| Metropolitan Steel Corporation Limited |
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| Annual
Report 1999 |
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| BOARD
OF DIRECTORS |
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| CHAIRMAN |
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Mr. Haq Nawaz Akhtar |
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| CHIEF
EXECUTIVE & |
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| MANAGING
DIRECTOR |
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| DIRECTORS |
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Mr. Mohammad Ali Shaikh |
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Mr. M. Manzur-ul-Haq |
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Mr. Nasim Beg |
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Miss. Aaliya K. Dossa |
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Mr. Zahid Zaheer |
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Mr. Ali Sher Jatoi |
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Mr. Munir Ahmed |
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Mr. Muhammad Aslam Gadit |
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| COMPANY
SECRETARY |
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Mr. Shariful Muzaffer |
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| AUDITORS |
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Ford, Rhodes, Robson,
Morrow |
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Chartered Accountants |
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| REGISTERED/ |
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Plot No. HE-1, Landhi
Industrial Area, |
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| HEAD OFFICE |
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KARACHI. |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| NOTICE
is hereby given that the 44th Annual General Meeting of the Company will be
held on December |
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| 30.
1999 at 2:00 p.m. at Raffia Choudri Memorial Centre, Ground Floor, Sidco
Avenue Centre, 264, R. A. |
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| Lines,
Karachi to transact the following business. |
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| 1.
To confirm the minutes of 43rd Annual General Meeting held on 27th March,
1999. |
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| 2.
To receive and adopt the audited accounts of the Company for the year ended
June 30 !999 together |
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| with
the Auditors' and Directors' Report thereon. |
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| 3.
To appoint auditors for the year ending 30th June, 2000 and fix their
remuneration. The present audi- |
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| tors
M/s Ford, Rhodes, Robson, Morrow, Chartered Accountants retire and are
eligible for |
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| re-appointment. |
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| 4.
To elect 10 (Ten) Directors of the Company as fixed by the Board for a period
of 3 years in accordance |
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| with
the provisions of Section 178 of the Companies Ordinance, 1984. |
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| The
following Directors retiring on 30th December, 1999, are eligible for
re-election. |
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| 1.
Mr. Haq Nawaz Akhtar |
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6. Mr. Zahid Zaheer |
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| 2.
Mr. Mohammad Ali Shaikh |
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7. Mr. Ali Sher Jatoi |
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| 3.
Mr. M. Manzur-ul-Haq |
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8. Mr. Munir Ahmed |
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| 4.
Mr. Nasim Beg |
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9. Mr. Muhammad Aslam
Gadit |
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| 5.
Miss Aaliya K. Dossa |
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| 5.
To transact any other business with the permission of the chair, |
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By Order of the Board |
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SHARIFUL MUZAFFER |
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| KARACHI:
NOVEMBER 26, 1999 |
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Company Secretary |
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| 1.
Any person who seeks to contest an election to the office of director shall,
whether he is a retiring |
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| director
or otherwise, file with the Company at its Registered Office not later than
fourteen days |
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| before
the day of meeting at which elections are to be held, a notice of his
intention to offer himself for |
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| election
as a director along with written consent to act as a director on the
prescribed Form - 28. |
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| 2.
The Share transfer books of the Company will remain closed from 23-12-1999 to
30-12-1999 (both |
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| days inclusive) |
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| 3.
A member entitled to attend and vote may appoint any other member as his/her
proxy. |
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| 4.
The instrument appointing proxy must be. received at the Registered Office of
the Company duly |
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| stamped
and signed not later than 48 hours. before the meeting. |
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| 5.
Any individual Beneficial Owner of the Central Depository Company, entitled
to vote at this Meeting |
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| must
bring his/her National Identity Card with him/her to prove his/her identity,
and in case of proxy |
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| must
enclose an attested copy of his/her National Identity Card. Representatives
of corporate members |
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| should
bring the usual documents required for such purpose. |
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| 6.
