| Dewan Textile Mills Limited |
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| Annual
Report 2000 |
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Mission Statement |
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The Mission of Dewan Textile Mills Limited is to be the finest |
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Organisation, and to conduct business responsibly |
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In a straight forward way. |
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Our basic aim is to benefit the customers, employees |
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and shareholders and to fulfill our commitments to the
society. |
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Our hallmark is honesty, initiative and teamwork of our people |
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and our ability to respond effectively to change in all
aspects |
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of life including technology, culture and environment. |
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We will create a work environment, which motivates, recognises |
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and rewards achievements at all levels of the Organization |
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because |
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IN ALLAH WE TRUST & IN PEOPLE WE BELIEVE |
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We will always conduct ourselves with integrity |
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and strive to be the best. |
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| CONTENTS |
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| Company
Information |
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| Notice
of the Meeting |
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| Statement
Under Section 160 |
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| Directors'
Report |
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| Auditor's
Report to the Members |
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| Balance Sheet |
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| Profit
& Loss Account |
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| Cash
Flow Statement |
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| Statement
of Changes in Equity |
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| Notes
to the Accounts |
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| Pattern
of Share Holding |
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| COMPANY
INFORMATION |
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| BOARD
OF DIRECTORS |
DEWAN GHULAM MUSTAFA
KHALID |
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Chairman |
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DEWAN ZIA-UR-REHMAN
FAROOQUI |
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Managing Director/Chief
Executive |
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DEWAN MOHAMMAD AYUB
KHALID |
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Resident Director |
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DEWAN MOHAMMAD YOUSUF
FAROOQUI |
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DEWAN MOHAMMAD HAMZA
FAROOQUI |
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DEWAN ABDUL REHMAN
FAROOQUI |
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MR. IQBAL NAEEM PASHA |
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| AUDITORS |
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MESSRS. FEROZE SHARIF
TARIQ & CO. |
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Chartered Accountants |
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| TAX
ADVISORS |
SHARIF & COMPANY |
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Advocates |
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| BANKERS |
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MUSLIM COMMERCIAL BANK
LIMITED |
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CITI BANK N.A. |
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HABIB BANK LIMITED |
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STANDARD CHARTERED BANK |
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UNION BANK LIMITED |
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SOCIETE GENERALE, |
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THE FRENCH &
INTERNATIONAL BANK |
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ABN AMRO BANK |
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AMERICAN EXPRESS BANK |
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UNITED BANK LIMITED |
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| REGISTERED
OFFICE |
DEWAN CENTRE |
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3-A, Lalazar, |
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Beach Hotel Road, |
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Karachi - 74000, |
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Pakistan. |
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| MILLS |
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H/20 & H/26, S.I.T.E, |
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Kotri, District Dadu, |
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Sindh, Pakistan. |
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| NOTICE
OF THIRTY FIRST ANNUAL GENERAL MEETING |
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| Notice
is hereby given that 31st Annual General Meeting of Dewan Textile Mills
Limited will be held on |
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| Marcia 31, 2001 at 02.00 p.m. at Dewan Centre, 3-A, Lalazar, Beach Hotel
Road, Karachi to |
transact |
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| the
following business: |
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| ORDINARY
BUSINESS: |
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| 1.
Recitation from HOLY QURAN. |
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| 2.
To read and confirm the minutes of 30th Annual General Meeting held on March
25, 2000. |
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| 3.
To receive, consider and adopt the Annual Audited Accounts for the year ended
September, 30, 2000 |
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| together
with the Directors' and Auditor's reports thereon. |
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| 4.
To elect Seven Directors of the Company for a period of three years. The
number of Directors to be |
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| elected
is fixed by the Board of Directors in accordance with the provisions of
Section 178(I) of the |
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| Companies
Ordinance, 1984. The following retiring Directors are eligible for
re-election. |
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| 1.
Dewan Zia-ur-Rehman Farooqui |
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5. Dewan Mohammad Ayub
Khalid |
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| 2.
Dewan Ghulam Mustafa Khalid |
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6. Dewan Mohammad Hamza
Farooqui |
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| 3.
Dewan Mohammad Yousuf Farooqui |
7. Mr. Iqbal Naeem Pasha |
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| 4.
Dewan Abdul Rehman Farooqui |
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| 5.
To approve the declaration of final cash dividend @ 60%. |
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| 6.
To appoint auditors of the Company for the year ending September 30, 2001 and
to fix their |
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| remuneration. |
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| SPECIAL
BUSINESS |
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| 7.
