| Javedan Cement Limited |
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| Annual
Report 2001 |
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| CONTENTS |
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| Corporate
Information |
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| Notice
of Annual General Meeting |
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| Director's
Report to the Shareholders |
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| Pattern
of Shareholding |
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| Auditor's
Report to the Members |
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| Balance Sheet |
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| Profit
and Loss Account |
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| Statement
of Changes in Financial Position |
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| Notes
to the Accounts |
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| CORPORATE
INFORMATION |
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| BOARD
OF DIRECTORS: |
Zahid Hussain |
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Chairman |
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Aijaz Ahmed |
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Actg. Managing Director |
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Abdul Hafeez Choudhry |
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Ikram-ul-Haq Siddiqui |
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Tariq Kirmani |
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|
Syed Haroon Rasheed |
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Khawaja Saqib Naim |
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| SECRETARY: |
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S.M.H. Rizvi |
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| AUDITORS: |
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Ibrahim, Shaikh & Co. |
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Chartered Accountants, |
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Karachi |
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| BANKERS: |
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United Bank Ltd. |
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Muslim Commercial Bank
Ltd. |
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National Bank of Pakistan |
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Habib Bank Ltd. |
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Allied Bank of Pakistan
Ltd. |
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| REGISTERED
OFFICE: |
Al-Haroon, 2nd Floor |
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10-Agha Khan III Road, |
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Karachi-74400 |
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Tel: 9215281-82 |
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Fax: 9215592 |
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Telegram: JAVCEMT |
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Email:
javedancement@hotmail.com |
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|
javedancement@yahoo.com |
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| WORKS: |
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Manghopir, |
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Karachi-75890 |
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Tel: 6980026 |
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Fax: 92-21-6980132 |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the 39th Annual General Meeting of Shareholders of
Javedan Cement |
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| Limited,
Karachi, will be held at 10.00 A.M, on Thursday, the 27th December, 2001, at
Haji Abdullah |
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| Haroon
Muslim Gymkhana, Awan-e-Saddar Road, behind Shaheen Complex Karachi, in order
to |
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| transact
the following business:- |
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| 1.
To confirm the Minutes of 38th Annual General Meeting. |
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| 2.
To receive and adopt the Audited Accounts of the Company for the year ended
30th June 2001, |
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| together
with the Reports of Directors and Auditors thereon. |
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| 3.
To appoint Auditors and fix their remuneration. M/s. Ibrahim, Shaikh &
Company, Chartered |
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| Accountants,
the retiring Auditors, have offered themselves for re-appointment as Auditors
of the |
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| Company
for the year 2001-2002. |
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| 4.
Any other business with the permission of the Chair. |
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By order of the Board |
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|
S. M. H. RIZVI |
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| Karachi,
27th November, 2001. |
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Company Secretary |
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| NOTES: |
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| 1.
The Share Transfer books of the Company wilt remain closed from 18-12-2001 to
27-12-2001 |
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| (both
days inclusive) to effect the transfer of shares, as at the close of business
on 17-12-2001. |
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|
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| 2.
Shareholders are requested to immediately notify the Company of change in
their addresses, if |
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| any. |
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| 3.
Shareholders are further requested to quote their Folio numbers in all
correspondence with the |
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| Company
and at the time of attending Annual General Meeting. |
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| 4.
Shareholders who have deposited their shares into Central Depository Company
of Pakistan |
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| Limited
(CDC) are requested to bring their original NIC/Passport alongwith their
account number |
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| in
CDC and Participant's ID Number for verification. |
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| 5.
