| Diamond Industries limited |
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| Annual
Report 2001 |
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| CONTENTS |
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| DIAMOND
INDUSTRIES LIMITED |
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| Company
Information |
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| Notice
of Annual General 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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| Notes
to the Accounts |
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| Pattern
of Shareholding |
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| ACCOUNTS
OF SUBSIDIARY COMPANY |
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| DIAMOND
POLYMERS (PVT) LIMITED |
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| Company
Information |
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| Auditor's
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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| CONSOLIDATED
FINANCIAL STATEMENT |
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| DIAMOND
INDUSTRIES LIMITED AND SUBSIDIARY |
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| General
Information (Subsidiary) |
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| Auditor's
Report to the |
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| Board
of Directors |
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| Consolidated
Balance Sheet |
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| Consolidated
Profit and Loss Accounts |
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| Consolidated
Cash Flow Statement |
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| COMPANY
INFORMATION |
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| BOARD
OF DIRECTORS: |
MR. WAQAR A. SHAFFI |
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Chairman/Chief Executive |
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MR. MUHAMMAD SAEED |
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MR. SHARIQ IFTIKHAR |
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MR. M.H. PERVEZ |
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|
SYED M. NAWAZ |
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|
MR. SOHAIL MALIK |
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MR. AMANULLAH GULZAR |
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| COMPANY
SECRETARY: |
MR. NAZIR AHMAD |
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| AUDITORS: |
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SALEEM AHSAN & CO. |
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Chartered Accountants |
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| LEGAL
ADVISORS: |
IRTIZA ALI NAQVI &
ASSOCIATES |
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| BANKERS: |
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ALLIED BANK OF PAKISTAN
LIMITED |
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EMIRATES BANK
INTERNATIONAL |
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FIDELITY INVESTMENT BANK
LIMITED |
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PICIC COMMERCIAL BANK
LIMITED |
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NATIONAL BANK OF PAKISTAN
LIMITED |
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PLATINUM COMMERCIAL BANK
LIMITED |
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| REGISTERED
OFFICE: |
PLOT NO. 25, GADOON
AMAZAI, |
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INDUSTRIAL ESTATE, SWABI
(N.W.F.P.) |
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TEL: 05:372-70297,
70:397, 70597 |
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Email:
dgi@drm.psw.erum.com.pk. |
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| WORKS: |
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PLOT NO. 25, GADOON
AMAZAI, |
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|
INDUSTRIAL ESTATE, SWAB1
[N.W.F.P.) |
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TEL: 05:372-70297 |
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| SHARES
DEPARTMENT: |
MALIK BAGH, BARADARI
ROAD, |
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SHAHDARA, LAHORE. |
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TEL:
111-111-666,79:32001-7 |
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FAX: 92-42-7925299, TLX:
44590 DRM PK. |
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Email:
diamond@brain.net.pk |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| NOTICE
is hereby given that the 12th Annual General Meeting of Diamond Industries
Limited |
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| will
be held at Principal Office of the Company at Malik Bagh, Baradari Road,
Shahdara, |
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| Lahore,onDecember27,2001
at 3.00P. M. to transact the following business: |
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| 1.
To confirm the minutes of the Last Annual General Meeting held on 14th Feb.,
2001. |
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| 2.
To receive, consider and adopt the Annual Audited Accounts of the Company
together |
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| with
the Auditors' and Directors' Reports for the period ended June 30, 2001. |
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| 3.
To appoint Auditors and fix their remuneration. |
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| 4.
To consider any other matter of the Company with the permission of the Chair. |
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| SHARE
REGISTRAR ADDRESS: |
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By Order of the Board |
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| Diamond
Industries Limited |
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| Malik
Bagh, Baradari Road, |
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| Shahdara,
Lahore. |
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| Lahore |
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|
NAZIR AHMAD |
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| December
03,2001 |
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Company Secretary |
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| NOTES: |
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| 1.
The Share Transfer Books of the Company will be closed from December 21, 2001
to |
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| December
27, 2001 (both days inclusive). |
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| 2.
