| Japan Power Generation Limited |
|
|
|
|
|
|
| Annual
Report 2001 |
|
|
| CONTENTS |
|
|
| COMPANY
INFORMATION |
|
| NOTICE
OF MEETING |
|
| DIRECTORS'
REPORT |
|
| AUDITORS'
REPORT |
|
| BALANCE
SHEET |
|
| PROFIT
AND LOSS ACCOUNT |
|
| CASH
FLOW STATEMENT |
|
| STATEMENT
OF CHANGES 1N EQUITY |
|
| NOTES
TO THE ACCOUNTS |
|
|
|
| PATTERN
OF SHAREHOLDINGS |
|
|
| CATEGORIES
OF SHAREHOLDERS |
|
|
|
|
|
|
| COMPANY
INFORMATION |
|
|
| BOARD
OF DIRECTORS |
|
| MR.
ZAFAR MAHMOOD |
(CHIEF EXECUTIVE) |
|
| SHEIKH
NAZAZ ALI |
|
| MR.
HASEEB KHAN |
|
| MR.
SAITO YOSHIHIRO |
|
| MR.
MUHAMMAD ALI |
|
| MR.
ASAD ALI UPPAL |
|
| MR.
AKHTAR ALI UPPAL |
|
| MR.
FAISAL QAMAR UPPAL |
|
| MR.
TAKASHI KABURAGI |
|
| MR.
SHAHARYAR AHMED |
|
| MR.
MAHMOOD AHMED |
|
| MR.
JAMSHED A. KHALIQ DINA |
|
| SHEIKH
MAHMOOD ALI |
|
| MRS.
SAMINA ZAFAR |
|
|
| COMPANY
SECRETARY |
|
| SYED
ZAFAR HAIDER |
|
|
| AUDITORS |
|
| HYDER
BHIMJI & CO., |
|
| CHARTERED
ACCOUNTANTS |
|
| & |
|
| JAVAID
JALAL AMJAD & CO., |
|
| CHARTERED
ACCOUNTANTS |
|
|
| LEGAL
ADVISORS |
|
| WALKER
MARTINEAU |
|
| SALEEM |
|
|
| BANKERS |
|
| PRIME
COMMERCIAL BANK LTD. |
|
| ASKARI
COMMERCIAL BANK LTD. |
|
| ALLIED
BANK OF PAKISTAN LTD. |
|
|
| REGISTERED
OFFICE |
|
| 26,
PESHAWAR BLOCK, |
|
| FORTRESS
STADIUM, |
|
| LAHORE
CANTT. |
|
| TEL:
6668156 - 57 |
|
| FAX: 6664625 |
|
|
| PLANT
LOCATION |
|
| JIA
BAGGA RAILWAY STATION, |
|
| RAIWIND
ROAD, DISTRICT LAHORE. |
|
| TEL:
5835864 - 68 |
|
| FAX: 5835860 |
|
|
|
| NOTICE
OF ANNUAL GENERAL MEETING |
|
|
| Notice
is hereby given that the 7th Annual General Meeting of the members of Japan
Power Generation Limited will be held on |
|
| Monday
the 31st December, 2001, at 10:00 A.M. at plant site located at Khan - e -
Nepal Road, near Jia Bagga Railway Station, |
|
| Raiwind
Road, District Lahore to transact the following business: |
|
|
| 1.
To confirm the minutes of the last Annual General Meeting held on December
26, 2000. |
|
|
|
|
| 2.
To receive, consider and adopt the audited accounts of the Company for the
financial year ended June 30, 2001 |
|
| together
with the Auditors' and Directors' reports thereon. |
|
|
|
|
|
| 3.
To appoint auditors of the company for the year ending June 30, 2002 and fix
their remuneration. |
|
|
|
|
| 4.
To elect twelve Directors of the company for a period of three years in
accordance with section 178(1) of the |
|
| Companies
Ordinance, 1984 in place of the retiring Directors namely: |
|
|
| MR.
ZAFAR MAHMOOD |
SHEIKH NAZAZ ALI |
|
| MR.
HASEEB KHAN |
MR. AKHTAR ALI UPPAL |
|
| MR.
ASAD ALI UPPAL |
MR. FAISAL QAMAR UPPAL |
|
| SHEIKH
MAHMOOD ALI |
MR. MUHAMMAD ALI |
|
| MR.
SAITO YOSHIHIRO |
MR. TAKASHI KABURAGI |
|
| MRS.
