| Lucky Cement 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 Meeting |
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| Directors' Report |
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| Graphs
and Yearwise Statistical Summary |
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| Auditors' Report |
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| Balance Sheet |
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| Profit
& Loss Account |
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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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| Statement
and Report under Section 237 of the Companies Ordinance, 1984 |
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| Lucky
Powertech Limited |
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| Consolidated
Accounts |
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| Pattern
of Shareholding |
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| COMPANY
INFORMATION |
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| BOARD
OF DIRECTORS |
Abdul Razzak Tabba
(Chairman/Chief Executive) |
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Muhammad Yunus Tabba |
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Muhammad Sohail Tabba |
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Muhammad Ali Tabba |
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Imran Yunus Tabba |
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Muhammad Javed Tabba |
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Anis Wahab Zuberi |
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M Aliuddin Ansari |
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| EXECUTIVE
DIRECTOR |
Abdur Razzaq Thaplawala |
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| COMPANY
SECRETARY & |
Muhammad Abid Ganatra |
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| GENERAL
MANAGER FINANCE |
ACA, ACMA, ACIS |
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| STATUTORY
AUDITORS |
M. Yousuf Adil Saleem
& Co., |
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Chartered Accountants |
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| COST AUDITORS |
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Munaf Yousuf & Co., |
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Chartered Accountants |
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| BANKERS |
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Metropolitan Bank Limited |
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Muslim Commercial Bank
Limited |
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Soneri Bank Limited |
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| REGISTERED
OFFICE / FACTORY |
Pezu, District Lakki
Marwat |
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N.W.F.P. |
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| HEAD OFFICE |
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6-A, Muhammad Ali Housing
Society, |
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A. Aziz Hashim Tabba
Street, |
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Karachi-75350. |
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UAN # (021) 111-786-555 |
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| SALES OFFICES |
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| 2nd
Floor, Al-Hassan Plaza, |
Aptma House, Jamrud Road, |
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| Jamia
Ashrafia, Main Ferozpur Road, |
Peshawar. |
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| Lahore. |
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UAN # (091 ) 111-786-555 |
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| UAN
# (042) 111-786-555 |
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| Gold
Crest Plaza, 20 Azmat |
Saddar Bazar, Bannu Road, |
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| Wasti
Road, Near Chowk Dera Adda, |
Near Main Flying Coach
Adda, |
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| Multan. |
|
D.I. Khan. |
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| Tel
# (061) 540021 - 510021 |
UAN # (0961) 111-786-555 |
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| 3rd
Floor, Kulsum Plaza, |
6-A, Muhammad Ali Housing
Society, |
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| 42
Blue Area, Islamabad. |
A. Aziz Hashim Tabba
Street, Karachi. |
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| UAN
# (051) 111-786-555 |
UAN # (021) 111-786-555 |
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| SHARES
DEPARTMENT |
404, 4th Floor, Trade
Tower, |
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|
Abdullah Haroon Road,
Karachi. |
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Tel # 5685930 - 5687839 |
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| NOTICE
OF 7TH ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the 7th Annual General Meeting of the members of Lucky
Cement |
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| Limited
will be held on Thursday, the 14th December, 2000 at 11:00 a.m., at the
Registered |
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| Office
of the Company situated at factory premises Pezu, District Lakki Marwat,
N.W.F.P. to |
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| transact
the following business: |
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| 1.
To confirm the minutes of Extraordinary General Meeting held on 26th August,
2000. |
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| 2.
To receive, consider and adopt the audited accounts of the company for the
year ended |
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| on
June 30, 2000, together with the Directors' and the Auditors' Reports
thereon. |
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| 3.
To appoint Auditors and 'fix their remuneration for the year 2000-2001. The
present |
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| Auditors,
Messrs M. Yousuf Adil Saleem & Co., Chartered Accountants, retire and
being |
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| eligible,
offer themselves for reappointment. |
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| 4.
To transact any other business with the permission of the Chairman. |
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By Order of the Board |
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|
Muhammad Abid Ganatra |
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| Karachi,
18th November, 2000. |
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Company Secretary |
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| NOTES: |
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| 1.
