| Crescent Spinning Mills Limited |
|
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|
|
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|
|
| Annual
Report 2000 |
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| CONTENTS |
|
|
| Company
Profile |
|
| Notice
of Annual General Meeting |
|
| Director's
Report |
|
| Auditor's
Report |
|
| Balance Sheet |
|
|
| Profit
& Loss Accounts |
|
| Cash
Flow Statement |
|
| Changes
in Equity |
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| Notes
to the Accounts |
|
| Pattern
of Shareholding |
|
|
|
| COMPANY'S
PROFILE |
|
|
| Board
of Directors |
|
|
|
| (In
alphabetical order) |
|
|
| Ali Riaz |
|
| Azam Saeed |
|
| Farhana
Yasmeen Khan |
|
| Gul
Nawaz (NIT) |
|
| Muhammad
Asif (NIT) |
|
| Muhammad
Javed Amin |
(Chairman and Chief
Executive Officer) |
|
| Robina
Hilal Akbar |
|
| Shahana
Javed Amin |
|
|
| Company
Secretary |
|
| Zahoor Ahmad |
|
|
| Auditors |
|
| M.
Yousuf Adil Saleem & Company |
|
| Chartered
Accountants |
|
|
| Legal Advisors |
|
| international
Legal Services |
|
| Jehanzeb
Khan Bharwana |
|
|
| Bankers |
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| Allied
Bank of Pakistan Ltd. |
|
| Citibank N.A. |
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| Crescent
Investment Bank Ltd. |
|
| Muslim
Commercial Bank Ltd. |
|
| National
Bank of Pakistan |
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| United
Bank Ltd. |
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| The
Bank of Punjab |
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| Askari
Commercial Bank |
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| Stock
Exchange Listing |
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| The
Company is listed on the Karachi, |
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| Lahore
and Islamabad Stock Exchanges. |
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| Registered
Office |
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| 20
- Q, Gulberg-II, Lahore. |
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| Tel:
(042) 5762691/5763138/5710251/5751573 |
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| Fax:
(042) 5757238 |
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| E-mail:
csml@nexlinx.net.pk |
|
|
| Works |
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| Eleventh
Kilometer, Faisalabad Road, |
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| District
Sheikhupura, Pakistan. |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| NOTICE
IS HERE BY GIVEN that the 13th Annual General Meeting of the Shareholders of
the Company will be held on |
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| Saturday
the 31st March, 2001 at 11:00 a.m. at Hotel Sun Fort 72-D/1, Commercial Zone,
Liberty Market, Gulberg-III, |
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| Lahore
to transact the following business: |
|
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| ORDINARY
BUSINESS |
|
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| 1.
To confirm the minutes of Annual General Meeting of the Company, held on 22nd
May, 2000. |
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|
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| 2.
To receive, consider and adopt Audited Accounts of the Company for the year
ended 30th September, 2000 |
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| together
with the Auditors and Directors reports thereon. |
|
|
| 3.
To appoint Auditors for the next year and fix their remuneration. M/S M.
Yousuf Adil Saleem & Co. the present |
|
| Auditors
of the Company offer themselves for re-appointment. |
|
|
| 4.
To transact any other business which may be placed before the Meeting with
the permission of the Chair. |
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|
By Order of the Board of Directors |
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|
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| 20-Q,
Gulberg-II, Lahore |
|
Muhammad Javed Amin |
|
| March
09, 2001 |
|
Chief Executive Officer |
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|
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| NOTES |
|
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| 1.
The Share Transfer Books of the Company will remain closed from March 30,
2001 to April 05, 2001 (both days |
|
| inclusive). |
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| 2.
A member entitled to attend vote at this Meeting may appoint another member
as his/her proxy to attend and vote |
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| instead
of him/her. Proxies in order to be valid must be received by the Company duly
completed not less than 48 |
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| hours
before the Meeting. |
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|
|
| 3.
