| Pioneer Cables Limited |
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| Annual Report 1999 |
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| Contents |
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| Company Profile |
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| Notice of Meeting |
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| Chairman's Review |
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| Directors'
Report |
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| Pattern of Shareholdings |
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| 10 Years at a Glance |
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| Auditors'
Report |
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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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| Notes
to the Accounts |
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| Company Profile |
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| Board of Directors |
Mr. Said Ahmed (Chairman) |
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Mr. Rashid Zakaria Bawany
(Chief Executive) |
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Mr. Zakaria A, Bawany |
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Mrs. Mobina A. Dada |
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Mr. Zahid Zaheer |
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Dr. Amjadl Waheed
(Nominee of NIT) |
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Ms. Aaliya K, Dossa
(Nominee of NIT) |
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| Company Secretary |
Mr. Asif A, Sattar |
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| Chief Accountant |
Mr. Vail Muhammad A,
Rehman |
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| Legal Adviser |
Mr. Rao M, Shakir
Naqshbandi |
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Advocate |
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| Bankers |
Bank AI-Habib Ltd. |
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Muslim Commercial Bank
Ltd. |
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|
Bank Al-Falah Ltd. |
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Albaraka Islamic Bank
B.S.C. (E.C.) |
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| Auditors |
Rahim Iqbal Rafiq &
Co, |
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Chartered Accountants |
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| Registered Office |
27/3/1, Mauza Bairut, |
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Main RCD Highway, Hub
Chowki, |
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Distt: Lasbela,
Balochistan. |
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Phones: 0202-32360,
0202-33679 |
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Fax: 0202-32369 |
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| Head / Sales Office |
1001-Uni Towers, |
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I.I. Chundrigar Road,
P.O, Box 6643, |
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Karachi- 74000, Pakistan, |
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Phones: 2416511-14,
2410553, 2413528 |
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Fax: (92-21) 2415815,
(92-21) 2411804 |
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E-Mail: pioneer@bawany.
com |
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WEBSITE: http://www.
bawany.com |
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| Lahore Office |
24/25 Associated
Chambers, Patiata Ground, |
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Link Mcleod Road, Lahore, |
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Phones: (042) 7235741 -43 |
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Fax: (042) 7235712 |
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| Islamabad Office |
3rd Floor, Ally Plaza, |
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44 West Blue Area, |
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Islamabad, |
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Tel/Fax: (92-51) 822915 |
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Mobile: 0351-7356342 |
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| Notice of Meeting |
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| Notice
is hereby given that the Nineteenth Annual General Meeting of the
Shareholders of Pioneer |
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| Cables
Limited will be held on Monday the 27th December, 1999 at 2,00 p.m. at the
Liaison Office |
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| of
the Company at Uni Towers, 10th Floor, Room No. 1001, I.I. Chundrigar Road,
Karachi to transact |
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| the following business: |
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| 1.
To confirm the minutes of Eighteenth Annual General Meeting held on Thursday
the 17th |
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| December, 1998. |
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| 2.
To receive, consider and adopt the Statement of Accounts for the year ended
June 30, |
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| 1999
together with the Reports of the Directors and Auditors thereon. |
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| 3.
To approve cash dividend as recommended by the Directors. |
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| 4.
To appoint Auditors for the ensuing year and to fix their remuneration,
Messrs. Rahim Iqbal |
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| Rafiq
& Co, Chartered Accountants, retire and being eligible, have offered
themselves for |
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| re-appointment. |
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| 5.
To transact any other business which may legally be transacted at an Annual
General |
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| Meeting
with the permission of the Chair. |
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By Order of the Board |
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|
ASIF A. SATTAR |
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| Karachi: November 22, 1999 |
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Company Secretary |
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| NOTES: |
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| 1.
The Share Transfer Books of the Company will be closed from 27th December,
1999 to 3rd |
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| January,
2000 (both days inclusive), Transfers received in order at the Shares
Department |
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| of
the Company at Uni Towers, 10th Floor, Room No, 1001, I.I. Chundrigar Road,
Karachi |
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| by
close of business on 24th December, 1999 will be treated in time. |
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| 2.
A member entitled to attend and vote at the General Meeting is entitled to
appoint another |
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| member
as his/her proxy to attend and vote on his/her behalf. |
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| 3.
