| Burshane (Pakistan) Limited |
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| Annual
Report 1999 |
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| Local
Fabrication of LPG Bowzers |
|
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| As
part of its commitment to the continuous transfer of technology & import
substitution, |
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| Burshane
was actively involved in the design & manufacture of the first LPG Bowzer
in |
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| Pakistan,
a task that was recently completed by M/s Descon Engineering in Lahore. The |
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| first
LPG Bowzer has a capacity of 25 M. Tons and has been produced, fully |
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| conforming
to International Standards. This envisage a savings of approximately |
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| USD
50,000 per unit in foreign exchange for the country. |
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|
| Contents |
|
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| Board
of Directors |
|
| Notice
of Meeting |
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| Chairman's
Review |
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| Report
of the Directors |
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| Performance
Indicators |
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| Auditors' Report |
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| Balance Sheet |
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| Profit
& Loss Account |
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| Cash
Flow Statement |
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| Notes
to the Accounts |
|
| Pattern
of Holding of Shares |
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|
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| BOARD
OF DIRECTORS |
|
David M. Weston -
Chairman |
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|
Saleemuddin Ahmed |
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|
Khurshid Bhaimia |
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|
Dr. Anthony M. Devine |
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Rosenah Mohd. Hassan |
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Harun Haji Johari |
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Ghulam Rasool Memon |
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Alistair George Swanson |
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|
Trudy Taylor |
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|
Dr. Amjad Waheed |
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| GENERAL
MANAGER |
|
Saleemuddin Ahmed |
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| COMPANY
SECRETARY |
|
Saleem Butt |
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| AUDITORS |
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|
A.F. Ferguson & Co. |
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|
Chartered Accountants |
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| BANKERS |
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Standard Chartered Bank |
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ANZ Grindlays Bank
p.l.c.. |
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|
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|
Muslim Commercial Bank
Limited |
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Habib Bank Limited |
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|
Allied Bank of Pakistan
Limited |
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| REGISTERED
OFFICE |
|
Burshane (Pakistan)
Limited |
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|
Prime Point Building, |
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Main Khayaban-e-Ittehad,
Phase VII, |
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Defence Housing
Authority, |
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Karachi-75500 |
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| Notice
of Meeting |
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| NOTICE
IS HEREBY given that the thirty-third Annual General
Meeting of the Company will be held on 18th |
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| November
1999 at 10.00 AM at Pearl Continental Hotel Karachi, to transact the
following business: |
|
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| ORDINARY
BUSINESS |
|
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| 1.
To receive and adopt Reports of directors and Auditors together with the
Audited Accounts for the year ended 30th |
|
| June 1999. |
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|
|
|
|
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| 2.
To approve, as recommended by the Directors, payment of a final dividend of
Rs. 3.00 per share (30%) |
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| making
a total dividend of Rs. 6.00 per share (60%) for the year ended 30th June,
1999. |
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|
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| 3.
To appoint Auditors and fix their remuneration. |
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| SPECIAL
BUSINESS |
|
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| 4.