The share transfer books of the Company will be closed from 7th December,
2000 to |
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| 14th
December, 2000 (both days inclusive). |
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| 2.
A member entitled to attend and vote may appoint another member as his/her
proxy to |
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| attend
and vote instead of him/hen |
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| 3.
An individual beneficial owner of shares from CDC must bring his/her original
NIC or |
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| Passport,
Account and Participant's I.D. numbers to prove his/her identity. A
representa- |
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| tive
of corporate members from CDC. must bring the Board of Directors' Resolution
and/ |
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| or
Power of Attorney and the specimen signature of the nominee. |
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| 4.
The members are requested to notify change in their address, if any, to the
Company's |
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| shares
department at 404, 4th Floor, Trade Tower, Abdullah Haroon Road, Karachi. |
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| DIRECTORS'
REPORT |
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| It
is a pleasure to present this seventh Annual Report of the Company together
with the annual |
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| accounts
and auditors' report thereon for the financial year ended 30th June, 2000. |
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| Operating
Performance: |
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| During
the year under review, the total cement production of your plant increased
from 54.87% to |
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| 68.01%
of the designed capacity based on 300 days. The clinker production also
increased from |
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| 56.83%
to 68.26% during the year under review. The following figures will help you
in forming |
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| full
picture of Company's capacity utilization. |
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|
F. Y.
99-2000 |
F.Y. 98-99 |
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|
%age increase |
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|
Production |
%age of |
Production |
%age |
in production |
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|
production to |
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production to |
during |
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|
capacity based |
|
capacity based |
F.Y. 99-2000 |
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|
(Tons) |
on 300 days |
(Tons) |
on 300 days |
over F.Y. 98-99 |
|
|
| Clinker Production |
819,180 |
68.26% |
682,032 |
56.83% |
20.10% |
|
| Cement Production |
856,928 |
68.01% |
691,445 |
54.87% |
23.93% |
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| The
demand of cement in the country was the factor, which prevented thc Company
from further |
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| increase
in capacity utilization. You will be pleased to know that as a result of
de-bottlenecking |
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| and
efficient operation of the plant, the equipment efficiency increased
substantially during the |
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| year.
The Kilns 'A' and 'B' performed at 96% and 93% respectively of their designed
capacity |
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| against
92% and 87% last year. With additional de-bottlenecking and balancing
measures, the |
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| plant
is now capable of producing more than the designed capacities. |
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| Sales: |
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| The
Company was able to sell 837,184 tons of cement during the year under review
compared to |
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| 709,105
tons last year showing an improvement of about 18%. As a result of the
increased sales, |
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| the
Company's share in the total dispatches of cement in the country increased
from 7.4% in |
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| financial
year 98-99 to 8.5% during 99-2000. This increase was mainly in the northern
areas |
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| where
the Company was able to increase its share to 11.08% against 9.78% in the
previous year. |
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| Prices: |
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| The
prices of cement during the year under review remained stable. On average the
Company was |
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| able
to increase its rentention by 5 to 6% compared to last year. This increase
was however quite |
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| marginal.
The Company's retention was lower than many other companies because of
distance of |
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| its
plant from market. Your Company has to spend Rs. 150 to Rs. 200 per ton more
than many |
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| other
companies on transportation of cement. |
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| Production Costs: |
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| The
prices of furnace oil increased substantially during the year under review.
