| Cyanamid (Pakistan) Limited |
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| Annual
Report 2000 |
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| CONTENTS |
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| Company
Information |
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| Notice
of Annual General Meeting |
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| Report
to the Directors |
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| Auditors'
Report to the Members |
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| Balance Sheet |
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| Profit
& Loss Account |
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| Cash
Flow Statement |
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| Statement
of Changes in Equity |
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| Notes
to the Accounts |
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| 10 years history |
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| Pattern
of Shareholding |
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| COMPANY
INFORMATION |
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| BOARD
OF DIRECTORS |
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|
| Arshad
Rahim Khan |
Chairman, Chief Executive
& Managing Director |
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| M.
Mustafa Khan |
Deputy Managing Director |
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| Khawaja
Bakhtiar Ahmed |
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| John R. Stafford |
|
Alternate: S. Anwarul
Haque |
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| Bernard
Poussot |
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| Mark Larsen |
|
| James
Robertson |
|
| Akhtar
Mahmood |
Nominee of N.I.T. |
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| COMPANY
SECRETARY |
|
| Khawaja
Bakhtiar Ahmed |
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| BANKERS |
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| Citi Bank, N.A. |
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| Standard
Chartered Bank |
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| ABN-Amro
Bank |
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| AUDITORS |
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| Sidat
Hyder Qamar & Co. |
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| LEGAL
ADVISORS |
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| Orr.
Dignam & Company |
|
| Syed
Qamaruddin Hassan |
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| Legal
Advisor Inc. |
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| SHARE
REGISTRAR |
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| THK
Associates (Pvt) Ltd. |
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| Ground Floor, |
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| Shaikh
Sultan Trust Building No. 2, |
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| Beaumont
Road, Karachi. |
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| Ph.
# 5689021, 5686658 |
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| HEAD
OFFICE/REGISTERED OFFICE |
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| S-33,
Hawkesbay Road, S.I.T.E., |
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| G.P.O.
Box No. 167, Karachi. |
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| Telephone:
2567411-34 & 111-777-333 |
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| Fax:
92-21-2564428 |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| NOTICE
is hereby given that the Fifty Second Annual General Meeting of Cyanamid
(Pakistan) |
|
| Limited
will be held on Tuesday, June 19, 2001, at 9:30 a.m. at the Registered Office
of the Company, |
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| S-33,
Hawkes Bay Road, S.I.T.E., Karachi, to transact the following business: |
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| ORDINARY
BUSINESS: |
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| 1.
To confirm the minutes of the Extraordinary General Meeting of the Company
held on |
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| December
04, 2000. |
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| 2.
To receive, consider and adopt the Audited Accounts together with the
Directors' and Auditors' |
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| Reports
for the period ended December 31, 2000. |
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| 3.
To appoint Auditors for the year ending December 31, 2001 and to authorize
Board of Directors |
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| to
fix their remuneration. |
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| SPECIAL
BUSINESS: |
|
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| 4.
If thought fit to pass, with or without modification, the following proposed
Special Resolution; |
|
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| "RESOLVED
that, subject to the approval of the Registrar of Companies, the Company's |
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| name
be changed from Cyanamid (Pakistan) Limited to Wyeth Pakistan Limited and
accordingly |
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| the
name of the Cyanamid (Pakistan) Limited wherever appearing in the Memorandum
and |
|
| Articles
of Association of the Company be substituted/replaced by the new name Wyeth |
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| Pakistan
Limited and deletion of Article 3A of the Articles of Association of the
Company." |
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By order of the Board |
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|
KHWAJA BAKHTIAR AHMED |
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| Karachi:
May 14, 2001 |
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Director/Company Secretary |
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| NOTES: |
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| 1.
The Share Transfer Books of the Company will remain closed from Wednesday,
June 13, 2001 to |
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| Tuesday,
June 19, 2001 (both days inclusive). |
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|
| 2.