To consider and if thought fit to approve the change of the Company's name
from "Burshane (Pakistan) Limited" to |
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| "Shell
Gas LPG (Pakistan) Limited". |
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|
|
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| Resolution
proposed to be moved at the General Meeting and the Statement U/S 160 of the
Companies Ordinance 1984 |
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| relating
to the Special Business is being sent to the member with the Notice of
Meeting. |
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|
BY ORDER OF THE BOARD |
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| KARACHI |
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|
(SALEEM BUTT) |
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| 19th
October 1999 |
|
Company Secretary |
|
|
| NOTES: |
|
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| i)
The Share Transfer Books of the Company will be closed from 21st October to
27th October 1999 (both days inclusive) when no |
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| transfer
of share will be accepted for registration. |
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|
|
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| ii)
A member entitled to attend and vote at the meeting may appoint a proxy to
attend, speak and vote on his/her behalf. |
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|
|
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| iii)
Proxies must be received at the Registered Office of the Company not less
than 48 hours before the meeting. |
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|
|
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| iv)
Members are hereby informed that the Supreme Court of Pakistan in a recent
judgment has held that deduction on account of Zakat |
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| shall
not be made from payments of dividends to Share Holders of all the recognised
fiqahs on filing their declarations as required |
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| under
the Zakat Ordinance. This facility was previously available only to members
of Fiqah-e-Jafaria. Specimen of the declaration |
|
| with
Company's circular dated 19-10-99 being sent to the members alongwith the
Annual Report. |
|
|
|
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| v)
CDC shareholders are requested to bring their National Identity Card, Account
and Participant's ID Numbers, while attending the |
|
| Meeting
for identification. |
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|
|
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| vi)
Shareholders are requested to notify any change in their address immediately. |
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| STATEMENT
UNDER SECTION 160 OF THE COMPANIES ORDINANCE 1984. |
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| ITEM NO. 4 |
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| The
Shell Petroleum Company Limited England, has majority of shares i.e. (67.38%)
in the paid-up capital of the Company. |
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| The
Shell Group has agreed to take Burshane (Pakistan) Limited within the scope
of the name of the group which enjoys |
|
| goodwill
and reputation throughout the world in the field of petroleum products.
Therefore, approval of the share- |
|
| holders
will be sought to change Company's name from Burshane (Pakistan) Limited to
"Shell Gas LPG (Pakistan) |
|
| Limited"
and if thought proper following resolution will be passed as Special
Resolution: |
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|
| RESOLVED
THAT pursuant to Section 39 of the Companies Ordinance 1984
and subject to the approval of the Registrar |
|
| of
Companies, the name of the Company be and is hereby changed from
"Burshane (Pakistan) Limited" to "Shell Gas LPG |
|
| (Pakistan)
Limited" and the name "Burshane (Pakistan) Limited" wherever
it appears in the Memorandum and Articles of |
|
| Association
of the Company be and is hereby substituted by the new name of "Shell
Gas LPG (Pakistan) Limited". |
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|
|
| Chairman's
Review |
|
|
| It
is my great pleasure to welcome you to the thirty-third Annual General
Meeting of your Company. As your Company's |
|
| new
Chairman, I am pleased to present to you the Audited Accounts for the
financial year which ended on June 30, 1999. |
|
|
| During
the financial year, sales volumes declined by 10%. The Company decided not to
import LPG directly as safe handling |
|
| facilities
at the marginal wharves could not be guaranteed in advance of the Import
Terminal. Securing supplies of imported |
|
| base
stock from others remained un-viable during the year, with rising world
prices and no fiscal relief on offer in Pakistan. |
|
| While
the consumer selling price ceiling remained in force, the base stock price of
indigenous LPG during the period |
|
| November
1998 to March 1999 was increased by the Government by USD 75 per ton.
Although this cost escalation was |
|
| subsequently
reduced by USD 15 per ton through successful representation made by your
Company, it nevertheless reflect a |
|
| 60%
increase in costs over last year. Under the prevailing regulated price
mechanism we have unfortunately had to absorb |
|
| this
unprecedented increase in costs resulting in a decline in gross margins from
around Rs 102 million in 1998 to Rs 64 |
|
| million
in 1999. While initiatives to reduce overall costs below 1998 levels continue
to date, a one time |
|
| redundancy
cost of Rs 11 million has been taken during the financial year as a means
towards optimal utilisation of resources |
|
| longer term. |
|
|
| A
positive development this year was the setting-up of Pakistan's first LPG
Import Terminal at Port Qasim which promised |
|
| increased
product availability to the undersupplied households of the country.
Regrettably, however, government selling |
|
| prices
remained below the levels that would have enabled this facility to operate.
