| Pakistan Cables Limited |
|
|
|
|
|
|
|
|
|
| Annual
Report 2001 |
|
|
| CONTENTS |
|
|
| Company
Information |
|
| Notice
of Meeting |
|
|
| Highlights |
|
|
|
| Ten-Year
Review |
|
|
| Chairman's
Review |
|
|
| Report
of the Directors |
|
|
| Pattern
of Shareholdings |
|
|
| Graphic
Illustrations |
|
|
| Auditors'
Report to the Members |
|
|
| Balance Sheet |
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|
|
| Profit
and Loss Account |
|
|
| Statement
of Changes in Equity |
|
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| Cash
Flow Statement |
|
|
| Notes
to and Forming Part of the Accounts |
|
|
|
| COMPANY
INFORMATION |
|
|
| BOARD
OF DIRECTORS |
|
| Towfiq
H. Chinoy (Chairman) |
|
| Mustapha
A. Chinoy |
|
| Haroun Rashid |
|
| Muhammad
Saeed Akhter |
|
| Syed
Naseem Ahmad |
|
| Syed
Zubair Ahmed |
|
| Aziz Husain |
|
| Shahpur
Channah |
|
| Asian
Sadruddin |
|
| Kamal
A. Chinoy (Chief Executive) |
|
|
| COMPANY
SECRETARY |
|
| Asian
Sadruddin |
|
|
| AUDITORS |
|
| A.F.
Ferguson & Co. |
|
| Chartered
Accountants |
|
|
| LEGAL
ADVISERS |
|
| Ghani
Law Associates |
|
|
| BANKERS |
|
| Credit
Agricole Indosuez |
|
| Habib
Bank Limited |
|
| Hongkong
and Shanghai Banking Corporation Limited |
|
| Muslim
Commercial Bank Limited |
|
| Oman
International Bank |
|
| Standard
Chartered Bank |
|
| Standard
Chartered Grindlays Bank Limited |
|
| Union
Bank Limited |
|
|
| Registered
Office, Factory and Marketing Office |
|
| B/21,
Sindh Industrial Trading Estates, |
|
| Manghopir
Road, P.O. Box 5050, Karachi-75700 |
|
| Telephone
Nos: 2561170-75, Telex:29132 PCL PK, Fax:92-21-2564614 |
|
| Regional Office |
|
|
|
| Lahore |
Co-operative Insurance
Building, Shahra-e-Quaid-e-Azam |
|
|
Telephone Nos: 7355783,
7120790-91, 7353520, Fax: 7355480 |
|
|
|
| Branch Offices |
|
|
|
| Multan |
1592, Quaid-e-Azam
Shopping Centre No,1, Multan Cantt, |
|
|
Telephone No: 583332,
Fax: 549336 |
|
|
|
| Rawalpindi |
455-A, Adamjee Street,
Rawalpindi. |
|
|
Telephone Nos: 5568895,
5512797, Fax: 5587029 |
|
|
|
| NOTICE
OF ANNUAL GENERAL MEETING |
|
|
| NOTICE
IS HEREBY GIVEN THAT the 48th Annual General Meeting of the Shareholders of
Pakistan |
|
| Cables
Limited will be held on Wednesday, the 14th November 2001 at 11:00 a.m. at
Council Hall |
|
| of
the Overseas Investors Chamber of Commerce and Industry, Chamber of Commerce
Building, |
|
| Talpur
Road, Karachi, to transact the following business: |
|
|
| Ordinary
Business |
|
|
| 1.
To receive and consider the Statement of Accounts for the year ended June 30,
2001 |
|
| together
with the Reports of the Directors and Auditors thereon, |
|
|
|
| 2.
To approve the payment of Dividend as recommended by the Directors, The
Directors have |
|
| recommended
a dividend of 20%. |
|
|
|
|
| 3,
To appoint Auditors for the ensuing year and to fix their remuneration
(Messrs, A.F. Ferguson |
|
| &
Co, Chartered Accountants, retire, and being eligible, have offered
themselves for |
|
| reappointment). |
|
|
| 4.
