|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ARPAK
INTERNATIONAL INVESTMENTS LIMITED |
|
|
|
|
|
|
|
|
| Annual Reports
2003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| CONTENTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Vision and
Mission Statement |
|
|
|
|
|
|
|
|
|
|
|
| Company
Information |
|
|
|
|
|
|
|
|
|
|
|
| Notice of Meeting |
|
|
|
|
|
|
|
|
|
|
|
|
| Statement of
Ethics and Business Practices |
|
|
|
|
|
|
|
|
|
|
| Pattern of
Shareholding |
|
|
|
|
|
|
|
|
|
|
|
| Financial
Highlights |
|
|
|
|
|
|
|
|
|
|
|
| Directors' Report |
|
|
|
|
|
|
|
|
|
|
|
|
| Statement of
Compliance |
|
|
|
|
|
|
|
|
|
|
|
| Review Report
to the Members |
|
|
|
|
|
|
|
|
|
|
|
| Auditors'
Report to the Members |
|
|
|
|
|
|
|
|
|
|
|
| Balance Sheet |
|
|
|
|
|
|
|
|
|
|
|
|
| Profit and
Loss Account |
|
|
|
|
|
|
|
|
|
|
|
| Cash Flow
Statement |
|
|
|
|
|
|
|
|
|
|
|
| Statement of
Changes in Equity |
|
|
|
|
|
|
|
|
|
|
|
| Notes to the
Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| VISION
STATEMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| To obtain the
highest rate of return by making diversified |
|
|
|
|
|
|
|
|
|
|
| and secured
investments. Efficient organization with |
|
|
|
|
|
|
|
|
|
|
| professional
competence of top order. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| MISSION
STATEMENT |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| We have
developed a unique set of strength and |
|
|
|
|
|
|
|
|
|
|
| competencies.
We wish to build safe, healthy and |
|
|
|
|
|
|
|
|
|
|
| environment
friendly atmosphere and will strive |
|
|
|
|
|
|
|
|
|
|
| continuously
to achieve higher level of excellence. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| To be a
dynamic, profitable and growth oriented |
|
|
|
|
|
|
|
|
|
|
| company
through investments in new national and |
|
|
|
|
|
|
|
|
|
|
| international
markets and undertakings. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| To give
attractive returns to business associates and |
|
|
|
|
|
|
|
|
|
|
| shareholders
as per their expectations. Be a responsible |
|
|
|
|
|
|
|
|
|
| employer and
reward employees according to their |
|
|
|
|
|
|
|
|
|
|
| ability and
performance. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| To be a good
corporate citizen to fulfill its social |
|
|
|
|
|
|
|
|
|
|
| responsibilities. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMPANY
INFORMATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BOARD OF
DIRECTORS |
|
Chief Executive |
|
Term expiries |
N.T. No |
|
|
|
|
|
|
| Begum Laila
Sarfaraz |
|
Non-Executive Director |
30 Dec. 2003 |
01-12-0006273 |
|
|
|
|
|
|
| Begum Zari
Sarfaraz |
|
Non-Executive Director |
30 Dec. 2003 |
01-12-0006274 |
|
|
|
|
|
|
| Mr Aziz
Sarfaraz Khan |
|
Non-Executive Director |
30 Dec. 2003 |
01-12-0060674 |
|
|
|
|
|
|
| Ms. Najda
Sarfaraz |
|
Non-Executive Director |
30 Dec. 2003 |
17-03-TR2058 |
|
|
|
|
|
|
| Mr. Iskander
M. Khan |
|
Non-Executive Director |
30 Dec. 2003 |
01-12-0051007 |
|
|
|
|
|
|
| Ms. Zarmine
Sarfaraz |
|
Non-Executive Director |
30 Dec. 2003 |
01-11-0005258 |
|
|
|
|
|
|
| Mr. Abdul
Qadar Khattak |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BOARD AUDIT
COMMITTEE |
|
|
|
|
|
|
|
|
|
|
|
| Mr. Iskander M. Khan |
Chairman |
|
|
|
|
|
|
|
|
|
|
|
| Begum Zari Sarfaraz |
