| Wazir Ali Industries Limited |
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| Annual
Report 2000 |
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| COMPANY
INFORMATION |
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| BOARD
OF DIRECTORS |
Syed Yawar Ali |
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Chief Executive |
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Dr. Abdul Raouf M. Mannaa |
Managing Director |
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Dr. Mohamed H. Ikhwan |
(Alternate Director |
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Syed Tariq Ali |
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Mr. Karam Ellahi Shaikh) |
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Syed Shahid Ali |
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Syeda Feriel Riffat Ali |
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Mr. Zainul Abidin Memon |
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| COMPANY
SECRETARY |
Mr. A. Jabbar Ghori |
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| AUDITORS |
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Taseer Hadi Khalid &
Co. |
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Chartered Accountants |
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Karachi |
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| BANKERS |
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Habib Bank Limited |
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Prime Commercial Bank
Limited |
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ABN-AMRO Bank |
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| REGISTERED
HEAD OFFICE |
Kandawala Building |
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M.A. Jinnah Road |
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Karachi |
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| FACTORY |
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Hali Road |
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Hyderabad |
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| REGISTRAR
& SHARE |
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| TRANSFER
OFFICE |
THK Associates (Pvt)
Limited |
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Ground Floor |
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Shaikh Sultan Trust
Building No.2 |
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Beaumont Road |
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Karachi |
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| CONTENTS |
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| NOTICE
OF MEETING |
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| DIRECTORS'
REPORT TO THE MEMBERS |
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| AUDITORS'
REPORT TO THE MEMBERS |
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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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| 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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| NOTICE
OF MEETING |
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| NOTICE
IS HEREBY GIVEN that the 48th Annual General Meeting of the shareholders of
Wazir Ali Industries Limited |
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| will
be held on Wednesday, 15th November 2000 at 10.00 a.m. at Hotel Beach Luxury,
Karachi to transact the following |
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| business. |
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| A.
ORDINARY BUSINESS |
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| 1.
To confirm the minutes of the Extra Ordinary General Meeting of the
shareholders held on 12th June 2000. |
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| 2.
To receive and adopt the audited Balance Sheet and Profit and Loss Account of
tile Company for |
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| the
year ended 30th June 2000 together with the directors' and auditors' reports
thereon. |
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| 3.
To appoint auditors for the year ending 30th June 2001 and fix their
remuneration. |
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| 4.
To transact any other business with the permission of the Chair. |
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| B.
SPECIAL BUSINESS |
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| 5.
To approve issue of shares to Savola Edible Oil Company, Jeddah, Saudi Arabia
in pursuance of |
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| proviso
of sub section 1 of section 86 of Companies Ordinance, 1984 and pass the
following resolution with or |
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| without
modification. |
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| "Resolved
that in pursuance of proviso of sub section 1 of section 86 of the Companies
Ordinance, 1984, the |
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| Company
agrees to issue 2, 408, 175 shares of Rs. 10/- each at Rs. 16/- per share
amounting to Rs. 38,530.800/- to |
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| Savola
Edible Oil Company Limited, Jeddah, Saudi Arabia, after obtaining the
permission of the Federal |
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| Government." |
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| "Further
resolved that Mr. Karam Ellahi Shaikh, Executive Director, be and is hereby
authorised to execute and |
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| complete
all the necessary corporate and legal formalities in respect of issue of
shares to Savola Edible Oil Company |
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| Limited,
Jeddah, Saudi Arabia." |
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| 6.
To approve the number of directors from seven to eight on the board of
directors of tile Company and |
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| pass
the following resolution as a special resolution: |
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| "Resolved
that the number of directors on the board of directors of the Company be and
is hereby |
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| increased
from Seven to Eight in pursuance of section 178 (1) of the Companies
Ordinance, 1984." |
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| 7.
To approve the remuneration of Managing Director/Chief Executive who is also
a director on Board. |
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| 8.
