| Pakistan Cables Limited |
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| Annual
Report 1998 |
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| In
Memory of our Founder & Chairman |
|
| AMIR
SULTAN CHINOY |
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| (1921-1998) |
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| Amir
S. Chinoy, the illustrious son of Sir Sultan Chinoy, was born in Bombay in
1921. |
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| In
his early years he was exposed to insurance, banking, the family stud farm
and the |
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| motor
car business in India. |
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| He
migrated to Pakistan in 1948 and proceeded to play a pioneering role in the |
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| industrialization
of the new country by introducing and establishing industrial concerns |
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| in
heavy chemicals (Pak Chemicals Ltd.), electrical cables (Pakistan Cables
Ltd.) and |
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| galvanized
and steel pipes (International Industries Ltd.). His commercial interests |
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| extended
to trading (representing major European and American companies), contracting |
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| and
distribution, and keeping abreast with demands of the changing world. |
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| A
firm believer in modern management, he played a leading role in establishing
the |
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| Institute
of Business Administration, Karachi, as well as becoming the Founder |
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| President
of the Management Association of Pakistan. |
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| Appointed
the Honorary Consul General Greece in 1968, he dealt with this prestigious |
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| appointment
with great honour and dignity. As a result of his efforts and commitment, |
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| he
was awarded the 'ORDER OF THE PHOENIX OF GREECE' in 1989, one of the |
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| highest
honours bestowed upon honorary persons. |
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| He
was a Director of the Quaid Project, an international consortium whose aim
was to |
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| produce
a movie on Mohammad Ali Jinnah, the Founder of Pakistan. The movie is due |
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| to
be released internationally in late 1998. |
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| As
a prominent member of the Ismaili community, he was bestowed with the title
of |
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| Vazir.
Numerous offices held by him included trustee of the Aga Khan University
Hospital |
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| Foundation,
director of the Aga Khan Central Education Board, Aga Khan Health Services |
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| and
Founding Chairman of Aga Khan Arbitration and Conciliation Board for
Pakistan. |
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| Socially
loved and respected, he was president of Sindh Club (1973-75), Rotary Club |
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| (1968-69)
and Steward of the Karachi and Lahore Race Clubs. His social interests made |
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| him
an enthusiastic and popular bridge player. A lover of horses, he successfully
owned |
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| and
bred several race horses, and in the process won numerous classics such as
the |
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| Pakistan
Derby, the Oaks and Quaid-e-Azam Gold Cup. |
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| In
his lifetime, he actively promoted many charitable causes one of them being
the |
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| establishment
of a Senior Citizens Home in Sultanabad Colony, Karachi in the late 1970s. |
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| Amir
Chinoy passed away peacefully on 23 Ramazan 1418 A.H. (22 January 1998). May |
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| Allah
rest his soul in peace, Ameen. |
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| CONTENTS |
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| Company
Information |
|
| Notice of Meeting |
|
| Highlights |
|
|
| Ten-Year
Review |
|
| Chairman's
Review |
|
| Report
of the Directors |
|
| Graphic
Illustrations |
|
| Auditors'
Report to the Members |
|
| Balance Sheet |
|
|
| Profit and Loss Account |
|
| Cash
Flow Statement |
|
| Notes
to and Forming Part of the Accounts |
|
| Pattern
of Shareholdings |
|
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| COMPANY
INFORMATION |
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|
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| BOARD
OF DIRECTORS |
|
| Towfiq
H. Chinoy (Chairman) |
|
| Mohammad
Hanif Adamjee |
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| Mustapha
A, Chinoy |
|
| Razi-ur-Rahman
Khan |
|
| Sadruddin
I, Saleh |
|
| Haroun Rashid |
|
| Imtiaz Rasool |
|
| Shahpur
Channah |
|
| Asian
Sadruddin |
|
| Kamal
A. Chinoy (Chief Executive) |
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| COMPANY
SECRETARY |
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| Asian
Sadruddin |
|
|
| AUDITORS |
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| A.F.
