| Pakistan Telecommunication Company Limited |
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| (Annual
Report for the period ended 30th June 1996) |
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| NOTICE
OF 1ST ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the 1st Annual General Meeting of Pakistan
Telecommunication Company Limited will be held on |
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| Tuesday,
24th June, 1997 at 0900 hours at Auditorium, National Library of Pakistan,
Constitution Avenue, Islamabad, to transact |
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| the
following business: |
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| Ordinary
Business |
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| 1.
To receive, consider and adopt the Audited Accounts for the period 31 st
December, 1995 to 30th June, 1996, together with |
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| the
Auditors' and Directors' reports. |
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| 2.
To declare the dividend as recommended by the Board of Directors. |
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| 3.
To elect ten directors. The names of the nine retiring directors who have
filed notice under Article 64 are as under:- |
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| i. |
Naseem S. Mirza |
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ii. |
Sheikh Inaamul Haque |
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| iii. |
Mueen Afzal |
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iv. |
Fazlullah Qureshi |
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| v. |
Zafar All Khan |
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vi. |
Maj. Gen. Shahzada Alam
Malik |
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| vii. |
S.A.H. Naqvi |
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viii. |
Shaukat R. Mirza |
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| ix. |
Bashit Ahmed |
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| 4. To appoint Auditors for the year ending
30th June, 1997 and fix their remuneration. |
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| 5.
To transact any other business of the Company with the permission of the
Chairman. |
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| Special
Business: |
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| 6.
To approve the remuneration payable to the Chairman / Chief Executive and
other whole time working Directors. |
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| A
Statement under section 160(l)(b) of the Companies Ordinance, 1984 is
attached to the copy of this Notice being sent to the |
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| members. |
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By order of the Board |
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| Islamabad:
2 June, 1997 |
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|
Pervez Ijaz Sheikh |
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|
Secretary - PTCL |
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| Notes: |
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| 1.
Any member of the Company entitled to attend and vote at this Meeting may
appoint any person as his/her proxy to |
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| attend
and vote instead of him/her. Proxies in order to be effective must be
received by the Company at the Registered |
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| Office
not less than 48 hours before the time fixed for holding the meeting. |
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| 2.
Share Transfer Books of the Company will remain closed from 10th June, 1997
to 24th June, 1997 (both days inclusive) |
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| for
the purposes of the Annual General Meeting. |
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| 3.
Members are requested to notify any change in address immediately. |
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| Statement
Under Section 160(1)(b) of the Companies Ordinance, 1984. |
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| This
statement sets out the material facts concerning the Special Business to be
transacted at the First Annual General Meeting of |
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| the
Pakistan Telecommunication Company Limited to be held on 24th June, 1997. |
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| Approval
of Shareholders will be sought for the remuneration payable to the
Chairman/Chief Executive and the whole-time |
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| working
Directors in accordance with their terms and conditions of service. For this
purpose it is intended to propose that the |
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| following
resolution be passed as an Ordinary Resolution, namely: |
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| "RESOLVED
THAT the Company hereby authorizes the holding of offices of profit and
payment as remuneration to Mr. Naseem |
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| S.
Mirza, Chairman/Chief Executive and Mr. S.A.H. Naqvi and one other Director
to be elected in the Annual General Meeting, |
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| being
whole-time Directors, not exceeding in the aggregate Pak rupees Six million
per annum, exclusive of perquisites and |
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| retirement
benefits to which they are entitled under the terms of employment, for whole
or part of the year ending 30th June, 1997, |
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| as
applicable, and for the remainder of their term remuneration per annum not
exceeding by the sums that may be applicable under |
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| their
respective terms of employment. |
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| FURTHER
RESOLVED THAT in the event of any of the aforesaid offices of profit falling
vacant, the approval hereby given shall,- |
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| subject
to the terms of appointment, be equally applicable to any other person
appointed to fill such vacancy". |
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BOARD OF DIRECTORS |
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AS ON 14 MAY, 1997 |
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| Naseem
S. Mirza |
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| Chairman |
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| Sheikh
Inaamul Haque |
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| Secretary
Communications, Government of Pakistan |
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| Mueen
Afzal |
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| Secretary
Finance, Government of Pakistan |
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| Fazlullah
Qureshi |
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| Secretary
P & D, Government of Pakistan |
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| Zafar
Ali Khan |
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| Secretary
Privatisation Commission, Government of Pakistan |
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| Major
General Shahzada Alam Malik |
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| S.O.-in-C,
GHQ |
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| S.A.H.
