| Pakistan Engineering Company Limited |
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| Annual
Report 1999 |
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| CONTENTS |
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| Company
Information |
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| Notice
of Meeting |
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| Chairman's
Review |
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| Directors'
Report |
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| Ten
Years Summary |
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| Auditors'
Report to the Shareholders |
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| Balance Sheet |
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| Profit
& Loss Account |
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| Cash
Flow Statement |
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| Notes
to the Accounts |
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| Pattern
of Share holding |
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| COMPANY INFORMATION |
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| BOARD
OF DIRECTORS |
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| Hussain
Ahmad Siddiqui (Chairman) |
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| M.
Javed Sahibzada (Chief Executive) |
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| Prince
Abbas Khan |
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| Jawaid
Iqbal Mufti |
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| Afaq
Jamal Hussain |
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| S.M.
Ahsan Raza |
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| Syed
Aijaz Ali Abbasi |
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| Liaqat
Mohammad |
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| Mohammad
Shabir Malik |
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| Sheikh
Asif Salam |
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| COMPANY
SECRETARY |
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| M.
Imtiaz-ur-Raheem |
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| BANKERS |
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| National
Bank of Pakistan |
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| United
Bank Limited |
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| Habib
Bank Limited |
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| American
Express Bank |
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| Emirates
Bank International Limited |
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| AUDITORS |
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| S.M.
Masood & Company |
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| Chartered
Accountants |
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| REGISTERED
AND HEAD OFFICE |
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| 6-Ganga
Ram Trust Building, |
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| Shahrah-e-Quaid-e-Azam, |
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| Lahore. |
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| BRANCHES |
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| Karachi |
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| Islamabad |
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| Peshawar |
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| Quetta |
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| PLANT |
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| Kot
Lakhpat, Lahore. |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the 50th Annual General Meeting of Pakistan Engineering
Company |
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| Limited
will be held at Hotel Holiday Inn, 25/26 Egerton Road, Lahore, on Monday
December 27, 1999 at |
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| 10.30
A.M. to transact the following business:- |
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| 1.
To confirm minutes of 49th Annual General Meeting held on December 31, 1998. |
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|
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| 2.
To receive, consider and adopt the Audited Accounts of the Company for the
year ended |
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| June
30, 1999 together with the Auditors' and Directors' reports thereon. |
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| 3.
To appoint auditors for the year ending June 30, 2000 and to fix their
remuneration. The |
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| present
auditors M/s. S.M. Masood & Company, Chartered Accountants being eligible
for |
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| reappointment
have offered themselves for reappointment. |
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| 4.
To transact any other business with the permission of the chair. |
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BY ORDER OF THE BOARD |
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(M. Imtiaz-ur-Raheem) |
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| Lahore:
November 27, 1999 |
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Company Secretary |
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| NOTES: |
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| 1.
The share transfer books of the company shall remain closed from December 22,
1999 to |
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| December
31, 1999 (Both days inclusive). |
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| 2.
A member entitled to attend and vote at this meeting may appoint any person
as his/her proxy |
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| to
attend the meeting and vote for him/her. Proxies in order to be effective
must be received |
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| by
the Company not less than 48 hours before the meeting. |
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|
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| 3.
Shareholders are requested to notify the change of address, if any,
immediately. |
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| CHAIRMAN'S
REVIEW |
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| On
behalf of your Board, I am pleased to present the 50th Annual Report for the
year ended |
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| June 30, 1999. |
|
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| OPERATING
RESULTS |
|
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| As
you would see, the operating results of your company for the year 1995-99
have not been |
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| satisfactory.