Ferguson & Co. |
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| Chartered
Accountants |
|
|
| LEGAL
ADVISERS |
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| Orr,
Dignam & Co. |
|
|
| BANKERS |
|
| ANZ
Grindlays Bank |
|
| Bank
of America N.T. & S.A. |
|
| Credit
Agricole Indosuez, The Global French Bank |
|
| Hongkong
and Shanghai Banking Corporation |
|
| Muslim
Commercial Bank Limited |
|
| Oman
International Bank S.A.O.G. |
|
| Societe
Generale, The French and International Bank |
|
| Standard
Chartered Bank |
|
|
| Registered
Office, Factory and Marketing Office |
|
| B/21
Sindh Industrial Trading Estates |
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| Manghopir
Road, P.O. Box 5050 Karachi-75700 |
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| Telephone
Nos: 2561170-5, Telex: 29132 PCL PK, Fax: 92-21-2564614 |
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| Regional
Office |
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| Lahore |
|
Co-operative Insurance
Building, Shahra-e-Quaid-e-Azam |
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|
Telephone Nos: 7355783,
7120790 - 91, 353520, Fax: 7355480 |
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| Branch
Offices |
|
| Multan |
|
Shershah Road, Telephone
No, 33132, |
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| Rawalpindi |
|
445-A, Adamjee Street,
Telephone No, 568895, Fax: 051-512797 |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| NOTICE
IS HEREBY GIVEN THAT the 45th Annual General Meeting of the shareholders of
Pakistan |
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| Cables
Limited will be held on Thursday the 26th November, 1998 at l 1:00 a.m. at
Council |
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| Hall
of the Overseas Investors Chamber of Commerce and Industry, Chamber of
Commerce |
|
| Building,
Talpur Road, Karachi, to transact the following business: |
|
|
| Ordinary
Business |
|
| 1.
To receive and consider the Statement of Accounts for the year ended June 30, |
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| 1998
together with the Reports of the Directors and Auditors thereon, |
|
|
| 2.
To approve the payment of Dividend as recommended by the Directors. (The
Directors |
|
| have
recommended a dividend of 22,5%), |
|
|
| 3.
To appoint Auditors for the ensuing year and to fix their remuneration
(Messrs. A. |
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| F.
Ferguson & Co. Chartered Accountants, retire, and being eligible, have
offered |
|
| themselves
for re-appointment), |
|
|
| 4.
To transact any other business which may legally be transacted at an Annual
General |
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| Meeting, |
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|
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| NOTES: |
|
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| 1.
The Shares Transfer Books of the Company will remain closed from 13th
November, |
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| 1998
to 26th November, 1998 (both days inclusive), No transfer will be accepted |
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| for
registration during this period, |
|
|
| 2.
A member entitled to attend and vote at this Meeting is entitled to appoint a |
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| proxy
to attend and vote instead of him, A proxy need not be a member of the |
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| Company. |
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| 3.