Member |
|
|
|
|
|
|
|
|
|
|
|
| Mr. Aziz Sarfaraz Khan |
Member |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| COMPANY
SECRETARY / |
|
|
|
|
|
|
|
|
|
|
|
| CHIEF
FINANCIAL OFFICER |
|
|
|
|
|
|
|
|
|
|
|
| Mr. Waheed
Ahmed Khan |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AUDITORS |
|
|
|
|
|
|
|
|
|
|
|
|
| Hameed
Chaudhri & Co. |
|
|
|
|
|
|
|
|
|
|
|
| Chartered
Accountants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| TAX
CONSULTANTS |
|
|
|
|
|
|
|
|
|
|
|
| S M. Masood
& Co. |
|
|
|
|
|
|
|
|
|
|
|
| Chartered
Accountants |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| LEGAL ADVISERS |
|
|
|
|
|
|
|
|
|
|
|
| Mr. Noorullah
Manji |
|
|
|
|
|
|
|
|
|
|
|
| Advocate |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BANKERS |
|
|
|
|
|
|
|
|
|
|
|
|
| Bank Al-Falah
Limited |
|
|
|
|
|
|
|
|
|
|
|
| Union Bank
Limited |
|
|
|
|
|
|
|
|
|
|
|
| The Bank of
Khyber |
|
|
|
|
|
|
|
|
|
|
|
| Bank Ai-Habib
Limited- |
|
|
|
|
|
|
|
|
|
|
|
| Standered
Chartered Grindlays Bank Limited |
|
|
|
|
|
|
|
|
|
|
|
| Faysal Bank
Limited |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| REGISTERED
OFFICE |
|
|
|
|
|
|
|
|
|
|
|
| 20-A, Markaz F-7, |
|
|
|
|
|
|
|
|
|
|
|
|
| Islamabad. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| NOTICE OF
MEETING |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Notice is
hereby given that the 26 Annual General Meeting of the Arpak International |
|
|
|
|
|
|
|
|
| Investments
Limited, will be held on Firday, 31 October, 2003 at
10:00 A.M. at the Registered |
|
|
|
|
|
|
|
| Office of the
Company at 20-A, Markaz F-7, Islamabad, to transact the following business: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1. To confirm the Minutes of the 25
Annual General Meeting held on 31 December, 2002. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 2. To receive, consider and adopt the
Audited Accounts of the Company for the year ended |
|
|
|
|
|
|
|
| 30 June, 2003
alongwith Auditors' Report and Directors' Report thereon. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 3. To appoint Auditors of the Company
for the financial year ending 30 June, 2004 and to |
|
|
|
|
|
|
|
|
| fix their
remuneration. The outgoing auditors,
Messrs Hameed Chaudhri & Co., |
|
|
|
|
|
|
|
|
| Chartered
Accountants, being eligible offer themselves for re-appointment. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 4. To elect the Directors of the
Company fora period of three years commencing from the |
|
|
|
|
|
|
|
|
| date of
election, vide Section 178 of the Companies Ordinance 1984, in that:- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| a. Pursuant to Section 178(1) and
(2)(a) of the Companies Ordinance 1984, the |
|
|
|
|
|
|
|
|
| Board of
Directors through a Resolution passed in the Meeting of the Board of |
|
|
|
|
|
|
|
|
| Directors held
on 2 October 2003, have fixed the number of Directors at seven. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| b. Pursuant to Section 178(2)(b) and
(3) of the Companies Ordinance 1984, |
|
|
|
|
|
|
|
|
| names of the
retiring Directors are as under: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| i. Begum Zari Sarfaraz |
ii.
Mr. Aziz Sarfaraz Khan |
|
|
|
|
|
|
|
|
|
| ii. Begum Laila Sarfaraz |
iv.
Ms. Najda Sarfaraz |
|
|
|
|
|
|
|
|
|
| v. Ms. Zarmine Sarfaraz |
vi.
