| Haydari Construction Co Ltd - 2003 |
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BALANCE SHEET AS AT JUNE 30, 2003
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2003 2002
NOTE RUPEES RUPEES
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CAPITAL AND LIABILITIES
SHARE CAPITAL AND RESERVES
AUTHORISED CAPITAL
10,000,000 Ordinary Shares of Rs. 5/- each 50,000,000 50,000,000
ISSUED SUBSCRIBED AND PAID UP CAPITAL 3 32,000,000 32,000,000
RESERVES AND SURPLUS:
General Reserve 2,100,000 2,100,000
Capital Gain 4 8,527,412 8,527,412
Accumulated Loss (22,810,349) (22,882,173)
(12,182,937) (12,254,761)
19,817,063 19,745,239
CURRENT LIABILITIES
Mobilization Advances 5 7,255,895 7,255,895
Accrued Expenses and Other Liabilities 6 239,450 179,375
Unclaimed Dividend 266,983 266,736
7,762,328 7,702,006
Contingencies and Commitments 7 - -
27,579,391 27,447,245
Note: The annexed notes form an integral part of these accounts.
PROPERTY AND ASSETS
TANGIBLE FIXED ASSETS 8 942,517 1,047,548
LONG TERM INVESTMENTS: (At Cost) 9 611 611
LONG TERM DEPOSITS 1,400 1,400
CURRENT ASSETS:
Contract Work-in-Progress 10 12,723,740 12,728,028
Claim against Bond (Under Litigation) 11 7,450,000 7,450,000
Paid by Banks
Other Receivables 12 156,070 17,467
Cash Margin & Retention Money 13 2,176,221 2,176,221
Income Tax Refundable 14 3,066,602 3,080,271
Cash and Bank Balances 15 1,062,230 945,699
26,634,863 26,397,686
27,579,391 27,447,245
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=================================================================================== PROFIT & LOSS ACCOUNT FOR THE YEAR ENDED JUNE 30, 2003 =================================================================================== 2003 2002 NOTE RUPEES RUPEES =================================================================================== INCOME: Income from Contracts 16 755,277 1,443,787 Dividend income 17 1,780 1,753 Profit on PLS Account 18 31,912 26,217 788,969 1,471,757 EXPENDITURES: Salaries, Wages & Other Benefits 256,046 66,033 Rent, Rates & Taxes 12,100 12,200 Bank Charges 2,275 1,814 Auditors Remuneration 19 25,000 75,000 Legal, Tender and Stock Exchange Fees 20 88,510 313,700 Other Administrative Expenses 21 99,770 86,081 Directors Fee 22 150 150 Advertisement & Subscription 22,814 46,711 Depreciation 105,031 116,777 611,696 718,466 Profit before Taxation 177,273 753,291 Provision for Taxation / Reversal 23 (105,449) 1,435,503 Net Profit after Taxation 71,824 2,188,794 Accumulated Loss Brought Forward (22,882,173) (25,070,967) Accumulated Loss Carried Forward (22,810,349) (22,882,173) Earning Per Share of Rs. 5.00 24 0.01 0.34 =================================================================================== ===================================================================================
CASH FLOW STATEMENT FOR THE YEAR ENDED JUNE 30, 2003
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2003 2002
RUPEES RUPEES
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NET CASH (OUTFLOW)/ INFLOW FROM
OPERATING ACTIVITIES
Cash Generated from Operations
Profit (Loss) before Taxation 177,273 753,291
Adjustments for non cash charges and other items:
Depreciation 105,031 116,777
282,304 870,068
(Increase) / Decrease in Current Assets
Contract Work in Progress 4,288 (4,288)
Other Receivables (138,603) 43,688
Income Tax Refund / Payments (91,780) (306,717)
(226,095) (267,317)
Increase / (Decrease) in Current Liabilities:
Accrued Expenses & Other Liabilities 60,075 15,675
Increase in unclaimed Dividend 247 (2,498)
60,322 13,177
Net Increase / (Decrease) in Cash 116,531 615,928
Cash and cash equivalent at beginning of the year 945,699 329,771
Cash and cash equivalent at the end of the year 1,062,230 945,699
===================================================================================NOTES TO THE ACCOUNT FOR THE YEAR ENDED JUNE 30, 20033. ISSUED SUBSCRIBED AND PAID UP CAPITAL ===================================================================================
2003 2002
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5,900,000 Ordinary Shares of Rs. 5/- each 29,500,000 29,500,000
fully paid in cash
500,000 Ordinary Shares of Rs.5/- each
issued as fully paid bonus shares 2,500,000 2,500,000
32,000,000 32,000,000
===================================================================================4. CAPITAL GAIN===================================================================================
2003 2002
RUPEES RUPEES
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Balance as per Last Balance Sheet 8,527,412 8,527,412
===================================================================================5. MOBILIZATION ADVANCE FOR CONSTRUCTION CONTRACTS===================================================================================
2003 2002
RUPEES RUPEES
