| Kohat Cement Company Limited |
|
|
|
|
|
|
|
|
| Annual
Report 2000 |
|
|
| Contents |
|
|
| Company
Profile |
|
| Notice
of Meeting |
|
| Directors'
Report |
|
| Auditor's
Report |
|
| Balance Sheet |
|
| Profit
and Loss Account |
|
| Cash
Flow Statement |
|
| Statement
of Changes in Equity |
|
| Notes
to the Accounts |
|
| Pattern
of Shareholding |
|
|
|
| Company
Profile |
|
|
| Board
of Directors |
|
|
|
| Chairman |
|
Mr. Atta Mohammad Sheikh |
|
|
|
|
| Chief
Executive / Director |
Mr. Aizaz Mansoor Sheikh |
|
|
|
Mr. Nadeem Atta Sheikh |
|
|
|
Mr. Nadeem Qadir |
|
|
|
Mian Mohammad Riaz |
|
|
|
Mrs. Khalida Asghar |
|
|
|
Mrs. Khawar Sultana |
|
|
|
|
| Company
Secretary |
Mr. Mohammad Hashim Khan |
|
|
|
| Auditors |
|
Viqar A. Khan |
|
|
|
Chartered Accountants |
|
|
|
|
| Legal Advisor |
|
Qazi Waheed-ud-Din |
|
|
|
|
| Bankers |
|
Allied Bank of Pakistan
Limited |
|
|
|
Askari Commercial Bank
Limited |
|
|
|
Habib Bank Limited |
|
|
|
Muslim Commercial Bank
Limited |
|
|
|
National Bank of Pakistan |
|
|
|
Prime Commercial Bank
Limited |
|
|
|
The Bank of Khyber |
|
|
|
Union Bank Limited |
|
|
|
ABN Amro Bank |
|
|
|
|
| Head Office |
|
House No. 1, 43 FCC, |
|
|
|
Gulberg-IV, Lahore. |
|
|
|
Tel: (042) 575 4357-8,
575 2699 |
|
|
|
Fax: (042) 575 4084 |
|
|
|
E-mail: kccl@wol.net.pk |
|
|
|
| Registered
Office and Works |
Kohat Cement Company
Limited |
|
|
|
Rawalpindi Road, Kohat. |
|
|
|
Tel: (0922) 560 401-04 |
|
|
|
Fax: (0922) 560 405 |
|
|
|
|
| Share
Department |
AZM Computer Services
(Pvt.) Limited |
|
|
|
Ferozepur Road, |
|
|
|
Mozang Chungi, Lahore. |
|
|
|
Tel: (042) 755 2269 |
|
|
|
Fax: (042) 757 6129 |
|
|
|
| NOTICE
OF THE ANNUAL GENERAL MEETING |
|
|
| Notice
is hereby given that the 21st' Annual General Meeting of the Shareholders of
Kohat Cement Company Limited, will be held |
|
| at
its Registered Office, Rawalpindi Road, Kohat on Wednesday, December 20, 2000
at 11:00 A.M. to transact the following |
|
| business:- |
|
|
| ORDINARY
BUSINESS |
|
|
| 1.
To confirm the minutes of the Last Annual General Meeting held on December
20, 1999. |
|
|
| 2.
To receive, consider and adopt the Audited Accounts of the Company for the
year ended June 30, 2000 and Reports of |
|
| Directors and Auditors thereon. |
|
|
| 3.
To declare final cash dividend @20% (Rupees 2 per share) recommended by
directors in addition to an interim cash dividend |
|
| @7.50%
(Rupees 0.75 per share) already paid aggregating to 27.50% (Rupees 2.75 per
share) for the year ended June 30, 2000. |
|
|
| 4.
To appoint Auditors for the year 2000-2001 and to fix their remuneration. The
present Auditors, Viqar A. Khan, Chartered |
|
| Accountants,
being eligible offer themselves for re-appointment. |
|
|
| 5.
To transact any other business with the permission of the Chair. |
|
|
|
|
By Order of the Board |
|
|
|
|
|
|
|
Mohammad Hashim Khan |
|
| Kohat,
November 23, 2000 |
|
Company Secretary |
|
|
| NOTE: |
|
|
| 1.
The register of the members of the Company will be closed from Thursday,
December 14, 2000 to Wednesday, |
|
| December
20, 2000 (both days inclusive) and no transfer will be registered during that
time. Shares transfer deed received in |
|
| order
at the share department of the Company, incharge share department, AZM
Computer Services (Pvt) Ltd., 24-Ferozepur |
|
| Road,
Lahore at the close of business on Wednesday, December 13, 2000 will be
treated in time for entitlement of payment of |
|
| dividend. |
|
|
|
|
| 2.
A member entitled to attend, speak and vote at this meeting may appoint
another member as proxy to attend, speak and vote |
|
| on
his/her behalf. Proxies in Order to be effective must be received at
Registered Office of the Company not later than 48 |
|
| hours
before the meeting. |
|
|
| 3.
Shareholders whose shares are registered in their account / sub-account /
group account with Central Depository System |
|
| (CDS)
are requested to bring N.I.C. along with their account number in CDS and
participants 1D number for verification. In |
|
| case
of appointment of proxy by such account holders the guide lines as contained
in SECP's circular of January 26, 2000 to |
|
| be
followed. The copy of the said circular is being sent to the members along
with the Annual Report. |
|
|
| 4.
Members should quote their folio number in all correspondence with the
Company and at the time of attending the Annual |
|
| General
Meeting. |
|
|
| 5.
The shareholders are requested to notify the Company if there is any change
in their address. |
|
|
|
| DIRECTORS'
REPORT TO THE SHAREHOLDERS |
|
|
| Annual
Report and the Audited Accounts for the financial year ended June 30, 2000
are presented on behalf of the Board of |
|
| Directors. |
|
|
| OPERATING
RESULTS |
|
| The
net sales revenue for the year under review is Rs. 1,021.861 million as
against Rs. 732.825 million in the preceding year. The |
|
| profitability
of the Company has improved considerably in the current year due to stability
in the prices of cement. After accounting |
|
| for
all charges including depreciation of Rs. 74.528 million (1999: Rs. 81.126
Million) the Company has earned a pre-tax profit of |
|
| Rs.
249.179 million compared to Rs. 58.281 million for the last year. |
|
|
| In
March 2000, the Board of Directors declared an interim cash dividend @ 7.50%
(Rupees 0.75 per share) and have now declared |
|
| a
final cash dividend @ 20.00% (Rupees 2 per share), making a total cash pay
out of 27.50% (Rupees 2.75 per share) to its |
|
| shareholders.
This way the Board of Directors have maintained their policy of distributing
maximum profits amongst the |
|
| shareholders.
Appropriation of available profit is as under: |
|
|
|
|
(Rupees in
Thousand) |
|
|
|
2000 |
1999 |
|
|
|
|
| Profit/(Loss)
before taxation |
|
|
249,179 |
58,281 |
|
| Taxation |
|
|
|
|
|
| Current |
|
|
25,181 |
3,664 |
|
| Prior |
|
|
932 |
-- |
|
| Deferred |
|
|
72,500 |
32,000 |
|
|
------------------ |
------------------ |
|
|
|
98,613 |
35,664 |
|
|
|
------------------ |
------------------ |
|
| Profit/(Loss)
after taxation |
|
150,566 |
22,617 |
|
|
------------------ |
------------------ |
|
| Un-appropriated
profit Brought Forward |
|
2,929 |
17,179 |
|
| Transferred
from General Reserve |
|
|
-- |
7,000 |
|
|
|
------------------ |
------------------ |
|
|
|
2,929 |
24,179 |
|
|
| Profit
available for appropriation |
|
|
153,495 |
46,796 |
|
|
|
|
|
|
| APPROPRIATION |
|
|
| Interim
Cash Dividend @ 7.50% |
|
|
16,450 |
43,867 |
|
| Final
Cash Dividend @ 20.00% |
|
|
43,867 |
-- |
|
|
------------------ |
------------------ |
|
|
|
|
|
60,317 |
43,867 |
|
|
|
|
|
------------------ |
------------------ |
|
| Carried
Forward to Balance Sheet |
|
93,179 |
2,929 |
|
|
========== |
========== |
|
|
| PRODUCTION
AND SALES |
|
| Comparative
figures for production of Clinker and Cement are as under: |
|
|
|
|
1999-00 |
1998-99 |
Increase/ |
|
|
|
|
(Decrease) |
|
|
|
(Tonnes) |
(Tonnes) |
(Tonnes) |
|
|
| Clinker
Production |
|
347,328 |
329,070 |
18,258 |
|
| Cement
Production |
|
374,274 |
339,045 |
35,229 |
|
|
| Capacity
utilization has only been 66% due to depressed market conditions and overall
excess cement production capacity in the |
|
| Country. |
|
|
| The
Company sold 374,036 metric tonnes of cement as against 338,835 metric tonnes
in the previous year, registering a |
|
| growth
of 10.40% in the sales volume. The market has remained highly competitive
throughout the year with a downward |
|
| pressure
on prices. However, the existing over capacity in the industry has resulted
in industry wide lower capacity utilization. |
|
|
| ISO
9002 CERTIFICATION |
|
| Your
management has successfully completed ISO 9002 certification carried out by
M/s. Bet Norske Veritas of Netherlands, a |
|
| well
renowned ISO certifying body. This is a milestone achievement in the history
of your Company and this certification |
|
| stands
for consistent quality of our product. |
|
|
| MARKET
REVIEW |
|
| Cement
Industry has continuously been under pressure due to weak economic conditions
and inconsistent financial policies |
|
| of
the Government. Constant increase in input prices, particularly the prices of
furnace oil, which in one year has increased |
|
| from
Rs. 6,980 per tonne to Rs. 14,500 per tonne. This extraordinary increase of
108% in the prices of furnace oil has |
|
| increased
the cost of production by Rs. 40 per bag. Fall in the value of rupee has
substantially increased the cost of imported |
