| DYNO Pakistan Limited |
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| Annual
Report 1999 |
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| CONTENTS |
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| Company
Information |
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| Notice
of Meeting |
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| Statement
U/S 160 (B) of the Companies Ordinance, 1984 |
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| Directors'
Report |
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| Highlights |
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| Auditors'
Report |
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| Balance Sheet |
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| Profit
and Loss Account |
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| Statement
of Changes in Financial Position |
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| Graphs |
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| Notes
to the Accounts |
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| Combined
Pattern of CDC & |
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| Normal
Shareholdings |
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| CONSOLIDATED
FINANCIAL STATEMENTS |
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| Auditors'
Reports |
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| Balance Sheet |
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| Profit
& Loss Account |
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| Statement
of Changes in Financial Position |
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| Notes
to the Account |
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| Statement
Persuant to Sec. 237 |
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| of
Companies Ordinance, 1984. |
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|
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| VlSlONITE
(PRIVATE) LIMITED |
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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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| Notes
to the Accounts |
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| COMPANY
INFORMATION |
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| Chairman |
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DAG SCHJERVEN |
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| Vice Chairman |
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|
SYED ALl |
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| Managing
Director |
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SAROSH R. DUBASH |
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| Directors |
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RAFIQ M. HABIB |
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ABDUL KARIM LODHI
(N.I.T.) |
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DAG MEJDELL |
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OIVIND ISAKSEN |
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| Director
(Nominee I.C.P.) |
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ASADULLAH KHAWAJA |
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| Director
(Technical) |
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ATHER SAEED KHAN |
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| Company
Secretary |
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SHAHED ALl KHAN |
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| Bankers |
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BANK OF AMERICA |
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CREDIT AGRICOLE INDOSUEZ |
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EMIRATES BANK
INTERNATIONAL (P.J.S.C) |
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GULF COMMERCIAL BANK
LIMITED |
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HABIB BANK AG ZURICH |
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HABIB BANK LIMITED |
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HONG KONG AND SHANGHAI
BANKING CORP. |
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METROPOLITAN BANK LIMITED |
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NATIONAL DEVELOPMENT
FINANCE CORP. |
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NATIONAL BANK OF PAKISTAN |
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STANDARD CHARTERED BANK |
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| Auditors |
|
FORD, RHODES, ROBSON,
MORROW |
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|
CHARTERED ACCOUNTANTS |
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|
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| Registered
Office |
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2ND FLOOR, AL HANNAN
CENTRE |
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|
SHAREA FAISAL, KARACHI. |
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| Registrars |
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M/S. NOBLE COMPUTER
SERVICES (PVT) LTD. |
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2ND. FLOOR AL-MANZOOR
BUILDING |
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DR. ZIAUDDIN AHMED ROAD,
KARACHI. |
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| Factory |
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A 101, A 102, A 103, A
134, A 135 & A 136 |
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LASBELLA INDUSTRIAL
ESTATE |
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DEVELOPMENT AUTHORITY |
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HUB CHOWKI, DISTT.
LASBELLA |
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BALOCHISTAN. |
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| NOTICE
OF MEETING |
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| Notice
is hereby given that the Seventeenth Annual General Meeting of the Company
will be held at |
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| Raffia
Choudri Memorial Hall, Ground floor, Sidco Avenue Centre, Deen Mohammed Wafai
Road, Karachi. |
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| on
Thursday 23rd December, 1999 at 12:30 p.m. to transact the following
business: |
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| ORDINARY
BUSINESS |
|
|
| 1)
To confirm the minutes of the Sixteenth Annual General Meeting. |
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|
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| 2)
To receive and adopt the Audited Accounts of the company for the year ended
30th June, |
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| 1999
together with the Directors' and Auditors' report thereon. |
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|
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| 3)
To approve the payment of cash dividend @ 27.5% i.e. Rs. 1.375 per share for
the year |
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| ended
30th June, 1999, as recommended by the directors. |
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| 4)
To appoint Auditors of the company for the year 1999-2000 and fix their
remuneration. |
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| 5)
To transact any other business as may be placed before the meeting with the
permission of |
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| chairman. |
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| SPECIAL
BUSINESS |
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| 1)
To consider and if thought fit to approve the amendments/substitutions in
Articles No. 3, 38, |
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| 86,
88, 92, 93, 97, 101, 120, 121 and 123 of the Articles of Association of the
company. |
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|
|
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| 2)
To approve the remuneration of the Vice Chairman and Chief Executive of the
company. |
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By Order of the Board |
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|
SHAHED ALl KHAN |
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| Karachi
1st December, 1999 |
|
G.M. (Finance) & Company Secretary |
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| Notes: |
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|
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| 1)
The Share Transfer Books of the Company will remain closed from 18th
November, 1999 to |
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| 1st
December, 1999 (both days inclusive). |
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|
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| 2)
A member entitled to attend and vote at this meeting may appoint another
member as his/her |
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| proxy
to attend the meeting and vote for him/her. No person shall act as a proxy
who is not |
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| a
member of the company. Proxies in order to be effective must be received by
Company |
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| not
less than 48 hours before the meeting. |
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|
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| 3)
Shareholders are requested to notify any change in their address immediately. |
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| 4)
CDC shareholders are requested to bring their National Identity Card, Account
and Participant's |
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| I.D.
