| Al Ghazi Tractors Limited |
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| Annual
Report 2000 |
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| Contents |
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| Company
Information |
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| Notice
of Annual General Meeting |
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| Chairman's
Review |
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| Directors'
Report |
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| Decade
at a glance |
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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 Change in Equity |
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| Cash
Flow Statement |
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| Notes
to the Accounts |
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| Pattern
of Shareholding |
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| Company
Profile |
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| DATE
OF INCORPORATION |
June 26, 1983 |
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| DATE
OF COMMENCEMENT |
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| OF
OPERATIONS: |
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September 1, 1983 |
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| DATE
OF TAKE OVER |
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| BY
AL-FUTTAIM |
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December 8, 1991 |
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| START
OF PRODUCTION AT |
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| DERA
GHAZI KHAN PLANT: |
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| i)
Auxiliary Plant. |
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February 20, 1984 |
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| ii)
Main Plant. |
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April 1, 1985 |
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| INSTALLED
CAPACITY: |
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15,000 TRACTORS PER ANNUM
IN SINGLE SHIFT. |
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| TOTAL
LAND AREA: |
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90 ACRES |
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| EMPLOYEES: |
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498 |
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| OFFICES: |
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| Head Office. |
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Karachi. |
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| Plant. |
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Dera Ghazi Khan - 12 km
from D.G. Khan City. |
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| Marketing
Centres: |
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Lahore. |
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|
Multan |
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|
Islamabad. |
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Sukkur. |
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| FACILITIES
AT THE AGTL |
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| STAFF
TOWN |
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| HOUSING |
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126 FAMILY HOMES AND
BACHELOR QUARTERS |
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FOR EXECUTIVES AND
WORKERS. |
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| POPULATION
OF THE STAFF |
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| TOWN. |
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APPROXIMATELY 500. |
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| CHILDREN
IN THE AGTL |
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| PRIMARY
SCHOOL: |
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87 |
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| OTHER
FACILITIES: |
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MOSQUE |
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|
HOSPITAL WITH AMBULANCE |
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|
AGTL PRIMARY SCHOOL FOR
CHILDREN OF |
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|
THE STAFF RESIDING IN THE
TOWN. |
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|
RECREATION CENTRES FOR
EXECUTIVES, |
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|
WORKERS AND LADIES, WITH
INDOOR |
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|
GAMES, TV, VIDEOS, DISH
ANTENNAS, AND |
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|
OTHER FACILITIES. |
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|
PLAY GROUNDS, PARKS,
HORTICULTURE, |
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|
AND JANITORIAL SERVICES. |
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|
SCHOOL BUS FOR PICK AND
DROP SERVICES |
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TO SCHOOL AND COLLEGE
GOING |
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CHILDREN OF THE STAFF FOR
D.G. KHAN |
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|
CITY. |
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PRIVATE ELECTRIC
GENERATOR FOR |
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UNINTERRUPTED POWER
SUPPLY |
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CLEAN WATER SUPPLY WITH
UV FILTERS. |
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TRANSPORT FACILITY FOR
D.G. KHAN CITY |
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& ADJOINING AREAS. |
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WASTE WATER RECYCLING
PLANT FOR |
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HOTRICULTURE. |
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| Company
Information |
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| Board
of Directors |
|
Auditors |
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| MR.
R.V. HUISMAN - CHAIRMAN |
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A.F.FERGUSON & CO. |
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| MR.
PARVEZ ALI - CHIEF EXECUTIVE |
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| MR.
KUNWAR IDRIS |
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| MR.
J.R.N. KEECH |
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| MR.
PETER WALL |
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| MR.
MOHD ALI QAIYUM |
|
Tax Advisors |
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| MR.
NAZIR A. SHAIKH |
|
FORD, RHODES, ROBSON, |
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| MR.
