| PAK ELEKTRON LIMITED |
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| ANNUAL REPORT 2003 |
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| BOARD OF DIRECTORS |
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| Mr. M. Naseem
Saigol |
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(Chairman/Chief Executive) |
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| Mr. M. Azam Saigol |
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| Mr. Shahid Sethi |
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| Mr. Haroon Ahmad
Khan |
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(Managing Director) |
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| Mr. Muhammad Murad
Saigol |
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| Mr. Homaeer Waheed |
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| Mr. Asif Jameel |
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(NIT Nominee) |
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| Mr. Javed Mahmood |
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(NBP Nominee U/S 182 of the Ordinance) |
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| Mr. Wajahat A. Baqi |
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(NBP Nominee U/S 182 of the Ordinance) |
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| Mr. Tajammmal H.
Bokharee |
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(NBP Nominee U/S 182 of the Ordinance) |
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| AUDIT COMMITTEE |
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| Mr. M. Azam Saigol |
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(Chairman/Member) |
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| Mr. Shahid Sethi |
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(Member) |
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| Mr. Homaeer Waheed |
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(Member) |
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| COMPANY SECRETARY |
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| Sheikh Muhammad
Shakeel, ACA |
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| CHIEF FINANCIAL
OFFICER |
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| Syed Manzar Hasan,
ACA |
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| AUDITORS |
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| M/s Manzoor Hussain
Mir & Co. |
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| Chartered
Accountants |
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| BANKERS (in
alphabetical order) |
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| Bank of Punjab |
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| Faysal Bank Limited |
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| National Bank of
Pakistan |
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| Saudi Pak
Commercial Bank |
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| Union Bank Limited |
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| United Bank Limited |
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| REGISTERED OFFICE |
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| 6-Egerton Road,
Lahore. |
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| Tel: 63061 31 (5
Lines) |
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| Fax: 6368699 |
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| E-mail:
shares@saigols.com |
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| WORKS |
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| 14 K.M. Ferozepur
Road, |
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| Lahore. |
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| Tel: 581 1951 (7
Lines) |
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| the success of the
Crystal Refrigerator |
soon. The demand of appliances especially |
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| with Aero design
and performance |
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refrigerators which is growing at a rapid pace |
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| certification by
Danfoss Germany, the |
and is augmented mainly by the increased |
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| improved series
with the name of Crystal |
role of consumer financing through the |
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| Star was very well
received by the market. |
financial institutions and the conventional |
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| This new series is
expected to bring new |
hire purchase schemes by the retailers. For |
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| heights in
prodution volumes. Although |
this purpose we have recently set up a |
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| competition from
imported products, |
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consumer marketing division attracting the |
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| especially from
China is growing and |
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customers from corporations and large public |
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| pressure on prices
and margins is also |
sector companies. |
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| increasing, we are
confident to combat |
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| .these challenges
by continuous efforts on |
PEL Daewoo Electronnics Ltd. |
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| product innovation
and development, |
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| bringing efficiencies in
production |
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In order to make this unit a profitable entity, |
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| procedures,
continuous cost optimization |
negotiation with different parties are in the |
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| exercises, etc,
coupled with aggressive |
pipe line and we are hopeful to have |
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| marketing
strategies. |
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agreements with various distributors of |
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| - |
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television sets whereby television kits are |
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| The sale of
airconditioners is passing |
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procured by us under the financing |
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| through a new
experience. The market is |
arrangements made by the respective |
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| dominated with
split airconditioners as |
distributors. Under these arrangements |
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| against windows in
the past. However PEL |
television kits are assembled into finished |
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| Window
airconditioners still enjoy good |
Television sets and conversion price is |
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| reputation in the
market despite pressure |
charged for the television sets assembled |
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| on the prices. As
part of product |
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by us. |
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| diversification
strategy and to address the |
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| changing market
needs, PEL split air |
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Merger with PEL Appliances Limited |
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| conditioners with
already proven Energy |
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| Saver characteristics were
very |
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The Board is pleased to report that the |
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| aggressively and
yet cautiously launched |
order sanctioning
the Scheme of |
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| during the year.