The instrument appointing the proxy and the Power of Attorney or other
authority |
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| under
which it is signed, or a notarially certified copy thereof, must be lodged at |
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| the
Company's Registered Office i.e. B/21, S.I.T.E., Karachi, not later than 48
hours |
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| before
the time of the Meeting. |
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|
| HIGHLIGHTS |
|
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|
|
1997-98 |
1996-97 |
|
|
|
Rs. Million |
Rs. Million |
|
|
| Sales |
|
|
500.15 |
63,648 |
|
| Profit after tax |
|
|
8.32 |
1,315 |
|
| Dividend |
|
|
7.02 |
1,093 |
|
| Net
asssets employed |
|
|
147.53 |
152,468 |
|
| Shareholders'
fund |
|
|
115.56 |
114,265 |
|
| Net
earning per share |
|
Rs. |
2.67 |
421 |
|
|
|
|
| Net
earning per rupee sales |
|
Rs. |
0.02 |
0.02 |
|
|
|
| TEN-YEAR
REVIEW |
|
|
|
|
|
1997-98 |
1996-97 |
1995-96 |
1994 |
1993 |
1992 |
1991 |
1990 |
1989 |
1988 |
|
|
|
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
|
|
Million |
Million |
Million |
Million |
Million |
Million |
Million |
Million |
Million |
Million |
|
|
|
|
| Sales |
|
|
500.2 |
636.5 |
964.652 |
438.239 |
380.362 |
302.149 |
346.808 |
360.201 |
320.656 |
197.001 |
|
| Profit after tax |
|
|
8.32 |
13.15 |
19.733 |
9.157 |
7.868 |
4.173 |
8.331 |
16.557 |
14.197 |
9.443 |
|
| Dividend |
|
|
7.024 |
10.927 |
14.829 |
8.585 |
7.805 |
2,178 |
8,850 |
8,580 |
7,290 |
3,960 |
|
| Bonus Issue |
|
|
-- |
-- |
-- |
-- |
-- |
2.178 |
2.640 |
-- |
-- |
-- |
|
|
|
|
|
| Capital
expenditure |
|
2.628 |
6.569 |
64.762 |
3.145 |
0.741 |
1.142 |
1.376 |
2.096 |
17.214 |
70.270 |
|
| Fixed
assets at cost |
|
252.531 |
246.532 |
244.126 |
179.055 |
175.979 |
175.420 |
180.772 |
180.383 |
179.669 |
162.583 |
|
| Current
assets less |
|
|
|
| current
liabilities |
|
47.596 |
37.359 |
27.687 |
41.609 |
48.633 |
61.234 |
55.085 |
61.849 |
54.677 |
59.393 |
|
| Current Assets: |
|
|
|
|
| Current
Liabilities |
|
1.2:1 |
1.1:1 |
1.1:1 |
1.2:1 |
1.3:1 |
1.4:1 |
1.4:1 |
1.4:1 |
1.5:1 |
1.7:1 |
|
|
|
|
|
| Shareholders'
funds |
|
|
|
| Issued capital |
|
|
31.218 |
31.218 |
31.218 |
31.218 |
31.218 |
29.040 |
26.400 |
26.400 |
26.400 |
26.400 |
|
| Reserve
& retained |
|
|
|
| earnings |
|
|
84.344 |
83.047 |
80.823 |
75.919 |
75.347 |
77.462 |
78.107 |
78.356 |
70.379 |
64.102 |
|
| Total
Shareholders' fund |
|
115.562 |
114.265 |
112.041 |
107.137 |
106.565 |
106.502 |
104.507 |
104.756 |
96.779 |
90.502 |
|
| Long
term Loans & Liabilities |
|
31.967 |
38.203 |
47.582 |
21.708 |
37.568 |
47.105 |
55.413 |
67.563 |
76.712 |
82.006 |
|
|
|
|
|
| Net
Assets employed |
|
147.529 |
152.468 |
159.623 |
128.845 |
144.133 |
153.607 |
159.920 |
172.319 |
173.491 |
172.508 |
|
|
|
|
| Net
Earnings as percentage |
|
|
| of
net assets employed |
% |
6 |
9 |
12 |
7 |
5 |
3 |
5 |
10 |
8 |
5 |
|
| Earning
per rupee of sales |
Rs. |
0.02 |
0.02 |
0.02 |
0.02 |
0.02 |
0.01 |
0.02 |
0.05 |
0.04 |
0.05 |
|
| Earning
per share |
Rs. |
2.67 |
4.21 |
6.32 |
2.93 |
2.52 |
1.44 |
3.16 |
6.27 |
5.38 |
3.58 |
|
| Cash
Dividend per share |
Rs. |
2.25 |
3.50 |
4.75 |
2.75 |
2.50 |
0.75 |
3.25 |
3.25 |
3.00 |
1.50 |
|
| Bonus Issue |
|
% |
-- |
-- |
-- |
-- |
-- |
7.50 |
10.00 |
-- |
-- |
-- |
|
| Cash
Dividend as a % of |
|
|
|
| shareholders
funds |
% |
6.1 |
9.6 |
13.2 |
8.0 |
7.3 |
2.0 |
8.2 |
8.2 |
8.2 |
4.4 |
|
| Break-up
value per share |
Rs. |
37.02 |
36.60 |
35.89 |
34.32 |
34.14 |
36.67 |
39.59 |
39.68 |
36.66 |
34.28 |
|
|
| * Eighteen months ended June
30, 1996 |
|
|
|
| CHAIRMAN'S
REVIEW |
|
|
| On
behalf of your Board, I am pleased to present to you the report for the year
ended |
|
| the
30th June 1998, |
|
|
| BOARD
CHANGES |
|
| I
regret to inform you with profound grief that our beloved Chairman and
Founder of the |
|
| Company,
Mr. Amir S, Chinoy left for his heavenly abode on January 22, 1998, |
|
| May
Allah grant him eternal peace - Ameen. |
|
|
| Mr.
