| Ellahi Electric Company 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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| Directors' Report |
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| Operating
Financial and Investment Ratios |
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| Auditors' Report |
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| Balance Sheet |
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| Profit and Loss |
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| Statement
of changes in financial position |
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| Notes to the Accounts |
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| Pattern
of Holding of the Shares |
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| COMPANY
INFORMATION |
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| BOARD OF DIRECTORS |
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| Mr.
Shaikh Enam Ellahi, Chairman |
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| Mr. S.M. Yusuf |
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| Mr. Shahzada Ellahi Shaikh |
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| Mr. M. Ejaz Ahmad Baig |
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| Mr. Shafqat Ellahi Shaikh |
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| Mr. Shaukat Ellahi Shaikh |
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| Mr. Tahir Hussain Raza |
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| MANAGING DIRECTOR |
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| Mr. Shaukat Ellahi Shaikh |
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| COMPANY SECRETARY |
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| Mr. Sheikh Muhammad Shafi |
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| AUDITORS |
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| Messrs.
M. Yousuf Adil Saleem & Co. |
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| Chartered Accountants, |
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| Apartment #4, Block-B, |
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| 90-Canal Park, Gulberg-II, |
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| Lahore-54660 |
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| REGISTERED OFFICE |
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| NAGINA HOUSE, |
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| 91-B-1, M.M. Alam Road, |
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| Gulberg III, Lahore-54660 |
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| POWER HOUSES |
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| 1. Mouza Rossa, Manga Mandi |
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| Raiwind
Road, Tehsil & District Kasur. |
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| 2.
Ellahipur, Sheikhupura-Sharaqpur Road, |
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| Tehsil & District Sheikhupura. |
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| 3. Aminabad, S.I.T.E., Kotri, |
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| Taluka & District Kotri,
Sindh. |
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. |
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| REGIONAL OFFICE |
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| 2nd
Floor, Shaikh Sultan Trust Bldg. No. 2, |
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| 26-Civil Lines, Beaumont
Road, |
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| KARACHI-75530. |
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| NOTICE OF MEETING |
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| The
seventh Annual General Meeting of ELLAHI ELECTRIC COMPANY LTD., will be held
at its registered |
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| office,
Nagina House, 91-B-1, M.M. Alam Road, Gulberg-III, Lahore-54660, on Saturday
the 18th December, |
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| 1999,
at 11:00 a.m. to transact the following business: |
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| 1.
To confirm minutes of the sixth Annual General Meeting held on 29th December
1998. |
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| 2.
To receive and adopt audited accounts of the Company for the year ended 30th
June, '1999 together |
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| with the Auditor's and Director's reports
thereon. |
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| 3.
To approve dividend @ 15% i.e. Rs. 1/50 per share as recommended by the
Directors. |
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| 4.
To appoint auditors and fix their remuneration. |
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| 5.
To elect 7 (seven) Directors, as fixed by the Board, for a period of three
years with effect from |
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| 31-12-1999 in place of retiring Directors,
namely Mr. Shaikh Enam Ellahi, Mr. S.M. Yusuf, Mr. |
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| Shahzada Ellahi Shaikh, Mr. M. Ejaz Ahmed
Baig, Mr. Shaukat Ellahi Shaikh, Mr. Shafqat Ellahi |
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| Shaikh and Mr. Tahir Hussain Raza. The
retiring Directors being eligible, have offered themselves |
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| for re-election. |
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| 6.
To transact the following SPECIAL BUSINESS: |
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| *
Approval of the remuneration to the Mg. Director (Chief Executive) / full
time working |
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| Directors. |
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| 7.
To transact any other ordinary business with the permission of the Chair. |
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| Resolutions
proposed to be moved at the meeting and Statement under Section 160 of the |
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| Companies
Ordinance, 1984, relating to special business are enclosed. |
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By Order of the Board |
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|
Sheikh Muhammad Shafi |
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| Lahore. November 16, 1999 |
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Corporate Secretary |
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| NOTES |
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| 1.
