| Al-Abid Silk Mills Limited |
|
|
|
|
|
|
|
|
| Annual
Report 2000 |
|
|
|
| BOARD
OF DIRECTORS |
|
|
| Mr.
Naseem A. Sattar |
Chairman & Chief
Executive |
|
| Mr.
Azim Ahmed |
Director |
|
| Mr.
Amir Naseem |
Director |
|
| Mrs.
Zarina Naseem |
Director |
|
| Mrs.
Sadaf Nadeem |
Director |
|
| Mrs.
Reena Azim |
Director |
|
| Mrs. Asra Amir |
|
Director |
|
| Mr. Nasim Beg |
|
Nominee Director (N.I.T.) |
|
| Mr.
Muhammad Shafi |
Nominee Director (N.I.T.) |
|
| Mr.
Muhammad Ashraf |
Nominee Director (N.I.T.) |
|
|
| SECRETARY |
|
| Mr.
S. M. Jawed Azam |
|
|
| AUDITORS |
|
| Muniff
Ziauddin & Company |
|
| Chartered
Accountants |
|
|
|
| REGISTRARS |
|
| (a)
Adam Patel & Co. (Pvt.) Ltd. |
|
| 34
/ 2 - F, Block - 5, Clifton, Karachi. |
|
|
| (b)
Gangjees Associates (For C.D.C. Purpose) |
|
| 516,
Clifton Centre, Khayaban-e-Roomi, |
|
| Kehkashan,
Block- 5, Clifton, Karachi. |
|
|
| BANKERS |
|
| Habib
Bank Limited |
|
| Habib
Bank A. G. Zurich |
|
| Citibank, N.A. |
|
| National
Bank of Pakistan |
|
| Deutsche Bank |
|
| Metropolitan
Bank Limited |
|
|
| REGISTERED
OFFICE |
|
| A - 39, S.I.T.E., |
|
| Manghopir
Road, Karachi. |
|
|
| MILLS |
|
| A - 39, |
|
| A-51 /B, |
|
| A- 34/A, |
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| D-14/C-1 |
|
| S.I.T.E., Karachi. |
|
|
|
| CONTENTS |
|
|
|
| Notice
of Annual General Meeting |
|
|
| Report
of Directors |
|
|
| Auditor's
Report to the Members |
|
|
| Balance Sheet |
|
|
|
| Profit
& Loss Account |
|
|
| Cash
Flow Statement |
|
|
| Notes
to the Accounts |
|
|
| Pattern
of Shareholdings |
|
|
|
|
| NOTICE
OF MEETING |
|
|
| Notice
is hereby given that the 32nd Annual General Meeting of the shareholders of
the Company will be held at the |
|
| Hotel
Regent Plaza, Karachi on Saturday, December 23, 2000 at 3.30 p.m. to transact
the following business: |
|
|
| 1.
To confirm the minutes of the 31st Annual General Meeting of the Company held
on December 28, 1999. |
|
|
| 2.
To receive, consider and adopt the audited accounts of the Company together
with the Directors' and Auditors' reports |
|
| thereon
for the year ended on June 30, 2000. |
|
|
| 3.
To approve payment of Final Cash Dividend at Rs. 3.00 per share to the
shareholders for the year ended on June |
|
| 30, 2000. |
|
|
| 4.
To appoint Auditors and fix their remuneration. |
|
|
| 5.
To approve remuneration of the Directors. |
|
|
| 6.
To elect eight Directors as fixed by the Board for a term of 3 years in
accordance with Section 178 of the Companies |
|
| Ordinance 1984. |
|
|
| The
names of retiring Directors are Messrs Naseem A. Sattar, Azim Ahmed, Amir
Naseem, Mrs. Zarina Naseem, |
|
| Mrs.
Sadaf Nadeem, Mrs. Reena Azim and Mrs. Asra Amir. |
|
|
| The
following persons being eligible offer themselves for election of Directors
U/S 178 of the Companies Ordinance |
|
| 1984. |
|
|
| i.
Mr. Naseem A. Sattar |
|
| ii.
Mr. Azim Ahmed |
|
| iii.
Mr. Amir Naseem |
|
| iv.
Mrs. Zarina Naseem |
|
| v.
Mst. Adia Naseem |
|
| vi.
Mrs. Sadaf Nadeem |
|
| vii.
Mrs. Reena Azim |
|
| viii.
Mrs. Asra Amir |
|
|
| The
nominee Directors of NIT appointed U/S 183 are not subject to retirement and
they continue to be the nominee |
|
| Directors
of NIT on the Board of the Company under Section 183 of the Companies
Ordinance 1984. |
|
|
| 7.
