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Reckitt & Colman of Pakistan Limited
Annual Report 1999
CONTENTS
Notice of Meeting
Review of the Year
Report of the Directors
Auditors' Report to the Members
Profit and Loss Account
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Accounts
Comparison of Results
Pattern of Shareholding
List of Products
COMPANY INFORMATION
BOARD OF DIRECTORS
K.J. Dinshaw Chairman
Tariq Ikram Chief Executive
Brian Bentley (Alternate:
Ishtiaqur Rehman)
Freddy Caspers (Alternate:
S. Aslam Ali)
M. Waddington (Alternate:
Nadir A. Jamal)
Rasheed Y. Chinoy
Yusuf G. Mandviwalla
Sayed Muzafar Ali Shah (NIT)
COMPANY SECRETARY
Nadir A. Jamal
BANKERS
ANZ Grindlays Bank
Bank of America
Citibank N.A.
Habib Bank Limited
Hong Kong & Shanghai Banking Corporation
Muslim Commercial Bank Ltd.
Prime Commercial Bank Ltd.
Standard Chartered Bank
AUDITORS
A. F. Ferguson & Co.
SOLICITORS
Surridge & Beecheno
REGISTRARS
Ferguson Associates (Pvt) Ltd.
State Life Building 1-A
I.I. Chundrigar Road
P.O. Box 4716
Karachi 74000
Tel: 2426682-6, 2426711-5
REGISTERED AND HEAD OFFICE
1lth Floor, State Life Building No. 11,
Abdullah Haroon Road,
Karachi - 74400.
Factories:
F-18,
Sindh Industrial Trading Estates Ltd.
Karachi.
Plot: 5, 6, 23 and 24
Sector 16
Korangi Industrial Area,
Karachi.
C-36,
Sindh Industrial Trading Estates Ltd.
Karachi.
A-44,
Sindh Industrial Trading Estates Ltd.
Karachi.
NOTICE OF MEETING
NOTICE is hereby given that the Forty-Ninth Annual General Meeting of the Company will be held at 10:30 a.m.
on Thursday, March 30, 2000 at Hotel Regent Plaza, Sharea Faisal, Karachi, to transact the following business:
1. To receive and consider the Audited Accounts for the year ended December 31, 1999 and the Reports of
the Directors and Auditors thereon.
2. To appoint auditors and to fix their remuneration.
BY ORDER OF THE BOARD
February 23, 2000 NADIR A. JAMAL
Karachi Company Secretary
NOTES:
1. The Share Transfer Books of the Company will remain closed from March 21, 2000 to March 30, 2000,
both days inclusive.
2. A Member entitled to attend the Annual General Meeting is entitled to appoint a proxy to attend and vote
instead of him/her. No person shall act as proxy (except for a corporation) unless he/she is entitled to be
present and vote in his/her own right. The completed proxy form must be received at the Registered Office
of the Company not less than 48 hours before the Meeting.
3. Members are requested to communicate to the Company any change in their addresses.
CDC Account Holders will further have to follow the undermentioned guidelines as laid down in
Circular I dated January 26, 2000 issued by the Securities and Exchange Commission of Pakistan:
A. For Attending the Meeting:
i) In case of individuals, the account holder or sub-account holder and/or the person whose securities are in
group account and their registration details are uploaded as per the Regulations, shall authenticate his
identity by showing his original National Identity Card (NIC) or original passport at the time of attending
the meeting. (CDC account holders are also requested to bring their participant ID numbers and account
numbers in CDS).
ii) In case era corporate entity, the Board of Directors' resolution/power of attorney with specimen signature
of the nominee shall be produced (unless it has been provided earlier) at the time of the meeting.
B. For Appointing Proxies:
i) In case of individuals, the account holder or sub-account holder and/or the person whose securities are in
group account and their registration details are uploaded as per the Regulations, shall submit the proxy
form as per the above requirement (note 2 above).
ii) The proxy form shall be witnessed by two persons whose names, addresses and NIC numbers shall be
mentioned on the form.
iii) Attested copies of NIC or the passport of the beneficial owners and the proxy shall be furnished with the
proxy form.
iv) The proxy shall produce his original NIC or original passport at the time of the meeting.
v) In the case of a corporate entity, the Board of Directors' resolution/power of attorney with specimen
signature of the proxy holder shall be submitted (unless it has been provided earlier) alongwith proxy
form to the Company.
REVIEW OF THE YEAR
Trading Performance
The Year 1999 has been an exceptionally challenging year for the Company. Recessionary conditions continued,
consumer purchasing power kept on declining and significant reduction of distributor and trade stock levels of
the Company's products was made to fall in line with consumer demand levels. As a consequence, the Company's
Sales decreased by 21.1% over the previous year, with almost all major categories showing a contraction.
Given the social, economic and political realities, and being unable to wait any further, the Company developed
and put into effect a major cost saving programme mainly through restructuring and right-sizing. Unfortunately
this leads to a sizeable reduction in the number of employees in the business. Whilst the benefits of this programme
are significant and will impact from year 2000, the element of staff severance costs which have been charged to
the 1999 Accounts comes to a total of Rs.146.5 M.
Due to the above factors together with inflation, and because now for almost three years no price increases have
been allowed for pharma products by the Government, the Company incurred an Operating Loss of Rs. 170.3 M
(Rs. 34.8 M loss as at end June 1999) against an Operating Profit of Rs.252.1 M last year and the peak Operating
Profit delivered of Rs.293.0 M in 1997. After-tax Profit for the year was negative Rs.215.7 M (Rs. 69.6 M
negative as at June 30, 1999) against a favourable Rs.112.8 M in 1998. The Board, therefore, does not recom-
mend payment of dividend in view of the adverse results.
During the year, the Government directed the Company to reduce the selling prices of some of its major decontrolled
drugs; the Company filed a suit against this order in the High Court of Sindh. The Honourable High Court
of Sindh granted a temporary stay in favour of the Company which is still continuing. The issue of Sales Tax on
Dettol antiseptic liquid pertaining to prior periods is pending with the Sales Tax Tribunal. Unfortunately inspite
of a large number of hearings, the delaying tactics of the Sales Tax department have prevented a final resolution
of the issues. The matter continues to be aggressively pursued. A new demand raised by the Sales Tax authorities
during the year on Dettol of a total value of Rs.241 M was contested and successfully quashed. However, based
on a totally untennable view the Department has re-raised a part of this demand which is currently being contested.
Year 2000 & Computers
The Company entered the Millennium with all hardware, plant, systems and processes intact and unaffected.
Major Shareholders
During the year Reckitt & Colman plc, UK, the Company's major shareholder, and Benckiser N.V., the Netherlands,
merged to form a new Company - Reckitt Benckiser plc, UK.
Prospects & Development
The benefits of business restructuring and the aggressive cost of goods reduction programme which has been
initiated are expected to noticeably impact the Company financials in the year 2000 and thereafter. The Pharma
price freeze and smuggling under the Afghan Transit Trade Agreement, however, are the major issues and continue
to remain the major barriers to growth. These are in Government's powers to remove and the Company will
continue to press for the redress which it so urgently needs.
