| Transpak Corporation Limited |
|
|
|
|
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|
| Annual
Report 2002 |
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| Contents |
|
|
|
| Company
Information |
|
| Notice
of Meeting |
|
| Director's
Report |
|
| Statement
of Compliance |
|
| Auditors'
Report |
|
| Balance
Sheet |
|
| Profit
& Loss Account |
|
| Cash
Flow Statement |
|
| Notes
to the Cash Flow Statement |
|
| Statement
of Changes in Equity |
|
| Notes
to the accounts |
|
|
|
|
|
|
|
| Company
Information |
|
|
| Notice
is hereby given hat the 28th Annual General Meeting of the Shareholders of
the Company will be held |
|
| on
Wednesday October 30, 2002 at 5.00 p.m. at the registered office of the
Company at Dawlance Centre, |
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| Civil
Lines 9, Dr. Zia-ud-din Ahmed Road, Karachi to transact the following
business. |
|
|
| A.
ORDINARY BUSINESS: |
|
| 1.
To confirm the minutes of the 27th Annual General meeting held on December
28, 2001. |
|
| 2.
To receive, consider and adopt the Audited Balance Sheet and Profit &
Loss Account for the |
|
| year
ended June 30, 2002 alongwith Auditors' and Directors' report thereon. |
|
| 3.
To consider and approve the payment of the cash dividend as recommended by
the Board of |
|
| Directors. |
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| 4.
To appoint Auditors for the year ending June 30, 2003 and fix their
remuneration. |
|
| 5.
To transact such other ordinary business as may be placed before the meeting
with the |
|
| permission
of the Chair. |
|
|
|
By order of the Board |
|
|
|
|
|
ASIM MANZOOR |
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| Karachi: |
|
Company Secretary |
|
|
| NOTES: |
|
| 1.
The share transfer book of the Company will remain closed from October 20,
2002 to October 31,2002 |
|
| (both
days inclusive) and no transfer will be accepted for registration during this
period. The members |
|
| whose
names appear in the register of members as at the close of business on
October 19, 2002 will |
|
| qualify
for the payment of dividend. |
|
|
| 2.
A member entitled to attend and vote at the meeting may appoint another
member as his/her proxy to |
|
| attend
and vote for him/her. Proxies in order to be effective must be received at
the registered office of |
|
| the
Company not less than 48 hours before the time of holding the meeting. (Proxy
Form is enclosed). |
|
|
| 3.
Members are requested to communicate to the Company any change of their
address. |
|
|
| The
Directors of your Company are pleased to present their report and Accounts of
the Company for the year |
|
| ended
June 30, 2002. |
|
|
| OPERATING
RESULTS AND PROFITS |
|
2002 |
2001 |
|
|
(Rupees) |
(Rupees) |
|
| APPROPRIATION |
|
| Profit
after taxation |
|
20,874,042 |
56,095,926 |
|
| Un-appropriated
profit brought forward |
|
1,430,265 |
334,339 |
|
|
---------- |
---------- |
|
| Profit
available for appropriation |
|
22,304,307 |
56,430,265 |
|
| Transfer
to revenue reserves |
|
-- |
(40,000,000) |
|
|
---------- |
---------- |
|
|
22,304,307 |
16,430,265 |
|
| Proposed
dividend 50% (2001 50%) |
|
15,000,000 |
15,000,000 |
|
|
|
|
| Un-appropriated
profit carried forward |
|
7,304,307 |
1,430,265 |
|
|
---------- |
---------- |
|
| Earnings
per Share |
|
6.96 |
18.70 |
|
|
========== |
========== |
|
| Earning
per share in the year 2001 includes the effect of gain on sale of toothpaste
business amounting to |
|
| Rs.
48.3 million and expense of Golden handshake scheme amounting to Rs. 5.6
million. Excluding these |
|
| two
factors, EPS from normal operations becomes 4.47 in 2001 as against 6.96 for
the current year. |
|
|
| Last
years results also include sale of toothpaste for six month, excluding that
the sales has shown a growth |
|
| over
last year by almost 7% in terms of quantity and 4% in terms of value. In
addition to that the main focus |
|
| was
on the reduction of cost in which the Company has succeeded to satisfaction
and, even with a drop of |
|
| sales
by Rs. 25 million due to sale of toothpaste business, the Company has
increased its operating profits by |
|
| Rs.