A member entitled to attend and vote at the above meeting may appoint a proxy
to attend and vote |
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| instead
of him/her. A proxy need not be a member of the Company. The completed Proxy
Form must |
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| be
deposited at the Registered Office of the Company not less than 48 hours
before the time for holding |
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| the meeting. |
|
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| 3.
Account holders and sub-account holders and/or the persons whose securities
are in group account |
|
| and
holding book entry securities of the Company in Central Depository System of
Central Depository |
|
| Company
of Pakistan Limited (CDC), who wish to attend the General Meeting are
requested to please |
|
| bring
original I.D. Card with copy thereof duly attested or the original passport
and account number |
|
| in
CDC for verification. In case of proxy, he/she must also produce attested
copy of his/her NIC or |
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| original
passport at the time of meeting. |
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| 4.
In case of corporate entity, the Board of Directors' resolution/power of
attorney with specimen |
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| signature
shall be submitted alongwith proxy from to the Company. |
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| STATEMENT
UNDER SECTION 160(1) (b) OF THE COMPANIES ORDINANCE, 1984 |
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| The
Shareholders' approval is requested for the change of name of the Company
from 'Cyanamid (Pakistan) |
|
| Limited'
to 'Wyeth Pakistan Limited' in order to confirm to the Global name, style and
pattern for Pharmaceutical |
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| Business
as Wyeth by American Home Products Corporation, U.S.A. Cyanamid name was
mainly related |
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| to
business of agro-chemical products and after the recent Global spin off of
Agro Business to BASF AG, |
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| the
agriculture business of Pakistan Operation has ceased to exist. Therefore it
is proposed to change the name |
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| of
the company from 'Cyanamid (Pakistan) Limited' to 'Wyeth Pakistan Limited'. |
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| REPORT
TO THE DIRECTORS |
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| Your
Directors are pleased to present their Annual Report of the Company together
with the audited |
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| accounts
for the 13 months ended on December 31, 2000. |
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| BUSINESS
REVIEW |
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| Year
2000 was a challenging period for the Company, wherein the following major
events took |
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| place: |
|
|
| *
At last, the long awaited price increase of pharmaceutical products was
announced by the |
|
| Ministry
of Health on June 19, 2000 @ 8% on controlled and 10% on de-controlled
products. |
|
|
| *
The Company's accounting year was aligned with that of its parent company and
the year- |
|
| end
was changed from November 30 to December 31. As a result this report and the
annexed |
|
| accounts
cover a period of 13 months from December 1, 1999 to December 31, 2000. |
|
|
| *
In accordance with the international sale agreement between its parent
company American |
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| Home
Products Corporation and BASF Aktiengesellschaft whereby the later has taken
over |
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| the
worldwide Crop Protection and Pest Control Business of American Home Products |
|
| Corporation
and American Cyanamid Company which has also resulted in divestiture of |
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| Agro-chemical
business in Pakistan to BASF Chemicals & Polymers Pakistan (Pvt.) Limited |
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| (BCPPL)
under the Asset Purchase Agreement dated December 22, 2000. This transaction |
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| has
already been approved by the shareholders of the Company in their Extra
Ordinary General |
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| Meeting
of the Company held on December 04, 2000. The sale includes all Crop
Protection |
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| Products
held by Cyanamid, the related intellectual property rights and all marketing
activities. |
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| The
Agro-chemical business having net assets value of Rs. 447.9 million as of
June 30, 2000 |
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| was
sold at a price equivalent to US$ 9.5 million. |
|
|
| *
Lahore Plant was closed on November 30, 2000 for better utilization of
resources and to |
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| achieve
costs synergies with a view to improve profitability. Company has made
agreements |
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| for
manufacturing some of that plant products from third parties and rest of the
products will |
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| be
manufactured at Karachi under Consolidation of Manufacturing Plant operation
with the |
|
| object
to utilize the full capacity of the Karachi plant. Consolidation of
Manufacturing is in |
|
| progress
and expected to be completed during the year 2001. |
|
|
| *
Reorganization of Company's distribution system has been successfully done by
switching |
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| over
from a National distributor to Regional distributors effective March 2000. |
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| Performance
review by Segment |
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| Pharmaceutical
Business |
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| Domestic |
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| 2000
was a satisfactory year despite challenging environment, adverse economic
condition, |
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| the
trade situation persisted in the country and the forced government policies
towards the |
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| pharmaceutical
industry. The actions taken during 2000 to re-align our business for changes |
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| taking
place in the market and to improve our overall competitiveness enabled us to
deal with |
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| the
changing conditions. During 13 months ended on December 31, 2000 our net
sales grew |
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| by
12.5% on an annualized basis. This growth was achieved due to increase in
selling prices |
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| announced
by the Government of Pakistan and volume increases. Most of the major brands |
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| performed
well and improved their market share. Our leading Anti T.B. products
"Myrin" |
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| and
"Myrin-P" further strengthened its position in a highly competitive
market. |
|
|
| Gross
profit at Rs. 669.1 million is significantly higher by 35.4% against the same
period last |
|
| year.
