| Nagina Cotton Mills Limited |
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| Annual
Report 1998 |
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| COMPANY
INFORMATION |
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| BOARD
OF DIRECTORS |
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|
| Mr.
Shaikh Enam Ellahi |
|
Chairman |
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| Mr.
Shahzada Ellahi Shaikh |
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| Mr.
Shaukat Ellahi Shaikh |
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| Mr.
Shafqat Ellahi Shaikh |
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| Mr.
S.M. Yusuf |
|
| Mr.
Munawar Iqbal |
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| Mr.
Hasan Mahmood |
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(Nominee of National
Investment Trust Ltd.) |
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| Mr.
M. Farooq Khan |
|
(Nominee of Pak Libya
Holding Co. (Pvt) Ltd.) |
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| MANAGING
DIRECTOR (Chief Executive) |
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| Mr.
Shaukat Ellahi Shaikh |
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| AUDITORS |
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| Messrs.
M Yousuf Adil Saleem & Co. |
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| Chartered
Accountants, |
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| Cavish
Court, A-,35, Block 7 & 8 KCHSU. |
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| Shahrah-e-Faisal, |
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| Karachi. |
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| REGISTERED
OFFICE |
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| 2nd
Floor, Shaikh Sultan Trust Bldg. No. 2 |
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| 26,
Civil Lines, Beaumont Road, |
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| Karachi-
75530 |
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| MILLS |
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| Aminabad,
A-16, S.I.T.E., |
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| National
Highway, |
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| Kotri. |
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| NOTICE
OF MEETING |
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| 31st
Annual General Meeting of NAGINA COTTON MILLS LTD. will be held at the
Registered Office of the |
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| Company,
2rid Floor, Shaikh Sultan Trust Building No. 2, 26, Civil Lines, Beaumont
Road, Karachi-75530 on |
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| Thursday,
the 25th March, 1999 at 3.00 P.M. to transact the following business :- |
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| 1.
To confirm minutes of the 30th Annual General Meeting held on 27th March,
1998. |
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| 2.
To receive and adopt audited accounts of the Company for the year ended on
30th September, 1998 |
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| together
with the Directors' and Auditors' reports thereon. |
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| 3.
To elect 7 (seven) Directors for a period of three years from 31st March,
1999 as fixed by the Board in |
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| place
of retiring Directors namely: Mr. Shaikh Enam Ellahi, Mr. Shahzada Ellahi
Shaikh, Mr. Shaukat Ellahi |
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| Shaikh,
Mr. Shafqat Ellahi Shaikh, Mr. S.M. Yusuf, Mr. 'Munawar Iqbal and Mr. Hassan
Mahmood (nominee |
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| NIT). |
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| Mr.
M. Farooq Khan, Nominee of M/s. Pak-Libya Holding Co. (Pvt) Ltd., is not
subject to retirement. |
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| 4.
To appoint auditors and to fix their remuneration. |
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| 5.
To approve as SPECIAL BUSINESS remuneration to the full time working
Directors including Mg. Director |
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| (Chief
Executive). |
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| 6.
To transact any other ordinary business with the permission of the Chair. |
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| Resolutions
proposed to be moved and statement under Section 160 of the Companies
Ordinance, 1984 are |
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| annexed. |
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By Order of the Board |
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|
Sheikh Mohammad Shafi |
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| February
27, 1999. |
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Corporate Secretary |
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| NOTES: |
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| 1.
The share transfer books of the Company will be closed from Friday, the 19th
March, 1999 to Thursday, the |
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| 25th
March, 1999 (both days inclusive). |
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| 2.
A member entitled to attend and vote at the general meeting is entitled to
appoint another members as |
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| proxy.
Proxies, in order to be effective, must be received at the Company's
registered office not less than 48 |
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| hours
before the time of meeting. |
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| 3.
Any share holder who seeks to contest election to the office of Director
shall file with the Company not later |
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| than
fourteen days before the date of meeting, a notice of his intention to offer
himself for election as a |
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| Director
in terms of Section 178(3) of the Companies Ordinance, 1984. |
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| 4.
