| Ghandhara Nissan Diesel Limited |
|
|
|
|
|
|
|
| Annual
Report 2001 |
|
|
|
| CONTENTS |
|
|
| Company
Information |
|
| Notice
of Annual General Meeting |
|
| Chairman's
Review and Directors' Report |
|
| Auditors'
Report to the Members |
|
| Balance Sheet |
|
|
| Profit
and Loss Account |
|
| Cash
Flow Statement |
|
| Statement
of Changes in Equity |
|
| Notes
to the Accounts |
|
| Pattern
of Shareholding |
|
|
|
| COMPANY
INFORMATION |
|
|
| BOARD
OF DIRECTORS |
|
| Mr.
Raza Kuli Khan Khattak |
|
Chairman and Chief
Executive |
|
| Lt.
Gen. (Retd.) Ali Kuli Khan Khattak |
|
| Mr.
Ahmed Kuli Khan Khattak |
|
| Mr.
Mushtaq Ahmed Khan |
|
| Chaudhry
Sher Muhammad |
|
| Mr. Mitsuo Doi |
|
| Mr.
Kazuaki Sasame |
|
| Syed
Haroon Rashid |
|
| Mr.
Ather Hussain Medina |
|
|
| CHIEF
OPERATING OFFICER |
|
| Mr. Tariq Khalil |
|
|
| SECRETARY |
|
| Mr.
Aqiel Amjad Ghani |
|
|
| REGISTERED
OFFICE |
|
AUDITORS |
|
| Ghandhara
House, |
|
Taseer Hadi Khalid &
Co. |
|
| 109/2, Clifton, |
|
|
Chartered Accountants, |
|
| Karachi. |
|
|
First Floor, |
|
|
|
|
Shaikh Sultan Trust
Building No. 2 |
|
| FACTORY |
|
|
Beaumont Road, Karachi. |
|
| Port Bin Qasim, |
|
|
| Karachi. |
|
|
LEGAL ADVISORS |
|
|
|
|
Shaukat Law Associates, |
|
| BANKERS
OF THE COMPANY |
|
217, Central Hotel
Annexe, |
|
| Bank Al Falah |
|
|
Abdullah Haroon Road, |
|
| Allied
Bank of Pakistan Ltd. |
|
Karachi. |
|
| Standard
Chartered Grindlays Bank |
|
| The
Bank of Tokyo - Mitsubishi, Ltd. |
SHARE REGISTRARS |
|
| Credit
Agricole Indosuez |
|
T.H.K. Associates (Pvt)
Ltd. |
|
| Emirates
Bank International PJSC. |
|
Ground Floor, |
|
| Habib
Bank Limited |
|
Shaikh Sultan Trust
Building No. 2 |
|
| The
Hong Kong & Shanghai Banking Corporation |
Beaumont Road, Karachi. |
|
| Muslim
Commercial Bank Ltd. |
|
| Societe
Generale Bank |
|
| United
Bank Ltd. |
|
| National
Bank of Pakistan Ltd. |
|
| Union
Bank Limited. |
|
| Indus
Bank Limited. |
|
| Askari
Commercial Bank Ltd. |
|
| Habib
Bank AG Zurich |
|
|
|
| NOTICE
OF ANNUAL GENERAL MEETING |
|
|
| Notice
is hereby given that the 15th Annual General Meeting of Shareholders of
Ghandhara Nissan |
|
| Diesel
Limited will be held on Wednesday, the 26th December, 2001 at 11.30 A.M., at
the |
|
| Registered
Office of the Company, Ghandhara House, 109/2, Clifton, Karachi, to transact
the |
|
| following
business: |
|
|
| 1.
To receive .and consider the Audited Accounts of the Company for the year
ended |
|
| 30th June, 2001. |
|
|
| 2.
To appoint Auditors for the year ending 30th June, 2002 and to fix their
remuneration. The |
|
| retiring
Auditors, Messrs Taseer Hadi Khalid & Co., Chartered Accountants, being
eligible, |
|
| offer
themselves for reappointment. |
|
|
| Special
Business |
|
|
| 3.
