| Frontier Ceramics Limited |
|
|
|
|
|
|
|
| Annual
Report 2001 |
|
|
|
| CONTENTS |
|
|
| COMPANY
INFORMATION |
|
| NOTICE
OF MEETING |
|
| DIRECTORS'
REPORT |
|
| AUDITORS'
REPORT |
|
| BALANCE
SHEET |
|
| PROFIT&
LOSS ACCOUNT |
|
| CASH
FLOWS STATEMENT |
|
| STATEMENT
OF CHANGES IN EQUITY |
|
| NOTES
TO THE ACCOUNTS |
|
| PATTERN
OF SHAREHOLDING |
|
|
|
| COMPANY
INFORMATION |
|
|
| BOARD
OF DIRECTORS |
|
|
| Mr. S.U. Durrani |
|
Chairman |
|
| Mr.
Shahid Mehboob (B.E.L) |
|
| Mr.
Asadullah Khawaja (I.C.P.) |
|
| Mr.
Humayun Raza (NDFC) |
|
| Mr.
Shamsul Hassan |
Chief Executive &
Company Secretary |
|
| Mr. Azhar Amin |
|
| Mr.
M. Fayyaz Khan |
|
|
|
| BANKERS |
|
| National
Bank of Pakistan |
|
| United
Bank Limited |
|
| The
Bank of Khyber |
|
| Banker's
Equity Limited |
|
| Pakistan
Industrial Credit 8, Investment Corporation Limited |
|
| National
Development Finance Corporation |
|
|
| AUDITORS |
|
| Messrs
Rahim Jan & Co. Chartered Accountants. |
|
|
| LEGAL
ADVISOR |
|
| Mian
Noor ul Ghani Advocate |
|
|
| REGISTRAR
AND SHARE TRANSFER OFFICE |
|
| Saeed
Methani Mushtaq & Co., Chartered Accountants, Suite # 23C, Block B, 2nd
Floor, |
|
| Cantonment
Plaza, Fakhr-e-Alam Road, Peshawar Cantt. |
|
|
| HEAD
OFFICE / REGISTERED OFFICE |
|
| Industrial
Estate, Jamrud Road, Peshawar, N.W.F.P. |
|
| Tel:
92-91-812360, 812746 Fax: 92-91-812757 |
|
|
| ZONAL
OFFICES |
|
|
| PESHAWAR |
Industrial Estate, Jamrud
Road, Peshawar |
|
|
Tel: 92-91-812360, 812746 |
|
|
|
|
|
| RAWALPINDI |
82-A, Satellite Town,
Rawalpindi. |
|
|
Tel: 92-51-4410998 Fax:
92-51-4425523 |
|
|
|
|
|
| KARACHI |
1st Floor, Kashif Centre, |
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|
Shahra-e-Faisal, Karachi. |
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|
Tel: 92-21-5673006 |
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|
|
|
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| LAHORE |
186-A/I, Township Lahore |
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|
Tel & Fax:
042-5118081 |
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|
|
| NOTICE
OF THE ANNUAL GENERAL MEETING |
|
|
| Notice
is hereby given that the Nineteenth Annual General Meeting of FRONTIER
CERAMICS LIMITED |
|
| will
be held at 29-Industrial Estate, Jamrud Road, Peshawar on Thursday, December
27, 2001 at 9:00 a.m. |
|
| to
transact the following business: |
|
|
| 1.
To confirm the minutes of the Eighteenth Annual General Meeting of the
Company held on December |
|
| 23, 2000. |
|
|
|
|
|
|
| 2.
To receive, consider and approve the Audited Accounts together with the
Directors' & Auditors' |
|
| Reports
for the year ended June 30, 2001. |
|
|
|
|
|
| 3.
To approve payment of cash dividend for the year ended June 30,2001 as
recommended. |
|
|
|
|
| 4.
To appoint Auditors for the year ending June 30, 2002 and fix their
remuneration. The present Auditors, |
|
| M/s
Rahim Jan & Co. Chartered Accountants, being eligible have offered
themselves for reappointment. |
|
|
|
|
| 5.