Although we did foresee the downward trend at the beginning of the year Nit
still the |
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| overall
performance of the company turned out to be far below our expectation. One
can account |
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| many
reasons for this downward trend, the major factor being overall slow pace of
industrialization |
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| in
the country. You would appreciate that the last few years did neither see any
favourable |
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| economic/investment
climate nor any significant industrial activity. Due to depressed market |
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| conditions
and consequently reduced inflow of orders, PECO operated far below its
capacity and |
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| thus
sustained losses. |
|
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| Above
all, uncertainty due to privatization process which continued for long, and
is still |
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| continuing,
did the real damage to your company. The long privatization process generated
serious |
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| adverse
affect on your company's operations. The material suppliers refused to extend
credit to the |
|
| company
and started pressing for payment of their outstanding bills. The company was
therefore |
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| forced
to go for cash purchases. Similarly, the customers were reluctant to place
order on a company |
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| under
privatization. Banks were equally careful and hesitant to extend any facility
over and above |
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| the
sanctioned limit. The employees were understandably demoralized. In short,
the company was |
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| confronted
with a plethora of problems that characterized the present performance. |
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| Due
to slow down of economic activity in the country, the government's funded
projects also |
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| suffered
because allocated funds were not timely released to them. Company's major
customer |
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| WAPDA
was going through many corporate and organizational changes, and foreign
financing |
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| agencies
withdrew their support to finance the projects of WAPDA. As a result, WAPDA
was forced |
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| into
a situation where it had to defer execution of some of its new projects which
PECO was banking |
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| upon. |
|
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| All
the above factors had a multiplier effect on the operations of your company.
As against |
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| sales
of Rs 35g million last year, it could achieve sales of only Rs 244 million.
Because of low sales |
|
| turnover,
fixed overheads could not be absorbed, resulting into gross loss. Although
the |
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| management
did exercise economy in expenses, yet these measures could not prevent the
company |
|
| to
sustain a loss of Rs 147 million before tax compared to a loss of Rs 167
million during the previous |
|
| year. |
|
|
| FUTURE
PROSPECTS: |
|
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| During
the current year 1999-2000, WAPDA has placed an order of Rs 240 million on |
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| PECO
for 500 KV Transmission Towers which at present is under execution. Another
order of Rs |
|
| 80
million for 132 KV Towers has been recommended by WAPDA to World Bank. The
Company |
|
| had
participated as sub-contractor to a foreign bidder for supply of additional
500 KV Towers on |
|
| turn
key basis valuing Rs 340 million, and it is expected that this order would
also be finalized soon. |
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| Yet
another international tender for 500 KV Towers is also expected to be floated
by WAPDA in the |
|
| beginning
of the year 2000 which will be participated by your company. The fabrication
of |
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| Transmission
Towers is of major strength in terms of turnover and profitability. Sales of
other |
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| products
will be to the routine volume, for which partial orders are in hand. Renewed
efforts are |
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| being
made to enter into export market such as Bangladesh and Sudan where promising
potential |
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| exists
for the products of your company. We can look forward to achieving positive
developments |
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| as
a result of these efforts. |
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|
| I
am pleased to inform you that your company has obtained ISO-9001
certification for |
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| design
and manufacturing of all types of pumps, general structures and transmission
line towers. |
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| This
will greatly enhance its image and will also help the company in effectively
participating in the |
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| international
tenders. |
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|
| PECO
is still on the list of privatization but due to change in the government,
the future |
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| economic
policies, particularly from the point of view of privatization, are not yet
clear. The |
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| company's
management is however making efforts to adopt short term measures for
reduction in |
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| expenditure
as well as diversification of product mix. |
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| ACKNOWLEDGMENT |
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| In
conclusion, I would like to appreciate the efforts of the Directors,
Management, |
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| Executives,
Staff and Workers who are contributing to the best of their abilities to
overcome the |
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| present
situation, and to make your company a viable and healthy entity in coming
years. |
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|
HUSSAIN AHMAD SIDDIQUI |
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|
CHAIRMAN |
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|
| DIRECTORS'
REPORT TO THE SHAREHOLDERS |
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| The
Directors have privilege to place before you the 50th Annual Report with the
Audited Accounts |
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| for
the year ended June 30, 1999 together with Auditors' Report thereon: |
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| ACCOUNTS |
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|
(RS. IN THOUSAND) |
|
| Loss
for the year before taxation |
|
|
146,800 |
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| Taxation
(Turnover Tax) |
|
|
1,218 |
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| Loss
after taxation |
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|
148,018 |
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| Loss
Brought Forward |
|
|
948,720 |
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| Accumulated
Loss |
|
|
1,096,738 |
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|
| OPERATING
RESULTS |
|
|
| Operating
results of your company for the year 1998-99 were not satisfactory. As
against sales of Rs. |
|
| 358
million last year, it could achieve sales of Rs. 244 million. Because of low
sales turnover, fixed |
|
| overheads
could not be absorbed, resulting in gross loss increase. Strict control over
salaries / wages, |
|
| operating
and financial expenses was exercised, but these measures could not prevent to
sustain net loss |
|
| Rs.