|
| inputs
like, spare parts, refractory bricks, grinding media, lubricants etc. Any
attempt by the Company to pass on these |
|
| increases
to the consumers would have further jeopardized the capacity utilization. As
such most of the inflation was absorbed |
|
| by
the Company. |
|
|
| General
Sales Tax @ 15% has been imposed on cement w.e.f. September 05, 2000 and
incidence of excise duty has been |
|
| reduced
from Rs. 1,400 per ton to Rs. 1,000 per ton. This measure of the Government
has created an un-level playing field |
|
| amongst
the cement manufacturers. Four cement units namely Lucky Cement, Bestway
Cement, Askari Cement (Nizampur) |
|
| and
Saadi Cement will be exempt from payment of General Sales Tax till June 30,
2001. This benefit works out to be |
|
| approximately
Rs. 450 per tonne in favour of these four units. |
|
|
|
| FUTURE
PROSPECTS |
|
| Increasing
input prices, under utilised production capacity in the country and
especially the recent selective general sales tax |
|
| levy
by the Government upto June 30, 2001, has created a doomsday scenario for the
cement industry in the country which is |
|
| bound
to spell disaster for cement manufacturing units, especially to ours, being
the smallestones. |
|
|
| However,
reduction in financial and depreciation costs of your Company over future
years will contribute towards better |
|
| profitability. |
|
|
| DEBT
OBLIGATION |
|
| The
Company continues to meet its financial obligations. There has been a net
debt reduction of approximately Rs. 259 million |
|
| during
the year under review. The debt outstanding, as of June 30, 2000 is Rs. 118
million, which is one of the lowest in the |
|
| cement sector. |
|
|
| PATTERN
OF SHAREHOLDINGS |
|
| The
pattern of Shareholding of the Company as at June 30, 2000 is annexed with
the Annual Report. |
|
|
| COMPANY
LEGAL ADVISOR |
|
| Syed
Shuja Uddin Wasti was replaced as legal advisor by Qazi Waheed ud din
advocate High Court, Peshawar. |
|
|
| COMPANY
AUDITORS |
|
| Viqar
A. Khan, Chartered Accountants, the retiring Auditors, being eligible, offer
themselves for re-appointment for the next |
|
| year. |
|
|
| MANAGEMENT
EMPLOYEES RELATIONS |
|
| The
Board would like to record its appreciation for the valuable contribution
made by all its employees. The management is |
|
| quite
confident these cordial relations and cooperation will continue in the years
to come. |
|
|
|
|
|
AIZAZ MANSOOR SHEIKH |
|
| Dated:
November 21,2000 |
|
Chief Executive |
|
|
|
| YEAR
WISE STATISTICAL SUMMARY |
|
|
|
2000 |
1999 |
1998 |
1997 |
1996 |
|
|
|
|
| ASSETS
EMPLOYED |
|
|
|
|
| Fixed Assets |
|
662 |
715 |
789 |
862 |
805 |
|
|
|
|
| Investment
and Long Term |
|
| Advances
and Deposits |
4 |
24 |
37 |
39 |
40 |
|
| Current Assets |
|
209 |
223 |
219 |
209 |
273 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
| Total
Assets Employed |
875 |
961 |
1,045 |
1,111 |
1,119 |
|
|
|
========== |
========== |
========== |
========== |
========== |
|
|
|
|
|
|
| FINANCED BY |
|
|
| Shareholders
Equity |
475 |
384 |
406 |
408 |
449 |
|
| Long
Term Liabilities |
18 |
140 |
160 |
326 |
303 |
|
| Deferred
Liabilities |
117 |
44 |
12 |
11 |
11 |
|
| Current
Liabilities |
266 |
393 |
469 |
365 |
356 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
| Total
Funds Invested |
875 |
961 |
1,045 |
1,111 |
1,119 |
|
|
|
========== |
========== |
========== |
========== |
========== |
|
|
|
|
| TURNOVER
AND PROFIT |
|
| Turnover
(Net) |
|
1,022 |
733 |
748 |
501 |
953 |
|
| Operating Profit |
|
304 |
115 |
57 |
45 |
116 |
|
| Profit/(Loss)
Before Taxation |
249 |
58 |
(1) |
(38) |
47 |
|
| Profit/(Loss)
After Taxation |
151 |
23 |
(3) |
(41) |
46 |
|
| Cash Dividend |
|
60 |
44 |
0 |
0 |
50 |
|
| Profit c/f |
|
93 |
3 |
17 |
20 |
61 |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of KOHAT CEMENT
COMPANY LIMITED as at June 30, 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 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 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 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
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 the approved accounting standards as applicable in Pakistan,
and, 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 June 30, 2000 and of the profit, its cash flows and
changes in equity for the year then |
|
| ended; and |
|
|
|
|
|
|
| d)
in our opinion Zakat deductible at source under the Zakat and Ushr Ordinance,
1980 (XVIII of 1980) was deducted by |
|
| the
company and deposited in the Central Zakat Fund established under Section 7
of that Ordinance. |
|
|
| LAHORE:
November 22, 2000 |
|
CHARTERED ACCOUNTANTS |
|
|
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 2000 |
|
|
|
|
2000 |
1999 |
|
|
Note |
Rupees |
Rupees |
|
|
| Share
Capital and Reserves |
|
| Authorised
share capital |
|
| 50,000,000
(1999: 50,000,000) ordinary |
|
| Shares
of Rs. 10 each |
|
500,000,000 |
500,000,000 |
|
|
|
========== |
========== |
|
|
|
|
| Issued,
subscribed and paid up share capital |
|
| 21,933,334
(1999: 21,933,334) ordinary |
|
| shares
of Rs. 10 each |
|
3 |
219,333,340 |
219,333,340 |
|
| Reserves |
|
4 |
162,120,028 |
162,120,028 |
|
| Accumulated
profit |
|
|
93,178,739 |
2,928,902 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
474,632,107 |
384,382,270 |
|
|
| Redeemable
Capital |
|
5 |
-- |
16,954,098 |
|
| Liabilities
Against Assets Subject to Finance Lease |
6 |
15,057,509 |
118,220,157 |
|
| Deferred
Liabilities |
|
7 |
116,594,780 |
44,124,993 |
|
| Long
Term Security Deposits |
|
8 |
2,806,160 |
4,420,000 |
|
|
|
| Current
Liabilities |
|
|
|
| Shod
term finances |
|
9 |
69,321,124 |
98,750,293 |
|
| Current
portion of long term liabilities |
10 |
33,756,486 |
154,188,070 |
|
| Creditors,
accruals and other payables |
11 |
89,420,083 |
81,340,902 |
|
| Provision
for taxation |
|
|
28,845,466 |
14,546,815 |
|
| Dividends |
|
12 |
44,541,761 |
44,097,041 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
265,884,920 |
392,923,121 |
|
| Contingencies
and Commitments |
|
13 |
------------------ |
------------------ |
|
|
|
|
874,975,476 |
961,024,639 |
|
|
========== |
========== |
|
|
| Fixed
Capital Expenditure |
|
| Operating
fixed assets- tangible |
|
14 |
659,797,694 |
714,765,683 |
|
| Capital
work-in-progress |
|
15 |
2,100,706 |
-- |
|
|
|
------------------ |
------------------ |
|
|
|
661,898,400 |
714,765,683 |
|
|
|
|
| Long
Term Loans to Employees |
|
16 |
2,716,546 |
1,428,611 |
|
|
|
|
|
| Long
Term Deposits |
|
17 |
926,030 |
22,325,311 |
|
|
|
|
|
| Current Assets |
|
|
|
| Stores,
spares and loose tools |
|
18 |
51,434,353 |
56,342,730 |
|
| Stock in trade |
|
19 |
50,515,942 |
50,964,743 |
|
| Trade debtors |
|
20 |
28,921,924 |
43,461,019 |
|
| Advances,
deposits, prepayments, |
|
|
| investments
and other receivables |
21 |
35,195,185 |
38,324,163 |
|
| Cash
and bank balances |
|
22 |
43,367,096 |
33,412,379 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
209,434,500 |
222,505,034 |
|
|
------------------ |
------------------ |
|
|
|
874,975,476 |
961,024,639 |
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
|
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE YEAR ENDED JUNE 30, 2000 |
|
|
|
|
2000 |
1999 |
|
|
Note |
Rupees |
Rupees |
|
|
|
|
| Sales |
|
23 |
1,021,861,290 |
732,825,249 |
|
| Cost
of goods sold |
|
24 |
689,815,805 |
590,884,795 |
|
|
|
|
------------------ |
------------------ |
|
| Gross profit |
|
|
332,045,485 |
141,940,454 |
|
| Selling,
administrative and general expenses |
25 |
28,110,454 |
26,465,728 |
|
|
|
|
------------------ |
------------------ |
|
| Operating
profit |
|
|
303,935,031 |
115,474,726 |
|
| Other income |
|
26 |
1,442,543 |
3,305,734 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
305,377,574 |
118,780,460 |
|
|
|
|
------------------ |
------------------ |
|
| Financial
charges |
|
27 |
41,261,308 |
55,810,692 |
|
| Other charges |
|
28 |
14,936,867 |
4,688,828 |
|
|
------------------ |
------------------ |
|
|
|
|
56,198,175 |
60,499,520 |
|
|
|
|
|
------------------ |
------------------ |
|
|
| Profit/(Loss)
before taxation |
|
|
249,179,399 |
58,280,940 |
|
|
| Taxation |
|
29 |
(98,612,894) |
(35,664,126) |
|
|
|
|
|
------------------ |
------------------ |
|
|
| Profit/(Loss)
after taxation |
|
|
150,566,505 |
22,616,814 |
|
|
|
| Unappropriated
profit brought forward |
|
2,928,902 |
17,178,756 |
|