The Members Register of the Company will be closed from Saturday, the 11th
December, 1999 to |
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| Saturday the 18th December, 1999 (both days
inclusive). Transfer (s) received in order at the Registered |
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| Office by the close of business on Friday
10th December, 1999 will be in time to be passed for payment |
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| of dividend to the transferee (s). |
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| 2.
A member entitled to attend and vote at the Meeting may appoint another
member as his/her proxy to |
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| attend and vote instead of him/her. Proxies
in order to be effective must be received at the Company's |
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| registered office not less than 48 hours
before the time for holding the meeting. Account and sub- |
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| account holders of the Central Depository
System appointing proxies must attach attested copy of their |
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| National identity Card with the proxy form. |
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| 3.
Any person who seeks to contest election to the office of Director shall file
with the Company not later |
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| than fourteen days before the date of
meeting, a notice of his intention to offer himself for election as |
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| Director in terms of Section 178 (3) of the
Companies Ordinance, 1984. |
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| 4.
Account holders and sub-account holders, holding book entry securities of the
Company in CDS of |
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| Central Depository Co. of Pakistan Ltd.,
who wish to attend the annual General Meeting are requested to |
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| please bring original National Identity
Card with copy thereof duly attested by their Bankers for identification |
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| purpose. |
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| 5.
Shareholders are requested to promptly notify the Company of any change in
their address. |
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| PROPOSED
RESOLUTIONS AND STATEMENT UNDER SECTION 160 |
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| of
the Companies Ordinance, 1984. |
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| The
following resolutions set out the material facts concerning the ordinary and
special business, will be |
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| moved
at the meeting for approval with and/or without modification (s):- |
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| A. ORDINARY BUSINESS: |
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| 1.
RESOLVED that a dividend be paid @ 15% i.e. Rs.1/50 (Rupee one & paisas
fifty only) for each |
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| ordinary share of Rs. 10/= held on 11th
December, 1999 by the members of the Company. |
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| 2.
RESOLVED that Messrs, M. Yousuf Adil Saleem & Co., Chartered Accountants,
the retiring |
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| auditors,
be and are hereby re-appointed auditors of the Company for the year ending on
30th |
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| June,
2000 and that the Mg. Director (Chief Executive) be and is hereby authorised
to fix their |
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| remuneration. |
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| B. SPECIAL BUSINESS: |
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| RESOLVED
that the Company hereby approves payment of a sum of Rs. 3.00 million (Rupees |
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| three
million only) per annum for the year ending on 30th June, 2000 and for the
subsequent years, |
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| the
said amount increased by 15% (fifteen percent) per annum, as managerial
remuneration including |
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| perquisites/benefits
(other than the provision of transport, travelling, telecommunications,
actual |
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| leave
fare and Medical expenses for self & family) to the workin9 Directors
including Mg. Director |
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| (Chief
Executive) and the Board of Directors be and is hereby authorised to
determine individual |
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| remuneration
and other terms etc. from time to time. |
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| Statement
under section 160 of the Companies Ordinance 1984 |
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| Approval
of the Company is required for payment of remuneration to the working
Directors including the Mg. |
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| Director
(Chief Executive). The Mg. Director and working Directors may be deemed to be
interested in the |
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| remuneration payable to them. |
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| DIRECTORS REPORT |
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| IN
THE NAME OF ALLAH THE MOST GRACIOUS |
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| THE
MOS T BENEVOLENT THE MOS T MERCIFUL |
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| The
Directors have the pleasure to herewith submit audited accounts of the
Company for the year ended 30th |
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| June,
1999 together with the auditors and Directors reports thereon. |
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| During
the year, 42,436 (1998: 42,294) engines hours were operated. The salient
features of the operations are |
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| as under:- |
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1999 |
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1998 |
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|
Mwh |
% |
Mwh |
% |
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| Electricity generated |
85,995 |
100.00 |
83,288 |
100.00 |
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| Electricity Sold/billed |
82,555 |
96.00 |
79,863 |
95.89 |
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| Used in house |
3,250 |
3.78 |
3,236 |
3.88 |
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| Transmission/line losses |
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|
190 |
0.22 |
188 |
0.23 |
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| Sales
revenue during the year amounted to Rs. 296,324,112/00 (1998: Rs.
