| Agriauto Industries Limited |
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| Annual
Report 2000 |
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| CONTENTS |
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| Company
Information |
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| Notice
of Annual General Meeting |
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| Directors'
Report |
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| Auditors'
Report to the Members |
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| Balance Sheet |
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| Profit
and Loss Account |
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| Statement
of Changes in Financial Position |
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| Statement
of Changes in Equity |
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| Notes
to the Accounts |
|
| Pattern
of Shareholdings |
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| COMPANY
INFORMATION |
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|
| BOARD
OF DIRECTORS |
|
|
| R.D. Minwalla |
|
Chairman |
|
| S. Ikram Haider |
|
Chief Executive |
|
| Rais Ahmed |
|
| Mansoor
G. Habib |
|
| Tayyeb Afzal |
|
| Sohail
P. Ahmed |
|
| Owaisul
Mustafa |
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| COMPANY
SECRETARY |
Fahim Kapadia |
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| AUDITORS |
|
Ford, Rhodes, Robson,
Morrow |
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|
Chartered Accountants |
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| SHARE
REGISTRAR |
Noble Computer Services
(Pvt) Ltd., |
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|
11, Banglore Town Housing
Society |
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|
Main Shahrah-e-Faisal, |
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|
Karachi-75350 Pakistan. |
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|
Te1: 4546978-4520121 |
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| REGISTERED
OFFICE |
Agriauto Industries Ltd. |
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5th Floor, House of Habib |
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Main Shahrah-e-Faisal, |
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Karachi-75350 |
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Pakistan. |
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| FACTORY |
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Mouza Baroot, |
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Hub Chowki, Distt,
Lasbella, |
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Balochistan. |
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| NOTICE
OF MEETING |
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| NOTICE
is hereby given that the nineteenth Annual General Meeting of the Company
will be held at Islamic |
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| Chamber
of Commerce & Industry, ST 2/A, Block 9, KDA Scheme 5, Clifton, Karachi
on Thursday, |
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| December
14, 2000 at 2:00 P.M. to transact the following business: |
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| 1.
To receive and adopt the Audited Accounts for the year ended June 30, 2000
together with the |
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| Reports
of the Directors and Auditors thereon. |
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| 2.
To appoint Auditors for the year 2000-2001 and to fix their remuneration. The
present auditors |
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| M/s.
Ford, Rhodes, Robson, Morrow (Chartered Accountants) being eligible offer
themselves for |
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| re-appointment. |
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| 3.
To consider any other business with the permission of the Chair. |
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By order of the Board. |
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|
FAHIM KAPADIA |
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| Karachi:
November 20, 2000 |
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Company Secretary |
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| NOTES: |
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| 1.
The Share transfer books of the company will remain closed from December 7,
2000 to December |
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| 14,
2000. (Both days inclusive) |
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| 2.
A member entitled to attend and vote at this meeting may appoint another
member as his/her |
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| proxy
to attend the meeting and vote for him/her. Proxies in order to be effective
must be |
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| received
at the registered office of the company duly stamped and signed not less than
48 hours |
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| before
the time of holding the meeting. A proxy must be a member of the Company. |
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|
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| 3.
Members are requested to promptly communicate any change in their addresses
to Company's |
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| Share
Registrar, M/s Noble Computer Services (Pvt.) Ltd. 14 Banglore Town Housing
Society, |
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| Main
Shahrah-e-Faisal, Karachi. |
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|
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| 4.
CDC shareholders desiring to attend the meeting are requested to bring their
original National |
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| Identity
Card, Account and Participant's ID numbers, for identification purpose and in
case of |
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| Proxy,
to enclose an attested copy of his/her National Identity Card. |
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| DIRECTORS'
REPORT FOR THE YEAR ENDED JUNE 30, 2000 |
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| The
Directors of your company are pleased to welcome you to the nineteenth Annual
General Meeting of your |
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| company
and place before you the Annual Report and the audited accounts for the year
ended June 30, 2000. |
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| I.
FINANCIAL RESULT |
|
| The
financial results of the company for the year under review are summarized as
under: |
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|
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|
Rs. in '000' |
|
|
|
1999-2000 |
1998-1999 |
|
|
| Sales Revenue |
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|
296,114 |
300,998 |
|
| Gross Profit |
|
|
60,358 |
62,743 |
|
|
|
|
|
|
| Profit
Before Taxation |
|
|
8,243 |
7,741 |
|
| Provision
for Taxation |
|
|
(1,499) |
(1,511) |
|
|
|
|
------------------ |
------------------ |
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| Net
Profit after Taxation |
|
|
6,744 |
6,230 |
|
| Accumulated
loss brought forward |
|
(23,246) |
(29,476) |
|
|
|
|
------------------ |
------------------ |
|
| Accumulated
loss Carried forward |
|
(16,502) |
(23,246) |
|
|
========== |
========== |
|
|
| 2.