| Transferred
from general reserve |
|
-- |
7,000,000 |
|
|
|
------------------ |
------------------ |
|
| Profit
available for appropriation |
|
153,495,407 |
46,795,570 |
|
|
|
|
|
| Appropriation |
|
| Dividends |
|
| Interim
dividend @ 7.5% (1999: 20%) |
|
16,450,000 |
43,866,668 |
|
| Proposed
final dividend @ 20% (1999: NIL) |
|
43,866,668 |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
60,316,668 |
43,866,668 |
|
|
|
|
------------------ |
------------------ |
|
| Unappropriated
profit carried forward |
|
93,178,739 |
2,928,902 |
|
|
|
|
========== |
========== |
|
| Earnings
per share |
|
30 |
6.86 |
1.03 |
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
| CASH
FLOW STATEMENT FOR THE YEAR ENDED JUNE 30, 2000 |
|
|
|
|
|
2000 |
1999 |
|
|
|
Note |
Rupees |
Rupees |
|
|
| Cash
flows from operating activities |
|
|
| Cash
generated from operations |
|
A |
393,345,938 |
218,435,329 |
|
| Financial
charges paid |
|
|
(50,243,65I) |
(78,644,077) |
|
| Income
tax paid/deducted at source |
|
(13,191,964) |
(24,503,320) |
|
|
|
|
------------------ |
------------------ |
|
| Net
cash inflow/(outflow) from operating activities |
|
329,910,323 |
115,287,932 |
|
|
| Cash
flows from investing activities |
|
| Fixed
capital expenditure |
|
|
(22,161,336) |
(8,874,820) |
|
| Net
(increase)/decrease in long term loans and deposits |
32,081,647 |
(1,359,202) |
|
| Sale
proceeds of fixed assets |
|
|
648,192 |
516,760 |
|
| Profit/mark-up
on bank deposits and investments |
|
939,178 |
689,871 |
|
| Long
term security deposits |
|
|
(1,613,840) |
(290,000) |
|
|
|
|
------------------ |
------------------ |
|
| Net
cash inflow/(outflow) from investing activities |
|
9,893,841 |
(9,317,391) |
|
|
|
|
|
|
| Cash
flows from financing activities |
|
| Repayment
of short term borrowings |
|
(18,443,898) |
(46,269,005) |
|
| Increase
in redeemable capital |
|
|
-- |
31,000,000 |
|
| Repayment
of redeemable capital |
|
|
(8,916,220) |
(48,049,792) |
|
| Repayment
of finance lease liabilities |
|
(231,632,11 o) |
(58,692,606) |
|
| Dividend paid |
|
|
(59,871,948) |
(9,100) |
|
|
------------------ |
------------------ |
|
|
|
|
(318,864,176) |
(122,020,503) |
|
|
|
|
------------------ |
------------------ |
|
| Net
increase/(decrease) in cash and cash equivalents |
20,939,988 |
(16,049,962) |
|
| Cash
and cash equivalents at the beginning of the year |
(46,894,016) |
(30,844,054) |
|
|
|
|
------------------ |
------------------ |
|
| Cash
and cash equivalents at the end of the year |
B |
(25,954,028) |
(46,894,016) |
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
|
CHIEF EXECUTIVE |
|
|
DIRECTOR |
|
|
|
| CASH
FLOW STATEMENT FOR THE YEAR ENDED JUNE 30, 2000 |
|
|
|
|
2000 |
1999 |
|
|
Note |
Rupees |
Rupees |
|
|
| NOTE- A |
|
| Cash
flows from operating activities |
|
| Net
profit/(loss) before taxation |
|
|
249,179,399 |
58,280,940 |
|
|
| Add
/ (Less) adjustments for non cash charges and other items |
|
|
| Depreciation
on operating fixed assets |
|
74,528,076 |
81,125,698 |
|
| (Gain)/loss
on sale of fixed assets |
|
|
(147,649) |
(462,127) |
|
| Provision
for earned leave (net) |
|
|
(30,213) |
461,531 |
|
| Profit/mark-up
on bank deposits and investments |
|
(1,035,632) |
(678,605) |
|
| Financial
charges |
|
|
41,261,308 |
55,810,692 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
114,575,890 |
136,257,189 |
|
|
------------------ |
------------------ |
|
| Operating
profit before working capital changes |
|
363,755,289 |
194,538,129 |
|
|
|
|
| Effect
on cash flow due to working capital changes: |
|
| (Increase)/decrease
in stores and spares |
|
4,908,377 |
3,251,768 |
|
| (Increase)/decrease
in stock-in-trade |
|
448,801 |
(9,829,418) |
|
| (Increase)/decrease
in trade debtors |
|
14,539,095 |
28,054,004 |
|
| (Increase)/decrease
in advances, deposits, |
|
|
|
| prepayments,
investments and other receivables |
|
(7,367,148) |
3,360,936 |
|
| Increase/(decrease)
in creditors, accruals and other liabilities |
17,061,524 |
(940,090) |
|
|
|
------------------ |
------------------ |
|
|
|
29,590,649 |
23,897,200 |
|
|
|
------------------ |
------------------ |
|
| Cash
generated from operations |
|
393,345,938 |
218,435,329 |
|
|
========== |
========== |
|
|
|
| NOTE- B |
|
| Cash
and cash equivalents |
|
| Cash
and bank balances |
|
|
43,367,096 |
33,412,379 |
|
| Short
term running finances |
|
|
(69,321,124) |
(80,306,395) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(25,954,028) |
(46,894,016) |
|
|
========== |
========== |
|
|
|
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
| STATEMENT
OF CHANGES |
|
| IN
EQUITY FOR THE YEAR ENDED JUNE 30, 2000 |
|
|
|
|
RESERVES |
|
|
CAPITAL |
REVENUE |
|
|
|
|
|
SHARE |
Share |
General |
Accumulated |
TOTAL |
|
|
CAPITAL |
Premium |
Reserves |
Profit |
|
|
|
|
|
|
|
|
Rupees |
|
|
|
|
| Balance
as at June 30,1998 |
219,333,340 |
92,120,028 |
77,000,000 |
17,178,756 |
405,632,124 |
|
| Profit
for the year ended June 30, 1999 |
-- |
-- |
-- |
22,616,814 |
22,616,814 |
|
| Transfer
to accumulated profit |
-- |
-- |
(7,000,000) |
7,000,000 |
-- |
|
| Dividend |
|
-- |
-- |
-- |
(43,866,668) |
(43,866,668) |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
| Balance
as at June 30, 1999 |
219,333,340 |
92,120,028 |
70,000,000 |
2,928,902 |
384,382,270 |
|
| Profit
for the year ended June 30, 2000 |
-- |
-- |
-- |
150,566,505 |
150,566,505 |
|
| Dividends |
|
-- |
-- |
-- |
(60,316,668) |
(60,316,668) |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
| Balance
as at June 30, 2000 |
219,333,340 |
92,120,028 |
70,000,000 |
93,178,739 |
474,632,107 |
|
|
|
========== |
========== |
========== |
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
| NOTES
TO THE ACCOUNTS FOR THE YEAR ENDED JUNE 30, 2000 |
|
|
| 1
- The Company and its Operations |
|
| The
Company is a Public Limited Company incorporated in Pakistan under the
Companies Act, 1913 (now Companies |
|
| Ordinance,
1984) and is listed on Stock Exchanges of Pakistan. The Company is engaged in
the production and sale of |
|
| Grey cement. |
|
|
|
|
| 2-
Significant Accounting Policies |
|
|
|
|
|
|
| 2.1-
Accounting convention |
|
|
|
| These
accounts have been prepared under the historical cost convention as modified
by capitalisation of |
|
| exchange
differences referred to in note 2.8. |
|
|
|
|
|
| 2.2-
Operating fixed assets and depreciation |
|
| Operating
fixed assets are stated at cost less accumulated depreciation except freehold
land and capital work in |
|
| progress
which are stated at cost. Cost of certain fixed assets consists of historical
cost, exchange differences |
|
| and
directly attributable cost of bringing the assets to working condition.
Depreciation on operating fixed |
|
| assets
is charged to income by applying the reducing balance method, so as to write
off the historical cost of an |
|
| asset
over its estimated useful life at the rates mentioned in note 14. Full year's
depreciation is charged on |
|
| additions
except major additions or extensions to production facilities which are
depreciated on pro-rata basis for |
|
| the
period of use during the year. |
|
|
| Normal
repairs and maintenance are charged to income as and when incurred. Major
improvements and |
|
| modifications
are capitalized and assets so replaced, if any, other than those kept as
stand by, are retired. |
|
|
|
|
| Profit
or loss on disposal of operating fixed assets is included in the current
income. |
|
|
| 2.3-
Assets subject to finance lease |
|
| Assets
subject to finance lease are stated at the lower of present value of minimum
lease payments under the |
|
| lease
agreements and the fair value of the assets. The related obligations of the
leases are accounted for as |
|
| liabilities. |
|
|
|
|
| Assets
acquired under finance lease are amortized over the useful life of the assets
on a reducing balance method |
|
| at
the rates given in note 14. Amortization of leased assets is charged to
profit. |
|
|
| 2.4-
Stores and spares |
|
|
| These
are valued at moving average cost except items in transit which are valued at
cost which comprises of |
|
| invoice
value plus other charges paid thereon. |
|
|
| 2.5-
Stock-in-trade |
|
| Stock-in-trade
is valued at the lower of average cost and net realizable value. The average
cost in relation to work- |
|
| in-process
and finished goods represents direct costs of materials, labour and
appropriate portion of production |
|
| overheads.