Naqvi |
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| Member
Technical |
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| Shaukat
R. Mirza |
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| Bashir
Ahmed |
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| Pervez
ljaz Sheikh |
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| Secretary |
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| Auditors: |
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| A.E
Ferguson & Co. |
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| Chartered
Accountants |
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| Lahore-Pakistan |
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| Registered
Office: |
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| Pakistan
Telecommunication Company Limited |
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| Headquarters,
G-8/4 |
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| Islamabad
- Pakistan. |
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DIRECTORS' REPORT |
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| The
Directors take much pleasure in presenting their first report to the
shareholders on the results of Pakistan Telecommunication |
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| Company
Limited for the six month's period ended 30 June 1996. |
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| Principal
activities |
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| PTCL
is the primary provider of telecommunication facilities in Pakistan. These
facilities include telegraph, telephone, telex, |
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| Data,
Universal Access Numbers, ISDN and other value added services. A
state-of-the-art international subscribers dialing system |
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| comprising
of digital gateway exchanges operating through satellite earth stations and
submarine cable is available to PTCL |
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| customers.
PTCL has achieved a digitalisation ratio of 78% of its network, which is the
highest in the region. |
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| PTCL
also manufactures and markets telecommunication equipment through its
subsidiaries, Telephone Industries of Pakistan |
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| (Pvt.)
Limited and Carrier Telephone Industries. |
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| Corporate
structure |
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| PTCL
is now a joint stock company incorporated under the Companies Ordinance,
1984. The erstwhile T&T Department was |
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| changed
into the Pakistan Telecommunication Corporation on 15 December 1990. On 31
December 1995, PTC was converted |
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| into
a limited company through vesting orders issued under the Pakistan
Telecommunication (Reorganisation) Ordinance, 1995. |
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| The
authorised share capital of PTCL is Rs. 150 billion divided into
11,100,000,000 "A" class ordinary shares of Rs. 10 each and |
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| 3,900,000,000
"B" class shares of Rs. 10 each. The "A" and
"B" classes of shares rank pari-passu in all respects except that
each |
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| "B"
class share has four voting rights against one voting right per "A"
class share. |
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| The
issued and paid up capital amounts to Rs. 51 billion divided into
3,374,000,000 class "A" shares and 1,326,000,000 class
"B" |
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| ordinary
shares. The "A" class shares are listed on stock exchanges of
Pakistan while the "B" class shares reserved for strategic |
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| investors,
are presently held by the Government of Pakistan. |
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| Financial
results |
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| The
operating results for the first six months of operations ended 30 June 1996
following the take over from the former PTC on |
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| 31
December 1995 reveals a total revenue of Rs.18,677 million, the break up of
which was as under: |
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Rs. Million |
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| Domestic |
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10,473 |
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| International |
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7,882 |
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| Telex |
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258 |
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| Telegraph |
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64 |
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-------- |
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| Total
revenue |
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18,677 |
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-------- |
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| The
operating expenses for the period under review were Rs 11,866 million or
63.5% of the operating revenue. As a result, the |
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| operating
profit for the period was Rs.6,812 million with an operating profit margin of
36,5%. Income earned from other sources |
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| amounted
to Rs.422 million. After deducting the financial charges amounting to Rs.
