| DAWOOD LEASING COMPANY LIMITED |
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| (ANNUAL
REPORT 1997) |
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| CONTENTS |
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| Corporate
Information |
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| Notice
of Meeting |
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| Directors'
Report |
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| Auditors'
Report |
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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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| Pattern
of Share Holding |
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| CORPORATE
INFORMATION |
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| Board
of Directors |
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| Mr.
Rafique Dawood |
Chairman & Chief
Executive |
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| Mr.
Mehboob G. Rawjee |
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| Mr.
Ayaz Dawood |
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| Mr.
Asadullah Khawaja |
(Nominee of ICP) |
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| Mr.
A.K.M. Sayeed |
(Nominee of NIT) |
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| Mr.
Bashir A. Sheikh |
(Nominee of A1-Faysal
Inv. Bank) |
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| Mr.
Muizuddin Ahmed |
(Nominee of SLIC) |
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| Mr.
Muzafar Ali Shah |
(Alternate Nominee of
SLIC) |
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| Company
Secretary |
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| Mr.
Salman Rasheed |
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| Auditors |
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| M.
Yousuf Adil & Co., |
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| Chartered
Accountants |
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| Legal
Advisors |
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| Sattar
& Sattar Associates |
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| Mohsin
Tayebaly & Co. |
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| Bankers |
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| ANZ
Grindlays Bank plc. |
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| Faysal
Bank Ltd. |
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| Habib
Bank Ltd. |
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| Muslim
Commercial Bank Ltd. |
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| Oman
International Bank S.A.O.G. |
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| Prudential
Commercial Bank Ltd. |
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| Societe
Generale, The French & International Bank |
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| Registered
Office |
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| and
Head Office |
5-B, Lakson Square
Building # 1, |
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Sarwar Shaheed Road,
Karachi - 74200 |
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Tel: (021) 568 7778-9 |
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Fax:' (021) 568 5830 |
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E-Mail: dlc @
khi.compol.com |
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| Branch
Office |
2nd Floor, Gulberg
Heights, 6-H, Gulberg, Lahore |
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Tel: (042) 571 1308 |
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Fax: (042) 571 0296 |
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| Shares
Department |
513, Clifton Centre,
Khayaban-e-Roomi, |
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Clifton Karachi - 75600. |
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Tel: (021) 575 714 |
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| NOTICE
OF THE THIRD ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the Third Annual General Meeting of the Company will be
held in the Auditorium |
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| of
The Institute of Chartered Accountants of Pakistan, G-31, Block 8, Clifton,
Karachi on December 12, 1997 |
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| at
11 A.M. to transact the following business: |
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| Ordinary
business |
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| 1.
To confirm the Minutes of the Second Annual General Meeting held on November
14, 1996. |
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| 2.
To receive, consider and adopt the Audited Accounts of the Company for the
year ended June 30, 1997 |
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| together
with the Directors' and Auditors' Report thereon. |
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| 3.
To approve payment of Cash Dividend to the Shareholders @ Rs. 1.25 per share
of Rs. 10/- each for |
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| the
year ended June 30, 1997 as recommended by the Board of Directors. |
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| 4.
To appoint Auditors for the year 1997-98 and to fix their remuneration. The
retiring Auditors being |
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| eligible
offer themselves for re-appointment. |
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| Special
business |
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| 1.
To consider and approve, if deemed fit, changes in the Object Clause of the
Memorandum of |
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| Association
of the Company. |
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| 2.
To consider and approve, increase in Authorised Capital of the Company from
Rs. 300 million to |
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| Rs.
500 million. As such, Capital Clause of the Memorandum of Association and
Article 5 of the |
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| Articles
of Association. be accordingly amended to give affect to the proposed
increase in the |
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| Authorized
Capital of the Company. |
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| 3.
To consider and approve, the remuneration of Chief Executive and whole time
Working Director. |
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| Any
other business |
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| 1.
To transact any other business as may be placed before the meeting with the
permission of the Chair. |
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| Statements
required under section 160 of the Companies Ordinance, 1984 and draft
Resolutions pertaining to
i:~.~ |
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| the
Special business are being sent to the shareholders alongwith this
notice.
