| Pioneer Cement Limited |
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| Annual
Report 1999 |
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| CONTENTS |
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| Company
information |
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| Notice
of Meeting |
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| Chairman's
Review and Directors' Report |
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| Graphs |
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| Auditors'
Report to the Members |
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| Balance Sheet |
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| Profit
& Loss Account |
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| Statement
of Changes in Financial Position |
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| Statement
of Changes in Equity |
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| Notes
to the Accounts |
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| Pattern
of Holding of Shares |
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| COMPANY
INFORMATION |
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| BOARD
OF DIRECTORS |
Malik Manzoor Hayat Noon |
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(Chairman) |
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Javed Ali Khan |
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(Chief Executive) |
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K. Iqbal Talib |
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Muhammad Anwar Mir |
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Dr. Parvez Hassan |
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Lt. Col. (R) M. Bashir
Ahmed |
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Soren Iversen (FLS) |
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G. M. Z. Khan (ADB) |
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Muhammad Ali Shaikh
(NDFC) |
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| MANAGEMENT |
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Javed Ali Khan |
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- Chief Executive |
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Usman Masud Khan |
- Director Coordination |
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Badruddin Fakhri |
- Director Finance & Admin. |
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I.H. Shamsi |
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- Financial Advisor |
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Talat Saeed Khan |
- General Manager Marketing |
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Javed Elahi |
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- General Manager Works |
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Nurul Ibad |
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- Deputy General Manager |
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| SECRETARY |
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Syed Anwar Ali |
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| AUDITORS |
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Anjum Asim Shahid &
Company, Chartered Accountants |
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| LEGAL
ADVISERS |
Hassan & Hassan
(Advocates) |
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| BANKERS |
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Bank Al-Habib |
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Habib Bank Limited |
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National Bank of Pakistan |
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National Development
Finance Corporation |
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Crescent Investment Bank
Ltd. |
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| REGISTERED
OFFICE |
1st Floor, Alfalah Bldg.,
Shahrah-e-Quaid-e-Azam, Lahore. |
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| SHARES
DEPARTMENT |
Registrar: |
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66-67 Garden Block, |
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New Garden Town, Lahore. |
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Ph: 5831462-63 |
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| HEAD OFFICE |
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7th Floor, Lakson Square
Building No. 3, |
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Sarwar Shaheed Road,
Karachi |
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Ph: 5685052-55 Fax:
5605051 |
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| FACTORY |
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Chenki, District Khushab.
Ph :0454-720832 |
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| SALES
OFFICES |
Lahore Office: |
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30-Baber Block, New
Garden Town. |
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Ph :5867270-71 |
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Faisalabad Office: |
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103-C, Peoples Colony, |
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Road. Ph: 724003 |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the 13th Annual General Meeting of the members of
Pioneer Cement Limited will be |
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| held
at 66-67 Garden Block, New Garden Town, Lahore on Friday the 31st December,
1999 at 11:30 a.m. to |
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| transact
the following business. |
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| 1.
To confirm the minutes of the extraordinary general meeting held on 7th
August, 1999. |
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| 2.
To receive, consider and adopt the audited accounts for the year ended 30th
June, 1999 and reports of the |
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| directors
and the auditors' thereon. |
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| 3.
To appoint auditors for the ensuing period and fix their remuneration. |
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| 4.