This was made possible due to increased turnover and reduction in Cost of
Goods Sold |
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| by
5.5% of Net Sales from last year by way of getting better prices through
change in sourcing |
|
| of
imported materials, improved production efficiencies, effective cost control,
restructuring |
|
| headcount,
rationalization of manufacturing facilities, discontinuation of
non-profitable |
|
| products
and focusing on high profit generating products without compromising the
quality |
|
| of
our products which is the key to success of your Company. |
|
|
| Administrative
and Selling expenses of Rs. 357.9 million, increased by 1.2% as percent of |
|
| Net
Sales. This was due to increase of promotional activities on our profitable
products. |
|
| Operating
profit of Rs. 311.2 million has increased by 57.5% in comparison to last year
mainly |
|
| due
to above measures. |
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|
| Export |
|
| You
will be happy to learn that your Company has been declared by Export
Promotion Bureau |
|
| as
one of the leading exporter of pharmaceutical products. The Company achieved
a milestone |
|
| of
Rs. 300 M export sales which recorded a substantial growth of 32.0% over the
same period |
|
| last
year owing to significant growth of export business with Russia, South Africa
and |
|
| Philippines.
We expect that the same trend will continue in future as well. All export
proceeds |
|
| are
received in US Dollars which go direct in the National Exchequer of Pakistan
and help |
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| to
improve its reserves and balance of payment. |
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|
| Agro-chemical
business |
|
| The
operating period comprised of seven months only as the business was sold to
BCPPL |
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| as
per the Net Asset value excluding the allocated borrowings as of June 30,
2000. During |
|
| this
period Net Sales were 8.6% of the total sales of 1999 mainly due to lower
activity in view |
|
| of
divestiture of Agro-chemical business and downward trend of crop protection
business in |
|
| the
Country. The Operating Loss Before Tax is 14.0% higher than last year due to
higher Cost |
|
| of
Goods Sold and Administration & Selling expenses as percent of Net Sales,
heavy Financial |
|
| Charges
on Agro-chemical business allocated borrowings and redundancy cost paid to
the |
|
| employees. |
|
|
| Overall
Company's Loss Before Taxation of Rs. 7.5 million reduced by Rs. 77.4 million
as against |
|
| loss
of Rs. 84.9 million in 1999. Despite generating an excellent operating profit
in pharma business |
|
| the
total results of the Company could not be converted into profit because of
heavy looses in the |
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| Agro-chemical
business. |
|
|
| INFORMATION
TECHNOLOGY |
|
| We
aim to achieve full implementation of Enterprise Resources Planning (ERP)
through one of the |
|
| leading
software in this field i.e. J.D. Edwards World software. In this regard we
have already |
|
| implemented
Financial modules. We are heading towards strengthening our computer network
and |
|
| implementation
of Logistics and Manufacturing modules to reach the target of fully
integrated ERP |
|
| solution. |
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|
| DIRECTORS |
|
| During
the year Messrs Arshad Rahim Khan and Mark Larsen joined the Board. Messrs
Marco A. |
|
| Fonseca
and Abbas Yaghi left the Board. The Board of Directors wish to place on
record appreciation |
|
| of
services rendered by the former Directors and welcome the new Directors.
