| Asian Leasing Company Limited |
|
|
|
|
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|
|
| Annual
Report 1998 |
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| CONTENTS |
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| Company
Information |
|
| Notice
of the Meeting |
|
|
| Directors'
Report |
|
|
| Pattern
of Shareholding |
|
|
| Auditors'
Report |
|
|
| Balance
Sheet |
|
|
| Profit
and Loss Account |
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|
| Statement
of Sources and Application of Funds |
|
| Notes
to the Accounts |
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|
| COMPANY
INFORMATION |
|
|
| Board
of Directors: |
|
| Mr.
Zafar Iqbal |
|
Chairman |
|
| Mr.
Mohammad Zafarullah Khan |
|
Director |
|
| Brig.
(Retd) Mian Akhtar Hameed |
|
Director |
|
| Mr,
Mohammad Aslam |
|
Director |
|
| Mr.
Razi-ur-Rehman Khan |
|
Nominee Director- NIT |
|
| Mr.
Muhammad Bilal Sheikh |
|
Nominee Director - NDFC |
|
| Mr.
Javed Sadiq |
|
Nominee Director- NDFC |
|
| Mr.
Shahid Hassan |
|
Nominee Director-NDFC |
|
| Mrs.
Roohi Raees Khan |
|
Chief Executive Officer /
Director |
|
|
| Company
Secretary: |
|
|
| Mr.
Imran-ur-Rehman |
|
|
| Bankers
to the Company: |
|
| National
Development Finance Corporation |
|
| Bank
of Punjab |
|
| Crescent
Investment Bank Limited |
|
| Faysal
Bank Limited |
|
| Muslim
Commercial Bank Limited |
|
| National
Bank of Pakistan |
|
|
| Auditors: |
|
| Ford,
Rhodes, Robson, Morrow |
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| Chartered
Accountants |
|
|
| Legal
Advisor: |
|
| Khawaja
M. Azeem |
|
| Advocate,
High Court |
|
|
| Registrars
and Share Transfer Office: |
|
| Noble
Computer Services (Private) Ltd. |
|
| 6th
Floor, Hirani Centre, |
|
| I.I.
Chundrigar Road, Karachi. |
|
|
| Registered
Office & Head Office: |
|
| 12-Ahmed
Block, |
|
| New
Garden Town,. Lahore. |
|
| Tel:
5882806-9 |
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| Fax:
(042)5882669 |
|
| Email:
alc@brain.net.pk |
|
|
| Branch Office: |
|
| 204-Clifton
Centre, |
|
| Khayaban-e-Roomi,
Clifton, Karachi.
~ |
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| Tel:
5835936, 5866095 |
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| Fax:
(021) 5873573 |
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|
|
| NOTICE
OF ANNUAL GENERAL MEETING |
|
|
| Notice
is hereby given that the TWELFTH ANNUAL GENERAL MEETING of ASIAN LEASING
CORPORATION |
|
| LIMITED
will be held on Monday, 28th December, 1998 at the registered office of the
Company at 12-Ahmed |
|
| Block,
New Garden Town, Lahore at 10.00 a.m. to transact the following business ' |
|
|
| 1.To
confirm the minutes of 1 lth Annual General Meeting of the Company held on
30th December, 1997. |
|
|
| 2.To
receive, consider and adopt the audited accounts for the year ended June 30,
1998 together with the |
|
| Directors'
and Auditors' reports thereon. |
|
|
| 3.To
appoint Auditors and fix their remuneration. The present Auditors, Messrs.
