| Askari Commercial Bank Limited |
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| Annual
Report 2000 |
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| CONTENTS |
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| Corporate
Information |
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| A
Glimpse of Steady Growth |
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| Notice
of Annual General Meeting |
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| Directors'
Report |
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| Auditors'
Report to the Members |
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| Balance Sheet |
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| Profit
& Loss Account |
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| Statement
of Changes in Financial Position |
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| Notes
to the Accounts |
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| Annexure-1 |
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| Pattern
of Shareholding |
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| Correspondent
Network |
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| Branch Network |
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| CORPORATE
INFORMATION |
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| BOARD
OF DIRECTORS |
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| Lt.
Gen. Ali Muhammad Jan Aurakzai |
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| Chairman |
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| Lt.
Gen. (R) Mohammad Afsar |
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| Mr.
Kalim-ur-Rahman |
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| President
& Chief Executive |
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| Brig.
(R) Muhammad Shiraz Baig |
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| Brig.
(R) Ikram-ul-Hasan |
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| Brig.
(R) Asmat Ullah Khan Niazi |
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| Brig.
(R) Muhammad Safdar Ali |
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| Mr.
Javed Ahmed Noel |
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| Mr.
Zafar Alam Khan Sumbal |
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| Secretary |
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| Mr.
Shahid Hafeez Azmi |
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| Mr.
Sultan Ahmed Abbasi |
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| Mr.
Istaqbal Mehdi |
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| (NIT Nominee) |
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| AUDITORS |
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| Taseer
Hadi Khalid & Co. |
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| Chartered
Accountants |
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| LEGAL
ADVISORS |
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| Afridi
Angell & Khan |
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| REGISTERED
OFFICE/HEAD OFFICE |
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| AWT
Plaza, The Mall, |
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| P.O.
Box No. 1084, |
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| Rawalpindi-Pakistan. |
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| Tel:
(051) 5518117-20 |
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| Fax:
(051) 5563704 |
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| Web
Site: www.askaribank.com.pk |
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| REGISTRAR
& SHARE TRANSFER OFFICE |
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| Askari
Associates (Private) Limited, |
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| 6th
Floor, AWT Plaza, The Mall, |
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| P.O.
Box 678, Rawalpindi. |
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| Tel:
(051) 5514370-71, 5516108 |
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| Fax:
(051) 5516109 |
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| E-Mail:
askari@isb.compol.com |
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| NOTICE
OF THE NINTH ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the 9th Annual General Meeting of Askari Commercial |
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| N
Bank Limited will be held on Tuesday, 27th March, 2001 at 09:30 hours in Blue |
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| Lagoon
Complex opposite outward gate of Pearl Continental Hotel, Rawalpindi to
transact |
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| the
following business:- |
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| ORDINARY
BUSINESS |
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| 1.
To confirm the minutes of the 8th Annual General Meeting held on 27 March,
2000. |
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| 2.
To receive, consider and adopt the audited accounts together with Directors'
and |
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| Auditors'
Reports thereon for the year ended December 31, 2000. |
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| 3.
To consider and approve dividend as recommended by the Directors of the
Company |
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| as follows: |
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| a.
Cash Dividend at Rs. 1.50 per share i.e. 15% for the year ended December |
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| 31, 2000. |
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| b.
Five bonus shares for every hundred shares i.e. 5% by capitalization of Share |
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| Premium
Account to the same extent. |
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| 4.
To appoint Auditors of the Bank for the year ending December 31, 2001 and to
fix |
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| their
remuneration. |
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| 5.
Any other business with the permission of the Chair. |
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By order of the Board |
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| Rawalpindi |
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|
Zafar Alam Khan Sumbal |
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| February
12, 2001 |
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Company Secretary |
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| NOTES |
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| 1.
The Share Transfer Books of the Bank will remain closed from March 18 to
March |
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| 27,
2001 (both days inclusive). Transfers received at M/s Askari Associates
(Private) |
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| Limited,
6th Floor, AWT Plaza, The Mall, Rawalpindi, the Registrar and Share Transfer |
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| Office
of the Bank at the close of the business on 17 March, 2001 will be treated |
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| in
time for purpose of the entitlement of cash dividend and bonus shares (DW-4 |
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| &
B-5) to the transferees. |
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| 2.