Further the Board |
|
| welcomes
Mr. Arshad Rahim Khan as the new Chief Executive of the Company. |
|
|
| FUTURE
OUTLOOK |
|
| The
pharmaceutical industry continues to be dependent greatly on the policy of
the Government |
|
| with
respect to price increase and stability of Pak Rupee. Price increase granted
this year after three |
|
| and
half year on June 19, 2000 and its impact on Company's profitability has been
eroded by the |
|
| devaluation
of Pak Rupee shortly thereafter. Despite our best efforts in controlling cost
we shall |
|
| also
put in extra efforts to offset negative factors by taking suitable measures
to the best possible |
|
| extent.
The currency devaluation, inflation and Government's restrictions over
selling prices are |
|
| known
realities on which we have no control. |
|
|
| The
present Government must initiate step to revitalize investment in
pharmaceutical industry |
|
| through
suitable amendments in statute governing product pricing and registration. |
|
|
| The
Company is looking forward to the best offer to effect the sale of Lahore
Plant and its related |
|
| assets. |
|
|
| On
our part, the Company's management is committed to a long-term growth
strategy, which is |
|
| reflected
by taking the above stated measure. INSHALLAH, your Company will continue to
sustain |
|
| progress
in improving operating activities, achieving high productivity, minimizing
operation down |
|
| times
through a sustained manufacturing excellence program and introduction of new
products. |
|
|
| SUBSEQUENT
EVENTS |
|
| No
material changes or commitment affecting financing position of the Company
have taken place |
|
| between
the end of the financial year and the date of this report except for sale
proceeds of the |
|
| Agro-chemical
business has been received on March 16, 2001 and this amount has been
utilized |
|
| to
reduce Company's borrowings/loans. |
|
|
| AUDITORS |
|
| The
present Auditors, M/s. Sidat Hyder Qamar & Co. retire, and being eligible
offer themselves |
|
| for
reappointment. |
|
|
| PARENT
COMPANIES |
|
| American
Home Products Corporation incorporated in the State of Delaware, U.S.A. holds
576,470 |
|
| (40.55%)
shares and American Cyanamid Company, New Jersey, U.S.A. (100% owned company |
|
| of
American Home Products Corporation) hold 448,560 (31.55%) shares thus the
total holding of |
|
| both
the companies is 72.10%. |
|
|
| PATTERN
OF SHAREHOLDING |
|
| A
statement of Pattern of Share Holding of the Company as at December 31, 2000
is shown on |
|
| page
34. Earning per share of the period is negative at Rs. 14.13 (1999: Negative
at Rs. 79.53). |
|
|
| EMPLOYEES |
|
| The
Directors are pleased to acknowledge that relation between management and
workers remained |
|
| cordial
throughout the period. Good union/management relations will help to ensure
achievement |
|
| of
our common Company objectives. |
|
|
| We
would like to express our sincere gratitude to all our highly motivated and
skilled employees |
|
| of
the Company for their continued dedication, commitment and hard work without
which it would |
|
| not
have been possible to achieve better results as compared to last year. |
|
|
| We
are pleased to inform you that Union agreement, which expired on April 30,
2000, was negotiated |
|
| in
a cordial atmosphere and signed for a further period of two years. |
|
|
|
|
By order of the Board |
|
|
|
|
|
|
Arshad Rahim Khan |
|
Khwaja Bakhtiar Ahmed |
|
|
Chief Executive |
|
Director |
|
|
| Karachi: |
|
| May 14,