Net realizable value signifies the ex-factory sales price less expenses and
taxes necessary to be |
|
| incurred
in order to make the sale. |
|
|
|
|
| 2.6-
Staff retirement benefits |
|
| The
Company operates an approved gratuity fund scheme for its permanent
employees, payable on cessation of |
|
| employment,
subject to minimum qualifying period of service. Provision is made annually
to cover obligations |
|
| under
the scheme for all employees eligible to gratuity benefits irrespective of
the qualifying period. |
|
|
| The
Company also operates a recognised contributory provident fund scheme. Equal
monthly contributions are |
|
| made
by the Company and the employees to the fund. |
|
|
| 2.7- Taxation |
|
| The
charge for current taxation is based on taxable income at current rates of
taxation after taking into account |
|
| tax
credits and rebates available, if any. The Company accounts for deferred
taxation arising on major timing |
|
| differences
in installments using the liability method as discussed in note 29 to the
accounts. |
|
|
| 2.8-
Foreign currency translation |
|
| Assets
and liabilities in foreign currencies are translated into rupees at exchange
rates approximating those |
|
| prevailing
at the balance sheet date. Exchange differences in respect of foreign
currency loans obtained for |
|
| acquisition
of fixed assets are incorporated in the cost of relevant assets. All other
exchange differences are |
|
| taken
to profit and loss account. |
|
|
| 2.9-
Borrowing costs |
|
| All
mark-up, interest and other charges are charged to income. |
|
|
| 2.10-
Revenue Recognition |
|
| -
Sales are recognised at the time of despatch of goods to the customers. |
|
| -
Interest income on bank deposits is accounted for on accrual basis. |
|
|
|
|
2000 |
1999 |
|
|
|
Rupees |
Rupees |
|
|
| 3
- Issued, subscribed and paid-up share capital |
|
|
| 2,243,334
(1999: 2,243,334) Ordinary shares of Rs. 10 |
|
| each
fully paid in cash |
|
|
22,433,340 |
22,433,340 |
|
|
|
|
| 11,230,000
(1999: 11,230,000) Ordinary shares of Rs. 10 |
|
| each
issued as fully paid for consideration other than cash |
112,300,000 |
112,300,000 |
|
|
|
|
| 8,460,000
(1999: 8,460,000) Ordinary shares of Rs. 10 each |
|
| issued
as fully paid bonus shares |
|
|
84,600,000 |
84,600,000 |
|
|
------------------ |
------------------ |
|
|
|
219,333,340 |
219,333,340 |
|
|
|
========== |
========== |
|
|
| 4 - Reserves |
|
|
|
|
Capital |
Revenue |
Total |
|
|
|
(Share premium) |
(General) |
2000 |
1999 |
|
|
|
Rupees |
Rupees |
Rupees |
Rupees |
|
|
| At
the beginning of the year |
92,120,028 |
70,000,000 |
162,120,028 |
169,120,028 |
|
| Transferred
to profit & loss account |
-- |
-- |
-- |
7,000,000 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
|
|
92,120,028 |
70,000,000 |
162,120,028 |
162,120,028 |
|
|
|
========== |
========== |
========== |
========== |
|
|
| Share
premium represents premium of Rs. 42 per share received on issue of 2,193,334
ordinary shares to general public |
|
| in 1994. |
|
|
|
|
|
|
|
|
|
2000 |
1999 |
|
|
|
Note |
Rupees |
Rupees |
|
|
| 5
- Redeemable capital- secured |
|
| Union
Leasing Limited |
|
|
22,083,780 |
31,000,000 |
|
| Less:
Current portion shown under current liabilities |
10 |
22,083,780 |
14,045,902 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
-- |
16,954,098 |
|
|
========== |
========== |
|
|
| This
represents a term finance facility of Rs. 31.00 million. The finance is
repayable in 21 monthly unequal installments |
|
| commenced
from July 15, 1999 and carries mark-up at the rate of 17% (1999:16.75%) per
annum. In the event of failure |
|
| to
pay any installment on due date, the lender shall be entitled to recall the
entire amount immediately. The finance is |
|
| secured
against second charge on all present and future assets and hypothecation of
moveable assets of the Company |
|
| and
personal guarantees of certain directors. |
|
|
| 6
- Liabilities against assets subject to finance lease |
|
| The
amounts of unpaid lease payments to date, future payments and the periods in
which these payments will become |
|
| due are:- |
|
|
|
|
| Year ending |
|
|
|
| 1999 |
|
|
-- |
38,348,084 |
|
| 2000 |
|
|
-- |
134,649,024 |
|
| 2001 |
|
|
14,436,396 |
85,221,598 |
|
| 2002 |
|
|
12,302,180 |
29,568,396 |
|
| 2003 |
|
|
4,218,198 |
19,231,931 |
|
|
|
|
------------------ |
------------------ |
|
| Total
minimum lease payments |
|
|
30,956,774 |
307,019,033 |
|
|
| Less:
Financial charges allocated to unpaid lease payments |
|
| and
future payments |
|
4,226,559 |
48,656,708 |
|
|
|
------------------ |
------------------ |
|
| Present
value of minimum lease payments |
|
26,730,215 |
258,362,325 |
|
|
| Less:
Current portion shown under current liabilities |
|
| Current |
|
10 |
11,672,706 |
116,541,551 |
|
| Over due |
|
|
-- |
23,600,617 |
|
|
------------------ |
------------------ |
|
|
|
11,672,706 |
140,142,168 |
|
|
|
------------------ |
------------------ |
|
|
|
15,057,509 |
118,220,157 |
|
|
|
========== |
========== |
|
|
| The
implicit rate used as the discounting factor is 13.15% and 14% per annum.
Rentals are payable in equal monthly and |
|
| quarterly
installments. Over dues are subject to additional payment at rates 1% and 3%
per month. The lessee shall have |
|
| no
right to terminate the lease agreements and if the lease agreements are
terminated before the due dates, the lessee |
|
| will
have to pay the entire amount of lease rentals for un-expired period of the
lease agreements. However, lease |
|
| agreements
carry renewal option at the end of lease periods. These liabilities are
secured by demand promissory notes, |
|
| charge
on Company's assets ranking parri passu with other creditors, personal
guarantees of directors and deposits of |
|
| Rs.
2,000,000 (1999: Rs. 35,873,371) shown in note 17 and 21. |
|
|
| 6.1
- Minimum lease payments and their present values are regrouped as below: |
|
|
|
|
|
|
2000 |
1999 |
|
|
Minimum |
Present |
Present |
Minimum |
|
|
lease |
value of |
value of |
lease |
|
|
payments |
minimum |
minimum |
payments |
|
|
|
Lease |
lease |
|
|
|
|
Payments |
payments |
|
|
|
|
| Due
not later than one year |
14,436,396 |
11,672,706 |
172,997,108 |
140,142,168 |
|
| Due
later than one year and not |
|
| later
than five years |
16,520,378 |
15,057,509 |
134,021,925 |
118,220,157 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
|
30,956,774 |
26,730,215 |
307,019,033 |
258,362,325 |
|
|
========== |
========== |
========== |
========== |
|
|
|
|
|
2000 |
1999 |
|
|
|
Note |
Rupees |
Rupees |
|
|
|
| 7
- Deferred liabilities |
|
| Deferred
taxation |
|
29 |
111,818,943 |
39,318,943 |
|
| Earned leave |
|
|
4,775,837 |
4,806,050 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
116,594,780 |
44,124,993 |
|
|
|
========== |
========== |
|
|
|
|
| 8
- Long term security deposits |
|
| From
cement dealers |
|
8.1 |
1,706,160 |
2,320,000 |
|
| From
cement transporters |
|
8.2 |
1,100,000 |
2,100,000 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,806,160 |
4,420,000 |
|
|
========== |
========== |
|
|
| 8.1
- These represent interest free security deposits received from cement
dealers and repayable on the termination |
|
| of the agency. |
|
|
| 8.2
- These represent interest free security deposits received from transporters
for providing guarantee of safe |
|
| delivery
of cement to customers. |
|
|
|
|
| 9
- Short term finances |
|
|
|
|
|
Sanction |
Rate of |
2000 |
1999 |
|
| Secured |
|
Note |
limit |
Mark-up |
Rupees |
Rupees |
|
|
|
|
| Commercial
Banks |
|
|
| Running
finances |
9.1 |
68,000,000 |
47 paisas per Rs. 1,000 |
66,835,039 |
96,789,002 |
|
|
|
|
|
per day. |
|
| Un-secured |
|
|
|
| Commercial
Banks |