A member entitled to attend and vote at the meeting is entitled to appoint a
proxy |
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| to
attend, speak and vote for him/her. Vote may be given either personally or by
proxy |
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| or
in case of a Company/Corporation by a representative duly authorized. A proxy |
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| must
be a member of the Company. In order to be valid, an instrument of proxy |
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| and
the power of attorney or other authority (if any) under which it is signed,
or |
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| a
notarially certified copy of such power of attorney, must be deposited at the |
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| registered
office of the Bank, AWT Plaza, The Mall, Rawalpindi, not less than 48 |
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| hours
before the time of the meeting. |
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| 3.
CDC shareholders entitled to attend and vote at this meeting must bring
his/her |
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| original
NIC or Passport alongwith the participants' ID numbers and account numbers |
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| to
prove his/her identity. In case of proxy, must enclose an attested copy of
his/her |
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| NIC
or Passport. Representative of corporate members should bring the usual |
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| documents
required for such purpose. |
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| 4.
Shareholders are requested to promptly notify the change of address, if any,
to our |
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| Registrar,
M/s Askari Associates (Private) Limited. |
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| DIRECTORS'
REPORT |
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| Dear
Shareholders, |
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| We
are pleased to present to you the 9th Annual Report of Askari Commercial Bank |
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| Limited,
along with the Audited Accounts and Auditor's Report thereon, for the year
ended |
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| 31st
December, 2000. |
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| THE
ECONOMY |
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| Pakistan's
economy grew by 4.8% during the year 2000, primarily |
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| due
to a healthy growth of 7.2% in the Agriculture Sector, which |
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| partly
made up for the Manufacturing Sector's poor growth of 1.1% |
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| and
Services Sector's growth of only 4.5%, against year 2000 targets |
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| of
5.0%, 4.3%, 5.8% and 5.1% respectively. |
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| The
Pakistani Rupee was allowed to float freely in July, 2000 and the State Bank
of Pakistan |
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| (SBP)
had to tighten its monetary policy thereafter in order to support the
currency. In October, |
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| 2000
the Cash Reserve Requirement for Banks was increased by 2%, to 7%, resulting
in an |
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| outflow
of Rs. 24 billion from the Banking Sector. Simultaneous increases in SBP's
rediscount |
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| rate
from 11% p.a. to 13% p.a. and Treasury Bill auction rates from around 7% p.a.
to 11% |
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| p.a.
resulted in the tightening of the money supply and strengthening of the
Rupee. Resumption |
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| of
assistance from the International Financial Institutions and re-scheduling of
a part of Pakistan's |
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| foreign
debt, has also provided some stability to the Rupee. |
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| Despite
a bumper cotton crop (11.4 M bales) in the 1999-2000 season, export revenues
did |
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| not
increase as much as expected due to a collapse in the international cotton
prices (Cotton |
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| and
cotton products' export revenues were 1999: US$ 5.0 billion, 2000: US$ 5.7
billion). Although |
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| wheat
and edible oil imports decreased during 2000, the doubling of international
oil prices |
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| increased
value of petroleum imports from US$ 1.5 billion to US$ 2.8 billion. |
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| Pakistan's
Exports of US$ 8,163 million during the year, against Imports of US$ 9,598
million |
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| contributed
towards the worsening of the Foreign Exchange Reserves Position, from US$ 1.7 |
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| billion
as at 30th June, 1999 to US$ 1.3 billion for fiscal year end 2000. |
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| During
the year 2000, Pakistan's debt burden worsened to 59.0% |
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| of
its GDP, as US$ 7.8 billion accrued for debt re-payment in |
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| 2000,
but only US$ 3.7 billion could be re-paid and the balance |
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| of
about US$ 4.0 billion required re-scheduling. The debt burden |
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| is
expected to increase further to 62.1% of the GDP in 2001, |
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| because
of, inter alia, the continuing budget deficit which stood |
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| at
6.5% of GDP at end fiscal 2000 (1999: 6.1%). |
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| Overall
- Pakistan's economy remained under pressure during 2000, despite some
improvement |
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| and
stability over 1999. However, resumption of assistance from the International
Financial |
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| Institutions
and re-scheduling of foreign debt near the year end, offers grounds for
optimism. |
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| OPERATING
RESULTS OF THE BANK |
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| Despite
the challenges facing the economy, your Bank's pre-tax & pre- |
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| provision
profits increased from Rs. 814 million in 1999 to Rs. 887 million |
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| in
2000. To off-set the much reduced market spreads/margins arising |
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| from
the intense competition between banks for the limited good risk |
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| business
available, your Bank had to market aggressively for additional |
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| business
to increase volumes. Consequently, the Deposits grew by Rs. |
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| 6.002
billion (24.6%), to cross the Rs 30 billion mark, Loans and |
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| Advances
increased by Rs. 4.836 billion (37.0%), from Rs. 13.056 billion, to Rs.