Ford, Rhodes, Robson, |
|
| Morrow,
Chartered Accountants, retire and being eligible, offer themselves for
re-appointment. |
|
|
| 4.To
transact any other business with the permission of the Chair. |
|
|
| BY
ORDER OF THE BOARD |
|
|
| Lahore: |
|
IMRAN-UR-REHMAN |
|
| 8th
October, 1998. |
|
COMPANY SECRETARY |
|
|
| NOTES: |
|
|
| 1.The
Register of Members of the Company will remain closed from 23rd December,
1998 to 29th December, |
|
| 1998
(both days inclusive) and no transfer of shares will be made during the
period the register is closed. |
|
|
| 2.A
member entitled to attend and vote at the General Meeting is entitled to
appoint one person as his proxy |
|
| to
attend and vote on his behalf. |
|
|
| 3.Instrument
appointing proxy and the power of attorney or other authority under which it
is signed or a |
|
| notarially
certified copy of the power or authority must be deposited at the registered
office of the Company |
|
| atleast
48 hours before the time of the meeting. |
|
|
| 4.Shareholders
are requested to notify any change in address immediately. |
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|
|
| DIRECTORS'
REPORT TO THE MEMBERS |
|
|
| The
Board of Directors presents to its members the 12th Annual Report together
with Audited Accounts and the |
|
| Auditors'
Report thereon for the year ended June 30, 1998. |
|
|
| The
past twelve months of economic turmoil that developed in South East Asia
affected many countries in the region. |
|
| In
Pakistan the expected turn around in the economy could not materialize.
During the year under review, the |
|
| profitability
of most of the leasing companies was adversely affected due to disturbed
investment climate, substantial |
|
| increase
in the borrowing and operating costs. The general "Wait and See"
policy adopted by the business combined |
|
| with
substantial devaluation of the rupee are factors which are likely to put
further pressure on the financial sector |
|
| including
leasing companies, which rely mainly on foreign credit lines. This source of
funding has become difficult to |
|
| tap
in the last year or so. The situation is not likely to improve very much in
the coming year. The liquidity problems of |
| DFl's/Banks
made it difficult for the leasing companies to avail financing facilities
from these traditional lenders. The |
| Corporation
was however able to raise Rs. 50.000 million credit line from a local DFI. |
|
|
| The
growth of the Corporation in the first five to six years is comparable with
the majority of the leasing companies. |
|
| However
a general decline has been witnessed in the last few years. This has been for
various reasons, of which the |
|
| major
one has been unavailability of funds through credit lines. Almost all the
leasing companies which have |
|
| sustained
a growth pattern over the past three to five years have mainly relied on the
foreign credit lines. |
|
|
| ALC,
since its inception has endeavored to grow gradually and continuously in
order to maintain a quality portfolio. |
|
| This
growth continued till 1993 - 94 whereafter it was stunted due to
unavailability of funds, which is the life line of |
|
| the
leasing companies. The deteriorating stock market conditions and slowing of
economy in general did not allow |
|
| ALC
to go for increase in its Paid-up Capital, which factor hindered obtaining
foreign credit lines and the operations |
|
| declined
during 1995-1998 and effected the return to the shareholders. |
|
|
| However,
the quality of lease investment as well as sectoral / asset exposure has been
well maintained due to |
|
| which
a healthy recovery rate was possible. The Corporation was also able to meet
its commitments with local as |
|
| well
as foreign lenders. |
|
|
| FINANCIAL
RESULTS |
|
|
| The
financial results of the company for the year under review and comparative
figures for the last two years are |
|
| summarized
below: |
|
|
1995-96* |
1996-97 |
1997-98 |
|
|
(Rs.) |
(Rs.) |
(Rs.) |
|
|
|
|
