| Ferozsons Laboratories Limited |
|
|
|
|
|
|
|
|
| Annual
Report 2000 |
|
|
| CONTENTS |
|
|
| Board
of Directors |
|
| Summary
of Financial Results |
|
| Notice
of Annual General Meeting |
|
| Director's
Report |
|
| Auditor's
Report |
|
| Balance Sheet |
|
| Profit
& Loss Account |
|
| Cash
Flow Statement |
|
| Notes
to the Accounts |
|
| Pattern
of Shareholding |
|
|
| BOARD
OF DIRECTORS |
|
|
|
| Chairperson
and Chief Executive |
Mrs. Akhter Khalid Waheed |
|
|
|
|
| Directors |
|
Waheed, Mr. Osman Khalid,
President |
|
|
|
Azhar, Ms. Munize |
|
|
|
Cassim, Mr. Firozuddin A. |
|
|
|
Ispahani Mr. M.M. |
|
|
|
Iqbal, Mr. Walid |
|
|
|
Khanzada, Mr. Taj
Muhammad |
|
|
|
Mazhar, Mr. Farooq |
|
|
|
Sheropao, Khan Dost
Muhammad Khan |
|
|
|
Tishna, Mr. Muhammad
Nawaz |
|
|
|
Waheed, Begum S. |
|
|
|
Zafar, Mr. A.U.,
Executive Director |
|
|
| Secretary |
|
Ahmed, Mr. Maqbool |
|
|
|
|
| General
Manager Nowshera |
Waheed, Mr. Omar Khalid |
|
|
|
|
| Auditors |
|
Messrs Taseer Hadi Khalid
& Co. |
|
|
|
6th Floor, State Life
Building No. 5, |
|
|
|
Blue Area, Islamabad. |
|
|
|
| Bankers |
|
Standard Chartered
Grindlays Bank Ltd. |
|
|
|
|
| Registered
Office |
197-A, The Mall,
Rawalpindi. |
|
|
|
Phones: (051) 5562155-57
/ 5566881 |
|
|
|
Fax: (051) 5584195 |
|
|
|
E-mail:
ferozson@isb.comsats.net.pk |
|
|
|
Internet:
http://www.ferozsons.net |
|
|
|
|
| Factories |
|
P.O. Ferozsons, Nowshera
(N.W.F.P.) |
|
|
|
|
|
| Summary
of Financial Results |
|
|
|
|
1999 |
2000 |
Growth |
|
|
|
Rs. |
Rs. |
(%) |
|
|
| Net Sales |
|
249,275,196 |
297,618,660 |
19.40 |
|
| Operating
Expenses |
|
63,431,985 |
76,089,558 |
19.96 |
|
| Operating Profit |
|
21,442,783 |
30,463,453 |
42.07 |
|
| Profit after Tax |
|
13,237,263 |
18,552,765 |
40.16 |
|
| Earning
per Share |
|
3.75 |
5.25 |
40.00 |
|
|
|
| NOTICE
OF ANNUAL GENERAL MEETING |
|
|
| Notice
is hereby given that the 44th Annual General Meeting of FEROZSONS
LABORATORIES |
|
| LIMITED
will be held on Wednesday, December 20, 2000 at 10.30 A.M. at its Registered
Office, 197-A, |
|
| The
Mall, Rawalpindi to transact the following business: |
|
|
| 1.
To confirm the Minutes of 43rd Annual General Meeting held on December 15,
1999. |
|
|
|
|
| 2.
To receive, consider, and adopt the Annual Audited Accounts for the year
ended June 30, 2000 |
|
| and
Directors' and Auditors' Reports thereon. |
|
|
|
|
| 3.
To approve payment of Cash Dividend at the rate of 25% (Rs. 2.50 per share of
Rs. 10/- each) |
|
| for
the year ended June 30, 2000 as recommended by Directors. |
|
|
|
|
| 4.
To appoint Auditors and to fix their remuneration. The present Auditors
Messrs Taseer Hadi |
|
| Khalid
& Co., Chartered Accountants, being eligible, have offered themselves for
re-appointment. |
|
|
|
|
| 5.
To transact any other business with the permission of the Chair. |
|
|
|
|
BY ORDER OF THE BOARD |
|
|
|
|
|
|
|
(Maqbool Ahmed) |
|
| Dated:
November 18, 2000 |
|
Secretary |
|
|
| Notes: |
|
|
|
|
| 1.
The Share Transfer Books of the Company will remain closed from December 19,
2000 |
|
| to
December 25, 2000 (both days inclusive). Shares for transfers will be
received at the |
|
| Registered
Office of the Company at 197-A, The Mall, Rawalpindi. |
|
|
|
|
| 2.
