| Reckitt & Colman of Pakistan Limited |
|
|
|
|
|
|
| Annual
Report 1998 |
|
|
|
| CONTENTS |
|
|
| Notice
of Meeting |
|
| Review
of the Year |
|
| Comparison
of Results |
|
| Report
of the Directors |
|
| Auditors'
Report to the Members |
|
| Profit
and Loss Account |
|
| Balance
Sheet |
|
| Cash
Flow Statement |
|
| Notes
to the Accounts |
|
| Pattern
of Shareholding |
|
| List
of Products |
|
|
| COMPANY
INFORMATION |
|
|
| BOARD
OF DIRECTORS |
|
|
| K.J. Dinshaw |
|
Chairman |
|
| Tariq Ikram |
|
Chief Executive |
|
| J.C.L.
de Mel |
(Alternate: |
|
|
Ishtiaqur Rehman) |
|
| M.F. Turrell |
|
Alternate: |
|
|
S. Aslam Ali) |
|
| M.
Waddington |
|
| Rasheed
Y. Chinoy |
|
| Razi-ur-Rahman
Khan |
(NIT) |
|
| Yusuf
G. Mandviwala |
|
|
| COMPANY
SECRETARY |
|
| Nadir
A. Jamal |
|
|
| BANKERS |
|
| ANZ
Grindlays Bank |
|
| Bank
of America |
|
| Citibank
N.A. |
|
| Hong
Kong & Shanghai Banking Corporation |
|
| Muslim
Commercial bank Ltd. |
|
| Prime
Commercial Bank Ltd |
|
| Standard
Chartered Bank |
|
|
| AUDITORS |
|
| A.F.
Ferguson & Co. |
|
|
| SOLICITORS |
|
| Surridge
& Beecheno |
|
|
| REGISTRARS |
|
| Ferguson
Associates (Pvt) Ltd. |
|
| State
Life Building 1-A |
|
| I.I.
Chundrigar Road |
|
| P.O.
Box 4716 |
|
| Karachi
74000. |
|
| Tel:
2426682-6, 2426711-5 |
|
|
|
| NOTICE
OF MEETING |
|
|
| Notice
is hereby given that the Forty-Eighth Annual General Meeting of the Company
will be held at 10:30 a.m. on |
|
| Thursday,
April 29, 1999 at the Karachi Marriott Hotel, Abdullah Haroon Road, Karachi,
to transact the following |
|
| business: |
|
|
| 1.
To receive and consider the Statement of Accounts for the period ended
December 31, 1998 and the Reports |
|
| of
the Directors and Auditors thereon. |
|
|
|
|
| 2.
To declare a final dividend. |
|
|
| 3.
To appoint auditors and to fix their remuneration. |
|
|
| 4.
To elect eight Directors of the Company for a period of three years in
accordance with the provisions of the |
|
| Companies
Ordinance, 1984. The retiring Directors - Mr. K. J. Dinshaw, Mr. Tariq Ikram,
Mr. R. Y. Chinoy, |
|
| Mr.
J.C.L. de Mel, Mr. M. F. Turrell, Mr. Razi-ur-Rahman Khan, Mr. Y. G.
Mandviwalla and Mr. M. |
|
| Waddington
are eligible for re-election as Directors. |
|
|
|
|
|
BY ORDER OF THE BOARD |
|
|
|
|
|
|
|
|
|
NADIR A. JAMAL |
|
| March
10, 1999 |
|
|
Company Secretary |
|
|
| NOTES: |
|
|
| i.
The Directors of the Company have fixed under Section 178(1) of the Companies
Ordinance 1984, the |
|
| number
of Directors to be elected at eight. |
|
|
|
|
| ii.
The Share Transfer Books of the Company will be closed from April 20, 1999 to
April 29, 1999, both days |
|
| inclusive. |
|
|
|
|
|
|
| iii.
A Member entitled to attend the Annual General Meeting is entitled to appoint
a proxy to attend and vote |
|
| instead
of him/her. No person shall act as proxy (except for a corporation) unless
he/she is entitled to be |
|
| present
and vote in his/her own right. The completed proxy form must be received at
the Registered Office |
|
| of
the Company not less than 48 hours before the Meeting. |
|
|
| iv.
