| United Jute Mills Limited |
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| Annual Report 1999 |
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| CONTENTS |
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| BOARD
OF DIRECTORS |
|
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| NOTICE OF MEETING |
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| DIRECTORS' REPORT |
|
|
| AUDITORS'
REPORT |
|
| BALANCE SHEET |
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| PROFIT & LOSS ACCOUNT |
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|
| CASH FLOW STATEMENT |
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| NOTES TO THE ACCOUNTS |
|
| PATTERN
OF SHARE HOLDING |
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|
|
| BOARD
OF DIRECTORS |
|
|
|
| Mian Muhammad Said Khan |
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| (Chairman/Chief Executive) |
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| Mrs. Fauzia Said Khan |
|
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| Mr. Shahid Said Khan |
|
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| Miss. Sharmeen Said Khan |
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| Miss Shaiza Said Khan |
|
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| Mr. M. Ikram Malik |
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| Mr. Masood Ahmed |
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| COMPANY SECRETARY : |
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| Mr. Abdul Hameed, FCA |
|
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| BANKERS: |
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| National Bank of Pakistan |
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| Standard Chartered Bank |
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| Al-Faysal
Investment Bank Ltd. |
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|
| AUDITORS: |
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| Messrs. Sarwars |
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| Chartered Accountants |
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| REGISTERED OFFICE : |
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| First Floor, |
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| Standard
Chartered Bank Chambers, |
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| I.I. Chundrigar Road, |
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| Karachi-74000. |
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| FACTORY : |
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| Mudke Road, 26 K.M., |
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| Off.
Lahore-Sheikhupura Road, |
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| Sheikhupura. |
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| NOTICE
OF MEETING |
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| Notice
is hereby given that the 15th Annual General Meeting of the Shareholders of |
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| the
Company will be held at Room No. 7/8 1st Floor, Standard Chartered Bank
Chambers, |
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| I.I.
Chundrigar Road, Karachi, on Tuesday the 28th December, 1999, at 9.30 a.m. to
transact |
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| the following business: |
|
|
| 1.
Recitation form the Holy Quran |
|
| 2.
To confirm the minutes of 14th Annual General meeting held on 19th December,
1998 |
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| 3.
To receive, consider and adopt the Audited Accounts of the Company for the
year ended |
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| 30th
June, 1999 together with the Directors' and Auditors' Report thereon. |
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| 4.
To appoint Auditors for the year 1999-2000 and to fix their remuneration. |
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| 5.
To transact any other business as may be placed before the meeting with the
permission |
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| of the chair. |
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|
By Order of the Board |
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|
ABDUL HAMEED |
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| Karachi: 6th December, 1999 |
|
Company Secretary |
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|
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| NOTE: |
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| 1.
The Share Transfer Books of the company will remain closed form 24th December |
|
| 199
to 2nd January, 2000 (both days inclusive). |
|
| 2.
A member entitled to attend and vote at this meeting may appoint a proxy. A |
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| proxy
must be a member. Proxies in order to be effect must be receive at the |
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| Registered
Office of the Company duly stamped, signed and witnessed not later |
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| than
48 hours before the meeting. |
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| 3.
Shareholders are requested to kindly communicate change in their addresses
immediately. |
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| DIRECTORS'
REPORT |
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| Assalam-o-Alaikum, |
|
|
| The
Directors are pleased to present their 15th Annual Report of your Company
along with the Audited Accounts together with Auditors' |
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| Report
thereon for the year ended June 30, 1999. |
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|
| FINANCIAL RESULTS |
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| The
financial results are summarized below: |
|
|
|
30-06-99 |
30-06-98 |
|
|
| Sales |
|
162,369,581 |
174,344,488 |
|
| Gross Profit |
|
24,727,466 |
13,450,495 |
|
| Financial Expenses |
|
40,891,351 |
42,970,744 |
|
| Loss before taxation |
|
28,689,600 |
39,046,441 |
|
| ,Loss after taxation |
|
29,501,420 |
39,918,156 |
|
|
| Although,
on the whole, the financial results for the year reflect signs of improvement
in gross profit inspire of decrease in sales value, |
|
| owing
to ever increasing cost of financing which is on the rise almost every year,
the net result, unfortunately, turned out to be a negative |
|
| one.