To transact any other business which may legally be transacted at an Annual
General |
|
| Meeting. |
|
|
|
|
|
|
By Order of the Board |
|
|
|
|
|
|
|
Aslam Sadruddin |
|
|
|
Finance Director and |
|
| KARACHI:
October 22, 2001 |
|
Company Secretary |
|
|
| NOTES: |
|
|
| 1.
The Share Transfer Books of the Company will remain closed from 01.11.2001 to
14.11.2001 |
|
| (both
days inclusive). No transfer will be accepted for registration during this
period. |
|
|
|
| 2,
A member entitled to attend and vote at this Meeting is entitled to appoint a
proxy to |
|
| attend
and vote instead of him, A proxy need not be a member of the Company. |
|
|
| 3.
The instrument appointing the proxy and the Power of Attorney or other
authority under |
|
| which
it is signed, or a notarially certified copy thereof, must be lodged at the
Company's |
|
| Registered
Office i.e. B/21, S.I.T.E., Karachi, not later than 48 hours before the time
of the |
|
| Meeting. |
|
|
|
|
|
|
| HIGHLIGHTS |
|
|
|
|
2000-2001 |
1999-2000 |
|
|
|
Rs. Million |
Rs. Million |
|
|
| Sales |
|
763.68 |
721.28 |
|
| Profit after tax |
|
6.73 |
12.32 |
|
| Dividend |
|
6.24 |
9.37 |
|
| Net
assets employed |
|
134.67 |
13.531 |
|
| Shareholders'
fund |
|
120.45 |
11.996 |
|
| Net
earning per share |
|
Rs.2.16 |
395 |
|
| Net earning per rupee sales |
|
Rs.0.01 |
0.02 |
|
|
|
| TEN-YEAR
REVIEW |
|
|
|
|
|
|
2000-2001 |
1999-2000 |
1998-99 |
1997-98 |
1996-97 |
*1995-96 |
1994 |
1993 |
1992 |
1991 |
|
|
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
Rs. |
|
|
Million |
Million |
Million |
Million |
Million |
Million |
Million |
Million |
Million |
Million |
|
|
|
| Sales |
|
763.683 |
721.279 |
578.895 |
500.151 |
636.476 |
964.652 |
438.239 |
380.362 |
302.149 |
346.808 |
| Operating profit |
|
34.816 |
40.424 |
39.695 |
24.583 |
54.204 |
63.998 |
30.117 |
30.390 |
16.914 |
24.646 |
| Profit before tax |
|
9.281 |
11.717 |
13.218 |
11.321 |
20.751 |
35.058 |
21.150 |
15.954 |
8.242 |
12.908 |
| Profit after tax |
|
6.733 |
12.317 |
9.248 |
8.321 |
13.151 |
19.733 |
9.157 |
7.868 |
4.173 |
8.331 |
| Dividend |
|
6.244 |
9.365 |
7.805 |
7.024 |
10.927 |
14.829 |
8.585 |
7.805 |
2.178 |
8.580 |
| Bonus issue |
|
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
2.178 |
2.640 |
| Capital
expenditure |
4.847 |
13.781 |
10.015 |
2.628 |
6.569 |
64.762 |
3.145 |
0.741 |
1.142 |
1.376 |
| Fixed
assets at cost |
279.697 |
275.823 |
262.971 |
252.531 |
246.532 |
244.126 |
179.055 |
175.979 |
175.420 |
180.772 |
| Current
assets less |
|
| current liabilities |
|
52.863 |
44.429 |
40.944 |
47.596 |
37.359 |
27.687 |
41.609 |
48.633 |
61.234 |
55.085 |
| Current assets: |
|
|
| Current
liabilities |
1.1:1 |
1.1:1 |
1.1:1 |
1.2:1 |
1.1:1 |
1.1:1 |
1.2:1 |
1.3:1 |
1.4:1 |
1.4:1 |
|
|
|
| Shareholders'
funds |
|
| issued capital |
|
31.218 |
31.218 |
31.218 |
31.218 |
31.218 |
31.218 |
31.218 |
31.218 |
29.040 |
26.400 |
| Reserve
& retained |
|
| earnings |
|
89.228 |
88.739 |
85.787 |
84.344 |
83.047 |
80.823 |
75.919 |
75.347 |
77.462 |
78.107 |
| Total
shareholders' fund |
120.446 |
119.957 |
117.005 |
115.562 |
114.265 |
112.041 |
107.137 |
106.565 |
106.502 |
104.507 |
| Long
term loans & liabilities |
14.220 |
15.352 |
20.016 |
31.967 |
38.203 |
47.582 |
21.708 |
37.568 |
47.105 |
55.413 |
| Net
assets employed |
134.666 |
135.309 |
137.021 |
147.529 |
152.468 |
159.623 |
128.845 |
144.133 |
153.607 |
159.920 |
|
|
|
|
|
|
| Net
