| Bolan Castings Limited |
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| Annual
Report 1999 |
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| Company
Profile |
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| INTRODUCTION:
Being the most modern and well-equipped foundry and holding
a major market share of the |
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| tractor
and automotive castings, BCL can rightly claimed to be the No. 1 foundry of
its kind in Pakistan. |
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| The
company was incorporated on 15th July, 1982 as a public limited company by
Pakistan Automobile Corporation |
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| Ltd
(PACO) under the administrative control of Ministry of Production, Government
of Pakistan. The plant |
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| was
commissioned in June, 1986 with the assistance of Foundry Management &
Design Company (FMD), U.K. and |
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| the
commercial production was started in July, 1986. The plant is located
adjacent to Bela Engineers Ltd. and Balochistan |
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| Wheels
Ltd. at Hub, Balochistan about 40 KMs from Karachi on the main R.C.D.
Highway. The company |
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| was
privatized and handed over to the new group of management under a joint
collaboration of Millat Tractors Ltd. |
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| and
the Employees of Bolan Castings Ltd. on 13th June, 1993. The plant has an
approximate covered area of 18645 |
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| square
meters, on surface area of 99274 square meters. |
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| PRODUCTION
CAPACITY: The plant is designed to produce 6000 tons of
tractor and automotive castings in |
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| grey
and ductile iron. So far, more than 180 castings have been successfully
developed and supplied to various customers. |
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| The
present product-mix includes following castings: |
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| TRACTOR
INDUSTRY |
AUTOMOTIVE INDUSTRY |
ENGINEERING INDUSTRY |
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| a. MF Tractors |
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a. Suzuki Car/Pickup/Van |
a. Grundfos Pumps |
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| 1. Cylinder block |
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1. Brake drums |
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1. Pump heads |
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| 2. Cylinder head |
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b. Isuzu Trucks/Buses |
2. Pump bases |
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| 3.
Transmission case |
1. Brake drums |
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3. Base plates |
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| 4.
Centre housing |
2. Hubs |
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4. Adopter flanges |
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| 5. Timing gears |
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3. Spring pads &
brackets |
5. Pump housing |
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| 6. Bearing caps |
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4. Generator brackets |
6. Suction Chambers |
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| 7.
Planetary career |
5. Exhaust manifold |
7. Seal covers |
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| 8.
Differential cases |
c. Mazda Truck |
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b. Die Parts |
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| 9. Axle housings |
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1. Brake drums |
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1. Blank holders |
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| 10.
Hydraulic lift cover |
2. Hubs |
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2. Roller dies |
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| 11. Box hydraulic |
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3. Hinges |
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3. Die holder |
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| 12. Link rocker |
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4. Case thermostat |
c. Yanmar marine engine |
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| 13. Sleeve |
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5. Bracket alternator |
1. Cylinder head |
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| 14.
Fork clutch release |
d. Nissan Trucks/Buses |
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| b. Fiat Tractors |
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1. Brake drums |
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| 1. Axle casing |
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2. Fan pulley |
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| 2.
Differential case |
3. Shackles |
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| 3. Trumpets |
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4. Spring pads |
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| 4.
