| Grays of Cambridge (PAK) Ltd - 2001 |
=================================================================================== BALANCE SHEET AS AT JUNE 30, 2001 =================================================================================== 2001 2000 Note Rupees Rupees =================================================================================== SHARE CAPITAL AND RESERVES Authorized Share Capital 5,000,000 ordinary shares of Rupees 10 each 50,000,000 50,000,000 Issued, subscribed and paid up share capital 3 16,331,870 13,065,500 Capital reserve - 3,266,370 Revenue reserve 184,000,000 158,000,000 Unappropriated profit 530,542 1,796,961 200,862,412 176,128,831 CURRENT LIABILITIES Short term finances 4 22,000,000 35,000,000 Creditors, accrued and other liabilities 5 14,812,891 13,285,708 Provision for taxation 6 5,576,488 7,989,317 Dividend payable 7 33,079,827 52,594,055 75,469,206 108,869,080 CONTINGENCIES AND COMMITMENTS 8 276,331,618 284,997,911 ASSETS NON CURRENT ASSETS Tangible operating fixed assets 9 11,915,135 13,385,018 Equity investments 10 84,240,664 64,465,664 Long term security deposits 153,423 101,023 96,309,222 77,951,705 CURRENT ASSETS Stock in trade 11 19,232,577 22,482,960 Trade debts 12 33,939,960 29,746,080 Advances, deposits, prepayments and other receivables 13 57,103,281 57,001,656 Short term investments 14 57101,781 83,569,562 Cash and bank balances 15 12,644,797 14,245,948 180,022,396 207,046,206 276,331,618 284,997,911 =================================================================================== =================================================================================== PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED JUNE 30, 2001 =================================================================================== 2001 2000 Note Rupees Rupees =================================================================================== SALES 16 97,802,679 100,300,582 COST OF GOODS SOLD 17 50,077,752 52,419,452 GROSS PROFIT 47,724,927 47,881,130 ADMINISTRATIVE SELLING AND GENERAL EXPENSES 18 16,823,301 15,266,692 30,901,626 32,614,438 OTHER INCOME 19 36,931,114 60,476,507 67,832,740 93,090,945 FINANCIAL AND OTHER CHARGES 20 5,181,098 8,169,013 PROFIT BEFORE TAXATION 62,651,642 84,921,932 PROVISION FOR TAXATION - Current 5,254,321 7,667,150 PROFIT AFTER TAXATION 57,397,321 77,254,782 UNAPPROPRIATED PROFIT BROUGHT FORWARD 1,796,961 70,549 PROFIT AVAILABLE FOR APPROPRIATIONS 59,194,282 77,325,331 APPROPRIATIONS: Bonus, shares Nil (2000: 25%) - 3,266,370 Proposed final dividend Rupees 20 per share (2000: Rupees 40 per share) 32,663,740 52,262,000 Transfer to General Reserve 26,000,000 20,000,000 58,663,740 75,528,370 UNAPPROPRIATED PROFIT 530,542 1,796,961 EARNINGS PER SHARE 21 35.14 47.30 =================================================================================== ===================================================================================
CASH FLOW STATEMENT FOR THE YEAR ENDED JUNE 30, 2001
===================================================================================
2001 2000
Rupees Rupees
===================================================================================
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation 62,651,642 84,921,932
Adjustment for non cash and other items:
Depreciation 1,879,503 2,075,822
Profit on short term investments (8,753,200) (12,937,310)
Dividend income (28,158,900) (47,536,983)
Financial charges 1,223,311 2,527,756
Loss on sale of investment - 3,464
Gain on sale of fixed assets (19,014) (2,214)
(33,828,300) (55,869,465)
Operating profit before working capital changes 28,823,342 29,052,467
Decrease / (Increase) in current assets 25,422,659 (51,326,574)
Increase / (Decrease) in creditors, accrued and
other liabilities 1,527,183 (4,149,274)
(Decrease) / Increase in short term finances (13,000,000) 20,000,000
13,949,842 (35,475,848)
Cash flows from operating activities before
income tax 42,773,184 (6,423,381)
Financial charges paid (1,223,311) (2,527,756)
Income tax paid (7,667,150) (2,336,947)
Net cash flows from operating activities 33,882,723 (11,288,084)
CASH FLOWS FROM INVESTING ACTIVITIES