~5~ |
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| November
20, 1997 |
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| Karachi. |
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| Notes |
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| 1.
The Register of Members of the Company will remain closed from December 3,
1997 to |
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| December
12, 1997 (both days inclusive). |
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| 2.
A member entitled to attend and vote at a General Meeting is entitled to
appoint a Proxy to attend and |
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| vote
instead of him/her. No person other than a member shall act as a Proxy. |
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| 3.
An instrument appointing a Proxy and the Power-of-Attorney or other Authority
(if any) under which |
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| it
is signed or a notarially certified copy of the Power or Authority, in order
to be valid, must be |
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| deposited
at the Registered Office of the Company, at the latest by 11 A.M. on December
10, 1997 |
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| and
must be duly stamped, signed and witnessed. |
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| 4.
The Shareholders are requested to notify any change in their address
immediately. |
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| STATEMENTS
IN REGARD TO SPECIAL BUSINESS AS REQUIRED UNDER SECTION 160 OF |
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| THE
COMPANIES ORDINANCE, 1984. |
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| The
following three statements set out the material facts concerning the special
business to be transacted at the |
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| Third
Annual General Meeting of Dawood Leasing Company Limited to be held on
December 12, 1997. These |
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| statements
include the draft resolutions. |
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| Statement
pertaining to special business # 1 and draft resolutions: |
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| Approval
of the shareholders is sought for amending the Object Clause of the
Memorandum of Association of |
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| the Company. |
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| The
directors of the Company are of the opinion that the alteration in the Object
Clause of the Memorandum |
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| of
Association as proposed was necessitated to bring it in line with the
requirements of the NBFI Rules of |
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| Business
and to undertake such other businesses which could conveniently be undertaken
by the Company with |
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| its
main object, i.e. leasing business and arc also permissible under the Rules. |
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| None
of the director has any special interest in this special business other than
to the extent of his interest in |
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| the Company. |
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| For
this purpose it is intended that the following Resolutions be passed, with or
without modification, as Special |
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| Resolutions. |
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| "Resolved that the following addition be made in Sub Clauses 1.5 and 1.7
of clause 1 (a) of the Object Clause |
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| of
the Company's Memorandum of Association: |
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| In
sub clause 1.5 after the word "years" following be added. "or
any other shorter period prescribed from time |
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| to
time by the Competent Authority responsible for regulating the conduct of
leasing companies in the country." |
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| In
sub clause 1.7 at the end of the sentence, after full stop the following new
sentence be added. "The |
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| company
however, may be entitled to provide funds to construction companies,
builders, developers, |
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| companies
dealing in real-estate and to any other businesses, provided that the
Competent Authority |
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| responsible
for regulating the conduct of leasing companies in the country permits
leasing companies to fund |
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| and
finance such activities." |
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| Further
Resolved that the sub clauses 1.2 and 1.6 of clause l(a) be
and are hereby deleted from the Object |
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| Clause
of the Memorandum of Association of the Company, and subsequent sub clauses
be renumbered. |
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| Further
Resolved that the following five clauses be and are hereby
inserted after clause 9 in the Object Clause |
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| of
the Memorandum of Association of the Company and subsequent clauses be
renumbered. |
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| Clause 10 |
To solicit, mobilize,
accept local and foreign currency capital and/or funds and credit lines |
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for leasing and
establishing operations thereof. |
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| Clause 11 |
To issue certificates of
investment in local and foreign currencies after obtaining permission |
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from the Corporate Law
Authority and/or the State Bank of Pakistan. |
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| Clause 12 |
To draw, make, accept,
endorse, establish, discount, execute and issue bills of exchange, |
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guarantees, foreign or
inland letters of credit, leases and other negotiable instruments for |
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itself or on behalf of
its clients, subject to any permission required by the law. |
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| Clause 13 |
To invest funds in
Federal Investment Bonds, Certificate of Investments, Term Finance |
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Certificates, Treasury
Bills, Securities, Shares, Portfolio Management, Modaraba Certifi- |
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cates, Bonds and in any
other instrument of similar nature and to sponsor, participate and |
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underwrite the issue or
conversion of shares and securities including Term Finance |
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Certificates, debentures
and bonds issued or being issued by the bodies corporate or |