Aslam Sadruddin was appointed as a Director on 25th February, 1998 to fill
the vacancy |
|
| created
on the Board, |
|
|
| Subsequent
to 30th June, 1998 State Life Insurance Corporation's nominee Director Mr.
Abdul |
|
| Rauf
Malik was replaced by Mr. Imtiaz Rasool on October 8, 1998, |
|
|
| The
Board wishes to place on record its appreciation of the contribution made by
the outgoing |
|
| Director
and takes great pleasure in welcoming the new Directors. |
|
|
| OPERATING
PERFORMANCE |
|
| As
mentioned in the Chairman's Review of the Half Yearly Accounts, the year
under review |
|
| was
difficult, The economy is under going a recession which has resulted an over
all slackness |
|
| in
the market coupled with a decline in industrial investment, The conditions
have further |
|
| deteriorated
due to sanctions imposed as a result of the nuclear explosion in May, 98, The |
|
| applicability
of composite exchange rate has increased the cost of imports and the forward |
|
| cover
premiums have increased substantially, The rupee remained under pressure and
was |
|
| devalued
twice during the year, by 8,5% in October, 1997 and by 4,43% on June 27,
1998. |
|
| The
financial difficulties of KESC and WAPDA continues and no new major orders
were placed |
|
| during the year, |
|
|
| As
a result of the above facto Rs. your Company has achieved net sales of Rs.
500.2 M |
|
| which
is 21% below the sales of last year, |
|
|
| Gross
profit of Rs. 60.6 M is 12.1% of sales against Rs. 99.6 M last year which was
15.6% |
|
| of
the sales, The drop in gross profit and reduced margins was owing to
competitive forces |
|
| in
the market place, |
|
|
| Operating
profit for the year is Rs. 24.6 M against Rs. 54.2 M last year, Due to
curtailed |
|
| expenses,
especially financial charges, the Company ended the year with a net profit
after |
|
| tax
of Rs. 8.3 M against Rs. 13.1 M last year, |
|
|
| Financial
charges for the year were only Rs. 25.2 M against Rs. 34.2 M in 1996/97. This |
|
| was
the result of reduced borrowing and lower mark-up rates, |
|
|
| MILLENNIUM
BUG |
|
| The
Company uses computers to generate financial reports and management
information. |
|
| The
Company has examined all computers and softwares in use and ensured that none |
|
| of
these will be affected by the Millennium Bug. Associated companies are also
using computers. |
|
| but
the company's performance is not dependent on their operations. |
|
|
| The
company is not dependent on any single major supplier but buys its material
from various |
|
| sources.
