Statemant of Directors' Responsibilities
In compliance of the Code of Corporate Governance, we give below the statements on Corporate and Financial Reporting Framework:
The financial statements, prepared by the management of the Company, present fairly its state of affairs, the result of its operations, cash flows and changes in equity
Proper books of account of the Company have been maintained
Appropriate accounting policies have been consistently applied in the preparation of financial statements and accounting estimates are based on reasonable and prudent judgment.
International Accounting Standards, as applicable in Pakistan, have been followed in preparation of financial statements and any departure there from has been adequately disclosed.
The system of internal control is sound in design and has been effectively implemented and monitored.
There are no significant doubts upon the Company’s ability to continue as a going concern.
There has been no material departure form the best practices of corporate governance, as detailed in the listing regulations.
Value of investments of Provident Fund as on June 30, 2006 is Rs. 89.242 million.
Auditors and their Report
M/s Yousuf Adil Saleem & Company, Chartered Accountants, Lahore, retire and being eligible, have offered themselves for re-appointment. As suggested by the Audit Committee, the Board of Directors has recommended their re-appointment as auditors of the Company for the year ending June 30, 2007, at a fee to be mutually agreed.
Group: