| Ellahi Electric Company Limited |
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| Annual
Report 2001 |
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| COMPANY
INFORMATION |
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|
| BOARD
OF DIRECTORS |
|
| Mr.
Shaikh Enam Ellahi, Chairman |
|
| Mr. S.M. Yusuf |
|
| Mr.
Shahzada Ellahi Shaikh |
|
| Mr.
M. Ejaz Ahmad Baig |
|
| Mr.
Shafqat Ellahi Shaikh |
|
| Mr.
Shaukat Ellahi Shaikh |
|
| Mr.
Tahir Hussain Raza |
|
|
| MANAGING
DIRECTOR |
|
| Mr.
Shaukat Ellahi Shaikh |
|
|
| COMPANY
SECRETARY |
|
| Mr.
Sheikh Muhammad Shafi |
|
|
| AUDITORS |
|
| Messrs.
M. Yousuf Adil Saleem & Co. |
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| Chartered
Accountants, |
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| Apartment
#4, Block-B, |
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| 90-Canal
Park, Gulberg-II, |
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| Lahore-54660 |
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|
| REGISTERED
OFFICE |
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| NAGINA
HOUSE, |
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| 91-B-1,
M.M. Alam Road, |
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| Gulberg
III, Lahore-54660 |
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|
| POWER
HOUSES |
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| 1.
Mouza Rossa, Manga Mandi |
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|
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| Raiwind
Road, Tehsil & District Kasur. |
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| 2.
Ellahipur, Sheikhupura-Sharaqpur Road, |
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| Tehsil
& District Sheikhupura. |
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| 3.
Aminabad, S.I.T.E., Kotri, |
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|
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| Taluka
& District Kotri, Sindh. |
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|
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| REGIONAL
OFFICE |
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| 2nd
Floor, Shaikh Sultan Trust Bldg. No. 2, |
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| 26-Civil
Lines, Beaumont Road, |
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| KARACHI-75530. |
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| NOTICE
OF MEETING |
|
|
| The
Ninth Annual General Meeting of ELLAHI ELECTRIC COMPANY
LTD., will be held at its registered office, |
|
| Nagina
House, 91-B-1, M.M. Alam Road, Gulberg-III, Lahore-54660, on Thursday, the
27th December, 2001 |
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| at
11:30 a.m. to transact the following business: |
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| 1.
To confirm minutes of the Eighth Annual General Meeting held on 18th
December, 2000. |
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|
| 2.
To receive and adopt audited accounts of the Company for the year ended 30th
June, 2001 together |
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| with
the Auditor's and Director's reports thereon. |
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| 3.
To approve dividend @ 7.5% i.e. Re.0/75 per share as recommended by the
Directors. |
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| 4.
To appoint auditors and fix their remuneration. |
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| 5.
To transact any other ordinary business with the permission of the Chair. |
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|
By Order of the Board |
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| Lahore: |
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|
Sheikh Muhammad Shafi |
|
| December
3, 2001 |
|
Corporate Secretary |
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|
| NOTES |
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| 1.
The Members Register of the Company will be closed from Thursday, the 20th
December, 2001 to |
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| Thursday
the 27th December, 2001 (both days inclusive). Transfer (s) received in order
at the Registered |
|
| Office
by the close of business on Wednesday the 19th December, 2001 will be in time
to be passed for |
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| payment
of dividend to the transferee (s). |
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|
| 2.
A member entitled to attend and vote at the General Meeting is ententitled to
appoint another member |
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| as
proxy. Proxies, in order to be effective, must be received at the Company's
registered office not less |
|
| than
48 hours before the time of meeting. Account and sub-account holders of the
Central Depository |
|
| System
appointing proxies must attach attested copy of their National Identity Card
with the proxy form. |
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|
| 3.