1,853 million, PTCL earned a pre tax profit |
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| of
Rs.5,381 million. However, the pre-tax profit was reduced to Rs.3,842 million
after taking into account the effect of assets and |
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| balances
over- provided or written-off during the prior years. |
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| The
total assets of PTCL, on 30 June 1996, were Rs.104,459 million including a
Capital Work in Progress of Rs. 11,797 million. |
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| The
net operating assets stood at Rs.80,695 million. |
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| Appropriation
of profits |
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| The
Directors propose the following allocation of profits which are available for
appropriation: |
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Rs. Million |
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| Profit
for the period |
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5,381 |
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| Less:
Assets and balances over provided or written off |
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1,540 |
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| Net
profit available for appropriation |
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3,841 |
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| Less:
Proposed dividend @ 6% |
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3,060 |
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-------- |
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| Un-appropriated
profit carried forward |
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781 |
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-------- |
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| Improvement
in Accounting System |
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| A
feature of the audited accounts, that needs to be mentioned, is the absence
of qualifications by the auditors on the veracity of |
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| the
accounts for the period. In the past, the auditors had been voicing serious
doubts over the reliability of figures reported in the |
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| accounts
and the underlying record of the former PTC, whose business has now been
taken over by PTCL. The major concerns |
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| of
the auditors related to fixed assets, capital expenditure, revenue billed and
realized, trade debtors and the cash balances. |
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| PTCL
has undertaken an extensive exercise to overhaul the accounting set up to
develop a reliable system for maintaining correct |
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| and
adequate underlying records. This effort has succeeded to a large extent and
the accounts for the six months period ended 30 |
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| June
1996 contain only one observation of auditors and that also on trade debtors
which were carried over from the PTC period. |
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| The
Directors of the company take pride in this achievement and commend the
tireless efforts of the management and staff who |
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| made
this achievement possible. |
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| The
overall accounting and management set up of PTCL is still under extensive
structural changes to further streamline it to |
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| achieve
better performance. Cash accounting has already been computerized at most of
PTCL's formations. New software is |
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| being
developed for revenue and stores accounting. The regions are now being
treated as individual profit centres and would be |
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| required
to prepare separate financial reports. This step alone will go a long way to
inculcate a sense of self-appraisal and self |
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| improvement
in the regional set-ups. |
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| PTCL
Network |
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| The
company took over an installed capacity of 2,862,465 lines from the former
PTC as on 31 December 1995. Another 352,783 |
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| lines
were added during the period under review which increased the capacity to
3,215,248 lines by 30 June 1996. The working |
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| connections
increased from 2,227,715 to 2,376,786 on 30 June 1996, thereby utilizing 74%
of the total installed capacity as on 30 |
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| June
1996. Efforts are underway to meet all the pending demand so that the
capacity can be fully utilized to further increase |
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| revenue
and lower operating cost per line. |
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| The
company has three operational Gateway Exchanges, one at Karachi and two in
Islamabad. These International Gateway |
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| Exchanges
have the latest 'C-7' signalling system comprising about 8,000 international
circuits whereas 4,400 are working. The |
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| total
international telephone traffic for the period was 250.870 million minutes,
out of which 213.473 million minutes were of |
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| incoming
calls as compared with outgoing 37.397 million. |
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| In
line with the requirements of its customers, PTCL plans to further expand and
modernise its network through out Pakistan to |
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| keep
pace with the rapidly increasing demand and the changing technologies in the
telecommunication sector. Fibre Optic Cables, |
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| Satellite
Communications and Submarine Cable system have already been introduced for
improvement in the quality of services. |
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| Value
added services such as UAN, Public Data Network, Internet and Electronic Mail
have already been launched. PTCL has |
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| plans
to provide Information Technology infrastructure to promote and facilitate
software development and export. This will |
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| comprise
of information highway using Fibre Optic Cables and Digital Cross Connect
network. |
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| Due
to the liberalization and deregulation policy of the Government of Pakistan,
PTCL is already assisting the private sector to |
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| provide
different telecommunication services like Card Pay Phones, Cellular Mobile
Telephones, Pager, Trunked Radio, Internet |
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| and,
Voice mail. Special emphasis is also being laid to develop rural
communication on commercial lines. |
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| Staff
and Management |
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| The
Directors of the Company take this opportunity to thank PTCL employees who
have put in great efforts for achieving the |
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| desired
objectives and results. Relations with the workers continued to be cordial
during the period. The excellent performance |
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| of
the company is the outcome of the dedicated team work of all categories of
staff and management which is deeply appreciated. |
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| All
out efforts are being made to improve the productivity and efficiency of the
company. A great emphasis is being placed on |
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| effective
management-employees relationship and line of communications to achieve
corporate goals. PTCL considers that |
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| establishment
of the right priorities and better environment would improve the performance
of all management and employees. |
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| Future
outlook |
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| PTCL
is introducing new value added services like Home Metering, Leased line,
Digital Cross Connect and Direct Inward |
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| Dialling
to satisfy demands for new services. The company is gradually replacing
Analogue Switches with Digital Systems to |
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| improve
service quality for maximum benefit of its customers. |
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| Looking
to the future, PTCL faces many challenges and opportunities. The Directors of
the company believe that PTCL is playing |
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| an
important role in supporting the national economy by rapidly increasing
telecommunication facilities. PTCL has prepared a |
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| demand
based expansion plan to meet the requirements of its customers and optimise
capacity utilisation to improve profitability |
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| and
shareholder value. PTCL is laying emphasis on customer services, response
time to complaints, improvement in fault |
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| management
and billing system to enhance and achieve efficiency and customer
satisfaction. |
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| Operation
research of PTCL and cellular companies confirms that the rate of Central
Excise Duty of 40% has retarded the growth |
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| of
the telecom sector and is too-high a burden for consumers. Accordingly, PTCL
has suggested to the Government of Pakistan |
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| that
existing Central Excise Duty be reduced from 40% to 30% on telephone call
charges. It is expected that Government of |
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| Pakistan
will decide favourably on this important issue which will have a positive
impact on traffic and revenue growth, more |
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| than
making up the reduction in the rate of duty. |
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| A
tariff reform package approved by the PTCL Board has already been sent to the
Pakistan Telecommunication Authority for their |
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| approval.
