| FFC- Jordan Fertilizer Company Limited |
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| Annual
Report 2000 |
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| CONTENTS |
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| Company
Information |
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| Notice
of Annual General Meeting |
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| Report
to the Directors |
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| Auditors'
Report to the Members |
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| Balance Sheet |
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| Cash
Flow Statement |
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| Statement
of Changes in Equity |
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| Notes
to the Accounts |
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| Pattern
of Shareholding |
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|
|
| Company
Information |
|
|
| DIRECTORS |
|
Lt Gen Muhammad Maqbool
(Retd), HI(M), S Bt |
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|
Chairman |
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|
Maj Gen Muhammad Salim
Arshad (Retd), HI(M), T Bt |
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|
Managing Director &
Chief Executive |
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|
Lt Gen Amjad Shuaib
(Retd), HI(M) |
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|
Brig Muhammad Saeed Baig
(Retd), SI(M) |
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|
Brig Ghulam Hussain
(Retd), SI(M) |
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|
Mr. Qaiser Javed |
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|
Mr. Khalid A Sheyyab |
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|
Mr. David Vivian Johns |
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|
Mr. Zaigham Mahmood Rizvi |
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| SECRETARY |
|
Brig Khalid Yusuf (Retd) |
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| REGISTERED
OFFICE |
93-Harley Street,
Rawalpindi, Pakistan. |
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Tel: 5518482, 5584402 |
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|
Fax: 5518471 &
5567290 |
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E-mail:
fjfcced@hotmail.com |
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| PLANTSITE |
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Port Qasim, Karachi,
Pakistan. |
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| AUDITORS |
|
A.F. Ferguson & Co., |
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|
Chartered Accountants |
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|
PIA Building, 49 Blue
Area, |
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|
Islamabad. |
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| LEGAL
ADVISORS |
Orr Dignam & Co. |
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|
Advocates, |
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|
3-A, Street 32, Sector
F-8/1, |
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|
Islamabad. |
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| SHARE
DEPARTMENT |
Plot No. EZ/1P-1 Eastern
Zone, Port Qasim, |
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|
Karachi-48. |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the 7th Annual General Meeting of the Shareholders of
FFC-Jordan Fertilizer Company |
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| Limited
will be held at Pearl Continental Hotel, The Mall, Rawalpindi, on Tuesday
June 19, 2001 at 1300 hours to |
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| transact
the following business: |
|
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| Ordinary
Business |
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| 1.
To confirm the minutes of the 6th Annual General Meeting held on June 22,
2000. |
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| 2.
To receive, consider and adopt the Audited Accounts of the Company together
with the Auditors' and the Directors' |
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| Reports
for the year ended December 31, 2000. |
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| 3.
To appoint Auditors for the year 2001 and to fix their remuneration. |
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| 4.
To elect Directors of the Company for a period of three years commencing from
the date of elections, as stipulated |
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| vide
Section 178 of the Companies Ordinance, 1984, in that:- |
|
|
| *
Pursuant to Section 178(1) and (2) (a) of the Companies Ordinance, 1984, the
Board of Directors through a |
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| Resolution
passed in the meeting of the Board of Directors held on April 10, 2001, have
fixed the number of |
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| Directors
at 9, comprising 7 elected Directors and 2 nominee Directors. |
|
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| *
Pursuant to Section 178(2) (b), (3) of the Companies Ordinance, 1984, names
of the retiring Directors are as |
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| under
and they have offered themselves for re-election as Directors: |
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| *
Lt Gen Muhammad Maqbool (Retd) |
|
| *
Maj Gen Muhammad Salim Arshad (Retd) |
|
| *
Lt Gen Amjad Shuaib (Retd) |
|
| *
Brig Muhammad Saeed Baig (Retd) |
|
| *
Brig Ghulam Hussain (Retd) |
|
| *
Mr. Qaiser Javed |
|
| *
Mr. Khalid A. Sheyyab |
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| *
Mr. David Vivian Johns |
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| *
Mr. Zaigham Mahmood Rizvi |
|
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| 5.
To transact any other business with the permission of the Chairman. |
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|
By order of the Board |
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|
FFC-Jordan Fertilizer Company Limited |
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| Rawalpindi |
|
Brig Khalid Yusuf (Retd) |
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| May 29,
2001 |
|
Company Secretary |
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|
| Notes |
|
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| 1.
The share transfer books of the Company will remain closed from 11th to 19th
June, 2001 (both days inclusive). |
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| 2.