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-otherwise, either in
Pakistan or abroad subject to restrictions applicable to leasing compa- |
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nies. |
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| Clause 14 |
To provide and/or assist
in acquiring general assistance and consultancy services in the |
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identification,
development, promotion, re-organization and financing of the projects in the |
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industrial, agricultural,
commercial and other sectors of the economy. |
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| Further
Resolved that the Chairman & Chief Executive and/or
Company Secretary be and is hereby |
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| authorized
to take all steps necessary to give effect to the above resolutions,
including the formalities of the |
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| Corporate
Law Authority and the Registrar, Company Registration Office." |
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| The
Shareholders hereby confirm and ratify and shall be bound to confirm and
ratify all acts, deeds and things |
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| of
the Chairman & Chief Executive and/or Company Secretary that they may be
required to do in order to |
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| give
effect to the above Resolutions. |
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| Statement
pertaining to special business # 2 and draft resolutions: |
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| In
order to provide for increase in capital for future growth, the Board of
Directors proposes that the Authorised |
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| Capital
be increased from Rs. 300,000,000/- to Rs. 500,000,000/-. |
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| None
of the director has any special interest in this special business other than
to the extent of his interest in |
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| the Company. |
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| For
this purpose it is intended that the following Resolutions be passed, with or
without modification, as Special |
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| Resolution. |
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| "Resolved that the Authorized Capital of the Company be and is hereby
increased from |
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| Rs.
300,000,000/- (Rupees three hundred million) divided into 30,000,000 (thirty
million) Ordinary Shares of |
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| Rs.
10/- each to Rs. 500,000,000/- (Rupees five hundred million) divided into
50,000,000 (fifty million) |
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| Ordinary
Shares of Rs. 10/- each, and as such, the Capital Clause of the Memorandum of
Association and |
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| Article
5 of the Articles of Association of the Company be amended accordingly to
affect the changes proposed |
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| and
approved in the Capital of the Company. |
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| Further
Resolved that the Chairman & Chief Executive and/or
Company Secretary be and is hereby |
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| authorized
to take all steps necessary to give effect to the above resolutions,
including the formalities of the |
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| Corporate
Law Authority and the Registrar, Company Registration Office." |
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| The
Shareholders hereby confirm and ratify and shall be bound to confirm and
ratify all acts, deeds and things |
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| of
the Chairman & Chief Executive and/or Company Secretary that they may be
required to do in order to give |
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| effect
to the above Resolutions. |
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| Statement
pertaining to special business # 3 and draft resolution: |
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| The
Shareholders of the Company in the First Annual General Meeting held on
December 6, 1995 had approved |
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| an
aggregate amount of remuneration of Rs. 1.56 million per annum to the Chief
Executive and Rs. 1.94 million |
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| per
annum to the two. Working Directors. The Shareholders further approved that
these remuneration are |
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| exclusive
of perquisites and retirement benefits to which they are entitled under the
terms of employment |
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| approved
by the Board. The Board, after considering the factors such as devaluation,
inflation and the |
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| remuneration
package provided by other leasing companies is of the opinion that present
remuneration package |
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| requires
revision. |
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| With
this background, approval of the Shareholders is sought for the remuneration
payable to the Chairman |
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| &
Chief Executive and whole time Working Director in accordance with the terms
and conditions of service |
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| approved
by the Board. For this purpose it is intended to propose that the following
Resolution be passed as |
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| an
Ordinary Resolution, namely: |
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| "Resolved that the Company hereby approves and authorized the holding of
office of profit and payment as |
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| remuneration
consisting of salary and allowances to: |
|
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| a)
Mr. Rafique Dawood, Chairman & Chief Executive in an aggregate amount not
exceeding |
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| Rs.
2 million (two million) per annum exclusive of bonuses, perquisites and
retirement benefits |
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| to
which he is entitled under the terms of employment and policy of the Company
approved by |
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| the Board. |
|
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| b)
Mr. Ayaz Dawood, Working Director in an aggregate amount not exceeding Rs. 1
million (one |
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| million)
per annum exclusive of bonuses, perquisites and retirement benefits to which
he is |
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| entitled
under the terms of employment and policy of the Company approved by the
Board." |
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|
| Mr.