269,367,038/00). Cost of sales |
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| amounted
was Rs. 211,150,138/00 (1998: Rs. 192,048,531/00), leaving gross profit of
Rs. 85,173,974/00 or |
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| 28.74%
of sales (1998: Rs. 77,318,507/00 or 28.70%). Profit before tax amounts to
Rs. 69,869,582/00 or |
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| 23.58%
of sales (1998: Rs. 61,609,638/00 or 22.87%). The profit amounts to Rs. 1.87
per share. |
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| Provision
for Income tax and/or Turnover tax are not required as Profit & Gains of
the Company are exempt from |
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| Income
Tax and Turnover tax by virtue of Clause 176 of Part 1 and Clause 20 of Part
IV of the Second Schedule |
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| to
the Income Tax Ordinance, 1979. |
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| Notwithstanding
the legal provisions, Income Tax authorities had, in the opinion of the
Counsel, illegally taxed/ |
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| imposed
penalties. These orders were appealed at various forums. As stated in Note
21, the Company's stand |
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| has
been vindicated. However, Income Tax authorities have again taxed Mark Up
income for Asst. Years 1994- |
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| 95
and 1995-96. On the advise of Counsel, the Company disputes these
assessments, however, tax levied has |
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| been
provided in accounts, without admission of liability. Appeal has been filed
before Commissioner of Income |
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| Tax (Appeals). |
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| High
Speed Diesel price remained stable between February 4, 1997 and May 20, 1999,
when the same was |
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| increased
by Re. 1/= per litre (10.37%). Members would be aware that on 27-06-1998 Fuel
Oil prices were |
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| reduced
by Rs. 775/70 per ton (12.32%). However, the same were also increased on May
20, 1999 to |
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| Rs.
6,091/50 from Rs. 5,521/= per ton. The increase amounts to 10.33%. The price
was increased 40 days |
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| before
the close of financial year. Full effect of the increase will be apparent in
the next financial year. The prices |
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| are
still too high. Diesel oil/Fuel oil prices need to be considerable reduced
for production of electricity at |
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| remunerative
prices and to reduce the power costs of the industries specially exporting
units. Table to Diesel/ |
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| Fuel oil prices is as
follows: |
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|
High Speed Diesel |
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| Date of |
Rs. per litre |
Increase |
|
Fuel Oil |
Increase |
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| change |
|
(Decrease) |
|
Rs. per ton |
(Decrease) |
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|
Rs. |
% |
|
Rs. |
% |
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| 19-08-93 |
6.10 |
|
2,843/50 |
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| 14-06-95 |
6.48 |
38 |
6.23 |
2,986/00 |
142/50 |
05/01 |
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| 28-10-95 |
6.94 |
0.46 |
7.t0 |
3,195/00 |
