| Al-Asif Sugar Mills Limited |
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| Annual
Report 2000 |
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| CONTENTS |
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| Company Profile |
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| Notice
of Annual General Meeting |
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| Directors'
Report |
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| Auditors'
Report |
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| Pattern
of Share Holding |
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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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| Notes
to the Accounts |
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| COMPANY
PROFILE |
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| BOARD
OF DIRECTORS: |
QAZI AMJAD ABID ABBASI |
(Chief Executive) |
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|
M. ARSHAD MIRZA |
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|
MRS. HUSNA AMJAD QAZI |
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|
ALI AKBER JUNEJO |
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|
SYED VAQAR HUSSAIN |
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|
SHAIKH AFTAB AHMED |
(I.D.B.P.) |
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|
KEMAL SHOAIB |
(N.I.T.) |
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|
SHAMIM AHMED |
(N.I.T.) |
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| COMPANY
SECRETARY/ |
MUHAMMAD BAQIR JAFFERI |
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| DEPUTY
GENERAL MANAGER (FINANCE) |
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| BANKERS |
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NATIONAL BANK OF PAKISTAN |
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|
HABIB BANK LIMITED |
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MUSLIM COMMERCIAL BANK
LTD. |
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|
UNITED BANK LTD. |
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| AUDITORS |
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M/S. RAHIM IQBAL RAFIQ
& CO. |
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|
CHARTERED ACCOUNTANTS -
KARACHI. |
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| LEGAL
ADVISOR |
MUHAMMAD SALIM THEPDAWALA
& Co. |
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| REGISTERED
OFFICE |
4TH FLOOR, BANK HOUSE
NO.2, |
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|
HABIB SQUARE, M.A. J1NNAH
ROAD, |
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KARACHI. |
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| FACTORY |
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ASIFABAD P.O. GARHO, |
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DISTRICT THATTA. |
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| NOTICE
OF MEETING |
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| Notice
is hereby given that the 17th Annual General Meeting of the Company will be
held at 4th floor, Bank |
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| House
No.2, Habib Square, M. A. Jinnah Road, Karachi on Wednesday 28th March 2001
at 06:00 p.m. |
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| 1.
To confirm the minutes of the 16th Annual General Meeting held on 31-03-2000 |
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|
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| 2.
To receive, consider and adopt the Audited Accounts for the year ended
30-09-2000 together with the |
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| directors
and auditors report thereon. |
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|
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| 3.
To appoint auditors for the years 2000-2001 and to fixed their remuneration. |
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|
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| 4.
To transact any other business of the company that may be brought forward
with permission of the |
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| chairman. |
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BY ORDER OF THE BOARD |
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|
(MUHAMMAD BAQIR JAFFERI) |
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| Karachi
the dated 2nd March, 200l |
|
Company Secretary |
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| NOTES: |
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| 1.
The Share transfer books of the Company will remain closed from 27-03-2001 to
05-04-2001 |
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| (both
days inclusive). |
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| 2.
A member entitled to attend and vote at the Annual General Meeting is
entitled to appoint a proxy to |
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| attend
and vote on his behalf. Form of proxies in order to be valid must be received
at registered office of |
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| the
company 48 hours before the time of the meeting. A proxy must be a member of
the company. |
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| 3.
Shareholders are requested to notify any change in address immediately. |
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| 4.
Kindly quote your Folio Number in all Correspondence with the Company. |
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| DIRECTORS'
REPORT |
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| DEAR
SHARE HOLDERS |
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| In
the name of Allah The Most Gracious and Merciful your directors feel pleasure
to present the 17thAnnual |
|
| Report
and the Audited Accounts together with the auditors report thereon for the
year ended September 30, |
|
| 2000.
The comparative financial results of the company for the year under report
are as under: |
|
|
|
|
2000 |
1999 |
|
|
|
RUPEES |
RUPEES |
|
|
| Sales |
|
|
Rs. 377,225,260 |
Rs. 285,646,323 |
|
| Operating Loss |
|
|
Rs. 40,482,877 |
Rs. 33,951,851 |
|
| Loss
before Taxation |
|
|
Rs. 82,662,975 |
Rs. 58,493,397 |
|
| Loss
after Taxation |
|
|
Rs. 83,347,060 |
Rs 59,850,730 |
|
| Accumulated
Loss |
|
|
Rs. 748,349,327 |
Rs. 665,002,267 |
|
|
| PERFORMANCE
REVIEW |
|
| The
availability of cane for the season was quite less than the desired capacity
of project but the crushing of the |
|
| sugarcane
was to the tune of 258,254 M. Tons which yielded 24,896 M. Tons of refined
sugar. The comparative |
|
| statistics
of cane crushing and sugar production are given below: |
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|
| PARTICULARS |
|
FROM 01-11-99 TO |
|
FROM 24-11-98 TO |
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|
06-03 -00 |
|
05 -04-99 |
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|
|
|
|
|
| Nos.