FRANCESCO MIZZI |
|
MORROW |
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|
Bankers |
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SOCIETE GENERALE |
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|
UNION BANK LTD. |
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|
BANK AGRICOLE INDOSUEZ |
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| Company
Secretary |
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ASKARI COMMERCIAL BANK |
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| SALEEM
ADIL |
|
MUSLIM COMMERCIAL BANK
LTD |
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OFF I C E ~ |
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| OFFICES |
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| KARACHI |
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| Registered
Office-11th Floor, NIC Building, Abbasi Shaheed Road, Karachi 74400. |
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| Telephone:
(92.021) 5660881-5. Telefax: (92.021) 5689387. |
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| DERA
GHAZI KHAN |
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| PLANT
P.O. Box 38, Sakhi Sarwar Road, Dera Ghazi Khan. |
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| Telephone:
(92.0641) 463159, 463805, 463750. Telefax: (92.0641) 462117. |
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| LAHORE |
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| MARKETING
Center- 10 km Sheikhupura Road, Lahore. |
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| Telephone:
(92.042) 7911059 - 7910081 , 7912226, 7924676-7. Telefax: (92.042) 7912257. |
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| ISLAMABAD |
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| Flat
No. 8,2nd Floor, Malik Complex, Shahrah-e- Quaid-e-Azam, |
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| Blue
Area, Sector F-7 & G-7, Islamabad. |
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| Telephone:
(92.051) 2829895, 2272866. Telefax: (92.051) 2272377. |
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| MULTAN |
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| 20
Industrial Estate, Multan. |
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| Telephone:
(92.061)539557-9 Telefax: (92.061)539241. |
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| SUKKAR |
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| C/631/3,
Minara Road, Sukkar. |
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| Telephone:
(92.071) 22612 |
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| Notice
of Annual General Meeting |
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| Notice
is hereby given that the Seventeenth Annual General Meeting of A1-Ghazi
Tractors Limited |
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| will
be held at Hotel Marriott, Karachi on Monday November 20, 2000 at 3:00 p.m to
transact the |
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| following
business: |
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| ORDINARY
BUSINESS |
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|
| 1.
To receive and consider the audited Accounts, the Directors' report and the
auditors' report for the |
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| year
ended June 30, 2000. |
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|
| 2.
To declare the final cash dividend (The Directors have recommended a final
Dividend |
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| of
100% in addition to interim dividend already paid @50% making a total
Dividend of 150% i.e. |
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| Rs.7.50
per share issued). |
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| 3.
To appoint Auditors for the period ending December 31, 2000 and to fix their
remuneration. The |
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| retiring
Auditors M/s. A. F. Ferguson & Co. being eligible, offer themselves for
reappointment. |
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By order of the Board |
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| Karachi |
|
SALEEM ADIL |
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| October
28, 2000 |
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Company Secretary |
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| Notes: |
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| 1.
A member entitled to attend and vote may appoint a proxy to attend and vote
on his/her behalf. No |
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| person
shall act as a proxy (except for a corporation) unless he/she is entitled to
be present and |
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| vote
in his/her own right. Proxies, in order to be effective must be received at
the registered office |
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| of
the Company duly stamped & signed not less than 48 hours before the time
of the meeting. |
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| 2.
The Share Transfer Books of the Company will remain closed from November 07,
2000 to |
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| November
20, 2000 (both days inclusive). |
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| 3.
Members are requested to promptly communicate to the Company any change in
their addresses. |
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| Chairman's
Review |
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| As
the world clocked in to the new millennium, AI-Ghazi Tractors Ltd entered the
21st century as Market Leader of |
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| Pakistan's
Tractor Industry. Galvanizing growth, enhancing operations through margin
improvement, better capital |
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| utilization,
cost reduction, process re-engineering, greater capacity rationalization,
have yielded sweeping performance |
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| improvements
- performance that exceeds expectations. And with obvious sense of pride, the
proof is every where. |
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| OPERATING
RESULTS |
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| 18425
tractors were produced during the year at AGTL's manufacturing plant in Dera
Ghazi Khan, compared with 12,200 |
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| tractors
produced last year - that is a productivity increase of 51%.