Directors
Mr. J. C. L. de Mel resigned in May 1999 and Dr. Brian Bentley was appointed in his place. Mr. de Mel joined the
Board in 1977 and until a few years ago was the Regional Director based in London responsible for Asia. The
Directors are very grateful for the significant contribution which Mr. de Mel made towards the growth and development
of the business. Mr. Razi-ur-Rahman Khan, nominee of National Investment Trust Limited resigned in
April 1999 and was replaced by Dr. Amjad Waheed. Dr. Waheed resigned in July 1999 and was replaced by Sayed
Muzafar Ali Shah. The Board acknowledges the valuable services of the outgoing directors and welcomes the
incoming directors.
K. J. DINSHAW TARIQ IKRAM
Chairman Chief Executive
February 23, 2000
REPORT OF THE DIRECTORS
The Directors submit their Report together with the audited Statement of Accounts for the year ended December 31,
1999.
Business Review
The annexed Review deals with the year's activities and the Directors of the Company endorse the contents thereof.
Financial Results
The results for the year are as follows:
Rupees'000
Net loss for the year before taxation (212,769)
Provision for taxation (2,906)
-------------------
Loss after taxation (215,675)
Unappropriated profit from previous year 269
-------------------
Loss carried forward to next year (215,406)
===========
Earnings per share
The "earnings per share" numbers are provided at page 7 and 31.
Pattern of Shareholding
The pattern of shareholding is provided at page 32. The Company's holding company is Reckitt Benckiser plc (formerly
Reckitt & Colman plc) which is incorporated in the U.K.
Directors
Directors were last elected for a period of three years at the Annual General Meeting held on April 29,1999.
Auditors
The Company's auditors Messrs A.F. Ferguson & Co., retire and offer themselves for re-appointment.
BY ORDER OF THE BOARD
TARIQ IKRAM
February 23, 2000 Chief Executive
AUDITORS' REPORT TO THE MEMBERS
We have audited the annexed balance sheet of Reckitt & Colman of Pakistan Limited as at December 31, 1999
and the related profit and loss account, statement of changes in equity and 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; 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, statement of changes in equity 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 December 31, 1999 and of the loss, changes in equity 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.
A. F. Ferguson & Co.
Chartered Accountants
Karachi: March 3, 2000
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED DECEMBER 31, 1999
Note Year Period
ended ended
December December
31, 1999 31, 1998
(Rupees in thousand)
Sales 3 1,773,884 2,247,447
Cost of sales 3 ( 1,474,116) ( 1,605,051 )
-------------------- --------------------
299,768 642,396
Selling and administrative expenses 3 (470,081) (390,273)
-------------------- --------------------
Operating (loss)/profit 3 (170,313) 252,123
Other income 6 6,801 4,458
-------------------- --------------------
(163,512) 256,581
Financial expenses 7 (34,857) (29,217)
Other charges 8 (14,400) (27,530)
-------------------- --------------------
(49,257) (56,747)
(Loss)/Profit before taxation (212,769) 199,834
Taxation 9 (2,906) (87,068)
-------------------- --------------------
(Loss)/Profit after taxation (215,675) 112,766
Unappropriated profit brought forward 269 5,855
-------------------- --------------------
(Accumulated loss)/Profit available for appropriation (215,406) 118,621
Appropriations
Transfer to general reserve -- (35,000)
Interim dividend Nil ( 1998: 13%) -- (41,676)
Final dividend Nil (1998: 13%) -- (41,676)
-------------------- --------------------
-- (118,352)
-------------------- --------------------
(Accumulated loss)/Unappropriated profit carried forward (215,406) 269
=========== ===========
(Loss)/Basic earnings per share 10 Rs. (6.72) Rs. 3.52
=========== ===========
The annexed notes form an integral part of these accounts.
TARIQ IKRAM RASHEED Y. CHINOY
Chief Executive Director
BALANCE SHEET AS AT DECEMBER 31, 1999
Note 1999 1998
(Rupees in thousand)
SHARE CAPITAL AND RESERVES
Share capital
Authorised
50,000,000 ordinary shares of Rs 10 each 500,000 500,000
=========== ===========
Issued, subscribed and paid-up 11 320,587 320,587
Reserves 12 397,300 397,300
(Accumulated loss)/Unappropriated profit (215,406) 269
-------------------- --------------------
502,481 718,156
SURPLUS ON REVALUATION OF FIXED ASSETS 13 1,408 1,408
DEFERRED LIABILITY - Staff Gratuity 14 92,522 93,102
CURRENT LIABILITIES
Short-term finance under mark-up arrangements 15 39,760 185,367
Creditors, accrued and other liabilities 16 519,981 563,901
Dividends 17 1,566 65,043
-------------------- --------------------
561,307 814,311
COMMITMENTS 18
-------------------- --------------------
1,157,718 1,626,977
=========== ===========
FIXED ASSETS
- Tangible
Operating assets 19 305,293 325,768
Capital work-in-progress - at cost 20 7,688 19,773
- Intangible
Goodwill 21 6,000 9,000
-------------------- --------------------
318,981 354,541
DEFERRED COST 22 12,000 18,000
DEFERRED TAXATION 23 36,040 8,946
LONG-TERM LOANS 24 6,382 6,644
LONG-TERM DEPOSITS AND PREPAYMENTS 25 4,493 5,741
CURRENT ASSETS
Stores, spares and loose tools 26 5,217 4,527
Stock-in-trade 27 284,217 328,560
Trade debts 28 359,737 653,151
Loans and advances 29 7,331 13,427
Deposits and short-term prepayments 30 24,998 39,666
Other receivables 31 5,282 35,022
Taxation 42,805 3,699
Short-term investment 32 2,000 2,000
Cash and bank balances 33 48,235 153,053
-------------------- --------------------
779,822 1,233,105
-------------------- --------------------
1,157,718 1,626,977
=========== ===========
The annexed notes form an integral part of these accounts.
TARIQ IKRAM RASHEED Y. CHINOY
Chief Executive Director
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 1999
Capital Reserves
Share Preincor- Share General Unappro- Total
capital poration premium Reserves priated
profit profit
(Rupees in thousand)
Balance as on January 3, 1998 320,587 41 486 361,773 5,855 688,742
Profit for the year -- -- -- -- 112,766 112,766
Transfer during the year -- -- -- 35,000 (35,000) --
Dividends (83,352) '(83,352)
--------------------- --------------------- --------------------- --------------------- --------------------- ---------------------
Balance as on December 31, 1998 320,587 41 486 396,773 269 718,156
Loss for the year -- -- -- -- (215,675) '(215,675)
Balance as on December 31, 1999 320,587 41 486 396,773 '(215,406) 502,481
=========== =========== =========== =========== =========== ===========
TARIQ IKRAM RASHEED Y. CHINOY
Chief Executive Director
CASH FLOW STATEMENT FOR THE YEAR
ENDED DECEMBER 31, 1999
Note Year Period
ended ended
December December
31, 1999 31, 1998
(Rupees in thousand)
CASH FLOW FROM OPERATING ACTIVITIES
Cash generated from operations 35 267,684 209,537
Mark up paid (40,189) (18,227)
Taxes paid (69,106) (90,563)
Payment of gratuity (15,642) (4,188)
Increase / (Decrease) in long-term loans 262 (1,447)
Increase / (Decrease) in long-term deposits and prepayments 1,248 (665)
--------------------- ---------------------
Net cash inflow from operating activities 144,257 94,447
CASH FLOW FROM INVESTING ACTIVITIES
Fixed capital expenditure (42,605) (50,990
Sale proceeds of fixed assets 1,885 2,735
Investment income received 729 1,640
--------------------- ---------------------
Net cash outflow from investing activities (39,991 ) (46,615)
CASH FLOW FROM FINANCING ACTIVITIES
Dividend paid (63,477) (96,898)
--------------------- ---------------------
Net increase / (decrease) in cash and cash equivalents 40,789 (49,066)
Cash and cash equivalents at the beginning of the year (32,314) 16,752
--------------------- ---------------------
Cash and cash equivalents at the end of the year 36 8,475 (32,314)
=========== ===========
The annexed notes form an integral part of these accounts.
