| Haroon Oils 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 |
|
|
| Director's Report |
|
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| Pattern of Shareholdings |
|
|
| Chairperson's Review |
|
|
| Auditor's
Report |
|
| Statistical Summary |
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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 Accounts |
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|
|
| Board of Directors |
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|
|
| BEGUM
ALMAS M. HAROON |
CHAIRPERSON |
|
| KHAJA HABIBULLAH |
|
| MRS. AMBER H. SAIGOL |
|
| NASIM BAIG |
|
| DARIUS JAL BALSARA |
|
| MAKHDOOM ALl KHAN |
|
| MR.
ANIS WAHAB ZUBAIRI |
|
| ANVER MAJID |
|
CHIEF EXECUTIVE |
|
| G. NIZAMUDDIN |
|
COMPANY SECRETARY |
|
|
| Ford,
Rhodes, Robson, Morrow |
AUDITORS |
|
|
| Anz Grindlays Bank |
|
BANKERS |
|
| United Bank Limited |
|
| Faysal Bank Limited |
|
| Hongkong Bank |
|
| (The
Hongkong and Shanghai Banking Corporation Limited) |
|
|
| 11, Dockyard Road, |
|
REGISTERED OFFICE |
|
| West
Wharf Industrial Area, |
|
| Karachi-74000, |
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| Pakistan. |
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| Notice of Meeting |
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| NOTICE IS HEREBY GIVEN that the
Thirty-Fifth Annual General Meeting of the Company will |
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| be
held at the Registered office of the Company, located at 11, Dockyard Road,
West Wharf Industrial |
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| Area,
Karachi on Tuesday the 28th December, 1999 at 11.30 a.m. in order to: |
|
|
| confirm
the Minutes of the Extraordinary General Meeting held on Tuesday, the 17th
August, |
|
| 1999; |
|
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| receive
and adopt the Thirty Fifth Annual Report of the Directors and the Audited
Accounts |
|
| of
the Company for the year ended 30th June, 1999; |
|
|
| declare
a Dividend, directors have proposed 15% final dividend; |
|
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| appoint
the auditors and fix their remuneration; |
|
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| transact
any other ordinary business of the Company which may legally be transacted at |
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| the
Annual Genera! Meeting with the permission of the Chairman. |
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|
By Order of the Board |
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| Karachi: |
|
( G. Nizamuddin ) |
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| Dated : November 25, 1999 |
|
Company Secretary |
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|
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| Notes: |
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| 1.
A member entitled to attend and vote at the Annual General Meeting is
entitled to appoint |
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| a
Proxy to attend and vote instead of him at the Meeting, instrument appointing
a Proxy |
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| must
be received at the Registered Office of the Company not less than 48 hours
before |
|
| the
time appointed for holding the Annual General Meeting. A Proxy need not be a
member |
|
| of
the Company. A form of Instrument of Proxy is attached herewith. |
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|
|
|
| 2.
The Share Transfer Books of the Company will remain closed from 21st
December, 1999 |
|
| to
28th December, 1999 (both days inclusive). |
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|
| 3.
CDC Shareholders desiring to attend the meeting are requested to bring their
original National |
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| Identity Cards, Account and Participant's
ID numbers, for identification purpose, and in case |
|
| of proxy, to enclose an attested copy of
his/her National Identity Card. |
|
|
| 4.
Shareholders are requested to immediately notify to the Company the changes,
if any, in |
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| their addresses. |
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| Directors' Report |
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|
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| The
Directors of the Company take pleasure in submitting their report along with
audited accounts |
|
| of
the Company, together with Auditors' report thereon, for the year ended 30th
June, 1999. |
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|
| FINANCIAL RESULTS |
|
|
RUPEES |
|
| Profit
for the year before taxation |
|
827,584 |
|
| Less: Taxation |
|
|
|
|
| Current |
|
1,319,435 |
|
| Deferred |
|
33,481 |
|
|
|
------------------- |
|
|
|
1,352,916 |
|
|
|
------------------- |
|
| Net Loss for the year |
|
|
(525,332) |
|
| Unappropriated
profit brought forward |
|
572,914 |
|
|
|
------------------- |
|
| Profit
available for appropriation |
|
47,582 |
|
|
|
|
|
| APPROPRIATIONS |
|
| Transfer
from General Reserve |
|
1,152,418 |
|
| Dividend
recommended by the directors |
|
| at
the rate of 15% (equivalent to |
|
| Rs.
