| National Development Leasing Corporation
Limited |
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| Annual
Report 1998 |
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| Contents |
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| Company
Information |
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| Notice
of Meeting |
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| Ten
Years at a Glance |
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| Directors'
Report |
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| Auditors'
Report |
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| Balance Sheet |
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| Profit
and 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 Shareholding |
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| Company
Information |
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|
| Board
of Directors |
|
| Mr.
Mohammad Naseem |
Chairman |
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| Mr.
Mohammad Salim |
Director |
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| Mr.
S.M. Saleem |
Director |
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| Mr.
Mohammad Sharif |
Director |
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| Mr.
Zahid Haleem Sheikh |
Director |
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| Mr.
Farrukh Hussain Sheikh |
Director |
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| Mr.
Shahid Hassan |
Director |
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| Mr.
Mubashir A. Akhtar |
Managing Director &
Chief Executive |
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| Company
Secretary |
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| Mr.
Abdul Ghafoor Ateeq |
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| Auditors |
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| Ford,
Rhodes, Robson, Morrow |
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| Chartered
Accountants |
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| Legal
Advisors |
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| Orr.
Dignam & Company, Advocates |
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| Liaquat
Merchant Associates |
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| Sajjad
Law Associates |
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| Consultants |
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| M.
Yousuf Adil Saleem & Co. |
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| Chartered
Accountants |
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| Share
Registrar |
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| THK
Associates (Pvt) Limited, |
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| Ground
Floor, Sheikh Sultan Trust Building No.2, |
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| Beaumont
Road, |
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| Karachi-75530 |
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|
|
|
| Bankers |
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| Allied
Bank of Pakistan Limited |
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| American
Express Bank Limited |
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| Askari
Commercial Bank Limited |
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| Bank
of Punjab Limited |
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| Citibank, N.A. |
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| Deutsche
Bank A.G. |
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| Faysal
Bank Limited |
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| Mashreq
Bank psc. |
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| Muslim
Commercial Bank Limited |
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| National
Bank of Pakistan |
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| National
Development Finance Corporation |
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| Platinum
Commercial Bank Limited |
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| Standard
Chartered Bank |
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| Correspondent
Banks |
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| Chase
Manhattan Bank |
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| Deutsche
Bank A.G. |
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| Head
Office and |
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| Registered
Office |
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| Karachi |
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| NIC
Building, 10th Floor |
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| Abbasi
Shaheed Road |
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| Tel:
5660671-78 Fax: 5680454 |
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| E-mail:
ndlckar @cybcracess.com.pk |
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| Branches |
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| KARACHI
CLIFTON |
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| BC-1, Block-5, |
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| Kchkashan
Scheme # 5, Main Clifton Road |
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| Tel:
5875666-777 Fax: 5875888 |
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| Contact:
Mr. Ahmed Noor |
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| LAHORE |
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| 7/4,
E-3, Main Boulevard, |
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| Gulberg III |
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| Tel:
5754111,5754122 Fax: 5754166 |
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| E-mail:
leasepk @ ndlclhr. lhr. erum.com.pk |
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| Contact:
Mr. Tahir Rizwan |
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| LAHORE
CANTT |
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| Unit
No. 3, Cantonment Commercial Complex, |
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| Abid
Majeed Road, |
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| Tel:
6652317-8 Fax: 6652310 |
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| Contact:
Mr. Shahzad Afzal |
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| FAISALABAD |
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| The
Mall Regency Shopping Arcade, |
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| Ground Floor. |
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| Tel:
617946-67 Fax: 612890 |
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| E-mail:
leasepk @ ndlc fsb. fsd.erum.com.pk |
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| Contact:
Mr. Salim-ul-Haque |
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| ISLAMABAD |
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| State
Life Building, Ground Floor |
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| Jinnah
Avenue, Phase II, |
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| Blue Area. |
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| Tel:
277362-64 Fax: 277365 |
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| E-mail:
leasepk @ ndlcisl. isb.erum.com.pk |
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| Contact:
Mr. Fuad Rasul |
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| Notice
of Annual General Meeting |
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| Notice
is hereby given that the Fourteenth Annual General Meeting of National
Development Leasing Corpo- |
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| ration
Limited will be held at FTC Auditorium, Finance and Trade Centre, Sharea
Faisal, Karachi on Tuesday, |
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| December
15, 1998 at 12:30 hours to transact the following business: |
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| 1.