Every effort was made by your Directors to minimize administrative and
operational costs but the uncontrollable financial charges |
|
| overwhelmed
them and off-set whatever gain could be made in this regard. |
|
|
| REVIEW |
|
| The
turnover for the year under review dropped to Rs. 162,369,581 from Rs.
174,344,488 of the previous year due to the reason that |
|
| last
year there was slight increase in demand for sacking from Director General
Food, Ministry of Food and Agriculture on account |
|
| of
higher imports of wheat. However, the Company has managed to increase its
production to 4,442 MT as against 4,281 MT of last |
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| year. |
|
|
| Nevertheless,
the prevalence of acute economic hardship in the country, the periodic
increase in power and gas charges as well as |
|
| the
volatile market forces and last, but not least, the unbearably high rate of
mark-up and other financial charges, teamed up to pose |
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| almost
insurmountable stumbling blocks in the way of our turning into profit the
otherwise increased quantity of production and higher |
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| sales. |
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| FUTURE OUTLOOK |
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| While,
undoubtedly, there seems to be a great potential for us to capture our share
of the local market, it must be frankly admitted |
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| that
our profitability depends on easing economic, fiscal and political
difficulties faced by the country as much as on the stability of |
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| Pakistan
rupee. Your Directors are hopeful that as soon as they are able to surmount
these difficulties and over come the adverse |
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| factors
adumbrated above, the Company can expect to have a smooth sailing
financially. In this behalf no stone will be left unturned |
|
| and
every nerve will be strained to achieve fiscal self-sufficiency and economic
buoyancy. |
|
|
| DELlSTING |
|
| Owing
to heavy losses suffered by the Company during the last seven years, the
Directors could not declare any dividend / bonus |
|
| to
the shareholders for these years. The Management feels very strongly that
minority shareholders should not suffer any more. |
|
| Therefore,
they advised the sponsors to buy back all shares of the minority shareholders
from the market. The sponsors have given |
|
| their
consent and agreed to buy back such shares @10/- per share. Hence, the
Karachi Stock Exchange has been approached to |
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| de-list the Company. |
|
|
| AUDITORS |
|
| The
Company's Auditors, M/S Faruq All & Co. Chartered Accountants, have
resigned. The casual vacancy has been filled by the |
|
| Board
of Directors who appointed M/S Sarwars, Chartered Accountants for the year
1998-99. The auditor M/S Sarwars, Chartered |
|
| Accountants,
retire and offer themselves for re-appointment as Auditors for the year
1999-2000. |
|
|
| YEAR 2000 COMPLIANT |
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| All
hardware and software of the Company are now Y2K compliant, initial testing
has been done and we are confident that there will |
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| be
no problems in our computer systems. |
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| ACKNOWLEDGMENT |
|
| The
Directors avail themselves of this opportunity to express their thanks to all
the staff members and workers for their loyalty, sincere |
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| efforts
and hard work done during the year under review. The Directors also wish to
put on record their thanks to the shareholders, |
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| the
Company's Bankers, customers and suppliers for their continued cooperation
