Chemicals: WAH NOBEL CHEMICALS LIMITED - Year Ended June 30, 2006 (Audited).

(From Business Recorder)

Byline: SCANNER

Wah Nobel Chemicals Limited (Wah Nobel) was incorporated in Pakistan on May 31, 1983 as a public limited company. Wah Nobel is listed on the Karachi, Lahore and Islamabad Stock Exchanges.

The principal activity of the company is to manufacture Formaldehyde and Formaldehyde based liquid resins for use as bonding agent in the chipboard, plywood and flush door manufacturing industries. It is also engaged in erection of plants and trading activities. Wah Nobel (Private) Limited, is its holding company, while Wah Nobel Acetates Limited and Wah Nobel Detonators (Private) Limited are the fellow subsidiaries.

As against authorised capital of Rs 200 million as on June 30, 2006, the paid-up capital was Rs 90 million, contributed by 920 shareholders. Wah Nobel (Private) Limited, held over 55% shares. Shareholding with the general public was only 7.73%. Feroze Khan Malik, Director and his spouse held 0.64% of total shares. NIT and ICP together owned over 14% shares.

The rest of the shares were held by the corporate sector particularly insurance companies.The External Auditors in their Report to the members state: "Without qualifying our opinion, we draw attention to note 15.1.2 to the financial statements. The Company is defendant in a lawsuit alleging non-payment of vend and …