| Grays of Cambridge (Pakistan) Limited |
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| Annual
Report 2000 |
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| ASSOCIATED
COMPANIES |
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| In Pakistan |
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|
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| Grays
Leasing Limited |
|
| Head Office: |
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| 41-A,
Lawrence Road, Lahore. |
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| Tel:
(042) 6372159 - 61 |
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| Fax:
(042) 6371898 |
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| E-mail:
gll@ms.net.pk |
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|
| Liaison Office: |
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| Small
Industries Estate, Sialkot |
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| Tel:
(0432) 563051 - 52 |
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| Fax:
(0432) 551252 |
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| E-mail:
grays@skt.comsats.net.pk |
|
|
| Anwar
Khawaja Industries (Pvt) Limited |
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| Small
Industries Estate, Sialkot - 51310 |
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| Tel:
(0432) 551004 - 554531 - 554535 -65473 |
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| Fax:
(0432) 553609 |
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|
| Dawn
Sports (Private) Limited |
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| Small
Industries Estate, Sialkot- 51310 |
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| Tel:
(0432) 554537 - 557808 |
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|
| Overseas |
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| Grays
of Cambridge (International) Limited |
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| Station
Road, Robertsbridge, |
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| East
Sussex TN32 5DH, ENGLAND |
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| Tel:
01580 880357 |
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| Fax:
01580 881156 |
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|
| Gray - Nicolls |
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| Station
Road, Robertsbridge, |
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| East
Sussex TN32 5DH, ENGLAND |
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| Gray
- Nicolls (Australia) Pty. Limited |
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| 3
Fiveways Boulevard |
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| Keyborough
VIC 3173 |
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| AUSTRALIA |
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| Tel:
03 9769 0999 |
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| Fax:
03 9769 0977 |
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| CONTENTS |
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| CORPORATE
INFORMATION |
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| NOTICE
OF THE MEETING |
|
| COMPANY
PROFILE |
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| DIRECTORS'
REPORT |
|
| CHIEF
EXECUTIVE'S REVIEW |
|
| STATEMENT
OF VALUE ADDED AND ITS DISTRIBUTION |
|
| DECADE
AT A GLANCE |
|
| AUDITORS'
REPORT |
|
| BALANCE
SHEET |
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| PROFIT
AND LOSS ACCOUNT |
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| CASH
FLOW STATEMENT |
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| STATEMENT
OF CHANGES IN EQUITY |
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| NOTES
TO THE ACCOUNTS |
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| STATEMENT
PURSUANT TO SECTION 237 OF THE |
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| COMPANIES
ORDINANCE, 1984 |
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| PATTERN
OF SHAREHOLDINGS |
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| DAWN
SPORTS (PRIVATE) LIMITED |
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| CONSOLIDATED
FINANCIAL STATEMENTS |
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|
|
| Corporate
Information |
|
|
| BOARD
OF DIRECTORS |
Mr. Harold John Gray
(Chairman) |
|
|
|
Mr. Khawar Anwar Khawaja
(Chief Executive) |
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|
|
Mr. Paul Douglas Gray |
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|
Mr. Khurram Anwar Khawaja |
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|
|
Mr. Neil Douglas James
Gray |
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|
|
Mr. Muhammad Tahir Butt |
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|
|
Mrs. Nuzhat Khawar
Khawaja |
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|
Mr. Sarfraz Mahmood
(Alternate to |
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|
Mr. Harold John Gray) |
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| CORPORATE
SECRETARY |
Mr. Shakil Ahmed Bhalli |
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| AUDITORS |
|
Messrs. M. A. Tabussum
& Co. |
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|
Chartered Accountants |
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|
S-8 Ahmed Arcade |
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|
161 -Ferozepur Road |
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|
Lahore |
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Phone: (042) 7580098 -
7587323 |
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|
Fax: (042) 7675510 |
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| MANAGEMENT
CONSULTANTS |
Messrs. Sarfraz Mahmood
(Pvt) Limited |
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|
|
8-Mall Mansion,
30-Shahrah-e-Quaid-e-Azam, |
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|
Lahore-54000 (Pakistan) |
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|
Phone: (042) 7233324 - 26 |
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Fax: (042) 7235762 |
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E-Mail:
sarfrazm@paknet1.ptc.pk |
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|
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| REGISTERED
OFFICE |
Small Industries Estate, |
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| AND WORKS |
|
Sialkot - 4 (Pakistan) |
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|
|
Phones: (0432) 555338,
563051, 563052 |
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|
|
Telefax: (0432) 551252,
553609 |
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|
E-mail:
grays@skt.comsats.net.pk |
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| Notice
of Annual General Meeting |
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| NOTICE
IS HEREBY GIVEN THAT the thirty-seventh Annual General Meeting of GRAYS OF |
|
| CAMBRIDGE
(PAKISTAN) LIMITED will be held on Saturday, December 23,
2000 at 11.30 a.m. at |
|
| company's
registered office, Small Industries Estate, Sialkot to transact the following
business: |
|
|
| 1.
