| Grays of Cambridge (Pakistan) Limited |
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| Annual
Report 1999 |
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| ASSOCIATED
COMPANIES |
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| In Pakistan |
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| Grays
Leasing Limited |
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| 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 |
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| 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 |
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| COMPANY
PROFILE |
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| DIRECTORS'
REPORT |
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| CHIEF
EXECUTIVE'S REVIEW |
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| STATEMENT
OF VALUE ADDED AND ITS DISTRIBUTION |
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| DECADE
AT A GLANCE |
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| AUDITORS'
REPORT |
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| BALANCE
SHEET |
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| PROFIT
AND LOSS ACCOUNT |
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| STATEMENT
OF CHANGES IN FINANCIAL POSITION |
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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 |
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| BOARD
OF DIRECTORS |
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Mr. Harold John Gray
(Chairman) |
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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 |
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Mr. Shakil Ahmed Bhalli |
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| AUDITORS |
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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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| MANAGEMENT
CONSULTANTS |
Messrs. Sarfraz Mahmood
(Private) Ltd. |
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|
8-Mall Mansion,
30-Shahrah-e-Quaid-e-Azam, |
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|
Lahore-54000 - Pakistan |
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Tel: (042) 7233324 - 26 |
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Fax: (042) 7235762 |
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E-Mail:
sarfrazm@paknet1.ptc.pk |
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| REGISTERED
OFFICE |
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Small Industries Estate, |
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| AND WORKS |
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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 address:
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-sixth Annual General Meeting of GRAYS OF
CAMBRIDGE |
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| (PAKISTAN)
LIMITED will be held on Saturday January 29, 2000 at 11.30 a.m. at company's
registered |
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| office,
Small Industries Estate, Sialkot to transact the following business' |
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| 1.
To confirm the minutes of last Extra Ordinary General Meeting. |
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| 2.
To receive. consider and adopt the audited accounts and the report of the
directors and auditors |
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| thereon
for the year ended June 30, 1999. |
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| 3.
To approve the payment of final dividend at the rate of 200 percent (Rupees
20 per share) for the |
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| year
ended June 30, 1999. |
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|
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| 4.
To approve the issuance of Bonus shares at 25% (one share for every four
shares) subject to the |
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| compliance
of other legal formalities. |
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| 5.
To appoint auditors and to fix their remuneration for the year ending 30th
June 2000. The present |
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| auditors,
Messrs. M.A. TABUSSUM & CO., Chartered Accountants, Lahore, being
eligible, offer |
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| themselves
for reappointment. |
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|
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| 6.
To transact any other business with the permission of the Chair. |
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BY ORDER OF THE BOARD |
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| SIALKOT:
January 05, 2000 |
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COMPANY SECRETARY |
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| NOTES: |
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| 1.
The shares transfer books of the company will remain closed from January 28,
2000 to February |
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| 03,
2000 (both days inclusive). |
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|
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| 2.
A member entitled to attend and vote at the meeting may appoint another
member as his/her |
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| 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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| 3.