Members are requested to communicate to the Company any change in their
addresses. |
|
|
|
| REVIEW
OF THE YEAR |
|
|
| Trading
Performance |
|
| Sales
at Rs. 2,247 mn increased by 13.1% over the previous year (last year growth:
27.9%) whereas Profit before tax |
|
| reduced
to Rs. 200 mn from Rs. 254 mn last year. These are very reasonable results
considering the odds, principally; |
| cautious
consumer spending since the last few years amid recessionary conditions, no
price increases on pharmaceuticals, |
| unfair
competition from smuggled goods, additional levies on certain imported taws
and locally manufactured goods. |
|
|
| Household
Division sales rose by 18.3% achieving good volume growth for almost all core
lines. This was the result of |
| strong
marketing support and effective value-adding marketing strategies especially
for our laundry care and household |
| insecticide
product categories without the need for significant price increases. Sales
volume of shoe polish, a major |
| part
of our product portfolio, however, continued to suffer due unchecked
smuggling into Pakistan of poor quality shoe |
| polishes
via the Afghan Transit Trade mechanism at dumping prices. The Government has
been repeatedly apprised of |
|
| the
significant loss of revenue, both to the Government and the Company, but it
is disappointing to note that so far |
|
| insufficient
measures have been taken to check smuggling or to amend the Transit Trade
Agreement. Despite this, the |
|
| overall
Household business Operating Profit increased appreciably to Rs. 141 mn in
1998 because of effective |
|
| management
of the Cost of Sales (up 9.6% only against sales increase of 18.3%) and of
Selling and Admin expenses |
|
| inspite
of higher investment in advertising and the settlement of the two-year Union
Agreement. |
|
|
| Pharmaceutical
sales were up 7.6% over last year. Profits in the Pharma Division, however,
were significantly lower in |
| 1998,
and in fact there was an Operating Loss in the second half of the year. The
major factors impacting profitability |
| were
adverse exchange movement, imposition of levies on some of the major raw
materials and finished goods, and |
|
| high
cost of importation of glass bottles due sudden reduction in local
manufacturing capacity. There was no compensatory |
| increase
in prices allowed by the Government resulting in Operating Profit at Rs. 111
mn which was 47.3% lower than |
|
| last year. |
|
|
| After
years of deliberations and persistent efforts, the recovery of the alleged
arrears of Excise Duty on Dettol was |
| withdrawn
by the Government and the case decided in favour of the Company. This has led
to the reversal of Rs. 38 mn |
|
| previously
provided for in the Accounts. |
|
|
| Demands
raised for arrears of Sales Tax on Dettol continue to be contested and the
case is presently before the Sales |
| Tax
Tribunal. Against the total demand of Rs. 45 mn (Rs. 27 mn shown as
contingent liability in previous years and Rs. |
| 18
mn raised in the current year) the Company had to pay Rs. 31 mn during the
year. The total amount of Rs. 45 mn has |
| been
provided for in the Accounts. |
|
|
| Total
Operating Profit for the Company at Rs. 252 mn was lower than last year
(1997: Rs. 297 mn) and the Profit |
|
| before
tax at Rs. 200 mn was lower by Rs. 54 mn. |
|
|
| The
uncertainty of exchange movements and the related changes in Government