To consider and approve short term loans and advances out of surplus funds
available with the |
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| Company
to Dewan Sugar Mills Limited in compliance with the provisions of Section 208
of the |
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| Companies
Ordinance, 1984. |
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| 8.
To transact any other business with the permission of the Chairman. |
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By and on behalf of Board of Directors |
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| Date:
10 March, 2001 |
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(DEWAN GHULAM MUSTAFA KHALID) |
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| Place: Karachi |
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Chairman |
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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 08, |
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| 2001
(both days inclusive). |
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| 2.
A member entitled to attend, speak and vote at the meeting is entitled to
appoint a proxy to attend, |
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| speak
and vote for him/her. (A proxy must be member of the Company). |
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| 3.
An instrument of proxy and a power of attorney or other authority (if any)
under which it is signed |
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| or
a notarised certified copy of such power of attorney, in order to be valid
must be deposited at |
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| the
registered office of the Company not less than 48 hours before the time of
the meeting. |
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| 4.
Members are requested to notify any change in their addresses immediately. |
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| 5.
Account holders and sub-account holders holding book entry securities of the
company in Central |
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| Depository
Company of Pakistan Limited who wish to attend the Annual General Meeting are |
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| required
to please bring original I.D. Card with copy thereof duly attested by their
Bankers for |
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| identification
purpose. |
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| "Statement
under Section 160 of the Companies Ordinance, 1984 attached with the Annual |
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| Report
circulated to the members of the Company" |
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| STATEMENT
UNDER SECTION 160 |
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| OF
THE COMPANIES ORDINANCE, 1984 |
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| This
statement is annexed to the Notice of the Thirty First Annual General Meeting
of Dewan Textile Mills |
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| Limited
(hereinafter referred to as DTML) to be held on 31st March, 2001 and sets out
material tact concerning |
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| the
Special Business to be transacted at the Meeting. |
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| 1.
INVESTMENT IN ASSOCIATED COMPANIES. |
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| The
board of Directors considers to advance temporary short term financing to the
associated |
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| company
out of surplus funds available with the Company. Details of such financing
are given below: |
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| (i)
Name of borrower Company and associated |
- Dewan Sugar Mills Limited |
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| undertaking
together with the amount of loan |
Rupees Fifty Million only |
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| and advance. |
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| (ii)
Rate of interest to be charged on each loan |
- 1% above the rate on
which the lending |
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| and
advance together with the particulars of |
company has obtained its
own borrowing |
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| collateral
security to be obtained from |
- No security is
considered necessary as all |
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| borrower. |
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the companies are under
common manage- |
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ment control. |
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| (iii)
Period for which these loans and advances |
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Twelve Months |
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| will be made |
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| (iv)
The terms of repayment or any other terms |
- The loans and advances are
adjustable |
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| of
loans and advances. |
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within a period of twelve
months or as |
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and which required by the
lending Company. |
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| (v)
Purpose of loans and advances |
- The purpose of loans and
advances is to |
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provide any immediate
requirement of |
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working capital of the
borrowing Companies. |
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| (vi)
Benefits likely to accrue to the Company |
- The investing company
and its shareholders |
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its shareholders from loans and |
will be benefited in a
manner that their invest- |
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| advances. |
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ment will fetch a return
of one percent over |
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and above the mark-up
rate at which the |
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investing Company has
borrowed. Further. the |
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surplus funds will not
remain idle and will be |
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invested in the most
efficient manner whereby |
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the investing Company,
not only getting good |
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return but the funds will
also remain at the |
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disposal of the investing
Company as such |
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loans and advances are
repayable on demand. |
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| None
of the Directors or their spouse has any vested or non-vested interest
whether directly, or indirectly in the |
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| proposed
business. |
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| In
this regard following resolution is proposed to be passed, with or without
modification as a "SPECIAL |
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| RESOLUTION" |
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| "Resolved
that the Board of Directors of the Company be and is hereby authorised to
make temporary |
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| short
term loans/advances to Dewan Sugar Mills Limited up to maximum limit of Rs.
50 million at the |
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| mark
up rate of 1% above the rate on which the Company has obtained the borrowing. |
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| These
temporary loans / advances shall be adjusted as and when required by the
Company and shall not |
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| exceed
12 months period." |
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| DIRECTORS'
REPORT |
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| Your
Directors take pleasure in presenting to you the Thirty First Annual Report
of the Company together with |
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| the
audited accounts for the financial year ended on September 30, 2000. |
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| Alhamdolillah,
your Company was able to achieve good results due to procurement of cotton at
economical |
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| rates
and strict control on expenditure, wherever possible. |
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| By
the Grace of Almighty Allah, your company has earned a Net Profit of Rs.