To confirm the minutes of last Annual General Meeting. |
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|
|
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| 2.
To receive, consider and adopt the audited accounts and the report of the
directors and auditors |
|
| thereon
for the year ended June 30, 2000. |
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|
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| 3.
To approve the payment of final dividend at the rate of 400 percent (Rupees
40 per share) for the |
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| year
ended June 30, 2000. |
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|
|
|
|
| 4.
To approve the issuance of bonus shares at 25% (one share for every four
shares) subject to the |
|
| compliance
of other legal formalities. |
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|
|
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| 5.
To appoint auditors and to fix their remuneration for the year ending June
30, 2001. The present |
|
| auditors,
Messrs. M.A. TABUSSUM & CO., Chartered Accountants, Lahore, being
eligible, offer |
|
| themselves
for reappointment. |
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|
|
|
|
|
| 6.
To transact any other business with the permission of the Chair. |
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|
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|
BY ORDER OF THE BOARD |
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| SIALKOT:
November 21, 2000. |
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COMPANY SECRETARY |
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|
| NOTES: |
|
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| i)
The shares transfer books of the company will remain closed from December 15,
2000 to |
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| December
22, 2000 (both days inclusive). |
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|
|
|
|
| ii)
A member entitled to attend and vote at the meeting may appoint another
member as his/her |
|
| proxy
to attend, speak and vote at the meeting. Proxies in order to be effective
must be received |
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| by
the company at the registered office not less than 48 hours before the time
for holding the |
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| meeting. |
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|
|
|
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| iii)
Account holders and sub-account holders holding book entry securities of the
Company in Central |
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| Depository
System of Central Depository of Pakistan Limited are requested to bring
original I.D. |
|
| Card
or attested copy of I.D. Card for identification purpose. |
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| Company
Profile |
|
|
| Industrial
Profile |
|
| Grays
of Cambridge (Pakistan) Limited was incorporated in Pakistan on June 02, 1964
to incarnate a |
|
| strong
yearn of Late Mr. Anwar Khawaja, the first Managing Director of the company,
of making the |
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| WORLD'S
BEST hockey stick in collaboration with Messrs H.J. Gray & Sons of
Cambridge, England |
|
| [presently
named as "Grays of Cambridge (International) Limited"] under an
agreement made and |
|
| signed in 1963. |
|
|
| The
formal inauguration of this Pak-British joint enterprise was held on May 08,
1965 although the unit |
|
| commenced
its commercial production on April 01, 1965 under the elite supervision of an
English |
|
| technician,
Mr. D. Fosket who had actually made Hockey Sticks with his own hands for more
than half a |
|
| century.
