| Pak Suzuki Motors Company Limited |
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| Annual
Report 2000 |
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| Contents |
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| Company Profile |
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| Company
Information |
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| Notice of Meeting |
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| Highlights of the Accounts |
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| Chairman's
Review |
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| Directors' Report |
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| Auditors' Report |
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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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| Selected
Financial Data |
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| Pattern of Shareholdings |
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| COMPANY
PROFILE |
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| Pak
Suzuki Motor Company Limited (PSMC) is a public limited company with its
shares quoted on |
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| Stock
Exchanges in Pakistan. The Company was formed in August 1983 in accordance
with the terms |
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| of
a joint venture agreement concluded between Pakistan Automobile Corporation
Limited (representing |
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| Government
of Pakistan) and Suzuki Motor Corporation (SMC) - Japan. The Company started
commercial |
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| production
in January 1984 with the primary objective of progressive manufacturing,
assembling and |
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| marketing
of Cars, Pickups, Vans and 4 x 4 vehicles in Pakistan. |
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| The
foundation stone laying ceremony of the company's existing plant located at
Bin Qasim was |
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| performed
in early 1989 by the Prime Minister then in office. By early 1990, on
completion of first phase |
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| of
this plant, in-house assembly of all the Suzuki engines started. In 1992, the
plant was completed |
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| and
production of the Margalla Car commenced. Presently the entire range of
Suzuki products currently |
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| marketed
in Pakistan are being produced at this Plant. |
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| Under
the Government's privatization policy, the Company was privatized and placed
directly under |
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| the
Japanese management in September 1992. |
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| At
the time of privatization, SMC increased its equity from 25% to 40%.
Subsequently, SMC progressively |
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| increased
its equity to 72.8% by purchasing remaining shares from PACO. The total
foreign investment |
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| brought
in by SMC - Japan since inception stands at Rs.1026.36 million. |
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| The
Suzuki Management immediately after privatization started expansion of the
Bin Qasim Plant to |
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| increase
its installed capacity to 50,000 vehicles per year. The expansion was
completed in July 1994. |
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| Keeping
this in view, the company's long term plans inter-alia include tapping of
export markets. The |
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| company
has acquired additional land measuring about 30 acres from Pakistan Steel
Mills Corporation |
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| in
proximity to its Bin Qasim Plant to set up production facilities for
manufacture of some local components. |
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| The
Company continues to be in the fore-front of automobile industry of Pakistan.
Over a period of |
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| time,
the company has developed an effective and comprehensive network of sales,
service and spare |
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| parts
dealers who cater to the needs of customers and render effective after sale
service country wide. |
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| PSMC
is serviced by over 182 active vendors who are engaged in the local
manufacture and supply |
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| of
automotive parts to the company. |
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| BIN
QASIM PLANT IN BRIEF: |
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| LOCATION |
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Downstream Industrial
Estate of Pakistan Steel |
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| TOTAL AREA |
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259,200 M 2 (64 acres) |
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| COVERED
AREA |
41,000 M 2 |
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| FACILITIES |
|
Press Shop, Welding Shop,
Paint Shop, Engine and Transmission |
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|
Assembly Shop, Final
Assembly & Hi-Tech Inspection Shop. The |
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|
Company has also
established a modern Waste Water Treatment Plant |
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|
as its contribution to
the environment. |
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| COST |
|
Rs. 2.8 billion |
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| PRODUCTION
CAPACITY |
50,000 units per annum
(double shift) |
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| COMPANY
INFORMATION |
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| BOARD
OF DIRECTORS |
|
| Yasuo Suzuki |
|
Chairman & Chief
Executive |
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| Capt.
(Retd) Bashir Ahmed |
|
Deputy Managing Director |
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| Katsuichiro
Ota |
|
Director |
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| Sokichi
Nakano |
|
Director |
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| Yoshio Saito |
|
Director |
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| Istaqbal Mehdi |
|
Director |
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| Koki Imamura |
|
Director |
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| COMPANY
SECRETARY |
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| Abdul
Harold Bhombal |
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| AUDITORS |
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| Sidat
Hyder Qamar & Co. |
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| Chartered
Accountants |
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| BANKERS |
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| ABN-AMRO
Bank |
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| Allied
Bank of Pakistan Limited |
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| Bank
Alfalah Limited |
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| Citibank N.A. |
|
| Deutsche
Bank AG |
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| Habib
Bank Limited |
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| Muslim
Commercial Bank Limited |
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| National
Bank of Pakistan |
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| The
Bank of Tokyo-Mitsubishi Limited |
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| The
Hongkong and Shanghai Banking Corporation Limited |
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| LEGAL
ADVISORS |
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| Syed
Qamaruddin Hassan |
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| Industrial
Relations Advisor |
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| Orr
Digham & Company |
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| Advocates
& Legal Consultants |
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| REGISTERED
OFFICE |
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| DSU-13,
Pakistan Steel Industrial Estate, |
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| Bin Qasim, |
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| Karachi. |
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| REGISTRAR |
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| Ferguson
Associates (Pvt) Limited |
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| State
Life Building l-A, |
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| I.I.