This was very well |
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Arrangement for the Amalgamation of Pel |
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| received and is
expected to become a |
Applainces Limited with the company was |
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| major player in
split airconditioners market |
passed by the Honourable Lahore High |
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| in the ensuing
year. A further improved |
Court on July 30, 2003 effective from July |
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| and cost effective
version of Window type |
12,002.00 |
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| Energy Saver will
complement the Splits |
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| to cater for entire
market requirements |
The company has, accordingly allotted to |
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| enabling the
company to achieve |
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the members of Pel Applainces Limited |
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| maximum volumes. |
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fourteen ordinary share of Rs. 10 each of |
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the Company for every hundred shares of |
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| Diversification
strategy of the company has |
Rs. 10 each held by them in the Pel |
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| reaped its fruits
and we plan to continue with |
Appliances Limited in line with the |
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| the same with a
special focus on widening |
aforesaid Scheme of Arrangements. |
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| the product range
introducing new models, |
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| sizes, colours and
new finishes. To |
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Corporate Governance |
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| commensurate with
the growing markets |
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| the company has
planned to launch |
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The Board regularly reviews the company's |
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| Television sets to
add to its product range |
strategic direction. Annual plans and |
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| of trading business
which already covers |
performance targets for business are set |
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| split ACs,
Microwave ovens, Vacuum |
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out and reviewed by the Board in the light |
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| Cleaners, etc., A
wide range of sizes with |
of the company's overall objectives. The |
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| uptodate aesthetics
coupled with all the |
Board is committed to maintain the high |
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| features will be
available in the market very |
standards of good corporate governance. |
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| Rs. 2,578 million
to Rs. 3,209 million. |
shown signs of tremendous growth and is |
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| Gross profit has
shown an improvement |
expected to continue in the ensuing years. |
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| of 20.73% from last
year i.e. Rs. 827 million |
Private sector sales are also growing |
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| against Rs. 685 million
last year. |
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alongwith
WAPDA and KESC. |
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| Administrative and
selling expenses have |
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| increased by 6% to
Rs. 300 million from |
Business in this Division has suffered in |
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| last year's Rs. 283
million primarily due to |
previous years due to financial problems |
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| increased sales
activities. Operating profits |
in WAPDA and KESC. WAPDA, a few |
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| have witnessed an
improvement and are |
years ago, started the much needed |
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| 16.42% of the net
sales as against 15.58% |
upgradation of its distribution network to |
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| for last year.
Financial charges for the year |
avoid frequent breakdowns and to control |
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| are Rs. 349 million
(including Rs. 22 million |
pilferage. This is continuing with a fresh |
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| related to formerly
PEL Appliances Ltd) |
vigour resulting into higher business |
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| as compared to Rs.
338 milion for the last |
volumes for the company. The energy |
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| year. In line with
the policy to attain cost |
meter production of single phase and three |
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| efficiency, despite
increase in business |
phase meters is moving towards an |
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| volume we have
achieved reduction in |
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optimum
level. Plans for
further |
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| financial cost
through rate reduction and |
improvement in productivity and quality of |
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| re-profiling of the
expensive borrowing in |
our meters are also in progress. Business |
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| line with the
current financial market trends. |
of distribution transformers is also moving |
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| Net profit before
tax has accordingly |
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in the right direction and we are |
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| increased from
Rs.146 million last year to |
strengthening
our capabilities by |
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| Rs.184 million this
year. |
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introducing techniques of improved |
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manpower utilization, product innovation, |
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| The company has
accounted for deferred |
process re-engineering, etc. A sustained |
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| taxation to comply
with the requirements |
activity in the Switchgear business has |
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| of International
Accounting Standard (IAS)- |
been taking place allowing more depth to |
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| 12 - Income Tax.