Shareholders are requested to promptly notify the company of any change in
their address. |
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| Proposed
resolutions and Statements under Section 160 |
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| of
the Companies Ordinance, 1984 |
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| The
following resolutions which set out the material facts concerning the
ordinary and special business will be moved |
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| at
the meeting for approval with or without modification(s):- |
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| A.
ORDINARY BUSINESS: |
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| RESOLVED
that the retiring auditors Messrs. M. Yousuf Adil Saleem & Co., Chartered |
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| Accountants,
Karachi be and are hereby appointed auditors of the Company for the year
ending on |
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| 30th
September, 1999 and that the Mg. Director (Chief Executive) be and is hereby
authorised to |
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| fix
their remuneration. |
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| B.
SPECIAL BUSINESS: |
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| RESOLVED
that the Company hereby approves payment of a sum of Rs. 2.50 million (Rupees
two |
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| million
five hundred thousand only) per annum for the year ending on 30th September,
1999 and |
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| for
the subsequent years, the said amount increased by 15% (fifteen percent) per
annum as |
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| managerial
remuneration including perquisites/benefits (other than provision of
transport, travelling |
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| and
telecommunications) to the working Directors including Mg. Director (Chief
Executive) and the |
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| Board
of Directors be and is' hereby authorised to determine individual
remuneration and terms |
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| from
time to time. |
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| Mr.
Shaukat Ellahi Shaikh, Mg. Director (Chief Executive) and Mr. Munawar Iqbal,
Director are interested in the |
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| remuneration. |
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| DIRECTORS'
REPORT |
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| IN
THE NAME OF ALLAH, THE MOST GRACIOUS |
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| THE
MOST BENEVOLENT, THE MOST MERCIFUL |
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| The
Directors have the honour to present the 31st Annual report of the Company
together with the audited |
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| accounts
and the auditors report thereon for the year ended on 30th September, 1998. |
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| Alhamdolillah,
inspite of slowdown in global yarn markets resulting from crisis in the Far
Eastern |
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| countries,
the Company during the year earned profit before tax at Rs. 41,051,970/=
(1997: |
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| Rs.
37,629,618/=). After tax profit amounts to Rs. 26,912,124/= (1997: Rs.
4,870,983/=). |
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|
| During
the year, 7,286,676 Kgs. of Cotton yarn were spun against 7,871,275 Kgs. spun
in the previous year. |
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| Production
was lower by 7.43% although average count of yarn spun during the year was
877% finer. |
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| Quantity
of Yarn exported accounted for 39.33% of total quantity of yarn sold during
the year against 40.52% in |
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| the
previous year. Export quantity is 13.51% lower than the previous year. Value
of yarn exports, however, was |
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| lower
by 10.00% due to higher (4.04%) price obtained. |
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| Local
sales of yarn quantitatively were also lower 9.11% from the previous year.
Value of local yarn sales were |
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| also
lower by 10.13% due to average sales price being lower by 1.11% from the
previous year. |
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| Cotton
crop in Pakistan has been failing for the last few years. Rosy forecasts of
large Cotton crop are made. |
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| On
the basis of forecasts free export of Raw cotton is permitted. Prices of
Cotton lint is increased to level much |
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| higher
than International parity. Season 1997-98 was no exception. |
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| Costs
continue to increase. Salaries and Benefits increased Rs. 4,119,857/- or by
8.58% over the previous year |
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| and
amount to 6.60% of the cost of goods produced. Electricity costs increased
8.62% due to higher 7.73% |
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| cost
per unit and increased consumption by 0.83%. |
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| Financial
charges constitute a large percentage of the overall costs. Therefore, fund
management, as usual, |
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| continued
to receive very close attention in the year under report financial charges
could be reduced by |
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| Rs.
6,216,930/= or 7.76%. Financial charges could have been lower, but for large
increase in bank charges |
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| specially
for collection of foreign bills. |
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| Selling
and Distribution expenses on export were reduced due to lower quantity and
value of exports. Selling & |
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| Distribution
expenses are 1.70% of sales against 1.96% of sales in the previous year. |
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| By
a great deal of effort Administrative expenses were contained/reduced by
nominal sum of Rs. 298,897/= |
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| from
the previous year but amount to 3.08% of sales as compared to the previous
year's 2.81%. |
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| Gross
profit for the year amounted to 13.40% (1997: 13.03%). Profit before tax
increased to Rs. 41,051,970/=. |
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| over
the previous year's Rs. 37,629,618/=. Profit after tax-amounts to Rs.