3.3 million. The financial position has become even stronger as current ratio
has improved to 1.87 against |
|
| 1.45
in the last year due to reduction in bank borrowings by Rs. 16.3 million,
trade debtors by Rs. 16.7 million |
|
| and
creditors by Rs. 9.6 million. |
|
|
| STATEMENT
OF DIRECTORS RESPONSIBILITIES |
|
|
| Preparation
of Accounts and Financial Reporting |
|
|
| The
Directors are required by statutory law to maintain proper books of accounts
and to prepare and present |
|
| financial
statements each financial year which give a true and fair view of the state
of affairs, the results of its |
|
| operations,
cash flows and changes in equity. |
|
|
| In
preparing the financial statements, applicable accounting standards have been
followed, suitable |
|
| accounting
policies have been consistently applied, and accounting estimates are based
on reasonable and |
|
| prudent
judgment. |
|
|
| The
directors have general responsibility for taking such steps as are reasonably
open to them to safeguard |
|
| the
assets of the Company and prevent and detect fraud and other irregularities.
The directors have a |
|
| reasonable
expectation that the Company has adequate resources to continue in
operational existence in the |
|
| foreseeable
future. For this reason, they continue to adopt the going concern basis for
preparing the accounts. |
|
|
| Internal
Controls |
|
| The
directors acknowledge their responsibility for the Company's system of
internal control and confirm they' |
|
| have
reviewed its effectiveness. This system is designed to provide reasonable
assurance of the safeguarding |
|
| of
assets and shareholders' investment and the reliability of financial
information. The Board exercises control |
|
| through
an organizational structure with clearly defined levels of responsibility,
authority and appropriate report- |
|
| ing
procedures. |
|
|
| The
Board confirms that there is a process for identifying, evaluating and
managing significant risks faced by |
|
| the
Company and the same is regularly reviewed by the Management. The Board
considers it is appropriately |
|
| designed
to manage, rather than eliminate, the risk of failure to achieve business
objectives and can only |
|
| provide
reasonable and not absolute assurance against material misstatement or loss.
The concept of reason- |
|
| able
assurance recognizes that the cost of a control procedure should not exceed
the expected benefits. |
|
| During
2002, the directors were not aware of any control breakdowns, which resulted
in any material loss. |
|
|
| COMPLIANCE
WITH THE CODE OF CORPORATE GOVERNANCE |
|
|
| The
Board is the central element of Company's Corporate Governance System and
assures that there is no |
|
| material
departure from the best practices of corporate governance. The statement of
compliance with the best |
|
| practices
of corporate governance alongwith the review report of external auditor is
annexed in this annual |
|
| report. |
|
|
| EXTERNAL
AUDITORS |
|
| The
auditors M/s. Gangat & Company, Chartered Accountants, retire & offer
themselves for re-appointment. |
|
|
| FUTURE
OUTLOOK |
|
| The
Management foresees that in order to keep pace with the existing trend of
growth and to meet the |
|
| challenges
of the market, it requires new investment in modernization and balancing of
production facilities. It |
|
| would
not only enable us in gaining greater market share with the improved products
but also reduction in |
|
| costs.
Therefore, with the new investment, your management looks forward to future
with optimism for even |
|
| better
results in the years to come. |
|
|
| KEY
OPERATING AND FINANCIAL DATA |
|
| The
key operating and financial data for last six years are annexed in this
annual report. |
|
|
| BOARD
MEETINGS |
|
| During
the year under review, the Board met on five occasion. The participation of
directors were as follows: |
|
|
| NAME
OF DIRECTORS |
|
NUMBER OF MEETINGS
ATTENDED |
|
| Mr.
Muhammad Basheer Sulaiman |
|
5 |
|
| Mr.
Mohd. Amin Ali Muhammad |
|
3 |
|
| Mr.
Mohd. Younus All Muhammad |
|
5 |
|
| Mr.
Taimur Dawood |
|
4 |
|
| Mr.
Shakeel Ahmad |
|
4 |
|
| Mr.
Shamim Ahmed Khan |
|
3 |
|
| Mr.
