| Pakistan Synthetics Limited |
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| Annual
Report 2001 |
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| CONTENTS |
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| Company
Information |
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| Performance
of the Company at a Glance |
|
| Notice
of Meeting |
|
| Report
of the Directors |
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| Auditors'
Report to the Members |
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| Balance Sheet |
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|
| Profit
and 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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| Pattern
of Shareholding |
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| COMPANY
INFORMATION |
|
|
| BOARD
OF DIRECTORS |
EBRAHIM HAJI KARIM -
CHAIRMAN |
|
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|
UMER HAJI KARIM-CHIEF
EXECUTIVE |
|
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|
ANWAR HAJI KARIM |
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|
MUHAMMAD ASLAM MOTIWALA |
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|
AHMED EBRAHIM |
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|
PIR MUHAMMAD A. KALIYA |
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|
S. ZUBAIR AHMED |
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|
ATHER HUSSAIN MEDINA |
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|
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| SECRETARY |
|
M. SALEEM AZIZ |
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|
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| BANKERS |
|
HABIB BANK LIMITED |
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HABIB BANK AG ZURICH |
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|
CITIBANK N.A. |
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AMERICAN EXPRESS BANK
LIMITED |
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METROPOLITAN BANK LIMITED |
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BANK AL-HABIB LIMITED |
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MUSLIM COMMERCIAL BANK
LIMITED |
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NATIONAL BANK OF PAKISTAN |
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BANK ALFALAH LIMITED |
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| AUDITORS |
|
HYDER BHIMJI & CO. |
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CHARTERED ACCOUNTANTS |
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| LEGAL
ADVISORS |
MANSOOR AHMED KHAN &
CO. |
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|
ADVOCATES AND SOLICITORS |
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| REGISTERED
OFFICE |
3RD FLOOR, KARACHI DOCK LABOUR |
BOARD |
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|
BUILDING, 58- WEST WHARF
ROAD, |
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KARACHI-74000 |
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| FACTORY |
|
F. 1,2,3,& F.
13,14&15, |
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|
HUB INDUSTRIAL TRADING
ESTATE, |
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DISTRICT LASBELLA,
BALOCHISTAN |
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| PERFORMANCE
OF THE COMPANY AT A GLANCE |
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|
EIGHTEEN |
|
|
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|
YEAR |
|
MONTHS |
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|
YEAR |
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|
ENDED |
|
ENDED |
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|
ENDED |
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|
DECEMBER 31, |
|
JUNE 30, |
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|
JUNE 30, |
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|
1991 |
1992 |
1993 |
1994 |
1995 |
1997 |
1998 |
1999 |
2000 |
2001 |
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|
|
| STATISTICAL
SUMMARY |
|
Rupees in
million |
|
|
|
|
| Gross sales |
|
909 |
833 |
1,143 |
1,409 |
1,699 |
2,054 |
1,170 |
1,013 |
1,558 |
1,880 |
| Profit/(1oss)
before taxation |
15 |
35 |
154 |
257 |
274 |
36 |
(8) |
12 |
122 |
155 |
| Taxation |
|
4 |
4 |
5 |
6 |
7 |
9 |
5 |
1 |
38 |
58 |
| Profit/(loss)
after taxation |
11 |
31 |
149 |
251 |
267 |
27 |
(13) |
11 |
84 |
97 |
| Gross
assets employed |
|
|
| (including
capital work-in-progress) |
1,452 |
1,290 |
1,365 |
1,443 |
1,481 |
1,477 |
1,446 |
1,392 |
1,306 |
1,260 |
| Paid-up capital |
|
374 |
374 |
374 |
448 |
560 |
560 |
560 |
560 |
560 |
560 |
| Shareholders'
equity |
384 |
416 |
565 |
816 |
985 |
1,012 |
999 |
969 |
997 |
996 |
|
|
|
| EARNING
AND PAY OUT |
|
Rs. per share of Rs. 10 each |
|
|
|
|
|
| Earnings
per share after taxation |
