| WorldCall Payphones Limited |
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| Annual
Report 2000 |
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"WorldCALL Payphones Limited |
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will demonstrate quality in all |
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aspects of its business in a manner |
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to be seen as a way of life. |
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We are committed to always |
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remain ahead in delivering quality |
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products and services conforming |
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to the requirements of all our |
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internal and external customers." |
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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 to the Shareholders |
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| Auditors'
Report to the Members |
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| Balance Sheet |
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| Profit
and Loss Account |
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| Statement
of Cash Flows |
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| Statement
of Changes in Equity |
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| Notes
to the Accounts |
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| Authentication
of Financial Statements |
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| Pattern
of Shareholding |
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| Company
Information |
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| Board
of Directors |
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| Salmaan Taseer |
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Chairman/Chief Executive |
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| Aamna Taseer |
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| Mumtaz H. Syed |
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| Mian
Ehsan-ul-Haq |
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| Maqbool
Bin Hameed Mohammed Al-Saleh |
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| Anwer
A. Sheikh |
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| Lt.
Gen. (R) Humayun Khan Bangash |
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| Sadiq
Yousaf Yalmaz |
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| Muhammad
Shuaib Yousaf |
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| Company
Secretary |
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| Muhammad
Naveed Tariq |
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| Auditors |
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| Messrs.
Taseer Hadi Khalid & Co. |
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| Chartered
Accountants |
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| Legal Advisor |
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| Messrs.
S & L Law Associates |
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| Advocates,
Lahore |
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| Bankers |
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| Askari
Commercial Bank Limited |
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| Allied
Bank of Pakistan Limited |
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| First
Women Bank Limited |
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| Faysal
Bank Limited |
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| Muslim
Commercial Bank Limited |
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| Prime
Commercial Bank Limited |
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| Prudential
Commercial Bank Limited |
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| Standard
Chartered Bank |
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| Standard
Chartered Grindlays Bank Limited |
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| The
Bank of Punjab |
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| United
Bank Limited |
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| Union
Bank Limited |
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| Registrar
and Shares Transfer Office |
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| THK
Associates (Pvt.) Limited |
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| Ground Floor |
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| Sheikh
Sultan Trust Building No. 2 |
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| Beaumont Road |
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| Karachi |
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| Phone:
(021) 5689021 |
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| Registered
Office/Head Office |
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| 103-C/II,
Gulberg-III |
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| Lahore, Pakistan |
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| Phone:
(042) 5757591-4 |
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| Fax:
(042) 5757590, 5714908 |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the 5th Annual General Meeting of WorldCALL Payphones
Limited will be held at Pearl |
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| Continental Hotel, Shahrah-e-Quaid-e-Azam, Lahore, on
13 November 2000 at 11:00 a.m. to transact the following business: |
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| Ordinary
business |
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| 1.
To confirm the minutes of the last Annual General Meeting; |
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| 2.
To receive, consider and adopt the financial statements of the company for
the year ended 30 June 2000 together with the |
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| Directors'
and Auditors' reports thereon; |
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| 3.
To approve, as recommended by the Directors, the issue of final Bonus Shares
in the proportion of One Bonus Share for |
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| each
Four shares held i.e. 25% by capitalization of share premium account to the
same extent. This is in addition to the |
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| interim
Bonus Shares of One million already issued by the company in October 1999
thus making a total bonus issue of |
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| 11,000,000
fully paid ordinary shares during the year; |
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| 4.
To appoint auditors for the year ended 30 June 2001 and fix their
remuneration; |
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| Special
business |
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| 5.