To elect Directors of the Company, including the Chief Executive, for a
period of three years, |
|
| commencing
from 16th January 2002, under Section 178 of the Companies Ordinance 1984. |
|
|
| 5.1
Pursuant to section 178 2(b) and 3 of the Companies Ordinance 1984, names of
the retiring |
|
| Directors
are as under and they have offered themselves for re-election: |
|
|
|
|
|
| i)
Mr. S.U Durrani |
v) Mr. Humayun Raza |
|
| ii)
Mr. Shamsul Hassan |
vi) Mr. M. Fayyaz Khan |
|
| iii)
Mr. Asadullah Khawaja |
vii) Mr. Azhar Amin |
|
| iv)
Mr. Shahid Mehboob |
|
|
| To
transact any other business with the permission of the chair. |
|
|
|
|
|
|
BY ORDER OF THE BOARD |
|
| Peshawar. |
|
|
|
|
| December
5, 2001 |
|
|
(Company Secretary) |
|
|
| NOTES: |
|
|
| 1.
The register of Member of the company will be closed from December 20, 2001
to December 27, |
|
| 2001
(both days inclusive). |
|
|
|
|
| 2.
A member entitled to attend and vote at the General Meeting is entitled to
appoint a proxy to attend |
|
| and
vote on his/her behalf. Proxy Forms must be deposited at the Company's
Registered Office, at |
|
| least
than 48 hours before the meeting. |
|
|
| 3.
Members are requested to notify the company or the Registrar of the Company
M/s. Saeed Methani |
|
| Mushtaq
& CO., Chartered Accountant, Suite No. 23-c, 2nd Floor, New Canto Plaza,
Saddar Road, |
|
| Peshawar
for any change in their address. |
|
|
|
|
|
| DIRECTORS'
REPORT |
|
|
| The
Directors are pleased to present the Nineteenth Annual Report together with
the audited accounts of |
|
| the
company for the year ended June 30, 2001. |
|
|
| TURN
AROUND |
|
| We
are grateful to Almighty ALLAH that after sustaining losses for four years
and in spite of serious operational |
|
| difficulties,
your company has been able to achieve a turnaround during the year under
review. Operating |
|
| profit
increased to Rs.32.316 million from Rs. 30.05 million earned during the
preceding year. Net |
|
| profit
for the year, including prior year adjustment amounted to Rs. 10.218 million
against loss of Rs. |
|
| (22.680)
million incurred during 1999-2000. The profit was earned on sales of Rs. 150.
I million which |
|
| were
8.25% lower than the previous year sales of Rs. 163.6 million. |
|
|
| The
above profits have been earned after paying Rs.31 million to the Federal
Government as customs duty |
|
| and
sales tax. Your company has by now contributed over Rs. 477 million to the
national exchequer as |
|
| excise
duty and sales tax, from the start of commercial production to date. |
|
|
| The
above results speak for the efforts made by management in cutting down cost
of production and |
|
| improving
the operating results of the company. I am also pleased to inform you that
the company has |
|
| recently
obtained ISO-9001:2000 certification, the first company to achieve this in
the ceramics sector in |
|
| Pakistan. |
|
|
| The
management has made continuous efforts to optimize tile production and as a
result the production |
|
| capacity
of the kiln has been increased from 1308 Sqm. per day last year to 1482 Sqm.
per day during the |
|
| year
under review, against the rated capacity of 1388 Sqm. per day. This has had a
positive impact on cost |
|
| of
production, and the ratio of cost of goods sold to sales has come down from
63.50% to 61.25%. |
|
|
| Selling
and administrative expenses have been reduced from Rs.29.725 million during
last year to Rs. 25.861 |
|
| million
during the year under review. Financial charges have been reduced from Rs.