| Revenue |
|
135,973,224 |
81,609,860 |
57,507,647 |
|
| Expenditure |
|
|
|
| Financial
Charges |
|
79,709,257 |
45,296,571 |
30,269,079 |
|
| Provisions
/ Bad Debts |
|
5,789,116 |
9,883,181 |
21,153,298 |
|
| Others |
|
18,305,521 |
14,698,934 |
14,673,206 |
|
| Profit/(Loss)
before Tax |
|
32,169,330 |
11,731,174 |
(8,587,936) |
|
| Taxation |
|
(19,400,000) |
(19,500,000) |
(44,510,667) |
|
| Profit/(Loss)
after tax |
|
12,769,330 |
(7,768,826) |
(53,098,603) |
|
| *18 months |
|
|
| The
financial position of the company started declining over 1995 - 98 mainly
owing to unavailability of funds to write |
|
| the
required additional leases in the past three years or so. This, together with
deteriorating performance of many
:~:-: |
| industrial
sectors, especially cement, textile and engineering resulted in recovery
problems as lease rentals could not |
|
| be
realized on time. Hence the provisioning of Rs. 21.4 million which added to
the over all loss of the Corporation. |
|
|
| The
tax formula applicable to the leasing companies requires provisioning of
taxation as the lease investment |
|
| reduces
and depreciation advantage is lost. Like most leasing companies, the deferred
taxation was not fully |
|
| provided
for by ALC in the initial years with the hope that increase in lease
investments in the future years would |
|
| reduce
the requirement for deferred taxation which unfortunately did not
materialize. However in order to present the |
|
| accounts
in accordance with the requirements of Corporate Law Authority (CLA) and
International Accounting |
|
| Standards
(IAS) full provision of Rs. 22.9 million has been made in 1997-98. In
addition to the above, a tax provision |
|
| of
Rs. 21.6 million has been made in accordance with Income Tax Ordinance, 1979. |
|
|
| FUTURE
OUTLOOK |
|
| Keeping
the mushroom growth of leasing companies in Pakistan, many with a small
capital base, ALC Board in |
|
| March,
1998, decided to look into the possibility of a merger in the larger interest
of the lease financing sector. Such |
|
| a
pioneering step, it was hoped, would set an example for the other leasing
companies to follow and allow a |
|
| healthier
lease financing industry to emerge. |
|
|
| Due
to the reasons elaborated above and the requirement of CLA to raise paid-up
capital up to Rs. 200 million in the |
|
| year
1999, the Board of Directors of your Corporation has decided to bring about
the amalgamation of operations |
|
| with
First Leasing Corporation Limited (FLCL) for which a Memorandum of
Understanding(MOU) has been signed |
|
| on
June 19, 1998 and the Scheme of Arrangement has been drafted which after an
agreement on a swap ratio will |
|
| be
presented to the members/shareholders. The trend of
"Amalgamation/Mergers" in the lease financing sector will |
|
| be
witnessed in the coming two years when this sector consolidates. |
|
|
| After
the proposed merger of ALC and FLCL, one of the largest leasing company in
Pakistan, in terms of paid-up |
|
| capital,
will emerge. With strong capital base and gross lease investment, the merged
Corporation would be able to |
|
| attract
local as well as multilateral financial institutions for obtaining credit
lines. It is hoped that some other leasing |
| companies
may also come forward and further strengthen this merger. |
|
|
| CHANGE
IN BOARD / MANAGEMENT |
|
| Mr.
Mohammad Aslam Khan, Chairman ALC due to his ill health, retired and
nominated Mr. Zafar Iqbal who was |
|
| elected
as the new Chairman of ALC in March, 1998. |
|
|
| In
view of the expected amalgamation of ALC and FLCL operations, Mr. Muhammad
Aslam relinquished charge from |
|
| ALC
w.e.f. July 12, 1998 and Mrs. Roohi R. Khan was appointed the new Chief
Executive Officer to facilitate the |
|
| proposed amalgamation of
ALC with FLCL. |
|
|
| COMPLIANCE
WITH CLA REQUIREMENT ON YEAR 2000 |
|
| ALC
has already substantially rectified its computerized systems to meet the CLA
requirement for the millennium |
|
| problem.
