| Pakistan Cables 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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| Highlights |
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| Ten-Year
Review |
|
| Chairman's
Review |
|
| Report
of the Directors |
|
| Pattern
of Shareholdings |
|
| Graphic
Illustrations |
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| Auditors'
Report to the Members |
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| Balance Sheet |
|
| Profit
and Loss Account |
|
| Statement
of Changes in Equity |
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| Cash
Flow Statement |
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| Notes
to and Forming Part of the Accounts |
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| COMPANY
INFORMATION |
|
|
| BOARD
OF DIRECTORS |
|
| Towfiq
H. Chinoy (Chairman) |
|
| Mustapha
A. Chinoy |
|
| Haroun Rashid |
|
| Syed
Naseem Ahmad |
|
| Amjad Waheed |
|
| Sara Jawaid |
|
| Shahpur
Channah |
|
| Aslam
Sadruddin |
|
| Kamal
A. Chinoy (Chief Executive) |
|
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| COMPANY
SECRETARY |
|
| Aslam
Sadruddin |
|
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| AUDITORS |
|
| A.F.
Ferguson & Co. |
|
| Chartered
Accountants |
|
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| LEGAL
ADVISERS |
|
| Ghani
Law Associates |
|
|
| BANKERS |
|
| Credit
Agricole Indosuez |
|
| Habib
Bank Limited |
|
| Hongkong
and Shanghai Banking Corporation Limited |
|
| Muslim
Commercial Bank Limited |
|
| Oman
International Bank |
|
| Standard
Chartered Bank |
|
| Standard
Chartered Grindlays Bank Limited |
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| Union
Bank Limited |
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| Registered
Office, Factory and Marketing Office |
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| B/21
Sindh Industrial Trading Estates |
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| Manghopir
Road, P.O. Box 5050 Karachi-75700 |
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| Telephone
Nos: 2561170-5, Telex: 29132 PCL PK, Fax: 92-21-2564614 |
|
|
| Regional Office |
|
|
| Lahore |
Co-operative Insurance
Building, Shahra-e-Quaid-e-Azam |
|
|
Telephone Nos: 7355783,
7120790 - 91, 7353520, Fax: 7355480 |
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| Branch Offices |
|
|
| Multan |
Shershah Road, Telephone
No. 583332, Fax: 549336 |
|
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| Rawalpindi |
455-A, Adamjee Street,
Telephone Nos. 5568895, 5512797, Fax: 5587029 |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| NOTICE
IS HEREBY GIVEN THAT the 47th Annual General Meeting of the shareholders of
Pakistan |
|
| Cables
Limited will be held on Thursday, the 23rd November, 2000 at 11:30 a.m. at
Council Hail of |
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| the
Overseas Investors Chamber of Commerce and Industry, Chamber of Commerce
Building, |
|
| Talpur
Road, Karachi, to transact the following business: |
|
|
| Ordinary
Business |
|
|
| 1.
To receive and consider the Statement of Accounts for the year ended June 30,
2000 |
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| together
with the Reports of the Directors and Auditors thereon. |
|
|
| 2.
To approve the payment of Dividend as recommended by the Directors. (The
Directors |
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| have
recommended a dividend of 30%). |
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| 3.
To appoint Auditors for the ensuing year and to fix their remuneration
(Messrs. A.F. Ferguson |
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| &
Co. Chartered Accountants, retire, and being eligible, have offered
themselves for re-appointment). |
|
|
| 4.
To transact any other business which may legally be transacted at an Annual
General Meeting. |
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|
By Order of the Board |
|
|
Aslam Sadruddin |
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|
Finance Director and |
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| KARACHI:
October 31, 2000 |
|
Company Secretary |
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|
| NOTES: |
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| 1.
The Shares Transfer Books of the Company will remain closed from 9.11.2000 to
23.11.2000 |
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| (both
days inclusive). No transfer will be accepted for registration during this
period. |
|
|
| 2.