A member of the Company entitled to attend and vote at the Annual General
Meeting may appoint a person/representative as proxy to attend |
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| and
vote in place of the member at the Meeting. Proxies in order to be effective
must be received at the Company's Registered Office, 93 |
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| Harley
Street, Rawalpindi not later than 48 hours before the time of holding the
Meeting. |
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| 3.
Any person who seeks to contest the election for Directorship shall file at
Company's registered office not later than 14 days before the day |
|
| of
the Meeting, his intention to offer himself for election as Director in terms
of Section 178(3) of the Companies Ordinance, 1984. |
|
|
| 4.
The CDC account/sub account holders are requested to bring with them their
National Identity Cards alongwith the Participant(s) NIC number and their |
|
| account
numbers at the time of attending the Annual General Meeting in order to
facilitate identification of the respective shareholders. In case of |
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| Corporate
entity, the Board of Director's resolution/Power of Attorney with specimen
signatures shall be produced at the time of meeting. |
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|
|
| REPORT
TO THE DIRECTORS |
|
| FOR
THE YEAR ENDED DECEMBER 31, 2000 |
|
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| The
Directors take pleasure in presenting their 7th Annual Report together with
the |
|
| Company's
Financial Statements for the year ended December 31, 2000 and the Auditors' |
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| Report thereon. |
|
|
| 1.
Plant Highlights |
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| By
the grace of Almighty Allah, FJFC completed its first year of commercial
operation. Urea |
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| and
DAP plants achieved operational
stability during the year 2000 with the production of |
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| 346,221
metric tons of Urea and 296,516 metric tons of DAP. The Urea production was |
|
| 62.82%
of the design capacity and 72.11% of the budgeted. Similarly, DAP production
was |
|
| 66.56%
of the design capacity and 85.95% of the budgeted. Shortfall in production
was |
|
| mainly
owing to Natural Gas curtailment and pressure variations. The Ammonia plant
during |
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| the
first year of its operation has achieved 87% of its design capability which
is adequate to |
|
| support
87% production of Urea and DAP. After the turnaround in February 2001, the
plant |
|
| has
demonstrated substantial improvement in performance. Ammonia plant has
operated |
|
| at
an average of 89.5% of design capacity, Urea plant at an average of 93.9% and
DAP |
|
| plant
at an average of 104.5% during March & April 2001. Incremental measures
have been |
|
| planned
to achieve 100% efficiency as soon as possible. The problem of curtailed gas |
|
| supply
has been greatly reduced with the commissioning of Zamzama gas field, as an
average |
|
| of
68 million cubic feet per day is available which is adequate to run the
Ammonia plant at |
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| 87% load. |
|
|
| 2. Marketing |
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| The
marketing of FJFC products has shown a marked improvement during the year
2000. It |
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| sold
398,000 metric tons of Urea (G) and 293,000 metric tons of DAP with a sale
proceed of |
|
| Rs.
6.2 billion. FJFC products increased acceptance by the farmer community
augurs well |
|
| as
its demand is increasing day by day. The prices of both Urea (G) and DAP have
gradually |
|
| increased
owing to improved international prices. FJFC also exported 63.350 metric tons
of |
|
| Urea
(G) as it carried a premium of US$20-25 per metric ton in the international
market and |
|
| earned
a foreign exchange of US$7.35 million. Moreover, local production of DAP
during |
|
| the
year 2000 has saved the Government $60 million in foreign exchange. the
marketing |
|
| cost
of FJFC products have been further curtailed to improve the overall financial
position |
|
| of
the Company. Although the marketing of fertilizer is seasonal, yet FJFC
products increased |
|
| acceptance
in the local market will definitely have a positive impact on the financial
health |
|
| of the Company. |
|
|
| 3.
Implementation of Fertilizer Policy |
|
| The
most significant issue presently facing the Company is the DAP US$250 Floor
Price |
|
| claim
pending with the Government of Pakistan in terms of Fertilizer Policy, 1989.
We are |
|
| pleased
to inform the shareholders that after protracted negotiations and
discussions, we |
|
| finally
have an offer from the Government to provide Rs. 6 billion over a period of
five years. |
|
| It
will provide Rs. 1 billion per annum (Rs. 250 million per quarter) for the
first three years |
|
| and
Rs. 1.5 billion per annum for the remainder two years. We are in the final
stages of |
|
| negotiation
with the Government. The resolution of this issue will go a long way in
improving |
|
| the
profitability and liquidity of the Company. |
|
|
| 4.