26,912,124/= (1997: |
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| Rs.
4,870,983/=). |
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| In
to day's fast changing markets, balancing, modernisation and replacement of
machinery to keep up with the |
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| changing.
trends is essential for profitable operations. During the year, balancing,
modernisation and |
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| replacement
of machinery and equipment has been carried out. |
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| The
auditors' in their report have again drawn attention to the non-provision of
Excise Duty on bank borrowings. The |
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| management
had stated in the previous year's report of having been advised that the levy
is unconstitutional. The |
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| Company's
writ petition on the subject is pending adjudication. The management is
hopeful of decision in favour of |
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| the
Company and therefore, have preferred not to provide for the amount in the
accounts. |
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| Prices
of our raw materials and other inputs have continued to increase very
substantially from year to year. High |
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| prices
are likely to prevail in the near future. We have to purchase Raw Cotton for
the whole year during a period of |
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| about
3 months. This requires huge amount of finances as the Banks advance against
raw action only a percentage |
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| of
the value. |
|
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| Balance
has to be self financed. Money required for the purpose runs into tens of
millions. Under the circumstances, |
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| conservation
of liquidity assumes great importance. However, the Directors declared
an/interim cash dividend @ |
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| Re.
1/= (i.e. 10%) per ordinary share of Rs. 10/- each. |
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| By
the Grace of ALMIGHTY ALLAH THE MOST GRACIOUS, THE MOST MERCIFUL the
Directors have the |
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| pleasure
to report that subsidiary of the Company Messrs. ELLCOT SPINNING MILLS LTD.,
have earned net profit |
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| after
tax of Rs. 17,890,001/= during the year. The subsidiary has paid interim cash
dividend @ 2/00 (i.e.. 20%) on |
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| ordinary
share of Rs. 10/'- each. Directors report, audited accounts and the auditors
report of the subsidiary are |
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| attached. |
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| The
other subsidiary company Messrs. PROSPERITY WEAVING MILLS LTD., have, with
the grace of almighty |
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| ALLAH
earned after tax profit for the year amounting to Rs. 56,414,492/=.
PROSPERITY paid interim cash dividend |
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| @
Rs. 2/= (i.e. 20%) on ordinary shares of Rs. 10/= each. Directors report,
audited accounts and auditors report of |
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| the
subsidiary company are enclosed. |
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| The
Associated Company Messrs. Ellahi Electric Co. Ltd., paid dividend @ Rs. 1/50
(i.e. 15%) on ordinary share of |
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| Rs.
10/= each. |
|
|
| Messrs.
Pacific Leasing Co. Ltd., the other Associated company also paid dividend @
Rs. 1/50 (i.e. 15%) on ordinary |
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| shares
of Rs. 10/= each. |
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| The
Directors have the pleasure to state that the Computers and software used by
the Company are year 2000 |
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| compliant. |
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| Prospects
for the current year (1998-99) do not appear to be bright. Textile exports,
from Pakistan, specially those of |
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| Cotton
yarn are substantially down. Although efforts are on to re-float economies of