Numbers while attending the meeting for identification. |
|
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| 5)
Statement under section 160 (b) of the Companies Ordinance, 1984 is being
sent to the share- |
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| holders
alongwith the notice. |
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|
|
| STATEMENT
UNDER SECTION 160 (B) |
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| OF
THE COMPANIES ORDINANCE, 1984 |
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| SPECIAL
BUSINESS |
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| Item 1 |
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| "RESOLVED"
that the existing Article Numbers 3, 38, 86, 88, 97, 101, 120, 121 and 123 of |
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| Articles
of Association of the Company be and are hereby amended, deleted/substituted, |
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| in
the view of certain Article have either become redundant and inconsistent
with the |
|
| provisions
of the Companies Ordinance, 1984 and for that purpose the Articles of |
|
| Association
of the Company be and are hereby approved and adopted as the Articles of |
|
| Association
of the Company in substitution for and to the exclusion of all existing |
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| provisions
of the Articles of Association." |
|
|
| "FURTHER
RESOLVED that the Chief Executive and or the Company Secretary be and is |
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| hereby
authorised to take all such steps as may be necessary for the purpose." |
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| Article-3 |
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| "Subject
to the provision of Sections 95-A of the Companies Ordinance, company may |
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| purchase
its own shares." |
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| Article-38 |
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| "The
Company may, by a Resolution passed in Board of Directors Meeting. Sub-divide
or |
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| consolidate
its shares or any of them." |
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| Article-86 |
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| "Until
otherwise determined by the Company in General Meeting the number of elected |
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| Directors
shall not be less than seven nor more than twelve excluding Directors
nominated |
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| by
the Company's Creditors or other special interest by virtue of contractual
arrangements |
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| as
mentioned in Section 182 of the Ordinance." |
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|
| Article-88 |
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| "This
Article be and is hereby deleted and the other Article be and is hereby
renumbered |
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| accordingly." |
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| Article-92 |
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| "The
remuneration of Director, shall, from time to time be determined by the Board
of |
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| Directors
and unless otherwise determined shall not exceed Rs. 500/- per meeting at |
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| which
the Director shall be present. The Directors shall be paid such travelling,
boarding, |
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| lodging
and other expenses properly incurred by them in or about the performance of |
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| their
duties or business if any of them has to come to attend the Board Meeting
from |
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| outstation." |
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| Article-93 |
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| "Any
Director appointed to any executive office including for the purpose of this
Article |
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| the
Office of Chief Executive or Chairman or to serve on any committee or to
devote |
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| special
attention to the business of the Company or who otherwise performs extra
services |
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| which
in the opinion of the Directors are outside the scope of the ordinary duties
of the |
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| Directors,
may be paid such extra remuneration by way of salary, fees percentage of |
|
| profits
or otherwise as shall from time to time be determined by the Directors and be |
|
| subject
to provision of any law for the time being in force applicable to the
Company." |
|
|
| Article-97 |
|
| "A
Director except the Directors nominated by the Company's Creditors or other
special |
|
| interests
by virtue of contractual arrangement shall hold office for a period of three
years |
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| unless
he earlier resigns, becomes disqualified for being a Director or otherwise
ceases |
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| to
hold office in terms of the provisions of the Ordinance." |
|
|
| Artiole-101 |
|
| "Subject
