1 1luffi

ZEALV
CEMENT
PAK
FACTORY LIMITED
 201,1

x6yopsdngrdFnsci.Dala

F6!ieR@on$h.M.mb.uonSle

sbl6'lHdchangBiEquily..''.''..

n1
 oY/ .

nanufactutins concen ensosed i the atio

building through optinu utilization ol resources lot the benelits of its

To build on ow cote conpetebcies by naking rcgular investnent in the leld

of technolog, to bing about improvements in the quality of our ptoducl We
sti|e to devlop an orgMizatio h@ing a shong te/nn ofdedicnted yojersio als
h,ith satisJied cu:toners and sharcholders.

'6'r,. aY"lr*
Achieve excellence in business
S stai dewlopnent thtough technological a.lvancenents-
Connitment to qwlity
Co tinuo s dewlopnent ofworkforce.
Compliance to the pructices ofISO 9001:2000

02
 o7a*,""*@l6ua, *
'?XJ,*-n^ @..,,r,*
The business policy of the conpary is based on the principles of honesty,
integrity and professionalisn at every stase.

Pmduct Ouality

Regula y update ouselves 'h)ith technological adrancene ts in the feld of

cenent pm&ction to pmduce canent nder higher s.andatds dnd ma nain all
re I e y an t t e c hnic al and sofess io na I s t an dards.

Dealing wirh Enplow-s

Po'ide congenial hork al osphere where all employees arc t cateil with rclpect
ond disnity. Recosnbe and r"wad enplovees b6ed on their perfommciand
their ability to meet goals a d objectives.

Financiol Reporting & Intenlal Contruls

To inpleme t an efecti,"e and taksparcnt systen.offnancial rcpo ing and

intemal connol b &desuard the intercat ofshoeholders a dluw the resulatory

Adhererce to laws ofthe lond

TofuW all statutory rcquircnents ofthe go.venme tanditsreg latory bodies

andfollow relevan and awlicable laws ofthe co nW.

Ehyitunnenlal Wtection

To pmt?ct environment and ensure health and salety wo*|orc" and we

oJ rhe
being o/ the people livikg ik rhe adjoining oreas oI our ptants.
We for orking with optin n ficiercy to anairl desired
rccognize the need
levelsofperfonna ce. Ve endeayo* to conduct tut business urirh honesty ad
integrily and prod"ce and supply cenent vith care and competence, so that
custonefs rccetue the qualily they truly desene.

03
 flmr
CORPOBATE INFORMATION

E ma : zpcrr@yahe @
 NOTICE OFANNUAL GENERAL i'EETING
Nofc€ is her€by given lhat 586 Annual G€neral Meeling or Z€al Pa( C€ment Faciory
Limiled will b6 h6ld on Thursday ihe 28h January 2016 ai 12:30 BM. al Haji Abdullah
Harcon Muslim Gymkhana, Avvan-€-Saddar Road, Xarachi io lransact the iollowing

1 To conftm ihe minutes of lhe 6xtm ordinary sene.al meetins held on

23d Jan'rary 2015.
2. To rec€ive, consider and adopt lhe audited financial statements for lhe year
€nd€d Jun€ 30, 2014 tosehq wih €ports of the dEoloB and audiloB ihereon.
3. To appoint audiloB for the year 2014-2015 and to fix then remuneration. Th€
preEenl auditols, M/s. S. i,1. Suhail & Co., Cha.le.ed Accountanls rotire and
being eligible, have ollered themselves lor ro-appoinim6nl.
To elect Seven (7) direotoB as lixed by the Board ot Direclo6 in sc.ordanco
with lhe €qunements oI @mpanies ordinane 1984 for a lerm of $re€ y€aB
commeccing frcm 31d March,2016. The namo olrotiring dir€ciols are [,lr
AshrafAliJatoi, Mr Mushiaq Ahmed Jatoi, Mr Muhammad l\,loosa, MrAbdul
Ham€€d Bais, Ensr B. V. Seilani, Mr. Ali Abbas Razvi and l\,tr. SaM€r Khan.
5. To lrafisact any other business wilh lho permission ot the Chak.

( iI. ASGHAR KHAN)

NOTES:

1. No aclivily in lhe ShaE TEnsrer Books oi Ur€ Company is allored in (mdiancs

witi ths ordor daled July 9, 2009 passod by $€ Hon'able High Court of Sindh,
Karachi iheretoe, lhe Share lEnsrer Books will remain d@d lill tufther odsr.

2. A member enlitled lo attend and vote at the meeting wilt be required to prsseni
hivher orisinal Compute,ized National ldontily Card (CNIC) and a msmbor
may eppoint anoths rember only as his/h6r prory io atbnd and vote on his/her

duly comploted lo bevalid must be recsiv€d allhe Registercd

Company not less than 48 hou6 beiorolh€ time ofmeeting.
shall noi b6 enlitled lo appoint mor€ than one proxy.
4. Any member, who seeks to contsst eleclion io the offcs of ihs Ohoctor shal
wirether he is reiiring dire.lor or olh€frise shatt fite cons€ni to act as director
with lhe @mpany nollatorthanl4days before the date ofmseting at whi6h
6leciions aE to be hatd

5. CDC accountholdeB are rcquest€d to brins their onginat computsrized CN|C

alongwith their account numb€rs and participants tD numbers tn COC for
 OIRECTORS' REPORT
TO THE SHAREHOLDERS

The onedors of lhe Company iake pleasure an presonting berorc you 586 Annual
Reporl of lhe Company togetigr wlh ns audiied accounts for the year ended June
30s, 2014 and auditoB €port thor6on.

Dunng lh€ year lie produclion of clinker stood al 22,400 tonnes as comParcd io lasl
y6afs produciion or NIL lonnes. Similary hs produciion of c€menl dudng tne y€ar
und6r revi€q at 48,621 as against 58,038 tonnos producod in the lasi year The
Prcduction of pure slag was 62,922 tonnos trilich was 28,656 lonnes rast tear The
produclion ol Paper bags was 1,06s,900 Bags as compare to the couesPonding
y€afs 1,331,760 bags.