This great expert gave training to Pakistani workers and carved them into a
team of adroit and |
|
| enchanting
craftsmen by inculcating them with all his expertise, elegance and
excellence. |
|
|
| During
1983, while the company continued progressively making conventional hockey
sticks (around |
|
| 90,000
sticks a year), the management acquired technical know-how from Mr. Toon
Coolen of |
|
| Netherlands
and started making a Novelty Stick with a U-Shaped head approved by the Rules
Committee |
|
| of
the International Hockey Federation. By virtue of this blending mechanization
with the skills of the local |
|
| craftsmen,
the hockey sticks produced by this unit have met with a global acceptance as
the best ever- |
|
| made
and the venture proved to be an international success. The fact that the
first mark of 17590 hockey |
|
| sticks
produced and exported during .1965 has culminated to its present volume of
200,000 sticks a year, |
|
| has
evidently placed GRAYS PAKISTAN fairly and squarely on the World Hockey Map. |
|
|
| Equally
important was the year 1973 which also witnessed expansion in Company's
Product line. A |
|
| Cricket
Ball manufacturing unit was established to produce balls with the World's
most famous brand |
|
| names
"DUKE & SONS" and "GRAY-NICOLLS" This unit has also
shown a tremendous growth as |
|
| evidenced
by rising production of completely hand sewn cricket balls from a few
thousand in its first year |
|
| of
inception to around forty thousand a year at present. These balls are being
used in first class as well as |
|
| the
Test Cricket in Pakistan and abroad. |
|
|
| The
company has a global net work of marketing agents as well as a full fledged
quality control wing |
|
| consisting
of on-job trained supervisors headed by a professional, all working under a
regular control of |
|
| the
Company's Chief Executive / Technical Director Mr. Khawar A. Khawaja who did
his B.E. from the |
|
| University
of Engineering and Technology, Lahore. |
|
|
| Corporate
Profile |
|
| The
company which was incorporated as a private limited company went public in
April 1986 and was |
|
| listed
on Karachi and Lahore Stock Exchanges in January 1987. The issue was very
well received by |
|
| public
and was over-subscribed by 200 times, a record response by public. Since
then, the share of the |
|
| company
has a very strong demand which is well supported by the fact that its 10
rupees share has |
|
| touched
a 450 rupees price and is being quoted at Rupees 375 at present. |
|
|
| In
the recent years GRAYS PAKISTAN has also worked on expansion in its corporate
set up. |
|
| Consequently,
it acquired DAWN SPORTS (PRIVATE) LIMITED, a hockey manufacturing unit, as a
wholly |
|
| owned
subsidiary. At the same time, a plan for diversification in financial and
economic activities is also |
|
| underway,
and as a result thereof, the Company co-sponsored a leasing company named
GRAYS |
|
| LEASING
LIMITED, listed on Karachi and Lahore Stock Exchanges with an equity capital
of 100 million |
|
| rupees
which was also over subscribed even under the prevailing crunch in the
investment market. |
|
|
| The
financial performance of the company is also revealed by a simple statistic
that the shareholders' |
|
| equity
has grown from 225 thousand rupees in 1965 to 176129 thousand rupees in 2000
inspite of high |
|
| pay outs like: |
|
|
|
|
CASH |
BONUS |
|
|
|
DIVIDEND |
SHARES |
|
|
|
|
|
| 1992 |
|
---- |
|
200 percent |
-- |
|
| 1993 |
|
---- |
|
100 percent |
-- |
|
| 1994 |
|
---- |
|
100 percent |
-- |
|
| 1995 |
(Half year) |
---- |
|
100 percent |
-- |
|
| 1996 |
|
---- |
|
150 percent |
-- |
|
| 1997 |
|
---- |
|
200 percent |
-- |
|
| 1998 |
|
---- |
|
160 percent |
40 percent |
|
| 1999 |
|
---- |
|
200 percent |
25 percent |
|
| 2000 |
|
---- |
|
400 percent |
25 percent |
|
|
| Surely,
it is due to this performance that the company was ranked as first for
"Corporate Excellence |
|
| Award"
by the Management Association of Pakistan during 1995 and has been declared
as one of the |
|
| Top
25 Companies by the Karachi Stock Exchange for eight consecutive years from
1989 to 1996. For the |
|
| years
1997 and 1998, the company was not ranked among Top 25 Companies just for
lack of some |
|
| membership
criteria. For 1999, it has again been ranked as Third in the Tope 25
Companies. |
|
|
| GRAYS
PAKISTAN, under the chairmanship of Mr. John Gray and Chief Executive Officer
Mr. Khawar A. |
|
| Khawaja,
has pledged itself to a very strong commitment to realism and honesty with
its principles which |
|
| legislates
for the benefits of the public and not least of the Sports and the sportsmen. |
|
|
|
| Directors'
Report |
|
|
| The
Directors are pleased to present to you their report along with the Audited