Account holders and sub-account holders holding book entry securities of the
Company in |
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| Central
Depository System of Central Depository of Pakistan Limited are requested to
bring |
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| original
I.D. Card or attested copy of I.D. Card for identification purpose. |
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| Company
Profile |
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| Industrial
Profile |
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| Grays
of Cambridge (Pakistan) Limited was incorporated in Pakistan on June 02, 1964
to incarnate a |
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| 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 |
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| [presently
named as "Grays of Cambridge (International) Limited"] under an
agreement made and |
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| signed in 1963. |
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| The
formal inauguration of this Pak-British joint enterprise was held on May 08,
1965 although the unit |
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| commenced
its commercial production on April 01, 1965 under the elite supervision of an
English |
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| 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 |
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| enchanting
craftsmen by inculcating them with all his expertise, elegance and
excellence. |
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| During
1983, while the company continued progressively making conventional hockey
sticks (around |
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| 90,000
sticks a year), the management acquired technical know-how from Mr. Toon
Coolen of |
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| Netherlands
and started making a Novelty Stick with a U-Shaped head approved by the Rules
Committee |
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| of
the International Hockey Federation. By virtue of this blending mechanization
with the skills of the local |
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| craftsmen,
the hockey sticks produced by this unit have met with a global acceptance as
the best ever- |
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| made
and the venture proved to be an international success. The fact that the
first mark of 17590 hockey |
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| sticks
produced and exported during 1965 has culminated to its present volume of
200,000 sticks a year, |
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| has
evidently placed GRAYS PAKISTAN fairly and squarely on the World Hockey Map. |
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| Equally
important was the year 1973 which also witnessed expansion in Company's
Product Line. A |
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| Cricket
Ball manufacturing unit was established to produce balls with the World's
most famous brand |
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| names
"DUKE & SONS" and "GRAY-NICOLLS". This unit has also
shown a tremendous growth as |
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| 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 |
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| the
Test Cricket in Pakistan and abroad. |
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| The
company has a global net work of marketing agents as well as a full fledged
quality control wing |
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| consisting
of on-job trained supervisors headed by a professional, all working under a
regular control of |
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| the
Company's Chief Executive / Technical Director Mr. Khawar A. Khawaja who did
his B.E. from the |
|
| University
of Engineering and Technology, Lahore. |
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| Corporate
Profile |
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| The
company which was incorporated as a private limited company went public in
April 1986 and was |
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| listed
on Karachi and Lahore Stock Exchanges in January 1987. The issue was very
well received by |
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| public
and was. over-subscribed by 200 times, a record response by public. Since
then, the share of the |
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| 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 350 at present. |
|
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| In
the recent years GRAYS PAKISTAN has also worked on expansion in its corporate
set up. |
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| Consequently,
it ,acquired DAWN SPORTS (PRIVATE) LIMITED, a hockey manufacturing unit, as a |
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| wholly
owned subsidiary. At the same time, a plan for diversification in financial