Dudns th€ r€ar lh6 Company dispatched 48,608.80 ionn€s csment as againsl 77,444
tonnes dudng lhe p€coding yoar ln ihe same line th€ sales rsvsnu€ ior ihe year
und6r review lo Rs. 3a0.a94 million as ag6inst Rs. 499.336 million ol last yea.

oLidng the curEnl linancial ,€€r ih€ gross loss ol the company lo Rs. 320.708 millon
as aqainsl Rs. 215.745 milllon in lhe lasl year. Similady opeEhng loss for lhe year
was Rs. 336.979 million wheroas in the preceding y4r the opemling loss wEs Rs.
372-586 milion.

Du ng ihe year the los6 por strare 10 Rs. 0.80 @mpare to lasi ysar Rs. 0.93 per

rn vi4 of lo€E€s no dividend has been recommonded ior tlle y.ar 2013-20'14 by yout

Suspoffiion ot Tr.dlng ln th. ShaE of th€ Company:

ln odor to comply wlh ihe oder datod July 9, 2009 or the Hon'able High court of
Sindh al Karachi, tno KaEchiSlock Exciango (Guaranlo€) Limiled (KSE) and Cenlral
Deposilory Company or Pakislan Llmited (CDC) have imposed r€striclion on the
sharos of ttls Company wilh eff€ct from Monday July 13, 2009, whe€by no activity
as to hanslers, plodging, wnhdrawalsic. in lho said shaB shall be allow€d in lhe
Csnlrat Dsposiiory system (COS) lil tunhor oder
The managemsrn is h proceEs of taklng t1s msssurcs by d€fonding he cas€ which
was lil€d in lh€ Hon 'able High Cou of Sindh at K6mchi.

Ob6erv.dons ln tho Audltom' Roport

Ths audiloG have mado cedain qualifi@lions in their rcpon which are explainen as

1. The managomenl has approached its bankeE / financial instiiutions for

EstNdunng of its long-iam and shon-ierm obllOstions. Tho manaqoment is
confidsnl hat the Company s reslrucruring proposals w l also bs €ccsptgd by
iho linancial insl'luiiofis / banksrs. These conditions mitiqate the risl and
preparation ol the financial sbismeni on goinq coocom assumphon is iustified.
Tho management is ofthe viewlhat lhese condilions are ismporary and
expacled to be .€lels€d in nsar tuturo-

2. Ihe Company has ofily @ived an amunt againsr old scrap $h'ch werc layhs
in tE r.dory a.e€ and lh€ boor. valu€ of sud' old sftp @E not b€ asc€rbrn€d.

3. The manag€moni ls in the proess ol @llecring all the rclatsd lnfomation,

d@umentations .nd in du€ cou6s ottim6lho hlles olsuch fixed ass€ts wilt
be translsr€d ifi lhe name of Zeal Pak Csmsnl Faclory Limned.
4, Th€ dsl6 rc{ing ol sep66t fxsd sss€ts .6gister reE not aEitabto in factorv
from the previous y6aB andil is verydfficuh ro mainlain the separate ftxea
Esseb egisler at ltris siage but howov€r lisl ol min mchinery is av.ilabls and
staf is q/ng lo prcpare Egister oI fxed assois as p€r E@rd avaitablg for ih6
audit puDoso in dL,e courso oflime.

5. Duo to h€avy and conbnuous lcses ol ZPCFL in lhs prcvious yaB, most of
lhe statr workino in sbores of ZPCFL w6 Eliered rhm th.n d'di* Affirlindtu
a doiail lBbns dl Stocs and Spares which w€rc mosny oE and obsotsrs cdd
nol be prsp6red by lhs manaqemenl whicn .ruld b6 physr@tty venfred bv tn€
audiloE. The maagement will ry to make . det it tisting atonq wih th6 valuauon
ol Sro€s and Sp6Es in lhe subsequeni nnancial year
6. Th€ rotal arcunt of Trado d€bts is R3. 407_646 nilion out of wni6 Rs. 352.fia
million is provision made against th€re on leavhg th6 batan@ of trade d€bts
amounling to Rs. 55.048 mrlllon, lhe hanasement in confidont the batance
amouni will b€ r€covs€d m lhe next linancial yesls,

The managoment's lrying !o appreach the r€lalsd suppliers advisinq ih6m lo

make available the rsquirod supDorlrnq documents and ssnd theie Io the

8. Tho managementis making st€ps lo onsure that no un-r€concil€d batsnces

o@ur al ihs cul ofi dal6 and all inier division balancss witt b6 E@vered at tns

9. D6ta wotunq ol lncrsm€nl€l OopEciation on P.opsrty, Plant and Equipmenb

amouni to R4.27.94s mirrion wbs ava,r€de wlui th6 Ex. Ooneratirinaqei

07
 tac.ounts) who has deady lei lhe company near io iho complelion ot nnanoal
vear No prcper handrno over ofCompany s files were made lo the new Chi€f
Frnancial Onlcor h6nc€ due lo lhe lack oI inlomaton, rl could noi b€ pBpaed
bv the responsible official. The managsm€nl will pr€p3re a dela'lworking of
lidemenial DepEralon of Properly, Planl and EquipmenE wU' ths svailaue
re@rds in th€ subs€quenl fnancial yea.

10- Roh Cement has fil€d su( in the Hon'able Hish Court of Sindh for recovery
oI shar€s and no adivilv in lhe ShaE TEnsler Books of ihs Companv is allow€d
comDliance wirh thd order dal€d July9,2009 ot$e Hon'able Hqh coun
'n
of sindh at r€Gchi. her€iore, the share TEnsfer Bools wlll romain closed iill

Statem.ni oD Coryoralo Gov.manc. snd ainancial R€ponhg Framwodc

The Oir€ciol6 ol the Company ar€ wollat!€re ol lheir Esponsbrhies undor the Code
ol CorDoEte Gowmanco ncomorated in lhe LElins Rosulauons of the KaEchi Slck
Etcnahqe {Gusranie6) Limilsi as hr€s auditor obsetualion on @de ol Corporale
Govom,nce lhe manaqemenl is making etrori.s tor suc-h observations, whicn wil be
comllied in lhe n6xt [nancislyeaB. AII neces$ry sl6ps are beinq taken !o ensuro
Good Corporaie Govemanae rn ihe Company as required by ihe Code.
a, The nnanoal shigment prcpa€d by lho m€n€g€mont of lhe Company, pres€nl
t€idy iis state ol atlaE. lh6 rssuli of its oPeralions, esh nows snd changes in

b) Proper books of accounis of th6 Company have been maintsin€d.