Account holders and sub-account holders, holding book entry securities of the
Company in CDS of |
|
| Central
Depository Co. of Pakistan Ltd., who wish to attend the Annual General
Meeting are requested |
|
| to
please bring original National Identity Card with copy thereof duly attested
by their Bankers for |
|
| identification
purpose. |
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|
| 4.
Shareholders are requested to promptly notify the Company of any change in
their address. |
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| DIRECTORS
REPORT |
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| IN
THE NAME OF ALLAH THE MOST GRACIOUS |
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| THE
MOST BENEVOLENT THE MOST MERCIFUL |
|
|
| The
Directors have the honour to herewith submit audited accounts of the Company
for the year ended on |
|
| 30th
June, 2001 together with the auditors and Directors report thereon. |
|
|
| During
the year, Prime Engines were operated for 47,683 hours (2000:42,156 hours).
In addition, Standby |
|
| Generators
were operated for 6,675 equivalent hours (2000:2,411 hours). The salient
features of the operations |
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| are as under:- |
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|
|
2001 |
|
2000 |
|
|
|
|
Mwh |
% |
Mwh |
% |
|
|
| Electricity
generated |
100,558 |
100.00% |
88,694 |
100.00 |
|
| Electricity
Sold/billed |
96,930 |
96.39 |
85,259 |
96.13 |
|
| Used in house |
|
3,425 |
3.41 |
3,229 |
3.64 |
|
| Transmission/line
losses |
202 |
0.20 |
206 |
0.23 |
|
|
| Net
Sales revenue for the year at Rs. 349,867,808/= increased by Rs. 67,910,099/=
or 24.09% over the |
|
| previous
year (2000: Rs. 281,957,709/=). Sales revenue increased due to increase in
Electricity sold by 13.69% |
|
| and
increase in the unit price of electricity sold by 9.04%. However, the cost of
sales increased by |
|
| Rs95,480,526/=
or 43.31%, mainly due to increase in the cost of Fuel Oil consumed by 50%
(fifty percent) and |
|
| that
of High Speed Diesel Oil (HSD) consumed by 24% (twenty four percent). |
|
|
| Gross
profit at Rs. 33,910,712/= (2000: Rs. 61,481,139/=) amounts to 9.69% of sales
(2000: 21.81%). Other |
|
| Income
at Rs.29,434,350/= equalled 8.41% of sales (2000: Rs.3,162,018/= or 1.12% of
sales). Financial |
|
| charges
increased to Rs. 13,689,435/= (2000: Rs. 4,120,501=). Profit before tax
amounts to |
|
| Rs.
33,476,790/= (2000: Rs. 45,980,068/=). After providing for prior years tax
Rs. 1,826,650/= (2000: Nil) after |
|
| tax
profit amounts to Rs. 31,650,140/= (2000: Rs. 45,980,068/=). The profit
amounts to Rs. 0/88 per share |
|
| (2000: Rs. 1/28). |
|
|
| Price
of Fuel Oil was very volatile during the year. Price changes were effected 31
(thirty one) times during the |
|
| year.
Price was increased 18 (eighteen) times and reduced 13 (thirteen) times. The
lowest price was |
|
| Rs.
8,330/- per ton on 16th January, 2001 which price lasted only a month and was
increased on 16th February, |
|
| 2001.
Highest price was on 30th October, 2000 at Rs. 11,600/00 per ton. Price at
the year end was |
|
| Rs.
10,420/= per ton. |
|
|
| Price
of High Speed Diesel Oil (HSD) during the year was increased 3 (three)times
and reduced once. HSD |
|
| price
at the beginning of the year was Rs. 13/48 per litre, it was increased on
22nd September, 2000 to |
|
| Rs.
15/23 per litre again on 30th December, 2000 the price was increased to Rs.