17,893 |
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| billion,
and total Balance Sheet footings crossed Rs. 37 billion, thereby registering
a |
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| healthy
growth of 20.1% over the preceding year. Hence your Bank's business recorded |
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| a
substantial growth during the year 2000, under very difficult circumstances. |
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| The
net fund-based earnings increased by 6.7% from Rs. 864.3 million in 1999 to
Rs. 921.9 |
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| million
in 2000. This was achieved, despite the rate volatility, by an effective
management of, |
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| and
a reduction in, the cost of funds, to off-set the impact of the reduced gross
fund-based |
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| earnings
arising from the reduced markup rates during the year. |
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| The
Bank tried to maximize fee based earning opportunities, in order to
proactively reduce the |
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| potential
impact of reduced margins / spreads. Consequently, the non-fund-based
earnings |
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| of
the Bank increased by 19.7% from Rs. 538.7 million in 1999 to Rs. 644.7
million in 2000. |
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| Your
Bank invested in its future by incurring staff and other costs pertaining to
new branches, |
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| Credit
Cards business, new Retail Banking products, and Management Training
programs, to |
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| enhance
the income generation capacity of the Bank in the coming year(s). Hence, the
increased |
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| costs
are basically an investment for the future. |
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| It
was also considered prudent to increase, where appropriate, the |
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| provisions
against some non-performing loans, as also the general |
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| provisions.
Despite this, Provisions against non-performing advances |
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| decreased,
as a percentage of total Loans and Advances, from 0.78% |
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| last
year, to 0.75% for the year 2000. |
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| As
a result, the Profit before Tax increased from Rs. 712.4 million |
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| for
1999 to Rs. 751.6 million for the year 2000. |
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| After
accounting for the taxes, the Profit for the year stood at Rs. 315.6 million,
an increase of |
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| 11.8%
over the preceding year (1999: Rs. 282.4 million). Consequently, the earnings
per share |
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| increased
from Rs. 2.86 per share in 1999 to Rs. 3.20 per share for the year 2000. |
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| CREDIT
RISK MANAGEMENT |
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| Your
Bank's Credit Division is responsible for efficient and effective
identification, control and |
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| management
of credit risks, through sound and prudent lending policies. Its aim is to
develop |
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| a
balanced and a well diversified good risk portfolio of remunerative and
productive loans and |
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| advances. |
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| We
remain focussed on reducing the risk profile of the Bank. This is being done
by greater |
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| diversification
of the credit portfolio and, inter alia, a move towards higher-yielding
Personal |
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| Finance
products. Our traditional emphasis remains on short-term self-liquidating
trade finance |
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| transactions.
There is an increased focus on improved risk management in general, through, |
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| inter
alia, an improved MIS to facilitate a more effective monitoring of the credit
portfolio, with |
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| a
special emphasis on effectively managing remedial accounts rooted in the
past. |
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| FOREIGN
TRADE |
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| We
continue to enhance our leadership position in the Trade Finance |
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| area,
which has been the traditional "bread & butter" business for |
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| us,
and in which we have a proven track record of excellence. |
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| Your
Bank's Import business grew by 49.7% from Rs. 17.5 billion during 1999 to Rs. |
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| 26.2
billion in 2000. At the same time, the Export business increased by 34.2%,
from |
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| Rs.