147 million before tax, compared to a net loss of Rs. 167 million during
previous year. |
|
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| The
reasons for drop in sales and loss have been given in the Chairman's review,
and are summarised |
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| as below: |
|
|
| *
Unfavourable economic / investment climate in the country and industrial
sector, resulting |
|
| in low orders. |
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|
|
|
| *
Uncertainty due to long privatisation process, resulting in serious adverse
affect on company |
|
| operations,
due to problems highlighted in Chairman's review. |
|
|
| *
Major customer WAPDA was passing through a phase of funding problems of their
projects, |
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| which
resulted in deferment of their plans, on which the budget of the year under
review was |
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| structured. |
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|
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| However
order position of current year is encouraging as indicated in Chairman's
review, and |
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| marketing
efforts are being renewed to enter into export market such as Bangladesh and
Sudan. |
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|
| AUDITORS'
REPORT |
|
|
| The
Government Bonds, loans and other dues are to be paid out of sale proceeds of
your company |
|
| surplus
assets, as per rehabilitation scheme approved by the Government. The
financial charges on |
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| Government
Bonds pending their retirement are being paid by the Finance Division of the
Government. The |
|
| interest
charges on custom and other import duties, along with the principal amount is
also to be paid out of |
|
| sale
proceeds to be credited to Government Escrow account. The Board of Directors
in their meeting held on |
|
| 27th
November, 1999 observed and decided not to charge this interest amount of Rs.
14.796 million for the |
|
| year
1998-99 and interest charged Rs. 29.051 million in previous years also to be
reversed, since it is neither |
|
| an
expense related to the company operations, nor it is to be paid out of
company working capital. This |
|
| liability
is to be met out of sale proceeds of company surplus assets or privatisation,
therefore it is not to be |
|
| charged
similar to interest on Government Bonds. |
|
|
| BOARD
OF DIRECTORS |
|
|
| During
the year under review Prince Abbas Khan of Ministry of Industries &
Production and Mr. |
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| Jawaid
Iqbal Mufti of WAPDA replaced Mr. Sajjad Haider and Mr. Mairaj Ahmed Sheikh
respectively as |
|
| Directors. |
|
|
| AUDITORS |
|
|
| The
retiring Auditors M/s. S.M. Masood & Company, Chartered Accountants offer
themselves for |
|
| re-appointment. |
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|
| YEAR
2000 COMPLIANCE |
|
|
| The
issue of Year 2000 bug has already been taken care of. The Company has
already up graded |
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| payroll,
inventory, financial accounting and Shares software to comply with Y2K. The
hardware (wherever |
|
| required)
has also been replaced / upgraded to comply with the Y2K problem. |
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|
|
|
On behalf of the Board |
|
|
|
|
|
|
|
(HUSSAIN AHMAD SIDDIQUI) |
|
| Dated:
November 27, 1999 |
|
CHAIRMAN |
|
|
|
| TEN
YEARS SUMMARY |
|
|
|
(Rupees in thousand) |
|
| DESCRIPTION |
1990 |
1991 |
1992 |
1993 |
1994 |
1995 |
1996 |
1997 |
1998 |
1999 |
|
| Sales (net) |
|
837,033 |
571,349 |
668,049 |
862,675 |
449,081 |
360,742 |
842,255 |
603,433 |
358,081 |
243,680 |
| Cost of Sales |
|
706,131 |
485,628 |
594,496 |
775,818 |
504,372 |
411,142 |
757,423 |
466,359 |
397,251 |
315,248 |
| Trading
Profit/(Loss) |
130,902 |
85,721 |
73,553 |
86,857 |
(55,291) |
(50,400) |
84,832 |
137,074 |
(39,170) |
(71,568) |
| Other income |
|
7,965 |
8,736 |
8,656 |
4,964 |
2,539 |
5,122 |
11,444 |
15,403 |
12,658 |
5,812 |
| Admin.