It is expected that this requirement would be fully met shortly. |
|
|
| PATTERN
OF SHAREHOLDING |
|
| The
Pattern of share holding of the Company is annexed. |
|
|
| AUDITORS |
|
| The
present Auditors M/s. Ford, Rhodes, Robson, Morrow, Chartered Accountants
retire and being eligible offer |
|
| themselves
for re-appointment. |
|
|
| ACKNOWLEDGEMENT |
|
| The
company is thankful to the authorities of the State Bank of Pakistan,
Corporate Law Authority, our valuable |
|
| clients,
financial institutions and shareholders for their continued support and
co-operation. Appreciation is also |
|
| placed
on record for the dedicated hard work put in by the staff of the Corporation. |
|
|
| ON
BEHALF OF THE BOARD |
|
|
| Lahore |
|
ROOHI R. KHAN |
|
| October
8, 1998 |
|
CHIEF EXECUTIVE |
|
|
|
| PATTERN
OF SHARE HOLDINGS AS AT JUNE 30, 1998 |
|
|
|
Shareholding |
|
| Number of |
From |
To |
Total Shares Held |
|
| Shareholders |
|
|
|
| 315 |
1 |
100 |
14,811 |
|
| 366 |
101 |
500 |
90,540 |
|
| 153 |
501 |
1,000 |
112,771 |
|
| 325 |
1,001 |
5,000 |
619,697 |
|
| 48 |
5,001 |
10,000 |
334,220 |
|
| 5 |
10,001 |
15,000 |
56,103 |
|
| 2 |
15,001 |
20,000 |
35,738 |
|
| 3 |
20,001 |
25,000 |
64,852 |
|
| 1 |
25,001 |
30,000 |
26,136 |
|
| 1 |
40,001 |
45,000 |
41,817 |
|
| 1 |
45,001 |
50,000 |
47,844 |
|
| 1 |
50,001 |
55,000 |
52,272 |
|
| 1 |
55,001 |
60,000 |
55,806 |
|
| 2 |
65,001 |
70,000 |
134,489 |
|
| 1 |
70,001 |
75,000 |
72,600 |
|
| 1 |
75,001 |
80,000 |
79,514 |
|
| 1 |
100,001 |
105,000 |
104,544 |
|
| 1 |
120,001 |
125,000 |
121,000 |
|
| 1 |
145,001 |
150,000 |
155,300 |
|
| 3 |
260,001 |
265,000 |
783,004 |
|
| 2 |
520,001 |
525,000 |
1,045,440 |
|
| 1 |
525,001 |
530,000 |
527,720 |
|
| 1 |
565,001 |
570,000 |
569,329 |
|
| 1 |
2,610,001 |
2,615,000 |
2,612,600 |
|
| 1 |
2,695,001 |
2,700,000 |
2,696,253 |
|
| ---------- |
---------- |
---------- |
---------- |
|
| 1238 |
|
10,454,400 |
|
| ========== |
========== |
========== |
========== |
|
|
|
| CATEGORIES
OF SHAREHOLDERS AS AT JUNE 30, 1998 |
|
|
| Categories
of Shareholders |
Number |
Shares Held |
Percentage |
|
| INDIVIDUALS |
|
1,213 |
3,609,024 |
34.522 |
|
| INVESTMENT
COMPANIES |
4 |
263,073 |
2.516 |
|
| INSURANCE
COMPANIES |
2 |
611,146 |
5.846 |
|
| JOINT
STOCK COMPANIES |
9 |
378,199 |
3.618 |
|
| FINANCIAL
INVESTORS |
3 |
5,381,453 |
51.475 |
|
| MO DARABA |
|
4 |
95,636 |
0.915 |
|
| FOREIGN
INVESTORS |
0 |
0 |
0 |
|
| CO-OPERATIVE
SOCIETIES |
2 |
112,733 |
1.078 |
|
| CHARITABLE
TRUSTS |
1 |
3,136 |
0.030 |
|
| OTHERS |
|
0 |
0 |
0 |
|
|
--------- |
--------- |
--------- |
|
| Total |
|
1,238 |
10,454,400 |
100.000 |
|
|
========== |
========== |
========== |
|
|
|
|
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
|
| We
have audited the annexed balance sheet of Asian Leasing Corporation Limited
as at June 30, |
|
| 1998
and the related profit and loss account and statement of source and
application of funds, 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 statement of source and application of funds,
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, 1998 |