To confirm the Minutes of the Thirteenth Annual General Meeting held on
December 29, 1997. |
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| 2.
To receive and adopt the Audited Accounts of the Corporation for the year
ended June 30, 1998 together |
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| with
Directors' and Auditors' Report thereon. |
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| 3.
To approve 10% cash dividend as recommended by the Directors. |
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| 4.
To appoint Auditors and fix their remuneration. The present Auditors, Ford,
Rhodes, Robson, Morrow, |
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| Chartered
Accountants, retire and being eligible, offer themselves for re-appointment. |
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| 5.
To transact any other business with the permission of the Chair. |
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By Order of the Board |
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|
Abdul Ghafoor Ateeq |
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| Karachi:
September 28, 1998 |
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Company Secretary |
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| Notes: |
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| a.
The share transfer books of the Corporation will remain closed from December
9, 1998 to December 22, |
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| 1998
(both days inclusive). Transfers received in order at the office of Share
Registrar of the Corporation |
|
| i.e.
THK Associates (Pvt) Limited, Ground Floor, Sheikh Sultan Trust Building No.
2, Beaumont Road, |
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| Karachi-75530,
by December 8, 1998 will be treated in time for the purpose of entitlement of
cash |
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| dividend
in respect of the year ended June 30, 1998. |
|
|
| b.
A member entitled to attend and vote at the meeting may appoint another
member as his/her proxy to |
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| attend
and vote on his/her behalf. The proxy, in order to be effective, must be
received at the registered |
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| office
of the Corporation duly stamped, signed and witnessed not later than 48 hours
before the time of |
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| the meeting. |
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| c.
Members are requested to immediately inform of any change in their addresses. |
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|
| Ten
Years at a Glance |
|
Rupees in Million |
|
|
18 months |
|
|
|
Year |
June 30 |
June 30 |
June 30 |
Dec 31 |
Dec 31 |
Dec 31 |
Dec 31 |
Dec 31 |
Dec 31 |
Dec 31 |
|
Ended |
1998 |
1997 |
1996 |
1994 |
1993 |
1992 |
1991 |
1990 |
1989 |
1988 |
|
| FINANCIAL
POSITION |
|
| Authorised
Capital |
|
500 |
500 |
500 |
500 |
500 |
500 |
500 |
100 |
100 |
100 |
| Paid-up Capital |
|
377 |
359 |
359 |
259 |
207 |
159 |
88 |
68 |
68 |
68 |
| Reserves |
|
823 |
828 |
780 |
687 |
620 |
595 |
479 |
378 |
158 |
90 |
| Shareholders
Equity |
|
1,200 |
1,187 |
1,139 |
946 |
827 |
754 |
567 |
446 |
226 |
158 |
| Long
Term Loans-Foreign |
|
802 |
910 |
690 |
821 |
569 |
651 |
469 |
506 |
212 |
99 |
|
-Local |
|
502 |
367 |
304 |
154 |
220 |
247 |
223 |
507 |
501 |
419 |
| Certificates
of Investment |
|
1,090 |
1,576 |
1,755 |
881 |
671 |
964 |
1,008 |
2,977 |
1,622 |
575 |
| Net
Investment in Lease Finance |
3,650 |
3,767 |
3,971 |
2,739 |
2,344 |
2,044 |
1,789 |
1,709 |
