| Thal Jute Mills Limited |
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| Annual
Report 1997-98 |
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| CONTENTS |
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| Board
of Directors |
|
| Notice
of Annual General Meeting |
|
| Directors'
Report |
|
| Pattern
of Shareholdings |
|
| Auditors'
Report |
|
| Balance
Sheet |
|
|
| Profit
& Loss Account |
|
| Statement
of Changes in Financial Position |
|
| Notes
to the Accounts |
|
|
|
| BOARD
OF DIRECTORS: |
|
|
| Rafiq M. Habib |
|
Chairman |
|
| Ali S. Habib |
|
|
| Mohamedali
R. Habib |
|
|
| Mazhar Valjee |
|
Chief Executive |
|
| Sohail
P. Ahmed |
|
|
|
|
| Nasim Beg |
|
N.I.T. Nominee |
|
| Behram Hasan |
|
I.C.P. Nominee |
|
|
| AUDITORS: |
|
| Hyder
Bhimji & Co. |
|
| Chartered
Accountants |
|
|
| REGISTERED
OFFICE: |
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| 5th
Floor, AI-Manzoor Building, |
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| I.I.
Chundrigar Road, |
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| Karachi. |
|
|
| MILLS: |
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| Jute
Operation: |
|
| UNIT- 1 |
|
| D.
G. Khan Road, |
|
| Muzaffargarh. |
|
|
| Auto
Airconditioners Plant: |
|
| UNIT - 2 |
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| Korangi,
Karachi. |
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|
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| NOTICE
OF MEETING |
|
| NOTICE
is hereby given that the thirty-second Annual General Meeting of the
Shareholders of the |
|
| Company
will be held at the Auditorium of The Institute of Chartered Accountants of
Pakistan, G-31/8, |
|
| Kehkashan,
Clifton, Karachi on Thursday, November 26, 1998 at 10.00 A.M. to transact the
following |
|
| business:- |
|
|
| ORDINARY
BUSINESS: |
|
| 1.
To receive and adopt the Audited Accounts for the year ended June 30, 1998
together with the |
|
| Directors'
and Auditors' Reports thereon. |
|
|
| 2.
To elect Directors in accordance with the provisions of section 178 of the
Companies Ordinance |
|
| 1984
for a period of three years commencing from January 31, 1999. The retiring
Directors are |
|
| Messers
Rafiq M. Habib, Ali S. Habib, Mohamedali R. Habib, Mazhar Valjee, Sohail R
Ahmed, |
|
| Nasim
Beg & Behram Hasan. |
|
|
| 3.
To approve payment of 15% final cash dividend making a total of 35% for the
financial year |
|
| ended
June 30, 1998 as recommended by the Board of Directors. |
|
|
|
|
| 4.
To appoint Auditors for the year 1998-99 and to fix their remuneration. |
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|
|
|
| SPECIAL
BUSINESS: |
|
| 5.
To approve the remuneration of (i) Chief Executive and (ii) Director. |
|
|
| 6.
To consider and approve a new object clause in memorandum of association to
cover further |
|
| expansion
of the Engineering Operations in the automobile sector. |
|
|
|
|
| A
Statement under Section 160(1)(b) of the Companies Ordinance 1984 pertaining
to the Special |
|
| Business
is being sent to the Shareholders alongwith this Notice. |
|
|
| NOTES: |
|
| i)
The Share Transfer Books of the Company will remain closed from Thursday,
November 19, |
|
| 1998
to Thursday, November 26, 1998 (both days inclusive). Shares may be lodged
for transfer |
|
| with
our Registrar M/s. Noble Computer Services (Pvt.) Limited, 2nd Floor,
AI-Manzoor Building, |
|
| I.I.
Chundrigar Road, Karachi. The Shareholders are advised to notify the
Registrar of any |
|
| change
in their addresses. |
|
|
| ii)
A member entitled to attend and vote at this 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.