Due to elimination of |
our strategy of diversification of products |
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| tax losses the
profit of PEL has attracted |
within the power division as well. Our track |
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| tax beyond the
turnover tax. Hence the |
record for supply of Switchgear to WAPDA |
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| provision of tax
has been made at Rs. |
against International Tender has already |
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| 30.946 million and
Rs. 11.641 million for |
been developed and we are expecting |
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| current and
deferred tax respectively. With |
sizeable orders for this product in future. |
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| the above
categorized changes the |
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Since the entire business activities of the |
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| company has thus
been able to show a |
Power Division are now being carried out |
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| net after tax
profit of Rs. 141.207 million |
against inland LCs international tenders or |
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| against a profit of
Rs. 130.154 million last |
advance payments, chronic problem of |
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| year. |
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delayed payments is no longer effecting us. |
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| The board has
recommended a stock |
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Appliances division |
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| dividend (Bonus
shares) of 25% of the |
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| paid up
capital of the company. |
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Business in appliances division has shown |
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mixed trends but we feel that the company |
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| Power Division |
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has become a serious player in the |
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Domestic Appliances Market. Increased |
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| Positive macro
economic indicators |
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production in refrigerator manufacturing |
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| allowing more
investment by the |
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is a major source of consistent growth |
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| Government are
yielding positive results. |
coupled with split air conditioners and |
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| Furthermore,
investment in the private |
other products being introduced as a part |
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| sector in
construction, with new industrial |
of company's strategy of widening its |
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| projects, has
increased demand for our |
product lines. This trend appears to be |
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| products. Power
Division business has |
continuous in the up coming years. After |
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| year ended June
30,2003. |
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| Financial
Results |
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2003 |
2002 |
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|
(Rupees in thousand) |
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| Gross Sales |
|
3,713,342 |
2,983,880 |
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| Gross Profit |
|
826,617 |
685,015 |
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| Operating Profit |
|
527,075 |
401,665 |
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| Profit before tax |
|
183,794 |
146,330 |
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| Net
Profit for the year |
|
141,207 |
130,154 |
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| years is annexed. |
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not been provided. The depreciation on upward |
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|
revaluation of land is not charged as the value of
land |
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| Chairman's Review |
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does not depreciate with its use. Provision is not
made |
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| The review included
in the Annual Report deals inter |
for the diminution in the value of investments as
the |
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| alia with the
performance of the Company for the year |
management considers it as of temporary nature and |
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| ended June 30,
2003. The directors endorse the |
the investments are made on long term basis. |
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| contents of the
review. |
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Company has chalked out a plan to recover the |
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|
amounts due from associated undertakings and |
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| Change in Directors |
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compliance will be made Under Section 208 of the |
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|
Companies Ordinance 1984. |
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| Since the last
Annual General Meeting Mr Javed |
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| Mahmood Dar, Mr.
Nausherwan Adil and Mr. |
Bonus Shares |
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| Muhammad Khaleeq
Janjua, nominees of National |
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|
| Bank of Pakistan,
resigned and in their place Mr. |
The Directors are pleased to recommend the issue |
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| Javed Mahmood, Mr.
Wajahat A. Baqai and Mr. |
of Bonus Shares @ 25 Bonus Shares of Rs.10 each |
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| Tajammal H.
Bokharee, nominees of National Bank |
for every 100 shares held (25%) by capitalization of |
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| of Pakistan joined
the Board of Directors Under Section |
share premium account to the same extent. |
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| 182 of the
Companies Ordinance, 1984. |
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| Khaleeq Janjua |
|
Consolidated Financial Statements |
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| Further Sh.