to the provisions of Section 178(1) of the Companies Ordinance, the Company
in |
|
| Board
of Directors meeting may from time to time increase or reduce the of number
of |
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| Directors." |
|
|
| Article-120 |
|
| "Directors
shall appoint any person, including an elected Director to be the Chief
Executive |
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| of
the Company in the manner provided in Sections 198 and 199 of the Ordinance
for a |
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| term
not exceeding three years from the date of appointment and may remove a Chief |
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| Executive
so appointed in the manner provided in Section 202 of the Ordinance. The
terms |
|
| and
conditions of appointment of Chief Executive shall be determined by the Board
of |
|
| Directors." |
|
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| Article-121 |
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| "The
Directors may, from time to time, appoint one or more of their body to hold
or continue |
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| in
the office of Manager or legal or Technical Adviser or the office of
Executive Director or |
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| any
other office of profit under the Company and may procure any one or more of
their |
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| number
to hold or continue in any office or place of profit under the Company and
may |
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| procure
any one or more of their number to hold or continue in any office or place of
profit |
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| under
any other Company which is subsidiary of or otherwise associated with this |
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| Company,
as they may decide, and for such period as the Directors shall think fit, and
the |
|
| Directors
may also from time to time remove or dismiss him or them from office and |
|
| appoint
another or others in his or their place or places." |
|
|
| Article-123 |
|
| "The
remuneration of an Executive Director or Director holding any office as is
mentioned |
|
| in
Articles 120 and 121 may from time to time be determined by the Board of
Directors of |
|
| the
Company and may be by way of fixed salary, or commission or dividend, profits
or |
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| turnover
of the Company or of any other company in which the Company is interested, or |
|
| by
participation in any such profits or by any or all of those modes. The
remuneration of |
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| any
such Director may include such profits or by any or all of those modes. (if
any) for |
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| himself
or any dependents (whether by pension, superannuation or otherwise) after the |
|
| termination
of his office as the Directors shall think proper. A Director holdin9 any
such |
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| office
as is mentioned in Articles 120 and 121 shall not be precluded merely by
reason of |
|
| his
office of Director from membership of any superannuation or Pension fund for
the time |
|
| being
established or supported by the Company." |
|
|
| GENERAL |
|
| The
term CLA in the old Articles of Association be substituted with Securities
& Exchange |
|
| Commission
of Pakistan. |
|
|
| The
old Article Numbers be amended, deleted/substituted with new Article Numbers. |
|
|
| Item-2 |
|
| "Resolved
that the Company hereby approves and authorises the payment of Rs. |
|
| 900,000/-
per annum to Mr. Syed Ali (Vice Chairman) and Mr. Sorosh R. Dubash (Chief |
|
| Executive)
each as remuneration, in addition to this they are entitled to normal
benefits |
|
| of
the Company offers to its Executives including reimbursement of medical
expenses, |
|
| house
rent allowance, leave fare assistance, use of company's car etc, and
participation |
|
| in
provident fund scheme." |
|
|
| The
Vice Chairman and Chief Executive are interested in this business to the
extent of |
|
| their
remunerations. |
|
|
|
| DIRECTORS'
REPORT |
|
|
| Your
Board of Directors is pleased to place before you the 17th Report together
with |
|
| the
audited accounts for the year ended 30th of June, 1999. |
|
|
| FINANCIAL
RESULTS: |
|
| The
profit earned and appropriations recommended by the directors are as under: |
|
|
|
|
June 30, 1999 |
|
|
|
Rupees |
|
|
| Profit
before taxation |
|
27,223,293 |
|
|
| Taxation |
Current |
|
|
3,533,384 |
|
|
Prior year |
|
|
-- |
|
|
Deferred |
|
|
852,307 |
|
|
|
|
------------------ |
|
| Profit
after taxation |
|
|
22,837,602 |
|
| Unappropriated
profit brought forward |
|
393,113 |
|
|
|
|
------------------ |
|
| Profit
available for appropriation |
|
|
23,230,715 |
|
|
| APPROPRIATIONS |
|
| Interim
Dividend @ 27.5% |
|
19,961,206 |
|
| Transfer
to General Reserve |
|
3,000,000 |
|
|
|
|
------------------ |
|
| Unappropriated
profit carried forward |
|
269,509 |
|
|
========== |
|
|
| EARNING
PER SHARE |
|
| Earning
per share for the year ended June 30, 1999comesto Rs. 1.57 as compared to Rs.
0.69in |
|
| the
preceding year. |
|
|
| OPERATING
PERFORMANCE |
|
| During
last year there was some improvement in the economic conditions in the
country |
|
| which
is reflected in the improved revenue and profitability of the Company.