Chundrigar Road, |
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| Karachi. |
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| NOTICE
OF MEETING |
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| Notice
is hereby given that the Seventeenth Annual General Meeting of the
shareholders of Pak Suzuki |
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| Motor
Company Limited will be held at Pearl Continental Hotel, Club Road, Karachi
on Saturday |
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| December
16, 2000 at 10.00 a.m. to transact the following business: |
|
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| 1.
To confirm minutes of Sixteenth Annual General Meeting and Extra-Ordinary
General Meeting |
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| held
on December 27, 1999. |
|
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| 2.
To receive, consider and adopt the audited accounts of the Company for the
year ended |
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| June
30, 2000 together with Directors' and Auditors' reports thereon. |
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| 3.
To appoint auditors and fix their remuneration for the year ending June 30,
2001. |
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| 4.
To consider any other business with the permission of the Chair. |
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| BY
ORDER OF THE BOARD |
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|
| ABDUL
HAMID BHOMBAL |
|
| COMPANY
SECRETARY |
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| Karachi:
November 17, 2000 |
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| Notes: |
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| 1.
The share transfer books of the Company shall remain closed from December 9,
2000 to |
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| December
16, 2000 (both days inclusive) and no transfer will be accepted for
registration during |
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| this
period. Transfers received in order till close of business on December 8,
2000 will be accepted |
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| for transfer. |
|
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| 2.
A member entitled to attend and vote at this meeting may appoint another
person as his/her proxy |
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| to
attend the meeting and vote for him/her. Proxies in order to be effective
must be received by |
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| the
Company not less than 48 hours before the meeting. |
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| 3.
Shareholders are requested to immediately notify the change in their address,
if any, to our registrar, |
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| Ferguson
Associates (Pvt.) Limited, State Life Building, l-A, I. I. Chundrigar Road,
Karachi. |
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| 4.
in case of individuals, the account holder or sub-account holder and/or the
person whose securities |
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| are
in group account and their registration details are up-loaded as per the
Regulations, shall |
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| authenticate
his identity by showing his original National Identity Card (NIC) or original
passport |
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| at
the time of attending the meeting. |
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| Appointment
of Proxies: |
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| 1.
In case of individual, the account holder or sub-account holder and/or the
person whose securities |
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| are
in group account and their registration details are up-loaded as per the
Regulations, shall |
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| submit
the proxy form as per requirement notified by the Company. |
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| 2.
The proxy form shall be witnessed by two persons whose names, addresses and
NIC numbers |
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| shall
be mentioned on the form. |
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| 3.
Attested copies of NIC or the passport of the beneficial owners and the proxy
shall be furnished |
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| with
the proxy form. |
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| 4.
The proxy shall produce his original NIC or original passport at the time of
the meeting. |
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| 5.