Mohibullah Usmani resigned from the |
Consolidated Financial Statements of the Company |
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| office of Director
and in his place Mr. Muhammad |
and its subsidiary PEL Daewoo Electronics Limited |
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| Murad Saigol
appointed as Director for the remainder |
are annexed. |
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| of the term of
office of outgoing Director Sh. Mohibullah |
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| Usmani. |
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| Particulars |
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2003 |
2002 |
2001 |
2000 |
1999 |
1998 |
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| Sales - Net |
|
3,209 |
2,578 |
2,129 |
1,930 |
1,540 |
1,200 |
|
| Gross Profit |
|
827 |
685 |
620 |
638 |
470 |
232 |
|
| Profit/(Loss)
before tax |
184 |
146 |
107 |
69 |
-89 |
-309 |
|
| Profit/(Loss) after
tax |
141 |
130 |
94 |
59 |
-96 |
-315 |
|
| Share Capital |
|
190 |
185 |
185 |
185 |
185 |
185 |
|
| Shareholders'
equity |
519 |
191 |
61 |
-33 |
-92 |
4 |
|
| Fixed Assets - Net |
3,030 |
2,394 |
2,375 |
2,098 |
2,037 |
497 |
|
| Total Assets |
|
5,351 |
4,621 |
4,498 |
4,162 |
3,843 |
2,086 |
|
| Bank Borrowings |
|
2,203 |
1,958 |
2,063 |
2,193 |
2,053 |
1,881 |
|
| Ratios |
|
| Profitability: |
|
| Gross profit margin |
26% |
27% |
29% |
33% |
31% |
19% |
|
| Profit/ (Loss)
after tax |
4% |
5% |
4% |
3% |
-6% |
-26% |
|
| Earning per share |
|
7.45 |
7.02 |
5.07 |
3.18 |
- |
- |
|
| Activity: |
|
| Sales to fixed
assets - times |
1.06 |
1.08 |
0.9 |
0.92 |
0.76 |
2.41 |
|
| Liquidity: |
|
| Current ratio -
times |
1.02 |
1.31 |
1.33 |
1.34 |
1.48 |
1.43 |
|
| Break up value per
share - Rs. |
27.38 |
10.31 |
3.29 |
-1.78 |
-4.96 |
0.23 |
|
| Financial charge
coverage |
1.55 |
1.44 |
1.28 |
1.18 |
0.77 |
0.14 |
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| The Board has
formed an audit committee. It comprises 3 members, of whom all are
non-executive |
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| directors including
the chairman of the committee. |
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| The meetings of the
audit committee were held at least once every quarter prior to approval of
interim |
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| and final results
of the Company as required by the Code. The terms of reference of the
committee |
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| have been formed
and advised to the committee for compliance. |
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| The Board has
set-up an effective internal audit function who are considered suitably
qualified and |
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| experienced for the
purpose and are conversant with the policies and procedures of the Company
and |
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| they are involved
in the internal audit function on a full time basis. |
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| The statutory
auditors of the Company have confirmed that they have been given a
satisfactory rating |
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| under the Quality
Control Review program of the Institute of Chartered Accountants of Pakistan,
that |
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| they or any of the
partners of the firm, their spouses and minor children do not hold shares of
the |
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| Company and that
the firm and all its partners are in compliance with International Federation
of |
|
| Accountants (IFAC)
guidelines on code of ethics as adopted by Institute of Chartered Accountants
of |
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| Pakistan. |
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| The statutory
auditors or the persons associated with them have not been appointed to
provide other |
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| services except in
accordance with the listing regulations and the auditors have confirmed that
they |
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| have observed IFAC
guidelines in this regard. |
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| We confirm that all
other material principles contained in the Code have been substantially
complied with. |
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| This statement is
being presented to comply with the Code of Corporate Governance contained in
Regulation |
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| No. 37, 43 & 36
of listing regulations of Karachi, Lahore & Islamabad Stock Exchanges
respectively for the |
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| purpose of
establishing a framework of good governance, whereby a listed company is
managed in compliance |
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| with the best
practices of corporate governance. |
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| The Company
has applied the principles contained in the
Code in the following manner: |
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| 1. The Company encourages representation
of independent non-executive directors and directors |
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| representing
minority interests on its Board of Directors. At present the Board includes
independent |
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| non-executive
directors. |
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| 2. The directors have confirmed that
none of them is serving as a director in more than ten listed companies, |
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| including this
Company. |
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| 3. All the resident directors of the
Company are registered as taxpayers and none of them has defaulted |
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| in payment of any
loan to a banking company, a DPI or an NBFI or, being a member of a stock
exchange, |
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| has been declared
as a defaulter by that stock exchange. |
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| 4. The Company has prepared a 'Statement
of Ethics and Business Practices' which has been signed |
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| by all the
directors and employees of the Company. |
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| 5. The Board has developed a
vision/mission statement, overall corporate strategy and significant policies |
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| of the Company. A
complete record of particulars of significant policies along with the dates
on which |
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| they were approved
or amended has been maintained. |
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| 6. All the powers of the Board have been
duly exercised and decisions on material transactions, including |
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| appointment and
determination of remuneration and terms and conditions of employment of the
CEO |
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| and other executive
directors, have been taken by the Board. |
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| 7. The meetings of the Board were
presided over by the Chairman and, in his absence, by a director |
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| elected by the
Board for this purpose and the Board met at least once in every quarter.