A member entitled to attend and vote at this meeting is entitled to appoint
another member as |
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| his/her
proxy to attend and vote instead of him/her. Proxies, in order to be
effective must be |
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| received
at the Registered Office of the Company not less than 48 hours before the
time |
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| appointed
for the Meeting. |
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| DIRECTORS
REPORT TO THE SHAREHOLDERS |
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| We
welcome you all at this Company's 39th Annual General Meeting and have
immense pleasure in presenting |
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| Company's
Annual Report for the year ended June 30, 2001 alongwith audited accounts and
Auditors' Report |
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| thereon. |
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| During
the year under review the Company suffered loss of Rs 89.264 million before
tax against loss of Rs 46.453 |
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| million
in the year 1999-2000. The increase in loss was due to stoppage of gas supply
from Sui Southern Gas |
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| Company
Ltd., increase in inputs and utilities rates and lower sales in view of glut
in the market. |
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| The
production and sales in the year under review is as follows: |
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| PRODUCTION |
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| It
is to inform the members that Company produced 260269 tons Clinker which is
72782 tonnes (38-82%) more |
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| than
same period last year. The cement production was 284089 tonnes which is 64394
tonnes (18.48%) lower as |
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| compared
to same period last year, due to lower demand as construction industry
remained in poor shape. |
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| The
comparative data of production of Clinker and Cement during the year under
review being as under:- |
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|
Year |
Year |
Increase/(Decrease) |
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|
|
2000-2001 |
1999-2000 |
Over the
last year |
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|
In Tons |
In % |
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|
| Clinker |
|
260269 |
187487 |
72782 |
38.82 % |
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|
|
|
|
| Cement |
|
|
|
| O.P.C. |
|
257261 |
311658 |
(54397) |
(17.45) % |
|
| Slag Cement |
|
21945 |
22157 |
(212) |
(0.96)% |
|
| S.R.C. |
|
4883 |
14668 |
(9785) |
(66.71) % |
|
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|
------------------ |
------------------ |
------------------ |
------------------ |
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| TOTAL |
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284089 |
348483 |
(64394) |
(18.48) % |
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|
========== |
========== |
========== |
========== |
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| Apart
from adjustment in line with the market demand for cement, the reduction in
the production of cement during |
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| the
year under examination, may also be attributed to the two Kilns having
continued to remain stopped due to |
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| obsolete
design consuming abnormal quantity of fuel/parts and less demand of Cement
during the year. The |
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| production
of Cement was 50% of our rated capacity, however we have achieved 95%
production of the running |
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| capacity. |
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| MAREKETING |
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| The
quantum of sales had its vulnerability by way of reduction therein as
compared to the last year. The |
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| company's
sales in metric tons have fallen in aggregate by 52731 metric tons as can be
substantiated / |
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| corroborated
by the following table:- |
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|
Year |
Year |
Increase/(Decrease) |
|
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|
2000-2001 |
1999-2000 |
Over the
last year |
|
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|
|
In Tons |
In % |
|
| CEMENT |
|
| O.P.C |
|
262790 |
308439 |
(45649) |
(14.80) % |
|
| Slag Cement |
|
23267 |
21894 |
373 |
6.27 % |
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| S.R.C. |
|
5783 |
14238 |
(8455) |
(59.38) % |
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|
------------------ |
------------------ |
------------------ |
------------------ |
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| TOTAL |
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291840 |
344571 |
(52731) |
(15.30) % |
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|
========== |
========== |
========== |
========== |
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| The
dismal scenario emerging from the sales reduction can rightly be attributed
to the following uncontrollable / |
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| negative
factors, beyond one's physical endeavor. |
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|
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| 1.
Cement is the basic raw material in the civil engineering projects, the level
of activity of which remained at |
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| its
low ebb during the year. |
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| 2.
Drastic stagnancy/shrinkage in the STATE ECONOMY during the year under
review, not enabling any |
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| acceleration
of pace/tempo of industrial activity through out the country. |
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| The
Company's contribution to the exchequer in the form of Excise Duty and Sales
Tax amounted to Rs.452.518 |
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| million
which works out to 36.81% of the gross Sales of the year under review. This
is undoubtedly high |
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| percentages
of gross sales, having gone into the State Treasury during the year under
examination. |
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| In
view of your company having incurred an operating loss during the year under
examination, it thereof |
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| expresses
its inability to recommend any dividend to its shareholders for the year
2000-2001 |
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| EARNING
PER SHARE |
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| Rs.
- 10.14 (Minus Rupees Ten and paisa fourteen). |
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| GOING
CONCERN |
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| The
auditors observations regarding Going Concern and Payment of Debts, it is
worth mentioning that financial |
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| restructuring
proposal is under consideration at SCCP, MOI&P and Privatization
Commission to make it viable |
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| unit
for the purpose of privatization in near future. |
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| PROVISION
FOR DOUBTFUL DEBTS & CREDITORS |
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| The
receivables and creditors are under detailed scrutiny as substantial amount
is under litigation and remaining |
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| is
either to be set off with debtors and creditors or adjustable, therefore
directors consider provision for doubtful |
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| debts
as sufficient. |
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| PAYMENT
OF DEBTS |
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| The
liquidity position has not allowed to make payments against debts, due to
payment of VRS to employees for |
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| reduction
of man power cost. However the proposal of financial restructuring, is under
consideration of |
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| Privatization
Commission. |
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|
| DIRECTORS |
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| During
the intervening period, since the holding of the last Annual General Meeting
the following changes have |
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| taken
place in the Board of Directors of the Company:- |
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| 1)
Mr. Zahid Hussain has taken over the charge as Chairman in place of Mr.