To consider any other business with the permission of the Chair. |
|
|
|
|
|
|
|
BY ORDER OF THE BOARD |
|
|
|
|
|
|
|
|
|
|
|
(S. M. JAWED AZAM) |
|
| Karachi:
27th November, 2000. |
|
|
|
Company Secretary |
|
|
|
|
|
|
|
|
| NOTES: |
|
|
| 1.
The Share Transfer Books of the Company will remain closed from December 19,
2000 to December 31, 2000 (both days |
|
| inclusive). |
|
|
| 2.
A member entitled 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 be received at the
Registered Office of the Company not less |
|
| than
48 hours before the time of meeting. |
|
|
| 3.
Members are requested to promptly notify the Company of any change in their
addresses. |
|
|
|
|
| CDC
Account Holders will further have to follow the under mentioned guidelines as
laid down in Circular I dated |
|
| January
26, 2000 issued by the Securities and Exchange Commission of Pakistan. |
|
|
|
| A.
For Attending the Meeting: |
|
|
| (i)
In case of individuals, the account holder or sub-account holder and / or the
person whose securities are in group |
|
| account
and their registration details are uploaded as per the Regulations, shall
authenticate his identity by showing |
|
| his
original National Identity Card (NIC) or, original passport at the time of
attending the meeting. |
|
|
|
| (ii)
In case of corporate entity, the Board of Directors' resolution / power of
attorney with specimen signature of the |
|
| nominee
shall be produced (unless it has been provided earlier) at the time of the
Meeting. |
|
|
| B.
For Appointing Proxies: |
|
|
|
| (i)
In case of individuals, the account holder or sub-account holder and / or the
person whose securities are in group |
|
| account
and their registration details are uploaded as per the Regulations, shall
submit the proxy form as per the |
|
| above
requirements. |
|
|
|
|
|
| (ii)
The proxy form shall be witnessed by two persons whose names, addresses and
NIC numbers shall be mentioned |
|
| on the form. |
|
|
|
|
| (iii)
Attested copies of NIC or the passport of the beneficial owners and the proxy
shall be furnished with the proxy form. |
|
|
| (iv)
The proxy shall produce his original NIC or original passport at the time of
the Meeting. |
|
|
|
|
| (v)
In case of corporate entity, the Board of Directors' resolution / power of
attorney with specimen signature shall be |
|
| submitted
(unless it has been provided earlier) alongwith proxy form to the Company. |
|
|
|
| THIRTY-SECOND
ANNUAL REPORT OF THE DIRECTORS |
|
|
| Dear
Shareholders, |
|
|
| WELCOME:
I welcome you to the 32nd Annual General Meeting of the Company. |
|
|
| PREAMBLE:
The accounts for the year are before you indicating the performance of the
Company |
|
| which
will be discussed further in the following. |
|
|
| PERFORMANCE:
You will note that the total sales of the Company compared to the preceding |
|
| year
have reduced by approximately 3.81%. In spite of growing competition in the
international |
|
| market,
we have been able to maintain the export sales. The decrease is attributed
mainly to local |
|
| processing
for outside parties which was reported to you already earlier. The profit for
the year |
|
| compared
to the preceding year indicates a drop which is largely attributed to the
exchange rate |
|
| between
European Currency and Pakistani Rupee. The European Currency has been
depleting |
|
| against
the Dollar, accordingly against Rupee continuously after October 1999. The
Deutsche Mark |
|
| was
giving Rupee yield in October 1999 of around Rs. 28.74 and in the subsequent
half year, it |
|
| touched
the bottom to around Rs. 23.40. This position of exchange rate had two
effects on the |
|
| business
activities of the Company. On one side the profit was reduced as yield in
Rupee vis-a-vis |
|
| European
currency kept on reducing continuously. On the other hand new inflow of
orders |
|
| which
would have helped in increasing the sales also retarded as due to the
exchange rate for new |
|
| orders,
prices appeared to be higher for the European buyers. However, things are now
gradually |
|
| settling
and we hope that the setback due to the rate of exchange in the preceding
year shall be |
|
| absorbed
to a sizeable extent in the months to come. As reported to you also earlier,
there is |
|
| hardly
any demand of fabric in the international market, practically everything is
exported in |
|
| the
form of made-ups, i.e. stitched articles. To be able to stay in the
international market, full |
|
| attention
was given and reported to you on providing stitching facilities to the
Company on modern |
|
| lines.