and economic activities is |
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| also
underway, and as a result thereof, the Company co-sponsored a leasing company
named GRAYS |
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| LEASING
LIMITED, listed on Karachi and Lahore Stock Exchanges with an equity capital
of 100 million |
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| rupees
which was also over subscribed even under the prevailing crunch in the
investment market. |
|
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| The
financial performance of the company is also revealed by a simple statistic
that the shareholders |
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| equity
has grown from 225 thousand rupees in 1965 to 151,136 thousand rupees in 1999
inspite of high |
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| pay outs like: |
|
|
| YEARS |
|
|
CASH DIVIDEND |
|
BONUS SHARES |
|
| 1992 |
|
-- |
200 percent |
|
-- |
|
| 1993 |
|
-- |
100 percent |
|
-- |
|
| 1994 |
|
-- |
100 percent |
|
-- |
|
| 1995 |
(Half year) |
-- |
100 percent |
|
-- |
|
| 1996 |
|
-- |
150 percent |
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-- |
|
| 1997 |
|
-- |
200 percent |
|
-- |
|
| 1998 |
|
-- |
160 percent |
|
40 percent |
|
| 1999 |
|
-- |
200 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. |
|
|
| 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. |
|
|
|
| QUALITY
OF "GRAYS" BRANDED PORTFOLIO RESTS |
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| WITH
THE SKILL AND EXPERTISE OF A TEAM OF |
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| ADROIT
AND EXCHANTING CRAFTSMEN WHO HAVE |
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| CARVED
THEIR WAY TO SUCCESS, WITH ELEGANCE AND |
|
| EXCELLENCE,
ALL OVER THE GLOBE BY CONCENTRATING |
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| ALL
THEIR ENDEAVOURS ON CUSTOMERS SATISFACTION". |
|
|
| "GRAYS"
SPORTS EQUIPMENT ARE MEANT FOR THE CHAMPS |
|
| WHO
ARE A RARE BREED; DYNAMIC, VIGOROUS & AMBITIOUS. |
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| FOR
MOST OF THEM, "GRAYS" IS A SYMBOL AS |
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| WELL
AS A SOURCE OF GLORIOUS VICTORIES; A VITAL |
|
| FORCE
BEHIND THEIR ROBUSTIOUS PROFESSIONAL CAREER. |
|
|
| "GRAYS"
PRODUCTS HAVE ALWAYS BEEN RANKED AMONG |
|
| THE
BEST IN QUALITY, PARTICULARLY ITS HOCKEY STICKS |
|
| BOTH
FOR FIELD AND INDOOR GAME. THAT IS WHY THEY ARE |
|
| EXCLUSIVELY
USED IN ALL INTERNATIONAL TOURNAMENTS |
|
| &
SPORTS EVENTS. |
|
|
| GIVEN
AFRONT ARE A FEW SNAPS FROM THE VARIOUS |
|
| INTERNATIONAL
TOURNAMENTS WHEREIN MORE THAN 40 |
|
| PERCENT
PLAYERS USED "GRAYS" HOCKEY STICK |
|
| WHICH
SUBSTANTIATES OUR CLAIM THAT "GRAYS IS THE |
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| CHOICE
OF THE CHAMPIONS". |
|
|
|
| Directors'
Report |
|
|
| The
Directors are pleased to present to you their report along with the Audited
Accounts for the year |
|
| ended
June 30, 1999 and the Auditors' Report thereon. |
|
|
| FINANCIAL
RESULTS |
|
|
| The
operating results and the Directors' recommendations regarding appropriations
thereof are as under: |
|
|
|
|
|
Rupees |
|
| Profit
for the year ended June 30, 1999 after providing |
|
| for
administration, marketing and financial charges |
|
48,970,439 |
|
|
|
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| Less:
Workers' profit participation fund |
|
2,410,390 |
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| Donations |
|
|
762,636 |
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|
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|
------------------ |
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|
3,173,026 |
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------------------ |
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| Profit
before taxation |
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|
45,979,413 |
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| Less
Provision for taxation: |
|
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| Current |
|
|
2,336,947 |
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| Prior years |
|
|
52,462 |
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|
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------------------ |
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|
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|
2,389,409 |
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|
|
|
------------------ |
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| Profit
after Taxation |
|
|
43,408,004 |
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| Unappropriated
profit brought forward |
|
180,445 |
|
|
------------------ |
|
| Profit
available for appropriations |
|
|
43,588,449 |
|
|
| Appropriations: |
|
| Bonus
shares @ 25% (1998: @ 40%) |
|
2,613,100 |
|
| Proposed
final dividend @ 200% (1998: @ 160%) |
|
20,904,800 |
|
| Transfer
to General Reserve |
|
|
20,000,000 |
|
|
|
|
------------------ |
|
|
|
|
43,517,900 |
|
|
|
|
