| Kohinoor Weaving Mills Limited |
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| Annual
Report 2000 |
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| CONTENTS |
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| Company
Profile |
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| Company
Information |
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| Notice
of Meeting |
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| Directors'
Report to the Shareholders |
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| Pattern
of Shareholding |
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| Auditors'
Report to the Members |
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| Annual
Accounts |
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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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| COMPANY
PROFILE |
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| THEN
AND NOW |
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| Kohinoor
Weaving Mills Limited was incorporated |
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| as
a Public Limited Company on December 21st |
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| 1987
and is located on Manga Raiwind Road, District |
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| Kasur.
The company manufactures cloth from |
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| cotton,
blended and synthetic yarns. The company |
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| commenced
commercial production in 1990 with |
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| 48
Sulzer shuttle-less looms from Switzerland along |
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| with
modern ancillary machinery to produce high |
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| quality
cloth for export markets. |
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| Further
expansion saw the installation of an |
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| additional
96 Tsudakoma air jet weaving machines |
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| from
Japan in 1993 and 96 Picanol Omni air-jet |
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| weaving
machines from Belgium during the period |
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| 1998-2000.
Today Kohinoor Weaving Mills Limited |
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| is
the largest air-jet weaving facility in Pakistan and |
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| one
of the most modern and technologically |
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| advanced
greige weaving plants in the world. |
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| Kohinoor
Weaving Mills Limited has been included |
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| amongst
the "Top Twenty Five" companies listed |
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| on
the Karachi Stock Exchange. |
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| KOHINOOR
MAPLE LEAF GROUP |
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| As
part of the Kohinoor Maple Leaf Group, |
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| Kohinoor
Weaving Mills enjoys the support of its |
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| sister
companies for sourcing raw materials such as |
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| yarns
and dyeing of its greige fabrics for apparel |
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| and
home furnishing. |
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| BOARD
OF DIRECTORS |
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| Tariq
Sayeed Saigol |
Chairman |
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| Aamir
Fayyaz Sheikh |
Chief Executive |
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| Ali
Fayyaz Sheikh |
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| Rana
Muhammad Hanif |
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| Zamiruddin
Azar |
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| Istaqbal Mehdi |
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NIT Nominee |
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| Gul Nawaz |
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NIT Nominee |
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| COMPANY
SECRETARY |
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| G. M. Bhatti |
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| AUDITORS |
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| Riaz
Ahmad & Company |
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| Chartered
Accountants |
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| BANKERS |
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| Habib
Bank Limited |
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| American
Express Bank Limited |
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| Faysal
Bank Limited |
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| Gulf
Commercial Bank Limited |
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| Emirates
Bank International PJSC |
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| Muslim
Commercial Bank Limited |
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| Prime
Commercial Bank Limited |
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| REGISTERED
OFFICE & |
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| SHARES
DEPARTMENT |
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| 42
Lawrence Road, Lahore, Pakistan. |
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| Tel:
(92-42) 6302261, 6302262 |
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| Fax:
(92-42) 6368721 |
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| MILLS |
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| 8th
Kilometre, Manga Raiwind Road, |
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| Distt. Kasur. |
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| Tel:
(92-4951) 391941, (92-42) 6310101 |
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| Fax:
(924951) 391946 |
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| e-mail:
kwml@brain.net.pk |
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| web
site: www.kmlg.com |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the 13th Annual General Meeting of the members of Kohinoor Weaving |
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| Mills
Limited will be held on Monday, March 26, 2001 at 11.00
a.m. at its Registered Office, |
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| 42-Lawrence
Road, Lahore, to transact the following business:- |
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| 1.
To confirm the minutes of the Extra-Ordinary General Meeting held on October
31, 2000. |
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| 2.
To receive, consider and adopt the audited accounts of the Company for the
year ended |
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| September
30, 2000 together with the Directors' and Auditors' Reports thereon. |
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| 3.
To approve final dividend in cash @ 72.5% and by way of bonus issue of fully
paid bonus shares |
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| @
25% in addition to interim declaration of 25% bonus shares for the year ended
September 30, |
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| 2000. |
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| 4.
