| Siemens (Pakistan) Engineering Co. Ltd |
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| Annual
Report 1998 |
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| Corporate
Objectives |
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| Our
prime objective is to offer to our customers quality |
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| products
and services at competitive prices to their |
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| complete
satisfaction. |
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| We
constantly endeavor to maintain our position as market |
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| leaders
and technology pace-setters in all areas of our |
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| operations
and to continuously improve our efficiency |
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| and
competitive strength. |
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| To
enhance their creativity and job satisfaction, we provide |
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| our
employees, opportunity for personal development, |
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| limited
only by their own ability and drive; we consider |
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| this
to be an important means of achieving our corporate goals. |
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| By
continually improving our performance, we aim to |
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| generate
earnings sufficient to ensure a secure future for |
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| the
Company and to protect and increase shareholders' |
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| investment. |
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| Local
presence, backed fully by the high-tech engineering |
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| expertise
of Siemens world wide, is our special strength. |
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| We
are an integral part of national economy with a strong |
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| sense
of responsibility to society and the environment. |
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| CONTENTS |
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| Company
Information |
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| Directors'
report |
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| Management
report |
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| Telecommunication
Division |
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| Systems
& Projects Division |
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| Power
Engineering Division |
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| Products
& Services Division |
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| Notice
of meeting |
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| Auditors'
report to the members |
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| Balance
sheet |
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| Profit
& loss account |
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| Cash
Flow Statement |
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| Notes
to the accounts |
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| Pattern
of Shareholding |
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| Locally
manufactured products & services |
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| Siemens
nationwide |
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| Company
information |
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| Board
of Directors |
Syed Babar Ali, Lahore,
Chairman |
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Martin Sulger, Karachi,
Managing Director |
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Karl Friedrich Hunke,
Munich |
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Razi-ur-Rahman Khan,
Karachi |
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Asadullah Khawaja,
Karachi |
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Roll Schlotfeldt, Munich |
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Herbert Steffen, Erlangen |
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(Until September, 1998) |
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Klaus Voges, Erlangen |
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(Effective October, 1998) |
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| Management |
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Martin Sulger |
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Managing Director |
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Farhat Ali |
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Systems & Projects
Division |
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Daud Ansari |
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Finance & Business
Admn. Div. (Until September, 1998) |
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Tertius Vermeulen |
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Finance & Business
Admn. Div. (Effective October, 1998) |
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Pervez Iftikhar |
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Telecommunication
Division |
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Bakhtiyar Saeed |
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Power Engineering
Division |
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Sohail Wajahat |
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Products and Services
Division (Until February, 1998) |
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Hamiduddin Ahmed |
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Products and Services
Division (Effective March, 1998) |
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| Auditors |
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Taseer Hadi Khalid &
Company, Karachi |
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| Legal
Advisor |
Syed Imran Bokhari,
Lahore |
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| Registered
Office |
B-72, Estate Avenue |
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Sind Industrial Trading
Estates |
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Karachi - 75700 |
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| Corporate
Structure |
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Managing Director |
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| Divisions |
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| Telecommunication |
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| Systems
& Projects |
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| Power
Engineering |
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| Products
& Services |
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| Finance
& Business Administration |
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| Business
Units |
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| Telecom
Networks |
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| Private
Networks |
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| Special
Systems |
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| Siemens
Nixdorf |
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| Medical
Engineering |
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| Industrial
Projects |
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| Rail
Transportation System |
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| Solar |
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| Power
Generation |
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| Transmission
& Distribution |
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| Transformers |
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| Switchboards |
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| Diesel
Generating Sets |
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| Motors
& Alternators |
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| Standard
Products |
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| Engg
& Const. Services Traffic Control Systems IT Services |
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| Central
Depts. |
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| Finance
& Accounting |
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| Audit |
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| Central
Comm Services |
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| Corporate
Depts. |
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| Planning
& Development |
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| Security
General Services SITE Industrial Relations |
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| Human
Resources |
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| Quality |
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| Communication |
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| Joint
Venture Partners of Siemens AG with Pakistan Telecommunication |
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| Company
Limited: |
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| Telephone
Industries of Pakistan (Pvt.) Limited, Haripur |
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| Carrier
Telephone Industries (Pvt.) Limited, Islamabad |
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| Regional
Offices: |
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| Karachi,
Lahore, Islamabad, Quetta, Peshawar |
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| Directors'
Report |
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| Your
Directors take pleasure in presenting their report and the audited |
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| accounts
for the year ended 30 September, 1998 alongwith the Auditors' |
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| report. |
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(Rupees in thousand) |
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| Net
profit for the year after taxation |
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219,606 |
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| Unappropriated
profit brought forward |
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64 |
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| Available
for appropriation |
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219,670 |
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| Transfer
to asset replacement reserve |
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(75,000) |
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| Transfer
to revenue reserve - general |
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(121,100) |
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| Proposed
final dividend @ 30% |
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(23,479) |
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| Unappropriated
profit carried forward |
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91 |
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| The
earning per share (EPS) amounted Rs. 28.06 |
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| Mr.