Mr. IskanderM Khan |
|
|
|
|
|
|
|
|
|
| vii. Mr. Abdul QadirKhattak |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Any person who
seeks to contest election for the office of a Director may file his |
|
|
|
|
|
|
|
|
| nomination
papers with the Secretary of the Company not later than 16 October 2003. |
|
|
|
|
|
|
|
|
| The retiring
Directors shaii be eligible for re-election. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 5. To transact any other ordinary
business of the Company with the permission of the |
|
|
|
|
|
|
|
|
| Chair. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| BY ORDER OF
THE BOARD |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ISLAMABAD,
(WAHEED AHMED KHAN) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| October 9,
2003
Company Secretary |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Notes: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| I. The share transfer Books of the
Company will remain closed from 21 October, 2003 to |
|
|
|
|
|
|
|
| 31 October,
2003 (both days inclusive). |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| II. Member unable to attend in person
may kindly send proxy form attached with the Balance Sheet |
|
|
|
|
|
|
|
| signed and
witnessed to the Company at least 48 hours before the time of the meeting. No |
|
|
|
|
|
|
|
|
| person shall
act as proxy unless he is entitled to be present and vote in his own right. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| III. Members are requested to notify any
change in address immediately to the Registered Office of |
|
|
|
|
|
|
|
| the Company. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| IV. C.D.C shareholders desiring to
attend the meeting are requested to bring their original National |
|
|
|
|
|
|
|
| Identity
Cards, Account and participants I.D numbers, for identification purpose, and
in case of |
|
|
|
|
|
|
|
|
| proxy, to
enclose an attested copy of his/her National Identity Card. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| STATEMENT OF
ETHICS AND BUSINESS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PRACTICES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| The
articulation of this statement is based on the following: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 1. Elimination of
improper payments or
use of the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Company's
assets. |
|
|
|
|
|
|
|
|
|
|
|
| 2. Elimination of political
contributions. |
|
|
|
|
|
|
|
|
|
|
| 3. Safe custody of books and records of
the Company. |
|
|
|
|
|
|
|
|
|
| 4. Authentic and genuine payment of
amounts due to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| costumers,
agents or distributors. |
|
|
|
|
|
|
|
|
|
|
|
| 5. Elimination of reporting violations. |
|
|
|
|
|
|
|
|
|
|
| 6. Integrity and scrupulous dealings. |
|
|
|
|
|
|
|
|
|
|
| 7. Strict observance of the laws of the
country. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FORM-34 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PATTERN OF
SHAREHOLDING |
|
|
|
|
|
|
|
|
|
|
|
| AS AT 30 JUNE.
2003 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| No. of |
|
|
|
|
|
Total |
|
|
|
|
|
|
| Shareholders |
|
|
Shareholding |
|
|
Shares Held |
|
|
|
|
|
|
| 323 |
From |
1 |
to |
100 |
Shares |
14,714 |
|
|
|
|
|
|
| 290 |
From |
101 |
to |
500 |
Shares |
71,647 |
|
|
|
|
|
|
| 141 |
From |
501 |
to |
1,000 |
Shares |
100,849 |
|
|
|
|
|
|
| 178 |
From |
1,001 |
to |
5,000 |
Shares |
372,826 |
|
|
|
|
|
|
| 25 |
From |
5,001 |
to |
10,000 |
Shares |
171,734 |
|
|
|
|
|
|
| 2 |
From |
10,001 |
to |
15,000 |
Shares |
21,135 |
|
|
|
|
|
|
| 2 |
From |
15,001 |
to |
25,000 |
Shares |
43,508 |
|
|
|
|
|
|
| 1 |
From |
25,001 |
to |
30,000 |
Shares |
25,303 |
|
|
|
|
|
|
| 2 |
From |
30,001 |
to |
65,000 |
Shares |
91,300 |
|
|
|
|
|
|
| 3 |
From |
65,001 |
to |
70,000 |
Shares |
200,000 |
|
|
|
|
|
|
| 1 |
From |
70,001 |
to |
110,000 |
Shares |
105,498 |
|
|
|
|
|
|
| 3 |
From |
195,001 |
to |
200,000 |
Shares |
600,000 |
|
|
|
|
|
|
| 1 |
From |
200,001 |
to |
250,000 |
Shares |
202,825 |
|
|
|
|
|
|
| 2 |
From |
405,001 |
to |
415,000 |
Shares |
814,706 |
|
|
|
|
|
|
| 1 |
From |
520,001 |
to |
above |
Shares |
1,163,955 |
|
|
|
|
|
|
| 975 |
|
|
|
|
|
4,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Categories of
Shareholders |
|
|
Numbers |
Shares Held |
Percentage of Paid-up Capital |
|
|
|
|
|
| Associated
Companies, Undertakings |
|
2 |
814,706 |
20.37 |
|
|
|
|
|
|
| and Related
Parties |
|
|
|
|
|
|
|
|
|
|
|
| Azlak
Enterprises (Pvt) Ltd. |
|
|
|
413,451 |
10.34 |
|
|
|
|
|
|
| Premier Sugar Mills & Distillery Co.
Ltd. |
|
|
401,255 |
10.03 |
|
|
|
|
|
|
| NLLandJCP |
|
|
|
- |
- |
- |
|
|
|
|
|
|
| Directors
& Relatives |
|
|
9 |
2,136,578 |
53.41 |
|
|
|
|
|
|
| Executives |
|
|
|
- |
- |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Public Sector
Companies and Corporation |
|
17 |
41,487 |
1.04 |
|
|
|
|
|
|
| B.C.G.A.