|
| and
of the loss and the changes in source and application of funds for the year
then ended; and |
|
|
| (d)
in our opinion no Zakat was deductible at source under Zakat and Ushr
Ordinance, 1980. |
|
|
| Lahore: |
|
FORD RHODES, ROBS ON,
MORROW |
|
| October
8, 1998. |
|
CHARTERED ACCOUNTANTS |
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 1998 |
|
|
|
Notes |
1998 |
1997 |
|
| CAPITAL
AND RESERVES |
|
Rupees |
Rupees |
|
| Authorised
capital |
|
|
|
| 25,000,000
(1997: 25,000,000) ordinary shares of |
|
250,000,000 |
250,000,000 |
|
| Rs.10/-
each |
|
========== |
========== |
|
| Issued,
subscribed and paid-up capital |
4 |
104,544,000 |
104,544,000 |
|
|
|
|
|
| Special
Reserve |
|
5 |
7,104,821 |
7,104,821 |
|
| General
Reserve |
|
31,336,477 |
31,336,477 |
|
| Unappropriated
loss |
|
(60,867,429 |
(7,768,826 |
|
|
|
--------- |
--------- |
|
|
(22,426,131 |
30,672,472 |
|
|
|
--------- |
--------- |
|
|
82,117,869 |
135,216,472 |
|
| LONG
TERM AND DEFERRED LIABILITIES |
|
|
|
| Long
term loans- secured |
|
6 |
52,639,036 |
78,459,557 |
|
| Obligation
under finance lease |
|
7 |
193,381 |
- |
|
| Marginal
deposits on lease arrangements |
8 |
33,258,916 |
47,651,652 |
|
| Customers'
deposits - COIs |
|
9 |
575,000 |
1,725,000 |
|
| Provision
for gratuity |
|
25,277 |
55,085 |
|
| Provision
for deferred taxation |
|
22,900,000 |
- |
|
|
|
--------- |
--------- |
|
|
109,591,610 |
127,891,294 |
|
|
| CURRENT
LIABILITIES |
|
| Current
maturity of long term loans |
|
69,627,277 |
93,865,603 |
|
| Current
maturity of obligation under finance lease |
112,109 |
- |
|
| Current
maturity of marginal deposits |
8 |
19,984,764 |
20,794,920 |
|
| Short
term loans- secured |
|
10 |
- |
15,000,000 |
|
| Short
term customers' deposits- COIs |
|
11 |
- |
2,702,400 |
|
| Accrued
liabilities |
|
557,431 |
322,078 |
|
| Mark-up
accrued on secured loans |
|
1,200,511 |
2,912,469 |
|
| Mark-up
accrued on Certificates of Investment |
|
17,654 |
86,678 |
|
| Provision
for taxation |
|
42,788,462 |
32,967,541 |
|
| Provision
against Corporate Assets Tax |
|
2,610,667 |
- |
|
| Central
Excise duty payable |
|
145,596 |
65,286 |
|
| Others |
|
797,800 |
469,223 |
|
| Dividends |
|
240,306 |
246,846 |
|
|
138,082,577 |
169,433,044 |
|
| CONTINGENCIES
AND COMMITMENTS |
|
12 |
- |
- |
|
|
--------- |
--------- |
|
|
329,792,056 |
432,540,810 |
|
|
========= |
========= |
|
|
|
|
| TANGIBLE
FIXED ASSETS |
|
13 |
5,974,703 |
5,209,982 |
|
|
| INVESTMENT
IN LEASE FINANCE |
|
| Lease
payments receivable |
|
268,374,847 |
387,327,080 |
|
| Residual
value |
|
53,346,258 |
67,791,891 |
|
|
--------- |
--------- |
|
| Gross
lease payments receivable |
|
321,721,105 |
455,118,971 |
|
| Less:
Unearned mark-up |
|
(55,898,189 |
(82,087,583 |
|
|
--------- |
--------- |
|
| Net
investment in lease finance |
|
265,822,916 |
373,031,388 |
|
| Less:
Current maturity |
|
(105,638,175 |
(154,790,934 |
|
| Provision
for doubtful receivables |
|
(17,681,126 |
(7,293,921 |
|
|
--------- |
--------- |
|
|
142,503,615 |
210,946,533 |
|
|
| LONG
