| First General Leasing Modaraba |
|
|
|
|
|
| Annual
Report 1998 |
|
|
| CONTENTS |
|
|
| Corporate
Information |
|
| Directors'
Report |
|
| Auditors'
Report |
|
| Balance
Sheet |
|
| Profit
& Loss Account |
|
| Statement
of Changes in Financial Position |
|
| Notes
to the Accounts |
|
| Pattern
of Certificate Holding |
|
|
|
| CORPORATE
INFORMATION |
|
|
| BOARD
OF DIRECTORS |
|
|
| Mr.
Abdul Hakim |
|
Managing Director &
Chief Executive |
|
| Mr.
Munir Ahmed Qureshi |
Director |
|
| Syed
Arif Raza |
|
Director |
|
| Mr.
Ahmed Jamal |
|
Director |
|
| Mr.
Tariq Sultan |
|
Director |
|
| Mr.
Jaleel A. Sheikh |
|
Director (Nominee of
Saudi Pak) |
|
| Mr.
Arshad A'ala |
|
Director (Nominee of ICP) |
|
|
| AUDITORS
OF THE MODARABA |
|
| Khalid
Majid Husain Rahman, |
|
| Chartered
Accountants |
|
|
| AUDITORS
OF THE MODARABA COMPANY |
|
| M.
Yousuf Adil & Company, |
|
| Chartered
Accountants |
|
|
| BANKERS |
|
| National
Development Finance Corporation |
|
| Deutche
Bank |
|
| Union Bank |
|
| AI-Barka
Islamic Investment Bank |
|
| Muslim
Commercial Bank Limited |
|
| Allied
Bank of Pakistan Limited |
|
|
| LEGAL
ADVISOR |
|
| Mr.
Hyder Kedwai |
|
|
| MODARABA
COMPANY |
|
| General
Modaraba Services (Pvt) Limited |
|
|
| REGISTERED
OFFICE |
|
| 111
6, 11th Floor, Park Avenue, |
|
| 24-A,
Block 6, P.E.C.H.S., |
|
| Shahrah-e-Faisal,
Karachi. |
|
| Tel:
(9221) 4538751/3, 4555218, 4553947 |
|
| Fax:
(9221) 4538752 |
|
| E-mail:
fgm11@ibm.net |
|
|
|
| DIRECTORS'
REPORT |
|
|
| The
Board of Directors of General Modaraba Services (Pvt.) Limited is pleased to
present the 5th Annual |
|
| Audited
Accounts of First General Leasing Modaraba. |
|
|
| OVERVIEW
OF THE ECONOMY |
|
|
| The
year 1997-98 was again a sluggish year from the economic development point of
view. There was continued |
| slow
activity in trade, industry and agricultural sectors. This was aggravated by
the nuclear tests conducted |
| on
May 28, 1998 followed by the freezing of Foreign Currency accounts which
brought the economy to |
|
| a
virtual standstill. |
|
|
| The
shortage of liquidity affected both the business and the capital market. This
coupled with the Government/ |
| judiciary
dispute followed by the IPP issue had a very bad impact on the three stock
exchanges of the country. |
| Other
factors which affected the stock market in particular and the economy in
general were currency crisis |
| in
the Far East Asian economies, volatile geo political situation and imposition
of sanctions on Pakistan. The |
| stock
market was extremely volatile, mostly on bearish side during the year. The
KSE 100 index which stood |
| at
1566 points on June 30, 1997 came down to 880 points on June 30, 1998. It
touched its lowest at |
|
| 766
points on July 14, 1998 culminating to a 56% loss since January 1,1998 and
erosion of Rs. 290 billion |
|
| in
terms of market capitalization. Improvement was, however, witnessed in
November when the news of |
|
| partial
lifting of sanctions and successful negotiations with IMF started coming in. |
|
|
| FINANCIAL
RESULTS |
|
|
|
June 30, |
June 30, |
|
|
1998 |
1997 |
|
|
(Rupees in thousands) |
|
|
| Net
Investment in lease finance |
|
5,015 |
7,503 |
|
| Equity
investments |
|
25,765 |
28,500 |
|
| Other
investments |
|
4,767 |
7,562 |
|
| Gross
revenue generated |
|
8,039 |
2,357 |
|
| Operating
profit/(Loss) |
|
4,748 |
(313) |
|
| (Loss)/Profit
before tax |
|
(2,928) |
(3,391) |
|
| Tax |
|
74 |
46 |
|
| (Loss)/Profit
for the year after tax |
|
(3,002) |
(3,437) |
|
|
| OPERATIONS |
|
|
| The