Front axle support |
e. Hino Truck/Buses |
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| 5. Bearing covers |
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1. Brake drums |
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| 6. Trumpet cover |
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2. Spring stoppers &
brackets |
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f. Bedford Trucks |
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1. Brake drums |
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2. Differential carrier |
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| PRODUCTION
FACILITIES: The foundry has, a) Duplex melting consisting
of Twin Cold Blast Cupolas and Coreless Induction |
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| Furnaces,
b) High Pressure Moulding line, c) New Sand and Green Sand Preconditioning
Plants, d) Resin Coating Plant |
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| Continuous
Mixer, shell Core Machines, Silicate/Co2 Core Machines, e) Shot blasting,
fetling, grinding, heat treatment and |
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| painting,
f) complete inspection, testing and quality control laboratory equipments. |
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| FORWARD
INTEGRATION: In the year 1997-98, setting up of in-house
machining facility for Fiat tractor castings was undertaken |
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| and
so far two lines for the machining of Axle casing and Front axle support have
been successfully commissioned |
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| while
the work on the machining of Master clutch housing is under progress. This
area of diversification has given considerable |
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| boost
to the BCL sales and profitability. |
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| ISO
9002 CERTIFICATION: The Company plant is first of its kind
in Pakistan to have obtained ISO-9002 quality management |
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| certificate
in March 1999, with this the access for BCL Products in Export market shall
now be more easy. |
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| CONTENTS |
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| Company
Information |
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| Notice
of Meeting |
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| Chairman's
Review |
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| Directors' Report |
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| Pattern
of Shareholding |
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| Decade
at a glance |
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| Auditors' Report, |
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| Balance Sheet |
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| Profit
and Loss Account |
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| Cash
Flow Statement |
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| Notes
to the Accounts |
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| COMPANY
INFORMATION |
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| BOARD
OF DIRECTORS |
SIKANDAR M. KHAN |
CHAIRMAN |
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LATIF KHALID HASHMI |
CHIEF EXECUTIVE |
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JAVAID ASHRAF |
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SOHAIL BASHIR RANA |
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LAEEQ UDDIN ANSARI |
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MIAN MOHAMMAD SALEEM |
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BASHIR AHMED CHAUDHRY |
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AFAQ JAMAL HUSSAIN |
NDFC NOMINEE |
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| COMPANY
SECRETARY |
M. MUSHTAQ AKHTAR |
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| AUDITORS |
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AVAIS HYDER ZAMAN RIZWANI |
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CHARTERED ACCOUNTANTS |
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| LEGAL
ADVISORS |
MOHSIN TAYEBALI & CO |
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ADVOCATES & LEGAL
CONSULTANTS |
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| BANKERS |
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HABIB BANK LIMITED |
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MUSLIM COMMERCIAL BANK
LIMITED |
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UNITED BANK LIMITED |
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| REGISTERED
OFFICE |
ADJACENT TO BELA
ENGINEERS LTD |
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VILLAGE BAROOT,
SUB-TEHSIL HUB, |
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DISTRICT LASBELLA,
BALOCHISTAN. |
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| LIAISON
OFFICE |
F/1 S.I.T.E. (NEAR
RAILWAY CROSSING) |
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HUB RIVER ROAD, SHER
SHAH, |
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KARACHI-75730 |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| Notice
is hereby given that 17th Annual General Meeting of Bolan Castings Limited
will be |
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| held
at the registered office of the company adjacent to Bela Engineers Limited,
Village |
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| Baroot,
Sub-Tehsil Hub, district Lasbella Balochistan on Friday 24th December 1999 at |
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| 10:30
hours to transact the following business. |
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| 1.
To confirm the minutes of the 16th annual general meeting. |
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| 2.
To receive consider and adopt the audited accounts of the company for the
year |
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| ended
30th June, 1999 together with the Directors' and Auditors' reports thereon. |
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| 3.
To approve payment of dividend as recommended by the Directors. |
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| 4.
To appoint auditors for the year ending 30th June, 2000 and to fix their
remuneration. |
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| Present
auditors M/s. Avais Hyder Zaman Rizwani, Chartered Accountants retire and |
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| being
eligible offer themselves for re-appointment. |
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| 5.
To elect 8 Directors as fixed by the Board for the term of three years. The
retiring |
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| Directors
are Mr. Sikandar M. Khan, Mr. Latif Khalid Hashmi, Mr. Sohail Bashir Rana, |
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| Mr.
Laeequddin Ansari, Mian Muhammad Saleem, Mr. Bashir Ahmed Chaudhry, |
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| Mr.
Javaid Ashraf and Mr. Afaq Jamal Hussain (NDFC Nominee). |
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| 6.
To transact any other business with the permission of the chair. |
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BY ORDER OF THE BOARD |
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M. MUSHTAQ AKHTAR |
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| Karachi:
October 15, 1999 |
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COMPANY SECRETARY |
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| Notes: |
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| 1.