policies necessitated maintenance of |
|
| a
higher level of working assets during the year, coupled with the requirement
of margins to be deposited with the |
|
| banks
to open letters of credit, resulted in a strong pressure on cash flow. This
has resulted in mark-up on running |
|
| finance
increasing from Rs. 18 mn to Rs. 26 mn. |
|
|
| Tax
was higher on account of the provision of Rs. 12 mn made in respect of prior
years (in 1997 the prior year provision |
| was
a favourable Rs. 20 mn.) resulting in a Profit after tax of Rs. 113 mn which
was Rs. 85 mn lower than last year. |
|
|
| Appropriations |
|
| The
Board recommends: |
|
|
| -
A final dividend of Rs. 41.676 mn [@ Rs. 1.30 per share] which together with
the interim dividend of Rs. |
|
| 41.676
mn makes a total of Rs. 83.352 mn [1997: Rs. 112.205 mn]. |
|
|
| -
The transfer of Rs. 35.0 mn to General Reserve [1997: Rs. 85.0 mn]. |
|
|
| Prospects
and Development |
|
| Excellent
opportunities exist for business development. The single most important
factor at this point of time, however, |
| on
which rests the future growth, profitability and viability of Reckitt &
Colman and hence that of all its shareholders |
| and
employees, is the ability to make adequate price adjustments on
pharmaceutical products. Second is the Government's |
| will
to reduce smuggling under the protection of the Afghan Transit Trade
Agreement. It is earnestly hoped that the |
|
| Government
will soon respond positively. |
|
|
| Directors |
|
| In
accordance with the provisions of the Companies Ordinance, 1984, Directors'
term of office expires this year. All the |
| existing
Directors are eligible for re-election as Directors. |
|
|
|
K. J. DINSHAW |
|
|
TARIQ IKRAM |
|
|
Chairman |
|
|
Chief Executive |
|
|
| March
10, 1999 |
|
|
|
| COMPARISON
OF RESULTS |
|
|
|
|
1992 |
1993 |
1994 |
1995 |
*1996 |
1997 |
1998 |
|
|
|
(Rupees'000) |
|
|
| EARNINGS
& DISTRIBUTION (RECKITT & COLMAN OF PAKISTAN LTD.) |
|
| Sales |
|
|
602,149 |
741,278 |
792,200 |
922,447 |
1,534,110 |
1,987,051 |
2,247,447 |
| Profit
before tax |
|
110,070 |
118,183 |
123,104 |
157,839 |
199,416 |
253,555 |
199,834 |
| Taxes |
|
|
53,751 |
43,016 |
46,594 |
52,556 |
1,454 |
55,828 |
87,068 |
| Net earnings |
|
|
56,319 |
75,167 |
76,510 |
105,283 |
197,962 |
197,727 |
112,766 |
| Dividend |
|
|
35,290 |
41,172 |
45,172 |
59,288 |
112,205 |
112,205 |
83,352 |
| Retained
in business |
|
21,029 |
33,995 |
31,338 |
45,995 |
85,757 |
85,522 |
29,414 |
| Bonus
share issued |
|
19,606 |
- |
23,527 |
28,232 |
49,368 |
- |
- |
|
| EARNINGS
& DISTRIBUTION (RECKITT & COLMAN PHARMACEUTICALS (PVT.) LTD.) |
|
| Sales |
|
|
249,239 |
293,985 |
373,284 |
417,200 |
|
| Profit
before tax |
|
47,404 |
75,222 |
105,698 |
110,756 |
|
| Taxes |
|
|
24,679 |
37,155 |
47,864 |
22,025 |
|
| Net earnings |
|
|
22,725 |
38,067 |
57,834 |
88,731 |
|
| Dividend |
|
|
10,230 |
12,835 |
17,113 |
20,964 |
|
| Retained
in business |
|
12,495 |
25,232 |
40,721 |
67,767 |
|
| Bonus
share issued |
|
5,167 |
4,651 |
7,130 |
17,114 |
|
|
| FINANCIAL
POSITION (RECKITT & COLMAN OF PAKISTAN LTD.) |
|
| Share
Capital |
|
117,635 |
117,635 |
141,162 |
169,394 |
320,587 |
320,587 |
320,587 |
| Capital
& revenue reserves |
80,101 |
114,096 |
121,907 |
137,128 |
282,633 |
368,155 |
397,569 |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
| Shareholders
equity |
|
