| Al-Zamin Leasing Modaraba |
|
|
|
|
|
|
| Annual
Report 1998 |
|
|
| MANAGED
BY: |
|
| Al-Zamin
Modaraba Management (Private) Limited |
|
| 104-106,
Kassam Court, BC-9, Block 5, Clifton, Karachi-75600 |
|
| Tel:
5876651. 5876652, 5873373, 5867102, 574474, 571725, Fax: 5870408 |
|
|
|
| CORPORATE
INFORMATION |
|
|
| BOARD
OF DIRECTORS |
|
| Mr.
Hassan Zaheer-Chairman & Chief Executive |
|
| Syed
Ghazanfar Ali [Nominee of Pak Libya Holding Co. (Pvt) ltd.] |
|
| Mr.
S.M. Farooq |
|
| Mr.
C. Ahsanul Haq |
|
| Mr.
Ansar Husain |
|
| Mr.
Manzoor Hussain Shah Kazmi |
|
| Brig.
(Retd) Luqman Mahmood |
|
|
| AUDITORS
OF THE MODARABA |
|
| M.
Yousuf Adil Saleem & Company, Chartered Accountants |
|
|
| AUDITORS
OF THE MODARABA COMPANY |
|
| Jalis
Ahmed & Company, Chartered Accountants |
|
|
| BANKERS |
|
| Allied
Bank of Pakistan Limited |
|
| Askari
Commercial Bank Limited |
|
| First
Women Bank Limited |
|
| National
Bank of Pakistan |
|
| National
Development Finance Corporation |
|
| Pakistan
Industrial Credit & Investment Corporation |
|
| Soneri
Bank Limited |
|
|
| LEGAL
ADVISORS |
|
| Sharif
& Company, Advocates |
|
| Mansoor
Ahmed Khan & Company, Advocates |
|
|
| MODARABA
COMPANY |
|
| Al-Zamin
Modaraba Management (Private) Limited |
|
|
| REGISTERED
OFFICE & SHARES DEPARTMENT |
|
| 104-106,
Kassam Court, |
|
| BC-9,
Block 5, Clifton, |
|
| Karachi-75600 |
|
| Tel:
587 6651, 587 6652, 586 7102, |
|
| 587
3373, 571725, 574474 |
|
| Fax: 587 0408 |
|
|
| ISLAMABAD
OFFICE |
|
| 10,
59th Street, F-7/4, Islamabad |
|
| Tel:
270588, 920 3703 |
|
| Fax: 823729 |
|
|
| LAHORE
OFFICE |
|
| Suite
No. F-05, 1st Floor, Rehman Business Centre, |
|
| 32
B-III, Gulberg III, Lahore |
|
| Tel:
571 5583, 571 5584 |
|
| Fax: 571 5585 |
|
|
|
|
| CONTENTS |
|
| Directors'
Report |
|
| Auditors'
Report |
|
| Balance Sheet |
|
|
| Profit
and Loss Account |
|
| Statement
of Changes in Financial Position |
|
| Notes
to the Accounts |
|
| Asset
and Sector-wise Analysis of Leases |
|
| Pattern
of Certificate Holding |
|
|
|
|
|
| DIRECTORS'
REPORT |
|
| FOR
THE YEAR 1997-98 |
|
|
| The
Board of Directors of Al-Zamin Modaraba Management (Pvt) Limited takes |
|
| pleasure
in presenting the Sixth Annual Report together with audited accounts for |
|
| the
year ended 30th June, 1998. |
|
|
| FINANCIAL
RESULTS: |
|
| The
Modaraba achieved a record operating profit of Rs. 26.236 million for the |
|
| year,
before appropriations, which was 16.8 per cent higher than the 1997 |
|
| operating
profit of Rs. 22.456 million. The composition of results with comparison |
|
| of
1997 is as follows: |
|
|
|
|
1998 |
1997 |
Increase |
|
| HIGHLIGHTS |
|
30th June |
30th June |
% |
|
|
| Net
Lease Receivables |
|
212,172,125 |
206,991,292 |
2.50 |
|
| Total
Earnings generated |
|
53,464,323 |
46,402,295 |
15.22 |
|
| Operating
Expenses |
|
13,275,479 |
11,042,509 |
20.22 |
|
| Financial
Charges |
|
13,953,046 |
12,903,646 |
8.13 |
|
| Operating
Profit |
|
26,235,798 |
22,456,140 |
16.83 |
|
|
| CREDIT
RATING: |
|
| The
Board is happy to report that, during the year, your Modaraba was awarded a |
|
| respectable
medium to long-term entity rating of Triple-B Minus by DCR-VIS Credit |
|
| Rating
Company Ltd which reflects "adequate credit quality with reasonable and |
|
| sufficient
protection factors". Short-term entity rating of D-3 was awarded which |
|
| indicates
"satisfactory' liquidity and other protection factors" qualifying
the Modaraba |
|
| for
the investment grade. The Rating Agency expected timely payments despite the |
|
| risk
factors which were considered variable if changes occurred in the economy. |
|
| The
credit rating report acknowledges the strength of the Modaraba management |
|
| and
its satisfactory performance despite the economic downturn in the country and |
|
| deteriorating
performance of the Modaraba sector. AI-Zamin, in the opinion of the |
|
| rating
agency, can be distinguished amongst Modarabas due to the management's |
|