To approve tile appointment and remuneration of Director Commercial who is
also a director on Board. |
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| Statements
under section 160 of the Companies Ordinance, 1984 pertaining to the Special
Resolutions |
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| are
being sent to the members with this notice. |
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By Order of the Board |
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A. Jabbar Ghori |
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| Karachi:
3rd October 2000 |
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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 8th November
2000 to |
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| 15th
November 2000 (both days inclusive). |
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| 2.
A member entitled to attend and vote at the annual general meeting is
entitled to appoint another member as a proxy |
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| to
attend and vote instead of him. The instrument appointing a proxy must be
received at the registered office of the |
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| Company
not less that forty eight hours before the time of the meeting. |
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| 3.
Members are requested not to bring children along with them as they will not
be allowed in the meeting hall. |
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| 4.
Members are requested to notify the change in their addressees, if any,
immediately to the Registrar of the Company. |
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| STATEMENT
U/S 160 OF THE COMPANIES ORDINANCE, 1984 IN RESPECT OF SPECIAL BUSINESS: |
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| ITEM NO. 5 |
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| To
approve issue of shares to Savola Edible Oil Company, Jeddah, Saudi Arabia in
pursuance of proviso of sub section 1 of section 86 of Companies |
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| Ordinance,
1984 and pass the following resolution with or without modification. |
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| Savola
Edible Oil Company Limited (SEO) is incorporated in the Kingdom of Saudi
Arabia and is a leading Importer, Exporter and Manufacturer of edible oil. |
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| Presently,
SEO holds 634,095 shares of Rs. 10/- each of Wazir Ali Industries Limited
constituting 12.2%, of the total paid up capital of the Company and intends |
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| to
acquire further 2,408.175 shares of Rs. 10/- each which would constitute
27.8% of total paid up capital of the Company. Thus after the acquisition of
these |
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| additional
shares the total shareholding of SEO would become 40% of the total paid up
capital of Wazir Ali Industries Limited. The value at which SEO would |
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| subscribe
the further issue of shares would be Rs. 16/- per share amounting to Rupees
38,530, 800. |
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| So
far as the benefits arising as a result of this investment are concerned.
these would include inflow of foreign direct investment and improvement of |
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| Company's
cash flow. |
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| Further,
being a substantial shareholder, SEO may transfer technical and operational
know-how to the Company which would, over the period, |
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| contribute
towards improvement in the existing products and introduction of new
products. Such collaboration could broaden the market of the Company's |
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| products
and improve the operational results, which would consequently enhance the
profitability of the Company. |
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| Accordingly
the Board of Directors of the company recommends the general body to pass,
with or without modification as a special business, the |
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| following
resolution as a Special Resolution: |
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| "Resolved
that in pursuance of proviso of sub section 1 of section 86 of the Companies
Ordinance, 1984, the Company agrees to issue 2,408, 175 shares of |
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| Rs.