22.8 billion to Rs. 30.6 billion. |
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| TREASURY |
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| The
year 2000 witnessed considerable mark-up / interest rate volatility, along
with further |
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| depreciation
of the Rupee vis-a-vis the U.S. Dollar due to: |
|
|
| a)
the impact of the increase in the US$ LIBOR and Treasury Bill rates, b) the
free float of US$/ |
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| Pak
rupee in the inter-bank market, c) removal of the trading band between Buy /
Sell for the |
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| customers,
and d) very low money market rates for most of the year. |
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| The
money market rates remained depressed till almost the end of the third
quarter, when the |
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| State
Bank of Pakistan suddenly started increasing the relevant bench-mark rates.
This tightening |
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| of
the money market resulted in further reducing the profitability of the |
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| banking
industry due to the time lag involved in suitably adjusting the |
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| investment
portfolios and passing on the increased cost of funds to the customers. |
|
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| The
market expectations for the year 2001 for the money market rates |
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| remain
more or less at the same level as at the year end 2000. A somewhat tight
monetary |
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| policy
is expected to keep in check any steep fall of the Rupee, notwithstanding any
unforeseen |
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| developments
in the fiscal policies. |
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| CORPORATE
& MERCHANT BANKING |
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| Corporate
Banking Division, which became an independent unit in April 1999, with a |
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| portfolio
of about Rs. 2.5 billion, had approved limits and disbursements in excess of |
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| Rs.
7.5 billion and Rs. 6.3 billion respectively, as at end 2000. It now has a
Unit operating |
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| in
Karachi, to market and service Karachi-based customers more effectively. |
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| During
the year 2000, your Bank successfully co-arranged a syndicated loan facility
of Rs. 4 |
|
| billion
for National Database and Registration Authority (NADRA) for the creation of
a national |
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| database
warehouse. This is reportedly the second largest syndication in the history
of Pakistan |
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| and
the first in which your Bank is the Agent as well as the Lead Bank. |
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| RETAIL
BANKING |
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| During
the year 2000, the Bank organised a Retail Banking Group, and by the end of
the year |
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| was
successful in launching innovative consumer banking products developed to
meet individual |
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| customer
needs. This business is expected to grow during 2001, and will add a new
dimension |
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| to
your Bank's business profile. It will also improve the sustainability of our
earnings, by increasing |
|
| our
focus on generating relatively low cost deposits and new high-yielding
Personal Finance |
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| products. |
|
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| In
addition, we have revived our car financing scheme, "AsKar", and
built up a healthy portfolio |
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| of
over Rs. 55 million in less than 3 months. |
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| New
deposit products such as the Askari Bank's Value Plus - an innovative Saving
and Term |
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| Deposit
Scheme, have also been launched successfully. |
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|
| ELECTRONIC
BANKING |
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| Electronic
Technology Division has been constantly striving to provide enhanced value
and added |
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| features
in the existing and new products and services to our customers. |
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| Additional
facilities are planned to be made available shortly, through our Internet
Banking |
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| initiative.
These will further increase the existing range of technology related products
such as: |
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| AskCash