EARNING PER SHARE |
|
| Earning
per share for the year ended June 30, 2000, comes to Rs. 0.28 as compared to
Rs. 0.26 in the preceding year. |
|
|
| 3.
THE ECONOMY AND AUTOMOTIVE ENGINEERING SECTOR |
|
| Pakistan's
overall economic performance during the fiscal year 1999-2000 offers
uncertain economic conditions. |
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| For
the past few years, Pakistan's economy has been facing difficulties owing to
persistent lapses in implementation |
|
| of
structural reforms and stabilization measures. |
|
|
| The
automobile industry experienced a fall in production this year. A larger
decline was witnessed in local |
|
| production
of jeeps and cars (23.5 percent), trucks (6.7 percent) and LCV's (43.2
percent) while the production of |
|
| tractors
and buses increased by 53.9 percent and 51.2 percent respectively for the
nine month period from July 1999 |
|
| to March 2000. |
|
|
| 4.
DOCUMENTATION OF THE ECONOMY |
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| The
ongoing exercise of documentation of real income and business, most probably
the first-ever serious effort by |
|
| any
Government in Islamabad in this direction, has started making its way despite
strong resistance from traders all |
|
| over
the country. A major source of grey imports into Pakistan in all product
categories especially auto parts is due |
|
| to
the Afghan Transit Trade Agreement (ATTA). The quantum of goods entering the
country under ATTA can be |
|
| gauged
from the fact that, in 1996-97 this volume was Rs.4.56 billion, which jumped
to Rs.14.97 billion in 1998-99. |
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| The
ATTA volume from July 1999 - June 2000 is reported to be Rs.15 billion. Spare
parts valuing Rs.61.321m |
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| were
reportedly caught in 1999-2000, while spare parts of more than Rs. 1 billion
were imported duty-free for |
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| Afghanistan,
out of which 50% were reportedly sold in Pakistan. The effect of these
duty-free smuggled imports of |
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| spare
parts, year after year, is adversely affecting auto-parts manufacturing
concerns in Pakistan. These imports are |
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| apart
from the under-invoiced and mis-declared spare parts, which continue through
regular importers. |
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|
| Under
these circumstances, if the current trend of documentation of the economy and
control on parallel imports is |
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| successfully
implemented and the Government sustains the effort, the local automotive
spare parts industry will get |
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| a
major boost. This will not just be in terms of growth in sales of existing
products, but also in terms of investment |
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| in
development of new product lines. |
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| 5.
FUTURE OUTLOOK |
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| Due
to the foregoing factors the overall company's sales for the year dropped by
a marginal 1.6% as compared to |
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| last
year. This was the result of a drop in the OEM business by 7%. However,
despite stiff competition from |
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| smuggled
imports, your company sales in the after-market business grew by 21%.
Additionally, by practicing |
|
| austerity
the company's net profit after tax has increased from Rs.6.230 million in
1999 to Rs.6.776 an increase of |
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| 9%
over last year. This was possible due to strict control over administrative
& selling expenses and cash flow |
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| management,
which reduced the financial Charges by Rs8.637 millions. Financial charges
also reduced due to |
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| successful
negotiation with bankers for reduction in the mark-up rates. |
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| 6.
ISO CERTIFICATION |
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| Your
company attained the ISO 9002 certification during the current year and all
the plants have now guided |
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| policies
for maintaining the quality of our products. |
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| 7.
CLOSED PLANTS |
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| The
company has valued the Mobike & Engine Valve plants on the basis of
valuation done by M/s. Akbani & Javed |
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| Associates.
The Mobike Plant was closed due to low acceptance of the product in the
domestic market and stiff |
|
| competition
from entrenched Japanese brands. In case of the Engine Valve plant, which was
by and large a manual |
|
| operation,
the volumes generated were not sufficient to justify the relatively high
production costs. The total loss on |
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| impairment
amounting to Rs. 12.692 million has been accounted for in these accounts. |
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| 8.
PATTERN OF SHAREHOLDINGS |
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| The
pattern of shareholding is provided on page 23. |
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| AUDITORS |
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| Messrs.
Ford, Rhodes, Robson, Morrow, Chartered Accountants retire and being eligible
offer themselves for re- |
|
| appointment
as the Auditors of the Company for the year ending June 30, 2001. |
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|
| 9.