Mr. Herbert Steffen who had been on the Board since January 1, 1993 has
resigned |
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| with
effect from 30 September, 1998 due to change in his assignments. He has been |
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| replaced
by Mr. Klaus Voges with effect from October 1, 1998. The Board |
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| acknowledges
the valuable services of Mr. Steffen and welcomes Mr. Voges. |
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| No
material changes and commitments affecting the financial position of your |
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| Company
have occurred between the end of the financial year of the Company to |
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| which
this Balance Sheet relates and the date of the Directors' Report. |
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| The
present auditors, Messrs Taseer Hadi Khalid & Company retire and being |
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| eligible,
offer themselves for re-appointment. |
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| The
statement of pattern of the shareholding of the Company as at 30 September, |
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| 1998
is also shown. |
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| The
Company is a subsidiary of Siemens Aktiengesellschaft, which is incorporated
in Germany. |
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| The
Board endorses the contents of the Management report for the year 1997/98. |
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M. Sulger |
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S. Babar Ali |
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| Karachi,
November 18, 1998 |
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Chief Executive Officer |
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Chairman |
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| Management
Report |
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| General
Review |
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| During
the year we faced a continuous recession, lack of investments in the public
and private |
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| sectors
and economic and financial crises one after another. |
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| To
overcome the difficulties in such an environment our efforts were directed
towards more business in |
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| the
service fields as well as towards markets abroad. |
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| New
Orders increased by 26 % over the previous year, which includes several
orders in the field of |
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| installation,
commissioning and service in the public and private sectors. |
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| Sales
declined by 14 % due to delays in completion of some projects on account of
problems |
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| faced
by the customers and also due to receipt of orders at the end of our fiscal
year. |
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| Profit
before tax went down by 9 % from the last year due to lower sales. The effect
of this has been |
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| reduced
on account of lower financial charges. This has been possible by vigorous
efforts to |
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| reduce
our trade debts and an effective inventory management. The margins were not
satisfactory |
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| due
to tough competition in the shrinking market. The production remained
substantially underutilised. |
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| Capital
investments of Rs. 107 million were made to complete the infrastructure at
our Complex at |
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| S.I.T.E.,
Karachi besides acquisition of new machines and plants for modernisation and
replacement in |
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| our
production facilities. Investments in Information Technology are continuing.
For |
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| attaining
higher efficiencies in all of our activities, upgrading of our IT Systems has
been taken in hand on |
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| top
priority. World renown software SAP R/3 has been selected to be implemented
in a phased program |
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| which
will provide an integrated IT System for the whole company and will be
"Year 2000 compliant". |
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| Software
not "Year 2000 compliant" will be phased out in the current
business year. |
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| Rs.
423 million were paid to government towards duties and taxes during the year. |
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| Our
thanks go to all our managers, officers and workers whose dedicated efforts
to achieve these |
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| results
under very difficult economic conditions are praiseworthy. |
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| TELECOMMUNICATION
DIVISION |
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| Sales |
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324 million +28% |
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| New Orders |
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412 million +50% |
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| Telecommunication
Networks |
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| The
Telecommunication market of Pakistan showed growth due to deregulation in
Mobile Telephony, |
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| Data
Communication and Internet Services. PTCL continued their development
activities. Telephone |
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| Industries
of Pakistan, a joint venture of Siemens and the Government of Pakistan,
manufactured 200,000 |
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| telephone
lines of Siemens EWSD Switching Systems. Carrier Telephone Industries (CTI),
another |
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| joint
venture of Siemens, manufactured more than 1,100 terminals of Siemens Digital |
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| Microwave
Radio Systems CTR 210 Ibr PTCL. Mobile Switching System of Mobilink was
expanded. Digital |
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| Radio
System SRAL has also been introduced. A Memorandum of Understanding was
signed with |
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| PTCL
for helping them in promotion of Information Technology Services in the
country. New software version |
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| of
EWSD was ordered by PTCL to introduce new features like Calling Line
Identification. Data |
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| Communication
and Internet Services in Pakistan are among the new fields of our activities.
