| (COLONY)
SARHAD TEXTILE MILLS LTD. |
|
|
|
|
|
|
|
| ISMAILKOT
NOWSHERA ESTABLISHED IN 1953 |
|
| 42nd
ANNUAL REPORT 1997 |
|
|
|
|
|
| BOARD
OF DIRECTORS |
|
|
|
|
| Chairman |
|
Mian Farooq Ahmad Shaikh |
|
| President |
|
Sohail Farooq Shaikh |
|
| Directors |
|
Mian Rashid Ahmed
Massarrat |
|
|
Mrs. Saddia Mohsin |
|
|
Mr. Azam Jamil |
|
|
Lt Col (Retd) Aslam Aziz
Shaikh |
|
|
Mr. Razi-ur-Rehman Khan
(Nominee of NIT) |
|
|
Mr. Salim Ansar (Nominee
of NDFC) |
|
|
| Company
Secretary |
Ch. Saeed Ahmed |
|
|
|
|
| Auditors |
|
Messers Anjum Asim Shahid
& Co. |
|
|
|
(Chartered Accountants) |
|
|
|
Jinnah Avenue, Blue Area, |
|
|
|
Islamabad. |
|
|
|
|
| Registered
Office |
125-Murree Road,
Rawalpindi |
|
|
|
|
| Mills |
|
Ismailkot, Railway
Station--Khushalkot, |
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|
NOWSHERA (N.W.F.P.) |
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|
|
| NOTICE
OF MEETING |
|
|
| Notice
is hereby given that 42nd Annual General Meeting of the shareholders of
(Colony) |
|
| Sarhad
Textile Mills Limited will be held at the Registered Office at 125 Murree
Road |
|
| Rawalpindi
on Tuesday the 31st day of March 1998 at 1200 hrs to transact the follow- |
|
| ing
business:- |
|
|
| 1.
To confirm the minutes of the 41st Annual General Meeting held on 31 st March |
|
| 1997. |
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|
|
|
|
| 2.
To receive, consider and adopt the Balance Sheet and Profit and Loss Account |
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| alongwith
notes for the year ended 30th September, 1997 together with the |
|
| Directors
and Auditors' Report thereon. |
|
|
| 3.
To appoint auditors for the year 1997-98 and to fix their remuneration. |
|
|
| 4.
Any other item with the' permission of the Chair. |
|
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| Note:
1. A member entitled to attend and vote at the Meeting may appoint another |
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| member
as his/her proxy to attend and vote for him/her. proxies in order |
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| to
be effective must be received at the Registered Office of the Company at |
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| least
48 hours before the time of meeting. |
|
|
| 2.
Shareholders are requested to immediately notify the Company if there any |
|
| change
in their address. |
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|
| DIRECTORS
RFPORT TO |
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| THE
SHAREHOLDERS |
|
|
| Dear
Shareholders, |
|
|
| The
Directors welcome you to the 42nd Annual General Meeting of the Company |
|
| and
place the annual report alongwith the Audited Accounts of the company for the
year |
|
| ended
September 30, 1997 for review. These are reflective of the difficult
circumstances |
|
| being
faced by the company for the last some years. The year under review ended in
net |
|
| deficit
of Rs. 21.880 Million after providing all provisions. Therefore no pay out is
rec- |
|
| ommended. |
|
|
| It
is not out of place to recapitulate the background and the circumstantial
diffi- |
|
| culties
faced by the company before explaining the reasons for loss. The plant is
fully |
|
| integrated
with Spinning, Weaving and Processing Units of Dying Bleaching Mercerizing. |
|
| Company
all along has satisfactory performance. It is a matter of pride for us to
state |
|
| that
yours company has announced dividends, in the form of cash or bonus share,
since |
|
| 1959
to 1991, with an average of approximately 20% per annum. The Company's finan- |
|
| cial
health remained above the desired level as per normal parameters for
assessing the |
|
| financial
health. Sound management and financial handling can be seen from the fact |
|
| that
almost all Textile Mills of NWFP have benefitted from the Government Scheme
of |
|
| financial
relief given during the mid 80's due to the financial losses of those mills. |
|
| (Colony)
Sarhad Textile Mills Limited did not seek any relief from the Scheme. However |
|
| managed
to remain afloat through the control on pattern of production, and reliance
on |
|
| export
performance. |
|
|
| Due
to the prudent and experienced management all efforts were concentrated to |
|
| build
export market for the mill's products. It is pertinent to state here that
this was the |
|
| only
Textile Mill in NWFP which with all its odds and logistic disadvantages
succeeded |
|
| in
attaining the target export to the tune of Rs. 226 million in a year 1990.