To consider and if deemed fit, pass the following resolution as a Special
Resolution with or without modification; |
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| "RESOLVED
that the Chief Executive of the Company be and is hereby authorized to make
investments/advances in the |
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| following
associated companies and to liquidate such investments on behalf of the
company from time to time in |
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| accordance
with the provisions of section 208 of the Companies Ordinance, 1984; |
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| WorldCALL
Wireless Ltd. |
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Upto Rs. 100 million |
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| WorldCALL
Multimedia Ltd. |
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Upto Rs. 80 million |
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| WorldCALL
Telecommunication Lanka (Private) Ltd. |
Upto Rs. 25 million |
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| This
authority shall remain in force until revoked by the shareholders". |
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| "FURTHER
RESOLVED that the Chief Executive of the Company be and is hereby authorized
to negotiate terms and |
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| conditions
with the above associated companies, and to take all necessary steps, as may
be necessary to invest/dis-invest |
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| the
above mentioned investments/advances and fulfill and legal, corporate and
procedural formalities in connection |
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| therewith"; |
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| 6.
To transact any other business with the permission of the Chair. |
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| The
statement under section 160(1)(b) of the Companies Ordinance, 1984 pertaining
to the Special business is annexed |
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| with
this notice to the members. |
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By the order of the Board |
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| Lahore |
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(Muhammad Naveed Tariq) |
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| 23
October 2000 |
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Company Secretary |
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| Notes: |
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| 1.
The Share Transfer Books of the Company will remain closed from 07 November
2000 to 13 November 2000 (both days inclusive). Transfers received at M/s. |
| THK
Associates (Pvt.) Limited, Ground Floor, Sheikh Sultan Trust Building No. 2,
Beaumont Road, Karachi, the Registrar and Share Transfer Office of the |
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| Company
at the close of the business on 06 November 2000 will be treated in time for
purpose of the entitlement of Bonus Shares to the transferees. |
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| 2.
A member entitled to attend and vote at the meeting is entitled to appoint a
proxy to attend, speak and vote for him/her. Vote may be given either
personally or by |
| proxy
or in case of a Company/Corporation by a representative duly authorized. A
proxy must be a member of the company. |
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| 3.
In order to be valid, an instrument of proxy and the power of attorney or
other authority (if any) under which it is singed, or a notarially certified
copy of such power |
| of
attorney, must be deposited at the registered office of the company,
103-C/II, Gulberg III, Lahore, not less than 48 hours before the time of the
meeting. |
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| 4.
An individual Beneficial Owner of CDC, entitled to attend and vote at this
meeting, must bring his/her original NIC or Passport to prove his/her
identity. In case of |
| proxy
must enclose an attested copy of his/her NIC or Passport. Representative of
corporate members should bring the usual documents required for such
purposes. |
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| 5.
Members are requested to notify and change in their registered address
immediately. |
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| 6.
Memorandum and Articles of Association of the investee companies are
available for inspection at the Registered Office of the Company at 103-C/II,
Gulberg-III, |
| Lahore. |
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| STATEMENT
UNDER SECTION 208 OF THE COMPANIES ORDINANCE, 1984 |
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| WorldCALL
Wireless Limited |
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| The
Company was incorporated on 14 October 1999. The main objective of the
company is to design, develop and implement |
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| a
payphone network based on wireless local loop technology under an O&M
agreement with Pakistan Telecommunication |
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| Company
Limited (PTCL). WorldCALL Wireless Limited is the project company for
developing 50,000 payphones nation |
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| wide
network using digital wireless local loop technology. |
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| WorldCALL
Multimedia Limited |
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| The
Company was incorporated on 09 June 2000. The main activity of the Company is
to provide re-broadcasting of |
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| international/national
satellite terrestrial/wireless and cable television and radio signals using
Hybrid Fiber Optic Coaxial |
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| network
along with providing broad band cable network infrastructure for internet and
data transmission in Pakistan subject |
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| to
the government approval where necessary. The company is in the process of
public offering of the shares to general public |
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| and
listing on Stock Exchanges. |
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| WorldCALL
Telecommunication Lanka (Private) Limited |
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| The
Company was incorporated on 14 October 1999 under the Laws governed by Sri
Lanka. The main operation of the |
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| company
is to provide card-operated payphones and calling-card services in Sri Lanka.
