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GRAYS OF CAMBRIDGE (PAKISTAN) LIMITED
CONDENSED FINANCIAL INFORMATIONINTERIM FOR THE HALF YEAR ENDED
31 DECEMBER 2014(UN-AUDITED)
GRAYS OF CAMBRIDGE (PAKISTAN) LIMITED
CONDENSED INTERIM FINANCIAL INFORMATION
1
BOARD OF DIRECTORS Mr. Ameer Khawar Khawaja Mr. Khawar Anwar Khawaja (Chief Executive) Mr. Khurram Anwar Khawaja Mr. Muhammad Tahir ButtMr. Neil Douglas James Gray (Chairman)Mr. Omer Khawar KhawajaMr. Paul Douglas GrayMr. Sarfraz Mahmood (Alternate to Mr. Neil Douglas James Gray)Mr. Fakir Syed Aijaz Uddin (Alternate to Mr. Paul Douglas Gray)
AUDIT COMMITTEE Mr. Ameer Khawar Khawaja Mr. Muhammad Tahir ButtMr. Paul Douglas Gray
HUMAN RESOURCE AND REMUNERATION COMMITTEE Mr. Khurram Anwar Khawaja
Mr. Khawar Anwar KhawajaMr. Paul Douglas Gray
CORPORATE SECRETARY/CFO Muhammad Ashraf Butt
HEAD OF INTERNAL AUDIT Saeed Ahmed Shaheen
AUDITORS HLB Ijaz Tabussum & CompanyChartered AccountantsS-8, Ahmed Arcade, 161- Ferozepur Road, Lahore.Phone: 042- 37503257 - 58Fax: 042-37503256E-mail: [email protected]
REGISTERED OFFICE Small Industries Estate, AND WORKS Sialkot 4 - Pakistan
Phone: 052-3555338, 3563051-52Fax: 052-3551252, 3553609E-mail: [email protected]: www.gocpak.com
SHARE REGISTRARS CorpTec Associates (Pvt) Limited Share Registrar & Corprate Consultants503-E, Johar Town, Lahore.Phone: 042-35170336-37Fax: 042-35170338
CORPORATE INFORMATION
DIRECTORS’ REPORT
Sialkot: 23 February 2015 Khawar Anwar Khawaja
Chief Executive
For and on behalf of the Board
GRAYS OF CAMBRIDGE (PAKISTAN) LIMITED
CONDENSED INTERIM FINANCIAL INFORMATION
2
It gives me great pleasure to present, on behalf of the Board of Directors, the condensed interim financial information (un-audited) for the quarter and half year ended 31 December 2014 together with the review report of the statutory auditors.
The sales for the half year have decreased by 15.93% to Rupees 17.535 million as against Rupees 110.067 million for the corresponding period. It is mainly due to appreciation in the Pak Rupee value against US Dollar beside increase in the input costs. Company earned gross profit of Rupees 16.859 million as compared to Rupees 29.216 million for the corresponding period. Earning per share was Rupees (0.94) as compared to gain per share of Rupees 0.44 for the corresponding period. The trend of decline in the sales of wooden sticks is continued because of the introduction of composite sticks and is likely to continue especially in the top and medium end.
The share of profit of associated company, Grays Leasing Limited, was recorded at Rupees 0.037 million against Rupees 0.156 million for the corresponding period.
The Company has continued to focus on reassessing the changing needs of the markets and investing in product quality and innovation.
Keeping in view the present market situation the directors are satisfied with the results and express their commitment and are confident of further improvements in the business of the company.
The Board places on record its profound gratitude for its valued shareholders and customers, whose cooperation, continued support and patronage have enabled the company to strive for constant improvement. During the period under review, relations between the management and employees remained cordial and we wish to place on record our appreciation for the dedication, perseverance and diligence of the staff and workers of the company.
