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Board of Directors
Sir Mohammed Anwar Pervez Mr. Zameer Mohammed Choudrey Mr. Arshad Mehmood Chaudhary Mr. Muhammad lrfan A Sheikh Mr. Mazhar Rafi Mr. Arshad Hameed Mr. Ghulam Sarwar Malik Chairman Chief Executive Director Director Finance & CFO Director Administration & Marketing Director Coordination Director Works
Mr. Mazhar Rafi
KPMG Taseer Hadi & Co., Chartered Accountants.
S. Ebrahim & Co., Chartered Accountants.
Raja M. Bashir, Advocate Supreme Court.
Mr. Mazhar Rafi Mr. Arshad Hameed Mr. Ghulam Sarwar Malik
Bestway Building, 19-A, College Road, F-7 Markaz, Islamabad. Tel: (92-51) 265-4856 -63, Fax: (92-51) 265-4865 E-mail: firstname.lastname@example.org
Shahrah-e-Faisal. . Mehdi Towers/A-1l5 8. VillageShadi. Karachi. N.S. F-7 Markaz. Allied Bank Limited. 51.pk Chakwal Village Tatra. Tel: (92-21) 452-6983 . Askari Commercial Bank Limited. Tet (92-51) 265-4856 -63. Bank Alfalah Limited.Fax: (92) 0303-71-1056 E-mail: bclhtr@isb. Pakistan.paknet. Union Bank Limited. Hattar.com. United Bank Limited.pk Shares Department 10th Floor.58. Citibank N.W.com. National Bank of Pakistan.492. Fax: (92-21) 452-6985 Bankers Habib Bank Limited. Adamjee Road.Head Office Bestvvay Building. Tet (92-51) 551-3110. A. Rawalpindi Cantt.pk Plant Site ' Hattar SwajGali Road.Haripur.F. Tel: (92) 0303-771-1057 . NIB Bank Limited.C. Faysal Bank Limited. MCB Bank Limited. Pakistan. Bank Al-Habib Limited.H. Tel: (92-543) 584560-3 Marketing Office 167-A. College Road.1. Fax: (92-51) 265-4865 E-mail: email@example.com. Near PSG Petrol Pump 22Km KallarKahar.paknet. 552-0962 Fax: (92-51) 551-3109 E-mail: bdrwp@isb.P. 19-A.com. Standard Chartered Bank.M. ChoaSaiden Shall Road Chakwal. Distt. Bank of Punjab. Islamabad.
67 million for the corresponding quarter of last year. This lower percentage was mainly due to lower production at Chakwal Plant.337 million from Rs.000 tpd cement plant in District Chakwal progressed satisfactorily during the quarter under review. Operating profit for the quarter under review decreased to Rs. excise duty and rebates and discounts to customers stood at Rs. This line is in its start up phase of production and sales and will pick up its capacity utilisation very soon.474 251. The decline in capacity utilisation was mainly due to increase in overall capacity of producing cement by the industry by 64%. .939 million for the corresponding period of last year. Chakwal Project Line-2 Work on our new 6. Due to professional and effective project management the project is expected to be completed within the stipulated timeframe and cost. Despatches of cement by the industry stood at 5.528 Percentage Increase/ Decrease 109% 70% 38% The increase in clinker & cement production was due to start of commercial production of Chakwal Plant.39 million as compared to Rs. Profit after taxation for the quarter amounted to Rs.343 428. The profit before taxation for the quarter under review decreased by 81% to Rs. Capacity utilisation during the quarter under review was 55% as against the industry average of 69%. Financial charges stood at Rs. representing increase of 322%. Sales for the period were slightly restricted due to tough competition in the market.63 million as compared to Rs.Directors’ Report The Directors take pleasure in presenting the Company’s un-audited accounts for the quarter ended 30th September. which represents a decrease of 88%.365 2005 Tonnes 240.330 million for the same period of last year. which is an increase of 37%. Operating Highlights The turnover net of sales tax. This was mainly due to monies borrowed for acquisition of Mustehkam Cement Limited and installation of Line 1 project at Chakwal.284 million for the quarter ended September 30.837 Increase Tonnes 261.040 414.4 million tonnes as against 4. Production and Sales 2006 Tonnes Clinker production Cement production Cement sales 502. Industry Overview The industry was able to attain an overall capacity utilisation of 69% for the quarter ended 30th September 2006 as against 93% for the corresponding period of last year.411 million which represents a decrease of 18%.286 million for the quarter as compared to Rs. 2006.323 million for the corresponding period of last year.1.869 176.363 255.5 million tonnes for the same period last year representing an increase of 20%. You will be delighted to learn that to date nearly --% of the civil works has been completed and equipment has started to arrive at the site.677 158. Sales volumes in the domestic market registered a growth of 18% while exports inclined by 54% year on year. 2006 as against Rs.