Members are requested to notify any change in their addresses. |
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| CHAIRMAN'S
REVIEW AND DIRECTORS' REPORT |
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| TO
THE SHAREHOLDERS |
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| 1.0
Your directors place before you the 44th Annual Report together with the
Annual Accounts and |
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| Auditors'
Report for the year ended 30th June, 1999. |
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| 2.0
CHANGE IN MANAGEMENT AND OPERATIONAL RESULTS |
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| Since
the last Report, the following Director has joined the Board of Directors. |
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| 1.
Mr. Aslam Gadit |
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Representing HBL |
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| 3.0
OPERATING RESULTS |
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| 3.1
In presenting the Audited Accounts of the Company for the year ended June 30,
1999, I wish to |
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| bring
to the notice of the shareholders that your Company has made settlement with
all the credi- |
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| tors
other than the Consortium namely; Citi Bank, Deutsche Bank and Chase
Manhattan at very |
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| favourable
terms. As far as the National Bank of Pakistan is concerned, a Memorandum of
Under- |
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| standing
is about to be signed. This means that the Company will be able to secure a
clean CIB |
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| Report,
opening avenues for normal financing. |
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| 3.2
Due to not having a clean CIB Status and heavy liabilities accumulated in the
past, the Company's |
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| operation
has been inhibited during the year under review by its very limited and
restricted access |
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| to
working capital finance. Whatever finances were made available were also on
stringent terms |
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| e.g,
even when other clients of the banking sector did not have to pay any margin
for Letters of |
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| Credit,
we were, asked for margins. These and other onerous conditions made virtually
impossible |
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| to
attain any significant increase in capacity utilisation factor and higher
production, which would |
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| have
led to Economies of Scale. |
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| Inspire
of these constraints, the Company has been able to keep its operations going
continuously |
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| ever
since 17th August, 1998 and has been fulfilling the orders of both Public
Sector and Private |
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| Sector. |
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| The
salient improvement in the Balance Sheet can be gauged from one single index
of perform- |
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| ance.
The loss per share which was Rs. 78.28 has now been reduced to Rs. 1.11 which
shows that |
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| the
Company has entered the threshold of viability. |
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| 3.3
Now that the settlement with Financial Institutions has been secured, the
Company is expected to |
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| attain
normal profitable operations generating enough cash flow to service the long
term restruc- |
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| tured
debt. Given adequacy of working capital, a higher capacity utilisation factor
is possible both |
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| from
the view point of production (Technological Ability) as well as marketing
(Demand Factor). |
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| Your
Directors are confident that after the expiry of moratorium period, the
Company would have |
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| acquired
enough strength to stand on its two feet. |
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| 4.0
AUDITORS' REPORT |
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| 4.1
Regarding Auditors qualifications in Para a, b and c of their report, it may
be stated that :o |
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| 4.2
Out of three major points of implementation, we have been able to comply with
Debt Equity Swap of |
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| Rs.
228.00 million. |
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| 4.3
We have not been able to issue Right shares of Rs. 100 million because the
Company has not been |
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| able
to secure Under-writing arrangements. |
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| Since
the full implementation of the MoU is yet to be completed because of the
above, the waiver of |
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| Rs.
221.410 million has not been recorded in our books during the year under
report. |
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| Your
Directors are continuing to strive for seeking Under-writing arrangements at
the earliest. |
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| 4.4
Provisions suggested in Sub-Clause (c) in the Auditors' Report have not been
made as the Manage- |
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| ment
is vigorously pursuing its trade debts. A portion of last year balances
outstanding and the |
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| current
balances would show that some recovery has been made. |
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| 4.5
The sale of a portion of a lease hold land has been recorded by the Company
in the current year as |
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| payment
had been received against the sale and was only awaiting the KDA partitioning
formalities |
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| which
were expected to be completed within the current year. (The entire process
has since been |
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| completed). |
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| 5.0
CONCLUSION |
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| 5.1
During the year under review, the industrial relations have been good and the
Management places |
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| on
record its appreciation of the hard work and dedication put in by all the
Officers and Staff, who |
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| have
seen us through difficult days. |
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| 5.2
Your Company has completed Y2K requirements. |
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On behalf of the Board |
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(H.N. AKHTAR) |
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Chairman, Chief Executive & |
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| Karachi.