gross income of your Modaraba increased from Rs.2,536,768 last year to
Rs.8,039,200 this year which |
|
| is
a 217% increase. The Modaraba made an operating profit of Rs.4,748,074 in the
current year as opposed |
|
| to
the operating loss of Rs.313,392 previous year. The operating profit of
Rs.4,748,074 was converted to |
|
| a
loss after tax of Rs.3,001,894 because of the provisions made for diminution
in value of investments, doubtful |
| musharika
receivables and other receivables, as required by SBP regulations. Despite
making these provisions, |
| the
loss after tax was reduced from Rs.3,437,063 to Rs. 3,001,894, a decrease of
12.7%. Recovery pertaining |
| to
the provisions made will result in Modaraba's income in future. |
|
|
| We
have made every possible effort to control the administrative and other
operating expenses during the |
|
| year
and to enhance the operational efficiency. The slight increase in operating
expenses was due to the |
|
| inflationary
increase in the prices of utilities and other costs. |
|
|
| During
1997-98, the management of your Modaraba concentrated on the recovery of its
outstanding dues |
|
| from
the defaulting lessees and mushariks. The recoveries thus made will help
generate better revenues in |
|
| the
forthcoming years. As mentioned in our report last year the suit filed in the
High Court which was to |
|
| be
transferred to the Banking Court as per Government's directives, was
transferred to the Banking Court |
|
| No.1
during the year and decree was awarded in your Modaraba's favor for both the
repossession of asset |
|
| as
well as for payment of rentals up to the date of delivery of the asset. The
two other cases which were |
|
| filed
against the defaulting lesses last year have also been awarded decrees in the
Modaraba's favor. One |
|
| asset
which was repossessed from a defaulting lessee was sold during the year and a
substantial amount was |
| recovered. |
|
|
| Two
more suits were filed in the Banking Court this year out of which decree has
been awarded in one |
|
| case.
The cases in which we have received the decree are under execution stage now.
We will inshaallah |
|
| repossess
the assets from the lessee and dispose them in the market to recover our dues
this year. This |
|
| recovery
and subsequent sale of assets will compensate for the provisions made in this
and the previous |
|
| years
and will offset major portion of the losses of current and previous years. |
|
|
| All
the remaining stock of garments and accessories has since been sold during
the year, though at a loss, |
| owing
to the crisis through which the value added textile industry is passing. |
|
|
| Owing
to the continued gloomy prospects in the capital market, the investment in
GFML could not be disinvested. |
| However,
we hope that if the expected improvement in the economy and the stock market
materializes, |
|
| we
shall be able to disinvest this investment and apply the cash received to
other areas such as leasing. |
|
|
| FUTURE
OUTLOOK |
|
|
| With
the expected lifting of sanctions from USA and Japan and the IMF's agreement
to continue with its |
|
| ESAF
program, as also the Government's efforts to revive the economy by
introducing various reforms and |
|
| incentive
packages it is hoped that the economy will gradually improve . With this,
foreign funds may flow |
| into
the stock market which will have a strengthening effect on the economy. |
|
|
| The
Board is graceful to the Government authorities for their continued support,
co-operation and positive |
| outlook.