Meanwhile, customers have had to seek |
|
| their
supplies from illegitimate resellers at prices well above those that would
have attracted the necessary supplementary |
|
| product
imports. Your company continues to discuss with the Government options to
resolve this issue, including |
|
| the
possibility of differential pricing mechanisms. |
|
|
| The
company continues to align itself to take advantage of anticipated future
opportunities. It is expected that |
|
| new
indigenous sources of LPG (one Refinery and two new Gas Fields)will be
commissioned in Pakistan during the next |
|
| 15
months thereby improving local availability by an additional 200,000 tons
annually. In the event of judicial allocation of |
|
| this
additional volume by the Government of Pakistan, the company plans to expand
its sphere of operations through new |
|
| distribution
channels and portfolio extension. Considering these opportunities the Company
plans to launch a new offering |
|
| under
the 'Shell Gas Brand' during the year 1999. Test marketing is underway with
wider roll-out planned by the end of 1999. |
|
|
| During
the year significant progress has been made in the area of import
substitution for bulk tank lorries and |
|
| other
marketing equipment. For the first time in Pakistan, 25 tonnes capacity LPG
bowsers were constructed |
|
| locally,
conforming to all international standards, with active support and transfer
of technology from the Royal Dutch Shell |
|
| Group.
Similarly onshore development of LPG Cylinders was successfully completed
through a third party. The facility is now |
|
| on
offer to the entire LPG Industry as part of the Company's commitment towards
promoting the use of safe LPG Cylinders |
|
| in
the country. The Company's commitment towards safety in Pakistan has been
further recognised by the Royal Dutch Shell |
|
| Group
through its award on working "Two Million Man Hours Without Lost Time
Injury". |
|
|
| An
agreement with the Employees Union pertaining to the period 1998-2000 was
reached amicably and signed-off thereby |
|
| resolving
another outstanding issue from the previous financial year. |
|
|
| With
the realignment of the LPG Business in Shell worldwide towards Globally
managed LPG Business, the Pakistan LPG |
|
| Business
is now part of the "East Zone" co-ordinated from Malaysia. As such
two new Directors have been co-opted in the |
|
| Board,
Mr. Harun Haji Johari has replaced Mr. C. Balmes while Ms. Rosenah Mohd.
Hassan took over from Mr. G.L. Lezaun. |
|
| In
addition Dr. Amjad Waheed took over from Mr. Razi-ur-Rahman Khan as a member
of the Board. I would also like to |
|
| announce
that Mr. T. V. Higgins, Chairman of the Board since 1997 has retired form the
service of Royal Dutch Shell Group |
|
| effective
June 30, 1999. We, the Board, would like to put on record our appreciation
for the long standing |
|
| service
& contribution provided by Mr. Higgins to the Company during his tenure. |
|
|
| Finally,
the board acknowledges both the challenges faced by the LPG Business in
Pakistan and the responsibility of all staff |
|
| and
the Management Team to seize the opportunities which lie ahead. |
|
|
| Karachi |
|
|
DAVID M. WESTON |
|
| 30th
September, 1999 |
|
Chairman |
|
|
|
| Report
of the Directors |
|
|
| The
Directors have pleasure in submitting their Report and Audited Accounts of
the Company's trading operation for the period ended |
|
| June 30, 1999. |
|
|
| SALES |
|
|
| Your