SAMINA ZAFAR |
MR. MAHMOOD AHMED |
|
|
| All
retiring Directors are eligible for re-election. |
|
|
|
|
|
| 5.
To transact any other business that may be placed before the meeting with the
permission of the Chair. |
|
|
|
|
For and on behalf of the |
|
|
|
Board of Directors |
|
|
|
|
|
|
| Lahore: |
|
|
SYED ZAFAR HAIDER |
|
| Dated:
December 09, 2001. |
|
(Company Secretary) |
|
|
| Notes: |
|
|
| i)
The Share Transfer Books of the company will remain closed from December 21,
2001 to December 31, 2001 (both |
|
| days inclusive). |
|
|
|
|
|
|
| ii)
In terms of Section 178(3) of the Companies Ordinance, 1984 any candidate who
seeks to contest the election shall |
|
| file
with the Company at the Head Office, not later than 14 days before the date
of meeting, a notice of his/her intention |
|
| to
offer himself/herself for election as a director. |
|
|
|
|
|
|
| iii)
A member entitled to attend and vote at the above meeting may appoint another
person as proxy. Proxies, in order to |
|
| be
effective, must be received at 26-Peshawar Block, Fortress Stadium, Lahore
Cantt., the registered office of the |
|
| company
not later than forty-eight hours before the time of the meeting and must be
duly stamped, signed and |
|
| witnessed. |
|
|
|
|
|
|
| iv)
Members are requested to immediately notify the change in address, if any. |
|
|
|
| DIRECTORS'
REPORT |
|
|
| Your
Directors feel pleasure in presenting the seventh Annual Report and Audited
Accounts for the year ended June 30, 2001· |
|
|
| PRINCIPAL
ACTIVITIES |
|
| The
principal activities of the company are to own, operate and maintain a
thermal power house with an installed capacity of |
|
| 135 MW. |
|
|
| PRESENT
STATUS |
|
| The
plant was operated to a high standard of efficiency and availability. The
high efficiency rates were achieved through regular |
|
| maintenance
carried out on all 24 units during the year. Routine and preventive
maintenance programs have been completed |
|
| within
budget as scheduled. |
|
|
| Necessary
work for increasing stack heights to meet the environmental standards have
been successfully completed and the |
|
| independent
engineer from Holland have issued the certificate in satisfaction of
conditions laid down for granting commercial |
|
| operation
by WAPDA. Now all the conditions precedent for commercial operation stand
fully met. |
|
|
| The
company has finalized repayment arrangement with Banks Syndicate for their
outstanding loans. The revised agreements |
|
| have
been signed by majority of the Syndicate Members. The company is upto date in
meeting its obligations towards its lenders |
|
| in
accordance with the said arrangements. |
|
|
| GENERAL |
|
| Turnover
for the year was Rs.1,508,086,301 and production cost was Rs.1,084,055,027
resulting into a gross profit of |
|
| Rs.424,031,274
but due to heavy burden of financial cost of Rs.541,267,420, the gross profit
has been converted into net loss. It |
|
| is
expected that as the company is making payments to reduce its debt these
financial charges will be reduced accordingly and |
|
| gradually
the company will be in a position to show positive results. |
|
|
| The
Directors wish to thank the members, staff and management of the company for
their devotion and hard work. |
|
|
| AUDITORS |
|
| Retiring
Auditors Messrs Hyder Bhimji & Company and Javaid Jalal Amjad &
Company, Chartered Accountants, being eligible, |
|
| offer
themselves for reappointment. |
|
|
| DIRECTORS |
|
| The
term of present Directors ceases on 31-12-2001. The Board of Directors has
fixed the number of Directors to be elected at |
|
| twelve,
as required under section 178(1) of the Companies Ordinance, 1984. The
present Directors retire but are eligible for re- |
|
| election. |
|
|
| PATTERN
OF SHARE HOLDING |
|
| Statement
reflecting the Pattern of shareholding as at June 30, 2001 is attached. |
|
|
|
|
ON BEHALF OF THE |
|
|
|
BOARD OF DIRECTORS |
|
|
|
|
|
|
| LAHORE:
November 28, 2001. |
|
CHIEF EXECUTIVE |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of Japan Power Generation 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 purpose 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, 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 June 30, 2001 and of the loss, its cash flows and changes in equity for