This project is a joint venture between |
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| WorldCALL
Payphones Limited, Pakistan and Hayleys Limited, Sri Lanka. Hayleys Group,
which is one of the largest and |
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| diversified
business conglomerates in Sri Lanka. The Company holds permission from Board
of Investment and |
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| Telecommunication
Regulatory Commission of Sri Lanka to acts as a reseller of telecommunication
services in Sri Lanka. |
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| STATEMENT
UNDER SECTION 160(1)(b) OF THE COMPANIES ORDINANCE, 1984 |
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| This
statement sets out the material facts pertaining to the special business to
be transacted at the Annual General Meeting of |
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| the
company to be held on 13 November 2000. |
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| The
Company is fully authorized by its Memorandum of Association to make such
investment/(s). The investment/(s) would |
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| be
made and dis-invested at such time/(s), as the Chief Executive may think
appropriate on behalf of the Company. The |
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| directors
of the company have no interest in above companies except that they are
shareholders/common directors. The |
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| following
are the material facts about the proposed special resolution: |
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| Name
of the investee company |
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WorldCALL Wireless
Limited |
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| Nature,
amount and extent |
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Investment (from time to
time) in Share Capital of the company |
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or otherwise upto Rs. 100
million |
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| Price
at which shares would be purchased |
At par Rs. 10/- for each
ordinary share |
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| Source
of funds from where shares will be purchased |
Internal cash generation
from the profitable operations of the |
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company is encouraging
and funds will be available with the |
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|
company to finance the
proposed investment |
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| Period
for which investment would be made |
As a long term investment |
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| Purpose
of Investment |
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To achieve substantial
growth in installation of payphones, |
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which is not possible due
to the limitations of the PTCL network. |
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| Benefits
likely to accrue to the company and the share |
The company expects to
receive substantial dividends/capital |
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| holders
from the proposed investments |
gains on the above
investment. |
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| Name
of the investee company |
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WorldCALL Multimedia
Limited |
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| Nature,
amount and extent |
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Investment (from time to
time) in Share Capital of the company |
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or otherwise up to Rs. 80
million |
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| Price
at which shares would be purchased |
At par Rs. 10/- for each
ordinary share |
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| Source
of funds from where shares will be purchased |
Internal cash generation
from the profitable operations of the |
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company is encouraging
and funds will be available with the |
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company to finance the
proposed investment. |
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| Period
for which investment would be made |
As a long term investment |
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| Purpose
of Investment |
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To utilize the internal
cash generation in diversified activities. |
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| Benefits
likely to accrue to the company and the share |
Cable TV alongwith
internet service have a high revenue |
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| holders
from the proposed investments |
potential in the market
through which the company expects to |
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receive substantial
dividends/capital gains on the investment |
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| Name
of the investee company |
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WorldCALL
Telecommunication Lanka (Private) Limited |
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| Nature,
amount and extent |
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Investment (from time to
time) is Share Capital of the company |
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or otherwise up to Rs. 25
million |
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| Price
at which shares would be purchased |
At par Sri Lankan Rupees
(SLR) 10/- for each ordinary share |
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| Source
of funds from where shares will be purchased |
Internal cash generation
from the profitable operations of the |
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company is encouraging
and funds will be available with the |
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|
company to finance the
proposed investment |
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| Period
for which investment would be made |
As a long term investment |
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| Purpose
of Investment |
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Keeping in view the
existing trend in the domestic market of |
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payphones the company
intends to expand in the regional market |
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by benefitting from its
technical expertise and experience gained |
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in the domestic
telecommunication sector |
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| Benefits
likely to accrue to the company and the share |
To gain substantial
returns and to attract more foreign investors |
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| holders
from the proposed investments |
and partners |
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| Chairman's
Review |
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| It
gives me immense pleasure to present the Audited Annual Report of WorldCALL
Payphones Limited |
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| for
the financial year 2000. The financial year 2000 has witnessed the continuous
growth of |
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| WorldCALL
and listing of its shares on the stock exchanges. |
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| Pakistan's
Telecom market continues to move towards deregulation and the focus of policy
making is |
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| shifting
towards facilitating the private sector investment to act as a catalyst for
catching the trends and |
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| benefits
in line with the telecommunication services in the developed markets.