18/23 per litre. On 16th March, |
|
| 2001
the price of HSD was reduced to Rs. 15/38 per litre. Finally, HSD price was
again increased on 14th June, |
|
| 2001
to Rs. 17/07 per litre. As usual, table of High Speed Diesel Oil and Fuel Oil
prices is annexed. |
|
|
| The
Directors have the pleasure to recommend payment of cash dividend @ 7.5% i.e
Re. 0/75 |
|
| (Paisas
Seventy Five only) on ordinary share of Rs. 10/00 each to those members who
are registered on the |
|
| books
of the Company on Thursday, 20th December, 2001. The dividend will absorb Rs.
27,000,000/= |
|
| (Rupees
Twenty Seven million only). |
|
|
| Due
to the uncertain situation created by the events of 11th September, 2001,
volatility in the price of HSD and |
|
| Fuel
Oil, ongoing proceedings before the National Electric Power Regulatory
Authority (NEPRA), under the |
|
| regulations
of Generation, Transmission and Distribution of Electric Power Act, 1997 for
grant of Generating/ |
|
| Distribution
licences to Small power producers, including the Company, the Directors are
unable to visualize |
|
| the
prospects of the Company in the current year. |
|
|
| The
Directors wish to place on record their appreciation of the devotion and hard
work put in by the workers, |
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| staff
and officers of the Company and the confidence that they will continue to do
their work with the same zeal. |
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|
|
On behalf of the Board. |
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|
|
|
|
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|
|
Shaukat Ellahi Shaikh |
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| Lahore:
December 3, 2001 |
|
|
Mg. Director (Chief Executive). |
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|
|
| Table
of High Speed Diesel Oil/Fuel Oil Prices |
|
|
| Date of |
High Speed |
Increase |
Fuel Oil |
Increase |
|
| change |
Diesel |
(Decrease) |
Rs. per ton |
(Decrease) |
|
|
Rs. per litre |
|
|
|
|
|
|
|
% |
Rs. |
|
Rs. |
% |
|
|
|
|
| 19-08-93 |
6/10 |
-- |
-- |
2,843/50 |
-- |
-- |
|
| 14-06-95 |
6/48 |
0/38 |
6.23 |
2,986/00 |
142/50 |
5.01 |
|
| 28-10-95 |
6/94 |
0/46 |
7.10 |
3,195/00 |
209/00 |
7.00 |
|
| 12-02-96 |
7/17 |
0/21 |
3.02 |
3,323/00 |
128/00 |
4.00 |
|
| 14-03-96 |
7/44 |
0/29 |
4.04 |
3,090/00 |