The price of fur- |
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| nace
oil on 1st July, 1999 was Rs. 6,206/- per ton which went up to Rs.. I 1,268/-
by 30th June, |
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| 2000
- an increase by 82%. The average cost of furnace oil to the Company for the
year 1999-2000 |
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| worked
out to Rs. 8,194 per ton resulting in an increase of atleast 44% over the
previous year. The |
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| increase
affected the operating profits, respite of the fact that the plant operated
more efficiently |
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| than
the previous year. The cost of electricity generated by your subsidiary
company also in- |
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| creased
due to increase in the cost of furnace oil. |
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| It
will be pertinent to note that after deregulation w.e.f. 1st July, 2000, the
price of furnace oil has |
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| been
revised 12 times by oil marketing Companies. On 1st November, 2000, the price
of furnace |
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| oil
was higher by 32% than the price prevailing on 30th June, 2000. As a result
of deregulation of |
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| furnace
oil trade, the uniformity in price all over the country ended and now the
plants in North |
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| including
your plant have to pay higher freight charges as compared to plants in the
South. |
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|
| ISO
9002 Quality Management System: |
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| As
a part of continuous efforts to achieve best quality management, the Company
had started |
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| working
to qualify for ISO 9002 Quality Management System. We take immense pleasure
to |
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| report
that the quality management system of your Company for manufacturing and
sales of |
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| cement
has been certified under ISO 9002 by Moody's International on 31st August,
2000. We are |
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| proud
of this accredition and reaffirm our commitment to the consumers to supply
even more |
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| superior
quality cement manufactured under an ISO 9002 certified quality system. |
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| Financial Results: |
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| As
shown in the annexed profit and loss accounts, your Company earned a gross
profit of Rs. 437 |
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| million
during the financial year 1999-2000 against a net sales of Rs. 2,050 million
giving a G.P. |
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| ratio
of 21.30% of the net sales as compared to the gross profit of Rs. 263
millions earned last |
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| year.
The gross profit during the year under review was higher by 66%. After
charging the admin- |
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| istrative,
selling and distribution expenses, your Company earned an operating profit of
Rs. 380 |
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| million
which is higher by 81% than the previous year. The Company was able to reduce
its |
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| financial
expenses from Rs. 153 million last year to Rs. 124 millions in the year under
report. The |
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| net
profit earned by the Company during year under review comes to Rs. 226
million, which is |
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| more
by Rs. 171 million than last year showing an increase of 308%. After
accounting for the |
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| carry
forward losses of Rs. 90.33 million on 1st July, 1999, the accumulated profit
carried for- |
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| ward
by the Company comes to Rs. 136 million. |
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| Balance Sheet: |
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| The
balance sheet of the Company remained robust. The debt equity ratio on 30th
June, 2000 |
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| improved
to 0.136: 1 compared to 0.185: 1 on 30th June, 1999. The long term loans and
liabili- |
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| ties
reduced from Rs. 485 million as on 30th June, 1999 to Rs. 291 million on 30th
June, 2000. |
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| The
Company was able to pre pay some of the expensive borrowings during the year
because of its |
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| improved
cash resources. The earnings per share improved from Rs. 0.23 last year to
Rs. 0.92 |
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| similarly
the break-up value per share also increased from Rs. 13.67 on 30th June, 99
to Rs. 14.60 |
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| on 30th June, 2000. |
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| Sales
Tax Exemption: |
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| The
Company had set up its plant in one of the most remote and backward areas of
the country on |
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| the
promise of a five year exemption from sales tax on cement produced by it.
This exemption was |
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| granted
by statuary notifications and was protected under the Protection of Economic
Reforms |
|
| Act
1992. This benefit was taken away from the Company as soon as it started its
production by a |
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| clever
maneuvering prompted by those who had the political and other muscles with
the then |
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| Government
in Power. The denial of this exemption to your Company and other new plants
in |
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| NWFP
shakened the confidence of domestic and foreign investors in the government's
promises |
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| and policies. |
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| The
restoration of the investors confidence was on the top of the agenda of the
new government. |
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| The
Chief Executive of the Country promised to revive the exemption for atleast
one year with |
|
| effect
from the date of announcement of the budget for the year 2000-2001. The
interested ele- |
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| ments
again became active and used all sort of tactics including recourse to courts
of law to |
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| prevent
the Government from implementing Chief Executive's promise until 5th
September, 2000 |
|
| when
Sales Tax Act (Amendment) Ordinance was promulgated on that date. This
reduced the |
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| period
of relief to your Company to about nine months against its original
entitlement for five |
|
| years.
