| Dewan Salman Fibre Limited |
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| Annual
Report 1999 |
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| CONTENTS |
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| Company
Information |
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| Notice
of Meeting |
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| Directors'
Report |
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| Auditors'
Report |
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| Balance
Sheet |
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| Profit
and Loss Account |
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| Cash
Flow Statement |
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| Notes
to the Accounts |
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| Summary
of Differences between IAS, UK GAAP and US GAAP |
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| Pattern
of Share Holding |
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| BOARD
OF DIRECTORS: |
|
AKIRA YAMAMURA |
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|
Chairman |
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DEWAN ZIAUR REHMAN
FAROOQUI |
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President / Chief
Executive |
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DEWAN ASIM MUSHFIQ
FAROOQUI |
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Managing Director |
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HO SIK KI |
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DEWAN GHULAM MUSTAFA
KHALID |
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DEWAN MOHAMMAD YOUSUF
FAROOQUI |
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DEWAN MOHAMMAD AYUB
KHALID |
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DEWAN ABDUL REHMAN
FAROOQUI |
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|
YOON KIM |
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(Alternate Director) |
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M. MEGURIVA |
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(Alternate Director) |
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| AUDITORS: |
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FARUQ ALl & COMPANY |
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CHARTERED ACCOUNTANTS |
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FEROZE SHARIF TARIQ &
COMPANY |
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CHARTERED ACCOUNTANTS |
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| SECRETARY: |
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TARIQ MOHAMMAD KHAN |
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| LEGAL
ADVISORS: |
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KHALID ANWER &
COMPANY |
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ADVOCATES |
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| TAX
ADVISORS: |
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SHARIF & COMPANY |
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ADVOCATES |
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| FACTORY
OFFICE: |
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PLOT NO. 1, DEWAN
FAROOQUE INDUSTRIAL PARK, |
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DISTRICT HARIPUR
(N.W.F.P.) |
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| HEAD
OFFICE: |
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DEWAN CENTRE, |
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3-A, LALAZAR, |
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BEACH HOTEL ROAD, |
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KARACHF74000. |
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| REGISTERED
OFFICE: |
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DEWAN CENTRE, |
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17, STREET-84, |
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SECTOR G-6/4,
ISLAMABAD-44000. |
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| BANKERS: |
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ABN AMRO BANK |
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AMERICAN EXPRESS BANK |
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BANK OF AMERICA |
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BANK OF KHYBER |
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CITIBANK |
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CREDIT AGRICOLE INDOSUEZ |
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EMIRATES BANK
INTERNATIONAL LIMITED |
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FAYSAL BANK LIMITED |
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HABIB BANK LTD, |
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HONG KONG & SHANGHAI
BANKING CORPORATION LTD. |
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MUSLIM COMMERCIAL BANK
LTD. |
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SOCIETE GENERALE, THE
FRENCH AND INTERNATIONAL BANK |
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STANDARD CHARTERED BANK |
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UNITED BANK LIMITED |
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| NOTICE
OF TENTH ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the Tenth Annual General Meeting of DEWAN SALMAN FIBRE
LIMITED |
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| will
be held on 29 December 1999 at 4.00 p.m. at Dewan Centre, 17, Street 84,
Sector G-6/4, |
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| Islamabad,
to transact the following business: |
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| ORDINARY
BUSINESS: |
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| 1.
Recitation from HOLY QURAN. |
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| 2.
To read and confirm the minutes of the NINTH ANNUAL GENERAL MEETING held on
31 |
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| December
1998. |
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| 3.
To receive, consider and adopt the annual audited accounts for the year ended
30 June |
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| 1999,
together with the Directors' and Auditors' Report thereon. |
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| 4.
To elect eight directors of the Company for a period of three years. The
number of |
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| directors
to be elected is fixed by the Board of Directors in accordance with the |
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| provisions
of Section 178(I) of the Companies Ordinance, 1984. The following retiring |
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| directors
are eligible for re-election, |
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| 1.
Mr. Akira Yamamura |
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| 2.
Dewan Ziaur Rehman Farooqui |
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| 3.
Mr. Ho Sik Ki |
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| 4.