The instrument appointing a proxy, together with the power of attorney under
which it |
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| is
signed or a notarially certified copy thereof, should be deposited at the
Liaison Office |
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| /
Shares Department of the Company not less than 48 hours before the time of
holding |
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| of the meeting. |
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| 4. The members are requested to advise the
change in address, if any. |
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| Chairman's Review |
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| Dear Shareholders |
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| On
behalf of the Board, it gives me great pleasure to welcome you at the 19th
Annual General |
|
| Meeting of the Company. |
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| Company's Performance: |
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| During
the year under review, the economy has remained under recession. It has been
plagued |
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| with
huge debts, deficits of trade and balance of payments and enormous balance of
irrecov- |
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| erable rupee assets. |
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| In
the six monthly review that I made in February this year, I had forecasted a
marginal improve- |
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| ment
in the year end results. This has come true and the sales for the year ending
June 30, 1999 |
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| at
Rs. 239 million are considerably higher than the Rs. 189 million achieved
last year, and show |
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| a
26% growth, but still not enough to generate operating surplus for your
Company. |
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| At
the operating level, your Company has posted a notional loss of Rs. 0.716
million against Rs. |
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| 24.5
million losses in the previous year. The situation at the pre-tax level is a
little better reducing |
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| the
loss to Rs. 87,860/- only, mainly due to non-operating income of Rs. 0,628
million. |
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| Your
Company has not made provision for debts amounting to Rs. 11,982 million
outstanding since |
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| 1995,
as it has instituted legal suits for recovery and has been granted decree and
award in one |
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| case
while another is in process. The auditors have also commented in their report
in this matter. |
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| The
administration expenses have been contained and are lower than the previous
year. |
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| However,
the selling expenses for the year are Rs. 3.7 million higher than last year.
This is primarily |
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| due
to change in the selling policy, whereby your Company has discontinued the
distribution |
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| arrangement
and adopted direct selling for the Karachi area. This necessitated additional
ad- |
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| vertising
&-promotional expenses for your Company of about Rs..2.0 million, and
also include |
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| advertising
cost associated with ISO 9002 Certification and disseminating of this
information, This |
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| will
hopefully improve the acceptance of the products of your Company and will
result in higher |
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| sales
in future years. It gives me great pleasure to inform you that your Company
has now been |
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| awarded.
ISO 9002 Certification covering its full range of manufacturing facility
including XLPE |
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| Cables
upto 33 KV High Voltage Cables which is the highest electrical rating
manufacturing and |
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| testing
facility in Pakistan to cover ISO 9002 Certification. This achievement
represents great stride |
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| towards
our quality management and higher commitment of our of employees. Direct
selling has |
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| also
resulted in increase of additional costs associated with transportation and
handling of products |
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| in
the Karachi area. However, there has been a proportionately larger' sale in
the northern region, |
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| as
a result of which the handling & cartage charges for the year have
increased by about Rs. |
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| 1.0 million. |
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| The
financial charges are well contained and despite higher sales have reduced
from Rs. 9.01 |
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| million to Rs. 7.74 million. |
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| Despite
a loss, your Company has to suffer a taxation burden of Rs. 1.2 million. This
is as a result |
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| of
the Government's policy to charge a minimum turnover tax, even to loss making
companies. |
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| Dividend: |
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| Under
the circumstances, although the operating results of the Company do not
warrant pay- |
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| ment
of any dividend, your Board has however agreed to draw down in the reserves
of the |
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| Company
and pay a 5% dividend to the Shareholders. |
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| Y2K Compliance: |
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| The
Company has taken appropriate steps to ensure that all the systems are Y2K
complaint. Con- |
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| tingencies
of adequate stock have also been taken care of to ensure uninterrupted
operations. |
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| Future Prospects: |
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| Due
to the prevailing uncertainty it is extremely difficult to forecast the
future prospects of your |
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| Company. |
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| The
domestic economy has been in slumber because of poor domestic demand as a
result of |
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| the
large cuts in Government's development expenditure, and erosion of the
purchasing power |
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| of
the rupee. Large segments of the industry continue to operate inefficiently
in our unjust taxation |
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| system
which puts more burden of taxes on local manufacturing than on the
corresponding imported |
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| product.