company's sales during the year were 17,753 tonnes vs. 19,700 tonnes
reflecting a reduction of 10% over previous year. |
|
| This
is primarily due to reduction in import component planned in the face of
rising world prices and prevailing regulatory price ceiling in |
|
| our
domestic market. |
|
|
| NET
INCOME AFTER TAX |
|
|
| During
the period under review Net Income After Tax was 15.8 million indicating a
radical reduction from the previous year. This is |
|
| mainly
due to an increase in the cost of the LPG base stock price by over 60%. The
regulatory price mechanism imposed by the |
|
| Government
prohibit us from passing on this unprecedented rise in cost to the end
consumer. An additional cost of Rs. 11 million has been |
|
| accepted
during the year in order to cater for staff redundancy. |
|
|
| APPROPRIATIONS |
|
Rupees |
|
|
| As
per Audited Accounts, profit before taxation was |
|
18,891,186 |
|
| Less:
Taxation for the year |
|
3,087,364 |
|
|
|
|
------------------ |
|
| Profit
after taxation |
|
15,803,822 |
|
| Add:
Unappropriated profit brought forward |
|
2,584,440 |
|
|
|
|
------------------ |
|
| Available
for appropriation |
|
18,388,262 |
|
| Interim
dividend @ Rs. 3.00 per share was declared in February 1999 absorbing |
8,085,729 |
|
|
|
|
| Final
dividend @ Rs. 3.00 per share ( 1998 @ Rs. 5.00 per share) |
|
8,085,729 |
|
| Transfer
to General Reserve ( 1998 Rs. 25,000,000) |
|
-- |
|
|
|
|
------------------ |
|
| Unappropriated
profit to be carried forward |
|
2,216,804 |
|
|
|
|
========== |
|
|
|
|
| Y2K
COMPLIANCE |
|
| The
Company has already reviewed all its IT systems and devices with regard to
the Year 2000 programming problem and is satisfied that |
|
| all
necessary corrective actions have been taken. Audits using both internal and
external consultants have been carried out to confirm the |
|
| status
and compliance with Y2K guidelines. Plans have been made for continuous
monitoring to guard against disruption to the business |
|
| in
the next millennium and contingency plans are being drawn up to guard against
third parties' failure. ~~!~ :! |
|
|
| DIRECTORS |
|
| The
Board places on record its appreciation to the contribution made by retiring
Chairman Mr. T. V. Higgins and the Directors |
|
| M/s.
C. Balmes, G. L. Leazun and Razi-ur Rahman Khan. Mr. Harun Haji Johari, Ms.
Rosenah Mohd. Hassan and Dr. Amjad Waheed have |
|
| been
co-opted in their place. |
|
|
| PATTERN
OF SHAREHOLDING |
|
| The
Pattern of shareholding as on 30th June, 1999 is shown on page 29. |
|
|
| EARNING
PER SHARE |
|
| The
earning per share is Rs. 5.86. |
|
|
| AUDITORS |
|
| The
present Auditors, Messers A. E Fergusons & Co., retire and being eligible
for election offer themselves for re-appointment. |
|
|
|
|
On behalf of the Board |
|
|
|
(SALEEMUDDIN AHMED) |
|
|
(MS. KHURSHID BHAIMIA) |
|
|
Chief Executive |
|
|
Director |
|
|
| Karachi |
|
| 30th
September, 1999 |
|
|
|
| Auditors'
Report to the Members for the year ended June 30, 1999 |
|
|
| We
have audited the annexed Balance Sheet of Burshane
(Pakistan) Limited as at June 30, 1999 and |
|
| the
related Profit and Loss Account and the 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 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 the company's
business; and |
|
|
| (iii)
the business conducted, investments made and the expenditure incurred during
the year were in |
|
| accordance
with the objects of the company; |
|
|
| (c)
in our opinion and to the best of our information and according to the