2001 |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of Cyanamid (Pakistan) Limited as at
31 December |
|
| 2000
and the related profit and loss account, cash flow statement and statement of
changes in equity |
|
| together
with the notes forming part thereof, for the period 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. |
|
|
| It
is the responsibility of the Company's management to establish and maintain a
system of internal |
|
| control,
and prepare and present the above said statements in conformity with the
approved accounting |
|
| standards
and the requirements of the Companies Ordinance, 1984. Our responsibility is
to express |
|
| an
opinion on these statements based on our audit. |
|
|
| We
conducted our audit in accordance with the auditing standards as applicable
in Pakistan. These |
|
| standards
require that we plan and perform the audit to obtain reasonable assurance
about whether |
|
| the
above said statements are free of any material misstatement. An audit
includes examining, on |
|
| a
test basis, evidence supporting the amounts and disclosures in the above said
statements. An audit |
|
| also
includes assessing the accounting policies and significant estimates made by
management, as |
|
| well
as, evaluating the overall presentation of the above said statements. We
believe that our audit |
|
| provides
a reasonable basis for our opinion and, after due verification, 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 |
|
| agreement
with the books of account and are further in accordance with accounting |
|
| policies
consistently applied except for the changes as stated in notes 2.4 and 2.6 |
|
| with
which we concur; |
|
|
| ii)
the expenditure incurred during the period was for the purpose of the
Company's |
|
| business; and |
|
|
| iii)
the business conducted, investments made and the expenditure incurred during
the |
|
| period
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 and loss account, cash flow statement and
statement of |
|
| changes
in equity together with the notes forming part thereof conform with approved |
|
| accounting
standards as applicable in Pakistan, and, 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 31 December 2000 and of the
loss, its |
|
| cash
flows and changes in equity for the period then ended; and |
|
|
| d)
in our opinion no zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
|
|
|
SIDAT HYDER QAMAR & CO. |
|
| Karachi:
May 14, 2001 |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT 31 DECEMBER, 2000 |
|
|
|
|
30 November |
|
|
Note |
2000 |
1999 |
|
|
|
(Rupees
'000) |
|
|
| Fixed
Assets-Tangible |
|
3 |
101,402 |
157,617 |
|
| Goodwill |
|
|
-- |
6,701 |
|
| Long
term loans, deposits and prepayments |
4 |
17,795 |
20,967 |
|
|
| CURRENT
ASSETS |
|
|
|
| Stores,
spares and loose tools |
|
5 |
11,942 |
39,985 |
|
| Stock-in-trade |
|
6 |
475,662 |
945,046 |
|
| Trade debts |
|
7 |
143,704 |
325,622 |
|
| Loans,
advances, deposits, prepayments and |
|
|
| other
receivables |
|
8 |
103,219 |
28,744 |
|
| Taxation-net |
|
9 |
375,649 |
307,959 |
|
| Receivable
from BASF Chemicals & Polymers |
|
|
| Pakistan
(Private) Limited |
|
10 |
551,000 |
-- |
|
| Cash
and bank balances |
|
11 |
15,979 |
10,218 |
|
|
------------------ |
------------------ |
|
|
1,677,155 |
1,657,574 |
|
|
| LESS:
CURRENT LIABILITIES |
|
| Current
maturity of liability against assets |
|
| subject
to finance lease |
|
16 |
2,410 |
7,942 |
|
| Short
term loan-Unsecured |
|
12 |
716,582 |
712,040 |
|
| Short-term
running finances under |
|
|