The reinstatement of the tax free status for the Modarabas from the coming
year, and the withdrawal |
| of
Central Excise Duty on services provided in respect of leasing through the
Finance Act, 1997, will go |
|
| a
long way in reviving this sector in future. |
|
|
| DIRECTORS |
|
|
| During
the year Mr. Abdul Majeed Qureshi, the nominee director of ICP resigned from
the Board and Mr. |
|
| Arshad
A'ala joined as a director in his place. |
|
|
| The
Board wishes to record its gratitude to the outgoing director for his expert
guidance provided to the |
|
| Modaraba
and welcomes the incoming director. |
|
|
| The
directors also wish to place on record their appreciation for the dedication
and hard work put in by |
|
| the
officers and staff of the Modaraba. |
|
|
|
JAMAL ABBAS ZAIDI |
|
|
Chief Operating Officer |
|
| December
28, 1998 |
|
| Karachi. |
|
|
|
| AUDITORS'
REPORT |
|
| TO
THE CERTIFICATE HOLDERS |
|
|
| We
have audited in accordance with International Standards on Auditing the
annexed balance sheet as at |
|
| June
30, 1998 and the related profit and loss account and statement of changes in
financial position, together |
| with
the notes to the accounts for the year ended June 30, 1998 of First General
Leasing Modaraba, which |
|
| are
Modaraba Company's (General Modaraba Services (Pvt.) Limited) representation
and we state that we |
|
| have
obtained all the information and explanations which we required and, after
due verification thereof, |
|
| we
report that: |
|
|
| in
our opinion, proper books of account have been kept by the Modaraba company
in respect |
|
| of
First General Leasing Modaraba as required by the Modaraba Companies and
Modaraba |
|
| (Floatation
and Control) Ordinance, 1980 and Modaraba Companies and Modaraba Rules, 1981; |
|
|
| b)
in our opinion, the balance sheet and profit and loss account have been drawn
up in conformity |
|
| with
the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980
and |
|
| Modaraba
Companies and Modaraba Rules, 1981; |
|
|
| c)
in our opinion and to the best of our information and according to the
explanations given to |
|
| us; |
|
|
| (i)
the balance sheet and the related profit and loss account and statement of
changes in financial |
|
| position,
which are in agreement with the books of account, exhibit respectively a true |
|
| and
fair view of the state of the Modaraba's affairs as at June 30, 1998 and the
loss and |
|
| the
changes in the financial position for the year ended on that date; |
|
|
| (ii)
Zakat deductible at source under the Zakat and Ushr Ordinance, 1980, has been
deducted |
|
| by
the Modaraba and deposited in the Central Zakat Fund established under
Section 7 |
|
| of
that Ordinance; and |
|
|
| (iii)
the business conducted, investments made and expenditure incurred by the
Modaraba are |
|
| in
accordance with objects, terms and conditions of the Modaraba. |
|
|
| Khalid
Majid Husain Rahman |
|
| Chartered
Accountants |
|
|
| December
23, 1998 |
|
| Karachi. |
|
|
|
| BALANCE
SHEET |
|
| AS
AT JUNE 30, 1998 |
|
|
|
Note |
1998 |
1997 |
|
|
|
Rupees |
Rupees |
|
|
| CAPITAL
AND RESERVES |
|
|
| Authorised
capital |
|
| 10,000,000
Modaraba certificates of Rs.10 each |
100,000,000 |
100,000,000 |
|
|
========== |
========== |
|
| Issued,
subscribed and paid up capital |
3 |
56,250,000 |
56,250,000 |
|
| Reserve
fund |
|
1,813,984 |
1,813,984 |
|
| Accumulated
loss |
|
(6,350,919) |
(3,349,025) |
|
|
---------- |
---------- |
|
|
51,713,065 |
54,714,959 |
|
| LONG
TERM FINANCE |
|
4 |
-- |
4,005,571 |
|
| OBLIGATION
UNDER FINANCE LEASE |
5 |
219,526 |
-- |
|
- |
|