After the implementation of the tariff reforms package, the revenue of PTCL
will increase at a higher rate as compared |
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| with
previous years, thus increasing profitability, providing the cash for the
much needed expansion in the network and |
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| enhancing
dividends to the shareholders. |
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| The
half yearly un-audited accounts for the period ended 31 December 1996 shall
be made public by 30 June 1997 and the audited |
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| results
for the year ending 30 June 1997 are expected to be announced in October
1997. |
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For and on behalf of the
Board |
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| Islamabad,
Dated 14 May, 1997 |
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Sd/- |
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|
(NASEEM S. MIRZA) |
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|
Chairman & Chief
Executive |
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AUDITORS' REPORT TO THE
MEMBERS |
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| We
have audited the annexed balance sheet of Pakistan Telecommunication Company
Limited as at June 30, 1996 and the related |
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| profit
and loss account and the cash flow statement, together with the notes forming
part thereof, for the period from December |
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| 31,
1995 to June 30, 1996 and we state that we have obtained all the information
and explanations which to the best of our |
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| knowledge
and belief were necessary for the purposes of our audit and, after due
verification thereof, we report that: |
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| (a)
in our opinion, proper books of account have been kept by the company as
required by the Companies Ordinance, 1984; |
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| (b)
in our opinion: |
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| (i)
the balance sheet and profit and loss account together with the notes thereon
have been drawn up in conformity |
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| with
the Companies Ordinance, 1984 and are in agreement with the books of account
and are further in accordance |
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| with
accounting policies consistently applied: |
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| (ii)
the expenditure incurred during the period was for the purpose of the
company's business; and |
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| (iii)
the business conducted, investments made and expenditure incurred during the
period were in accordance with the |
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| objects
of the company; |
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| (c)
(i) As referred to in Note 1.1 to the accounts the company took over the
assets and liabilities of Pakistan |
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| Telecommunication
Corporation at January 1, 1996 based on its audited accounts for the period
from July 1, 1995 |
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| to
December 31, 1995. The balances taken over and included in these accounts
were not audited by us. |
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| (ii)
The debts outstanding for domestic telephone at June 30, 1996 of Rs.