explanations given to us, the Balance |
|
| Sheet,
Profit and Loss Account and the 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, 1999 and of |
|
| the
profit and cash flows 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
company and deposited in the Central Zakat Fund established under section 7
of that Ordinance. |
|
|
| Karachi: |
|
A. F. Ferguson & Co. |
|
| 18th
October, 1999 |
|
Chartered Accountants |
|
|
|
|
|
| Balance
Sheet as at June 30, 1999 |
|
|
|
|
|
Note |
1999 |
1998 |
|
|
|
|
|
Rupees |
Rupees |
|
|
|
|
| TANGIBLE
FIXED ASSETS |
|
|
|
|
|
| Operating
assets |
|
3 |
154,551,036 |
98,170,569 |
|
| Capital
work-in-progress |
|
4 |
22,318,707 |
8,148,708 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
176,869,743 |
106,319,277 |
|
|
|
|
|
| LONG-TERM
INVESTMENTS |
|
|
5 |
92,000,000 |
49,000,000 |
|
| LONG-TERM
LOANS |
|
|
6 |
996,003 |
809,392 |
|
| LONG-TERM
DEPOSITS AND PREPAYMENTS |
|
7 |
362,033 |
231,216 |
|
|
|
|
|
------------------ |
------------------ |
|
| TOTAL
LONG-TERM ASSETS |
|
|
|
270,227,779 |
156,359,885 |
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Stores
and spares |
|
8 |
11,482,078 |
14,823,031 |
|
| Stock-in-trade |
|
|
9 |
861,089 |
2,332,260 |
|
| Trade debts |
|
|
10 |
862,181 |
569,498 |
|
| Loans,
advances, short-term prepayments |
|
|
|
|
| and
other receivables |
|
11 |
33,093,755 |
23,775,023 |
|
| Taxation |
|
|
|
6,448,983 |
-- |
|
| Short-term
investment |
|
|
-- |
2,000,000 |
|
| Cash
and bank balances |
|
12 |
6,012,150 |
80,103,499 |
|
|
|
|
------------------ |
------------------ |
|
| TOTAL
CURRENT ASSETS |
|
|
|
58,760,236 |
123,603,311 |
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
|
|
| Running
finance under mark-up arrangement |
|
13 |
15,069,441 |
-- |
|
| Creditors,
accrued and other liabilities |
|
14 |
72,507,656 |
33,841,512 |
|
| Taxation |
|
|
|
|
6,319,854 |
|
| Proposed
dividend |
|
|
8,085,729 |
13,476,215 |
|
|
|
|
------------------ |
------------------ |
|
| TOTAL
CURRENT LIABILITIES |
|
|
|
95,662,826 |
53,637,581 |
|
|
|
|
| CURRENT
LIABILITIES OVER CURRENT ASSETS/ |
|
| NET
CURRENT ASSETS |
|
|
|
(36,902,590) |
69,965,730 |
|
|
|
|
------------------ |
------------------ |
|
| TOTAL
ASSETS LESS CURRENT LIABILITIES |
|
|
233,325,189 |
226,325,615 |
|
|
|
|
|
|
|
| LONG-TERM
AND DEFERRED LIABILITIES |
|
|
|
|
| Deferred
taxation |
|
|
15 |
4,120,266 |
2,643,506 |
|
| Cylinder
and regulator deposits |
|
16 |
110,035,689 |
104,145,239 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
114,155,955 |
106,788,745 |
|
| CAPITAL COMMITMENTS |
|
|
17 |
|
|
|
|
|
| NET ASSETS |
|
|
|
119,169,234 |
119,536,870 |
|
|
|
|
|
========== |
========== |
|
|
|
|
|
|
|
| REPRESENTED
BY: |
|
|
|
|
|
|
|
| SHARE
CAPITAL |
|
|
18 |
26,952,430 |
26,952,430 |
|
| GENERAL
RESERVE |
|
|
19 |
90,000,000 |
90,000,000 |
|
| UNAPPROPRIATED
PROFIT |
|
|
|
2,216,804 |
2,584,440 |
|
|
|
|
------------------ |
------------------ |
|
| SHAREHOLDERS'
EQUITY |
|
|
|
119,169,234 |
119,536,870 |
|
|
|
|
|
========== |
========== |
|
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
(SALEEMUDDIN AHMED) |
|
|
(MS. KHURSHID BHAIMIA) |
|
|
Chief Executive |
|
|
Director |
|
|
|
|
|
|
|
| Profit
and Loss Account for the year ended June 30, 1999 |
|
|
|
Note |
1999 |
1998 |
|
|
|
Rupees |
Rupees |
|
|
|
|
| Sales |
|
|
263,009,229 |
292,097,424 |
|
| Cost
of products sold |
|
20 |
199,067,303 |
189,926,180 |
|
|
|
|
------------------ |