209/00 |
7.00 |
|
| 12-02-96 |
7.17 |
0.21 |
3.02 |
3,323/00 |
128/00 |
4.00 |
|
| 14-03-96 |
7.44 |
0.29 |
4.04 |
3,090/00 |
(238/00) |
(07.16) |
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| 14-04-96 |
7.44 |
- |
- |
3,640/00 |
550/00 |
17.80 |
|
| 23-05-96 |
7.44 |
- |
- |
4,914/71 |
1,274/71 |
35.02 |
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| 12:06-96 |
7.44 |
- |
- |
4,514/71 |
(400/00) |
(08.14) |
|
| 21-07-96 |
7.09 |
(0.35) |
(4.70) |
4,234/71 |
(280/00) |
(06.20) |
|
| 19-08-96 |
7.09 |
- |
- |
4,323/71 |
98/00 |
2.31 |
|
| 12-09-96 |
7.43 |
0.34 |
4.79 |
4,575/71 |
243/00 |
5.60 |
|
| 07-10-96 |
8.00 |
0.57 |
7.67 |
4,935/71 |
360/00 |
7.87 |
|
| 22-10-96 |
8.78 |
0.78 |
9.75 |
5,867/71 |
932/00 |
18.88 |
|
| 13-11-96 |
944 |
0.64 |
7.29 |
6,116/37 |
248/96 |
4.24 |
|
| 17-11-96 |
9.44 |
- |
- |
6,296/37 |
180/00 |
2.94 |
|
| 05-12-96 |
9.91 |
0.47 |
4.98 |
6,665/66 |
369.29 |
5.86 |
|
| 12-01-97 |
10.25 |
0.34 |
3.43 |
6,665~66 |
- |
- |
|
| 04-02-97 |
9.64 |
(0.61) |
(5.95) |
6,296/70 |
(368.96) |
(05.86) |
|
| 27-06-98 |
9.64 |
- |
- |
5,521/00 |
(775/70) |
(12.32) |
|
| 20-05-99 |
10.64 |
1.00 |
10.37 |
6,091/50 |
570/50 |
10.33 |
|
|
| With
the abolition of Octroi w.e.f. 1st July, 1999, Fuel Oil price, which included
Rs. 21/= on account of Octroi |
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| was
reduced by the amount. However, by S.R.O. No. 922(1 )/99 dated 16th August,
1999, Sales tax @ 15% |
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| (fifteen
percent) has been levied on Fuel Oil and Electricity. Full effect of sales
tax will be apparent in the |
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| accounts for the current
year. |
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|
| The
Directors have the pleasure to recommend payment of cash dividend @ 15% i.e.
Re. 1/50 (Rupee one and |
|
| paisas
fifty only) per ordinary share of Rs. 10/00 to those members who are
registered on the books of the |
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| Company
on Saturday, the 11th December, 1999. The dividend will absorb Rs.
54,000,000/= (Rupees fifty four |
|
| million
only) or 80.26% of the profit of the year. |
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| During
the year a 1.12 Mw Engine was purchased to augment back up capacity so that
uninterrupted power |
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| could
be supplied during the periods when engines are closed for maintenance. |
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| In
the Director's report for 1998, it was stated that: |
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| The
Directors are of the opinion that the Company has a bright and profitable
future and are therefore, |
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| planning
for further expansion of the Capacities. |
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| The
Directors have the pleasure to state that the Company's Unit at Ellahipur,
Sharaqpur-Sheikhupura Road, |
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| Tehsil
& District Sheikhupura is being expanded with the addition of another
Engine of 2.30 MW to supply |
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| power
to the expansion of weaving capacity of the Associated Company M/s.
Prosperity Weaving Mills Ltd. |
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| The
Engine is to be shipped by the end of February, 2000 and Inshallah will be in
production by 1st of July, |
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| 2000. |
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| The
Directors have the pleasure to state that the Computers and the software of