| LONG
TERM SECURITY DEPOSITS |
6 |
598,152 |
489,100 |
|
| CURRENT
LIABILITIES |
|
| Current
maturity of long term finance |
4 |
7,542,775 |
5,313,349 |
|
| Current maturity of obligation
under |
|
| finance
lease |
|
5 |
91,295 |
-- |
|
| Current maturity of long term
security |
|
| deposits |
|
6 |
1,465,991 |
2,816,879 |
|
| Creditors, accrued expenses
and other |
|
| liabilities |
|
7 |
1,593,400 |
1,249,751 |
|
| Lease
rentals received in advance |
|
24,685 |
19,902 |
|
|
---------- |
---------- |
|
|
10,718,146 |
9,399,881 |
|
|
---------- |
---------- |
|
|
63,248,889 |
68,609,511 |
|
|
========== |
========== |
|
|
| TANGIBLE
FIXED ASSETS |
|
8 |
3,496,462 |
3,568,899 |
|
|
|
|
|
| NET
INVESTMENT IN LEASE FINANCE |
9 |
3,493,261 |
2,922,073 |
|
|
| TEXTILE
QUOTA |
|
- |
41,040 |
|
|
|
| INVESTMENTS |
|
10 |
25,764,554 |
28,499,796 |
|
|
|
|
| LONG
TERM DEPOSITS AND |
|
|
|
| DEFERRED
COSTS |
|
11 |
101,253 |
523,763 |
|
|
| CURRENT
ASSETS |
|
|
| Stock-in-trade |
|
12 |
367,356 |
2,912,319 |
|
|
|
|
|
| Repossessed
asset |
|
13 |
3,500,000 |
-- |
|
|
| Current
portion of net investment in |
|
| lease
finance |
|
9 |
1,522,027 |
4,580,831 |
|
|
|
|
| Short
term musharika receivable |
14 |
4,400,000 |
4,650,000 |
|
|
|
|
| Advances,
prepayments and other receivables |
15 |
13,296,351 |
13,232,266 |
|
| Cash
and bank balances |
|
16 |
7,307,625 |
7,678,524 |
|
|
|
30,393,359 |
33,053,940 |
|
|
---------- |
---------- |
|
|
63,248,889 |
68,609,511 |
|
|
========== |
========== |
|
| The
annexed notes form an integral |
|
| part
of these financial statements. |
|
|
| JAMAL
ABBAS ZAIDI |
|
SYED ARIF RAZA |
MUNIR AHMED QURESHI |
|
| CHIEF
OPERATING OFFICER |
DIRECTOR |
|
DIRECTOR |
|
| General
Modaraba Services |
General Modaraba Services |
General Modaraba Services |
|
| (Pvt.)
Limited |
|
(Pvt.) Limited |
(Pvt.) Limited |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 1998 |
|
|
|
Note |
1998 |
1997 |
|
|
|
Rupees |
Rupees |
|
|
| REVENUE |
|
|
| Leasing
income |
|
3,304,000 |
2,014,105 |
|
| Profit
on PLS deposits |
|
1,140,194 |
1,229,038 |
|
| Loss
on investments |
|
17 |
(138,439) |
(408,782) |
|
| Trading
loss |
|
18 |
(861,995) |
(738,737) |
|
| Gain
on repossession of asset |
13 |
1,484,963 |
-- |
|
| Reversal
of allowance for potential |
|
| lease
losses |
|
2,852,000 |
-- |
|
| Other
income |
|
19 |
258,477 |
261,144 |
|
|
---------- |
---------- |
|
|
8,039,200 |
2,356,768 |
|
|
|
| Operating
and administrative expenses |
20 |
3,291,126 |
2,670,160 |
|
| Amortization
of deferred costs |
|
494,788 |
616,672 |
|
| Finance
charges |
|
1,720,416 |
2,234,900 |
|
| Diminution
in the value of investments |
|
2,250,000 |
100,000 |
|
| Allowance
for doubtful musharika receivables |
250,000 |
- |
|
| Allowance
for doubtful other receivables |
|
2,731,882 |
- |
|
| Allowance
for potential lease losses |
|
229,000 |
126,000 |
|
|
---------- |
---------- |
|
|
10,967,212 |
5,747,732 |
|
| Loss
before taxation |
|
(2,928,012) |
(3,390,964) |
|
| Taxation |
|
73,882 |
46,099 |
|
|
---------- |
---------- |
|
| Loss
after taxation |
|
(3,001,894) |
(3,437,063) |
|
| Accumulated
(Ioss)/unappropriated profit brought |
|
| forward |
|
(3,349,025) |
88,038 |
|
| Accumulated
(loss) carried forward |
|
---------- |
---------- |
|
|
(6,350,919) |
(3,349,025) |
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these financial statements. |
|
|
| JAMAL
ABBAS ZAIDI |
|
SYED ARIF RAZA |
MUNIR AHMED QURESHI |
|
| CHIEF
OPERATING OFFICER |
DIRECTOR |
|
DIRECTOR |
|
| General
Modaraba Services |
General Modaraba Services |
General Modaraba Services |
|
| (Pvt.)