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 form to the Company. |
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| HIGHLIGHTS
OF THE ACCOUNTS |
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| FOR
THE YEAR ENDED JUNE 30, 2000 |
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|
Increase/(Decrease) |
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|
2000 |
1999 |
Amount |
% |
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|
----------------------(Rupees
in thousand)---------------------- |
|
|
| Production
volume (units) |
|
20,404 |
32,805 |
(12,401 ) |
(37.8) |
|
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|
| Sales
volume (units) |
|
19,616 |
31,296 |
(11,480) |
(36.7) |
|
|
|
| Net sales |
|
|
6,889,145 |
8,914,017 |
(2,024,872) |
(22.7) |
|
|
|
| Gross profit |
|
|
310,247 |
663,093 |
(352,846) |
(53.2) |
|
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| as
a % of net sales |
|
4.5 |
7.4 |
-- |
(2.9) |
|
|
|
|
|
| Expenses
- Selling & admin. |
|
234,790 |
252,841 |
(18,051) |
(7.1) |
|
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| -
Financial & other charges |
|
221,971 |
189,061 |
32,910 |
17.40 |
|
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| - Total |
|
|
456,761 |
441,902 |
14,859 |
3.40 |
|
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| as
a % of net sales |
|
6.60 |
5.00 |
-- |
1.60 |
|
|
|
|
|
| Other income |
|
|
74,168 |
109,211 |
(35,023) |
(32.1) |
|
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| as
a % of net sales |
|
1.10 |
1.20 |
-- |
(0.1) |
|
|
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|
| Reversal
of provision for diminution in value |
|
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| of
WAPDA Bonds/Investments |
|
74,250 |
8,756 |
65,494 |
748 |
|
|
|
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| Profit
before taxation |
|
1,924 |
339,158 |
(337,234) |
(99.4) |
|
|
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| as
a % of net sales |
|
0.03 |
3.80 |
-- |
(3.77) |
|
|
|
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| (Loss)
/ profit after taxation |
|
(26,600) |
263,347 |
(289,947) |
(110) |
|
|
|
| as
a % of net sales |
|
(0.4) |
3.00 |
-- |
3.40 |
|
|
|
|
|
|
| Stocks |
|
1,913,050 |
2,320,589 |
(407,539) |
(17.6) |
|
|
| as
a % of net sales |
|
27.60 |
26.00 |
-- |
1.80 |
|
| number
of days stock held |
|
106 |
103 |
3 |
-- |
|
| inventory
turn over ratio |
|
3.40 |
3.60 |
-- |
(0.2) |
|
|
|
|
| Cash
and bank balances - net |
|
(1,056,666) |
(2,155,787) |
1,097,121 |
(50.9) |
|
|
| Trade debts |
|
578,362 |
741,790 |
(163,428) |
(22.0) |
|
|
| Shareholders'
equity |
|
1,760,132 |
1,786,732 |
(26,600) |
(1.5) |
|
|
| Debt
Equity ratio |
|
0: 100 |
0:100 |
-- |
-- |
|
|
| Current ratio |
|
1.16: 1 |
1.15: I |
-- |
-- |
|
|
| (Loss)
/ profit per share (Rs.) |
|
(0.54) |
5.36 |
-- |
-- |
|
|
| Break-up
value per share (Rs.) |
|
35.83 |
36.37 |
-- |
-- |
|
|
| Capital
expenditure |
|
262,651 |
100,586 |
162,065 |
161 |
|
|
| No.
of permanent employees |
|
|
|
| - Officers |
|
289 |
293 |
(4) |
(1.4) |
|
|
| - Staff/workers |
|
322 |
326 |
(4) |
(1.2) |
|
|
| - Total |
|
611 |
619 |
(8) |
(1.3) |
|
|
|
|
| CHAIRMAN'S
REVIEW |
|
|
| I
am pleased to present my review on the performance of the Company for the
year ended June 30, 2000. |
|
|
| PRODUCTION
& SALES |
|
| During
the year 20,404 units were produced against 32,805 units produced in the
preceding year. Economic |
|
| recession
and depressed market demand forced the Company to reduce production by 38%.
The production |
|
| volume
decreased by 12,401 units as compared to the preceding year. Plant capacity
remained substantially |
|
| un-utilized. |
|
|
| Sales
dropped substantially to 19,816 units this year as against 31,296 units sold
in the previous year. The |
|
| decrease
was mainly observed in Suzuki Mehran 800 cc car, the volume of which dropped
by over 50%. |
|
| During
the year 7,838 units of Suzuki Mehran were sold against 15,841 units sold
last year. The steep fall |
|
| in
demand of Suzuki Mehran 800 cc car was due to the reduced buying power of the
middle class which |
|
| has
been adversely affected. |
|
|
| OPERATING
RESULTS |
|
| The
operating results of the Company present a rather depressing picture as
compared to last year. The |
|
| Company
incurred a loss of Rs. 26.6 million against a net profit of Rs. 263.347
million recorded last year. |
|
|
|
|
| Sales
revenues decreased by Rs. 2,024.872 million in absolute terms, which
represents reduction of 22.7% |
|
| as
a result of decrease in sales volume by 36.7% over the previous year. |
|
|
|
|
| Gross
profit as a percentage of sales declined from 7.4% to 4.5%. In absolute terms
it decreased by Rs. |
|
| 352.846
million which represents a reduction of 53.2%. The main reasons for drop in
gross profit were increase |
|
| in
fixed overheads per unit as a result of reduced production and the impact of
Yen appreciation vis-a- |
|
| vis
Pak Rupee which could not be passed on fully in the price. |
|
|
| The
selling and administration expenses decreased by 7.1% from Rs. 252.841
million to Rs. 234.790 million. |
|
|
| However
as a percentage of sales they increased from 2.84% to 3.41% because of lower
sales volume. Savings |
|
| arose
mainly from advertising, sales promotion, depreciation and repair &
maintenance. |
|
|
| The
other income declined from Rs. 109.211 million to Rs. 74.188 million due to
drop in income from surplus |
|
| bank
deposits. During the year WAPDA Bonds matured at face value. Accordingly
provision for diminution in |
|
| market
value of Rs. 74.250 million created there against in prior years has been
added back to income. |
|
|
| The
financial and other charges rose from Rs. 189.061 million to Rs. 221.971
million. Borrowings from banks |
|
| had
been higher because of higher inventory levels during the year and capital
expenditures incurred for |
|
| two
new models Suzuki Cultus and Suzuki Alto. Besides adverse profitability also
depleted working capital. |
|
| Higher
inventory level resulting from sluggish demand has been gradually
rationalized. |
|
|
| MARKETING |
|
| The
Company programmed a well-planned strategy to counter competition. Two new
models Suzuki Cultus |
|
| and
Suzuki Alto both of 1000 cc were successfully launched in March 2000 and
September 2000 |
|
| respectively.