and support. They also wish to acknowledge with |
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| thanks
the services rendered by M/S Faruq All & Company, Chartered Accountants. |
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| Karachi. |
|
For and on behalf of The
Board Of Directors |
|
| 6th December, 1999 |
|
MUHAMMAD SAID KHAN |
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|
Chairman |
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|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
|
| We
have audited the annexed Balance Sheet of United Jute Mills Limited Karachi,
as at 30th |
|
| June,
1999 and the related Profit & Loss Accounts and Statement of Changes in
Financial |
|
| Position
together with the Notes forming part thereof, for the year then ended and we
state |
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| 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 |
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| report that: |
|
|
| (a)
In our opinion, proper books of account have been kept by the Company as
required |
|
| by
the Companies Ordinance, 1984; |
|
|
| (b) In our opinion: |
|
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| i)
The Balance Sheet and Profit & Loss Account together with the Notes
thereon have |
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| been
drawn up in conformity with the Companies Ordinance, 1984 and are in |
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| agreement
with the Books of accounts and are further in accordance with accounting |
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| policies consistently
applied; |
|
|
| ii)
The expenditure incurred during the year was for the purpose of the company's |
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| business; and |
|
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| iii)
The business conducted, investment made and the expenditure incurred during
the |
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| period
were in accordance with the objects of the company |
|
|
| (c)
In our opinion and to the best of our information and explanations given to
us, the Balance |
|
| Sheet, Profit & Loss Account and
Statement Changes in Financial Position together with |
|
| 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 30th June,
1999 and of the Loss and the Changes in |
|
| Financial-Position for the year then ended;
and |
|
|
| (d)
No Zakat was deductible at source under the Zakat and Ushr Ordinance, 1980. |
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|
| LAHORE |
|
SARWARS |
|
| 6th December, 1999 |
|
CHARTERED ACCOUNTANTS |
|
|
|
| BALANCE
SHEET AS AT 30TH JUNE, 1999 |
|
|
|
30.06.99 |
30.06.98 |
|
| CAPITAL AND LIABILITIES |
|
NOTE |
RUPEES |
RUPEES |
|
|
| AUTHORIZED
SHARE CAPITAL |
|
| 5,000,000
Ordinary shares of Rs. 10 each |
|
50,000,000 |
50,000,000 |
|
|
=========== |
=========== |
|
| ISSUED,
SUBSCRIBED & PAID UP CAPITAL |
|
2 |
40,000,000 |
40,000,000 |
|
|
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|
| RESERVE AND SURPLUS |
|
|
|
| General Reserve |
|
|
14,200,000 |
14,200,000 |
|
|
|
|
| ACCUMULATED LOSSES |
|
|
(214,123,322) |
(184,621,902) |
|
|
|
------------------- |
------------------- |
|
|
|
(159,923,322) |
(130,421,902) |
|
| SURPLUS
ON REVALUATION OF FIXED ASSETS |
3 |
248,312,129 |
248,312,129 |
|
| LONG TERM LOANS |
|
4 |
164,300,000 |
175,143,850 |
|
| CURRENT
LIABILITIES & PROVISIONS |
|
|
|
| Current
Maturity of Long Term Loan |
|
5 |
10,000,000 |
10,000,000 |
|
| Short Term Loans |
|
6 |
31,749,352 |
-- |
|
| Borrowing From Banks |
|
7 |
101,764,905 |
83,131,729 |
|
| Creditors,
Accrued & Other Liabilities |
|
8 |
60,847,970 |
47,693,551 |
|
| Provision for Taxation |
|
|
811,848 |
871,750 |
|
|
|
------------------- |
------------------- |
|
|
|
205,174,075 |
141,697,030 |
|
| COMMITMENTS
AND CONTINGENCIES |
|
9 |
-- |
-- |
|
|
|
------------------- |
------------------- |
|
|
|
457,862,882 |
434,731,107 |
|
|
=========== |
=========== |