A proxy must be a member of the Company. |
|
|
|
| STATEMENT
UNDER SECTION 160 (1) (b) |
|
| OF
THE COMPANIES ORDINANCE, 1984 |
|
|
| a)
The approval of the Shareholders of the Company will be sought of the
remuneration payable to |
|
| Chief
Executive and Director of the Company in accordance with their terms and
conditions of |
|
| service
and if thought proper, to pass the following Resolution as Ordinary
Resolution. |
|
|
| "RESOLVED
that the Company be and hereby approves and authorises the payment of |
|
| remuneration
to (1) Mr. Mazhar Valjee, Chief Executive and (2) Mr. Sohail R Ahmed,
Director of a |
|
| total
sum not exceeding Rupees five million per annum exclusive of the perquisites
and |
|
| retirement
benefits which are admissible under the Company's Rules to Senior Executives
for a |
|
| period
of three years commencing from January 31 1999." |
|
|
| b)
A new object clause is proposed to be added to cover further expansion of the
Engineering |
|
| Operations
in the automobile sector as stated in item 6 of the AGM Notice and to
consider and |
|
| pass
with or without modification, the following Special Resolution: |
|
|
| RESOLVED
that a new object clause 10-A be added at the end of object clause 10 of the |
|
| Memorandum
of Association of the Company to read as follows: |
|
|
| 10A.
"To erect, setup, maintain, construct, establish, own and manage an
undertaking for the |
|
| business
of designing, development, manufacturing, marketing and sale, inter alia of |
|
| cars,
trucks, buses and other commercial, industrial and specialised vehicles
including |
|
| tractors,
trailers, two, three and multi wheeled vehicles, their spare parts and
accessories, |
|
| and
in connection therewith carry on research, development and engineering work,
and |
|
| develop
techniques of manufacturing of items and toolings, methods of quality control |
|
| and
other technical information relating to the manufacture, assembly,
distribution, |
|
| marketing
and sale of such vehicles, parts and accessories and such project to include
all |
|
| such
facilities, plant and other auxiliaries necessary to meet the main object of
the |
|
| Company". |
|
|
|
| THIRTY-SECOND
REPORT OF THE DIRECTORS |
|
| FOR
THE YEAR ENDED JUNE 30, 1998. |
|
|
| The
Shareholders, |
|
|
| The
Directors are pleased to place before you the annual report of the Operations
of the Company (Jute and Engineering |
|
| Divisions),
with the audited accounts for the year ended June 30, 1998. The consolidated
financial results were · - |
|
|
|
|
|
1998 |
1997 |
|
|
Rs. 000's |
Rs. 000's |
|
| Net
profit before taxation |
|
108,418 |
6,521 |
|
| Provision for taxation |
|
(35,645) |
(3,858) |
|
|
--------------- |
--------------- |
|
| Net profit after taxation |
|
72,773 |
2,663 |
|
|
========== |
========== |
|
| Appropriations: |
|
| Interim
Dividend @ Rs. 1.00 per share |
|
13,913 |
-- |
|
| Proposed
Final Dividend @ Rs. 0.75 per share |
|
10,435 |
-- |
|
| Transfer to General Reserve |
|
48,760 |
-- |
|
|
|
|
| The
earnings per share after tax was Rs. 5.23 against Rs. 0.19 of last year. |
|
|
| The
sales turnover of the Company was shy of a billion rupees at Rs. 999 million
during the year under review against |
|
| Rs.
771 million of last year, registering an increase of Rs. 228 million that is
30%. The GP improved to Rs. 148 million for |
|
| the
year under review from Rs. 68 million of last year. The net profit before tax
for the year was a handsome Rs. 108 |
|
| million
opposed to Rs. 6 million in the previous financial year. The profitability
improved as a result of a several key |
|
| factors
having simultaneously turned favorable · |
|
|
| *
Government of Pakistan, in the year, not only imported double its normal
requirement of wheat but also started |
|
| very
early in the year. This resulted in higher and regular demand for jute sacks
that facilitated: |
|
|
| 1.
Your management in going long in its purchases of raw jute, availing of the
depressed prices of the fiber in the |
|
| international
markets. India and Bangladesh harvested larger than usual crops of raw jute
in 1997-98. |
|
|
| 2.