Rafique Dawood, Chairman and Chief Executive and Mr. Ayaz Dawood, Working
Director of the |
|
| Company
are interested in the business of the Company to the extent of their
shareholding in the Company and |
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| their
remuneration. |
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|
| DIRECTORS'
REPORT |
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| We
are pleased to present your Company's Third Annual Report for the year ended
June 30, 1997. You will |
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| note
that the performance and growth of your company has gained momentum. |
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|
| Operating
Results |
|
1997 |
1996 |
|
|
Rupees |
Rupees |
|
|
| Lease Income |
|
121,291,858 |
84,664,664 |
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| Other Income |
|
670,720 |
4,452,231 |
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|
121,962,578 |
89,116,895 |
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|
========== |
========== |
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| Allowance
for Potential Lease Losses |
|
11,500,000 |
5,000,000 |
|
|
========== |
========== |
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| Profit
Before Taxation |
|
46,406,524 |
46,210,588 |
|
| Provision
for Taxation |
|
1,243,016 |
1,273,702 |
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|
---------- |
---------- |
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| Profit
After Taxation |
|
45,163,508 |
44,936,886 |
|
| Unappropriated
Profit Brought Forward |
|
1,533,416 |
4,333,907 |
|
|
| Profit
Available for Appropriation |
|
46,696,924 |
49,270,793 |
|
|
| Appropriations |
|
| Transfer
to Statutory Reserve |
|
9,032,702 |
8,987,377 |
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| Transfer
to General Reserve' |
|
5,000,000 |
7,500,000 |
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| Proposed
Cash Dividend |
|
31,250,000 |
31,250,000 |
|
|
|
45,282,702 |
47,737,377 |
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|
---------- |
---------- |
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| Unappropriated
Profit Carried Forward |
|
1,414,222 |
1,533,416 |
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|
========= |
========= |
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| Proposed
Cash Dividend Per Share |
|
1.25 |
1.25 |
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| Book
Value Per Share |
|
11.82 |
11.26 |
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|
|
| Review
of Operations |
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|
| The
fiscal 1996-97 was a tough year for the country. GDP growth slowed down with
a sharp decline in the |
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| output
of agricultural and manufacturing sector. The textile sector, the backbone of
our economy, continued |
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| to
languish. There was a noticeable decline in other sectors as well. Frequent
devaluation, political |
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| uncertainty,
imposition of heavy taxes, overnight increase of 3% in State Bank discount
rate in October 1996, |
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| resulted
in higher cost of funds. Utility tariffs and support prices of agricultural
commodities were increased, |
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| further
augmenting the inflation rate and depressing the economic activity in our
country. |
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| The
performance of stock market has also been adversely affected on account of
economic conditions and |
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| lackluster
interest of foreign fund managers. Only fourteen new companies were listed on
the Karachi Stock |
|
| Exchange
out of which twelve companies were significantly under subscribed. Investment
climate was |
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| extremely
negative and very little new capital investment had taken place.
Additionally, the differences with |
|
| IMF
over the management of the economy had shied away investors. However, with
the new elected |
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| government
in place, and with its swift and timely initiation of reforms in various
fields, a ray of hope on the |
|
| horizon
has emerged. |
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|
| We
are pleased to report that despite depressed economic conditions, the lease
income of your company has |
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| jumped
from Rs. 84.66 million to Rs. 121.29 million showing a significant increase
of 43.3% over the past year. |
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| New
leases worth Rs. 248.68 million were written during the year under review.
The net investment in lease |
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| finance
has gone-up from Rs. 510.57 million to Rs. 620.50 million showing an increase
of 21.5%. |
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| In
continuation of our prudent accounting approach, after writing off the entire
pre-operational expenditure of |
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| Rs.
2.34 million in June 1995 accounts, the company has continued to build-up a
non-specific reserve as |
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| Allowance
for Potential Lease Losses. This year, an amount of Rs. 11.50 million has
been added to increase |
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| the
Allowance for Potential Lease Losses to Rs. 16.50 million, which is around
2.7% of net investment in lease |
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| finance.
