| SHAHMURAD SUGAR MILLS LIMITED |
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|
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| ANNUAL
REPORT 2004 |
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| DIRECTORS'
REPORT |
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| We
are pleased to present the 26th Annual Report together with the Audited Accounts for the year |
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| ended
30th September 2004.
Al-Hamdo-lillah, your Company has loss of Rs.0.516 million as |
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| compared
to a loss of Rs.77.97 million last year. After making provision for turnover
tax, total profit |
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| of
the Company for the year works out to Rs.21.011 million. However, after
reversal of the excess in |
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| depreciation
charges due to revaluation of Fixed Assets, overall profit for the years
works out to |
|
| Rs.37.743
million as compared to a loss of Rs.70.970 million last year. The last year's |
|
| unappropriated
loss of Rs.236.488 million has been reduced by the profit of the current year
and now |
|
| the
unappropriated loss carried forward to Balance Sheet is to the extent of Rs.
198.745 million. |
|
| After,
tax profit per share of the Company inclusive of reversal of depreciation on
the revaluation |
|
| works
out to Rs.420.968 per share. Due to carry over forward loss, the Board has
not recommended |
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| any dividend. |
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| SUGAR MILL: |
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| During
the year under report, your Mill started crushing on 30lh November 2003 and crushed |
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| 617,351
Metric Tons (2003: 576,676 Metric Tons) of sugarcane. Sugar produced was to
the extent of |
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| 60,775
Metric Tons (2003: 54,135 Metric Tons). Molasses produced was to the extent
of 31,150 |
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| Metric
Tons. (2003: 33,056 Metric Tons). The average recovery for the year was 9.84%
as compared |
|
| to
last year, which was 9.40%. The crushing was 7% higher whereas sugar produced
was 12% higher |
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| as
compared to last year. The recovery percentage also improved by 4.68% as
compared to last year. |
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| During
the year market sentiment on sugar was depressed due to excessive quantity of
sugar |
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| supplied
in the market. The higher production during the last year in the country and
specially in |
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| Sindh
resulted that the prevailing price were depressed and demand was lesser due
to availability of |
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| more
sugar than requirement specially in Sindh. Despite lifting of sugar by
Trading Corporation of |
|
| Pakistan
for buffer stock, pressure on sugar price could not be released. Since sugar
production in |
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| Sindh
is higher than requirement, as such, price of sugar in Sindh will remain
under pressure till |
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| demand
from other provinces are there. Price of sugarcane fixed for Sindh was higher
than Punjab, |
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| and
the question arises as to why this discrimination in prices of sugarcane is
being maintained |
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| which
is a discrimination. In addition, price of sugar in Punjab is much higher
than price in Sindh as |
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| Sindh
is a surplus province and Mills are forced to liquidate the stock in the
market at throw away |
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| price
to make payments to the growers. |
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| DISTILLERY
UNIT: |
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| As
reported earlier, installation of Distillery unit has, Al-Hamdo-lillah, been
completed by the end of |
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| the
year and currently is in trial operation. |
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| CORPORATE
GOVERNANCE: |
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| The
Stock Exchange made certain amendments in the Listing Regulations in order to
establish good |
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| Corporate
Governance. We are pleased to inform you that the Company has taken necessary
steps in |
|
| this
respect to comply with the new statutory requirements and are pleased to
state that: |
|
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| a) Financial Statements prepared
by the management of the Company, presents fairly its |
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| state
of affairs, results of its operation, cash flow and the changes in the
equity. |
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| b) Proper Books of Accounts have
been maintained by the Company. |
|
|
| fix
the price of cane along with sugar price, which is under active consideration
at Government level. Once |
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| the
formula is finalized, sugar industry of Sindh which is of bad shape at
present will come on stream. During |
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| the
season, due to shortage of water in lower Sindh, sugarcane cultivation has
badly been affected. In addition |
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| acreage
of sugarcane plantation has been reduced which has resulted that sugarcane
available in lower Sindh |
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| is
much lower than the requirements. Accordingly, season 2004-2005 was delayed
and started on 15th |
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| December
2004 to obtain maximum recovery as by this time the cane is fully matured..