Improvement in market share by increasing production of jute sacks. |
|
|
| 3.
Reduction in financial and other carrying costs. |
|
|
|
| *
Higher demand for auto airconditioners improved turnover of the Engineering
division. |
|
|
| JUTE
OPERATIONS: |
|
|
|
| Sales
Turnover: |
|
| The
sales turnover for the year under review was Rs. 689 million as against Rs.
526 million in the previous financial year |
|
| i.e.
an increase of Rs. 163 million or 31%. |
|
|
| Production: |
|
| The
production for the year under review was 18,263 tons against 14,513 tons in
the previous year thus reflecting an |
|
| increase
of 3,750 tons or 26% over the previous year. Increase in output was possible
as a result of refurbishment and
~ |
|
| renovation
of plant and machinery and due to various measures adopted to improve
productivity of the plant and the |
|
| workforce.
The exercise of improving and refurbishing, as stated in last year's report,
was initiated in 1996-97 and is
~;~:~;~ |
|
| progressing well. |
|
|
| Cost
of Manufacture: |
|
| The
cost of raw jute registered a decrease of Rs. 18 million from Rs. 301 million
(for 14,513 tons production) to Rs. 283 ~ |
|
| million
(for 18,263 tons). Your management was able to take full advantage of the
depressed prices in the international |
|
| market,
by making timely and efficient purchase of raw jute. |
|
|
| The
salaries, wages and benefits showed an increase from Rs. 114 million to Rs.
169 million due to the increase of 3,750 |
|
| tons
in production. Also the Company paid higher production and attendance
incentives and additional productivity |
|
| bonus
to the workers. |
|
|
| The
repairs and maintenance of plant & machinery showed an increase from Rs.
21 million to Rs. 36 million due to |
|
| renovation
and refurbishment (revamping) of plant and machinery. |
|
|
| Administration
& Selling Expenses: |
|
| Administrative
& selling expenses showed a marked increase of Rs. 5 million due to
payment of retirement benefits to |
|
| executives,
review of salary of staff and additional bonus to officers and staff. |
|
|
| Utilities
were higher due to payment of conservancy charges. Communications and travel
cost were higher due to |
|
| enhanced
marketing efforts. |
|
|
| ENGINEERING
OPERATIONS: |
|
|
|
| Sales
Turnover: |
|
| The
sales turnover improved from Rs. 244 million to Rs. 309 million an increase
of Rs. 65 million or 2G percent. The |
|
| number
of auto airconditioners sold during the year were 10,807 against 7,864 sold
in the previous financial year. |
|
|
| Cost
of Manufacture: |
|
| The
cost of raw material increased from Rs. 195 million to Rs. 232 million due to
increased number of airconditioners |
|
| manufactured
during the year. The salaries & wages increased marginally. Stores &
spares and repairs & maintenance |
|
| increased
substantially due to installation and coming on stream of tube making plant
and clutch compressor assembly |
|
| equipment
and some initial hiccups. Fuel & power showed a reduction of Rs. 1
million due to reduction in fixed charges. |
|
| Depreciation
witnessed an increase from Rs. 3 million to Rs. 7 million due to additions to
plant and machinery and jigs |
|
| and fixtures. |
|
|
| Administration
& Selling Expenses: |
|
| The
administration and selling expenses have registered a marginal increase due
induction of personnel in the Sales |
|
| Department
and due to the revision of salaries. |
|
|
| CONSOLIDATED
FINANCIAL EXPENSES/OTHER INCOME: |
|
| Financial
expenses reduced from Rs. 23 million to Rs. 11 million that is over 52%
reduction mainly due to better financial |
|
| management
of the improved cash flow. |
|
|
| OTHER
INCOME: |
|
| Other
income for the year under review accrued on account of profit on short-term
investments, income from rental of |
|
| property,
dividend on investments and sale of fixed assets. |
|
|
| LAND
& BUILDING UNIT III: |
|
| The
Unit III land and factory building at Korangi, Karachi remained unsold
despite efforts by the Management. |
|
|
| FUTURE
PLANS & PROSPECTS: |
|
|
| Jute Division |
|
| Outlook
for the current year is not bright for reasons listed below · |
|
|
| 1.