c) AppEpriate a@uniing policies have been consislenily aPPlied in the pEparaton
ol imicisl staiements and accouniing ostimtes arc based on ressonable and
prudenljudsrenl.
dl' lniamalional A@unlinq Slandard, as applieDle m Pakislan, have been lollwEd
in prepaEton of linanlial stalement ai\d the.e has been no d€o€rture ihere

e, Ih€ syslsm of iniemal@trol is boing contnmusly H ed by iniemalauditor

The Di@s of rdi*
will conlinLe lo mon or lho ofi€clivo implementalion and
any wqknoss€s in @nlrels sill bs removed.

l) Thee are no slgnifcanl d,oubts upon Company s abilily lo cdunue as € going

6n6m in turure.

ql
_ There has b€en no m.lerial dopErlure from lhe best praciic€s ol @.porate
qoveman@. as detailed in lhe lis ng €gula ons,

h) Th6 Board or Directors has adoPled a mi$ion statom€nl and stalemenl of

oveEll @rporate slralegy.
i) wo haw prcpaEd and odlaled a Stalem€nl of Ethi6 and Business Pradices
amns dirociors and employ€€6,
i) Key opeEling and nnancial dala f'tr last six y€ar in $mronad icm is annexed.
 k) Dudng ihe year 4 m€etings oI the Board of Oirociors of the Company rere
held. Tho atiendane ol Dirsclo6 w.s.s n l*.

Mr AshErAtaJalot 4
Mr JshansirArbar {ChiefEreclrtivs} 4
Mr MushtaqAhmed J€toi 1
IVr Muhammsd Moosa 2
MrAbdulHame€d Ba'o
Engr. B. V S€ettani -
4
4
Mr. S. Ali Abbas Rtzvi 4
Mr. Saftar Khan 4
Pat0am Of Sh.r€holdins:

Ths paflern of ri€rohotding is ann6xed.

Appointn.nt ot Auditor.:
S. M. Suha A Co.. Chanorcd Aeountants €tiro and src elioibt€ for Eminrm.nt fr,r
th€ yoar 2014-20ts. Audii commineo of BoaR or DiIrdSn
appointmenl as audiiors for the sbove y€r
ndirGnd; ii,;l;

l, on my behar and q bohaf of the Boad of DicciorE of !1e Como€nv wish to dee
on .ecod the appreciabon ior our oflt@F and slaff ror trlor dewfu;ioih;;;ft;.
r ar& wish io corvey appr€clatio to our sicic*jsts who hsE be€n
extanding coog€rElid
to ihe Comp€ny,

For and on Bshaff ol ih€ Bo.d

f
(JEHANG AXBAR)
Chief ExscutiE 06@r
Kr€chi: Ja.uary 7, mt6

09
 XEY OPEFATITIG AND FI ANCIAL DATA
YETN W|.E STATISIOA SUf,f,ANY

4@ - 21,&
54@ 1oJ&
ra@ 773.1 12s?.
1,6*0 1,361.7@ 1,S24,6m
rgiEllItdED
41sm 2a11:t@ i,6,O.{E 1,707,510 1787.3& 1,00100S

.1e,zr a1966r 5rl,792 555.413 '54s65 €oAIS5

LZAAb zna.Al 2@81 2,tfi1,14

Br5,z,.) fl,s31,8) (1810,156) 0,339.10) seBao @,05.)

1.1&47 1,1AA4 r,163.013 rr01,2Ee

1,170,525 r,1rs,6a9 r!6,9431 26l,6@
13,36 13,7A 13,730
'3,313
3,1@.070 2,s67,3& 2371,% L12',125
a,L1.1a 2!,c@ 2&Tn 2zflAa 2#3161 2gr,1a
rallsBlln6s

{521Je)

ocdm- PrEfl/{t@) io shg (2r5) (30

in* GB) 1I5) (57)

C!trqtB.to 0.13

Pad !p vdu. Pd.h.E (R$) 10 10

t@!.lshe0r..) (0,30) (0.s3) 0.14 (1.31) \14

l0
 ZEAL PAK CE]ilE}TT FACTORT LrI).
PATTER}I OF SHARE HOLDIiIG
Sh.Eholdel' 3trllrlc. A! At Jun. 30. 2014

t1
 Z€al Pak Cem6nt Factory Limitod
ShaEhold6 analy.i! .. on ${6.ml!l

cqfrillllttE!.ql'dPb

Nd: , ft. .h.r3 d o.rr.d 6hF, 324.34$. rr oirhr .ublud!,

h tu hnr* Hth cdn or tl'nh, &

t2
 STATEMENT OF COMPLIANCE WTH
THE CODE OF CORPOFATE GOVERNANCE
rE c.d6 of co,Do6r6 coMam mr.ined in rE tisrng
,p y wirr
resulaiimor?EKa6d soc* Exd.ns6 tor th6 puT@ of a*hishins a rrn4!* of !@d g*mne,
o6d rn dmptianG w r *D b6r pr.

Ih6 Cmpany h.. .ppri€d rho prinobrG ooiBrnsd i. dr. c.d. tn me h{owtno mann.r

1) Ths Company €n@6q.r r€prcsont rion ot rnd6p€nd6.r ns4x6ouuv€ dtB.toE and diredoG
E ,@lnjng mim y inb@sl on tts B@ irdud* sir rndep.ndont

2) ftE drmcldE he @n6md $.i

mpany
irdudins o'is

3) an IE ci&nr diEc1ft of fE ohpary @ Eoi.isr€d as llx pay€6 5id M6 of rh6m h* d.rau[od

in paymo.ror.ny roan tr a banrh{ @mpany, . DFt or a NEF1 q b€in! . n
h* ben d.da6d a a da'aurEr by ri6i 6iod( €xdEnsa
,l) Th. Comp.iy he pEp€Bd a SabiBr oI Et 6 and Surm$ pEdics , thioh h* ben spOD€d
by th. B@d oI Dreoiots .nd sign.d by rhe enproy€d of $6 cmpony.