| rich
local and international banking exposure and its ability to tap long-term and |
|
| short-term
finance. The rating report also acknowledges that, despite high cost of |
|
| borrowed
funds, the Modaraba had generated reasonable returns in a highly |
|
| competitive
environment and that the management had been successful in writing |
|
| leases
to credit worthy clients. |
|
|
| APPROPRIATIONS: |
|
| Since
your Modaraba operated under the revised tax regime of 25 per cent for |
|
| the
year, a provision of Rs. 2.272 million has been made for the current and |
|
| previous
year tax liabilities. In addition, a sum of Rs. 0.500 million has also been |
|
| allocated
for the deferred tax as a matter of accounting prudence. Henceforth, |
|
| the
leasing Modarabas which distribute 90 per cent of their profit would be |
|
| exempted
from tax, effective assessment year 1999-2000. This is an important |
|
| development
which would promote the Modaraba sector and ensure suitable |
|
| distributions
to the certificate-holders in the future. |
|
|
| The
stock market has been showing declining trends over the last two years. |
|
| Your
Modaraba was able to reduce its short-term and long-term investments in |
|
| the
stock market from Rs. 18.66 million to Rs. 5.83 million in the previous year |
|
| thereby
reducing its exposure to the market fluctuations substantially. While |
|
| appropriate
provisions have always been made for the short-term investments, |
|
| your
Board has decided to make a full provision of Rs. 3.361 million for the |
|
| diminution
experienced in the long-term investments of Rs. 4.090 million. This |
|
| has
been decided as a matter of abundant caution in order to protect your future |
|
| results
from any negative impacts. It is hoped that a substantial portion of this |
|
| provision
would be written back to the profits of the Modaraba when |
|
| disinvestments
take place after the market improvement. |
|
|
| A
provision of Rs. 2.663 million has been made for the potential lease losses
as |
|
| against
a provision of Rs. 1.636 million of the previous year. You may recall that |
|
| a
general reserve of Rs. 5.00 million had been created in the previous year to |
|
| strengthen
the operating base of the Modaraba. In view of current uncertainties |
|
| prevailing
in the economy, your Board has decided to add another sum of Rs. |
|
| 1.00
million so as to make a Contingency Reserve of Rs. 6.00 million, as a |
|
| matter
of professional prudence, to provide a suitable safeguard for any possible |
|
| losses
of lease receivables in the future. It is proposed to keep on contributing |
|
| suitable
sums to the Contingency Reserve in the future years as well in order to |
|
| evolve
a strong base of the Modaraba's balance sheet. This has been done in |
|
| addition
to the transfer of a sum of Rs. 3.001 million to the Special Reserve in |
|
| compliance
with the prudential guidelines. As a consequence of these steps, the |
|
| capital
and reserve base of your Modaraba has increased from Rs. 143.0486 |
|
| million
of the previous year, to Rs. 158.052 million. The Board is confident that |
|
| the
prudent measures adopted by your management in the context of the |
|
| prevailing
conditions would be duly appreciated. As a consequence of the above |
|
| appropriations,
unutilised profit of Rs. 11.893 million is available which is being |
|
| carried
forward to the next year. |
|
|
| OPERATIONS
DURING THE YEAR: |
|
| The
year under review has been rather unprecedented in many ways. The |
|
| declining
growth of the gross national product and deteriorating performance of |
|
| the
manufacturing sector in the country persisted all along during the year. |
|
| Consequently,
decline in the fresh investments and business-expansion |
|
| restricted
new leases on the one hand and, on the other, the cash-flow problems |
|
| of
the industrial and business sectors affected the servicing of existing lease |
|
| rentals.