November 26, 1999 |
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Managing Director |
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| FORD,
RHODES, ROBSON, MORROW |
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| Chartered
Accountants |
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| Finlay House, |
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Telephone H.O: (92-21)
241 5582 |
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| I.I.
Chundrigar Road, |
Branch: (92-21) 240 1081 |
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| P.O. Box 4719, |
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Telefax: (92-21) 241 9592 |
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| Karachi 74000, |
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E-mail: frrm@cyber.net.pk. |
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| Pakistan. |
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| AUDITORS'
REPORT TO THE MEMBERS |
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| We
have audited the annexed balance sheet of METROPOLITAN STEEL CORPORATION
LIMITED as at |
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| June
30, 1999 and the related profit and loss account and statement of changes in
financial position, |
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| together
with the notes forming part thereof, for the year then ended and we state
that we have obtained |
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| all
the information and explanations which to the best of our knowledge and
belief were necessary for the |
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| purposes
of our audit and, after due verification thereof, we report that · |
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| (a)
we have not received confirmations from the members of the Consortium in
respect of long term loans |
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| restructured
by them during the current year nor any other evidence in this regard
suggested that |
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| implementation
of the Memorandum of Understanding (MOU) signed on July 21, 1998 between the |
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| company
and the members of the Consortium has been deferred by one year as stated by
the com- |
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| pany
in note 15 and that as a result thereof, certain requirements of the MOU have
not been com- |
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| pleted
upto the end of the current year. |
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| Had
the company completed these requirements by the end of the current year, as
envisaged in the |
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| above
referred MOU, net loss for the year, long term loans due to the members of
the Consortium, |
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| accumulated
losses, trade debts, claims recoverable and leasehold land at the end of the
current year |
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| would
have reduced by Rs. 221.410 million, Rs. 646.411 million, Rs. 221.410 million
and Rs. 340.768 |
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| million
respectively whereas issued and paid up capital of the company and cash at
bank at the end of |
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| the
current year would have increased by Rs. 100.000 million and Rs. 70.000
million respectively. |
|
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| (b)
as explained in note 24, the company has, during the current year, recognized
the sale of a portion of |
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| leasehold
land on the basis of the part payment received from the purchaser although
necessary legal |
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| formalities
in this regard, as discussed in the above referred note, had not been
completed upto the |
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| end
of the current year. Accordingly, pending the completion of these
formalities, sale of leasehold |
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| land
should have been recorded in the accounts of the following year upon the
culmination of the |
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| transaction,
as opposed to recording the same in the current year. |
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| Had
the company not recorded the sale of a portion of leasehold land in the
accounts of the current |
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| year,
advance from the buyer of the leasehold land and surplus on revaluation of
fixed assets would |
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| have
increased by Rs. 31.000 million and Rs. 6.361 million respectively whereas
net loss for the year, |
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| accumulated
losses at the end of the year and net book value of leasehold land at the end
of the year |
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| would
have increased by Rs. 49.036 million, Rs. 49.036 million and Rs. 5.976
million respectively. |
|
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| (c)
provision in respect of (i) stock-in-trade amounting to Rs. 2.531 (1998: Rs.
2.531) million (ii) trade |
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| debts
amounting to Rs. 15.427 (1998: Rs. 28.384) million and (iii) claims
recoverable amounting to |
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| Rs.
3.832 (1998: Rs. 275.467) million, aggregating to Rs. 21.610 (1998: Rs.