Dewan Ghulam Mustafa Khalid |
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| 5.
Dewan Mohammad Yousuf Farooqui |
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| 6,
Dewan Abdul Rehman Farooqui |
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| 7.
Dewan Mohammad Ayub Khalid |
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| 8.
Dewan Asim Mushfiq Farooqui |
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| 5.
To approve the declaration of Cash Dividend @ 7.5% and issuance of Bonus
Shares |
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| at
the rate of 12.5%. |
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| 6.
To appoint Auditors of the Company for the year ending 30 June 2000 and to
fix their |
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| remuneration. |
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| SPECIAL
BUSINESS: |
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| 7.
To consider and approve short term loans and advances, out of surplus funds
available |
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| with
the Company to Dewan Textile Mills Limited and / or Dewan Khalid Textile
Mills |
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| Limited
and / or Dewan Mushtaq Textile Mills Limited in compliance with the
provisions |
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| of
Section 208 of the Companies Ordinance, 1984. |
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| 8.
To approve remuneration payable to the Chief Executive and whole-time working |
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| Director. |
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| 9.
To transact any other business with permission of the Chair. |
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By Order of the Board |
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| Date:
08 December 1999 |
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(TARIQ MOHAMMAD KHAN) |
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| Place:
Karachi |
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Company Secretary |
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| NOTES: |
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| 1.
The Shares Transfer Books of the Company will remain closed from 28 December
1999 |
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| to
05 January 2000 (Both days inclusive). |
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| 2.
A member entitled to attend, speak and vote at the meeting is entitled to
appoint |
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| a
proxy to attend, speak and vote for him/her (A proxy must be a member of the |
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| Company). |
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| 3.
An instrument of proxy and a power of attorney or other authority (if any)
under which |
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| it
is signed or a notarilly certified copy of such power of attorney, in order
to be valid |
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| must
be deposited at the registered office of the Company not less than 48 hours |
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| before
the time of the meeting, |
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| 4. Members are requested to notify any changes
in their address immediately. |
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| "Statement
under Section 160 of the Companies Ordinance, 1984 is attached with the |
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| Annual
Report circulated to the members of the Company" |
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| STATEMENT
UNDER SECTION 160 OF THE COMPANIES |
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| ORDINANCE, 1984 |
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| This
statement is annexed to the Notice of the Tenth Annual General Meeting of
Dewan Salman |
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| Fibre
Limited (hereinafter referred to as DSFL) to be held on 29 December 1999 and
sets out |
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| material
facts concerning the Special Business to be transacted at the Meeting. |
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| 1.
Investments in Associated Companies |
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| The
Board of Directors considers to advance temporary short term financing to the |
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| associated
companies out of surplus funds available with the Company, Details of such |
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| financing are given below: |
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| (i)
Name of Borrower Company |
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-- Dewan Textile Mills
Limited |
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| and
associated undertaking |
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Rupees Fifty Million only |
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| together
with the amount of |
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M Dewan Khalid Textile
Mills Limited |
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| loan
and advance. |
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Rupees Fifty Million only |
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-- Dewan Mushtaq Textile Mills Limited |
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Rupees Fifty Million only |
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| (ii)
Rate of interest to be charged |
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-- 1% above the rate on
which the Lending |
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| on
each loan and advance |
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Company has obtained its
own |
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| together
with the particulars of |
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borrowing. |
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| collateral
security to be obtained |
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-- No security is
considered necessary as |
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| from
borrower. |
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all the companies are
under common |
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|
management control, |
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| (iii)
Period for which these loans and |
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--
Twelve Months |
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| advances
will be made |
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| (iv)
The terms of repayment or any |
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-- The loans and Advances
are adjustable |
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| other
terms of loans and |
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within a period of twelve
months or as |
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| advances. |
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and when required by the
Lending |
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|
Company, |
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| (v)
Purpose of loans and advances |
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-- The purpose of loans
and advances is |
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to provide any immediate
requirement |
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|
of working capital of the
Borrowing |
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|
Company, |
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| (vi)
Benefits likely to accrue to the |
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-- The Investing Company
and its |
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| Company
and its shareholders |
|
shareholders will be
benefited in a manner |
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| from
loans and advances. |
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that their investment
will fetch a return |
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|
of one percent over and
above the |
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|
mark up rate at which the
Investing |
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|
Company has borrowed.