The man- |
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| agement
relied on value added cloth export and penetrated into the United Kingdom |
|
| market. |
|
|
| However
since 1991 all these efforts were negated by severe crisis of the textile |
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| industry
of the country coupled with the imposition of fines/ additional interest
mostly |
|
| on
technical grounds on export performance. The bank impaired our running cash |
|
| finance
sanctioned working capital line by debiting fine and then subjecting these
fines |
|
| to
mark up and compounding of markup. Further the reasons of losses are ever
rising |
|
| costs.
i.e. electricity, gas, wages, abnormal levy of markup, excise duty and
turnover tax. |
|
| The
major reason is non-utilization of the optimum production capacity of the
plant |
|
| because
of non-availability of the working capital funds and non-finalization of the |
|
| revival
package and non-implementation of the incentive scheme of June 5, 1997. |
|
|
| In
early 1995 a revival package prepared by the consultants of the approved
panel |
|
| of
State Bank of Pakistan for re-structuring and relief package under declared
policy for |
|
| revival
of the textile industry was submitted to the concerned financial |
|
| institution/banks.
Further in pursuance of the Government policy/ State Bank of |
|
| Pakistan
incentive scheme .through circular BPRD No. 19 dated June 5, 1997 the com- |
|
| pany
in time applied to the financial institutions/banks, but no action has been
taken |
|
| so
far by the financial institutions/banks. The management is confident that
once a |
|
| proper
treatment of the assets/debts situation is in place as per the policy of the
gov- |
|
| ernment
and particularly in the light of the incentive scheme of June 5, 1997, which |
|
| includes
the revival of sick industry. |
|
|
| This
viable and export oriented unit (company) will be in a position to
rehabilitate |
|
| the
full utilization of the plant's capacity if adequate and timely realistic and
pragmatic |
|
| steps
are taken by the concerned authorities and financial institutions. |
|
|
| VIABILITY
OF UNIT/OPERATABLE CAPACITY |
|
| The
Company utilized its full capacity as depicted in the following table since |
|
| 1991-92
till 1993-94 and suffered the set back from 1995 due to non renewal of work- |
|
| ing
capital lines and unauthorized debits to these lines by NBP:- |
|
|
| YARN |
|
| Description |
|
1991-92 |
1992-93 |
1993-94 |
1994-95 1995-96 1996-97 |
|
|
|
Period through which full |
|
|
|
capacity of the plant
could |
|
|
|
not be utilized because
of |
|
|
|
non-availability of
funds. |
|
| No
of spindles |
|
| worked
excluding |
|
| idle/scrap spindles |
25,962 |
24,193 |
20,877 |
10,537 |
10,350 |
10,288 |
|
|
|
|
| Total
production in |
|
| million kgs |
|
|
| (converted
20s) |
4.51 |
4.26 |
3.08 |
1.44 |
1.57 |
1.82 |
|
|
|
|
| Production
per shift |
|
| (converted
to 20s) if |
|
| 21,760
workable |
|
| spindles
after revival |
|
| are
adopted. |
3,602 |
3,685 |
3,658 |
3,911 |
3,898 |
4,000 |
|
|
| The
above data establishes the average production for three years i.e. 1992.,
1993 |
|
| and
1994 is 3640 kgs per shift whereas average production during the year 1996-97 |
|
| could
have been 4,000 kgs if 21760 spindle had worked during the year. We are proud |
|
| to
record that due to the labour/production efficiency and management's strict
control, |
|
| the
plant is under good running conditions and optimum full production is
achievable |
|
| subject
to availability if timely measures for sick units revival are taken by the
concerned |
|
| authorities
and Banks. |
|
|
|
| CLOTH |
|
| Total
looms installed - average |
|
284 |
|
| Less:
No. of looms old/lying idle (scrap) |
|
72 |
|
| Total
workable loom: |
|
| Broad looms |
|
|
84 |
|
| Old
Japanese looms |
|
128 |
|
|
---------- |
|
|
|
212 |
|
|
| On
the basis of four years of production record i.e. before it was forced to
closure |
|
| because
of the non-availability of funds, production was about seven to eight million
sq. |
|
| meters
on 50 picks and 900 to 1050 shifts basis. |
|
|
| The-Weaving
Section is totally closed since early 1995. |
|
|
| All
looms are in well working conditions and if the full utilization of the plant
is |
|
| achieved,
seven to eight million sq. meter cloth is expected to be produced out of
which |
|
| major
production would be of value added dyed and bleached cloth, obviously if the |
|
| working
capital is made available in time and other constraints are remedied. |
|
|
| The
background of the issue of additional interest/ fine in connection with the |
|
| Exports
Refinance Scheme (which was used to fund company's exports) were collective- |
|
| ly
advised, recovered and blocked within a short period of one and half year
i.e. in the |
|
| year
1991. These pertain to export refinance facilities taken as far back as
1986-87 i.e. |
|
| three
to six years prior to imposition of additional interest/fines. The process of
review- |
|
| ing
and clarifying the matter continues and based on its experience, the company
is |
|
| confident
that these charges are recoupable. Similarly additional interest/fine as per |
|
| press
reports are being considered and furthermore State Bank of Pakistan as per
its |
|
| Circular
No. 32 and 33 dated October 1996 have decided to put in place a mechanism |
|
| for
objective and expeditious review in order to redress the grievances of the
exporters |
|
| relating
to the imposition/ recovery of penalties under the Export Refinance Scheme. |
|
| The
same is the position of the markup charge and this unforeseen and unfunded
levy. |
|
| For
details please refer to note 14.2 and 15.1(a). |
|
|
| As
regards provision for disputed liabilities as has been explained in detail in |
|
| respect
of each financial institution in note No. 9.1, 9.2, 9.3 and 9.4 and further
as |
|
| explained
fully elsewhere in this report, it is an established fact that this
integrated tex- |
|
| tile
unit which is located in the less developed area of N.W.F.P., is a value
added export |
|
| oriented
and technically a viable unit beyond doubt is an on going concern provided
the |
|
| concerned
financial institution and bank looks the case in its correct prospective and |
|
| appropriate
context. The alleged disputed liabilities claim is of about Rs. 500.00
million, |
|
| out
of which almost Rs. 350.00 million comprises of fines and markup and
compound- |
|
| ing
of markup on fines on export performance and further more interests and penal |
|
| interests
for the years 1995, 1996 and 1997 through which period the bank ceased and |
|
| withheld
the renewal of its working capital lines which was not only illegal but was
also |
|
| contrary
to the banking practice which forced this labour intensive and export orient- |
|
| ed
unit almost to closure. However, if immediate remedy is made available to the
pro- |
|
| ject
by the financial institution, it could regain its role which it played from
1953 till |
|
| early
1995 particularly in less developed area of NWFP and in the export sector in
gen- |
|
| eral.
(Please refer to Note No. 9 for more clarification on the issue). |
|
|
| Regarding
gratuity, the company provided full gratuity in the accounts. However |
|
| there
is no precedent nor tendency for the company to suppose that there will be an |
|
| eventuality
which will require the provision of gratuity to the extent of entire force at
one |
|
| time.