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|
| PROPERTY AND ASSETS |
|
|
| FIXED ASSETS |
|
10 |
262,679,491 |
282,191,456 |
|
|
|
|
|
| CURRENT ASSETS |
|
|
|
|
| Stock and Stores |
|
11 |
91,995,368 |
11 6,936,482 |
|
| Sundry Debtors |
|
12 |
5,204,025 |
10,584,241 |
|
| Due
from Associated Undertakings |
|
13 |
82,216,609 |
6,861,931 |
|
| Advances,
Deposits & Pre-Payments |
|
14 |
13,295,047 |
14,201,181 |
|
| Cash and Bank Balances |
|
15 |
2,472,342 |
3,955,816 |
|
|
------------------- |
------------------- |
|
|
195,183,391 |
152,539,651 |
|
|
------------------- |
------------------- |
|
|
457,862,882 |
434,731,107 |
|
|
=========== |
=========== |
|
| Auditors' report annexed |
|
| Note:
The annexed Notes form an integral part of these accounts. |
|
|
|
MUHAMMAD SAID KHAN |
|
MASOOD AHMAD |
|
| Karachi · 6th December, 1999 |
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED 30TH JUNE 1999 |
|
|
|
|
|
30.06.99 |
30.06.98 |
|
|
NOTE |
RUPEES |
RUPEES |
|
|
| SALES |
|
16 |
162,369,581 |
174,344,488 |
|
| COST OF SALES |
|
17 |
137,642,115 |
160,893,993 |
|
|
|
------------------- |
------------------- |
|
| GROSS PROFIT |
|
24,727,466 |
13,450,495 |
|
| OPERATING EXPENSES |
|
| Administrative & General |
|
18 |
4,693,378 |
4,330,665 |
|
| Selling & Distribution |
|
19 |
6,250,137 |
5,198,457 |
|
|
------------------- |
------------------- |
|
|
10,943,515 |
9,529,122 |
|
|
------------------- |
------------------- |
|
| Operating Profit |
|
13,783,951 |
3,921,373 |
|
| Other Income |
|
20 |
1,950 |
2,930 |
|
|
------------------- |
------------------- |
|
|
13,785,901 |
3,924,303 |
|
| Other Charges |
|
21 |
(1,656,150) |
-- |
|
|
------------------- |
------------------- |
|
|
12,129,751 |
3,924,303 |
|
| Financial Expenses |
|
22 |
40,819,351 |
42,970,744 |
|
|
------------------- |
------------------- |
|
| Loss Before Taxation |
|
(28,689,600) |
(39,046,441) |
|
|
| TAXATION |
|
| Current |
|
811,848 |
871,750 |
|
| Prior Year |
|
(28) |
(35) |
|
|
------------------- |
------------------- |
|
|
811,820 |
871,715 |
|
|
------------------- |
------------------- |
|
| Loss after Taxation |
|
(29,501,420) |
(39,918,156) |
|
| 'Prior Year Adjustment |
|
-- |
(7,271,541) |
|
|
------------------- |
------------------- |
|
|
(29,501,420) |
(47,189,697) |
|
| Accumulated
(Losses) Brought Forward |
|
(184,621,902) |
(137,432,205) |
|
|
------------------- |
------------------- |
|
| Balance
Carried Over to Balance Sheet |
|
(214,123,322) |
(184,621,902) |
|
|
=========== |
=========== |
|
| Auditors' report annexed |
|
| Note
: The annexed notes form an integral part of these accounts. |
|
|
| Karachi |
MUHAMMAD SAID KHAN |
|
MASOOD AHMAD |
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
|
| CASH
FLOW STATEMENT |
|
| FOR
THE YEAR ENDED 30TH JUNE 1999 |
|
|
|
30.06.99 |
30.06;.98 |
|
|
RUPEES |
RUPEES |
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
| Loss before taxation |
|
(20,609,600) |
(39,046,441) |
|
| ADJUSTMENT
FOR NON CASH CHARGES & OTHER ITEMS |
|
|
|
| Depreciation |
|
19,732,240 |
21,261,412 |
|
| Financial expenses |
|
40,819,351 |
42,970,744 |
|
| Prior year adjustment |
|
-- |
(7,271,541) |
|
| Working Capital Changes |
|
(55,120,002) |
(38,213,301) |
|
|
------------------- |
------------------- |
|
| Cash Deficit from operation |
|
(23,258,011) |
(20,299,127) |
|
| Financial Charges Paid |
|
(16,672,144) |
(37,89~,675) |
|
| Taxes Paid |
|
(871,722) |
(543,965) |
|
|
------------------- |
------------------- |
|
| Net
Cash out Flow from operating Activities |
|
(40,801,877) |
(58,738,767) |
|
|
=========== |
=========== |
|
| CASH
FLOW FROM INVESTING ACTIVITIES |
|
| Fixed Capital Expenditure |
|
(220,275) |
(88,277) |
|
| Long Term Loans |
|
1,300,000 |
140,000,000 |
|
|
------------------- |
------------------- |
|
| No
cash in Flow from Investing Activities |
|
1,079,725 |
147,911,723 |
|
|
=========== |
=========== |
|
| CASH
FLOW FROM FINANCIAL ACTIVITIES |
|
| Term Finance Loan |
|
31,749,352 |