0.29 |
0.84 |
3.98 |
5.60 |
4.77 |
0.49 |
(0.23) |
0.21 |
1.50 |
1.73 |
| Break-up value |
|
10.29 |
11.13 |
15.11 |
18.19 |
17.57 |
18.06 |
17.83 |
17.29 |
17.79 |
17.77 |
| Bonus shares |
|
-- |
-- |
1:5 |
1:4 |
-- |
-- |
-- |
-- |
-- |
-- |
| Cash dividend |
|
-- |
-- |
-- |
-- |
1.75 |
-- |
-- |
0.75 |
1.00 |
1.75 |
|
|
|
|
| *
The net earning per share for the year ended June 30,1998 was negative |
|
|
|
|
| FINANCIAL
RATIOS |
|
Ratios |
|
|
|
|
| Current
Assets: Current Liabilities |
0.66:1 |
0.63:1 |
0.86:1 |
1.21:1 |
1.30:1 |
1.31:1 |
1.34:1 |
1.39:1 |
2.05:1 |
3.26:1 |
| Long-term
Debts: Equity |
62:38 |
55:45 |
42:58 |
25:75 |
13:87 |
7:93 |
2:98 |
0:100 |
0:100 |
0:100 |
|
|
|
| PRODUCTIONS |
|
Tonnes |
|
|
|
|
| Polyester
Staple Fibre |
17,457 |
16,673 |
20,858 |
19,430 |
17,834 |
27,290 |
21,055 |
18,745 |
22,142 |
22,679 |
| Polyester Chips |
|
-- |
-- |
497 |
772 |
1,267 |
976 |
-- |
-- |
2,834 |
3,660 |
|
|
| NOTICE
OF MEETING |
|
|
| Notice
is hereby given that the Sixteenth Annual General Meeting of Pakistan
Synthetics Limited |
|
| will
be held on Saturday, 29th December, 2001, at 3.30 p.m. at the Auditorium of
the Institute of |
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| Chartered
Accountants of Pakistan, G-31, Block-8, Chartered Accountants Avenue,
Clifton, |
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| Karachi
- Pakistan, to transact the following business:- |
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| 1.
To confirm the minutes of the Fifteenth Annual General Meeting of the Company
held on |
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| 24th November, 2000. |
|
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| 2.
To receive, consider and adopt the Audited Accounts of the Company together
with Directors' |
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| and
Auditors' Reports for the year ended 30th June, 2001. |
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| 3.
To approve the payment of a Final Dividend for the year ended 30th June,
2001, as |
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| recommended
by the Board of Directors. |
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|
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| 4.
To appoint the Auditors of the Company and fix their remuneration. |
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| 5.
To transact such other ordinary business as may be placed before the meeting
with the |
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| permission
of the Chair. |
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|
By Order of the Board |
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|
UMER HAJI KARIM |
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| Karachi:
14th November, 2001 |
|
CHIEF EXECUTIVE |
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|
| NOTES:- |
|
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| 1.
The Register of Members and the Shares Transfer Books of the Company will
remain closed from |
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| Thursday,
20th December, 2001 to Saturday, 29th December, 2001 (both days inclusive).
Transfers received |
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| at
the Registered Office of the Company at the close of business on 19th
December, 2001 will be treated in |
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| time
for the purposes of determining the entitlement for the payment of proposed
cash dividend to the |
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| transferees
and to attend the Annual General Meeting of the Company. |
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|
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| 2.
A member of the Company entitled to attend and to vote at the meeting may
appoint any other member as his/ |
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| her
proxy to attend, speak and vote at the meeting on his/her behalf. Instrument
appointing proxies, in order |
|
| to
be effective, must be received at the Registered Office of the Company at 3rd
Floor, Karachi Dock Labour |
|
| Board
Building, 58-West Wharf Road, Karachi, duly stamped, signed and witnessed not
less than 48 hours |
|
| before
the time of holding the meeting. |
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|
|
|
|
| 3.
Account holders and sub-account holders holding book entry securities of the
Company in Central Depository |
|
| Company
of Pakistan Limited, who wish to attend the Annual General Meeting, are
requested to bring original |
|
| National
Identity Card with copy thereof duly attested by their Bankers for
identification purpose and should |
|
| present
their CDC Account Number. |
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|
|
|
| 4.