Limited |
|
(Pvt.) Limited |
(Pvt.) Limited |
|
|
|
| STATEMENT OF CHANGES IN FINANCIAL |
POSITION |
|
| (CASH
FLOW STATEMENT) |
|
| FOR
THE YEAR ENDED JUNE 30, 1998 |
|
|
1998 |
1997 |
|
|
Rupees |
Rupees |
|
| CASH
FLOWS FROM OPERATING ACTIVITIES |
|
|
| Loss
before taxation |
|
(2,928,012) |
(3,390,964) |
|
| Adjustments
for: |
|
|
|
| Depreciation |
|
748,969 |
685,266 |
|
| Amortization
of deferred costs |
|
494,788 |
616,672 |
|
| Loss
on account of diminution in value of investments |
2,250,000 |
100,000 |
|
| Dividend
income |
|
(99,840) |
(192,175) |
|
| Allowance
for potential lease losses |
|
229,000 |
126,000 |
|
| Reversal
of allowance for potential lease losses |
(2,852,000) |
-- |
|
| Provision
for doubtful musharika and other receivables |
2,981,882 |
-- |
|
| Loss
on disposal of investments |
|
238,279 |
525,002 |
|
| Gain
on disposal of fixed assets |
|
(5,500) |
(7,185) |
|
| Gain
on sale of textile quota |
|
(13,680) |
-- |
|
|
---------- |
---------- |
|
| Operating
profit/(Ioss).before working capital changes |
1,043,886 |
(1,537,384) |
|
| Changes
in working capital |
|
| Asset
repossessed |
|
(3,500,000) |
-- |
|
| Decrease
in stock-in-trade |
|
2,544,963 |
1,901,872 |
|
| (Increase)
in advances, prepayments and |
|
| other
receivables |
|
(172,967) |
(425,025) |
|
| Increase/(decrease)
in accrued expenses and other |
|
| liabilities |
|
343,649 |
(2,016,019) |
|
|
---------- |
---------- |
|
|
|
|
259,531 |
(2,076,556) |
|
| Decrease
in net investments in lease finance |
2,487,616 |
13,456,551 |
|
| (Decrease)
in long term security deposits |
|
(1,241,836) |
(1,601,585) |
|
| Tax paid |
|
(73,882) |
(46,099) |
|
|
---------- |
---------- |
|
| Net
cash from operating activities |
|
1,431,429 |
9,732,311 |
|
|
|
|
|
| CASH
FLOWS FROM INVESTING ACTIVITIES |
|
| Purchase
of investments |
|
(24,525) |
(10,200,000) |
|
| Sale
proceeds of investments |
|
264,798 |
388,643 |
|
| Increase
in deposits and deferred costs |
|
(72,278) |
(8,000) |
|
| Dividend
income |
|
99,840 |
192,175 |
|
| Purchase
of fixed assets |
|
(315,847) |
(1,891,515) |
|
| Sale
proceeds of fixed assets |
|
5,500 |
30,000 |
|
| Short
term musharika receivable |
|
-- |
150,000 |
|
| Disposal
of textile quota |
|
54,720 |
1,412,640 |
|
|
---------- |
---------- |
|
| Net
cash from/(used in) investing activities |
12,208 |
(9,926,057) |
|
|
| CASH
FLOWS FROM FINANCING ACTIVITIES |
|
| Long
term finance (repaid)/obtained |
|
(1,776,145) |
(5,656,080) |
|
| Repayment
of obligation under finance lease |
(38,391) |
-- |
|
|
---------- |
---------- |
|
| Net
cash used in financing activities |
|
(1,814,536) |
(5,656,080) |
|
|
---------- |
---------- |
|
| Net
decrease in cash and bank balances |
|
(370,899) |
(5,849,826) |
|
| Cash
and bank balances as on July 01, 1997 |
7,678,524 |
13,528,350 |
|
|
---------- |
---------- |
|
| Cash
and bank balances as on June 30, 1998 |
7,307,625 |
7,678,524 |
|
|
========== |
========== |
|
|
|
|
| JAMAL
ABBAS ZAIDI |
|
SYED ARIF RAZA |
|
MUNIR AHMED QURESHI |
|
| CHIEF
OPERATING OFFICER |
DIRECTOR |
|
|
DIRECTOR |
|
| General
Modaraba Services |
General Modaraba Services |
|
General Modaraba Services |
|
| (Pvt.)
Limited |
|
(Pvt.) Limited |
|
(Pvt.) Limited |
|
|
|
| NOTES
TO THE FINANCIAL STATEMENTS |
|
| FOR
THE YEAR ENDED JUNE 30, 1998 |
|
|
| I.