There is a decline in the demand for jute sacks, while output of the industry
has increased over the previous years. |
|
| Estimates
for import of wheat by the Government and the private sector are varying, but
are much less than the year |
|
| under review. |
|
|
|
|
|
| 2.
International prices of Raw Jute have registered an increase due to
unprecedented floods in Bangladesh and a |
|
| smaller
jute crop in India. Depreciation of the Pak Rupee against the US Dollar will
also create adverse impact on |
|
| raw
material cost. |
|
|
| 3.
Cash flow will be adversely affected this year as buyers are placing orders
only for their bare minimum demand. |
|
| The
requirement of the State Bank to deposit 30% cash margin against Letters of
Credit has enhanced need for |
|
| borrowings.
Both these factors will result in higher financial and carrying costs. |
|
|
| 4.
Imports of raw material are dependent on the regular availability of foreign
exchange which, at present, appears |
|
| uncertain. |
|
|
|
| Engineering
Division: |
|
| Based
on experience of selling 7,844 units in 1996-97 and then 10,807 units of air
conditioners in 1997-98 the |
|
| Engineering
Division has budgeted to sell 13,000 units in 1998-99. Sales are, however,
dependent on the auto market, |
|
| which
has lately started to record reduced bookings due to deteriorating economic
conditions in the Country. |
|
|
| The
recent strengthening of the Japanese Yen and expected devaluation of the Pak
Rupee will affect the cost of car |
|
| airconditioners
adversely and may result in the erosion of the profitability of the Division.
As stated earlier availability of |
|
| Foreign
Exchange in the later part of the year is also uncertain at present. |
|
|
| DIRECTORS: |
|
| The
present Directors shall stand retired on January 30, 1999 and elections shall
be held as per the provisions of section |
|
| 178
of the Companies Ordinance 1984. The Board of Directors welcomes Mr. Nasim
Beg on the Board as nominee of |
|
| NIT
and wishes to acknowledge valuable contribution made by retiring nominee
Director of NIT Mr. A. K. M. Sayeed. |
|
|
| YEAR
2000 COMPLIANCE OF COMPUTER SYSTEM: |
|
| The
financial accounts of the Company were being maintained on IBM AS 400 system
using BPCS software. The |
|
| software
not being Y2K compliant the Company has commenced migration of financial
accounts to a Y2K compliant PC |
|
| based
software. The two systems will run parallel for a few months to ensure smooth
shift-over. Accounts of the Thal |
|
| Engineering
Division are already being maintained on PC using Y2K Compliant software. |
|
|
| AUDITORS: |
|
| The
present auditors of the Company Messers Hyder Bhimji and Co., Chattered
Accountants retire and being eligible |
|
| offer
themselves for re-appointment. |
|
|
| PATTERN
OF SHAREHOLDINGS: |
|
| The
pattern of shareholdings as at June 30, 1998 is attached to this report.