Financial Highlights |
|
| The
latter half of the year 2000 witnessed increased operational activities at
the Plant. The |
|
| sales
as compared to the first half year increased by 306%. This resulted in
reducing the |
|
| operating
loss by 7%. Financial charges of Rs.2.4 billion alongwith the depreciation
charges |
|
| of
Rs. 9122 million were the major contributory factors to a net loss after tax
of Rs. 3.4 billion. |
|
|
| The
Company has successfully re-negotiated mark-up on running finance facilities
from 16 |
|
| percent
to 14 percent. Redeemable capital loans from Muslim Commercial Bank, Askari |
|
| Commercial
Bank and Saudi Pak Industrial and Agricultural Investment Company have also |
|
| been
restructured to reduce the financing cost and defer principal payments. We
are confident |
|
| the
remaining banks will also realize the importance of the project and follow
suit. |
|
|
| The
export credit agency (ECA) loans from Banque National de Paris (France),
Kreditanstalt |
|
| fur
Weideraufbau (Germany), Export Import Bank of the USA and Export Development |
|
| Corporation
(Canada) were excluded by the Ministry of Finance from the Paris Club-I |
|
| rescheduling
arrangements. However, now Ministry of Finance has included these loans in |
|
| the
Paris Club-II Agreement. This changed scenario shall help the Company in
easing its |
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| liquidity
requirement. |
|
|
| 5.
Future Outlook |
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| The
Management is confident that with fulfillment of Government's commitment in
case of |
|
| gas
supply and DAP floor price, rescheduling of loans by the Lenders and
Sponsor's support |
|
| in
the form of fresh capital, your company will be back on a viable track
(Inshallah). |
|
|
| 6.
Pattern of Shareholding |
|
| As
of December 31, 2000 there were 20,133 individual shareholders besides
numerous |
|
| institutions
including 15 foreign investors as shown in the annexed pattern of
shareholding. |
|
|
| 7. Directors |
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| On
retirement of Mr. Hani Abdallah Dukhgan and Mr. Irfan Siddiqui, Mr. Khalid A.
Sheyyab |
|
| and
Mr. Zaigham Mahmood Rizvi have been appointed as Directors of the Company. |
|
|
| 8. Auditors |
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| The
present Auditors, M/s. A.F. Ferguson & Co., Chartered Accountants, retire
and being |
|
| eligible
have offered themselves for re-appointment as Auditors of the Company. |
|
|
| 10.
Acknowledgements |
|
| The
Directors also express their appreciation for the continued support and
guidance of the |
|
| shareholders,
employees, foreign and local lenders, suppliers and the Government and its |
|
| agencies
during the year. |
|
|
|
For and on behalf of the Board |
|
|
|
|
| Rawalpindi |
|
Lt. Gen. Muhammad Maqbool (Retd), HI(M), S Bt |
|
| May 09,
2001 |
|
Chairman |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of FFC-Jordan Fertilizer Company
Limited as at December 31, 2000 and |
|
| the
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 explanations |
|
| which,
to the best of our knowledge and belief, were necessary for the purposes of
our audit. |
|
|
| 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 and 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
management, as well as, evaluating the overall presentation of the above said
statements. We believe that our audit |
|
| provides
a reasonable basis for our opinion and, after due verification, 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, 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 |
|
| respective
give a true and fair view of the state of the Company's affairs as at
December 31, 2000 and of |
|
| the
loss, its cash flows and changes in equity for the year then ended; and |
|
|
| (d)
in our opinion no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
|
|
| Without
qualifying our opinion we draw attention to contents of note 28 of the