Written notices |
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| of the Board
meetings, along with agenda and working papers were circulated at least seven
days |
|
| before the
meetings. The minutes of the meetings were appropriately recorded and
circulated. |
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| 8. The directors are aware of their
fiduciary responsibilities and most of them have attended orientation |
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| courses. |
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| 9. The Board has approved appointment of
CFO, Company Secretary and Head of Internal Audit, including |
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| their remuneration
and terms and conditions of employment, as determined by the CEO. |
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| 10. The directors' report for this year
has been prepared in compliance with the requirements of the Code |
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| and fully describes
the salient matters required to be disclosed. |
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| 1 1 . The financial statements of the Company
were duly endorsed by CEO and CFO before approval of the |
|
| Board. 12. The directors, CEO and executives do
not hold any interest in the shares of the Company other than that disclosed
in the pattern of shareholding. 13.
The Company has complied with all the corporate and financial
reporting requirements of the Code. |
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| We have audited the
annexed balance sheet of PAK ELEKTRON LIMITED as at 30th June- 2003 and the |
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| related profit and
loss account, cash flow statement and statement of changes in equity together
with the notes |
|
| forming part
thereof, for the year then ended and we state that we have obtained all the
information and |
|
| explainations
which, to the best of our knowledge and belief, were necessary for the
purposes of our audit. |
|
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| It is the
responsibility of the company's management to establish and maintain a system
of internal control, |
|
| and prepare and
present the above said statements in conformity with the approved accounting
standards and |
|
| the requirements of
the Companies Ordinance, 1984. Our responsibility is to express an opinion on
these |
|
| statements based on
our audit. |
|
| We conducted our
audit in accordance with the auditing standards as applicable in Pakistan.
These standards |
|
| require that we
plan and perform the audit to obtain reasonable assurance about whether the
above said |
|
| statements are free
of any material misstatement. An audit includes examining, on a test basis,
evidence |
|
| supporting the
amounts and disclosures in the above said statements. An audit also includes
assessing the |
|
| accounting policies
and significant estimates made by the management, as well as, evaluating the
overall |
|
| presentation of the
above said statements. We believe that our audit provides reasonable basis
for our opinion |
|
| and, after due
verification and subject to the observations expressed below and extent to
which the notes |
|
| referred to may
effect, we report that: |
|
|
| (a) in our opinion, proper books of
accounts 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 |
|
| accounts 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, cash flow statement and statement of changes in
equity together |
|
| with the notes
forming part thereof conform with approved accounting standards as applicable
in Pakistan, |
|
| and, give the
information required by the Companies Ordinance, 1984, in the manner so
required and |
|
| subject to the
observations expressed for unprovided duties and taxes indicated at Note No.