These suppliers are being asked to ensure that their systems will continue to
work |
|
| smoothly
through year 2000. |
|
|
| INDUSTRY
CONCERNS |
|
| Deduction
of tax at source is now becoming a major concern for all engineering
companies :' |
|
| due
to continuous increase in the standard rates of deduction from 2% initially
to the present |
|
| rate
of 5% on imports and an additional 3.5% on payments received. By the time
exemption |
|
| certificate
or certificate for deduction at reduced rate is received, substantial amounts
are |
|
| already
deducted at source as a result of which the tax deducted is much higher than |
|
| the
current year income tax liability, resulting in refunds appearing in the
books. |
|
|
| ISO 9002 |
|
| By
the grace of Allah the company successfully underwent an audit of our quality
management |
|
| system
according to ISO 9002:1994 in December, 1997. This makes Pakistan Cables the |
|
| only
company in Pakistan to have achieved certification for Manufacturing of
Electrical Cables |
|
| and
Wires, Subsequently in July 1998 we have also received ISO Certification for
manufacture |
|
| of
Aluminium Profile and Copper Rods as well as marketing of all our products
including |
|
| Lahore
and Rawalpindi offices. We are the only company in Pakistan to be certified
for |
|
| the
manufacturing and marketing of each of these products. |
|
|
| DIVIDEND |
|
| For
the current year, your directors recommended payment of dividend of Rs. 2.25
per share |
|
| (22.5%)
compared to the total of Rs. 3.50 per share (35%) last year. |
|
|
| FUTURE
PROSPECTS |
|
| At
this moment, uncertainty is the prime thought that comes to mind when trying
to predict |
|
| the
future. On the political front the government is struggling with major
controversies. On |
|
| the
economic front, we have yet to gain the support of the IMF and the World Bank
which |
|
| will
affect our economy to a great extent. However, the uncertainty is tempered by
the |
|
| fact
that your company has a strong position within the industry and has a built
in resilience. |
|
| These
factors will be of assistance in these trying times. |
|
|
| STAFF |
|
| Relationship
with the employees at all levels remained warm and cordial, A two years
agreement |
|
| which
is valid upto December 1999 was amicably negotiated with the CBA. On behalf
of |
|
| the
directors and employees of the Company, I express our gratitude to all our
valued customers, |
|
| distributors
and banks for their confidence and support. |
|
|
|
| REPORT
OF THE DIRECTORS |
|
|
| 1.
The Directors have pleasure in submitting their Report and Annual Audited
Accounts |
|
| for
the year ended 30th June 1998. |
|
|
|
|
Rs. '000 |
|
|
|
|
|
|
| The
net profit after tax amounted to |
8,321 |
|
|
|
| To
this is added unappropriated profit |
|
|
|
| brought
forward from last year |
|
547 |
|
|
|
|
--------------- |
|
|
|
|
|
8,868 |
|
|
|
|
========== |
|
|
|
| The
Directors recommended: |
|
|
|
|
|
|
| Payment
of Cash Dividend at the |
|
|
|
| rate
of Rs. 2.25 per share (22.5%) |
7,024 |
|
|
|
|
|
|
|
|
| Transfer
to General Reserve |
|
1,500 |
|
|
|
| Leaving
unappropriated profit to be |
|
|
|
| carried forward |
|
|
344 |
|
|
|
|
--------------- |
|
|
|
|
|
8,868 |
|
|
|
|
|
========== |
|
|
|
|
| 2.
During the year our beloved Chairman and Founder of the Company, Mr. Amir S.
Chinoy |
|
| left
for his heavenly abode on January 22, 1998. |
|
|
|
|
| On
February 25, 1998 Mr. Towfiq H. Chinoy was elected as the Chairman of the
Board |
|
| of
Directors and Mr. Aslam Sadruddin was appointed as a Director to fill in the
vacancy |
|
| created
on the Board. |
|
|
| 3.
The Chairman's Review on page 6 covers significant activities of your
Company. |
|
|
| 4.
The pattern of shareholding is provided on page 29. |
|
|
| 5.