~ |
|
|
| APPRECIATION: |
|
| The
Board places on record its appreciation of the hard and diligent work put in
by the workers, staff and executives of |
|
| the
Company and the wonderful working environment that prevails in both the
Divisions of the Company. |
|
|
|
| PATTERN
OF SHAREHOLDINGS AS ON JUNE 30, 1998 |
|
|
| Number of |
|
Size of Shareholdings |
|
Total |
|
| Shareholders |
|
Rs. 5/- Each |
|
Shares Held |
|
|
| 1,438 |
1 |
-- |
100 |
55,032 |
|
| 1,300 |
101 |
-- |
500 |
322,759 |
|
| 398 |
501 |
-- |
1,000 |
292,298 |
|
| 408 |
1,001 |
-- |
5,000 |
844,404 |
|
| 40 |
5,001 |
-- |
10,000 |
285,527 |
|
| 11 |
10,001 |
-- |
15,000 |
134,786 |
|
| 12 |
15,001 |
-- |
20,000 |
210,787 |
|
| 5 |
20,001 |
-- |
25,000 |
114,790 |
|
| 2 |
25,001 |
-- |
30,000 |
57,052 |
|
| 1 |
30,001 |
-- |
35,000 |
30,434 |
|
| 1 |
35,001 |
-- |
40,000 |
38,445 |
|
| 1 |
40,001 |
-- |
45,000 |
42,500 |
|
| 2 |
45,001 |
-- |
50,000 |
97,592 |
|
| 4 |
50,001 |
-- |
55,000 |
216,332 |
|
| 2 |
55,001 |
-- |
60,000 |
116,411 |
|
| 2 |
65,001 |
-- |
70,000 |
132,300 |
|
| 1 |
70,001 |
-- |
75,000 |
74,300 |
|
| 2 |
75,001 |
-- |
80,000 |
155,000 |
|
| 1 |
80,001 |
-- |
85,000 |
80,500 |
|
| 2 |
100,001 |
-- |
105,000 |
206,000 |
|
| 1 |
105,001 |
-- |
110,000 |
107,000 |
|
| 1 |
110,001 |
-- |
115,000 |
112,000 |
|
| 1 |
120,001 |
-- |
125,000 |
123,830 |
|
| 1 |
135,001 |
-- |
140,000 |
137,500 |
|
| 1 |
140,001 |
-- |
145,000 |
140,921 |
|
| 2 |
145,001 |
-- |
150,000 |
294,644 |
|
| 1 |
150,001 |
-- |
155,000 |
155,000 |
|
| 1 |
155,001 |
-- |
160,000 |
157,559 |
|
| 2 |
160,001 |
-- |
165,000 |
326,979 |
|
| 1 |
165,001 |
-- |
170,000 |
169,811 |
|
| 1 |
170,001 |
-- |
175,000 |
174,979 |
|
| 1 |
175,001 |
-- |
180,000 |
175,760 |
|
| 1 |
180,001 |
-- |
185,000 |
180,593 |
|
| 1 |
185,001 |
-- |
190,000 |
186,116 |
|
| 2 |
190,001 |
-- |
195,000 |
380,466 |
|
| 1 |
205,001 |
-- |
210,000 |
208,976 |
|
| 1 |
210,001 |
-- |
215,000 |
213,500 |
|
| 1 |
245,001 |
-- |
250,000 |
250,000 |
|
| 1 |
260,001 |
-- |
265,000 |
263,741 |
|
| 1 |
295,001 |
-- |
300,000 |
300,000 |
|
| 1 |
300,001 |
-- |
305,000 |
301,871 |
|
| 1 |
365,001 |
-- |
370,000 |
369,118 |
|
| 1 |
465,001 |
-- |
470,000 |
466,478 |
|
| 1 |
710,001 |
-- |
715,000 |
712,472 |
|
| 1 |
840,001 |
-- |
845,000 |
842,447 |
|
| 4 |
910,001 |
-- |
915,000 |
3,654,265 |
|
| ------------------------------------------------------------------------------------------------- |
|
| 3,665 |
|
TOTAL |
|
13,913,265 |
|
| ============================================================= |
|
|
| Categories
of Shareholders |
|
Number |
Shares Held |
Percentage % |
|
| 1. Individuals |
|
3,605 |
6,246,700 |
44.90 |
|
| 2.
Investment Companies |
|
5 |
372,946 |
2.68 |
|
| 3.
Insurance Companies |
|
7 |
833,512 |
5.99 |
|
| 4.
Joint Stock Companies |
|
16 |
363,893 |
2.62 |
|
| 5.
Financial Institutions |
|
7 |
746,590 |
5.37 |
|
| 6.
Modaraba Companies |
|
5 |
9,069 |
0.07 |
|
| 7.
Foreign Investors |
|
6 |
4,063,406 |
29.21 |
|
| 8.
Co-operative Societies |
|
4 |
74,603 |
0.54 |
|
| 9.