To consider and approve the increase of Authorized Capital from Rs. 120
Million to |
|
| Rs.
200 Million divided into 20 Million Ordinary Shares of Rs. 10/= each, and to
amend the |
|
| Memorandum
and Articles of Association of the Company Accordingly. |
|
|
| 4.
To transact any other business with the permission of the Chairman. |
|
|
|
|
By Order of the Board |
|
|
|
|
|
|
|
AQIEL AMJAD GHANI |
|
| Karachi:
22nd November, 2001. |
|
Company Secretary |
|
|
| Statement
Under Section 160 (1) (b) of the Companies Ordinance, 1984 pertaining |
|
| to
the special business is annexed to this notice. |
|
|
|
| NOTES: |
|
|
| 1.
The Share Transfer Books of the Company will remain closed from 13th
December, 2001 to |
|
| 26th
December, 2001, (both days inclusive). The same book closure will determine
the |
|
| entitlement
of Right Shares. |
|
|
|
|
| 2.
Shareholders are requested to intimate any change in their address to our
Share Registrars, |
|
| Messrs
THK Associates (Pvt) Ltd., Shares Department, Ground Floor, Sheikh Sultan
Trust |
|
| Building
No. 2, Beaumont Road, Karachi. |
|
|
| 3.
A Member entitled to attend and vote at the Annual General Meeting may
appoint another |
|
| member
as his/her Proxy to attend and vote instead of him/her. Form of Proxy is
enclosed with |
|
| the
Annual Report. Votes may be given personally or by Proxy or by Attorney or,
in case of a |
|
| Corporation,
by a representative. The instrument of Proxy, duly stamped, signed and |
|
| witnessed,
should be lodged at the Registered Office of the Company at Ghandhara House, |
|
| 109/2,
Clifton, Karachi-6, not later than 48 hours before the time of the meeting. |
|
|
| CDC
Account Holders will further have to follow the under mentioned guidelines as
laid down in |
|
| Circular-I
dated January 26, 2000 issued by the Securities and Exchange Commission of
Pakistan. |
|
|
| (a)
For Attending the Meeting |
|
|
| (i)
In case of individuals, the account holder or sub-account holder and/or the
person whose |
|
| securities
are in group account and their registration details are uploaded as per the |
|
| regulations,
shall authenticate his/her identity by showing his original National Identity |
|
| Card
(NIC) at the time of attending the meeting. |
|
|
| (ii)
In case of corporate entity, the Board of Directors' resolution/power of
attorney with |
|
| specimen
signature of the nominee shall be produced (unless it has been provided
earlier) |
|
| at
the time of the meeting. |
|
|
| (b)
For Appointing Proxies |
|
|
| (i)
In case of individuals, the account holder or sub-account holder and/or the
person whose |
|
| securities
are in group account and their registration details are uploaded as per the |
|
| Regulations,
shall submit the proxy form as per the above requirement. |
|
|
| (ii)
Attested copies of NIC of the beneficial owners and the proxy shall be
furnished with the |
|
| proxy form. |
|
|
| (iii)
The proxy shall produce his original NIC at the time of the meeting. |
|
|
| STATEMENT
UNDER SECTION 160 (1) (b) OF THE COMPANIES ORDINANCE, 1984. |
|
|
| The
approval of the shareholders is sought for increase in the Authorized Capital
from Rs. 120 |
|
| Million
to Rs. 200 Million divided into 20 Million Ordinary Shares of Rs. 10/= each. |
|
|
| For
this purpose, it is proposed that the following Resolution be passed as
Special Resolution:- |
|
|
| "Resolved
that the Authorized Capital of the Company be increased from Rs. 120 Million
to Rs. 200 |
|
| Million
divided into 20 Million Ordinary Shares of Rs. 10/= each. |
|
|
| Further
Resolved that the Memorandum of Association and Articles of Association of
the Company |
|
| be
altered by substituting for the words and figures Rupees One Hundred Twenty
Million |
|
| (Rs.