| mark-up
arrangements-Secured |
|
13 |
355,866 |
72,915 |
|
| Creditors,
accrued and other liabilities |
14 |
431,091 |
717,559 |
|
| Unclaimed
dividend |
|
541 |
541 |
|
|
------------------ |
------------------ |
|
|
1,506,490 |
1,510,997 |
|
|
------------------ |
------------------ |
|
| NET
CURRENT ASSETS |
|
170,665 |
146,577 |
|
|
|
------------------ |
------------------ |
|
|
289,862 |
331,862 |
|
|
========== |
========== |
|
|
| REPRESENTED
BY |
|
| Share capital |
|
15 |
142,161 |
142,161 |
|
| Reserves |
|
|
382,147 |
382,147 |
|
| Accumulated
loss |
|
|
(276,255) |
(256,173) |
|
|
|
------------------ |
------------------ |
|
|
|
248,053 |
268,135 |
|
| Liability
against assets subject to finance lease |
16 |
3,013 |
15,082 |
|
| Deferred
liability-Staff gratuity and pension |
|
38,796 |
48,645 |
|
| Contingencies
and commitments |
|
17 |
-- |
-- |
|
|
|
------------------ |
------------------ |
|
|
289,862 |
331,862 |
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
| Auditors'
Report Annexed. |
|
|
|
Arshad Rahim Khan |
|
Khwaja Bakhtiar Ahmed |
|
|
Chief Executive |
|
Director |
|
|
|
| PROFIT
& LOSS ACCOUNT FOR THE THIRTEEN MONTHS' |
|
| PERIOD
ENDED 31 DECEMBER, 2000 |
|
|
|
|
30 November |
|
|
Note |
2000 |
1999 |
|
|
|
(Rupees
'000) |
|
|
|
|
| Sales-net |
|
18 |
2,100,840 |
2,286,040 |
|
| Cost
of goods sold |
|
19 |
1,477,946 |
1,767,000 |
|
|
|
------------------ |
------------------ |
|
| Gross profit |
|
|
622,894 |
519,040 |
|
| Administrative
and selling expenses |
20 |
444,572 |
467,618 |
|
|
|
------------------ |
------------------ |
|
| Operating profit |
|
|
178,322 |
51,422 |
|
| Other income |
|
21 |
9,328 |
10,610 |
|
|
|
------------------ |
------------------ |
|
|
187,650 |
62,032 |
|
|
|
|
| Financial
charges |
|
22 |
127,521 |
122,814 |
|
| Amortization
of goodwill |
|
|
977 |
1,675 |
|
| Restructuring
costs |
|
23 |
169,623 |
22,484 |
|
| Gain
on sale of discontinuing operation |
10 |
103,002 |
-- |
|
|
|
------------------ |
------------------ |
|
|
|
195,119 |
146,973 |
|
|
|
------------------ |
------------------ |
|
| Loss
before taxation |
|
(7,469) |
(84,941) |
|
|
| Taxation |
|
|
|
| Current |
|
12,613 |
20,670 |
|
| Prior years' |
|
-- |
7,453 |
|
|
------------------ |
------------------ |
|
|
12,613 |
28,123 |
|
|
------------------ |
------------------ |
|
| Loss
after taxation |
|
(20,082) |
(113,064) |
|
| Accumulated
loss brought forward |
|
(256,173) |
(143,109) |
|
|
------------------ |
------------------ |
|
| Accumulated
loss carried forward |
|
(276,255) |
(256,173) |
|
|
|
========== |
========== |
|
|
|
|
|
|
Rupees |
Rupees |
|
|
|
|
| Loss
per share-Basic and diluted |
|
24 |
(14.126) |
(79.532) |
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
Arshad Rahim Khan |
|
Khwaja Bakhtiar Ahmed |
|
|
Chief Executive |
|
Director |
|
|
|
| CASH
FLOW STATEMENT FOR THE THIRTEEN |
|
| MONTHS'
PERIOD ENDED 31 DECEMBER, 2000 |
|
|
|
|
30 November |
|
|
Note |
2000 |
1999 |
|
|
|
(Rupees
'000) |
|
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
| Cash
(used in)/generated from operations |
29 |
(35,561) |
55,870 |
|
|
|
|
| Interest
and mark-up paid |
|
(74,783) |
(43,493) |
|
| Income tax paid |
|
(80,303) |
(129,166) |
|
| Lease
financial charges paid |
|
(2,318) |
(3,557) |
|
| Payment
of gratuity and pension |
|
(52,860) |
(16,069) |
|
| Increase/(Decrease)
in Long-term loans, |
|
|
|
| deposits
and prepayments |
|
573 |
(5,200) |
|
|
------------------ |
------------------ |
|
|
(209,691) |
(197,485) |
|