(5,000,000) |
|
|
------------------- |
------------------- |
|
| Net
Cash (out Flow)/ inflow from Financing Activities |
|
31,749,352 |
(5,000,000) |
|
|
| Net
(Decrease)/increase in Cash & Cash Equivalent |
|
(7,972,800) |
84,172,956 |
|
| Cash
& Cash equivalent at the beginning |
|
(91,319,763) |
(175,492,719) |
|
|
------------------- |
------------------- |
|
| Cash
& Cash Equivalent at the end |
|
(99,292,563) |
(91,319,763) |
|
|
=========== |
=========== |
|
| CASH
& CASH & EQUIVALENT |
|
| Cash & Bank Balances |
|
2,472,342 |
3,955,816 |
|
| Borrowing From Banks |
|
(101,764,905) |
(95,275,579) |
|
|
------------------- |
------------------- |
|
| Cash & Cash Equivalent |
|
(99,292,563) |
(91,319,763) |
|
|
=========== |
=========== |
|
| (Increase)/
Decrease in Current Assets |
|
| Stock in Trade |
|
24,941,114 |
(17,835,177) |
|
| Book Debts |
|
5,380,216 |
(5,490,806) |
|
| Due
from Associated Undertaking |
|
(75,354,678) |
(6,861,931) |
|
| Advances,
Deposits, Pre-payments and other Receivable |
|
906,134 |
1,919,355 |
|
|
------------------- |
------------------- |
|
| Net
Decreases in Current Assets |
|
(44,127,214) |
(20,276,559) |
|
| Increase/(Decrease)
in Current Liabilities |
|
|
|
| Creditors,
Accrued & other Liabilities (Net) |
|
(10,992,700) |
(9,936,742) |
|
|
------------------- |
------------------- |
|
| Working Capital Changes |
|
(55,120,002) |
(38,213,301) |
|
|
=========== |
=========== |
|
|
|
|
| Karachi |
|
MUHAMMAD SAID KHAN |
MASOOD AHMAD |
|
| 6th December, 1999 |
|
CHIEF EXECUTIVE |
DIRECTOR |
|
|
|
| NOTES
TO THE ACCOUNTS |
|
|
|
| STATUS
AND NATURE OF BUSINESS |
|
|
|
| UNITED
JUTE MILLS LIMITED was incorporated on 7th of March, 1984 as a Public Limited |
|
| Company.
Its shares are quoted on Stock Exchanges in Pakistan and its main area of
activity |
|
| is
manufacturing and sale of Jute products. |
|
|
| 1.
SIGNIFICANT ACCOUNTING POLICIES |
|
| 1.1 Accounting Convention |
|
| These
accounts are prepared on historical cost convention without any adjustment |
|
| for
the effect of inflation or current value. |
|
|
| 1.2 Employees' Gratuity |
|
| The
Company does not make provision for gratuity as the Company follows the
policy |
|
| of as and when paid. |
|
|
| 1.3 Taxation |
|
| Provision
of current taxation is made on taxable income for the year, if any. The |
|
| Company
does not account for deferred taxation arising due to major timing dif- |
|
| ferences.
The Company is liable to pay tax u/s 80D of Income Tax Ordinance, 1979. |
|
|
| 1.4 Fixed Assets |
|
| a)
All the Fixed Assets are stated at cost less accumulated depreciation except |
|
| land,
building and machinery. The land is stated at revalued price whereas |
|
| building
and machinery are stated at revalued amount less accumulated de- |
|
| preciation. |
|
|
| b)
Depreciation is charged to income applying the reducing balance method
without |
|
| considering the extra shift worked. |
|
|
| c)
Profit or Loss on sale of fixed assets, if any, is included in the current
income. |
|
|
| d)
Full year's depreciation is provided on additions whereas no depreciation is |
|
| provided on deletion during the year. |
|
|
| e)
Minor maintenance and repair are expensed out as and when incurred, whereas |
|
| major renewals and replacement are
capitalized. |
|
|
| 1.5 Stock and Stores |
|
| The Stock & Stores are valued as under:- |
|
| a) Raw Material |
|
At average cost. |
|
| b) Stores and Spares |
|
At average cost. |
|
| c) Work-in-Process |
|
At average cost. |
|
| d) Packing Material |
|
At average cost. |
|
| e) Finished Goods |
|
At cost or net realizable
value whichever is lower. |
|
|
| 1.6 Trade Debts |
|
| Debts
considered bad by the management, if any, are provided or written off but |
|
| no
general provision is made for doubtful debts. |
|
|
| 1.7
Revenue/Expense Recognition |
|
| Revenue
is recognized on despatch of goods to customers. Expenses are charged |
|
| on accrual basis. |
|
|
|
|
30.06.99 |
30.06.98 |
|
|
|
RUPEES |
RUPEES |
|
|
| 2.