To transact any other business as may be placed before the meeting with
permission of the Chairman. |
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By order of the Board |
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SYED ANWAR ALl |
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| 6th
December, 1999 |
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Company Secretary |
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| Notes: |
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| i)
The share transfer books of the Company shall remain closed from 23rd
December, 1999 to 31st |
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| December, 1999. |
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| ii)
A member entitled to attend, speak and vote at this meeting may appoint
another member as proxy to |
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| attend,
speak and vote on his/her behalf. Proxies in order to be effective must be
received at the registered |
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| office
of the company not later than 48 hours before the meeting. |
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| CHAIRMAN'S
REVIEW AND DIRECTORS' REPORT |
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| It
gives me great pleasure to present the annual report and the audited accounts
of the Company for the financial |
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| year
ended 30th June, 1999 on behalf of the Board of Directors. |
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| General |
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| The
country could not sustain the growth rate of 5.4% achieved in the year
1997-98 and declined to 3.1% in the |
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| year
under review. Economic sanctions imposed after the nuclear test in May, 1998
further accentuated the crisis |
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| and
created serious problems. The Government had to take a number of corrective
measures to sustain the growth |
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| of
the economy, like imposition of dual exchange rate, increase in cash margin
of L/Cs, freezing of foreign |
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| currency
accounts and reduction in Government expenditure which only proved to be
counter-productive and |
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| caused
further decline of economic growth. The cement sector, which is very
sensitive to the changes in incomes |
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| of
the household sector, continued to remain depressed mainly due to low cement
demand and excess production |
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| capacity.
The demand of cement has remained almost constant between 9 to 10 million
tons as against produc- |
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| tion/capacity
of 16 million tons. Shares of cement sector on the stock exchanges remained
subdued due to |
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| losses
reported by almost all the cement companies in the year 1998. |
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| Production |
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| Due
to extremely low level of demand of cement, the company had to curtail its
capacity utilisation to 69% from |
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| 79%
registered in the preceding year. Clinker production declined by 12% from
471,999 tons to 416,441 tons, |
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| whereas
cement production declined by 17% from 530,492 tons to 442,655 tons. |
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| Marketing |
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| The
cement prices remained highly volatile during the year and continued to drift
downward till 7th October, 1998 |
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| when
it reached to its lowest ebb at Rs. 2,550/- per ton. This price was not
sustainable for any of the cement |
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| companies.
The upward price adjustment to around Rs. 4,400/- per ton in October, 1998
gave some respite, but |
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| the
same lasted only for six months and the price again declined to Rs. 3,930/-
per ton in April, 1999.The average |
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| selling
price during the year had however improved to Rs. 3,747/- per ton from Rs.
3,484/- per ton in 1997-98. |
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| The
company could not maintain its previous sales level and could sell only
446,202 tons as against 535,575 |
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| tons
sold in the preceding year, registering a decline of 17% in sales volume. |
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| Financial
Restructuring |
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| The
financial restructuring exercise which was initiated by Asian Development
Bank and other DFI's in 1995 could |
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| not
be completed due to the fact that conditions prevailing in the cement sector
were not sustainable. By the |
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| grace
of God Almighty, the situation started improving in the year 1998-99 when
price of cement improved and |
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| remained
stable around Rs. 4,000 per ton. You will be pleased to know that NDFC with
44% of local currency |
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| financing
rescheduled their loans in the month of December, 1998. BEL with 45% of local
currency financing had |
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| initiated
legal proceedings against the company. PCL had also filed a suit of damages
against BEL. However, |
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| as
a result of negotiated and mutually accepted settlement, a rescheduling
agreement was signed in June, 1999. |
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| Consequently,
court cases were withdrawn by both the parties. IDBP had rescheduled their
loan in 1997-98. |
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| SAPICO
have also rescheduled their loan in the month of September, 1999. NBP's Board
of Directors has ac- |
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| corded
its approval for converting Forced Demand facility into a Long Term Loan, in
its meeting held in November, |
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| 1999. |
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| ADB
who were carrying out close monitoring of the operations of the Company since
1995 have signed a Memo- |
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| randum
of Understanding on 24th September, 1999 to reschedule their loan. AFIC's
Mission came to Pakistan |
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| in
July, 1999 and agreed to reschedule their loan. |
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| By
the Grace of God, the operations of the company are now sustainable at the
current price, even at low capacity |
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| operations
and we hope to meet all our debt-servicing obligations. |
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| During
the year under review, the company was able to service its debts to the
DFIs/Banks to the extent of Rs. |
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| 190
million as against Rs. 133 million paid in the preceding year. |
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| Profitability |
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| The
profitability of the cement industry in the recent past has been adversely
affected by the rising cost of inputs, |
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| lower
price of cement and higher incidence of taxation on cement. The fixed excise
duty of Rs. 1,400/- per ton |
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| is
the highest levy on cement in the region. The impact of taxes built in the
prices of inputs namely furnace oil, |
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| electricity,
packing material etc. works out to about Rs. 1,000/- per ton. As such,
overall incidence of government |
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| taxes
on cement works out to about 60% of ex-factory price of cement. There is a
need to review the whole |
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| structure
of electricity tariff, price of furnace oil and taxation on cement industry,
so that profitability of cement |
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| industry
could be revived. During the year under report, the company was able to
control its internal costs and |
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| earned
an operating profit of Rs. 45.9 million, as against Rs. 10.2 million earned
in the preceding year. This was |
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| achieved
even in the backdrop of falling sales revenue to Rs. 932 million from Rs.