9.2 |
-- |
-- |
2,486,085 |
1,961,291 |
|
|
|
|
------------------ |
|
------------------ |
------------------ |
|
|
|
|
68,000,000 |
|
69,321,124 |
98,750,293 |
|
|
|
|
========== |
|
========== |
========== |
|
|
| 9.1-
These represent short term running finances utilized under mark-up
arrangements secured against 1st charge |
|
| ranking
parri passu with other banks over the existing and future total assets of the
Company and personal |
|
| guarantees
of certain directors. |
|
|
| 9
- 2 These represents cheques issued but not presented at the balance sheet
date. |
|
|
|
|
2000 |
1999 |
|
|
Note |
Rupees |
Rupees |
|
| 10
- Current portion of long term liabilities |
|
| Redeemable
capital |
|
5 |
22,083,780 |
14,045,902 |
|
| Liabilities
against assets subject to finance lease |
6 |
11,672,706 |
140,142,168 |
|
|
------------------ |
------------------ |
|
|
33,756,486 |
154,188,070 |
|
|
========== |
========== |
|
|
|
|
| 11
- Creditors, accruals and other payables |
|
| Trade creditors |
|
|
|
10,853,699 |
11,272,012 |
|
| Advances
from cement customers |
|
7,727,079 |
4,651,025 |
|
| Accrued
liabilities |
|
|
39,614,669 |
34,225,868 |
|
| Bills payable |
|
|
|
679,579 |
885,888 |
|
| Bonus payable |
|
|
|
6,777,400 |
6,856,418 |
|
| Financial
charges accrued on: |
|
|
| Redeemable
capital |
|
|
156,427 |
216,354 |
|
| Liabilities
against assets subject to finance lease |
|
-- |
7,253,348 |
|
| Short
term finances |
|
|
1,320,237 |
655,737 |
|
| Excise
duty on liabilities against assets |
|
| subject
to finance lease |
|
|
-- |
2,333,568 |
|
| Workers'
profit participation fund |
|
11.1 |
15,481,586 |
3,148,488 |
|
| Income
tax deducted at source |
|
|
196,340 |
315 |
|
| Royalty
and excise duty |
|
11.2 |
253,571 |
66,341 |
|
| Workers'
welfare fund |
|
|
4,474,297 |
8,029,447 |
|
| Security
deposits and retention moneys |
11.3 |
601,915 |
646,046 |
|
| Other payables |
|
|
|
1,283,284 |
1,100,047 |
|
|
------------------ |
------------------ |
|
|
89,420,083 |
81,340,902 |
|
|
========== |
========== |
|
|
| 11.1
- Workers' profit participation fund |
|
| Balance
as at July 01, 1999 |
|
|
3,148,488 |
1,546,566 |
|
| Allocation
for the year |
|
28 |
13,209,098 |
3,148,488 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
16,357,586 |
4,695,054 |
|
| Interest
on funds utilized in Company's business |
|
65,700 |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
16,423,286 |
4,695,054 |
|
| Amount
paid to/on behalf of fund |
|
941,700 |
1,546,566 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
15,481,586 |
3,148,488 |
|
|
========== |
========== |
|
|
| 11.2
- Royalty and excise duty |
|
| Royalty |
|
|
80,424 |
3,810 |
|
| Excise duty |
|
|
173,147 |
62,531 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
253,571 |
66,341 |
|
|
========== |
========== |
|
|
| 11.3
- Security deposits and retention money |
|
|
| These
represent the interest free security deposits and retention money received
from contractors and are |
|
| repayable
after satisfactory completion of contracts. |
|
|
| 12- Dividends |
|
| Unclaimed |
|
675,093 |
230,373 |
|
| Interim |
|
-- |
43,866,668 |
|
| Proposed |
|
43,866,668 |
-- |
|
|
|
------------------ |
------------------ |
|
|
|
44,541,761 |
44,097,041 |
|
|
|
========== |
========== |
|
|
| 13
- Contingencies and commitments |
|
|
|
| 13.1
- Contingencies |
|
|
|
|
|
|
| 13.1.1
- The Engineering Services International (Pakistan) Limited has raised a
claim of Rs. 5,449,000 against the Company on account of |
|
| mechanical
installation/erection. A counter claim of Rs. 1,307,962 has been lodged by
the Company. The case is pending with Senior |
|
| Civil
Judge, Lahore. |
|
|
|
|
| 13.1.2
- The State Cement Corporation of Pakistan (Private) Limited, the previous
sole owner of the Company has raised a claim of Rs. 5.640,000 |
|
| against
the Company on account of the interim dividend declared by previous Board of
Directors. The present Board of Directors has |
|
| rescinded
that declaration of interim dividend on various grounds. The matter is
pending for adjudication with the Securities and |
|
| Exchange
Commission of Pakistan. |
|
|
|
| 13.1.3
- The Company has initiated recovery proceedings for the recovery of Rs.
14,100,000, being interim dividend pertaining to the year |
|
| ended
June 30, 1992 paid by the previous management to the State Cement Corporation
of Pakistan (Private) Limited. The said dividend |
|
| has
been rescinded by the Board and recision confirmed at the Annual General
Meeting. As a consequence, the Company has withheld |
|
| Rs.
14,100,000 interim dividend pertaining the period ended December 31, 1994
payable to the State Cement Corporation of Pakistan |
|
| (Private)
Limited. intimations have been given to the State Cement Corporation of
Pakistan (Private) Limited and the Securities and |
|
| Exchange
Corn mission of Pakistan (the application is pending with the Securities and
Exchange Commission of Pakistan). This amount |
|
| has
been withheld on legal advice obtained from the corporate lawyers. |
|
|
| 13.1.4
- While finalizing the Company's assessment for the assessment year 1995-96
(accounting year ended Jun 30, 1995- 18 months), the |
|
| assessing
officer has imposed a additional tax of Rs. 16.45 million. On appeal the
Income Tax Appellate Tribunal (ITAT) has up held the |
|
| decision
of the assessing officer. The Company has filed a miscellaneous application
with the ITAT for review of its decision and also |
|
| intends
to file a reference before the Honourable Peshawar High Court. No provision
has been made in these accounts for the |
|
| aforementioned
tax demand. The management is hopeful of a favourable outcome. |
|
|
| 13.2
- Commitments in respect of: |
|
| -
Letters of Credit other than for capital expenditure Rs. 784,500 (1999: Rs.
NIL). |
|
|
| 14
- Operating fixed assets |
|
|
COST |
|
DEPRECIATION |
|
Rupees |
|
|
Written |
|
As at |
Additions/ |
As at |
Rate |
Accumulated |
Charged |
Adjustment |
Accumulated |
down value |
| Particulars |
|
01-07-1999 |
(deletions) |
30-06-2000 |
% |
as at |
for the |
on disposal |
as at |
as at |
|
|
01-07-1999 |
year |
|
30-06-2000 |
30-06-2000 |
|
| Freehold land |
|
6,815,970 |
7,837,650 |
14,653,620 |
-- |
-- |
-- |
-- |
-- |
14,653,620 |
| Buildings on |
|
| freehold land |
|
| -
Factory buildings |
180,158,642 |
-- |
180,158,642 |
10 |
129,525,258 |
5,063,338 |
-- |
134,588,596 |
45,570,046 |
| -
Office and other buildings |
13,337,926 |
-- |
13,337,926 |
5 |
7,180,454 |
307,874 |
-- |
7,488,328 |
5,849,598 |
| - Housing Colony |
33,451,768 |
-- |
33,451,768 |
5 |
16,221,448 |
861,516 |
-- |
17,082,964 |
16,368,804 |
| Plant,
machinery and |
822,724,485 |
251,689,130 |
1,074,378,428 |
10 |
467,828,614 |
53,362,116 |
72,939,546 |
594,119,380 |
480,259,048 |
| equipment |
|
(35,187) |
|
|
|
|
(10,896) |
|
| Storage
tanks and |
|
|
|
|
|
| pipelines |
|
17,187,050 |
-- |
17,187,050 |
10 |
13,813,130 |
337,392 |
-- |
14,150,522 |
3,036,528 |
| Power
installations |
82,975,450 |
-- |
82,975,450 |
10 |
66,351,127 |
1,662,432 |
-- |
68,013,559 |
14,961,891 |
| Furniture,
fixtures and |
15,314,429 |
930,026 |
15,545,840 |
10 |
8,318,566 |
751,040 |
(283,124) |
8,786,482 |
6,759,358 |
| other
office equipment |
|
(698,615) |
|
|
|
| Weighing
scales |
1,099.62 |
-- |
1,099,615 |
10 |
687,345 |
41,227 |
-- |
728,572 |
371,043 |
| Vehicles |
|
14,140,096 |
2,632,740 |
16,238,068 |
20 |
9,532,814 |
1,435,852 |
(474,007) |
10,494,659 |
5,743,409 |
|
(534,768) |
|
|
|
| Heavy vehicles |
|
87,905,412 |
7,481,589 |
95,387,001 |
20 |
63,086,241 |
6,460,152 |
-- |
69,546,393 |
25,840,608 |
| Railway sidings |
|
9,853,476 |
-- |
9,853,476 |
5 |
5,498,439 |
217,752 |
-- |
5,716,191 |
4,137,285 |