Manzoor H. Chaudhry |
|
0 |
|
|
| PATTERN
OF SHAREHOLDING |
|
| The
pattern of shareholding in compliance with the Companies Ordinance, 1984 and
revised listing regulations |
|
| are
annexed in this annual report. |
|
|
|
| Key
Operating & Financial Data |
|
|
|
2002 |
2001 |
2000 |
1999 |
1998 |
1997 |
|
| Financial
Position |
|
| Paid
up Capital |
|
30,000,000 |
30,000,000 |
30,000,000 |
30,000,000 |
30,000,000 |
30,000,000 |
|
| Reserves
& Un-appropriated profit |
72,304,307 |
66,430,265 |
25,334,339 |
32,965,702 |
34,983,859 |
36,239,465 |
|
| Long
term liabilities |
|
8,066,640 |
7,736,351 |
13,619,454 |
14,029,772 |
13,336,070 |
12,166,844 |
|
| Current
Liabilities |
|
46,888,850 |
70,779,008 |
147,312,587 |
210,138,390 |
206,284,590 |
169,156,981 |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
|
| Total
Liabilities |
|
157,259,797 |
174,945,624. |
216,266,380 |
287,133,864 |
284,604,519 |
247,563,290 |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
|
| Fixed Assets |
|
69,686,930 |
72,616,730 |
80,635,436 |
84,156,670 |
86,130,374 |
77,474,090 |
|
| Current
Assets |
|
87,572,867 |
102,328,894 |
135,630,944 |
202,976,994 |
198,474,145 |
170,089,200 |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
|
| Total Assets |
|
157,259,797 |
174,945,624 |
216,266,380 |
287,133,864 |
284,604,519 |
247,563,290 |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
|
| Operating
Position |
|
|
|
| Net Sales |
|
195,935,422 |
220,973,943 |
176,003,401 |
278,479,610 |
315,751,645 |
319,209,007 |
|
| Cost of Sales |
|
134,544,974 |
152,190,686 |
116,508,549 |
199,075,870 |
234,250,530 |
250,828,674 |
|
| Gross Profit |
|
61,390,448 |
68,783,257 |
59,494,852 |
79,403,740 |
81,501,115 |
68,380,333 |
|
| Administrative
& Selling Expenses |
28,988,671 |
39,236,477 |
44,654,461 |
52,104,179 |
55,478,125 |
43,395,579 |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
|
| Operating
Profit |
|
32,401,777 |
29,546,780 |
14,840,391 |
27,299,561 |
26,022,990 |
24,984,754 |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
|
| Profit
after taxation |
|
20,874,042 |
56,095,926 |
1,368,637 |
6,981,843 |
7,744,394 |
11,268,098 |
|
| Statistics
& Ratios |
|
|
|
| Gross
Profit to Sales % |
|
31.33 |
31.13 |
33.80 |
28.51 |
25.81 |
21.42 |
|
| Current
Ratio |
|
1.87 |
1.45 |
0.92 |
0.97 |
0.96 |
1.01 |
|
| Dividend
per share |
|
5 |
5 |
3 |
3 |
3 |
3 |
|
| Earning
per share |
|
6.96 |
18.70 |
0.46 |
2.33 |
2.58 |
3.76 |
|
| Break-up
Value per share |
|
34.10 |
32.14 |
18.44 |
20.99 |
21.66 |
22.08 |
|
| Retained
earning per share |
|
24.10 |
22.14 |
8.44 |
10.99 |
11.66 |
12.08 |
|
|
|
| PATTERN
OF HOLDING OF THE SHARES HELD BY THE SHAREHOLDERS |
|
| AS
AT JUNE 30, 2002 |
|
|
| No.