27.327 million in year |
|
| 2000
To Rs. 14.933 million for the year under review. |
|
|
| APPROPRIATIONS |
|
|
|
|
(Rs. in million) |
|
|
|
2001 |
|
|
| Sales |
|
|
150.137 |
|
|
|
|
------------------- |
|
| Gross Profit |
|
|
58.178 |
|
| Less:
Admin, Selling & Distribution Expenses |
|
25.862 |
|
|
|
|
------------------- |
|
| Operating
Profit/(Loss) |
|
32.317 |
|
| Add:
Other Income |
|
1.461 |
|
|
|
|
------------------- |
|
|
|
|
33.777 |
|
| Less:
Financial Expenses & Depreciation |
|
28.558 |
|
| Workers
Profit Participation Fund |
|
0.223 |
|
| Provision
for Taxation |
|
0.751 |
|
|
|
|
------------------- |
|
| Profit/(Loss)
for the year |
|
4.245 |
|
| Prior
Year Adjustment |
|
5.973 |
|
|
|
|
------------------- |
|
|
|
|
10.218 |
|
| Proposed
Dividend @ 5% |
|
3.871 |
|
|
|
|
6.347 |
|
| Accumulated
Loss Brought Forward |
|
(66.540) |
|
|
|
|
------------------- |
|
| Profit/(Loss)
carried to Balance Sheet |
|
(60.192) |
|
|
========== |
|
|
| DIVIDEND |
|
| Your
Directors recommend the payment of a cash dividend @5% out of the current
year's profit. |
|
|
|
| FUTURE
OUTLOOK |
|
| With
continuous innovation the company is able to increase both the production of
tiles and the variety of |
|
| tile
sizes. Work has also commenced on making value added decorative tiles, which
will soon be introduced |
|
| in
the market. The company plans to install a roller kiln which will increase
production capacity by 1000 |
|
| Sqm/day. |
|
|
| On
the Sanitary Ware side the company will introduce at least two new designs
and accessories. |
|
|
| ACKNOWLEDGEMENT |
|
| The
Board acknowledges the dedication and hard work of the Company's staff during
the year. |
|
|
| PATTERN
OF SHAREHOLDING |
|
| The
pattern of shareholding is given on page No. 28. |
|
|
| AUDITORS |
|
| The
present Auditors, M/s Rahim Jan & Co. Chartered Accountants, retire and
being eligible, offer themselves |
|
| for
re-appointment. |
|
|
|
|
On behalf of the Board of Directors |
|
|
|
|
|
|
|
S.U. DURRANI |
|
|
|
Chairman |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of FRONTIER CERAMICS LIMITED as at
June 30, 2001 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 accounts 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 object 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 30th June |
|
| 2001
and of the profit, its cash flow and changes in equity for the year then
ended; and |
|
|
| (d)
No Zakat was deductible at source under the Zakat and Ushr Ordinance, 1980. |
|
|
|
|
RAHIM JAN & CO. |
|
| Date:
26, October 2001 |
|
Chartered Accountants. |
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 2001 |
|
|
|
|
NOTES |
2001 |
2000 |
|
|
|
|
(Rs.) |
(Rs.) |
|
| TANGIBLE
FIXED ASSETS |
|
|
|
| Fixed
Assets - at cost less Depreciation |
12 |
321,533,246 |
335,459,859 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
321,533,246 |
335,459,859 |
|
| Long
term deposits |
|
13 |
298,250 |
105,750 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
321,831,496 |
335,565,609 |
|
|
|
|
|
| Long
term Loans (PICIC/NDFC) |
|
7 |
69,203,047 |
80,382,764 |
|
| Long
term Loans BEL consortium |
|
6 |
39,569,745 |
47,470,713 |
|
| Deferred
Liabilities |
|
5 |
36,068,480 |
42,041,258 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
144,841,272 |
169,894,735 |
|
| CURRENT
ASSETS |
|
|
|
| Stores,
spares and loose tools - at cost |
14 |
29,858,315 |
27,208,863 |
|
| Stock
in trade - at cost |
|
15 |
170,948,428 |
155,881,632 |
|
| Trade debts |
|
16 |
71,625,864 |
67,561,765 |
|
| Advances,
Deposits, Pre-payments and |
|
|
| other
Receivables |
|
17 |
15,151,766 |
21,770,740 |
|
| Cash
and bank balances |
|
18 |
9,121,415 |
11,852,645 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
296,705,788 |
