GRAYS OF CAMBRIDGE (PAKISTAN) LIMITEDgocpak.com/download/311214.pdf · REMUNERATION COMMITTEE Mr....

GRAYS OF CAMBRIDGE (PAKISTAN) LIMITED

CONDENSED FINANCIAL INFORMATIONINTERIM FOR THE HALF YEAR ENDED

31 DECEMBER 2014(UN-AUDITED)


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



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.



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



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





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


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





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


Quarter EndedHalf Year Ended

CONDENSED INTERIM CASH FLOW STATEMENT (Un-audited) FOR THE HALF YEAR ENDED 31 DECEMBER 2014





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



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



9

1. THE COMPANY AND ACTIVITIES

2.

3. SIGNIFICANT ACCOUNTING POLICIES, CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

3.1

3.2

3.3


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.




10


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




11



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

GRAYS OF CAMBRIDGE (PAKISTAN) LIMITEDgocpak.com/download/311214.pdf · REMUNERATION COMMITTEE Mr....

Documents

Transcript of GRAYS OF CAMBRIDGE (PAKISTAN) LIMITEDgocpak.com/download/311214.pdf · REMUNERATION COMMITTEE Mr....