Pakistan |
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| Telecommunication
Authority (PTA), has offered various licenses for the telecommunication
projects to |
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| private
sector this year. Additional avenues for private sector participation are
expected to be opened to |
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| meet
the challenges of the technological advancement in telecommunications. With a
teledensity of less |
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| than
2.1, Pakistan lags far behind the developed world where advancement in basic
and value added |
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| telecommunication
services has incredibly influenced economic growth and development. |
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| With
imminent deregulation and the end of PTCL's monopoly by year 2002, WorldCALL
is well poised |
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| to
take the advantage of the situation. WorldCALL remains the only private
sector telecommunication |
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| company
with projects in wireless payphones, internet, cable TV, prepaid calling
cards etc. No other |
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| private
sector company is so well diversified and WorldCALL intends to become a
dominant force in |
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| the
coming years. |
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| Despite
the prevalent economic depression and lack of direct investment in Pakistan,
WorldCALL |
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| continues
to lend its hand to the Government of Pakistan to meet its objectives and is
playing an |
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| effective
role in bringing investment in Pakistan and providing telecommunication
services to the |
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| general
public. WorldCALL's commitment to invest in the telecommunications sector of
Pakistan |
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| reflects
its confidence in the business opportunities that exist in the
telecommunications sector. |
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| It
is indeed a great achievement for WorldCALL that within a short span of four
years it has become a |
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| leading
value added telecom service provider from a payphone company. WorldCALL's
success is |
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| based
on its timely recognition of investment opportunities and its commitment to
understand the needs |
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| of
its customers by providing efficient solutions. WorldCALL's ability to
satisfy its customers has |
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| resulted
into a strong brand equity that compliments WorldCALL in offering other value
added services. |
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| WorldCALL
is equally proud to have a committed team of employees who share WorldCALL's
vision to |
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| be
the premier telecommunication services provider. |
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| Realising
the potential of untapped opportunities that exist in the telecom sector in
and outside Pakistan, |
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| WorldCALL
has created a core project development team consisting of telecom
professionals with |
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| technical,
marketing, and operations background. To aid the development of various
projects being |
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| pursued,
the project development team is also assisted by a team of dedicated
corporate finance |
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| professionals
to provide financial acumen to the investment decisions. |
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| The
success of WorldCALL's Initial Public Offer for subscription of shares that
received an |
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| overwhelming
response in the stock markets proved to be a landmark achievement for
WorldCALL. |
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| WorldCALL's
IPO has heavily oversubscribed and was the first public issue of shares in
the stock |
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| markets
of Pakistan after a gap of approximately 3 years, which clearly shows the
investor confidence in |
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| WorldCALL. |
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| WorldCALL
realises the importance of quality control and internal systems and is
preparing for ISO |
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| 9002
certification. The implementation of quality controls and internal systems
under ISO 9002 quality |
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| standards
would further enhance WorldCALL's efficiency and strength in the market. |
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| WorldCALL
launched its internet services in November 1999 from Lahore and has now
expanded its |
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| network
to Islamabad. WorldCALL plans to have a nationwide availability of internet
services in the |
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| next
few years. The internet project of WorldCALL is being implemented with
technical collaboration |
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| of
Alcatel Pakistan Limited. WorldCALL is investing in its Cable TV services
that recently began its |
|
| operations
in Lahore. WorldCALL also intends to converge its services and plans to offer
internet |
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| services
to its Cable TV subscribers in line with the trend in the developed
telecommunication markets. |
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| Internet
services to Cable TV subscribers would enable the subscribers to have the