Therefore this is considered as a deferred liability adjustable in the next
three |
|
| years,
which is more realistic. Please refer note No. 12.2. |
|
|
| Note
No. 10.2 keeping in view the useful life of the project depreciation on
actual |
|
| utilization
of plant is more realistic. Notes No. 11.1 and 14.1 have been explained in |
|
| detail
for the matter of emphasis in the relevant notes to the accounts. |
|
|
| Regarding
Note No. 15.1(b) on the complaint of the Company, the State |
|
| (Prosecution)
lodged, criminal cases with the Courts of Law against former Karachi Ex- |
|
| Office
Manager Mohammad Aslam and accomplices. Criminal and Civil cases are pend- |
|
| ing
with Courts of Law and favourable decisions are expected. |
|
|
| FUTURE
PROSPECTS |
|
| The
next year's prospects are unpredictable. However if concerned authorities and |
|
| financial
institutions adequately and timely act upon as per government policy and |
|
| incentive
scheme, the situation referred earlier can be averted as the project is
viable. |
|
|
| M/s
Anjum Asim Shahid and Co., Chartered Accountants, have retired and being |
|
| eligible
offer themselves for reappointment as auditors of the company. |
|
|
| Pattern
of Shareholding annexed. |
|
|
| Your
Directors thank the staff for their contribution. |
|
|
|
| RFPORT
OF THE AUDITORS TO THE MEMBERS |
|
| OF
(COLONY) SARHAD TEXTILE MILLS LIMITED |
|
|
| We
have audited the annexed balance sheet of (Colony) Sarhad Textile Mills
Limited as at |
|
| September
30, 1997 and the related profit and loss account and cash flow statement,
togeth- |
|
| er
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 have carried out the due
verification there- |
|
| of: |
|
|
| 1.
in the absence of continuous financial support from financial institutions
there is |
|
| doubt
about the ability of the company to continue its operations as a going
concern |
|
|
|
|
| 2.
the company has recognized certain liabilities comprising of provision for
gratuity (Rs. |
|
| 4.176
million) and excise duty (Rs. 9.346 million), however the provision for such
lia- |
|
| bilities
are being made over a period of three years through a charge to deferred cost |
|
| account
instead of charging it in one year as explained in note 12.1 and 12.2 |
|
|
| 3.
additional interest/fines amounting to Rs. 49.48 million charged by the State
Bank of |
|
| Pakistan
are shown under Debtors in note 14.2 and the corresponding and related |
|
| mark-up
of Rs. 41.801 million levied by the agent bank included in other Receivable |
|
| referred
to in note 15.1 (a) have not been accepted by the company and are shown as |
|
| recoverable
in these financial statements; and |
|
|
| 4.
mark-up of Rs. 213.840 million payable to financial institutions, has not
been provid- |
|
| ed
in these financial statements referred to note 9. Had the provision been made
in the |
|
| accounts
the loss would have been higher by the same amount. |
|
|
| Except
for the effects of the above and the contents of note # 15.1 (b) & 26.2
to the accounts |
|
| and
without further qualifying our opinion, we draw attention to notes 10.2, 11.1
and 14.1 |
|
| and
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; |
|
| 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
explana- |
|
| tions
given to us, and subject to the eventual outcome of the matter stated above |
|
| and
adjustments, if any, which may be required when the above matter is ulti- |
|
| mately
resolved, the balance sheet, profit and loss account and cash flow state- |
|
| ments
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 September |
|
| 30,
1997 and of the loss and changes in cash flow position for the year then |
|
| ended; and |
|
|
|
|
|
| d)
in our opinion no Zakat was deductible at source under the Zakat and Ushr |
|
| Ordinance,
1980. |
|
|
|
|
ANJUM ASIM SHAHID &
CO |
|
| Islamabad:
March 4, 1998 |