A member entitled to attend and vote at this Meeting is entitled to appoint a
proxy to |
|
| attend
and vote instead of him. A proxy need not be a member of the Company. |
|
|
| 3.
The instrument appointing the proxy and the Power of Attorney or other
authority under |
|
| which
it is signed, or a notarially certified copy thereof, must be lodged at the
Company's |
|
| Registered
Office i.e. B/21, S.I.T.E., Karachi, not later than 48 hours before the time
of the |
|
| Meeting. |
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|
| HIGHLIGHTS |
|
|
|
1999-2000 |
1998-99 |
|
|
Rs. Million |
Rs. Million |
|
|
| Sales |
|
721.28 |
578.89 |
|
| Profit after tax |
|
12.32 |
9.25 |
|
| Dividend |
|
9.370 |
7.80 |
|
| Net
assets employed |
|
135.309 |
137.021 |
|
| Shareholders'
fund |
|
119.957 |
117.005 |
|
| Net
earning per share |
|
Rs. |
3.95 |
2.96 |
|
| Net
earning per rupee sales |
|
Rs. |
0.02 |
0.02 |
|
|
|
| TEN-YEAR
REVIEW |
|
|
|
|
1999-2000 |
1998-99 |
1997-98 |
1996-97 |
*1995-96 |
1994 |
1993 |
1992 |
1991 |
1990 |
|
|
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
|
|
Million |
Million |
Million |
Million |
Million |
Million |
Million |
Million |
Million |
Million |
|
|
|
| Sales |
|
721,279 |
578.895 |
500.151 |
636.476 |
964.652 |
438.239 |
380.362 |
302.149 |
346,808 |
360.201 |
| Operating profit |
|
40.424 |
39.695 |
24.583 |
54.204 |
63.998 |
30.117 |
30.390 |
16.914 |
24.646 |
44.661 |
| Profit before tax |
|
11.717 |
13.218 |
11.321 |
20.751 |
35.058 |
21.150 |
15.954 |
8.242 |
12.908 |
31.010 |
| Profit after tax |
|
12.317 |
9.248 |
8.321 |
13.151 |
19.733 |
9.157 |
7.868 |
4.173 |
8.331 |
16.557 |
| Dividend |
|
9.365 |
7.805 |
7.024 |
10.927 |
14.829 |
8.585 |
7.805 |
2.178 |
8.580 |
8.580 |
| Bonus Issue |
|
-- |
-- |
-- |
-- |
-- |
-- |
-- |
2.178 |
2.640 |
-- |
| Capital
expenditure |
|
13.781 |
10.015 |
2.628 |
6.569 |
64.762 |
3.145 |
0.741 |
1.142 |
1.376 |
2.096 |
| Fixed
assets at cost |
|
275.823 |
262.971 |
252.531 |
246.532 |
244.126 |
179.055 |
175.979 |
175.420 |
180.772 |
180.383 |
| Current
assets less current liabilities |
44.429 |
40.944 |
47.596 |
37.359 |
27.687 |
41.609 |
48.633 |
61.234 |
55.085 |
61.849 |
| Current Assets: |
|
|
|
| Current
Liabilities |
|
1.1:1 |
1.1:1 |
1.2:1 |
1.1:1 |
1.1:1 |
1.2:1 |
1.3:1 |
1.4:1 |
1.4:1 |
1.4:1 |
|
|
|
| Shareholders'
funds |
|
|
| Issued capital |
|
31.218 |
31.218 |
31.218 |
31.218 |
31.218 |
31.218 |
31.218 |
29.040 |
26.400 |
26.400 |
| Reserve
& retained earnings |
|
88.739 |
85.787 |
84.344 |
83.047 |
80.823 |
75.919 |
75.347 |
77.462 |
78.107 |