Muhammad Nawaz Tiwana. |
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| 2)
Mr. Aijaz Ahmed, Actg. Managing Director has taken over the charge on
13-7-2001 (to be retired on |
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| 4-12-2001). |
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| 3)
Mr. S. Haroon Rashid has been nominated as Director by I.C.P. in place of Mr.
Istaqbal Mahdi. |
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| 4)
Mr. Tariq Karmani has been nominated as Director by N.I.T. in place of Mr.
Akhtar Mehmood. |
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| 5)
Mr. Ikram-ul-Haq Siddiqi has been elected as Director in place of Mr.
Muhammad Shamim Siddiqi. |
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| We
heartily welcome these incoming directors and place on record our deepest
appreciation to the outgoing |
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| Directors,
for their most conspicuous contribution in the Management of JCL while they
were in office. |
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|
| FUTURE
PROSPECTS |
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| Having
been braced with the present status of an adverse economic dilemma in
general, the probability for an |
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| easing
of which is equally shrouded with uncertainties, the Company's Directors are
optimistic for improvement, |
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| if
not immediately then in the very near future, which mostly depends upon
country's economic revival and |
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| continued
supply of gas to cement industries. |
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|
| AUDITORS |
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| The
present auditors M/s. Ibrahim, Shaikh & Co., Chartered Accountants,
retire and being eligible, offer |
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| themselves
for re-appointment for the year 2001-2002. |
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| ACKNOWLEDGMENT |
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| We
wish to express our gratitude to the State Cement Corporation of Pakistan
(Pvt) Limited for their continued |
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| support,
mutual understanding, cooperation and their timely guidance. Their untiring
endeavor in providing the |
|
| much
needed financial nutrition in the perpetual running the state of affairs of
JCL is hereby highly appreciated. |
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| We
would like to express our sincere thanks to our Dealers and Customers for
their support. Our special thanks |
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| are
due to our team of skilled and dedicated Executives, Managers, Supervisors
and other hard working |
|
| Employees
without whose material input, zeal and enthusiasm, your Company would not
have been in a position |
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| to
sustain/combat the industrial jolts/turbulence while achieving the optimum
results in the hours of trial during |
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| the
year under review. |
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|
For and on behalf of the Board |
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|
|
|
|
|
|
(AIJAZ AHMED) |
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| Karachi:
27th November, 2001 |
|
Actg. Managing Director |
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|
|
|
| FORM "A" |
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| PATTERN
OF HOLDING OF THE SHARES |
|
| AS
AT 30TH JUNE, 2001 |
|
|
| No. of |
From |
To |
Total |
|
| Shareholders |
|
Shares held |
|
|
| 1757 |
1 |
100 |
48,500 |
|
| 620 |
101 |
500 |
163,688 |
|
| 76 |
501 |
1,000 |
54,646 |
|
| 66 |
1,001 |
5,000 |
128,384 |
|
| 3 |
5,001 |
10,000 |
13,023 |
|
| 1 |
10,001 |
15,000 |
14,666 |
|
| 1 |
100,001 |
120,000 |
118,548 |
|
| 1 |
135,001 |
140,000 |
139,893 |
|
| 1 |
1,120,001 |
1,400,000 |
1,369,309 |
|
| 1 |
6,745,001 |
6,750,000 |
6,749,343 |
|
| ------------------ |
|
------------------ |
|
| 2527 |
|
|
8,800,000 |
|
| ========== |
|
|
========== |
|
|
| Categories
of Shareholders |
|
Number |
Shares held |
Percentage |
|
|
| Individuals |
|
2515 |
395,350 |
4.49 |
|
| Financial
Institutions |
|
3 |
1,487,857 |
16.91 |
|
| Insurance
Companies |
|
3 |
161,979 |
1.84 |
|
| Commercial
Banks |
|
5 |
5,471 |
0.06 |
|
| Others |
|
|
|
|
| a)
State Cement Corporation |
|
|
|
| of
Pakistan (Pvt) Ltd. |
|
1 |
6,749,343 |
76.70 |
|
|
------------------ |
------------------ |
------------------ |
|
|
2527 |
8,800,000 |
100 |
|
|
========== |
========== |
========== |
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| AUDITORS'
REPORT TO THE MEMBERS |
|
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| We
have audited the annexed balance sheet of M/S Javedan Cement Limited as at
30th June, 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 |
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| 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)
Trade debtors' advances and other receivables include debts amounting to Rs.