5) Ih6 Board has dorerop€d . v Dor.l6 siE|'gy and doniient

Fride or tE company. A 6md.r6 l@rd or p€nidbc of sis.ii€nt p.tici* .tsElirh [16 dar.. on
}i'iohs€yre€.Pp03ddam.rtr
6) all p@ts o, rh. B@rd haw b.c. durly 6Efti5d and dooisbm M m
ap9.htrenl .id debminaton ot BmureErion 6d t6m ed ondirion. of omptoyn€nr o, *E CEO
.nd ofE d@tjE diEdG havs b6n rak6n by r\6 Bud.

D rtE 'Elj']s of rhe B@,{ reB E€'id€d ftr by rr€ cha lmn 6nd in his ab€€M by. diE r.r.l6d€d
by me B@ld ror rhk pu$.e and rh uaio. w1rft ndi6s or *E
B.ad m.dngs, ddlg*ih as6M. .nd rc*ins pap€E, w6 rimtabd rer h rm. b€roB *E m.€lh!s.
116 ninur€s ofiho m..rnss trrc am@,iat lv rc@fdsd and ciBr.t€d.

3) rh6 B@d has a@ns.d an h-h cio6 hav6 b*n poMd6d *tfr
6p, oI 'R016 oloE LG undar dE cmp.ni6 odirc, 1934 and n€ code ot c@Eir Go]grur"
issu6d by ih. r.giture or challaEd Aenbnts or p.krst n. Th. di@rors .€
ln6lrduli*andre3p6,b11116,
e) rh6 compary s€mky,nd H.d o, rnbmLAudr d.p.,rmnr NG,ppor
oth. C.(b or c@mn6. H{rei *.n En @ nrH1, if aiy,
cdpoEro hdudirs bdr lEmndbn
enr, as d€rgminsd by m6 cEo, *in b€ Erer€d io lh6 BDd ot

10) rh6 DiBcbi,s Epdt for ihir ys

ulEdbbodi{losd'
n) rh.fin ci, sr.Gn6nb ofrhs c.mpany *e duiy endoed by cEo and cFo b6foE appllMroftE

13
12) Th. diffi, CEo .nd €e;t
tEl di.d6.d in rE FtLh of.hoEhddrrs
13) Th. Cmp.ny h* mpll€d witl .ll tE 6rDeL .nd fmnci.l Epon
14) It6 Bolrd h* ftn d.nd.rrli @mmin o. lr pl.dly Mp.l$3 tlE lIMb.6,.n olwiom aE
iftr€e]0v. dlr.doG indudrt! tj. Chdmn .t tE onmin ..
rs) IBrEtn!oftE.udtdri tL. w trld d l*r on6.€v qEi.r Fid b.pprd.lo, h. h6r
*ld tml 6s,l3 orrr c.nD.ny dn - Eqle.d by t* c.d€. rh. bm ol cr.
rE€ b.€n fom€d .rd d,/i9.r, io tE mmirL. rtr Mplh@.
In. B@d h.s i.i{D .n .lhdlv! ht m.l .udli fu.dld *rD .B Mid.i.d
oo.n.Edfor*r Frad6.tn *@mEnl$4tioE polrd*.nd pr@dr@ ortE cmt .v8ir,
Ey.Ersdwd inm.iit.rn.l.udltundo .tulldm.h€38
II. d.Olo.y sudlor. of tE c.npfy hs 6n[m.d $.1tEv has b-n glwn a sd!tuev 6ti,
undd rh. qu.lit ditol BtI.* prlq"dm orts tndnri. ot oE,!.r!d adlnbnrt d FEd!'en, d'd dEv
4 .y or th. pamc ol tE fm, $€lr .p@ .nd miM.nfldm do nol hoid .hft. oa 0B c.mP5nv
{n dd ors im ad .ll iB D6rt*B.E ln @hPli 4 ditl htm.ion.l F.d.6non olA@u.trnk
0FAC) gurd€rh* on @d. of .$i6 s .6of,Ld by ldttrb d ch.rEEd a@unrnt. ol Pali.Ln.
TE rr.iliory .udlh.6 d IB p.&n. .sod.bd wl$ tEm h.w nor b4n .pcohbd lo pdid. olEr
3Ri6 dEpr h .Md.i4 ,Itr ul. lMne Es'rrdom lrtd u. .udiro. hM @nnm- b.r ,.v
h.s oaend lFrc slddid h tt 80.d.
I}E r.r.bd p.ny trr..rm ruE Ddn Pl8c.d b.bE oE ad orfttta.ttd.m!v.d bv rs B@d
or oeio6 b @npry wlth uF Eqi! Igod( Exdt n!.. ar
hBctG 6 prte Pe nEd. m * am't ldri h-l'
'daEd
m) ca6 dtl'in.d idar. coda oa co$cob Genre h.6 bdi

KaEchi: J5nuary7,2016

(JEHAN AXBAR)
chief Erdiiv6 Offcar

14
fltr_
-JtH,,?"r#*ik"*so.
rflltw tEtott to lflE MEMaEts oN STAiEMEM ot co $uaNcE