(238/00) |
(07.16) |
|
| 14-04-96 |
7/44 |
-- |
-- |
3,640/00 |
550/00 |
17.80 |
|
| 23-05-96 |
7/44 |
-- |
-- |
4,914/71 |
1,274/71 |
35.02 |
|
| 12-06-96 |
7/44 |
-- |
-- |
4,514/71 |
(400/00) |
(08.14) |
|
| 21-07-96 |
7/09 |
(0/35) |
(4.70) |
4,234/71 |
(280/00) |
(06.20) |
|
| 19-08-96 |
7/09 |
-- |
-- |
4,323/71 |
98/00 |
2.31 |
|
| 12-09-96 |
7/43 |
0/34 |
4.79 |
4,575/71 |
243/00 |
5.60 |
|
| 07-10-96 |
8/00 |
0/57 |
7.67 |
4,935/71 |
360/00 |
7.87 |
|
| 22-10-96 |
8/78 |
0/78 |
9.75 |
5,867/71 |
932/00 |
18.88 |
|
| 13-11-96 |
9/44 |
0/64 |
7.29 |
6,116/37 |
248/96 |
4.24 |
|
| 17-11-96 |
9/44 |
-- |
-- |
6,296/37 |
180/00 |
2.94 |
|
| 05-12-96 |
9/91 |
0/47 |
4.98 |
6,665/66 |
369/29 |
5.86 |
|
| 12-01-97 |
10/25 |
0/34 |
3.43 |
6,665/66 |
-- |
-- |
|
| 04-02-97 |
9/64 |
(0/61) |
(5.95) |
6,296/70 |
(368/96) |
(05.86) |
|
| 27-06-98 |
9/64 |
-- |
-- |
5,521/00 |
(775/70) |
(12.32) |
|
| 20-05-99 |
10/64 |
1/00 |
10.37 |
6,091/50 |
570/50 |
10.37 |
|
| 01-07-99 |
-- |
-- |
-- |
6,070/50 |
(21/00) |
(0.34) |
|
| 11-12-99 |
11/48 |
0/84 |
7.89 |
7,285/00 |
1,214/50 |
20.01 |
|
| 15-02-00 |
11/48 |
-- |
-- |
8,377/75 |
1,092/75 |
15.00 |
|
| 21-03-00 |
12/78 |
1/30 |
11.32 |
8,800/00 |
422/25 |
5.04 |
|
| 05-05-00 |
12/78 |
-- |
-- |
9,680/00 |
880/00 |
10.00 |
|
| 17-06-00 |
13/48 |
0/70 |
5.48 |
-- |
-- |
-- |
|
| 20-07-00 |
13/48 |
-- |
-- |
10,130/00 |
450/00 |
4.65 |
|
| 26-07-00 |
13/48 |
-- |
-- |
9,485/00 |
(645/00) |
(6.37) |
|
| 01-08-00 |
13/48 |
-- |
-- |
8,800/00 |
(685/00) |
(7.22) |
|
| 16-08-00 |
13/48 |
-- |
-- |
8,665/00 |
(135/00) |
(1.53) |
|
| 23-08-00 |
13/48 |
-- |
-- |
8,515/00 |
(150/00) |
(1.73) |
|
| 30-08-00 |
13/48 |
-- |
-- |
8,884/00 |
369/00 |
4.33 |
|
| 05-09-00 |
13/48 |
-- |
-- |
9,200/00 |
316/00 |
3.56 |
|
| 06-09-00 |
13/48 |
-- |
-- |
9,221/00 |
21/00 |
0.23 |
|
| 12-09-00 |
13/48 |
-- |
-- |
9,670/00 |
449/00 |
4.87 |
|
| 19-09-00 |
13/48 |
-- |
-- |
9,740/00 |
70/00 |
0.72 |
|
| 21-09-00 |
13/48 |
-- |
-- |
10,060/00 |
320/00 |
3.29 |
|
| 22-09-00 |
15/23 |
1/75 |
12.98 |
-- |
-- |
-- |
|
| 26-09-00 |
15/23 |
-- |
-- |
10,500/00 |
440/00 |
4.37 |
|
| 28-09-00 |
15/23 |
-- |
-- |
10,839/13 |
339/13 |
3.23 |
|
| 03-10-00 |
15/23 |
-- |
-- |
10,625/00 |
(214/13) |
(1.98) |
|
| 10-10-00 |
15/23 |
-- |
-- |
10,900/00 |
275/00 |
2.59 |
|
| 17-10-00 |
15/23 |
-- |
-- |