TARIQ IKRAM RASHEED Y. CHINOY
Chief Executive Director
NOTES TO THE ACCOUNTS FOR THE YEAR ENDED DECEMBER 31, 1999
1. STATUS AND NATURE OF BUSINESS
The Company is incorporated in Pakistan and its shares are quoted on Karachi and Lahore Stock Exchanges.
The Company is principally engaged in manufacturing and marketing of consumer household and
pharmaceutical products.
2. SIGNIFICANT ACCOUNTING POLICIES
(a) Accounting convention
These accounts have been prepared under the historical cost convention without any adjustments
for the effects of inflation or current values except to the extent that certain fixed assets have been
included at revaluation, referred to in notes 2(e) and 19(e) below.
(b) Foreign currencies
Assets and liabilities in foreign currencies are converted into Rupees at the rates of exchange
approximating to those applicable on the balance sheet date except where forward exchange purchases
have been made for payment of liabilities in which case the contracted rates are applied. Exchange
gains and losses are taken to profit and loss account.
(c) Staff retirement benefits
The Company operates
(i) An Unfunded gratuity scheme for employees except management staff of ex-Reckitt &
Colman Pharmaceuticals (Private) Limited. Accrual is made annually to cover the period
of service completed by the employees. However, gratuity is payable only on completion
of the prescribed qualifying period of service.
(ii) Approved contributory provident funds for all employees.
(iii) An approved funded gratuity scheme for management staff of ex-Reckitt & Colman
Pharmaceuticals (Private) Limited. Actuarial valuation of the scheme is carried out on
periodical basis and the latest valuation has been carried out as at December 31, 1999.
The fair value of the assets and actuarial liability as at valuation date were Rs. 4.82 million
and Rs. 11.55 million respectively.
Projected Unit Credit Cost method using following significant assumptions has been used
for valuation of the scheme:
-- Expected rate of increase in salary level 12 per cent per annum;
-- Expected rate of interest on investment 12 per cent per annum;
Retirement benefits are payable to staff on completion of prescribed qualifying period of
service under these schemes.
(d) Taxation
The provision for current taxation is based on taxable income, at the current rates of taxation after
taking into account tax credit available, if any. The Company accounts for deferred taxation, on all
timing differences, using the liability method.
(e) Fixed assets and depreciation
These are stated at cost less accumulated depreciation except that certain assets are stated at
revalued amount as disclosed in note 19 (e). Capital work-in-progress is stated at cost.
Depreciation is charged to income on the assets in use at the beginning of each year on the basis
indicated in note 19(b) whereby the value of an asset is written off over its estimated useful life.
No depreciation is charged on additions during the year, except motor vehicles which are depreciated
on a pro rata basis to period of use. Full depreciation is charged on assets disposed of during the
year.
Maintenance and normal repairs are charged to income as and when incurred except in the case
of kiln structural rebuilding where such charge is provided for on an annual estimated basis in
order to equalise the charge over the years. Major renewals and improvements are capitalised and
the assets replaced, if any, are retired.
Gains and losses on disposal of fixed assets are taken to profit and loss account.
(f) Goodwill
Goodwill is being amortized over a period of five years.
(g) Deferred cost
Deferred cost is being amortized over a period of five years.
(h) Stores, spares and loose tools
These are valued at cost using the first-in first-out method. Items in transit are valued at cost
comprising invoice value and other charges paid thereon.
(i) Stock-in-trade
Stock-in-trade is valued at the lower of cost and net realisable value. Cost is determined using
principally the first-in first-out method. Cost of work-in-process and finished goods include
appropriate portion of manufacturing overhead expenses.
Items in transit are valued at cost comprising invoice value plus other charges incurred thereon.
Net realisable value signifies the estimated selling price (excluding taxes) in the ordinary course of
business less costs of completion and cost necessarily to be incurred in order to make the sale.
(j) Advertising expenses
Cost of advertising materials is charged to income as and when such materials are received.
(k) Revenue recognition
Sales are recorded on despatch of products to customers.
3. OPERATING RESULTS
Year ended Period ended
December 31, 1999 December 31, 1998
Note House- Pharma- Total House- Pharma- Total
hold ceuticals hold ceuticals
(Rupees in thousand)
Sales 1,019,106 817,614 1,836,720 1,247,540 1,069,049 2,316,589
Less: Commission,
discounts and rebates 39,066 23,770 62,836 34,156 34,986 69,142
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
980,040 793,844 1,773,884 1,213,384 1,034,063 2,247,447
Less: Cost of sales 4 764,527 709,589 1,474,116 835,163 769,888 1,605,051
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
215,513 84,255 299,768 378,221 264,175 642,396
Less Selling and
administrative expenses 5 292,179 177,902 470,081 237,220 153,053 390,273
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Operating (loss)/profit (76,666) (93,647) (170,313) 141,001 111,122 252,123
=========== =========== =========== =========== =========== ===========
4. COST OF SALES
Raw and packing
materials consumed 303,916 373,992 677,908 424,468 522,162 946,630
Manufacturing charges
paid to third parties 13,721 -- 13,721 9,032 -- 9,032
Salaries, wages and staff
welfare (note - 4.1- and 4.2) 140,049 163,593 303,642 136,393 81,621 218,014
Rent, rates and taxes 908 1,239 2,147 206 37 243
Fuel and power 20,234 11,123 31,357 23,528 9,235 32,763
Stores and spares consumed 1,152 5,415 6,567 1,600 3,880 5,480
Repairs and maintenance 8,907 10,417 19,324 13,266 10,194 23,460
Insurance 1,572 1,496 3,068 1,239 1,306 2,545
Travelling and conveyance 4,830 5,265 10,095 5,111 4,310 9,421
Depreciation 13,290 21,384 34,674 12,536 13,551 26,087
Lease rentals 1,050 968 2,018 1,687 767 2,454
Communication and stationery 1,214 1,303 2,517 1,244 1,122 2,366
Cost of samples -- (5,886) (5,886) -- (1,522) ( 1,522)
Provision for obsolete stock 16,000 5,000 21,000 -- -- --
Other expenses 3,853 3,271 7,124 2,814 2,175 4,989
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
Manufacturing cost
for the year 530,696 598,580 1,129,276 633,124 648,838 1,281,962
Opening stock of work-in-process
and finished goods 52,062 21,525 73,587 38.34 29,230 67,568
Purchases of finished goods 124,621 96,510 221,131 46,375 98,097 144,472
Sales tax and excise duty 150,643 14,784 165,427 169,388 53,279 222,667
Provision for dettol excise
duty written back -- -- -- -- (38,031) (38,031)
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
858,022 731,399 1,589,421 887,225 791,413 1,678,638
Closing stock of work-in-process
and finished goods (93,495) (21,810) (115,305) (52,062) (21,525) (73,587)
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
764,527 709,589 1,474,116 835,163 769,888 1,605,051
=========== =========== =========== =========== =========== ===========
4.1 Salaries, wages and staff welfare include staff severance cost of Rs. 108.1 1 million 1998:Nil).
4.2 Salaries, wages and staff welfare include Rs. 14.51 million (1998: Rs. 17.99 million) in respect of staff
retirement benefits.