A member entitled to attend and vote at this meeting may appoint another
member as |
|
| his/her
proxy to attend and vote. The Form of Proxy duly completed, should reach the |
|
| Registered
Office of the Company 48 hours before the time of the Meeting. |
|
|
| 3.
Members are requested to notify immediately the change in their address, if
any. |
|
|
|
| DIRECTORS'
REPORT FOR THE YEAR ENDED JUNE 30, 2000 |
|
|
| We
are pleased to present your Company's audited accounts for the year ended
June 30, 2000. |
|
|
| Industry
Scenario |
|
| The
economic scenario for the country remained shrouded in uncertainty during the
year under review, |
|
| with
recessionary trends continuing unabated despite the government's efforts to
reverse them - the |
|
| manufacturing
sector of the country could only grow by 1.6% during the year 1999-2000. |
|
|
| A
rapid decline in the value of the rupee and increases in the overall cost of
living further served to reduce |
|
| the
consumer's purchase power, to the extent that it affected the consumption of
even a vital commodity |
|
| such
as medicines. The pharmaceutical sector continued to exhibit a declining
trend during the year under |
|
| review. |
|
|
| Your
Company's Performance |
|
| It
gives us pleasure to report that despite the economic turmoil that engulfed
the country during the period |
|
| under
review, your Company was able to achieve substantial volume-driven growth in
its sales, as well as |
|
| a
healthy improvement in its profitability. |
|
|
| Gross
Sales of your Company grew by 20 %, from 271.539 Million during 1998-99 to
Rs. 325.826 |
|
| Million
during the year ended June 30, 2000. Similarly Net Sales during the same
period grew from |
|
| Rs.
249.275 Million to Rs. 297.619 Million during the year under review. As there
was no price increase |
|
| by
the Company during this period (in fact, the prices of two major products
were reduced by the |
|
| Company),
this increase is entirely attributable to greater unit sales of your
Company's quality products |
|
| during
the year, and is representative of the untiring efforts made by your
Company's sales |
|
| representatives
at a time of extremely adverse market conditions and negative industry
growth. |
|
|
| Gross
Profits of your Company grew by 25.54% during the period under review, from
Rs. 84.875 Million |
|
| in
1998-99 to Rs. 106.553 Million during 1999-2000. Administrative and selling
expenses during the |
|
| same
period grew by 13.85% and 28.92% respectively, while financial expenses
declined by 28.06%. The |
|
| reduction
in financial expenses is reflective of your Company's improved cash flow, as
well as improved |
|
| borrowing
rates negotiated with our lenders during the year. |
|
|
| Your
Company's Profit for the Year stands at Rs. 30.972 Million, as against Rs.
21.442 Million during |
|
| the
previous year, an improvement of 41.35%. After provisions for Workers'
(Profit) Participation Fund, |
|
| Central
Research Fund and Taxation totaling Rs. 12.419 Million, Net Profit After Tax
of your Company |
|
| amounts
to Rs. 18.553 Million, a growth of 40.16% over the figure of Rs. 13.237
Million achieved during |
|
| the
same period last year. |
|
|
| The
increase in profits during the year corresponds to an After Tax Earnings Per
Share (EPS) for your |
|
| Company
of Rs. 5.25 per share, compared to Rs. 3.75 during 1998-99. |
|
|
| It
would be pertinent to mention here that the main drivers of growth in
profitability of your Company |
|
| were
a improvement in sales of its 21 key products on active promotion, which grew
by 29.26% during |
|
| the year. |
|
|
| Dividend |
|
| In
view of this year's financial performance, the Board of Directors recommend
that a 25% cash |
|
| dividend,
i.e. Rs. 2.50 per 10 rupee share, be issued for the year ended June 30, 2000. |
|
|
| Future
Prospects |
|
| While
there is sufficient cause to rejoice from the figures achieved by your
Company during the year |
|
| under
review, we regret to report that the future does not hold the same promise
for the pharmaceutical |
|
| sector,
your Company included. |
|
|
| Even
though the industry finally received its first price increase since October,
1996 ~ 8% in controlled |
|
| and
10% in decontrolled medicines- at the end of June, 2000 as partial
compensation for its increased |
|
| costs
during this four year period, this action was almost immediately followed by
the State Bank's |
|
| decision
to allow a "free float" of the rupee. As a consequence, the rupee,
which stood at Rs. 51.90 to the |
|
| U.S.
