| Maple Leaf Cement Factory Limited |
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|
| Annual
Report 2001 |
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| Contents |
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| Company
Information |
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| Notice
of Meeting |
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| Directors'
Report |
|
| Five
Years Summary |
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| Auditors'
Report |
|
| Balance Sheet |
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|
| Profit
and Loss Account |
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| Cash
Flow Statement |
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| Statement
of Equity |
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| Notes
To The Accounts |
|
| Pattern
of Shareholding |
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|
|
| COMPANY
INFORMATION |
|
|
| Board
of Directors |
|
Auditors |
|
| Mr.
Tariq Sayeed Saigol |
|
Ford, Rhodes, Robson,
Morrow |
|
| Chairman/Chief
Executive |
|
Chartered Accountants |
|
|
|
|
| Mr.
Aamir Fayyaz Sheikh |
|
Legal Advisors |
|
|
|
|
| Mr.
Sayeed Tariq Saigol |
|
1. Cornelius Lane and
Mufti |
|
| Mr.
Waleed Tariq Saigol |
|
Advocates &
Solicitors, |
|
| Mr.
Zamiruddin Azar |
|
Lahore. |
|
| Rana
Muhammad Hanif |
|
2. Mr. Nomaan Akram Raja |
|
| Mr.
Muhammad Riyaz Husain Bokhari |
|
Barrister-At-Law |
|
| (Representing
FLS & IFU, Denmark) |
Raja Mohammad Akram &
Co. |
|
| Mr.
Mahmood Ahmed |
|
Advocates and Legal
Consultants, |
|
| (Representing
Crescent Investment Bank Ltd.) |
Lahore. |
|
|
| Company
Secretary |
|
Registered Office |
|
| Mr.
Mohammad Sharif |
|
42-Lawrence Road, Lahore. |
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|
Phone: (042) 6278904-5 |
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| Bankers
of the Company |
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Fax: (042) 6363184 |
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| Muslim
Commercial Bank Limited |
|
E-mail: mlcfl@kmlg.com |
|
| The
Bank of Punjab |
|
| Allied
Bank of Pakistan Limited |
|
Factory |
|
| Soneri
Bank Limited |
|
Iskanderabad Distt.
Mianwali. |
|
| Habib
Bank Limited |
|
Phones: (0459) 392237-8 |
|
| PICIC
Commercial Bank Limited |
|
| United
Bank Limited |
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| National
Bank of Pakistan |
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| NOTICE
OF THE ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the 41st Annual General Meeting of the members of Maple
Leaf Cement Factory |
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| Limited
will be held at its Registered Office, 42-Lawrence Road, Lahore on Wednesday,
26th December, 2001 |
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| at
10:30 A.M. to transact the following business: |
|
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| 1)
To confirm the minutes of last General Meeting. |
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|
|
|
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| 2)
To receive and adopt Audited Accounts of the Company for the year ended June
30, 2001 together with |
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| Auditors'
and Directors' Reports thereon. |
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|
|
|
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| 3)
To elect seven directors of the company, as fixed by the Board of Directors,
in accordance with the |
|
| provisions
of Section 178 of the Companies Ordinance, 1984 for a term of three years
commencing |
|
| December
31, 2001 in place of the following retiring Directors. |
|
|
| 1.
Mr. Tariq Sayeed Saigol |
|
2. Mr. Aamir Fayyaz
Sheikh |
|
| 3.
Mr. Sayeed Tariq Saigol |
|
4. Mr. Waleed Tariq
Saigol |
|
| 5.
Mr. Zamiruddin Azar |
|
6. Rana Muhammad Hanif |
|
| 7.