accounts which states that the Company is in the |
|
| process
of financial restructuring, which includes rescheduling of loans and
injection of additional funds and that the Government |
|
| of
Pakistan has expressed its willingness to compensate the Company in lieu of
its entitled benefit related to minimum sale |
|
| price
of Diammonium Phosphate fertilizer under the fertilizer policy 1989, to
improve the liquidity of the Company. |
|
|
| Islamabad |
|
A.F. Ferguson & Co. |
|
| May 09,
2001 |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT DECEMBER 31, 2000 |
|
|
|
Note |
2000 |
1999 |
|
|
|
(Rupees
'000) |
|
|
| SHARE
CAPITAL AND RESERVES |
|
| Share capital |
|
|
|
| Authorised |
|
3 |
4,000,000 |
4,000,000 |
|
|
|
========== |
========== |
|
| Issued,
subscribed and fully paid |
|
3 |
3,341,100 |
3,341,100 |
|
| Capital
reserve-share premium |
|
|
228,350 |
228,350 |
|
| Accumulated
loss |
|
|
(3,434,155) |
-- |
|
|
|
------------------ |
------------------ |
|
|
135,295 |
3,569,450 |
|
|
| REDEEMABLE
CAPITAL |
|
4 |
2,746,570 |
2,698,777 |
|
| LONG
TERM LOANS |
|
5 |
4,959,199 |
5,784,441 |
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
| Current
maturity of redeemable capital |
4 |
528,468 |
523,723 |
|
| Current
maturity of long term loans |
5 |
2,548,015 |
1,751,169 |
|
| Short
term finances |
|
6 |
3,334,178 |
1,920,565 |
|
| Creditors,
accrued and other liabilities |
7 |
6,328,057 |
4,970,577 |
|
|
|
------------------ |
------------------ |
|
|
|
12,738,718 |
9,166,034 |
|
| CONTINGENCIES
AND COMMITMENTS |
8 |
|
|
------------------ |
------------------ |
|
|
20,579,782 |
21,218,702 |
|
|
|
========== |
========== |
|
|
|
|
| FIXED
CAPITAL EXPENDITURE |
|
|
| Fixed assets |
|
9 |
17,738,953 |
229,864 |
|
| Capital
work in progress |
|
10 |
-- |
19,323,491 |
|
|
------------------ |
------------------ |
|
|
|
17,738,953 |
19,553,355 |
|
|
|
|
| INTANGIBLE
ASSET |
|
11 |
94,738 |
-- |
|
| LONG
TERM INVESTMENT |
|
12 |
3,000 |
3,000 |
|
| LONG
TERM LOANS AND ADVANCES |
13 |
1,895 |
1,404 |
|
| LONG
TERM DEPOSITS, PREPAYMENTS |
|
|
|
| AND
DEFERRED COSTS |
|
14 |
35,425 |
40,665 |
|
|
|
|
|
| CURRENT
ASSETS |
|
| Stores
and spares |
|
15 |
449,604 |
44,296 |
|
| Stock in trade |
|
16 |
735,709 |
793,062 |
|
| Trade debts |
|
17 |
475,385 |
275,601 |
|
| Advances,
deposits, prepayments and other receivables |
18 |
343,530 |
287,511 |
|
| Cash
and bank balances |
|
19 |
701,543 |
219,808 |
|
|
------------------ |
------------------ |
|
|
2,705,771 |
1,620,278 |
|
|
------------------ |
------------------ |
|
|
20,579,782 |
21,218,702 |
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
Chairman |
|
Chief Executive |
|
Director |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED DECEMBER 31, 2000 |
|
|
|
NOTE |
(Rupees '000) |
|
|
|
|
|
| Sales |
|
20 |
6,068,778 |
|
| Less:
Cost of goods sold |
|
21 |
6,398,410 |
|
|
------------------ |
|
| Gross loss |
|
(329,632) |
|
|
| Administration
and general expenses |
22 |
83,576 |
|
| Selling
and distribution expenses |
|
23 |
557,424 |
|
|
------------------ |
|
|
641,000 |
|
|
------------------ |
|
| Operating loss |
|
(970,632) |
|
| Financial
charges |
|
24 |
2,449,081 |
|
|
------------------ |
|
|
(3,419,713) |
|
| Other income |
|
25 |
15,793 |
|
|
------------------ |
|
| Loss
before taxation |
|
(3,403,920) |
|
| Provision
for taxation |
|
(30,235) |
|
|
------------------ |
|
| Net
loss after taxation |
|
(3,434,155) |
|
|
========== |
|
|
| Earnings
per share (rupees) |
|
26 |
(10.28) |
|
|
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
Chairman |
|
Chief Executive |
|
Director |
|
|
|
| CASH
FLOW STATEMENT |
|
| FOR
THE YEAR ENDED DECEMBER 31, 2000 |
|
|
|
2000 |
1999 |
|
|
(Rupees
'000) |
|
|
| CASH
FLOWS FROM OPERATING ACTIVITIES |
|
| Loss
before taxation |
|
(3,403,920) |
-- |
|
| Adjustment
for non cash charges |
|
|
|
| Depreciation |
|
912,261 |
-- |
|
| Amortisation
of intangible asset |
|
23,684 |
-- |
|
| Amortisation
of deferred cost |
|
5,240 |
-- |
|
| Financial