Dollar around the time of the price increase, fell to Rs. 60 to the Dollar
before settling at Rs. 57.10 at |
|
| the
time of writing this report. This represents a 10% devaluation, and has
almost eliminated the benefit |
|
| gained
by the industry from the price increase in the first place. |
|
|
| The
continued increase in cost of petrol and utilities will further squeeze
already tight margins in this vital |
|
| industry.
Lending rates for industry are also expected to increase following the State
Bank's decision to |
|
| increase
Treasury Bill rates. |
|
|
| The
government's continued application of sales tax to pharmaceutical packaging
material, while at the |
|
| same
time barring the industry from claiming sales tax on its end product, remains
an irrational anomaly. |
|
| As
we had mentioned in our half-yearly report, this is an unnecessary
distortion, which generates at best |
|
| only
nominal revenues for the government and causes needless hardship to an
industry already strapped |
|
| for margins. |
|
|
| Furthermore,
against expectations, the government has not only failed to apply its own
formula of |
|
| reducing
the income tax burden on companies to the promised level of 30% for Public
Limited |
|
| Companies,
it has increased their tax burden by adding a surcharge of 5% to the existing
rate of income tax. |
|
|
| At
the same time, the recession in the economy continues to suffocate sales
growth for the industry, |
|
| which
is facing great difficulty even in maintaining its previous sales during the
current year. |
|
|
| The
uncertainty for the pharmaceutical sector in particular is compounded by the
fact that price control is |
|
| subject
to arbitrary reviews at the discretion of the government. Unlike the
utilities sector, where the |
|
| government
has now linked consumer prices with the cost of the dollar, no such formula
is being applied |
|
| for
this import based sector, whose pricing remains hostage to the whim and
political will of any |
|
| government
in power. |
|
|
| In
the current negative scenario for investment in the country, your Company has
deferred its decision to |
|
| construct
its own manufacturing plant for the production of injectables. However,
keeping in view the |
|
| urgent
need of your Company to enter this important segment, we have made
arrangements for toll |
|
| manufacture
of our products with a third-party manufacturer. At the beginning of the
current financial |
|
| year
(2000-2001), your Company has launched two injectable formulations - Proflox Infusion and |
|
| Ranidin
Injection. We hope that these products will further enhance
the Company's sales and market |
|
| entrenchment
in the future. |
|
|
| At
the end, we sincerely hope that in addition to taking concrete measures to
reverse the recessionary |
|
| trend
of the economy, the government takes the pharmaceutical sector in confidence
and evolves a fair |
|
| and
rational pricing formula that addresses the issue of spiraling costs for the
industry in addition to |
|
| protecting
the consumer. Only then will decision-makers in the pharmaceutical sector be
able to plan for |
|
| the
long-term and make investments with the necessary levels of confidence. |
|
|
| Auditors |
|
| The
Company's auditors, Messrs Taseer Hadi Khalid and Co., stand retired and have
offered themselves |
|
| for
reappointment. |
|
|
| Pattern
of Shareholding |
|
| The
statement indicating the number of shareholders and their categories forming
the pattern of |
|
| shareholders
is annexed. |
|
|
| Affirmation |
|
| It
is again our privilege to thank the Company staff at all levels for their
dedication in helping deliver the |
|
| best
possible results in these difficult circumstances. |
|
|
|
|
For and on Behalf of the Board of Directors, |
|
|
|
|
|
| Rawalpindi |
|
(Mrs. Akhter Khalid Waheed) |
|
| November
18, 2000 |
|
Chairperson & Chief Executive |
|
|
|
| AUDITORS
REPORT TO THE MEMBERS OF FEROZSONS LABORATORIES LIMITED |
|
|
| We
have audited the annexed balance sheet of Ferozsons Laboratories Limited as