We continued to |
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| export
our services for installation, commissioning and maintenance of
Telecommunication Networks to |
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| several
international Siemens Projects in Europe, Middle and Far East. We have also
signed a three |
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| year
contract with PTCL for operation and maintenance supervision of 1.6 million
EWSD Lines in |
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| Pakistan.
A Software Service Training Center has been established to provide training
to local engineers. |
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| Private
Networks |
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| A
new line of digital PBX's has been introduced in the market, which has found
acceptance by |
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| demanding
customers. An MOU has been signed with MOBILINK to promote Siemens Mobile |
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| Telephones.
More than 5,000 sets have been sold this year. |
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| Special
Systems |
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| Our
contract with Civil Aviation Authority for the expansion of ground-to-air
communication system |
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| is
in progress. |
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| Siemens
Nixdorf Information Systems |
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| Siemens
Nixdorf (SNI) Computer Systems were standardized in the telecommunication and
banking |
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| organizations.
We supplied Computers to Pakistan Telecom Company Limited and the National |
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| Bank
of Pakistan for their country-wide operations. SNI, together with CTI, also
obtained an order for com- |
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| puterised
directory assistance service from PTCL for Islamabad region. |
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| SYSTEMS
& PROJECTS DIVISION |
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| Sales |
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432 million - 42 % |
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| New Orders |
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283 million - 34 % |
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| Medical
Engineering |
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| Our
latest state-of-the-art Sonoline Prima Ultrasound machine has been introduced
in Pakistan, a large |
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| number
of which have been supplied to the Health Department, Government of Punjab. |
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| Latest
diagnostic x-ray units were supplied to Children's Hospital. Lahore which are
now under installa- |
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| tion.
Siemens new Servoventilator, SV-300 was introduced for the first time in
Pakistan. Two units of which |
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| were
installed at Aga Khan Hospital, Karachi. |
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| Children's
Hospital Project, Quetta, which includes civil works, engineering services
and medical |
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| equipment,
has been completed successfully and handed over to the Government of
Baluchistan. |
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| Maintenance
contracts have also increased from the previous year and vigorous efforts are
being made to |
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| increase
them further in order to provide excellent after-sales service to our
customers. Our Medical |
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| Technical
Services unit is fully equipped to provide more than 95 % of the uptime to
those customers who |
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| have
entered into maintenance agreements with us. |
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| Industrial
Projects |
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| The
highlights of this unit during the year include completion of Bestway Cement
Plant at Haripur which |
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| produces
3,300 tons per day, in which we executed the project including designing,
engineering and |
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| developing
process control software. Other projects where work is in progress include
Instrumentation and |
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| Control
System for Siddiqsons Tinning Line, first ever in Pakistan requiring
precision dependent |
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| processing,
electrical infrastructure for Port Qasim expansion, electrification, fire
alarm and securi- |
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| ty
system, emergency power etc. for State Bank Building at Muzaffarabad, and
Fauji Foundation |
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| Head
Office Building at Rawalpindi. Process Control and Visualisation for BASF
Pakistan Limited |
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| incorporates
latest control system based on our SIMATIC S7 and user friendly Software Win
CC. |
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| Solar |
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| Solar
energy is suited to the needs of the country. It can be installed in far
flung areas where there is no road |
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| and
no grid power or any other alternate source of power. We have installed Solar
power supply systems |
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| for
Microwave Repeater Stations on the Lahore-Islamabad Motorway. These systems
are installed on the |
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| hilltops
of Salt range near Kallar Kahar. |
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| We
have also supplied Solar Power to 360 emergency call boxes on the
Lahore-Islamabad Motorway, which |
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| will
help vehicles in distress. Siemens Solar System is also being used at the
airfield built by-Lasmo |
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| Oil
in Kirthar range of mountains near Sehwan Shareef (Sindh). The system
supplies power to runway |
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| lights
and beacon. |
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| Rail
Transportation System |
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| There
has not been any investment by Pakistan Railways, either in the field of
rolling stock or in the field |
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| of
Signaling. The Track Circuiting project for 94 stations is under execution
and more than 50 % of the |
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| work
has been completed while the work on other stations is under way. |
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| POWER
ENGINEERING DIVISION |
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| Sales |
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1.089 million - 32% |
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| New Orders |
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1.302 million + 30% |
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| Power
Generation |
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| Kot
Addu extension project (400 Mw) was completed and handed over to the new
owners |
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| KAPCO.