8,588,431 thousand shown in note 15 and |
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| excise
duty recoverable from defaulters of Rs. 3,327,733 thousand shown in note 16
to the accounts include |
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| balances
aggregating Rs. 6,524,489 thousand due from subscribers whose connections are
closed which have been |
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| fully
provided for in the accounts. A detailed listing of such defaulter balances
at June 30, 1996 for all exchanges |
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| was
not available. Consequently, we were unable to verify the completeness of
these balances. The company is |
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| proposing
to compile a list of such balances. It is possible that adjustments may arise
to the defaulter balances |
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| referred
to above and shown in the accounts when the detailed lists have been
compiled. |
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| Except
for the effect of the adjustments which might be determined to be necessary
on the resolution of the matter referred |
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| to
in the paragraph c (ii) above, in our opinion and to the best of our
information and according to the explanations given |
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| to
us, the balance sheet, profit ,arid loss account and the cash flow statement,
together with the notes forming part thereof, |
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| give
the information required .by the Companies Ordinance, 1984, in the manner so
required and respectively give a true |
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| and
fair view of the state of the company's affairs as at June 30, 1996 and of
the profit and the cash flows for the period |
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| then
ended; and |
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| (d)
in our opinion Zakat deductible at source under the Zakat and Ushr Ordinance,
1980, was deducted by the company and |
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| deposited
in the Central Zakat Fund established under section 7 of that Ordinance. |
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| A.E
Ferguson & Co. |
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| Chartered
Accountants |
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|
| Lahore,
April 29, 1997 |
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|
|
BALANCE SHEET AS ON JUNE
30, 1996 |
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|
June 30, |
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|
1996 |
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|
(Rupees in |
|
|
Note |
thousand) |
|
|
| SHARE
CAPITAL AND RESERVES |
|
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| Authorised
share capital |
|
| 11,100,000,000
"A" class ordinary shares of Rs 10 each |
|
111,000,000 |
|
| 3,900,000,000
"B" class ordinary shares of Rs 10 each |
|
39,000,000 |
|
|
---------- |
|
|
150,000,000 |
|
|
========== |
|
|
| Issued,
subscribed and paid up capital |
|
| Unappropriated
profit |
|
3 |
51,000,000 |
|
|
780,565 |
|
|
---------- |
|
|
51,780,565 |
|
| REDEEMABLE
CAPITAL |
|
4 |
3,987,015 |
|
| LONG
TERM LOAN5 AND DEFERRED LIABILITIES |
|
|
|
| Long
term loans and other borrowings |
|
5 |
14,354,745 |
|
| Employees
retirement benefits and other obligations |
|
6 |
8,365,489 |
|
| Long
term security deposits from subscribers |
|
1,110,803 |
|
|
---------- |
|
|
23,831,037 |
|
| CURRENT
LIABILITIES |
|
| Current
portion of |
|
| Redeemable
capital |
|
4 |
854,435 |
|
| Long
term loans and other borrowings |
|
5 |
2,089,527 |
|
| Short
term borrowings |
|
7 |
7,820,229 |
|
| Creditors,
accrued and other liabilities |
|
8 |
11,035,731 |
|
| Dividend
payable |
|
|
3,060,000 |
|
|
|
---------- |
|
|
|
24,859,922 |
|
|
---------- |
|
| CONTINGENCIES
AND COMMITMENTS |
|
9 |
104,458,539 |
|
|
========== |
|
|
| FIXED
CAPITAL EXPENDITURE |
|
|
| Operating
fixed assets - tangible |
|
10 |
68,897,578 |
|
| Capital
work-in progress |
|
11 |
11,797,468 |
|
|
|
---------- |
|
|
|
80,695,046 |
|
|
|
|
| LONG
TERM INVESTMENTS |
|
12 |
1,046,787 |
|
| LONG
TERM LOANS |
|
13 |
975,555 |
|
|
| CURRENT
ASSETS |