A member entitled to attend and vote at this Meeting may appoint another
member as |
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| his/her
proxy to attend and vote on his/her behalf. The instrument appointing a proxy |
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| must
be received by the Company not later than 48 hours before the meeting. |
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| 3.
Members are requested to notify any change in address immediately. |
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| 4.
Kindly quote Folio Number in all correspondence with the Company. |
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| DIRECTORS'
REPORT TO THE MEMBERS |
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| I
welcome you to the 12th Annual General Meeting of your company and pleased to
present to you on behalf of the Board of |
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| Directors
the financial results of the company along with the Audited Accounts for the
year ended June 30, 2001. |
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| The
financial results of the company are as under: |
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|
(In Rs.) |
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| Loss
for the year |
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(29,595,947) |
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| Un-appropriated
profit/(loss) |
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117,216,148 |
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------------------ |
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|
87,620,201 |
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| Prior
year adjustment |
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25,005,735 |
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------------------ |
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| Unappropriated
profit c/f to balance sheet |
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112,625,936 |
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========== |
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| REVIEW |
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| The
Foam manufacturing unit in Gadoon Amazai remained closed throughout the year.
The chemical unit at Lahore however |
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| remained
operational but the turnover and results of the business are relatively
insignificant and have resulted in a small gross |
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| loss
to the company. Further the markup accrued on the Forced Demand Finance,
which was a direct result of illegal and |
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| arbitrary
encashment of bank guarantees by the Central Board of Revenue in October
1999, as explained in preceding report, has |
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| resulted
in a heavy operating loss. In order to apprise the esteemed members of the
correct and factual status of our claim of |
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| Rs.
477 million against the Central Board of Revenue, Government of Pakistan, I
briefly state below the following facts. |
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| In
spite of very clear interim order dated 19.02.1999 of the Honorable Supreme
Court of Pakistan, The Collector of Customs, |
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| Peshawar
presented bank guarantees to the tune of Rs. 260.568 (M) to our bankers,
Allied Bank of Pakistan Shahdara Branch, |
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| Lahore
and by exerting unlawful and undue pressure upon the bank, managed to encash
the guarantees on 19.10.1999 and |
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| 10-11-1999.
Subsequently, on 5th. June 2000, the Honourable Supreme Court of Pakistan,
accepted our appeal and declared all |
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| the
related orders of the Central Board of Revenue, unlawful, discriminatory and
consequently quashed the same. The operative |
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| part
of the judgement is reproduced below for information and evaluation of our
esteemed members. |
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| Quote:
"For the Foregoing reasons, this appeal is accepted decisions already
made by the respondents in the matter of the |
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| appellant
inclusive of order dated 27. 04.2000 of Member customs, C.B.R. Are hereby
declared to be without lawful authority |
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| and
of no legal effect and quashed. The member C.B.R. is hereby directed to
decide afresh the case of the appellant as regards on |
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| time
relief of 25% the total duty value of the raw materials on the basis of the
same criteria and the parametes applied in the case |
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| of
M/S. Al Khair Gadoon and M/S. Khyber Plastic Industries and full benefit
should be given in the light of the observations and |
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| the
facts noted above. As the matter has already been delayed, the needful shall
be done within one month from the receipt of this |
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| judgement"
Unquote" |
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| Note:-
Copy of full text judgement of the Honourable Court can be provided upon
request of any member. |
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| Your
company immediately approached the member customs, C.B.R. , who again ignored
the directions of the court and relief |
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| was
not given as ordered by the Honourable Court. The matter was again taken up
before the Honourable Supreme Court vide |
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| criminal
original number 35/2000 in CA. No. 903/1999 and order dated 19. 01.2001 was
passed, which is reproduced below: |
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| Quote:
"In order to avoid multiplicity of proceedings. Mr. Aitzaz Ahsan is
directed to appear before the learned member |
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| customs
on 26.01.2001 to present his viewpoint as to how the judgement of this Court
has not been implemented in letter and |
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| spirit.