Imports |
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| of
moulding compound at unrealistically low prices from China has continued but
our |
|
| case
for anti-dumping measures is at an advanced stage and we expect positive
results |
|
| in
the near future. |
|
|
| We
have improved our working efficiency and are working with lower raw material
and |
|
| finished
goods stocks as well as lower trade debtors. This, and the removal of the |
|
| condition
of keeping the cash margin on L/Cs has improved our liquidity and has |
|
| resulted
in lower financial costs in the third and fourth quarters. |
|
|
| FUTURE
PROSPECTS |
|
| Due
to the recent changes in the country we are expecting early revival of the
economy. |
|
| Your
Company will play its due role which will benefit the country as well as the |
|
| shareholders. |
|
|
| MILLENNIUM
BUG |
|
| The
software being used by your company will not be effected by the
"Millennium Bug". |
|
| And
we expect to move smoothly into the year 2000. |
|
|
| AUDITORS |
|
| The
present auditors, M/s Ford, Rhodes, Robson, Morrow, Chartered Accountants, |
|
| are
due for retirement and being eligible, offer themselves for re-appointment
for the |
|
| ensuing year. |
|
|
| Finally,
I, on behalf of Directors and shareholders wish to thank all employees,
including |
|
| the
management, for their sincere contribution to the results of 1998-99. I also
take |
|
| this
opportunity .to express our appreciation for the support and cooperation
extended |
|
| to
us by our customers, bankers and NORAD. |
|
|
|
|
|
On behalf of the Board of Directors |
|
|
|
|
|
|
|
|
|
DAG SCHJERVEN |
|
| Karachi:
28th October, 1999 |
|
Chairman |
|
|
|
|
|
|
1998-99 |
1997-98 |
1996-97 |
1995-96 |
1994 |
1993 |
1992 |
1991 |
1990 |
1989 |
|
(18 MONTHS) |
|
|
| TURNOVER |
|
306,713 |
354,498 |
338,648 |
479,629 |
234,543 |
225,814 |
220,609 |
208,351 |
154,242 |
122,335 |
| GROSS PROFIT |
|
46,381 |
36,445 |
28,491 |
70,480 |
33,461 |
57,317 |
57,324 |
48,338 |
35,614 |
28,713 |
| NET PROFIT |
|
27,223 |
11,403 |
16,030 |
41,459 |
33,556 |
30,067 |
33,757 |
27,407 |
16,252 |
13,190 |
| TAXATION |
|
4,387 |
1,399 |
2,921 |
17,119 |
12,650 |
9,900 |
10,515 |
7,384 |
5,711 |
-- |
| EXTRAORDINARY
ITEM |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
19,318 |
-- |
| EARNING
RETAINED |
|
| IN BUSINESS |
|
2,876 |
0.930 |
3,641 |
6,982 |
9,545 |
0.957 |
7,107 |
(0,433) |
29,880 |
6,260 |
| NET
ASSETS EMPLOYED |
158,375 |
161,313 |
165,110 |
138,440 |
129,958 |
123,585 |
116,167 |
116,312 |
98,191 |
96,632 |
| SHARE
CAPITAL FUND |
72,586 |
72,586 |
63,118 |
63,118 |
63,118 |
54,885 |
49,896 |
41,580 |
27,720 |
27,720 |
| SHAREHOLDERS
FUND |
149,856 |
146,979 |
146,049 |
132,940 |
125,958 |
116,413 |
107,223 |
98,950 |
73,383 |
43,523 |
| Gross Profit % |
|
15.12 |
10.28 |
8.41 |
14.69 |
14.27 |
25.38 |
25.98 |
23.20 |
23.09 |
23.47 |
| Net Profit % |
|
8.88 |
3.22 |
4.73 |
8.64 |
14.31 |
13.31 |
15.30 |
13.15 |
10.53 |
10.78 |
| Taxation % |
|
1.43 |
0.39 |
0.86 |
3.57 |
5.39 |
4.38 |
4.76 |
3.54 |
3.70 |
-- |
| Extra
Ordinary Item % |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
12.42 |
-- |
-- |
| Earning
per Share |
1.57 |
0.69 |
1.27 |
3.28 |
2.66 |
2.74 |
3.38 |
3.29 |
6.41 |
2.38 |
| Net Earning per |
|
|
| Rupee sales |
|
0.07 |
0.03 |
0.05 |
0.08 |
0.14 |
0.13 |
0.15 |
0.13 |
0.10 |
0.11 |
| Dividend |
|
27.50% |
12.50% |
-- |
27.50% |
18% |
20% |
30% |
20% |
Nil |
25% |
| Right Shares |
|
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
50% |
-- |
| Bonus |
|
-- |
-- |
15% |
-- |
-- |
15% |
10% |
20% |
-- |
-- |
|
|
|
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of DYNO PAKISTAN LIMITED as at June