A member entitled to attend and vote at the meeting may appoint another |
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| member
as his/her proxy to attend the meeting and vote on his/her behalf. Vote |
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| may
be given either personally or by proxy or in case of a company/corporation |
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| by
a representative duly authorized. |
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| 2.
Duly executed proxies in order to be effective must be received by the
company |
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| at
its Liaison office atleast 48 hours before the meeting. |
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| 3.
Shareholders are requested to promptly notify the company of any change in |
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| their
addresses at its Liaison office, F-1, Hub River Road, S.I.T.E., Karachi. |
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| 4.
Any person who seeks to contest election to the office of the Director shall
whether |
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| he
is retiring Director or otherwise, file with the company not later than
fourteen |
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| days
before the date of the meeting a notice of his intention to offer himself for |
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| election
as a director, together with his consent to act as Director. |
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| CHAIRMAN'S
REVIEW |
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| Dear
Shareholders, |
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| I
take pleasure in welcoming you to the 17th Annual General Meeting of Bolan
Castings Limited and presenting Annual |
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| Report
and Accounts of the company for the year ended 30th June 1999. |
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| By
the grace of Almighty Allah, performance of your company during the fiscal
year under review showed considerable |
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| improvement
as compared to the results of last year. The demand for castings by the
tractor industry remained high, |
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| which
enabled the company to produce 8352 metric tons of castings as compared to
3979 metric tons during last |
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| year
registering an increase of about 110% in the capacity utilization. Despite
price reduction of around |
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| 7%
to the tractor industry on enhanced volume, net sales rose to a record figure
of Rs. 406 million, |
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| which
was 97% higher than the last year. Administration Expenses increased
nominally by 4.67% |
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| while
Selling and Distribution Expenses (including freight charges) increased
proportionate to sales. |
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| Financial
Expenses, however, increased to Rs. 20.00 million as compared to Rs. 15.12
million during the previous year. |
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| The
company also succeeded in appreciably reducing the long-term loan liability. |
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| Net
Profit before tax improved by 54% due to increased sales, better management
practices and cost controls, |
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| to
a record Rs. 50.52 million as compared to Rs. 32.71 million of the previous
year. Net profit after tax amounted |
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| to
Rs. 33.76 million as against Rs. 8.06 million last year. Accordingly, your
Directors were pleased to consider and |
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| recommend
a Cash Dividend of 25% (Rs. 2.5 per share of Rs. 10.00 each) as against 15%
recommended last year. |
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| The
plant and machinery of your company was originally designed for producing raw
castings only. However, |
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| the
company has successfully diversified towards setting up of machining lines
for some components, |