18420 tractors were delivered to the customers compared |
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| with
12,260 units last year, thus recording an increase of 50% in sales. AGTL
increased its share of the market from 44% |
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| last
year to an all time record of 53% this year. This high throughput in turn
increased sales revenue from Rs 4.232 billion |
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| last
year to Rs 6.137 billion - an increase of 45%. |
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|
| Having
broken all previous records of production, sales and revenue, AGTL's balance
sheet for the year is therefore a portrait |
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| of
dominance - the Company has earned a pre-tax profit of Rs 1.046 billion,
compared with Rs 544.1 million last year. |
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|
| 35.6%
of the Company's profit (Rs 372.387 million) will go to the government as
Corporate Tax, thus leaving a post-tax profit |
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| of
Rs 673.8 million. The Company has already paid a 50% cash dividend in
February, 2000. The Board of Directors is |
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| now
pleased to propose a further cash dividend of 100%, thus bringing the total
cash dividend for the financial year to |
|
| 150%,
that is a pay out of Rs 292.7 million compared with Rs 167.38 million paid
last year. The equity base of the |
|
| Company
will thus strengthen from Rs 827 million last year to Rs 1.208 billion. Cash
deposits of the Company exceed |
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| Rs
one billion. |
|
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| With
outstanding stock performance where the Company's Rs 5 share is quoted almost
20 times higher. |
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| AGTL's
stock market value stands at almost Rs 4 billion - the highest in the
automobile industry of |
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| Pakistan.
As AI-Futtaim's flagship in Pakistan, A1-Ghazi Tractors with its high
performance team has |
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| demonstrated
operational excellence which has been developed, nurtured and followed
relentlessly |
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| over
the last numbers of years. There is absolutely no precedent fi)r this kind of
towering achievement in Pakistan's Corporate |
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| World. |
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| OPERATIONAL
EXCELLENCE: |
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| Success
has developed naturally as the cultural personality of the Company,
continuous improvement has become the |
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| Company's
primary motivator. With sustained justified pride in its achievements since
privatization and take over by AI- |
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| Futtaim
in December 1991, the Company benchmark itself for competition. As the first
automobile manufacturing |
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| company
in Pakistan to be certified for ISO-9002 and with the highest local content
in the automobile industry of |
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| Pakistan,
product containment, process control, quality assurance and quality
leadership are the Company's most enduring |
|
| competitive
edge. Using the collective knowledge of its ordinary worker combined with the
quality of its management, |
|
| the
key factors that have influenced the Company's growth this year, once again,
were sales, costs, and effectiveness. |
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|
|
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| With
the product enjoying a high differentiated position in the market which the
customer perceives as the best buy, sales |
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| revenue
were maximized with market share increasing to 53% Of the 35055 tractors sold
by the tractor industry this year, |
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| AGTL
delivered 18420 tractors-an all time record. We know our customers better and
we serve them better,- hence |
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| market
leadership. Also having kept a price freeze since August 1998, our product is
cheaper to own and operate. |
|
|
| Buying
synergistically and keeping lean inventories kept the working capital to the
minimum, the company maximized |
|
| productivity,
as output per head and output per unit out performed all aspirations. While
each AGTL's worker excelled in |
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| his
performance, his determination was obvious Peak performance. 18425 tractors
were produced in the sweltering and |
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| sizzling
heat of Dera Ghazi Khan without increase in the head count. In the noise,
grit and sweat of manufacturing, |
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| AGTL's
work force launched a production offensive reducing cycle times and yielding
highest profits. |
|
|
| Tight
financial control, with no bank borrowings throughout year, and optimizing cash holdings while
gaining |
|
| maximum
interest on surplus cash strengthened the bottom line of the Company even
further. |
|
|
| Together
with corporate coherence, which at AGTL means top line growth, came other
accolades. For the fifth |
|
| consecutive
year, the Company was given line 1998 Top Companies Award of the Karachi
Stock .Exchange. The award |
|
| was
presented by General Pervez Musharif, the Chief Executive of Pakistan. For demonstrating the Best
Corporate |
|
| Performance
in the Engineering Sector of Pakistan, the Company was awarded the 1998
Management Excellence Award |
|
| by
the Management Association of Pakistan. AGTL has been receiving this award every year since 1995.