78.356 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
| Total
Shareholders' fund |
|
119.957 |
117.005 |
115.562 |
114.265 |
112.041 |
107.137 |
106.565 |
106.502 |
104.507 |
104.756 |
| Long
term Loans & Liabilities |
|
15.352 |
20.016 |
31.967 |
38.203 |
47.582 |
21.708 |
37.568 |
47.105 |
55.413 |
67.563 |
| Net
Assets employed |
|
135.309 |
137.021 |
147.529 |
152.468 |
159.623 |
128.845 |
144.133 |
153.607 |
159.920 |
172.319 |
|
| Net
Earnings as percentage |
|
| of
net assets employed |
% |
9 |
7 |
6 |
9 |
12 |
7 |
5 |
3 |
5 |
10 |
| Earning
per rupee of sales |
Rs. |
0.02 |
0.02 |
0.02 |
0.02 |
0.02 |
0.02 |
0.02 |
0.01 |
0.02 |
0.05 |
| Earning
per share |
Rs. |
3.95 |
2.96 |
2.67 |
4.21 |
6.32 |
2.93 |
2.52 |
1.44 |
3.16 |
6.27 |
| Cash
Dividend per share |
Rs. |
3.00 |
2.50 |
2.25 |
3.50 |
4.75 |
2.75 |
2.50 |
0.75 |
3.25 |
3.25 |
| Break-up
value per share |
Rs. |
38.43 |
37.48 |
37.02 |
36.60 |
35.89 |
34.32 |
34.14 |
36.67 |
39.59 |
39.68 |
|
| *
Eighteen months ended June 30, 1996. |
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|
|
| CHAIRMAN'S
REVIEW |
|
|
| On
behalf of your Board, I am pleased to present the report for the year ended
June 30, 2000. |
|
|
| OPERATING
PERFORMANCE |
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| The
year under review was yet another period of uncertainty and turbulence. While
the country |
|
| was
already feeling the effects of economic sanctions which followed the nuclear
explosion, the |
|
| IMF
suspended its assistance due to the change of Government. This further
depressed the |
|
| economy.
Demand remained poor both in the industrial as well as the commercial sector. |
|
| However,
we were able to secure some business from KESC and WAPDA during the period. |
|
|
| Inspite
of these difficulties, I am pleased to inform you that your company achieved
net sales of Rs. |
|
| 721.3
million which was 24.6% higher than last year's sales of Rs. 578.9 million. |
|
|
| Gross
profit for the year amounting to Rs. 86.4 million is 12% of sales compared to
last year's gross |
|
| profit
of Rs. 80.4 million which was 14% of sales. While the gross profit has
increased in rupee terms |
|
| due
to higher sales, the gross profit percentage has reduced mainly due to
increase in prices of |
|
| metals
in the international market. |
|
|
| Operating
profit for the year is Rs. 40.4 million against Rs. 39.7 million last year.
The requirement for |
|
| working
capital was greater during the year due to the higher turnover and LC margins
as a result |
|
| of
which financial charges have increased to Rs. 31.4 million as compared to Rs.