1.50 per share of Rs. 10/= each) |
|
1,200,000 |
|
|
------------------- |
|
| Unappropriated
profit carried forward to revenue reserve |
-- |
|
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|
============ |
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| EARNING PER SHARE |
|
| Earning
per share of Rs.10/- each is Rs. (0.66) as compared to Rs. (1.08) last year. |
|
|
| AUDITORS |
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| The
present Auditors Messrs. Ford, Rhodes, Robson, Morrow, Chartered Accountants,
retire and being |
|
| eligible
offer themselves for reappointment. |
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|
| PATTERN
OF SHAREHOLDINGS |
|
| The
pattern of Shareholdings of shares as at 30th June, 1999 is annexed with this
report. |
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|
On Behalf of the Board |
|
| KARACHI |
|
( ANVER MAJID ) |
|
| DATED:
16th November, 1999 |
|
CHIEF EXECUTIVE |
|
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|
| Pattern
of Shareholdings |
|
|
|
| No. of Shareholders |
|
Shareholding |
|
Total Shares Held |
|
|
| 208 |
Holding from |
1 to |
100 |
Shares |
11,990 |
|
| 40 |
" |
101 to |
500 |
Shares |
11,325 |
|
| 12 |
" |
501 to |
1000 |
Shares |
9,700 |
|
| 13 |
" |
1001 to |
5000 |
Shares |
28,100 |
|
| 1 |
" |
5001 to |
10000 |
Shares |
5,400 |
|
| 1 |
" |
15001 to |
20000 |
Shares |
17,619 |
|
| 1 |
" |
20001 to |
25000 |
Shares |
21,900 |
|
| 1 |
" |
145001 to |
235000 |
Shares |
202,566 |
|
| 1 |
" |
235001 to |
240000 |
Shares |
240,000 |
|
| 1 |
" |
250001 to |
255000 |
Shares |
251,400 |
|
| ---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
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| 279 |
|
800,000 |
|
| ============= |
============= |
============= |
============= |
============= |
============= |
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| CATEGORIES
OF SHAREHOLDERS |
|
|
| Categories of Shareholders |
|
Number |
Shares Held |
Percentage |
|
|
|
|
|
Individual |
|
268 |
72,563 |
9.07 |
|
| * |
Investment Companies |
3 |
245,500 |
30.69 |
|
| ** |
Insurance Companies |
|
3 |
27,800 |
3.48 |
|
| *** |
Joint Stock Companies |
2 |
251,500 |
31.44 |
|
| **** |
Financial Institution |
|
1 |
202,566 |
25.31 |
|
| ***** |
Government Bodies |
|
2 |
71 |
0.01 |
|
|
---------------------- |
---------------------- |
---------------------- |
|
|
|
279 |
800,000 |
100.00 |
|
|
============= |
============= |
============= |
|
| *
Includes Central Depository Company of Pakistan Ltd. |
|
5,400 Shares |
|
| *
Includes Olympia Investments Limited |
|
|
240,000 Shares |
|
| *
Includes Naeem Investment Trust (Pvt.) Limited |
|
|
100 Shares |
|
| **
Includes Pakistan Guarantee Insurance Co. Limited |
|
900 Shares |
|
| **
'Includes Pakistan Insurance Corporation |
|
|
5,000 Shares |
|
| **
Includes Alpha Insurance Co. Limited |
|
|
21,900 Shares |
|
| ***
Includes MEC Shipbreakers (Pvt.) Limited |
|
|
100 Shares |
|
| ***
Includes Haroon Sons (Pvt.) Limited |
|
|
251,400 Shares |
|
| ****
Includes National Bank of Pakistan |
|
|
202,566 Shares |
|
| *****
Includes Corporate Law Authority |
|
|
1 Share |
|
| *****
Includes The Administrator, Abandoned Properties |
|
70 Shares |
|
|
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| Chairperson's Review |
|
|
|
| It
is a pleasure and privilege for me to present to you the 35th Annual Report
and Audited Accounts |
|
| of
the Company for the financial year ended 30th June, 1999. |
|
|
| BOARD OF DIRECTORS |
|
| In
accordance with the provisions of Section 180 of the Companies Ordinance,
1984, the directors elected |
|
| in
August, 1996 retired after completing their three years tenure. A new Board
was elected in the |
|
| Extraordinary
General Meeting held on 17th August, 1999 for a further period of three
years. |
|
|
| I
take this opportunity to place on record our appreciation for the valuable
services rendered by them. |
|
| I
also welcome our new Directors who have joined the Board, Mrs. Amber H.