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Balance as per Last Balance Sheet 7,255,895 7,255,895
===================================================================================The Company has furnished bank guarantee for a sum of Rs. 8,050,000/- in respect of Mobilization advance and bid bonds etc, against construction contract.The above advance was received at the time of commencement of work and is adjustable from installment of running bills. The matters are in litigation. 6. ACCRUED EXPENSES AND OTHER ===================================================================================
2003 2002
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LIABILITIES
Accrued Expenses 77,575 115,000
Other Liabilities 161,875 64,375
239,450 179,375
===================================================================================7. CONTINGENCIES & COMMITMENTS7.1. The company has filed suits against State Engineering Corp, WAPDA and National Logistic Cell for recovery of amount for work done which are pending. State Engineering Corp. has however filed a counter claim against the company (see notes 5 11 & 13). 7.2. The Company is a party in a suit filed in the year 2000 against Emirates Bank Limited for Bank�s wrongful acts which included wrongful declaration as defaulter of our Company � resulting damages in reputation of the company and interruption in the business of M/s. Habib Arkady Ltd. The amount of claim for damages / compensation is Rs. 510,000,000/- alongwith Mark-up there on @ 15% till date of actual payment plus cost of suit. 7.3. M.C.B. paid performance bond of Rs. 4.45 million for H.E.C. Texila while Bank Al-Falah (formerly B.C.C.I) paid Bid Bond of Rs. 3 million to WAPDA for Mangla project. The Matter is Subjudice for unlawful encashment of above bonds. 8. TANGIBLE FIXED ASSETS =========================================================================================================================================
COST DEPRECIATION
On Written-Down
Particulars As at Addition As at Rate Upto For the Disposals Total upto Value
of Assets 01-07-2002 (Disposals) 30-06-2003 % 30-06-2002 year and June 30, June 30, 2003
Adjustment 2003
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Plant & Machinery 6,549,593 - 6,549,593 10% 5,504,898 104,470 - 5,609,368 940,225
Furniture & Fixture 3,900 - 3,900 10% 3,807 9 - 3,816 84
Vehicles & Tractors 212,792 - 212,792 20% 210,032 552 - 210,584 2,208
TOTAL RUPEES 2003 6,766,285 - 6,766,285 5,718,737 105,031 - 5,823,768 942,517
TOTAL RUPEES 2002 6,766,285 - 6,766,285 5,601,960 116,777 - 5,718,737 1,047,548
=========================================================================================================================================9. LONG TERM INVESTMENT=====================================================================================
No. of Face Value Market Value Purchase Purchase
Shares Rupees as on 30.06.2003 Price Price
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(A) QUOTED
Habib Sugar Mills Ltd 9 5 110 19 19
Dawood Hercules Ltd. 172 10 26,703 592 592
26,813 611 611
(B) UNQUOTED
OTHERS :
Fatima Textile
Mills Ltd 14,520 5 - 122,117 122,117
(De-Listed by stock exchange)
Less: Provision for diminution in the value 122,117 122,117
- -
611 611
=====================================================================================10./ CONTRACT WORK IN PROGRESS=====================================================================================
2003 2002
RUPEES RUPEES
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Total expenses of previous work 79,249,743 79,249,743
Total expenses of current work
(Habib Arkady Limited) - 267,288
79,249,743 79,517,031
Less: Payment received against previous work 66,526,003 66,526,003
Payment received against current work (Habib Arkady Ltd.) - 263,000
66,526,003 66,789,003
12,723,740 12,728,028
=====================================================================================11 CLAIM AGAINST BOND (UNDER LITIGATION)=====================================================================================
2003 2002
Note RUPEES RUPEES
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PAID BY BANKS 7.3 7,450,000 7,450,000
=====================================================================================12. OTHER RECEIVABLES=====================================================================================
2003 2002
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Profit on PLS Account � Faisal Bank Ltd. 14,570 17,467
Other (Habib Arkady Ltd) 141,500 -
156,070 17,467
=====================================================================================13. CASH MARGIN AND RETENTION MONEY=====================================================================================
2003 2002
RUPEES RUPEES
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Cash Margin 1,176,221 1,176,221