To appoint Auditors for the year ending September 30, 2001 and fix their
remuneration. M/s Riaz |
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| Ahmad
& Company, Chartered Accountants, the retiring auditors, being eligible
offer themselves |
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| for
re-appointment. |
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| 5.
To elect seven Directors, as fixed by the Board of Directors, in accordance
with the provisions |
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| of
Section 178 of the Companies Ordinance, 1984, for a term of three years
commencing March |
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| 31,
2001 in place of the following retiring Directors :- |
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| 1.
Mr. Tariq Sayeed Saigol |
2. Mr. Aamir Fayyaz
Sheikh |
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| 3.
Mr. Ali Fayyaz Sheikh |
4. Rana Muhammad Hanif |
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| 5.
Mr. Zamiruddin Azar |
6. Mr. Istaqbal
Mehdi (NIT Nominee) |
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| 7.
Mr. Gul Nawaz (NIT Nominee) |
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| 6.
SPECIAL BUSINESS: |
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| (A)
To consider and if thought fit, pass with or without modification the
following Resolution as |
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| Special
Resolution for equity investment in associated Company. |
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| "RESOLVED
that consent and approval of the Company be and is hereby
accorded under |
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| Section
208 of the Companies Ordinance, 1984, for further equity investment upto Rs.
100,000,000/- |
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| in
the wholly owned subsidiary Company, Kohinoor Dyeing Mills Limited, through
purchase of |
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| 10,000,000
ordinary shares of Rs.10/- each at par value. It is further resolved that the
Chief |
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| Executive
of the Company be and is hereby authorized to negotiate and take any and all
actions |
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| required
to make investment in the above said shares as and when deemed fit" |
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| (B)
To approve the remuneration of the Chief Executive and if thought fit, pass
with or without |
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| modification
the following Resolution as Ordinary Resolution. |
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| "RESOLVED that a sum of Rs.200,000/- (Rupees two hundred thousand only)
be and is hereby |
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| approved
towards monthly remuneration of Chief Executive of the Company. In addition
to the |
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| above,
Company maintained cars with drivers' and chaukidars' salaries, furnished
accommodation, |
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| life
insurance contribution, leave fare assistance, medical facilities and all
other benefits incidental |
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| or
relating to his office plus provident fund in accordance with the rules and
policy of the Company |
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| applicable
to the Directors shall also be provided to him" |
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| 7.
To transact any other business with the permission of the Chair. |
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BY ORDER OF THE BOARD, |
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G. M. BHATTI |
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| Lahore:
March 03, 2001. |
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Company Secretary |
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| STATEMENT
UNDER SECTION 160 (1) (b) OF THE COMPANIES ORDINANCE, 1984. |
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| (A)
Kohinoor Dyeing Mills Limited (KDML) is a Public Limited Company having its
Registered |
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| Office
at 42 Lawrence Road, Lahore. The production facilities of KDML would be
located at 8 |
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| k.m
Manga Raiwind Road, Distt. Kasur. KDML will engage in apparel dyeing. The
plant is |
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| configured
to process woven fabric up to a width of 1800 min. The configuration allows
flexibility |
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| to
produce a range of products from lightweight shirting fabric to heavy drills
depending on the |
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| market
trend at the time. Later on, KDML will expand into garment stitching to add
value to its |
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| dyed
fabric. KDML will be located in Raiwind adjacent to weaving units of Kohinoor
Maple Leaf |
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| Group.
KDML will source greige fabric from these mills at competitive market rates.
KDML wall |
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| offer
a wider range of finishes to the dyed fabric as compared to those being
offered by our |
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| competitors.