charges |
|
2,449,081 |
-- |
|
| Profit
on bank balances |
|
(13,546) |
-- |
|
| Gain
on sale of fixed assets |
|
(3) |
-- |
|
|
------------------ |
------------------ |
|
| Operating
loss before working capital changes |
|
(27,203) |
-- |
|
|
| Changes
in working capital |
|
|
|
| Increase
in stores and spares |
|
(64,319) |
-- |
|
| Decrease
in stock in trade |
|
57,353 |
-- |
|
| Increase
in trade debts |
|
(199,784) |
-- |
|
| Increase
in advances, deposits, prepayments and other receivables |
(66,995) |
-- |
|
| Increase
in creditors, accrued and other liabilities |
|
436,805 |
-- |
|
|
------------------ |
------------------ |
|
| Net
cash inflow from working capital changes |
|
163,060 |
-- |
|
|
------------------ |
------------------ |
|
| Cash
generated from operations |
|
135,857 |
-- |
|
|
| Taxes paid |
|
(18,135) |
-- |
|
| Financial
changes paid |
|
(1,066,758) |
-- |
|
|
------------------ |
------------------ |
|
| Net
cash (outflow) from operating activities |
|
(949,036) |
-- |
|
|
| CASH
FLOWS FROM INVESTING ACTIVITIES |
|
| Fixed
capital expenditure |
|
(18,950) |
(1,189,593) |
|
| Increase
in long term deposits and prepayments |
|
-- |
(13,520) |
|
| Increase
in long term loans and advances |
|
(491) |
498 |
|
| Income
on bank deposits |
|
12,421 |
18,866 |
|
| Sale
proceeds on disposal of fixed assets |
|
35 |
680 |
|
| Pre-commercial
production cash flows related to current assets |
-- |
(493,404) |
|
|
------------------ |
------------------ |
|
| Net
cash (outflow) from investing activities |
|
(6,985) |
(1,676,473) |
|
|
| CASH
FLOWS FROM FINANCING ACTIVITIES |
|
| Redeemable
capital |
|
52,538 |
11,811 |
|
| Repayment
of long term loans |
|
(28,396) |
-- |
|
| Short
term finances |
|
713,614 |
1,451,048 |
|
| Revolving
credit facility from an associated company |
700,000 |
-- |
|
|
------------------ |
------------------ |
|
| Net
cash inflow from financing activities |
|
1,437,756 |
1,462,859 |
|
|
------------------ |
------------------ |
|
| Net
increase/(decrease) in cash and cash equivalents |
481,735 |
(213,614) |
|
| Cash
and cash equivalents at the beginning of the year |
219,808 |
433,422 |
|
|
------------------ |
------------------ |
|
| Cash
and cash equivalents at the end of the year |
|
701,543 |
219,808 |
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
Chairman |
|
Chief Executive |
|
Director |
|
|
|
| STATEMENT
OF CHANGES IN EQUITY |
|
| FOR
THE YEAR ENDED DECEMBER 31, 2000 |
|
|
|
Share |
Capital |
Accumulated |
Total |
|
|
capital |
reserve |
loss |
|
|
|
|
(Rupees
'000) |
|
|
| Balance
at January 1, 1998 |
3,341,100 |
228,350 |
-- |
3,569,450 |
|
| Changes
during the year ended December 31, 1999 |
-- |
-- |
-- |
-- |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
| Balance
at December 31, 1999 |
3,341,100 |
228,350 |
-- |
3,569,450 |
|
| Net
loss for the year ended December 31, 2000 |
-- |
-- |
(3,434,155) |
(3,434,155) |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
| Balance
at December 31, 2000 |
3,341,100 |
228,350 |
(3,434,155) |
135,295 |
|
|
========== |
========== |
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
Chairman |
|
Chief Executive |
|
Director |
|
|
|
| NOTES
TO THE ACCOUNTS |
|
| FOR
THE YEAR ENDED DECEMBER 31, 2000 |
|
|
| 1.
LEGAL STATUS AND OPERATIONS |
|
| The
Company is a public company incorporated in Pakistan under the Companies
Ordinance, 1984, and its |
|
| shares
are quoted on the stock exchanges in Pakistan. The principal objective of the
Company is manufacturing, |
|
| purchasing
and marketing of fertilizers. The Company commenced its commercial production
effective January |
|
| 1, 2001. |
|
|
| 2.
SIGNIFICANT ACCOUNTING POLICIES |
|
|
| 2.1
Basis of preparation |
|
| These
accounts have been prepared under the historical cost convention and in
accordance with the |
|
| requirements
of the Companies Ordinance, 1984 and the International Accounting Standards
as applicable |
|
| in Pakistan. |
|
|
| 2.2
Retirement benefits |
|
| The
Company o |