28.8 million last year. |
|
| Profit
before tax is Rs. 11.7 million against Rs. 13.2 million last year. The
company won an appeal in |
|
| the
appellate Tribunal which resulted in a tax credit of Rs. 5.6 million. Thus
the profit after tax is Rs. |
|
| 12.3
million which is 33% higher than last year's profit of Rs. 9.2 million. |
|
|
| DIVIDEND |
|
| For
the current year, your directors recommended payment of dividend of Rs. 3.00
per share (30%) |
|
| compared
to Rs. 2.50 per share (25%) last year. |
|
|
| INDUSTRY
CONCERNS |
|
| In
the engineering industry, Wire & Cables are the only items on which both
excise duty and sales |
|
| tax
are levied making a total levy of 26.5% in addition to which a further 1.5%
sales tax is |
|
| chargeable
on goods sold to unregistered customers. This is too high and encourages tax
evasion, |
|
| affecting
government revenue on the one hand and abetting the supply of substandard
goods on |
|
| the
other hand by the manufacturers in the unorganized sector. In view of the
above, we urge the |
|
| government
to withdraw the excise duty from cables. It is to be noted that this will
also benefit KESC |
|
| &
WAPDA as they will pay 10% less, allowing them to procure more distribution
equipment which will |
|
| go
a long way in improving the distribution system as well as reduction of line
losses. |
|
|
| The
rates of deduction of income tax under section 50(4) and 50(5) have over the
years increased |
|
| and
the present rates of 6% on imports and another 3.5% on payments received are
too high. |
|
| These
rates should be reduced for industry. Moreover, exemption certificates under
Section 50(4) |
|
| and
50(5) of the Income Tax ordinance should be issued to public limited
companies within 10 days |
|
| of
application and with a validity of 12 months. |
|
|
| FUTURE
PROSPECTS |
|
| The
economy of the country continues to remain weak. The sharp fall in the value
of the rupee in |
|
| September
and the imposition of 25% LC margin on imports have increased the cost of
import for |
|
| engineering
companies. Lower margins are inevitable due to rising cost and continuous |
|
| depreciation
of rupee against dollar. We have started the year with a reasonable order
book and |
|
| the
fact that your company has a strong position within the industry should be of
great assistance |
|
| in
these trying times. The resumption of purchases by the utility companies is a
positive |
|
| development
for the Cable industry. |
|
|
| STAFF |
|
| The
total number of employees as on June 30th, 2000 was 295. Relationship with
the employees of |
|
| all
levels remained warm and cordial. A two year agreement which is valid upto
December 2001 |
|
| was
amicably negotiated with the CBA. On behalf of the directors and employees of
the |
|
| company,
I express our gratitude to all our valued customers, distributors and banks
for their |
|
| confidence
and support. |
|
|
|
TOWFIQ H. CHINOY |
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| KARACHI:
October 25, 2000 |
|
Chairman |
|
|
|
| REPORT
OF THE DIRECTORS |
|
|
| 1.
The Directors have pleasure in submitting their Report and Annual Audited
Accounts for the |
|
| year
ended 30th June 2000. |
|
|
|
Rs. '000 |
|
|
| The
net profit after tax amounted to |
|
12,317 |
|
| To
this is added unappropriated profit brought forward from last year |
|
287 |
|
|
------------------ |
|
|
12,604 |
|
|
========== |
|
|
| The
Directors recommended: |
|
|
| Payment
of Cash dividend at the rate of Rs. 3.00 per share (30%) |
|
9,365 |
|
|
| Transfer
to General Reserve |
|
3,000 |
|
| leaving
unappropriated profit to be |
|
| Carried Forward |
|
239 |
|
|
------------------ |
|
|
Rs. 12,604 |
|
|
========== |
|
|
| 2.
The Chairman's review on page 6 covers significant activities of your
company. |
|
|
| 3.
The pattern of shareholding is provided on page 9. |
|
|
| 4.