Members are requested to notify the Company if there is any change in their
addresses immediately. |
|
|
| CDC
Account Holders will further have to follow the undermentioned guidelines as
laid down in |
|
| Circular
1 dated January 26, 2000 issued by the Securities and Exchange Commission of
Pakistan: |
|
|
| A.
For Attending the Meeting: |
|
|
| i)
In case of individuals, the account holder or sub-account holder and/or the
person whose securities are in group |
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| account
and their registration details are uploaded as per the Regulations, shall
authenticate his identity by |
|
| showing
his original National Identity Card (NIC) or original passport at the time of
attending the meeting. |
|
|
| ii)
In case of corporate entity, the Board of Directors' resolution/power of
attorney with specimen signature of the |
|
| nominee
shall be produced (unless it has been provided earlier) at the time of the
meeting. |
|
|
| B.
For Appointing Proxies: |
|
|
| i)
In case of individuals, the account holder or sub-account holder and/or the
person whose securities are in group |
|
| account
and their registration details are uploaded as per the Regulations, shall
submit the proxy form as per |
|
| the
above requirement. |
|
|
| ii)
The proxy form shall be witnessed by two persons whose names, addresses and
NIC numbers shall be mentioned |
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| on the form. |
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|
|
|
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| iii)
Attested copies of NIC or the passport of the beneficial owners and the proxy
shall be furnished with the proxy |
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| form. |
|
|
|
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| iv)
The proxy shall produce his original NIC or original passport at the time of
the meeting. |
|
|
| v)
In case of corporate entity, the Board of Directors' resolution/power of
attorney with specimen signature shall |
|
| be
submitted (unless it has been provided earlier) alongwith proxy form to the
Company. |
|
|
|
| REPORT
OF THE DIRECTORS FOR THE YEAR ENDED 30TH JUNE, 2001 |
|
|
| Your
Directors are pleased to present 16th Annual Report of your Company together
with the |
|
| Audited
Accounts for the year ended 30th June, 2001. |
|
|
| BOARD
OF DIRECTORS |
|
| The
term of office of the Directors expired on 4th April, 2001 and following
Directors were elected |
|
| in
the Tenth Extra-Ordinary General Meeting of the Company held on 28th March,
2001 for a period |
|
| of
three years effective from 5th April, 2001:- |
|
|
| 1)
Mr. Ebrahim Haji Karim |
|
5) Mr. Yakoob Haji Karim |
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| 2)
Mr. Umer Haji Karim |
|
6) Mr. Ahmed Ebrahim |
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| 3)
Mr. Anwar Haji Karim |
|
7) Mr. S. Zubair Ahmed |
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| 4)
Mr. Muhammad Aslam Motiwala |
8) Mr. Ather Hussain
Medina |
|
|
| The
Board wishes to place on record its appreciation for the services rendered by
the outgoing |
|
| Directors
Mr. Haroon Haji Karim and Ms. Aaliya K. Dossa. The Board extends a warm
welcome to |
|
| Mr.
Muhammad Aslam Motiwala and Mr. Athar Hussain Medina as new Directors. |
|
|
| Mr.
Yakoob Haji Karim, a Director of the Company, resigned from the directorship
w.e.f. 29th |
|
| September,
2001. The Board of Directors appointed Mr. Pir Muhammad A. Kaliya to fill the
casual |
|
| vacancy.