Saigol, Mr. Nasim Beg, |
|
| Mr.
Makhdoom Ali Khan & Mr. Anis Wahab Zuberi. |
|
|
| FINANCIAL RESULTS |
|
| The
sales volume of lubricants for the year were 4,794 M.Tons as compared to
7,103 M.Tons during |
|
| the
last year. Simultaneously the quantity of lubricants manufactured for the
year was 4,774 M.Tons |
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| as
compared to 6,893 M.Tons in the same period of the last year. |
|
|
| The
profit before tax for the year was amounted to Rs. 827,584 as compared to
previous year's profit |
|
| of Rs. 1,587,398. |
|
|
| The
reduction in the production and sales volume was unexpectedly lower than the
previous years. |
|
| The
following facts which effected the profitability, production and sales faced
by the company were:- |
|
| 01.
Increase in the cost of Base oil by Rs. 3.51 per litre. |
|
|
| 02.
Increase in cost of containers by Rs. 0.56 per litre. |
|
|
| 03.
The overall cost of transportation increased by Rs. 0.63 per litre. |
|
|
| 04.
Stagnation of industrial activity, overall economic condition of the country. |
|
|
| 05.
Free import of finished lubricants by commercial importers due to
deregulation and liberalisation |
|
| of import |
|
|
|
| 06.
Freely import of lube base oils by commercial importers. |
|
|
| 07.
Stiff competition by small blenders and major oil companies by price cutting,
discount and credit |
|
| etc. |
|
|
|
| This
year, the profit before taxation is Rs. 827,584. After providing for Rs.
1,352,916 against taxes, |
|
| there
is a loss of Rs. 525,332 and by adding Rs. 572,914 unappropriated profit
brought forward from |
|
| previous
year, the total amount available for appropriation is Rs. 47,582. |
|
|
| As
you know, it has always been practice of the company to distribute profit to
the shareholders. Taken |
|
| in
view the same the Directors have recommended to transfer a sum of Rs.
1,152,418 from general |
|
| reserve
and make the payment of dividend of Rs. 1.50 per share of Rs. 10/= each. |
|
|
| During
the year under review your company's contribution to the National exchequer
amounted to Rs. |
|
| 71.778
million, (97-98: Rs. 111.177 million) in respect of payments towards central
excise duty, sales |
|
| tax
and corporate income tax against the turn over of Rs. 301.275 million i.e.
