| Khairpur Sugar Mills Limited |
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| Annual
Report 2000 |
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| CONTENTS |
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| COMPANY
PROFILE |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| DIRECTORS'
REPORT |
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| AUDITORS'
REPORT |
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| BALANCE
SHEET |
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| PROFIT
AND LOSS ACCOUNT |
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| CASH
FLOW STATEMENT |
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| NOTES
TO THE ACCOUNTS |
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| PATTERN
OF SHAREHOLDING |
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| COMPANY
PROFILE |
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| BOARD
OF DIRECTORS |
MUHAMMAD MUBEEN
JUMANI-Chief Executive |
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|
MUHAMMAD BUX |
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|
GHULAM ALI |
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|
AHMED ALI |
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|
GHULAM HUSSAIN |
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|
MRS. YASMEEN |
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MRS. AFROZE |
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|
SHAMSUDDIN KHAN (N.I.T.
NOMINEE) |
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| COMPANY
SECRETARY |
MR. MIR SARWAR ALI |
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| BANKERS |
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UNITED BANK LIMITED. |
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ALLIED BANK OF PAKISTAN
LIMITED. |
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HABIB BANK LIMITED |
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NATIONAL BANK OF PAKISTAN |
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INDUS BANK LIMITED. |
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MUSLIM COMMERCIAL BANK
LIMITED. |
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| AUDITORS |
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EBRAHIM & COMPANY |
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CHARTERED ACCOUNTANTS, |
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|
Lakson Square, Building
No. 1, |
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Block-C, 2nd Floor,
Sarwar Shaheed Road, |
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Karachi - 74200. |
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| LEGAL
ADVISORS |
MIRZA GHULAM DASTAGIR
(ADVOCATE) |
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|
Falak Numa Building |
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|
Abdullah Haroon Road,
Karachi. |
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| REGISTERED
OFFICE |
JUMANI ARCADE, ST -
10-D/14, |
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UNIVERSITY ROAD, |
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KARACHI. |
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| FACTORY |
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Naroo Dhoro |
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Taluka Kot-Diji, |
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KHAIRPUR |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the 11th Annual General Meeting of the KHAIRPUR SUGAR
MILLS LIMITED, |
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| will
be held on 30th day, April, 2001 at 3.30 p.m. at the Registered Office of he
Company at Jumani |
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| Arcade,
ST-10-D/14, Main University Road, Karachi, to transact the following
business. |
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| 1.
To confirm the minutes of the 10th Annual General Meeting held on 25th April,
2000. |
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| 2.
To receive, consider and adopt the Balance Sheet, Profit and Loss Account
together |
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| with
Directors' and Auditors' report thereon for the year ended 30th September,
2000. |
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| 3.
To appoint Auditor for the next financial year and to fix their remuneration.
The present |
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| Auditors,
M/S Ebrahim & Co., Chartered Accountants, retire and being eligible have |
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| offered
themselves for re-appointment. |
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| 4.
To transact any other business with the permission of the Chair. |
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BY ORDER OF THE BOARD |
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| Dated:
7th April 2001 |
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(MIR SARWAR ALI) |
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| KARACHI. |
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COMPANY SECRETARY |
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| NOTES: |
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| 1.
The Share Transfer Books of the Company will remain closed from 22nd April
2001,30th April, |
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| 2001
(both days inclusive). |
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| 2.
A member entitled to attend and vote at the Annual General Meeting may
appoint another |
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| member
as his / her proxy to attend the meeting and vote on his/her behalf. Proxy in
order to be |
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| effective
must be received at the Registered Office of the Company at the least 48
hours before |
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| the meeting. |
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| 3.