Mr. Mahmood Ahmed |
|
8. Mr. Muhammad Riyaz
Husain Bokhari |
|
|
| Representing
Crescent Investment Bank Ltd. |
Representing FLS &
IFU, Denmark |
|
|
|
|
| Any
person who seeks to contest an election to the office of Director shall file
with the Company at its |
|
| Registered
Office, a notice of his intention to offer himself for election not later
than 14 days before the |
|
| date
of the Annual General Meeting. |
|
|
| 4)
To appoint Auditors and fix their remuneration. The present auditors, M/s
Ford, Rhodes, Robson, Morrow, |
|
| Chartered
Accountants, retire and being eligible, offer themselves for re-appointment. |
|
|
| 5)
SPECIAL BUSINESS |
|
|
| To
approve the remuneration of the Chief Executive and pass the following
Resolution as Ordinary |
|
| Resolution
with or without amendment:- |
|
|
|
| "RESOLVED
that a sum of Rs. 200,000/- (Rupees two hundred thousand only) be and is
hereby approved |
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| towards
monthly remuneration inclusive of house rent allowance of Chief Executive of
the Company for |
|
| the
next term of his office commencing from 1st January, 2002. In addition to the
above, a company |
|
| maintained
chauffeur driven car for official and private use, private security guards at
his residence, hard |
|
| and
soft furniture, life insurance contribution, leave fare assistance, medical
facilities and all other benefits |
|
| incidental
or relating to his office in accordance with the rules and policy of the
company applicable to the |
|
| Directors
shall also be provided to him". |
|
|
| 6)
To transact any other business with the permission of the Chair. |
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|
By order of the Board |
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|
(Mohammad Sharif) |
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| Lahore:
December 03, 2001. |
|
Company Secretary |
|
|
|
| STATEMENT
U/S 160 (1) (b) OF THE COMPANIES ORDINANCE, 1984. |
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| Shareholders'
approval will be sought for the remuneration payable to the Chief Executive
for the next term |
|
| of
his office commencing 1st January, 2002, in accordance with the terms and
conditions of his service with |
|
| the
Company. The Authorised Capital of the Company is Rs. 2,377,646,750/- with
subscribed and paid up |
|
| capital
of Rs. 1,804,913,240/-. The production facilities are located at
Iskanderabad, Distt: Mianwali, and annual |
|
| gross
sales revenue is Rs. 3,815 million for the year ended June 30, 2001. |
|
|
| Notes: |
|
|
| 1.
Share Transfer Books of the Company will remain closed from 14th December,
2001 to 26th December, |
|
| 2001
(both days inclusive). Transfers received in order at Company's Shares
Department, 42- |
|
| Lawrence
Road, Lahore, upto close of business on 13th December, 2001 will be
considered in time. |
|
|
|
|
| 2.
A member eligible to attend and vote at this meeting may appoint another
member as his/her proxy |
|
| to
attend and vote instead of him/her. Proxies in order to be effective must
receive at the Company's |
|
| Registered
Office, not less than 48 hours before the time for holding the meeting and
must be duly |
|
| stamped,
signed and witnessed. |
|
|
|
|
| 3.
CDC Shareholders, entitled to attend and vote at this meeting, must bring
with them their National |
|
| Identity
Cards / Passport in original alongwith Participants' ID Numbers and their
Account Numbers |
|
| to
prove his/her identity, and in case of Proxy, must enclose an attested copy
of his/her NIC or |
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| Passport.
Representatives of corporate members should bring the usual documents
required for such |
|
| purpose. |
|
|
| 4.
Shareholders are requested to immediately notify the change in address, if
any. |
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|
| DIRECTORS'
REPORT TO THE SHAREHOLDERS |
|
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| Your
directors are pleased to present their annual report alongwith the audited
accounts and auditors' report |
|
| for
the financial year ended June 30, 2001. |
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|
| Production
& Sales |
|
| The
production and sales for the year under review are given as under: |
|
|
|
|
|
Grey |
White |
|
|
|
Clinker |
Cement |
Clinker |
Cement |
|
|
|
|
| Production
(M. Tonnes) |
|
| 2001 |
|
878,185 |
897,688 |
36,180 |
37,841 |
|
| 2000 |
|
993,634 |
1,022,717 |
37,720 |
39,340 |
|
|
|
| Sales
(M. Tonnes) |
|
| 2001 |
|
-- |
906,757 |
-- |
37,892 |
|
| 2000 |
|
-- |
1,009,501 |
-- |
39,497 |
|
|
| Financial
Results |
|
| The
company incurred pre-tax loss of Rs. 269.180 million during the year ended
June 30, 2001 after charging |
|
| depreciation
amounting to Rs. 377.49 million and financial charges of Rs. 482.67 million.
During the period |
|
| under
review, the loss was mainly due to low selling price owing to un-fair
competition unleashed by sales tax |
|
| exempt
units. The imposition of 15% sales tax from 5th September, 2000 created
regional disparity with three |
|
| cement
manufacturers in NWFP enjoying exemption with increased margins to enable
them to reduce their |
|
| price.