advantage of faster |
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| and
efficient internet connectivity. Offering of Internet services on Cable TV
network is subject to the |
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| approval
from PTA. |
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| Significant
advances have been made in the development of the 50,000 wireless local loop
payphones |
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| project
for which the contract for equipment supply shall soon be awarded to an
international equipment |
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| supplier
subject to spectrum allocation from Frequency Allocation Board. The project
is being |
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| implemented
under an O & M Agreement with Pakistan Telecommunication Company Limited
and will |
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| enable
WorldCALL to install and operate payphones where PTCL's existing network
cannot reach due |
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| to
various impediments. The Wireless Payphones Project will also enable
WorldCALL to reach out the |
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| farthest
areas where basic telephony services are not available and shall play an
effective role in |
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| development
of rural areas in Pakistan. |
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| Additionally,
WorldCALL has also started its payphones operations through a joint venture
arrangement |
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| in
Sri Lanka and shall soon be starting prepaid calling card services. WorldCALL
Payphones has also |
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| participated
in a competitive tender by Omantel, Oman for installation, commissioning and |
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| maintenance
of 7,000 wireline and GSM payphones in Oman. |
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| I
am proud to state that WorldCALL Payphones has a professional management that
is aware of the |
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| shareholders'
interest and strives to provide a maximum return to their investment. It is
indeed due to the |
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| sound
management practices that we have a low employee turnover rate at WorldCALL
Payphones. The |
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| efficiency
and business acumen of WorldCALL's management is also evident in our Audited
Accounts |
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| that
show remarkable growth in revenues and profitability. |
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| I
am confident that with the support of our Board of Directors the management
of WorldCALL |
|
| Payphones
with its sound management and business skills will steer WorldCALL towards
further |
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| horizons
of success. |
|
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| I
would like to congratulate the Board of Directors, the WorldCALL management
will continue to steer |
|
| the
company towards further success. I would also felicitate the efforts of our
management and |
|
| employees
who have been instrumental in our success for the year under review and look
forward to |
|
| their
continuous dedication, enthusiasm and hard word to meet the future
objectives. |
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|
Salmaan Taseer |
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|
Chairman |
|
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| Directors'
Report to the Shareholders |
|
|
| The
directors of WorldCALL Payphones Limited are pleased to present before the
shareholders the fifth annual report |
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| together
with the company's audited accounts for the year ended 30 June 2000. |
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| Operating
Results |
|
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| The
year under review has been consistent with the company's performance for the
previous year and the company went |
|
| through
remarkable growth in terms of sales, profits and market share. The net sales
of the company grew by 85.3% and were |
|
| over
Rs. 302 million in comparison to Rs. 163 million last year. The profit after
taxation also increased by 93% from Rs. 53.05 |
|
| million
for the year 1999 to Rs. 102.62 million in year 2000. The operating profit of
the company has also improved further |
|
| from
39.4% to 41.2%. |
|
|
| From
an installed base of 3,891 payphones at the end of financial year 1999,
WorldCALL almost doubled its payphones by |
|
| installing
additional 3,834 payphones and continued to remain one of the leading
payphone operators in Pakistan. Your |
|
| company
has thus successfully attained the target set out in the last year's report
of crossing the 7,000 payphones. The plan |
|
| presented
in the prospectus for installation of additional 8,000 phones during the
upcoming 12 months period is under way. |
|
| Your
company has installed 2,955 phones under the plan since the public issue
money was received and the company intends |
|
| to
install the remaining 5,045 phones in the next six months. This achievement
is owed to the efficient utilization of available |
|
| resources
and an aggressive and sustainable expansion. |
|
|
| WorldCALL
maintained its technological advantage over its competitors and the company
invested in a state of the art |
|
| network
management system, P@ynet from Schlumberger, France, the major payphone
supplier of WorldCALL. P@ynet |
|
| will
enable WorldCALL in remote supervision of its payphone network and efficient
alarm generating capability, hence |
|
| bringing
additional quality service features in the operations of the company. |
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|
| Future Outlook |
|
| Your
company now aims at reaching out the more distant areas and plans to
establish new offices for reaching the untapped |
|
| markets.