ISSUED, SUBSCRIBED & PAID UP CAPITAL |
|
| 4,000,000
shares of Rs. 10/= each |
|
| issued and fully paid in cash |
|
40,000,000 |
40,000,000 |
|
|
=========== |
=========== |
|
|
| 3.
SURPLUS ON REVALUATION OF FIXED ASSETS |
|
| Fixed Assets Revalued |
|
248,312,129 |
248,312,129 |
|
|
|
=========== |
=========== |
|
|
| The
Company carried out revaluation of its land, building and plant and machinery
in |
|
| accordance
with provision of the Companies Ordinance 1984 and as per the rule framed |
|
| by
the State Bank of Pakistan. See Note No. 10. |
|
|
| 4.
LONG TERM LOANS (SECURED) |
|
|
| Standard Chartered Bank |
|
-- |
15,000,000 |
|
| Al
Faysal Investment Bank Ltd. |
|
4.1 |
150,500,000 |
148,000,000 |
|
| Foreign Currency Loan |
|
4.2 |
13,800,000 |
12,143,850 |
|
|
------------------- |
------------------- |
|
|
164,300,000 |
175,143,850 |
|
|
=========== |
=========== |
|
|
|
|
| 4.1
The facility of Rs. 150.5 million as Murabaha has been availed from Al-Faysal |
|
| Investment Bank Ltd. Karachi repayable
after three years in one installment com- |
|
| mencing from 18-05-2001. Loan is secured
against 2nd charge on all present and |
|
| future fixed assets, equipments installed
at factory premises. The rate of mark-up |
|
| is 45.07 paisa per thousand per day on
daily product basis. |
|
|
| The
above loan has been availed from M/s. Mil (JERSEY) Ltd. for US $ 300,000. |
|
| The
loan is interest free and without forward cover/exchange risk cover facility.
That |
|
| the
.loan will be re-paid in one installment on 12-09-2000. The loan agreement
has |
|
| been
approved by State Bank of Pakistan and has been converted into Pak Rs. |
|
| @46/-
(@40.4795 1998) per US Dollar. |
|
|
| 5.
CURRENT MATURITY OF LONG TERM LOAN |
|
|
| Standard Chartered Bank |
|
10,000,000 |
10,000,000 |
|
|
=========== |
=========== |
|
| 6. SHORT TERM LOANS |
|
| Al-Faysal
Investment Bank Ltd |
|
6.1 |
31,749,352 |
-- |
|
|
=========== |
=========== |
|
|
| 6.1
The above loan includes Three Murabaha facilities availed of from AI-Faysal
In- |
|
| vestment Bank Ltd., details as under: |
|
|
|
Mark up Rate |
|
| Loan Facilities |
|
Per Rs. 1000 Per Day |
Re-payable on |
|
|
| a) Rs. 16.000 million |
|
52.7 Paisa |
|
31-08-99 |
|
| b) Rs. 14.849 million |
|
54.7 Paisa |
|
28-10-99 |
|
| c) Rs. 0.900 million |
|
54.7 Paisa |
|
22-10-99 |
|
|
| Rs. 31.749 million |
|
|
| These
loans are secured against 2nd charge on all present and future assets of |
|
| the Company. |
|
|
| 7.
BORROWING FROM BANKS |
|
Sanctioned |
|
|
Limit in millions Rs. |
|
| Standard Chartered Bank |
|
| Cash
Finance Account Karachi |
7.10 |
19.38 |
23,731,222 |
11,533,166 |
|
| National Bank of Pakistan |
|
| Cash
Finance Hypothecation Lahore |
7.20 |
41.50 |
41,500,053 |