Crushing upto 2nd |
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| January
2005 was 77,331 Metric Tons with an average recovery of 9.42%. Sugar produced
from cane was to |
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| the
extent of 6,325 Metric Tons. |
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| DISTILLERY
UNIT: |
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| We
are pleased to inform our members that Al-Hamdo-lillah, total production of
Ethanol upto 2nd
January |
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| 2005
was to the extent of 7,274 Metric Tons. |
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| The
price of molasses has started rising in the local market, which will put
pressure on the Distillery Unit |
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| profitability.
However, International Price of the Ethanol is also improving and also
efforts are being made to |
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| reduce
the cost as much as possible through higher recovery. |
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| DIRECTORS: |
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| Election
was held in the Extra Ordinary General Meeting of the Company held on 29th March 2004. |
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| Following
Directors were elected for a period of three years: |
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| Mr.
Ismail H. Zakaria |
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| Mr. Yusuf Ayoob |
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| Mr.
Suleman Ayoob |
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| Mr.
A. Aziz Ayoob |
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| Mr. Zia I. Zakaria |
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| Mr. Zohair Zakaria |
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| Mr.
Ghulam Mohiuddin |
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| Mr.
Mohammed Asif |
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| Mr.
Shamsuddin Khan |
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| Board
appointed Mr. Yusuf Ayoob as Chief Executive and Mr. Ismail H. Zakaria as
Chairman for a period of |
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| three years. |
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| During
the year, Mr. Shamsuddin Khan, NIT nominee Director resigned on 20th October 2004 and in his |
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| place,
NIT nominated Mr. Mian Mumtaz Abdullah who was co-opted by the Board of the
Company. The |
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| Board
appreciated the services of Mr. Shamsuddin Khan during his tenure and welcome
Mr. Mian Mumtaz |
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| Abdullah
on the Board. |
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| STAFF
RELATIONS: |
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| The
total number of employees as on 30th September 2004 were 425 during the year. Relations remained |
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| cordial
and very supportive with our staff and workers. |
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| AUDITORS: |
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| The
present Auditors, M/s. Hyder Bhimji and Co. Chartered Accountants, retires
and offer their services for |
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| re-appointment.
The Board of Directors has recommended re-appointment for the year ended 30th September 2005 |
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| STATEMENT
OF COMPLIANCE WITH THE BEST PRACTICES |
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| ON
TRANSFER PRISING |
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| The
Company is in the compliance with the best practices on Transfer Pricing as
contained in the |
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| relevant
Listing Regulations of the Karachi Stock Exchange (Guarantee) Limited and
Lahore Stock |
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| Exchange
(Guarantee) Limited. |
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| c) Appropriate accounting
policies have been
applied in preparation of the
financial |
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| statements
and the policies are consistently applied except to the extent mentioned in
the |
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| Financial Statements. Further, accounting estimates
are based on the reasonable and |
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| prudent
judgments. |
|
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| d) International Accounting Standard as applicable in Pakistan, have been
followed in |
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| preparation
of financial statements. |
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| e) The system of internal control
is sound in design and has been effectively implemented and |
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| monitored. |
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| f) There are no significant
doubts upon the Company's ability to continue as a going concern. |
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| g) There has been no material
departure from the best practice of Corporate Governance as |
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| detailed
in the listing regulations. |
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| h) There are no outstanding
statutory payments, however, there are some disputed cases, |
|
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| which
are appearing in note No. 13 of the financial statements. |
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| The
key operating and financial data of last ten years is given on page No. 11 while pattern of |
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| shareholding
has been provided on page No. 37 and 38. |
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|
| Value
of investment of Provident Fund for the financial year ended 30th September 2004 was to the |
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| extent
of Rs.4.118 million. |
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| Name
of Directors |
No. of Meetings |
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| Mr.
Ismail H. Zakaria |
6 |
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| Mr. Yusuf Ayoob |
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6 |
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| Mr.
Suleman Ayoob |
5 |
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| Mr.
A. Aziz Ayoob |
4 |
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| Mr. Zia I. Zakaria |
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4 |
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| Mr. Zohair Zakaria |
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6 |
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| Mr.