1,214 |
793 |
| Total Assets |
|
4,924 |
5,312 |
5,272 |
3,644 |
2,878 |
3,071 |
2,666 |
5,061 |
3,011 |
1,542 |
|
|
| OPERATING
POSITION |
|
|
| Lease Income |
|
614 |
625 |
807 |
398 |
299 |
255 |
243 |
193 |
120 |
69 |
| Total Revenue |
|
739 |
785 |
1,115 |
540 |
425 |
393 |
507 |
571 |
329 |
148 |
| Total
Expenditure |
|
543 |
599 |
755 |
317 |
250 |
237 |
361 |
395 |
216 |
75 |
| Operating
Profit |
|
196 |
186 |
360 |
223 |
175 |
156 |
146 |
176 |
113 |
73 |
| Profit
Before Taxation |
|
78 |
130 |
266 |
187 |
165 |
149 |
146 |
176 |
113 |
73 |
| Profit
After Taxation |
|
50 |
102 |
211 |
157 |
125 |
111 |
146 |
234 |
75 |
53 |
|
|
| DISTRIBUTION |
|
|
| Cash Dividend |
|
10.00% |
15.00% |
30.00% |
15.00% |
25.00% |
20.00% |
20.00% |
20.00% |
12.00% |
18.00% |
| Stock Dividend |
|
-- |
5.0012% |
-- |
25.00% |
25.002% |
30.00% |
-- |
30.00% |
-- |
-- |
|
|
| RIGHT
ISSUE |
|
-- |
-- |
-- |
10.00% |
-- |
-- |
30.00% |
50.00% |
-- |
-- |
|
|
|
| RATIOS |
|
|
| Current Ratio |
|
1.01 |
1.00 |
0.81 |
1.17 |
1.25 |
1.52 |
1.19 |
0.97 |
0.96 |
0.88 |
| Debt/Equity |
|
1.28 |
1.38 |
1.25 |
1.42 |
1.34 |
1.76 |
1.69 |
4.00 |
5.54 |
4.73 |
|
|
| Book
Value Per Share (in Rupees) |
15.90 |
16.52 |
15.85 |
18.29 |
20.00 |
23.71 |
32.12 |
24.06 |
12.18 |
9.45 |
|
| Note:
Prior years' figures have been rearranged, wherever necessary, for the
purpose of comparison. |
|
|
|
| Directors'
Report to the Shareholders |
|
|
| The
Board of Directors are pleased to announce the financial results for the
twelve months ended |
|
| June 30, 1998. |
|
|
| Board
of Directors |
|
| The
composition of the Board of Directors has changed since the last Annual
General Meeting due to accep- |
|
| tance
of resignation of Mr. Abdul Shakoor and Syed Ghulam Abbas. The Board wishes
to place on record its |
|
| appreciation
for services rendered by the outgoing Directors. Mr. Zahid Haleem Sheikh and
Mr. Farrukh |
|
| Hussain
Sheikh have joined the Board. We welcome the new members and look forward to
their support and |
|
| contribution. |
|
|
| Financials |
|
| Your
Directors are pleased to report an after tax profit of Rs. 50.027 million
during the twelve months ended |
|
| June
30, 1998 and propose that profit be appropriated as follows: |
|
|
|
|
|
|
|
|
(Rupees in 000's) |
|
|
|
|
June 30 |
June 30 |
|
|
|
|
1998 |
1997 |
|
|
|
|
| Profit
before taxation |
|
|
|
78,027 |
129,656 |
|
| Provision
for taxation |
|
|
|
28,000 |
27,500 |
|
|
|
|
|
--------------- |
--------------- |
|
| Profit
after taxation |
|
|
|
50,027 |
102,156 |
|
| Unappropriated
profit brought forward |
|
|
1,353 |
4,195 |
|
|
|
|
|
--------------- |
--------------- |
|
| Profit
available for appropriation |
|
|
51,380 |
106,351 |
|
|
|
|
|
|
| APPROPRIATIONS |
|
|
|
| Proposed
final dividend 10 % (1997: 15%) |
|
|
37,740 |
53,914 |
|
| Transfer
to general reserve |
|
|
|
10,000 |
28,000 |
|
| Transfer
to special reserve |
|
|
|
2,501 |
5,108 |
|
| Transfer
for issue of bonus shares |
|
|
-- |
17,976 |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
50,241 |
104,998 |
|
|
|
|
|
--------------- |
--------------- |
|
| Unappropriated
profit carried forward |
|
|
1,139 |
1,353 |
|
|
|
|
|
========== |
========== |
|
|
| The Economy |
|
| The
Government has been following a combination of supply side and demand
management policies to achieve |
|
| the
twin objectives of macro economic stability and growth. The policies were
successful in arresting the |
|
| declining
trend, as a result GDP grew by 5.4% during financial year 1997-98 as compared
to previous year's |
|
| growth
of 1.3%. The Agriculture sector contributed 5.9% to the improved GDP.