1029 million in the preceding |
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| year.
However, the operating profit turned into loss after the charge of financial
expenses amounting to Rs. 221 |
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| million.
Net loss has reduced to Rs. 184.8 million from Rs. 225.9 million sustained
during preceding year. Due |
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| to
adjustment of prior year's charges on account of effect of rescheduling, net
loss has turned into a net profit |
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| of Rs. 2 million. |
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| During
the year under review, PCL has paid Rs. 669 million of the Federal Government
as excise duty. Since |
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| commencement
of its commercial operations in November, 1994, PCL has paid around Rs. 4
billion on account |
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| of
excise duty / sales tax alone, to the Government exchequer. |
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| Auditors'
Qualifications |
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| 1.
The effects of rescheduling have been taken into account in accordance with
the clauses of the resched- |
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| uling
agreements signed with National Development Finance Corporation and Bankers
Equity Limited and |
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| in
consultation with the Corporate Lawyers. |
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| 2.
The auditors are of the opinion that in the light of a technical release
issued by the Institute of Chartered |
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| Accountants
of Pakistan, the exchange risk fee should be charged to profit and loss
account. However, |
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| as
per the legal opinion sought by your company with reference to the
International Accounting Standard |
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| No.
23, the company can continue to capitalise foreign exchange cover fee payable
to State Bank of |
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| Pakistan
against foreign currency loans. |
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| Auditors'
Comments |
|
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| a.
Auditors have expressed their apprehensions about the ability of the Company
to continue as a going |
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| concern
on the basis of operating results for 1998-99 and the size of current
liabilities as on 30th June, 1999. |
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| In
this connection, the directors would like to point out that losses as well as
current liabilities have |
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| gradually
been reducing as under: |
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30.6.99 |
30.6.98 |
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|
Rs. in Million |
Rs, in Million |
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| Net Profit (Loss) |
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|
(184.797) |
(225.935) |
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| Current
Liabilities |
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|
1,508,920 |
2,149,304 |
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| Due
to stability in the prices of cement and improvement witnessed in the demand
of cement, profitability |
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| of
the company has considerably improved. During the period July to Oct., 99,
the company earned a net |
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| profit
of Rs. 14.148 million. We hope that the company will start making reasonably
good profits as soon |
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| as
the crisis hovering in the cement sector is over. |
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| As
regards the size of current liabilities, the directors would like to clarify
that had the rescheduling of loans |
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| been
approved by NBP, ADB and AFIC during the year under review, the level of
current liabilities on 30th |
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| June,
1999 could have further reduced by Rs. 952 million and current ratio would
have improved tremen- |
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| dously.
Since the effect of rescheduling of these loans will be accounted for in the
year 1999-2000, the |
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| level
of current liabilities is likely to reduce by about Rs. 952 million as on
30th June, 2000. |
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| The
auditors had raised the issue of going concern in the last report as well,
but by the Grace of Almighty |
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| Allah
we not only operated as a going concern, but have shown improvements during
1998-99 as compared |
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| with
1997-98. Similarly, we have full confidence that we will not only continue to
operate as a going concern |
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| during
1999-2000 but will also show significant improvement in the operating
results, as well as, financial |
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| health
of the company. |
|
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| b)
The auditors have stated about uncertainty of the applicability of SBP's F.E.