GRAYS OF CAMBRIDGE (PAKISTAN) LIMITED
CONDENSED INTERIM FINANCIAL INFORMATION
3
AUDITORS’ REPORT TO THE MEMBERS ON REVIEW OFCONDENSED INTERIM FINANCIAL INFORMATION
S-8, Ahmed Arcade,161-Ferozpur Road,Lahore-Pakistan
Tel: 92-42-7567667-7587323-7569904Fax: 92-42-7580098-7575510E-mail: [email protected]
Other Offices:Islamabad - KarachiGujranwala - Peshawar
CHARTERED ACCOUNTANTS
IJAZ TABUSSUM & CO. HLB
Introduction
We have reviewed the accompanying condensed interim balance sheet of Grays of Cambridge (Pakistan) limited as at December 31, 2014 and the related condensed interim profit and loss account, condensed interim statement of other comprehensive income, condensed interim statement of cash flows, condensed interim statement of changes in equity and notes to the financial information for the half year then ended (here-in-after referred to as the “condensed interim financial information”). Management is responsible for the preparation and presentation of this condensed interim financial information in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting. Our responsibility is to express a conclusion on this condensed interim financial information based on our review. The figures of the condensed interim profit and loss account and condensed interim statement of other comprehensive income for the quarters ended December 31, 2014 and 2013 have not been reviewed, and we do not express a conclusion on them as we are required to review only the cumulative figures for the half year ended December 31, 2014.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity.” A review of condensed interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial information as of and for the half year ended December 31, 2014 is not prepared, in all material respects, in accordance with approved accounting standards as applicable in Pakistan for interim financial reporting.
HLB IJAZ TABUSSUM & CO. Lahore: February 23, 2015Chartered AccountantsEngagement Partner:Muhammad Aslam Tabussum (FCA)
CONDENSED INTERIM BALANCE SHEET AS AT 31 DECEMBER 2014
KHAWAR ANWAR KHAWAJA MUHAMMAD TAHIR BUTT
CHIEF EXECUTIVE DIRECTOR
GRAYS OF CAMBRIDGE (PAKISTAN) LIMITED
CONDENSED INTERIM FINANCIAL INFORMATION
4
Un-audited Audited31 December 30 June
2014 2014Note Rupees Rupees
NON-CURRENT ASSETSProperty, plant and equipment 4 45,750,628 42,093,546Long term investments 5 28,309,212 28,302,048Long term deposits 649,803 623,207
74,709,643 71,018,801
CURRENT ASSETSStores, spare parts and loose tools 1,327,791 1,512,419Stock in trade 95,126,223 101,278,533Trade debts 9,820,595 27,004,079Advances 21,234,538 14,994,021Trade deposits and short term prepayments 3,636,604 230,730Other receivables 13,104,002 12,774,756Cash and bank balances 16,146,459 10,535,411
160,396,212 168,329,949
CURRENT LIABILITIES
Trade and other payables 43,168,453 39,557,139Provision for taxation 1,252,256 2,255,873
44,420,709 41,813,012NET ASSETS 190,685,146 197,535,738
REPRESENTED BY:Share capital and reservesAuthorized share capital10,000,000 (30 June 2014: 10,000,000) ordinary
Issued, subscribed and paid up share capital7,349,341 (30 June 2014: 7,349,341) ordinary
Reserves 117,191,736 124,042,328Total equity 190,685,146 197,535,738
Contingencies and commitments 6
The annexed notes form an integral part of this condensed interim financial information.
shares of Rupees 10 each 73,493,410 73,493,410
shares of Rupees 10 each 100,000,000 100,000,000
CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (Un-audited) FOR THE HALF YEAR ENDED 31 DECEMBER 2014
KHAWAR ANWAR KHAWAJA MUHAMMAD TAHIR BUTT
CHIEF EXECUTIVE DIRECTOR
GRAYS OF CAMBRIDGE (PAKISTAN) LIMITED
CONDENSED INTERIM FINANCIAL INFORMATION
5
31 December 31 December 31 December 31 December2014 2013 2014 2013
Note Rupees Rupees Rupees Rupees
SALES 92,532,158 110,066,889 42,219,501 62,960,486
COST OF SALES 7 (75,673,054) (80,850,584) (39,427,391) (46,533,156)
GROSS PROFIT 16,859,104 29,216,305 2,792,110 16,427,330
DISTRIBUTION COST (10,410,211) (13,870,258) (6,117,683) (7,913,544)
ADMINISTRATIVE EXPENSES (11,749,096) (9,829,819) (6,066,969) (4,803,610)
OTHER EXPENSES (494,425) (1,291,142) 255,881 (407,318)
(22,653,732) (24,991,219) (11,928,771) (13,124,472)
(5,794,628) 4,225,086 (9,136,661) 3,302,858
OTHER INCOME 499,787 301,646
183,676 168,897
(LOSS) / PROFIT FROM OPERATIONS (5,294,841) 4,526,732
(8,952,985) 3,471,755
FINANCE COST (310,659) (254,639)
(103,060) (128,868)
(5,605,500) 4,272,093
(9,056,045) 3,342,887
SHARE OF PROFIT / (LOSS) OF ASSOCIATED COMPANY 36,831 155,632 (719,666) (52,168)
PROFIT / (LOSS) BEFORE TAXATION (5,568,669) 4,427,725 (9,775,711) 3,290,719
TAXATION
-Current (1,252,256) (1,093,321) (676,078) (627,673)
-Share of tax of associate (52,605) (64,953) (17,698) (40,954)
(1,304,861) (1,158,274) (693,776) (668,627)
(LOSS) / PROFIT AFTER TAXATION (6,873,530) 3,269,451 (10,469,487) 2,622,092
AND DILUTED (0.94) 0.44 (1.42) 0.36
The annexed notes form an integral part of this condensed interim financial information.