(24 hours ATM Services), AskNet (On-line Inter-branch Banking Facilities),
Askari link |
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| (Automated
Telephone Banking Facility), etc. |
|
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| For
the sake of increasing customer convenience, your Bank has also entered into
an ATM |
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| switch
sharing arrangement with Habib Bank - an extension of the already existing
arrangement |
|
| with
ABN-Amro Bank. Consequently, your Bank's customers can now avail the services
of the |
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| Habib
Bank & ABN Amro Bank ATMs, just as those of Askari Bank, thus giving them
more |
|
| convenient
options. |
|
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| In
the last Annual Report we had mentioned that we would be going live as a
SWIFT (Society |
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| for
Worldwide Inter-bank financial Telecommunications) member Bank. This has been
achieved |
|
| and
your Bank's SWIFT code is ASCMPKKA, which can be quoted along with your
relevant |
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| account
number, and the branch, whenever you want any funds remitted to your account
from |
|
| abroad,
particularly from any SWIFT member bank worldwide. |
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| Your
Bank wants to move to a "paper-less environment", to the |
|
| maximum
extent possible, in due course of time. In order to achieve |
|
| this,
we plan to automate entire processes and not just the transactions, |
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| or part thereof. |
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| Your
Bank now has a new web-page at "askaribank.com.pk", which |
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| has
received the international Golden Web Page award. |
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|
| CREDIT
CARDS |
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| Your
Bank had initially launched Credit Cards by using another |
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| bank
and its systems, as a third party processor. However, we |
|
| faced
serious problems with that arrangement, and have therefore |
|
| shifted
to our own in-house Card Processing System (Genesys). |
|
| Our
Master Card MIP (Member Interface Processor) - used for |
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| clearing,
payments and settlement purposes - is now working successfully. Since your
Bank is |
|
| no
longer dependent on a third party processor in providing Cards services, our
service level |
|
| is
expected to improve greatly. |
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|
| MARKETING
& CUSTOMER SERVICE |
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| You
must have noticed the increased press coverage and advertising being done to
create and |
|
| effectively
market your Bank's Corporate, as well as Product / Brand Image. |
|
|
| New
banking products offered by your Bank are being increasingly
"Branded", in order to |
|
| emphasize
product (Brand) differentiation, create Brand recognition, enhance Branch
demand |
|
| and
ensure Brand loyalty. |
|
|
| Anonymous
checks of customer service standards at branches are being done, in order to
identify |
|
| areas
which require improvement, particularly in customer service standards, and to
identify |
|
| staff
training needs. |
|
|
|
| HUMAN
RESOURCE MANAGEMENT |
|
| Your
Bank has increased its focus on providing in-house training to staff. The
Training & Research |
|
| Wing
has been beefed up and is now in the process of actively conducting training
sessions |
|
| all
year round to enhance professionalism and employee development. |
|
|
| Increased
Job Rotation and Job Enrichment and other initiatives are underway to enhance
Staff |
|
| satisfaction,
which will no doubt translate into better customer service. |
|
|
|
|
| CREDIT
RATING |
|
| The
Pakistan Credit Rating Agency (Pvt.) Ltd. (PACRA), an affiliate of |
|
| FITCH
IBCA Ltd., U.K., has upgraded the Bank's long term entity rating |
|
| from
A+ to AA-, while maintaining the short term rating at AI+, which |
|
| is
the highest possible in this category. |
|
|
| According
to PACRA, "the rating upgrade recognizes the demonstrated |
|
| capacity
of ACBL's management to manage risk, as well as its strong ability to
mobilise resources". |
|
| Furthermore,
"these ratings denote a very strong capacity for the timely payment of
financial |
|
| commitments". |
|
|
| BRANCH
NETWORK |
|
| Your
Bank currently has 29 branches spread over the major |
|
| cities
of Pakistan. During the year 2000, a new branch was |
|
| opened
in Quetta Cantt. Work is underway to open further |
|
| new
branches. The Peshawar Road Branch in Rawalpindi |
|
| is
expected to start operations in the first quarter of 2001, |
|
| and
apart from tapping new sources of business and deposits, it will also help to
reduce the |
|
| heavy
load on our AWT Plaza Branch, thereby enabling us to improve further our
standards |
|
| of
service and customer satisfaction. |
|
|