10/- each at Rs. 16/- per share amounting to Rs. 38,530,800/- to Savola
Edible Oil Company Limited, Jeddah, Saudi Arabia, after obtaining the
permission |
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| of
the Federal Government." |
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| "Further
resolved that Mr. Karam Ellahi Shaikh, Executive Director, be and is hereby
authorised to execute and complete all the necessary, corporate and legal |
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| formalities
in respect of issue of shares to Savola Edible Oil Company limited, Jeddah,
Saudi Arabia." |
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| ITEM NO. 6 |
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| Due
to increase in the shareholding of Savola Edible Oil Company Limited, Jeddah,
Saudi Arabia from 12.2% to 40% the board of directors of Wazir Ali |
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| Industries
Limited agrees to induct a new director, being the representative of Savola
Edible Oil Company Limited, Jeddah, Saudi Arabia. |
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| In
this respect the board of directors of the Company recommends the general
body to pass, with or without modification as a special business, the
following |
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| resolution
as a special resolution: |
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| "Resolved
that the number of directors on the board of directors of the Company be and
is hereby increased from Seven to Eight in pursuance |
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| of
section 178 (1) of tile Companies Ordinance, 1984." |
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| ITEM NO. 7 |
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| Consequent
upon the election of director in the Extra Ordinary General Meeting held on
12th June 2000, Syed Yawar Ali was elected a director of the Company |
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| for
a period of three years and also appointed Chief Executive/Managing Director
with effect from 12th June 2000. |
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| The
members are requested to approve his remuneration as a special resolution. |
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| "Resolved
that consent be and is hereby given for the payment as remuneration to Syed
Yawar Ali, the Chief Executive/Managing Director of the sum not |
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| exceeding
Rs. 950,000/- per year and for the provision of housing, transport, leave
fare facilities and other benefits incidental or relating to his office in
accordance |
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| with
the Company rules enforced from time to time." |
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| ITEM NO. 8 |
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| Syed
Tariq Ali has been elected as a director of the Company at the Extra Ordinary
General Meeting held on 12th June 2000. As per Clause 14 of the |
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| agreement
dated 7th March 1995, his appointment as Director Commercial of the Company
has been renewed with mutual consent for another period of one year |
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| from
12th June 2000 to 11th June 2001 on the same terms and conditions. |
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| The
members are requested to approve his appointment and remuneration as a
special resolution. |
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| "Resolved
that as per Clause 14 of the agreement dated 7th March 1995, appointment of
Syed Tariq Ali as Director Commercial of the company be and is hereby |
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| renewed
with effect from 12th June 2000 to 11th June 2001 on the same terms and
conditions." |
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| "Further
resolved that the remuneration of the sum of Rs. 600,000/- per year effective
from 12th June 2000 and the provision of transport, utilities, telephone, |
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| leave
fare facilities and other benefits incidental or relating to his office in
accordance with the Company's rules enforced from time to time pertaining to
Syed |
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| Tariq
Ali, Director Commercial of the Company who is a director on Board, be and is
hereby approved." |
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| None
of the directors have any special interest in the above business except in
their capacity as directors and shareholders in the Company. |
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| Director's
Report to the Members |
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| The
members of the Board of Directors feel pleasure in presenting to you the
Company's |
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| Audited
Accounts for the year ended on June 30, 2000, together with the Auditors'
Report |
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| thereon. |
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| Overview |
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| The
year under review commenced with the prevailing depressed economic conditions
in |
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| the
country, encountering an unhealthy environment for the industry in general
and the |
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| edible
oil industry in particular, being the most affected industry of Pakistan for
the past |
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| few years. |
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| The
performance for the year under review incorporates in it, the impact of an
upward |
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| revision
in the regulatory duty in May/June 1999, an increase from 2% to 3% in the non |
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| refundable
tax on the imported raw oil in the government budget year 2000-2001, |
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| enormously
higher increase in the utilities cost, volatility of prices in the world
edible oil |
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| market
and last but not the least an extremely fierce competition amongst the
premium |
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| and
non premium edible oil producers. |
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| The
tax survey initiated by the new regime in March 2000, further deteriorated
the |
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| situation
in affecting adversely the edible oil industry due to trade negative
response, |
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| continuous
calling of strike, reduction in investment resulting in an overall chaotic |
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| situation
in the trade/industry. |
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| Operating
Results |
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| Consequent
upon the above changes/uncertainties coupled with the most aggressive |
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| competition
from the non-premium sector, the Company achieved a slightly lower sales |
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| volume
and profitability. However, the Operating Results for the year under review,
if |
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| compared
with the previous year shows a tremendous improvement, as a result of many |
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| corrective
actions taken, such as building of the Tullo brand quality image,
restructuring |
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| of
the organization and a reduction in operating cost. |
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| The
gross profit at 16.4% as compared to the gross profit at 9.9% of last year,
confirms |
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| an
overall excellent performance with ownership and as a team in achieving these |
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| excellent
results. The net profit before tax of Rs. 15.6 million as compared to the net
loss |
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| before
tax of Rs. 16.9 million last year, further proves a turn around of Rs. 32.5
million, |
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| due
to the concerted efforts of the management and the staff. |
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| In
order to improve the "Tullo Brand Quality Image" in the edible oil
market, which is |
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| flooded
with the substandard quality brands, your company had carried out intensive |
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| marketing
activities within its limited resources. Consequently, the marketing, selling
and |
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| distribution
expenses this year have recorded an enormously higher increase of Rs. 33.3 |
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| million
(year 2000 Rs. 98.3 million - year 1999 Rs. 65.0 million) as compared to last
year. |
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| Further,
the financial expenses remained as high as in the previous year, due to the
full |
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| utilization
of available facilities from the local banks at comparatively much higher |
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| markup rate. |
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| Future
Prospects |
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| The
Company within its mandate, the required business/professional ethics and
legal |
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| boundaries,
is making all efforts to achieve its lost leadership through various
corrective |
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| measures.