Ghulam Mohiuddin |
2 |
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| Mr.
Mohammed Asif |
6 |
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| Mr.
Shamsuddin Khan |
2 |
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| Mr.
Hussain Aqa Naqvi |
- |
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| No
Director of the Company or their spouse has acquired any share since the
change in the listing regulations |
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| of
the Karachi Stock Exchange (Guarantee) Limited. |
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| INDUSTRY
CONCERN: |
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| Due
to shortage of water supply in Sindh, sugarcane crop has badly been affected.
Sugarcane crop available |
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| during
the year in Sindh is much lower than the existing capacity of the mills.
Government has fixed the price |
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| of
sugarcane at Rs.43/= per 40 kg for the season 2004-2005 which price was not
acceptable to the Pakistan |
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| Sugar
Mills Association. Accordingly, representations were made to the concerned
quarters to link the price |
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| of
sugarcane with the sale price of sugar. The management is pleased to inform
our shareholders that proposal |
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| is
under consideration at Government level and soon, a decision is expected on
the subject from the |
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| concerned
Government Departments. It is expected that, Insha Allah, with the
introduction of a new system, |
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| the
viability of Sugar Mills in Sindh should improve. |
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| FUTURE
PROSPECTS: |
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| For
the year 2004-2005, Government has declared indicative price of sugarcane for
Sindh at Rs.43/= per 40 |
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| kg.
The price fixed is still not linked with the sugar price. Representation has
been made to the Government to |
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|
| REVIEW
REPORT TO THE MEMBERS ON STATEMENT OF |
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| COMPLIANCE
WITH BEST PRACTICES OF CODE OF |
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| CORPORATE
GOVERNANCE |
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| We
have reviewed the Statement of Compliance with the best practices contained
in the Code of Corporate |
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| Governance
prepared by the Board of Directors of SHAHMURAD SUGAR MILLS LIMITED to comply |
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| with
the Listing Regulations No.37 of the Karachi Stock Exchange (Guarantee)
Limited where the Company |
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| is listed. |
|
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| The
responsibility for compliance with the Code of Corporate Governance is that
of the Board of Directors of |
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| the
Company. Our responsibility is to review, to the extent where such compliance
can be objectively |
|
| verified,
whether the Statement of Compliance reflects the status of the Company's
compliance with the |
|
| provisions
of the Code of Corporate Governance and report if it does not. A review is
limited primarily to |
|
| inquiries
of the Company personnel and review of various documents prepared by the
Company to comply |
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| with the Code. |
|
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| As
part of our audit of financial statements we are required to obtain an
understanding of the accounting and |
|
| internal
control systems sufficient to plan the audit and develop an effective audit
approach. We have not |
|
| carried
out any special review of the internal control system to enable us to express
an opinion as to whether |
|
| the