Although manufacturing sec- |
|
| tor
also has shown growth, increased growth was mainly attributed to sugar
output. |
|
|
| The
bad debts and loan defaults of the financial sector have reportedly gone upto
Rs. 210 billion. This includes |
|
| an
increase of Rs. 70 billion during the last 18 months, inspite of incentives
provided by the Government to |
|
| recover
loans. The Government is drafting recovery laws and it is expected that the
influential defaulters would |
|
| be
made to pay the debts to improve health of the financial sector. Tight fiscal
management by the Government |
|
| resulted
in less recourse to borrowing for budgetary support. This has helped to
contain inflationary pressures |
|
| and
has improved credit available to the private sector. |
|
|
| At
present, the economy of Pakistan is in the process of major structural
adjustments and the Government is |
|
| keen
to continue with measures for deregulating, privatizing and liberalizing the
economy. The commitment of |
|
| the
Government to an increased role of the private sector and the industrial
sector in the development of the |
|
| country
represents ample opportunities for growth of the financial sector. |
|
|
| The
Year under Review |
|
| During
the financial year under review, uncertainties continued to prevail in almost
all areas, which resulted in |
|
| further
slowing down of the economy. The performance of the Company over the year has
shown affects of the |
|
| general
economic slowdown. However, the management this year made a conscious effort
towards realigning |
|
| its
focus from asset building to consolidation, vitalizing recovery efforts,
curtailment of disbursements due to |
|
| slowdown
in recoveries, liquidity management, solicitation of blue chip clients, risk
sharing on specific leases |
|
| with
other leasing companies and mobilization of long term domestic debts. The
Company has stressed on the |
|
| composition
of lease portfolio, as a consequence, the sectoral distribution of lease
portfolio has consistently |
|
| improved
over last few years. |
|
|
| The
Company continued to make concerted efforts to improve recoveries especially
from defaulters. Your |
|
| Company
initiated several legal proceedings with positive results, where judgements
have been decreed in |
|
| favour
of National Leasing or the client has requested for out of court settlement.
Steady progress is being |
|
| made
in pending cases with final settlement expected within the ensuing year. The
amended Banking Act |
|
| 1997,
has also played a key role in expediting court decisions and the Company is
hopeful about the speedy |
|
| recovery
of stuck up loans in view of Government of Pakistan's stance on defaulters.
The emphasis on the |
|
| retail
segment of the market continued with success. Retail clients are being
targeted for general product |
|
| leasing
in view of declining growth prospects in big ticket leasing. A retail branch
was opened in Karachi in |
|
| October
1997 to tap the retail market. |
|
|
| The
year under review witnessed a major change in the management of the Company.
Mr. Mubashir |
|
| A.
Akhtar has been appointed as the Managing Director and Chief Executive of the
Company in place of |
|
| Mr.
Tayyab Afzal, who resigned from his position. |
|
|
| Regulatory
Environment |
|
| Subsequent
to events that occurred in May 1998 in the subcontinent, the State Bank of
Pakistan (SBP) has |
|
| made
various changes in Foreign Exchange Regulatory Environment. The most
significant development |
|
| being
freezing of all foreign currency accounts, in order to avert financial
collapse from a sudden flight of |
|
| foreign
currency from the country. Forward cover fee has been enhanced in respect of
old foreign currency |
|
| deposits
mobilized under certificates of investment scheme and forward cover in
respect of new foreign |
|
| currency
deposits has been withdrawn. In the absence of forward cover, the
mobilization of foreign cur- |
|
| rency
deposits is no longer a viable option. |
|
|
| Stock
Market Investment |
|
| The
investors confidence in the capital market remained low for most part of the
year. This was reflective in |
|
| the
movements in the stock market. The KSE - 100 index registered all time low in
June 1998 and closed at |
|
| 880
points from 1566 points at the end of financial year 1997. Management has
curtailed all new buying |
|
| activity
at the stock exchange and has marked the prices of trading portfolio to
market values. Thus, for the |
|
| year
under review, a provision of Rs. 7.243 million was made to account for
depressed market prices. |
|
|
| Review
of Operations |
|
| The
fiscal 1997/98 was a difficult year for the Company due to economic slow
down. The challenges, the |
|
| Company
is facing emanate from increasing competition, reduce margins, decrease
market share and quality |
|
| of
assets. Funds are becoming increasingly expensive in view of intense
competition. Lending rates cannot |
|
| be
increased beyond a certain limit as blue chip clients do not pay beyond a
certain level of margin. Demand |
|
| for
machinery and equipment remained low and overall volume of business
contracted. Against this back- |
|
| drop,
your Company has maintained a trend of profitable operations. Operating
profit before provisions of |
|
| your
Company was recorded at Rs. 196.025 million as against Rs. 185.536 million
achieved in previous |
|
| year,
an increase of 5.65%. This was mainly due to steady growth achieved by the
Company over a number |
|
| of
years. Lease income dropped from Rs. 628.985 million to Rs. 614.192 million
due to lower disburse- |
|
| ments.