we hoye evie@d lhe ltotemenl ol Comp[once wlih tho bon procllces contoi@d ln h1e
code ol coporote govemonca prepor€d by lhe boord ol dnecloG ol Ueo! PA( Cemenl
Focldy Umired ro compry $,lth the risring Ggubno. ol r(orochi 51o.k Ercho.oe lc@onreeJ
umited wh@ 1*16 compony b usted.
I}E spondbl ry td compllonce $*r lhe code of Cdpoole Govemonc. is ihot of rh6 Sood
of Drecr6 of lhe Conpony. Ore.p6t lt k 10 @lsw,lo lhe en6l !*F€ sh cmptorce
con be obi6civ6ly v6ifEd, wh6lhs lhe Sloi.manl ol C@ptorcs reiecis lhe ilotu! ol lhe
mpony\ .omdiorcg win,l ih6 p@iti6 ol the .od6 ol Colp@re Govfrorco ond Epqr
il it do6! rct .mply. A €vi is limiied pnimddly io inquiid of ihe compony peenrel ond
.6viow ot vo,ious documonk p6por.d by th6 compdny io comply wllh lhe code,
A3 pod ol @r oudii ol iinonciol slotBmehh w6 or€ raqui€d io obloin on und6tordlng ol
the occou.iing ond inlmol conlrol s)st6ms sutfcieni to plon lh6 oudil dnd develop on
efislive oudil opp6och. We de .ot GquiEd to consids wheths ih€ b@d! noterenl
on intemo conlrol cover oll .irks ond conlok, q to iom on opinion on ih6 efietiverss of
ruch i.ternol controh, the compony! coporote qovehon.o proc€dure ond rks.
F(lher, Usling Regulolions of ttE K@chi Slock Exchonqc (Guoont66l timit€d r€qoies the
compony to ploce 6elo€ lhe Boord o, Dnecbr fq lhek con5ideEtion ond opprovol of
@lol.d pdry lroMcnoG dslingdshing ben{een lrorooctimr cei6d o{, on t€ms 6quivol.ni
to th@ lhol prevoi ln om5 lenoh nococlions ond lronsoclioB $hich 06 not .x6cuied
ol om! lerlih pdce Ec(ding popsiolif.ots for uing Mh dlmote pdcing l1Ehdnkm.
fLrlh6i oll such i.orcclions ore oi.o requied to be sepoEtely ploced b6id6 ih6 oudir
commih€.- we dE orly Eqvi€d ond hove tru6d cfrplbnce ol Gqui€rents io fB 6n6ni
oi opFovol of Ekried pddy lrohocllons by tho Bodd ot Di€ctor ond ploc€ment ol such
lEnsctis b€fm ih6 oudii cmih@. we rove rcl co,fed oul ony pl@dre io deimi€
wholhd ih6 relolod poriy kohsociion. were undertoken ot omt lenglh pdce or not.

The Compo.y hos nol conied out ony Dk6clorrr lrolni.g progrom dudng the y4r.
TheChoimon of lhe Bood ot Dn€.io6 k dko lh6Cholmon ol Audil Commille€.
c) Ihe Comoony hos nol publish6d ih Coda ot co.duct on its webste.
dJ lhe Compony hos nol rur*shed to lhe regk d f€ seBtoddcomprbrce certifcole
dlons wilh onnuolrel!6. No eyidence hos been Dovidgd lo us lor lh submi$ion.

e) The cofrpony does not hov6 on 6fi6ctive inrernol oudil tunction. No int€mdl oudii
report hG ben provided fq the pu@o€ ol dr €vl6u
8d€don ourBvi , *ept ld the frolteB efered obov6 in pooqoprs lo) to {e1, nothing
hos com6 to oor or€nrion whlch coose! ui io betieve thoi th6 Sldtement of Compib.ce
does nol oppropdot€ly Eie. he Compony\ complionce in ott moldiot 6spech, with the
bed proclicB conioimd h th6 Cod6 of Colp@te coY6on@ or opp[.ob]6 b me Compony
Id lhe ysr ended lune 30. 20I 4.
s..t.s"h.{ rJ '
L=l\
KaEchi: January 7, tu16 Muhommod (chrr siddh€5
15
 s.M. suHAtL & co.

AUDITOIS' IEPOfi IO II{E ME'I/TBEI!

w€ hov6 oldil6d lh6 onnerod bolonce sheet o, tEAl ?A( C:MtNt IACIOIY UMIIED {1he
Compony) or oi Jun€ 30, 2014 ond lhe reloled prof t ond loss occount, notement ol
.omp.6hensiv€ 1rcm6, stoi€rent oi cch ilows ond (olement o, chongd in equily together
wilh rh€ nol6s loming pod lhseof, lor lhe yeor lhen ended o.d we stole lhot we hove
obloinod dl ih6 intmonon ond explorclions which, lo lhe besl of our krov'4edoe ond be iel
weB n6c55ory lor he pu.poses olouroudlt.

rt h th6 Espons bili, ot lhe compon/, monogehent b enob 5h o.d mointoin d tsl6m ol
lnlmol control, ond p6po€ ond present the obove $id stolemenb in confomi, wilh th6
opprov6d occounling slondord5 ond ihe requnemenh of Jhe compdnles ordinonco, I t3.1.
ou responsibilily k to express on opinion on lhese srol€m€nk bos€d on our dudit.

We conduC€d our oudit in occddoncs tilh lhe oudiling nondods G opplicoble in Pokbion.
The€ stondsds Eqlire thot we plon ond perlom tha oudit io obioin €Go.ot e o$uEnce
obout wheiher the oboye sod rlolemsnk 016 ft66 oi ony motdiol mi$lotement. An oudit
lncluds exomiiing. on o tst bo.is, evidenco suppod ng lhe omounh ond disclosu€s in TIE
obove soid stolemeris. An oudit obo incird.s os€stjnq tt'e occounlinq polcts ond ,sniicont
eslimot4 mode by mo@gem6nt, os w€ll os, evo uoting ihe oveo I asentolion ol ihe ob,ova
5old dotements. we beli6vs thot dr oudit povides o Eosonot e bosis fd ou oplnion ond,
ofi6r du6 vdilicolion, re eport thot:

oj lhe compo.y hoi occumu orad loses of Rs.6,570 million llune30,2ol3: is.6,2/0
mil ionl. The compony\ oc.umu oted lo$ exceeded its shoG copilol by Rs. 2,291
dilion. rhe cutrent idbiliiiBs ot lhe compony exceed lts curenl osrts by Rs.2,750
hirio. 6 olli6 bdron.e sheel dote. TheF focoE robe doubh oboul lhe compony s
obllily to conlinu€ os o going concern ond theelore it moy be !not1l6 ro Bolize ih
osels ond dkchorge ih liobiliiies ln lho normol couae oi busines.
b) lhe compony hos rseived o lolol omolnl oi Rs. 107.76d milion fiom lhe so e o, plont
& mochinery ond heovr equprenl in th6 pdd yem. No odjunmenl ,q p.orn ond ro$
hos been mode Yel ond lhs rolo omount received osoinsi ihe 50 o of lheso o$6h
were.redited to th6 odvoncer irom customeG occou.r (note l0l dnd shown os
o liobirry on Jone 30, 201t.