| Laboratory
equipment |
16,449,278 |
1,725 |
16,451,003 |
10 |
12,428,976 |
402,203 |
-- |
12,831,179 |
3,619,824 |
| Library books |
|
75,442 |
3,310 |
78,752 |
10 |
47,545 |
3,121 |
-- |
50,666 |
28,086 |
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
1,301,489,039 |
270,576,170 |
1,570,796,639 |
|
800,519,957 |
70,906,015 |
72,939,546 |
943,597,491 |
627,199,148 |
|
(1,268,570) |
|
|
(768,027) |
|
| Assets
subject to |
|
| finance lease: |
|
| Plant
and Machinery |
300,490,897 |
(250,515,540) |
49,975,357 |
10 |
86,694,296 |
3,622,061 |
(72,939,546) |
17,376,811 |
32,598,546 |
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
| TOTAL 2000 |
|
1,601,979,936 |
270,576,170 |
1,620,771,996 |
|
887,214,253 |
74,528,076 |
72,939,546 |
960,974,302 |
659,797,694 |
|
|
|
(251,784,110) |
|
|
(73,707,573) |
|
|
|
========== |
========== |
========== |
========== |
========== |
========== |
========== |
========== |
========== |
| TOTAL 1999 |
|
1,597,068,569 |
73,524,330 |
1,601,979,936 |
|
825,494,510 |
81,125,698 |
(19,405,955) |
887,214,253 |
714,765,683 |
|
|
(68,612,963) |
|
|
|
|
========== |
========== |
========== |
========== |
========== |
========== |
========== |
========== |
========== |
|
| 14.1
- Additions in plant and machinery include assets transferred from leased
assets amounting to Rs. 250,515,540 (1999: |
|
| Rs. 64,476,428). |
|
|
|
|
2000 |
1999 |
|
|
Note |
Rupees |
Rupees |
|
| 14.2-
Depreciation has been charged as under: |
|
| Cost
of goods sold |
|
24 |
74,166,419 |
80,791,682 |
|
| Administrative
and general expenses |
25 |
256,422 |
233,812 |
|
| Selling
expenses |
|
25 |
105,235 |
100,204 |
|
|
|
------------------ |
------------------ |
|
|
|
74,528,076 |
81,125,698 |
|
|
========== |
========== |
|
|
| 14.3
- Disposal of operating fixed assets: |
|
| A)
Detail of fixed assets disposed of having book value of Rs. 5,000 or more or
disposed to Executives, in each |
|
| case
are as follows: |
|
|
|
|
Quantity |
Cost |
Accumulated |
Book |
Sale |
Profit |
Mode of |
|
|
| Particulars
of assets |
|
|
Depreciation |
Value |
Proceeds |
(Loss) |
sale |
Sold to |
|
|
|
|
| Furniture,
fixtures and |
|
|
| Other
office equipment |
|
|
| Refrigerator |
|
01 |
12,750 |
7,429 |
5,321 |
7,000 |
1,679 |
Sold by |
Abdul Hakim Arain |
|
|
|
Negotiation as |
Executive |
|
|
|
|
per Company's |
|
|
|
|
Policy |
|
| Room Cooler |
|
02 |
6,600 |
5,238 |
1,362 |
1,800 |
438 |
- do- |
- do- |
|
| Refrigerator |
|
01 |
11,100 |
8,929 |
2,171 |
4,000 |
1,829 |
- do- |
Abdul Shakoor |
|
|
|
|
|
|
Executive |
|
| Room Cooler |
|
01 |
6,535 |
2,462 |
4,073 |
1,000 |
(3,073) |
-do- |
- do- |
|
| Refrigerator |
|
01 |
10,000 |
4,095 |
5,905 |
6,000 |
95 |
-do- |
Dost Mohammad |
|
|
|
|
Employee |
|
| Room Cooler |
|
01 |
8,657 |
1,645 |
7,012 |
2,000 |
(5,012) |
- do- |
- do- |
|
| Refrigerator |
|
01 |
11,350 |
6,941 |
4,409 |
6.00 |
1,591 |
- do- |
Naveed Ijaz |
|
|
|
|
|
|
|
Executive |
|
| Room Cooler |
|
02 |
11,218 |
4,925 |
6,293 |
3,000 |
(3,293) |
- do- |
-do- |
|
| Room Cooler |
|
02 |
13,870 |
4,985 |
8,885 |
2,500 |
(6,385) |
- do- |
Malik Khalid |
|
|
|
|
Executive |
|
| Room Cooler |
|
01 |
8,657 |
1,645 |
7,012 |
1,000 |
(6,012) |
- do- |
Amal Ghani Shah |
|
|
|
|
|
Employee |
|
| Room Cooler |
|
01 |
8,657 |
1,645 |
7,012 |
1,000 |
(6,012) |
- do- |
Wilayat Khan |
|
|
|
|
|
|
Employee |
|
| Room Cooler |
|
02 |
13,070 |
4,924 |
8,146 |
3,500 |
(4,646) |
- do- |
Javed Kiyani |
|
|
|
|
|
Executive |
|
| Room Cooler |
|
01 |
8,336 |
2,259 |
6,077 |
1,500 |
(4,577) |
- do- |
Mohammad Ramzan |
|
|
|
Employee |
|
| Vehicles |
|
|
| Suzuki
van -Bolan |
01 |
139,000 |
120,110 |
18,890 |
46,610 |
27,720 |
Negotiation |
Mohammad Munir |
|
|
|
|
|
|
Lahore |
|
| Suzuki
Jeep Photohar |
01 |
214,400 |
185,264 |
29,136 |
25,424 |
(3,712) |
Negotiation |
Shafiq Ahmed |
|
|
|
|
|
|
|
Khan, Lahore |
|
| Suzuki Car Swift |
|
01 |
181,368 |
168,633 |
12,735 |
144,068 |
131,333 |
Negotiation |
Shakir Ullah |
|
|
|
|
Peshawar. |
|
|
|
|
| B)
No assets except those stated above were sold to the Chief Executive,
Directors, Executives, associated |
|
| undertakings
or any shareholder with not less than 10% voting rights. |
|
|
|
|
|
|
|
2000 |
1999 |
|
|
|
Note |
Rupees |
Rupees |
|
| 15
- Capital work-in-progress |
|
| Civil works |
|
|
|
34,202 |
-- |
|
| Plant
and machinery |
|
|
2,066,504 |
-- |
|
|
------------------ |
------------------ |
|
|
2,100,706 |
-- |
|
|
========== |
========== |
|
|
|
|
| 16
- Long term loans to employees |
|
|
| Executives |
|
|
|
|
| - House Building |
|
102,359 |
140,567 |
|
| Other
Employees |
|
|
|
| - House Building |
|
2,871,074 |
1,723,427 |
|
| - Motor Car/Motor Cycle |
|
1,071,178 |
264,828 |
|
| -
Marriage Loan |
|
|
168,700 |
322,200 |
|
| - Other Long Term Loans |
|
193,035 |
163,600 |
|
|
------------------ |
------------------ |
|
|
4,303,987 |
2,474,055 |
|
|
------------------ |
------------------ |
|
|
4,406,346 |
2,614,622 |
|
| Less:
current maturity |
|
21.1 |
1,689,800 |
1,186,011 |
|
|
|
|
------------------ |
------------------ |
|
|
2,716,546 |
1,428,611 |
|
|
========== |
========== |
|
|
|
|
| 16.1
- The above loans to employees may be re-classified as under: |
|
| Outstanding
for period exceeding three years |
|
700,183 |
857,493 |
|
| Others |
|
2,016,363 |
571,118 |
|
|
------------------ |
------------------ |
|
|
2,716,546 |
1,428,611 |
|
|
========== |
========== |
|
|
| 16
- 2 Interest rate and terms of re-payment |
|
|
| Nature of loans |
|
|
Rate of interest |
Monthly |
|
|
|
|
installments |
|
| -
House Building |
|
|
6% |
60 |
|
| -
Vehicle- Officers |
|
|
6% |
60 |
|
| -
Vehicle- Workers |
|
|
-- |
36 |
|
| - Marriage Loan |
|
|
-- |
30 |
|
| -
Long Term Loan |
|
|
-- |
12 |
|
|
| 16.2.1
House building and vehicle loans are secured against lien on retirement
benefits. |
|
|
| 16.2.2
House building loans include interest free loans to workers amounting to Rs.
2,617,070 |
|
| (1999:
Rs. 1,313,160). |
|
|
| 16.3
- The maximum aggregate amount of loans due from executives of the Company at
the end of any |
|
| month
during the year was Rs. 156,008 (1999: Rs. 166,497). |
|
|
| 16.4-
These loans to employees are considered good. |
|
|
| 17
- Long term deposits |
|
| Leasing
companies |
|
17.1 |
-- |
21,399,281 |
|
| Others |
|
|
|
926,030 |
926,030 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
926,030 |
22,325.31 |
|
|
|
========== |
========== |
|
|
|
|
|
|
| 17
- 1 Leasing companies |
|
| Balance
as at June 30, 1999 |
|
|
2,000,000 |
35,873,371 |
|
| Less:
Current portion of long term security deposits |
21 |
2,000,000 |
14,474,090 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
-- |
21,399,281 |
|
|
|
========== |
========== |
|
|
|
| 18
- Stores, spares and loose tools |
|
| Stores |
|
|
21,891,607 |
18,624,587 |
|
| Spares |
|
|
28,296,285 |
36,632,751 |
|
| Loose tools |
|
|
1,246,461 |
1,085,392 |
|
|
|
------------------ |
------------------ |
|
|
|
51,434,353 |
56,342,730 |
|
|
|
========== |
========== |
|
|
|
|
| 19
- Stock-in-trade |
|
| Raw materials |
|
|
797,574 |
530,594 |
|
| Work-in-process |
|
|
30,277,832 |
35,589,471 |
|
| Finished goods |
|
|
14,732,431 |
13,366,822 |
|
| Packing
materials |
|
|
4,708,105 |
1,477,856 |
|
|
|
------------------ |
------------------ |
|
|
|
|
50,515,942 |
50,964,743 |
|
|
|
|
========== |
========== |
|
|
| 20
- Trade debtors |
|
|
|
| 20.1
- All the debtors are considered good and include secured debtors of Rs.
12,724,902 (1999: Rs. 18,955,282). |
|
| Trade
debtors include amounts due from associated companies for Rs. 2,384,165
(1999: Rs. 2,384,165). |
|
|
| 20.2
- The aggregate maximum amount due from associated companies at the end of
any month during the year was |
|
| Rs.