at 30 June 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 ad explanations |
|
| which,
to the best of our knowledge and belief, were necessary for the purpose 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 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 the 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; and |
|
|
| (iii)
the business conducted, investments made and the expenditure incurred during
the year were in |
|
| accordance
with the objects of the company; |
|
|
| (c)
in our opinion and to the best of our information and according to the
explanations given to us, the |
|
| balance
sheet, profit 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 30 June |
|
| 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. |
|
|
|
|
| Islamabad |
|
TASEER HADI KHALID & CO. |
|
| November
18, 2000 |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT 30TH JUNE, 2000 |
|
|
|
NOTE |
2000 |
1999 |
|
|
|
(RUPEES) |
(RUPEES) |
|
|
|
| SHARE
CAPITAL AND RESERVES |
|
| Share capital |
|
3 |
35,329,130 |
35,329,130 |
|
| Capital reserve |
|
4.1 |
321,843 |
321,843 |
|
| Unappropriated
profit |
|
|
54,548,073 |
44,827,591 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
90,199,046 |
80,478,564 |
|
|
|
|
| SURPLUS
ON REVALUATION OF |
|
| FIXED ASSETS |
|
5 |
45,725,290 |
45,725,290 |
|
| DEFERRED
LIABILITY FOR TAXATION |
|
4,887,985 |
4,378,493 |
|
| OBLIGATION
S UNDER FINANCE LEASES |
6 |
723,500 |
2,210,900 |
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
| Bank
and other borrowings |
|
7 |
12,782,463 |
24,267,684 |
|
| Current
maturity of long term liabilities |
8 |
1,487,400 |
1,640,032 |
|
| Creditors,
accrued and other liabilities |
9 |
33,967,533 |
20,085,577 |
|
| Revolving
advances |
|
10 |
429.46 |
429,456 |
|
| Provision
for taxation |
|
|
10,570,686 |
6,378,038 |
|
| Unclaimed
dividend |
|
|
1,651,186 |
1,477,406 |
|
| Proposed
dividend |
|
|
8,832,283 |
6,182,598 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
69,721,007 |
60,460,791 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
211,256,828 |
193,254,038 |
|
|
========== |
========== |
|
|
| FIXED ASSETS |
|
11 |
103,135,645 |
98,590,612 |
|
| CAPITAL
WORK IN PROGRESS |
|
5,388 |
4,076 |
|
| LONG
TERM INVESTMENTS |
|
12 |
33,085 |
33,085 |
|
| COMPENSATION
RECEIVABLE |
|
|
|
| FROM
GOVERNMENT |
|
13 |
-- |
738,076 |
|
|
|
| CURRENT
ASSETS |
|
| Stores,
spares and loose tools |
|
14 |
1,933,404 |
2,106,921 |
|
| Stock in trade |
|
15 |
79,057,782 |
69,317,976 |
|
| Trade
debts - unsecured (considered good) |
|
8,001,468 |
6,203,655 |
|
| Advances,
deposits, prepayments and |
|
|
| other
receivables |
|
16 |
16,238,543 |
14,412,621 |
|
| Cash
and bank balances |
|
17 |
2,851,513 |
1,847,016 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
108,082,710 |
93,888,189 |
|
|
------------------ |
------------------ |
|
|
|
21,1256,828 |
193,254,038 |
|
|
========== |
========== |
|
| The
report of the auditors is also given |
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
|
|
| Rawalpindi |
|
Firozuddin A. Cassim |
|
A.U. Zafar |
|
Mrs. Akhter Khalid Waheed |
|
| November
18, 2000 |
Director |
|
Executive Director |
|
Chairperson & Chief Executive |
|
|
|
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE YEAR ENDED 30TH JUNE, 2000 |
|
|
|
NOTE |
2000 |
1999 |
|
|
|
|
(RUPEES) |
(RUPEES) |
|
|
| NET SALES |
|
18 |
297,618,660 |
249,275,196 |
|
| LESS:
COST OF SALES |
|
19 |
(191,065,649) |
(164,400,428) |
|
|
|
------------------ |
------------------ |
|
| GROSS
PROFIT |
|
|
106,553,011 |
84,874,768 |
|
|
|
| LESS:
OPERATING EXPENSES |
|
|
|
| Administrative
expenses |
|
20 |
16,739,459 |
14,702,745 |
|
| Selling
expenses |
|
21 |
54,970,318 |
42,640,453 |
|
| Financial
expenses |
|
22 |
4,379,781 |
6,088,787 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
76,089,558 |
63,431,985 |
|
|
|
|
------------------ |
------------------ |
|
| OPERATING
PROFIT |
|
|
30,463,453 |
21,442,783 |
|
|
|
|
|
| OTHER
INCOME |
|
23 |
508,515 |
469,647 |
|
|
|
------------------ |
------------------ |