Board's statement on internal control covers all controls and the
effectiveness of such internal controls. |
|
|
| Based
on our review, nothing has come to our attention, which causes us to believe
that the Statement of |
|
| Compliance
does not appropriately reflect the Company's compliance, in all material
respects, with the best |
|
| practices
contained in the Code of Corporate Governance, as applicable to the company
for the period ended |
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| September
30, 2004. |
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|
| STATEMENT
OF COMPLIANCE WITH THE CODE OF |
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| CORPORATE
GOVERNANCE FOR THE YEAR |
|
| ENDED
30™ SEPTEMBER 2004 |
|
| This
Statement is being presented to comply with the Corporate Governance
contained in Regulation |
|
| No.37
and Chapter XIII of listing regulations of the Karachi Stock Exchange
(Guarantee) Limited and |
|
| Lahore
Stock Exchange (Guarantee) Limited respectively for the purpose of
establishing a framework of |
|
| good
governance, whereby a listed company is managed in compliance with the best
practices of |
|
| corporate
governance. |
|
|
| The
Company has applied the principles contained in the Code in the following
manner: |
|
|
| 01. The Board encourages
representation of Independent Non Executive Director representing |
|
| minority
interest on its Board of Directors. At present the Board comprises of ten
Directors |
|
| including three
executive Directors. The
Company encourages representation of |
|
| independent
non-executive Directors on its Board. There are five non-executive Directors, |
|
| two
of them represent NIT and non representing minority shareholders. |
|
|
| 02. The Directors have confirmed
that none of them is serving as a Director in more than ten |
|
| listed
companies, including the company. |
|
|
| 03. All the resident Directors
of the Company are registered as taxpayers and none of them has |
|
| defaulted
in payment of any loan to a banking company, a DFI/NBFI or, being a member of |
|
| a
Stock Exchange, has been declared as a defaulter by that Stock Exchange. |
|
|
| 04. Casual vacancy occurred in
the Board during the current year on resignation by Mr. |
|
| Hussain
Aqa Naqvi and casual vacancy is filled by Mr. Mumtaz Abdullah who appointed |
|
| by
the Board of Director of the company. |
|
|
| 05. The Company has prepared a
"Statement of Ethics and Business Practices", which has been |
|
| signed
by all the Directors and employees of the Company. |
|
|
| 06. The Board has developed a vision/mission statement,
overall corporate strategy and |
|
| significant
policies. A complete record of particulars of significant policies has been |
|
| maintained
and amended/updated from time to time. |
|
|
| 07. All the powers of the Board have been duly
exercised and decisions on material |
|
| transactions,
including appointment and determination of remuneration and terms and |
|
| conditions
of employment of the CEO and other executive Directors, have been taken by |
|
| the Board. |
|
|
| 08. The meetings of the Board
were presided over by the Chairman. The Board met atleast once |
|
| in
every quarter. Written notices of the meetings, along with the working papers
were |
|
| circulated
at least seven days before the meetings. The minutes of the meeting were |
|
| appropriately
recorded and circulated. |
|
|
| 09. The members of the Board are
well conversant with their duties and responsibilities. |
|
|
| 10. The Chief Financial
Officer/Company Secretary was appointed prior to the enforcement of |
|
| the
code of Corporate Governance/Appointment of Head of Internal Audit was
approved by |
|
| the
Board including his remuneration and
terms and conditions
of employment, as |
|
| determined
by the CEO. |
|
|
| 11. The Directors' Report for
the year has been prepared in compliance with the requirements |
|
| of
the Code and fully described the salient matters required to be disclosed. |
|
|
| 12. The financial statements of
the Company were duly endorsed by CEO and CFO before |
|
| approval
of the Board. |
|
|
| KEY
OPERATION & FINANCIAL DATA FOR LAST TEN YEARS |
|
|
| BALANCE
SHEET |
(Rupees in thousand) |
|
2004 |
2003 |