The present Auditors M/s. A.F. Ferguson & Co. retire and offer themselves
for reappointment. |
|
|
|
On behalf of the Board |
|
|
|
|
|
Kamal A. Chinoy |
|
| Karachi:
October 12, 2000 |
|
Director & Chief Executive |
|
|
|
| PATTERN
OF SHAREHOLDING AS AT JUNE 30, 2000 |
|
|
| No. of |
|
Total |
|
| Shareholders |
|
Shareholding |
|
Shares held |
|
|
| 390 |
1 |
to |
100 |
15,759 |
|
| 416 |
101 |
to |
500 |
102,224 |
|
| 109 |
501 |
to |
1,000 |
80,796 |
|
| 105 |
1,001 |
to |
5,000 |
212,551 |
|
| 10 |
5,001 |
to |
10,000 |
64,106 |
|
| 7 |
10,001 |
to |
15,000 |
87,666 |
|
| 1 |
15,001 |
to |
20,000 |
15,300 |
|
| -- |
20,001 |
to |
25,000 |
-- |
|
| 2 |
25,001 |
to |
30,000 |
54,212 |
|
| -- |
30,001 |
to |
40,000 |
-- |
|
| 1 |
40,001 |
to |
45,000 |
43,843 |
|
| 1 |
45,001 |
to |
50,000 |
47,009 |
|
| -- |
50,001 |
to |
60,000 |
-- |
|
| 1 |
60,001 |
to |
65,000 |
61,250 |
|
| -- |
65,001 |
to |
85,000 |
-- |
|
| 1 |
85,001 |
to |
90,000 |
85,815 |
|
| 1 |
90,001 |
to |
95,000 |
90,552 |
|
| -- |
95,001 |
to |
125,000 |
-- |
|
| 1 |
125,001 |
to |
130,000 |
129,869 |
|
| -- |
130,001 |
to |
160,000 |
-- |
|
| 1 |
160,001 |
to |
165,000 |
162,853 |
|
| -- |
165,001 |
to |
170,000 |
-- |
|
| 1 |
170,001 |
to |
175,000 |
173,710 |
|
| -- |
175,001 |
to |
290,000 |
-- |
|
| 1 |
290,001 |
to |
295,000 |
292,230 |
|
| -- |
295,001 |
to |
300,000 |
-- |
|
| 1 |
300,001 |
to |
305,000 |
304,400 |
|
| -- |
305,001 |
to |
475,000 |
-- |
|
| 1 |
475,001 |
to |
480,000 |
478,299 |
|
| -- |
480,001 |
to |
615,000 |
-- |
|
| 1 |
615,001 |
to |
620,000 |
619,356 |
|
| -- |
620,001 |
to |
3,121,800 |
-- |
|
| ------------------ |
|
------------------ |
|
| 1,052 |
|
3,121,800 |
|
| ========== |
|
========== |
|
|
| Category
of shareholders |
|
Number |
Shares held |
Percentage |
|
|
| Individuals |
|
1,023 |
1,621,587 |
51.94 |
|
| Investment
Companies |
|
2 |
705,171 |
22.59 |
|
| Insurance
Companies |
|
6 |
334,610 |
10.72 |
|
| Joint
Stock Companies |
|
10 |
318,788 |
10.21 |
|
| Financial
Institutions |
|
5 |
106,330 |
3.41 |
|
| Modaraba
Companies |
|
-- |
-- |
-- |
|
| Others |
|
6 |
35,314 |
1.13 |
|
|
------------------ |
------------------ |
------------------ |
|
|
1052 |
3,121,800 |
100.00 |
|
|
========== |
========== |
========== |
|
|
| OTHERS |
|
| Aminia
Muslim Girls School Trust |
|
11,304 |
|
| Karachi
Zarthosti Banu Mandal |
|
10,408 |
|
| Pakistan
Masonic Institution |
|
1,135 |
|
| The
Pakistan Memon Educational & Welfare Society |
11,729 |
|
| Government
of Pakistan, Corporate Law Authority |
|
1 |
|
| Administrator
Abandoned Properties Organization |
|
737 |
|
|
------------------ |
|
|
35,314 |
|
|
========== |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of Pakistan Cables Limited as at June
30, 2000 and the related |
|
| profit
and loss account, the statement of changes in equity and the cash flow
statement, together with the |
|
| notes
forming part thereof, for the year then ended and we state that we have
obtained all the information |
|
| and
explanations which to the best of our knowledge and belief were necessary for
the purposes of our audit. |
|
|
| 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 account have been kept by the company as
required by the |
|
| Companies
Ordinance, 1984; |
|
|
| (b)
in our opinion: |
|
|
| (i)