cl Ihe compony hos nol nonsfered ihe egol illle ol ond, Iruiuinq ond vehlcles o, Rohd
C6manr (Pvl.) Lld., PokGlon S oq Cemenl Ltd dnd of zsl Pok lndusnie! lP\'1.) tld n the
nore oi :el Pok Cemeni Foclory Llmiled.
d) Thecompony hos noT moi.ldingd o s.pdole Egister for rxed 6ets os @qu?ed ro b€
mointoined under lhe comporl€s od nonce, I934. consequentlY, lhe id6nlilicolion
ond physlcol verlli.dflon oi the lixed ossets could .o1 b€ corigd oui.
e) we wee undbre ro check the st@, spores ond @e lools 16 oling to the compony
ds on Jlne 30,20l4omountins Ri I12.126 millirn since o detoillslingwos noi mode

\
l-=A \
r€adhq .ds. dlrc
t6
ffiml ovoiobe iorou,vedricoron Flnher, weco!d

r) we hove nor.drred ourphysco +ockcounl of nventoryos al.rune 3a,2014 due io

g) ftdde debh i.c ude Rs 55 mi onwhi.hco!dnolbevei{ieddueloobsencedronv

r-Om'!^r.r!o.o
l20ll Ps 32 264 m
'onl

io' ,,e| o IoaJA,.o ,o', .'

prov.led ro u5 ioro!, ve, f.oron
rp. o,e. r
'-c, 016 or D.- .o,. o, oor, cemenr rp,r
Lrd oori o' '
,

kl Excepr ror ihe et,e.rs or lhe md e6 nored obove. tn our opino.. proper boors of
occounEhove been kepl by rhe compony os requned byiheConponies Ordindnce

ln
t) E -o|oi P or.-a -re'.6o|' oo.oa'oor tol.ol acoool.- -crord
n conlom ty wjih the Cohpan es O.d idnce 1934, ond ore n ogee-mr
- n rn!
books ol o..ounts ond ore tlrrherin occordonce wirh ihe ocaounj ng po cier

(ii, rhee{pendrlres ncureddldnsiheyedwosrorrhepurporeo,thecompofy j

lli) rhe busr.e$ condlcred, nvesrmenr modeond ihe erpendiiures incured du[.g
w h rhe objeds or tn. co.poni;
m) secoueorthesq.il.dnceof rhemorieu.tscused ntheprecedngporasrophr
rrom (o)ro lmlobo,e we do nol expre$ an oprnion on ihe;e i.-.ii ,r.r."."iri.
n) .ouopinionnoz.torwosdsduci{beor$urceunderrhe?!korondU5hrodi.once

s't.s"r; +J '

Karach January7,2016

17
427,333,526 od no.Y shoGs ol tu l0dch

accrued inte€Jr / mod( up

18
lfluflr
Profit ond 163 Accounl
ld lhe yeor ended June 30,2014

t,17Ol
orher ope,oi ns ncome / (osl

(4r3r)

(irrd)
Itot m.ntorComp.h.n .lncom.
ior th. y.or .nded Jun. 30, 2Ol4

kcumuknod [6] brousht iorwdrd

depr@iorion chollEd duing rhe

themnexednotdta l to 42 fm on,ntryor pot ot theF ,no@o, sroremenft.

20
id thc yeor ended Jun€ 30, 2014

Cosh se.e616d trom opdolions

rncm rdx {poldl/ Glunded

N.r cosh lnfl@ fM opeolihs aclrv b!

N* c.d1 lourid) From nvedhs ,anviii6

ro.o lem oons / rinoncins

Nat 6h l.i@ nm Fnorcing Aclirlid
Ner inc€ose in csh o.d cosh equivolenls
c.sh ond cosh equivolenis ol the

fre onnered .orer ,.oi I rc 12 llm o in'egd oo4 0, aef fno.oo, ,o,emor

2t
Sloi.menl ol Chq.gei In Equity
lor the yeor end.d Jun. 30, 2014

roior compEhensive lto$l fd rh6 y&r

inc'emenror depre.iorion choro6d dudng

lheyeoronp'openy'planl&6qu]pme^l

solonceosol.]Un630'20I3

rota cdpreheturv6 lrosl lol ihe y6or

nonsfe, io occcumuloled 6 in €soad o,

ihe@lonplopeny'plonl&equipmenl

22
flllfi
Not.! lo ond lomlng pori ol th€le llnonclol Stotements
lor ihe yeor end.d June30,20la

unds rhe componles Aci r?r3 i re34) ond ih shore5 o16

srock Fxchonoe Poknon sldo c
cenenr lP, vole) Lihiled o.d 7eo Pok rndG'ies lP'ivol€) Lrmired ho
n Juv l, 2co7 os per sindh Hrlh Coud oder doted Mov

crnker PoDer s.qs and soq Ceme.r.

Pokiston Lrd lcDc)

omponvor Poknon ttd {cDc)lilIu he.qder

Proza Rolo Ghozoire,ArKhon Ro

s2'75aMiionol01lhe
po bens o ooinq
Howevel onv odlushents rcrorins 1o the Gcoverobiiryor

ts lponsng dredoE o.d

ot€voluedomounhondobiirYldslollgrofuirYwhich

lrRs) issued bY the

componies odinonce, l9&, provisions ot ond dreclives

en15 difld rhe prcBionr or di€.r

3J runc ddond pr*don n.u .ncy

. rhe linoncio siol6me.$ oG
Rupe6 wrrich r the componv s rundlonor ond prc€nrotion
 3a i{gdn dt cc@nnno iudon.nk ond onmor.r

e,-d-.."-q,*s
monoe.mst 1o exectc ih jud or opptyins rhe compony s
occounring porciB Erimdre ond iudsmenis oE co^r ilorv evo !o

compony s occounting potcies

judgmenh which oG isnificonl ro
3.4.r $d6nnr b.rnn
Cedoin octtrror o$umprron hor been odopreir os discioed tn nore

4.2 lbDrly, dd'n.nd .qurDm.d

It€ Compony reviews the vorue o
y6oEmighleifellh6remoninqo

r. moking lne enimore. rd income rde! poyobo by rhe comp

3l tlrdordi fi.nrhuft d H.rp..rdidr rhlch b.cotu.r..nv. dln.g h. y.,

begin.ing on or ofi er0t .,ut, 20t3.