The demand growth remained stagnant and capacity utilization of the company
decreased to a pathetic |
|
| figure
of 59% during the year. The continuous upward revision in furnace oil prices
increased production cost |
|
| while
the net selling price registered declining trend during the year ended June
30, 2001. |
|
|
| The
financial results for the year ended June 30, 2001 are as under: |
|
|
|
|
|
(Rs. in thousand) |
|
|
| Loss
before taxation |
|
|
(269,180) |
|
| Provision
for taxation |
|
|
(15,236) |
|
|
|
|
------------------ |
|
| Loss
after taxation |
|
|
(284,416) |
|
| Un-appropriated
loss brought forward |
|
(209,566) |
|
| Transfer
from general reserve |
|
|
131,322 |
|
|
|
|
------------------ |
|
| Loss
carried forward |
|
|
(362,660) |
|
|
========== |
|
|
| There
being negative Earning Per Share and pre tax loss of Rs. 269.18 million
during the year ended 30th June, |
|
| 2001,
no dividend or bonus shares have been recommended. |
|
|
| Future
Prospects |
|
| The
management being conscious of cost reduction is working on the following
projects: |
|
|
| a)
Work on substitution of furnace oil with coal is in progress and shall be
completed during the |
|
| current
financial year. On completion of the project, we will be able to replace 70%
of furnace oil with |
|
| coal. |
|
|
| b)
Consultants have been appointed to examine the feasibility to convert
existing wet process white |
|
| cement
kilns into fuel efficient semi wet process. If found viable, implementation
shall be started |
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| during
the current financial year. |
|
|
| c)
The management is also considering to convert one wet process grey cement
kiln to dry process |
|
| white
cement to meet the increasing demand. Plans are also under consideration to
explore the |
|
| markets
for special cements to increase sales revenue. |
|
|
|
| The
rescheduling/restructuring of IFC long term loan has been approved by IFC
Board of Directors and the |
|
| payments
are being made according to the proposed revised schedule. Documentation for
rescheduling is at |
|
| an
advanced stage. On completion, over due principal installments will stand
deferred and excluded from |
|
| current
liabilities. This will give relief to the company on its debts servicing
obligations. |
|
|
| The
input and output taxation on cement are exorbitant as compared to other
countries in the region. To increase |
|
| capacity
utilization and give a boost to the construction industry, it is necessary
that government reduces the |
|
| taxes
on cement which will result in demand growth, thereby causing no loss to the
exchequer. |
|
|
| The
infra-structure development projects announced by the government are expected
to encourage economic |
|
| activity
and cement demand will increase in the coming years when these projects start
physical progress. On |
|
| the
basis of increase in demand with price stability and reduction in fuel cost,
the management expects better |
|
| results
in the coming years. |
|
|
| Board
of Directors |
|
| Under
the provisions of Companies Ordinance,1984, the three years term of office of
present Directors expires |
|
| on
31st December, 2001. The agenda for Annual General Meeting includes election
and appointment of directors |
|
| for
further period of three years. |
|
|
| Merger
of Maple Leaf Electric Company Ltd with the Company |
|
| The
merger of power project undertaken as a measure for consolidating the
activities and thereby effecting |
|
| economies
for the benefit of the company and ultimately for the shareholders, has been
completed. The Scheme |
|
| of
Arrangement for merger of Part-1 of Maple Leaf Electric Company Ltd
comprising the assets and related |
|
| liabilities
of power project installed at the premises of Maple Leaf Cement Factory
Limited, Iskanderabad was |
|
| approved
by the Honourable Lahore High Court. The shareholders of Maple Leaf Electric
Company Ltd have |
|
| been
allotted during the year, 25,844,000 fully paid ordinary shares of Rs. 10/-
each of the Company @ 0.497 |
|
| (49.7%)