The projected profit and loss account shows very handsome operational
results. The |
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| market
of greige fabric is fully saturated and future survival of textile products
depends upon |
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| value
addition. Owing to imbalance of supply and demand factors of coarse cloth,
fetching of |
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| reasonable
prices of products would become difficult in future. KWML would be able to
generate |
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| additional
funds by producing processed fabric due to premium of price. |
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| Kohinoor
Weaving Mills Limited (KWML) intends to expand and diversify its business
operations |
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| by
undertaking further investments in Dyeing and Finishing facilities including
through wholly |
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| owned
subsidiary Company. KDML has already commenced work on its project with
financing |
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| by
KWML. However, in the meantime, the currency conversion rate has been
adversely affected |
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| due
to devaluation of Pak Rupee against Euro/DM resulting in enhancement of cost
of imported |
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| machinery
and the total cost of the project accordingly. It seems expedient to inject
additional |
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| equity,
therefore, proposal of further equity investment is being placed before the
General Body. |
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| It
is proposed to make further equity investment upto the extent of Rs.100
million by way of |
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| subscribing
10,000,000 ordinary shares of Rs.10/- each of KDML at par value. It is in
addition |
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| to
the existing equity investment upto Rs.350 million sanctioned by the
shareholders in the Extra- |
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| Ordinary
General Meeting held on October 31, 2000, thus making the total equity
investment |
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| upto
Rs.450 million. Out of sanction of equity investment upto Rs.350 million, the
Company has |
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| already
made investment of Rs.114.965 million. Since a new sophisticated Dyeing plant
is to be |
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| installed
by KDML in the near future, therefore, it is not considered prudent to
purchase shares |
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| in
one go without requirement of funds by the investee Company. However, the
proposed |
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| investment
including unutilized portion of the previous sanction would be made upto
December |
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| 31,
2001. Civil works for KDML Dyeing plant have been started and Habib Bank
Limited, has |
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| issued
sanction letter for opening of Letter of Credit. Requisite documentation and
other formalities |
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| are
being completed and Letter of Credit would be established shortly. |
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| KDML
has neither started any commercial production nor it is listed on any Stock
Exchange of |
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| the
Country therefore, disclosure requirement of break up value, earning per
share and market |
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| value
of its shares is not applicable in the instant case. The Company intends to
purchase 10,000,000 |
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| ordinary
shares of Rs.10/- each at par value. Internal cash generations from
profitable operations |
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| of
the Company are very encouraging and to finance the proposed equity
investment, funds will |
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| be
available with the Company from its own sources. This is expected to be a
long-term investment |
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| and
the Company expects substantial capital gain and dividend income from the
proposed |
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| investment
in the years ahead. The dividend income would further augment the cash flow
of the |
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| Company
resulting in a better profit distribution to the valued shareholders of the
Company. |
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| M/s.
Tariq Sayeed Saigol, Aamir Fayyaz Sheikh, Ali Fayyaz Sheikh, Zamiruddin Azar,
Istaqbal |
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| Mehdi
and Gul Nawaz are the common Directors on the Board of Both the Companies.
The |
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| Directors
of the Company have no other interest except that they are
shareholders/common |
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| Directors. |
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| The
Copies of Memorandum and Articles of Association of KWML & KDML have been
kept |
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| at
the Registered Office of the Company, which can be inspected from 9:00 a.m.
to 11:00 a.m., |
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| upto
March 19, 2001. |
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| (B)
Shareholders approval will be sought for the remuneration payable to the
Chief Executive for the |
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| next
term of office commencing March 31, 2001, in accordance with the terms and
conditions |
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| of
his service with the Company. The Authorized Capital of the Company is
Rs.300,000,000/- |
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| with
subscribed and paid up capital of Rs.175,000,000/-. The production facilities
are located at |
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| 8th
K.M. Manga Raiwind Road, Distt. Kasur, and annual sales revenue is Rs.2,140
million for the |
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| year
ended September 30, 2000. |
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| NOTES: |
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| 1.
Share transfer books of the Company will remain closed from 20th March 2001
to 26th March |
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| 2001
(both days inclusive) and no transfer will be accepted during this period.
The members whose |
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| names
appear in the register of members as at the close of business on March 19,
2001 will qualify |
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| for
the payment of dividend and issue of bonus shares. |
|
|
| 2.
Any person who seeks to contest election to the office of Director should
file with the Company |
|
| at
its Registered Office, a notice of his intention to offer himself for
election not later than 14 |
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| days
before the date of the Annual General Meeting. |
|
|
| 3.
A member entitled to vote at this meeting is entitled to appoint another
member as proxy: Proxies |
|
| in
order to be effective must be received at 42-Lawrence Road, Lahore, the
Registered Office of |
|
| the
Company not less than 48 hours before the meeting and must be duly stamped,
signed and |
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| witnessed. |
|
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| 4.