30, |
|
| 1999
and the related profit and loss account and the statement of changes in
financial |
|
| position,
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 and. after due |
|
| verification
thereof, 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 the 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 accounts and are further in |
|
|
| accordance
with accounting policies consistently applied except for the |
|
|
| change
as stated in note 3 with which we concur; |
|
|
|
|
| (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 the statement of
changes |
|
| in
financial position, 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 |
|
| June
30, 1999 and of the profit and the changes in financial position for the year |
|
| then ended; and |
|
|
|
|
|
|
| d)
in our opinion, Zakat was deductible at source under the Zakat and Ushr
Ordinance, |
|
| 1980. |
|
|
|
|
|
|
FORD, RHODES, ROBSON, MORROW |
|
| Karachi:
28th October, 1999 |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT JUNE 30 |
|
|
|
|
|
1999 |
1998 |
|
|
|
Note |
Rupees |
Rupees |
|
|
|
|
|
| SHARE
CAPITAL AND RESERVES |
|
|
| Authorised
capital |
|
|
|
| 20,000,000
(1998: 20,000,000) Ordinary |
|
|
| shares
of Rs.5/- each |
|
|
|
100,000,000 |
100,000,000 |
|
|
|
|
========== |
========== |
|
| Issued,
subscribed and paid -up capital |
|
4 |
72,586,205 |
72,586,205 |
|
| Reserves |
|
|
|
5 |
77,269,509 |
74,393,113 |
|
|
|
|
|
|
------------------ |
------------------ |
|
| SHAREHOLDERS'
EQUITY |
|
|
|
149,855,714 |
146,979,318 |
|
| LONG-TERM
LOAN |
|
|
6 |
-- |
6,666,666 |
|
| DEFERRED
TAXATION |
|
|
|
8,519,139 |
7,666,832 |
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
| Current
maturity of long term loan |
|
6 |
6,666,666 |
6,666,667 |
|
| Short
term finances |
|
7 |
71,741,292 |
79,154,782 |
|
| Short term loan |
|
|
8 |
5,000,000 |
-- |
|
| Creditors,
accrued and other liabilities |
|
9 |
50,069,888 |
83,423,023 |
|
| Proposed
final dividend |
|
|
19,961,206 |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
153,439,052 |
169,244,472 |
|
| CONTINGENCIES
AND COMMITMENTS |
|
10 |
|
|
|
|
|
|
------------------ |
------------------ |
|
| TOTAL
SHAREHOLDERS' EQUITY AND LIABILITIES |
|
311,813,905 |
330,557,288 |
|
|
|
|
|
========== |
========== |
|
|
|
|
| TANGIBLE
FIXED ASSETS |
|
|
|
|
| Operating
fixed assets |
|
11 |
67,091,342 |
69,965,889 |
|
| Capital
Work-in-progress |
|
12 |
187,911 |
1,307,299 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
67,279,253 |
71,273,188 |
|
|
|
|
|
| LONG-TERM
INVESTMENT |
|
13 |
40,036,000 |
40,036,000 |
|
| LONG-TERM
LOANS |
|
14 |
2,691,242 |
2,371,273 |
|
| LONG-TERM
DEPOSITS |
|
|
515,010 |
483,710 |
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
|
|
| Stores |
|
|
8,927,579 |
9,542,968 |
|
| Stock-in-trade |
|
15 |
77,631,128 |
90,452,725 |
|
| Trade Debts |
|
16 |
60,907.09 |
78,178.78 |
|
| Advances,
deposits and prepayments |
|
17 |
8,610,999 |
8,897,787 |
|
| Dividend
receivable from subsidiary company |
|
|
10,009,000 |
-- |
|
| Other
receivables |
|
18 |
34,621,174 |
28,549,107 |
|
| Cash
and bank balances |
|
19 |
585,434 |
771,755 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
201,292,400 |
216,393,117 |
|
|
|
|
------------------ |
------------------ |
|
| TOTAL
ASSETS |
|
|
311,813,905 |
330,557,288 |
|
|
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
DAG SCHJERVEN |
|
SYED ALI |
|
SAROSH R. DUBASH |
|
|
Chairman |
|
Vice Chairman |
|
Managing Director & |
|
|
|
|
|
Chief Executive |
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE YEAR ENDED JUNE 30 |
|
|
|
|
|
1999 |
1998 |
|
|
|
Note |
Rupees |
Rupees |