5. SELLING AND ADMINISTRATIVE EXPENSES
Year ended Period ended
December 31, 1999 December 31, 1998
House- Pharma- Total House- Pharma- Total
hold ceuticals hold ceuticals
(Rupees in thousand)
Salaries, wages and staff
welfare (note - 5.1 and 5.2) 56,692 77,598 134,290 43,766 50.32 94,085
Travelling and conveyance 13,057 14,258 27,315 15,811 17,862 33,673
Rent, rates and taxes 5,657 4,556 10,213 5,906 5,103 11,009
Lease rentals 2,816 2,221 5,037 2,484 2,559 5,043
Utilities 1,591 1,288 2,879 1,669 1,451 3,120
Insurance 2,764 2,194 4,958 2,547 2,213 4,760
Advertising 122,604 46,906 169,510 106,172 56,927 163,099
Forwarding and other
selling expenses 33,192 21,828 55,020 24,350 26,528 50,878
Repairs and maintenance 4,560 3,694 8,254 4,456 3,873 8,329
Depreciation 21,546 17,451 38,997 5,153 4,479 9,632
Communication and stationery 8,028 7,859 15,887 8,268 7,865 16,133
Legal and professional charges 6,788 12,154 18,942 5,197 4,342 9,539
Provision for doubtful trade debts 9,436 7,642 17,078 3,583 3,114 6,697
Provision for doubtful deposits 2,210 1,790 4,000 -- -- --
Other administrative expenses
(note - 5.3) 1,238 1,109 2,347 7,858 6,928 14,786
Medical promotion charges
from associated
undertaking -- (44,646) (44,646) -- (40,510) (40,510)
------------------- ------------------- ------------------- ------------------- ------------------- -------------------
292,179 177,902 470,081 237,220 153,053 390,273
=========== =========== =========== =========== =========== ===========
5.1 Salaries, wages and staff welfare include staff severance cost of Rs. 38.42 million (1998' Nil).
5.2 Salaries and wages include Rs 9.06 million (1998: Rs 9.70 million)in respect of staff retirement benefits.
5.3 Donations Rs 125 thousand (1998: Rs 239 thousand)are included under other administrative expenses.
Recipients of donations do not include any donee in whom any director or their spouse had any interest.
Year Period
ended ended
December December
31, 1999 31, 1998
Rupees in thousand)
6. OTHER INCOME
Income from WAPDA Bonds 380 377
Income on term deposits 349 120
Profit on sale of fixed assets 391
Exchange gain 2,491 107
Insurance commission 752 1,619
Liability no longer payable written back 451 --
Scrap sales 1,472 1,497
Others 515 738
--------------------- ---------------------
6,801 4,458
============ ============
7. FINANCIAL EXPENSES
Mark-up on
Term finance 1,620 --
Running finance 31,124 25,992
Bank charges 1,907 2,453
Interest on Workers' profits participation fund 206 772
--------------------- ---------------------
34,857 29,217
============ ============
8. OTHER CHARGES
Auditors' remuneration (note 8. l) 2,625 1,737
Amortization of goodwill 3,000 3,000
Amortization of deferred cost 6,000 6,000
Provision for Zakat refundable 2,775
Loss on disposal of fixed assets -- 791
Contribution to:
-- Workers' profits participation fund -- 10,793
-- Workers' welfare fund -- 4,459
-- Central research fund -- 750
--------------------- ---------------------
14,400 27,530
============ ============
8.1 Auditors' remuneration
Audit fee 700 575
Tax and other services 927 690
Audit of workers' profits participation fund, special reports and
certifications for various Government agencies and advisory services 918 424
Out of pocket expenses 80 48
--------------------- ---------------------
2,625 1,737
============ ============
9. TAXATION
Current 30,000 72,300
Prior years -- 12,000
Deferred (27,094) 2,768
--------------------- ---------------------
2,906 87,068
============ ============
10. (LOSS)/BASIC EARNINGS PER SHARE
(Loss)/Profit after taxation attributable to ordinary shareholders (215,675) 112,766
Number of ordinary shares (in thousands) issued and subscribed --------------------- ---------------------
at the end of the year 32,058 32,058
== Rs. (6.72) Rs. 3.52
============ ============
1998 1999
(Rupees in thousand)
11. ISSUED, SUBSCRIBED & PAID-UP CAPITAL
Ordinary shares of Rs. 10 each
687,312 shares fully paid in cash 6,873 6,873
4,772,131 shares issued as Fully paid for
consideration other than cash 47,722 47,722
26,599,205 shares issued as fully paid bonus shares 265,992 265,992
--------------------- --------------------- ---------------------
32,058,648 320,587 320,587
============ ============ ============
At December 31, 1999 and 1998 Reckitt Benckiser plc, U.K. (formerly Reckitt & Colman plc, U.K.) together
with its nominees held 18,628,894 shares.
12. RESERVES
Capital. Revenue As at As at
Share Pre- General December December
Premium incorporation 31, 1999 31, 1998
profit
(Rupees in thousand)
Opening balance 486 41 396,773 397,300 362,300
Appropriation from profit and loss account -- -- -- -- 35,000
--------------------- --------------------- --------------------- --------------------- ---------------------
Closing balance 486 41 396,773 397,300 397,300
============ ============ ============ ============ ============
13. SURPLUS ON REVALUATION OF FIXED ASSETS
This represents surplus over book values resulting from the revaluation of fixed assets as referred to in note
19(e).
14. STAFF GRATUITY
(Rupees in thousand)
14.1 Net liability of funded gratuity
Present value of defined benefit obligations 11,545
Less: Fair value of plan assets 4,819
---------------------
Net liability as at December 31, 1999 included in total liability 6,726
============
14.2 The accrual made up to December 31, 1999 of unfunded gratuity includes approximately Rs 6.64 million
(1998: Rs 5.27 million) for employees who have yet to complete the period of service entitling them to gratuity.
1999 1998
(Rupees in thousand)
15. SHORT-TERM FINANCE UNDER MARK-UP
ARRANGEMENTS
Running finance under mark up arrangements 39,760 185,367
--------------------- ---------------------
39,760 185,367
============ ============
The facilities for running finance available from various banks amount to Rs 480 million ( 1998: Rs 380 million).
The rates of mark-up range between 11% and 12.5% per annum. The balance is repayable by September 30,
2000.
The arrangements are secured by way of pari-passu charge against hypothecation of Company's stock-in-trade
and book debts.