the Company are year 2000 |
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| compliant. |
|
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| The
Directors wish to thank the workers, staff and Officer's of the Company for
their devotion and hard work and |
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| are
confident that Inshallah, with their whole headed efforts better results and
increase profitability will be |
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| achieved. |
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|
On behalf of the Board |
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|
|
|
Shaukat Ellahi Shaikh |
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| Lahore. November 16, 1999. |
|
Mg. Director (Chief
Executive). |
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| OPERATING
FINANCIAL AND INVESTMENT RATIOS AS ON 30 JUNE |
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|
1999 |
1998 |
1997 |
1996* |
|
| Cost of sales as % of sales |
% |
71.26 |
71.30 |
72.54 |
59.88 |
|
|
|
|
| Gross profit as % of sales |
% |
28.74 |
28.70 |
27.46 |
40.12 |
|
|
|
|
| Operating profit as % of
sales |
% |
25.61 |
26.21 |
26.08 |
36.34 |
|
|
|
|
| Net profit / (Loss) as % of
sales |
% |
22.71 |
22.87 |
20.72 |
41.38 |
|
|
|
|
| Shareholders' equity
(millions) |
Rs. |
387.45 |
374.18 |
366.57 |
372.54 |
|
|
|
|
| Pretax profit to equity |
% |
18.03 |
16.47 |
13.10 |
3.36 |
|
|
|
|
| Sales to capital employed |
|
0.73 |
0.66 |
0.56 |
0.07 |
|
|
|
|
| Gross profit to capital
employed |
% |
21.08 |
18.98 |
15.37 |
2.82 |
|
|
|
|
| Pretax profit to capital
employed |
% |
17.29 |
15.12 |
11.60 |
2.90 |
|
|
|
|
| Earning per share - pretax |
Rs. |
1.87 |
1.71 |
1.33 |
0.35 |
|
|
|
|
| Dividend to capital - Cash |
% |
15.00 |
15.00 |
15.00 |
0.00 |
|
|
|
|
| Break up value per share |
Rs. |
10.76 |
10.39 |
10.18 |
10.35 |
|
|
| Debt equity ratio |
|
8.12 |
11.29 |
13.94 |
15.18 |
|
|
|
|
| Current ratio |
|
1.66 |
1.54 |
1.21 |
2.81 |
|
|
|
|
| Acid ratio |
|
1.39 |
1.16 |
1.06 |
2.46 |
|
|
| Total debts to total assets |
% |
6.53 |
9.48 |
11.92 |
14.60 |
|
|
| *
Results for 2 months operation |
|
|
|
| AUDITOR'S
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed Balance Sheet of ELLAHI ELECTRIC COMPANY |
|
| LIMITED
as at June 30,1999 and the related Profit & Loss Account, and Cash |
|
| Flow
Statement, together with the notes forming part thereof, for the year then |
|
| ended
and we state that we have obtained all 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 & 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 oŁ |
|
| 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 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 & Loss Account and the |
|
| 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 PROFIT and 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. |
|
|
|
M. YOUSUF ADIL SALEEM/h
CO. |
|
| Date: November 16, 1999 |
Chartered Accountants |
|
|
|
| BALANCE SHEET |
|
| AS AT JUNE 30 |
|
|
|
|
|
|
1999 |
1998 |
|
|
|
Note |
Rupees |
Rupees |
|
| CAPITAL AND LIABILITIES |
|
|
|
| SHARE
CAPITAL AND RESERVES |
|
| Authorized capital |
|
|
| 40,000,000
ordinary shares of Rs. 10/- each |
|
400,000,000 |
400,000,000 |
|
|
| Issued, subscribed |
|
|
and paid-up capital |
|
| 36,000,000
ordinary |
|
| shares of Rs. 10/- each |
|
| issued for cash |
|
360,000,000 |
360,000,000 |
|
|
|
| Un-appropriated profit |
|
|
27,456,370 |
14,175,942 |
|
|
|
|
-------------------- |
-------------------- |
|
|
|
387,456,370 |
374,175,942 |
|
| LIABILITIES
AGAINST ASSETS |
|
| SUBJECT
TO FINANCE LEASE |
|
3 |
16,510,642 |
33,243,975 |
|
|
| DEFERRED LIABILITY |
|
| - Staff Gratuity |
|
|
2,770,310 |
1,814,034 |
|
|