Shareholders are requested to promptly notify the Company at the above
address of any change in their mailing |
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| addresses. |
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|
|
| Director's
Report to our Valued Investors |
|
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| In
the name of Allah, The Most Gracious, The Most Merciful |
|
|
| It
gives me great pleasure and happiness to welcome the valued investors to the
thirteenth Annual General Meeting of |
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| Crescent
Spinning Mills Limited., And present the annual report along with the audited
accounts for the year ending 30'" |
|
| September
2000. |
|
|
| Operating
Results |
|
|
|
|
|
2000 |
1999 |
|
|
|
|
Rupees |
Rupees |
|
|
| Sales |
|
|
368,253,141 |
254,402,247 |
|
| Cost of Sales |
|
|
357,700,952 |
284,190,178 |
|
| Gross
Profit/(Loss) Before Depreciation |
|
26,900,623 |
13,284,105 |
|
| Operating
Results Excluding Depreciation |
|
12,186,379 |
(25,590,156) |
|
| Depreciation |
|
|
16,760,414 |
16,851,342 |
|
| Operating
Profit/(Loss) |
|
|
(4,574,035) |
(42,441,494) |
|
|
| By
the grace of Almighty Allah your Company has given encouraging performance
during the year under review. A good |
|
| crop
and reasonable prices of raw material were among the few causes that helped
your spinning mill in coming up with |
|
| improved
results and better output. These factors boosted the company sales from the
pervious years' Rs.254.40 Million |
|
| to
Rs.368.25 Million, an increase of over 44%. As a result, the Gross Profit
before depreciation came to Rs.2690 Million |
|
| as
compared to a Gross Loss of. Rs.13.28 Million, during the preceding year.
This is a positive upswing of Rs.40.18 |
|
| Million.
The operating losses were therefore, reduced by an amount of Rs.37.87 Million
to Rs.4.57 Million, from the last |
|
| year
figure of Rs.42.44 Million. What is worth noting here is that had we not
accounted for depreciation (an amount of Rs. |
|
| 16.76
Million), we would in fact be making an operating profit of Rs. 12.18 Million
as well. |
|
|
| An
other achievement during the last year has been the big step of re-entering
in to export sales. This gives us a much |
|
| bigger
market to play in and provides wider margins. |
|
|
| Despite
the fact that the company faced financial difficulties due to
non-availability of bank financing, I would like to report |
|
| that
the sponsors have injected further equity bringing the current total to above
Rs.24 Million. The company has also |
|
| applied
for 24% right shares to increase the capital base from Rs.122.14 Million to
Rs.151.46 Million. This would help in |
|
| strengthening
financial health of the company, and would expand production and improve the
quality of yarn, thereby |
|
| obtaining
premium price in both local and export markets. |
|
|
| In
the next financial year the sponsors and associates are continuing the
injection of more funds as equity to stabilize and |
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| strengthen
the working of mills. |
|
|
| In
our cotton spinning mills, we must have a raw material for at least 4 months
for making a better blend which in only |
|
| possible
when sorting of cotton ginned bales of good cotton growing areas, for making
good product mix, which is only |
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| possible
when enough inventories are made available to the mills. This will not only
improve the sales but will help us in |
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| making
an export quality yarn for knitting and Air-Jet quality products. |
|
|
| The
management can confidently mention here that if a line of Credit of at least
Rs.40 to 50 million is made available by |
|
| the
financial institutions, this would not only give a good profit to the banks,
and national exchequer, but will also help the |
|
| company
for increasing our profit margins substantially. |
|
|
| Inshallah
we can assure our economic managers, bankers and our stock holders that we
cannot only export our products |
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| of
more than Rs.120 Million with in twelve months, but we can also increase our
gross profit by 150% and inshallah the |
|
| operating
profit will be more than Rupees Ten Million, so that dividend to the stock
holders could be paid. This all depends |
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| upon
the cooperation of the banks and particularly with the support of the Sick
Units Committee in which the government |
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| has
inducted very sincere and capable people. |
|
|
| The
management is making arrangements for hiring certain stitching and dyeing
machines to improve the export order |
|
| book
by exporting woven and knitted garments which will be a value addition for
our company. |
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|
| Future
Prospects |
|
| The
estimate for next year's crop is based at 11 million bales. Despite these
very optimistic figures, there was panic in the |
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| cotton
buying market and for some time the prices went abnormally high. Since the
spinning sector is dependent on the |
|
| prices
of raw cotton, it is prudent to be cautions in forecasting any predictions
about the next year. |
|
|
| However,
for the present moment cotton prices have stabilized and we expect improved
results in all fields in the coming |
|
| year.
We are also balancing some departments of our mills, which would give us
higher generation and better production. |
|
|
| Comments
on Auditors Observations |
|
| Although
the company continues to make losses, it has shown an upward and encouraging
trend in sales and Gross |
|
| Profits.