earnings as percentage |
|
| of
net assets employed % |
5 |
9 |
7 |
6 |
9 |
12 |
7 |
5 |
3 |
5 |
| Earning
per rupee of sales Rs. |
0.01 |
0.02 |
0.02 |
0.02 |
0.02 |
0.02 |
0.02 |
0.02 |
0.01 |
0.02 |
| Earning
per share Rs. |
2.16 |
3.95 |
2.96 |
2.67 |
4.21 |
6.32 |
2.93 |
2.52 |
1.44 |
3.16 |
| Cash
dividend per share Rs. |
2.00 |
3.00 |
2.50 |
2.25 |
3.50 |
4.75 |
2.75 |
2.50 |
0.75 |
3.25 |
| Break-up
value per share Rs. |
38.59 |
38.43 |
37.48 |
37.02 |
36.60 |
3.5.89 |
34.32 |
34.14 |
36.67 |
39.59 |
|
|
|
| *Eighteen
months ended June 30, 1996. |
|
|
|
|
|
| CHAIRMAN'S
REVIEW |
|
|
| On
behalf of your Board, I am pleased to present to you the report for the year
ended June 30th, |
|
| 2001. |
|
|
| BOARD
CHANGES |
|
|
| During
the year following changes took place in the Board: |
|
|
|
| i)
Syed Zubair Ahmad was appointed as NIT's nominee director on the Board of
your company |
|
| on
08-12-2000 in place of Dr. Amjad Waheed. |
|
|
|
|
| ii)
Mr. Aziz Husain was also appointed as NIT's nominee director in place of Ms.
Sara Jawaid |
|
| effective
10-11-2000. |
|
|
| iii)
Mr. Muhammad Saeed Akhter was appointed as State Life Insurance Corporation
of Pakistan's |
|
| nominee
director on 26-12-2000 in place of Mr. Imtiaz Rasool. |
|
|
| The
Board wishes to place on record its warm appreciation for the valuable
contributions made by |
|
| the
retiring directors and takes pleasure in welcoming the new directors. |
|
|
| OPERATING
PERFORMANCE |
|
| The
recession of previous years continued unabated during the period under
review. Construction |
|
| activity
was severely affected and industrial investment remained shy, except for the
textile sector |
|
| which
invested in modernization and expansion, Our aluminium profile business was
particularly |
|
| affected
by the slow pace of construction. The share of business that we received from
utility |
|
| companies
was low and we particularly stayed away from KESC business of Medium Voltage
(MV) |
|
| cables
as they wanted one year's unsecured credit. Matters were further aggravated
by the steep |
|
| depreciation
in the rupee and the severe competition within the cable industry. |
|
|
| By
the grace of God, despite these difficulties your company managed to achieve
sales of Rs. 763.7 |
|
| million
during the year, which is 6% higher than last year's sales of Rs. 721.3
million. |
|
|
| Gross
profit of Rs. 86.7 million is 11.4% of sales against last year's gross profit
of Rs. 86.4 million, which |
|
| is
12,0% of the sales. The fall in gross profit percentage is mainly due to
increase in price of raw |
|
| materials
in the international market. The devaluation in the value of Pak Rupee by 23%
during the |
|
| year
further raised the raw material cost. Due to severe competition in sales, it
was not possible to |
|
| pass
on the increased material cost to the customers to the full extent, which
resulted in reduced |
|
| margins. |
|
|
| Operating
profit for the year is Rs, 34,8 million against Rs, 40.4 million last year. |
|
|
| Financial
charges for the year were Rs. 31.7 million which are almost at par with the
last year's |
|
| charges
of Rs. 31.4 million inspire of higher sales for which higher working capital
was required to |
|
| finance
inventories. This reflects yours Company's strict control on borrowings and
efficient |
|
| utilization
of available resources. |
|
|
| The
charge for income tax for the current year is much higher than last year as