These include the rectification of identified structural weaknesses through |
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| restructuring
of organization, combining of services of WIL & ZIL, induction of an |
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| effective
and efficient management team and an adjustment in the distribution network. |
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| On
successful implementation of above, the overall performance of the Company
will |
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| improve
further, together with a favourable improvement on the profitability of the |
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| Company.
The members of the Board of Directors look forward a much better and |
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| prosperous
future of the Company due to a clear articulation of management vision and |
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| mission. |
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| The
company warmly welcomes their Joint Venture partner, Savola Edible Oil
Company |
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| Limited
- Jeddah, Kingdom of Saudi Arabia, who under the terms of the Joint Venture |
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| agreement
have confirmed to exercise their option by increasing their shareholding upto |
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| 40%.
No doubt, the joining of Savola Edible Oil Company Limited as a Joint Venture |
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| partner
will further strengthen the company and the product image, due to their core |
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| competency
in the edible oil business. |
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| In
the light of many positives as discussed above, together with a better
leverage and the |
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| most
aggressive business and marketing plans, that your Company had developed for
the |
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| faster
promotion/growth of 47 years old nationally known Tullo brand, will improve |
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| considerably
the situation this year. INSHALLAH. |
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| Development
and Diversification |
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| The
improvement in the existing products and the development of the new products |
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| remained apace. |
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| The
performance of the newly developed and launched "Tullo Gold Cooking
Oil" being |
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| the
first blended oil of Pakistan, had been excellent, in taking care of the
health and in |
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| providing
the best taste and nourishment to foods. |
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| Further,
the management of you company has also considered it advisable to diversify
in some related food |
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| products
business, based on the strength and with the consent of its Joint Venture
partner. |
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| Change
in the Board of Directors |
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| In
the year under review, the following directors were retired, to whom the
members of the Board of |
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| Directors
place on record their appreciation and recognition for their services
rendered in the development |
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| and
growth of the Company. |
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| Mr.
Mushtaq ul Haq Khwaja |
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| Mr.
Shamshad Abroad |
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| Mr.