In the present scenario, this has enabled us to stay with our turnover in the
international |
|
| market
but at the same time it has increased our stitching expenses as fabric export
practically has |
|
| been
replaced by made-ups. In pursuit of expanding export all efforts are being
made to open new |
|
| markets.
The Company has made entry in some new markets and it is hoped that with the
entry in |
|
| new
markets in the years to come, the export sales would increase substantially
provided nothing |
|
| of
extraordinary nature occurs internally or externally, having negative effect. |
|
|
| As
mentioned above, the Company will continue to pursue its export expanding
policy and in |
|
| keeping
with this policy also in the year under discussion wherever it was required
the stitching |
|
| facilities
have been expanded. |
|
|
| DIVIDEND:
Profit after tax for the year as you will note is Rs. 42.293 million. We
therefore propose |
|
| Cash
Dividend of Rs. 3.00 per share which works out to 42.13% cash distribution of
the profit after |
|
| tax for the year. |
|
|
| REMUNERATION:
The remuneration of Directors is proposed to be increased by 35%. |
|
|
| PATTERN
OF SHAREHOLDING: The pattern of shareholding as on June 30, 2000 is included
in this |
|
| Annual Report. |
|
|
| EARNING
PER SHARE: The earning per share has been given in note 32 to the accounts. |
|
|
| ACKNOWLEDGEMENT:
In the end your Directors express recognition for the efforts put in by the |
|
| workers,
staff and executives of the Company. We also acknowledge the cooperation
extended by |
|
| our
banks and financial institutions. At the same time, we also thank for the
well wishes of our |
|
| valued
shareholders. |
|
|
| Thanks
to all of you. |
|
For and on behalf of the Board of Directors |
|
|
|
|
|
|
|
|
|
NASEEM A. SATTER |
|
| Karachi:
27th November, 2000. |
|
Chairman & Managing Director |
|
|
|
|
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of AL-ABID SILK MILLS LIMITED as at 30
June 2000 |
|
| and
the related profit and loss account, cash flow statement and statement of
changes in equity together |
|
| with
the notes forming part thereof, for the year then ended and we state that we
have obtained all the |
|
| information
and explanations which, to the best of our knowledge and belief, were
necessary for the |
|
| 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; |
|
|
|
|
| (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 and profit and loss account and cash flow statement
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 30 June 2000 and of the profit, its cash flows and changes in equity
for the year |
|
| then ended; and |
|
|
|
|
|
|
| (d)
in our opinion Zakat deductible at source under the Zakat and Ushr Ordinance,
1980 (XVIII of |
|
| 1980),
was deducted by the company and deposited in the Central Zakat Fund
established |
|
| under
section 7 of that Ordinance. |
|
|
|
|
|
|
MUNIFF ZIAUDDIN & CO. |
|
| KARACHI:
27th November, 2000. |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 2000 |
|
|
|
Note |
2000 |
1999 |
|
|
|
Rupees |
Rupees |
|
|
| SHARE
CAPITAL AND RESERVES |
|
| Authorised
Capital |
|
| 10,000,000
Ordinary Shares of Rs. 10/- each |
|
100,000,000 |
100,000,000 |
|
|
|
========== |
========== |
|
|
|
|
| Issued,
subscribed and paid-up capital |
3 |
59,400,000 |
59,400,000 |
|
|
|
|
| Reserves |
|
|
|
| Capital reserve |
|
|
4 |
39,600,000 |
39,600,000 |
|
| Unappropriated
profit |
|
|
202,156,974 |
177,683,401 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
241,756,974 |
217,283,401 |
|
|
|
|
------------------ |
------------------ |
|
|
|
5 |
301,156,974 |
276,683,401 |
|
| LONG
TERM LOANS |
|
6 |
64,543,639 |
67,990,889 |
|
| LIABILITIES
AGAINST ASSETS SUBJECT |
|
|
| TO