the year then ended; and |
|
|
| d)
in our opinion, no zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
|
|
|
|
|
Javaid Jalal Amjad & Co. |
|
|
Hyder Bhimji & Co. |
|
|
Chartered Accountants |
|
Chartered Accountants |
|
|
| Lahore:
November 28, 2001. |
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 2001 |
|
|
|
Note |
2001 |
2000 |
|
|
|
Rupees |
Rupees |
|
|
| Share capital |
|
| Authorized |
|
|
| 150,000,000
Ordinary shares of Rs. 10 each |
|
1,500,000,000 |
1,500,000,000 |
|
|
|
|
|
========== |
========== |
|
| Issued,
subscribed and paid-up |
|
|
|
|
| 133,200,000
Ordinary shares of Rs. 10 each, |
|
|
| Issued for cash |
|
1,332,000,000 |
1,332,000,000 |
|
| Accumulated
loss |
|
|
(255,131,474) |
(67,567,284) |
|
|
------------------ |
------------------ |
|
| Shareholders'
equity |
|
|
1,076,868,526 |
1,264,432,716 |
|
| Sponsors'
interest free loan - unsecured |
|
168,375,918 |
168,375,918 |
|
| Long
term loans / finances |
|
3 |
4,221,590,446 |
3,989,830,228 |
|
| Liabilities
against assets |
|
|
|
|
| subject
to finance lease |
|
4 |
-- |
1,292,779 |
|
| Deferred
liabilities - gratuity |
|
|
3,812,900 |
2,545,200 |
|
|
|
|
|
|
| Current
liabilities |
|
|
|
| Shod
term borrowings |
|
5 |
76,607,678 |
102,104,065 |
|
|
| Finance
against dishonoured bill |
|
6 |
-- |
7,386,718 |
|
|
| Current
portion of long term liabilities |
7 |
820,166,402 |
733,600,387 |
|
|
| Creditors,
accrued and other liabilities |
8 |
593,136,412 |
788,313,808 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
1,489,910,492 |
1,631,404,978 |
|
|
| Contingencies
and commitments |
|
9 |
|
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
6,960,558,282 |
7,057,881,819 |
|
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
DIRECTOR |
|
|
|
| Fixed
capital expenditure |
|
| Operating
Fixed assets |
|
10 |
6,575,065,767 |
6,662,913,491 |
|
| Capital
work-in-progress |
|
11 |
26,785,070 |
1,072,500 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
6,601,850,837 |
6,663,985,991 |
|
| Deferred cost |
|
2.8 |
48,105,980 |
61,093,172 |
|
| Current assets |
|
|
|
|
| Stores
and spares |
|
12 |
7,997,450 |
-- |
|
| Stock in trade |
|
13 |
48,702,941 |
23,377,062 |
|
| Trade debts |
|
14 |
140,895,047 |
156,859,790 |
|
| Advances,
deposits, prepayments and |
|
|
|
| other
receivables |
|
15 |
64,048,141 |
97,534,213 |
|
| Cash
and bank balances |
|
16 |
48,957,886 |
55,031,591 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
310,601,465 |
332,802,656 |
|
|
|
|
------------------ |
------------------ |
|
|
|
6,960,558,282 |
7,057,881,819 |
|
|
|
========== |
========== |
|
|
|
|
|
DIRECTOR |
|
|
CHIEF EXECUTIVE |
|
|
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE YEAR ENDED JUNE 30, 2001 |
|
|
|
|
|
Note |
2001 |
2000 |
|
|
|
Rupees |
Rupees |
|
|
|
|
| Sales |
|
17 |
1,508,086,301 |
374,473,635 |
|
| Cost of sales |
|
18 |
1,084,055,027 |
237,310,344 |
|
|
|
|
------------------ |
------------------ |
|
| Gross profit |
|
|
|
424,031,274 |
137,163,291 |
|
|
|
|
|
| Operating
expenses |
|
|
|
| Administration
and general |
|
19 |
41,477,608 |
7,049,700 |
|
|
|
|
------------------ |
------------------ |
|
| Operating profit |
|
|
|
382,553,666 |
130,113,591 |
|
|
|
|
|
| Other income |
|
|
20 |
7,931,784 |
1,139,270 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
390,485,450 |
131,252,861 |
|
| Financial
and other Charges |
|
| Financial
charges |
|
21 |
541,267,420 |
143,597,279 |
|
| Other charges |
|
|
22 |
36,395,425 |
55,173,706 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
577,662,845 |
198,770,985 |
|
|
|
|
------------------ |
------------------ |
|
| Operating
loss before taxation |
|
(187,177,395) |
(67,518,124) |
|
|
| Provision
for taxation: |
|
| Current
taxation on other income |
|
|
(386,795) |
(49,160) |
|
|
|
|
------------------ |
------------------ |
|
| Loss
after taxation |
|
|
(187,564,190) |
67,567,284) |
|
| Accumulated
loss brought forward |
|
(67,567,284) |
-- |
|
|
|