our main customers i.e. Japan |
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| and
Hong Kong, how far the efforts succeed remains to be seen. In view of the
situation, the Directors are unable to |
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| predict
the results for 1998-99. |
|
|
| The
Directors are once again very pleased to place on record their appreciation
of continued excellent human |
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| relations
that they continue to enjoy with the staff and workers who continue to work
devotedly. The Directors |
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| continue
to look to a very lengthy period of the happy relationship. |
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|
On behalf of the Board |
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|
|
|
|
|
|
|
Shaukat Ellahi Shaikh |
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| February
27, 1999. |
|
Mg. Director (Chief Executive) |
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|
|
| OPERATING
FINANCIAL & INVESTMENT RATIOS |
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| AS
AT 30TH SEPTEMBER |
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|
|
| Particulars |
|
1998 |
1997 |
1996 |
1995 |
1994 |
1993 |
1992 |
1991 |
1990 |
1989 |
1988 |
1987 |
|
| Cost
of sales as% of sales |
% |
86.60 |
86.97 |
85.28 |
92.63 |
84.33 |
83.79 |
79.86 |
78.21 |
78.53 |
69.79 |
76.12 |
67.00 |
| Gross
profit as % of sales |
% |
13.40 |
13.03 |
14.72 |
7.37 |
15.67 |
16.21 |
20.14 |
21.79 |
21.47 |
30.21 |
23.88 |
33.00 |
| Operating
profit as % of sales |
% |
13.31 |
11.99 |
11.21 |
2.19 |
9.11 |
8.21 |
11.56 |
14.09 |
13.59 |
22.78 |
17.31 |
25.06 |
| Net
profit/(loss) after tax |
|
|
| As
% of sales |
|
% |
2.99 |
0.49 |
3.13 |
(4.59) |
2.12 |
- |
2.23 |
6.75 |
7.79 |
14.09 |
8.74 |
20.61 |
| Shareholders'
equity (Min) |
Rs. |
140.77 |
123.21 |
127.69 |
100.47 |
141.80 |
133.29 |
141.74 |
144.83 |
128.58 |
121.61 |
92.23 |
43.20 |
| Pretax
profit to equity |
|
% |
29.16 |
30.54 |
21.32 |
- |
8.74 |
- |
8.69 |
25.74 |
20.29 |
38.61 |
23.94 |
64.04 |
| Sales
to capital employed |
% |
2.21 |
2.71 |
3.26 |
3.88 |
2.02 |
1.62 |
1.50 |
1.65 |
1.20 |
1.21 |
1.28 |
1.03 |
| Gross
profit to capital employed |
% |
29.57 |
35.27 |
48.09 |
28.57 |
31.54 |
26.37 |
30.11 |
36.02 |
25.85 |
36.75 |
30.50 |
33.98 |
| Pretax
profit to capital employed |
% |
10.07 |
10.20 |
10.20 |
- |
4.27 |
- |
3.47 |
11.15 |
9.38 |
17.05 |
11.16 |
21.21 |
| Earning
per share, pretax |
Rs. |
4.39 |
4.02 |
2.91 |
- |
1.50 |
- |
1.45 |
4.39 |
3.07 |
6.37 |
8.03 |
25.15 |
| Dividend
to capital |
|
|
|
| Cash |
|
|
% |
10.00 |
10.00 |
- |
- |
5.00 |
10.00 |
15.00 |
25.00 |
22.50 |
15.00 |
- |
- |
| Bonus |
|
|
% |
- |
- |
- |
- |
10.00 |
- |
- |
- |
- |
15.33 |
34.00 |
150.00 |
| Break
upvalue per share |
|
Rs. |
15.06 |
13.18 |
13.66 |
10.75 |
17.18 |
15.68 |
16.68 |
17.04 |
15.13 |
16.50 |
33.54 |
39.28 |
| Debt
Equity ratio |
|
|
65.47 |
66.60 |
52.11 |
64.36 |
51.49 |
59.41 |
60.40 |
56.46 |
54.46 |
56.44 |
56.46 |
67.33 |
| Current
ratio |
|
|
1.03 |
0.95 |
0.70 |
0.70 |
0.86 |
0.97 |
1.11 |
1.16 |
1.24 |
1.79 |
1.04 |
0.50 |
| Acid Ratio |
|
|
|
0.83 |
0.74 |
0.52 |
0.48 |
0.59 |
0.73 |
0.87 |
0.97 |
0.94 |
1.54 |
0.97 |
0.27 |
| Total
Debts to total Assets |
% |
83 |
82 |
81 |
85 |
74 |
72 |
73 |
74 |
65 |
65 |
71 |
77 |
| Stock
as % of sales |
|
% |
8.92 |
6.24 |
7.83 |
6.23 |
10.24 |
6.39 |
4.79 |
5.25 |
4.36 |
3.67 |
2.23 |
7.99 |
|
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
|
| We
have audited the annexed balance sheet of NAGINA COTTON MILLS LIMITED as at |
|
| September
30, 1998 and the related profit and loss account and statement of changes in |
|
| financial
position (cash flow statement), 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 |
|
| and
after due verification thereof, 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; |
|
|
| 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, |
|
| except
for the effect of the eventual resolution of the matter of non provision of
central excise |
|
| duty
as referred to in Note 12.1, the balance sheet, profit and loss account and
statement of |
|
| changes
in financial position (cash flow statement), together with the notes forming
part |
|
| thereof,
give a true and fair view of the state of the Company's affairs as September
30, 1 998 |
|
| and
of the profit and the changes in the financial position for the year then
ended; and |
|
|
| d.