In addition the |
|
| Company's
year 2000 calendar was declared the "Calendar of the Year" and was
given the First Prize by National Council |
|
| of
Culture and Arts. AGTL's calendars for the years 1997, 1998 and 1999 were
also adjudged the Best Calendars. |
|
|
| For
its commitment to Quality, the UK based Global Quality Management conferred
on AGTL the "Quality and Lean |
|
| Production
Award." PAAPAM, the automotive part manufacturers association, recently
presented AGTL an award for |
|
| achieving
the highest local content in the tractor industry. While celebrating its
Golden Jubilee in May 2000, the |
|
| Employers
Federation of Pakistan chose AGTL for "Organizational Excellence Award
in Human Resources/Industrial |
|
| Relations"
- a tribute to AGTL's Corporate excellence in what has been described as the
"Best Practices" in Industrial |
|
| Relations
and Human Resource activities. |
|
|
| The
Company's commitment to improving the quality of life of its employees
continues. Plans are being finalized for |
|
| the
construction of the AGTL Head Office building in Karachi. The Company has now
also set up an approved funded |
|
| gratuity
scheme for all its employees. |
|
|
| FUTURE
PROSPECTS |
|
| The
Agricultural Packages announced by the Government of Pakistan in 1998 |
|
| envisaging
requirement of 40,000 tractors every year had prompted a surge in |
|
| tractor
sales. 47539 units were booked by the tractor industry during the year |
|
| 1998-99.
The Company had thus entered the last financial year in July 1999 |
|
| with
the strongest order book with a huge order bank of pending bookings. Thus |
|
| even
when Pakistan's tractor industry registered a steep fall in bookings from |
|
| 47539
last year to only 20153 this year, the Company, based on its last year's |
|
| order
bank, delivered 18420 tractors. |
|
|
| The
government had reduced and fixed the tractors prices in August 1998 with assurances to provide credit for 40,000 |
|
|
| tractors
every year. We are the only tractor manufacturing company in Pakistan that
has not increase the prices fixed by the |
|
| government
in August 1998, despite fall in tractor bookings. With a slow economy, the
rapidly falling value of the rupee and |
|
| the
down turn in credit, all these add stress and strain to the Company's bottom
line. The real test for the margins will be |
|
| the
fall in sale volumes anti rise in the costs of inputs. With cost side trending higher because of big increases in
the costs of |
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| all
inputs and the revenue line trending lower, margin squeeze is eminent. |
|
|
| The
Company is however optimistic that the Government's repeated commitments to
provide generous credit to the farmers, |
|
| and
augment the agricultural sector with high priority will be fulfilled, and
that requirements of providing credit for the |
|
| promised
40,000 tractors this year, as recently announced by ADBP, would be
implemented. The confluence of good crop |
|
| and
its prices to the growers, the support of the ADBP to develop and mechanize
agriculture by increasing the farm horse |
|
| power,
the orientation of the government to revitalize agriculture, make the future
prospects look bright. |
|
|
| APPRECIATIONS: |
|
| Let
me conclude by recording the Board's appreciation of the Government of
Pakistan and the ADBP for its continued support |
|
| to
the industry. We also appreciate the vending industry of Pakistan for
supporting the Company as we achieved such high |
|
| growth.
We hope they would continue to lend their support as we go through the
troughs of the economy Thanks are also |
|
| due
to our dealers who have dotted the whole country with mechanical workshops
for customized customer satisfactions. Our |
|
| technical
partners New Holland. who having merged with Case anti are now named Case New
Holland, deserve appreciation |
|
| for
their support. With the global accounting requirements of both Case New
Holland and Al-Futtaim who hold 93% of the |
|
| Shares
of the Company, We have now been permitted to change the accounting year to
close on December 31st and thus bring |
|
| the
accounts to Calendar year basis. |
|
|
| The
superior workforce at AGTL deserves all the applause for such high
performance. As a high performing Company, we need |
|
| to
recognize that such continued high performance should not be at a risk of
developing complacent arrogance. As new players |
|
| enter
the tractor market and the economy undergoes tricky shifts, we need to
maintain our benchmark of success. We need to sustain |
|
| justified
pride in our achievements. |
|
|
| Karachi |
|
R. V. HUISMAN |
|
| October, 12, 2000 |
|
|
Chairman |
|
|
|
| Directors'
Report |
|
|
| he
Directors of A1-Ghazi Tractors Limited are pleased to present their |
|
| Annual
Report together with the Company's audited accounts for the year |
|
| ended
June 30, 2000. |
|
|
|
( Rs. '000) |
|
| Profit
for the year before taxation |
|
1,046,230 |
|
| Less:
Provision for taxation (Net) |
|
372,387 |
|
|
----------- |
|
| Profit
after taxation |
|
673,843 |
|
| Un-appropriated
profit brought forward |
|
1,942 |
|
|
----------- |
|
| Profit
available for appropriation |
|
675,785 |
|
| Less:
Appropriations |
|
| Dividend: |
|
| -
Interim @ 50% already paid |
97,583 |
|
| -
Final @ 100% now proposed |
195,165 |
|
| Transfer
to General Reserve |
370,000 |
662,748 |
|
|
----------- |
----------- |
|
| Un-
appropriated profit carried forward |
|
13,037 |
|
|
========== |
|
|
|
|
| 1.