ACKNOWLEDGEMENT |
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| On
behalf of the Board of Directors, I would like to place on record our
appreciation to all our patrons, customers, |
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| dealers
and suppliers for their valuable help, support and contribution given to our
Company. I am also grateful to |
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| all
our Bankers for their continued support. We also wish to record our thanks to
our overseas Technical |
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| collaborators,
M/s. Gabriel Ride Control Products, Inc. USA (for Shock Absorbers) and M/s.
Kayaba Industry |
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| Limited,
Japan (for Gas Charged Shock Absorbers and Struts) for their technical help
and advice. |
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| The
Board of Directors also acknowledges the contribution ,of all the executives,
staff and workers who worked hard |
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| together
as a team in achieving our Company's objective. |
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|
On behalf of the |
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|
|
Board of Directors |
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| KARACHI |
|
Syed Ikram Haider |
|
| DATED:
October 28, 2000 |
|
Chief Executive |
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|
| AUDITORS'
REPORT TO THE MEMBERS |
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| We
have audited the annexed balance sheet of AGRIAUTO INDUSTRIES LIMITED as at
June 30, |
|
| 2000
and the related profit and loss account, cash flow statement and statement of
changes in |
|
| equity
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 the our knowledge and belief, were
necessary for the purposes of our |
|
| audit. |
|
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| It
is the responsibility of the company's management to establish and maintain a
system of internal control, and prepare |
|
| and
present the above said statements in conformity with the approved accounting
standards and the requirements of the |
|
| Companies
Ordinance, 1984. Our responsibility is to express an opinion on these
statements based on our audit. |
|
|
| We
conducted our audit in accordance with the auditing standards as applicable
in Pakistan. These standards require that |
|
| we
plan and perform the audit to obtain reasonable assurance about whether the
above said statements are free of any |
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| material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in |
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| the
above said statements. An audit shall also include assessing the accounting
policies and significant estimates made by |
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| management,
as well as, evaluating the overall presentation of the above said statements.
We believe that our audit provides |
|
| a
reasonable basis for our opinion and, after due verification, we report that: |
|
|
| (a)
in our opinion, proper books of accounts have been kept by the company as
required by the |
|
| Companies
Ordinance, 1984; |
|
|
|
|
|
| (b)
in our opinion: |
|
|
| (i)
the balance sheet and 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 out' information and according to the
explanations |
|
| given
to us, the balance sheet, profit and loss account, cash flow statement and |
|
| statement
of changes in equity together with the notes forming part thereof conform |
|
| with
approved accounting standards as applicable in Pakistan, and, 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,
2000 and |
|
| of-the
profit, its cash flows and changes in equity for the year then ended; and |
|
|
|
|
| (d)
in our opinion, no Zakat was deductible at source under the Zakat and Ushr
Ordinance, |
|
| 1980. |
|
|
|
| Karachi- |
|
|
Ford, Rhodes, Robson, Morrow |
|
| October
31, 2000 |
|
Chartered Accountants. |
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 2000 |
|
|
|
|
Note |
2000 |
1999 |
|
|
|
|
(Rs. in
'000') |
|
|
|
|
| NON-CURRENT
ASSETS |
|
|
|
| Operating
fixed assets |
|
3 |
105,548 |
106,479 |
|
| Capital
work-in-progress |
|