Half Year Ended Quarter Ended
EARNING / (LOSS) PER SHARE - BASIC
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHERCOMPREHENSIVE INCOME (Un-audited)FOR THE HALF YEAR ENDED 31 DECEMBER 2014
GRAYS OF CAMBRIDGE (PAKISTAN) LIMITED
CONDENSED INTERIM FINANCIAL INFORMATION
KHAWAR ANWAR KHAWAJA MUHAMMAD TAHIR BUTT
CHIEF EXECUTIVE DIRECTOR
6
31 December 31 December 31 December 31 December
2014 2013 2014 2013Rupees Rupees Rupees Rupees
PROFIT / (LOSS) AFTER TAXATION FOR THE PERIOD (6,873,530) 3,269,451 (10,469,487) 2,622,092
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified to profit or loss -
-
-
-
-
-
-
-Items that may be reclassified subsequently to profit or loss:
Surplus on re-measurement of available for sale investment 22,938 52,114 27,154
Other comprehensive income for the period 22,938 52,114 -
-
27,154
TOTAL COMPREHENSIVE INCOME / (LOSS) FOR THE PERIOD (6,850,592) 3,321,565 (10,469,487) 2,649,246
The annexed notes form an integral part of this condensed interim financial information.
Quarter EndedHalf Year Ended
CONDENSED INTERIM CASH FLOW STATEMENT (Un-audited) FOR THE HALF YEAR ENDED 31 DECEMBER 2014
GRAYS OF CAMBRIDGE (PAKISTAN) LIMITED
CONDENSED INTERIM FINANCIAL INFORMATION
KHAWAR ANWAR KHAWAJA MUHAMMAD TAHIR BUTT
CHIEF EXECUTIVE DIRECTOR
7
31 December 31 December2014 2013
CASH FLOWS FROM OPERATING ACTIVITIES Rupees Rupees
Profit / (loss) before taxation (5,568,669) 4,427,725Adjustment for:
Depreciation on property, plant and equipment 2,788,893 1,749,398Profit on placement and deposit accounts (487,659) (284,295)Dividend income (12,128) (11,550)Share of profit of associated company (36,831) (155,632)Loss on disposal of property, plant and equipment 524 7,808Finance cost 310,659 254,639
2,563,458 1,560,368
Cash generated from / (used in) operating activities before working capital changes (3,005,211) 5,988,093
Decrease / (increase) in current assetsStores, spare parts and loose tools 184,628 34,934Stock in trade 6,152,310 (489,447)Trade debts 17,183,484 (8,267,874)Advances (6,420,440) 376,990Trade deposits and short term prepayments (3,405,874) (714,186)Other receivables (337,094) (3,752,364)
13,357,014 (12,811,947)Increase in current liabilities
Trade and other payables 3,457,939 7,421,357Cash generated from operations 13,809,742 597,503
Finance cost paid (310,659) (254,639)Income tax paid (1,922,575) (1,505,402)Increase in long term deposits (26,596)Net cash (utilized in) / generated from operating activities 11,549,912 (1,162,538)
CASH FLOWS FROM INVESTING ACTIVITIESCapital expenditure on property, plant and equipment (6,530,196) (2,199,430)Proceeds from disposal of property, plant and equipment 83,697 -
-
Net decrease in placement - 500,000Profit on deposit accounts and short term placements received 495,507 321,444Dividend income 12,128 11,550Net cash (used in) / from investing activities (5,938,864) (1,366,436)