The facilities for export refinance available from the banks amount to Rs 24 million (1998: Rs 17 million). The
rates of mark-up are 8% to 10% per annum.
The facilities for opening letters of credit and guarantees as at December 31, 1999 amounted to Rs 558
million (1998: Rs 568 million) of which the amount remaining unutilised at year end was Rs 443.20 million
(1998: Rs 425.7 million).
1999 1998
(Rupees in thousand)
16. CREDITORS, ACCRUED AND OTHER LIABILITIES
Creditors 81,948 127,389
Bills payable 46,509 114,062
Accrued liabilities 337,807 203,877
Advance payment from customers 15,486 18,569
Mark-up on short term finance 3,023 10,468
Sales tax 22,932 59,813
Contractors retention money 498 711
Staff provident fund -- 1,699
Security deposits 599 2,064
Workers' profits participation fund - note 16.1 -- 10,976
Workers' welfare fund 9,471 9,471
Central research fund -- 2,520
Others 1,708 2,282
--------------------- ---------------------
519,981 563,901
============ ============
16.1 Workers' Profits Participation Fund
Balance at the beginning of the year 10,976 14,048
Allocation for the year -- 10,793
--------------------- ---------------------
10,976 24,841
Interest on funds utilized in Company's business 206 772
--------------------- ---------------------
11,182 25,613
--------------------- ---------------------
Less: Amount paid to the trustees of the fund 11,182 2,739
Amount deposited with the Government -- 11,898
--------------------- ---------------------
11,182 14,637
--------------------- ---------------------
-- 10,976
============ ============
17. DIVIDENDS
Payable -- 21,803
Unclaimed 1,566 1,564
Proposed -- 41,676
--------------------- ---------------------
1,566 65,043
============ ============
18. COMMITMENTS
Commitments for rentals payable under lease agreements for vehicles amounted to Rs 11.81 million (1998:
Rs 16.99 million) payable as follows:
1999 1998
(Rupees in thousand)
1999 -- 6,616
2000 5,883 5,619
2001 3,952 3,379
2002 1,538 1,055
2003 433 319
--------------------- ---------------------
11,806 16,988
============ ============
19. FIXED ASSETS
(a) Following is a statement of operating assets:
Cost and Additions/ Cost & Accumulated Depreciation Accumulated Book
revaluation (disposals) revaluation depreciation for the year depreciation value
as at as at as at (on disposals) as at as at
January December January December December
1, 1999 31, 1999 1, 1999 31, 1999 31, 1999
(Rupees in thousand)
Freehold land 4,412 -- 4,412 -- -- -- 4,412
Leasehold land 45,916 -- 45,916 1,635 619 2,254 43,662
Building on
freehold land 693 -- 693 241 45 286 407
Buildings on
leasehold land 54,362 4,650 58,733 24,352 3,001 27,126 31,607
(279) (227)
Plant and
machinery 285,203 20,135 299,886 133,083 22,719 150,862 149,024
(5,452) (4,940)
Furniture and
equipment 136,081 23,860 156,514 50,329 43,878 91,694 64,820
(3,427) (2,513)
Motor vehicles 13,614 6,045 19,639 4,873 3,409 8,278 11,361
(20) (4)
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
540,281 54,690 585,793 214,513 73,671 280,500 305,293
(9,178) (7,684)
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
1998 481,458 66,925 540,281 183,370 35,719 214,513 325,768
(8,102) (4,576)
============ ============ ============ ============ ============ ============ ============
(b) Depreciation on operating assets has been calculated at the following annual rates:
1.04% to 2% on original cost or revaluation Leasehold land
10% on written down value Buildings
10% on original cost or revaluation Plant and machinery
15% to 20% on original cost or revaluation Furniture and equipment
20% on original cost Motor vehicles
(c) The Company has re-assessed the useful lives of the furniture and equipment and computers included in it
and decided to write off the cost of computers and of furniture and equipment over 5 years and 6.67 years
respectively instead of 10 years to reflect more accurately the relationship between the effective useful life
of the asset and depreciation charge.
Had the rates of depreciation been consistent with that of the preceding year, the depreciation charge for
the year would have been lower by Rs. 31.25 million.
(d) Details of operating assets disposed of:
Revalu- Accum- Book Sale Mode of Particulars of buyer
ation ulated value proceeds disposal
or cost depre-
ciation
(Rupees in thousand)
Leasehold building 279 227 52 1,550 Negotiation Mr. G.M. Khalid
C-l, 3rd Floor, Hanif
Centre, Block 'B',
North Nazimabad, Karachi
Furniture and
equipment 98 98 -- -- Company Mr. K.J. Dinshaw
policy Ex-Executive Chairman
25 12 13 13 " Mr. Arif Siddeeq
Ex-Executive
232 159 73 73 " Mr. S.M. All Adil
Ex-Executive
75 -- 75 75 " Mr. Umair Ahmed
Ex-Executive
75 17 58 58 " Mr. S. Javaid Abdullah
Ex-Executive
75 -- 75 75 " Mr. Asim Shafiq
Ex-Executive
25 3 22 17 Negotiation Sharif Electronics
Shop No.65,
Saleem Centre
M.A. Jinnah Road, Karachi
23 14 9 4 Negotiation Mars Office Products
Room No. 16-17-30-31
Kiyani Plaza No. 1
Kiyani Shaheed Road, Karachi
25 7 18 8 " Mr. Munna Bhai
Old Furniture Market
Gharibabad, Karachi
Motor vehicle 10 2 8 6 " Abdul Khaliq & Co
Old Bus Stand, Pasroor
10 2 8 6 " M.R. Traders
Main Bazar
Chawinda
--------------------- --------------------- --------------------- ---------------------
952 541 411 1,885
Plant & machinery 5,452 4,940 512 -- Written off
Furniture &
Equipment 2,774 2,203 571 --
--------------------- --------------------- --------------------- ---------------------
9,178 7,684 1,494 1,885
============ ============ ============ ============
(e) The following is a statement of operating assets revalued:
Original Book Revaluation Revaluation
cost value value surplus
(Rupees in thousand)
Revalued on November 1, 1959
Leasehold land 90 70 70 --
Buildings on leasehold land 1,238 1,100 1,247 147
Plant and machinery 497 344 463 119
Furniture and equipment 10 9 12 3
--------------------- --------------------- --------------------- ---------------------
1,835 1,523 1,792 269
============ ============ ============ ============
Revalued on November 1, 1960
Furniture and equipment 196 136 136 --
Motor vehicles 204 90 90 --
--------------------- --------------------- --------------------- ---------------------
400 226 226 --
============ ============ ============ ============
Revalued on November 1, 1964
Leasehold land 90 66 241 175
Buildings on leasehold land 1,501 1,321 1,405 84
Plant and machinery 1,036 746 896 150
Furniture and equipment 366 198 191 (7)
Motor vehicles 334 148 148 --
--------------------- --------------------- --------------------- ---------------------
3,327 2,479 2,881 402
============ ============ ============ ============
Revalued on March 25, 1984
Leasehold land 125 125 422 297
Buildings on leasehold land 2,093 1,351 1,791 440
--------------------- --------------------- --------------------- ---------------------
2,218 1,476 2,213 737
============ ============ ============ ============
Amount transferred to surplus on
revaluation of fixed assets 1,408
============
1999 1998
(Rupees in thousand)
20. CAPITAL WORK-IN-PROGRESS - at cost
Building 2,277 2,011
Plant and machinery 5,334 14,118
Furniture and equipment 77 3,644
--------------------- ---------------------
7,688 19,773
============ ============
21. GOODWILL
Opening balance 9,000 12,000
Less: Amortized during the year 3,000 3,000
--------------------- ---------------------
6,000 9,000
============ ============
Goodwill of Rs. 15 million was paid to AgrEvo Pakistan (Private) Limited during 1996 on acquisition of
its household insecticides products business.