Retention Money 1,000,000 1,000,000
2,176,221 2,176,221
=====================================================================================14. INCOME TAX REFUNDABLE=====================================================================================
2003 2002
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Opening Balance 3,080,271 1,338,051
Add: Payment made during the year 91,780 306,717
3,172,051 1,644,768
Less: Provision for Current Year 98,748 309,280
3,073,303 1,335,488
Add: (Provision) / Reversal for Prior Year (6,701) 1,744,783
3,066,602 3,080,271
=====================================================================================15. CASH AND BANK BALANCES=====================================================================================
2003 2002
RUPEES RUPEES
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Cash in Hand 2,781 1,486
Balance with Banks (in Current & PLS Accounts) 1,059,449 944,213
1,062,230 945,699
=====================================================================================16. INCOME FROM CONTRACTS=====================================================================================
2003 2002
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Value of work executed for Habib Arkady Limited 2,154,307 5,818,900
Less: Cost of work executed for Habib Arkady Limited 1,399,030 4,375,113
755,277 1,443,787
=====================================================================================17. DIVIDEND INCOME=====================================================================================
2003 2002
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Habib Sugar Mills Ltd - 11
Dawood Hercules Ltd. 1,780 1,742
1,780 1,753
=====================================================================================18. PROFIT ON PLS ACCOUNT FAYSAL BANK LIMITED=====================================================================================
2003 2002
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31,912 26,217
=====================================================================================19. AUDITORS REMUNERATION=====================================================================================
2003 2002
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Audit Fee 25,000 75,000
=====================================================================================The stock holders inspite of ICAP intervention has approved Rs. 10,000/- as Audit fee for the year 2003, in their meeting of 30th September 2002. However, the revision of audit fee has been made to Comply with the directives of ICAP as insisted by auditors. 20. LEGAL FEE & EXPENSES =====================================================================================
2003 2002
RUPEES RUPEES
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88,510 306,900
Tender Fee & Expenses - 6,800
88,510 313,700
=====================================================================================21. OTHER ADMINISTRATIVE EXPENSES=====================================================================================
2003 2002
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Stationery & Printing 56,930 41,612
Postage and Telephone 22,685 22,841
Entertainment 15 88
Conveyance 140 1,540
Professional Tax 20,000 20,000
99,770 86,081
=====================================================================================22. REMUNERATION OF DIRECTORS, CHIEF EXECUTIVE AND EXECUTIVES===========================================================================
Chief Total
Director Executive Executive 2003
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Meeting Fee 130 20 - 150
Managerial Remuneration - - 192,500 192,500
Contribution to P.F. - - 9,996 9,996
Rupees 2003 130 20 202,496 202,646
Rupees 2002 125 25 - 150
No. of Persons 2002-2003 6 1 1 8
No. of Persons 2001-2002 6 1 - 7
22.01 Number of Employees 01 01
===========================================================================23. PROVISION FOR TAXATION=====================================================================================
2003 2002
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Income Tax � Current year 98,748 309,280
- Prior year 6,701 (1,744,783)
105,449 (1,435,503)
=====================================================================================24. BASIC EARNING PER SHAREBasic earnings per share are calculated by dividing the net profit for the year by the number of Shares outstanding during the year as follows: =====================================================================================
2003 2002
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Profit after tax for the year 71,824 2,188,794
Weighted average number of shares outstanding
during the year 6,400,000 6,400,000
Basic earning per share 0.01 0.34
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