(Am6ndements) omendme.rs orf.en.q or finonciol

. rA5 re {Mendement) amendmenrs @drins 1o Defined Beiems pion (Emproye

{mo, o, rhe omendmonrr wr

opply lol oiiuo tr ofig r ]onudry ,o]1)
thelollowinqxohdord!
omendmenh ro olher sto.dords o

venino condiion p6rromance condirio. ond €ruice

omendhe.ls c odtu

hdJolsbee.omendedb.rodly
ror the romorion o, ot ryp6s or ioini ononqements inc udins tot.r
finon.io $oremenrJ o, th6 joinl on

24
flffii rFRs3 Operdling segmenh hor b
iudsme.|s mode by monosemenl in oppry.s the oss€soron c

enrrys chier ope6i nq deciso^.m

, h thoselorseqme.riiobiiies.
Amendmentsro lAl 16 Propedy. Ponio.d Equpmenr ond As 33
rheomendmes.ddlyJheGqU
n loflodrdrioi) is
horce n ihe so$ cony ns amo!.ror rheo$er
As24ReotedPorl}Disclosurerhede{ntonolreatedpodyleil

FRse. Fhoncio trtumenrr lErle.

menl ond rr.s 33 r.ronsrbe Asir iamendmed

inq ondoiierronuory0r.20'6)
- As 36. rmpormenl orA$6h I
ollerJonuory01,20r4]
e.osnilion ond M€oslremenr lbendmenl erredive
ofrsronuo'y0r 20r4)

ded sraruiy sdrehe cov.rno .l

p@jeded unir credir merhod.

perod de,emned in

rnc ud6r odlustments. where coi

Fs ot ihe o$er ond

obltesandlheicoryingomounl'

oss ond !.used ror cred 15. ir o

oses and unused roi

ond odluned 1o rhe opprop.rore enr ioxobe prcribwr

rhe rox Gtes enoded ol the boro
fl[n
Prop€'',y pont & equlpmenh.6
ond and copilol wod. . p,os€$ w

Depreciorion on opercJins oselr € Educng bddnce

merhod dllh6 Gres s@.ilied n note 4 r lo lhe lino.c ol norement
Depreciorion on odditios
dvdlrob e id use. whire on disposo de preciolion b c ho€ed up to ihe

he. incuned Moior

oplro ted qnd rre osrr so reproce<], lr ony, oe reli€d.

Go n q o$ on rle s €tiem6n1 or

Ih6 coryinq omounl. o, rhe compo.y s o$ets ore Gviewen o1

lo detemine *,1l6rhd rha6 is on indrcorion o, impo meni 16.
r €coqn Dd os 6xo6ns6 in ihe orof

ihe ore voued ol mving ovadq6 obsorescence. Good! n lronir

rh* 06 vdu6d dr rMd ol ove

sd on vorumeric meoercmeni cotrled oui by the
q@
y. cosE in rerorion ro inahed
re propomon ol prodldio ove'ieod!

IEd6 debts drginored by rhe copony ore r€o€ni.ed ond c.nled

ore lord@br{u debh
ounr is no onser prcbobLe Bod debts o€ winen off or

Voblesorerecognizedn]lolyo}c

recoqnned iniJrory or co, ond s!

IEnsocioG in lo@sn clrencies o

oe booked, whl.h
 boronce sheer when rhe comp
oI po' evenr, t probobre thdl o
embodyins economc benefls, oJio. ond o rcrior,re
estmote co. be mode ofihe amo!.rorobiqorio..

bonr bordnces, ner or +o'1 tem borowrnsE

€ bosed on rhe poricy ihor ollhe

es o@ cotrled our ar om ' s l6n9ih. hices lor these
he bo5i5 or comp.obre unco.toled pdce merhod.
ei.epr id the prrcing porcy os d pice by reterence ro

iir6 ore G.oqnzed or rhe rim

derecosniuon or ihe tinancio tobtiries c roken ro ororr ond os

methododopiedi!(lisclordint

It€r whe^ llre Compdny hos o

So e5oG r€qded on possse ofilre 1o ihe curoms whi.h gehaoly coincides wirh
di5polcho,q@dsloCustore^

5 on eeen$ n lhe pedod n *,t]ich

lo. oi o o-olt,ng

27
 flllfit
E:

:
e
*
!

EEEAPE"EqqE i i:' _9

:t
3?
j!
i
:"
-;;!' i :; H

;ili!i-: :ii -q. !:

zilr!!it::ii,,iii
;i5::!?! :;"Pir;i!
 -E !
a
f
E 5
H

t i
h t
E

:
^P
I
E
,€
2
!*t
: €

e .sPcs
6
I €e
6:
h:
,
!
I
E :
T
E

a
I t
3 E€$. E Ea
c 3 I;P
i;!!:! i i6
icggEE
EE !E!E3F l:!
o il
. Et
 fllfN(

5i1le r iB-{) ohouitiq Rs.1.e75 mrion

supplyoIee.ld.h/losloqD!non

cons de,ed qood lNoi€ 3 r )

ommod Bhrcl D. so u.h lP,ivore)

rmil€dl20r3:R5 | r7e Miion)
fllfiI

QlB1Al p7 3r3)
 zfi,000 l2or3: 2,ra0,O0ol Odinory shoB oI Rr.

l.es3-0o0 12013: r.e55,00o1 ordircry 5h!re5 ol R..

iqed 05 tu ly poid bonus {'dej
4,356100 (2013: r356,coo) cidiMy shdEr or Rr

l6l,%3,m lmr3: fi3,000) ordindy shd€s or Rs. l0/ poid

r dr
rn co3r, i!s@d or da.ounr o, R3. 6 p6 shoE
5,2a2$8 eatS: 5,2a2,6]B1 cidinoty sr'ds ol Rs. lo/ $red to