Any individual Beneficial Owner of CDC, entitled to attend and vote at this
meeting, must bring |
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| his/her
NIC or Passport to prove his/her identity, and in case of Proxy must enclose
an attested |
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| copy
of his/her NIC or Passport. Representatives of corporate members should bring
the usual |
|
| documents
required for such purpose. |
|
|
| 5.
Shareholders are requested to promptly notify the Company of any change in
their addresses. |
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| DIRECTORS'
REPORT TO THE SHAREHOLDERS |
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| Your
Directors take pleasure in presenting |
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| their
Annual Report alongwith the Audited |
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| Accounts
of the Company for the year ended |
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| September
30, 2000. |
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| OPERATING
& FINANCIAL RESULTS |
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| Your
Company has maintained its |
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| commendable
performance and earned pre- |
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| tax
profit of Rs. 333 million on sales of Rs.2140 |
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| million
during the year under review against |
|
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| a
pre-tax profit of Rs. 346 million on last |
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| year's
sales of Rs. 2015 million. While sales |
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| have
increased by 6.21%, pre-tax profit of the |
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| Company
reduced by 3.86% over last year. |
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| The
Company has established a healthy trend |
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| of
sales and profitability over the years despite |
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| a difficult business
environment. |
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| The
cost of sales, administration, selling and |
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| general
expenses have increased in line with |
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| the
inflation in Pakistan's economy. The |
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| Company
continues to pursue a cost reduction |
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| and
rationalization program, which is expected |
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| to
sustain profitability. |
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| The
Company produced 54 million square meters |
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| of
cloth based on 60 picks of different widths |
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| as
compared to 46 million square meters on 60 |
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| picks
produced during the last year, showing an |
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| increase
of 15.65%. |
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| The
Company has prudently utilized its enhanced |
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| profitability
and internal cash-flow generation |
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| to
reduce its long-term liabilities. The debt equity |
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| ratio
has consistently improved reflecting the |
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| financial
health of the Company and the directors |
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| are
pleased to report that your company is now |
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| long
term debt free. |
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| Consequently,
the financial expenses as a |
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| percentage
of Sales has gradually reduced over |
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| the years. |
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| DIVIDEND |
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| Your
Directors have always endeavoured to |
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| increase
the shareholders return on their |
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| investment.
During the year under review the |
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| company
has already given interim bonus shares |
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| @
25% and are pleased to recommend a cash |
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| dividend
@ 72.50% and further final bonus |
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| shares
@ 25% as compared to a cash dividend |
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| @ 97.50% for the preceding year. |
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| APPROPRIATIONS |
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| Your
Directors recommend the appropriations of the profit as under:- |
Rupees |
|
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| Profit
for the year before taxation |
|
332 653 379 |
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| Provision
for taxation |
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23 952 853 |
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------------------ |
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| Profit
after taxation |
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308 700 526 |
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| Un-appropriated
profit brought forward |
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4 975 844 |
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------------------ |
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| Profit
available for appropriation |
|
313 676 370 |
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| Appropriations: |
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| Proposed
dividend @ 72.50% |
|
126 875 000 |
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| Interim
bonus shares @ 25% |
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35 000 000 |
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| Reserve
for issue of bonus shares @ 25% |
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43 750 000 |
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| Transfer
to general reserve |
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105 000 000 |
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------------------ |
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|
310 625 000 |
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------------------ |
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| Un-appropriated
profit carried forward |
|
3 051 370 |
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========== |
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| MANAGEMENT
SYSTEMS |
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| Management
perceived ISO 9000 "Quality Management Systems" as a guide to
implementing 'common- |
|
| sense'
management practices. All systems and processes were documented and enabled
the Company |
|
| to
become the first greige weaving mill in Pakistan certified to ISO 9001
through Lloyds Register |
|
| Quality
Assurance UK in December 1997. Management is acutely aware that unless
policies and |
|
| procedures
are rigorously enforced, reduction in costs, improvements in productivity and
heightened |
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| customer
satisfaction will not be fully realized. |
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| At
the end of Year 2000, the Company was due for its three year re-certification
audit, a process for |
|
| which
the Company goes through a full audit leading to its re-certification.