All sorts of tactics are still under progress to take away this short period
benefit. |
|
|
| Demand situation: |
|
| The
demand of cement in the country during the year showed an increase of 2.73%
only over the |
|
| previous
year as against increase of 5.22% seen last year over the 97-98 figures. This
nominal |
|
| increase
of 2.73% in demand .in the year under review against traditional increase of
about 7.5% |
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| reflects
the down slide in the economic activities. The following are the figures of
production/ |
|
| consumption
of cement in the country during last four years. |
|
|
|
North |
|
South |
|
Total |
|
Growth |
|
| Financial |
Capacity |
Consum |
%age |
Capacity |
Consum |
%age |
Capacity |
Consum |
%age |
(Y.O.Y) |
| Year |
|
-ption |
Capacity |
|
-ption |
Capacity |
|
-ption |
Capacity |
|
|
(Million |
(Million |
utilization |
(Million |
(million |
utilization |
(Million |
(Million |
utilization |
|
|
Tons) |
Tons) |
|
Tons) |
Tons) |
|
Tons) |
Tons) |
|
|
| 99-00 |
12.37 |
7.56 |
61.11% |
4.60 |
2.28 |
49.56% |
16.97 |
9.84 |
57.92% |
+2.7% |
| 98-99 |
11.83 |
7.25 |
61.28% |
4.48 |
2.33 |
52.00% |
16.31 |
9.58 |
58.73% |
+5.2% |
| 97-98 |
11.30 |
6.41 |
56.72% |
4.16 |
2.70 |
63.22% |
15.46 |
9.11 |
58.47% |
-4.5% |
| 96-97 |
8.27 |
6.14 |
74.24% |
4.16 |
3.40 |
81.73% |
12.43 |
9.54 |
76.75% |
|
|
| In
terms of per capita consumption, the consumption of the year under review
works out to 75 Kg. |
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| per
head on the basis of population figure of 130.58 million. This is one of the
lowest per capita |
|
| consumption
in the world. The following figures show the per capita consumption of some
of the |
|
| countries
of the world, as you can see that many developing countries like Iran, Egypt
and Thai- |
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| land
have a significantly higher per capita consumption. |
|
|
| Country |
|
Per capita |
Country |
Per capita |
|
|
consumption |
|
consumption |
|
|
| Jordon |
|
654 |
Phillipines |
202 |
|
| Libya |
|
653 |
Argentina |
190 |
|
| Japan |
|
647 |
Brazil |
164 |
|
| Egypt |
|
334 |
Indonesia |
140 |
|
| Iran |
|
249 |
Pakistan |
75 |
|
|
| The
consumption of cement in the country can be increased if the country's
economy picks up and |
|
| there
is development in setting up new industrial plants and infra structure
facilities. Even with a |
|
| slower
growth in economy, measures can be taken to increase consumption of cement in
the coun- |
|
| try
by adopting some special measures which may include the following: |
|
|
| Construction
of cement concrete roads in place of roads paved with bitumen is the
necessity of |
|
| present
time. While the initial cost of building a concrete road is higher than a
bitumen based |
|
| road
but the concrete roads have proved to be more economical in the longer run.
In advanced |
|
| countries,
the feasibilities of alternate forms of roads is based on the concept of
"Whole Life |
|
| Cost
(WLC)" rather than the initial costs. The concrete roads have longer
life and very low |
|
| maintenance
expenses. Scientific studies carried out in many countries have shown that
con- |
|
| crete
roads save fuel consumption of vehicles plying on these roads because of
lower friction |
|
| between
the roads and vehicle tyres. This can translate into savings of fuel worth
billions of rupees. |
|
|
| Lining of canals: |
|
| Pakistan
has one of the largest network of canals in the world. Our water reserves are
also |
|
| quite
abundant but a large percentage of this water is wasted through seepage
resulting not |
|
| only
in loss of water resources but also damage to our very fertile land due to
water logging |
|
| and
salinity. The lining of canals by cement plaster will prevent seepage of
water reducing the |
|
| wastage
of our water resources and saving of our lands from water logging and
salinity. The |
|
| canal
lining needs to be done on war footing to improve our agricultural
production. |
|
|
| Concrete Blocks: |
|
| In
Sindh, Punjab and NWFP, clay bricks are used in majority of constructions in
place of |
|
| cement
concrete blocks. The brick making Kilns or Bhattas are spread over the entire
country |
|
| in
and around populated areas. These kilns are a major source of pollution and a
potential |
|
| hazard
to the health of people. The environmental authorities are silent on this
dangerous |
|
| hazard
to the health of our people. The substitution of clay bricks by cement
concrete blocks |
|
| will
not only reduce pollution but will also increase the capacity utilization of
our cement |
|
| plants
which have been set up after spending billions of rupees of our precious
foreign ex- |
|
| change. |
|
|
| High taxation: |
|
| The
cement in Pakistan is a highly taxed commodity. The present direct tax burden
on cement |
|
| on
account of excise duty and sales tax works out to Rs. 80 per bag. This is the
highest in the |
|
| world.