in our opinion, zakat deductible at source under the Zakat and Ushr
Ordinance, 1980 |
|
| was
deducted by the Company and deposited in the Central Zakat Fund established
under |
|
| Section
7 of that Ordinance. |
|
|
| Karachi: |
|
M. YOUSUF ADIL SALEEM & CO., |
|
| Date:
27 Feb, 1999 |
|
CHARTERED ACCOUNTANTS |
|
|
|
|
|
| BALANCE
SHEET AS AT SEPTEMBER 30, 1998 |
|
|
|
|
|
|
1998 |
1997 |
|
| SHARE
CAPITAL |
|
Note |
Rupees |
Rupees |
|
| Authorised |
|
|
|
| 10,000,000
Ordinary shares of Rs. 10/= each |
|
100,000,000 |
100,000,000 |
|
|
|
|
========== |
========== |
|
| Issued,
subscribed and paid up |
|
3 |
93,500,000 |
93,500,000 |
|
| Unappropriated
profit |
|
|
47,274,476 |
29,712,352 |
|
|
|
|
---------- |
---------- |
|
|
|
|
140,774,476 |
123,212,352 |
|
| REDEEMABLE
CAPITAL |
|
4 |
16,975,796 |
23,585,940 |
|
| DEBENTURES
AND LONG TERM LOANS |
|
5 |
188,930,776 |
180,528,788 |
|
| LIABILITIES
AGAINST ASSETS |
|
|
|
| SUBJECT
TO FINANCE LEASE |
|
6 |
24,143,440 |
11,125,586 |
|
|
|
|
|
|
| DEFERRED
LIABILITIES |
|
|
|
|
| Staff
gratuity |
|
|
7,867,223 |
6,954,225 |
|
| Deferred
custom levies |
|
7 |
- |
400,589 |
|
| Taxation |
|
|
5,000,000 |
- |
|
|
|
|
---------- |
---------- |
|
|
|
|
12,867,223 |
7,354,814 |
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
|
| Short
term bank borrowings |
|
8 |
340,771,800 |
219,538,155 |
|
| Current
portion of long term liabilities |
9 |
36,876,891 |
30,455,416 |
|
| Creditors,
accrued and other liabilities |
10 |
73,426,888 |
76,056,375 |
|
| Taxation |
|
|
9,769,708 |
12,286,232 |
|
| Dividend |
|
11 |
296,206 |
254,952 |
|
|
|
|
---------- |
---------- |
|
|
|
|
|
461,141,493 |
338,591,130 |
|
| CONTINGENCIES
AND COMMITMENTS |
|
12 |
- |
- |
|
|
|
|
---------- |
---------- |
|
|
|
|
844,833,204 |
684,398,610 |
|
|
|
|
========== |
========== |
|
|
|
|
| FIXED
CAPITAL EXPENDITURE |
|
|
| Operating
assets |
|
13 |
264,287,673 |
253,347,381 |
|
| Capital
work in progress |
|
14 |
8,554,851 |
2,847,645 |
|
|
|
|
---------- |
---------- |
|
|
|
|
272,842,524 |
256,195,026 |
|
| LONG
TERM INVESTMENTS |
|
15 |
133,985,960 |
133,985,960 |
|
| LONG
TERM DEPOSITS |
|
|
513,810 |
513,810 |
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Stores
and spares |
|
16 |
3,702,071 |
4,831,003 |
|
| Stock
in trade |
|
17 |
80,198,909 |
62,336,726 |
|
| Trade
debtors |
|
18 |
141,828,334 |
39,502,032 |
|
| Loans
and advances |
|
19 |
33,953,238 |
25,917,825 |
|
| Deposits
and prepayments |
|
20 |
6,771,669 |
2,675,634 |
|
| Short
term investment |
|
21 |
107,718,200 |
- |
|
| Other
receivables |
|
22 |
23,098,620 |
13,012,603 |
|
| Cash
and bank balances |
|
23 |
40,219,869 |
145,427,991 |
|
|
|
|
---------- |
---------- |
|
|
|
|
437,490,910 |
293,703,814 |
|
|
|
|