The total of mandatory Statutory Reserve, General Reserve and Allowance for
Potential Lease Losses |
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| has
grown from 6.8% to 9.8% of net investment in lease finance. The philosophy of
building reserves will |
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| strengthen
your Company's ability to mitigate any negative eventuality, which is a
significant part of its |
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| business
strategies. |
|
|
| Dawood
Leasing has continued to follow a cautious policy of writing leases. We have
always maintained a |
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| fairly
diversified portfolio. This year, the energy and natural gas sector is at the
top of the list with an exposure |
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| of 18%. |
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| Your
company's target market has been and will continue to be the infrastructure
related projects, small |
|
| businesses
and consumer lease financing. We encourage leasing computers to technical
training institutions and |
|
| individuals.
As of June 30, 1997, our total customer base has risen to 838 leases written
to 821 clients. |
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|
| We
are pleased to report that this year too, despite bearish stock market
conditions, we were able to realize a |
|
| modest
capital gain and achieve a 23.1% value increase in our stock portfolio. |
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| Future
Business Prospects |
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|
| The
new Government has announced a host of packages to address the issue of
economic stagnation prevalent |
|
| in
the country. These packages address the following: |
|
|
| ·
Replacement of demand management economic policies with supply-side economic
policies, |
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| ·
Tighter control on government borrowings, |
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| ·
Allowing private sector greater access to credit, |
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| ·
Rightsizing in government departments and state owned enterprises, |
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| ·
Preparing public sector financial institutions for privatization through
rightsizing and debt recovery |
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| process, |
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| ·
Reduction in tax rates, mark-up rates and State Bank of Pakistan's discount
rate in two steps from |
|
| 20% to 18.5%, |
|
| ·
Limiting increase in Utility prices and privatization plan of utility
companies, |
|
| ·
Elimination of Central Excise duty on bank borrowings and lease financing,
and |
|
| ·
Negotiation of $ 1.6 billion ESAF/EFF while terminating SBA with IMF. |
|
|
| We
hope and pray that these initiatives of the present government should assist
the economy in its revival, |
|
| although
some economists have a rather different view on the possibility of success of
supply-side economic |
|
| policies. |
|
|
| With
this perspective, your Company has adopted a more cautious and prudent
approach to assess new lease |
|
| proposals,
select viable sectors and continue to maintain a well-diversified portfolio
of leases. We strongly |
|
| support
the initiative of the government in the field of Information Technology and
Computer Education, and |
|
| hence
are already providing lease financing to a number of educational institutions
and individuals. Your |
|
| company
shall continue to serve promising, feasible, environmentally friendly and
socio-economically |
|
| beneficial
entities. |
|
|
| Resource
mobilization |
|
|
| Your
Company has been extremely successful and is continuing the process of
negotiating a number of |
|
| additional
credit lines from both local and multilateral institutions. Your Company on
September 18, 1997 |
|
| signed
an agreement with the Asian Development Bank, to participate in the $100
million Financial Sector |
|
| Intermediation
Loan Project (FSIL). This line is available on a first come first serve basis
to a selected group |
|
| of
financial institutions. This is a long-term fifteen year line including a
three year grace period. We expect to |
|
| draw
down against this line some time early next year, after completion of all
related formalities. |
|
|
| We
are applying to the Corporate Law Authority for their permission to issue
Certificate of Investments |
|
| (COI's).
We expect to issue COI's early next year to enhance our competitive position
in the leasing industry. |
|
|
| Your
Company also expects to be chosen by at least one other multilateral agency
within the next twelve |
|
| months
for long-term funding. Our bankers have demonstrated their confidence in
Dawood Leasing by |
|
| enhancing
our existing credit lines. |
|
|
| Your
Company believes in borrowing from a wide range of selected financial
institutions, and we have been |
|
| successful
in establishing a relationship with nineteen different financial
institutions. |
|
|
| Pattern
of Share Holding |
|
|
| The
pattern of Share-holding appears on page 29. |
|
|
| Auditors |
|
|
| The
retiring auditors, being eligible, offer themselves for re-appointment. |
|
|
| Board
of Directors |
|
|
| During
the year under report, Mr. Muizuddin Ahmed, Chairman State Life Insurance
Corporation has joined |
|
| the
Board in place of Mr. S. Gulrez Yazdani. The Board wishes to place on record
its appreciation for the |
|
| valuable
services rendered to the company by Mr. S. Gulrez Yazdani. |
|
|
| The
Directors are pleased to welcome Mr. Muizuddin Ahmed on the Board and Mr.