120, 000,000) divided into Twelve Million (12,000,000) Ordinary Shares
appearing in clause |
|
| V
and Article 3.01 respectively, with words and figures Rupees Two Hundred
Million (Rs. |
|
| 200,000,000)
divided into Twenty Million (20,000,000) Ordinary Shares of Rs. 10/=
each." |
|
|
|
| CHAIRMAN'S
REVIEW & DIRECTORS' REPORT |
|
|
| It
gives me great pleasure to welcome you on behalf of your Directors and on my
own behalf, to the |
|
| Fifteenth
Annual General Meeting of your Company. |
|
|
| It
is heartening to note that despite the depressed market for most part of the
year, losses have been |
|
| reduced,
and as I had stated in my last year's review, the management with all its
efforts and Allah's |
|
| blessings
is bringing the Company back on the road to profitability. |
|
|
| OPERATING
RESULTS: |
|
|
|
|
Year ended |
Year ended |
|
|
|
30th June, 2001 |
30th June, 2001 |
|
|
|
(Rupees in
Thousands) |
|
|
| Sales
and Services |
|
|
527,429 |
548,643 |
|
| Gross Profit |
|
|
54,278 |
33,026 |
|
| Provision
for Taxes (Net) |
|
|
2,681 |
4,098 |
|
| Unappropriated
Loss brought forward |
|
(87,994) |
(31,671) |
|
| Unappropriated
Loss carried forward |
|
(111,235) |
(87,994) |
|
|
| A
comparison of production and sales for the year under review with 1999/2000
is given below:- |
|
|
| Year ended 30th June, 2001 |
|
Year ended
30th June, 2000 |
|
| Production |
Sales |
|
Production |
Sales |
|
|
| 300 |
301 |
|
327 |
357 |
|
|
| Unit
sales declined by 15.68%. |
|
|
| LOSS
PER SHARE: |
|
| The
loss per share for the year under review amounted to Rs. 2.99. |
|
|
| AUDITORS'
REPORT: |
|
| The
Auditors' Report has been qualified for not providing an amount of Rs. 3.912
Million held with |
|
| Indus
Bank Limited and which is included in cash and bank balances. |
|
|
| The
Directors are of the opinion that no provision is required to be made in the
accounts, as the amount |
|
| is
recoverable in view of the legal steps undertaken for its recovery. |
|
|
| BOARD
OF DIRECTORS: |
|
| During
the year under review, election of Directors for a fresh term of three years
effective 28th March. |
|
| 2001
were held on 28th March, 2001, to elect ten directors as determined by the
Board U/S 178(1) of |
|
| the
Companies Ordinance 1984. |
|
|
| The
following ten persons (being the ultimate contestants), were deemed to be
elected Directors at the |
|
| Extra-Ordinary
General Meeting held on 28th March, 2001. |
|
|
| 1.
Mr. Raza Kuli Khan Khattak |
|
2. Lt. Gen. (Retd.) Ali
Kuli Khan Khattak |
|
| 3.
Mr. Ahmed Kuli Khan Khattak |
|
4. Mr. Mushtaq Ahmed Khan
- FCA |
|
| 5.
Chaudhry Sher Mohammad |
|
6. Mr. Mitsuo Doi |
|
| 7.
Mr. Taiji Hatanaka |
|
8. Mr. Kazuaki Sasame |
|
| 9.