ordinary shares for every one ordinary share of Rs. 10/- each held in Maple
Leaf Electric Company |
|
| Limited
and the accounts for the year under report show the position after merger. |
|
|
| Auditors |
|
| M/s
Ford, Rhodes, Robson, Morrow, Chartered Accountants, the present auditors
retire and being eligible offer |
|
| themselves
for re-appointment for the next year. |
|
|
| Share
Capital & Pattern of Shareholding |
|
| As
a part of IFC proposal for restructuring, 18.75% right offer, 24,418,000
shares of Rs. 10/- each at 20% |
|
| discount
i.e. @ Rs. 8/- per share were subscribed / taken up by the underwriters and
right issue stands |
|
| subscribed
and allotted in full during the year under report. |
|
|
| The
Authorised Capital of the company increased to Rs. 2,377,646,750/-
(237,764,675 ordinary shares of |
|
| Rs.10/-
each) and Paid up Capital to Rs. 1,804,913,240/- (180,491,324 ordinary shares
of Rs. 10/- each) due |
|
| to
right issue and merger of Part-1 of Maple Leaf Electric Company Ltd. The
Shareholding Pattern of the |
|
| company
as on June 30, 2001 is included in the Annual Report. |
|
|
| Labour
Management Relationship |
|
| The
Board wishes to place on record its appreciation for the efforts and services
rendered by the officers and |
|
| workers
who worked as a team throughout the year. It is expected that the same
cooperation would be |
|
| forthcoming
in future years. |
|
|
|
|
For and on behalf of the Board |
|
|
|
|
|
(Tariq Sayyed Saigol) |
|
| Lahore:
November 19, 2001 |
|
Chairman/Chief Executive |
|
|
|
| FIVE
YEARS SUMMARY |
|
|
|
|
2000-2001 |
1999-2000 |
1998-99 |
1997-98 |
1996-97 |
|
|
|
|
|
| Quantitative
Data (M. Tonnes) |
|
|
|
|
| Grey Cement: |
|
|
| Production |
|
897,688 |
1,022,717 |
893,975 |
551,473 |
471,070 |
|
| Sales |
|
906,757 |
1,009,501 |
900,243 |
545,318 |
474,415 |
|
|
|
|
| White Cement: |
|
|
| Production |
|
37,841 |
39,340 |
35,883 |
32,700 |
33,412 |
|
| Sales |
|
37,892 |
39,497 |
36,752 |
32,758 |
33,405 |
|
|
|
|
| Sales (Rs. 000) |
|
|
| Gross sales |
|
3,815,068 |
4,353,526 |
3,577,219 |
1,630,218 |
1,911,471 |
|
| Less:
Excise duty |
1,014,771 |
1,468,599 |
1,455,355 |
676,269 |
604,718 |
|
| Sales tax |
|
403,408 |
-- |
-- |
-- |
277,944 |
|
| Rebate |
|
45,551 |
85,816 |
86,409 |
28,303 |
15,090 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
| Net sales |
|
2,351,338 |
2,799,111 |
2,035,455 |
925,846 |
1,013,719 |
|
|
|
========== |
========== |
========== |
========== |
========== |
|
|
|
|
| Profitability
(Rs. 000) |
|
| Gross
Profit/(Loss) |
284,067 |
451,465 |
(58,158) |
(67,312) |
52,081 |
|
| Profit/(Loss)
before tax |
(269,180) |
(70,226) |
(578,976) |
(368,517) |
40,041 |
|
| Provision
for income tax |
(15,236) |
71,844 |
(11,157) |
(4,770) |
(12,200) |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
| Profit/(Loss)
after tax |
(284,416) |
1,618 |
(590,133) |
(373,287) |
27,841 |
|
|
|
========== |
========== |
========== |
========== |
========== |
|
|
|
|
| Financial
Position (Rs. 000) |
|
| Tangible
fixed assets-net |
5,952,631 |
5,511,852 |
6,099,791 |
6,349,668 |
5,966,034 |
|
| Investment
& other assets |
31,474 |
56,680 |
20,066 |
21,248 |
364,466 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
|
|
5,984,105 |
5,568,532 |
6,119,857 |
6,370,916 |
6,330,500 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
| Current assets |
|
949,934 |
963,225 |
798,888 |
852,693 |
844,219 |
|
| Current
liabilities |
(2,147,769) |
(1,768,537) |
(1,702,401) |
(1,216,183) |
(554,900) |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
| Net
working capital |
(1,197,835) |
(805,312) |
(903,513) |
(363,490) |
289,319 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
| Capital
employed |
4,786,270 |
4,763,220 |
5,216,344 |
6,007,426 |
6,619,819 |
|
| Less
Long term loan & other liab. |
(1,883,594) |
(2,169,581) |
(2,676,399) |
(2,877,348) |
(3,116,454) |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
| Share
holders Equity |
2,902,676 |
2,593,639 |
2,539,945 |
3,130,078 |
3,503,365 |
|
|
|
========== |
========== |
========== |
========== |
========== |
|
|
|
|
| Represented
By': |