Addition in equity investment (19,775,000) (20,310,525)
Addition in fixed assets (690,606) (2,800,588)
Long term security deposits (52,400) (18,400)
Proceeds from disposal of fixed assets 300,000 74,322
Profit on short term investments 8,753,200 12,937,310
Dividend income 28,158,900 47,536,983
Net cash flows from investing activities 16,694,094 37,419,102
Net increase / decrease in cash and cash equivalents 50,576,817 26,131,018
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid (52,177,968) (20,832,374)
Net increase in cash and cash equivalents (1,601,151) 5,298,644
Cash and cash equivalents at the beginning
of the year 14,245,948 8,947,304
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 12,644,797 14,245,948
===================================================================================NOTES TO THE ACCOUNTS FOR THE YEAR ENDED JUNE 30, 20013. ISSUED, SUBSCRIBED AND PAID UP CAPITAL ===================================================================================
2001 2000
Rupees Rupees
===================================================================================
204 700 Ordinary shares of Rupees 10 each fully
paid up in cash 2,047,000 2,047,000
4 400 Ordinary shares of Rupees 10 each fully paid up
for consideration other than cash 44,000 44,000
1 424 087 Ordinary shares of Rupees 10 each issued as
fully paid bonus shares 14,240,870 10,974,500
16,331,870 13,065,500
===================================================================================3.1. Grays of Cambridge (International) Limited, England and Anwar Khawaja Industries (Pvt) Limited Sialkot, associated undertakings held 653 329 and 81 665 ordinary shares of Rupees 10 each (2000 : 522 666 and 65 332 ordinary shares of Rupees 10 each) respectively.4. SHORT TERM FINANCES ===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Habib Bank Limited - 5,000,000
Standard Chartered Grindlays Bank Ltd. 22,000,000 30,000,000
22,000,000 35,000,000
===================================================================================This represents the availed portion of total credit facility of Rupees 44.472 million obtained from Standard Chartered Grindlays Bank under export refinance scheme. It carries mark up at the rate of paisas 27 per Rupees thousand per day.These finances are secured by registered hypothecation over stocks, book debts of the company, mortgage of freehold land and building and shares on stock of other listed companies. 5. CREDITORS, ACCRUED AND OTHER LIABILITIES ===================================================================================
2001 2000
Note Rupees Rupees
===================================================================================
Trade creditors 376,039 448,790
Advances from customers 455,369 14,379
Due to directors 368,974 142,557
Commission payable 7,648,231 5,388,770
Workers' profit participation fund 5.1 3,297,460 4,469,580
Anwar Khawaja Industries (Pvt) Limited
(associated undertaking) 28,491 -
Other accrued liabilities 2,638,327 2,821,632
14,812,891 13,285,708
===================================================================================5.1. WORKERS' PROFIT PARTICIPATION FUND===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Balance at the beginning of the year 4,469,580 2,410,390
Payments made during the year
To workers 348,000 372,000
To Government 4,121,580 2,038,390
4,469,580 2,410,390
- -
Share of company's profit for the year 3,297,460 4,469,580
3,297,460 4,469,580
===================================================================================6. PROVISION FOR TAXATION===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Balance at the beginning of the year 7,989,317 2,659,114
Payments made during the year (7,667,150) (2,336,947)
322,167 322,167
Provision for the year 5,254,321 7,667,150
5,576,488 7,989,317
===================================================================================7. DIVIDEND PAYABLE===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Proposed final dividend 32,663,740 52,262,000
Unclaimed dividend 416,087 332,055
33,079,827 52,594,055