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT SEPTEMBER 30, 1997 |
|
|
|
|
NOTE |
1997 |
1996 |
|
|
|
(RUPEES) |
(RUPEES) |
|
| CAPITAL
AND LIABILITIES |
|
|
| SHARE
CAPITAL AND RESERVES |
|
|
|
|
|
| Share
capital |
|
3 |
40,000,000 |
40,000,000 |
|
| Capital
reserves |
|
|
1,251,607 |
1,251,607 |
|
| Accumulated
loss |
|
|
(120,085,707) |
(98,205,240) |
|
|
|
|
---------- |
---------- |
|
|
|
|
(78,834,100) |
(56,953,633) |
|
|
|
|
|
| SURPLUS
ON REVALUATION OF |
|
|
|
| FIXED
ASSETS |
|
4 |
318,277,984 |
318,277,984 |
|
|
|
|
|
| LOANS
AND DISPUTED LIABILITIES |
|
5 |
- |
- |
|
| OBLIGATIONS
UNDER FINANCE LEASE |
|
6 |
372,011 |
1,363,427 |
|
| DEFERRED
LIABILITY FOR STAFF |
|
|
- |
- |
|
| RETIREMENT
GRATUITY |
|
|
|
4,821,490 |
4,814,639 |
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
|
|
|
|
---------- |
---------- |
|
| Current
maturity |
|
|
1,242,896 |
503,079 |
|
| Short
term finance under mark-up |
|
|
|
|
| arrangements |
|
7 |
9,242,713 |
- |
|
| Creditors,
accrued and other |
|
|
|
|
| liabilities |
|
8 |
73,002,844 |
66,448,749 |
|
| Provision
for disputed liabilities |
|
9 |
334,711,523 |
334,218,935 |
|
|
|
|
---------- |
---------- |
|
|
|
|
|
418,199,976 |
401,170,763 |
|
|
|
|
|
---------- |
---------- |
|
|
|
|
|
662,837,361 |
668,673,180 |
|
|
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these accounts |
|
|
|
| PROPERTY
AND ASSETS |
|
|
|
|
|
|
| FIXED
ASSETS - Tangible |
|
|
|
|
|
| Carrying
value of fixed assets |
|
10 |
427,095,606 |
431,491,291 |
|
|
|
|
| CAPITAL
WORK IN PROGRESS/ |
|
| CAPITAL
STORES |
|
|
|
872,761 |
990,817 |
|
| INVESTMENTS |
|
|
11 |
5,000,000 |
5,000,000 |
|
| DEFERRED
COSTS |
|
|
12 |
13,523,159 |
16,741,627 |
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Inventories |
|
13 |
95,042,429 |
89,762,584 |
|
| Trade
debtors |
|
14 |
54,951,947 |
55,598,010 |
|
| Advances
and other receivables |
|
15 |
62,729,286 |
62,336,476 |
|
| Deposits |
|
16 |
1,175,108 |
1,175,108 |
|
| Cash
and bank balances |
|
17 |
2,447,065 |
5,577,267 |
|
|
|
|
---------- |
---------- |
|
|
|
|
|
216,345,835 |
214,449,445 |
|
|
|
|
|
---------- |
---------- |
|
|
|
|
|
662,837,361 |
668,673,180 |
|
|
|
|
========== |
========== |
|
|
|
|
|
| PROFIT
& LOSS ACCOUNT FOR THE YEAR ENDED |
|
| 30TH
SEPTEMBER, 1997 |
|
|
|
NOTE |
1997 |
1996 |
|
|
|
(RUPEES) |
(RUPEES) |
|
|
|
|
|
| SALES |
|
18 |
171,306,199 |
142,157,964 |
|
| Cost
of sales excluding |
|
|
|
| Depreciation |
|
19 |
170,476,660 |
135,426,156 |
|
|
|
|
---------- |
---------- |
|
| Gross
profit |
|
|
829,539 |
6,731,808 |
|
| OPERATING
EXPENSES |
|
|
---------- |
---------- |
|
| Administrative
expenses |
|
20 |
5,905,558 |
5,660,687 |
|
| Selling
and distribution expenses |
|
21 |
207,824 |
112,640 |
|
|
|
|
---------- |
---------- |
|
|
|
|
6,113,382 |
5,773,327 |
|
| OPERATING
(LOSS)/PROFIT |
|
|
---------- |
---------- |
|
| BEFORE
DEPRECIATION |
|
|
(5,283,843) |
958,481 |
|
|
|
|
| Other
Income |
|
22 |
214,870 |
443, 118 |
|
| Profit
/ (loss) on sale of fixed assets |
23 |
- |
253,098 |
|
|
|
|
---------- |
---------- |
|
|
|
|
(5,068,973) |
1,654,697 |
|
| Financial
expenses |
|
24 |
4, 187,351 |
3,564,587 |
|
|
|
|
---------- |
---------- |
|
| Loss
for the year before depreciation |
|
(9,256,324) |
(1,909,890) |
|
|
|
|
---------- |
---------- |
|
| Depreciation
for the year |
|
l0 |
5,006,034 |
1,726,312 |
|
| Deferred
costs written off |
|
12 |
6,761,579 |
5,580,543 |
|
| Taxation
- Current |
|
|
856,531 |
- |
|
|
|
|
---------- |
---------- |
|
|
|
|
12,624,144 |
7,306,855 |
|
| NET LOSS |
|
|
(21,880,467) |
(9,216,745) |
|
| Retained
loss brought forward |
|
|
(98,205,240) |
(88,988,495) |
|
| Accumulated
loss carried to balance sheet |
|
(120,085,707) |
(98,205,240) |
|
|
|
|
---------- |
---------- |
|
|
| The
annexed noted form an integral part of these accounts. |
|
|
|
| CASH
FLOW STATEMENT |
|
| AS
AT 30TH SEPTEMBER, 1997 |
|
|
|
1997 |
1996 |
|
| A.