General Selling Exp. |
55,578 |
69,100 |
66,745 |
72,688 |
72,223 |
55,798 |
61,903 |
61,672 |
64,576 |
60,941 |
| Financial
Expenses |
117,107 |
102,131 |
107,098 |
122,408 |
132,552 |
16,877 |
51,893 |
56,458 |
63,010 |
39,244 |
| Workers
Profit Partip. Fund |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
1,374 |
-- |
-- |
| Other Charges |
|
-- |
-- |
-- |
850 |
1,259 |
6,955 |
15,152 |
6,860 |
13,030 |
11,693 |
| Net
Profit/(Loss) for the year |
(33,818) |
(76,774) |
(91,634) |
(104,125) |
(258,786) |
(124,908) |
(32,672) |
26,113 |
(167,128) |
(177,634) |
| Prior
Year's Adjustments |
-- |
(52,827) |
(3,328) |
(4,767) |
-- |
-- |
4,110 |
-- |
-- |
30,834 |
| Profit/(Loss)
before Taxation |
(33,818) |
(129,601) |
(94,962) |
(108,892) |
(258,786) |
124,908 |
(28,562) |
26,113 |
(167,128) |
(146,800) |
| Provision
for Taxation |
-- |
(1,547) |
(3,840) |
2,833 |
-- |
8,458 |
4,226 |
3,017 |
1,790 |
1,218 |
| Profit/(Loss)
After Taxation |
(33,818) |
(131,148) |
(98,802) |
(106,059) |
(258,786) |
(133,366) |
(32,788) |
23,096 |
(167,128) |
(148,018) |
| Dividends |
|
-- |
-- |
375 |
-- |
-- |
-- |
-- |
8,535 |
-- |
-- |
| Paid up Capital |
|
56,902 |
56,902 |
56,902 |
56,902 |
56,902 |
56,902 |
56,902 |
56,902 |
56,902 |
56,902 |
| Fixed
Capital Expenditure |
97,773 |
97,907 |
1,016,653 |
1,010,478 |
1,003,567 |
1,005,336 |
1,034,404 |
1,295,224 |
1,259,635 |
1,256,624 |
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed Balance Sheet of PAKISTAN
ENGINEERING COMPANY LIMITED |
|
| as
at June 30, 1999 and the related Profit and Loss Account and Statement of
Changes in Financial Position |
|
| (Cash
Flow Statement), together with the Notes forming part thereof, for the year
then ended and we state |
|
| that: |
|
|
| The
Custom and Other import duties outstanding principal amount of Rs. 105.684
million |
|
| (See
note No 22.2) is subject to interest @ 14 % per annum. Interest for the year
on such |
|
| amount
which comes to Rs. 14.796 million has not been charged, further interest
amounting |
|
| to
Rs. 29.051 million charged during the years from 1995 to 1998 has been
reversed by |
|
| crediting
"Prior Year Adjustment Account". The management is of the view that
the interest |
|
| on
such loan is to be paid by Privatization Commission out of sale proceed of
the company |
|
| and
accordingly it has not been accounted for. But the confirmation of
management's view |
|
| from
Privatization Commission was not available. |
|
|
| Except
for above and to the extent to which it effects the results of the Company,
we have obtained all the |
|
| information
and explanations which to the best of our knowledge and belief were necessary
for the |
|
| purpose
of our audit and, after due verification thereof, 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 & Loss Account together with the Notes
thereon have been |
|
