| Maple Leaf Electric Company Limited |
|
|
|
|
|
|
| (Kohinoor
Maple Leaf Group) |
|
| Annual
Report 1998 |
|
|
| CONTENTS |
|
|
| COMPANY
INFORMATION |
|
| NOTICE
OF ANNUAL GENERAL MEETING |
|
| DIRECTORS'
REPORT TO THE MEMBERS
5 |
|
| AUDITORS'
REPORT |
|
| BALANCE
SHEET |
|
| PROFIT
& LOSS ACCOUNT |
|
| THE
STATEMENT OF CHANGES IN FINANCIAL POSITION |
|
| NOTES
TO THE STATEMENT OF CHANGES IN FINANCIAL POSITION |
|
| NOTES
TO THE ACCOUNTS |
|
| PATTERN
OF SHARE HOLDING |
|
|
|
| COMPANY
INFORMATION |
|
|
| BOARD
OF DIRECTORS |
|
|
| MR.
TARIQ SAYEED SAIGOL |
|
Chairman |
|
| MR.
SAYEED TARIQ SAIGOL |
|
Chief Executive |
|
| MR.
TAUFIQUE SAYEED SAIGOL |
|
| MR.
AAMIR FAYYAZ SHEIKH |
|
| MR.
ASAD FAYYAZ SHEIKH |
|
| MR.
USMAN SAID |
|
| SYED
JAWAD GILLANI |
|
|
| COMPANY
SECRETARY |
|
| MR.
MUHAMMAD ASHRAF |
|
|
| AUDITORS |
|
| M/S.
AMIN, MUDASSAR & CO. |
|
| CHARTERED
ACCOUNTANTS |
|
|
| BANKERS |
|
| THE
BANK OF PUNJAB |
|
| PRIME
COMMERCIAL BANK LIMITED |
|
| UNION
BANK LIMITED |
|
| GULF
COMMERCIAL BANK LIMITED |
|
| MUSLIM
COMMERCIAL BANK LIMITED |
|
|
| REGISTERED
OFFICE & |
|
| SHARES
DEPARTMENT |
|
| 42-LAWRENCE
ROAD, |
|
| LAHORE. |
|
| TEL:
6302261-6302262 |
|
| FAX:
92-42-6368721 |
|
|
| PROJECTS |
|
| ISKENDERABAD,
DISTT. MIANWALI |
|
| TEL:
(0459) 392561 |
|
| FAX:
(0459) 392323 |
|
|
| PESHAWAR
ROAD, RAWALPINDI |
|
| TEL:
(051) 476154 |
|
| FAX:
(051) 476153 |
|
|
|
| NOTICE
OF ANNUAL GENERAL MEETING |
|
|
| Notice
is hereby given that the 6th Annual General Meeting of the members of Maple
Leaf Electric |
|
| Company
Limited will be held on Thursday, December 24, 1998 at 12.30 p.m. at its
Registered |
|
| Office,
42-Lawrence Road, Lahore, to transact the following business:- |
|
|
| 1.
To confirm the minutes of the 5th Annual General Meeting held on December 29,
1997. |
|
|
|
|
| 2.
To receive, consider and adopt the audited accounts of the Company for the
year ended |
|
| June
30, 1998 together with the Directors' and Auditors' reports thereon. |
|
|
| 3.
To appoint Auditors and fix their remuneration. M/s. Amin, Mudassar &
Co., Chartered |
|
| Accountants,
the retiring auditors, being eligible offer themselves for re-appointment. |
|
|
| 4.
To transact any other business with the permission of the Chair. |
|
|
| SPECIAL
BUSINESS: |
|
| To
consider and pass the following resolutions as special resolutions with or
without amendment: |
|
|
| Special
Resolutions: |
|
| (A)
"Resolved that consent and approval of the Company be and is hereby
accorded under |
|
| Section
208 of the Companies Ordinance, 1984 for equity investment upto Rs.
15,000,000/= |
|
| in
Kohinoor Weaving Mills Limited, an associated Company, through time to time
purchase of |
|
| shares
of Rs. 10/- each at market price. It is further resolved that the Chief
Executive of the |
|
| Company
be and is hereby authorised to negotiate and to take any and all actions
required to |
|
| invest/disinvest
the above said shares as and when deemed fit." |
|
|
| (B)
"Resolved that consent and approval of the Company be and is hereby
accorded under |
|
| Section
208 of the Companies Ordinance, 1984 for equity investment upto Rs.