|
|
| Stores
and spares |
|
14 |
3,333,847 |
|
| Trade
debts |
|
15 |
10,535,202 |
|
| Loans, advances,
deposits, prepayments and |
|
|
|
| other
receivables |
|
16 |
5,298,401 |
|
| Cash
and bank balances |
|
17 |
2,573,701 |
|
|
|
---------- |
|
|
21,741,151 |
|
|
---------- |
|
|
104,458,539 |
|
|
========== |
|
| The
annexed notes form an integral part of these accounts. |
|
|
| Sd/- |
|
Sd/- |
|
| CHAIRMAN |
|
DIRECTOR |
|
|
|
|
PROFIT AND LOSS ACCOUNT
FOR THE PERIOD DECEMBER 31, 1995 TO JUNE 30, 1996 |
|
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|
December |
|
|
31, 1995 |
|
|
to June |
|
|
30, 1996 |
|
|
(Rupees in |
|
|
Note |
thousand) |
|
|
|
|
| Revenue |
|
18 |
18,677,328 |
|
| Operating
costs |
|
19 |
11,865,704 |
|
| Operating
profit |
|
|
---------- |
|
|
|
6,811,624 |
|
|
|
|
| Other
income |
|
20 |
422,675 |
|
|
|
---------- |
|
| Profit
before financial, other charges and taxation |
|
|
7,234,299 |
|
|
|
|
| Financial
charges |
|
21 |
1,853,459 |
|
|
|
---------- |
|
|
|
5,380,840 |
|
|
|
|
| Assets and other balances taken
over |
|
| provided
for or written off |
|
22 |
1,540,275 |
|
|
|
---------- |
|
| Profit
before taxation |
|
|
3,840,565 |
|
|
|
|
|
| Provision
for taxation |
|
23 |
- |
|
|
|
---------- |
|
| Profit
after taxation |
|
|
3,840,565 |
|
|
| Appropriation |
|
| Proposed
dividend @ 6% |
|
3,060,000 |
|
|
---------- |
|
| Unappropriated
profit came forward |
|
780,565 |
|
|
========== |
|
| The
annexed notes form an integral part of these accounts. |
|
|
| Sd/- |
|
Sd/- |
|
| CHAIRMAN |
|
DIRECTOR |
|
|
|
|
CASH FLOW STATEMENT FOR
THE PERIOD DECEMBER 31, 1995 TO JUNE 30, 1996 |
|
|
|
December |
|
|
31, 1995 |
|
|
to June |
|
|
30, 1996 |
|
|
(Rupees in |
|
|
Note |
thousand) |
|
|
| Cash
inflow/outflow) from operating activities |
|
|
| Cash
generated from operations |
|
25 |
16,888,524 |
|
| Contribution
towards pension obligation |
|
-1,510,702 |
|
| Interest
and mark-up paid |
|
(2,918,439) |
|
| Long
term loans (net) |
|
(98,555) |
|
| Security
deposits |
|
135,000 |
|
|
---------- |
|
| Net
cash inflow from operating activities |
|
12,495,828 |
|
| Cash
inflow/(outflow) from investing activities |
|
| Fixed
capital expenditure |
|
(13,955,796) |
|
| Net
increase in investments |
|
(46,637) |
|
| Sale
proceeds of fixed assets |
|
573 |
|
| Return
on deposits |
|
14,822 |
|
|
---------- |
|
| Net
cash (outflow) from investing activities |
|
(13,987,038) |
|
| Cash
inflow/(outflow) from financing activities |
|
| Long
term borrowings less repayments |
|
361,163 |
|
| General
provident fund |
|
-135,481 |
|
|
| Net
cash inflow from financing activities |
|
225,682 |
|
|
|
|
| Net
(decrease) in cash and cash equivalents |
|
(1,265,528) |
|
| Cash
and cash equivalents at beginning of the period |
|
(3,981,000) |
|
|
---------- |
|
| Cash
and cash equivalents at end of the period |
|
26 |
(5,246,528) |
|
|
========== |
|
| The
annexed notes form an integral part of these accounts. |
|
|
| Sd/- |
|
Sd/- |
|
| CHAIRMAN |
|
DIRECTOR |
|
|
|
|
NOTES TO THE ACCOUNTS FOR
THE PERIOD DECEMBER 31, 1995 TO JUNE 30, 1996 |
|
|
| 1.
Nature of business |
|
| 1.1
Constitution and ownership |
|
|
|
| Pakistan
Telecommunication Company Limited (PTCL) is a company established to
undertake the telecommunication business |
|
| formally
carried on by the Pakistan Telecommunication Corporation (PTC). The business
was transferred to the company on |
|
| January
1, 1996 under the Pakistan Telecommunication (Reorganisation) Act, 1996 at
which date it took over all the properties, |
|
| rights,
assets, obligations and liabilities of PTC other than those transferred to
National Telecommunication Corporation (NTC), |
|
| Frequency
Allocation Board (FAB), Pakistan Telecommunication Authority (PTA) and
Pakistan Telecommunication Employees |
|
| Trust
(PTET). The company was incorporated on December 31, 1995 and commenced
business on January 1, 1996. |
|
|
| 1.2
Activities |
|
| PTCL
is the principal supplier of telecommunication services in Pakistan. It owns
and operates substantially all of the |
|
| telecommunication
facilities in Pakistan and provides domestic and international telephone
services all over Pakistan excluding |
|
| the
armed forces, defence projects, federal and provincial governments and such
other government agencies or institutions as the |
|
| Federal
Government may specify. |
|
|