A1-Futtaim Industries (Pvt) Ltd., Dubai incorporated in U.A.E is the holding
company of A1-Ghazi Tractors Ltd., |
|
| being
the holder of 50.02% shares of the company. |
|
| 2.
The pattern of share holdings is included in this Annual Report. |
|
| 3.
The retiring Auditors Messrs. A.F Ferguson & Co. being eligible, offer
themselves for re-appointment. |
|
| 4.
The earnings per share have been given in note 27 to the accounts. |
|
|
|
On behalf of the Board |
|
|
|
|
| Karachi |
|
R.V. Huisman |
|
| October
12, 2000 |
|
Chairman |
|
|
|
| Decade
At A Glance |
|
|
|
1999-2000 |
1998-99 |
1997-98 |
1996-97 |
1995-96 |
1994-95 |
1993-94 |
1992-93 |
1991-92 |
1990-91 |
|
|
VOLUME IN UNITS |
|
| Production |
|
| Model 480s |
|
16,366 |
10,012 |
5,375 |
3,841 |
4,415 |
4,400 |
3,686 |
4,101 |
2,595 |
4,226 |
|
| Model 6411 |
|
2,059 |
2,188 |
913 |
1,098 |
2,202 |
2,015 |
1,861 |
2,081 |
732 |
1,438 |
|
|
| Total
Production |
18,425 |
12,200 |
6,288 |
4,939 |
6,617 |
6,415 |
5,547 |
6,182 |
3,327 |
5,664 |
|
| Sales: |
|
|
| -Industry |
|
35,055 |
27,702 |
13,659 |
10.161 |
16.286 |
17,334 |
16,089 |
15,797 |
10,684 |
13,909 |
|
| -AGTL |
|
18,420 |
12,260 |
6,441 |
4,701 |
6,617 |
6,420 |
5,798 |
5,955 |
3,402 |
5,737 |
|
| -AGTLs
share % |
52.55 |
44.26 |
47.16 |
46.27 |
40.63 |
37.04 |
36.04 |
37.70 |
31.84 |
41.25 |
|
|
| Bookings: |
|
|
|
|
|
|
| -Industry |
|
20,153 |
47,539 |
15,021 |
8,294 |
14,419 |
21,739 |
17,552 |
13,464 |
14,527 |
12,387 |
|
|
| -AGTL |
|
9,532 |
22,018 |
7,495 |
3,322 |
5,843 |
8,693 |
6,839 |
3,944 |
5,509 |
4,958 |
|
|
|
| -AGTLs
share % |
47.3 |
46.3 |
49.9 |
40.1 |
40.5 |
40.0 |
39.0 |
29.3 |
37.9 |
40.0 |
|
| Deletion
Achieved |
|
| Model 480s |
|
83% |
82% |
82% |
82% |
82% |
82% |
82% |
81% |
81% |
81% |
|
| Model 640 |
|
77% |
74% |
74% |
74% |
74% |
74% |
74% |
74% |
74% |
71% |
|
|
|
VALUE IN RS. 000 |
|
| Sale
Revenue |
6,137,056 |
4,232,832 |
2,349,148 |
1,717,094 |
2,264,748 |
2,029,937 |
1,749,255 |
1,700,645 |
869,590 |
1,376,778 |
|
|
| Gross
Margin |
1,137,686 |
561,073 |
366,435 |
254,487 |
225,422 |
298,948 |
275,135 |
196,194 |
25,678 |
82,541 |
|
|
| Profit/(loss)
before tax |
1,046,230 |
544,134 |
303,813 |
186,034 |
171,893 |
259,859 |
166,191 |
102,521 |
(77,009) |
9,065 |
|
| Income
tax paid |
372,387 |
181,883 |
96,500 |
52,073 |
64,292 |
87,069 |
70,000 |
12,500 |
5,282 |
6,949 |
|
| Profit/(loss)
after tax |
673,843 |
362,251 |
207,313 |
133,961 |
107,601 |
172,720 |
96,191 |
90,021 |
(82,291) |
2,116 |
|
|
| Capital
Expenditure |
27,203 |
152,147 |
14,131 |
13,477 |
25,528 |
9,050 |
17,919 |
5,551 |
5,122 |
1,195 |
|
| Dividend |
|
| - Cash |
|
292,748 |
167,285 |
53,531 |
40,554 |
36,867 |
28,359 |
13,613 |
6,188 |
-- |
-- |
|
| - Percentage |
|
150.0% |
150.0% |
60.0% |
50.0% |
50.0% |
50.0% |
30.0% |
15.0% |
|
| - Stock |
|
0 |
83.64 |
22,305 |
8,111 |
7.37 |
17,016 |
11,343 |
4,125 |
-- |
-- |
|
| - Percentage |
|
0.0% |
75.0% |
25.0% |
10.0% |
10.0% |
30.0% |
25.0% |
10.0% |
|
|
| Earning/(loss)
per share |
17.26 |
9.28 |
11.62 |
8.26 |
7.3 |
15.23 |
10.60 |
10.91 |