15,000,000/= |
|
| in
Kohinoor Raiwind Mills Limited, an associated Company, through time to time
purchase of |
|
| shares
of Rs. 10/- each at market price. It is further resolved that the Chief
Executive of the |
|
| Company
be and is hereby authorised to negotiate and to take any and all actions
required to |
|
| invest/disinvest
the above said shares as and when deemed fit." |
|
|
|
|
By order of the Board, |
|
|
|
|
|
|
| Lahore:
December 01, 1998 |
|
(MUHAMMAD ASHRAF) |
|
|
|
|
Company Secretary |
|
|
| Statement
under section 160 (1) (b) of the Companies Ordinance, 1984. |
|
|
| (A)
Kohinoor Weaving Mills Limited (KWML) is a Public Limited Company listed on
all the three |
|
| Stock
Exchanges of the country. Its authorised capital is Rs. 150 Million (Rupees
one |
|
| hundred
fifty million) with subscribed and paid up capital of Rs. 140 Million. The
production |
|
| facilities
of KWML are located at 8th K.M. Manga Raiwind Road, Distt. Kasur and its |
|
| Registered
Office is situated at 42-Lawrence Road, Lahore. KWML is engaged in |
|
| manufacturing
and trading of cloth. The Company intends to make investment in the shares |
|
| of
KWML upto Rs. 15,000,000/-. Mr. Tariq Sayeed Saigol, Mr. Aamir Fayyaz Sheikh
and Syed |
|
| Jawad
Gillani are the common Directors on the Boards of both the Companies. The
Directors |
|
| of
the Company have no other interest except that they are Shareholders/common
Directors. |
|
| Internal
cash generations from the profitable operations of the Company are very |
|
| encouraging
and funds will be available with the Company to finance the proposed |
|
| investment.
While this is expected to be a long term investment, it will remain under
constant |
|
| appraisal
in light of the prevailing market conditions and may be disinvested as and
when |
|
| deemed
fit in the interest and benefit of the Company. The Company expects
substantial |
|
| capital
gain and dividend income from this investment in the years ahead. The copy of |
|
| Memorandum
and Articles of Association of KWML has been kept at the Registered Office of |
|
| the
Company which can be inspected from 09.00 a.m. to 11.00 a.m. upto December
23, |
|
| 1998. |
|
|
| (B)
Kohinoor Raiwind Mills Limited (KRML) is a Public Limited Company listed on
Karachi Stock |
|
| Exchange
(Guarantee) Limited and Lahore Stock Exchange (Guarantee) Limited. Its |
|
| authorised
capital is Rs. 150 Million (Rupees one hundred fifty million) with subscribed
and |
|
| paid
up capital of Rs. 140 Million. The production facilities of KRML are located
at 8th K.M. |
|
| Manga
Raiwind Road, Distt. Kasur and its Registered Office is situated at
42-Lawrence Road, |
|
| Lahore.
KRML is engaged in weaving and sale of cloth. The Company intends to make |
|
| investment
in the shares of KRML upto Rs. 15,000,000/-. Mr. Taufique Sayeed Saigol, Mr. |
|
| Sayeed
Tariq Saigol, Mr. Asad Fayyaz Sheikh and Mr. Usman Said are common Directors
on |
|
| the
Boards of both the Companies. The Directors of the Company have no other
interest |
|
| except
that they are Shareholders/common Directors. Internal cash generations from
the |
|
| profitable
operations of the Company are very encouraging and funds will be available
with |
|
| the
Company to finance the proposed investment. While this is expected to be a
long term |
|
| investment,
it will remain under constant appraisal in light of the prevailing market
conditions |
|
| and
may be disinvested as and when deemed fit in the interest and benefit of the
Company. |
|
| The
Company expects substantial capital gain and dividend income from this
investment in |
|
| the
years ahead. The copy of Memorandum and Articles of Association of KRML has
been |
|
| kept
at the Registered Office of the Company which can be inspected from 09.00
a.m. to |
|
| 11.00
a.m. upto December 23, 1998. |
|
|
| NOTES: |
|
|
| 1.