|
|
------------------ |
------------------ |
|
| Accumulated
loss carried forward |
|
(255,131,474) |
67,567,284) |
|
|
|
|
|
========== |
========== |
|
| Earnings
per share of Rs. 10 each |
23 |
(1.41) |
(0.51) |
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
DIRECTOR |
|
DIRECTOR |
|
CHIEF EXECUTIVE |
|
|
|
| CASH
FLOW STATEMENT FOR THE YEAR ENDED JUNE 30, 2001 |
|
|
|
|
|
2001 |
2000 |
|
|
|
|
Rupees |
Rupees |
|
|
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
| Net
loss before taxation |
|
|
(187,177,395) |
(67,518,124) |
|
|
|
| Adjustment
for non-cash and other items: |
|
| Depreciation |
|
|
230,050,399 |
65,299,753 |
|
| Provision
for gratuity |
|
1,337,700 |
693,900 |
|
| Amortisation
of deferred cost |
|
12,987,192 |
3,842,785 |
|
| Financial
Charges |
|
541,267,420 |
143,597,279 |
|
|
|
------------------ |
------------------ |
|
|
|
785,642,711 |
213,433,717 |
|
|
|
------------------ |
------------------ |
|
| Operating
profit before working capital changes |
|
598,465,316 |
145,915,593 |
|
|
|
| Working
capital changes |
|
| Stores
and spares |
|
(7,997,450) |
-- |
|
| Stock in trade |
|
|
(25,325,879) |
36,430,308 |
|
| Trade debts |
|
|
15,964,743 |
(156,859,790) |
|
| Advances,
deposits, prepayments and other receivables |
33,279,303 |
(90,291,809) |
|
| Creditors,
accrued and other liabilities |
|
(93,767,656) |
121,355,497 |
|
|
|
------------------ |
------------------ |
|
|
|
(77,846,939) |
(89,365,794) |
|
|
|
------------------ |
------------------ |
|
| Cash
inflow after working capital changes |
|
520,618,377 |
56,549,799 |
|
|
| Financial
charges paid |
|
(642,677,160) |
-- |
|
| Gratuity paid |
|
|
(70,000) |
-- |
|
| Income tax paid |
|
|
(180,026 |
(6,012,419) |
|
|
|
------------------ |
------------------ |
|
|
|
(642,927,186) |
(6,012,419) |
|
|
|
------------------ |
------------------ |
|
| Net
cash (used in) / generated from operating activities |
(122,308,808) |
50,537,380 |
|
|
|
|
|
| CASH
FLOW FROM INVESTING ACTIVITIES |
|
| Fixed
capital expenditure |
|
|
(167,915,245) |
(1,154,228,663) |
|
|
|
|
------------------ |
------------------ |
|
| Net
cash used in investing activities |
|
(167,915,245) |
(1,154,228,663) |
|
|
| CASH
FLOW FROM FINANCING ACTIVITIES |
|
| Long-term
loans / finances |
|
317,033,454 |
947,969,277 |
|
| Sponsors'
interest free loan |
|
-- |
597,906,921 |
|
| Finance
against dishonoured bill (FADB) |
|
(7,386,718) |
(11,106,069) |
|
| Short
term borrowings |
|
(25,496,387) |
102,104,065 |
|
|
|
------------------ |
------------------ |
|
| Net
cash provided by financing activities |
|
284,150,349 |
1,098,757,965 |
|
|
|
|
------------------ |
------------------ |
|
| Net
decrease in cash and cash equivalents |
|
(6,073,705) |
(4,933,318) |
|
| Cash
and cash equivalents at the beginning of the year |
55,031,591 |
59,964,909 |
|
|
|
------------------ |
------------------ |
|
| Cash
and cash equivalents at the end of the year (Note-16) |
48,957,886 |
55,031,591 |
|
|
========== |
========== |
|
|
|
DIRECTOR |
|
DIRECTOR |
|
CHIEF EXECUTIVE |
|
|
|
| STATEMENT
OF CHANGES IN EQUITY FOR THE YEAR ENDED JUNE 30, 2001 |
|
|
|
|
Share |
Accumulated |
Total |
|
|
|
Capital |
Profit/(Loss) |
|
|
|
|
|
|
|
|
Rupees |
Rupees |
Rupees |
|
|
| Balance
as at July 1, 1999 |
|
1,332,000,000 |
-- |
1,332,000,000 |
|
| Profit
/ (loss) for the period |
|
-- |
(67,567,284) |
(67,567,284) |
|
|
|
------------------ |
------------------ |
------------------ |
|
| Balance
as at June 30, 2000 |
|
1,332,000,000 |
(67,567,284) |
1,264,432,716 |
|
| Profit
/ (loss) for the year |
|
-- |
(187,564,190) |
(187,564,190) |
|
|
|
------------------ |
------------------ |
------------------ |
|
| Balance
as at June 30, 2001 |
|
1,332,000,000 |
(255,131,474) |
1,076,868,526 |
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DIRECTOR |
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DIRECTOR |
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CHIEF EXECUTIVE |
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| NOTES
TO THE ACCOUNTS FOR THE YEAR ENDED JUNE 30, 2001 |
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| 1.