Financial charges and return on certificates of investment were on the lower
side in line with lower |
|
| requirement
of borrowings. The administrative and operating expenses were tightly
controlled to mitigate |
|
| the
inflationary impact and were restricted to Rs. 85.304 million as against Rs.
82.364 million in 1997, an |
|
| increases
of 3.57% over the previous year. Following a prudent policy, a provision of
Rs. 110.755 million |
|
| was
made for doubtful debts against Rs. 55.473 million in the previous year to
safeguard against losses as |
|
| repayment
capability of borrowers may be impaired due to economic downturn. The
provision has been |
|
| made
to strengthen the balance sheet and will be a source of comfort to the
shareholders and lending institu- |
|
| tions.
As a result, net profit after taxation amounted to Rs. 50.027 million as
against Rs. 102.156 million in |
|
| the
previous year. |
|
|
| Funding |
|
| Your
Company has been able to generate funds in line with its marketing
objectives. Financial institutions |
|
| and
banks have demonstrated confidence by extending credit lines and enhancing
existing credit facilities. |
|
| Additional
line of Rs. 100 million was negotiated with a local commercial bank during
the year under |
|
| review.
The Company continued its excellent relations with the multilateral agencies.
However, Company |
|
| was
unable to draw approved lines of US $ 13.5 million and GBP 7.5 million due to
non availability of |
|
| foreign
exchange risk cover and hedging mechanism at a reasonable cost. State Bank of
Pakistan has how- |
|
| ever,
recently agreed to provide foreign exchange risk cover for the undrawn
approved lines. |
|
|
| Credit Rating |
|
| The
Pakistan Credit Rating Agency (PACRA) has updated the Company's credit rating
for the year to June |
|
| 30,
1998 and has maintained entity rating at A for long term and AI for short
term which is encouraging in |
|
| the
present economic scenario. These ratings are applicable to the unsecured
creditors of the Company. |
|
|
| Future
Prospects |
|
| The
Management of National Leasing expects 1998 -1999 to be a year of
consolidation and improvement. |
|
| Looking
ahead, the Company recognizes the challenges of the future and the steps,
both immediate and long |
|
| term,
that are needed to propel the Company through the onset of economic
stagnation and slowdown. More |
|
| emphasis
is being laid on quality customer service, retention of risk free clientele
through provision of a |
|
| range
of services, focus marketing efforts with a view to attain optimum market
penetration. This will nec- |
|
| essarily
mean product line extensions, product development and improvement of internal
structure to ser- |
|
| vice
the increased level of business activity on both sides of the balance sheet.
Company is also focussing on |
|
| the
development of human resources and information technology in an effort to
maintain an environment |
|
| conducive
to professional growth and development of team members. |
|
|
| Mission
Statement |
|
| National
Leasing will continue to play its role as the premier leasing Company. The
Company will continue |
|
| to
conduct business with prudence, be a proactive player in the financial
industry and lead the industry |
|
| standards
for business practices and compliance to regulatory requirements. |
|
|
| Auditors |
|
| The
retiring auditors Messrs Ford, Rhodes, Robson, Morrow, Chartered Accountants,
being eligible, offer |
|
| themselves
for reappointment. |
|
|
| Acknowledgment |
|
| We
acknowledge with deep gratitude the support and cooperation extended by our
customers, clients, bank- |
|
| ers
and shareholders and record our sincere recognition for imposing faith and
trust and for their patience |
|
| and
understanding in dealing with us. |
|
|
| We
extend our appreciation to the Board of Directors, for their continued
support and guidance and |
|
| knowledge
the contribution of all team members towards meeting the objectives of the
Company. |
|
|
| Shareholding