The share transfer books of the Company shall remain closed from December 24,
1998 to |
|
| December
30, 1998 (both days inclusive). Transfers received in order at the Registered
Office |
|
| of
the Company by the close of business on December 23, 1998 will be treated in
time. |
|
|
| 2.
A member entitled to vote at this meeting is entitled to appoint another
member as proxy. |
|
| Proxies
in order to be effective must be received at 42-Lawrence Road, Lahore, the |
|
| Registered
Office of the Company not less than 48 hours before the meeting and must be |
|
| duly
stamped, signed and witnessed. |
|
|
| 3.
Shareholders are requested to promptly notify the Company of any change in
their |
|
| addresses. |
|
|
|
|
|
|
|
| DIRECTORS'
REPORT TO THE MEMBERS |
|
|
| The
Directors of your Company are pleased to present their 6th Annual Report
together with the |
|
| accounts
for the year ended June 30, 1998 and auditors report thereon. |
|
|
| Financial
Results |
|
| The
Company earned a net profit of Rs. 93.415 million during the year under
review as compared to |
|
| Rs.
36.880 million during the preceding year. After adding unappropriated profit
of Rs. 58.771 million, the |
|
| total
amount of Rs. 152.186 million has been carried to the balance sheet. |
|
|
| During
the year under review net sales of the Company were Rs. 469.152 million as
compared to |
|
| Rs.
290.737 million during the previous financial year. Sales have registered an
increase of 61.97% |
|
| mainly
due to expansion of Maple Leaf Cement Factory Limited, which came into
operation in December |
|
| 1997,
enhancement in electricity Tariff by WAPDA in March 1998 and increase in
production efficiency. |
|
|
| Earnings
Per Share |
|
| The
Company has earned a net profit of Rs. 93.415 million on a paid up capital of
Rs. 520.000 million, |
|
| which
translates into earnings per share of Rs. 1.80. |
|
|
| Share
Capital |
|
| A
sum of Rs. 120.000 million was capitalized by way of issue of 30% bonus
shares out of capital reserve, |
|
| increasing
the paid up capital to Rs. 520.000 million (1996:Rs. 400.000 million). |
|
|
| Pay-Out |
|
| In
order to meet the enhanced requirement of electricity at Maple Leaf Cement
Factory Limited usance |
|
| Letter
of Credit amounting to Japanese Yen 390.218 million payable on 720 days basis
was established |
|
| on
December 3, 1996 for import of one additional engine of the same make and
capacity. The said Letter |
|
| of
Credit will mature in the current financial year. |
|
|
| In
addition 16,000 hours major maintenance is to be carried out on five engines
during the current year, |
|
| which
adversely affect profitability and put a squeeze on cash flow. Keeping in
view the heavy |
|
| maintenance
expenses and payment of usance Letter of Credit during the current year your
Directors |
|
| have
not recommended any dividend for the year. |
|
|
| Operations |
|
| Both
plants operated smoothly during the year. The Plant at Rawalpindi operated at
near optimum |
|
| capacity
and it is expected that the same level will be maintained in the future. ~ |
|
| On
account of prevailing economic conditions in the country and general
recession in construction |
|
| activities,
the capacity of the Plant at Iskanderabad remained under-utilized due to
below average off- |
|
| take
by expansion project of Maple Leaf Cement Factory Limited. Consequently,
electricity demand |
|
| remained
below expectations and therefore your Company could not achieve the desired
level of |
|
| electricity
supply which adversely affected the profitability of the Company. |
|
|
| Expansion |
|
| As
mentioned in the last year's report, the new engine at Iskanderabad was
commissioned successfully |
|
| during
December 1997 and is now fully operational. |
|
|
| Future
Prospects |
|
| Major
maintenance of five engines is due in the current year which will reduce the
profitability of the |
|
| Company.