there was a write |
|
| back
of prior year's provision of Rs. 2 million last year. Due to the higher
charge for the taxation and |
|
| the
higher material cost, the company ended up with a profit after fax of Rs. 6.7
million as |
|
| compared
to Rs. 12.3 million last year. |
|
|
| DIVIDEND |
|
| For
the current year, your directors recommends payment of dividend of Rs. 2.00
per share (20%) |
|
| compared
to Rs, 3.00 per share (30%) last year. |
|
|
| INDUSTRY
CONCERNS |
|
| As
reported previously, the incidence of government taxes on wire & cables
is very high. Excise |
|
| Duty
and Sales Tax together result in a loading of 26.5%. In addition, a further
3% sales tax is |
|
| chargeable
on goods sold to unregistered customers. This only encourages manufacturers
to |
|
| evade
taxes, depriving the government of much needed revenue. The government has
long |
|
| declared
that industry should not suffer from a multiplicity of taxes (either excise
duty or sales tax |
|
| should
appIy on a product). Wire & Cables is the only industry in the capital
goods industry, which |
|
| is
under double taxation. This uneven playing field is all the more glaring in
light of the fact that in |
|
| the
last budget, the government removed excise duty from Enamel Wire industry,
whose products |
|
| are
now subject only to Sales Tax. We urge the government once again, not to
discriminate against |
|
| the
wire and cables industry. |
|
|
| ISO
9001 CERTIFICATION |
|
| In
1997, your company was one of the first fifty companies in Pakistan to obtain
ISO 9000 |
|
| certification.
It was also the first cable company to be so certified for all its products
(as well as our |
|
| branches).
Now in November 2000, Pakistan Cables has upgraded its certification to the
latest |
|
| version
of this specification. We are now certified to 1SO 9001: 2000. We remain the
only company |
|
| in
the cable industry to be certified to this latest specification and were
amongst the first five in |
|
| Pakistan
to be so certified. |
|
|
| FUTURE
PROSPECTS |
|
| The
recent tragedy in the USA has put Pakistan in the focus of the whole world
and has brought |
|
| uncertainty
to an already depressed market. The future has to be further viewed in the
context of |
|
| this
industry sector, which is very competitive in the entire range of products
which we offer, resulting |
|
| in
pressure on our margins. The poor financial health of WAPDA and KESC is also
a matter of |
|
| concern.
This situation has presented a challenge to the electrical cable industry. |
|
|
| However
your company has a strong market image and this should be of assistance in
such market |
|
| conditions.
It is also hoped that government efforts will spur the economic activity once
the existing |
|
| uncertainties
are over which should prove fruitful for our country. |
|
|
| STAFF |
|
| The
total number of employees as on June 30th, 2001 was 293. The relations of the
Management |
|
| with
the workers and their union remained peaceful and cordial at all levels. In
order to improve |
|
| the
quality of staff, continuous training is provided both on job and outside. On
behalf of the |
|
| directors
and employees of the company, I express our gratitude to all our valued
customers, |
|
| distributors
and banks for their confidence and support. |
|
|
|
|
TOWFIQ H. CHINOY |
|
| KARACHI:
October 13, 2001. |
|
Chairman |
|
|
|
|
| REPORT
OF THE DIRECTORS |
|
|
|
|
| 1.