CASH FLOWS FROM FINANCING ACTIVITIESDividend paid - (55,363)Net cash used in financing activities - (55,363)Net increase / (decrease) in cash and cash equivalents 5,611,048 (2,584,337)Cash and cash equivalents at the beginning of the period 10,535,411 12,012,747Cash and cash equivalents at the end of the period 16,146,459 9,428,410
The annexed notes form an integral part of this condensed interim financial information.-
CO
ND
EN
SE
D IN
TE
RIM
STA
TE
ME
NT
S O
F C
HA
NG
ES
IN E
QU
ITY
( U
n-a
ud
ited
)F
OR
TH
E H
AL
F Y
EA
R E
ND
ED
31
DE
CE
MB
ER
201
4
KH
AW
AR
AN
WA
R K
HA
WA
JA
MU
HA
MM
AD
TA
HIR
BU
TT
CH
IEF
EX
EC
UT
IVE
DIR
EC
TO
R
GRAYS OF CAMBRIDGE (PAKISTAN) LIMITED
CONDENSED INTERIM FINANCIAL INFORMATION
8
Cap
ital
rese
rve
Fai
r va
lue
rese
rve
Sub
tota
l G
ener
al
rese
rve
Una
ppro
pria
ted
prof
it S
ub to
tal
Rup
ees
Rup
ees
Rup
ees
Rup
ees
Rup
ees
Rup
ees
Rup
ees
Rup
ees
Rup
ees
Bal
ance
as
at 3
0 Ju
ne 2
013
(Aud
ited)
73,4
93,4
101,
000,
000
220,
658
1,22
0,65
8
104,
455,
492
4,65
6,89
7
109,
112,
389
110,
333,
047
183,
826,
457
Pro
fit fo
r the
per
iod
ende
d 31
Dec
embe
r 201
3-
-
-
-
-
3,26
9,45
1
3,26
9,45
1
3,26
9,45
13,
269,
451
Oth
er c
ompr
ehen
sive
inco
me
for t
he p
erio
d en
ded
31 D
ecem
ber 2
013
-
-
52,1
14
52,1
14
-
-
-
52,1
1452
,114
Tota
l com
preh
ensi
ve in
com
e fo
r the
per
iod
ende
d 31
Dec
embe
r 201
3-
-
52
,114
52,1
14
-
3,
269,
451
3,
269,
451
3,
321,
565
3,32
1,56
5
Bal
ance
as
at 3
1 D
ecem
ber
2013
(Un-
audi
ted)
73,4
93,4
10
1,
000,
000
27
2,77
2
1,
272,
772
10
4,45
5,49
2 7,
926,
348
11
2,38
1,84
0
113,
654,
612
187,
148,
022
Bal
ance
as
at 3
0 Ju
ne 2
014
(Aud
ited)
73,4
93,4
101,
000,
000
332,
243
1,33
2,24
3
104,
455,
492
18,2
54,5
93
122,
710,
085
124,
042,
328
197,
535,
738
Loss
for t
he p
erio
d en
ded
31 D
ecem
ber 2
014
-
-
-
-
-
(6,8
73,5
30)
(6,8
73,5
30)
(6,8
73,5
30)
(6,8
73,5
30)
Oth
er c
ompr
ehen
sive
inco
me
for t
he p
erio
d en
ded
31 D
ecem
ber 2
014
--
22,9
3822
,938
--
-22
,938
22,9
38
Tota
l com
preh
ensi
ve lo
ss fo
r the
per
iod
ende
d 31
Dec
embe
r 201
4-
-22
,938
22,9
38-
(6,8
73,5
30)
(6,8
73,5
30)
(6,8
50,5
92)
(6,8
50,5
92)
Bal
ance
as
at 3
1 D
ecem
ber
2014
(Un-
audi
ted)
73,4
93,4
101,
000,
000
355,
181
1,35
5,18
110
4,45
5,49
211
,381
,063
115,
836,
555
117,
191,
736
190,
685,
146
The
anne
xed
note
s fo
rm a
n in
tegr
al p
art o
f thi
s co
nden
sed
inte
rim fi
nanc
ial i
nfor
mat
ion.
SH
AR
E
CA
PIT
AL
TO
TAL
EQ
UIT
Y
RE
SE
RV
ES
RE
VE
NU
E
TO
TAL
RE
SE
RV
ES
CA
PIT
AL
SELECTED NOTES TO THE INTERIM FINANCIAL INFORMATION (Un-audited)CONDENSED FOR THE HALF YEAR ENDED 31 DECEMBER 2014
GRAYS OF CAMBRIDGE (PAKISTAN) LIMITED
CONDENSED INTERIM FINANCIAL INFORMATION
9
1. THE COMPANY AND ACTIVITIES
2.