of days worked |
127 |
|
133 |
|
| Cane
crushed (M.T) |
258,254 |
|
208,870 |
|
| Average
Recovery |
9.64% |
|
9.03% |
|
| Production
of Sugar (M.T) |
24,896 |
|
19,042 |
|
|
| The
comparative figures as shown above indicates an increase of about 23.64% in
quantum of sugar cane crushed, |
|
| and
0.607%in recovery as compared to the last year, although a massive cyclone
hit in May, 1999 and devastated |
|
| the
Ratoon / Spring plantation in our cane procurement area causing severe
shortage of cane exposing us to price |
|
| war,
yet the performance of the plant in the prevailing circumstances was quite
satisfactory. |
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|
| COST
OF MANUFACTURE |
|
| You
are aware although the support price of sugarcane remained at Rs. 36/- per 40
K.G. but due to natural climaty |
|
| i.e.
cyclone and draught which resulted lower yield crop the mill was forced to
buy sugar cane at exorbitant rate |
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| from
mill's procurement area and the other part of District Thatta. The
procurement from the outside area resulted |
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| in
extra ordinary transportation charges and contributed largely to increase our
cost of production. |
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| SALES |
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| During
the year under review also no working capital facilities were available from
the financial institutions. In |
|
| order
to meet the day to day fund requirement for the smooth functioning of the
project, the company had no |
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| alternative
but sell its production at lower prices rate than build up partial stock to
fetch economic benefits availed |
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| by
the sugar industry in general. |
|
|
| FINANCIAL
CHARGES |
|
| The
long term loan had been rescheduled and restructured under the S.B.P.
incentive scheme with a moratorium |
|
| period
of 18 months in 1997 but the present management could not get the required
advantage as the moratorium |
|
| period
expired soon after the resumption of the project operational activities.
Consequently, the huge mark up as |
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| well
as compounding of mark up accounted for during the year under review also
impaired the financial result and |
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| contributed
to accumulated losses of the company. |
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|
| FUTURE
PROSPECT |
|
| In
year 2000-2001 the Pakistan sugar industry is facing crisis of raw material
shortage, low yield of sugarcane and |
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| the
resultanting intermediate supply of sugarcane to mills. There is a continuity
of the condition of previous year. |
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| Shortage
of crop persists this time not due to low sowing, but lesser availability of
water. Infact there is draught |
|
| like
condition, sugarcane being a high consumer of water suffered the most,
because yields per acre decreased. |
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| The
production results for the season upto 28-02-2001 is asunder: |
|
|
| Sugar
cane crushed |
|
190,342.24 |
M.T |
|
| Sugar produce |
|
19,370 |
M.T |
|
| Average
Recovery |
|
10.12% |
|
|
| Your
directors are continuing to put best efforts to cure the chronic problem of
cane development in the area by |
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| great
deal of motivations and incentive to growers but unfortunately the draught
effected the sugarcane crop |
|
| cultivation.
On the other hand the management has modified in the plant by adding the
vertical crystalizer and |
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| filter
press to reduce the losses. Improved average recovery as is apparent from the
above results upto the some |
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| level.
Insha Allah our efforts will continue to bring this project on the sound
footing. |
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|
| AUDITORS
OBSERVATIONS |
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| Your
directors would like to record the following explanations regarding the
auditor's observations. |
|
|
| a)
The project is being faced inherited liquidity problems and shortage of cane
in the area is the another main |
|
| problem
of the mill which are the main cause of huge losses. Management is fully
confident to over come |
|
| these
losses in coming future by the Grace of Al-Mighty Allah by putting its
sincere efforts. The present |
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| management
taken the drastic measure in the discipline of cane development, modification
in plant. As |
|
| stated
in note, the bank and DFIs have agreed to restructure/reschedule the loans.
The management is |
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| however
striving for maximum relief as is being offered to sick industrial units for
revival and making |
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| contribution
to the national economy. |
|
|
|
| b)
As regard the provision of doubtful debts under the head "Advances to
growers and transporter" which |
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| were
given before the shutdown period, it is clarified that the management is in a
close touch with the |
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| growers.