The present Auditors M/s. A.F. Ferguson & Co. retire and offer themselves
for re-appointment. |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of Pakistan Cables Limited as at June
30, 1998 |
|
| and
the related profit and loss account and the 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 purposes 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 and the cash flow statement,
together |
|
| with
the notes forming part thereof, 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, 1998 and of the profit and the
cash |
|
| flows
for the year then ended; and |
|
|
| (d)
in our opinion no zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
|
|
|
|
|
A.F. FERGUSON & CO. |
|
| Karachi:
October 22, 1998 |
|
Chartered Accountants |
|
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 1998 |
|
|
|
|
1998 |
1997 |
|
|
|
Note |
Rs. '000 |
Rs. '000 |
|
|
|
|
|
| SHARE
CAPITAL AND RESERVES |
|
|
|
|
| Authorised
share capital |
|
|
|
|
|
| 5,000,000
ordinary shares of Rs. 10 each |
|
50,000 |
50,000 |
|
|
|
|
========== |
========== |
|
|
| Issued,
subscribed and paid-up share capital |
|
|
|
|
| 3,121,800
(1997: 3,121,800) |
|
|
|
|
|
| ordinary
shares of Rs. 10 each |
|
3 |
31,218 |
31,218 |
|
|
|
|
|
|
|
| Reserves |
|
|
4 |
84,000 |
82,500 |
|
|
| Unappropriated
profit |
|
|
344 |
547 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
115,562 |
114,265 |
|
|
|
|
|
|
|
| CUSTOMS
DEBENTURES |
|
5 |
-- |
1,970 |
|
|
| LONG-TERM
LOANS |
|
6 |
14,000 |
21,000 |
|
|
|
|
|
|
|
| DEFERRED
LIABILITY |
|
|
|
|
|
| Staff
retirement benefits |
|
|
17,967 |
15,233 |
|
|
|
|
|
|
|
| CURRENT
LIABILITIES AND PROVISIONS |
|
|
|
| Running
finances under mark-up |
|
125,238 |
115,332 |
|
|
| arrangements |
|
|
7 |
|
|
|
| Current
maturity of customs debentures |
5 |
1,970 |
-- |
|
|
| Current
maturity of long-term loans |
6 |
7,000 |
7,000 |
|
|
| Creditors
accrued expenses and other |
|
|
|
|
| liabilities |
|
|
8 |
165,791 |
172,807 |
|
|
| Workers'
profits participation fund |
9 |
734 |
1,380 |
|
|
| Workers'
welfare fund |
|
|
2,237 |
1,276 |
|
|
| Dividends |
|
10 |
8,392 |
9,099 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
311,362 |
306,894 |
|
|
| CONTINGENCIES
AND COMMITMENTS |
11 |
-- |
-- |
|
|
|
--------------- |
--------------- |
|
|
|
|
458,891 |
459,362 |
|
|
|
========== |
========== |
|
|
|
| TANGIBLE
FIXED ASSETS |
|
|
|
| Operating
assets |
|
12 |
84,395 |
94,264 |
|
|
| Capital
work-in-progress |
|
13 |
278 |
3,751 |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
84,673 |
98,015 |
|
|
|
|
|
| INVESTMENTS |
|
14 |
12,961 |
14,296 |
|
|
| LONG-TERM
LOANS AND ADVANCES |
15 |
997 |
1,514 |
|
|
| LONG-TERM
SECURITY DEPOSITS |
|
1,302 |
1,284 |
|
|
| CURRENT
ASSETS |
|
|
|
|
| Stores
and spares |
|
17 |
16,349 |
14,358 |
|
|
| Stocks |
|
18 |
150,602 |
141,086 |
|
|
| Trade debts |
|
19 |
122,978 |
160,595 |
|
|
| Short-term
loans and advances |
|
20 |
2,925 |
1,919 |
|
|
| Trade
deposits and shortfall prepayments |
21 |
1,913 |
1,312 |
|
|
| Income
tax refundable |
|
|
29,938 |
17,391 |
|
|
| Other
receivables |
|
22 |
3,513 |
1,225 |
|
|
| Cash
and bank balances |
|
23 |
30,740 |
6,367 |
|
|
|
--------------- |
--------------- |
|
|
|
|
358,958 |
344,253 |
|
|
|
--------------- |
--------------- |
|
|
|
|
458,891 |
459,362 |
|
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 1998 |
|
|
|
|
1998 |
1997 |
|