Cash Flow from operating activities |
|
{RUPEES) |
{RUPEES) |
|
| Loss
for the year after taxation |
|
|
{21,880,467) |
(9,216,745) |
|
| Adjustment
for items not involving in |
|
---------- |
---------- |
|
| movement
of funds |
|
|
|
|
| Depreciation |
|
|
|
5,006,034 |
1,726,312 |
|
| Profit
on sale of fixed assets |
|
|
- |
{253,098) |
|
| Amortization
of deferred cost |
|
|
6,761,579 |
5,580,543 |
|
| Taxation |
|
|
|
|
856,531 |
- |
|
|
|
---------- |
---------- |
|
|
|
12,624,144 |
7,053,757 |
|
| Operating
{loss) before working |
|
|
---------- |
---------- |
|
| capital
changes |
|
|
(9,256,323) |
(2,162,988) |
|
| {Increase)/decrease
in current assets: |
|
---------- |
---------- |
|
| Inventories |
|
|
|
|
(5,161,789) |
(1,023,716) |
|
| Trade
debtors |
|
|
646,063 |
1,062,529 |
|
| Advances
and other receivables |
|
|
(392,810) |
4,299,022 |
|
|
|
|
|
---------- |
---------- |
|
|
|
(4,908,536) |
4,337,835 |
|
| Increase/(decrease)
in current liabilities |
|
---------- |
---------- |
|
| Short
term borrowings |
|
|
|
9,481,708 |
288,033 |
|
| Creditors,
accrued and other liabilities |
|
6,554,095 |
8,350,068 |
|
|
|
---------- |
---------- |
|
|
|
16,035,803 |
8,638, 101 |
|
|
|
---------- |
---------- |
|
| Working
capital changes |
|
|
11,127,267 |
12,975,936 |
|
| Taxes paid |
|
|
|
(856,53l) |
- |
|
|
|
|
|
---------- |
---------- |
|
| Net
cash inflow from operating activities |
|
1,014,413 |
10,812,948 |
|
|
|
|
|
|
|
| B.
Cash flow from investing activities |
|
---------- |
---------- |
|
| Purchase
of operating fixed assets |
|
|
(610,349) |
(164,673) |
|
| Deferred
costs |
|
|
|
(3,543,11l) |
(3,996,269) |
|
| Sale
proceeds of fixed assets |
|
- |
275,000 |
|
|
|
---------- |
---------- |
|
| Net
cash {outflow) from investing activities |
|
{4,153,460) |
{3,885,942) |
|
| C.
Cash flow from financing activities |
|
---------- |
---------- |
|
| Adjustment
of long term loan |
|
253,593 |
(2,108,522) |
|
| Payment
of lease obligations |
|
{251,599) |
{149,080) |
|
| Gratuity
paid |
|
6,851 |
(l,126,277) |
|
|
|
---------- |
---------- |
|
| Net
cash {outflow) from financing activities |
|
8,845 |
(3,383,879) |
|
| Net
cash (outflow)/inflow during |
|
|
|
| the
year (A+B+C) |
|
|
(3,130,202) |
3,543,127 |
|
|
|
|
| Cash
and cash equivalents at the |
|
|
|
| beginning
of the year |
|
|
5,577,267 |
2,034,140 |
|
|
|
|
|
| Cash
and cash equivalents at the |
|
---------- |
---------- |
|
| end
of the year |
|
|
2,447,065 |
5,577,267 |
|