226,340,000 e0r3: 2263.{0,000l Ordino,y rhoe ol &. r0/

26,2ss,9r3 120r3: 26,25srr3t Ordhory.horc. ol Rs. ro/i$ued

1a.l Ln ne y€lr 2(]07'206, undd ihe S.hme ot msser oI PSCrt, RCPL ond zPrt w h ond nio
zrcFL os opprcvod by rhe Hish Court or s ndh, ZPCtt hG lo su6 5,.r. &
sho€s ot Rs. l0/-
oes oi R5. r0/' eoch o, Pscrt, 225.3.o,c,(n 5h!85 0l Rs. r0/
eft h h 6x.hanse lor ,5,264-000 !ho6 or B. r o/ @ch or RcPt ond 26,25s,913 shoB ol Rs.
r0/ eoch n exchonse ld L0o934 sho,es or Rr. l0l 6och or zPlL lhe corpdois romoliriB
rt wde yEllo be completed

comFny) he d 6{,6%,062 {2013: 66,623142) ordi^ory sho6 or Rs. r0/- €och

c@r6. .de,sec1on.)(33) or+e

sulplusoncvofu.lionofEope'ry,pr

d6reronon ch4ed duino the ye

lhereVo]Uotimolth€orcDelv,D]onldnd<Uipm.nl.o
by hdepadenr voluer ,n/1 anlum kil & Altroles, cotruhins
A'chlect,hleddDesigneB,Engim
disingnomGvolUolionisRs,l'l67,33srilion,
ths 6vduoi6 o[he propedy, p 6 wo5 conied @t m
Morch 22. 2007 by independenl vdlu& MA. Mdd.6 coneronE lFn) rjmred, con5ultonh,
l vol@ beins rhe bo* rq €vouo

rh6igvolw'onollheprcped},p

nGvoluolionolftoperty,plonto

kom c€m€nr sterids {Not. r 7.l )

rs ond ore'epo\dbr'on

supprer ccdrr. €credlNore r3.r)

olhs nrcncire - uns6cu6d rR€roled Pon, {Nore
subddhored ro.n lRebred Porryl oob r
)
MA soda Mohommod ahrcl D. Boloch lR6lol€d

MA M. r. Co'Foron6. rhe p onl hos o vd@ oi R.. o o0o mirion. he c

Iist chorse on the plonl suppt€d I rc4pdonnum {2013:
rcA per onnum). on .eq@n or rced io dels nre

ns6.uBd ri^dncrng rrffi MA. sord

Borch {Prrvob) t mrr6d lsMADs) ro sroq DNcr6 €poyobE ons D*embs, 20r 5
 lheplopalyh6volu6ofR.6.19
t€oledssubddndsdtolhegrnciFlorcUnt!o,the|on!iem
time ryins ro rhe bonk5 ond ircncio insitudos ond occddhs, moy onry b6 €poid by 1116
r, Jhe compony shoi
comdy wnh $6 d6bt 6quny Efo E
Poknbn os opplicob e to the Compony rq lhe iire beins.
ra.a Pop6ek dvBm h$ p.d@r, ovox.d'ino..ino rocriry rr6m MA. sddd Mohommod
D, soboch lPr'voie) Oniied.lhe loon i5 inGren rEe unscue
^tror
nrs6t
Ir€6 roon €cdEi frm Dssdor ai Jotoi to Rohri Divi'ion ond ir
DowbloondolLobillyo,lunds.

Delsod loqfirn lNo'e r e.r l

D.{.n d rax karny o*rnc dc ro:

tox der*loiion
^cGle6ted

srofi €rot! y ord ohd p.disions

lrJhpl.y..r.{r6.nn!01'1.

Rdkion lor th3 Fd, lNor. r e3l (et

.€r!60 lcoiBylose cho@

 P€En] vorue o' defned benefl ob isoions
uneosnEed r'o..nionor rob rt

,ldmhH'olk6ErpoMs

l',{llhclPol^cn4lolr'emPnon
Frceded 6re of inc6o€ in $ 0,16 ps oniuh (pnl
o rounr roclq usd (p.o)

woftinqilollreo'6mD]@

RoyoirY ond excr€ d!, on rrme slon6

port6 lNoi6 r0.rl
ou6 to €rorad
advoncn,rcm curoreE lNore 20.r)

wd*eR p6ft pdtbipot on rund (Nore m.2)

h {P'rvot6) tnil.d
curons odvorce SMADB (Pil rld

1D.2 wdko p@ii r4ncrp.rbn nhd

lne cnpony.eroln. v!€n<e6 prcm po/dcipolbn tund ror ih bu$.ss oFrctions. rnr*t I
orrcor€d o ror (mr3: ro*t.
 ffiU[l
shodremrunninsanoi.e, lNore2r !

shon rem runn.q I nonce ro.lr} from he Bonk or Punlob rhe

olhe ..mpony lrond ond 8dd nsl lor Rs 60r., m, ion

G€ on pronr ond mochnery / n€
ree or M/s SMADB Pvl Ljm ted

.) codieed robriB or zPctu i

R5,63o5mi1onl20|3R56305milon)'epGse^ling.lo
rcrdiiis ro ruppv or sor os rhe som
b) rheE o€ csdo n . vi c@.co

.) s,i so,rhe- co, c". p""y h"

d ond d$o[ied by rhejudqm€ni

d) rhse o€ rumbe, o' co,eJ pe

.) rheKor.ch srdk &chanse icuorcn'ee) timied otpe, e e, No$E/N 330e Doredrlv 13,

Pokion ltd lcDc) notityiiq rhor P

ynem €Ds)i rudhe, dder urr mo

Guoonree!.reRs 20mrlonl20r3 ft 20m ion)

l6
 l|e".t4

openrnq nock lNore 2! I l

!!!16l

op6nl.0 lNore 21 2)

,.'lopo'"gj*k-R.".PocE"gM.,l.l
rod ns ocliv y {Nore 23

FnJhe.rGood! nod nq ocri ry lNote

 sord,ies, orowonc6s ond olher bener rr

stotionery ond 96ndor expense.

EXF,B
Iolol AdmhHrollv6
,5lReCpienlso'domlssdonol

Audir6'r6munsolion (Nore 7.r )

Iotor orhr oprorins Exp6fs

rncome fron Ns F noncro rseis {Nor6 2.t )

ros ,rcm nod no Adtv[y tNo]6 ?3.21
robl onld opftrin! r@@ / 061
 obr ere slek witren ofl

Ner t6. irn IBdE A.riv lv

39
 fl[r
MoriLp on lons lem fnorcs

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FORM OF PROXY

C.n nt Frclory Llniled, as ny prc

mviou bebarl d rhe Annu'l c.n..rl M..lDs of the comBny ro b. he
 ZEALV PAK CEMENT FACTORY LTD.
ath Floor, P.no.ama C.nter, Bulldlng {o. 2, Oodl(f Plaa,
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