Cover to the revised repayment |
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| schedules
of foreign loans. In view of reports that State Bank of Pakistan has extended
exchange cover |
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| to
the revised repayment schedules of few other companies, the directors feel
confident the PCL will also |
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| be
getting similar treatment from SBP, particularly because of the fact that non
repayment of installments |
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| of
foreign loans was on account of crisis in cement sector. Asian Development
Bank have also agreed to |
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| reschedule
its loan after satisfying that non repayment of loan by PCL was due to crisis
in the cement |
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| sector. |
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| Future Outlook |
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| The
current operations of the cement industry are characterized by low capacity
utilisation and lower cement |
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| prices
with higher input costs. However, the future outlook of the industry is not
as gloomy as it appears to be. |
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| During
the recent months, PCL has been able to make a breakthrough in exporting
cement to Sri Lanka inspite |
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| of
all the odds against exports. PCL cement has been well received in Sri Lanka
market and there is every |
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| likelihood
that it will be able to establish a strong foothold in Sri Lanka. Pakistan
has to face severe competition |
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| in
export of cement from countries like Indonesia, Malaysia, India and China.
The international price is much lower |
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| than
the current manufacturing cost. The export rebate will have to be suitably
revised upwards so that the |
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| unutilised
capacity is fully used for exports. There is yet another measure which can
stimulate the domestic |
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| demand
of cement and that relates to use of cement in making concrete roads. Cement
concrete roads have |
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| a
longer life than the ordinary bitumen road and also bring in fuel economy to
the country. Besides, the cement |
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| roads
are environment friendly and maintenance free. The demand of cement is also
likely to increase due to |
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| revival
of investors' confidence and new investment activity to be generated
following a change of Government |
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| in
October, 1999. Recent announcement of the Government to continue with the
Apna Ghar Scheme will also give |
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| some
boost to the demand of cement. |
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| The
cement industry is a major strategic industry in Pakistan and badly needs
support form the government to |
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| overcome
the crisis prevailing in the industry for last over three years. |
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| Y2
K Compliance |
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| We
would like to again confirm that the company has taken care of Y2K problem
and has ensured that no untoward |
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| incident
takes place during transition to the next millennium. |
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| Acknowledgement |
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| The
Directors would like to express heartiest thanks to the Directors and
Officials of Asian Development Bank, |
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| Nissho
Iwai Corporation, Asian Finance and Investment corporation, National
Development Finance Corporation, |
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| Bankers
Equity Limited, National Bank of Pakistan, Industrial Development Bank of
Pakistan and Saudi Pak |
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| Industrial
and Agricultural Investment Co., for their continued support to the Company. |
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| Thanks
are also due to Pak Libya Holding Co. and Crescent Investment Bank Limited
for their cooperation with |
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| the Company. |
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| The
Directors also appreciate the strenuous efforts made by the employees and the
distributors of the Company |
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| for
producing best possible results remaining within the crisis situation
prevailing in the cement sector. It is hoped |
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| that
they will continue to work with the same zeal and spirit. |
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|
for and on behalf of the Board of Directors |
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|
MALIK MANZOOR HAYAT NOON |
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|
Chairman |
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| AUDITORS'
REPORT TO THE MEMBERS |
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| We
have audited the annexed balance sheet of Pioneer Cement Limited as at June
30, 1999 and the related |
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| profit
and loss account and the statement of changes in financial position, together
with the notes forming part |
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| thereof,
for the year then ended and we state that: |
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| 1.
The company has incorporated all adjustments on account of re-scheduling of
long term loans and accrued |
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| interest
pertaining to financial assistance given by Bankers Equity Limited and
National Development Finance |
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| Corporation
(refer note no 3, 4, 6, 8, 9, 24 & 26) under the
rescheduling/restructuring arrangements approved |
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| for
the company However, in the absence of balances confirmation certificates
from these financial in- |
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| stitutions,
the consequent financial impact of the subject rescheduling and the balances
outstanding at the |
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| year-end
remained unconfirmed to us. |
|
|
| 2.