The Board appreciates the valuable services rendered by Mr. Yakoob Haji Karim
and |
|
| welcomes
Mr. Pir Muhammad A. Kaliya as a new Director. |
|
|
| OVERVIEW |
|
|
| During
the year under review, there was stability in the overall performance of the
local Polyester |
|
| Staple
Fibre Industry. Fibre consumption in the country continued to increase during
the year under |
|
| review
and demand for Polyester Staple Fibre remained strong. As a consequence, the
production, |
|
| turnover
and profitability of your Company improved. |
|
|
| PRODUCTION |
|
| By
the grace of Almighty Allah, the Company produced 22,679 and 3,660 tons of
Polyester |
|
| Staple
Fibre and Polyester Chips respectively as against 22,142 and 2,834 tons of
Polyester |
|
| Staple
Fibre and Polyester Chips respectively in the previous year. It is heartening
to note |
|
| that
during the year under review, the Company achieved 94% of the plant capacity. |
|
|
| FINANCIAL
RESULTS |
|
| The
gross turnover for the year ended 30th June, 2001 increased to Rs.1,880
million as |
|
| compared
to the gross turnover of Rs. 1,558 million for the year ended 30th June,
2000. Increase in |
|
| turnover
was due to higher sales volume and increase in the selling price of Polyester
Staple Fibre. |
|
|
| Raw
material in-put cost also increased during the year under review which was
mainly due to depreciation of |
|
| Pak
Rupee vis-a-vis US $. Cost of input also increased due to rise in the prices
of natural gas. |
|
|
| By
the grace of Almighty Allah, the Company earned a net profit (before
providing for taxation) |
|
| of
Rs. 155.368 million as against a net profit of Rs. 121.898 million in the
last year. The net profit, |
|
| after
providing for taxation and prior year's tax adjustments, worked out to Rs.
97.183 million. |
|
|
| Your
Directors are pleased to propose payment of cash dividend of Rs. 1.75 per
share for the |
|
| year
under review (2000: Re. 1.00 per share). |
|
|
| Accordingly,
the following appropriations have been proposed:- |
|
|
|
|
|
(Rs' 000) |
|
|
| Net
profit after taxation |
|
97,183 |
|
| Unappropriated
profit brought forward |
|
3,881 |
|
|
|
|
------------------ |
|
| Profit
available for appropriation |
|
101,064 |
|
|
|
|
|
|
| Appropriations:- |
|
|
|
| Final
dividend @ Rs. 1.75 per share of Rs. 10 each |
|
98,070 |
|
|
|
|
------------------ |
|
| Unappropriated
profit carried forward |
|
2,994 |
|
|
|
|
========== |
|
|
| EARNINGS
PER SHARE |
|
| The
net earnings per ordinary share of Rs. 10each after providing for taxation
for the year |
|
| ended
30th June, 2001,was Rs. 1.73 (2000: Rs. 1.50). |
|
|
| FUTURE
OUTLOOK |
|
| The
prices of basic raw materials i.e. PTA and MEG are under pressure in the
international |
|
| market.
However, the cost of other inputs has increased due to inflationary trend in
the country. The |
|
| impact
of unprecedented incident of 11th September, 2001 and its aftermath would
adversely affect |
|
| the
economic activity of the country resulting in stagnancy in fibre industry.
Under the circumstances, |
|
| your
management is not optimistic of encouraging results for the current year. |
|
|
| However,
your management, being seized of the complex prevalent situation, is striving
its best |
|
| to
improve the operating efficiencies so as to minimize the adverse impact of
the present crisis. |
|
|
| AUDITORS |
|
| The
present auditors, M/s. Hyder Bhimji & Co., Chartered Accountants, retire
at the |
|
| conclusion
of 16th Annual General Meeting. The Board of Directors has decided to rotate |
|
| the
auditors every three years. The Directors, therefore, propose to the
shareholders to |
|
| appoint
M/s. Taseer Hadi Khalid & Co., Chartered Accountants, as auditors for the
year |
|
| ending
30th June, 2002. M/s. Taseer Hadi Khalid & Co., have given their consent
to act as |
|
| auditors
of the Company, if appointed by the shareholders in the Annual General
Meeting. |
|
|
| PATTERN
OF SHAREHOLDING |
|
| A
Statement showing the pattern of shareholdings in the Company as on 30th
June, 2001 is |
|
| attached
to this Report on Page 30. |
|
|
| ACKNOWLEDGEMENT |
|
| During
the year under review, the Management Employees relations remained cordial.