The learned member (customs), after hearing Mr. Aitzaz Ahsan, shall pass such
orders, assigning reasons thereof as he |
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| may
deem fit in accordance with law. "Unquote: |
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| As
directed by the Honourable Court, Mr. Aitzaz Ahsan appeared before the member
customs on 26.01.2001 and represented |
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| our
case in length. Even after passing more than 9 months, fresh decision from
the member customs, C.B.R. is still awaited. It |
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| appears
that the learned member Customs has opted to defy the orders of the
Honourable Supreme Court of Pakistan, in as |
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| much,
even after passing of over 10 months, he has refrained from passing orders as
required. In view of his defiance, your |
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| company
has recently again filed an application before the Honourable Supreme Court
of Pakistan, which outcome is still |
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| awaited. |
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| As
reported in the preceding report, your company remained actively involved in
quantifying the losses suffered by it due to |
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| illegal
and unfair trade practice by the Chairman, office bearers, directors and
certain officers of the Karachi and the Lahore |
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| stock
exchanges. The Company had made various representations before the Securities
& Exchange Commission of Pakistan |
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| and
filed various claims against certain members and the Karachi Stock Exchange.
Following claims are of significant |
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| importance. |
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| 1.
The company had filed a complaint against M/S. First Capital ABN AMRO
Equities (Pak) Limited, presently First |
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| Capital
Equities (Pvt) Limited, Member Karachi and the Lahore Stock Exchanges before
the SECP for fraudulent |
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| handling
and withdrawal of its shares lying with them in the CDC sub account of the
company. The Company had |
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| also
requested the SECP not to permit change of name and management to M/s First
Capital ABN AMRO (Pak) |
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| Ltd,
which request apparently fell to deaf ears and the SECP allowed the change.
However the counter claim filed |
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| with
the Sind High Court in suit no. 808/2000 is still pending before the
Honourable Court. |
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| 2.
The company has filed a claim for Rs. 488.83.million against the Karachi
Stock Exchange and its member Hanif |
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| Moosa
for illegal withdrawal and sale of shares, properties of your company,
entrusted and lying with the said |
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| member,
by the exchange and misappropriation of proceeds thereof. |
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| 3.
Your company is also in the process of filing suit for recovery and or
damages against the Karachi Stock |
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| Exchange
and the SECP for illegal, ma-la-fide and fraudulent acts committed by their
directors, members and |
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| officials
during the period January to June 2000. |
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| SUBSIDIARY |
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| Your
Directors are further pleased to report that our subsidiary company namely
M/s Diamond Polymers (Pvt) Ltd. (Azad |
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| Jammu
& Kashmir) has performed very well during this financial year and
increased its sales to the tune of RS. 625 million from |
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| Rs.
588 million last year. This positive result is in spite of increase in cost
of raw materials due to increase in international prices |
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| and
rupee devaluation and simultaneous decrease in selling price due to stiff
resistance from competitors. This has been |
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| achieved
due to a very aggressive sales and publicity policy. In this manner the
company has increased its market share. which if |
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| sustained,
w'111 be beneficial in the long run. The accounts of DPOL are annexed for
your reference. |
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| Your
directors further wish to apprise you of a pending litigation of the Company
with the Central Board of Revenue (CBR), |
|
| Government
of Pakistan, in the Supreme Court of Pakistan in appeal no. 499 of 2000,
whereby your company has challenged |
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| the
charging of customs duties and sales tax by the Government of Pakistan on
imported raw materials destined for and to be |
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| consumed
in Azad Jammu and Kashmir. As per interim orders of the Honourable Court,
your company is furnishing bank |
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| guarantees
favouring the Collector of Customs corresponding to the amount of duties and
taxes payable, which are fully |
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| secured.
The balance sheet provides for this liability, which, in the opinion of legal
advisors of your company, will never |
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| accrue.. |
|
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| Your
directors also wish to inform you that your company enjoyed exemption for
payment of income tax under clause 126C of |
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| the
Income Tax Ordinance 1979. Income Tax assessments for the last three years
were finalized on this basis. Unfortunately, the |
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| Income
Tax Department, in sheer violation of the law and with ma-la-fide have
unlawfully withdrawn the said exemption on |
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| 28th.