22. DEFERRED COST
Opening balance 18,000 24,000
Less: Amortized during the year 6,000 6,000
--------------------- ---------------------
12,000 18,000
============ ============
Deferred cost of Rs. 30 million was paid to AgrEvo Pakistan (Private) Limited (AgrEvo) during 1996
whereby AgrEvo have, for a period of 5 years, agreed not to compete, directly or indirectly with the
insecticide business acquired by the Company from AgrEvo, or to provide technical or other information
to any third party concerning the setting up of manufacturing facilities or of the methods of manufacturing
of products or of marketing of products similar to the products made by the insecticide business
acquired by the Company from AgrEvo.
23. DEFERRED TAXATION
Debit balances arising in respect of provision for:
-- Staff gratuity 30,532 27,930
-- Doubtful trade debts 7,920 4,955
-- Doubtful other receivables 916 --
-- Doubtful deposits 1,320 --
-- Obsolete stock 7,144 195
-- Others 3,008 1,003
--------------------- ---------------------
50,840 34,083
Credit balance arising due to:
-- Accelerated tax depreciation allowances (14,800) (25,137)
--------------------- ---------------------
36,040 8,946
============ ============
24. LONG-TERM LOANS - considered good
-- Executives 5,139 4,711
-- Employees 3,527 3,861
--------------------- ---------------------
8,666 8,572
Less: Recoverable within one year - Note 29 2,284 1,928
--------------------- ---------------------
6,382 6,644
============ ============
Loans to executives and employees have been provided to facilitate purchase of motor vehicles in accordance
with the Company's policy and are repayable over a period of six years. These loans are secured by
joint registration of the vehicles in the name of the Company and the employees.
Loans to executives and employees carry interest at the rate of 6 per cent per annum, except for workers
loan which is interest free.
Aggregate amount of loans outstanding for period exceeding three years is Rs. 484 thousand (1998: Rs.
280 thousand).
1999 1998
(Rupees in thousand)
25. LONG-TERM DEPOSITS AND PREPAYMENTS
Deposits 3,761 4,685
Provision for doubtful deposits ( 1,515) --
--------------------- ---------------------
2,246 4,685
Prepayments 2,247 1,056
--------------------- ---------------------
4,493 5,741
============ ============
26. STORES, SPARES AND LOOSE TOOLS
Stores 291 291
Spares 1,516 3,032
Loose tools 3,410 1,204
--------------------- ---------------------
5,217 4,527
============ ============
27. STOCK-IN-TRADE
Raw and packing materials - including in transit
Rs 15.69 million (1998: Rs 79.65 million) 185,648 255,621
Work-in-process 19,660 19,733
Finished goods - including in transit Rs. 4.91 million (1998: Nil) 100,557 53,854
--------------------- ---------------------
305,865 329,208
Less: Provision for obsolescence 21,648 648
--------------------- ---------------------
284,217 328,560
============ ============
27.1 Raw and packing materials and finished goods include Rs.9.99 million (1998: Rs. l 1.03 million) and
Rs. 6.64 million (1998: Nil) respectively held with third parties.
28. TRADE DEBTS
Considered good
associated undertakings 371 447
others 359,366 652,704
--------------------- ---------------------
359,737 653,151
Considered doubtful 33,594 16,516
--------------------- ---------------------
393,331 669,667
Less: Provision for doubtful debts 33,594 16,516
--------------------- ---------------------
359,737 653,151
============ ============
The maximum aggregate amount due from associated undertakings at the end of any month during the
year was Rs 1.55 million (1998: Rs 3.28 million).
29. LOANS AND ADVANCES - considered good
Loans due from:
-- Executives 1,300 1,061
-- Employees 984 867
--------------------- ---------------------
2,284 1,928
Advances to:
-- Executives 5 201
-- Employees 1,162 2,960
-- Suppliers 3,852 7,379
-- Others 28 959
--------------------- ---------------------
5,047 11,499
--------------------- ---------------------
7,331 13,427
============ ============
The maximum amount of advances against business expenses due from the directors, chief executive and
executives at the end of any month during the year was Rs 738 thousand (1998: Rs 5.46 million).
30. SHORT-TERM DEPOSITS AND PREPAYMENTS
Trade deposits 6,170 6,486
Provision for doubtful deposits (2,485) --
--------------------- ---------------------
3,685 6,486
Prepayments 4,407 4,312
Balances with statutory authorities 1,354 2,022
Margin against letters of credit 15,552 26,846
--------------------- ---------------------
24,998 39,666
============ ============
31. OTHER RECEIVABLES
Due from Government
Customs duty refundable 13,377 13,377
Less: Provision for doubtful customs
duty refundable - note 31.1 13,162 13,162
--------------------- ---------------------
215 215
Due from associated undertakings -- 28,391
Due from staff provident fund 2,530 --
Accrued income 193 193
Zakat refundable 2,775 2,775
Less: Provision for Zakat refundable (2,775) --
--------------------- ---------------------
-- 2,775
Others 2,344 3,448
--------------------- ---------------------
5,282 35,022
============ ============
The maximum amount due from associated undertakings at the end of any month during the year was
Rs. 44.16 million (1998: Rs 29.36 million).
31.1 Provision for Doubtful Customs Duty Refundable
Whilst a provision of Rs.12.80 million is being carried forward in these accounts in respect of Dettol
duty refunds, the Company has filed a constitutional petition in the High Court of Sindh, Karachi.
32. SHORT-TERM INVESTMENT
This represents investment made in WAPDA Bonds. The rate of income on these bonds is 19 % per
annum.
33. CASH AND BANK BALANCES
With banks
-- on savings account 44,106 131,542
-- on current accounts 3,218 20,967
Cash in hand 911 544
--------------------- ---------------------
48,235 153,053
============ ============
34. REMUNERATION OF CHIEF EXECUTIVE, DIRECTORS AND EXECUTIVES
The aggregate amount charged in the accounts for remuneration, including all benefits, to the chief executive,
directors and executives of the Company were as follows:
Year ended Period ended
December 31, 1999 December 31, 1998
Chief Director & Executives Chief Director & Executives
Executive alternate Executive alternate
directors directors
(Rupees in thousand)
Managerial remuneration
includes severance cost
of Rs. 42.78 million
(1998: Nil)
in respect of executives 3,672 3,376 97,626 3,303 4,564 42,500
Retirement benefits 1,251 759 8,948 1,296 697 8,561
Housing 364 270 776 335 389 614
Utilities 172 174 2,698 58 236 1,652
Medical expenses 22 69 2,730 59 15 1,599
Leave passage 201 182 3,019 162 242 2,311
Others 97 134 972 81 129 542
-------------------- -------------------- -------------------- -------------------- -------------------- --------------------
5,779 4,964 116,769 5,294 6,272 57,779
============ ============ ============ ============ ============ ============
Number of persons 1 3 139 1 3 119
============ ============ ============ ============ ============ ============
The amount charged in the accounts for the year excluding those shown above, for fee to three non-executive
directors was Rs. 6,000 (1998: two non-executive directors Rs. 2,500).