23.82%. |
|
|
| FUTURE PROSPECTS |
|
| Besides
our normal business this year also the company has been awarded large
contract for supply |
|
| of
lubricants of Pakistan Railways and other Government Agencies. Partial
deliveries have been made |
|
| this
year and the major part of the same is to be serviced during the year
1999-2000. |
|
|
| The
Company's major sales is in the 205 litres drums, but from this year
extensive sales programme |
|
| has
been made to introduce 4 litres/10 litres and 20 litres containers of
Automotive Grades, which has |
|
| received
very encouraging response from customers. We are hopeful of increase our
sales in these |
|
| packings. |
|
|
| We
are therefore, quite confident that in the forth coming year we will be able
to capture sizeable share |
|
| of
the small containers market of the country. |
|
|
| I
am advised and am confident that your company will make better progress
financially in the next year |
|
| and
in years after that as well. |
|
|
| EMPLOYEE RELATIONS |
|
| Your
company has signed the New Bilateral Agreement with the collective bargaining
agent in a very |
|
| cordial
environment to the full satisfaction of the employees and the management for
a period of two |
|
| years ending June 30, 2000. |
|
|
| I
am pleased to report that all the employees including the management staff
continued to give valuable |
|
| services during the year. |
|
|
| You
will join me in extending our appreciation of devoted efforts of all the
categories of employees |
|
| including management staff. |
|
|
| I
will also like to thank all our customers, distributors and suppliers for
their continued support and |
|
| patronage during the year. |
|
|
( Begum Almas M. Haroon ) |
|
| Dated: 16th November, 1999 |
|
Chairperson |
|
| West
Wharf Industrial Area, |
|
| KARACHI. |
|
|
|
|
| Auditors' Report |
|
| to the Members |
|
|
|
| We
have audited the annexed balance sheet of HAROON OILS LIMITED as at 30th
June, 1999 and |
|
| the
related profit and loss account and 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
purposes 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; |
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| and |
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|
|
|
|
| (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 (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 June 30, 1999 and of the Loss and
the statement |
|
| of
changes in financial position (cash flow statement), 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. |
|
|
|
| KARACHI: |
|
|
FORD, RHODES, ROBSON,
MORROW |
|
| DATED
: 16th November, 1999 |
|
Chartered Accountants. |
|
|
|
|
|
| Statistical Summary |
|
|
|
|
1990 |
1991 |
1992 |
1993 |
1994 |
1995 |
1996 |
1997 |
1998 |
1999 |
|
|
| Subscribed Ordinary Capital |
|
8,000,000 |
8,000,000 |
8,000,000 |
8,000,000 |
8,000,000 |
8,000,000 |
8,000,000 |
8,000,000 |
8,000,000 |
8,000,000 |
| Reserves
and Unappropriated Profit |
13,675,580 |
16,977,808 |
17,465,042 |
17,631,891 |
20,751,469 |
29,999,659 |
38,403,859 |
42,437,261 |
39,972,914 |
38,247,582 |
| Deferred taxation |
|
282,000 |
1,571,151 |
1,975,646 |
1,512,643 |
944,176 |
207,091 |
220,235 |
215,419 |
786,824 |
820,305 |
|
|
--------------------- |