2002 |
2001 |
2000 |
1999 |
1998 |
1997 |
1996 |
1995 |
|
|
| Share Capital |
|
211,187 |
211,187 |
211,187 |
211,187 |
211,187 |
211,187 |
211,187 |
211,187 |
191,988 |
174,535 |
| Reserves |
|
-120,850 |
-159,209 |
-85,519 |
66,230 |
81,696 |
82,398 |
80,372 |
94,709 |
119,696 |
114,220 |
| Long
Term Liabilities |
414,091 |
255,547 |
261,354 |
115,204 |
16,456 |
45,876 |
63,511 |
119,715 |
134,867 |
218,424 |
| Deferred
Liabilities |
242,810 |
74,114 |
59,404 |
60,416 |
57,826 |
59,390 |
80,366 |
77,851 |
131,452 |
72,037 |
| Current Liabilities |
|
1,096,374 |
752,574 |
714,712 |
765,269 |
488,311 |
438,370 |
593,671 |
585,474 |
238,841 |
299,262 |
| Operating Assets |
|
1,498,675 |
714,027 |
510,035 |
518,556 |
532,171 |
546,198 |
570,865 |
596,256 |
621,053 |
642,824 |
| Long
Term Deposits |
11,618 |
5,579 |
3,105 |
3,294 |
4,271 |
3,650 |
6,277 |
13,150 |
16,428 |
18,224 |
| Long
Term Investment |
2,895 |
2,280 |
5,000 |
5,000 |
5,000 |
5,000 |
5,000 |
5,000 |
5,000 |
5,000 |
| Deferred Cost |
|
- |
- |
9,891 |
0.86 |
0.86 |
- |
- |
- |
- |
- |
| Current Assets |
|
716,864 |
589,313 |
633,106 |
690,596 |
313,228 |
282,373 |
443,440 |
474,530 |
174,363 |
212,430 |
| TRADING |
|
|
| Turnover |
|
826,086 |
992,890 |
802,594 |
1,284,384 |
1,216,653 |
1,258,847 |
1,459,797 |
1,040,954 |
1,318,317 |
1,304,992 |
| Gross
Profit/(Loss) |
130,324 |
50,971 |
-5,039 |
165,565 |
169,628 |
177,487 |
190,659 |
139,238 |
204,624 |
184,950 |
| Operating
Profit/(Loss) |
85,074 |
7,736 |
-45,762 |
109,670 |
118,114 |
105,482 |
108,333 |
85,690 |
154,375 |
126,014 |
| Profit/(Loss)
before Tax |
-77,109 |
-77,109 |
-147,511 |
-8,267 |
30,356 |
23,463 |
-14,267 |
10,051 |
54,014 |
20,988 |
| Profit/(Loss)
after Tax |
21,011 |
-82,339 |
-151,749 |
-15,466 |
20,417 |
17,864 |
-14,337 |
10,051 |
22,930 |
17,543 |
| Earning
Per Share |
2.03 |
-3.9 |
-7.19 |
-0.73 |
0.97 |
0.85 |
-0.68 |
0.48 |
1.19 |
1.01 |
| Cash Dividend |
|
NIL |
NIL |
NIL |
NIL |
10% |
7.50% |
NIL |
7.50% |
NIL |
NIL |
| Bonus Shares |
|
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
NIL |
10% |
10% |
| SUGAR
PRODUCTION |
|
| a) From Cane |
|
60,775 |
54,135 |
45,030 |
63,029 |
61,520 |
74,055 |
81,590 |
73,195 |
82,800 |
85,311 |
| b)
From Raw Sugar |
- |
- |
- |
23,686 |
- |
- |
- |
- |
- |
- |
| Cane
Crushed (M.Tons) |
617,351 |
576,635 |
470,839 |
635,615 |
630,778 |
767,253 |
749,111 |
685,185 |
791,599 |
879,022 |
| Sugar
Produced (M.Tons) |
60,775 |
54,135 |
45,030 |
86,715 |
61,520 |
74,055 |
81,590 |
73,195 |
82,800 |
85,311 |
| Recovery (%) |
|
9.80% |
9.40% |
9.61% |
9.90% |
9.73% |
9.68% |
10.89% |
10.69% |
10.46% |
9.67% |
|
| STATEMENT
OF CHANGES IN EQUITY |
|
| FOR
THE YEAR ENDED SEPTEMBER 30,2004 |
|
|
|
Unrealized |
|
|
|
|
Issued, |
|
loss on |
Unappro- |
|
|
|
|
Subscribed & |
General |
revaluation |
priated |
|
|
|
|
paid up capital |
reserves |
of investment |
loss |
Total |
|
|
|
............................... Rupees in thousands
............................ |
|
| Balance
as at October 01, 2002 |
|
211,187 |
80,000 |
- |
-165,518 |
125,669 |
|
| Deficit
on revaluation of investment |
|
|
-2,720 |
|
-2,720 |
|
| Amount
of incremental depreciation arising |
|
|
| due
to surplus on revaluation of fixed assets |
|
11,369 |
11,369 |
|
| Net
loss for the year ended September 30, 2003 |
|
-82,339 |
-82,339 |
|
| Balance
as at September 30, 2003 |
|
211,187 |
80,000 |
-2,720 |
-236,488 |
51,979 |
|
| Deficit
on revaluation of investment |
|
|
- |
|
- |
|
| Reversal
of diminuation in value of investment |
|
615 |
|
615 |
|
| Net
profit for the year ended September 30, 2004 |
|
21,011 |
21,011 |
|
| Amount
of incremental depreciation arising |
|
|
| due
to surplus on revaluation of fixed assets |
|
16,732 |
16,732 |
|
| Balance
as at September 30, 2004 |
|
211,187 |
80,000 |
-2,105 |
-198,745 |
90,337 |
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
| We
have audited the annexed balance sheet of SHAHMURAD SUGAR MILLS LIMITED as at
September 30, |
|
| 2004
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 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 account
have been kept by the Company as required by the Companies |
|
| Ordinance, 1984; |
|
|
| b. in our opinion : |
|
|
| i.