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| while
efforts are in hand to further enhance inhouse machining capabilities. |
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| You
can be proud of your company to have become first foundry in Pakistan to
achieve ISO-9002 quality management |
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| certification
in March 1999. This has enabled the company to venture out in the global
markets for export by displaying |
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| its
products at international trade fairs. |
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| I
am also pleased to state that your company has taken all possible steps to
ensure that the company's computer |
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| hardware,
software and all electronic facilities are year 2000 compliant. |
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| The
cordial relationship between the management and workers continued to enhance
productivity, profitability |
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| and
growth of the company in a congenial working atmosphere. |
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|
SIKANDAR M. KHAN |
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| Karachi:
Oct 15, 1999 |
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CHAIRMAN |
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| DIRECTORS'
REPORT |
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| Directors
of your Company feel pleasure in submitting their report together |
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| with
the audited accounts of the Company for the year ended 30th June, 1999. |
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| Accounts |
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|
Rupees in Thousand |
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| Profit Before Tax |
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50,520 |
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| Less Taxation |
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|
16,756 |
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| Profit
After Taxation |
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|
33,764 |
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| Add:
Accumulated Profit Brought |
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| forward |
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55 |
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| Profit
avail able for appropriation |
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|
33,819 |
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| Appropriation: |
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| - Proposed Cash Dividend Final
@ 25% |
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13,813 |
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| - Transfer to General Reserves |
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20,000 |
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| Unappropriated
Profit Carried Forward |
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6 |
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| Earning
Per Share: Rs: 6.11 |
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| Directors |
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| The
present term 'of three years of the Board of the Directors is ending this
year |
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| and
new Directors are to be elected at the forthcoming AGM. |
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| Auditors |
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| The
present Auditors M/s. Avais Hyder Zaman Rizwani, Chartered Accountants, |
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| retire
and being eligible offer themselves for reappointment as auditors of the |
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| Company
for the year ending June 30, 2000. |
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| Chairman's
Review |
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| The
Directors of the Company endorse contents of the Chairman's Review, which |
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| is
included in the Annual Report dealing with the Company activities and forms |
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| an
integral part of the Directors' Report. |