--------------------- |
--------------------- |
--------------------- |
--------------------- |
--------------------- |
--------------------- |
--------------------- |
--------------------- |
--------------------- |
| Capital Employed (Rupees) |
|
21,957,580 |
26,548,959 |
27,440,688 |
27,144,534 |
29,695,645 |
38,206,750 |
46,624,094 |
50,652,680 |
48,759,738 |
47,067,887 |
|
============ |
============ |
============ |
============ |
============ |
============ |
============ |
============ |
============ |
============ |
|
| Sales (Rupees) |
|
224,749,032 |
389,298,814 |
396,068,186 |
324,195,948 |
389,834,633 |
502,644,079 |
481,471,763 |
464,491,415 |
376,067,931 |
301,275,090 |
| Sales Volume (M. Tones) |
|
10,716 |
13,538 |
12,953 |
10,508 |
9,959.41 |
11,852.86 |
9,634 |
8,095.16 |
7,103 |
4,794 |
| Profit
before taxation (Rupees) |
2,389,234 |
8,481,027 |
5,835,644 |
5,356,740 |
13,010,556 |
20,226,263 |
21,013,927 |
12,942,325 |
1,587,398 |
827,584 |
| Taxation (Rupees) |
|
747,000 |
3,578,799 |
3,748,410 |
3,189,891 |
7,290,978 |
8,378,073 |
10,009,727 |
6,308,923 |
2,451,745 |
1,352,916 |
| Profit
after taxation (Rupees) |
1,642,234 |
4,902,228 |
2,087,234 |
2,166,849 |
5,719,578 |
11,848,190 |
11,004,200 |
6,633,402 |
(864,347) |
(525,332) |
| % of Sales |
|
0.73% |
1.26% |
0.53% |
0.67% |
1.47% |
2.36% |
2.29% |
1.43% |
0.23% |
-0, 17% |
| % of Total Assets |
|
1.78% |
4.07% |
2.39% |
2.96% |
5.95% |
9.90% |
8.60% |
5.22% |
0.76% |
0.39% |
| % of Capital Employed |
|
7.48% |
18.46% |
7.61% |
7.98% |
8.04% |
31.01% |
23.60% |
13.10% |
1.72% |
1.11% |
| % of Shareholders Equity |
|
7.57% |
19.63% |
8.20% |
8.45% |
18.24% |
31.18% |
23.71% |
13.15% |
1.80% |
1.34% |
| Central
Excise Duty (Rupees) |
8,234,635 |
39,116,804 |
19,037,404 |
7,635,177 |
81,518,918 |
102,023,503 |
80,899,094 |
72,299,237 |
59,549,933 |
26,703,983 |
| Development
Surcharge (Rupees) |
27,626,873 |
75,343,715 |
78,353,251 |
63,186,656 |
2,394,267 |
-- |
-- |
-- |
-- |
-- |
| Ordinary
Dividend - Amount |
1.00 |
2.00 |
2.00 |
2.50 |
3.25 |
3.25 |
3.25 |
3.25 |
2.00 |
1.50 |
| - % |
|
10% |
20% |
20% |
25% |
32.50% |
32.50% |
32.50% |
32.50% |
20% |
15% |
| Profit
retained in Business (Rupees) |
842,234 |
3,302,228 |
487,234 |
166,849 |
3,119,578 |
9,248,190 |
8,404,200 |
4,033,402 |
NIL |
NIL |
| Break-up value per share |
|
27.09 |
31.22 |
31.83 |
32.04 |
35.94 |
47.50 |
58.00 |
63.04 |
59.97 |
57.80 |
| Earning per share |
|
2.05 |
6.13 |
2.61 |
2.71 |
7.15 |
14.81 |
13.75 |
8.29 |
-1.08 |
-0.66 |
| Fixed
Assets Less Depreciation (Rupees) |
13,020,225 |
22,749,508 |
30,704,427 |
26,101,053 |
22,288,786 |
19,972,224 |
23,186,835 |
25,819,165 |
33,634,648 |
36,259,487 |
| Total Assets (Rupees) |
|
92,191,725 |
120,526,150 |
87,368,890 |
73,243,707 |
95,819,875 |
119,658,525 |
127,946,297 |
126,982,305 |
114,099,680 |
131,992,513 |
|
|
: |
|
| Balance Sheet |
|
|
| as at June 30, 1999 |
|
|
|
NOTE |
1999 |
1998 |
|
|
|
|
Rupees |
Rupees |
|
| CAPITAL
AND RESERVES |
|
|
| Share Capital |
|
|
| Authorised |
|
| 1,500,000
Ordinary Shares of Rs. 10 each |
|
15,000,000 |
15,000,000 |
|
|
============ |
============ |
|
| Issued,
subscribed and paid-up capital |
|
| 800,000
(1998: 800,000) Ordinary shares of |
|
| Rs.