| PROSPECTS
FOR 2001 |
|
| Pakistan's
economy is expected to grow by a modest 4.5% during 2001 (2000: 4.8%), as the |
|
| Agriculture
sector which did well in 2000, is likely to suffer from the estimated 31%
shortage |
|
| of water supply. |
|
|
| The
present Government is trying to widen the tax base to increase revenues, and
is taking |
|
| various
measures to increase exports. It is also trying to attract new foreign and
domestic |
|
| investment
by giving incentives, particularly in the areas of Oil & Gas, Textile
modernization & |
|
| Information
Technology. |
|
|
| The
resumption of balance of payment and development assistance from the
International |
|
| Financial
Institutions and re-scheduling of Pakistan's foreign debt, has renewed
confidence and, |
|
| despite
the challenges facing the economy, provides room for cautious optimism. |
|
|
| ACKNOWLEDGEMENTS |
|
| We
would like to take this opportunity to thank our customers for giving us
their patronage |
|
| and
valuable business, to the State Bank of Pakistan and other regulatory
authorities for their |
|
| guidance,
to the employees of the Bank for their commitment and hard-work, and to the |
|
| shareholders
of the Bank for the trust and confidence reposed in us. |
|
|
|
|
For and on Behalf of the Board |
|
|
|
|
|
|
| Rawalpindi |
|
|
Lt. Gen. Ali Muhammad Jan Aurakzai |
|
| February
12, 2001 |
|
Chairman |
|
|
|
| AUDITORS
REPORT FOR 2000 |
|
|
| ASKARI
COMMERCIAL BANK LIMITED |
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of Askari Commercial Bank Limited
("the Bank") as |
|
| at
31 December 2000 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, in which |
|
| are
incorporated the unaudited certified returns from the branches except for
seven branches |
|
| which
have been audited by us 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, found them satisfactory, and we
report that: |
|
|
| (a)
in our opinion proper books of account have been kept by the Bank as required
by the |
|
| Companies
Ordinance, 1984 and the returns referred to above received from the branches |
|
| have
been found adequate for the purposes of our audit; |
|
|
|
| (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 Banking Companies Ordinance, 1962 and 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 Bank's
business; and |
|
|
| iii)
the business conducted, investments made and tile expenditure incurred during
the year |
|
| were
in accordance with the objects of the Bank and the transactions of the Bank
which |
|
| have
come to our notice have been within the powers of the Bank; |
|
|
| c)
in our opinion, and to the best of our information and according to the
explanations given to |
|
| us,
the balance sheet and the profit and loss account and the statement of
changes in financial |
|
| position
together with the notes forming part thereof give the information required by
tile |
|
| Banking
Companies Ordinance, 1962 and the Companies Ordinance, 1984, in the manner so |
|
| required
and give a true and fair view of the state of the Bank's affairs as at 31
December |
|
| 2000
and its true balance of the profit and the changes in financial position for
the year then |
|
| ended; and |
|
|
| d)
in our opinion, Zakat deductible at source under the Zakat and Ushr
Ordinance, 1980, was |
|
| deducted
by the Bank and deposited in the Central Zakat Fund established under section
7 of |
|
| that Ordinance. |
|
|
| ISLAMABAD |
|
|
TASEER HADI KHALID & CO. |
|
| February
12, 2001 |
|
CHARTERED ACCOUNTANTS |
|
|
|
| BALANCE
SHEET |
|
| as
at December 31, 2000 |
|
|
|
|
2000 |
1999 |
|
|
Note |
(Rupees in '000) |
(Rupees in '000) |
|
|
|
|
| Assets |
|
|
|
| Cash |
|
4 |
4,424,170 |
3,035,275 |
|
| Balances
with other banks |
|
5 |
2,197,553 |
1,265,147 |
|
| Money
at call and short notice |
|
|
1,900,000 |
2,910,000 |
|
| Investments |
|
6 |
8,569,619 |
8,678,879 |
|
| Advances |
|
7 |
17,892,567 |
13,056,146 |
|
| Operating
fixed assets |
|
8 |
577,761 |
464,633 |
|
| Capital
work in progress |
|
9 |
57,704 |
71,193 |
|
| Other assets |
|
10 |
1,629,981 |
1,545,572 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
37,249,355 |
31,026,845 |
|
|
|
|
| Liabilities |
|
|
|
| Deposits
and other accounts |
|
11 |
30,359,824 |
24,357,594 |
|
| Borrowings
from other banks, agents etc. |
12 |
3,156,836 |
3,243,678 |
|
| Bills payable |
|
|
191,694 |
217,651 |
|
| Other liabilities |
|
13 |
1,159,763 |
891,219 |
|
| Liabilities
against assets subject to finance lease |
14 |
41,683 |
37,282 |
|
| Deferred
liability for taxation |
|
23.2 |
185,000 |
233,000 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
35,094,800 |
28,980,424 |
|
|
|
|
------------------ |
------------------ |
|
| Net assets |
|
|
2,154,555 |
2,046,421 |
|
|
| Represented by: |
|
|
|
| Share capital |
|
15 |
986,226 |
986,226 |
|
| Reserve
fund & other reserves |
|
16 |
1,227,349 |
1,059,675 |
|
| Un-appropriated
profit |
|
|
500 |
520 |
|
| Shareholders'
equity |
|
17 |
2,214,075 |
2,046,421 |
|
| Deficit
on revaluation of governments securities |
6 |
(59,520) |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,154,555 |
2,046,421 |
|
|
|
|
| Memorandum
Items: |
|
|
|
| Bills
for collection |
|
18 |
5,832,697</ |