The management of the company is currently negotiating settlement with the
banks and the financial institutions |
|
| for
rescheduling and restructuring of finance facilities. The management
hopefully assured of a favourable settlement |
|
| with
the banks and financial institutions resulting in considerable relief for the
company. |
|
|
| Regarding
taxation, in the current year, the auditor of the company insisted on proving
deferred tax in the company's |
|
| accounts
in order to comply to the requirements of IAS-12 and directives of the
Institute of Chartered Accountants of |
|
| Pakistan,
according to which every company needs to account for the full amount of
deferred tax liability till the year |
|
| 2002. |
|
|
| Auditors |
|
| The
present Auditors M/s M. Yousaf Adil Saleem & Co. Chartered Accountants,
retire and offer them selves for |
|
| reappointment. |
|
|
| Acknowledgment |
|
| The
Directors are pleased to place on record their appreciation for the sincere
efforts and hard work done by the |
|
| employees
of the company. We also take the opportunity to thank our suppliers,
customers and valued shareholders for |
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| their
support and trust reposed in the company. The directors do hope that it will
be continued in future also. |
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|
|
|
For and on Behalf of The Board Of Directors |
|
|
|
Crescent Spinning Mills Limited |
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|
|
|
|
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|
Muhammad Javed Amin |
|
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|
Chief Executive Officer |
|
|
|
| AUDITOR'S
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of CRESCENT SPINNING MILL LIMITED as
at September 30, 2000 |
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| 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 our knowledge and belief, were necessary for the purpose of
our audit. |
|
|
| 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
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:-- |
|
|
| 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)
The Company continues to make losses and the accumulated losses as at
September 30, 2000 were |
|
| Rs.355,468,773/-.
Further the banks and financial institutions have initiated proceedings in
the Courts for recovery of |
|
| financing
facilities provided to the Company. Due to the subjudice nature the amount of
loans and finance liabilities |
|
| payable
including financial charges thereon remain unconfirmed. The management of the
Company is currently |
|
| negotiating
settlements with banks and financial institutions for proposed rescheduling
and restructuring of financing |
|
| facilities.
The matter is pending agreement and decision through the Sick Unit Committee.
The continued operations of |
|
| the
Company are dependent on the settlement reached with and continued support of
the banks, financial institutions. |
|
|
| The
management of the Company has given assurance and they anticipate a favorable
settlement with the banks |
|
| and
financial institutions through Sick Unit Committee resulting in considerable
relief for the Company. Accordingly the |
|
| financial
statements have been prepared on Going Concern Basis. |
|
|
| d)
Except for the impact if any of the above on the financial statements of the
Company in our opinion and to the best of |
|
| our
information and according to the explanations given to us, the balance sheet
and profit and loss account and the |
|
| statement
of changes in financial position, 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 September 30, 2000 and of the Loss and the changes in the
financial position for the year then |
|
| ended; and |
|
|
| e)
in our opinion, no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
|
|
| Without
further qualifying our opinion, attention is drawn to Note 16 in the
financial statements relating to interest free and |
|
| unsecured
loan from directors. In the audited accounts for the year ending September
30, 1999, the loan from directors |
|
| although