the balance sheet and profit and loss account together with the notes thereon
have been drawn |
|
| up
in conformity with the Companies Ordinance, 1984, and are in agreement with
the books of |
|
| account
and are further in accordance with accounting policies consistently applied; |
|
| the
expenditure incurred during the year was for the purpose of the Company's
business; and |
|
| 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 September
30, 2004 and of the profit, its |
|
| cash
flows and changes in equity for the year then ended; and |
|
|
| d.
in our opinion, no zakat deductible at source under the Zakat and Ushr
Ordinance, 1980 (XVIII |
|
| of 1980). |
|
|
| NOTES
TO THE ACCOUNTS FOR THE YEAR |
|
| ENDED
SEPTEMBER 30, 2004 |
|
|
| 1. LEGAL STATUS AND OPERATIONS |
|
| The
Company is a public company incorporated in Pakistan under Companies Act,
1913 (now Companies |
|
| Ordinance,
1984). Its shares are quoted on Karachi Stock Exchange in Pakistan and is
principally engaged in |
|
| production
and sale of sugar. |
|
|
| 2. SIGNIFICANT ACCOUNTING POLICIES |
|
|
| 2.1 Accounting Convention |
|
| These
accounts have been prepared under historical cost convention except for
certain fixed assets, |
|
| which
have been included at revaluate amount as stated in Note No. 14 and certain
available for sale |
|
| investments
which are valued as stated in Note No. 16 |
|
|
| 2.2 Basis of Preparation |
|
| These
financial statements have been prepared in accordance with approved
accounting standards as |
|
| applicable
in Pakistan and the requirements of Companies Ordinance, 1984. Approved
accounting |
|
| standards
comprised of such International Accounting Standards as notified under the
provisions of the |
|
| Companies
Ordinance, 1984. Wherever the requirements of the Companies Ordinance, 1984
or |
|
| directives
issued by the Securities & Exchange Commission of Pakistan (SECP) differ
with the |
|
| requirements
of these standards, the requirements of the Companies Ordinance, 1984 or the |
|
| requirements
of the said directives take precedence. |
|
|
| 2.3 Employees Benefits |
|
|
| Defined
Controbution Plan |
|
| The
Company operates an approved provident fund scheme for all its employees
eligible for benefit |
|
| and
contributions there to are made in accordance with the terms of the scheme.
Effective from |
|
| December
31,2002 the company has abolished the provident fund scheme for its factory
workers as per |
|
| Agreement
with CBA. |
|
|
| Defined
Benefit Plan |
|
| The
company operates an unfunded gratuity scheme covering all its permanent
employees eligible to |
|
| the
benefit under the scheme as per law. Minimum qualifying period for
entitlement to gratuity is one |
|
| completed
year of service with the Company |
|
|
| As
per the requirements of IAS-19 "Employee Benefits", actuarial
valuation has been carried out for |
|
| the
year ended September 30, 2004 using "Projected Unit Credit Actuarial
Method". Provision has |
|
| been
made in the financial statements to cover obligations in accordance with the
actuarial |
|
| recommendation. |
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE YEAR |
|
|
| ENDED
30TH SEPTEMBER, 2004 |
|
|
|
|
Note |
2004 |
2003 |
|
|
|
|
(Rupees in thousand) |
|
| Sales |
|
23 |
826,086 |
992,890 |
|
| Cost of sales |
|
24 |
695,762 |
941,919 |
|
| Gross profit |
|
|
130,324 |
50,971 |
|
| Other income |
|
25 |
-5,176 |
-15,585 |
|