However, it is expected that with the increase in the demand of cement, power
supply will |
|
| also
increase leading to better results. Usance Letter of Credit for the new
engine is going to mature in |
|
| June
and July 1999. The current upward trend noted in the value of Japanese Yen is
expected to lead to |
|
| heavy
exchange difference which has to be paid by your Company at the maturity of
said Letter of |
|
| Credit. |
|
|
| Vision
2000 Program |
|
| Your
Company embarked on an ambitious Vision 2000 program in 1997 and the
Directors are pleased to |
|
| report
that the Company achieved certification under ISO 9002 Quality Assurance
Systems on June 18, |
|
| 1998
from Lloyds Register Quality Assurance Limited, U.K. The Vision 2000 program
is geared towards |
|
| up-gradation
in the culture, systems and procedures in financial management, human
resource |
|
| development
and improved technical performance. The program is expected to ensure that
the |
|
| performance
of your Company remains robust and profitable as it enters the new
millennium. |
|
|
| Millennium
Bug Year 2000 |
|
| The
Company is pleased to inform that its current software has been designed and
developed to work |
|
| smoothly
for and after year 2000. The manufacturers have also confirmed that all plant
and equipment is |
|
| compliant
for the year 2000. |
|
|
| Auditors |
|
| The
retiring auditors M/s. Amin, Mudassar & Co. Chartered Accountants, being
eligible, have offered |
|
| themselves
for reappointment. |
|
|
| Pattern
of Shareholding |
|
| Statement
showing pattern of share holding is annexed separately to the report. |
|
|
| Appreciation |
|
| Your
Directors place on record their appreciation for the dedicated services
rendered by the staff and |
|
| management
of the Company and hope the same spirit of devotion will continue in the
future. |
|
|
|
|
|
|
For and on behalf of the Board |
|
|
|
|
|
|
|
|
|
(SAYEED TARIQ SAIGOL) |
|
| Lahore:
November 21, 1998 |
|
Chief Executive |
|
|
|
|
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
|
|
| We
have audited the annexed balance sheet of Maple Leaf Electric Company Limited
as at June 30, |
|
| 1998
and the related profit and loss account and the statement of changes in
financial position, together |
|
| with
the notes forming part thereof, for the year then ended and we state that we
have obtained all the |
|
| information
and explanations which to the best of our knowledge and belief were necessary
for the |
|
| purposes
of our audit and, after due verification thereof, we report that: |
|
|
|
|
| a)
in our opinion, proper books of account have been kept by the Company as
required by the |
|
| Companies
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 applies; |
|
|
|
|
| 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 and the statement of changes in financial
position, together |
|
| with
the notes forming pad thereof, 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, 1998 and of the profit and the changes in the
financial position for |
|
| the
year then ended; and |
|
|
|
|
|
| d)
in our opinion, no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
|
|
|
|
|
|
|
|
|
AMIN, MUDASSAR & CO. |
|
| Lahore:
November 21, 1998 |
|
|
Chartered Accountants |
|
|
|
|
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 1998 |
|
|
|
|
|
|
|
1998 |
1997 |
|
|
|
Note |
Rupees |
Rupees |
|
|
|
|
| Share
Capital and Reserves |
|
|
| Authorised
Capital |
|
|
|
| 75,000,000
Ordinary shares of |
|
|
| Rs.