The excise duty needs to be reduced from Rs. 50 per bag to atleast Rs. 25 per
bag that |
|
| will
help reduction in prices and will result in increase in consumption specially
in housing |
|
| sector. |
|
|
| Year
2000 problems in Computer System: |
|
| As
a result of adequate measures taken by the Company, the computer systems
including the |
|
| Company's
DCS and PLC Systems worked smoothly and no problem was faced on changeover to |
|
| new millennium. |
|
|
| Auditors: |
|
| The
auditors M. Yousuf Adil Saleem & Co. Chartered Accountants, retire and
being eligible offer |
|
| themselves
for reappointment. |
|
|
| Directors: |
|
| In
an Extraordinary General Meeting held on 26th August, 2000 the following
Directors were |
|
| elected
to the Board for a term of three years. |
|
|
| 1.
Mr. Abdul Razzak Tabba |
|
| 2.
Mr. Muhammad Yunus Tabba |
|
| 3.
Mr. Muhammad Sohail Tabba |
|
| 4.
Mr. Muhammad Ali Tabba |
|
| 5.
Mr. Imran Yunus Tabba |
|
| 6.
Mr. Muhammad Javed Tabba |
|
| 7.
Mr. Anis Wahab Zuberi |
|
| 8.
Mr. M Aliuddin Ansari |
|
|
| The
Company records its appreciation to outgoing Directors viz Haji Abdul Razzak,
Mr. Samir |
|
| Ahmed
and Mr. Martyn S. Wells for their co-operation with the Company. |
|
|
| Pattern
of Shareholding |
|
| The
pattern of shareholding as on 30th June, 2000 is enclosed with the report. |
|
|
| Subsidiary: |
|
| The
audited accounts of Lucky Powertech Limited, the Company's wholly owned
subsidiary, for |
|
| the
year ended 30th June, 2000 are annexed with the report. |
|
|
| Acknowledgment: |
|
| Your
directors appreciate the efforts of the company's managers, technicians and
workers and the |
|
| support
extended by the company's bankers, leasing companies, dealers and stockists. |
|
|
|
For and on behalf of the Board |
|
|
|
|
|
Abdul Razzak Tabba |
|
| Karachi
· November 18, 2000 |
|
Chairman & Chief Executive |
|
|
|
| YEARWISE
STATISTICAL SUMMARY |
|
|
|
Rupees in
'000' |
|
|
1997 |
1998 |
1999 |
2000 |
|
|
| ASSETS
EMPLOYED |
|
| Fixed assets |
|
3,992 |
3,904 |
3,785 |
3,729 |
|
| Long
term investments |
200 |
200 |
200 |
200 |
|
| Long
term deposit and |
|
| deferred cost |
|
64 |
54 |
43 |
18 |
|
| Current assets |
|
366 |
426 |
498 |
620 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
| Total
assets employed |
4,622 |
4,584 |
4,526 |
4,567 |
|
|
========== |
========== |
========== |
========== |
|
|
| FINANCED BY |
|
| Shareholders'
equity |
3,413 |
3,294 |
3,350 |
3,576 |
|
| Long
term liabilities |
|
| Loans |
|
603 |
518 |
409 |
291 |
|
| Leasing |
|
101 |
107 |
76 |
-- |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
|
704 |
625 |
485 |
291 |
|
| Long
term deposits and |
|
| deferred liabilities |
|
94 |
144 |
92 |
102 |
|
| Current liabilities |
|
411 |
521 |
599 |
598 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
| Total
funds invested |
4,622 |
4,584 |
4,526 |
4,567 |
|
|
========== |
========== |
========== |
========== |
|
|
| TURNOVER
AND PROFIT |
|
| Turnover (net) |
|
393 |
1,010 |
1,475 |
2,050 |
|
| Gross profit |
|
82 |
66 |
263 |
437 |
|
| Operating profit |
|
46 |
9 |
211 |
380 |
|
| Profit/(loss)
before taxation |
(25) |
(114) |
55 |
232 |
|
| Profit/(loss)
after taxation |
(27) |
(119) |
(55) |
226 |
|
| Profit/(loss)
carried forward |
(26) |
(146) |
(90) |
136 |
|
| Earnings
per share (Rupees) |
(0.110) |
(0.486) |
0.224 |
0.922 |
|
| Break
up value per share (Rupees) |
13.39 |
13.45 |
13.67 |
14.596 |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
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| We
have audited the annexed balance sheet of Lucky Cement
Limited as at June 30, 2000 and the |
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| related
profit and loss account, statement of changes in equity and cash flow
statement together with the |
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| notes
forming part thereof, for the year then ended and we state that we have
obtained all the information |
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| and
explanations which to the best of our knowledge and belief were necessary for
the purposes of our audit. |
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| It
is the responsibility of the Company's management to establish and maintain a
system of internal |
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| control,
and prepare and present the above said statements in conformity with the
approved accounting |
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| standards
and the requirements of the Companies Ordinance, 1984. Our responsibility is
to express an |
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| opinion
on these statements based on our audit. |
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| We
conducted our audit in accordance with the auditing standards as applicable
in Pakistan. These stand- |
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| ards
require that we plan and perform the audit to obtain reasonable assurance
about whether the above |
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| said