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| Pattern
of Shareholding is annexed. |
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ON BEHALF OF THE BOARD |
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|
CHIEF EXECUTIVE |
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| Karachi:
Oct 15, 1999 |
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LATIF KHALID HASHMI |
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| PATTERN
OF SHARE HOLDINGS |
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| AS
AT 30-06-1999 |
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| No. of |
Size of
Holding |
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| Share |
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No of Shares |
Amount |
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| Holders |
From |
To |
Held |
Rupees |
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| 1,261 |
1 |
100 |
139,000 |
1,390,000 |
|
| 92 |
101 |
500 |
33,000 |
330,000 |
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| 175 |
501 |
1,000 |
145,600 |
1,456,000 |
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| 116 |
1,001 |
5,000 |
277,800 |
2,778,000 |
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| 15 |
5,001 |
10,000 |
104,910 |
1,049,100 |
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| 6 |
10,001 |
15,000 |
75,400 |
754,000 |
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| 4 |
15,001 |
20,000 |
71,490 |
714,900 |
|
| 5 |
20,001 |
25,000 |
110,300 |
1,103,000 |
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| 0 |
25,001 |
50,000 |
0 |
0 |
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| 1 |
50,001 |
55,000 |
52,200 |
522,000 |
|
| 0 |
55,001 |
65,000 |
0 |
0 |
|
| 1 |
65,001 |
70,000 |
67,800 |
678,000 |
|
| 0 |
70,001 |
95,000 |
0 |
0 |
|
| 1 |
95,001 |
100,000 |
100,000 |
1,000,000 |
|
| 0 |
100,001 |
110,000 |
0 |
0 |
|
| 1 |
110,001 |
115,000 |
114,800 |
1,148,000 |
|
| 0 |
115,001 |
140,000 |
0 |
0 |
|
| 1 |
140,001 |
145,000 |
141,300 |
1,413,000 |
|
| 0 |
145,001 |
220,000 |
0 |
|
| 1 |
220,001 |
225,000 |
223,000 |
2,230,000 |
|
| 0 |
225,001 |
245,000 |
0 |
0 |
|
| 1 |
245,001 |
250,000 |
250,000 |
2,500,000 |
|
| 0 |
250,001 |
395,000 |
0 |
0 |
|
| 1 |
395,001 |
400,000 |
396,400 |
3,964,000 |
|
| 0 |
400,001 |
455,000 |
0 |
0 |
|
| 1 |
455,001 |
460,000 |
456,900 |
4,569,000 |
|
| 0 |
460,001 |
495,000 |
0 |
0 |
|
| 1 |
495,001 |
500,000 |
500,000 |
5,000,000 |
|
| 0 |
500,001 |
2,265,000 |
0 |
0 |
|
| 1 |
2,265,001 |
2,270,000 |
2,265,407 |
22,654,070 |
|
| ------------------ |
|
------------------ |
------------------ |
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| 1,685 |
|
5,525,307 |
55,253,070 |
|
| ========== |
|
========== |
========== |
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| CATEGORY
OF SHARE HOLDINGS |
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|
No. of |
|
|
|
| Category |
|
|
Holdings |
Shares |
% |
|
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|
| Individuals |
|
1,669 |
1,132,310 |
20.49 |
|
| Investment
Companies |
|
3 |
398,000 |
7.20 |
|
| Joint
Stock Companies |
|
2 |
350,000 |
6.33 |
|
| Financial
Institutions |
|
3 |
1,179,900 |
21.36 |
|
| Modaraba
Companies |
|
2 |
1,900 |
0.04 |
|
| Associated
Companies |
|
3 |
2,300,407 |
41.63 |
|
| Others |
|
3 |
162,790 |
2.95 |
|
|
|
------------------ |
------------------ |
------------------ |
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| TOTAL |
|
1,685 |
5,525,307 |
100.00 |
|
|
|
|
========== |
========== |
========== |
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|
|
| DECADE
AT A GLANCE |
|
|
|
Rupees in Thousand |
|
| INCOME |
|
1990 |
1991 |
1992 |
1993 |
1994 |
1995 |
1996 |
1997 |
1998 |
1999 |
|
|
|
| Net Sales |
|
134,753 |
161,532 |
119,962 |
225,037 |
168,662 |
183,297 |
226,668 |
194,040 |
206,046 |
406,021 |
| Profit
(loss) before tax |
|
4,756 |
5,966 |
(13,341) |
17,086 |
1,909 |
1,720 |
5,616 |
2,108 |
32,713 |
50,520 |
| Profit
(loss) after tax |
|
4,756 |
5,158 |
(13,941) |
15,960 |
1,065 |
803 |
4,483 |
1,138 |
8,063 |
33,764 |
| Retained
in business |
|
(6,384) |
(1,226) |
(15,167) |
793 |
1,858 |
2,659 |
7,142 |
1,281 |
55 |
6 |
|
|
|
| FINANCIAL
POSITION |
|
|
|
|
| Current assets |
|
79,245 |
114,418 |
101,175 |
109,792 |
100,271 |
127,475 |
139,307 |
141,444 |
128,276 |
187,598 |
| Less:
Current Liabilities |
|
77,448 |
117,151 |