Construction of Rousch Power Plant, an IPP Project (412 MW) was proceeding
well |
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| with
successful commissioning of the two gas turbines but the Combined Cycle part
and its |
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| commissioning
had to be stopped due to the problems being faced by the customer. |
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| A
Service Center for Power Plants has been established which will ensure prompt
attention to Power |
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| Plants
service/maintenance requirements. |
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| The
Steam Turbine (7.5 Mw) at the National Refinery under commissioning is
expected to be |
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| completed
by December, 1998. The 4 MW Diesel Plant, part of the same project, is
already in operation. |
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| Transmission
& Distribution |
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| The
new business was below-the target due to delays in KESC Sixth Power Project
and reduced |
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| investment
in the Private Sector. We succeeded in winning WAPDA's 500 kV Muzaffargarh
Station con- |
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| tract
in consortium with another company. We are intensifying our efforts to get
export business from |
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| the
neighboring countries. First orders have been received. Among the ongoing
projects, |
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| KESC's
Fifth Power Project suffered delays due to delay in clearance of the
consignments by KESC on |
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| account
of their financial difficulties and right of way problems. This resulted in
shortfall in the sales |
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| planned
for this year. The Switchyards of Japan Power and Saba Power Projects are in |
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| commissioning
stage. |
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| Transformers |
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| The
loading of manufacturing capacities both of Distribution & Power
Transformers was |
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| considerably
reduced due to declining volume of business from main customers WAPDA and
KESC |
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| and
reduced investment in the private sector. The shortfall was compensated to
some extent by |
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| export
orders from Bangladesh and Kuwait. In case of Power Transformers the
shortfall in the |
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| orders
could be partially compensated through refurbishing jobs. We successfully
completed the |
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| rebuilding
of a 30 years old 80 MVA, 132/66 kV Transformer for KESC. |
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| Switch
boards |
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| Due
to the shrinking market and low level of investments we were below our
target. Export orders helped to |
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| improve
loading of the manufacturing capacity. |
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| Supply
of 250 Nos. Relay/Control Panels to WAPDA was the major order executed
besides some other |
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| orders
for switchboards for industrial projects. |
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| The
Paint Processing Plant has been completely upgraded and modernized based on
Powder |
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| Coating
Process, which will bring higher degree of automation and will ensure still
better quality finish of |
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| the
products. |
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| PRODUCTS
& SERVICES DIVISION |
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| Sales |
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754 million + 60 % |
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| New Orders |
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842 million + 46 % |
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| Diesel
Generating Sets |
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| In
spite of adverse prevailing economic and market conditions, we achieved
increase in new orders and |
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| sales.
"Food" and "Communication businesses were especially targeted
because these are growing market |
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| segments
and the strategy proved effective. McDonald's the world renowned fast food
chain, and |
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| Mobilink,
the main GSM provider in the country, now have reliable power solutions from
Siemens throughout |
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| Pakistan. |
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| We
have entered into a Licensing Agreement with Siemens A G for transfer of
technology to manufac- |
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| ture
new type of alternators, which will enhance the spectrum, and quality of our
Diesel Generating Sets. |
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| Motors
and Alternators |
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| The
business of Motors & Alternators was affected due to shrinking retail
market and the prob- |
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| lems
being faced by the cement, sugar and textile industries. |
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| Due
to lack of resources WAPDA could not continue the SCARP project leading to
low sales of vertical |
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| hollow
shaft motors. |
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| To
make up for the declining market volumes in the local market we increased our
efforts to enhance |
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| exports
and were successful in obtaining orders of air-conditioning fan motors from
Gulf Region and |
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| have
also made a successful beginning in Bangladesh. |
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| Standard
Products |
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| The
significant business in the year was supply of High Voltage Motors to the
Karachi Water & Sewerage |
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| Board
for the expansion of Dhabeji Pumping Station, which will ensure improved
supply of water to Karachi. |
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| Industrial
automation products such as Programmable Logic Controllers (PLC) and their
varied applications |
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| also
added to the already wide-ranging spectrum of this business. PLC - specific
training is |
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| also
being conducted for customers from different segments of industry. |
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| The
concept of industry-specific products is being introduced through marketing
of special variable speed |
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| drives
meant for sugar, cement, chemical and fiber industries and HVAC plants. |
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| Ex-stock
availability of low ranges of UPS upto 3000 VA rating has improved our share
in this fast |
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| emerging
market. |
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| Engineering
& Construction |
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| Services/Traffic
Control Systems |
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| Information
Technology Services |
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| Engineering
& Construction Services (ECS) has been successful this year in
establishing Siemens Pakistan also |
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| as
strong in mechanical construction & maintenance field as in the
electrical and electronics field. |
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| Recognition
of our competency in the field of mechanical construction for oil & gas,
cement and power |
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| industry
is in itself an achievement. We were successful in winning contracts for
projects like PARCO mid |
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| country
refinery near Multan, the Galadari Cement at Winder and the Habibullah
Coastal Power project in |
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| Quetta.
