year
then ended and the Statement |
|
| of
Changes in Financial Position (Cash Flow Statement) 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 purpose of our
audit and, after due |
|
| verification
thereof, 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 and Statement of Changes in Financial
Position |
|
| (Cash
Flow Statement) together with the notes forming part thereof, 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 September 30, 1999 and of
the Profit and |
|
| the
Changes in Financial Position (Cash Flows) for the year then ended; and |
|
|
| (d)
in our opinion, Zakat deductible at source under the Zakat and Ushr
Ordinance, 1980 was |
|
| deducted
by the Company and deposited in the Central Zakat Fund established under
Section 7 |
|
| of that Ordinance. |
|
|
| RAHMAN
SARFARAZ & CO. |
|
HYDER BHIMJI AND CO. |
|
| Chartered
Accountants |
|
Chartered Accountants |
|
|
| Karachi;
the 24th April, 1999 |
|
|
|
| BALANCE
SHEET AS AT 30TH SEPTEMBER, 1999 |
|
|
|
|
1999 |
1998 |
|
|
Note |
Rupees |
Rupees |
|
| CAPITAL
AND RESERVES |
|
|
| SHARE
CAPITAL |
|
| Authorised |
|
| 12,500,000
Ordinary shares of Rs. 10 each |
|
|
125,000,000 |
125,000,000 |
|
|
|
========== |
========== |
|
| Issued,
subscribed and paid-up |
|
3 |
104,250,000 |
104,250,000 |
|
| General
reserve - Revenue |
|
|
45,000,000 |
38,000,000 |
|
| Unappropriated
profit |
|
|
2,633,161 |
2,316,441 |
|
|
|
---------- |
---------- |
|
| Shareholders'
Equity |
|
|
151,883,161 |
144,566,441 |
|
| REDEEMABLE
CAPITAL (Secured) |
|
4 |
-- |
3,671,402 |
|
| LIABILITIES
AGAINST ASSETS SUBJECT TO |
|
|
|
|
| FINANCE LEASE |
|
5 |
4,760,122 |
8,926,550 |
|
|
|
|
|
| DEFERRED
TAXATION |
|
6 |
34,300,000 |
32,500,000 |
|
| DEFERRED
LIABILITIES |
|
7 |
43,375,824 |
76,205,676 |
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
| Current
portion of long term Liabilities |
|
8 |
6,778,084 |
13,375,069 |
|
| Short
term borrowings - Secured |
|
9 |
69,501,787 |
77,845,000 |
|
| Creditors,
accrued and other liabilities |
|
10 |
94,537,311 |
54,334,600 |
|
| Provision
for taxation |
|
|
10,979,817 |
25,689,644 |
|
| Proposed
dividend |
|
|
7,818,750 |
10,425,000 |
|
|
|
---------- |
---------- |
|
|
|
189,615,749 |
181,669,313 |
|
| CONTINGENCIES
AND CAPITAL COMMITMENT |
|
11 |
-- |
-- |
|
|
---------- |
---------- |
|
|
423,934,856 |
447,539,382 |
|
|
========== |
========== |
|
|
| FIXED
ASSETS - TANGIBLE |
|
|
| Operating
fixed assets |
|
12 |
229,722,791 |
240,686,268 |
|
| Capital
work in progress |
|
|
14,897,169 |
-- |
|
|
|
|
|
| LONG
TERM LOANS AND ADVANCES |
|
13 |
277,469 |
268,769 |
|
| LONG
TERM DEPOSITS |
|
1,630,236 |
1,893,576 |
|
|
|
| CURRENT
ASSETS |
|
| Stores and spares |
|
14 |
44,895,719 |
45,149,798 |
|
| Stock in trade |
|
15 |
82,309,992 |
82,048,746 |
|
| Trade
debts (Unsecured) considered good |
|
|
10,433,879 |
8,002,727 |
|
| Loans
and advances |
|
16 |
8,735,586 |
17,555,702 |
|
| Deposits
and prepayments |
|
17 |
2,082,492 |
4,403,900 |
|
| Other receivables |
|
18 |
9,160,244 |
20,777,348 |
|
| Cash
and bank balances |
|
19 |
19,789,279 |
26,752,548 |
|
|
----------- |
----------- |
|
|
177,407,191 |
204,690,769 |
|
|
----------- |
----------- |
|
|
423,934,856 |
447,539,382 |
|
|
========== |
========== |
|
| Note:
The annexed notes form an integral part of these accounts. |
|
|
|
NISAR H. EFFENDI |
|
RIZWAN H. SAID |
|
|
Chief Executive |
|
Director |
|
|
| Karachi:
the April 24, 2000 |
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE YEAR ENDED |
|
| 30TH
SEPTEMBER, 1999 |
|
|
|
|
1999 |
1998 |
|
|
Note |
Rupees |
Rupees |
|
|
| SALES |
|
20 |
599,529,449 |
823,719,203 |
|
| COST
OF GOODS SOLD |
|
21 |
(529,732,786) |
(735,487,966) |
|
|
|
|
----------- |
----------- |
|
| GROSS PROFIT |
|
69,796,663 |
88,231,237 |
|
| OPERATING
EXPENSES |
|
|
| Administrative |
|
22 |
(43,488,561) |
(48,056,637) |
|
| Selling
and distribution |
|
23 |
(11,971,088) |
(10,234,682) |
|
|
|
----------- |
----------- |
|
|
|
(55,459,649) |
(58,291,319) |
|
|
|
|
|
| OPERATING
PROFIT |
|
|
14,337,014 |
29,939,918 |
|
| FINANCIAL
CHARGES |
|
24 |
(32,394,924) |
(32,789,655) |
|
|
|
|
----------- |
----------- |
|
|
|
|
(18,057,910) |
(2,849,737) |
|
| OTHER
CHARGES |
|
25 |
(1,771,924) |
(1,130,767) |
|
|
|
----------- |
----------- |
|
|
|
(19,829,834) |
(3,980,504) |
|
| OTHER INCOME |
|
|
|
|
| Bank
profit & miscellaneous receipts |
|
|
5,666,859 |
4,880,008 |
|
| Central
excise duty |
|
26 |
38,098,445 |
10,750,000 |
|
|
|
----------- |
----------- |
|
|
|
43,765,304 |
15,630,008 |
|
|
|
----------- |
----------- |
|
| Profit
for the year before taxation |
|
|
23,935,470 |
11,649,504 |
|
| Provision
for Taxation |
|
27 |
(8,800,000) |
1,860,179 |
|
|
----------- |
----------- |
|
| Profit
after taxation |
|
15,135,470 |
13,509,683 |
|
| Unappropriated
profit brought forward |
|
2,316,441 |
6,231,758 |
|
|
----------- |
----------- |
|
| Profit
available for appropriation |
|
17,451,911 |
19,741,441 |
|
|
|
|
| Appropriation |
|
|
|
| Proposed
cash dividend |
|
(7,818,750) |
(10,425,000) |
|
| Transfer
to general reserve |
|
(7,000,000) |
(7,000,000) |
|
|
----------- |
----------- |
|
|
(14,818,750) |
(17,425,000) |
|
|
----------- |
----------- |
|
| Unappropriated
profit carried forward |
|
2,633,161 |
2,316,441 |
|
|
========== |
========== |
|
| Earning per share |
|
Rs. 1.45 |
Rs. 1.30 |
|
| Note:
The annexed notes form an integral part of these accounts. |
|
|
|