Behram Hasan |
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| A
new Board of Directors was elected on June 12, 2000, for another period of
three years. |
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| Auditors |
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| The
present auditors, Messrs Taseer Hadi Khalid and Company, Chartered
Accountants, are due to retire |
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| and
being eligible, offer themselves for reappointment for the year ending June
30, 2001. |
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| Pattern
of Shareholding |
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| The
Statement of pattern of shareholding is given on Page No. 30 |
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Syed Yawar Ali |
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| Karachi:
3rd October 2000 |
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Chief Executive |
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| Auditors'
Report to the Members |
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| We
have audited the annexed balance sheet of Wazir Ali Industries Limited as at
30 June 2000 and the related |
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| profit
and loss account, cash flow statement and statement of changes in equity
together with the notes forming part |
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| thereof,
for the year then ended and we state that we have obtained all the
information and explanations which, to |
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| the
best of our knowledge and belief, were necessary for the 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, and |
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| prepare
and present the above said statements in conformity with the approved
accounting standards and the |
|
| requirements
of the Companies Ordinance, 1984. Our responsibility is to express an opinion
on these statements |
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| based
on our audit. |
|
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| We
conducted our audit in accordance with the auditing standards as applicable
in Pakistan. These standards require |
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| that
we plan and perform the audit to obtain reasonable assurance about whether
the above said statements are free |
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| of
any material misstatement. An audit includes examining, on a test basis,
evidence supporting the amounts and |
|
| disclosures
in the above said statements. An audit also includes assessing the accounting
policies and significant |
|
| estimates
made by management, as well as, evaluating the overall presentation of the
above said statements. We |
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| believe
that our audit provides a reasonable basis for our opinion and, after due
verification, we report that: |
|
|
| a)
In our opinion. proper books of accounts have been kept by the company as
required by the Companies |
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| Ordinance, 1984; |
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|
|
| b)
in our opinion: |
|
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| i)
the balance sheet and profit and loss account together with the notes thereon
have been drawn up |
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| in
conformity with the Companies Ordinance, 1984, and are in agreement with the
books of account and |
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| are
further in accordance with accounting policies consistently applied except
for the change explained in |
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| note 2.3; |
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|
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| ii)
the expenditure incurred during the year was for the purpose of the company's
business; and |
|
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| iii)
the business conducted, investments made and the expenditure incurred during
the year were in |
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| accordance
with the objects of the company; |
|
|
| c)
in our opinion and to the best of our information and according to the
explanations given to us, the balance |
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| 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 30 June 2000 and of the
profit, 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. |
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|