Pattern |
|
| A
statement reflecting the pattern of shareholding is attached to the Annual
Report.. |
|
|
|
|
On behalf of the Board |
|
|
|
|
|
Sd/- |
|
|
|
Mubashir A. Akhtar |
|
| Karachi:
September 28, 1998 |
|
Managing Director &
Chief Executive |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of NATIONAL DEVELOPMENT LEASING |
|
| CORPORATION
LIMITED as at June 30, 1998 and the related profit and loss account and |
|
| statement
of changes in financial position (cash flow statement), together with the
notes forming |
|
| part
thereof, for the year then ended and we state that we have obtained all the
information and |
|
| explanations
which to the best of our knowledge and belief were necessary for the purposes
of |
|
| our
audit and, after due verification thereof, we report that: |
|
|
| a)
in our opinion, proper books of account have been kept by the company as
required by |
|
| the
Companies Ordinance, 1984; |
|
|
| b)
in our opinion: |
|
|
| i)
the balance sheet and profit and loss account together with the notes thereon
have |
|
| been
drawn up in conformity with the Companies Ordinance, 1984, and are in |
|
| agreement
with the books of account and are further in accordance with accounting |
|
| policies
consistently applied; |
|
|
|
| ii)
the expenditure incurred during the year was for the purpose of the company's |
|
| business; and |
|
|
| iii)
the business conducted, investments made and the expenditure incurred during
the |
|
| year
were in accordance with the objects of the company; |
|
|
| c)
in our opinion and to the best of our information and according to the
explanations given |
|
| to
us, the balance sheet, profit and loss account and the statement of changes
in financial |
|
| position
(cash flow statement), together with the notes forming part thereof, give the |
|
| information
required by the Companies Ordinance, 1984, in the manner so required and |
|
| respectively
give a true and fair view of the state of the company's affairs as at June
30, |
|
| 1998
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 Zakat and Ushr Ordinance,
1980, was |
|
| deducted
by the company and deposited in the Central Zakat Fund established under |
|
| section
7 of that Ordinance. |
|
|
|
|
|
|
|
FORD, RHODES, ROBSON,
MORROW |
|
| Karachi:
September 28, 1998 |
|
Chartered Accountants |
|
|
|
|
|
|
| Balance
Sheet as at June 30, 1998 |
|
|
|
|
|
|
(Rupees in 000's) |
|
|
|
Note |
June 30 |
June 30 |
|
|
|
|
1998 |
1997 |
|
| CAPITAL
AND RESERVES |
|
|
|
| Authorised
Capital |
|
|
|
| 100,000,000
Ordinary Shares of Rs 5 each |
|
500,000 |
500,000 |
|
|
|
|
========== |
========== |
|
| Issued,
Subscribed and Paid-up Capital |
|
3 |
377,400 |
359,424 |
|
| Reserves |
|
4 |
822,551 |
828,240 |
|
|
|
|
--------------- |
--------------- |
|
| Shareholders'
Equity |
|
1,199,951 |
1,187,664 |
|
|
|
|
| DEFERRED
LIABILITIES |
|
|
|
| Provision
for Gratuity |
|
4,294 |
4,417 |
|
|
|
|
| LONG
TERM FINANCE AND LIABILITIES |
|
| Long
Term Finances |
|
5 |
1,004,047 |
1,012,420 |
|
| Certificates
of Investment |
|
6 |
105,807 |
139,957 |
|
| Deposits
on Lease Contracts |
|
7 |
421,876 |
480,282 |
|
| Obligation
under Finance Lease |
|
8 |
-- |
1,551 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
1,531,730 |
1,634,210 |
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
| Short
Term Finances |
|
9 |
446,977 |
423,512 |
|
| Current
Maturity |
|
|
|
| Long
Term Finances |
|
5 |
300,486 |
265,222 |
|
| Certificates
of investment |
|
6 |
984,569 |
1,436,454 |
|
| Deposits
on Lease Contracts |
|
7 |
133,727 |
51,688 |
|
| Obligation
under Finance Lease |
|
8 |
1,551 |
1,027 |
|
| Accrued
Expenses and Other Liabilities |
|
10 |
277,959 |
252,965 |
|
| Provision
for Taxation |
|
11 |
4,719 |
904 |
|
| Proposed
Final Dividend |
|
|
37,740 |
53,914 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
2,187,728 |
2,485,686 |
|
| CONTINGENCIES
AND COMMITMENTS |
12 |
|
|
--------------- |
--------------- |
|
|
|
4,923,703 |
5,311,977 |
|
|
|
|
|
========== |
========== |
|
|
|