2,384,165 (1999: Rs. 2,774,765). |
|
|
|
| 21
- Advances, deposits, prepayments, |
|
| investments
and other receivables |
|
| Advances-
considered good |
|
| Company's
employees |
|
21.1 |
2,975,326 |
2,754,159 |
|
| Suppliers |
|
|
9,555,406 |
1,281,830 |
|
| Contractors |
|
|
389,472 |
145,490 |
|
| Current
portion of long-term securities |
|
|
| with
leasing companies |
|
17.1 |
2,000,000 |
14,474,090 |
|
| Letters of credit |
|
|
382,784 |
651,304 |
|
| Excise duty |
|
|
2,294,662 |
3,185,062 |
|
| Income tax |
|
|
16,440,255 |
15,062,534 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
34,037,905 |
37,554,469 |
|
| Short
term prepayments |
|
|
575,691 |
214,736 |
|
|
| Other
receivables |
|
| Profit/mark-up
accrued on bank deposits and investment |
96,454 |
-- |
|
|
| Others |
|
|
485,135 |
554,958 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
581,589 |
554,958 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
35,195,185 |
38,324,163 |
|
|
|
|
========== |
========== |
|
|
|
|
| 21.1
- Advances to Company's employees |
|
| Current
maturity of long term loans |
16 |
1,689,800 |
1,186,011 |
|
| For purchases |
|
|
591,422 |
1,327,976 |
|
| Miscellaneous |
|
|
694,104 |
240,172 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,975,326 |
2,754,159 |
|
|
|
========== |
========== |
|
|
|
|
| 22
- Cash and bank balances |
|
| Balances
with banks |
|
| -
On current accounts |
|
10,575,909 |
11,748,311 |
|
| -
On saving accounts |
|
31,963,051 |
20,837,117 |
|
| -
On deposit accounts |
|
733,785 |
307,433 |
|
|
|
------------------ |
------------------ |
|
|
|
43,272,745 |
32,892,861 |
|
| Cash in hand |
|
94,351 |
519,518 |
|
|
|
------------------ |
------------------ |
|
|
|
43,367,096 |
33,412,379 |
|
|
|
========== |
========== |
|
|
| 23 - Sales |
|
| Sales- gross |
|
|
1,586,049,780 |
1,266,983,064 |
|
|
|
------------------ |
------------------ |
|
| Less: |
Rebate on cement |
|
40,538,090 |
16,753,086 |
|
|
Excise duty |
|
|
523,650,400 |
517,404,729 |
|
|
|
------------------ |
------------------ |
|
|
|
564,188,490 |
534,157,815 |
|
|
|
------------------ |
------------------ |
|
|
|
1,021,861,290 |
732,825,249 |
|
|
|
========== |
========== |
|
|
|
|
|
| 24
- Cost of goods sold |
|
| Opening
work-in-process |
|
|
35,589,471 |
25,882,189 |
|
| Raw
and packing materials consumed |
24.1 |
93,524,601 |
85,073,467 |
|
| Royalty,
excise duty and sales tax |
|
|
8,429,816 |
15,574,342 |
|
| Electricity |
|
|
136,238,224 |
141,210,247 |
|
| Furnace oil |
|
|
257,100,788 |
169,813,083 |
|
| Fuel |
|
|
3,497,592 |
2,970,761 |
|
| Stores
and spares consumed |
|
|
31,626,070 |
26,781,933 |
|
| Salaries,
wages and other benefits |
|
63,444,821 |
64,873,560 |
|
| Rent,
rates and taxes |
|
|
337,063 |
134,645 |
|
| Repairs
and maintenance |
|
|
8,045,479 |
5,306,947 |
|
| Insurance |
|
|
3,066,263 |
3,158,359 |
|
| Other expenses |
|
|
6,392,639 |
4,418,899 |
|
| Depreciation |
|
14.2 |
74,166,419 |
80,791,682 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
721,459,246 |
625,990,114 |
|
| Less:
Closing work-in-process |
|
|
30,277,832 |
35,589,471 |
|
|
|
|
|
------------------ |
------------------ |
|
| Cost
of goods manufactured |
|
|
691,181,414 |
590,400,643 |
|
| Opening
stock of finished goods |
|
|
13,366,822 |
13,850,974 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
704,548,236 |
604,251,617 |
|
| Less:
Closing stock of finished goods |
|
14,732,431 |
13,366,822 |
|
|
|
------------------ |
------------------ |
|
|
|
689,815,805 |
590,884,795 |
|
|
|
========== |
========== |
|
|
|
|
| 24.1
- Raw and packing materials consumed |
|
| Opening
stock as at July 01 |
|
| Raw materials |
|
|
|
530,594 |
319,925 |
|
| Packing
materials |
|
1,477,856 |
1,082,237 |
|
|
|
------------------ |
------------------ |
|
|
|
2,008,450 |
1,402,162 |
|
| Add:
Purchases during the year |
|
| - Raw materials |
|
|
|
5,050,338 |
3,769,802 |
|
| -
Packing materials |
|
|
91,971,492 |
81,909,953 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
97,021,830 |
85,679,755 |
|
|
|
------------------ |
------------------ |
|
|
|
99,030,280 |
87,081,917 |
|
| Less:
Closing stock as at June 30 |
|
|
|
| -
Raw materials |
|
|
|
797,574 |
530,594 |
|
| -
Packing materials |
|
|
4,708,105 |
1,477,856 |
|
|
|
------------------ |
------------------ |
|
|
|
5,505,679 |
2,008,450 |
|
|
|
------------------ |
------------------ |
|
|
|
93,524,601 |
85,073,467 |
|
|
|
========== |
========== |
|
|
| 25
- Selling, administrative and general expenses |
|
|
|
|
| Selling |
|
| Salaries,
wages and other benefits |
|
4,520,604 |
4,781,435 |
|
| Vehicle running |
|
|
835,472 |
512,253 |
|
| Travelling
and conveyance |
|
|
323,945 |
151,469 |
|
| Printing
and stationery |
|
|
487,196 |
456,617 |
|
| Postage,
telephone and telegrams |
|
|
775,164 |
558,881 |
|
| Entertainment |
|
|
1,122,195 |
930,569 |
|
| Rent,
rates and taxes |
|
|
162,742 |
272,995 |
|
| Electricity,
water and gas |
|
|
86,304 |
43,341 |
|
| Advertisement |
|
|
27,980 |
97,415 |
|
| Miscellaneous |
|
|
925,041 |
972,738 |
|
| Cement
loading and transportation charges |
|
1,408,859 |
1,377,536 |
|
| Depreciation |
|
14.2 |
105,235 |
100,204 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
10,780,737 |
10,255,453 |
|
|
|
|
| Administrative
and general |
|
| Salaries,
wages and other benefits |
|
9,888,602 |
9,752,550 |
|
| Vehicle running |
|
|
262,042 |
177,849 |
|
| Travelling
and conveyance |
|
|
1,138,955 |
902,258 |
|
| Printing
and stationery |
|
|
299,491 |
256213 |
|
| Legal
and professional |
|
25.1 |
1,112,024 |
1,035,352 |
|
| Postage,
telephone and telegrams |
|
|
873,234 |
843,195 |
|
| Rent,
rates and taxes |
|
|
664,092 |
676,239 |
|
| Entertainment |
|
|
205,483 |
145,471 |
|
| Auditor's
remuneration |
|
25.2 |
680,000 |
522,000 |
|
| Miscellaneous |
|
|
1,734,450 |
1,665,162 |
|
| Zakat |
|
|
11,535 |
174 |
|
| Advertisement |
|
|
203,387 |
-- |
|
| Depreciation |
|
14.2 |
256,422 |
233,812 |
|
|
------------------ |
------------------ |
|
|
|
17,329,717 |
16,210,275 |
|
|
|
------------------ |
------------------ |
|
|
|
28,110,454 |
26,465,728 |
|
|
========== |
========== |
|
|
| 25.1
- Legal and professional charges include remuneration to cost auditor Rs.
30,000 (1999: 30,000). |
|
|
| 25.2
- Auditor's remuneration |
|
| Audit fee |
|
|
75,000 |
75,000 |
|
| Consultancy
charges |
|
|
588,000 |
430,000 |
|
| Out
of pocket expenses |
|
|
17,000 |
17,000 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
680,000 |
522,000 |
|
|
|
|
========== |
========== |
|
|
| 26
- Other income |
|
| Profit/mark-up
on bank deposits and investments |
|
1,035,632 |
678,605 |
|
| Income
from sale of scrap |
|
176,304 |
1,397,865 |
|
| Profit
on sale of fixed assets |
|
147,649 |
462,127 |
|
| Miscellaneous |
|
|
82,958 |
767,137 |
|
|
|
------------------ |
------------------ |
|
|
1,442,543 |
3,305,734 |
|
|
========== |
========== |
|
|
| 27
- Financial charges |
|
| Interest/mark-up
on: |
|
| Redeemable
capital |
|
4,523,853 |
4,897,728 |
|
| Liabilities
against assets subject to finance lease |
|
28,682,957 |
32,345,079 |
|
| Short
term finances |
|
6,779,498 |
14,753,762 |
|
| Workers'
profit participation fund |
|
65,700 |
-- |
|
| Excise
duty on finance lease |
|
-- |
2,717,493 |
|
| Bank
charges and commission |
|
1,209,300 |
1,096,630 |
|
|
|
------------------ |
------------------ |
|
|
|
41,261,308 |
55,810,692 |
|
|
|
========== |
========== |
|
|
|
|
|
| 28
- Other charges |
|
| Workers'
profit participation fund |
|
13,209,098 |
3,148,488 |
|
| Workers'
welfare fund |
|
1,727,769 |
1,540,340 |
|
|
|
------------------ |
------------------ |
|
|
|
14,936,867 |
4,688,828 |
|
|
|
========== |
========== |
|
|
|
|
| 29 - Taxation |
|
| Current: |
|
| - for
the year |
|
|
25,181,340 |
3,664,126 |
|
| -
for prior years |
|
|
931,554 |
-- |
|
|
|
------------------ |
------------------ |
|
|
|
26,112,894 |
3,664,126 |
|
| Deferred |
|
|
72,500,000 |
32,000,000 |
|
|
|
------------------ |
------------------ |
|
|
|
98,612,894 |
35,664,126 |
|
|
========== |
========== |
|
|
| The
liability for deferred taxation as on the balance sheet date is estimated to
Rs. 143.82 million (1999: Rs. 102.57 |
|
| million).