The orders booked for products of your Company are marginally higher than the
pre- |
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| vious year. |
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| Until
such time as the business environment changes, the prospects of future growth
for the products |
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| of
your Company remain under pressure. |
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| Staff & Valued Customers: |
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| Our
relationship with the employees at all level remains satisfactory, I wish to
record the Company's |
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| appreciation
to all our valued customers for the confidence and support reposed in us. |
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| Karachi: November 22, 1999 |
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|
Said Ahmed |
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Chairman |
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| Directors' Report |
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| Your
Directors are pleased to submit 19th Annual Report and 16th since the Company
was listed on |
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| Stock
Exchange of Pakistan, alongwith audited accounts for the year ended June 30,
1999 and the |
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| Auditors Report thereon: |
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| The
operating results of your Company are summarised below: |
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June 30, 1999 |
June 30, 1998 |
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|
Rupees |
Rupees |
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| Loss before taxation |
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(87,860) |
(24,210,817) |
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| Reversal
of provision for doubtful debts |
|
-- |
1,500,000 |
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| Taxation |
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| Current- minimum tax |
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(1,202,465) |
(954,082) |
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| Prior years' refunds |
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|
-- |
5,168,000 |
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|
---------------------- |
---------------------- |
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( 1,202,465) |
4, 213, 918 |
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| Loss after taxation |
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(1,290,325) |
(18,496,899) |
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| Balance
brought forward from last year |
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(30,167,892) |
(11,670,993) |
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| Transfer
from General reserve |
|
1,775,000 |
-- |
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| Proposed
dividend @ 5% (1998: Nil) |
|
(1,773,750) |
-- |
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| Unappropriated
balance carried forward |
|
(31,456,967) |
(30,167,892) |
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| The
present Auditors M/s. Rahim Iqbal Rafiq & Co., Chartered Accountants
retire and offer themselves |
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| for re-appointment. |
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| The
Chairman's Review covering the significant activities of the Company is
provided with this Annual |
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| Report. |
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| The
pattern of shareholdings is annexed. |
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|
On behalf of the Board |
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| Karachi: November 22, 1999 |
|
RASHID ZAKARIA BAWANY |
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|
Chief Executive |
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| Pattern
of Shareholdings |
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| As At June 30, 1999 |
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| No. of |
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|