10/- each |
|
|
750,000,000 |
750,000,000 |
|
|
|
|
========== |
========== |
|
|
|
|
|
| Issued,
subscribed and paid-up capital |
3 |
520,000,000 |
400,000,000 |
|
| Capital
reserve |
|
4 |
120,000,000 |
240,000,000 |
|
| Unappropriated
profit |
|
|
152,185,806 |
58,770,749 |
|
|
|
|
---------- |
---------- |
|
|
|
|
792,185,806 |
698,770,749 |
|
| Long
Term Loans and Deferred Liabilities |
|
|
| Supplier's
credit |
|
5 |
118,776,385 |
- |
|
| Liability
against assets subject |
|
|
|
|
| to
finance lease |
|
|
6 |
8,033,194 |
1,114,443 |
|
| Provision
for gratuity |
|
|
902,023 |
- |
|
|
|
|
---------- |
---------- |
|
|
|
|
127,711,602 |
1,114,443 |
|
| Current
Liabilities |
|
|
|
|
|
|
|
|
| Current
potion of long term liabilities |
7 |
13,015,370 |
693,021 |
|
| Shod
term finances |
|
8 |
54,000,000 |
72,949,900 |
|
| Creditors,
accrued and other liabilities |
9 |
27,032,771 |
36,263,075 |
|
|
|
|
---------- |
---------- |
|
|
|
|
94,048,141 |
109,905,996 |
|
| Contingencies
and Commitments |
|
10 |
- |
- |
|
|
|
|
|
|
---------- |
---------- |
|
|
|
|
1,013,945,549 |
809,791,188 |
|
|
|
|
========== |
========== |
|
|
|
|
| Tangible
Fixed Assets |
|
|
|
|
|
|
| Operating
assets |
|
11 |
665,836,817 |
551,678,479 |
|
| Assets
subject to finance lease |
|
12 |
12,276,212 |
1,918,431 |
|
| Capital
work in progress |
|
13 |
1,220,198 |
24,263,860 |
|
|
|
|
---------- |
---------- |
|
|
|
|
679,333,227 |
577,860,770 |
|
|
|
|
|
| Long
Term Investments |
|
14 |
146,406,640 |
75,283,840 |
|
| Long
Term Deposits and Deferred Costs |
15 |
50,162,833 |
14,172,171 |
|
|
|
|
|
|
| Current
Assets |
|
|
|
|
| Stores,
spares and loose tools |
|
16 |
16,604,716 |
19,990,217 |
|
| Trade
debts |
|
17 |
106,307,752 |
48,876,499 |
|
| Advances,
deposits, prepayments |
|
|
| and
other receivables |
|
18 |
12,002,784 |
7,457,053 |
|
| Short
term investments |
|
19 |
- |
60,900,000 |
|
| Cash
and bank balances |
|
20 |
3,127,597 |
5,250,638 |
|
|
|
|
---------- |
---------- |
|
|
|
|
138,042,849 |
142,474,407 |
|
|
|
|
---------- |
---------- |
|
|
|
|
|
1,013,945,549 |
809,791,188 |
|
|
|
|
========== |
========== |
|
| The
annexed notes form an integral pad of these accounts |
|
|
| SAYEED
TARIQ SAIGOL |
|
USMAN SAID |
|
| Chief
Executive |
|
Director |
|
|
|
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 1998 |
|
|
|
|
1998 |
1997 |
|
|
Note |
Rupees |
Rupees |
|
|
|
|
| Sales |
|
21 |
469,152,130 |
290,737,436 |
|
| Cost
of sales |
|
22 |
338,403,506 |
233,262,900 |
|
|
|
|
---------- |
---------- |
|
| Gross
profit |
|
|
130,748,624 |
57,474,536 |
|
| Administrative
and general expenses |
|
23 |
12,484,247 |
10,380,994 |
|
|
|
|
---------- |
---------- |
|
| Operating
profit |
|
|
118,264,377 |
47,093,542 |
|
| Other
income |
|
24 |
2,094,225 |
5,121,521 |
|
|
|
|
---------- |
---------- |
|
|
|
|
120,358,602 |
52,215,063 |
|
|
|
|
---------- |
---------- |
|
| Financial
charges |
|
25 |
22,026,963 |
13,654,384 |
|
| Workers'
profit participation fund |
|
4,916,582 |
1,680,240 |
|
|
|
---------- |
---------- |
|
|
|
26,943,545 |
15,334,624 |
|
| Profit
for the year |
|
93,415,057 |
36,880,439 |
|
| Unappropriated
profit brought forward |
|
58,770,749 |
21,890,310 |
|
|
|
---------- |
---------- |
|
| Unappropriated
profit carried forward |
|
152,185,806 |
58,770,749 |
|
|
|
|
========== |
========== |
|
|
| The
annexed notes form an integral pad of these accounts. |