13.4 and |
|
| 18.2 and the extent
to which these may effect and respectively give a true and fair view of the
state of |
|
| the company's
affairs as at 30lh
June>
2003 and of the profit, its cash flows and changes in equity for |
|
| the year then
ended; |
|
| Attention is
invited to Note Nos. 14.5, 15.3 and 18.4 |
|
| (d) in our opinion, no Zakat was deductible
at source under the Zakat and Ushr Ordinance, 1980. |
|
|
| We have reviewed
the Statement of Compliance with the best practices contained in the Code of
Corporate |
|
| Governance prepared
by the Board of Directors of Pak Elektron Limited to comply with the Listing
Regulation |
|
| No. 37 of the
Karachi Stock Exchange, Listing Regulations Chapter No. XIII of the Lahore
Stock Exchange |
|
| and Listing
Regulation No. 36 of the Islamabad Stock Exchange where the Company is
listed. |
|
| The responsibility
for compliance with the Code of Corporate Governance is that of the Board of
Directors of |
|
| the Company. Our
responsibility is to review, to the extent where such compliance can be
objectively verified, |
|
| whether the
Statement of Compliance reflects the status of the Company's compliance with
the provisions of |
|
| the Code of
Corporate Governance and report if it does not. A review is limited primarily
to inquiries of the |
|
| Company personnel
and review of various documents prepared by the Company to comply with the
code. |
|
| As part of our
audit of financial statements we are required to obtain an understanding of
the accounting and |
|
| internal control
systems sufficient to plan the audit and develop an effective audit approach.
We have not |
|
| carried out any
special review of the internal control system to enable us to express an
opinion as to whether |
|
| the Board's
statement on internal control covers all controls and the effectiveness of
such internal controls. |
|
| Based on our
review, except for the observations expressed in our audit report and in
notes appended to the |
|
| accounts if any
effecting the compliance of Code of Corporate Governance, nothing has come to
our attention |
|
| which causes us to
believe that the Statement of Compliance does not appropriately reflect the
Company's |
|
| compliance, in all
material respects, with the best practices contained in the Code of Corporate
Governance. |
|
|
|
|
Note |
2003 |
2002 |
|
|
|
(Rupees in thousand) |
|
| EQUITY AND
LIABILITIES |
|
|
|
| SHARE CAPITAL AND
RESERVES |
|
|
|
| Authorised: |
|
|
|
| 25,000,000 ordinary
shares of Rs. 10/- each |
|
250,000 |
250,000 |
|
| Issued, subscribed
and paid up |
|
3 |
189,501 |
185,418 |
|
| Reserves: |
|
4 |
125,100 |
125,100 |
|
| Unappropriated
profit/(loss) |
|
|
204,226 |
-119,309 |
|
| SHAREHOLDERS'
EQUITY' |
|
|
518,827 |
191,209 |
|
| NON CURRENT
LIABILITIES |
|
|
|
| Surplus on
revaluation of fixed assets |
|
5 |
1,485,077 |
1,667,405 |
|
| Grant in aid |
|
9 |
79,339 |
79,339 |
|
| Long term loans |
|
6 |
737,831 |
789,043 |
|
| Liabilities against
assets subject to finance lease |
7 |
48,439 |
41,264 |
|
| Deferred taxation |
|
8 |
11,641 |
- |
|
| Deferred income due
to sale and lease back |
|
2,758 |
3,518 |
|
| CURRENT LIABILITIES |
|
|
|
| Short term finances |
|
10 |
1,132,927 |
785,376 |
|
| Current portion of
long term liabilities |
|
11 |
283,797 |
342,173 |
|
| Creditors,
provisions and accrued liabilities |
12 |
1,050,491 |
721,568 |
|
|
|
|
2,467,215 |
1,849,117 |
|
| CONTINGENCIES AND
COMMITMENTS |
13 |
|
|
|
|
5,351,127 |
4,620,895 |
|
|
|
|
Note |
2003 |
2002 |
|
|
|
|
(Rupees in thousand) |
|
| SALES - GROSS |
|
21 |
3,713,342 |
2,983,880 |
|
| SALES TAX |
|
|
504,106 |
405,408 |
|
| SALES - NET |
|
|
3,209,236 |
2,578,472 |
|
| COST OF SALES |
|
22 |
2,382,619 |
1,893,457 |
|
| GROSS PROFIT |
|
|
826,617 |
685,015 |
|
| OPERATING EXPENSES |
|
|
|
| Administrative |
|
23 |
133,822 |
142,749 |
|
| Selling |
|
24 |
165,720 |
140,601 |
|
|
|
|
299,542 |
283,350 |
|
| OPERATING PROFIT |
|
|
527,075 |
401,665 |
|
| FINANCIAL EXPENSES |
|
25 |
-349,388 |
-338,028 |
|