306.382)million, have |
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| not
been made by the company in these accounts for the reasons disclosed in notes
6.1 and 7.1. This |
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| has
resulted in the understatement of net loss for the year and accumulated
losses at the end of the |
|
| year. |
|
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| Had
the company recorded these provision in the accounts of the current year, net
loss for the year |
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| and
accumulated losses at the end of the year would have increased by Rs. 21.610
million whereas |
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| stock-in-trade,
trade debts and claims recoverable would have reduced by Rs. 2.531 million,
Rs. |
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| 15.427
million and Rs. 3.832 million respectively in the accounts of the current
year. |
|
|
| (d)
we have not received confirmations in respect of stock-in-trade of Rs. 3.752
million (note 6), trade |
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| debts
of Rs. 54.235 million (note 7), claims recoverable of Rs. 3.832 million (note
8), advances to |
|
| suppliers
of Rs. 7.433 million (note 9) margin against letters of credit and guarantee
of Rs. 39.822 |
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| million
(note. 10), cash at bank amounting to Rs. 15.815 million (note 11), short
term running finance |
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| of
Rs. 15.383 million (note 17), short term borrowings of Rs. 140.430 million
(note 18) and Rs. 6.147 |
|
| million
in respect of Commutation SEC Management Pension Fund, shown under other
receivables in |
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| note 10. |
|
|
| (e)
in our opinion, proper books of accounts have been kept by the company as
required by the Companies |
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| Ordinance, 1984; |
|
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| (f)
in our opinion: |
|
|
| (i)
the balance sheet and profit and loss account together with the notes thereon
have been drawn |
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| up
in conformity with the Companies Ordinance, 1984, and are in agreement with
the books of |
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| 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 |
|
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| (iii)
the business conducted, investments made and the expenditure incurred during
the year were in |
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| accordance
with the objects of the company; |
|
|
| (g)
in our opinion, and to the best of our information and according to the
explanations given to us, |
|
| except
for the effects on the financial statements of the matters discussed in (a)
to (d) above, the |
|
| balance
sheet and the profit and loss account and statement of changes in financial
position together |
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| with
the notes forming part thereof give the information required by the Companies
Ordinance, 1984, |
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| in
the manner so required and respectively give a true and fair view of the
state of the company's |
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| affairs
as at June 30, 1999 and of the loss and the changes in financial position for
the year then |
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| ended; and |
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|
|
|
| (h)
in our opinion, no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980; and |
|
|
| (i)
without qualifying our opinion, we draw attention to the following matters: |
|
|
| (i)
as shown in the accounts, the company incurred a net loss of Rs. 23.777
million during the year, |
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| ended
June 30, 1999 and, as of that date, its total liabilities exceeded its total
assets by Rs. |
|
| 654.702
million. Accordingly, the ability of the company to continue as a going
concern depends |
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| upon
its success in improving liquidity and achieving other plans as disclosed by
the management |
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| of
the company in note 36 to the accounts. |
|
|
| (ii)
consortium loans, shown under long term loans in note 15, certain balances
included under short |
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| term
running finances as disclosed in note 17, short term borrowings as stated in
note 18, markup |
|
| and
interest due on the borrowings of the company and other charges, consisting
of project ex- |
|
| amination
fee and excise duty on long term loans as shown in note 20 have been
restructured by |
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| the
lenders, pursuant to a Memorandum of Understanding signed with the company,
as discussed |
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| in
detail in note 15 to the accounts. |
|
|
| (iii)
as stated in note 8.1, provisions against claims recoverable of Rs. 271.485
million have not been |
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| made
by the company in the accounts of the current year, pending the outcome of
the law suits |
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| referred
to in the above referred note. |
|
|
| (iv)
as disclosed in note 20.2 to the accounts, provision in respect of markup on
secured short term |
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| running
finances amounting to Rs. 112.369 million has not been made by the management
of the |
|
| company
in the accounts of the current year, pending the signing of formal agreement
with the |
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| bank.
Therefore, the ultimate outcome of the matter cannot presently be determined
and, hence, |
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| provision
as referred to above has not been made in These accounts. |
|
|
| (v)
we draw attention to note 21 concerning contingencies. The ultimate outcome
of actions taken by |
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| the
company cannot presently be determined and no provision for any contingency
that may result |
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| has
been made in the accounts of the current year. |
|
|
| (vi)
the company entered into a lease agreement on April 21, 1996 whereby the
factory was given on |
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| lease.