121.636 million as compared with |
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| Net
profit of Rs.43.119 million of last year. The highlights of the accounts are
as follows: |
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2000 |
1999 |
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(Rupees) |
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| Sales |
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2,278,230,878 |
1,879,763,137 |
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| Cost of Sales |
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1,865,600,892 |
1,567,364,897 |
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| Gross profit |
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412,629,986 |
312,398,240 |
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| Taxation |
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32,000,000 |
22,200,000 |
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| Net
profit after tax |
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121,636,429 |
43,119,186 |
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| We
humbly and gratefully bow our heads before Almighty Allah, the Most Gracious
and Merciful, who has |
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| rewarded
and blessed your company with His innumerable bounties in the difficult
times. |
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| IF
YE GIVE THANKS, I WILL GIVE YOU MORE (HOLY QURAN) |
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| Your
Directors are pleased to propose appropriation of profit in the following
manner: |
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| Profit
for the year 1999-2000 |
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Rs. 121,636,429 |
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| Un-appropriated
profit brought forward |
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Rs. 197,186,156 |
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| Profit
available for appropriation |
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Rs. 318,822,585 |
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| Appropriation |
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| Cash
Dividend 60% |
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Rs. 50,311,800 |
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| Un-appropriated
profit carried forward |
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Rs. 268,510,785 |
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| Total |
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Rs. |
318,822,585 |
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========== |
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| The
Board of Directors has taken decision for appropriation of the profit keeping
in view the expectations of the |
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| shareholders
from Dewan Mushtaq Group, future profitability and present scenario of
Textile Industry. |
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| The
Board has also decided to apprise its valued shareholders about the status
and future situation of Textile |
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| industry
in detail through this report. |
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| SALIENT
FEATURES OF THE ACCOUNTS |
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| 1.
Total gross sales of your company amounted to Rs.2.314 billion as compared
with Rs. 1.907 billion last |
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| year.
The increase in sales is attributed to quantity and price. |
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| 2.
Earning Per Share (EPS) of your Company works out to Rs. 14.5 per share as
compared with last year's |
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| EPS,
which was Rs. 5.66 per share. |
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| 3.
Your Company has successfully implemented its Balancing Modernizing and
Expansion program in |
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| order
to remain abreast with rapid changes in textile technology and will continue
to maintain its pace |
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| with
the future technological developments in the industry. |
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| 4.
Alhamdolillah, your Company has been able to meet all its financial
obligations from its own resources |
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| on time. |
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| SYNOPSIS
OF THE YEAR UNDER REVIEW |
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| The
last season witnessed cotton prices plummeting to very low levels. However,
since then the market has |
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| stabilized
and the price of Cotton is again on an upward trend. The stability in the
price of cotton was the result |
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| of
the Cotton Policy of the Government under which a minimum benchmark price of
cotton was fixed. The |
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| Policy
also provided for export of cotton to maintain balance in the market thereby
ensuring its availability to |
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| the
industry at world prices. However, the price of manmade fibre has exhibited a
rising trend. mainly due to |
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| increase
in the cost of its raw materials and general price hike in the international
market. |
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| Inexpensive
and abundant availability of raw materials for the spinning sector has
provided a great boost to |
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| Textile
Industry of the country and has enabled it to come out of deep crisis
spanning over last several years. |
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| Due
to low prices of cotton, sizable numbers of idle spindles and closed spinning
units have come into |
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| production.
The yarn market showed much strength as almost all the major items are in
good demand both in |
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| local
and export markets. Rising trend in exports of yarns, fabrics and other
textile goods clearly manifest that |
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| Pakistan
Textile Industry is able to recapture and increase its share in the world
markets. |
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| The
introduction of cotton grading and standardization at the ginning stage is a
welcome step. It will contribute |
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| to
betterment of quality, establish a fair linkage between price and quality and
will provide a check and balance |
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| on
cotton prices. Availability of man made fibers, such as locally produced
polyester and acrylic, will further |
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| support
in revival of spinning industry besides providing spinners with the
flexibility to timely evaluate the yarn |
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| market
and switch over accordingly. |
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| FUTURE
OUTLOOK |
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| Due
to a good cotton crop in the preceding year and low prices, the industry was
able to make handsome |
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| profits,
which were reinvested to add substantial number of new spindles and upgrading
of existing machinery. |
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| This
augurs well for the industry, as its would improve its efficiency as well as
its competitiveness. |
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| The
succeeding year will be difficult for Textile Industry overall as its
profitability will be eroded by increasing |
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| prices
of cotton, which will also affect the profits of your mill. Pakistan is
experiencing one of the worst droughts |
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| in
its short history. The lack of rainfall has reduced water to dangerously low
levels in the dams, which is |
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| depleting
water reservoirs and drying up rivers in the up country. This condition has
been further aggravated |
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| There
is a strong likelihood that the prices of cotton may go up due to a modest
crop owing to water shortage. |
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| The
inflationary impact of cost of inputs will also increase the conversion
costs. Besides, recent trends in the |
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| market
limit transfer of incremental costs to the buyers and hence, your Company
will have to implement strin- |
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| gent
cost controls to remain competitive in the market. |
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| During
the year, your Company was accorded permission to use natural gas for power
generation as industrial |
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| consumer.
In order to use the facility, it was decided to induct gas generators for own
generation of power. The |
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| Directors
are pleased to inform that the generators have now been installed and the
supply of electricity through |
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| these
would Inshallah commence from April 2001. These generators are financed
through leasing facility for a |
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| period
of five years. Due to the conversion of power from WAPDA to self-generation,
the utility charges of the |
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| mill
will be reduced by about 25% in the initial year and by about 40% in the
ensuing years. The management |
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| sincerely
feels that the induction of these generators will go a long way in increasing
the profitability of your |
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| Company. |
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| The
Directors have decided to restructure the Company in order to make it more
efficient and financially com- |
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| petitive.
A detailed plan is being chalked out to achieve this end. |
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| VOTE
OF THANKS |
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| The
Board puts on record its gratitude to its valuable shareholders, federal and
provincial government func- |
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| tionaries,
banks, development financial institutions and customers whos co-operation,
constant support and |
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| patronage
have enabled your Company to achieve the desired results. |
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| The
Board also expresses its thanks for the valuable teamwork, loyalty and
laudable efforts rendered by the exec- |
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| utives,
staff members and workers of your Company, during the year under review and
wishes to place on record |
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| its
appreciation for the same. |
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| AUDITORS |
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| The
auditors of your company, M/s. Feroze, Sharif, Tariq & Company, Chartered
Accountants, retire and offer |
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| their
services for re-appointment for the ensuing year. |
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| CONCLUSION |
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| In
conclusion, we bow, beg and pray to Almighty Allah, Rehman-o-Rahim, in the
name of our beloved prophet, |
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| Muhammad,
peace be upon him, for continued showering of His Blessings, Guidance.
Strength, Health and |
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| Prosperity
to us, our Company, Country and Nation; and also pray to Almighty Allah to
bestow peace, harmo- |
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| ny,
brotherhood and unity in true Islamic spirit to whole of Muslim Ummah, Ammen.
Summa-Ameen |
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| LO-MY
LORD IS INDEED HEARER OF PRAYER (HOLY QURAN) |
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For and on behalf of Board of Directors |
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|
DEWAN GHULAM MUSTAFA KHALID |
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| Karachi:
02 March, 2001 |