4 |
-- |
18,716 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
105,548 |
125,195 |
|
|
| LONG
TERM DEPOSITS |
|
5 |
1,539 |
1,558 |
|
| DEFERRED
COST |
|
6 |
1,945 |
2,918 |
|
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Stores
and spares |
|
7 |
10,878 |
9,155 |
|
| Stock-in-trade |
|
8 |
58,124 |
67,918 |
|
| Trade debts |
|
9 |
53,477 |
40,809 |
|
| Advances,
Deposits, Prepayments and Other receivables |
10 |
25,063 |
34,061 |
|
| Cash
and Bank balances |
|
11 |
1,454 |
1,788 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
148,996 |
153,731 |
|
|
|
|
------------------ |
------------------ |
|
| TOTAL
ASSETS |
|
|
258,028 |
283,402 |
|
|
|
========== |
========== |
|
|
|
| SHARE
CAPITAL AND RESERVES |
|
|
| Authorised
capital |
|
|
|
| 40,000,000
(1999: 40,000,000) ordinary shares of Rs.5 each |
200,000 |
200,000 |
|
|
|
|
========== |
========== |
|
| issued,
subscribed and paid-up capital |
|
120,000 |
120,000 |
|
| Capital reserve |
|
|
12,598 |
12,598 |
|
| Accumulated
loss |
|
|
(16,502) |
(23,246) |
|
|
|
|
------------------ |
------------------ |
|
| SHAREHOLDERS'
EQUITY |
|
|
116,096 |
109,352 |
|
| LONG
TERM LOANS |
|
|
23,441 |
32,716 |
|
|
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
| Current
Portion of Long term loans |
|
9,391 |
9,391 |
|
| Short
term finances |
|
42,959 |
35,604 |
|
| Advances
from Others |
|
20,017 |
35,936 |
|
| Creditors,
Accrued and Other liabilities |
|
41,924 |
57,702 |
|
| Provision
for taxation |
|
4,200 |
2,701 |
|
|
|
------------------ |
------------------ |
|
|
|
118,491 |
141,334 |
|
| CONTINGENCIES
AND COMMITMENTS |
18 |
|
|
|
|
|
------------------ |
------------------ |
|
| TOTAL
SHAREHOLDERS' EQUITY AND LIABILITIES |
258,028 |
283,402 |
|
|
|
========== |
========== |
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
R.D. MINWALLA |
|
SYED IKRAM HAIDER |
|
|
Chairman |
|
Chief Executive |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 2000 |
|
|
|
Note |
2000 |
1999 |
|
|
|
(Rs. in
'000') |
|
|
|
|
| TURNOVER |
|
19 |
296,114 |
300,998 |
|
| Cost
of goods sold |
|
20 |
(235,756) |
(238,255) |
|
|
|
|
------------------ |
------------------ |
|
| GROSS
PROFIT |
|
|
60,358 |
62,743 |
|
|
|
|
|
|
| Other income |
|
21 |
3,892 |
281 |
|
|
|
|
| Administrative
expenses |
|
22 |
(14,424) |
(14,830) |
|
| Selling
and Distribution expenses |
23 |
(11,109) |
(13,986) |
|
| Other charges |
|
25 |
(457) |
(505) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(25,990) |
(29,321) |
|
|
------------------ |
------------------ |
|
| OPERATING
PROFIT |
|
|
38,260 |
33,703 |
|
| Financial
charges |
|
26 |
(17,325) |
(25,962) |
|
| Impairment
of Closed Plants |
|
|
(12,692) |
-- |
|
|
|
|
------------------ |
------------------ |
|
| PROFIT
BEFORE TAXATION |
|
|
8,243 |
7,741 |
|
| Provision
for taxation - current |
|
27 |
(1,499) |
(1,511) |
|
|
|
|
------------------ |
------------------ |
|
| Profit
after taxation |
|
|
6,744 |
6,230 |
|
| Accumulated
Loss brought forward |
|
(23,246) |
(29,476) |
|
|
|
|
------------------ |
------------------ |
|
| Accumulated
Loss carried forward |
|
(16,502) |
(23,246) |
|
|
|
|
========== |
========== |
|
| Basic
earnings per share |
|
28 |
0.28 |
0.26 |
|
|
|
|
========== |
========== |
|
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
R.D. MINWALLA |
|
SYED IKRAM HAIDER |
|
|
Chairman |
|
Chief Executive |
|
|
|
| STATEMENT
OF CHANGES IN FINANCIAL POSITION |
|
| (CASH
FLOW STATEMENT) |
|
| FOR
THE YEAR ENDED JUNE 30, 2000 |
|
|
|
|
|
Note |
2000 |
1999 |
|
|
|
(Rs. in
'000') |
|
|
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
|
| -
Cash generated from operations |
|
29 |
20,849 |
53,533 |
|
| -
Financial charges paid |
|
|
(18,589 |
(33,337) |
|
| -
Income tax paid |
|
|
4,597 |
(2,731) |
|
| -
Long term deposit |
|
|
19 |
1,065 |
|
|
|
|
------------------ |
------------------ |
|
| NET
CASH FLOW FROM OPERATING ACTIVITIES |
6,876 |
18,530 |
|
|
| CASH
FLOW FROM INVESTING ACTIVITIES |
|
|
|
| -Fixed
capital expenditures |
|
(6,686) |
(24,615) |
|
| -
Sale proceeds of fixed assets |
|
1,396 |
213 |
|
|
|
------------------ |
------------------ |
|
| NET
CASH FLOW FROM INVESTING ACTIVITIES |
(5,290) |
(24,402) |
|
|
|
|
|
| CASH
FLOW FROM FINANCING ACTIVITIES |
|
| -
Long term loan |
|
|
(9,275) |
7,508 |