suppliers. 4th November. members of staff. higher PSDP allocations and various infrastructure projects across the country are expected to continue to derive the growth in domestic consumption of cement. Acknowledgements The Directors wish to place on record their appreciation for the continued support. our Bankers and various Government agencies throughout the period. customers. contribution and confidence demonstrated in the Company by its shareholders. Increasing selling prices in both domestic and export markets should ensure recovery of healthy profits for the industry in the year. 2006 Islamabad for and on behalf of the Board Chief Executive .2 Future Outlook Severe shortage of housing. Exports to Afghanistan are also certain to continue the growth momentum.
000.268.10 each Surplus on remeasurement of available for sale investment to fair value Unappropriated profit Non-current liabilitie Long term financing Deferred liabilities Long term advance Non-current assets 2.722.214.171.1245.389 936.297 CHIEF EXECUTIVE DIRECTOR & CFO .663.913.458.052.449 641.678 2.826 1.060 10.847 16.500.241 169.056 421.690 666.795 333.340.456 4.965.907.144.929.900.190.543 Current assets Stores.610 251.000 236.353 1.138. prepayments and other receivables Bank balances 865.214.203.076 8.000.703.200.999.269 1.297 18.161(2005:212.000 255.865.981.363 39.896 863.832.763.065.075.636 795.588.458.334 2.097.051 102.637.688 1.500. subscribed and paid up share capital 234.096.992.000 ordinary shares of Rs.636 Contingencies and commitment 4 18.561.880.155.623.007.964.154 2.579.633.017.849.152. 10 each Issued.715 350.956.345. plant and equipment Capital work in progress Investment property Long term investments Long term advances and deposits 9.029 342.293. spares and loose tools Stock in trade Trade debts.000 2.500 10.276 419.962.847 16. 2006 September 2006 Rupees June 2006 Rupees September 2006 Rupees June 2006 Rupees Note Share capital and reserves Authorised share capital 250.BESTWAY CEMENT LIMITED BALANCE SHEET AS AT SEPTEMBER 30.420 18.343.143 18.278 1.790 1.384 277.017.567.705.307 33.984.619.108.600.820 2.852.307.200.334 3.000.865.209.955 330.269.928.610 240.000 Property.unsecured considered good Available for sale investments Advances.203 33.098.327.340.546.900.617.646 4.216 9.660.348 4.139.123 44.111 2. deposits.976 Current liabilities Trade and other payables Markup payable Short term borrowings Current portion of long term financing 590.965.860.778 9.078 102.965 277.987.981.816.820 2.155.000.999.752.510) ordinary shares of Rs.110.779 150.323.832.289.456 4.810.289.
191 1.619.520) (18.030 (284.332.417.146 Operating profit Finance cost Other income Workers' profit participation fund Profit before taxation Taxation .deferred Profit after taxation Accumulated profit brought forward Accumulated profit carried forward Earnings per share (basic and diluted) 0.022.333.133 (12.638.52 CHIEF EXECUTIVE DIRECTOR & CFO .154 Administration and general expenses Distribution cost (34.649.691) (7.228.02 1.052) 329.637.080 (495.933.425) (273.810.155.823.622) 4.842.535) 336.816 322.982.249.926) 444.348 2.955 1.795.400.522.969) 410.268.362.994) 5.293.993) (33.365.286.188.060.645 (1.039.185 (67.541 (5.652.976) (5.489) 63.298 2.current .791.364.617) 379.181 (907.705.709) 12.722) 38.843) (42.712.530.750.BESTWAY CEMENT LIMITED PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED SEPTEMBER 30.472 (17.468.565 September 30 2005 Rupees 939.646 (27. 2006 September 30 2006 Rupees Sales .902) (80.208.279.307.net Cost of sales Gross profit 1.490.