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|
Taseer Hadi Khalid & Co. |
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| Karachi:
3rd October 2000 |
|
Chartered Accountants |
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|
|
| BALANCE
SHEET AS AT 30 JUNE 2000 |
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|
|
|
Note |
2000 |
1999 |
|
|
|
(Rupees in
'000) |
|
|
|
|
|
| SHARE
CAPITAL AND RESERVES |
|
|
| Share Capital |
|
| Authorised |
|
| 8,000,000
ordinary shares of Rs. 10/- each |
|
80,000 |
80,000 |
|
|
|
|
========== |
========== |
|
|
|
|
|
|
| Issued,
subscribed and paid-up |
|
3 |
51,975 |
51,975 |
|
|
|
|
|
| RESERVES |
|
| Revenue reserve |
|
|
66,067 |
66,067 |
|
| Accumulated
loss |
|
(136,807) |
(144,169) |
|
|
|
------------------ |
------------------ |
|
|
|
(70,740) |
(78,102) |
|
|
|
------------------ |
------------------ |
|
|
|
(18,765) |
(26,127) |
|
|
| SURPLUS
ON REVALUATION OF |
|
| OPERATING
FIXED ASSETS |
|
4 & 12.2 |
46,085 |
46,800 |
|
|
|
|
|
|
| LONG
TERM DEMAND FINANCE |
5 |
13,000 |
-- |
|
|
|
| LIABILITIES
AGAINST ASSETS |
|
|
| SUBJECT
TO FINANCE LEASE |
|
6 |
3,961 |
-- |
|
|
|
|
| LONG
TERM DEPOSITS |
|
1,210 |
1,260 |
|
|
|
|
|
|
| CURRENT
LIABILITIES |
|
| Current
maturities of long term demand |
|
| finance
and liabilities against assets |
|
|
| subject
to finance lease |
|
7 |
11,083 |
-- |
|
|
|
|
|
| Short
term borrowings-secured |
|
8 |
178,879 |
190,428 |
|
|
| Creditors,
accrued expenses and |
|
|
|
| other liabilities |
|
9 |
54,319 |
60,792 |
|
| Provision
for taxation |
|
10 |
9,449 |
5,142 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
253,730 |
256,362 |
|
| CONTINGENCIES
AND COMMITMENTS |
11 |
|
|
|
|
------------------ |
------------------ |
|
|
|
299,221 |
278,295 |
|
|
|
|
========== |
========== |
|
|
|
|
|
| FIXED
CAPITAL EXPENDITURE |
|
| Operating
fixed assets - at cost / valuation |
|
| less
accumulated depreciation |
|
12 |
56,309 |
53,058 |
|
|
|
|
|
| Capital
work in progress |
|
13 |
1,513 |
737 |
|
| Intangible
assets - trade marks |
|
|
1 |
1 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
57,823 |
53,796 |
|
|
|
|
|
|
| LONG
TERM LOANS - secured, |
|
| considered
good |
|
14 |
336 |
139 |
|
|
|
|
| LONG
TERM SECURITY DEPOSITS |
|
565 |
35 |
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Stock in trade |
|
15 |
90,163 |
151,373 |
|
| Goods in transit |
|
|
32,196 |
14,395 |
|
| Stores
and spares |
|
16 |
6,098 |
5,952 |
|
| Trade
debts - unsecured, considered good |
|
44,237 |
21,343 |
|
| Loans
and advances - considered good |
17 |
23,311 |
10,200 |
|
| Deposits,
prepayments and other receivables |
18 |
18,572 |
8,664 |
|
| Cash
and bank balances |
|
19 |
25,920 |
12398 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
240,497 |
224,325 |
|
|
========== |
========== |
|
| Annexed
notes form an integral part of these accounts. |
|
|
|
Syed Yawar Ali |
|
S. Feriel Riffat Ali |
|
|
Chief Executive |
|
Director |
|
|
| Karachi:
3rd October 2000 |
|
|
299,221 |
278,295 |
|
|
========== |
========== |
|
|
|
|
| Profit
and Loss Account |
|
| For
the year ended 30 June 2000 |
|
|
|
|
Note |
2000 |
1999 |
|
|
|
|
(Rupees in
'000) |
|
|
|
| INCOME |
|
| Sales - net |
|
20 |
1,017,833 |
1,028,102 |
|
| Cost
of goods sold |
|
21 |
850,620 |
926,487 |
|
|
|
|
------------------ |
------------------ |
|
| Gross profit |
|
|
167,213 |
101,615 |
|
|
| EXPENSES |
|
| Administrative
expenses |
|
22 |
30,251 |
28,713 |
|
| Selling
and distribution expenses |
|
23 |
98,290 |
65,008 |
|
| Financial
expenses |
|
24 |
28,628 |
27,136 |
|
| Workers'
profit participation |
|
9.1 |
823 |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
157,992 |
120,857 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
9,221 |
(19,242) |
|
|
| Other income |
|
|
6,407 |
2,376 |
|
|
|
------------------ |
------------------ |
|
| Profit
before taxation |
|
15,628 |
(16,866) |
|
|
|
|
| Provision
for taxation - Current |
|
10 |
(9,449) |
(5,142) |
|
|
- Prior year |
|
|
1,183 |
300 |
|
|
|
------------------ |
------------------ |
|
|
|
(8,266) |
(4,842) |
|
|
|
------------------ |
------------------ |
|
| Profit/(loss)
after taxation |
|
|
7,362 |
(21,708) |
|
|
|
|
|
|
| Accumulated
loss brought forward |
|
(144,169) |
(122,461) |
|
|
------------------ |
------------------ |
|
| Accumulated
loss carried forward |
|
|
(136,807) |
(144,169) |
|
|
|
|
========== |
========== |
|
| Earning/(loss)
per share-basic and diluted |
26 |
1.42 |
(4.18) |
|
|
|
|
|
| Annexed
notes form an integral part of these accounts. |
|
|
|
Syed Yawar Ali |
|
S. Feriel Riffat Ali |
|