11,150/00 |
250/00 |
2.29 |
|
|
|
| 30-10-00 |
15/23 |
-- |
-- |
11,600/00 |
450/00 |
4.04 |
|
| 03-11-00 |
15/23 |
-- |
-- |
11,469/57 |
(130/43) |
(1.12) |
|
| 21-11-00 |
15/23 |
-- |
-- |
10,815/00 |
(654/57) |
(5/17) |
|
| 28-11-00 |
15/23 |
-- |
-- |
10,915/00 |
100/00 |
0.92 |
|
| 02-12-00 |
15/23 |
-- |
-- |
10,778/00 |
(137/00) |
(1.26) |
|
| 19-12-00 |
15/23 |
-- |
-- |
9,839/00 |
(939/00) |
(6.71 ) |
|
| 30-12-00 |
18/23 |
3/00 |
19.70 |
-- |
-- |
-- |
|
| 02-01-01 |
-- |
-- |
-- |
9,028/00 |
(811/00) |
(8.24) |
|
| 16-01-01 |
-- |
-- |
-- |
8,330/00 |
(698/00) |
(7.73) |
|
| 16-02-01 |
-- |
-- |
-- |
8,562/00 |
232/00 |
2.79 |
|
| 01-03-01 |
-- |
-- |
-- |
9,225/00 |
663/00 |
7.74 |
|
| 16-03-01 |
15/38 |
(2/85) |
(15.63) |
-- |
-- |
-- |
|
| 03-04-01 |
-- |
-- |
-- |
8,985/00 |
(240/00) |
(2.60) |
|
| 01-05-01 |
-- |
-- |
-- |
9,680/00 |
695/00 |
7.74 |
|
| 17-05-01 |
-- |
-- |
-- |
10,148/00 |
468/00 |
4.83 |
|
| 01-06-01 |
-- |
-- |
-- |
10,805/00 |
657/00 |
6.47 |
|
| 14-06-01 |
17/07 |
1/69 |
10.99 |
-- |
-- |
-- |
|
| 15-06-01 |
-- |
-- |
-- |
10,420/00 |
(385/00) |
(3.56) |
|
| 01-07-01 |
18/23 |
1/16 |
6.80 |
9,775/00 |
(645/00) |
(6.19) |
|
| 16-07-01 |
17/78 |
(0/45) |
(2.47) |
9,345/00 |
(430/00) |
(4.40) |
|
| 01-08-01 |
17/51 |
(0/27) |
(1.52) |
9,573/00 |
228/00 |
2.44 |
|
| 16-08-01 |
16/71 |
(0/80) |
(4.57) |
9,850/00 |
277/00 |
2.89 |
|
| 01-09-01 |
17/75 |
1/04 |
6.22 |
10,175/00 |
325/00 |
3.30 |
|
| 16-09-01 |
18/17 |
0/42 |
2.37 |
10,515/00 |
340/00 |
3.34 |
|
| 01-10-01 |
19/17 |
1/00 |
5.50 |
10,850/00 |
335/00 |
3.19 |
|
| 16-10-01 |
17/31 |
(1/86) |
(9.70) |
10,360/00 |
(490/00) |
(4.52) |
|
| 01-11-01 |
16/57 |
(0/74) |
(4.27) |
9,452/00 |
(908/00) |
(8.76) |
|
| 16-11-01 |
15/07 |
(1/50) |
(9.05) |
8,540/00 |
(912/00) |
(9.65) |
|
| 01-12-01 |
14/78 |
(0.29) |
(1.92) |
7,925/00 |
(615/00) |
(7.20) |
|
|
|
| From
1-7-1999 there is no Octroi on Fuel Oil. Form 16th August, 1999, Sales Tax @
15% is to be added to the |
|
| price
of Fuel Oil. From 1-7-2000 prices of HSD/Fuel Oil are ex-Kemari Depot,
Karachi. Freight is to be added. |
|
| The
price of HSD which used to be fixed by the Government of Pakistan. The
function has been transferred to |
|
| the
Oil Companies Advisory Committee with effect from July 1,2001. Price of fuel
oil are fixed by individual Oil |
|
| Companies.