FINANCE LEASE |
|
7 |
46,453,458 |
56,872,100 |
|
|
|
|
|
|
| DEFERRED
LIABILITIES |
|
8 |
15,536,013 |
14,426,470 |
|
|
| CURRENT
LIABILITIES AND PROVISIONS |
|
|
| Short
term finances |
|
9 |
692,901,199 |
644,434,723 |
|
| Current
maturity of long-term loans and finances |
10 |
19,151,063 |
24,692,859 |
|
| Creditors,
accrued charges and other liabilities |
11 |
374,065,360 |
357,698,018 |
|
| Dividends |
|
12 |
17,882,750 |
23,838,546 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,104,000,372 |
1,050,664,146 |
|
| CONTINGENCIES
AND COMMITMENTS |
13 |
-- |
-- |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,531,690,456 |
1,466,637,006 |
|
|
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
| Karachi:
27th November, 2000. |
|
|
|
| FIXED
CAPITAL EXPENDITURE |
|
| Operating
fixed assets |
|
14 |
459,192,215 |
451,281,212 |
|
| Capital
work-in-progress |
|
15 |
-- |
5,030,190 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
459,192,215 |
456,311,402 |
|
|
|
|
|
|
| ADVANCE
FOR SHARES |
|
16 |
1,028,745 |
1,027,545 |
|
|
|
| LONG
TERM DEPOSITS, PREPAYMENTS |
|
| AND
DEFERRED COST |
|
17 |
2,070,454 |
2,356,905 |
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Stores
and spares |
|
18 |
70,342,442 |
65,717,491 |
|
| Stock-in-trade |
|
19 |
804,514,728 |
760,089,635 |
|
| Trade debtors |
|
20 |
30,617,386 |
27,804,589 |
|
| Advances,
deposits and prepayments |
21 |
49,957,656 |
68,455,904 |
|
| Other
receivables |
|
22 |
76,732,648 |
59,968,156 |
|
| Cash
and bank balances |
|
23 |
37,234,182 |
24,905,379 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,069,399,042 |
1,006,941,154 |
|
|
------------------ |
------------------ |
|
|
|
1,531,690,456 |
1,466,637,006 |
|
|
|
========== |
========== |
|
|
|
NASEEM A. SATTAR |
|
AZIM AHMED |
|
|
Chairman & Chief Executive |
|
Director |
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE YEAR ENDED JUNE 30, 2000 |
|
|
|
Note |
2000 |
1999 |
|
|
|
|
Rupees |
Rupees |
|
|
| Sales
and services |
|
24 |
1,601,685,525 |
1,665,150,607 |
|
| Cost of sales |
|
25 |
1,348,117,347 |
1,410,141,328 |
|
|
|
|
------------------ |
------------------ |
|
| GROSS
PROFIT |
|
|
253,568,178 |
255,009,279 |
|
|
|
|
|
|
| OPERATING
EXPENSES |
|
|
|
| Administrative |
|
26 |
63,909,066 |
60,042,482 |
|
| Selling
and distribution |
|
27 |
35,928,972 |
34,446,387 |
|
|
------------------ |
------------------ |
|
|
|
|
99,838,038 |
94,488,869 |
|
|
|
|
------------------ |
------------------ |
|
| OPERATING
PROFIT |
|
|
153,730,140 |
160,520,410 |
|
| Other income |
|
28 |
3,435,269 |
3,205,680 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
157,165,409 |
163,726,090 |
|
|
|
|
------------------ |
------------------ |
|
| Financial
charges |
|
29 |
102,746,205 |
94,786,242 |
|
| Other Charges |
|
30 |
2,720,960 |
3,446,992 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
105,467,165 |
98,233,234 |
|
|
|
|
------------------ |
------------------ |
|
| Profit
before taxation |
|
|
51,698,244 |
65,492,856 |
|
| Taxation |
|
31 |
(9,404,671) |
(10,020,931) |
|
|
|
|
------------------ |
------------------ |
|
| Profit
after taxation |
|
|
42,293,573 |
55,471,925 |
|
| Unappropriated
profit brought forward |
|
177,683,401 |
145,971,476 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
219,976,974 |
201,443,401 |
|
|
|
|
| APPROPRIATION |
|
| Proposed
dividend Rs. 3.00 per share |
|
17,820,000 |
23,760,000 |
|
| (1999:
Rs. 4.00 per share) |
|
|
|
|
------------------ |
------------------ |
|
| Unappropriated
profit carried forward |
|
202,156,974 |
177,683,401 |
|
|
========== |
========== |
|
|
| Basic
Earning Per Share |
|
32 |
7.12 |
9.34 |
|
|
|
|
========== |
========== |
|
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
NASEEM A. SATTAR |