the balance sheet and profit and loss account together with the notes thereon
have been drawn |
|
| up
in conformity with the Companies Ordinance, 1984 and are in agreement with
the books of |
|
| account
and are further in accordance with accounting policies consistently applied; |
|
|
| (ii)
the expenditure incurred during the year was for the purposes 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, statement of changes in equity and cash flow
statement |
|
| together
with the notes forming part thereof; give the information required by the
Companies |
|
| Ordinance,
1984 in the manner so required and respectively give a true and fair view of
the state of the |
|
| company's
affairs as at June 30, 2000 and of the profit, changes in equity and the cash
flows for the |
|
| year
then ended; and |
|
|
| (d)
in our opinion zakat deductible at source under the Zakat and Ushr Ordinance,
1980 was deducted by |
|
| the
company and deposited in the Central Zakat Fund established under section 7
of that Ordinance. |
|
|
|
A.F. FERGUSON & CO. |
|
| Karachi:
October 31, 2000 |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 2000 |
|
|
|
|
2000 |
1999 |
|
|
|
Note |
Rs. '000 |
Rs. '000 |
|
|
|
|
|
| SHARE
CAPITAL AND RESERVES |
|
|
|
| Authorised
share capital |
|
|
|
| 5,000,000
ordinary shares of Rs. 10 each |
|
50,000 |
50,000 |
|
|
|
|
========== |
========== |
|
|
|
|
|
|
|
| Issued,
subscribed and paid-up share capital |
|
|
|
|
| 3,121,800
(1999: 3,121,800) |
|
|
|
|
|
| ordinary
shares of Rs. 10 each |
|
3 |
31,218 |
31,218 |
|
|
|
|
|
|
|
| Revenue
reserves |
|
|
|
|
|
| General reserves |
|
4 |
88,500 |
85,500 |
|
|
| Unappropriated
profit |
|
|
239 |
287 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
119,957 |
117,005 |
|
|
|
|
|
|
|
| LIABILITY
AGAINST AN ASSET SUBJECT TO A FINANCE LEASE |
5 |
680 |
841 |
|
|
|
|
|
|
|
| DEFERRED
LIABILITY |
|
|
|
|
|
| Staff
retirement benefits |
|
6 |
14,672 |
19,175 |
|
|
|
|
|
|
|
| CURRENT
LIABILITIES AND PROVISIONS |
|
|
|
|
| Finances
under mark-up arrangements |
7 |
191,395 |
194,491 |
|
|
| Current
maturity of liability against an assets |
|
|
|
|
| subject
to a finance lease |
|
5 |
161 |
135 |
|
|
| Creditors,
accrued expenses and other liabilities |
8 |
175,691 |
120,244 |
|
|
| Workers
profits participation fund |
|
9 |
686 |
766 |
|
|
| Workers
welfare fund |
|
|
1,256 |
1,085 |
|
|
| Dividends |
|
10 |
11,003 |
9,305 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
380,192 |
326,026 |
|
|
| CONTINGENCIES
AND COMMITMENTS |
11 |
-- |
-- |
|
|
|
------------------ |
------------------ |
|
|
|
515,501 |
463,047 |
|
|
|
========== |
========== |
|
|
|
| TANGIBLE
FIXED ASSETS |
|
| Operating
assets |
|
12 |
75,848 |
78,703 |
|
| Capital
work-in-progress |
|
13 |
930 |
814 |
|
|
------------------ |
------------------ |
|
|
76,778 |
79,517 |
|
|
| INVESTMENTS |
|
14 |
8,437 |
12,961 |
|
| LONG-TERM
LOANS AND ADVANCES |
15 |
1,053 |
1,854 |
|
| LONG-TERM
SECURITY DEPOSITS |
|
1,072 |
915 |
|
| DEFERRED
TAXATION |
|
16 |
3,540 |
830 |
|
|
|
| CURRENT
ASSETS |
|
| Stores
and spares |
|
17 |
18,919 |
17,805 |
|
| Stocks |
|
18 |
213,844 |
203,885 |
|
| Trade debts |
|
19 |
110,588 |
84,563 |
|
| Short-term
loans and advances |
|
20 |
2,583 |
2,181 |
|
| Current
maturity of investments |
|
14 |
4,699 |
-- |
|
| Deposits
and short-term prepayments |
21 |
1,313</ |