of Shareholders |
|
Share Holding |
Total Shares Held |
|
| 146 |
From |
1 |
to |
500 |
31,700 |
|
| 23 |
From |
501 |
to |
1000 |
17,100 |
|
| 25 |
From |
1001 |
to |
5000 |
59,600 |
|
| 12 |
From |
5001 |
to |
10000 |
83,650 |
|
| 1 |
From |
10001 |
to |
15000 |
11,700 |
|
| 4 |
From |
15001 |
to |
20000 |
64,208 |
|
| 4 |
From |
20001 |
to |
25000 |
93,300 |
|
| 2 |
From |
25001 |
to |
30000 |
52,900 |
|
| 2 |
From |
55001 |
to |
60000 |
119,800 |
|
| 1 |
From |
60001 |
to |
65000 |
61,600 |
|
| 1 |
From |
85001 |
to |
90000 |
89,216 |
|
| 2 |
From |
130001 |
to |
140000 |
270,700 |
|
| 1 |
From |
160001 |
to |
170000 |
165,600 |
|
| 1 |
From |
290001 |
to |
300000 |
296,376 |
|
| 1 |
From |
380001 |
to |
390000 |
387,550 |
|
| 1 |
From |
1180001 |
to |
1190000 |
1,195,000 |
|
| ---------- |
|
---------- |
|
| 227 |
|
3,000,000 |
|
|
| Directors
including spouse & children |
8 |
1,263,700 |
42.12 |
|
| Individual
excluding directors |
|
211 |
1,177,842 |
39.26 |
|
| Investment
companies |
|
| National
Bank of Pakistan - Trustee Dept (NIT) |
1 |
387,550 |
12.93 |
|
| Insurance
companies |
|
2 |
64,600 |
2.15 |
|
| Joint
Stock companies |
|
5 |
106,308 |
3.54 |
|
|
---------- |
---------- |
---------- |
|
|
227 |
3,000,000 |
100.00 |
|
|
========== |
========== |
========== |
|
|
|
|
| Name
wise Detail of Shares Held by Directors, their Spouse & Children |
|
|
Shared held by |
|
| Name
of Directors |
|
Director |
Souse |
Child |
Total |
% |
|
| Mr.
Muhammad Basheer Sulaiman |
1195000 |
6000 |
5100 |
1,206,100 |
40.20 |
|
| Mr.
Mohd. Amin All Muhammad |
23400 |
|
23,400 |
0.78 |
|
| Mr.
Mohd. Yunus All Muhammad |
23300 |
|
23,300 |
0.78 |
|
| Mr.
Taimur Dawood |
|
9900 |
|
9,900 |
0.33 |
|
| Mr.
Shakeel Ahmad |
|
500 |
|
500 |
0.02 |
|
| Mr.
Amiruddin Arrain |
|
500 |
|
500 |
0.02 |
|
| Mr.
Shamim Ahmed Khan |
|
Shares held |
by NIT as shown above |
---------- |
---------- |
|
|
1,263,700 |
42.12 |
|
|
========== |
========== |
|
|
|
| STATEMENT
OF COMPLIANCE WITH BEST PRACTICES OF CORPORATE GOVERNANCE |
|
|
| The
Company is in process of implementing all facets of the Code of Corporate
Governance issued by Security |
|
| &
Exchange Commission of Pakistan and included in the listing regulation of
Karachi Stock Exchange. The |
|
| Board
feels pleasure in stating that provisions of the Code, relevant to the year
ended 30, 2002 have been duly |
|
| complied
with. |
|
|
| REVIEW
REPORT TO THE MEMBERS ON STATEMENT OF |
|
| COMPLIANCE
WITH BEST PRACTICES OF CODE OF CORPORATE |
|
| GOVERNANCE |
|
|
| We
have reviewed the Statement of Compliance with the best practices contained
in the Code of Corporate |
|
| Governance
prepared by the Board of Directors of Dilon Limited, to comply with the
Listing Regulation No. 37 |
|
| of
the Karachi Stock Exchange (Guarantee) Limited, where the Company is listed. |
|
|
| The
responsibility for compliance with the Code of Corporate Governance is that
of the Board of Directors of the |
|
| Company.