Shares holders are requested to immediately notify the Company of any change
in their address |
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| to
ensure prompt delivery of mail. |
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| DIRECTORS'
REPORT TO THE SHAREHOLDERS |
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| Your
Directors feel pleasure in presenting the 11TM Annual Report and Audited
Accounts together with |
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| the
Directors' Report for the year ended September 30, 2000. |
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|
| OPERATIONAL
PERFORMANCE |
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| A)
FINANCIAL RESULTS |
|
1999-2000 |
1998-1999 |
|
| Operating
Profit/(Loss) |
|
(44,732,815) |
24,239,741 |
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| Other
Income |
|
1,813,926 |
155,585 |
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| Financial
Charges |
|
110,352,897 |
59,229,879 |
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| Net
Loss Before Taxation |
|
(153,271,786) |
(34,834,553) |
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| Provision
For Taxation |
|
-- |
949,930 |
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| Net
Loss After Taxation |
|
(153,271,786) |
(35,784,483) |
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| Accumulated
Losses Brought Forward |
|
(215,692,889) |
(179,908,406) |
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| Losses
Carried To Balance Sheet |
|
(368,964,675) |
(215,692,889) |
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| B)
PERFORMANCE REVIEW |
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| Operating
Results of the Company during the Season 1999-2000 are as under: |
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1999-2000 |
1998-1999 |
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| Season
Started |
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05-11-1999 |
13-11-1998 |
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| Season
Closed |
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28-02-2000 |
20-03-1999 |
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| No. of Days |
|
117 |
128 |
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| Sugarcane
Crushing (M.Tons) |
|
261,583.00 |
405,685.00 |
|
| Recovery
(%) - Sugar |
|
8.28% |
8.18% |
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| Recovery
(%) - Molasses |
|
4.75% |
4.77% |
|
| Production
- Sugar |
|
21,664.50 |
33,200.50 |
|
| Production
- Molasses |
|
12,424.00 |
19,330.00 |
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| Before
evaluating the overall performance of the Company; it would not be out of
place to mention here |
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| that
the year under review remained full of bottlenecks. There was overall
shortfall in the sugarcane crop |
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| during
the season 1999-2000 as compared to last year, particularly in the province
of Sindh. This was |
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| due
to acute shortage of irrigation water, drought and intense cyclone in cane
growing areas of lower |
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| Sindh
affecting the overall yield of Sugarcane. This resulted in cutthroat
competition and tug of war · |
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| amongst
the Mill Owners for procurement of even inferior quality of Sugarcane at
exorbitant prices to |
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| feed
their Mills. This has left the Management of your Company with no other
alternative, but to purchase |
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| the
raw materials at prevailing market rates resulting in higher cost of
production. Overhead charges |
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| have
also increased due to increase in cost of furnace oil and other material
required for the Mills |
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| Operation,
which has recently witnessed upward trend. These factors alongwith the
non-availability of |
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| working
capital have compelled your Company for distress sale of sugar contributing
towards substantial |
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| adverse
impact on the profitability of the Company. We crushed 261,582.788M.Tons of
Cane as compared |
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| to
405,685.000M.Tons last year due to shortage of sugarcane crop, which was
beyond control of your |
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| Directors.
The comparative figures stated above reflect that the Company achieved 64.5%
of the |
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| production
as compared to last year, which shows the deteriorating state of affairs of
Sugar sector. |
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| Molasses
production was 12,424.000M.Tons as compared to last year 19,330.000M.Tons.
The percentage |
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| of
Molasses has also decreased from 4.765 to 4.750. |
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| The
support price of Rs.36/- per 40kg of the sugarcane for the Season 1999-2000
fixed by the Government |
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| was
not accepted by growers as they charged more. Even for the ensuing Season of
2000-2001 this |
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| problem
continued and remained unsolved. Recently tripartite discussions were held
among the Growers, |
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| Government
and Mill Owners with no tangible results at the end of the day. In the mean
time there was |
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| tough
competition among the Millers for purchase of Sugarcane from the area other
than that adjoining |
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| their
Sugar Mills at the rates higher than fixed by Government. This situation
benefited the growers who |
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| charged
price of cane at higher rate to the great loss of the Sugar Mills. This
obviously resulted in high |
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| cost
of production and lower price of sugar in the open market due to distress
sale by Mills to meet their |
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| emergent
expenditure. |
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| SALES |
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| During
the Season 1999-2000 prices of sugar and molasses remained lower and jumped
after wards but |
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| we
had no capacity to stock sugar stagger its sale for better price for lack of
working capital and hence |
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| were
obliged to sell sugar at the prevailing lower competitive price, which has
badly affected the profitability |
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| of
the Company. It is hoped that prices of Sugar will certainly increase in
future, once the recessionary |
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| conditions
are over internationally. Your Company remained under pressure to dispose off
the entire |
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| stock
of sugar even at the lower prevailing price in the market in order to run the
affairs of the Company |
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| and
meet its day-to-day funds requirements. This situation arose due to the
non-availability of necessary |
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| working
capital restricting us to remain within the domain of already stringent Cash
Flow of the Company. |
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| RE-SCHEDULING
OF LOANS |
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| Your
Company has recently been successful in managing the outstanding loan
Re-structuring Package |
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| recommended
by the Sick Industrial Units Rehabilitation Committee, which includes the
total outstanding |
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| loan
of BEL, PICIC and Banks. According to agreed arrangements the Company would
now be required |
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| to
pay total liability as on 31-12-2001 in 20 biannual equal installments
without any future markup. PICIC |
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| has
agreed for deferment by one year and their installments will start from March
2002. We expect that |
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| BEL
will also agree to the deferment for which we have requested them PICIC and
UBL have also |
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| agreed
for working capital loan of Rs.50(M) each. picic has restricted the total
liability figure to 285(M) |
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| as
against 369(M), which they had mentioned in their suit filed with the
Honourable High Court of Sindh. |
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| As
regards the outstanding Agricultural Growers' Loan of MCB amounting to
Rs.10.000(M), the bank has |
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| converted
the same into interest free Demand Finance payable in equal bi-annual
installments of Rs.5.0(M) |
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| each
in the light of the compromise decree of the Honourable High Court of Sindh.
The outstanding Agriculture |
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| Growers'
Loan of the ABL amounting to Rs.20.000(M) and that of UBL for Rs.10.000(M)
plus markup will be |
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| paid
as per rescheduled approved Package. |
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| REASON
FOR LOSSES |
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| Your
directors would like to mention here that our operational and mechanical
performance remained satisfactory |
|
| during
the season but the current crisis of low capacity utilization of sugar plant
during the last few years; is |
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| mainly
attributable to shortage of raw material in the shape of Sugarcane throughout
the country particularly |
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| upper
Sindh area. It is worth mentioning here that only 46 tons of sugarcane per
Hectare as compared to 68 |
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| tons
per Hectare in neighbouring India were produced during 1999-2000season, which
resulted into lower yield |
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| of
cane crop than expected. This also didn't help in increasing the crushing
capacity of Sugar Mills. Our Mills |
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| is
situated in upper Sindh, where Recovery Rate of sucrose is very low i.e. 8%
as compared to that of lower |
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| Sindh
which is averagely 9.5% to 10%. Third major reason for losses is
non-availability of working capital |
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| financing,
which has compelled us to the distress sale of sugar even at lower rate to
make payment to cane |
|
| growers
and meet other essential expenditure on priority basis. Due to shortage of
Sugarcane most of the |
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| growers
are demanding cash payment even before delivery. |
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| FUTURE
PROSPECTS |
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| Despite
scarcity in supply of good quality sugarcane, your Mills managed to start the
crushing of sugarcane |
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| on
03-11-2000 and crushed 246,742.225Metric Tons of cane upto 30-03-2001
producing 19,590.500Metric |
|
| Tons
of Sugar. It is a matter of pleasure that at last Government has realized the
grave situation that is |
|
| presently
being faced by the sugar industry and have started taking interest in
improving the condition of- |
|
| sugar
industry by formulating a new sugar policy, which will hopefully help in
resolving, to a greater extent, the |
|
| present
crisis with which the industry is confronted with. |
|
|
| It
is a considered opinion that 20% increase in the yield of sugarcane with the
help of extensive research work |
|
| to
be undertaken would increase the production and quality of cane in the
country. The ensuing Khareef |
|
| season
for 2000-2001 is not encouraging as there being shortage of irrigation water
lesser area is likely to |
|
| come
under cane cultivation. This being a very unhappy situation, the crop of
sugarcane for the ensuing year |
|
| is
again going to be in a problem unless remedial measures are taken in time to
increase the quality and yield |
|
| of
the cane to compensate its shortage. |
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|
| DIVIDENDS |
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| In
view of accumulated losses your directors don't propose to have any dividend
declaration. |
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|
| AUDIT
OBSERVATION |
|
| Our
comments on the Auditors' observations are as follows: |
|
| 1.
The Management of your Company is of the considered opinion that the
settlement of the Company's |
|
| financial
obligations with Banks and financial institutions as explained above and in
notes of the |
|
| accounts,
the Company will be a going concern. |
|
|
| 2.
The resolution of disputes with lenders shall ensure that the amounts are
finally settled on the basis |
|
| of
the compromise decree and rescheduling package. |
|
|
| LABOUR
MANAGEMENT RELATIONS |
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| The
directors wish to place on record their appreciation of the dedication, hard
work and efficient services |
|
| rendered
by the executives, officers, staff members and employees specially the labour
for their devotion, |
|
| sense
of responsibility and loyalty in promoting the Company's objectives during
the year under review. |
|
|
| AUDITORS |
|
| The
Company's Auditor M/s. Ebrahim & Co., Chartered Accountants, now retire
and being eligible to offer |
|
| themselves
for reappointment. |
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|
| PATTERN
OF SHARE HOLDING |
|
| The
pattern of shareholding as per Form-34 is attached herewith. |
|
|
|
ON BEHALF OF THE BOARD OF THE DIRECTORS |
|
|
| KARACHI |
|
MUHAMMAD MUBEEN JUMANI |
|
| Dated:
March 31,2001 |
|
Chief Executive |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of KHAIRPUR SUGAR MILLS LIMITED as at
September 30, |
|
| 2000
and the related profit and loss account, cash flow statement and statement of
changes in equity together |
|
| with
the notes forming part thereof, for the year then ended and we state that we
have obtained all the |
|
| information
and explanations which, to the best of our knowledge and belief, were
necessary for the purposes |
|
| of our audit. |
|
|
| It
is the responsibility of the Company's management to establish and maintain a
system of internal control, |
|
| and
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 above said statements. We believe that our audit provides a reasonable
basis for our opinion, |
|
| and
after due verification, we report that: |
|
|
| 4.
The Company does not acknowledge the claims of financial institutions as
explained in note 10.1 (a) on |
|
| the
grounds that amounts are payable as per the principal determined in decree
passed by High Court |
|
| of
Sindh and the claims are without any basis. Negotiations with financial
institutions are in process for |
|
| settlement
of dues at amounts acknowledged by the Company. In case the management is not
successful |
|
| in
their efforts there would be additional liability and corresponding charge
against profit amounting to |
|
| Rs.
307.444 million. |
|
|
| 2.
The accumulated losses of the Company aggregating to Rs. 368.965 million have
wiped out the equity |
|
| and
current liabilities aggregating to Rs. 501.426 million exceed the current
assets by Rs. 454.924 |
|
| million.
The lenders have also filed suits for recovery of their dues as stated more
fully in note 10.1 (a). |
|
| These
matters together with the fact that the operating results of the Company are
adverse indicate |
|
| that
the Company may not be able to continue as a going concern. As stated in note
1.2 the management |
|
| is
confident that the disputes with lenders shall be resolved out of court and
working capital finance |
|
| shall
be available. In the event the management is not successful in their efforts
the going concern |
|
| assumption
would not be valid and adjustments may be required to the recorded asset
amounts and |
|
| classification
of liabilities. |
|
|
| 3.
We have placed reliance on management representation regarding payments made
to growers |
|
| amounting
to Rs. 34~059 million for field development expenses. |
|
|
| Except
for the adjustments, if any, in respect of matters stated above: |
|
| 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 |
|
|
| the
business conducted, investments made and the expenditure incurred during the
year |
|
| were
in accordance with the objects of the Company; |
|
|
| c)
Except for the matters referred above, 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 in equity together with the notes forming part thereof conform
with approved |
|
| accounting
standards as applicable in Pakistan, and, give the information required by
the Companies |
|
| Ordinance,
1984, in the manner so required and respectively give a true and fair view of
the state of |
|
| the
Company's affairs as at September 30, 2000 and of the loss, its cash flows
and changes in equity |
|
| for
the year then ended; and |
|
|
| d)
in our opinion, no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
|
|
| CHARTERED
ACCOUNTANTS |
|
|
| KARACHI |
|
| Dated:
April 7, 2001 |
|
|
|
| BALANCE
SHEET AS AT SEPTEMBER 30, 2000 |
|
|
|
|
2000 |
1999 |
|
|
NOTE |
RUPEES |
RUPEES |
|
| SHARE
CAPITAL AND RESERVE |
|
| Authorised
Capital |
|
200,000,000 |
200,000,000 |
|
|
========== |
========== |
|
| Issued,
subscribed and |
|
| paid-up-capital |
|
4 |
160,175,000 |
160,175,000 |
|
| Profit
and loss account |
|
|
|
| (Adverse
balance) |
|
(368,964,675) |
(215,692,889) |
|
|
----------- |
----------- |
|
|
(208,789,675) |
(55,517,889) |
|
|
| REDEEMABLE
CAPITAL |
|
5 |
18,526,000 |
18,526,000 |
|
| LONG
TERM LOANS |
|
6 |
324,744,785 |
396,439,198 |
|
|
| DEFERRED
LIABILITY |
|
7 |
6,478,596 |
4,711,269 |
|
|
| CURRENT
LIABILITIES |
|
| Current
portion of redeemable capital |
|
| and
long tem loans |
|
180,298,067 |
128,181,007 |
|
| Short
term loans and borrowing |
|
8 |
30,000,000 |
35,000,000 |
|
| Creditors,
accrued and other liabilities |
|
9 |
290,177,995 |
184,272,130 |
|
| Provision
for taxation |
|
|
949,930 |
949,930 |
|
|
|
----------- |
----------- |
|
|
|
501,425,992 |
348,403,067 |
|
|
|
----------- |
----------- |
|
| CONTINGENCIES
AND COMMITMENTS |
10 |
|
|
642,385,698 |
712,561,645 |
|
|
========== |
========== |
|
|
| TANGIBLE
FIXED ASSETS |
|
11 |
595,604,069 |
622,996,556 |
|
|
| LONG
TERM DEPOSITS |
|
| Security
deposits |
|
279,700 |
310,071 |
|
|
| DEFERRED
COST |
|
12 |
-- |
480,527 |
|
|
| CURRENT
ASSETS |
|
| Stores
and spares |
|
13 |
27,646,227 |
31,320,159 |
|
| Stock
in trade |
|
14 |
1,227,934 |
682,150 |
|
| Trade
debts (Unsecured-considered good) |
|
42,150 |
51,840 |
|
| Advances
deposits, prepayments |
|
|
|
|
| and
other receivables |
|
15 |
17,149,499 |
53,913,253 |
|
| Cash
and bank balances |
|
16 |
436,119 |
2,807,089 |
|
|
|
----------- |
----------- |
|
|
46,501,929 |
88,774,491 |
|
|
----------- |
----------- |
|
|
642,385,698 |
712,561,645 |
|
|
========== |
========== |
|
| NOTE:
The annexed notes form an integral part of these accounts. |
|
|
| KARACHI |
|
MUHAMMAD MUBEEN JUMANI |
|
MUHAMMAD BUX |
|
| Dated:
April 7, 2001 |
|
Chief Executive |
|
Director |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED SEPTEMBER 30, 2000 |
|
|
|
|
2000 |
1999 |
|
|
NOTE |
RUPEES |
RUPEES |
|
| Sales |
|
17 |
330,150,009 |
529,667,885 |
|
| Cost of Sales |
|
18 |
351,506,237 |
460,913,642 |
|
|
|
----------- |
----------- |
|
| Gross
(loss)/profit |
|
|
(21,356,228) |
68,754,243 |
|
| Administrative
expenses |
|
19 |
21,236,002 |
24,345,030 |
|
| Selling
and distribution expenses |
|
20 |
2,140,585 |
20,169,472 |
|
|
|
----------- |
----------- |
|
|
|
23,376,587 |
44,514,502 |
|
|
|
----------- |
----------- |
|
| Operating
(Loss)/profit |
|
|
(44,732,815 ) |
24,239,741 |
|
| Other
income |
|
21 |
1,813,926 |
155,585 |
|
|
|
----------- |
----------- |
|
|
|
(42,918,889 ) |
24,395,326 |
|
| Financial
charges |
|
22 |
110,352,897 |
59,229,879 |
|
|
|
----------- |
----------- |
|
| Net
(loss) before taxation |
|
(153,271,786) |
(34,834,553) |
|
| Provision
for taxation |
|
|
|
| - Current |
|
-- |
949,930 |
|
|
----------- |
----------- |
|
| Net
(loss) after taxation |
|
(153,271,786 ) |
(35,784,483) |
|
| Accumulated
losses brought forward |
|
(215,692,889 ) |
(179,908,406) |
|
| Accumulated
losses carried over to |
|
----------- |
----------- |
|
| balance
sheet |
|
(368,964,675) |
(215,692,889) |
|
|
========== |
========== |
|
| Earning
pre share - basic and diluted |
|
29 |
(9.57) |
(2.23) |
|
|
========== |
========== |
|
| NOTE:
The annexed notes form an integral part of these accounts. |
|
|
| KARACHI |
|
MUHAMMAD MUBEEN JUMANI |
|
MUHAMMAD BUX |
|
| Dated:
April 7, 2001 |
|
Chief Executive |
|
Director |
|
|
|
|
|
| CASH
FLOW STATEMENT |
|
| FOR
THE YEAR ENDED SEPTEMBER 30, 2000 |
|
|
|
2000 |
1999 |
|
|
RUPEES |
RUPEES |
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
| Net
loss for the year before taxation |
|
(153,271,786 ) |
(34,834,553) |
|
| Adjustment
for: |
|
|
|
| Financial
charges |
|
110,352,897 |
59,229,879 |
|
| Amortisation
of deferred cost |
|
480,527 |
1,153,267 |
|
| Depreciation |
|
27,833,764 |
31,566,115 |
|
| Gratuity
(net) |
|
1,767,327 |
85,905 |
|
| Gain
on sale of fixed assets |
|
(1,595,556) |
(20,240) |
|
| Provision
for obsolescence |
|
1,101,856 |
-- |
|
|
------------ |
------------ |
|
|
(13,330,971) |
57,180,373 |
|
|
|
|
| Decrease/(Increase)
in current assets |
|
|
|
| Stores
and spares |
|
2,572,076 |
(12,431,887) |
|
| Stock
in trade |
|
(545,783 |
3,814,152 |
|
| Trade debts |
|
9,690 |
50,000 |
|
| Advances,
deposits, prepayments and |
|
|
|
| other
receivables |
|
36,807,282 |
(25,123,883 |
|
|
------------ |
------------ |
|
|
38,843,265 |
(33,691,61 8 ) |
|
| Increase
in current liabilities |
|
|
|
| Creditors,
accrued and other liabilities |
|
16,953,009 |
16,209,868 |
|
|
------------ |
------------ |
|
| Net
cash from operating activities |
|
|
|
| before
tax and financial charges |
|
42,465,303 |
39,698,623 |
|
| Taxes paid |
|
(43,529) |
(226,352) |
|
| Financial
charges paid |
|
(21,400,041) |
(13,077,363) |
|
|
------------ |
------------ |
|
| Net
cash from operating activities |
|
21,021,733 |
26,394,908 |
|
|
| CASH
FLOW FROM INVESTING ACTIVITIES |
|
| Addition
to fixed assets |
|
(3,842,721) |
(6,200,056) |
|
| Proceeds
from sale of fixed assets |
|