------------------ |
|
| Unappropriated
profit carried forward |
|
70,549 |
|
|
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|
========== |
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| 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 |
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| 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, 1999 is given on page 34. |
|
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|
|
for and on behalf of the board |
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|
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|
KHAWAR A. KHAWAJA |
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| SIALKOT:
December 29, 1999 |
|
Chief Executive |
|
|
|
| Chief
Executive's Review |
|
|
| It
gives me great pleasure to welcome you to the 36th annual general meeting and
present the annual |
|
| report
of the company for the year ended June 30, 1999. |
|
|
| OPERATING
PERFORMANCE |
|
| The
net sales for the year ended June 30, 1999 were Rupees 98.468 million as
compared to Rupees |
|
| 98.947
million for the year ended June 30, 1998. The pre tax profits were Rupees
45.797 million and |
|
| Rupees
40.890 million for the year ended June 30, 1999 and June 30, 1998
respectively, thus showing |
|
| 12%
remarkable increase in the net profit of the company. This substantial
increase in the net profits has |
|
| been
made possible by generating some additional income through better operations
but mainly because |
|
| of
a handsome dividend pay out by company's wholly owned subsidiary, Dawn Sports
(Private) Limited. |
|
|
| DIVIDENDS
AND SHAREHOLDERS' EQUITY |
|
| In
consistence with our previous practice and in line with our key objectives
and corporate policy, the |
|
| Directors
have recommended 25 percent bonus shares and 200 percent cash dividend for
the year ended |
|
| June
30, 1999 as compared to 40 percent bonus shares and 160 percent cash dividend
last year. |
|
|
| Dear
friends, you will surely appreciate and apprehend the directors motive for
issuance of bonus shares |
|
| which
is a step forward to broaden our equity base gradually arid in fare
proportion to the enhanced |
|
| sources
of income from investment in associated companies As a result, we will also
be able to maintain |
|
| our
earning ratios as well as the financial health of our company. |
|
|
| Apart
from the above mentioned pay-outs, the directors have also proposed to plough
back a major part |
|
| (46.07
percent) of the profits into the shareholders' equity which reveals a
consistent growth over the |
|
| period. |
|
|
| FUTURE
OUTLOOK |
|
| Dear
shareholders, I have kept you informed about the development of composite
hockey stick. The FIH |
|
| has
recently allowed the use of composite hockey stick at International level.
This may have adverse |
|
| effect
on the future profitability Your management is well aware of the gravity of
the situation and we are |
|
| working
on the feasibility of starting the production of composite hockey sticks to
face any future |
|
| challenges |
|
|
| DAWN
SPORTS (PRIVATE) LIMITED |
|
| Dawn
Sports (Private) Limited is a wholly owned subsidiary of Grays of Cambridge
(Pakistan) Limited |
|
| acquired
during 1994. Its financials are also being published herewith so as to enable
you to evaluate the |
|
| actual
performance of the company. |
|
|
| However,
it gives me a great pleasure to mention that the total equity of 3 million
rupees was acquired |
|
| just
for 5 million of rupees. The shareholders' equity of this company now stands
at Rupees 28.363 |
|
| million
despite a dividend pay-out of Rupees 15.000 million during the year under
review. |
|
|
| GRAYS
LEASING LIMITED |
|
| Grays
Leasing Limited was co-sponsored by subscribing rupees 20 million out of its
total equity of |
|
| Rupees
100 million. After the declaration of 15% cash dividend its net worth stands
at Rupees 125.154 |
|
| million
as on June 30, 1999. |
|
|
| The
company started lease operations on 26th February, 1997 and, within a short
span of just a little over |
|
| two
and a half years, has generated a respectable lease portfolio of Rupees
483.000 million comprising of |
|
| 438
lease contracts. |
|
|
| The
operating results depict 25.60 percent growth in lease business and 57.00
percent rise in the net |
|
| investment
in leases which increased from Rupees 187.190 million on June 30, 1998 to
Rupees 293.640 |
|
| million
on June 30, 1999. During the year, the gross revenue from operations were
Rupees 46.924 million |
|
| and
the net profits after tax were Rupees 20.401 million. |
|
|
| PERSONNEL
& WORKING ENVIRONMENTS |
|
| Your
company is well aware of the importance of the team of skilled workers and
staff. 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 centralised database, support integration between the
manufacturing and |
|
| financial
systems, and assist the company in providing meaningful data in time for
management decision |
|
| making. |
|
|
| YEAR
2000 COMPLIANCE |
|
| The
Year 2000 Compliance has been achieved through up-gradation and replacement
of computer |
|
| hardware.