Price quoted herein are those of M/s. Shell Pakistan Ltd. |
|
|
|
| OPERATING
FINANCIAL AND INVESTMENT |
|
| RATIOS
AS ON JUNE 30TH |
|
|
|
|
|
|
|
2001 |
2000 |
1999 |
1998 |
1997 |
1996* |
|
|
|
|
|
|
| Cost
of sales as % of sales |
% |
90.31 |
78.19 |
71.03 |
71.30 |
72.54 |
59.88 |
|
| Gross
profit as % of sales |
% |
9.69 |
21.81 |
28.97 |
28.70 |
27.46 |
40.12 |
|
| Operating
profit as % of sales |
% |
6.08 |
18.36 |
25.83 |
26.21 |
26.08 |
36.34 |
|
| Net
profit / (Loss) as % of sales |
% |
9.05 |
16.31 |
22.93 |
22.87 |
20.72 |
41.38 |
|
| Shareholders'
equity (millions) |
Rs. |
386.61 |
381.96 |
389.98 |
374.18 |
366.57 |
372.54 |
|
| Pretax
profit to equity |
% |
8.66 |
12.04 |
18.09 |
16.47 |
13.10 |
336 |
|
| Sales
to capital employed |
|
0.77 |
0.60 |
0.70 |
0.64 |
0.54 |
0.07 |
|
| Gross
profit to capital employed |
% |
7.45 |
13.09 |
20.23 |
18.33 |
14.94 |
2.77 |
|
| Pretax
profit to capital employed |
% |
735 |
9.79 |
16.63 |
14.61 |
11.28 |
2.85 |
|
| Earning
per share |
Rs. |
0.88 |
1.28 |
1.89 |
1.71 |
1.33 |
0.35 |
|
| Dividend
to capital - Cash |
% |
7.50 |
15.00 |
15.00 |
15.00 |
15.00 |
0.00 |
|
| Break
up value per share |
Rs. |
10.74 |
10.61 |
10.83 |
10.39 |
1,018 |
10.35 |
|
| Debt
equity ratio |
|
15.06 |
18.68 |
808 |
11.29 |
13.94 |
15.18 |
|
| Current ratio |
|
|
1.42 |
1.26 |
1.68 |
1.54 |
1.21 |
2.81 |
|
| Acid ratio |
|
|
1.22 |
0.99 |
1.39 |
1.16 |
1.06 |
2.46 |
|
| Total
debts to total assets |
% |
10.24 |
13.16 |
6.50 |
9.48 |
11.92 |
14.60 |
|
|
|
|
| *
Results for 2 months operation |
|
|
|
| AUDITORS
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of ELLAHI ELECTRIC
COMPANY LIMITED as at June 30, 2001 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 purpose 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 the above said statements. We
believe that our audit provides a reasonable |
|
| basis
for our opinion and, after due verification, we report that-- |
|
|
| a)
in our opinion, proper books of accounts have been kept by the company as
required by the 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 |
|
|
| iii.
the business conducted, investments made and the expenditure incurred during
the year were in 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 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 June 30, 2001 and of the Profit, its cash flows and changes in
equity for the year then ended; and |
|
|
| d)
in our opinion Zakat deductible at source under the Zakat and Ushr Ordinance,
1980 (XVIII of 1980), was deducted by the |
|
| company
and deposited in the Central Zakat Fund established under Section 7 of that
Ordinance. |
|
|
| Date:
December 3, 2001. |
|
M. YOUSUF ADIL SALEEM & CO. |
|
| Place: Lahore |
|
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 2001 |
|
|
|
|
|
2001 |
2000 |
|
|
|
Note |
Rupees |
Rupees |
|
|
| CAPITAL
AND LIABILITIES |
|
|
|
| SHARE
CAPITAL AND RESERVES |
|
| Authorized
capital |
|
| 40,000,000
ordinary shares of Rs. 10/- each |
|
400,000,000 |
400,000,000 |
|
|
========== |
========== |
|
|
| Issued,
subscribed |
|
| and
paid-up capital |
|
| 36,000,000
ordinary |
|
| shares
of Rs. 10/- each |
|
| issued for cash |
|
360,000,000 |
360,000,000 |
|