The Directors have pleasure in submitting their Report and Annual Audited
Accounts for the |
|
| year
ended 30th June, 2001. |
|
|
|
|
| The
net profit after tax amounted to |
|
6,733 |
|
| To
this is added unappropriated profit |
|
| brought
forward from last year |
|
|
239 |
|
|
|
|
------------------ |
|
|
|
|
|
6,972 |
|
|
========== |
|
|
| The
Directors recommended: |
|
|
|
|
| Payment
of Cash dividend at the |
|
| rate
of Rs. 2.00 per share (20%) |
|
|
6,244 |
|
|
|
|
| Transfer
to General Reserve |
|
|
500 |
|
| Leaving
unappropriated profit to be |
|
| Carried Forward |
|
|
228 |
|
|
------------------ |
|
|
|
6,972 |
|
|
|
========== |
|
|
|
|
| 2.
During the year following changes took place in the Board: |
|
|
| (i)
Syed Zubair Ahmad was appointed as NIT's nominee director on the Board of
your |
|
| company
on 08-12-2000 in place of Dr. Amjad Waheed. |
|
|
|
| (ii)
Mr. Aziz Husain was also appointed as NIW's nominee director in place of Ms.
Sara |
|
| Jawaid
effective 10-11-2000. |
|
|
|
| (iii)
Mr. M. Saeed Akhter was appointed as State Life Insurance Corporation of
Pakistan's |
|
| nominee
director on 26-12-2000 in place of Mr. Imtiaz Rasool. |
|
|
|
|
| 3.
The Chairman's Review on page 6 covers significant activities of your
company. |
|
|
|
|
| 4.
The pattern of shareholding is provided on page 9. |
|
|
|
|
| 5.
The present Auditors M/s. A. F. Ferguson & Co, retire and offer
themselves for reappointment. |
|
|
|
|
|
|
|
On behalf of the Board |
|
|
|
|
|
|
|
|
Kamal A. Chinoy |
|
| Karachi:
October 11, 2001 |
|
|
Director & Chief Executive |
|
|
|
| PATTERN
OF SHAREHOLDING AS AT JUNE 30, 2001 |
|
|
| No. of |
|
Shareholding |
|
Total |
|
| Shareholders |
|
Shares held |
|
|
| 398 |
1 |
to |
100 |
16,116 |
|
| 405 |
101 |
to |
500 |
101,455 |
|
| 101 |
501 |
to |
1,000 |
75,689 |
|
| 108 |
1,001 |
to |
5,000 |
220,666 |
|
| 12 |
5,001 |
to |
10,000 |
80,290 |
|
| 6 |
10,001 |
to |
15,000 |
75,937 |
|
| 2 |
15,001 |
to |
20,000 |
33,200 |
|
| -- |
20,001 |
to |
25,000 |
-- |
|
| 1 |
25,001 |
to |
30,000 |
29,843 |
|
| -- |
30,001 |
to |
40,000 |
-- |
|
| 1 |
40,001 |
to |
45,000 |
43,261 |
|
| 1 |
45,001 |
to |
50,000 |
47,009 |
|
| -- |
50,001 |
to |
60,000 |
-- |
|
| 1 |
60,001 |
to |
65,000 |
61,250 |
|
| -- |
65,001 |
to |
85,000 |
-- |
|
| 1 |
85,001 |
to |
90,000 |
85,815 |
|
| 1 |
90,001 |
to |
95,000 |
90,552 |
|
| -- |
95,001 |
to |
125 |
-- |
|
| 1 |
125,001 |
to |
130,000 |
129,869 |
|
| -- |
130,001 |
to |
160,000 |
-- |
|
| 1 |
160,001 |
to |
165,000 |
162,853 |
|
| -- |
165,001 |
to |
170,000 |
-- |
|
| 1 |
170,001 |
to |
175,000 |
173,710 |
|
| -- |
175,001 |
to |
290,000 |
-- |
|
| 1 |
290,001 |
to |
295,000 |
292,230 |
|
| -- |
295,001 |
to |
300,000 |
-- |
|
| 1 |
300,001 |
to |
305,000 |
304,400 |
|
| -- |
305,001 |
to |
475,000 |
-- |
|
| 1 |
475,001 |
to |
480,000 |
478,299 |
|
| -- |
480,001 |
to |
615,000 |
-- |