reflected as unsecured and interest free were inadvertently grouped with
secured loan. |
|
|
| Date:
March 09, 2001 |
|
M. Yousuf Adil Saleem & Co. |
|
| Place: Lahore |
|
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT SEPTEMBER 30, 2000 |
|
|
|
|
2000 |
1999 |
|
|
Notes |
Rupees |
Rupees |
|
|
| FIXED
ASSETS |
|
|
|
| Operating
fixed assets |
|
3 |
554,679,868 |
548,828,389 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
554,679,868 |
548,828,389 |
|
|
|
|
------------------ |
------------------ |
|
| Long
term investment |
|
4 |
4,091,211 |
426,748 |
|
| Long
term security deposits |
|
5 |
2,302,409 |
1,080,077 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,711,530 |
1,506,825 |
|
| CURRENT
ASSETS |
|
|
|
| Stores,
spares and loose tools |
|
6 |
6,486,478 |
3,651,641 |
|
| Stocks in trade |
|
7 |
12,498,691 |
21,865,210 |
|
| Trade
debts - Considered good |
|
8 |
84,113 |
940,732 |
|
| Advances,
deposits, prepayments and other |
|
|
| receivables |
|
9 |
10,110,697 |
13,214,035 |
|
| Cash
and bank balances |
|
10 |
2,551,748 |
329,394 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
31,731,727 |
40,001,012 |
|
|
|
|
|
| CURRENT
LIABILITIES |
|
| Short
term borrowings - Secured |
|
11 |
32,126,380 |
39,103,559 |
|
| Current
portion of long term liabilities |
12 |
33,295,967 |
41,992,725 |
|
| Creditors,
accrued and other liabilities |
13 |
216,213,640 |
210,741,567 |
|
| Provision
for taxation |
|
|
3,774,843 |
2,318,421 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
285,410,830 |
294,156,272 |
|
|
|
|
------------------ |
------------------ |
|
| NET
WORKING CAPITAL |
|
|
(253,679,103) |
(254,155,260 |
|
|
|
|
------------------ |
------------------ |
|
| TOTAL
NET ASSETS |
|
|
303,712,294 |
296,179,953 |
|
| Contingencies
and Commitments |
|
14 |
-- |
-- |
|
|
|
|
|
| LONG
TERM LIABILITIES |
|
|
|
| Long
term loans - Secured |
|
15 |
185,560,442 |
192,791,972 |
|
| Loan
from directors |
|
16 |
-- |
12,150,155 |
|
| Liabilities
against assets subject to finance lease |
17 |
1,766,268 |
4,125,781 |
|
| Deferred
liabilities |
|
18 |
23,857,666 |
12,764,185 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
211,184,376 |
221,832,093 |
|
|
|
|
------------------ |
------------------ |
|
| NET WORTH |
|
|
|
92,527,918 |
74,347,860 |
|
|
|
|
========== |
========== |
|
|
|
|
|
| Represented
by: |
|
| Authorized
capital |
|
| 20,000,000
ordinary shares of Rs. 10/- each |
|
200,000,000 |
200,000,000 |
|
|
|
|
========== |
========== |
|
|
|
|
|
|
| 12,214,800
ordinary shares of Rs. 10/- each fully paid in cash |
122,148,000 |
122,148,000 |
|
| Share
deposit money |
|
19 |
24,132,639 |
-- |
|
| Accumulated
loss |
|
|
(355,468,773) |
(335,631,861) |
|
|
|
|
------------------ |
------------------ |
|
| Shareholder's
equity |
|
|
(209,188,134) |
(213,483,861) |
|
| Surplus
on revaluation of fixed assets |
20 |
301,716,051 |
287,831,721 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
92,527,918 |
74,347,860 |
|
|
========== |
========== |
|
|
| The
annexed notes from 1 to 35 form an integral part of these accounts. |
|
|
|
Muhammad Javed Amin |
|
|
Azam Saeed |
|
|
CHIEF EXECUTIVE OFFICER |
|
|
DIRECTOR |
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE YEAR ENDED SEPTEMBER 30, 2000 |
|
|
|
|
2000 |
1999 |
|
|
Notes |
Rupees |
Rupees |
|
|
|
|
| Sales - Net |
|
|
21 |
368,253,141 |
254,402,247 |
|
| Cost of sales |
|
|
22 |
357,700,952 |
284,190,178 |
|
|
|
|
|
------------------ |
------------------ |
|
| Gross
profit/(loss) |
|
|
10,552,189 |
(29,787,931) |
|
|
|
|
|
| Operating
Expenses |
|
|
|
| Administrative |
|
23 |
11,912,897 |
10,276,123 |
|
| Selling
and Distribution |
|
24 |
3,213,327 |
2,377,440 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
15,126,224 |
12,653,563 |
|
|
|
|
------------------ |
------------------ |
|
| Operating
profit/(loss) |
|
|
(4,574,035) |
(42,441,494) |
|
| Other Income |
|
|
25 |
1,079,340 |
361,992 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
(3,494,695) |
(42,079,502) |
|
|
|
|
|
------------------ |
------------------ |
|
| Financial
charges |
|
26 |
4,489,779 |
2,280,840 |
|
| Other charges |
|
|
27 |
20,877 |