The chief executive is provided with Company-owned accommodation. The chief executive, a director,
alternate directors, and certain executives of the Company are also provided with free use of cars.
Year Period
ended ended
December December
31, 1999 31, 1998
(Rupees in thousand)
35. CASH FLOW FROM OPERATING ACTIVITIES
(Loss)/Profit before taxation (212,769) 199,834
Add/(Less): adjustment for non cash charges and other items
Amortization of goodwill 3,000 3,000
Amortization of deferred cost 6,000 6,000
Depreciation 73,671 35,719
(Profit)/Loss on sale of fixed assets (391) 791
Provision for gratuity 15,062 21,440
Mark up on running finance 32,744 25,992
Income on investment (729) (497)
-------------------- --------------------
129,357 92,445
-------------------- --------------------
(Loss)/Profit before working capital changes (83,412) 292,279
Effect on cash flow due to working capital changes
(Increase)/Decrease in current assets
Stores, spares and loose tools (690) 53
Stock in trade 44,343 (86,515)
Trade debts 293,414 (198,362)
Loans and advances 6,096 (2,660)
Short-term deposits and prepayments 14,668 (28,550)
Other receivables 29,740 (5,272)
-------------------- --------------------
387,571 (321,306)
(Decrease)/Increase in current liabilities
Creditors, accrued and other liabilities (36,475) 238,564
-------------------- --------------------
Cash generated from operations 267,684 209,537
============ ============
36. CASH AND CASH EQUIVALENTS
Cash and bank balances 48,235 153,053
Finance under mark-up arrangements (39,760) (185,367)
-------------------- --------------------
8,475 (32,314)
============ ============
37. CAPACITY
The capacity and production of the Company plants is indeterminable as these are multi product plants
involving various processes of manufacture.
1998 1999
(Rupees in thousand)
38. ASSOCIATED UNDERTAKINGS
Sales 4,903 9,827
Purchases of goods and services 356,295 160,666
Purchases of fixed assets 7,096 --
39. FINANCIAL INSTRUMENTS
(i) Financial assets and liabilities
Interest/mark-up bearing Non-interest bearing Total
Maturity Maturity Total Maturity Maturity Total
upto one after one upto one after one
year year year year
(Rupees in thousand)
Financial Assets
Loans to employees 2,284 6,382 8,666 -- -- -- 8,666
Deposits -- -- -- 19,237 2,246 21,483 21,483
Trade debts -- -- -- 359,737 -- 359,737 359,737
Other receivables -- -- -- 5,067 -- 5,067 5,067
Investments 2,000 -- 2,000 -- -- -- 2,000
Cash and bank
balances 44,106 -- 44,106 4,129 -- 4,129 48,235
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
48,390 6,382 54,772 388,170 2,246 390,416 445,188
Financial Liabilities
Short-term running
finance utilised under
mark-up arrangements 39,760 -- 39,760 -- -- -- 39,760
Creditors, accrued
and other liabilities -- -- -- 472,092 -- 472,092 472,092
Dividends -- -- -- 1,566 -- 1,566 1,566
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
39,760 -- 39,760 473,658 -- 473,658 513,418
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
1999 8,630 6,382 15,012 (85,488) 2,246 (83,242) (68,230)
-------------------- -------------------- -------------------- -------------------- -------------------- -------------------- --------------------
1998 (49,897) 6,644 (43,253) 204,230 4,685 208,915 165,662
============ ============ ============ ============ ============ ============ ============
(ii) Concentration of credit risk
Credit risk represents the accounting loss that would be recognised at the reporting date if counterparts
failed to perform as contracted. The Company believes that it is not exposed to major concentration of
credit risk. To manage exposure to credit risk, the Company applies credit limits to its customers.
The Company places cash and cash equivalents available for short term periods with various banks.
(iii) Foreign exchange risk management
Foreign currency risk arises mainly when receivables and payables exist due to sale and purchase transactions
with foreign undertakings. Payables exposed to foreign currency risks included in creditors and
bills payable are Rs. 6.17 million (1998: Rs. 4.76 million) and Rs. 46.51 million (1998: Rs. 114.06 million)
respectively.
(iv) Fair values of the financial instruments
The carrying value of all the financial instruments reflected in the financial statements approximates their
fair value.
40. NUMBER OF EMPLOYEES
Total number of employees at the year end was 1,057 (1998: 1,534).
41. CORRESPONDING FIGURES
Previous year's figures have been re-arranged, wherever necessary, for the purposes of comparison.
TARIQ IKRAM RASHEED Y. CHINOY
Chief Executive Director
COMPARISON OF RESULTS
1993 1994 1995 1996 1997 1998 1999
(Rupees'000)
EARNINGS & DISTRIBUTION (RECKITT & COLMAN OF PAKISTAN LTD.)
Sales 741,278 792,200 922,447 1,534,110 1,987,051 2,247,447 1,773,884
Profit/(loss) before tax 118,183 123,104 157,839 199,416 253,555 199,834 (212,769)
Taxes 43,016 46,594 52,556 1,454 55,828 87,068 2,906
Net earnings/(loss) 75,167 76,510 105,283 197,962 197,727 112,766 (215,675)
Dividend 41,172 45,172 59,288 112,205 112,205 83,352 --
Increase/(decrease) in reserves 33,995 31,338 45,995 85,757 85,522 29,414 (215,675)
Bonus shares issued -- 23,527 28,232 49,368 -- -- --
EARNINGS & DISTRIBUTION (RECKITT & COLMAN PHARMACEUTICALS (PVT.) LTD.)
.Sales 293,985 373,284 417,200
Profit before tax 75,222 105,698 110,756
Taxes 37,155 47,864 22,025
Net earnings 38,067 57,834 88,731
Dividend 12,835 17,113 20,964
Retained in business 25,232 40,721 67,767
Bonus shares issued 4,651 7,130 17,114
FINANCIAL POSITION (RECKITT & COLMAN OF PAKISTAN LTD.)
Share capital 117,635 141,162 169,394 320,587 320,587 320,587 320,587
Capital and revenue reserves 114,096 121,907 137,128 282,633 368,155 397,569 181,894
Shareholders equity 231,731 263,069 306,522 603,220 688,742 718,156 502,481
Surplus on revaluation 67 l 67 l 671 1,408 1,408 1,408 1,408
Long term loans and
deferred liabilities/tax 20,642 27,438 33,421 54,787 64,136 84,156 56,482
Total capital employed 253,044 291,178 340,614 659,415 754,286 803,720 560,371
Represented by:
Fixed assets 101,578 128,083 151,738 327,147 345,796 354,541 318,981
Long term loans/deposits
and deferred cost 2,511 4,779 3,964 39,798 34,515 30,385 22,875
Net current assets 148,955 158,316 184,912 292,470 373,975 418,794 218,515
STATISTICS (RECKITT & COLMAN OF PAKISTAN LTD.)