| drawn
up in conformity with the Companies Ordinance, 1984, and are in agreement |
|
| with
the books of account and are further in accordance with accounting policies |
|
| consistently
applied; |
|
|
|
|
| (ii)
the expenditure incurred during the year was for the purpose of the company's
business; and |
|
|
| (iii)
the business conducted, investments made and the expenditure incurred during
the year |
|
| were
in accordance with the objects of the company; |
|
|
|
|
| (c)
in our opinion and to the best of our information and according to the
explanations given to us, |
|
| the
Balance Sheet, Profit & Loss Account and the Statement of Changes in
Financial Position |
|
| (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, 1999 and
of the LOSS and |
|
| the
Changes in Financial Position (Cash Flow) for the year then ended; and |
|
|
|
|
| *
in our opinion, no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
|
|
|
|
S.M. MASOOD & CO. |
|
| Dated:
November 27, 1999 |
|
Chartered Accountants |
|
|
|
|
| BALANCE
SHEET |
|
| AS
AT JUNE 30, 1999 |
|
|
|
|
|
(Rupees in
Thousand) |
|
|
|
Note |
1999 |
1998 |
|
|
|
|
|
|
| FIXED
CAPITAL EXPENDITURE |
|
|
|
|
|
|
| TANGIBLE
FIXED ASSETS |
|
|
3 |
1,230,301 |
1,212,269 |
|
| ASSETS
SUBJECT TO FINANCE LEASE |
|
4 |
800 |
1,000 |
|
| CAPITAL
WORK IN PROGRESS |
|
5 |
25,523 |
46,366 |
|
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
|
1,256,624 |
1,259,635 |
|
| STATE
ENGINEERING CORPORATION PENSION FUND |
6 |
14,394 |
20,413 |
|
| LONG
TERM SECURITY DEPOSITS |
|
|
1,808 |
1,777 |
|
| LONG
TERM INVESTMENTS |
|
|
7 |
315 |
315 |
|
| DEFERRED
COST |
|
|
8 |
8,299 |
14,482 |
|
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
1,281,440 |
1,296,622 |
|
|
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Assets
Held for Sale |
|
|
9 |
43,912 |
50,750 |
|
| Loose Tools |
|
|
|
|
28,760 |
25,418 |
|
| Stores & Spares |
|
|
|
10 |
110,531 |
118,379 |
|
| Stock in Trade |
|
|
|
11 |
314,765 |
321 |
|
| Trade Debtors |
|
|
|
12 |
77,934 |
16,677 |
|
| Loans
& Advances to Employees |
|
|
13 |
6,082 |
6,758 |
|
| Advances
to Others |
|
|
14 |
14,221 |
12,390 |
|
| Trade
Deposits, Prepayments & Other Receivables |
|
15 |
20,962 |
18,956 |
|
| Cash
& Bank Balances |
|
|
16 |
2,042 |
7,214 |
|
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
619,209 |
727.91 |
|
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
| Short
Term Loans |
|
|
17 |
229,642 |
128 |
|
| Current
Maturity Against Finance Lease |
|
24 |
176 |
144 |
|
| Deposits
& Advance Payments |
|
|
18 |
22,993 |
17,188 |
|
| Trade Creditors |
|
|
|
|
5,083 |
8,577 |
|
| Accrued
Liabilities / Mark-up |
|
|
19 |
26,086 |
57,619 |
|
| Provision
for Taxation |
|
|
|
1,218 |
1,791 |
|
| Unclaimed
Dividend |
|
|
|
1,903 |
1,153 |
|
| Dividend
Payable |
|
|
|
0 |
372 |
|
| Other Liabilities |
|
|
|
20 |
70,120 |