STATUS AND ACTIVITIES |
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| Japan
Power Generation Limited is a public company, incorporated on September 29,
1994 under the Companies |
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| Ordinance,
1984 and its shares are quoted on Lahore and Karachi Stock Exchanges. The
principal business of the |
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| company
is to generate and supply electric power to WAPDA. The company commenced
actual commercial operations |
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| w.e.f.
March 15, 2000. |
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| 2.
SIGNIFICANT ACCOUNTING POLICIES |
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| 2.1
Basis of preparation |
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| These
accounts have been prepared in accordance with the requirements of the
Companies Ordinance, |
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| 1984
and International Accounting Standards (IAS) as applicable in Pakistan. |
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| 2.2
Accounting convention |
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| These
accounts have been prepared under the historical cost convention modified by
capitalization of |
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| exchange
differences referred to in note 2.9. |
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| 2.3
Staff retirement benefits |
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| The
company operates an unfunded gratuity scheme covering all its permanent
employees. Provision is |
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| made
annually to cover the liability under the scheme. |
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| 2.4 Taxation |
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| The
company's profit and gains from Power Generation are exempt from tax under
clause 176 of the Second |
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| Schedule
- Part I to the Income Tax Ordinance, 1979. The company is also exempt from
minimum tax on |
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| turnover
under clause 20 of the Second Schedule - Part IV to the Income Tax Ordinance,
1979. Tax on |
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| income
from sources not covered under the above clauses is determined in accordance
with the normal |
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| provisions
of the Income Tax Ordinance, 1979. |
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| 2.5
Operating fixed assets and depreciation |
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| Operating
fixed assets except land are stated at cost less accumulated depreciation.
Land and capital work |
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| in
progress are stated at cost. Cost of certain fixed assets comprises of
historical cost and exchange |
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| differences
referred to in note 2.9. |
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| Depreciation
on operating fixed assets is charged to profit on straight line method so as
to write off the |
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| historical
cost of an asset over its estimated useful life at the annual rates mentioned
in note 10. The net |
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| exchange
difference relating to an asset, at the end of each year is amortized in
equal installments over its |
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| remaining
useful life. Full year's depreciation is charged on additions during the
year, while no depreciation is |
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| charged
on assets deleted during the year. |
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| Maintenance
and normal repairs are charged to income as and when incurred. Major renewals
and |
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| improvements
are capitalized. Gains and losses on disposal are taken to income. |
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| 2.6
Accounting for leased Assets |
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| a)
Assets under finance lease are stated at lower of present value of minimum
lease payments under the |
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| lease
agreement and the fair value of assets. Depreciation on these assets is
charged according to |
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| company's
policy for similar assets. |
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| b)
The aggregate amount of obligation relating to assets subject to finance
lease is accounted for at the |
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| net
principal liability under the lease agreement. |
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| c)
Finance charges are allocated over the lease term so as to produce constant
periodic rate of return on |
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outstanding principal liability for each period. |
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| 2.7
Stores, spares and stock in trade |
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| These
are valued at lower of cost or net realizable value. Cost is calculated as
follows: |
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| Stores
and spares |
Moving average |
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| Stock in trade |
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| Residual fuel oil |
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First in first out basis |