Accounts for the year |
|
| ended
June 30, 2000 and the Auditors' Report thereon. |
|
|
| FINANCIAL
RESULTS |
|
| The
operating results and the Directors' recommendations regarding appropriations
there of are as under: |
|
|
|
|
|
Rupees |
|
|
| Profit
for the year ended June 30, 2000 after providing |
|
| for
administration, marketing and financial charges |
|
90,559,725 |
|
|
|
|
------------------ |
|
| Less:
Workers' profit participation fund |
|
4,469,580 |
|
| Donations |
|
|
1,168,213 |
|
|
------------------ |
|
|
|
|
5,637,793 |
|
|
|
|
------------------ |
|
| PROFIT
BEFORE TAXATION |
|
84,921,932 |
|
| Less:
Provision for taxation |
|
7,667,150 |
|
|
|
|
------------------ |
|
| PROFIT
AFTER TAXATION |
|
77,254,782 |
|
| UNAPPROPRIATED
PROFIT BROUGHT FORWARD |
|
70,549 |
|
|
|
|
------------------ |
|
| PROFIT
AVAILABLE FOR APPROPRIATIONS |
|
77,325,331 |
|
|
|
| APPROPRIATIONS: |
|
| Bonus
shares @ 25% |
|
32,663,751 |
|
| Proposed
final dividend @ 400% |
|
522,620,001 |
|
| Transfer
to general reserve |
|
20,000,000 |
|
|
|
|
------------------ |
|
|
|
|
75,528,375 |
|
|
|
|
------------------ |
|
| UNAPPROPRIATED
PROFIT CARRIED FORWARD |
|
1,796,956 |
|
|
|
|
========== |
|
|
|
| CHIEF
EXECUTIVE'S REVIEW |
|
| The
Directors endorse the Chief Executive's Review dealing with performance,
activities and prospects of |
|
| the
Company, which is included in this report. |
|
|
| AUDITORS |
|
| The
present auditors Messrs. M.A Tabussum & Co., Chartered Accountants,
retire, and being eligible, |
|
| have
offered themselves for re-appointment. |
|
|
| PATTERN
OF SHAREHOLDINGS |
|
| The
pattern of shareholdings as at June 30, 2000 is given on page 31. |
|
|
|
|
for and on behalf of the Board |
|
|
|
|
|
|
|
|
|
KHAWAR A. KHAWAJA |
|
| SIALKOT:
November 21, 2000 |
|
Chief Executive |
|
|
|
|
|
|
|
| Chief
Executive's Review |
|
|
| With
profound gratitude to the Almighty Allah, I am pleased to welcome you to the
37th annual general |
|
| meeting
and present this review of performance of the company for the year ended June
30, 2000. |
|
|
| OPERATING
PERFORMANCE |
|
|
| In
my last review, I have informed you about the development of composite hockey
stick which has |
|
| affected
sales of wooden hockey to some extent. However, despite this change, we
succeeded to |
|
| maintain
our sales at rupees 100.301 million depicting a minor increase of rupees
1.833 million over last |
|
| year's
sales of rupees 98.468 million. The operating margin on trading has also been
maintained with a |
|
| slight
improvement made possible through a strict check on various overheads. |
|
|
| The
pre-tax profit has, however, gone up at 85. 43 percent i.e. from rupees
45.797 million to rupees |
|
| 84.922
million during the year under review. This substantial increase in net profit
is an outcome of higher |
|
| returns
on company's investments in its subsidiary and associated undertaking and
optimal fund |
|
| management.
You will surely be delighted to note that total income from other sources
increased from |
|
| rupees
19.225 million during 1998-99 .to rupees 60.476 million during 1999-2000.
This income includes |
|
| dividends
amounting to rupees 12 million received from Dawn Sports (Private) Limited
during 1998-99 |
|
| and
rupees 46.500 million {rupees 13.5 million received and rupees 24 million
accrued from Dawn |
|
| Sports,
and rupees 3 million received and rupees 6 million accrued from Grays Leasing
Limited} during |
|
| 1999-2000. |
|
|
|
| APPROPRIATION
OF PROFITS |
|
| The
directors have decided to adhere to their policy of handsome dividend
payouts, broadening equity |
|
| base
gradually and securing company's financial health by profit plough back. They
have thus proposed |
|
| 400
percent cash dividend, 25 percent bonus shares and rupees 20 million transfer
to the general reserve |
|
| from
out of profits for year ended 30th June 2000 as compared to 200 percent cash
dividend, 25 percent |
|
| bonus
shares and rupees 20 million transfer to general reserve during preceding
year. |
|
|
| Dear
shareholders, you would surely be delighted that, even after such exemplary
cash pay-outs, the |
|
| equity
base of your company has grown from rupees 151.136 million as at 30th June
1999 to rupees |
|
| 176.129
million on 30th June 2000 which reflects a consistent growth of the company. |
|
|
| FUTURE
OUTLOOK |
|
| As
mentioned earlier, the introduction of composite hockey will have negative
impact on sale of wooden |
|
| hockey
in the top range. In the middle and lower range, sales are expected to be
maintained provided the |
|
| quality
of products is improved and the costs are kept well under control for
maintaining a competitive |
|
| edge.