The |
|
| Management
would like to place on record its appreciation for dedication and hard work
rendered |
|
| by
its employees and workers for the improvement of the financial results of the
Company. |
|
|
|
|
|
For and on behalf of |
|
|
|
|
Board of Directors |
|
|
|
|
|
|
|
|
|
|
UMER HAJI KARIM |
|
| Karachi:
14th November, 2001 |
|
|
CHIEF EXECUTIVE |
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 2001 |
|
|
|
|
Note |
2001 |
2000 |
|
|
|
(Rupees in
thousand) |
|
|
|
| SHARE
CAPITAL AND RESERVES |
|
|
| Authorised
capital |
|
| 70,000,000
(2000: 70,000,000) ordinary shares of |
|
| Rs. 10 each |
|
|
700,000 |
700,000 |
|
|
|
|
========== |
========== |
|
|
| issued,
subscribed and paid-up capital |
3 |
560,400 |
560,400 |
|
| Revenue reserve |
|
4 |
432,500 |
432,500 |
|
|
|
|
|
| Unappropriated
profit |
|
|
2,994 |
3,881 |
|
|
|
|
---------------- |
---------------- |
|
|
|
|
995,894 |
996,781 |
|
|
|
|
|
| DEFERRED
LIABILITIES |
|
5 |
93,250 |
49,038 |
|
|
|
|
|
| CURRENT
LIABILITIES AND PROVISIONS |
|
|
| Short
- term running finance utilized |
|
| under
mark up arrangement |
|
6 |
-- |
-- |
|
| Creditors,
accrued and other liabilities |
7 |
72,645 |
204,618 |
|
| Proposed
dividend |
|
|
98,070 |
56,040 |
|
|
|
|
---------------- |
---------------- |
|
|
|
|
170,715 |
260,658 |
|
| CONTINGENCIES
AND COMMITMENTS |
8 |
-- |
-- |
|
|
|
|
---------------- |
---------------- |
|
|
TOTAL |
1,259,859 |
1,306,477 |
|
|
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
| TANGIBLE
FIXED ASSETS |
|
| Operating
fixed assets |
|
9 |
697,824 |
749,634 |
|
| Capital
work -in - progress |
|
10 |
2,610 |
20,486 |
|
|
|
|
---------------- |
---------------- |
|
|
|
|
700,434 |
770,120 |
|
|
|
|
|
| LONG
- TERM LOANS AND ADVANCES |
11 |
168 |
317 |
|
| LONG
- TERM DEPOSITS |
|
|
2,601 |
2,601 |
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Stores
and spares |
|
12 |
113,648 |
112,262 |
|
| Stock-in-trade |
|
13 |
169,666 |
261,251 |
|
| Trade debts |
|
14 |
170,925 |
95,430 |
|
| Loans
and advances |
|
15 |
1,177 |
1,886 |
|
| Short-term
prepayments |
|
|
198 |
-- |
|
| Other
receivables |
|
16 |
22,549 |
34,212 |
|
| Cash
and bank balances |
|
17 |
78,493 |
28,398 |
|
|
|
|
---------------- |
---------------- |
|
|
|
|
556,656 |
533,439 |
|
|
---------------- |
---------------- |
|
|
TOTAL |
1,259,859 |
1,306,477 |
|
|
========== |
========== |
|
|
|
|
|
EBRAHIM HAJI KARIM |
|
UMER HAJI KARIM |
|
|
CHAIRMAN |
|
CHIEF EXECUTIVE |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
|
|
|
Note |
2001 |
2000 |
|
|
|
(Rupees in
thousand) |
|
|
| Net sales |
|
18 |
1,624,249 |
1,347,822 |
|
| Cost
of goods sold |
|
19 |
1,419,941 |
1,169,650 |
|
|
|
|
---------------- |
---------------- |
|
| Gross profit |
|
|
204,308 |
178,172 |
|
| Administration
and general expenses |
20 |
24,265 |
25,948 |
|
|
|
|
---------------- |
---------------- |
|
| Operating profit |
|
|
180,043 |
152,224 |
|
| Other income |
|
21 |
4,163 |
966 |
|
|
|
|
---------------- |
---------------- |
|
|
|
|
184,206 |
153,190 |
|
|
| Financial
charges |