Our other major mechanical construction projects of the year are the Kunnar
LPG Plant near |
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| Hyderabad,
Rehabilitation & Expansion Project at Sui, Airconditioning of Data Darbar |
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| Complex
at Lahore and maintenance works for the life time extension of gas turbines
at the Kot Addu Power |
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| Plant.
In the area of Project Management and Engineering Design we also received an
order for |
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| Siddiq
Sons Tinning Line Project. In electrical construction works we secured a
substantial share of |
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| project
business. Major projects include Saba Power Plant near Lahore, Glaxo Wellcome
and Abbott |
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| Pharmaceuticals
at Karachi. In addition to the electrical and I&C maintenance jobs, we
received orders |
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| for
testing of protection relays and overhauling of HT motors of Hubco Power
Plant. An Information |
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| Technology
Service Group has been established. Besides providing in-house services, this
group is also |
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| Involved
in Offshore Software Development for Siemens AG. Furthermore, Information |
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| Technology
Group has also established a training facility especially for SAP (Systems,
Applications and |
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| Products
in Data Processing) to provide training to our customers besides our own
employees. |
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| In
recognition of its performance in the previous year ECS was honored by
Siemens to host the International |
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| ECS
Conference 1998 which was attended by Managers of Siemens Companies from all
over the world |
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| engaged
in this field. |
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|
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| Notice
of meeting |
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|
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| Notice
is hereby given that the Fortysixth Annual General Meeting of the
shareholders of Siemens (Pakistan) |
|
| Engineering
Company Limited will be held on Monday. January 4, 1999 at B-72, Estate
Avenue, S.I.T.E., Karachi |
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| at
9:30 a.m. to transact the following business: |
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| 1.
To confirm the minutes of the Annual General Meeting of the shareholders of
the |
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| Company
held on January 24, 1998. |
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| 2.
To receive and adopt the audited accounts for the year ended 30 September,
1998 |
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| and
reports of the directors and auditors thereon. |
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| 3.
To declare the dividend. |
|
|
|
|
|
|
| 4.
To appoint auditors and to fix their remuneration. |
|
|
|
|
| 5.
To transact such other ordinary business as may be placed before the meeting
with |
|
| the
permission of the Chair. |
|
|
|
|
|
|
|
|
| Notes: |
|
|
|
|
|
| 1.
The Share Transfer Books of the Company will remain closed from |
|
| December
24, 1998 to January 5, 1999 (both days inclusive). |
|
|
|
|
| 2.
A member entitled to attend and vote at the meeting may appoint a proxy to
attend and |
|
| vote
instead of him/her. Proxy forms must be deposited at the Company's |
|
| Registered
Office not less than 48 hours before the time for holding the meeting. A |
|
| member
shall not be entitled to appoint more than one proxy. |
|
|
|
|
| If
a member appoints more than one proxy and more than one instruments of proxy
are |
|
| deposited
by a member with the Company, all such instruments of proxy shall be |
|
| rendered
invalid. |
|
|
|
|
|
| Every
proxy shall have the right to attend, speak and vote in the place of the |
|
| member
appointing him/her at the meeting. |
|
|
|
|
| A
proxy must be a member. |
|
|
|
|
|
|
|
By order of the Board |
|
|
|
|
|
|
| Karachi:
December 12, 1998. |
|
M. Haleem Khan |
|
|
|
|
Company Secretary |
|
|
|
|
|
|
|
|
| Auditors'
report to the members |
|
|
| We
have audited the annexed balance sheet of Siemens (Pakistan) Engineering
Company |
|
| Limited
as at 30 September 1998 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 purposes of our audit and. after due |
|
| verification
thereo12 we 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: |
|
|
|
|
|
|
|
|
|
|
| (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 the 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, profit and loss account and the |
|
| 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 30 September 1998 and of the profit and the changes in financial |
|
| position
for the year then ended; and |
|
| </ |