284,275,645 |
|
| CURRENT
LIABILITIES |
|
|
|
| Finance
under Markup Arrangements |
8 |
89,434,406 |
90,402,942 |
|
| Current
portion of long term loan liabilities |
9 |
20,530,610 |
20,814,000 |
|
| Creditors,
accrual and other liabilities |
10 |
587,144,001 |
43,931,365 |
|
| Dividends |
|
|
38,706,001 |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
172,550,016 |
155,148,307 |
|
|
|
|
------------------ |
------------------ |
|
| NET
CURRENT ASSETS |
|
|
124,155,772 |
129,127,338 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
301,145,996 |
294,798,212 |
|
|
|
========== |
========== |
|
|
|
|
| REPRESENTED
BY |
|
|
|
|
| Issued,
Subscribed & Paidup Capital |
3 |
77,412,000 |
77,412,000 |
|
| Unappropriated
Profit/(Loss) |
|
|
(60,191,780) |
(66,539,564) |
|
|
|
|
------------------ |
------------------ |
|
| SHAREHOLDERS'
EQUITY |
|
|
17,220,220 |
10,872,436 |
|
| Surplus
on Revaluation of Fixed Assets |
4 |
283,925,776 |
283,925,776 |
|
|
|
|
------------------ |
------------------ |
|
| Contingencies
and Commitments |
|
11 |
301,145,996 |
294,798,212 |
|
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
SHAMSUL HASSAN |
|
MUHAMMAD FAYYAZ |
|
|
Chief Executive |
|
Director |
|
|
|
|
|
| PROFIT
& LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
|
|
NOTES |
2001 |
2000 |
|
|
|
(Rs.) |
(Rs.) |
|
|
|
|
| Sales - Net |
|
19 |
150,137,255 |
163,600,945 |
|
| Cost of Sales |
|
20 |
91,959,069 |
103,816,370 |
|
|
|
|
------------------ |
------------------ |
|
| Gross Profit |
|
|
58,178,186 |
59,784,575 |
|
|
------------------ |
------------------ |
|
|
|
|
|
| OPERATING
EXPENSES |
|
|
|
| Administrative
Expenses |
|
21 |
14,120,326 |
17,450,344 |
|
| Selling
and Distribution Expenses |
|
22 |
11,741,347 |
12,275,055 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
25,861,673 |
29,725,399 |
|
|
------------------ |
------------------ |
|
| Operating
Profit / (Loss) |
|
|
32,316,513 |
30,059,176 |
|
|
|
|
------------------ |
------------------ |
|
| Gain/(Loss)
on disposal of fixed assets |
|
1,428,103 |
6,395,887 |
|
| Profit
on PLS Saving Account |
|
|
32,921 |
400,489 |
|
| Other Income |
|
|
-- |
18,138 |
|
|
------------------ |
------------------ |
|
|
|
|
1,461,024 |
6,814,514 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
33,777,537 |
36,873,690 |
|
| Financial
Charges |
|
24 |
14,933,935 |
27,327,713 |
|
| Depreciation |
|
12 |
13,623,966 |
29,454,385 |
|
| Worker
Profit Participation Fund |
|
|
223,449 |
-- |
|
|
|
------------------ |
------------------ |
|
|
|
|
28,781,350 |
56,782,098 |
|
| Profit
before Taxation |
|
|
4,996,187 |
(19,908,408) |
|
| Taxation:
Current - Turnover Tax |
|
25 |
750,686 |
1,025,264 |
|
| Prior
year adjustment |
|
|
5,972,883 |
(1,746,592) |
|
| Profit
after Taxation |
|
|
10,218,384 |
(22,680,264) |
|
|
|
|
|
|
|
| Appropriations: |
|
| Proposed
Dividend @ 5% |
|
|
(3,870,600) |
-- |
|
|
------------------ |
------------------ |
|
|
|
|
6,347,784 |
(22,680,264) |
|
| Accumulated
loss brought forward |
|
(66,539,564) |
(43,859,300) |
|
| Accumulated
loss carried over to Balance Sheet |
|
(60, 191,780) |
(66,539,564) |
|
|
|
|
========== |
========== |
|
| Earning
per Share |
|
27 |
1.32 |
(2.92) |
|
|
|
|
========== |
========== |
|
|
| The
Annexed Notes form an integral part of these accounts. |
|
|
|
SHAMSUL HASSAN |
|
MUHAMMAD FAYYAZ |
|
|
Chief Executive |
|
Director |
|
|
|
| STATEMENT
OF CHANGES IN FINANCIAL POSITION |
|
| (CASH
FLOW STATEMENT) FOR THE YEAR ENDED JUNE 30, 2001 |
|
|
|
|
2001 |
2000 |
|
|
|
(Rs.) |
(Rs.) |
|
|
| Cash
collected from customers |
|
|
146,073,156 |
168,814,011 |
|
| Cash
paid to suppliers |
|
|
(90,438,817) |
(103,816,370) |
|
| Administrative
Expenses paid |
|
|