The company has capitalized exchange risk fee amounting to Rs. 79 million
(1998: Rs. 66 million). However, |
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| Technical
Release No. 24 of the Institute of Chartered Accountant of Pakistan read with
the provisions of |
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| International
Accounting Standard No. 23 requires such fee to be charged to the profit and
loss account |
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| after
the commencement of commercial production. Had the fee been recognized as an
expense, the loss |
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| for
the year would had been higher by Rs. 77 million after taking into account
depreciation of Rs. 2 million |
|
| and
accumulated losses would have increased by Rs. 342 million (1998: Rs. 265
million). |
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| Except
for the financial effects of the foregoing paras 1 and 2 above, and to the
extent to which these may |
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| affect
the financial results of the company, we report that we have obtained all the
information and explanations |
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| which
to the best of our knowledge and belief were necessary for the purposes of
our audit and, after due verification |
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| thereof,
we report that: |
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|
| a)
in our opinion, proper books of account have been kept by the company as
required by the Companies |
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| Ordinance, 1984; |
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|
|
| b)
in our opinion:- |
|
|
|
| I.
the balance sheet, profit & loss account and the statement of changes in
financial position together |
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| 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 the
accounting policies, |
|
| consistently
applied; |
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|
|
|
| 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 & 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 respectively give a true and fair view of the company's
affairs as at June 30,1999 |
|
| and
of the loss and the changes in financial statement for the year then ended;
and |
|
|
| d)
In our opinion no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
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|
| Without
qualifying our opinion, we draw your attention to the following matters: |
|
|
| a)
the company has recorded a loss of Rs. 185 million for the year before
taxation and prior year adjust- |
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| ments.
As at the balance sheet date, the company's current liabilities exceed its
current assets by |
|
| Rs.1.3
billion and funds generated from operations were not sufficient to cover
financial obligations for |
|
| the
year. These financial statements have been prepared on a going concern basis,
the validity of which |
|
| is
largely dependent on the ability of the company to generate enough funds to
pay off its outstanding |
|
| financial
obligations and finalise restructuring of its remaining long term loan (refer
note 32.1 & 32.2). |
|
|
| b)
the company had entered into an arrangement with the State Bank of Pakistan
(SBP) for exchange |
|
| risk
cover relating to repayment of foreign currency long term loans. Due to
adverse financial position, |
|
| the
company was unable to pay most of the installments of loans falling on the
due dates (refer note |
|
| 8)
and the related forward cover fee. The company has however made provision for
fee payable to SBP |
|
| including
late payment penalties envisaged under the scheme (refer note 9.1 ). The
company is currently |
|
| under
negotiation with lenders for rescheduling of foreign currency loans, which
will result in a revised |
|
| repayment
schedule. The applicability of the exchange risk cover scheme on a revised
repayment schedule |
|
| and
on the current schedule given that most of the repayments under the original
repayment schedule |
|
| have
become overdue appears uncertain. Depending on the outcome of this matter,