Our responsibility is to review, to the extent where such compliance can be
objectively verified, |
|
| whether
the Statement of Compliance reflects the status of the Company's compliance
with the provisions of |
|
| the
Code of Corporate Governance and report if it does not. A review is limited
primarily to inquiries of the |
|
| Company
personnel and review of various documents prepared by the Company to comply
with the Code. |
|
|
| As
part of our audit of financial statements we are required to obtain an
understanding of the accounting and |
|
| internal
control systems sufficient to plan the audit and develop an effective audit
approach. We have not |
|
| carried
out any special review of the internal control system to enable us to express
an opinion as to whether |
|
| the
Board's statement on the internal controls covers all controls and the
effectiveness of such internal con- |
|
| trols. |
|
|
| Based
on our review except for the matter noted in the previous paragraph nothing
has come to our attention |
|
| which
causes us to believe that the Statement of Compliance does not appropriately
reflect the Company's |
|
| compliance,
in all material respects, with the best practices contained in the Code of
Corporate Governance. |
|
|
| Karachi. |
|
Gangat & Company |
|
| Date:
September 26, 2002 |
|
Chartered Accountants |
|
|
|
| Auditors'
Report |
|
| TO
THE MEMBERS |
|
|
| We
have audited the annexed Balance Sheet of TRANSPAK CORPORATION LIMITED as at
June 30, 2002 |
|
| and
the related Profit and Loss Account, Cash Flow Statement, and Statement of
Changes in Equity together |
|
| with
the notes forming part thereof, for the year then ended and we state that we
have obtained a]l the |
|
| information
and explanations which, to the best of our knowledge and belief, were
necessary for the purposes |
|
| of our audit. |
|
|
| It
is the responsibility of the company's management to establish and maintain a
system of internal control, |
|
| and
prepare and present the above said statements in conformity with the approved
accounting standards and |
|
| the
requirements of the Companies Ordinance, 1984. Our responsibility is to
express an opinion on these |
|
| statements
based on our audit. |
|
|
| We
conducted our audit in accordance with the auditing standards as applicable
in Pakistan. These standards |
|
| require
that we plan and perform the audit to obtain reasonable assurance about
whether the above said |
|
| statements
are free of any material misstatement. An audit includes examining, on a test
basis, evidence |
|
| supporting
the amounts and disclosures in the above said statements. An audit also
includes assessing the |
|
| accounting
policies and significant estimates made by management, as well as, evaluating
the overall presen- |
|
| tation
of the above said statements. We believe that our audit provides a reasonable
basis for our opinion and, |
|
| after
due verification, we report that- |
|
|
| a)
in our opinion, proper books of accounts have been kept by the Company as
required by the Compa- |
|
| nies
Ordinance, 1984; |
|
|
| b)
in our opinion: |
|
| i)
the balance sheet and profit and loss account together with the notes thereon
have been drawn up |
|
| in
conformity with the Companies Ordinance, 1984, and are in agreement with the
books of |
|
| account
and are further in accordance with accounting policies consistently applied. |
|
|
| ii)
the expenditure incurred during the year was for the purpose of the Company's
business; and |
|
|
| iii)
the business conducted, investments made and the expenditure incurred during
the year were in |
|
| accordance
with the objects of the Company; |
|
|
| c)
in our opinion and to the best of our information and according to the
explanations given to us, the |
|
| balance
sheet, profit and loss account, cash flow statement and statement of changes
in equity |
|
| together
with the notes forming part thereof conform with approved accounting
standards as appli- |
|
| cable
in Pakistan, and, give the information required by the Companies Ordinance,