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Chairman |
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| AUDITOR'S
REPORT TO THE MEMBERS |
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| We
have audited the annexed Balance Sheet of Dewan Textile Mills Limited, as at
30 September 2000 and |
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| the
related Profit and Loss Account, Cash Flow Statement and Statement of Changes
in Equity together |
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| with
the notes forming part thereof, for the year then ended and we state that we
have obtained all the |
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| information
and explanations which, to the best of our knowledge and belief, were
necessary for the |
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| 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. |
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| and
prepare and present the above said statements in conformity with the approved
accounting standards |
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| and
the requirements of the Companies Ordinance, 1984. Our responsibility is to
express an opinion on |
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| these
statement based on our audit. |
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| We
conducted our audit in accordance with the auditing standards as applicable
in Pakistan. These |
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| standards
require that we plan and perform the audit to obtain reasonable assurance
about whether the |
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| above
said statement 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 |
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| assessing
the accounting policies and significant estimates made by management, as well
as, evaluating the |
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| 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 |
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| Companies
Ordinance, 1984 |
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|
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| (b)
in our opinion; |
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|
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| (i)
the balance sheet and profit and loss account together with the notes thereon
have been |
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| drawn
up in conformity with the Companies Ordinance. 1984, and are in agreement |
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| with
the books of account and are further in accordance with accounting policies |
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| consistently
applied. |
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|
|
| (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 |
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| were
in accordance with the objects of the company; |
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|
|
|
|
| (c)
in our opinion and to the best of our information and according to the
explanations given to us. |
|
| the
Balance Sheet, Profit and Loss Account, Cash Flow Statement and Statement of
Changes |
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| in
Equity together with the notes forming part thereof conform with approved
accounting |
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| 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 |
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| state
of the company's affairs as at September 30, 2000 and of the Profit, its Cash
Flows and |
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| Changes
in Equity for the year then ended; and |
|
|
| (d)
in our opinion Zakat deductible at source under the Zakat and Ushr Ordinance,
1980 (XVIII |
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| of
1980), was deducted by the company and deposited in the Central Zakat Fund
established |
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| under
Section 7 of that Ordinance. |
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| Karachi. |
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Feroze Sharif Tariq & Company |
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| Date:
02 March, 2001 |
|
Chartered Accountants |
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| BALANCE
SHEET AS AT 30 SEPTEMBER 2000 |
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|
2000 |
1999 |
|
| CAPITAL
& LIABILITIES |
|
Notes |
(Rupees) |
|
| SHAREHOLDERS'
EQUITY |
|
| SHARE
CAPITAL |
|
|
|
| Authorised |
|
| 30,000.000
ordinary shares of Rs. 10/- each |
|
300,000,000 |
300,000,000 |
|
|
========== |
========== |
|
|
|
|
|
| Issued,
subscribed and paid-up share capital |
3 |
83,853,000 |
76,230,000 |
|
| Reserves
and surplus |
|
4 |
601,510,785 |
537,809,156 |
|
|
|
|
------------------ |
------------------ |
|
|
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|
685,363,785 |
614,039,156 |
|
| LIABILITY
AGAINST ASSETS |
|
|
|
| SUBJECT
TO FINANCE LEASE |
|
5 |
297,818,614 |
225,025,589 |
|
|
|
| DEFERRED
LIABILITIES: |
|
| Staff Gratuity |
|
40,525,870 |
25,179,712 |
|
| Taxation |
|
|
26,252,244 |
26,252,244 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
66,778,114 |
51,431,956 |
|
| CURRENT
LIABILITIES |
|
|
|
| Current
portion of assets subject to finance lease |
|
77,653,016 |
52,733,460 |
|
| Short-term
running finances - Secured |
6 |
816,448,831 |
1,021,197,487 |
|
| Creditors,
accrued expenses and other liabilities |
7 |
358,713,813 |
401,960,617 |
|
| Dividends |
|
8 |
50,441,225 |
29,775,631 |
|
| Provision
for taxation |
|
|
171,287,660 |
139,287,660 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,474,544,545 |
1,644,954,855 |
|
| CONTINGENCIES
& COMMITMENTS |
9 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,524,505,058 |
2,535,451,556 |
|
|
|
========== |
========== |
|
| PROPERTY
AND ASSETS |
|
|
|
| OPERATING
FIXED ASSETS - (at cost less |
|
|
| accumulated
depreciation) |
|
10 |
538,821,280 |
478,468,569 |
|
| CAPITAL
WORK IN PROGRESS |
11 |
229,863,843 |
41,713,636 |
|
|
|
|
|
| LONG
TERM INVESTMENT |
|
12 |
210,000,000 |
210,000,000 |
|
| LONG
TERM DEPOSITS |
|
13 |
17,585,170 |
5,956,852 |
|
|
|
|
|
| CURRENT
ASSETS |
|
|
| Stores
and spares |
|
14 |
28,399,130 |
43,963,347 |
|
| Stock
- in - Trade |
|
15 |
817,100,757 |
905,679,922 |
|
| Stock
- in - Transit |
|
|
|
123,529,089 |
|
| Trade
debts - Un secured considered good |
16 |
417,918,085 |
414,336,897 |
|
| Advances,
deposits, prepayments and |
|
|
| other receivable |
|
|
17 |
263,145,796 |
300,691,104 |
|
| Cash
and bank balances |
|
18 |
1,670,997 |
11,112,140 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
1,528,234,765 |
1,799,312,499 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,524,505,058 |
2,535,451,556 |
|
|
|
========== |
========== |
|
|
|
|
| The
annexe |