We were informed that the company received and advance of Rs. 58.187 million
(note |
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| 20.5)
towards the above arrangement. However, the agreement did not materialize
and, hence, |
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| the
same was terminated on August 12, 1997 with effect from July 1, 1996. |
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|
Ford, Rhodes, Robson, Morrow |
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| Karachi
- November 26, 1999 |
|
Chartered Accountants |
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|
|
| BALANCE
SHEET AS AT JUNE 30, 1999 |
|
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|
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|
Note |
1999 |
1998 |
|
|
|
|
|
(Rupees in
thousand) |
|
| ASSETS |
|
|
|
| NON-CURRENT
ASSETS |
|
|
|
| Fixed
assets - Tangible |
|
|
|
| Operating
assets at cost less accumulated depreciation |
3 |
297,942 |
306,488 |
|
| Long-term
investment |
|
4 |
60 |
60 |
|
| Long-term
deposit |
|
|
1,738 |
1,738 |
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Stores,
spares and loose tools |
|
|
5 |
57,848 |
59,828 |
|
| Stock-in-trade |
|
|
|
6 |
142,952 |
101,301 |
|
| Trade debts |
|
|
|
7 |
175,246 |
66,966 |
|
| Claims
recoverable |
|
|
8 |
275,317 |
282,805 |
|
| Loans
and advance |
|
|
9 |
16,092 |
12,996 |
|
| Deposits,
prepayments and other receivable |
|
10 |
106,365 |
55,074 |
|
| Cash
and bank balance |
|
|
11 |
21,195 |
25,348 |
|
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
795,015 |
604,318 |
|
|
|
|
------------------ |
------------------ |
|
| TOTAL
ASSETS |
|
|
|
1,094,755 |
912,604 |
|
|
|
|
|
========== |
========== |
|
|
|
|
|
|
|
| EQUITY
AND LIABILITIES |
|
|
|
| SHARE
CAPITAL AND RESERVES |
|
|
| Share Capital |
|
|
|
| Authorised |
|
|
|
| 50,000,000
(1998: 20,000,000) |
|
|
| Ordinary
shares of Rs. 10 each |
|
|
500,000 |
200,000 |
|
|
|
|
========== |
========== |
|
|
|
|
|
|
| Issued,
subscribed and paid-up |
|
12 |
309,776 |
81,776 |
|
| Accumulated
losses |
|
13 |
(1,197,298) |
(1,173,521) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(887,522) |
(1,091,745) |
|
|
|
|
|
| SURPLUS
ON REVALUATION OF FIXED ASSETS |
14 |
232,820 |
239,282 |
|
| NON-CURRENT
LIABILITIES |
|
|
|
| Consortium
Loans |
|
15 |
1,062,300 |
1,290,300 |
|
| Long-term
liability |
|
16 |
116,449 |
49,907 |
|
| Deferred
liability - staff gratuity |
|
|
5,687 |
5,100 |
|
|
|
|
| CURRENT
LIABILITIES |
|
|
| Short
term running finances |
|
17 |
141,766 |
145,754 |
|
| Short
term borrowings |
|
18 |
199,461 |
86,611 |
|
| Due
to an ex-associated undertaking |
|
19 |
930 |
930 |
|
| Creditors,
accrued and other liabilities |
|
20 |
219,854 |
184,416 |
|
| Provision
for taxation |
|
|
3,010 |
2,049 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
565,021 |
419,760 |
|
| CONTINGENCIES |
|
|
21 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
1,094,755 |
912,604 |
|
|
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
Chief Executive |
|
|
Director |
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE YEAR ENDED JUNE 30, 1999 |