Punjab (Pvt) Ltd. |
|
|
|
5,268 |
0.13 |
|
|
|
|
|
|
| Bibojee
Services (Pvt) Ltd. |
|
|
|
10,396 |
0.26 |
|
|
|
|
|
|
| Naeem
Securities Limited |
|
|
|
100 |
0 |
|
|
|
|
|
|
| Roberts Cotton
Associates Ltd. |
|
|
|
4,444 |
0.11 |
|
|
|
|
|
|
| Shakar Gunj
Mills Limited |
|
|
|
10,000 |
0.25 |
|
|
|
|
|
|
| Molasses
Trading Co. Ltd. |
|
|
|
1,000 |
0.03 |
|
|
|
|
|
|
| Molasses
Export Co. Ltd. |
|
|
|
412 |
0.01 |
|
|
|
|
|
|
| Prudential
Securities Limited |
|
|
|
105 |
0 |
|
|
|
|
|
|
| Invest Capital
& Securities (Pvt) Ltd. |
|
|
|
283 |
0.01 |
|
|
|
|
|
|
| Sarfaraz
Mahmood (Pvt) Ltd. |
|
|
|
42 |
0 |
|
|
|
|
|
|
| Zahid Latif
Khan Securities (Pvt) Ltd. |
|
|
|
269 |
0.01 |
|
|
|
|
|
|
| Excel
Securities (Pvt) Ltd. |
|
|
|
100 |
0 |
|
|
|
|
|
|
| N. H.
Securities (Pvt) Ltd. |
|
|
|
2,514 |
0.06 |
|
|
|
|
|
|
| Taurus
Securities Limited |
|
|
|
3,826 |
0.1 |
|
|
|
|
|
|
| A. Sattar
Motiwala Securities (Pvt) Ltd. |
|
|
819 |
0.02 |
|
|
|
|
|
|
| Y. S.
Securities & Services (Pvt.) Ltd. |
|
|
525 |
0.01 |
|
|
|
|
|
|
| Millennium
Securities & Invest (Pvt) Ltd. |
|
|
1,384 |
0.03 |
|
|
|
|
|
|
| Banks,
Development Finance Institutions, |
|
|
|
|
|
|
|
|
|
|
| Non Bankinq
Financial Institutions, Insurance |
|
|
|
|
|
|
|
|
|
|
| Companies,
Modarabas and Mutual Funds |
|
3 |
17,433 |
0.44 |
|
|
|
|
|
|
| Fiuelity
Investment Bank Limited |
|
|
2,850 |
0.07 |
|
|
|
|
|
|
|
| Investment
Corporation of Pakistan |
|
|
9,283 |
0.23 |
|
|
|
|
|
|
|
| EFU General
Insurance Co. Ltd. |
|
|
5,300 |
0.13 |
|
|
|
|
|
|
|
| Individuals |
|
|
|
940 |
984,056 |
24.6 |
|
|
|
|
|
|
| Others |
|
|
|
4 |
5,740 |
0.14 |
|
|
|
|
|
|
| Securities
& Exchange Commission of Pakistan |
|
1 |
0 |
|
|
|
|
|
|
|
| The Society
for Rehabilitation |
|
|
|
|
|
|
|
|
|
|
|
| of Crippled
Children |
|
|
174 |
0 |
|
|
|
|
|
|
|
| Chief
Administrator of Auqaf Lahore |
|
|
3,798 |
0.09 |
|
|
|
|
|
|
|
| OC 3 (Self
Propelled) Field Regiment Artillery Kharian |
|
1,767 |
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
975 |
4,000,000 |
100 |
|
|
|
|
|
|
| Shareholders
holding 10% or more voting |
|
|
|
|
|
|
|
|
|
|
| Interest in
the company |
|
|
|
|
|
|
|
|
|
|
|
| Mr. Abbas
Sartaraz Khan |
|
|
1,163,955 |
29.1 |
|
|
|
|
|
|
|
| Azlak
Enterprises (Pvt) Ltd. |
|
|
413,451 |
10.34 |
|
|
|
|
|
|
|
| Premier Sugar
Mills & Distillery Co. Ltd. |
|
401,255 |
10.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| FINANCIAL
HIGHLIGHTS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| PARTICULARS |
|
2003 |
2002 |
2001 |
2000 |
1999 |
1998 |
1997 |
1996 |
1995 |
1994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Income |
|
4,716 |
7,064 |
13,739 |
9,959 |
6,833 |
6,626 |
4,306 |
4,391 |
2,338 |
4,465 |
|
| Operating Profit |