the foreign currency |
|
| long
term loan balances might need to be restated to account for any changes, the
quantification of |
|
| which
is not possible under the present circumstances. |
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| Place: Karachi |
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|
Anjum Asim Shahid & Co. |
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| Date:
December 07, 1999 |
|
Chartered Accountants |
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|
|
| BALANCE
SHEET AS AT JUNE 30, 1999 |
|
|
|
|
|
Note |
1999 |
1998 |
|
|
|
|
|
(Rupees
'000) |
|
|
|
|
| CAPITAL
AND LIABILITIES |
|
|
|
| Share Capital |
|
2 |
954,371 |
954,371 |
|
| Accumulated
loss |
|
|
(467,603) |
(469,807) |
|
|
|
|
------------------ |
------------------ |
|
|
|
486,768 |
484,564 |
|
|
|
|
|
|
| Redeemable
capital |
|
3 |
183,043 |
101,835 |
|
| Long term loans |
|
4 |
1,549,732 |
990,447 |
|
| Liabilities
against assets |
|
|
|
| subject
to finance lease |
|
5 |
-- |
5,872 |
|
|
|
|
|
|
| Deferred
liabilities |
|
6 |
143,057 |
102,315 |
|
| Long
term deposits |
|
|
1,503 |
565 |
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
|
| Short term loans |
|
7 |
347,748 |
240,602 |
|
| Current
maturities of redeemable capital, long term |
|
|
|
|
| loans
and obligations under finance lease |
|
8 |
631,815 |
874,620 |
|
| Creditors,
accrued & other liabilities |
|
9 |
529,356 |
1,034,082 |
|
|
|
|
------------------ |
------------------ |
|
|
|
1,508,919 |
2,149,304 |
|
| Contingencies
and commitments |
|
|
10 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
3,873,022 |
3,834,902 |
|
|
|
|
|
========== |
========== |
|
|
| FIXED
ASSETS -TANGIBLE |
|
|
|
|
| Operating
fixed assets |
|
11 |
3,471,638 |
3,446,851 |
|
| Assets
subject to finance lease |
|
12 |
26,867 |
31,667 |
|
| Capital
work-in-progress |
|
13 |
70 |
400 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
3,498,375 |
3,478,918 |
|
| Long
term advances, deposits, prepayments |
|
|
|
| and
deferred cost |
|
14 |
90,583 |
71,708 |
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Stores,
spares and loose tools |
|
15 |
137,613 |
135,857 |
|
| Stock in trade |
|
16 |
29,893 |
42,861 |
|
| Trade debtors |
|
17 |
49,423 |
26,309 |
|
| Advances,
deposits, prepayments |
|
|
|
| and
other receivables |
|
18 |
36,198 |
37,704 |
|
| Cash
and bank balances |
|
19 |
30,937 |
41,545 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
284,064 |
284,276 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
3,873,022 |
3,834,902 |
|
|
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these accounts |
|
|
|
Javed Ali Khan |
|
Malik Manzoor Hayat Noon |
|
|
Chief Executive |
|
Chairman |
|
|
|
| PROFIT
& LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 1999 |
|
|
|
|
|
Note |
1999 |
1998 |
|
|
|
|
(Rupees
'000) |
|
|
|
|
| Net
sales revenue |
|
20 |
932,111 |
1,029,988 |
|
| Cost
of goods sold |
|
21 |
819,410 |
953,229 |
|
|
|
|
------------------ |
------------------ |
|
| Gross profit |
|
|
112,701 |
76,759 |
|
| Selling
and administration expenses |
|
22 |
66,712 |
66,542 |
|
|
|
|
------------------ |
------------------ |
|
| Operating profit |
|
|
45,989 |
10,217 |
|
| Other income |
|
23 |
2,988 |
1,746 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
48,977 |
11,963 |
|
| Financial
charges |
|
24 |
221,384 |
236,767 |
|
| Other charges |
|
25 |
12,390 |
1,131 |
|
|
|
|
------------------ |
------------------ |
|
| Loss
for the year |
|
|
(184,797) |
(225,935) |
|
| Prior
years' adjustments |
|
26 |
187,001 |
(4,777) |
|
| Taxation |
|
|
27 |
-- |
-- |
|
|
|
|
------------------ |
------------------ |
|
| Profit
/ (loss) after taxation |
|
|
2,204 |
(230,712) |
|
| Unappropriated
profit / (loss) brought forward |
|
|
(469,807) |
(239,095) |
|
|
|
|
------------------ |
------------------ |
|
| Accumulated
loss carried forward |
|
|
(467,603) |
(469,807) |
|
|
|
|
========== |
========== |
|
|
|
|
|
|
| Earning
per share (Before prior year adjustments) |
|
28 |
(1.94) |
(2.37) |
|
| Earning
per share (After prior year adjustments) |
|
28 |
0.02 |
(2.42) |
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
Javed Ali Khan |
|
Malik Manzoor Hayat Noon |