LEGAL STATUS AND NATURE OF BUSINESS |
|
|
| First
General leasing Modaraba was formed under the Modaraba Companies and Modaraba
(Floatation |
|
| and
Control) Ordinance, 1980 and the rules framed thereunder. The Modaraba is
managed by General |
|
| Modaraba
Services (Pvt.) Limited. The Modaraba commenced its business operations from
April 1, 1993. |
|
|
| The
Modaraba is a perpetual, multipurpose modaraba and is listed on the Karachi
Stock Exchange. |
|
|
| 2.
SIGNIFICANT ACCOUNTING POLICIES |
|
| 2.1
Accounting convention |
|
| These
financial statements have been prepared under the historical cost convention. |
|
|
| 2.2
Fixed assets |
|
| a)
Owned assets: |
|
| Fixed
assets are stated at cost less accumulated depreciation. Depreciation is
charged to income |
|
| applying
the straight line method from the month of acquisition whereby the cost of
asset |
|
| is
written-off over its estimated useful life. |
|
|
| Gain/loss
on deletion of fixed assets is taken to profit and loss account. |
|
|
| b)
Assets subject to finance lease: |
|
| These
are recorded at the lower of present value of minimum lease payments and fair
value |
|
| of
assets at the inception of the lease. Depreciation is charged using the same
policy as for |
|
| owned
assets. |
|
|
| 2.3
Deferred costs |
|
|
| Deferred
costs incurred in connection with the floatation of the Modaraba and other
expenditure |
|
| are
being written-off over a period of five years. |
|
|
| 2.4
Investments |
|
|
| a)
Long term investments |
|
|
| Long
term investments are stated at cost/book value. Provision is made for the
decline, other |
|
| than
temporary, in the investments on an individual investment basis. |
|
|
| b)
Short term investments |
|
|
| Short
term investments are valued at the lower of average cost and market value
determined |
|
| on
an aggregate portfolio basis. |
|
|
| 2.5
Stock-in-trade |
|
| These
are stated at the lower of cost and net realisable value determined on
average cost basis. |
|
|
| 2.6
Repossessed assets |
|
| Assets
repossessed are recorded at net realisable value. |
|
|
| 2.7
Taxation |
|
|
| Provision
for taxation is made on taxable income including tax under sections 80C and
80CC of |
|
| the
Income Tax Ordinance, 1979. |
|
|
| Deferred
tax is accounted for on all material timing differences using the liability
method. |
|
|
| 2.8
Revenue recognition |
|
|
| a)
The Modaraba follows the financing method of accounting for and recognition
of lease income. |
|
| At
the commencement of lease, minimum lease installments receivable is recorded
at the lower |
|
| of
present value of minimum lease payments and the fair value of assets.
Financial income |
|
| is
allocated to accounting period in a manner so as to provide a constant
periodic rate of |
|
| return
on the outstanding amount. |
|
|
| b)
Return on deposits with banks is recognised as income on an accrual basis. |
|
|
| c)
Income from musharika transactions is recognised on the basis of pro-rata
accrual of the profit |
|
| estimated
during the year. |
|
|
| d)
Revenue from trading activities is recorded on dispatch of goods to the
customers. |
|
| e)
Dividend income is recognised on receipt basis. |
|
| f)
Gain or loss on sale of investments is accounted for in the year in which it
arises. |
|
| g)
Gain or loss on disposal of fixed assets is included in income currently. |
|
|
|
1998 |
1997 |
|
|
Rupees |
Rupees |
|
|
| 3.
ISSUED, SUBSCRIBED AND PAID UP CAPITAL |
|
|
| 5,000,000
modaraba certificates (1997: 5,000,000) |
|
| of
Rs. 10 each fully paid in cash |
|
50,000,000 |
50,000,000 |
|
|
| 625,000
modaraba. certificates (1997: 625,000) of |
|
| Rs.
10 each issued as fully paid bonus certificates |
6,250,000 |
6,250,000 |
|
|
----------- |
----------- |
|
|
56,250,000 |
56,250,000 |
|
|
=========== |
=========== |
|
|
|
1998 |
1997 |
|
|
Rupees |
Rupees |
|
| 4.
LONG TERM FINANCE-SECURED |
|
|
| Musharika
finance (note 4.1) |
|
700,630 |
1,625,000 |
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