The recovery of the amount in question was postpone for three crushing season
from the growers |
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| on
the commitment between the management and growers for development and supply
the entire crops to |
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| the
mill without further advance for the development of the cane. |
|
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| c)
As stated at note no. 5.8, the negotiation with the Creditors is at final
stage, it should be settled with |
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| reference
to final outcome of the discussions with the previous management is expected
to finalised before |
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| the year. |
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| SHARE
HOLDING |
|
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| Pattern
of share holding by shareholders of the company as at 30th September, 2000 is
annexed. |
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| AUDITORS |
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| The
present Auditors M/s. Rahim Iqbal Rafiq & Company, Chartered Accountants
retire and being eligible offer. |
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| themselves
for re-appointment. |
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| Your
Directors place on record their appreciation of the diligence and devotion of
duty of the executives, officers |
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| and
staff members of the Company. |
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|
AL-ASIF SUGAR MILLS LIMITED |
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|
Chief Executive |
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| AUDITORS'
REPORT TO THE MEMBERS |
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| We
have audited the annexed Balance Sheet of AL-ASIF SUGAR MILLS LIMITED as at
September 30, 2000 |
|
| and
the related Profit & Loss Account, Statement of Changes in Financial
Position, 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 our knowledge and belief,
were necessary for the purposes |
|
| of our audit. |
|
|
| It
is the responsibility of the company's management to establish and maintain a
system of internal control, and |
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| 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 material misstatement. An audit includes examining, on a test
basis, evidence |
|
| supporting
the amounts and disclosures in the above said statements. An audit also
includes assessing the |
|
| accounting
policies and significant estimates made by 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:- |
|
|
| 1.
The Company incurred continued operating losses and upto September 30, 2000
its accumulated loss |
|
| amounts
to Rs. 748.349 million (1999: Rs. 665.002 million) which has resulted in the
net capital |
|
| deficiency
of Rs. 601.683 million (1999: Rs. 518.335 million). The current liabilities
have exceeded the |
|
| current
assets by Rs. 180.430 million (1999: Rs. 80.694 million). In view of huge
accumulated losses, |
|
| difficulty
in availability of sugar cane, and liquidity constraints, the going concern
assumption shall be |
|
| valid
only upon successful implementation of the restructuring/rescheduling package
referred in note |
|
| no.
32.1, favorable settlement of the matters under note no. 5.8, generation of
sufficient profits to meet all |
|
| expenses
and substantial reduction in accumulated losses. |
|
|
|
|
|
| 2.
Provision against doubtful advances for Rs. 37, 176, 287 has not been made in
these Financial |
|
| Statements.
Had the provision been made, the loss for the year would have increased by
this amount. |
|
|
|
|
| 3.
Balance confirmation in respect of loan from Capricorn International (refer
note no. 5.8) has not been |
|
| made
available to us and remained unverified. |
|
|
|
|
| (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 polices
consistently |
|
| applied; |
|
|
| (ii)
the expenditure incurred during the year was for the purpose of the company's
business; and |
|
|
| (iii)
the business conducted, investment made and the expenditure incurred during
the year |
|
| were
in accordance with the objects of the company; |
|
|
| (c)
Except for the matters stated in para 1,2, & 3 above and Note 5.8, 10.1
and 10.2 and to the |
|
| extent
to which these may affect the result of the Company, in our opinion and to
the best of |
|
| our
information and according to the explanations given to us, the Balance Sheet,
Profit & |
|
| Loss
Account, Statement of Changes in Financial Position 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 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 September 30, 2000 and of the loss, 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. |
|
|
|
|
RAHIM IQBAL RAFIQ & COMPANY |
|
| Karachi.