3. SIGNIFICANT ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
3.1
3.2
3.3
Un-audited Audited31 December 30 June
2014 2014Rupees Rupees
4. PROPERTY, PLANT AND EQUIPMENT
Operating fixed assets (Note 4.1) 45,670,628 40,396,546
Capital work-in-progress (Note 4.2) 80,000 1,697,00045,750,628 42,093,546
4.1 Operating fixed assets
Opening book value 40,396,546 34,267,177Cost of additions during the period / year (Note 4.1.1) 8,147,196 11,991,395
Book value of deletions during the period / year (Note
4.1.2) (84,221) (2,085,345)
Depreciation charge for the period / year (2,788,893) (3,776,681)Closing book value 45,670,628 40,396,546
4.1.1 Cost of additions during the period / year
Factory building on freehold land 20,412 375,465Plant and machinery 7,659,134 361,300Tools and equipment 148,000 -Electric installations 136,550 2,329,800Vehicles 143,800 8,796,530Computers 39,300 128,300
8,147,196 11,991,395
4.1.2 Book value of deletions during the period / year
Vehicles 81,697 2,076,853Computers 2,524 8,492
84,221 2,085,345
4.2 Capital work-in-progress
Tools and equipment 80,000 80,000Plant and machinery - 1,617,000
80,000 1,697,000
Grays of Cambridge (Pakistan) Limited was incorporated in Pakistan on 02 June 1964 as a private Company limited by shares under the
Companies Act, 1913 (Now Companies Ordinance, 1984) and converted into a public limited Company on 17 April 1986. The Company's
shares are quoted on the Karachi and Lahore Stock Exchanges. The registered office of the Company is situated at Small Industries Estate,
Sialkot. The Company is engaged in manufacturing and sale of hockey sticks, cricket ball and other quality sports goods.
During preparation of this condensed interim financial information, the significant judgments made by the management in applying the
Company’s accounting policies and the key sources of estimation and uncertainty were the same as those that applied in the preceding
audited annual published financial statements of the Company for the year ended 30 June 2014.
BASIS OF PREPARATION
This condensed interim financial information is un-audited but subject to limited scope review by the statutory auditors and is being submitted
to shareholders as required by section 245 of the Companies Ordinance, 1984. This condensed interim financial information of the Company
for the half year ended 31 December 2014 has been prepared in accordance with the requirements of the International Accounting Standard
(IAS) 34 "Interim Financial Reporting" and provisions of and directives issued under the Companies Ordinance, 1984. In case where
requirements differ, the provisions of or directives issued under the Companies Ordinance, 1984 have been followed. This condensed interim
financial information should be read in conjunction with the audited annual published financial statements of the Company for the year ended
30 June 2014.
The preparation of this condensed interim financial information in conformity with the approved accounting standards requires the use of
certain critical accounting estimates. It also requires the management to exercise its judgment in the process of applying the Company's
accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including
expectations of future events that are believed to be reasonable under the circumstances.
The accounting policies and methods of computation adopted for the preparation of this condensed interim financial information are the same
as applied in the preparation of the preceding audited annual published financial statements of the Company for the year ended 30 June
2014.
SELECTED NOTES TO THE INTERIM FINANCIAL INFORMATION (Un-audited)CONDENSED FOR THE HALF YEAR ENDED 31 DECEMBER 2014
GRAYS OF CAMBRIDGE (PAKISTAN) LIMITED
CONDENSED INTERIM FINANCIAL INFORMATION
10
Un-audited Audited31 December 30 June
2014 2014Rupees Rupees
5. LONG TERM INVESTMENTS
Under equity method (Note 5.1) 27,943,816 27,959,590
Available for sale (Note 5.2) 365,396 342,45828,309,212 28,302,048
5.1 Under equity method
Grays Leasing Limited - associated company7,999,999 (30 June 2014: 7,999,999) ordinary shares of Rupees 10 each equity held 37.21% (30 June 2014: 37.21%)
Share in net assets at the beginning of the period / year 27,959,590 28,037,311
Add: Share in profit / (loss) before taxation for the period / year 36,831 (251,829)
Share in taxation (52,605) (148,273)Share in other comprehensive income - 322,381
(15,774) (77,721)
Share in net assets at the end of the period / year 27,943,816 27,959,590
5.1.1
5.2 Available for sale
Sitara chemical industries limited
1,155 (30 June 2014: 1,155) shares of Rupees 10 each 10,215 10,215Fair value adjustment (Note 5.2.1) 355,181 332,243
365,396 342,458
5.2.1 Fair value adjustmentOpening balance 332,243 220,658
Surplus on re-measurement of available for sale investment 22,938 111,585355,181 332,243
6 CONTINGENCIES AND COMMITMENTS
Commitments Nil Nil
Contingencies:
Post dated cheques issued to Custom authorities amounting to Rupees 1.027 million (30 June 2014: Rupees 0.860 million).