Further, the |
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|
surplus funds will not
remain idle and |
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|
will be invested in the
most efficient |
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|
manner whereby the
Investing Company |
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not only getting good
returns but the |
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|
funds will also remain at
the disposal of |
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|
the Investing Company as
such loans |
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and advances are
repayable on |
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|
demand, |
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| In
this regard following resolution is proposed to be passed, with or without
modification, |
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| as
a "SPECIAL RESOLUTION". |
|
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| "Resolved
that the Board of Directors of the Company be and is hereby authorised to
make |
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| temporary
short term loans/advances to the following associated companies up to |
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| maximum
limit of Rs.50 million each at the mark up rate of 1% above the rate on which |
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| the
Company has obtained the borrowing. |
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| Dewan
Textile Mills Limited |
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| Dewan
Khalid Textile Mills Limited |
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| Dewan
Mushtaq Textile Mills Limited |
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| These
temporary loans / advances shall be adjusted as and when required by the |
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| Company
and shall not exceed 12 months period". |
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| 2.
Remuneration payable to the Chief Executive and whole-time working Director: |
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| Approval
of shareholders will be sought for the remuneration payable to the Chief |
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| Executive
and a whole-time working Director. For this purpose it is intended to propose |
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| that
the following resolution be passed as an Ordinary Resolution, namely: |
|
|
| "Resolved
that the Company hereby authorises the payment as remuneration to |
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| Dewan
Ziaur Rehman Farooqui, Chief Executive and Dewan Asim Mushfiq Farooqui, |
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| whole-time
director, Rs. 500,000 per month and Rs.300,000 per month respectively, |
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| exclusive
of perquisites and other benefits to which they are entitled under their
terms |
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| of
office for the whole year ending 30 June, 2000 and for the remainder of their
term |
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| remuneration
as increased by the sums that may be applicable under their respective |
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| terms
of offices." |
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|
| DIRECTORS'
REPORT |
|
|
| Your
Directors take pleasure in presenting to you the Tenth Annual Report of the
Company together |
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| with
the audited accounts for the year ended on June 30 1999. |
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|
| Alhamdolillah,
the results for the year under review are satisfactory considering the global
crisis in the |
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| synthetic
fibre sector. During the year in question, your Company has earned a
consolidated Net Profit |
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| of
about Rs. 295.497 million. |
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| The
highlights of the accounts are as follows: |
|
|
|
(Rs. in '000') |
|
|
Unit I |
Unit 1I |
Consolidated |
|
| Gross Sales |
|
2,536,374 |
3,081,888 |
5,618,262 |
|
| Sales Tax |
|
315,776 |
380,130 |
695,906 |
|
| Depreciation |
|
151,833 |
316,265 |
468,098 |
|
| Gross Profit |
|
275,469 |
360,836 |
636,305 |
|
| Net Profit |
|
150,075 |
145,422 |
295,497 |
|
|
| We
humbly and gratefully bow our heads before Almighty Allah. the most Gracious
and Merciful, who |
|
| has
rewarded and blessed your Company with His innumerable bounties in the
difficult times. |
|
|
| IF
YE GIVE THANKS, I WILL GIVE YOU MORE (AL-QURAN) |
|
|
| Your
Directors are pleased to propose appropriation of profit in the following
manner:- |
|
|
|
(Rs. in '000') |
|
|
| Profit
for the year 1998-99 |
|
295,497 |
|
| Unappropriated
profit brought forward |
|
209,853 |
|
|
----------- |
|
| Profit