Dated: March 2nd, 2001 |
|
Chartered Accountants |
|
|
|
| PATTERN
OF HOLDING OF THE ORDINARY SHARES BY |
|
| THE
SHARE HOLDERS AS ON 30th SEPTEMBER, 2000 |
|
|
| NO. OF |
|
SHARE HOLDING |
|
TOTAL SHARES
HELD |
|
| SHARE |
|
|
| HOLDERS |
|
|
| 634 |
From |
1 |
TO |
100 |
Shares |
63,157 |
|
| 2,014 |
From |
101 |
TO |
500 |
Shares |
860,429 |
|
| 86 |
From |
501 |
TO |
1,000 |
Shares |
77,595 |
|
| 122 |
From |
1,001 |
TO |
5,000 |
Shares |
272,090 |
|
| 11 |
From |
5,001 |
TO |
10,000 |
Shares |
80,100 |
|
| 6 |
From |
10,001 |
TO |
15,000 |
Shares |
73,800 |
|
| 3 |
From |
15,001 |
TO |
20,000 |
Shares |
52,700 |
|
| 3 |
From |
20,001 |
TO |
25,000 |
Shares |
73,000 |
|
| 1 |
From |
30,001 |
TO |
35,000 |
Shares |
31,700 |
|
| 1 |
From |
50,001 |
TO |
55,000 |
Shares |
52,200 |
|
| 2 |
From |
95,001 |
TO |
100,000 |
Shares |
200,000 |
|
| 2 |
From |
145,001 |
TO |
150,000 |
Shares |
300,000 |
|
| 1 |
From |
230,001 |
TO |
235,000 |
Shares |
230,600 |
|
| 1 |
From |
245,001 |
TO |
250,000 |
Shares |
249,000 |
|
| 1 |
From |
290,001 |
TO |
295,000 |
Shares |
292,700 |
|
| 1 |
From |
340,001 |
TO |
345,000 |
Shares |
344,400 |
|
| 2 |
From |
545,001 |
TO |
550,000 |
Shares |
1,100,000 |
|
| 1 |
From |
580,001 |
TO |
585,000 |
Shares |
583,000 |
|
| 1 |
From |
730,001 |
TO |
735,000 |
Shares |
733,333 |
|
| 1 |
From |
3,070,001 |
TO |
3,075,000 |
Shares |
3,072,100 |
|
| 1 |
From |
5,920,001 |
TO |
5,925,000 |
Shares |
5,924,762 |
|
| ------------------ |
|
|
|
|
|
------------------ |
|
| 2,895 |
|
14,666,666 |
|
| ========== |
|
========== |
|
|
| ORDINARY
SHARES |
|
| PATTERN
OF SHARE HOLDING AS ON 30/09/2000 |
|
|
| CATEGORIES
OF |
|
NO. OF |
CERTIFICATE |
PERCENTAGE |
|
| SHAREHOLDERS |
|
CERTIFICATE |
HOLDING |
OF HOLDING |
|
|
|
HOLDERS |
|
|
|
|
|
| 1.
GENERAL PUBLIC |
|
2,884 |
10,647,966 |
72.60% |
|
| 2.
LIMITED COMPANIES |
|
4 |
44,200 |
0.30% |
|
| 3.
FINANCIAL INSTITUTIONS |
|
4 |
3,597,400 |
24.53% |
|
| 4.
INSURANCE COMPANIES |
|
1 |
31,700 |
0.22% |
|
| 5.
INVESTMENT COMPANIES |
|
2 |
345,400 |
2.36% |
|
|
|
------------------ |
------------------ |
------------------ |
|
| GRAND
TOTAL:- |
|
2,895 |
14,666,666 |
100.00% |
|
|
========== |
========== |
========== |
|
|
|
|
| BALANCE
SHEET AS AT SEPTEMBER 30, 2000 |
|
|
|
|
2000 |
1999 |
|
|
Note |
RUPEES |
RUPEES |
|
|
| SHARE
CAPITAL |
|
| Authorised |
|
| 50,000,000
ordinary shares of Rs. 10/- each |
|
500,000,000 |
500,000,000 |
|
|
|
========== |
========== |
|
| Issued,
Subscribed and Paid-up |
|
|
|
| 14,666,666
ordinary shares of Rs. 10 each fully paid in cash |
146,666,660 |
146,666,660 |
|
|
|
|
|
| Unappropriated
Loss |
|
|
(748,349,327) |
(665,002,267) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(601,682,667) |
(518,335,607) |
|
|
| SURPLUS
ON REVALUATION OF FIXED ASSETS |
3 |
186,826,477 |
-- |
|
| REDEEMABLE
CAPITAL |
|
4 |
40,080,000 |
45,424,000 |
|
| LONG
TERM LOANS |
|
5 |
650,567,299 |
684,452,389 |
|
| DEFERRED
LIABILITIES |
|
6 |
1,466,686 |
235,124 |
|
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
| Short
Term Borrowings |
|
7 |
13,618,476 |
13,618,476 |
|
| Current
Maturity of Redeemable Capital |
|
|
| and
Long Term Loans |
|
8 |
81,987,310 |
62,572,976 |
|
| Creditors,
Accrued and Other Liabilities |
9 |
195,804,024 |
108,576,292 |
|
| Taxation |
|
|
4,986,579 |
4,013,820 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
296,396,389 |
188,781,564 |
|
| CONTINGENCIES |
|