197,736 |
231,731 |
263,069 |
306,522 |
603,220 |
688,742 |
718,156 |
| Surplus
on revaluation |
|
671 |
671 |
671 |
671 |
1,408 |
1,408 |
1,408 |
| Long
term loans and |
|
|
| deferred
liabilities/tax |
|
22,240 |
20,642 |
27,438 |
33,421 |
54,787 |
64,136 |
84,156 |
| Total
capital employed |
|
220,647 |
253,044 |
291,178 |
340,614 |
659,415 |
754,286 |
803,720 |
| Represented
by: |
|
|
| Fixed assets |
|
62,228 |
101,578 |
128,083 |
151,738 |
327,147 |
345,796 |
354,541 |
| Long
term loans/deposits |
|
|
| & deferred cost |
|
944 |
2,511 |
4,779 |
3,964 |
39,798 |
34,515 |
30,385 |
| Net
current assets |
|
157,475 |
148,955 |
158,316 |
184,912 |
292,470 |
373,975 |
418,794 |
|
|
|
|
| STATISTICS
(RECKITT & COLMAN OF PAKISTAN LTD.) |
|
| Net
earnings per share (Rs.) |
4.79 |
6.39 |
5.42 |
6.22 |
6.17 |
6.17 |
3.52 |
| Dividend
declare per share (Rs.) |
3.00 |
3.50 |
3.20 |
3.50 |
3.50 |
3.50 |
2.60 |
| Bonus issue |
|
- |
2:10 |
2:10 |
3:20 |
- |
- |
- |
| Break
up value per share (Rs.) |
16.81 |
19.70 |
18.64 |
18.10 |
18.82 |
21.48 |
22.40 |
|
| *
COMBINED RESULTS INCLUDING THE FORMER RECKITT & COLMAN PHARMACEUTICALS
(PVT.) LTD. |
|
|
|
| REPORT
OF THE DIRECTORS |
|
|
| The
Directors submit their Report together with the audited Statement of Accounts
for the period ended December |
|
| 31, 1998. |
|
|
| Business
Review |
|
| The
annexed Review deals with the year's activities and the Directors of the
Company endorse the contents |
|
| thereof. |
|
|
| Year
2000 Compliance |
|
| The
Company has for some time been addressing the issues and risks related to the
potential impact of "Year |
|
| 2000"
on computer systems and infrastructure. In this connection a programme was
initiated in 1997 to identify |
|
| risk
areas and develop and execute appropriate plans. The Company is well advanced
in the implementation of |
|
| these
plans with a target completion date of September, 1999. Some aspects of
"Year 2000" will remain to be |
|
| addressed
after this date where this does not pose a significant business risk. The
programme is subject to regular |
|
| senior
management review and appropriate steps have and are being taken to minimise
"Year 2000"- related |
|
| business
risks. |
|
|
| Financial
Results and Appropriations |
|
| The
profit and appropriations are as follows: |
|
|
|
|
|
Rupees'000 |
|
|
|
|
| Net
profit for the year before tax |
|
|
199,834 |
|
| Less:
Provision for tax |
|
|
|
87,068 |
|
|
|
|
---------- |
|
| Profit
after tax |
|
|
|
112,766 |
|
| Unappropriated
profit from previous year |
|
|
5,855 |
|
|
|
|
---------- |
|
| Profit
available for appropriation |
|
|
118,621 |
|
| Appropriations: |
|
|
|
| Interim
dividend paid @ 13% |
|
41,676 |
|
| Proposed
final dividend @ 13% |
|
41,676 |
|
| Transfer
to General Reserve |
|
35,000 |
118,352 |
|
|
|
---------- |
---------- |
|
| Unappropriated
profit carried forward to next year |
|
|
269 |
|
|
|
|
========== |
|
|
| Earnings
per share |
|
| The
"earnings per share" numbers are provided at Pages 4 and 7. |
|
|
| Pattern
of Shareholding |
|
| The
pattern of shareholding is provided at page 32. The Company's holding company
is Reckitt & Colman plc, |
|
| which
is incorporated in the U.K. |
|
|
| Auditors |
|
| The
Company's auditors Messrs A.F. Ferguson & Co., retire and offer
themselves for re-appointment. |
|
|
|
|
|
BY ORDER OF THE BOARD |
|
|
|
|
|
|
|
|
|
|
|
TARIQ IKRAM |