May 2001. Your company is presently filed appeal before the I.T.A.T
Muzafarabad, AJK which upheld the decision of the |
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| I.A.C.
Thereupon your company has filed reference before I.T.A.T. and intends to
pursue the matter before the Honourable |
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| High
Court, Muzafarabad, AJK and, in the opinion of legal counsel, will succeed.
In view of this, only the provision for turnover |
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| tax
has been provided and reflected in the balance sheet. |
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| AUDITORS |
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| The
retiring auditors M/s Saleem Ahsan and Company, Chartered Accountants shall
retire and being eligible offer themselves |
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| for
re-appointment. |
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| PATTERN
OF SHAREHOLDING |
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| The
pattern of shareholding under Section 236 of the Companies Ordinance 1984 is
annexed to this report. |
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| On
behalf of the board I would like to thank all the staff and the management
for efforts and contribution. |
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|
For and on behalf of the Board |
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| Lahore |
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|
(WAQAR A. SHAFFI) |
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| Dated:
26 November, 2001. |
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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 M/S DIAMOND
INDUSTRIES LTD., as at June 30, 2001 and the |
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| related
Profit & (Loss) Account, Cash Flow Statement and Statement of changes in
equity together with the Notes |
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| 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. |
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| It
is the responsibility of the company's management to establish and maintain
the 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 |
|
| requirement
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 |
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| require
that we plan and perform the audit to obtain reasonable assurance about
whether the above said statements |
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| are
free of any material misstatement. An audit includes examining, on a test
basis, evidence supporting the |
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| amounts
and disclosures in the above said statements. An audit also includes
assessing the accounting policies |
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| and
significant estimates made by management, as well as evaluating the overall
presentation of the above said |
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| statements.
We believe that our audit provides a reasonable basis for our opinion and,
after due verification, we |
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| report that:- |
|
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| a)
The Central Board of Revenue (CBR) has force fully encashed the bank
guarantee to the company against |
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| the
amount payable by the company on account of custom duty. According to
management, the encashment |
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| of
guarantee was made in the presence of valid interim order by Supreme Court of
Pakistan, in favor of |
|
| Diamond
Industries Ltd., Against this issue. Therefore, while recording the liability
effect, the |
|
| management
recorded the same as receivables from CBR of amounting to Rs. 260,568,683/-
as mentioned |
|
| in
note # 14 in Notes to the Accounts. Currently the receivables are in the
process of negotiations with |
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| CBR
and hence could not be verified and confirmed. |
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|
|
|