|
AZIM AHMED |
|
|
Chairman & Chief Executive |
|
Director |
|
|
|
|
|
| CASH
FLOW STATEMENT FOR THE YEAR ENDED JUNE 30, 2000 |
|
|
|
|
2000 |
1999 |
|
|
|
Rupees |
Rupees |
|
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
|
|
| FUNDS
PROVIDED FROM OPERATION |
|
| Profit
after taxation |
|
42,293,573 |
55,471,925 |
|
|
|
|
|
| Adjustment
of items not involving movement of funds |
|
| Depreciation |
|
50,756,030 |
49,879,635 |
|
| Provision
for gratuity - net |
|
172,416 |
2,310,083 |
|
| Provision
for deferred tax |
|
937,127 |
-- |
|
| Profit
on disposal of fixed assets |
|
(1,896,872) |
(896,193) |
|
|
|
------------------ |
------------------ |
|
|
|
92,262,274 |
106,765,450 |
|
|
|
|
| (INCREASE)
/ DECREASE IN CURRENT ASSETS |
|
| Stores
and spares |
|
(4,624,951) |
(16,866,809) |
|
| Stock-in-trade |
|
(44,425,093) |
(158,543,345) |
|
| Trade debtors |
|
(2,812,797) |
15,617,519 |
|
| Advances,
deposits and prepayments |
|
18,498,248 |
(16,852,303) |
|
| Other
receivables |
|
(16,764,492) |
39,665,944 |
|
|
|
------------------ |
------------------ |
|
|
|
(50,129,085) |
(136,978,994) |
|
|
| INCREASE
/ (DECREASE) IN CURRENT LIABILITIES |
|
| Short
term finances |
|
48,466,476 |
168,998,148 |
|
| Creditors,
accrued charges and other liabilities |
|
16,367,342 |
(18,549,963) |
|
|
|
------------------ |
------------------ |
|
|
|
64,833,818 |
150,448,185 |
|
|
|
------------------ |
------------------ |
|
| NET
CASH INFLOW FROM OPERATING ACTIVITIES |
106,967,007 |
120,234,641 |
|
|
|
|
|
| CASH
FLOW FROM INVESTING ACTIVITIES |
|
| Advance
for shares |
|
(1,200) |
(3,000) |
|
| Capital
expenditure |
|
(54,911,956) |
(151,291,901) |
|
| Proceeds
from disposal of fixed assets |
|
3,171,985 |
2,136,254 |
|
| Long
term deposits and deferred cost |
|
286,451 |
(721,450) |
|
|
|
------------------ |
------------------ |
|
| NET
CASH (OUTFLOW) FROM INVESTING ACTIVITIES |
(51,454,720) |
(149,880,097) |
|
|
|
| CASH
FLOW FROM FINANCING ACTIVITIES |
|
| Proceeds
from obligation under finance lease |
|
11,451,176 |
72,845,450 |
|
| Payments
of obligation under finance lease |
|
(27,411,614) |
(27,148,482) |
|
| Long
term loans acquired |
|
(3,447,250) |
(652,018) |
|
| Dividends paid |
|
(23,775,796) |
(4,628,867) |
|
|
|
------------------ |
------------------ |
|
| NET
CASH (OUTFLOW)/INFLOW FROM FINANCING ACTIVITIES |
(43,183,484) |
40,416,083 |
|
|
|
|
------------------ |
------------------ |
|
| NET
INCREASE IN CASH AND CASH EQUIVALENTS |
12,328,803 |
10,770,627 |
|
| CASH
AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR |
24,905,379 |
14,134,752 |
|
|
|
|
------------------ |
------------------ |
|
| CASH
AND CASH EQUIVALENTS AT THE END OF THE YEAR |
37,234,182 |
24,905,379 |
|
|
|
========== |
========== |
|
|
|
NASEEM A. SATTAR |
|
AZIM AHMED |
|
|
Chairman & Chief Executive |
|
Director |
|
|
|
| NOTES
TO THE ACCOUNTS FOR THE YEAR ENDED JUNE 30, 2000 |
|
|
| 1.
COMPANY AND ITS BUSINESS |
|
| The
company was incorporated in the year 1968 as a Private Limited Company and
was converted |
|
| into
Public Limited Company on 24th December, 1987 under the Companies Ordinance,
1984. The |
|
| Company
is listed on the Karachi and Lahore Stock Exchanges. The principal activity
of the |
|
| Company
is manufacturing and processing of various kinds of fabrics and export of
printed and dyed |
|
| cloth,
bed sets and garments made-up. |
|
|
| 2.
ACCOUNTING POLICIES |
|
|
| 2.1
ACCOUNTING CONVENTION |
|
| These
accounts have been prepared on the basis of "historical cost"
convention. |
|
|
|
| 2.2
STAFF GRATUITY |
|
| The
Company operates an unfunded gratuity scheme covering all employees
(excluding |
|
| managerial
staff). Full provision is made in these accounts for gratuity payable to
employee |