|
| Share capital |
|
1,804,913 |
1,302,293 |
1,302,293 |
1,302,293 |
1,302,293 |
|
| Share
deposit money |
-- |
52,076 |
-- |
-- |
-- |
|
| Reserves
& un-app. profit |
1,097,763 |
1,239,270 |
1,237,652 |
1,827,785 |
2,201,072 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
|
|
2,902,676 |
2,593,639 |
2,539,945 |
3,130,078 |
3,503,365 |
|
|
|
========== |
========== |
========== |
========== |
========== |
|
|
|
|
|
|
| Ratios: |
|
|
| Gross
Profit/(Loss) to sales (%age) |
12.08 |
16.13 |
(2.86) |
(7.27) |
5.14 |
|
| Net
Profit/(Loss) to sales (%age) |
(12.10) |
0.06 |
(28.99) |
(40.33) |
2.75 |
|
| Debt
equity ratio |
39:61 |
45:55 |
49:51 |
47:53 |
45:55 |
|
| Current ratio |
|
0.44 |
0.54 |
0.47 |
0.69 |
1.52 |
|
| Break
up value per share of Rs. 10 each |
16.08 |
19.92 |
19.50 |
24.04 |
26.90 |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of Maple Leaf Cement Factory Limited
as at June 30, 2001 |
|
| 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
include 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 |
|
| accounts
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 June |
|
| 30,
2001 and of the Loss, its cash flow and changes in equity for the year then
ended; and |
|
|
| (d)
in our opinion, no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
|
|
|
|
|
Ford, Rhodes, Robson, Morrow |
|
| Lahore:
November 19, 2001 |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 2001 |
|
|
|
Note |
2001 |
2000 |
|
|
|
(Rupees in
thousand) |
|
|
| Share
Capital and Reserves |
|
|
| Authorised
capital |
|
| 237,764,675
(2000: 200,000,000) ordinary |
|
| shares
of Rs. 10/- each |
|
2,377,647 |
2,000,000 |
|
|
========== |
========== |
|
| Issued,
subscribed and paid up capital |
|
| 180,491,324
(2000: 130,229,324) ordinary |
|
|
| shares
of Rs. 10/- each |
|
3 |
1,804,913 |
1,302,293 |
|
|
|
|
|
| Share
deposit money |
|
|
-- |
52,076 |
|
|
|
|
| Reserves |
|
4 |
1,460,423 |
1,448,836 |
|
| Accumulated
loss |
|
|
(362,660) |
(209,566) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,902,676 |
2,593,639 |
|
| Long
Term Loans |
|
5 |
1,869,027 |
2,154,015 |
|
| Other
Liabilities |
|
6 |
6,053 |
5,726 |
|
| Long
Term Deposits |
|
7 |
8,514 |
9,840 |
|
|
|
|
|
|
| Current
Liabilities |
|
|
|
| Current
portion of long term liabilities |
8 |
1,378,425 |
848,938 |
|
| Shod
term running finance |
|
9 |
99,926 |
162,462 |
|
| Creditors,
accrued and other liabilities |
10 |
622,253 |
709,784 |
|
| Provision
for taxation |
|
|
47,165 |
47,353 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,147,769 |
1,768,537 |
|
| Contingencies
and Commitments |
|
11 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
6,934,039 |
6,531,757 |
|
|
|
========== |
========== |
|
|
|
|
| The
annexed notes form an integral pad of these accounts. |
|
|
|
|
Tariq Sayeed Saigol |
|
|
Chief Executive |
|
|
|
| Tangible
Fixed Assets |
|
| Operating
assets |
|
12 |
5,950,373 |
5,511,612 |
|
| Capital
work in progress |
|
13 |
2,258 |
240 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
5,952,631 |
5,511,852 |
|
|
|
|
|
| Long
Term Investments |
|
14 |
5,000 |
5,000 |
|
|
|
|
|
| Long
Term Loans, Deposits |
|
|
|
| and
Deferred Costs |
|
15 |
26,474 |
51,680 |
|
|
|
| Current Assets |
|
| Stores,
spares and loose tools |
|
16 |
508,797 |
427,115 |
|
| Stock-in-trade |
|
17 |
166,418 |
155,552 |
|
| Trade debts |
|
18 |
102,835 |
98,112 |
|
| Loans,
advances, deposits, prepayments |
|
|
| and
other receivables |
|
19 |
86,001 |
116,751 |
|
| Shod
term investments |
|
20 |
1,728 |
2,659 |
|
| Cash
and bank balances |
|
21 |
84,155 |
163,036 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
949,934 |
963,225 |
|
|
|
|
------------------ |
------------------ |
|
|
6,934,039 |
6,531,757 |
|
|
|
========== |
========== |
|
|
|
|
Aamir Fayyaz Sheikh |
|
|
|
Director |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
|
|
Note |
2001 |
2000 |
|
|
|
(Rupees in
thousand) |
|
|
|
|
| Sales |
|
22 |
2,351,338 |
2,799,111 |
|
| Cost
of goods sold |
|
23 |
2,067,271 |
2,347,646 |
|
|
|
|
------------------ |
------------------ |
|
| Gross Profit |
|
|