10 each fully paid in cash |
|
|
8,000,000 |
8,000,000 |
|
| Revenue reserves |
|
3 |
38,247,582 |
39,972,914 |
|
|
|
|
--------------------- |
--------------------- |
|
|
|
|
46,247,582 |
47,972,914 |
|
|
|
|
|
| OBLIGATIONS
UNDER FINANCE LEASES |
|
4 |
289,655 |
84,474 |
|
|
| DEFERRED LIABILITY |
|
| Deferred taxation |
|
|
820,305 |
786,824 |
|
|
| CURRENT LIABILITIES |
|
|
| Current
portion of obligations under finance leases |
|
|
295,217 |
1,310,900 |
|
| Short term finances |
|
5 |
68,886,332 |
55,828,892 |
|
| Creditors,
accrued and other liabilities |
|
6 |
14,125,201 |
6,399,984 |
|
| Unclaimed dividend |
|
|
128,221 |
115,692 |
|
| Proposed dividend |
|
|
1,200,000 |
1,600,000 |
|
|
|
|
--------------------- |
--------------------- |
|
|
|
|
84,634,971 |
65,255,468 |
|
| CONTINGENCIES
AND COMMITMENTS |
|
7 |
-- |
-- |
|
|
--------------------- |
--------------------- |
|
|
|
|
131,992,513 |
114,099,680 |
|
|
=========== |
=========== |
|
|
| TANGIBLE
FIXED ASSETS |
|
|
| Operating
fixed assets at cost less |
|
| accumulated depreciation |
|
8 |
36,259,487 |
33,634,648 |
|
| Capital work-in-progress |
|
9 |
-- |
2,611,503 |
|
| LONG TERM DEPOSITS |
|
10 |
536,228 |
927,989 |
|
|
|
| CURRENT ASSETS |
|
| Stock-in-trade |
|
11 |
59,194,828 |
50,129,607 |
|
| Trade debts |
|
12 |
12,642,376 |
5,687,773 |
|
| Advances,
deposits, prepayments, and |
|
|
|
| other receivables |
|
13 |
20,874,488 |
19,967,582 |
|
| Cash and bank balances |
|
14 |
2,485,106 |
1,140,578 |
|
|
|
|
--------------------- |
--------------------- |
|
|
95,196,798 |
76,925,540 |
|
|
|
--------------------- |
--------------------- |
|
|
131,992,513 |
114,099,680 |
|
|
|
|
=========== |
=========== |
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
| ANVER MAJID |
|
ANIS WAHAB ZUBERI |
|
| CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
| Profit
and Loss Account |
|
| For
the year ended 30th June, 1999 |
|
|
NOTE |
1999 |
1998 |
|
|
|
Rupees |
Rupees |
|
|
|
|
| TURNOVER |
|
15 |
263,886,999 |
335,527,181 |
|
| Cost of sales |
|
16 |
197,706,047 |
272,385,850 |
|
|
|
|
-------------------- |
-------------------- |
|
| GROSS PROFIT |
|
|
66,180,952 |
63,141,331 |
|
|
|
|
|
|
| Administrative expenses |
|
17 |
22,415,965 |
20,169,928 |
|
| Selling
and distribution expenses |
|
18 |
30,438,523 |
27,827,485 |
|
|
|
|
-------------------- |
-------------------- |
|
|
|
|
52,854,488 |
47,997,413 |
|
|
|
|
-------------------- |
-------------------- |
|
| OPERATING PROFIT |
|
|
13,326,464 |
15,143,918 |
|
|
|
| OTHER CHARGES |
|
| Financial charges |
|
19 |
14,427,787 |
14,542,042 |
|
| Workers'
Profit Participation Fund |
|
|
45,731 |
101,720 |
|
| Workers' Welfare Fund |
|
|
41,311 |
345,290 |
|
|
|
|
-------------------- |
-------------------- |
|
|
|
|
14,514,829 |
14,989,052 |
|
|
|
|
-------------------- |
-------------------- |
|
|
|
(1,188,365) |
154,868 |
|
| OTHER INCOME |
|
20 |
2,015,949 |
1,432,532 |
|
|
|
|
-------------------- |
-------------------- |
|
| PROFIT
BEFORE TAXATION |
|
|
827,584 |