Muzafar Ali Shah, as his |
|
| alternate
Director. |
|
|
| Acknowledgement |
|
|
| We
would like to endorse our appreciation for the confidence and support of our
valuable customers and |
|
| shareholders
in making this year a success. The support and guidance provided by the
Ministry of Finance, the |
|
| Corporate
Law Authority and the State Bank of Pakistan is highly appreciated. We are
also grateful to our |
|
| various
lease syndicate partners, lending institutions for their support and
confidence and above all, the |
|
| dedication
and hard work of our team members that has made it all possible. |
|
|
| We
reiterate our mission to work with dedication and dynamism for the benefit of
all the stakeholders. |
|
|
| October
14, 1997 |
|
| Karachi. |
|
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of Dawood Leasing Company Limited as
at June 30, |
|
| 1997
and the related profit and loss account and the statement of changes in
financial position (cash |
|
| flow
statement) together with the notes forming part thereof, for the year ended
on that date 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 |
|
| forming
part thereof 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 statement of
changes |
|
| in
financial position (cash flow statement), together with the notes thereon,
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, 1997 and 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 Company and deposited in the Central Zakat Fund established |
|
| under
Section 7 of that Ordinance. |
|
|
| October
14, 1997 |
|
M. Yousuf Adil & Co. |
|
| Karachi. |
|
Chartered Accountants |
|
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 1997 |
|
|
1997 |
1996 |
|
|
Note |
Rupees |
Rupees |
|
| SHARE
CAPITAL AND RESERVES |
|
|
| Authorized |
|
| 30,000,000
Ordinary Shares of Rs. 10/- each |
|
300,000,000 |
300,000,000 |
|
|
========= |
========= |
|
| Issued,
Subscribed and Paid-up |
|
| 25,000,000
Ordinary Shares of Rs. 10/- each. |
|
| Fully
Paid in Cash |
|
250,000,000 |
250,000,000 |
|
|
| Statutory
Reserve |
|
3 |
21,603,556 |
12,570,854 |
|
| General
Reserve |
|
4 |
22,500,000 |
17,500,000 |
|
| Unappropriated
Profit |
|
1,414,222 |
1,533,416 |
|
|
295,517,778 |
281,604,270 |
|
| ALLOWANCE
FOR POTENTIAL LEASE LOSSES |
|
16,500,000 |
5,000,000 |
|
| REDEEMABLE
CAPITAL |
|
5 |
82,014,234 |
59,890,256 |
|
| LONG
TERM LOANS |
|
6 |
55,000,000 |
-- |
|
| LIABILITIES
AGAINST ASSETS SUBJECT TO |
|
|
|
| FINANCE
LEASE |
|
|
7 |
283,980 |
165,424 |
|
|
|
|
|
| LONG
TERM LEASE DEPOSITS |
|
8 |
62,157,679 |
40,605,063 |
|
| CURRENT
LIABILITIES |
|
|
|
| Short
Term Borrowings |
|
9 |
65,984,771 |
42,325,635 |
|
| Current
Maturity of Redeemable Capital |
|
50,317,202 |
61,733,662 |
|
| Current
Maturity of Lease Liabilities |
|
|
209,377 |
95,228 |
|
| Current
Maturity of Lease Deposits |
|
|
4,998,876 |
|
| Accrued
and Other Liabilities |
|
10 |
14,031,459 |
15,635,987 |
|
| Proposed
Cash Dividend |
|
|
31,250,000 |
31,250,000 |
|
| Taxation |
|
|
1,831,850 |
1,142,790 |
|
|
|
168,623,535 |
152,183,302 |
|
| CONTINGENCY
AND COMMITMENT |
|
11 |
|
|
|
|
---------- |
---------- |
|
|
680,097,206 |
539,448,315 |
|
|
========== |
========== |