As the middle and lower range do have at present just a wafer-thin margin of
profit, the company's |
|
| earnings
from trading may remain under strain till necessary facilities for making
composite hockey sticks |
|
| are
obtained. We are therefore working on two fronts; firstly, managing for a
sales mix which will optimize |
|
| contribution
and secondly, making appropriate arrangements to get a composite hockey
project as early |
|
| as
possible. We are confident that we will soon overcome this situation before
it goes into an awful mess. |
|
|
| DAWN
SPORTS (PRIVATE) LIMITED |
|
| The
financials of this wholly owned subsidiary are also being published as a part
of this annual report and |
|
| you
can well ascertain its performance there from. You will surely appreciate
that the results shown by the |
|
| company
are excellent in all respects. |
|
|
| GRAYS
LEASING LIMITED |
|
| Grays
of Cambridge (Pakistan) Limited holds forty percent of the paid up capital of
rupees one hundred |
|
| million
in Grays Leasing Limited. After declaring 15 percent cash dividend for this
year too, its net worth |
|
| has
grown from rupees 125.154 million to rupees 134.905 million on 30th June
2000. |
|
|
| The
company which started lease operations on 26th February 1997, has generated
lease business over |
|
| rupees
750 million till 30th June 2000. comprising of 688 lease contracts. The
business volume grew at |
|
| 34.7
percent; the net investment in finance lease increased from rupees 293.640
million to rupees |
|
| 370.129
million which depicts 26.05 percent growth; the gross revenue from operations
was rupees |
|
| 58.035
million as against rupees 46.924 million in 1999; and the pre-tax profit was
25.660 million as |
|
| compared
to rupees 22.501 million during 1999. |
|
|
| PERSONNEL
& WORKING ENVIRONMENT |
|
| Your
company is well aware of the importance of a team of skilled workers and
staff. Therefore, in-house |
|
| training
programs designed for this purpose are regularly undertaken. Fresh
apprentices are trained |
|
| through
on-job practical working methods. At the same time, other important areas
like health, safety and |
|
| better
working environment are also being looked after very well. |
|
|
| The
company has implemented a computer-based management information system. We
have also made |
|
| significant
progress in the development of in-house programs and implementation of new
software and its |
|
| applications
which provide a centralized database, support integration between the
manufacturing and |
|
| financial
systems, and assist the company in providing meaningful data in time for
management decision |
|
| making. |
|
|
| APPRECIATION |
|
| I
wish to place on record my very special thanks to all at various levels of
management, administration and |
|
| workers
of the company as well as of all associated concerns for their tireless and
dedicated efforts and |
|
| positive
attitude towards our corporate goals. |
|
|
|
|
Khawar A. Khawaja |
|
| Sialkot:
21st November 2000 |
|
Chief Executive |
|
|
|
| Statement
of Value Added and its Distribution |
|
|
|
|
2000 |
|
1999 |
|
|
|
|
(Rupees in 000) |
% |
(Rupees in 000) |
% |
|
|
|
| VALUE ADDED |
|
| Net Sales |
|
100,301 |
|
98,468 |
|
| Less:
Materials and services |
48,970 |
|
50,325 |
|
|
|
------------------ |
|
------------------ |
|
|
|
51,331 |
|
48,143 |
|
| Other Income |
|
60,477 |
|
19,225 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
|
|
111,808 |
100.00 |
67,368 |
100.00 |
|
|
|
========== |
========== |
========== |
========== |