(9.97) |
0.26 |
|
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of AI-Ghazi Tractors Limited as at
June 30, 2000 and the |
|
| related
profit and loss account, cash flow statement and statement of changes in
equity together with |
|
| the
notes forming part thereof, for the year then ended and we state that we have
obtained all the |
|
| information
and explanations which, to the best of our knowledge and belief, were
necessary for the |
|
| purposes
of our audit. |
|
|
| It
is the responsibility of the company's management to establish and maintain a
system of internal |
|
| control,
and prepare and present the above said statements in conformity with the
approved accounting |
|
| standards
and the requirements of the Companies Ordinance, 1984. Our responsibility is
to express an |
|
| opinion
on these statements based on our audit. |
|
|
| We
conducted our audit in accordance with the auditing standards as applicable
in Pakistan. These |
|
| standards
require that we plan and perform the audit to obtain reasonable assurance
about whether the |
|
| above
said statements are free of any material misstatement. An audit includes
examining, on a test |
|
| basis,
evidence supporting the amounts and disclosures in the above said statements.
An audit also |
|
| includes
assessing the accounting policies and significant estimates made by
management, as well as, |
|
| evaluating
file overall presentation of the above said statements. We believe that our
audit provides a |
|
| reasonable
basis for our opinion and, after due verification, we report that: |
|
|
| (a)
in our opinion, proper books of accounts 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; |
|
|
| (ii)
the expenditure incurred during the year was for the purpose of the Company's |
|
| business;
arid |
|
|
| (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 and loss account, cash flow statement and statement of
changes in |
|
| equity
together with the notes forming part thereof conform with approved accounting |
|
| standards
as applicable in Pakistan, and, 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 June 30, 2000 and of the profit, its cash
flows and changes |
|
| in
equity for the year then ended; and |
|
|
| (d)
in our opinion Zakat deductible at source under the Zakat and Ushr Ordinance,
1980 (XVIII |
|
| of
1980), was deducted by the Company and deposited in the Central Zakat Fund
established |
|
| under
section 7 of that Ordinance. |
|
|
| A.F.
FERGUSON & CO. |
|
| CHARTERED
ACCOUNTANTS |
|
|
|
| Balance
Sheet |
|
| As
at June 30, 2000 |
|
|
|
Note |
2000 |
1999 |
|
|
|
(Rupees
'000) |
|
| SHARE
CAPITAL AND RESERVES |
|
| Share capital |
|
| Authorised |
|
| 60,000,000
(1999: 40,000,000) ordinary |
|
| shares
of Rs. 5 each |
|
300,000 |
200,000 |
|
|
========== |
========== |
|
| Issued,
subscribed and paid-up |
|
3 |
195,165 |
111,523 |
|
| Reserves |
|
4 |
1,000,000 |
713,642 |
|
| Unappropriated
profit |
|
13,037 |
1,942 |
|
|
----------- |
----------- |
|
|
1,208,202 |
827,107 |
|
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