Syed Zubair Ahmed |
|
10. Mr. Ather Hussain
Medina |
|
|
| Subsequent
to the year end Mr. Taiji Hatanaka has tendered his resignation from the
Board of Directors, |
|
| which
was accepted on 16th November, 2001. |
|
|
| The
Directors wish to record their appreciation for the services rendered by the
retiring directors and |
|
| welcome
the incoming directors. |
|
|
| RIGHT ISSUE: |
|
| The
Directors propose a 60% right issue of shares U/S-86 of the Companies
Ordinance 1984 to the exist- |
|
| ing
shareholders. The proceeds of the proposed issue will supplement the Working
Capital requirements |
|
| of the Company. |
|
|
| APPOINTMENT
OF AUDITORS: |
|
| The
retiring auditors M/s. Taseer Hadi Khalid & Co. Chartered Accountants,
being eligible, have offered |
|
| themselves
for reappointment. |
|
|
| PATTERN
OF SHAREHOLDING: |
|
| The
pattern of shareholding of the Company as at 30th June, 2001 is given on page
30. |
|
|
| ASSISTANCE
BY OUR PRINCIPALS: |
|
| The
Directors and Management would like to thank your Company's Principals and
Business Partners |
|
| M/s.
Nissan Diesel Motor Co. Ltd. and M/s. Tomen Corporation, Japan, for their
support and co-opera- |
|
| tion. |
|
|
| LABOUR
- MANAGEMENT RELATIONS: |
|
| Your
Directors express complete satisfaction and pleasure at the labour -
management relations, which |
|
| remained
very cordial throughout the year. |
|
|
| MANAGEMENT/STAFF/WORKERS/DEALERS/VENDORS |
|
| Your
Directors would like to express their heartfelt appreciation for the hard
work, dedication and sincere |
|
| efforts
of the management, staff, workers, dealers and vendors, and look forward to
the same in future |
|
| as well. |
|
|
| FUTURE
PROSPECTS: |
|
| The
recovery in the market which had started showing in the first quarter of the
year has been hampered |
|
| by
the Afghan War. At present the situation is very uncertain. However the
present situation might |
|
| ultimately
prove beneficial for the market of heavy duty commercial vehicles, should
things settle down |
|
| in
Afghanistan, coupled with greater economic activity within the country. |
|
|
|
|
For and on behalf of the Board of Directors |
|
|
|
|
|
|
|
|
|
RAZA KULI KHAN KHATTAK |
|
| KARACHI:
16th November, 2001 |
|
Chairman/Director |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed Balance Sheet of GHANDHARA NISSAN
DIESEL LIMITED as at 30 |
|
| June,
2001 and the related Profit and Loss Account, Cash Flow Statement and
Statement of Changes in |
|
| Equity,
together with the notes forming part thereof, for the year then ended and we
state that we have |
|
| obtained
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)
as more fully explained in note 10.1, cash and bank balances include deposit
of Rs. 3.912 million |
|
| held
with Indus Bank Limited. The bank's operations were ceased by the Sate Bank
of Pakistan |
|
| due
to various irregularities and the bank in now under liquidation. The
Company's management |
|
| is
hopeful of full recovery of the balance once the affairs of the bank are
sorted out. We consider |
|
| that
in the absence of any evidence from the bank supporting the recovery of the
balance, full |
|
| amount
should have been provided for; |
|
|
|
|
|
|
| (b)
in our opinion, proper books of account have been kept by the Company as
required by the |
|
| Companies
Ordinance, 1984; |
|
|
|
|
|