5,937,145 which have been |
|
| outstanding
for a considerable period of time. A provision of Rs. 2,320,596 has already
been made against |
|
| these
debts. The management considers that these amounts are recoverable. However,
age of the |
|
| balances
suggests that these may not be recoverable in full. Accordingly, we consider
that provision for |
|
| the
remaining amounts of Rs. 3,616,549 should be made against these debts;
like-wise Trade Creditors, |
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| accrued
expenses and other liabilities amounting to Rs. 741,701 outstanding for
considerable period of |
|
| time
suggests that after scrutiny it should to properly adjusted. |
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|
|
|
| b)
In our opinion proper books of account have been kept by the Company as
required by the Companies |
|
| Ordinance, 1984; |
|
|
|
|
| c)
in our opinion: |
|
|
| i)
the balance sheet and profit and loss account together with the notes thereon
have been drawn up |
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| in
conformity with the companies Ordinance, 1984, and are in agreement with the
books of account |
|
| and
are further in accordance with the 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; |
|
|
|
| d)
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 and the statement of changes in financial position,
together with the notes |
|
| forming
part thereof, give the information required by the Companies Ordinance, 1984,
in the manner so |
|
| required
and except for the financial effect of the matters referred to in para (a)
above, respectively give a |
|
| true
and fair view of the state of the company's affairs as at 30th June 2001 and
of the loss and the changes |
|
| in
financial position for the year then ended; |
|
|
|
|
|
| e)
in our opinion, no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980; and |
|
|
|
|
| f)
Without qualifying our opinion, we draw attention to the fact that the
company has suffered accumulated |
|
| losses
amounting to Rs.497,540,000 upto the year ended 30th June 2001 which resulted
in negative equity |
|
| of
Rs. 334,074,398. As of that date, the company's current liabilities exceeded
its current assets by Rs. |
|
| 500,403,228.
These financial statements have been prepared on a going concern basis, the
validity of |
|
| which
is dependent on the continuing financial support by the parent company, State
Cement Corporation |
|
| of
Pakistan (Private) Limited. |
|
|
|
|
|
|
|
IBRAHIM, SHAIKH & COMPANY |
|
| Karachi:
28th November, 2001 |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT 30TH JUNE, 2001 |
|
|
|
|
(RUPEES) |
|
|
Notes |
2001 |
2000 |
|
|
| SHARE
CAPITAL & RESERVES |
|
|
|
| Authorised
Share Capital |
|
| 15,000,000
Ordinary Shares of |
|
| Rs. 10/- each |
|
|
150,000,000 |
150,000,000 |
|
|
|
========== |
========== |
|
|
| Issued,
Subscribed & paid-up Capital |
3 |
88,000,000 |
88,000,000 |
|
|
|
|
|
| Capital Reserve |
|
4 |
11,965,602 |
11,965,602 |
|
| General Reserve |
|
|
63,500,000 |
63,500,000 |
|
| Accumulated
loss carried forward |
|
|
(497,540,000) |
(404,738,191) |
|
|
------------------ |
------------------ |
|
|
|
(334,074,398) |
(241,272,589) |
|
| LONG
TERM LOANS- SECURED |
|
109,150,000 |
223,900,000 |
|
| LONG
TERM DEPOSITS |
|
|
564,107 |
604,107 |
|
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
| Current
maturity and overdue |
|
|
|
|
|
| installments
of long term loan |
|
8 |
344,250,000 |
229,500,000 |
|
|
| Due
to parent company - Unsecured |
9 |
29,816,774 |
28,002,814 |
|
|
| Due
to Associated companies |
|
|
1,315,529 |
261,415 |
|
|
| Accrued
markup on long term loan |
|
|
276,589,380 |
215,100,092 |
|
|
| Accrued