987.607.811) (10.767.100 4.869. 2006 Rupees CASH FLOWS FROM OPERATING ACTIVITIES Net profit before taxation Adjustments for: Gain on disposal of fixed assets Depreciation Rental Income Financial charges Provision for staff retirement benefits Exchange gain Operating profit before working capital changes Increase in current assets Decrease in current liabilities Cash generated from operations Financial charges paid Income tax paid Net cash generated from operating activities CASH FLOWS FROM INVESTING ACTIVITIES Deletions/ (Additions) in capital work in progress Additions in fixed assets Proceeds from sale of fixed assets Additions in Investment Property Long term Investments Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES (Repayment of)/ Additions in long term finances Increase in short term finances Net cash generated from financing activities 63.419 (268.884) 238.748.871 Sep.580.090.826 (1.206 447.155) (50.844) (616.304.000) (1.240.492.455 (47.087.439 (113.855 (113.400. 2006 Sep.435 1.678 605.753.086) 419.055) 420.093) (276.632.055) 350. 2006 TO SEPTEMBER 30.632.490.435.743 (32.324) 117.578 (1.081 CHIEF EXECUTIVE DIRECTOR & CFO .185.933. 30.608 (255.812.124.335 (4.847) (58.851 67.067 483.938.700.629.637.501.492.561.208.864.362.642.685 NET CASH (USED)/ GENERATED DURING THE PERIOD CASH EQUIVALENTS Cash and cash equivalents at 1st July Exchange gain on US$ bank accounts Cash and cash equivalents at 30th September (67.073.622 1.974) (195. 30.004) 551.352 1.357.173.673.717) (17.375.333 165.797 73.795) (208.932.851.413.665) 104.425.658) 179.991.BESTWAY CEMENT LIMITED CASH FLOW STATEMENT FOR THE PERIOD FROM JULY 01. 2005 Rupees 329.339 (159.518 (1.880.269) (54.644.568) (99.541 139.324) 328.994.962.737) (9.636.202 47.595) (309.057.873) 123.089) (48.054.864) 174.501.400) (1.508.020.240.435.440) 284.709 2.133 269.
100 212.042.343.982.228.849.343. 2005 @ 10% Balance as at June 30.820 11.778 38. 2006 Surplus on remeasurement of available for sale investment to fair value Balance as at September 30.981.128.268.646 Rupees 3.222 (212.BESTWAY CEMENT LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED SEPTEMBER 30.820 Unappropriated profit Total Rupees Balance as at July 01.222 240.510 2.510) 2.596.400.816.743.816.810.982. 2005 @ 10% (Re 1 per share) Bonus shares issued for the year ended June 30. 2005 Profit for the nine months ended June 30.610 Rupees 1.100 2.000 251.955 1.345.340.146 903.348 38. 2005 Balance as at September 30. 2006 Issued. 2006 Surplus on remeasurement of available for sale investment to fair value Final dividend for the year ended June 30. subscribed and paid up share capital Surplus on remeasurement of available for sale investment to fair value Rupees 0 240.919.076 CHIEF EXECUTIVE DIRECTOR & CFO .340.582.468. 2006 2.820 240.343.810.000 4.619.291 322.246 903.417.955 3.637.820 (212.791.191 322.816.510) (212.610 2.962.042.165.393.307.298 11.510) 4.900.981.400. 2005 Profit for the quarter ended September 30.165. 2006 Profit for the quarter ended September 30.816.298 2.128.
482. The financial statements were authorised for issue in the meeting of Board of Directors of the Company on November 4. 4. 2006 Rupees 3. 2006. Islamabad. The Company's registered office is situated at Bestway Building. 4.BESTWAY CEMENT LIMITED NOTES TO THE ACCOUNTS FOR THE QUARTER ENDED SEPTEMBER 30.1 All bank guarantees are secured by way of charge on the fixed assets of the Company. Bestway Cement Limited is a public company incorporated on December 22. 2. 3. 2006 and the profit and loss account.1 5.933 In respect of letters of credit and contracts for Chakwal Plant In respect of bank guarantees 4. Figures have been rounded off to the nearest rupee. 2006 Rupees 2. 2006. 30. 2006 1. The financial statements comprise of the balance sheet as at September 30. CHIEF EXECUTIVE DIRECTOR & CFO . 1993 under the Companies Ordinance.871 643. 1984 and formally listed on the Karachi Stock Exchange on April 9. F-7 Markaz.166 616.117.622 June 30.225. 1984. 19-A. These accounts and explanatory notes have been prepared in accordance with the requiremnts of the International Accounting Standards No.555. statement of changed in equity and the cash flow statement for the quarter ended September 30. 2001. The accounting policies adopted in these quarterly accounts are the same as those applied in the preparation of the financial statements for the year ended 30th June 2006. The Company is engaged in production and sale of cement.039. 34 "Interim Financial Reporting" and are being submitted to the shareholders as required under section 245 of the Companies Ordinance. College Road. Contingencies and Commitments Sep.950.