(13,644,508) |
(16,808,785) |
|
| Selling
& Distribution expenses paid |
|
(11,741,347) |
(12,275,055) |
|
| Bank
Charges paid |
|
|
(444,321) |
(640,523) |
|
| Other
Income received |
|
|
1,461,024 |
6,814,514 |
|
| Decrease
/ (Increase) in pre-payments and |
|
|
|
| other
receivables |
|
|
6,618,977 |
6,848,438 |
|
| Increase/Decrease
in accruals and other liabilities |
|
12,717,368 |
(2,526,523) |
|
| (Decrease)
/ Increase in loan (net) |
|
|
(3,066,539) |
5,689,608 |
|
| (Decrease)
/ Increase in finance under |
|
|
|
| mark-up
arrangements |
|
|
(968,536) |
215,775 |
|
| Decrease
/ (Increase) in inventory |
|
|
(17,716,248) |
4,479,198 |
|
|
|
|
------------------ |
------------------ |
|
| Cash
generated from operation |
|
|
28,850,209 |
56,794,288 |
|
|
| CASH
(OUTFLOWS) INFLOWS FROM |
|
| INVESTING
ACTIVITIES |
|
| Addition
in fixed assets |
|
|
(2,005,073) |
(117,400) |
|
| Change
due to sale of fixed assets |
|
|
1,831,897 |
1,469,301 |
|
| Long
Term Deposits |
|
|
(192,500) |
646,950 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(365,676) |
1,998,851 |
|
|
| CASH
(OUTFLOWS) INFLOWS FROM |
|
| FINANCE
ACTIVITIES |
|
| Deferred
Mark-up |
|
|
-- |
(7,187,364) |
|
| Long
Term Loan PICIC |
|
(11,535,720) |
(11,535,720) |
|
|
NDFC |
|
|
-- |
(4,272,000) |
|
|
BEL & Consortium |
|
(8,184,358) |
(10,547,340) |
|
| Interest
Expenses |
|
(11,495,685) |
(27,761,412) |
|
|
|
------------------ |
------------------ |
|
|
|
(31,215,763) |
(61,303,836) |
|
| Net
- Increase/(Decrease) in Cash & Cash equivalent |
(2,731,230) |
(2,510,697) |
|
| Cash
and Cash equivalent as at July 1st |
|
11,852,645 |
14,363,342 |
|
|
|
|
------------------ |
------------------ |
|
| Cash
and Cash equivalent as June 30th |
|
9,121,415 |
11,852,645 |
|
|
========== |
========== |
|
|
|
SHAMSUL HASSAN |
|
MUHAMMAD FAYYAZ |
|
|
Chief Executive |
|
Director |
|
|
|
| STATEMENT
OF CHANGES IN EQUITY |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
|
|
Issued |
|
|
|
Subscribed and |
Revaluation |
Accumulated |
Total |
|
|
Paid-up Capital |
Reserve |
Profit / (Loss) |
|
|
|
| Balance
at 30th June 1999 |
77,412,000 |
283,925,776 |
(43,859,300) |
317,478,476 |
|
| Issue
of Shares Capital |
-- |
-- |
-- |
-- |
|
| Profit/(Loss)
after taxation |
-- |
-- |
(22,680,264) |
(22,680,264) |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
| Balance
at 30th June 2000 |
77,412,000 |
283,925,776 |
(66,539,564) |
294,798,212 |
|
| Proposed
Dividend |
-- |
-- |
(3,870,600) |
(3,870,600) |
|
| Profit/(Loss)
after taxation |
-- |
-- |
10,218,384 |
218,384 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
| Balance
at 30th June 2001 |
77,412,000 |
283,925,776 |
(60,191,780) |
301,145,996 |
|
|
========== |
========== |
========== |
========== |
|
|
|
SHAMSUL HASSAN |
|
MUHAMMAD FAYYAZ |
|
|
Chief Executive |
|
Director |
|
|
|
|
|
| NOTES
TO THE ACCOUNTS |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
|
| 1.
THE COMPANY AND ITS OPERATIONS |
|
| Frontier
Ceramics Limited was incorporated in Pakistan in July 1982 as a Public
Limited Company, and |
|
| was
listed on the Karachi and Lahore Stock Exchange in March 1992. |
|
|
|
| 2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|
|
|
|
| 2.01
Basis of Preparation of Financial Statements |
|
|
| These
financial statement have been prepared in accordance with International
Accounting |
|
| standard
as applicable in Pakistan, and under the historical cost convention as
modified by |
|
| capitalisation
of certain exchange difference in the cost of relevant assets without any |
|
| adjustments
for the effects of inflation, except plant and machinery which has been
re-valued |
|
| (Note No.4) |
|
|
|
| 2.02
Staff Retirement Benefits |
|
|
|
| The
Company operat |