Management can now |
|
| report
as a result of our preparations, your Company has been re-certified to ISO
9001:1994 by LRQA. |
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|
| Conforming
to the Company's Quality Management |
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| System,
product quality is consistently maintained |
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| and
monitored at every stage of processing from |
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| warping
through to sizing, weaving and inspection |
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| through
an on-line computer integrated |
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| manufacturing
(CIM) system from BARCO. |
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|
| Yarn
and fabric is tested in what is now possibly |
|
| the
most modern textile-testing laboratory in the |
|
|
| country.
This laboratory is equipped with the latest |
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| Uster
and Zweigle testing equipment and is |
|
|
| environmentally
controlled to the most stringent |
|
|
| of
international standards. |
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|
|
|
|
|
| Recognizing
its obligation to the community and the |
|
| environment,
the Company plans to invest in |
|
| pollution
control and recycling equipment leading |
|
| towards
ISO 14000 "Environmental Management |
|
| Systems"
certification. |
|
|
|
|
| INFORMATION
TECHNOLOGY |
|
| The
Company is in process of upgrading all of its |
|
| management
information systems with Oracle |
|
| Financials.
This system will integrate financial, cost |
|
| and
management accounting, production, marketing |
|
| and
human resource functions. During this period |
|
| we
shall be progressively moving from a traditional |
|
| paper
based management system to an electronic |
|
| system.
Information can be sourced through the |
|
| use
of touch-screen computer monitors and has |
|
| been
designed for non-computer minded employees. |
|
|
| Through
our Website, customers are able to access |
|
| information
through an on-line facility. Information |
|
| such
as order status, shipping schedules, quality and |
|
| inspection
record are available. Our aim is to improve |
|
| the
transfer of information conveniently, quickly |
|
| and
cost effectively to customers working in different |
|
| time zones. |
|
|
| SOCIAL
COMPLIANCE AND HUMAN RESOURCE |
|
| A
major factor in your Company's success is its highly skilled and motivated
workforce. Our strength |
|
| comes
from our people. We can rightly take pride in the fact that Human Resources
have always been |
|
| given
a high priority. Today, when we look back on past years, we can see that
while our objectives |
|
| may
have changed along the way, our Human Resource policy has always been based
on the underlying |
|
| values
of fairness, merit, equal opportunity and social responsibility. These values
manifest themselves |
|
| in
our policies of recruitment, performance appraisal, training and development,
health and safety and |
|
| industrial
relations. |
|
|
| Complying
with our human resource policies, we do not employ any child labour and are
an equal |
|
| opportunity
employer. We maintain a high standard of employee working and living
conditions providing |
|
| free,
safe and clean residential facilities, utilities, medical and life insurance.
Added to this is a newly |
|
| renovated
air-conditioned, self-service dining facility providing hygienic food at
subsidized rates. |
|
|
| Recognizing
the importance of HRM, your Company has taken a number of measures to |
|
| develop
its employees to meet the challenges of today's competitive corporate world.