10 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
573,654,184 |
400,557,470 |
|
|
|
========== |
========== |
|
|
|
|
|
|
|
| OPERATING
FIXED ASSETS |
|
11 |
454,391,466 |
289,322,305 |
|
| LONG
TERM SECURITY DEPOSITS |
|
1,376,939 |
587,356 |
|
| DEFERRED
COST |
|
12 |
1,919,750 |
2,559,667 |
|
|
|
|
|
| CURRENT
ASSETS |
|
| Stores
and Spares |
|
|
15,138,101 |
14,886,583 |
|
| Stock-in-Trade |
|
13 |
1,168,767 |
1,154,194 |
|
| Trade Debtors |
|
14 |
21,723,512 |
21,723,512 |
|
| Advances,
Deposits and Prepayments |
15 |
77,635,343 |
69,832,074 |
|
| Cash
and Bank Balances |
|
16 |
300,306 |
491,779 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
115,966,029 |
108,088,142 |
|
|
|
|
------------------ |
------------------ |
|
|
573,654,184 |
400,557,470 |
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these financial statements |
|
|
|
Chief Executive |
|
Director |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED SEPTEMBER 30, 2000 |
|
|
|
|
2000 |
1999 |
|
|
Note |
RUPEES |
RUPEES |
|
|
| Sales |
|
17 |
377,225,260 |
285,646,323 |
|
| Cost
of Goods Sold |
|
18 |
(398,737,413) |
(304,241,136) |
|
|
|
|
------------------ |
------------------ |
|
| Gross Loss |
|
|
(21,512,153) |
(18,594,813) |
|
|
|
|
| OPERATING
EXPENSES |
|
| Administrative
Expenses |
|
19 |
18,424,567 |
14,757,482 |
|
| Selling
and Distribution |
|
20 |
546,157 |
599,556 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(18,970,724) |
(15,357,038) |
|
|
|
|
------------------ |
------------------ |
|
| Operating Loss |
|
|
(40,482,877) |
(33,951,851) |
|
|
|
|
| Financial
Charges |
|
21 |
37,961,647 |
22,581,992 |
|
| Other Charges |
|
22 |
4,295,552 |
2,171,545 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(42,257,199) |
(24,753,537) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(82,740,076) |
(58,705,388) |
|
|
|
|
| Other Income |
|
23 |
77,101 |
211,991 |
|
|
|
|
------------------ |
------------------ |
|
| Loss
Before Taxation |
|
|
(82,662,975) |
(58,493,397) |
|
|
|
|
| Reversal
of Liability |
|
24 |
1,510,433 |
269,729 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(81,152,542) |
(58,223,668) |
|
| PROVISION
FOR TAXATION - MINIMUM TAX |
|
(2,194,518) |
(1,627,062) |
|
|
|
|
------------------ |
------------------ |
|
| LOSS
AFTER TAXATION |
|
|
(83,347,060) |
(59,850,730) |
|
| Accumulated
loss brought forward |
|
(665,002,267) |
(605,151,537) |
|
|
|
|
------------------ |
------------------ |
|
| Accumulated
loss carried forward |
|
|
(748,349,327) |
(665,002,267) |
|
|
|
|
========== |
========== |
|
| Earning
per Share |
|
28 |
(5.683) |
(4.081) |
|
|
|
|
========== |
========== |
|
|
|
|
| The
annexed notes form an integral part of these financial statements. |
|
|
|
Chief Executive |
|
Director |
|
|
|
| STATEMENT
OF CHANGES IN FINANCIAL POSITION |
|
| FOR
THE YEAR ENDED SEPTEMBER 30, 2000 |
|
|
|
|
|
|
|
2000 |
1999 |
|
|
Note |
RUPEES |
RUPEES |
|
|
| CASH
FLOWS FROM OPERATING ACTIVITIES |
|
| Loss
before Taxation |
|
|
(82,662,975) |
(58,493,397) |
|
|
| ADJUSTMENT
FOR: |
|
| Depreciation |
|
|
22,830,097 |
14,043,803 |
|
| Financial
Charges |
|
|
37,961,647 |
22,581,992 |
|
| Profit
on Sale of Fixed Assets |
|
|
(77,022) |
(200,327) |
|
| Provision
for Gratuity |
|
|
1,276,456 |
18,511 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
61,991,178 |
36,443,979 |
|
|
| OPERATING
LOSS BEFORE |
|
| WORKING
CAPITAL CHANGES |
|
(20,671,797) |
(22,049,418) |
|
|
| CHANGES
IN WORKING CAPITAL |