|
22 |
17,664 |
24,802 |
|
| Other charges |
|
23 |
11,174 |
6,490 |
|
|
|
|
---------------- |
---------------- |
|
| Profit
before taxation |
|
|
155,368 |
121,898 |
|
| Taxation |
|
25 |
58,185 |
37,933 |
|
|
|
|
---------------- |
---------------- |
|
| Profit
after taxation |
|
|
97,183 |
83,965 |
|
| Unappropriated
profit brought forward |
|
3,881 |
956 |
|
|
|
|
---------------- |
---------------- |
|
| Profit
available for appropriation |
|
|
101,064 |
84,921 |
|
|
|
| Appropriations: |
|
|
|
|
| Transfer
to revenue reserve |
|
|
-- |
25,000 |
|
| Proposed
final dividend @ Rs. 1.75 per share |
|
|
|
| of
Rs. 10 each (2000: Re. 1.00) |
|
|
98,070 |
56,040 |
|
|
|
|
---------------- |
---------------- |
|
| Unappropriated
profit carried forward |
|
2,994 |
3,881 |
|
|
========== |
========== |
|
|
|
|
|
|
|
Rs. |
Rs. |
|
|
| Earnings
per share |
|
26 |
1.73 |
1.50 |
|
|
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
EBRAHIM HAJI KARIM |
|
UMER HAJI KARIM |
|
|
CHAIRMAN |
|
CHIEF EXECUTIVE |
|
|
|
| CASH
FLOW STATEMENT |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
|
|
|
2001 |
2000 |
|
|
|
(Rupees in
thousand) |
|
|
| CASH
FLOWS FROM OPERATING ACTIVITIES |
|
| Profit
before taxation |
|
|
155,368 |
121,898 |
|
| Adjustments
for: |
|
|
|
|
| Depreciation |
|
|
78,385 |
83,958 |
|
| Provision
for staff gratuity |
|
|
4,611 |
3,422 |
|
| Profit
on disposal of fixed assets |
|
|
(828) |
(483) |
|
| Interest income |
|
|
(2,138) |
-- |
|
| Financial
charges |
|
|
16,988 |
24,102 |
|
|
|
|
---------------- |
---------------- |
|
|
|
|
252,386 |
232,897 |
|
| Movement in: |
|
| Working capital |
|
|
(114,614) |
121,354 |
|
| Long-term
loans and advances |
|
|
149 |
581 |
|
|
|
|
---------------- |
---------------- |
|
| Cash
inflow from operations |
|
|
137,921 |
354,832 |
|
|
| Receipts
/ (payments) for: |
|
| Staff gratuity |
|
|
(899) |
(1,194) |
|
| Financial
charges |
|
|
(18,078) |
(35,059) |
|
| Taxes |
|
|
(6,485) |
17,542 |
|
|
|
|
---------------- |
---------------- |
|
| Net
cash inflow from operating activities |
|
112,459 |
336,121 |
|
|
| CASH
FLOWS FROM INVESTING ACTIVITIES |
|
| Fixed
capital expenditure including |
|
| capital
work-in-progress |
|
|
(10,598) |
(38,647) |
|
| Proceeds
from disposal of fixed assets |
|
2,727 |
793 |
|
| Interest received |
|
|
1,262 |
-- |
|
|
|
|
---------------- |
---------------- |
|
| Net
cash (out flow) from investing activities |
|
(6,609) |
(37,854) |
|
|
| CASH
FLOWS FROM FINANCING ACTIVITIES |
|
| Repayment
of redeemable capital- LT-TFCs |
|
-- |
(16,160) |
|
| Dividend paid |
|
|
(55,755) |
(41,717) |
|
|
|
|
---------------- |
---------------- |
|
| Net
cash (out flow) from financing activities |
|
(55,755) |
(57,877) |
|
|
|
|
---------------- |
---------------- |
|
| Net
increase in cash and cash equivalents |
|
50,095 |
240,390 |
|
| Cash
and cash equivalents as at July 1, |
|
28,398 |
(211,992) |
|
|
|
|
---------------- |
---------------- |
|
| Cash
and cash equivalents as at June 30, |
|
78,493 |
28,398 |
|
|
|
|
========== |
========== |
|
|
|
|