|
| 1 |
615,001 |
to |
620,000 |
619,356 |
|
| -- |
620,001 |
to |
3,121,800 |
-- |
|
| ------------------ |
|
------------------ |
|
| 1,045 |
|
|
3,121,800 |
|
| ========== |
|
|
========== |
|
|
|
|
|
|
| Category
of shareholders |
|
Number |
Shares held |
Percentage |
|
|
|
|
| individuals |
|
1,016 |
1,630,616 |
52.23 |
|
| Investment
Companies |
|
2 |
705,171 |
22.59 |
|
| insurance
Companies |
|
6 |
349,610 |
11.20 |
|
| Joint
Stock Companies |
|
10 |
318,488 |
10.20 |
|
| Financial
institutions |
|
5 |
92,330 |
2.96 |
|
| Modaraba
Companies |
|
0 |
-- |
0.00 |
|
| Others |
|
6 |
25,585 |
0.82 |
|
|
------------------ |
------------------ |
------------------ |
|
|
|
1,045 |
3,121,800 |
100.00 |
|
|
========== |
========== |
========== |
|
|
| OTHERS |
|
| Aminia
Muslim Girls School Trust |
|
|
11,304 |
|
| Karachi
Zarthosti Banu Mandal |
|
|
10,408 |
|
| Pakistan
Masonic Institution |
|
|
1,135 |
|
| The
Pakistan Memon Educational & Welfare Society |
2,000 |
|
| Government
of Pakistan, Corporate Law Authority |
|
1 |
|
| Administrator
Abandoned Properties Organization |
|
737 |
|
|
------------------ |
|
|
|
25,585 |
|
|
|
========== |
|
|
|
| AUDITORS'
REPORT To THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of Pakistan Cables Limited as at June
30, 2001 and the related |
|
| profit
and loss account, statement of changes in equity and 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
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
presentation 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 |
|
| 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 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, statement of changes in equity and cash flow
statement |
|
| together
with the notes forming part thereof conform with approved accounting
standards as |
|
| applicable
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, 2001 and of the profit, its changes in equity and cash flows for the
year then ended; and |
|
|
| (d)
in our opinion no zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
|
|
|
|
A.F. FERGUSON & CO. |
|
| Karachi:
October 18, 2001 |
|
Chartered Accountants |
|
|
|
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 2001 |
|
|
|
|
|
2001 |
2000 |
|
|
|
Note |
Rs. '000 |
Rs. '000 |
|
|
| SHARE
CAPITAL AND RESERVES |
|
| Authorised
share capital |
|
| 5,000,000
ordinary shares of Rs 10 each |
|
50,000 |
50,000 |
|
|
========== |
========== |
|
|
| Issued,
subscribed and paid-up share capital |
|
| 3,121,800
(2000: 3,121,800) |
|
| ordinary
shores of Rs 10 each |
|
3 |
31,218 |
31,218 |
|
|
|
|
| Revenue
reserves |
|
|
|
| General reserve |
|
|
4 |
89,000 |
88,500 |
|
| Unappropriated
profit |
|
|
228 |
239 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
120,446 |
119,957 |
|
|
| LIABILITY
AGAINST AN ASSET SUBJECT TO |
|
| A
FINANCE LEASE |
|
5 |
487 |
680 |
|
|
| DEFERRED
LIABILITIES |
|