|
|
|
Note |
1999 |
1998 |
|
|
|
|
|
(Rupees in
thousand) |
|
|
|
|
| NET SALES |
|
|
22 |
237,966 |
44,011 |
|
| Cost of sales |
|
23 |
256,122 |
84,801 |
|
|
|
|
------------------ |
------------------ |
|
| GROSS LOSS |
|
|
|
(18,156) |
(40,790) |
|
|
|
|
|
|
|
| Gain
on sale of a portion of leasehold land |
|
24 |
42,675 |
-- |
|
| Other
operating income |
|
25 |
41,218 |
99,305 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
83,893 |
99,305 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
65,737 |
58,515 |
|
| OPERATING
EXPENSES |
|
|
|
| Administrative
expenses |
|
26 |
8,249 |
9,904 |
|
| Selling expenses |
|
27 |
8,163 |
1,782 |
|
| Provision
against doubtful debts |
|
|
-- |
76,108 |
|
| Provision
against claims recoverable |
|
|
-- |
51,670 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(16,412) |
(139,464) |
|
|
|
|
------------------ |
------------------ |
|
| OPERATING
PROFIT / (LOSS) |
|
|
49,325 |
(80,949) |
|
| Financial
charges |
|
28 |
(85,440) |
(559,002) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(36,115) |
639,951) |
|
| Loan
balances written back |
|
29 |
14,350 |
-- |
|
|
|
|
------------------ |
------------------ |
|
| LOSS
BEFORE TAXATION |
|
|
(21,765) |
(639,951) |
|
| TAXATION |
|
|
|
| Current |
|
30 |
(1,190) |
(220) |
|
| Prior |
|
|
(822) |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(2,012) |
(220) |
|
|
|
|
------------------ |
------------------ |
|
| NET
LOSS FOR THE YEAR |
|
|
(23,777) |
(640,171) |
|
| ACCUMULATED
LOSSES BROUGHT FORWARD |
|
(1,254,021) |
(613,850) |
|
|
|
|
------------------ |
------------------ |
|
| ACCUMULATED
LOSSES CARRIED FORWARD |
|
|
(1,277,798) |
(1,254,021) |
|
|
|
|
========== |
========== |
|
| LOSS
PER SHARE (RUPEES) |
|
31 |
(1.11) |
(78.28) |
|
|
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
Chief Executive |
|
Director |
|
|
|
| STATEMENT
OF CHANGE IN FINANCIAL POSITION |
|
| (CASH
FLOW STATEMENT) |
|
| FOR
THE YEAR ENDED JUNE 30, 1999 |
|
|
|
|
|
Note |
1999 |
1998 |
|
|
|
|
(Rupees in
thousand) |
|
|
|
|
| CASH
FLOWS FROM OPERATING ACTIVITIES |
|
|
| Loss
before taxation |
|
|
(21,765) |
(639,951) |
|
|
| Adjustment for: |
|
|
|
|
|
|
| Depreciation |
|
|
|
19,937 |
21,238 |
|
|
| Gain
on disposal of fixed assets including |
|
|
|
|
|
| a
portion of leasehold land |
|
|
(42,846) |
-- |
|
|
| Realisation
of surplus revaluation |
|
|
(6,462) |
-- |
|
|
| Gratuity |
|
|
|
878 |
657 |
|
|
| Principal
and Interest written back |
|
|
(34,638) |
-- |
|
|
| Financial
charges |
|
|
85,440 |
559,002 |
|
|
| Working
capital changes |
|
32 |
(147,724) |
62,197 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
(147,180) |
3,143 |
|
|
|
|
|
| Gratuity paid |
|
|
(293) |
(155) |
|
| Financial
charges paid |
|
(7,048) |
(7,465) |
|
| Taxes paid |
|
|
(2,561) |
(1,172) |
|
|
|
------------------ |
------------------ |
|
| NET
CASH FROM OPERATING ACTIVITIES (A) |
|
(157,082) |
(5,649) |
|
|
|
|
========== |
========== |
|
|
|
|
|
|
| CASH
FLOWS FROM INVESTING ACTIVITIES |
|
|
| Acquisition
of fixed assets |
|
|
(1,476) |
-- |