|
| (c)
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; |
|
|
|
| (d)
except for the financial effect of the matter referred to in para (a) above,
in our opinion and to |
|
| the
best of our information and according to the explanations given to us, the
balance sheet, |
|
| profit
and loss account, cash flow statement and statement of changes in equity
together with the |
|
| notes
forming part thereof conform with approved accounting standards as 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 |
|
| 30
June 2001 and of the loss, its cash flows and changes in equity for the year
then ended; and |
|
|
| (e)
in our opinion, no zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980 |
|
| (XVIII of 1980). |
|
|
|
|
| Date:
16th November, 2001 |
|
TASEER HADI KHALID & CO. |
|
| KARACHI. |
|
|
CHARTERED ACCOUNTANTS |
|
|
|
| BALANCE
SHEET AS AT 30 JUNE, 2001 |
|
|
|
NOTE |
2001 |
2000 |
|
|
|
|
Rs '000 |
Rs '000 |
|
|
|
|
| FIXED ASSETS |
|
3 |
158,859 |
173,334 |
|
| LONG
TERM INVESTMENT |
|
4 |
1,050 |
1,875 |
|
| DEPOSIT
AGAINST LEASE FACILITY |
|
612 |
1,299 |
|
| DEFERRED
DEVELOPMENT EXPENDITURE |
5 |
1,783 |
2,675 |
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Stores,
spares and loose tools |
|
6 |
1,988 |
1,375 |
|
| Stock in trade |
|
7 |
37,098 |
90,717 |
|
| Trade debtors |
|
8 |
25,865 |
19,265 |
|
| Advances,
deposits, prepayments |
|
|
|
| and
other receivables |
|
9 |
107,386 |
108,095 |
|
| Cash
and bank balances |
|
10 |
8,341 |
25,235 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
180,678 |
244,687 |
|
|
| CURRENT
LIABILITIES |
|
|
|
| Current
maturity of lease facility |
|
|
298 |
3,826 |
|
| Finance
under mark-up |
|
|
|
|
| arrangements
- secured |
|
11 |
117,293 |
118,803 |
|
| Bills payable |
|
|
-- |
5,144 |
|
| Creditors,
accrued expenses |
|
|
|
|
| and
other liabilities |
|
12 |
83,679 |
134,838 |
|
| Unclaimed
dividends |
|
|
299 |
300 |
|
| Taxation |
|
13 |
8,234 |
5,553 |
|
|
------------------ |
------------------ |
|
|
|
|
209,803 |
268,464 |
|
|
|
|
------------------ |
------------------ |
|
| NET
CURRENT LIABILITIES |
|
|
(29,125) |
(23,777) |
|
|
|
|
------------------ |
------------------ |
|
| TOTAL
ASSETS LESS CURRENT LIABILITIES |
|
133,179 |
155,406 |
|
|
|
|
========== |
========== |
|
|
|
| SHARE
CAPITAL |
|
14 |
77,679 |
77,679 |
|
| GENERAL
RESERVE |
|
|
36,000 |
369000 |
|
| ACCUMULATED
LOSS |
|
|
(111,235) |
(87,994) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,444 |
25,685 |
|
|
|
|
|
| SURPLUS
ON REVALUATION |
|
|
|
| OF
FIXED ASSETS |
|
15 |
120,760 |
120,760 |
|
| OBLIGATIONS
UNDER FINANCE LEASE |
16 |
456 |
229 |
|
| DEFERRED
LIABILITIES - Staff gratuity |
|
9,519 |
8,732 |
|
| CONTINGENCIES
AND COMMITMENTS |
17 |
------------------ |
------------------ |
|
|
|
|
133,179 |
155.41 |
|
|
========== |
========== |
|
|
| These
accounts should be read in conjunction with the attached notes. |
|
|
|
RAZA KULI KHAN KHATTAK |
|
|
CH. SHER MUHAMMAD |
|
|
Chief Executive |
|
|
Director |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED 30 JUNE, 2001 |
|
|
|
NOTE |
2001 |
2000 |
|
|
|
|
Rs '000 |
Rs '000 |
|
|
|
|
| Sales
and services - Net |
|
18 |
527,429 |
548,643 |
|
| Cost
of goods sold |
|
19 |
473,151 |
515,617 |
|
|
|
|
------------------ |
------------------ |
|
| Gross profit |
|
|
54,278 |
33,026 |
|