available for appropriation |
|
505,350 |
|
|
=========== |
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| Appropriations: |
|
|
| Cash
dividend @ 7.5% |
|
120,287 |
|
| Reserve
for Issue of Bonus Shares @ 12.5% |
|
200,478 |
|
| Unappropriated
profit carried forward |
|
184,585 |
|
|
----------- |
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| Total |
|
505,350 |
|
|
=========== |
|
| Financial
Highlights: |
|
|
1999 |
1998 |
|
| Consolidated
Sales (Rs. in Billion) |
|
5.62 |
6.05 |
|
| Earning
Per Share |
|
1.84 |
1.54 |
|
| Consolidated
Sales (Tons) |
|
105,742 |
101,919 |
|
|
| Performance
in the Year under Review |
|
|
| The
management is pleased to report the highest quantum of sales since the
company |
|
| commenced
operations in 1992. This was possible due to pro-active marketing and sales
policy, |
|
| unrivalled
product quality backed by effective technical support. |
|
|
| However,
the margins remained under severe pressure due to over capacity in the
domestic |
|
| market
coupled with dumping by the producers of recession hit Far Eastern economies
mainly |
|
| Korea,
Thailand and Indonesia. Inspite of such difficult business circumstances, the
company |
|
| was
able to achieve better results due to effective cost control measures like
prudent raw |
|
| material
procurement policy, improvement in plant efficiencies, concerted efforts of
dedicated |
|
| manpower
and above all due to immense blessings of Almighty Allah, Rahman-o-Rahim. |
|
|
| Financial
Obligations |
|
|
| Your
company has fulfilled all its financial obligations in the year under review
except in case |
|
| of
two installments of long-term foreign currency loan obtained from Mitsubishi
Corporation, |
|
| Japan
which fell due on 19th October 1998 and 19th April 1999. These installments
could not |
|
| be
remitted on time due to non-receipt of requisite approval from the State Bank
of Pakistan |
|
| (SBP).
However, these installments were remitted subsequently after receipt of
approval from |
|
| SBP.
The installment due on 19th October 1999 has not been remitted till the date
of this report |
|
| due
to non-receipt of requisite approval from SBP. The company has made available
all the |
|
| necessary
funds with the designated bank and the installments will be remitted as and
when |
|
| the
approval is granted by SBP. The installment of AI-Tawfeek Company for
Investment Funds |
|
| falling
due on 20th October 1999 has been remitted on due date. The interest on Euro
Convertible |
|
| Bonds
has also been remitted on due date. There is no other financial obligation in
arrears. |
|
|
| Income
Tax Adjustment |
|
|
| As
informed to you in our previous Annual Report, the Honourable Supreme Court
of Pakistan |
|
| disposed
of a number of appeals on the question of Section 80D of the Income Tax
Ordinance, |
|
| 1979
by deciding that 80D (turnover tax) was a form of income tax and that
entities like your |
|
| Company
that are exempt from income tax are also exempt from 80D (turnover tax). The |
|
| applications
for refund of turnover tax already filed by your Company during previous
years |
|
| are
pending with the tax authorities. Therefore, provisions made in prior years'
accounts have |
|
| been
written back this year and added to current year's profit. Unit-I of your
company is exempt |
|
| from
Income Tax till December 1999 and Unit-II till June 2003. |
|
|
| Future
Outlook of Industry |
|
|
| The
current year has witnessed strong trends in the popularity of polyester
cotton blends in the |
|
| export
markets. Similar trend is also visible in the local market in the shape of
increased |
|
| preference
for polyester blends with other man made fibres and 100% polester spun yarn.
Record |
|
| sales
volume in the year under review amply demonstrates this changing pattern, |
|
|
| Coupled
with strong demand the prices of the entire petrochemical chain are
witnessing an |
|
| across
the board upturn in the international markets. This phenomenon is having a
favourable |
|
| impact
on the polyester margins, though temporarily, since the prices of raw
material are also |
|
| on
the upward move. |
|
|
| While
the outlook of the polyester industry generally looks promising, in the
short-term, the |
|
| demand
and pricing may be influenced by low cotton prices locally and
internationally. |
|
| However,
the long-term trends are expected to remain stable due to sustained customer |
|
| preference
for polyester products in the local and international markets. |
|
|
| Tariff
Protection for the Industry |
|
|
| The
domestic polyester industry has been operating under a marginal tariff
protection, Instead |
|
| of
maintaining this nominal level of protection the government's recent decision
to allow PSF |
|
| imports
under No Duty No Draw Back scheme (NDND) has come as a rude shock because it |
|
| tantamount
to supporting the foreign producers at the cost of local industry in which 30
billions |
|
| rupees
investment has been made so far, |
|
|
| It
may be recognised that this industry supports Pakistan's core industry i.e.