------------------ |
|
| Gross profit |
|
|
|
63,941,926 |
102,171,244 |
|
| Administrative,
selling and general expenses |
|
21 |
61,932,315 |
49,154,698 |
|
|
|
|
------------------ |
------------------ |
|
| Operating profit |
|
|
|
2,009,611 |
53,016,546 |
|
| Other income |
|
|
22 |
19,352,300 |
18,704,886 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
21,361,911 |
71,721,432 |
|
|
|
|
------------------ |
------------------ |
|
| Financial
charges |
|
23 |
968,548 |
948,860 |
|
| Other charges |
|
24 |
1,502,177 |
4,966,943 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,470,725 |
5,915,803 |
|
|
|
|
------------------ |
------------------ |
|
| PROFIT
BEFORE TAXATION |
|
|
18,891,186 |
65,805,629 |
|
| Taxation |
|
25 |
3,087,364 |
17,757,764 |
|
|
|
|
------------------ |
------------------ |
|
| PROFIT
AFTER TAXATION |
|
|
15,803,822 |
48,047,865 |
|
| UNAPPROPRIATED
PROFIT BROUGHT FORWARD |
|
2,584,440 |
3,793,762 |
|
|
|
|
|
------------------ |
------------------ |
|
| AVAILABLE
FOR APPROPRIATION |
|
|
18,388,262 |
51,841,627 |
|
|
|
|
|
|
|
| APPROPRIATIONS: |
|
|
|
|
| DIVIDENDS |
|
|
|
|
| Interim
- Rs 3.00 (1998: Rs 4.00) per share |
|
|
8,085,729 |
10,780,972 |
|
| Final
- proposed Rs 3.00 (1998: Rs 5.00) per share |
|
|
8,085,729 |
13,476,215 |
|
|
|
|
|
| TRANSFER
TO GENERAL RESERVES |
|
|
-- |
25,000,000 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
16,171,458 |
49,257,187 |
|
|
|
|
|
------------------ |
------------------ |
|
| UNAPPROPRIATED
PROFIT CARRIED FORWARD |
|
2,216,804 |
2,584,440 |
|
|
|
|
|
========== |
========== |
|
| EARNINGS
PER SHARE |
|
26 |
5.86 |
17.8.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
(SALEEMUDDIN AHMED) |
|
(MS. KHURSHID BHAIMIA) |
|
|
Chief Executive |
|
Director |
|
|
|
| Cash
Flow Statement for the year ended June 30, 1999 |
|
|
|
Note |
1999 |
1998 |
|
|
|
Rupees |
Rupees |
|
|
|
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
|
| Cash
generated from operations |
|
|
30 |
62,593,656 |
50,292,462 |
|
| Interest paid |
|
|
|
(697,532) |
(439,761) |
|
| Taxes paid |
|
|
|
(14,379,441) |
(9,142,510) |
|
| Long-term loans |
|
|
|
( 186,611 ) |
144,433 |
|
| Long-term
deposits and prepayments |
|
|
( 130,817) |
2,280,438 |
|
| Cylinder
and regulator deposits |
|
|
5,890,450 |
52,100 |
|
|
|
|
------------------ |
------------------ |
|
| Net
cash inflow from operating activities |
|
|
53,089,705 |
43,187,162 |
|
|
|
|
|
|
|
|
| CASH
FLOW FROM INVESTING ACTIVITIES |
|
|
|
|
|
| Fixed
capital expenditure |
|
|
(92,684,238) |
(32,841,063) |
|
| Proceeds
from sale of fixed assets |
|
|
1,906,230 |
1,988,250 |
|
| Interest received |
|
|
|
10,552,770 |
12,798,613 |
|
| Purchase
of investments |
|
|
(43,000,000) |
(9,000,000) |
|
|
|
|
------------------ |
------------------ |
|
| Net
cash outflow from investing activities |
|
|
(123,225,238) |
(27,054,200) |
|
|
|
|
|
|
| CASH
FLOW FROM FINANCING ACTIVITIES |
|
|
| Dividends paid |
|
|
|
|
(21,025,257) |
(31,540,429) |
|
|
|
|
|
|
------------------ |
------------------ |
|
| Net
decrease in cash and cash equivalents |
|
|
(91,160,790) |
( 15,407,467 ) |
|
| Cash
and cash equivalents at beginning of the year |
|
|
82,103,499 |
97,510,966 |
|
|
|
|
|
|
------------------ |
------------------ |
|
| Cash
and cash equivalents at the end of the year |
|
31 |
(9,057,291) |
82,103,499 |
|
|
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
(SALEEMUDDIN AHMED) |
|
(MS. KHURSHID BHAIMIA) |
|
|
Chief Exe |