| CURRENT LIABILITIES |
|
| Current portion of
liabilities |
|
|
| against assets subject to |
|
|
| finance lease |
|
|
3 |
17,747,459 |
14,356,262 |
|
| Short term finances |
|
|
4 |
32,115,379 |
10,902,687 |
|
| Creditors, accruals and |
|
| other liabilities |
|
|
5 |
11,464,188 |
10,806,645 |
|
| Proposed dividend |
|
|
54,000,000 |
54,000,000 |
|
| Unclaimed dividend |
|
|
2,512,313 |
2,948,736 |
|
|
|
|
-------------------- |
-------------------- |
|
|
117,839,339 |
93,014,330 |
|
| CONTINGENCIES AND |
|
| COMMITMENTS |
|
|
6 |
- |
- |
|
|
-------------------- |
-------------------- |
|
|
|
|
524,576,661 |
502,248,281 |
|
|
=========== |
=========== |
|
|
|
| PROPERTY AND ASSETS |
|
|
|
|
|
|
|
| FIXED
CAPITAL EXPENDITURE |
|
|
|
|
|
|
| Operating assets |
|
7 |
325,731,362 |
354,048,321 |
|
| Capital work-in-progress |
|
|
- |
54,850 |
|
|
|
-------------------- |
-------------------- |
|
|
|
325,731,362 |
354,103,171 |
|
|
| LONG
TERM DEPOSITS AND |
|
| DEFERRED COSTS |
|
8 |
3,411,776 |
5,272,254 |
|
|
| CURRENT ASSETS |
|
|
|
| Inventories |
|
9 |
31,767,380 |
34,878,166 |
|
|
| Trade debts |
|
10 |
22,322,026 |
24,595,891 |
|
|
| Special US Dollar Bonds |
|
11 |
124,945,362 |
- |
|
|
| Advances,
deposits, prepayments |
|
|
|
| and other receivables |
|
|
12 |
9,413,095 |
8,202,032 |
|
|
|
|
|
| Cash and bank balances |
|
|
13 |
6,985,660 |
75,196,767 |
|
|
|
|
-------------------- |
-------------------- |
|
|
|
|
195,433,523 |
142,872,856 |
|
|
|
-------------------- |
-------------------- |
|
|
|
524,576,661 |
502,248,281 |
|
|
|
=========== |
=========== |
|
| The
annexed notes from 1 to 27 form an integral part of these accounts. |
|
|
|
|
|
|
|
Shahzada Ellahi Shaikh |
Shaukat Ellahi Shaikh |
|
| Lahore, November 16, 1999 |
Director |
|
Mg. Director (Chief
Executive) |
|
|
|
|
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30 |
|
|
|
1999 |
1998 |
|
|
Note |
Rupees |
Rupees |
|
|
| SALES - NET |
|
14 |
296,324,112 |
269,367,038 |
|
| COST OF SALES |
|
15 |
211,150,138 |
192,048,531 |
|
|
|
|
-------------------- |
-------------------- |
|
| GROSS PROFIT |
|
85,173,974 |
77,318,507 |
|
| ADMINISTRATIVE
EXPENSES |
|
16 |
9,283,924 |
6,718,292 |
|
|
|
-------------------- |
-------------------- |
|
| OPERATING PROFIT |
|
|
75,890,050 |
70,600,215 |
|
| OTHER INCOME |
|
17 |
12,577,426 |
309,262 |
|
|
-------------------- |
-------------------- |
|
|
|
|
88,467,476 |
70,909,477 |
|
| OTHER CHARGES |
|
| Financial- Net |
|
18 |
12,750,070 |
3,946,748 |
|
| Miscella neous |
|
19 |
5,847,824 |
5,353,091 |
|
|
|
|
-------------------- |
-------------------- |
|
|
|
|
18,597,894 |
9,299,839 |
|
|
|
|
-------------------- |
-------------------- |
|
| PROFIT BEFORE TAXATION |
|
|
|
69,869,582 |
61,609,638 |
|
| TAXATION |
|
| Prior years tax |
|
2,589,154 |
- |
|
|
|
-------------------- |
-------------------- |
|
| PROFIT AFTER TAXATION |
|
|
67,280,428 |
61,609,638 |
|
|
| UNAPPROPRIATED PROFIT |
|
| - Brought forward |
|
|
14,175,942 |
6,566,304 |
|
|
| PROFIT
AVAILABLE FOR APPROPRIATION |
|
81,456,370 |
68,175,942 |
|
|
| APPROPRIATION |
|
| Proposed
dividend @ 15% (1998: @ 15%)i.e. |
|
| Rs.
1.50 per ordinary share of Rs. 10 |
|
54,000,000 |
54,000,000 |
|
|
| UNAPPROPRIATED PROFIT |
|
| - Carried to Balance Sheet |
|
|
27,456,370 |
14,175,942 |
|
|
=========== |
=========== |
|
|
| EARNING PER SHARE |
|
23 |
1.87 |
1.71 |
|
|
=========== |
=========== |
|
| The
annexed notes from 1 to 27 form an integral part of these accounts. |
|
|
|
Shahzada Ellahi Shaikh |
|
Shaukat Ellahi Shaikh |
|
| Lahore, November 16, 1999 |
Director |
|
|
Mg. Director (Chief
Executive) |
|
|
|
| STATEMENT
OF CHANGES IN FINANCIAL POSITION |
|
| FOR
THE YEAR ENDED JUNE 30 |
|
|
|
1999 |
1998 |
|