textiles by providing |
|
| them
with alternate raw material at competitive prices thus enabling them to
generate export |
|
| earnings
for the country. Any downward change in the tariff structure of the polyester
industry |
|
| to
support it's upstream i.e, PTA ought to be avoided by all means. Otherwise
imperilling this |
|
| industry
will place the textile sector at the mercy of the foreign producers, |
|
|
| Unit
III - Acrylic Fibre and Tow |
|
|
| The
Board is pleased to report that Unit III having a production capacity of
25,000 tons per annum |
|
| of
Acrylic Fibre and Tow has been installed and trials have been successful. In
September 1999 |
|
| we
started trial operation of the plant and from the first week of November
trial marketing of |
|
| the
product has started. Based on the market feedback we are putting final
touches to our |
|
| commercial
marketing plan and full-scale commercial operations will be launched from
January |
|
| 20'00. |
|
|
| The
project faced implementation delays due to impediments in reaching a
financial close in |
|
| the
wake of sanctions imposed on Pakistan in May 1998. These delays resulted in
cost overruns. |
|
|
| Also,
your Company, being a good corporate citizen and keen to have a most
responsible |
|
| approach
towards protection of environment, installed a state of the art chemical
treatment |
|
| plant.
The plant is the first of its kind in Pakistan. Certain additions have also
been made keeping |
|
| in
view future expansion program. These additions also escalated the project
cost. |
|
|
| Still
we most gratefully bow our heads to Almighty Allah, the most Gracious and
Merciful, with |
|
| whose
guidance, blessings and support, Unit Ill has been successfully completed
despite a most |
|
| difficult
economic environment in the country. The project team has indeed proved that |
|
| sincerity,
loyalty, devotion and hard work can bring miracles. |
|
|
| Demand
of Acrylic Fibre and Tow originates primarily from cotton spinning and
woollen spinning |
|
| mills.
The total size of the market for Acrylic Fibre and Tow in Pakistan is
currently estimated at |
|
| 35,000
tons per annum. Acrylic Fibre and Tow is commonly used in warm clothing,
blankets, |
|
| carpets,
sweaters, shawls, etc. |
|
|
| Presently,
about 35,000 tons of Acrylic Fibre and Tow is being imported. With a
population growth |
|
| rate
of above 2.7% per annum, increasing international prices of wool, and shift
in consumer |
|
| preference
from natural to man-made fibre, the domestic demand for Acrylic Fibre and Tow |
|
| is
likely to continue its growth rate between 5% to 8% per annum in the future. |
|
|
| Transportation
of Raw Materials |
|
|
| The
Company has made arrangements with Pakistan Railways for safe and efficient
transport |
|
| of
AcryloNitrile from Port Qasim to the plant. Being satisfied with the way
transportation of |
|
| AcryloNitrile
is being handled by Railways, your Company is also gradually switching over
the |
|
| transportation
of PTA from road to Railways. This too is working out to be more efficient
and |
|
| cost
effective. The Company is now making its best efforts to have Railway track
linked up to |
|
| the
plant's premises which will facilitate optimum utilisation of Railway
services for transportation |
|
| of materials. |
|
|
| Dewan
Farooque Medical Complex |
|
|
| The
Board, on behalf of the Company, Dewan Mushtaq Group and Dewan Mushtaq
Family, |
|
| feels
satisfaction in reporting to you the completion and official handing over of
Dewan |
|
| Farooque
Medical Complex Building to Sindh Institute of Urology and Transplantation
(SLUT), Civil |
|
| Hospital,
Karachi. Your Company has continuously been contributing every year for this
noble |
|
| cause
since 1992-93 |
|
|
| The
Founder Chairman of Dewan Mushtaq Group, Late Dewan M. Umar Farooque made a |
|
| pledge
with SIUT to construct, at the cost of Dewan Mushtaq Group and its group
companies, |
|
| the
building of a purpose-built state-of-art 300-bed hospital for providing a