Net earnings/(loss) per share (Rs.) 6.39 5.42 6.22 6.17 6.17 3.52 (6.72)
Dividend declared per share (Rs.) 3.50 3.20 3.50 3.50 3.50 2.60 --
Bonus issue 2:10 2:10 3:20 -- -- -- --
Break up value per share (Rs.) 19.70 18.64 18.10 18.82 21.48 22.40 15.67
*COMBINED RESULTS INCLUDING THE FORMER RECKITT & COLMAN PHARMACEUTICALS (PVT.) LTD.
PATTERN OF SHAREHOLDING AS AT DECEMBER 31, 1999
SIZE OF HOLDING NUMBER OF NUMBER OF
RS. 10 SHARES SHAREHOLDERS Rs. 10 SHARES
HELD
1 -- 100 462 19,950
101 -- 500 513 142,214
501 -- 1000 217 162,806
1001 -- 5000 391 869,459
5001 -- 10000 77 560,959
10001 -- 15000 16 202,356
15001 -- 20000 24 423,608
20001 -- 25000 7 160,965
25001 -- 30000 19 518,602
30001 -- 35000 5 159,695
35001 -- 40000 6 226,450
40001 -- 45000 6 252,447
45001 -- 50000 8 380,881
50001 -- 55000 3 156,455
55001 -- 60000 5 285,224
60001 -- 65000 4 249,188
65001 -- 70000 1 69,988
70001 -- 75000 3 224,156
75001 -- 80000 8 610,676
80001 -- 85000 3 243,664
85001 -- 90000 2 171,170
90001 -- 95000 2 186,014
95001 -- 100000 3 295,508
100001 -- 105000 4 409,745
115001 -- 120000 1 116,700
120001 -- 125000 1 123,806
130001 -- 135000 2 263,638
145001 -- 150000 1 148,095
165001 -- 170000 1 167,188
190001 -- 195000 1 193,019
200001 -- 205000 1 201,780
210001 -- 215000 1 213,120
225001 -- 230000 1 226,319
255001 -- 260000 1 257,439
570001 -- 575000 1 572,700
770001 -- 775000 1 771,732
990001 -- 995000 1 992,404
2195001 -- 2200000 1 2,199,634
18625001 -- 18630000 1 18,628,894
--------------------- --------------------- --------------------- --------------------- ---------------------
Total 1,805 32,058,648
============ ============ ============ ============ ============
Shareholders No. of No. of Percentage
Category Shareholders Rs. 10 Shares Issued Capital
Individuals 1,757 7,391,685 23.06
Investment Companies 5 241,886 0.75
Insurance Companies 5 933,300 2.91
Modarabas 2 182 0.00
Joint Stock Companies 9 18,911,405 58.99
Financial Institutions 16 4,267,434 13.31
Others 11 312,756 0.98
--------------------- --------------------- ---------------------
Total 1,805 32,058,648 100.00
============ ============ ============
LIST OF PRODUCTS MARKETED
PRODUCT NAME PACK SIZE PRODUCT NAME PACK SIZE
Analgesics Antiseptic Range
Aspro Tablets 1000, 100's Dettol Liquid 500,250,100,50 ml
Disprin Tablets 600's Dettol Liquid (hospital pack) 4.5 lt.
Disprin CF 50's Dettol Plaster 100, 20's
Disprin Direct Tablets 64's Dettol Antiseptic Cream 30 gm
Disprol Suspension 60 ml Dettol Obstetric Cream 450 ml
Disprofen Tablets 400mg 200's Dettol Shaving Cream Pine 70, 40 gm
Paracetamol Tablets 500, 200's Dettol Soap 125, 75 gm
Temgesic Injections 5 x 1 ml
Temges'ic Sublingual Tablets 50's
Bronchodilators
Antibiotics Bronchilate Syrup 60 ml
Genlficyn Injections 3 x 1 ml Bronchilate 2 mg Tablets 20's, 100's
Genticyn Injections 2 x 2 ml Bronchilate 4 mg Tablets 12's, 100's
Genticyn Paed Injections 5 x 2 ml Theophyline Syrup 120 ml
Genticyn Drops Plain 7.5 ml
Genticyn Drops Hydrocortisone 5 ml Cardiovascular
Genticyn Cream Plain / HC 10 gm Disprin-CV Tablets 30's
Genticyn B Cream / Ointment 15 gm
Nicotrim Forte Tablets 100's Floor / Furniture / Car Care
Nicotrim Single Strength Tablets 200's Mansion Std. 3 kg, 450gm
Nicotrim Paed Suspension 50 ml Mansion White 16 kg, 3 kg, 450 gm
Mansion Car Polish 300, 80 gm
Anti-Epileptics
Epilim Tablets 100's Gastro Intestinal
Epilim Liquid 120 ml Fybogel Orange Sachets 10's
Polycrol Tablets 1000, 50's
Air Care Polycrol Forte Gel 120 ml
Freshaire Aerosol 300 ml Gaviscon Tab. Mint / Toffee 20's
(Rose / Jasmine / Sandlewood / Gaviscon Liquid 200, 100 ml
Lavender) Senokot Tablets 500, 24's
Laundry Care / Industrial Pigment Pest Control (Contd.)
Robin Standard Blue 225, 35 gm Mortein Liquid Bottle / Tin 456 ml
Robin Best Blue 25 kg, 450 gm Mortein Mat 30's
Robin Blue Eazy Mix 4 gm Mortein Mat Plus 30's
Bullshead No. 1 25 kg Mortein Vapourizer Unit
Bullshead Special 25 kg Mortein Odourless (Flying Insect)
Robin Liquid Bleach 500 ml Aerosol 250 gm
Robin Crisp 200 ml PifPaf (Flying Insect) Aerosol 600, 400, 300 ml
PifPaf (Crawling Insect) Aerosol 400 ml
Metal Care
Brasso Liquid 200 ml Shoe Care
Cherry Blossom Liquid White 100, 50 ml
Pest Control Cherry Blossom Paste Black /
Coopex Mat 30's D. Tan 100, 50, 20 ml
Coopex Mat Heater Cordless Unit Cherry Blossom Paste Neutral /
Coopex Oil Spray Bottle / Tin 450 ml L. Tan 50 ml
Coopex Oil Spray 3.8 It. Cherry Blossom Cream
Coopex Anti-lice Lotion 50 ml D. Tan/Black/L. Tan/Neutral 40 gm
Coopex 25% EC 4 It. Cherry Blossom Self Shine Black 75 ml
Mortein Coopex Powder 100 gm Cobra Cream Black / Dark Tan 100 gm
Mortein Aerosol 400, 300 ml
Mortein Coils 10's Others
Mortein Lure & Kill Aerosol 100, 250 gm Aquaviron (B 12) Injections 2 x 1 ml
Bongela Gel (mouth ulcers) 10 gm
Harpic Lavatory Cleaner 500 ml
Multigesic Cream (rheumatic pain) 30 gm
NeomercazoleTabs. (Anti-Thyroid) 100's
Zip dishwashing liquid 500 ml
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