This strategy of WorldCALL will be complimented by its existing nationwide
network in major cities. |
|
|
| Whilst
maintaining its focus on distinguishing WorldCALL service features through
quality, the company also realises the |
|
| relevance
of marketing as an effective way for enhancement in market share. WorldCALL
has also planned a nationwide |
|
| marketing
campaign for the year 2000, which would have an impact on WorldCALL's
performance in the next few years and |
|
| would
also result in adding value to WorldCALL's brand equity. |
|
|
| WorldCALL
is continuing to prudently diversify its services by implementing new
projects in the value added |
|
| telecommunications
sector. In addition to investment by WorldCALL, a number of domestic and
foreign investors are also |
|
| investing
in these projects. This investor confidence is indeed a reflection of
WorldCALL's ability to manage the businesses |
|
| while
offering attractive rewards to its shareholders and partners in the projects. |
|
|
| WorldCALL
launched its internet services in November 1999 from Lahore and has recently
started its services in Islamabad. |
|
| The
internet services are being provided by WorldCALL Dot Com (Pvt.) Limited that
offers its services under the branch of |
|
| WorldCALL
Online. WorldCALL Dot Com plans to have a nationwide availability of internet
services in the next few years. |
|
| A
Cable TV project by the name of WorldCALL Multimedia Limited has started its
operations in Lahore. WorldCALL Dot |
|
| Com
also plans to sell its services by using the blazing speed fibre optic cable
network of WorldCALL Multimedia, subject to |
|
| approval
from Pakistan Telecommunication Authority. The most modern technology will
allow WorldCALL Multimedia a |
|
| much
faster and reliable internet service to its subscribers. |
|
|
| The
development of wireless local loop payphones project is at an advanced stage.
A short list of technology and equipment |
|
| suppliers
has been prepared with the help of WorldCALL's technical consultant for this
project. The contract for equipment |
|
| supply
shall soon be awarded, subject to allocation of spectrum by Frequency
Allocation Board. A total investment of US$ |
|
| 90
million has been estimated for the project. |
|
|
| WorldCALL
has entered into a joint venture arrangement with Hayleys Limited of Sri
Lanka for its operations in Sri Lanka. |
|
| The
test-marketing phase of the payphone operations has recently started and work
is underway to launch a prepaid calling |
|
| card
service as well. |
|
|
| WorldCALL
Payphones has also participated in a competitive tender by Omantel, Oman, for
the installation, commissioning |
|
| and
maintenance of 7,000 wireline and GSM payphones in Oman. WorldCALL has
participated in the tender along with |
|
| Schlumberger,
France and OHI Telecommunications, Oman. WorldCALL consortium is one of the
three short listed bidders |
|
| and
is hopeful of winning the contract. |
|
|
| Similar
opportunities in other developing countries with inadequate telecom
infrastructure development are being pursued |
|
| and
soon WorldCALL will carry out a feasibility study for starting payphone
services in Yemen. |
|
|
| For
the financial year 2001 WorldCALL aims to utilize its resources efficiently
and invest in the latest technology to get an |
|
| edge
over its competitors and provide the best solutions and services to its
customers. |
|
|
| The
directors have decided that from now onwards, quarterly accounts will be
presented to the shareholders in order to keep |
|
| them
updated with the affairs of the Company. |
|
|
| Appropriations |
|
|
| During
the year under review, your company issued one million bonus shares amounting
to Rs. 10 million. Subsequently, |
|
| 22.9
million shares were issued and subscribed at a premium of Rs. 5 valuing Rs.