We are confident that the internal operations of the company will not be
disrupted due to this |
|
| issue. |
|
|
| 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:
December 29, 1999 |
|
Chief Executive |
|
|
|
| Statement
of Value Added and its Distribution |
|
|
| VALUE
ADDED |
|
1999 |
|
1998 |
|
|
|
|
(Rupees in 000) |
% |
(Rupees in 000) |
% |
|
|
|
|
| Net Sales |
|
98,468 |
|
98,947 |
|
|
| Less:
Materials and services |
|
50,325 |
|
50,592 |
|
|
|
|
------------------ |
|
------------------ |
|
|
|
|
48,143 |
|
48,355 |
|
|
| Other Income |
|
19,225 |
|
13,448 |
|
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
|
|
67,368 |
100.00 |
61,803 |
100.00 |
|
|
|
========== |
========== |
========== |
========== |
|
|
|
| DISTRIBUTION |
|
| To employees |
|
| Salaries,
wages and benefits |
|
15,161 |
22.50 |
13,987 |
22.63 |
|
| Workers'
profit participation fund |
|
2,410 |
3.58 |
2,153 |
3.48 |
|
| Interest
on Workers profit participation |
-- |
-- |
23 |
0.04 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
|
|
17,571 |
26.08 |
16,163 |
26.15 |
|
| To Government |
|
|
|
| Taxes
on income |
|
2,389 |
3.55 |
1,147 |
1.86 |
|
| To Banks |
|
|
|
|
| Interest,
Commission etc |
|
1,307 |
1.94 |
1,404 |
2.27 |
|
| To Shareholders |
|
|
|
| Bonus shares |
|
2,613 |
3.88 |
2,986 |
4.83 |
|
| Dividend |
|
20,905 |
31.03 |
11,946 |
19.33 |
|
| To
Service to community |
|
|
| Donations |
|
763 |
1.13 |
1,038 |
1.68 |
|
| Retained
in business |
|
|
| Depreciation |
|
1,930 |
2.87 |
2,307 |
3.73 |
|
| Retained profits |
|
19,890 |
29.52 |
24,812 |
40.15 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
|
|
21,820 |
32.39 |
27,119 |
43.88 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
|
|
67,368 |
100.00 |
61,803 |
100.00 |
|
|
|
|
========== |
========== |
========== |
========== |
|
|
|
| Decade
at a Glance |
|
|
|
|
(Rupees in '000) |
|
|
|
June 30 |
June 30 |
June 30 |
June 30 |
June 30 |
Dec. 31 |
Dec. 31 |
Dec. 31 |
Dec. 31 |
Dec. 31 |
|
|
|
1999 |
1998 |
1997 |
1996 |
1995 |
1994 |
1993 |
1992 |
1991 |
1990 |
|
|
|
| INCOME |
|
| Sales
and Revenues |
117,693 |
112,395 |
87,865 |
80,253 |
38,452 |
66,651 |
66,224 |
61,736 |
47,459 |
41,782 |
|
| Cost of Sales |
|
50,710 |
49,151 |
45,238 |
38,505 |
19,299 |
32,427 |
27,411 |
25,096 |
23,441 |
20,453 |
|
| Operating
& other costs |
21,185 |
22,353 |
15,907 |
16,044 |
7,057 |
14,768 |
12,944 |
9,785 |
7,984 |
6,695 |
|
| Taxes
on income |
2,390 |
1,147 |
633 |
952 |
469 |
767 |
79 |
894 |
2,657 |
2,600 |
|
| Profit
after Taxation |
43,408 |
39,744 |
26,087 |
24,752 |
11,627 |
18,689 |
25,790 |
25,961 |
13,377 |
12,034 |
|
|
|
|
| FINANCIAL
POSITION |
|
|
| Current Assets |
|
150,421 |
107,605 |
96,147 |
61,835 |
87,965 |
78,105 |
73,496 |
61,020 |
39,716 |
39,295 |
|
| Less:
Current liabilities |
56,259 |
37,516 |
48,353 |
26,491 |
23,403 |
18,433 |
19,035 |
23,119 |
13,030 |
19,064 |
|
| Net
Working Capital |
94,162 |
70,089 |
47,794 |
35,344 |
64,562 |
59,672 |
54,461 |
37,901 |