Charitable Trusts |
|
7 |
169,737 |
1.22 |
|
| 10. Others |
|
3 |
1,032,819 |
7.42 |
|
|
|
---------------------------------------------------------- |
|
| TOTAL |
|
3,665 |
13,913,275 |
100.00 |
|
|
==================================== |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed Balance Sheet of THAL JUTE MILES LIMITED, as at June
30, 1998 and |
|
| the
related Profit and Loss Account for the year then ended and the Statement of
Changes in Financial |
|
| Position
(Cash Flow Statement) 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 purpose 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 applied' |
|
|
| ii)
the expenditure incurred during the year was for the purpose of 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 (Cash |
|
| Flow
Statement) together with the notes forming part 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 |
|
| Financial
Position (Cash Flows) for the year then ended; and |
|
|
| d)
in our opinion, Zakat deductible at source, under Zakat and Ushr Ordinance,
1980 was deducted |
|
| by
the Company under the Central Zakat Fund established under section 7 of that
Ordinance. |
|
|
|
|
HYDER BHIMJI & CO. |
|
|
|
Chartered Accountants |
|
| Karachi:
October 21, 1998. |
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 1998 |
|
|
|
|
|
1998 |
1997 |
|
|
|
|
|
Rs. 000's |
Rs. 000's |
|
|
|
|
|
| SHARE
CAPITAL: |
|
|
|
|
|
|
| Authorised |
|
|
|
| 20,000,000
Ordinary Shares of Rs. 5/- each |
|
100,000 |
100,000 |
|
|
|
========== |
========== |
|
|
| Issued,
Subscribed and Paid-up |
3 |
69,566 |
69,566 |
|
|
| Reserves |
|
4 |
130,000 |
81,240 |
|
|
| Unappropriated
Profit |
|
|
2,351 |
2,686 |
|
|
|
|
|
|
|
|
|
|
201,917 |
153,492 |
|
|
| DEFERRED
LIABILITIES |
|
5 |
23,398 |
20,166 |
|
|
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
|
|
| Short
Term Borrowings |
|
6 |
17,561 |
136,822 |
|
|
| Creditors,
Accrued and Other Liabilities |
7 |
215,596 |
140,384 |
|
|
| Taxation |
|
|
38,096 |
4,911 |
|
|
| Proposed
Dividend |
|
|
10,435 |
-- |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
281,688 |
282,117 |
|
|
| CONTINGENCIES
& COMMITMENTS |
8 |
--------------- |
--------------- |
|
|
|
|
|
507,003 |
455,775 |
|
|
|
|
|
|
========== |
========== |
|
|
|
|
|
|
|
| TANGIBLE
FIXED ASSETS: |
|
|
|
|
|
|
|
|
|
| Operating
Assets |
|
9 |
103,403 |
100,585 |
|
|
| Capital
Work-in-Progress |
|
10 |
82 |
13,576 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
103,485 |
114,161 |
|
|
|
|
|
|
|
|
|
| LONG
TERM INVESTMENTS |
11 |
23,854 |
23,854 |
|
|
| LONG
TERM LOANS, ADVANCES |
|
|
|
|
| AND
DEPOSITS |
|
12 |
1,675 |
1,092 |
|
|
|
|
|
|
|
| CURRENT
ASSETS: |
|
|
|
|
|
| Stores,
Spares and Loose Tools |
|
13 |
31,334 |
35,773 |
|
|
| Stock-in-Trade |
|
|
14 |
130,561 |
188,554 |
|
|
| Trade
Debts (Unsecured Considered Good) |
|
71,385 |
57,388 |
|
|
| Shod
Term Investments |
|
15 |
85,438 |
-- |
|
|
| Advances,
Deposits, Prepayments |
|
|
|
|
|
| and
Other Receivables |
|
16 |
36,192 |
33,671 |
|
|
| Cash
and Bank Balances |
|
17 |
23,079 |
1,282 |
|
|
|
--------------- |
--------------- |
|
|
|
377,989 |
316,668 |
|
|
|
--------------- |
--------------- |
|
|
|
507,003 |
455,775 |
|
|
|
========== |
========== |
|
|
|
| Note:
The annexed notes form an integral pad of these financial statements |
|
|