statements are free of any material misstatement. An audit includes
examining, on a test basis, |
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| evidence
supporting the amounts and disclosures in the above said statements. An audit
also includes |
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| assessing
the accounting policies and significant estimates made by management, as well
as, evaluating |
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| the
overall presentation of the above said statements. We believe that our audit
provides a reasonable |
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| basis
for our opinion and, after due verification, we report that: |
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| a)
in our opinion, proper books of account have been kept by the Company as
required by the |
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| Companies
Ordinance, 1984; |
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| b) in our opinion: |
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| i)
the balance sheet and profit and loss account, together with the notes
thereon, have been |
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| drawn
up in conformity with the Companies Ordinance, 1984 and are in agreement with |
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| the
books of account and are further in accordance with the accounting policies
consis- |
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| tently applied; |
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| ii)
the expenditure incurred during the year was for the purpose of the Company's
business; and |
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|
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| iii)
the business conducted, investments made and the expenditure incurred during
the year |
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| were
in accordance with the objects of the Company; |
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|
| c)
in our opinion and to the best of our information and according to the
explanations given to us, the |
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| balance
sheet, profit and loss account, statement of changes in equity and cash flow
statement |
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| together
with the notes forming part thereof confirm with approved accounting
standards as appli- |
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| cable
in Pakistan, and given the information required by the Companies Ordinance,
1984 in the |
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| manner
so required and respectively give a true and fair view of the state of the
Company's affairs |
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| as
at June 30, 2000 and of the profit, its cash flows and changes in equity for
the year then ended; and |
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| d)
in our opinion no zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
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|
M. YOUSUF ADIL SALEEM & CO., |
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| KARACHI:
November 18, 2000 |
|
Chartered Accountants |
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| BALANCE
SHEET AS AT JUNE 30, 2000 |
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|
Note |
2000 |
1999 |
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|
Rupees in
'000' |
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| SHARE
CAPITAL AND RESERVES |
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| Authorised capital |
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| 300,000,000
Ordinary shares |
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| of Rs. 10/- each |
|
3,000,000 |
3,000,000 |
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|
========== |
========== |
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| Issued,
subscribed and paid-up capital |
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| 245,000,000
Ordinary shares of Rs. 10/- each |
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| fully paid in cash |
|
2,450,000 |
2,450,000 |
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| Capital reserve |
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| Share premium |
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|
990,000 |
990,000 |
|
|
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| Accumulated
profit / (loss) |
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|
136,020 |
(90,330) |
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|
------------------ |
------------------ |
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|
3,576,020 |
3,349,670 |
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| LONG
TERM LOANS |
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3 |
291,246 |
408,718 |
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| LIABILITIES
AGAINST ASSETS SUBJECT |
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