|
| March
10, 1999 |
|
|
Chief Executive |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of Reckitt & Colman of Pakistan
Limited as at December 31, 1998 |
|
| and
the related profit and loss account and cash flow statement, together with
the notes forming part thereof, |
|
| for
the period 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
and, after due verification |
|
| thereof,
we report that: |
|
|
|
| (a)
in our opinion, proper books of account have been kept by the company as
required by the Companies |
|
| Ordinance,
1984; |
|
|
|
|
|
|
| (b)
in our opinion: |
|
|
|
|
| (i)
the balance sheet and profit and loss account together with the notes thereon
have been drawn |
|
| up
in conformity with the Companies Ordinance, 1984 and are in agreement with
the books of |
|
| account
and are further in accordance with accounting policies consistently applied
except for the |
|
| change
as stated in note 2(i) with which we concur; |
|
|
|
|
| (ii)
the expenditure incurred during the period was for the purpose of the
company's business; and |
|
|
| (iii)
the business conducted, investments made and expenditure incurred during the
period were in |
|
| accordance
with the objects of the company; |
|
|
|
| (c)
in our opinion and to the best of our information and according to the
explanations given to us, the |
|
| balance
sheet, profit and loss account and the cash flow statement, 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 state of the company's affairs as at
December 31, 1998 |
|
| and
of the profit and cash flows for the period then ended; and |
|
|
| (d)
in our opinion Zakat deductible at source under the Zakat and Ushr Ordinance,
1980 was deducted by |
|
| the
company and deposited in the Central Zakat Fund established under Section 7
of that Ordinance. |
|
|
|
|
|
A. F. Ferguson & Co. |
|
| March
15, 1999 |
|
|
Chartered Accountants |
|
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE PERIOD ENDED DECEMBER 31, 1998 |
|
|
|
Note |
Period |
52 weeks |
|
|
|
ended |
ended |
|
|
|
December |
January |
|
|
|
31, 1998 |
3, 1998 |
|
|
|
|
|
(Rupees in
thousand) |
|
|
|
|
| Sales |
|
3 |
2,247,447 |
1,987,051 |
|
| Cost
of sales |
|
3 |
1,605,051 |
1,372,099 |
|
|
|
|
---------- |
---------- |
|
|
|
|
642,396 |
614,952 |
|
| Selling
and administrative expenses |
|
3 |
390,273 |
317,911 |
|
|
|
|
---------- |
---------- |
|
| Operating
profit |
|
3 |
252,123 |
297,041 |
|
| Other income |
|
6 |
4,458 |
10,585 |
|
|
|
|
---------- |
---------- |
|
|
|
|
256,581 |
307,626 |
|
|
|
|
---------- |
---------- |
|
| Financial
expenses |
|
7 |
29,217 |
20,521 |
|
| Other
charges |
|
8 |
27,530 |
33,550 |
|
|
|
|
---------- |
---------- |
|
|
|
|
56,747 |
54,071 |
|
|
|
|
---------- |
---------- |
|
| Profit
before taxation |
|
|
199,834 |
253,555 |
|
| Taxation |
|
9 |
87,068 |
55,828 |
|
|
|
|
---------- |
---------- |
|
| Profit
after taxation |
|
|
112,766 |
197,727 |
|
| Unappropriated
profit brought forward |
|
|
5,855 |
5,333 |
|
|
|
|
---------- |
---------- |
|
| Profit
available for appropriation |
|
|
118,621 |
203,060 |
|
|
|
|
|
| Appropriations |
|
|
|
| Transfer
to general reserve |
|
|
35,000 |
85,000 |
|
| Interim
dividend @ 13% (1997: 11%) |
|
|
41,676 |
35,265 |
|
| Proposed
final dividend @ 13% (1997: 24%) |
|
41,676 |
76,940 |
|
|
|
|
---------- |
---------- |
|
|
|
|
118,352 |
197,205 |
|
|
|
|
---------- |