344.1 million. The financial results of the |
|
| Company
are as under: |
|
|
|
2000 |
1999 |
|
|
(Rupees) |
(Rupees) |
|
|
| Net
profit after tax |
|
102,620,259 |
53,048,794 |
|
| Un-appropriated
profit brought forward |
|
4,962,144 |
6,913,350 |
|
|
------------------ |
------------------ |
|
| Profit
available for appropriation |
|
107,582,403 |
59,962,144 |
|
| Interim
Bonus shares issued during the year |
|
10,000,000 |
55,000,000 |
|
|
------------------ |
------------------ |
|
| Un-appropriated
profit carried forward |
|
97,582,403 |
4,962,144 |
|
|
========== |
========== |
|
|
| Bonus Shares |
|
| The
Directors are pleased to recommended the issue of final Bonus Shares in the
proportion of One Bonus Share for each Four |
|
| shares
held i.e. 25% by capitalization of share premium account to the same extent.
This is in addition to the interim Bonus |
|
| Shares
of One million already issued by the company in October 1999 thus making a
total bonus issue of 11,000,000 fully |
|
| paid
ordinary shares during the year. |
|
|
| Chief
Executive and Board of Directors |
|
| The
board has appointed Mr. Salmaan Taseer as Chief Executive of the company for
the term of next three years in their |
|
| meeting
held on 31 December 1999. |
|
|
| The
following Directors were elected in last Annual General Meeting held on 31
December 1999 for the term of next three |
|
| years: |
|
|
| Salmaan Taseer |
|
| Shaan Taseer |
|
| Mumtaz H. Syed |
|
| Mian
Ehsan-ul-Haq |
|
| Sardar
Ali Wattoo |
|
| Mohsin Mehdi |
|
| Sadiq
Yousaf Yalmaz |
|
| Aamer
Nasim Chishti |
|
| Muhammad
Shuaib Yousaf |
|
|
| Subsequent
to the election of the directors, Mr. Maqbool Bin Hameed Mohammad Al-Saleh,
Mr. Anwer A. Sheikh, Lt. |
|
| Gen.
(R) Humayun Khan Bangash and Mrs. Aamna Taseer were appointed as Directors of
the Company in place of Mr. |
|
| Sardar
Ali Wattoo, Mr. Aamer Nasim Chishti, Mr. Mohsin Mehdi and Mr. Shaan Taseer
respectively upon their resignation. |
|
|
| Auditors |
|
| The
present auditors Messers. Taseer Hadi Khalid and Co., Chartered Accountants
shall retire and may be considered for re- |
|
| appointment
for the year 2000-2001. |
|
|
| Earnings
per Share |
|
| The
Company has earned a handsome net profit in the year under review, which in
turn yielded weighted average earning per |
|
| share
of Rs. 4.35 as compared to Rs. 6.46 of the last year. However, the earning
per share has decreased due to increase in |
|
| number
of shares outstanding as the result of public issue in March 2000. The
company actually received the subscription |
|
| money
in April 2000 and the real benefits of public issue are expected in the next
financial year. |
|
|
| Pattern
of Shareholding |
|
| The
pattern of shareholding is annexed. |
|
|
| Customers |
|
| Our
customers remain our top most priority and it is only the success of this
philosophy that WorldCALL has ventured into |
|
| other
projects to serve its customers by providing a premier quality service. |
|
|
| Human
Resources |
|
| The
board acknowledges the fact that it is only the shared vision with its
employees and their hard work and determination |
|
| that
has given WorldCALL the stature of a leading telecom company of Pakistan.
WorldCALL continues to rely on its |
|
| employees
for its future expansions and believes in the mutual sharing of rewards that
come due to the efforts and endeavors |
|
| of
its employees. |
|
|
|
For and on behalf of the Board |
|
|
|
|
| Lahore |
|
(Mumtaz H. Syed) |
|
| 20
October 2000 |
|
Director |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS OF WORLDCALL PAYPHONES LIMITED |
|
|
| We
have audited the annexed balance sheet of WorldCALL Payphones 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 and 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. |