|
Total Shares |
|
| Shareholders |
|
Shareholding |
|
held |
|
|
| 217 |
1 |
to |
100 |
5,700 |
|
| 263 |
101 |
to |
500 |
49,985 |
|
| 77 |
501 |
to |
1,000 |
49,935 |
|
| 125 |
1,001 |
to |
5,000 |
233,012 |
|
| 12 |
5,001 |
to |
10,000 |
76,479 |
|
| 4 |
10,001 |
to |
15,000 |
47,085 |
|
| 3 |
15,001 |
to |
20,000 |
51,857 |
|
| 1 |
20,001 |
to |
25,000 |
23,650 |
|
| 2 |
25,001 |
to |
30,000 |
53,362 |
|
| 1 |
35,001 |
to |
40,000 |
35,561 |
|
| 2 |
55,001 |
to |
60,000 |
117,942 |
|
| 2 |
60,001 |
to |
65,000 |
125,345 |
|
| 2 |
90,001 |
to |
95,000 |
184,243 |
|
| 1 |
105,001 |
to |
110,000 |
106,048 |
|
| 1 |
110,001 |
to |
115,000 |
112,821 |
|
| 2 |
130,001 |
to |
135,000 |
264,804 |
|
| 1 |
145,001 |
to |
150,000 |
147,661 |
|
| 1 |
155,001 |
to |
160,000 |
156,197 |
|
| 1 |
235,001 |
to |
240,000 |
237,988 |
|
| 1 |
375,001 |
to |
380,000 |
379,646 |
|
| 1 |
1,085,001 |
to |
1,090,000 |
1,088,179 |
|
| ---------------------- |
|
---------------------- |
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| 720 |
|
3,547,500 |
|
| ============ |
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============ |
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| CATEGORIES
OF SHAREHOLDERS |
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| S. No. |
Categories |
Number |
Shares held |
Percentage |
|
|
| 1 |
Individuals |
702 |
1,434,525 |
40.43 |
|
| 2 |
Investment Companies |
3 |
59,053 |
1.67 |
|
| 3 |
Insurance Companies |
2 |
15,750 |
0.44 |
|
| 4 |
Joint Stock Companies |
5 |
27,157 |
0.77 |
|
| 5 |
Financial Institutions |
4 |
1,128,577 |
31.81 |
|
| 6 |
Associated Companies |
3 |
752,009 |
21.20 |
|
| 7 |
Charitable Institutions |
1 |
130,429 |
3.68 |
|
|
---------------------- |
---------------------- |
---------------------- |
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|
720 |
3,547,500 |
100.00 |
|
|
============ |
============ |
============ |
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|
| 10 Years at a Glance |
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|
(Rs in '000) |
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|
1998-99 |
1997-98 |
1996-97 |
*1995-96 |
1994 |
1993 |
1992 |
1991 |
1990 |
1989 |
|
|
| Sales |
238,952 |
189,532 |
330,166 |
772,297 |
358,729 |
300,157 |
247,878 |
312,480 |
316,850 |
292,046 |
|
| Profit/(loss) after tax |
(1,290) |
(18,497) |
(12,332) |
15,269 |
10,709 |
6,026 |
2,737 |
11,027 |
12,089 |
10,226 |
|
|
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
|
| Tangible fixed assets |
71,246 |
75,880 |
81,917 |
65,962 |
63,891 |
65,750 |
69,861 |
73,898 |
60,058 |
61,577 |
|
| Long term investment/ |
|
|
| deposits |
444 |
11,324 |
11,324 |
11,314 |
11,304 |
11,233 |
11,219 |
11,251 |
2,553 |
2,513 |
|
|
| Working capital |
82,980 |
2,925 |
17,199 |
47,132 |
42,824 |
35,886 |
35,791 |
32,606 |
50,596 |
47,818 |
|
|
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
|
| Net assets employed |
154,670 |
90,129 |
110,440 |
124,408 |
118,019 |
112,869 |
116,871 |
117,755 |
113,207 |
111,908 |
|
|
============ |
============ |
============ |
============ |
============ |
============ |
============ |
============ |
============ |
============ |
|
| Issued Capital |
35,475 |
35,475 |
35,475 |
35,475 |
33,000 |
33,000 |
33,000 |
33,000 |
33,000 |
33,000 |
|
| Reserve and retained |
|
|
|
|
|
| earnings |
42,768 |
45,832 |
64,329 |
76,661 |
71,849 |
64,440 |
64,189 |
64,452 |
53,483 |
46,832 |
|
|
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
|
| Shareholders' equity |
78,243 |
81,307 |
99,804 |
112,136 |
104,849 |
97,440 |
97,189 |
94,452 |
86,483 |
79,832 |
|
| Long term loans |
67,622 |
-- |
1,768 |
3,310 |
8,174 |
10,910 |
15,102 |
18,679 |
23,576 |
29,106 |
|
| Deferred liabilities |
8,805 |
8,822 |
8,868 |
8,962 |
4,996 |
4,519 |
4,580 |
4,624 |
3,148 |
2,970 |
|
|
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
---------------------- |
|
| Capital employed |
154,670 |
90,129 |
110,440 |
124,408 |
118,019 |
112,869 |
116,871 |
117,755 |
113,207 |
111,908 |
|
|
============ |
============ |
============ |
============ |
============ |
============ |
============ |
============ |
============ |
============ |
|
|
| Financial ratios: |
|
|
| Current assets: |
|
| Current
liabilities |
1.87:1 |
1.02:1 |
1.07:1 |
1.19:1 |
1.37:1 |
1.37:1 |
1.49:1 |
1.43:1 |
1.66:1 |