|
|
|
|
| Un-appropriated
profit |
|
|
26,614,141 |
21,964,001 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
386,614,141 |
381,964,001 |
|
| LONG
TERM LOAN |
|
3 |
53,831,759 |
68,050,147 |
|
| LIABILITIES
AGAINST ASSETS |
|
|
| SUBJECT
TO FINANCE LEASE |
|
4 |
190,193 |
519,474 |
|
|
|
| DEFERRED
LIABILITY |
|
| Staff Gratuity |
|
4,530,505 |
3,546,372 |
|
|
| CURRENT
LIABILITIES |
|
| Current
portion of long term liabilities |
5 |
14,547,669 |
19,191,021 |
|
| Short
term finances |
|
6 |
172,349,219 |
124,743,643 |
|
| Creditors,
accruals and |
|
|
|
| other liabilities |
|
7 |
9,819,632 |
11,022,223 |
|
| Proposed
dividend |
|
27,000,000 |
54,000,000 |
|
| Unclaimed
dividend |
|
513,523 |
3,636,377 |
|
|
|
------------------ |
------------------ |
|
|
|
|
224,230,043 |
212,593,264 |
|
|
|
|
| CONTINGENCIES
AND COMMITMENTS |
8 |
-- |
-- |
|
|
|
------------------ |
------------------ |
|
|
|
669,396,641 |
666,673,258 |
|
|
|
========== |
========== |
|
|
| The
annexed notes from 1 to 31 form an integral part of these accounts. |
|
|
|
|
|
Shahzada Ellahi Shaikh |
|
| Lahore,
December 3, 2001 |
|
Director |
|
|
|
|
| PROPERTY
AND ASSETS |
|
|
|
|
|
| FIXED
CAPITAL EXPENDITURE |
|
|
| Operating
assets |
|
9 |
348,130,080 |
295,874,939 |
|
| Capital
work-in-progress |
|
10 |
-- |
100,625,322 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
348,130,080 |
396,500,261 |
|
|
|
| LONG
TERM DEPOSITS AND |
|
| DEFERRED
COSTS |
|
11 |
623,520 |
1,551,298 |
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Stock in hand |
|
12 |
30,699,422 |
20,703,676 |
|
| Store,
spares & loose tools |
|
13 |
15,632,360 |
37,269,502 |
|
| Trade debts |
|
14 |
29,078,432 |
26,315,044 |
|
| Special
US Dollar Bonds |
|
15 |
155,637,431 |
127,217,804 |
|
| Advances,
deposits, prepayments |
|
|
| and
other receivables |
|
16 |
43,276,376 |
25,486,659 |
|
| Cash
and bank balances |
|
17 |
46,319,020 |
31,629,014 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
320,643,041 |
268,621,699 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
669,396,641 |
666,673,258 |
|
|
========== |
========== |
|
|
|
|
Shaukat Ellahi Shaikh |
|
|
|
Mg. Director (Chief Executive) |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
|
|
|
|
2001 |
2000 |
|
|
|
|
Note |
Rupees |
Rupees |
|
|
|
|
| SALES - NET |
|
|
18 |
349,867,808 |
281,957,709 |
|
| COST
OF SALES |
|
19 |
315,957,096 |
220,476,570 |
|
|
|
|
|
------------------ |
------------------ |
|
| GROSS
PROFIT |
|
|
33,910,712 |
61,481,139 |
|
| ADMINISTRATIVE
EXPENSES |
|
20 |
12,650,848 |
9,712,106 |
|
|
|
|
|
------------------ |
------------------ |
|
| OPERATING
PROFIT |
|
|
21,259,864 |
51,769,033 |
|
| OTHER
INCOME |
|
21 |
29,434,350 |
3,162,018 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
50,694,214 |
54,931,051 |
|
| OTHER
CHARGES |
|
|
|
| Financial - Net |
|
22 |
13,689,435 |
4,120,501 |
|
| Miscellaneous
charges |
|
23 |
3,527,989 |
4,830,482 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
17,217,424 |
8,950,983 |
|
|
|
|
------------------ |
------------------ |
|
| PROFIT
BEFORE TAXATION |
|
|
33,476,790 |
45,980,068 |
|
|
|
|
|
|
|
| TAXATION |
|
| Prior years tax |
|
|
|
1,826,650 |
-- |
|