|
| PROFIT
FOR THE YEAR |
|
|
30,971,968 |
21,912,430 |
|
|
|
|
------------------ |
------------------ |
|
| LESS:
WORKERS' (PROFIT) PARTICIPATION FUND |
1,523,173 |
1,072,139 |
|
| CENTRAL
RESEARCH FUND |
|
|
286,538 |
201,690 |
|
|
|
------------------ |
------------------ |
|
|
|
1,809,711 |
1,273,829 |
|
|
|
------------------ |
------------------ |
|
| PROFIT
BEFORE TAXATION |
|
|
29,162,257 |
20,638,601 |
|
|
|
| PROVISION
FOR TAXATION |
|
| -- Current |
|
|
10,100,000 |
6,300,000 |
|
| -- Deferred |
|
|
509,492 |
1,101,338 |
|
|
------------------ |
------------------ |
|
|
|
10,609,492 |
7,401,338 |
|
|
| PROFIT
AFTER TAXATION |
|
18,552,765 |
13,237,263 |
|
| ACCUMULATED
PROFIT BROUGHT FORWARD |
44,827,591 |
37,772,926 |
|
|
|
------------------ |
------------------ |
|
| PROFIT
AVAILABLE FOR APPROPRIATION |
|
63,380,356 |
51,010,189 |
|
|
|
| APPROPRIATIONS: |
|
| Proposed
Dividend @ 25% (1999: 17.5%) |
|
(8,832,283) |
(6,182,598) |
|
|
|
|
|
------------------ |
------------------ |
|
| UNAPPROPRIATED
PROFIT CARRIED FORWARD |
54,548,073 |
44,827,591 |
|
|
|
|
========== |
========== |
|
| EARNINGS
PER SHARE - BASIC AND DILUTED |
|
5.25 |
3.75 |
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
Firozuddin A. Cassim |
|
A.U. Zafar |
|
Mrs. Akhter Khalid Waheed |
|
|
Director |
|
Executive Director |
|
Chairperson & Chief Executive |
|
|
|
|
|
|
|
|
| Rawalpindi |
|
| November 18, 2000 |
|
|
|
| CASH
FLOW STATEMENT |
|
| FOR
THE YEAR ENDED 30TH JUNE, 2000 |
|
|
|
|
|
2000 |
1999 |
|
|
|
|
(RUPEES) |
(RUPEES) |
|
|
| Profit
before taxation |
|
|
29,162,257 |
20,638,601 |
|
|
| Cash
flow from operating activities |
|
| Adjustment for: |
|
| Depreciation |
|
|
8,300,141 |
7,769,062 |
|
| Profit
on sale of fixed assets |
|
|
(346,822) |
(301,056) |
|
|
|
|
------------------ |
------------------ |
|
|
|
7,953,319 |
7,468,006 |
|
|
------------------ |
------------------ |
|
| Operating
profit before working capital changes |
|
37,115,576 |
28,106,607 |
|
| (Increase)/decrease
in: |
|
|
| Stocks
and stores |
|
|
(9,566,289) |
(17,175,101) |
|
| Trade debtors |
|
|
(1,797,813) |
10,063,565 |
|
| Advances,
deposits, prepayments and other receivables |
(1,825,922) |
(290,936) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(13,190,024) |
(7,402,472) |
|
|
| Increase/(decrease)
in current liabilities |
|
2,396,735 |
2,145,882 |
|
|
|
------------------ |
------------------ |
|
|
|
|
26,322,287 |
22,850,017 |
|
| Payment of tax |
|
|
(5,907,352) |
(7,546,939) |
|
| Payment
of dividend |
|
|
(6,008,818) |
(5,145,995) |
|
|
------------------ |
------------------ |
|
| Net
cash from operating activities |
|
|
14,406,117 |
10,157,083 |
|
|
| Cash
flow from investing activities |
|
| Capital
expenditure |
|
(13,712,506) |
(8,299,761) |
|
| Compensation
receivable from Government written off |
738,076 |
-- |
|
| Sale
proceeds of fixed assets |
|
1,212,842 |
824,167 |
|
|
|
------------------ |
------------------ |
|
| Net
cash used in investing activities |
|
(11,761,588) |
(7,475,594) |
|
|
| Cash
flow from financing activities |
|
| Payments
- finance lease |
|
|
(1,640,032) |
(1,806,496) |
|
| Payment-Mercantile
Cooperative Finance Corporation |
-- |
(239,721) |
|
|
------------------ |
------------------ |
|
| Net
cash (used in)/from financing activities |
|
(1,640,032) |
(2,046,217) |
|
|
|
|
------------------ |
------------------ |
|
| Net
increase/(decrease) in cash and cash equivalents |
1,004,497 |
635,272 |
|
| Cash
and cash equivalents at the beginning of the year |
1,847,016 |
1,211,744 |
|
|
|
|
------------------ |
------------------ |
|
| Cash
and cash equivalents at the end of the year |
|
2,851,5 I3 |
1,847,016 |
|
|
========== |
========== |
|
|
|
|
| NOTES
TO THE ACCOUNTS FOR THE YEAR ENDED 30TH JUNE, 2000 |
|
|
| 1.
THE COMPANY AND ITS OPERATIONS |
|
| Ferozsons
Laboratories Limited ("the company") was incorporated as a private
limited company on 28th |
|
| January,
1954 and was converted into public limited company on 8th September, 1960.
The company is listed |
|