Both the models have been very well accepted by the customers and continue to
penetrate |
|
| the
market segment. |
|
|
| The
exports of Suzuki Ravi Pickups progressively increased during the period.
Export of Ravi Pickups |
|
| registered
a growth of 26% over the volume of the preceding year and Bangladesh has
emerged as the |
|
| main
importer. A total of 159 units have been exported upto June 30, 2000. The
response is encouraging and |
|
| it
is hoped that number will increase in the near future. |
|
|
| After
the change of Government in October 1999, the financing by the banks to Taxi
customers stopped and |
|
| as
a result stock of 365 units of Taxis was held up which reduced to 357 units
by June 30, 2000. The |
|
| funds
stuck-up in the stock of Taxi resulted in increase of financial charges. |
|
|
| DELETION |
|
| The
Company is strictly adhering to Deletion Programmes and would continue to
meet the deletion |
|
| targets
set by the Government. The Company's resolve and commitment to localization
is evidenced with the |
|
| achievement
of higher deletion levels in the Mehran Car, Ravi Pickup, Bolan Van and
Baleno Car. Higher |
|
| deletion
in the recently introduced Cultus and Alto is being actively pursued. |
|
|
| PERSONNEL |
|
| Management
and employee relations continued to remain cordial and industrial peace
prevailed during |
|
| the
year. The new charter of demand by the CBA has been submitted to the
management after the previous |
|
| agreement
expired on June 30, 2000. |
|
|
| During
the year a batch of 18 employees was sent to Japan for six months on-the-job
training. The batch |
|
| has
returned after successful training and a fresh batch will be despatched in
December, 2000. |
|
|
| ECONOMIC
CONTRIBUTION |
|
| Despite
adverse factors, the Company maintained its distinctive position in the
automobile industry as a |
|
| leading
contributor to the public exchequer. The duties and taxes paid and the
foreign exchange saved by |
|
| Company
in its last five years of operations are as follows: |
|
|
| Year |
Duties |
Foreign |
|
|
and |
exchange |
|
|
taxes |
savings |
|
|
(Rupees in
million) |
|
| 1995-96 |
2,600 |
2,555 |
|
|
| 1996-97 |
2,728 |
2,539 |
|
|
| 1997-98 |
2,571 |
2,924 |
|
|
| 1998-99 |
3,203 |
3,751 |
|
|
| 1999-2000 |
2,064 |
2,594 |
|
|
| FUTURE
PROSPECTS & CONCLUSION |
|
| The
Company would strive to earn reasonable return on equity. However Rupee/Yen
parity, economic |
|
| conditions,
Government policies and growing competition would play a vital role in this
achievement. |
|
|
| Company's
key objectives continue to remain: |
|
|
| -
To provide automobiles of international quality at reasonable prices; |
|
|
| -
To improve skills of employees by imparting training and by inculcating in
them a sense of participation; |
|
| and |
|
|
| -
To abide by the deletion policy of the Government, achieve maximum
indigenisation and promote the |
|
| automobile
vending industry. |
|
|
| In
conclusion, I on behalf of the Board and shareholders would like to express
my appreciation to the |
|
| management,
executives, workers, dealers, vendors and Suzuki experts for their efforts
and contribution to |
|
| the
affairs of the Company. My sincere gratitude also goes to all the Government
agencies for their continued |
|
| support
and encouragement. |
|
|
|
|
Yasuo Suzuki |
|
|
Chairman & Chief Executive |
|
|
|
| DIRECTORS'
REPORT |
|
|
| 1.
The Directors of the Company take pleasure in submitting their report with
audited accounts of |
|
| the
Company, together with Auditors' Report thereon, for the year ended June 30,
2000. |
|
|
| 2.