---------- |
---------- |
|
|
|
|
|
844,833,204 |
684,398,610 |
|
|
|
|
|
========== |
========== |
|
| The
annexed notes from 1 to 37 form an integral part of these accounts. |
|
|
|
|
Shafqat Ellahi Shaikh |
|
|
Shaukat Ellahi Shaikh |
|
| February
27, 1999. |
|
Director |
|
|
Mg Director (Chief Executive) |
|
|
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED SEPTEMBER 30, 1998 |
|
|
|
|
1998 |
1997 |
|
|
|
Note |
Rupees |
Rupees |
|
|
|
|
| Sales |
|
|
24 |
899,389,160 |
998,672,122 |
|
| Cost
of goods sold |
|
25 |
778,825,304 |
868,541,695 |
|
|
|
|
---------- |
---------- |
|
| Gross
profit |
|
|
120,563,856 |
130,130,427 |
|
|
|
|
---------- |
---------- |
|
| Trading
profit |
|
26 |
7,971,361 |
2,166,642 |
|
| Other
income |
|
27 |
34,158,871 |
35,103,707 |
|
|
|
|
---------- |
---------- |
|
|
|
|
42,130,232 |
37,270,349 |
|
|
|
|
---------- |
---------- |
|
|
|
|
162,694,088 |
167,400,776 |
|
| Operating
expenses |
|
|
|
| Administration |
|
28 |
27,725,976 |
28,024,873 |
|
| Selling |
|
29 |
15,293,939 |
19,595,162 |
|
|
|
|
---------- |
---------- |
|
|
|
|
43,019,915 |
47,620,035 |
|
|
|
|
---------- |
---------- |
|
| Operating
profit |
|
|
119,674,173 |
119,780,741 |
|
| Other
charges |
|
|
|
|
| Financial |
|
30 |
73,927,746 |
80,144,676 |
|
| Provision
for doubtful debts |
|
|
2,500,000 |
- |
|
| Workers'
profit participation fund |
|
|
2,194,457 |
2,006,447 |
|
|
|
|
---------- |
---------- |
|
|
|
|
78,622,203 |
82,151,123 |
|
|
|
|
---------- |
---------- |
|
| Profit
before taxation |
|
|
41,051,970 |
37,629,618 |
|
| Taxation |
|
|
|
|
| Current
year |
|
|
7,062,189 |
5,684,312 |
|
| Prior years |
|
|
2,077,657 |
27,074,323 |
|
| Deferred |
|
|
5,000,000 |
- |
|
|
|
|
---------- |
---------- |
|
|
|
|
14,139,846 |
32,758,635 |
|
|
|
|
---------- |
---------- |
|
| Profit
after taxation |
|
|
26,912,124 |
48,709.83 |
|
| Unappropriated
profit brought forward |
|
29,712,352 |
34,191,369 |
|
|
|
|
---------- |
---------- |
|
| Profit
available for appropriation |
|
|
56,624,476 |
39,06235,2 |
|
| Appropriations: |
|
|
|
|
| Interim
dividend @ 10% (1997 @10%) |
|
|
9,350,000 |
9,350,000 |
|
|
|
|
---------- |
---------- |
|
| Unappropriated
profit carried forward |
|
47,274,476 |
29,712352 |
|
|
|
|
|
========== |
========== |
|
|
|
|
|
| The
annexed notes from 1 to 37 form an integral part of these accounts. |
|
|
|
Shafqat Ellahi Shaikh |
|
|
Shaukat Ellahi Shaikh |
|
|
|
Director |
|
|
Mg. Director (Chief Executive) |
|
|
|
| February
27, 1999. |
|
|
|
| STATEMENT
OF CHANGES IN FINANCIAL POSITION |
|
| {CASH
FLOW STATEMENT) |
|
| FOR
THE YEAR ENDED SEPTEMBER 30, 1998 |
|
|
|
1998 |
1997 |
|
|
|
|
Rupees |
Rupees |
|
| A.
CASH FROM OPERATING ACTIVITIES |
|
|
|
| Profit
before taxation |