The |
|
| Company
has invested extensively in employee development programs providing
technical, |
|
| computer,
management, health and safety training in our in-house training facility
installed |
|
| with
the latest audio visual equipment. |
|
|
| Our
Human Resource policies reflect the Company's over-all purpose and culture. |
|
|
| FUTURE
PROSPECTS |
|
| The
management is striving to sustain the profitability achieved during the
period under review. We |
|
| expect
to achieve this by focusing on product and market diversification with strong
emphasis on value |
|
| addition,
further efficiency gains and reduction of operative and non-operative costs. |
|
|
| Presently
the Company is operating 240 shuttleless and airjet weaving machines and is
replacing 48 |
|
| Old
Sulzer Shuttleless Looms installed in 1990 with new high speed airjet weaving
machines to further |
|
| enhance
the productivity of the Company during the current financial year. |
|
|
| Your
Company has established Kohinoor Dyeing Mills Ltd., as a wholly owned
subsidiary for apparel |
|
| fabric
dyeing enabling us to move into further value addition products and will
invest Rs. 450 million |
|
| as
equity investment. The project is expected to go into operation during the
next financial year. |
|
|
| AUDITORS |
|
| The
present auditors M/s. Riaz Ahmad & Co., Chartered Accountants retire and
being eligible, offer |
|
| themselves
for reappointment. |
|
|
| PATTERN
OF SHAREHOLDINGS |
|
| The
pattern of shareholdings as required by section 236 of the Companies
Ordinance, 1984 is being |
|
| annexed
herewith. |
|
|
| ACKNOWLEDGEMENT |
|
| Your
Directors would like to compliment the management and all the employees of
the Company for |
|
| their
dedication and collective team work. |
|
|
|
|
For and on behalf of the Board |
|
|
|
|
|
AAMIR FAYYAZ SHEIKH |
|
| Lahore:
February 17, 2001 |
|
Chief Executive |
|
|
|
| PATTERN
OF HOLDING OF SHARES HELD BY THE SHAREHOLDERS |
|
| AS
AT 30 SEPTEMBER 2000 |
|
|
|
NUMBER OF |
SHAREHOLDINGS |
|
|
| St. No. |
SHARE |
|
TOTAL |
|
|
HOLDERS |
FROM |
TO |
SHARES HELD |
|
|
| 1 |
15 |
1 |
100 |
655 |
|
| 2 |
109 |
101 |
500 |
29 875 |
|
| 3 |
116 |
501 |
1 000 |
80 945 |
|
| 4 |
179 |
1 001 |
5 000 |
369 950 |
|
| 5 |
37 |
5 001 |
10 000 |
267 750 |
|
| 6 |
7 |
10 001 |
15 000 |
89 125 |
|
| 7 |
6 |
15 001 |
20 000 |
110 625 |
|
| 8 |
12 |
20 001 |
25 000 |
278 975 |
|
| 9 |
10 |
25 001 |
45 000 |
344 200 |
|
| 10 |
1 |
45 001 |
50 000 |
50 000 |
|
| 11 |
3 |
50 001 |
70 000 |
189 250 |
|
| 12 |
2 |
70 001 |
75 000 |
147 500 |
|
| 13 |
5 |
75 001 |
290 000 |
965 625 |
|
| 14 |
1 |
360 001 |
365 000 |
365 000 |
|
| 15 |
1 |
415 001 |
420 000 |
419 000 |
|
| 16 |
1 |
420 001 |
580 000 |
576 125 |
|
| 17 |
1 |
655 001 |
660 000 |
656 875 |
|
| 18 |
1 |
710 001 |
715 000 |
710 750 |
|
| 19 |
1 |
715 001 |
770 000 |
768 125 |
|
| 20 |
1 |
835 001 |
840 000 |
840 000 |
|
| 21 |
1 |
840 001 |
850 000 |
848 875 |
|
| 22 |
1 |
900 001 |
905 000 |
901 875 |
|
| 23 |
1 |
1 475 001 |
1 480 000 |
1 478 000 |
|
| 24 |
1 |
2 300 001 |
2 305 000 |
2 302 775 |
|
| 25 |
1 |
4 705 001 |
4 710 000 |
4 708 125 |
|
|
------------------ |
|
|
------------------ |
|
|
514 |
TOTAL: |
17 500 000 |
|
|
========== |
|
========== |
|
|
|
|
| Note:
The slabs not applicable, have not been shown. |
|
|
| Sr. No. |
Shareholders |
|
Number of |
Number of |
Percentage to |
|
|
Categories |
|
Shareholders |
Shares |
issued capital |
|
|
|
| 1 |
Individual |
|
454 |
7 505 475 |
42.89 |
|
| 2 |
Investment Companies |
9 |
2 333 900 |
13.34 |
|
| 3 |
Insurance Companies |
6 |
983 375 |
5.62 |
|
| 4 |
Joint Stock Companies |
28 |
6 006 850 |
34.33 |
|
| 5 |
Financial Institutions |
8 |
360 125 |
2.06 |
|
| 6 |
Modaraba/Leasing
Companies |
5 |
19 900 |
0.11 |
|
| 7 |
Foreign Investors |
1 |
625 |
0.00 |
|
| 8 |
Others |
|
3 |
289 750 |
1.66 |
|