This represents the tax effect of allowances of accelerated tax depreciation
and lease rentals. |
|
|
| In
order to comply with the requirements of revised International Accounting
Standard 12, the management decided |
|
| last
year to provide for deferred taxation of Rs. 96 million over a period of
three years. Since the Company has made |
|
| substantial
payments during the current year against liabilities for assets subject to
finance lease, the management |
|
| has
decided to provide for further deferred taxation of Rs. 40.5 million in the
current year to the extent of tax effect of |
|
| timing
differences arising due to these payments. |
|
|
| 30
- Earnings per share |
|
| Net
profit for the year |
|
|
150,566,505 |
22,616,814 |
|
| Weighted
average number of ordinary |
|
| shares
outstanding during the year |
|
21,933,334 |
21,933,334 |
|
|
|
|
------------------ |
------------------ |
|
| Earnings
per share - basic and diluted |
|
6.86 |
1.03 |
|
|
|
|
========== |
========== |
|
|
| There
is no dilutive effect in the basic earnings per share of the Company. |
|
|
| 31
- Transactions with associated undertakings |
|
| The
Company sold to associated undertakings Grey cement in aggregate sum of Rs.
NIL during the year (1999: |
|
| Rs.
499,100) at normal selling rates. |
|
|
| 32
- Remuneration of Chief Executive, Directors and Executives |
|
|
|
Chief
Executive |
Director |
Executives |
|
|
|
|
|
2000 |
1999 |
2000 |
1999 |
2000 |
1999 |
|
|
|
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
|
|
|
|
| Managerial
Remuneration |
360,000 |
360,000 |
360,000 |
360,000 |
2,088,956 |
2,021,518 |
|
| Rent
and utilities allowances |
120,000 |
120,000 |
120,000 |
120,000 |
1,049,274 |
1,059,370 |
|
| Medical
re-imbursement |
-- |
-- |
146,911 |
198,350 |
135,749 |
109,792 |
|
| Bonus |
|
-- |
-- |
-- |
-- |
287,887 |
463,149 |
|
| Retirement
benefits |
-- |
-- |
-- |
-- |
564,522 |
524,563 |
|
| Other
re-imbursement of expenses |
1,014,844 |
1,449,203 |
860,827 |
296,259 |
1,588,683 |
1,378,615 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
|
|
1,494,844 |
1,929,203 |
1,487,738 |
974,609 |
5,715,071 |
5,557,007 |
|
|
|
========== |
========== |
========== |
========== |
========== |
========== |
|
| Number
of persons |
1 |
1 |
1 |
1 |
14 |
12 |
|
|
|
========== |
========== |
========== |
========== |
========== |
========== |
|
|
| 32.1
- The Company also provides the Chief Executive, certain Directors and
Executives of the Company with free use of |
|
| Company
maintained cars and telephone facilities. |
|
|
| 33
- Total number of employees at the end of the year were 447 (1999: 459). |
|
|
|
|
|
2000 |
1999 |
|
|
|
(Tonnes) |
(Tonnes) |
|
| 34
- Plant capacity and actual production |
|
|
|
| Clinker |
|
| Plant capacity |
|
|
540,000 |
540,000 |
|
| Actual
production |
|
|
347,328 |
329,070 |
|
|
| 34.1
- The under utilization of available capacity was mainly due to over all slow
down in economic activity of the |
|
| country
and increase in supply of cement. |
|
|
| 35
- Financial assets and liabilities |
|
|
|
|
|
|
|
Interest/mark-up bearing |
|
|
Non-interest bearing |
|
Total |
Total |
|
|
|
Maturity upto |
Maturity after |
Sub |
Maturity upto |
Maturity after |
Sub |
2000 |
1999 |
|
|
|
one year |
one year |
Total |
one year |
one year |
Total |
|
|
|
|
|
|
Rupees |
|
| Financial
assets |
|
| Loans
and advances to employees |
194,611 |
258,702 |
453,313 |
2,780,715 |
2,457,844 |
5,238,559 |
5,691,872 |
4,182,770 |
|
| Deposits |
|
-- |
-- |
-- |
2,000,000 |
926,030 |
2,926,030 |
2,926,030 |
36,799,401 |
|
| Trade debts |
|
-- |
-- |
-- |
28,921,924 |
|
28,921,924 |
28,921,924 |
43,461,019 |
|
| Advances,
deposits & pre-payments |
|
| -
Profit/mark-up accrued |
-- |
-- |
-- |
96,454 |
-- |
96,454 |
96,454 |
-- |
|
| -
Other receivables |
-- |
-- |
-- |
389,135 |
-- |
389,135 |
389,135 |
444,958 |
|
| Cash
and bank balances |
31,963,051 |
-- |
31,963,051 |
11,404,045 |
-- |
11,404,045 |
43,367,096 |
33,412,379 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
|
|
32,157,662 |
258,702 |
32,416,364 |
45,592,273 |
3,383,874 |
48,976,147 |
81,392,511 |
118,300,527 |
|
|
|
========== |
========== |
========== |
========== |
========== |
========== |
========== |
========== |
|
|
|
|
|
| Financial
Liabilities |
|
| Redeemable
capital |
22,083,780 |
-- |
22,083,780 |
-- |
-- |
-- |
22,083,780 |
31,000,000 |
|
| Liabilities
Against Assets Subject |
|
| To
Finance lease |
11,672,706 |
15,057,509 |
26,730,215 |
-- |
-- |
-- |
26,730,215 |
258,362,325 |
|
| Deposits
and retention moneys |
-- |
-- |
-- |
601,915 |
2,806,160 |
3,408,075 |
3,408,075 |
5,066,046 |
|
| Short
term finances |
69,321,124 |
-- |
69,321,124 |
-- |
-- |
-- |
69,321,124 |
98,750,293 |
|
| Creditor,
accrued & other liabilities |
-- |
-- |
-- |
53,750,889 |
-- |
-- |
-- |
51,999,817 |
|
| Dividends |
|
-- |
-- |
-- |
44,541,761 |
-- |
-- |
-- |
44,097,041 |
|
| Commitments |
|
-- |
-- |
-- |
784,500 |
-- |
784,500 |
784,500 |
-- |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
|
|
3,077,610 |
15,057,509 |
118,135,119 |
99,679,065 |
2,806,160 |
2,485,225 |
220,620,344 |
489,275,522 |
|
|
|
========== |
========== |
========== |
========== |
========== |
========== |
========== |
========== |
|
|
| 35.1
- Concentration of credit risk: |
|
| Credit
risk represents the accounting loss that would be recognized at the reporting
date if counter parties |
|
| completely
failed to perform as contracted. The company believes that it is not exposed
to major concentration |
|
| of
credit risks. However, to manage any possible exposure to credit risk, the
company applies approved credit |
|
| limits
to its customers and also obtain collaterals. |
|
|
|
| 35.2
- Foreign exchange risk management: |
|
| Foreign
currency risk arises mainly where payables exist due to purchase
transactions. Payables exposed to |
|
| foreign
currency risks are identified as either creditors or bills payable. The
Company does not view hedging as |
|
| being
financially feasible owing to the excessive costs involved. |
|
|
| 35.3
Fair value of financial instruments: |
|
|
| The
carrying value of all the financial instruments (i.e. financial assets and
liabilities) reflected in the financial |
|
| statements
approximate their fair value. |
|
|
|
|
|
| 36 - General |
|
| Corresponding
figures have been rearranged, wherever necessary for comparison purposes. |
|
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
|
|
|
|
| Pattern
of Shareholding as at June 30, 2000 |
|
|
|
|
Shareholding |
|
|
|
|
No. of |
|
No. of |
|
|
| Sr. No. |
Share holders |
From |
To |
Shares held |
|
|
|
| 1 |
84 |
1 |
100 |
7,806 |
|
|
| 2 |
2,432 |
101 |
500 |
493,634 |
|
|
| 3 |
32 |
501 |
1000 |
26,000 |
|
|
| 4 |
22 |
1001 |
5000 |
46,100 |
|
|
| 5 |
12 |
5001 |
10000 |
104,400 |
|
|
| 6 |
2 |
10001 |
15000 |
25,400 |
|
|
| 7 |
1 |
45001 |
50000 |
50,000 |
|
|
| 8 |
1 |
145001 |
150000 |
149,400 |
|
|
| 9 |
1 |
150001 |
155000 |
155,000 |
|
|
| 10 |
1 |
175001 |
180000 |
180,000 |
|
|
| 11 |
1 |
330001 |
335000 |
335,000 |
|
|
| 12 |
1 |
355001 |
360000 |
356,500 |
|
|
| 13 |
1 |
415001 |
420000 |
417,800 |
|
|
| 14 |
1 |
770001 |
775000 |
774,600 |
|
|
| 15 |
1 |
865001 |
870000 |
869,200 |
|
|
| 16 |
1 |
910001 |
915000 |
914,500 |
|
|
| 17 |
1 |
1200001 |
1205000 |
1,204,000 |
|
|
| 18 |
1 |
1350001 |
1355000 |
1,352,300 |
|
|
| 19 |
1 |
1970001 |
1975000 |
1,973,994 |
|
|
| 20 |
1 |
1995001 |
2000000 |
2,000,000 |
|
|
| 21 |
1 |
2510001 |
2515000 |
2,514,000 |
|
|
| 22 |
1 |
2605001 |
2610000 |
2,606,000 |
|
|
| 23 |
1 |
5375001 |
5380000 |
5,377,700 |
|
|
| ------------------ |
|
------------------ |
|
|
| 2,601 |
|
|
21,933,334 |
|
|
| ========== |
|
========== |
|
|
| Categories of |
|
No. of |
Shares |
Percentage |
|
| Shareholders |
|
Shareholders |
Held |
of Capital |
|
|
| Individuals |
|
2,589 |
4,879,740 |
22.248 |
|
| Investment
Companies |
|
1 |
5,800 |
0.026 |
|
| Joint
Stock Companies |
|
9 |
12,441,794 |
56.726 |
|
| Foreign
Companies |
|
2 |
4,606,000 |
21.00 |
|
|
|
------------------ |
------------------ |
------------------ |
|
| Grand Total |
|
2,601 |
21,933,334 |
100.00 |
|
|
========== |
========== |
========== |
|
|
|
|
|
|
|
|
|
|
|
|