===================================================================================8. CONTINGENCIES AND COMMITMENTSCounter guarantees given by the company to its bankers and post dated cheques issued to the Custom Authorities are amounting to Rupees 10.073 million (2000: Rupees 6.320 million) 9. TANGIBLE OPERATING FIXED ASSETS ===================================================================================================================================================
Cost Accumulated depreciation Book value Depreciation
Description As at Additions/ Adjust- As at As at As at As at charge Rate
July 01, (deletions) ment June 30 July 01, Adjustment June 30, June 30, For the %
2000 2001 2000 2001 2001 year
===================================================================================================================================================
Freehold Land 202,706 - (164,219) 38,487 - - - 38,487 - -
Leasehold Land - - 164,219 164,219 - - 7,465 156,754 7,465
Factory Building on
Freehold Land 8,899,982 - - 8,899,982 3,752,146 - 4,266,930 4,633,052 514,784 10
Plant and Machinery 2,660,031 - - 2,660,031 1,629,754 - 1,732,782 927,249 103,028 10
Office Equipment 1,318,534 - - 1,318,534 624,199 - 693,633 624,901 69,434 10
Tools and equipment 1,231,466 84,593 - 1,316,059 440,736 - 528,268 787,791 87,532 10
Electric Installations 1,929,956 34,609 - 1,964,565 877,461 - 986,171 978,394 108,710 10
Furniture & Fixtures 903,172 10,400 - 913,572 442,026 - 489,181 424,391 47,155 10
Vehicles 6,699,266 22,500 - 5,864,266 3,020,405 (576,514) 3,127,966 2,736,300 684,075 20
(857,500) -
Computers 840,401 538,504 - 1,378,905 524,875 - 781,084 597,821 256,209 30
Security Arms 19,300 - - 19,300 8,194 - 9,305 9,995 1,111 10
2001 - Rupees 24,704,814 690,606 - 24,537,920 11,319,796 (576,514) 12,622,785 11,915,135 1,879,503
(857,500) -
2000 - Rupees 22,051,826 2,800,588 - 24,704,814 9,316,002 (72,028) 11,319,796 13,385,018 2,075,822
(147,600) -
===================================================================================================================================================9.1. THE DEPRECIATION CHARGED FOR THE YEAR HAS BEEN ALLOCATED AS FOLLOWS===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Cost of goods sold 821,519 891,260
Administrative, selling and general expenses 1,057,984 1,184,562
1,879,503 2,075,822
===================================================================================9.2. Deletions represents the Motor Car (Honda VTI, STH 877) sold to Mrs. Kausar Rauf, Lahore for Rupees 300,000/- against book value Rupees 280,986/- by negotiation.10. EQUITY INVESTMENTS ===================================================================================
2001 2000
Rupees Rupees
===================================================================================
MUTUAL FUNDS
ICP STATE ENTERPRISE (MUTUAL FUND) SERIES 'A
39900 ordinary shares of Rupees 10 each
(2000: 39900 shares) 1,260,840 1,260,840
LEASING AND MODARABA
GRAYS LEASING LIMITED
(ASSOCIATED UNDERTAKING)
6000000 ordinary shares of Rupees 10 each - equity held 40%
(2000: 4000000 shares - equity held 40%) 60,197,875 40,422,875
TRUST MODARABA
182000 certificates of Rupees 10 each including
82000 bonus certificates (2000: 182000 certificates
Including 82000 bonus certificates) 2,182,545 2,182,545
FIRST GRINDLAYS MODARABA
24948 certificates of Rupees 10 each including
5948 bonus certificates (2000: 24948 certificates
Including 5948 bonus certificates) 529,030 529,030
FIRST CRESCENT MODARABA
205312 certificates of Rupees 10 each including
58812 bonus certificates (2000: 205312 certificates
Including 58812 bonus certificates) 2,554,820 2,554,820
FIRST FIDELITY LEASING MODARABA
444186 certificates of Rupees 10 each including
74624 bonus certificates (2000: 444186 certificates
Including 74624 bonus certificates) 4,510,285 4,510,285
TEXTILE SPINNING
UMER FABRICS LIMITED
14950 ordinary shares of Rupees 10 each
(2000:14950 shares) 153,465 153,465
NISHAT MILLS LIMITED
45891 ordinary shares of Rupees 10 each including
13726 bonus shares (2000 : 45891 shares including
13726 bonus shares) 929,320 929,320
SUGAR
HUSEIN SUGAR MILLS LIMITED
13197 ordinary shares of Rupees 10 each including
7010 bonus shares (2000:13197 shares including
7010 bonus shares) 326,550 326,550
CEMENT
MAPLE LEAF CEMENT FACTORY LTD.