125,429 |
132,195 |
114,280 |
157,585 |
183,370 |
187,102 |
78,227 |
131,731 |
| Net
working Capital |
|
1,797 |
(2,733) |
(24,254) |
(22,403) |
(14,009) |
(30,110) |
(44,063) |
(45,658) |
50,049 |
55,867 |
| Fixed
assets - Net |
|
192,750 |
181,252 |
169,966 |
158,733 |
146,120 |
132,954 |
119,321 |
106,096 |
96,428 |
88,806 |
| Other assets |
|
3,787 |
2,720 |
1,255 |
5,490 |
5,399 |
5,016 |
4,654 |
4,176 |
3,127 |
1,858 |
|
|
198,334 |
181,239 |
146,967 |
141,820 |
137,510 |
107,860 |
79,912 |
64,614 |
149,604 |
146,531 |
|
|
|
| Less:
Long term debts |
|
147,944 |
127,213 |
106,881 |
85,427 |
80,001 |
49,100 |
16,754 |
|
83,374 |
60,000 |
| Other liabilities |
|
1,522 |
-- |
-- |
348 |
399 |
848 |
763 |
1,080 |
2,921 |
3,271 |
| Shareholders'
equity |
|
48,868 |
54,026 |
40,086 |
56,045 |
57,110 |
57,912 |
62,395 |
63,534 |
63,309 |
83,259 |
|
|
|
| REPRESENTED
BY: |
|
|
| Share
Capital |
|
55,253 |
55,253 |
55,253 |
55,253 |
55,253 |
55,253 |
55,253 |
55,253 |
55,253 |
55,253 |
| Revenue reserve |
|
-- |
-- |
-- |
-- |
-- |
-- |
7,000 |
7,000 |
8,000 |
28,000 |
| Unappropriated
Profit/(Loss) |
|
(6,385) |
(1,227) |
(15,167) |
792 |
1,857 |
2,659 |
142 |
1,281 |
55 |
6 |
| NET
CAPITAL EMPLOYED |
|
48,868 |
54,026 |
40,086 |
56,045 |
57,110 |
57,912 |
62,395 |
63,534 |
63,309 |
83,259 |
|
|
|
| Break
up value of a share of Rs. 10/- each |
8.84 |
9.78 |
7.25 |
10.14 |
10.34 |
10.48 |
11.29 |
11.50 |
11.46 |
15.07 |
|
|
|
|
|
|
|
| RATIOS |
|
|
|
| Current
assets to current liabilities |
|
1.02:1 |
0.98:1 |
0.8:1 |
0.8:1 |
0.8:1 |
0.8:1 |
0.7:1 |
0.8:1 |
1.64:1 |
1.42:1 |
| Profit/(Loss)
before Tax to sale (%) |
|
3.53 |
3.69 |
(10) |
7.59 |
1.13 |
0.94 |
2.48 |
1.09 |
15.88 |
12.44 |
| Return
on equity % |
|
9.73 |
9.55 |
(34.78) |
28.48 |
1.86 |
1.39 |
7.18 |
1.79 |
12.74 |
40.55 |
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed Balance Sheet of M/S. BOLAN
CASTINGS LIMITED as |
|
| at
June 30, 1999 and the related Profit and Loss Account and Cash Flow
Statement, |
|
| 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 and, after due verification
thereof, 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 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 and Profit and Loss Account and Cash Flow |
|
| Statement
together with the notes forming part thereof, 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, 1999 and of the profit and the cash flows for the year then ended; and |
|
|
| (d)
in our opinion, Zakat deductible at source under the Zakat and Ushr
Ordinance, |
|
| 1980
was deducted by the company and deposited in the Central Zakat Fund |
|
| established
under section 7 of that ordinance. |
|
|
| KARACHI |
|
|
AVAIS HYDER ZAMAN RIZWANI |
|
| DATED:
Oct 15, 1999 |
|
CHARTERED ACCOUNTANTS |
|
|
|
| BALANCE
SHEET |
|
| AS
AT 30TH JUNE 1999 |
|
|
|
NOTE |
1999 |
1998 |
|
| SHARE
CAPITAL. |
|
|
Rs. |
Rs. |
|
| Authorised |
|
|
|
| 7,500,000/-
Ordinary shares of Rs. 10/- each |
|
|
75,000,000 |
75,000,000 |
|
|
|
|
========== |
========== |
|
| Issued,
Subscribed and paid-up |
|
3 |
55,253,070 |
55,253,070 |
|
| General reserve |
|
|
28,000,000 |
8,000,000 |
|
| Accumulated
profit |
|
|
6,260 |
55,464 |
|
|
|
|
|
| LONG
TERM LOAN |
|
4 |
60,000,000 |
83,374,068 |
|
| LIABILITIES
AGAINST ASSETS SUBJECT |
|
|
|
| TO
FINANCE LEASE |
|
5 |
191,096 |
595,888 |
|
|
|
|
|
| DEFERRED
LIABILITIES |
|
|
| Provision
for gratuity |
|
1,755,766 |
1,085,373 |
|
| Deferred taxation |
|
1,323,904 |
1,239,675 |
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
| Running
finance under mark-up arrangement |
|
6 |
30,842,669 |
32,221,215 |
|
| Finance
against Trust Receipt |
|
7 |
6,946,548 |
-- |
|
| Current
portion of long-term loan |
|
4 & 5 |
552,585 |
7,696,615 |
|
| Creditors,
accured and other liabilities |
|
8 |
79,474,667 |
30,021,076 |
|
| Proposed
Dividend |
|
|
13,813,267 |
82,879,611 |
|
| Unclaimed
dividend |
|
|
101,478 |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
131,731,214 |
78,226,867 |
|
|
|
|
------------------ |
------------------ |
|
| CONTINGENCIES
AND COMMITMENTS |
|
9 |
-- |
-- |
|
|
|
|
|
278,261,310 |
227,830,405 |
|
|
|
|
|
========== |
========== |
|
|
|
|
| FIXED
ASSETS - TANGIBLE |
|
|
|
| Operating
assets - at book value |
|
10 |
88,806,083 |
96,427,591 |
|
|
|
|
|
| LONG-TERM
LOANS AND ADVANCES |
|
11 |
533,176 |
2,000,145 |
|
|
|
|
|
| LONG-TERM
DEPOSIT |
|
|
| Trade deposits |
|
|
|
1,324,510 |
1,126,660 |
|
|
|
|