ACCOUNTS |
|
|
(Rs. in 000) |
|
|
| Profit
before taxation |
|
1,924 |
|
| Taxation |
|
(28,524) |
|
| Loss
after taxation |
|
(26,600) |
|
| Un-appropriated
profit brought forward |
|
1,418 |
|
| Net loss |
|
(25,182) |
|
| Transfer
from general reserve |
|
25,182 |
|
| Loss
carried forward |
|
Nil |
|
|
| 3.
LOSS PER SHARE |
|
| The
loss per share for the year is Re 0.54 |
|
|
| 4.
HOLDING COMPANY |
|
| The
Company is a subsidiary of Suzuki Motor Corporation which is incorporated in
Japan. |
|
|
| 5.
ASSOCIATED COMPANIES |
|
| -
Arabian Sea Country Club Limited is associated company of Pak Suzuki Motor
Co. |
|
| Ltd.
because of common directorship. Mr. Yasuo Suzuki- Chairman and Chief
Executive |
|
| of
Pak Suzuki Motor Co. Ltd. is also director of Arabian Sea Country Club
Limited. |
|
| Pak
Suzuki holds 7.22% shares of the total share capital of Arabian Sea Country |
|
| Club Limited, |
|
|
| -
Suzuki Motorcycles Pakistan Limited is an associated company of Pak Suzuki
Motor |
|
| Co.
Ltd. as Pak Suzuki holds 41% shares of the total share capital of Suzuki
Motorcycles |
|
| Pakistan
Limited. |
|
|
| 6.
CHAIRMAN'S REVIEW |
|
| The
Chairman's review on page 7 to 9 deals with the year's activities and the
directors of the |
|
| Company
endorse contents of the same. |
|
|
| 7.
PATTERN OF SHAREHOLDING |
|
| The
pattern of shareholdings is given on page 41. |
|
|
| 8.
BOARD CHANGES |
|
| Mr.
Yasuo Suzuki was appointed as Chief Executive and Chairman in place of Mr.
Hirofumi Nagao |
|
| who
resigned upon his transfer to Suzuki Motor Corporation, Japan. |
|
|
| 9. AUDITORS |
|
|
| Messrs.
Sidat Hyder Qamar & Co. Chartered Accountants retire and being eligible
offer themselves |
|
| for
appointment as the auditors of the Company for the year ending June 30, 2001. |
|
|
| BY
ORDER OF THE BOARD |
|
|
| Yasuo Suzuki |
|
| Chairman
& Chief Executive |
|
|
| Karachi |
|
| November
15, 2000 |
|
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of PAK SUZUKI MOTOR COMPANY LIMITED as
at 30 |
|
| June
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 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. |
|
|
| 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; |
|
|
| ii)
the expenditure incurred during the year was for the purpose of the Company's |
|
| business; and |
|
|
| iii)
the business conducted, investments made and the expenditure incurred during
the |
|
| year
were in accordance with the objects of the Company; |
|
|
| c)
In our opinion and to the best of our information and according to the
explanations given to |
|
| us,
the balance sheet, profit 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, 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 30 June 2000 and of the loss, its cash flows
and changes |
|
| in
equity for the year then ended; and |
|
|
| d)
in our opinion Zakat deductible at source under the Zakat and Ushr
Ordinance,1980 (XVIII of |
|
| 1980),
was deducted by the Company and deposited in the Central Zakat Fund
established |
|
| under
Section 7 of that Ordinance. |
|
|
| Sidat
Hyder Qamar & Co. |
|
| Chartered
Accountants |
|
|
| Karachi:
November 15, 2000 |
|
|
|
| BALANCE
SHEET |
|
| AS
AT JUNE 30, 2000 |
|
|
|
NOTE |
2000 |
1999 |
|
|
|
(Rupees in
thousand) |
|
| SHARE
CAPITAL AND RESERVES |
|
| Authorised
share capital |
|
| 150,000,000
(1999: 150,000,000) ordinary |
|
| shares
of Rs. 10/- each |
|
1,500,000 |
1,500,000 |
|
|
| Issued,
subscribed and paid-up share capital |
|
3 |
491,312 |
491,312 |
|
| Reserves |
|
|
1,268,820 |
1,295,420 |
|
| Shareholders'
equity |
|
|
1,760,132 |
1,786,732 |
|
|
|
|
| LIABILITIES |
|
|
|
| Deferred
taxation |
|
18.2 |
97,000 |
102,000 |
|
| Current
liabilities |
|
4 |
2,709,778 |
3,633,560 |
|
|
|
|
| COMMITMENTS |
|
5 |
|