227000 ordinary shares of Rupees 10 each including 6000 bonus shares
(2000: 227000 shares including 6000 bonus shares) 2,090,250 2,090,250
D. G. KHAN CEMENT COMPANY LTD.
172945 ordinary shares of Rupees 10 each including
8612 bonus shares (2000:172945 shares
including 8612 bonus shares) 4,382,344 4,382,344
CHEMICAL
SITARA CHEMICAL INDUSTRIES LTD.
950 ordinary shares of Rupees 10 each including
655 bonus shares (2000: 950 shares including 655
bonus shares) 6,740 6,740
79,124,064 59,349,064
FOREIGN EXCHANGE BEARER CERTIFICATES
Rupees 0.110 million face value and Rupees 0.174 million
surrender value (2000: Rupees 0.110 million face value
and Rupees 0,150 million surrender value) 116,600 116,600
UNQUOTED
Wholly owned subsidiary company
DAWN SPORTS (PRIVATE) LIMITED
600000 Fully paid ordinary shares of Rupees 10 each
including 300000
bonus shares. Break up value
as on June 30, 2001 was Rupees 34.72 per share
(2000: 600000 ordinary shares
including 300000 bonus shares. Break up value
Rupees 41.08 per share) 5,000,000 5,000,000
84,240,664 64,465,664
===================================================================================10.1. MARKET VALUE OF QUOTED EQUITY INVESTMENT WAS RUPEES 79.642 MILLION AS ON JUNE 30, 2001 (2000: RUPEES 46.467 MILLION)11. STOCK-IN-TRADE ===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Raw materials 11,137,895 13,027,227
Work-in-process 4,493,300 6,189,293
Finished goods 3,601,382 3,266,440
19,232,577 22,482,960
===================================================================================12. TRADE DEBTS===================================================================================
2001 2000
Rupees Rupees
===================================================================================
33,939,960 29,746,080
===================================================================================These are unsecured but considered good. The export bills under collection include bills due from Gray Nicolls, England and Gray Nicolls, Australia, associated undertakings amounting to Rupees 19.280 million (2000: Rupees 18.681 million).13. ADVANCES, DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES ===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Advances:
To employees 722,310 1,080,383
Provision for doubtful debts - (11,000)
722,310 1,069,383
To Suppliers 376,615 670,144
To Income tax department 6,185,808 3,870,529
Considered good 7,284,733 5,610,056
Deposits - Trade and others 9,824,600 8,335,425
Short term prepayments 113,525 106,280
Export rebate claims 7,749,340 6,993,000
Sales tax receivable 1,868,874 1,090,614
Dividend receivable 27,013,197 30,000,000
Letter of credit 30,000 -
Accrued profit on investments 2,907,233 3,415,296
Grays of Cambridge (International) Ltd.,
associated undertaking - 29,650
Dawn Sports (Private) Limited, subsidiary company 311,779 1,421,335
57,103,281 57,001,656
===================================================================================14. SHORT TERM INVESTMENTS===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Escorts Investment Bank Limited 41,901,781 38,369,562
Trust Investment Bank Limited 15,000,000 35,000,000
Standard Chartered Grindlays Bank 200,000 200,000
First Leasing Limited - 10,000,000
57,101,781 83,569,562
===================================================================================15. CASH AND BANK BALANCES===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Cash in hand 40 25,417
Cash with banks on:
Current Accounts 2,235,013 1,889,197
Deposit Accounts 10,409,744 12,331,334
12,644,757 14,220,531
12,644,797 14,245,948
===================================================================================16. SALES===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Export 97,884,881 101,411,114
Custom rebates 6,571,326 8,108,165
104,456,207 109,519,279
Local 3,316,560 891,914
107,772,767 110,411,193
Commission to selling agents (9,970,088) (10,110,611)
97,802,679 100,300,582
===================================================================================17. COST OF GOODS SOLD===================================================================================
2001 2000
Note Rupees Rupees
===================================================================================
Raw material consumed 17.1 34,548,066 37,390,082
Salaries, wages and other benefits inclusive of employer's contribution