1.78:1 |
|
|
|
|
|
|
|
| Turnover: Total assets |
0.96:1 |
0.75:1 |
96:1 |
2.08:1 |
1.53:1 |
1.42:1 |
1.31:1 |
1.61:1 |
1.67:1 |
1.68:1 |
|
|
|
|
|
|
|
| Long term loans: Equity |
0.86:1 |
N.A |
0.02:1 |
0.03:1 |
0.08:1 |
0.11:1 |
0.16:1 |
0.20:1 |
0.27:1 |
0.36:1 |
|
| Earning/Share after tax Rs. |
N.A |
N.A |
N.A |
4.30 |
3.25 |
1.83 |
0.83 |
3.34 |
3.66 |
3.10 |
|
| Net earning/Rupee |
|
|
|
| of sales Rs. |
N.A |
N.A |
N.A |
0.02 |
0.03 |
0.02 |
0.01 |
0.04 |
0.04 |
0.04 |
|
|
|
|
|
| Break up value/share Rs. |
22.06 |
22.92 |
28.13 |
31.61 |
31.77 |
29.53 |
29.45 |
28.62 |
2,621 |
24.19 |
|
| Net return on equity %. |
N.A |
N.A |
N.A |
13.62 |
10.21 |
6.18 |
2.82 |
11.67 |
13.98 |
12.81 |
|
| Net return on capital |
|
|
|
| employed % |
N.A |
N.A |
N.A |
12.27 |
9.07 |
5.34 |
2.34 |
9.36 |
10.68 |
9.14 |
|
|
|
|
|
|
|
| Net return on total |
|
|
|
| assets % |
N.A |
N.A |
N.A |
4.11 |
4.56 |
2.86 |
1.44 |
5.68 |
6.38 |
5.90 |
|
|
|
|
|
|
|
| Cash dividend/share % |
5.00 |
-- |
-- |
22.50 |
10.00 |
17.50 |
-- |
17.50 |
17.50 |
15.00 |
|
|
|
|
|
|
|
| Bonus
issue/share % |
-- |
-- |
-- |
-- |
7.50 |
-- |
-- |
-- |
-- |
-- |
|
|
| *
Figures are for eighteen months ended June 30, 1996. |
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|
| Auditors'
Report to the Members |
|
|
|
|
|
|
|
| We
have audited the annexed Balance Sheet of PIONEER CABLES LIMITED as at June
30, 1999 and |
|
| the
related Profit and Loss Account and Statement of Changes in Financial
Position, (cash flow state- |
|
| ment)
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 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 and Loss Account together with the notes thereon
have |
|
| been
drawn up in conformity with the Companies Ordinance, 1984 and are in agree- |
|
| ment
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, investment 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, except for the financial effects of
the matter referred to in Note No. 14.1 to the accounts |
|
| which if charged the loss would be higher
for the year by Rs. 11.982 million, the Balance Sheet |
|
| and Profit and Loss Account and Statement
of Changes in Financial Position, (cash flow state- |
|
| ment) 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 Changes in Financial |
|
| Position (cash flow position) 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. |
|
|
|
| Karachi: |
|
RAHIM IQBAL RAFIQ &
CO. |
|
| Date: November 23, 1999 |
|
CHARTERED ACCOUNTANTS |
|
|
|
|
|
|
|
| Balance Sheet |
|
| As At June 30, 1999 |
|
|
|
Note |
1999 |
1998 |
|
|
|
|
Rupees |
Rupees |
|
| SHARE
CAPITAL AND RESERVES |
|
|
| Authorized Capital |
|
| 4,000,000
ordinary shares of Rs. 10/- each |
|
40,000,000 |
40,000,000 |
|
|
============= |
============= |
|
| Issued,
subscribed and paid up capital |
3 |
35,475,000 |
35,475,000 |
|
| General reserve |
|
4 |
74,225.,000 |
76,000,000 |
|
| Unappropriated loss |
|
|
(31,456,967) |
(30,167,892) |
|
|
---------------------- |
---------------------- |
|
|
|
78,243,033 |
81,307,108 |
|
| LONG TERM LOANS |
|
5 |
67,622,351 |
-- |
|
| DEFERRED LIABILITIES |
|
| Taxation |
|
|
8,500,000 |
8,500,000 |
|
| Staff gratuity |
|
|
304,574 |
321,966 |
|
|
---------------------- |
---------------------- |
|
|
|
8,804,574 |
8,821,966 |
|
| CURRENT LIABILITIES |
|
| Current
maturity of long term loans |
|
-- |
1,767,632 |
|
| Short term finances |
|
6 |
19,948,099 |
86,351,893 |
|
| Creditors,
accrued and other liabilities |
7 |
71,341,429 |
74,922,799 |
|
| Taxation |
|
|
2,156,547 |
954,082 |
|
| Proposed dividend |
|
|
1,773,750 |
-- |
|
|
---------------------- |
---------------------- |
|
|
|
95,219,825 |
163,996,406 |
|
| CONTINGENCIES
AND COMMITMENTS |
8 |
|
|
|
|
---------------------- |
---------------------- |
|
|
|
249,889,783 |
254,125,480 |
|
|
============= |
============= |
|
|
|
| FIXED
CAPITAL EXPENDITURE |
|
|
| Operating fixed assets |
|
9 |
53,563,699 |
58,108,349 |
|
| Capital work-in-progress |
|
10 |
17,682,246 |
17,771,999 |
|
|
---------------------- |
---------------------- |
|
|
|
71,245,945 |
75,880,348 |
|
|
| LONG
TERM INVESTMENT |
11 |
-- |
10,900,000 |
|
|
| LONG
TERM SECURITY DEPOSITS |
|
444,355 |
424,355 |
|
|
| CURRENT ASSETS |
|
| Stores and spares |
|
12 |
265,603 |
276,333 |
|
| Stock-in-trade |
|
13 |
74,145,351 |
48,107,363 |
|
| Trade debts |
|