|
| DISTRIBUTION |
|
| To employees |
|
| Salaries,
wages and benefits |
16,645 |
14.89 |
15,161 |
22.50 |
|
| Workers'
profit participation fund |
4,470 |
4.00 |
2,410 |
3.58 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
|
|
21,115 |
18.89 |
17,571 |
26.08 |
|
| To Government |
|
|
| Taxes
on income |
7,667 |
6.86 |
2,389 |
3.55 |
|
| To Banks |
|
|
| Interest,
Commission etc. |
2,528 |
2.26 |
1,307 |
1.94 |
|
| To Shareholders |
|
|
| Bonus shares |
|
3,266 |
2.92 |
2,613 |
3.88 |
|
| Dividend |
|
52,262 |
46.74 |
20,905 |
31.03 |
|
| To
Service to community |
|
| Donations |
|
1,168 |
1.04 |
763 |
1.13 |
|
|
|
|
|
|
|
|
| Retained
in business |
|
| Depreciation |
|
2,076 |
1.86 |
1,930 |
2.87 |
|
| Retained profits |
|
21,726 |
19.43 |
19,890 |
29.52 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
|
|
23,802 |
21.29 |
21,820 |
32.39 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
|
|
111,808 |
100.00 |
67,368 |
100.00 |
|
|
========== |
========== |
========== |
========== |
|
|
|
| Decade
at a Glance |
|
|
|
|
|
|
(Rupees in '000) |
|
|
|
|
|
June 30 |
June 30 |
June 30 |
June 30 |
June 30 |
June 30 |
Dec 31 |
Dec 31 |
Dec 31 |
Dec 31 |
|
|
2000 |
1999 |
1998 |
1997 |
1996 |
1995 |
1994 |
1993 |
1992 |
1991 |
| INCOME |
|
|
|
| Sales
and Revenues |
160 777 |
117 693 |
112 395 |
87 865 |
80 253 |
38 452 |
66 651 |
66 224 |
61 736 |
47 459 |
| Cost of Sales |
|
52 419 |
50 710 |
49 151 |
45 238 |
38 505 |
19 299 |
32 427 |
27 411 |
25 096 |
23 441 |
| Operating
& other costs |
23 436 |
21 185 |
22 353 |
15 907 |
16 044 |
7 057 |
14 768 |
12 944 |
9 785 |
7 984 |
| Taxes
on income |
7 667 |
2 390 |
1 147 |
633 |
952 |
469 |
767 |
79 |
894 |
2 657 |
| Profit
after Taxation |
77 255 |
43 408 |
39 744 |
26 087 |
24 752 |
11 627 |
18 689 |
25 790 |
26 961 |
13 377 |
|
|
|
| FINANCIAL
POSITION |
|
| Current Assets |
|
207 046 |
150 421 |
107 605 |
96 147 |
61 835 |
87 965 |
78 105 |
73 496 |
61 020 |
39 716 |
| Less:
Current liabilities |
108 869 |
56 259 |
37 516 |
48 353 |
26 491 |
23 403 |
18 433 |
I9 035 |
23 119 |
13 030 |
| Net
Working Capital |
98 177 |
94 162 |
70 089 |
47 794 |
35 344 |
64 562 |
59 672 |
54 461 |
37 901 |
26 686 |
| Fixed
Assets and long |
|
| term deposits |
|
77 952 |
56 974 |
58 544 |
53 040 |
53 132 |
10 361 |
11 090 |
5 078 |
3 673 |
3 772 |
| Net
capital employed |
176 129 |
151 136 |
128 633 |
100 834 |
88 476 |
74 923 |
70 762 |
59 539 |
41 574 |
30 458 |
| Other liabilities |
|
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
360 |
272 |
|
|
|
| Shareholders'
equity |
176 129 |
151 136 |
128 633 |
100 834 |
88 476 |
74 923 |
70 762 |
59 539 |
41 214 |
30 186 |
|
|
|
| STATISTICS
AND RATIOS |
|
| Bonus
shares (Percentage) |
25 |
25 |
40 |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
| Dividend
(Percentage) |
400.00 |
200.00 |
16,000 |
200.00 |
I50.00 |
10,000 |
100.00 |
100.00 |
200.00 |
7000 |
| Profit
on shareholders' |
|
| Equity
(Percentage) |
48.22 |
30.30 |
31.79 |
27.94 |
2905 |
16.14 |
27.49 |
43.45 |
65.16 |
53.42 |
| Profit
before tax to |
|
| Sales
(Percentage) |
8,467 |
46.51 |
41.33 |
31.17 |
33.02 |
3,263 |
30.51 |
40.22 |
44.71 |
35.03 |
| Current Ratio |
|
1.90: 1 |
2.67: 1 |
2.87: 1 |
1.99: 1 |
2.33:1 |
3.76: 1 |
4.24: 1 |
3.86: 1 |
2.64: 1 |
3.04: 1 |
|
|
|
| Auditors'
Report to the Members |
|
|
| We
have audited the annexed Balance Sheet of GRAYS OF
CAMBRIDGE (PAKISTAN) LIMITED as at |
|
| June
30, 2000 and 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 statement in conformity with the
approved accounting |
|