90,238 |
|
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
357,221 |
305,880 |
|
|
|
|
------------------ |
------------------ |
|
| CURRENT
ASSETS LESS CURRENT LIABILITIES |
|
261,988 |
422,033 |
|
|
|
|
|
------------------ |
------------------ |
|
| TOTAL
ASSETS LESS CURRENT LIABILITIES |
|
|
1,543,428 |
1,718,655 |
|
|
|
|
|
|
|
| CONTINGENCIES
& COMMITMENTS |
|
21 |
0 |
0 |
|
| LONG
TERM & DEFERRED LIABILITIES |
|
|
|
|
| Government
Loans |
|
|
22 |
566,846 |
595,898 |
|
| Federal
Government Bonds |
|
|
23 |
787,442 |
787,442 |
|
| Liabilities
Against Assets Subject to Finance Lease |
|
24 |
869 |
1,045 |
|
| Deferred
Liabilities |
|
|
|
52,964 |
50,945 |
|
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,408,121 |
1,435,330 |
|
|
|
|
------------------ |
------------------ |
|
| NET
TOTAL ASSETS |
|
|
135,307 |
283,325 |
|
|
|
|
========== |
========== |
|
|
|
|
|
|
| REPRESENTED
BY |
|
|
|
| Share Capital |
|
|
|
25 |
56,902 |
56,902 |
|
| Revenue
Reserve - General |
|
|
|
10,000 |
10,000 |
|
| Accumulated
Loss |
|
|
|
(1,096,738) |
(948,720) |
|
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(1,029,836) |
(881,818) |
|
| Revaluation
Surplus |
|
|
26 |
1,165,143 |
1,165,143 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
135,307 |
283,325 |
|
|
|
|
========== |
========== |
|
|
|
M. JAVED SAHIBZADA |
|
LIAQAT MOHAMMAD |
|
MOHAMMAD SHABIR MALIK |
|
|
Chief Executive |
|
Director |
|
Director |
|
|
|
|
| PROFIT
& LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 1999 |
|
|
|
|
|
|
(Rupees in
Thousand) |
|
|
Note |
1999 |
1998 |
|
|
|
|
| SALES |
|
|
27 |
243,680 |
358,081 |
|
| COST
OF GOODS SOLD |
|
28 |
315,248 |
397,251 |
|
|
|
|
------------------ |
------------------ |
|
| GROSS LOSS |
|
|
(71,568) |
(39,170) |
|
|
|
|
|
| OPERATING
EXPENSES |
|
|
|
| General
& Administrative |
|
29 |
47,188 |
46,997 |
|
| Selling
& Distribution |
|
30 |
13,753 |
17,579 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
60,941 |
64,576 |
|
|
|
|
|
------------------ |
------------------ |
|
| OPERATING
LOSS |
|
|
(132,509) |
(103,746) |
|
|
|
|
|
| FINANCIAL
CHARGES |
|
31 |
39,244 |
63,010 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
(171,753) |
(166,756) |
|
|
|
|
|
|
|
| OTHER
INCOME / (CHARGES) |
|
32 |
(5,881) |
(372) |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
(177,634) |
(167,128) |
|
| PRIOR
YEARS ADJUSTMENTS |
|
30,834 |
0 |
|
|
|
------------------ |
------------------ |
|
| LOSS
BEFORE TAXATION |
|
|
33 |
(146,800) |
(167,128) |
|
| TAXATION |
|
|
34 |
1,218 |
1,790 |
|
|
|
|
------------------ |
------------------ |
|
| LOSS
AFTER TAXATION |
|
|
(148,018) |
( 168,918) |
|
|
|
|
|
|
| LOSS
BROUGHT FORWARD |
|
(948,720) |
(779,802) |
|
|
|
|
------------------ |
------------------ |
|
| ACCUMULATED
LOSS |
|
(1,096,738) |
(948,720) |
|
|
|
========== |
========== |
|
|