towards provident fund Rupees 170,652
(2000:Rupees 154,698) 10,895,519 11,355,687
Repair and maintenance 691,763 570,495
Fuel and power 1,152,927 1,150,797
Insurance 569,052 571,263
Rent rates and taxes 37,855 37,136
Depreciation 9.1 821,519 891,260
48,716,701 51,966,720
Work-in-process
Opening Inventory 6,189,293 6,046,138
Closing Inventory (4,493,300) (6,189,293)
1,695,993 (143,155)
Cost of goods manufactured 50,412,694 51,823,565
Finished goods
Opening Inventory 3,266,440 3,862,327
Closing Inventory (3,601,382) (3,266,440)
(334,942) 595,887
50,077,752 52,419,452
===================================================================================17.1. RAW MATERIAL CONSUMED===================================================================================
2001 2000
Rupees Rupees
===================================================================================
Opening stock 13,027,227 16,495,697
Purchases during the year 32,658,734 33,921,612
45,685,961 50,417,309
Closing stock 11,137,895 13,027,227
34,548,066 37,390,082
===================================================================================18. ADMINISTRATIVE, SELLING AND GENERAL EXPENSES===================================================================================
2001 2000
Note Rupees Rupees
===================================================================================
Salaries and other benefits inclusive of employer's contribution towards
provident fund Rupees 58,690 (2000 Rupees 50,466) 6,317,813 5,289,409
Travelling and conveyance 2,285,849 1,552,107
Vehicles running 922,827 800,975
Postage, telephone and telex 749,909 836,070
Legal and professional 386,810 455,250
Audit fee 50,000 50,000
Printing and stationery 290,040 319,210
Boarding, lodging and entertainment 251,931 206,521
Fee and subscription 192,632 414,202
Books and periodicals 43,810 31,073
Repairs and maintenance 84,478 93,851
Free samples 362,942 175,008
Export tax 233,043 255,735
Advertisement and publicity 993,382 1,200,828
Clearing and forwarding 2,340,650 2,376,925
Bad debts written off 223,462 -
Miscellaneous 35,739 24,966
Depreciation 9.1 1,057,984 1,184,562
16,823,301 15,266,692
===================================================================================18.1. TOTAL NUMBER OF EMPLOYEES, INCLUDING CHIEF EXECUTIVE AND 3 EXECUTIVES AS ON JUNE 30, 2001 WERE 131(2000:142)19. OTHER INCOME ===================================================================================
2001 2000
Note Rupees Rupees
===================================================================================
Profit on deposits with banks 8,753,200 12,937,310
Dividend income 19.1 28,158,900 47,536,983
Gain on sale of fixed assets 19,014 2,214
36,931,114 60,476,507
===================================================================================19.1. Included Rupees 21.000 million from subsidiary undertaking Dawn Sports (Private) Limited (2000: Rupees 37.500 million) and Rupees 6.000 million from associated undertaking Grays Leasing Limited (2000: Rupees 9.000 million).20. FINANCIAL AND OTHER CHARGES ===================================================================================
2001 2000
Note Rupees Rupees
===================================================================================
Mark up on short term finances 827,944 2,143,844
Bank charges and commission 395,367 383,912
1,223,311 2,527,756
Capital loss - 3,464
Zakat 9,975 -
Workers' profit participation fund 3,297,460 4,469,580
Donations 20.1 650,352 1,168,213
5,181,098 8,169,013
===================================================================================20.1. NONE OF THE DIRECTORS AND THEIR SPOUSES HAD ANY INTEREST IN THE DONEES FUND21. EARNINGS PER SHARE - BASIC There is no dilutive effect on the basic earnings per share of the company, which is based on: ===================================================================================
2001 2000
===================================================================================
Profit after taxation (Repees) 57,397,321 77,254,762
Number of shares 1,633,187 1,633,187
Earnings per share 35.14 47.30
===================================================================================21.1. The earning per share for the year ended June 30, 2000 is restated from Rupees 59.13 per share to Rupees 47.30 per share due to issue of bonus shares in the year ended June 30, 2001. |