TERM INVESTMENTS |
|
14 |
8,617,000 |
8,888,000 |
|
|
|
|
|
| DEFERRED
COST |
|
15 |
2,069,538 |
1,733,787 |
|
|
| CURRENT
ASSETS |
|
|
| Current
portion of net investment in lease finance |
105,638,175 |
154,790,934 |
|
| Short
term finances - secured |
|
16 |
2,266,573 |
17,326,540 |
|
| Other
investments |
|
17 |
10,000,000 |
- |
|
| Advances,
deposits, prepayments and other |
|
|
| receivables |
|
18 |
18,218,602 |
14,347,939 |
|
| Cash
and bank balances |
|
19 |
34,503,850 |
19,297,095 |
|
|
|
--------- |
--------- |
|
|
170,627,200 |
205,762,508 |
|
|
--------- |
--------- |
|
|
329,792,056 |
432,540,810 |
|
|
========= |
========= |
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
Chief Executive |
Director |
|
|
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 1998 |
|
|
|
Notes |
1998 |
1997 |
|
|
|
Rupees |
Rupees |
|
|
| Income
from lease operations |
|
20 |
48,284,177 |
72,018,354 |
|
| Mark-up
income |
|
21 |
7,468,206 |
8,703,596 |
|
| Other
income |
|
22 |
1,755,264 |
887,910 |
|
|
---------- |
---------- |
|
|
57,507,647 |
81,609,860 |
|
| EXPENDITURE |
|
|
| Direct
cost of leases |
|
23 |
27,431 |
79,552 |
|
| Financial
charges |
|
24 |
30,269,079 |
45,296,571 |
|
| Administrative
and operating expenses |
25 |
11,805,615 |
12,395,475 |
|
| Depreciation |
|
13 |
1,377,993 |
1,225,502 |
|
| Deferred
costs - Amortised |
|
15 |
1,187,167 |
998,405 |
|
| Provision
for doubtful receivables |
|
21,153,298 |
9,883,181 |
|
| Provision
for diminution in value of investment |
|
275,000 |
- |
|
|
---------- |
---------- |
|
|
66,095,583 |
69,878,686 |
|
|
---------- |
---------- |
|
| (Loss)
/ profit before tax |
|
(8,587,936) |
11,731,174 |
|
| Taxation |
|
26 |
(44,510,667) |
(19,500,000) |
|
|
---------- |
---------- |
|
| Loss
after tax |
|
(53,098,603) |
(7,768,826) |
|
| Unappropriated
loss brought forward |
|
(7,768,826) |
- |
|
|
---------- |
---------- |
|
| Unappropriated-loss
carried forward |
|
(60,867,429) |
(7,768,826) |
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
Chief Executive |
|
Director |
|
|
|
|
| STATEMENT
OF SOURCES AND APPLICATION OF FUNDS (CASH FLOW) |
|
| FOR
THE YEAR JUNE 30, 1998 |
|
|
|
1998 |
1997 |
|
|
Rupees |
Rupees |
|
| CASH
FLOWFROM OPERATING ACTIVITIES |
|
|
| Net
loss after taxation |
|
(53,098,603) |
(7,768,826) |
|
| Adjustment
for: |
|
|
| Depreciation |
|
1,377,993 |
1,225,502 |
|
| Amortisation
of deferred costs |
|
1,187,167 |
998,405 |
|
| (Profit)
on sale of fixed assets |
|
(1,398,077) |
(259,852) |
|
| Provision
for doubtful receivables |
|
21,153,298 |
9,883,181 |
|
| Provision
for deferred tax |
|
22,900,000 |
- |
|
| Provision
for diminution in value of investments |
|
275,000 |
- |
|
|
|
45,495,381 |
11,847,236 |
|
|
---------- |
---------- |
|
| Operating
profit before working capital changes |
|
-7,603,222 |
4,078,410 |
|
| (Increase)/decrease
in: |
|
| Short
term finances (other than provision for doubtful |
|
| and
current portion) |
|
569,249 |
802,313 |
|
| Other
investment |
|
(10,000,000) |
- |
|
| Advances,
deposits, prepayments and other |
|