| Administration
and selling expenses |
20 |
55,994 |
52,960 |
|
|
|
|
------------------ |
------------------ |
|
| Operating loss |
|
|
(1,716) |
(19,934) |
|
| Other income |
|
21 |
591 |
4,933 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(1,125) |
(15,001) |
|
| Financial
charges |
|
22 |
(19,435) |
(37,224) |
|
|
|
|
------------------ |
------------------ |
|
| Loss
before taxation |
|
|
(20,560) |
(52,225) |
|
|
| Provision
for taxation |
|
| - Current year |
|
|
(2,681) |
(3,564) |
|
| - Prior year |
|
|
-- |
(534) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(2,681) |
(4,098) |
|
|
|
|
------------------ |
------------------ |
|
| Loss
after taxation |
|
|
(23,241) |
(56,323) |
|
| Accumulated
loss brought forward |
|
(87,994) |
(31,671) |
|
|
|
|
------------------ |
------------------ |
|
| Accumulated
loss carded forward |
|
|
(111,235) |
(87,994) |
|
|
|
|
========== |
========== |
|
| LOSS
PER SHARE - basic and diluted |
26 |
(2.99) |
(7.25) |
|
|
========== |
========== |
|
|
| These
accounts should be read in conjunction with the attached notes. |
|
|
|
|
|
RAZA KULI KHAN KHATTAK |
|
|
CH. SHER MUHAMMAD |
|
|
Chief Executive |
|
|
Director |
|
|
|
|
|
| CASH
FLOW STATEMENT |
|
| FOR
THE YEAR ENDED 30 JUNE, 2001 |
|
|
|
|
NOTE |
2001 |
2000 |
|
|
|
|
Rs '000 |
Rs '000 |
|
| CASH
FLOWS FROM OPERATING ACTIVITIES |
|
| Loss
before taxation |
|
(20,560) |
(52,225) |
|
| Adjustments
for: |
|
|
|
| Depreciation |
|
|
15,047 |
17,451 |
|
| Provision
for diminution in the value of investments |
|
825 |
-- |
|
| Provision
for doubtful debts |
|
6,726 |
-- |
|
| Staff
gratuity - net |
|
787 |
1,556 |
|
| Mark-up
and lease finance charges |
|
18,929 |
36,664 |
|
| Loss/(gain)
on sale of fixed assets |
|
394 |
(367) |
|
| Amortisation
of development expenditure |
|
892 |
892 |
|
|
|
------------------ |
------------------ |
|
|
|
23,040 |
3,971 |
|
| Changes
in operating assets and liabilities |
|
| (Increase)/decrease
in Stores, spares & loose tools |
|
(613) |
174 |
|
| Decrease
in Stock in trade |
|
|
53,619 |
76,761 |
|
| (Increase)/decrease
in trade debtors |
|
(13,326) |
11,288 |
|
| (Increase)/decrease
in Advances, deposits & prepayments |
(24,770) |
1,746 |
|
| (Decrease)/increase
in Bills payable |
|
(5,144) |
577 |
|
| (Decrease)/increase
in Trade creditors |
|
(51,059) |
36,726 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(41,293) |
127,272 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(18,253) |
131,243 |
|
|
|
|
------------------ |
------------------ |
|
| Financial
charges paid |
|
|
(19,352) |
(38,879) |
|
| Income
tax refunded |
|
|
25,055 |
19,672 |
|
|
|
|
------------------ |
------------------ |
|
|
|
5,703 |
(19,207) |
|
|
|
------------------ |
------------------ |
|
| Net
cash flow from operating activities |
|
(12,550) |
112,036 |
|
|
|
|
|
| CASH
FLOWS FROM INVESTING ACTIVITIES |
|
| Capital
expenditure |
|
(1,733) |
(618) |
|
| Long
term investment |
|
-- |
(375) |
|
| Long
term deposits |
|
687 |
-- |
|
| Payment
of dividend |
|
(1) |
(1) |
|
| Sales
proceeds of fixed assets sold |
|
767 |
583 |
|
|
|
|
------------------ |
------------------ |
|
| Net
cash flow from investing activities |
|
(280) |
(411) |
|
|
|
|
| CASH
FLOWS FROM FINANCING ACTIVITIES |
|
| Lease finance |
|
|
725 |
-- |
|
| Payments
of lease rentals |
|
|
(3,279) |
(6,283) |