|
|
|
|
------------------ |
------------------ |
|
| NET
INCREASE/(DECREASE) IN CASH and CASH EQUIVALENTS |
(7,689) |
1,636 |
|
| CASH
AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR |
(33,816) |
(35,452) |
|
|
|
|
------------------ |
------------------ |
|
| CASH
AND CASH EQUIVALENTS AT THE END OF THE YEAR |
30 |
(41,505) |
(33,816) |
|
|
========== |
========== |
|
|
|
R.D. MINWALLA |
|
SYED IKRAM HAIDER |
|
|
Chairman |
|
Chief Executive |
|
|
|
| STATEMENT
OF CHANGES IN EQUITY |
|
| FOR
THE YEAR ENDED JUNE 30, 2000 |
|
|
|
|
(Rs. In '000') |
|
|
|
Issued, subscribed |
|
Unappropriated |
|
|
|
& aid u |
Capital Reserve |
Income |
Total |
|
|
Rupees |
Rupees |
Rupees |
Rupees |
|
|
|
|
| Balance
as at June 30, 1998 |
120,000 |
12,598 |
(29,476) |
103,122 |
|
| Profit
for the year |
-- |
-- |
6,230 |
6,230 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
| Balance
as at June 30, 1999 |
120,000 |
12,598 |
(23,246) |
109,352 |
|
| Profit
for the year |
-- |
-- |
6,744 |
6,744 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
| Balance
as at June 30, 2000 |
120,000 |
12,598 |
(16,502) |
116,096 |
|
|
========== |
========== |
========== |
========== |
|
|
|
R.D. MINWALLA |
|
SYED IKRAM HAIDER |
|
|
Chairman |
|
Chief Executive |
|
|
|
| NOTES
TO THE ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 2000 |
|
|
| 1.
COMPANY BACKGROUND, OPERATION AND LEGAL STATUS |
|
| Agriauto
Industries Limited, a public limited company was incorporated in Pakistan on
June 25, 1981 and was |
|
| listed
on the stock exchanges in June 1984. The company manufactures components for
Automotive Vehicles, |
|
| Motor
Cycles and Agricultural Tractors. |
|
|
|
|
|
| 2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|
|
| 2.1
Accounting convention |
|
| These
accounts have been prepared under the historical cost convention. |
|
|
|
| 2.2
Staff retirement benefits |
|
| The
company operates an approved provident fund scheme for all its employees.
Contributions in respect |
|
| thereof
are made in accordance with the terms of the scheme. |
|
|
| 2.3
Employees compensated absences |
|
|
| The
management has made provision in respect of compensated absences as per the
requirements of the |
|
| revised
International Accounting Standard 19 relating to Employees Benefits. The
liability/of the company |
|
| in
respect of these absences as at June 30, 2000 amounted to Rs.1.931 million,
which has been fully |
|
| provided
in the current year. |
|
|
|
|
| 2.4 Taxation |
|
|
|
| Current |
|
|
|
| Provision
for current taxation is based on taxable income at the current rates of
taxation after taking into |
|
| account
applicable tax credits and rebates or at the rate of 0.5% of turnover,
whichever is higher. |
|
|
|
|
| Deferred |
|
|
|
| The
company accounts for deferred taxation using liability method on all
significant timing differences, |
|
| excluding
tax effects of those timing differences which are not likely to reverse in
foreseeable future. |
|
| However,
as a matter of prudence, the company does not account for deferred tax debit
in the accounts. |
|
|
| 2.5
Tangible fixed assets |
|
|
|
|
|
|
| 2.5.1 Owned |
|
|
|
| Fixed
assets are stated at cost less accumulated depreciation except freehold land
and capital-work |
|
| in-progress
which are stated at cost. |
|
|
| Depreciation
on fixed assets other than freehold land is charged on reducing balance
method at the |
|
| rates
specified in note 3. |
|
|
| Full
years depreciation is charged on additions during the year. No depreciation
is charged on asset |
|
| disposed
or retired during the period. |
|
|
| Maintenance
and normal repairs are charged to income as and when incurred. While major |
|
| renewals
and improvements are capitalized. |
|
|
| Profit
and loss on disposal of fixed assets is included in income currently. |
|
|
| 2.5.2
Capital-work-in-progress |
|
| This
includes costs pertaining to acquisition, construction, erection and
installation of plant and |
|
| machinery.
Mark-up on loans/finances obtain for capital work-in-progress is charged to
profit and |
|
| loss
account in the period in which they are incurred in accordance with the bench
mark treatment |
|
| as
per IAS 23-Borrowing Costs. |
|
|
| 2.6
Stores and spares |
|
| These
are valued at cost on moving average basis. |