5,179 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
4,510,656 |
2,286,019 |
|
|
|
|
------------------ |
------------------ |
|
| Profit/(loss)
before taxation |
|
|
(8,005,351) |
(44,365,521) |
|
|
|
|
|
| Taxation |
|
|
28 |
|
| Current year |
|
|
1,831,561 |
1,276,889 |
|
| Deferred |
|
|
10,000,000 |
-- |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
11,831,561 |
1,276,889 |
|
|
|
|
------------------ |
------------------ |
|
| Profit/(loss)
after taxation |
|
|
(19,836,912) |
(45,642,410) |
|
| Accumulated
loss brought forward |
|
(335,631,861) |
(289,989,451) |
|
|
|
|
|
------------------ |
------------------ |
|
| Accumulated
loss carried forward |
|
(355,468,773) |
(335,631,861) |
|
|
|
|
|
========== |
========== |
|
| Earning
per share |
|
31 |
(1.62) |
(3.74) |
|
|
|
|
|
| The
annexed notes from 1 to 35 form an integral part of these accounts. |
|
|
|
Muhammad Javed Amin |
|
Azam Saeed |
|
|
CHIEF EXECUTIVE OFFICER |
|
DIRECTOR |
|
|
|
| STATEMENT
OF CHANGES IN FINANCIAL POSITION |
|
| FOR
THE YEAR ENDED SEPTEMBER 30, 2000 |
|
|
|
|
2000 |
1999 |
|
|
|
Rupees |
Rupees |
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
| Profit/(loss)
before taxation |
|
(8,005,351) |
(44,365,521) |
|
|
| Adjustment for |
|
| Depreciation |
|
16,760,414 |
16,851,342 |
|
| Profit
on disposal of operating fixed assets |
|
-- |
(324,723) |
|
| Provision
for diminution in value of shares |
|
17,627 |
(13,113) |
|
| Provision
for gratuity |
|
1,093,481 |
-- |
|
| Financial
charges |
|
4,489,779 |
2,280,840 |
|
|
|
------------------ |
------------------ |
|
| Operating
profit before changes in working capital |
14,355,950 |
(25,571,175) |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
| Changes
in working capital |
|
| Increase/(decrease)
in current assets |
|
| Stores,
spares and loose tools |
|
(2,834,837) |
327,126 |
|
| Stocks in Trade |
|
9,366,519 |
(7,853,364) |
|
| Trade debts |
|
856,619 |
753,735 |
|
| Advances,
deposits and prepayments other receivables |
1,881,006 |
4,046,523 |
|
| Increase/(decrease)
in current liabilities |
|
|
|
| Creditors,
accrued and other liabilities |
|
6,836,341 |
24,366,622 |
|
|
|
------------------ |
------------------ |
|
| Cash
generated from operations |
|
|
30,461,598 |
(3,930,533) |
|
| Financial
charges paid |
|
(5,854,043) |
(1,922,361) |
|
| Tax paid |
|
(375,139) |
-- |
|
|
|
------------------ |
------------------ |
|
| NET
CASH FLOW FROM OPERATING ACTIVITIES |
24,232,417 |
(5,852,894) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
| CASH
FLOW FROM INVESTING ACTIVITIES |
|
|
|
| Long
term security deposit |
|
-- |
(57,607) |
|
| Additions
to operating fixed assets |
|
(8,727,565) |
(2,824,326) |
|
| Sale
proceed of fixed assets |
|
-- |
1,042,000 |
|
|
|
------------------ |
------------------ |
|
| NET
CASH USED IN INVESTING ACTIVITIES |
|
(8,727,565) |
(1,839,933) |
|
|
------------------ |
------------------ |
|
|
| CASH
FLOW FROM FINANCING ACTIVITIES |
|
| Adjustment/(Repayment)
of long term loans |
|
(15,500,000) |
931,050 |
|
| (Decrease)/increase
in short term borrowings |
|
(6,977,179) |
(1,400,000) |
|
| (Decrease)/increase
in lease liability |
|
(2,787,802) |
(890,720) |
|
| Share
Deposit Money |
|
24,132,639 |
-- |
|
| Increase/(Decrease)
in director's loan |
|
(12,150,155) |
9,000,220 |
|
|
|
------------------ |
------------------ |
|
| NET
CASH FORM FINANCING ACTIVITIES |
|
(13,282,497) |
7,640,550 |
|
|
|
------------------ |
------------------ |
|
| NET
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS |
2,222,355 |
(52,274) |
|
| CASH
AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR |
329,394 |
381,668 |
|
|
|
------------------ |
------------------ |
|
| CASH
AND CASH EQUIVALENTS AT THE END OF THE YEAR |
2,551,748 |
329,394 |
|
|
|
========== |
========== |
|
|
|
|
Muhammad Javed Amin |
|
Azam Saeed |
|
|
CHIEF EXECUTIVE OFFICER |
|
DIRECTOR |
|
|
|
|
|
|
| STATEMENT
OF CHANGES IN EQUITY |
|
| FOR
THE YEAR ENDED SEPTEMBER 30, 2000 |
|
|
| The
changes in equity are as follows:- |
|
|
|
Share Capital |
Surplus on |
Share Deposit |
Accumulated |
Total |
|
|
|
Revaluation |
Money |
Profit |
|