whole range of kidney |
|
| care
facilities for poor and needy patients. We bow our heads before Almighty
Allah, Rahman- |
|
| o-Rahim,
who has enabled us to successfully fulfil our Founders' pledge for such noble
cause |
|
| of
human well being. |
|
|
| The
seven-storey Kidney-care complex has a covered area of 280,000 square feet
and has taken |
|
| seven
years to build. SLUT is providing all the latest range of kidney care
facilities for needy patients |
|
| free
of charge, The Hospital Complex is operating under the supervision of the
dedicated team |
|
| of
world-known urologist Professor Dr. Syed Adibul Hasan Rizvi. |
|
|
| Future Plan |
|
|
| The
Board is cognisant of good prospects of Polyester Business and is thus
firming up a major |
|
| investment
plan based upon facilities of world scale at internationally competitive cost
and fast |
|
| track
implementation schedule. The Shareholders of the company in their meeting
held on 26 |
|
| February
199B, already empowered the Board to chalk out plan and proceed in this
direction. |
|
|
| Year
2000 (Y2K) Compliance |
|
|
| In
order to address the potential problems of Y2K issues, a Y2K Compliance
Committee has been |
|
| formed
which comprises Heads of Department from IT, Finance, Production, Procurement
and |
|
| Marketing
and Sales departments. A Y2K compliance team has also been organised to look |
|
| after
the IT-based data sensitive equipment. As per the various reports submitted,
we are now |
|
| satisfied
that all our critical systems, hardware and software, are Y2K compliant. |
|
|
| Contribution
to National Exchequer: |
|
|
| During
the year, your Company's contribution to the national exchequer amounted to
over |
|
| Rs.
1.024 billion in respect of payments under Sales Tax, Custom Duty and other
statutory levies. |
|
| This
does not include the withholding tax deducted by your Company from payments
made |
|
| to
employees, suppliers and contractors and deposited with the Government
treasury. |
|
|
| Vote
of Thanks: |
|
|
| The
Board puts on record its gratitude to its valued shareholders, Federal and
Provincial |
|
| Government
functionaries, banks, development financial institutions and customers of
Salsabil, |
|
| whose
co-operation, continued support and patronage have enabled your company to
achieve |
|
| the
desired results. |
|
|
| The
Board also expresses its appreciation for the valuable services, loyalty and
laudable efforts |
|
| rendered
by the executives, staff members and workers of the Company, during the year
under |
|
| review. |
|
|
| Auditors |
|
|
| The
Auditors of your Company, Messrs Faruq All and Company, Chartered Accountants
and |
|
| Messrs
Feroze Sharif Tariq and Company, Chartered Accountants, retire and offer
their services |
|
| for
re-appointment for the ensuing year on the same remuneration. |
|
|
| Conclusion: |
|
|
| In
conclusion, we bow, beg and pray to Almighty Allah, Rahman-e-Rahim, in the
name of our |
|
| beloved
prophet, Muhammed, peace be upon him, for continued showering of His
Blessings, |
|
| Guidance,
Strength, Health and Prosperity on us, our Company, Country and Nation; and
also |
|
| pray
to Almighty Allah to bestow peace, harmony, brotherhood and unity in true
Islamic spirit |
|
| to
the whole of Muslim Ummah, Ameen, Summa-Ameen. |
|
|
| LO-MY
LORD IS INDEED HEARER OF PRAYER (HOLY QURAN) |
|
|
|
For and on behalf of the
Board of Directors |
|
|
DEWAN ZIAUR REHMAN
FAROOQUI |
|
| Karachi:
06 December 1999 |
|
President / Chief
Executive |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| Faruq
Ali& Company |
|
Feroze Sharif Tariq &
Company |
|
| Chartered
Accountants |
|
Chartered Accountants |
|
| 102
Insurance House No.2, |
|
4-N-4, Block 6, |
|
| Habib
Square, M.A. Jinnah Road, |
|
P.E.C.H. Society, |
|
| Karachi. |
|
Karachi. |
|
|
| We
have audited the annexed Balance Sheet of Dewan Salman Fibre Limited, as at
30 June, |
|
| 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 |
|
| informatio |