Investments in associated company has been tested for impairment under IAS 36 'Impairment of Assets'. The financial statements /
condensed interim financial information of the investee company have not been prepared on going concern basis. Break up value per
share of the investee company comes to Rupees 3.49 as on 31 December 2014 based on historical cost convention (30 June 2014:
Rupees 3.49). Whereas, value per share is Rupees 7.06 (30 June 2014: Rupees 7.29) on the basis of estimated realizable (settlement)
values of assets and liabilities respectively of the investee company. The reason for difference in value per share calculated on the basis
of two different accounting conventions is the fact that potential lease losses against finance lease receivable are recognized under
historical cost convention on the basis of time based criteria prescribed by Securities and Exchange Commission of Pakistan. Whereas,
under the other accounting convention, potential lease losses against finance lease receivables are recognized by the investee
company based on estimated realizable value of the lease portfolio. Hence, the management believes that the recoverable amount
of investment in equity method accounted for associated company is higher than its carrying value and resultantly no impairment loss
has been incorporated in these condensed interim financial information.
7. COST OF SALES 31 December 31 December 31 December 31 December2014 2013 2014 2013
Rupees Rupees Rupees Rupees
Raw material consumed 48,024,021 54,842,679 10,905,579 37,010,220Processing Charges - Composite 780,065 - 780,065 -
Salaries, wages and other benefits 21,948,369 21,753,243 11,391,643 10,276,577 Stores, spare parts and loose tools consumed 569,153 336,471 411,754 262,600 Repair and maintenance 766,627 1,008,345 444,942 457,008 Fuel and power 3,167,875 3,141,651 1,955,302 1,629,824 Vehicles running 320,016 350,410 160,665 196,070 Insurance 384,839 382,622 192,420 191,311 Other factory overheads 136,390 160,719 126,730 49,414 Depreciation 1,758,668 1,165,581 1,009,541 617,595
77,856,023 83,141,721 27,378,641 50,690,619 Work-in-process Opening stock 60,382,355 60,392,451 67,035,634 52,748,606 Closing stock (48,381,227) (53,039,256) (48,381,227) (53,039,256)
12,001,128
7,353,195
18,654,407 (290,650) Cost of goods manufactured 89,857,151
90,494,916
46,033,048 50,399,969 Finished goods Opening stock 15,689,701
13,017,259
23,268,141 18,794,778 Closing stock (29,873,798)
(22,661,591)
(29,873,798) (22,661,591)(14,184,097)
(9,644,332)
(6,605,657) (3,866,813)75,673,054
80,850,584
39,427,391 46,533,156
8. TRANSACTIONS WITH RELATED PARTIES
31 December 31 December2014 2013
AssociatesSale of goods 59.276 59.950Processing charges 0.780 -
OthersRemuneration of key management personnel 4.883 3.740Contribution to provident fund trust 0.661 0.585
9. FINANCIAL RISK MANAGEMENT
10. DATE OF AUTHORIZATION
11. CORRESPONDING FIGURES
Un-audited
Un-audited
Half Year Ended Quarter Ended
There are no material reclassifications of comparative figures.
The related parties comprise associated companies, key management personnel and staff retirement fund. Detail of transactions with the
related parties is as follows:
(Rupees in million)
The Company's financial risk management objectives and policies are consistent with those disclosed in the preceding audited annual published
financial statements of the Company for the year ended 30 June 2014.
This condensed interim financial information was approved by the Board of Directors and authorized for issue on 23 February 2015.
Half Year Ended
SELECTED NOTES TO THE INTERIM FINANCIAL INFORMATION (Un-audited)CONDENSED FOR THE HALF YEAR ENDED 31 DECEMBER 2014
GRAYS OF CAMBRIDGE (PAKISTAN) LIMITED
CONDENSED INTERIM FINANCIAL INFORMATION
11
KHAWAR ANWAR KHAWAJA MUHAMMAD TAHIR BUTT
CHIEF EXECUTIVE DIRECTOR
BOOK POST
UNDERPOSTAL
CERTIFICATE
If undelivered please return to:
GRAYS OF CAMBRIDGE (PAKISTAN) LTD.Small Industries Estate, Sialkot 51310E-mail: [email protected], [email protected]: (052) 3563051 3563052Fax: (052) 3551252