1984, in the |
|
| manner
so required and respectively give a true and fair view of the state of the
Company's affairs as |
|
| at
June 30, 2002 and of the profit, its cash flows and changes in equity for the
year then ended; and |
|
|
| d)
in our opinion Zakat deductible at source under the Zakat and Ushr Ordinance,
1980 (XVII of 1980), |
|
| was
deducted by the company and deposited in the central zakat fund established
under section 7 of |
|
| that
Ordinance. |
|
|
| Karachi. |
|
Gangat & Co. |
|
| Date:
September 25, 2002 |
|
Chartered Accountants |
|
|
|
| Balance
Sheet |
|
| As
AT JUNE 30, 2002 |
|
|
|
2002 |
2001 |
|
|
NOTE |
(Rupees) |
(Rupees) |
|
| CAPITAL
& LIABILITIES |
|
| SHARE
CAPITAL & RESERVES |
|
| Authorised
capital |
|
| 10,000,000
ordinary shares of Rs. 10/- each |
|
100,000,000 |
100,000,000 |
|
|
========== |
========== |
|
| Issued,
subscribed & paid-up capital |
|
| 3,000,000
ordinary shares |
|
| of
Rs. 10/- each fully paid-up in cash |
|
30,000,000 |
30,000,000 |
|
|
| RESERVE
AND SURPLUS |
|
| Revenue
reserve - General |
|
3 |
55,000,000 |
55,000,000 |
|
| Capital
reserve - Share premium |
|
4 |
10,000,000 |
10,000,000 |
|
| Unappropriated
profit |
|
7,304,307 |
1,430,265 |
|
|
---------- |
---------- |
|
|
72,304,307 |
66,430,265 |
|
|
---------- |
---------- |
|
| Shareholders'
equity |
|
102,304,307 |
96,430,265 |
|
|
|
|
| DEFERRED
LIABILITIES |
|
5 |
8,066,640 |
7,736,351 |
|
| CURRENT
LIABILITIES |
|
|
|
|
| Short
term bank finances |
|
6 |
12,299,287 |
28,523,437 |
|
| Creditors,
accrued & other liabilities |
|
7 |
9,278,202 |
18,893,001 |
|
| Provision
for taxation |
|
|
10,000,000 |
7,300,000 |
|
| Unclaimed
dividend |
|
|
311,361 |
1,062,570 |
|
| Proposed
dividend |
|
|
15,000,000 |
15,000,000 |
|
|
|
---------- |
---------- |
|
|
|
46,888,850 |
70,779,008 |
|
| CONTINGENCIES
& COMMITMENTS |
|
8 |
-- |
-- |
|
|
---------- |
---------- |
|
|
Total Rupees |
157,259,797 |
174,945,624 |
|
|
========== |
========== |
|
|
| PROPERTY
AND ASSETS |
|
| TANGIBLE
FIXED ASSETS |
|
| Operating
assets |
|
9 |
69,686,930 |
72,616,730 |
|
|
| CURRENT
ASSETS |
|
| Stores
& spares |
|
5,948,200 |
6,187,531 |
|
| Stock-in-trade |
|
10 |
41,698,606 |
46,294,905 |
|
| Trade
debtor - unsecured, considered good |
|
11 |
11,848,797 |
28,598,156 |
|
| Loans,
advances, deposits and other receivables |
12 |
19,917,745 |
18,752,537 |
|
| Cash
& bank balances |
|
13 |
8,159,319 |
2,495,765 |
|
|
---------- |
---------- |
|
|
87,572,867 |
102,328,894 |
|
|
---------- |
---------- |
|
|
Total Rupees |
157,259,797 |
174,945,624 |
|
|
========== |
========== |
|
| The
annexed notes form an integral |
|
This is the Balance Sheet
referred to |
|
| part
of the Balance Sheet |
|
in our report of even
date |
|
|
| KARACHI:
September 25, 2002 |
|
GANGAT & COMPANY |
|
| On
behalf of the Board |
|
Chartered Accountants |
|
|
|
|
TAIMUR DAWOOD |
|
MUHAMMAD BASHEER SULAIMAN |
|
|
Director |
|
Chairman & Chief Executive |
|
|
|
| Profit
& Loss Account |
|
| FOR
THE YEAR ENDED JUNE 30, 2002 |
|
|
|
|
|
2002 |
2001 |
|
|
NOTE |
(Rupees) |
(Rupees) |
|
| PARTICULARS |
|
| Sales |
|
220,973,943 |
195,935,422 |
|
| Less:
Cost of goods old |
|
152,190,687 |
134,544,974 |
|
|
--------- |
--------- |
|
| GROSS
PROFIT |
|
68,783,256 |
61,390,448 |
|
| Less:
Operating expenses |
|
| Administrative
& selling |
|
16 |
28,988,671 |
39,236,477 |
|
| Financial |
|
17 |
2,783,013 |
3,229,022 |
|
|
--------- |
--------- |
|
|
31,771,684 |
42,465,499 |
|
|
--------- |
--------- |
|
| Net
operating profit |
|
29,618,764 |
26,317,757 |
|
| OTHER
INCOME AND CHARGES |
|
| Non-operating
income |
|
18 |
901,932 |
583,388 |
|
| Other
charges |
|
19 |
(1,079,197) |
(4,832,693) |
|
| Golden
handshake scheme |
|
20 |
-- |
(5,653,414) |
|
| Gain
on sale of Discontinued Operation |
|
21 |
-- |
48,336,524 |
|
|
|
--------- |
--------- |
|
|
(177,265) |
38,433,805 |
|
|
--------- |
--------- |
|
| Net
profit for the year before taxation |
|
29,441,499 |
64,751,562 |
|
| Less:
Taxation |
|
22 |
8,567,457 |