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| b)
In our opinion, proper books of account have been kept by the company as
required by the Companies |
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| Ordinance, 1984: |
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|
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| c)
in our opinion: |
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|
|
|
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| i)
the Balance Sheet and Profit & Loss Account together with the Notes
thereon have been drawn up in |
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| 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; |
|
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| ii)
the expenditure incurred during the year was for the purpose of company's
business; and |
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|
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| iii)
the business conducted, investments made and the expenditure incurred during
the year were in accordance |
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| with
the objects of the company; |
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|
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| d)
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
and related Profit & Loss Account and Cash Flow Statement and Statement
of Changes in Equity |
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| together
with the Notes forming part thereof conform with approved accounting
standards as applicable in |
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| Pakistan,
and give the information required by the Companies Ordinance, 1984; in the
manner so required |
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| and
subject to the above mentioned clause "a" and its consequential
effects on financial position, |
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| respectively
give a true and fair view of the state of the company's affairs as at June
30, 2001 and of the |
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| Loss,
its changes in equity for the year then ended; and |
|
|
| e)
in our opinion no Zakat was deductible at source under Zakat and Ushr
Ordinance, 1980. |
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|
| LAHORE. |
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|
|
SALEEM AHSAN & CO. |
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| DATED:
26.11.2001 |
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|
CHARTEREDACCOUNTANTS |
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| BALANCE
SHEET AS ON JUNE 30, 2001 |
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|
|
Note |
2001 |
2000 |
|
|
|
|
Rupees |
Rupees |
|
| CAPITAL
& LIABILITIES |
|
|
|
| AUTHORIZED
CAPITAL |
|
| 12,000,000
Ordinary shares of Rs. 10 each |
|
120,000,000 |
120,000,000 |
|
|
========== |
========== |
|
|
| ISSUED,
SUBSCRIBED & PAID |
|
| UP CAPITAL |
|
|
|
| 9,000,000
Ordinary |
|
|
|
| Shares
of Rs. 10 Each |
|
3 |
90,000,000 |
90,000,000 |
|
| Un-appropriated
Profit |
|
4 |
112,625,936 |
117,216,148 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
202,625,936 |
207,216,148 |
|
|
|
| SURPLUS
ON REVALUATION |
|
|
|
| OF
FIXED ASSETS |
|
5 |
45,371,894 |
50,163,799 |
|
| LONG
TERM LOAN |
|
6 |
197,372,915 |
179,405,218 |
|
|
|
| CURRENT
LIABILITIES |
|
|
|
| Short
Term Loans - Secured |
|
7 |
3,592,358 |
51,643,353 |
|
| Creditors
& Accrued Liabilities |
|
8 |
10,654,212 |
13,005,685 |
|
| Other Liabilities |
|
|
|
-- |
7,432,111 |
|
| Provision
for Taxation |
|
|
2,864,582 |
2,654,219 |
|
| Dividend
Payable |
|
|
780,367 |
1,084,760 |
|
| CONTINGENCIES
AND COMMITMENTS |
9 |
-- |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
17,891,519 |
75,820,128 |
|
|
|
|
------------------ |
------------------ |
|
|
|
463,262,264 |
512,605,293 |
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
Waqar A. Shaffi |
|
Muhammad Saeed |
|
|
Chief Executive |
|
Director |
|
|
| PROPERTY
& ASSETS |
|
|
|
|
|
|
|
| FIXED ASSETS |
|
|
|
| (At
cost less depreciation) |
|
10 |
88,107,676 |
90,826,472 |
|
| Long
Term Investment |
|
11 |
31,772,120 |
31,772,120 |
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Stock in Trade |
|
12 |
5,992,571 |
7,562,308 |
|
| Debtors |
|
|
4,121,114 |
3,790,071 |
|
| Short
Term Investment |
|
13 |
63,417,132 |
100,883,600 |
|
| Advances,
Deposit, Prepayments & |
|
|
| Others
Receivable |
|
14 |
268,447,385 |
274,236,354 |
|
| Cash
and Bank Balances |
|
15 |
1,404,266 |
3,534,368 |
|
|
|
|
------------------ |
------------------ |
|
|
|
343,382,468 |
390,006,701 |
|
|
------------------ |
------------------ |
|
|
463,262,264 |
512,605,293 |
|
|
========== |
========== |
|
|
|
Waqar A. Shaffi |
|
Muhammad Saeed |
|
|
Chief Executive |
|
Director |
|
|
|
|
| PROFIT
& LOSS ACCOUNT |
|
| For
The Year Ended June 30, 2001 |
|
|
|
Note |
2001 |
2000 |
|
|
|
Rupees |
Rupees |
|
|
| SALES |
|
|
11,079,710 |
146,722,249 |
|
| COST
OF GOODS SOLD |
|
16 |
12,278,798 |
145,499,529 |
|
|
|
|
------------------ |
------------------ |
|
| GROSS
PROFIT/(LOSS) |
|
|
(1,199,088) |
1,222,720 |
|
|
|
|
|
| OPERATING
EXPENSES:- |
|
|
|
| Administrative |
|
17 |
6,064,760 |
10,268,214 |
|
| Selling |
|
18 |
580,465 |
1,074,222 |
|
| Financial |
|
19 |
21,404,365 |
21,709,969 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
28,049,590 |
33,052,405 |
|
|
------------------ |
------------------ |
|
| OPERATING
PROFIT/(LOSS) |
|
|
(29,248,678) |
(31,829,685) |
|
| OTHER
INCOME/(LOS s) |
|
20 |
(136,906) |
58,228,212 |
|
|
|
|
------------------ |
------------------ |
|
| PROFIT/(LOSS)
BEFORE TAXATION |
|
(29,385,584) |
26,398,527 |
|
| TAXATION |
|
|
210,363 |
1,976,881 |
|
|
|
|
------------------ |
------------------ |
|
| PROFIT/(LOSS)
AFTER TAXATION |
|
(29,595,947) |
24,421,646 |
|
| PRIOR
YEAR'S ADJUSTMENT |
|
21 |
25,005,735 |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(4,590,212) |
24,421,646 |
|
| UNAPPROPRIATED
PROFIT/(LOSS) B/F |
|
117,216,148 |
103,148,102 |
|
|
|
|
|
|
| APPROPRIATIONS: |
|
|
| INTERIM
CASH DIVIDEND |
|
|
112,625,936 |
127,569,748 |
|
| UNAPPROPRIATED
PROFIT/(LOSS) CARRIED |
22 |
-- |
10,353,600 |
|
|
|
|
------------------ |
------------------ |
|
| FORWARD
TO BALANCE SHEET. |
|
112,625,936 |
117,216,148 |
|
|
|
|
========== |
========== |
|
|
|
|
|
|
Waqar A. Shaffi |
|
Muhammad Saeed |
|
|
Chief Executive |
|
Director |
|
|
|
| CASH
FLOW STATEMENT |
|
| For
The Year Ended June 30, 2001 |
|
|
|
|
|
2001 |
2000 |
|
|
|
|
Rupees |
Rupees |
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
| Net
Profit/(Loss) before taxation |
|
|
(29,385,584) |
26,398,527 |
|
| Adjustment for: |
|
|
|
|
| Depreciation |
|
|
2,232,846 |
2,780,169 |
|
| Amortization |
|
|
-- |
527,417 |
|
| Financial
Expenses |
|
|
21,404,365 |
21,709,969 |
|
| Other Income |
|
|
-- |
(24,865,378) |
|
| Others |
|
|
-- |
(33,362,834) |
|
|
|
|
------------------ |
------------------ |
|
| Operating
Profit Before Working |
|
|
|
| Capital
Changes And Financial Expenses |
|
(5,748,373) |
(6,812,130) |
|
|
| Change
in Working Capital |
|
| (Increase)/Decrease
in Stock in Trade |
|
1,569,737 |
56,819,143 |
|
| (Increase)/Decrease
in Debtors |
|
|
(331,043) |
(1,077,319) |
|
| (Increase)/Decrease
in Advances, Deposit, |
|
|
|
| Prepayments
& Others Receivable |
|
7,758,278 |
(257,295,900) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
8,996,972 |
(201,554,076) |
|
| Increase
/ (Decrease) in Creditors & accrued liabilities |
(2,351,473) |
(3,085,252) |
|
|
|
|
------------------ |
------------------ |
|
| Changes
in Working Capital |
|
|
6,645,499 |
(204,639,328) |
|
|
|
|
------------------ |
------------------ |
|
| Cash
Generated From Operations |
|
897,126 |
(211,451,458) |
|
| Financial
Expenses |
|
|
(21,404,365) |
(21,709,969) |
|
|
|
|
------------------ |
------------------ |
|
| Net
Cash Out Flow From Operating Activities |
|
(20,507,239) |
(233,161,427) |
|
|
------------------ |
------------------ |
|
|
| CASH
FLOW FROM INVESTING ACTIVITIES |
|
| Net
Fixed Assets |
|
|
(42,651) |
(1,272,647) |
|
| Short
Term Investment |
|
|
48,392,000 |
(1,067,022) |
|
| Payment
of Dividend |
|
|
(304,393) |
(9,336,730) |
|
| Sales
proceeds of fixed assets |
|
|
415,479 |
64,425 |
|
| Other
Income/(Loss) |
|
|
-- |
58,228,212 |
|
|
|
|
------------------ |
------------------ |
|
| Net
Cash Provided By (Use In) Investing Activities |
|
48,460,437 |
46,616,238 |
|
|