|
|
|
SAYEED TARIQ SAIGOL |
|
USMAN SAID |
|
|
Chief Executive |
|
Director |
|
|
|
| THE
STATEMENT OF CHANGES IN FINANCIAL POSITION |
|
| (CASH
FLOW STATEMENT) |
|
| FOR
THE YEAR ENDED JUNE 30, 1998 |
|
|
|
|
Note |
1998 |
1997 |
|
|
|
|
Rupees |
Rupees |
|
|
|
|
| Cash
flows from operating activities |
|
| Cash
generated from operations |
|
A |
111,194,222 |
71,800,412 |
|
| Interest
paid on short term finances |
|
(21,736,286) |
(9,312,212) |
|
| Long
term deposits |
|
|
|
(39,544,772) |
(251,908) |
|
|
|
|
---------- |
---------- |
|
| Net
cash inflow from operating activities |
|
49,913,164 |
62,236,292 |
|
|
|
|
|
| Cash
flows from investing activities |
|
|
|
|
| Fixed
assets purchased |
|
|
|
(180,269,070) |
(13,471,828) |
|
| Capital
work in progress |
|
|
23,043,662 |
(24,213,860) |
|
| Proceeds
from disposal of fixed assets |
|
5,594,000 |
1,260,000 |
|
| Investments
purchased |
|
|
|
(10,222,800) |
(136,183,840) |
|
| Profit
received on bank deposits |
|
|
1,906,418 |
5,638,502 |
|
|
|
|
---------- |
---------- |
|
| Net
cash outflow from investing activities |
|
(159,947,790) |
(166,971,026) |
|
|
|
|
| Cash
flows from financing activities |
|
| Supplier's
credit |
|
|
|
128,224,854 |
- |
|
| Repayment
of liability under finance lease |
|
(1,363,369) |
(590,575) |
|
|
|
|
---------- |
---------- |
|
| Net
cash (outflow)/inflow from financing activities |
|
126,861,485 |
(590,575) |
|
|
|
|
|
---------- |
---------- |
|
| Net
decrease in cash and cash equivalents |
|
16,826,859 |
(105,325,309) |
|
| Cash
and cash equivalents at beginning of the year |
B |
(67,699,262) |
37,626,047 |
|
|
|
|
|
---------- |
---------- |
|
| Cash
and cash equivalents at end of the year |
B |
(50,872,403) |
(67,699,262) |
|
|
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of this statement. |
|
|
|
|
SAYEED TARIQ SAIGOL |
|
USMAN SAID |
|
|
Chief Executive |
|
Director |
|
|
|
|
|
| NOTES
TO THE STATEMENT OF CHANGES IN FINANCIAL POSITION |
|
| FOR
THE YEAR ENDED JUNE 30, 1998 |
|
|
|
|
|
1998 |
1997 |
|
|
|
|
Rupees |
Rupees |
|
|
|
|
| A.
Cash flows from operating activities |
|
|
| Profit
for the year |
|
93,415,057 |
36,880,439 |
|
| Add:
Adjustment for non cash charges |
|
|
|
| Depreciation |
|
60,491,828 |
58,175,645 |
|
| Amortisation
of leased assets |
|
798,219 |
479,608 |
|
| Deferred
costs amortised |
|
3,554,110 |
3,554,110 |
|
| Provision
for gratuity - net |
|
902,023 |
- |
|
| Interest
on short term finances |
|
19,766,909 |
12,617,545 |
|
| Loss/(profit)
on sale of fixed assets |
|
24,904 |
(165,650) |
|
| Profit
on bank deposits |
|
(2,008,256) |
(4,955,871) |
|
|
|
---------- |
---------- |
|
| Profit
before working capital changes |
|
176,944,794 |
106,585,826 |
|
|
|
|
|
| Movement
in working capital |
|
|
|
| Increase
in current assets |
|
|
|
| Stores,
spares and loose tools |
|
3,385,501 |
(7,608,156) |
|
| Trade
debts |
|
|
(59,431,253) |
(38,480,535) |
|
| Advances,
deposits, prepayments |
|
|
|
| and
other receivables (net) |
|
(2,443,893) |
(856,742) |
|
|
|
---------- |
---------- |
|
|
|
(58,489,645) |
(46,945,433) |
|
| Increase
in current liabilities |
|
|
|
| Creditors,
accrued and other liabilities (net) |
|
(7,260,927) |
12,160,019 |
|
|
|
---------- |
---------- |
|
| Cash
generated from operations |
|
|
111,194,222 |
71,800,412 |
|
|
|
========== |
========== |
|
|
|
|
| B.
Cash and cash equivalents< |