---------- |
|
| Unappropriated
profit carried forward |
|
|
269 |
5,855 |
|
|
|
|
========== |
========== |
|
| Basic
earnings per share |
|
10 |
Rs. 3.52 |
Rs. 6.17 |
|
|
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
|
TARIQ IKRAM |
|
|
|
YUSUF G. MANDVIWALLA |
|
|
Chief Executive |
|
|
|
Director |
|
|
|
| BALANCE
SHEET AS AT DECEMBER 31, 1998 |
|
|
|
Note |
As at |
As at |
|
|
|
December |
January |
|
|
|
31, 1998 |
3, 1998 |
|
|
|
|
|
(Rupees in
thousand) |
|
|
|
|
| SHARE
CAPITAL AND RESERVES |
|
|
| Share
capital |
|
|
|
| Authorised |
|
|
|
|
| 50,000,000
ordinary shares of Rs 10 each |
|
500,000 |
500,000 |
|
|
|
|
========== |
========== |
|
| Issued,
subscribed and paid-up |
|
11 |
320,587 |
320,587 |
|
| Reserves |
|
|
12 |
397,300 |
362,300 |
|
| Unappropriated
profit |
|
|
|
269 |
5,855 |
|
|
|
|
---------- |
---------- |
|
|
|
|
718,156 |
688,742 |
|
| SURPLUS
ON REVALUATION OF FIXED ASSETS |
|
13 |
1,408 |
1,408 |
|
| DEFERRED
LIABILITY - Staff Gratuity |
|
14 |
93,102 |
75,850 |
|
|
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
| Short-term
finance under mark-up arrangements |
15 |
185,367 |
1,116 |
|
| Creditors,
accrued and other liabilities |
16 |
563,901 |
317,572 |
|
| Taxation |
|
|
|
- |
2,564 |
|
| Dividends |
|
|
17 |
65,043 |
78,589 |
|
|
|
|
---------- |
---------- |
|
|
|
|
814,311 |
399,841 |
|
| COMMITMENTS |
|
|
|
18 |
|
|
|
|
|
---------- |
---------- |
|
|
|
|
|
1,626,977 |
1,165,841 |
|
|
|
|
|
========== |
========== |
|
|
|
|
Note |
As at |
As at |
|
|
|
December |
January |
|
|
|
31, 1998 |
3, 1998 |
|
|
|
|
|
(Rupees in
thousand) |
|
|
|
|
| FIXED ASSETS |
|
|
|
| - Tangible |
|
|
|
|
| Operating
assets |
|
19 |
325,768 |
298,088 |
|
| Capital
work-in-progress - at cost |
|
20 |
19,773 |
35,708 |
|
|
|
|
| - Intangible |
|
|
|
| Goodwill |
|
21 |
9,000 |
12,000 |
|
|
|
|
---------- |
---------- |
|
|
|
|
354,541 |
345,796 |
|
| DEFERRED
COST |
|
22 |
18,000 |
24,000 |
|
| DEFERRED
TAXATION |
|
23 |
8,946 |
11,714 |
|
| LONG-TERM
LOANS |
|
24 |
6,644 |
5,439 |
|
| LONG-TERM
DEPOSITS AND PREPAYMENTS |
|
25 |
5,741 |
5,076 |
|
|
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Stores,
spares and loose tools |
|
26 |
4,527 |
4,580 |
|
| Stock-in-trade |
|
27 |
328,560 |
242,045 |
|
| Trade debts |
|
|
28 |
653,151 |
454,789 |
|
| Current
portion of long-term loans |
|
24 |
1,928 |
1,686 |
|
| Advances |
|
|
29 |
11,499 |
8,839 |
|
| Deposits
and short-term prepayments |
|
30 |
39,666 |
11,116 |
|
| Other
receivables |
|
31 |
35,022 |
30,893 |
|
| Taxation |
|
|
|
3,699 |
- |
|
| Short-term
investment |
|
32 |
2,000 |
2,000 |
|
| Cash
and bank balances |
|
33 |
153,053 |
17,868 |
|
|
|
|
---------- |
---------- |
|
|
|
|
1,233,105 |
773,816 |
|
|
|
|
---------- |
---------- |
|
|
|
|
1,626,977 |
1,165,841 |
|
|
|
|
|
========== |
========== |
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
TARIQ IKRAM |
|
|
YUSUF G. MANDVIWALLA |
|
|
Chief Executive |
|
|
Director |
|
|
|
| CASH
FLOW STATEMENT FOR THE PERIOD ENDED DECEMBER 31, 1998 |
|
|
|
Note |
Period |
52 weeks |
|
|
|
ended |
ended |
|
|
|
December |
January |
|
|
|
31, 1998 |
3, 1998 |
|
|
|
|
|
(Rupees in
thousand) |
|
|
|
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
|
| Cash
generated from operations |
|
37 |
209,537 |
280,622 |
|
| Mark up paid |
|
|
(18,227) |
(18,827) |
|
| Taxes paid |
|
|
(90,563) |
(73,582) |
|