markup on overdue maturity |
|
22,378,000 |
32,130,000 |
|
|
| Creditors,
accrued expenses and |
|
|
|
|
|
| other liabilities |
|
10 |
91,696,744 |
104,477,135 |
|
|
| Provision
for taxation |
|
|
7,972,813 |
12,735,076 |
|
|
| Unclaimed
dividend |
|
1,963,435 |
1,963,774 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
775,982,675 |
624,170,306 |
|
|
| CONTINGENCIES |
|
11 |
-- |
-- |
|
|
------------------ |
------------------ |
|
|
|
551,622,384 |
607,401,824 |
|
|
|
========== |
========== |
|
|
| These
accounts should be read in conjunction with the attached notes. |
|
|
|
|
| TANGIBLE
FIXED ASSETS |
|
|
|
| Operating
Fixed Assets |
|
12 |
183,904,272 |
199,425,779 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
183,904,272 |
199,425,779 |
|
| LONG
TERM DEPOSITS & DEFERRED COST |
13 |
71,796,147 |
69,556,902 |
|
| LONG
TERM LOANS TO EMPLOYEES |
|
|
| -
Considered good |
|
14 |
20,342,518 |
16,366,525 |
|
|
|
|
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Stores & Spares |
|
15 |
116,924,531 |
136,246,406 |
|
| Stock-in-Trade |
|
16 |
19,764,506 |
48,661,154 |
|
| Trade
Debtors - Unsecured |
|
|
|
| considered good |
|
|
17 |
835,130 |
973,144 |
|
| Due
from Associated Companies |
|
|
|
| Unsecured
Considered good |
|
18 |
235,256 |
654,674 |
|
| Current
Maturity of Long Term |
|
|
|
| Loans
to Employees |
|
|
9,218,708 |
7,531,264 |
|
| Advances,
Deposits, Prepayments |
|
|
|
| and
Other Receivables |
|
19 |
33,228,903 |
49,529,929 |
|
| Cash
& Bank Balances |
|
20 |
95,372,413 |
78,456,047 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
275,579,447 |
322,052,618 |
|
|
|
|
------------------ |
------------------ |
|
|
|
551,622,384 |
607,401,824 |
|
|
========== |
========== |
|
|
|
AIJAZ AHMED |
|
ZAHID HUSSAIN |
|
|
Actg. Managing Director |
|
Chairman |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED 30TH JUNE 2001 |
|
|
|
|
(RUPEES) |
|
|
Notes |
2001 |
2000 |
|
|
| SALES - Net |
|
21 |
725,389,521 |
829,627,530 |
|
| COST
OF GOODS SOLD |
|
22 |
(749,159,236) |
(815,882,845) |
|
|
|
|
------------------ |
------------------ |
|
| GROSS
PROFIT/(LOSS) |
|
|
(23,769,715) |
13,744,685 |
|
| OPERATING
EXPENSES |
|
23 |
(22,040,757) |
(22,797,583) |
|
|
|
|
------------------ |
------------------ |
|
| OPERATING
(LOSS) |
|
|
(45,810,472) |
(9,052,898) |
|
| FINANCIAL
CHARGES |
|
24 |
(52,510,194) |
(66,980,883) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(98,320,666) |
(76,033,781) |
|
| OTHER
INCOME |
|
25 |
9,056,106 |
29,580,532 |
|
|
|
|
------------------ |
------------------ |
|
| LOSS
BEFORE TAXATION |
|
|
(89,264,560) |
(46,453,249) |
|
|
|
|
|
|
| TAXATION |
|
26 |
|
|
| Current |
|
|
(3,671,831) |
(4,300,000) |
|
| Prior |
|
|
134,582 |
(53,437) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(3,537,249) |
(4,353,437) |
|
|
|
|
------------------ |
------------------ |
|
| LOSS
AFTER TAXATION |
|
|
(92,801,809) |
(50,806,686) |
|
| ACCUMULATED
LOSS BROUGHT FORWARD |
|
(404,738,191) |
(353,931,505) |
|
|
|
|
------------------ |
------------------ |
|
| ACCUMULATED
LOSS |
|
|
(497,540,000) |
(404,738,191) |
|
|
========== |
========== |
|
|
| These
accounts should be read in conjunction with the attached notes. |
|
|
|
AIJAZ AHMED |
|
ZAHID HUSSAIN |
|
|
Actg. Managing Director |
|
Chairman |
|
|
|
| STATEMENT
OF CHANGES IN FINANCIAL POSITION |
|
| FOR
THE YEAR ENDED 30TH JUNE 2001 |
|
|
|
|
|
|
(RUPEES) |
|
|
|
|
2001 |
2000 |
|
|
| CASH
FLOWS FROM OPERATING ACTIVITIES |
|
| Loss
before taxation |
|
(89,264,560) |
(46,453,249) |
|
| Adjustments for: |
|
|
|
|
| Depreciation |
|
20,798,120 |
22,072,580 |
|
| Provision
for Gratuity |
|
|
-- |
-- |
|
| Gain
on disposal of fixed assets |
|
(651,948) |
(207,503) |