In order to ensure preservation of the quality leasing port-folio, your |
|
| Modaraba
had to accept lower returns from the lessees of stronger financial |
|
| strength.
Rescheduling in certain cases had to be agreed in view of the genuine |
|
| difficulties
of the lessees. Your management is fully conscious of the importance |
|
| of
making concerted efforts to minimise incidence of default and your Board is |
|
| happy
to report that a constant in-flow of lease rentals was maintained in |
|
| majority
of the leases during the year. Your Modaraba, in line with the entire |
|
| financial
sector, anticipates deterioration in the servicing of the recoveries during |
|
| the
current year and effective steps shall be taken to safeguard your Modaraba |
|
| against
any adverse effects thereof. |
|
|
| The
total earnings of your Modaraba increased from Rs. 46.402 million of the |
|
| previous
year to Rs. 53.464 million, indicating a growth of 15.2 per cent. The |
|
| operating
expenses increased from Rs. 11.042 to Rs. 13.275 million mainly due |
|
| to
the inflationary causes and refurbishment of Modaraba's offices at Karachi |
|
| and
Lahore. The financial charges also increased from Rs. 12.903 million to Rs. |
|
| 13.953
million due to utilisation of further credit lines which, in turn,
contributed |
|
| towards
the improvement of the earnings. |
|
|
| During
the year, your Modaraba was able to mobilise fresh credit lines and |
|
| musharaka
finance to supplement cash resources and to further improve upon |
|
| the
matching maturities profile. The Board is happy to report that your Modaraba |
|
| continues
to have enough resources to pursue its growth, based on prudence |
|
| and diversity. |
|
|
| FUTURE
PROSPECTS: |
|
| The
uncertainties in which the entire country is living at the moment, in view of |
|
| the
post-blast effects, make it difficult to predict any significant improvement
in |
|
| the
size and quality of the business during the next year. Your Board shares the |
|
| general
view of the careful and conservative members of the financial sector that |
|
| any
fresh commitments during the current year should be made only with |
|
| extreme
caution and selectivity. It would be more prudent to preserve the cash |
|
| resources
and assets of the Modaraba rather than undertaking leasing and other |
|
| commitments
where the financial strength and track record of the counter parties |
|
| is
not beyond any doubt. Consequently, it would be a hard task to achieve any |
|
| significant
growth in the balance sheet during the year 1998-99 but qualitative |
|
| and
quantitative aspects of the current standing of the Modaraba shall be |
|
| meticulously
safeguarded. |
|
|
| ACKNOWLEDGEMENT: |
|
| The
Board places on record its appreciation of the hard work and devoted efforts |
|
| contributed
by the staff to the successful operations of the Modaraba. |
|
|
| The
Board also places on record its acknowledgment of the valuable guidance and |
|
| assistance
extended by the Registrar Modaraba and the Corporate Law Authority. |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet 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 to the accounts for the year ended June 30, |
|
| 1998
of AI-Zamin Leasing Modaraba, which are Modaraba Company's [AI-Zamin |
|
| Modaraba
Management (Private) Limited] representation and we state that we |
|
| have
obtained all the information and, explanation which we required and, after |
|
| due
verification thereof, we report that: |
|
|
| a)
in our opinion, proper books of accounts have been kept by the Modaraba |
|
| Company
in respect of AI-Zamin 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; and |
|
|
| 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 (cash flow statement), |
|
| which
are in agreement with the books of accounts, exhibit |
|
| respectively
a true and fair view of the state of the Modaraba's affairs |
|
| as
at June 30, 1998 and the profit 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 the expenditure |
|
| incurred
by the Modaraba are in accordance with objects, terms and |
|
| conditions
of the Modaraba. |
|
|
|
|
M. Yousuf Adil Saleem
& Co. |
|
| Karachi:
12th October, 1998 |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET |
|
| AS
AT JUNE 30, 1998 |
|
|
|
|
1998 |
1997 |
|
|
Note |
Rupees |
Rupees |
|
|
|
|
| CAPITAL
AND RESERVES |
|
|
|
| Certificate
capital |
|
|
|
| Authorised |
|
|
|
| 20,000,000
Modaraba |
|
|
|
| certificates
of Rs. 10 each |
|
|
200,000,000 |
200,000,000 |
|
|
|
|
========= |
========= |
|
| Issued,
subscribed and paid-up |
|
3 |
126,500,000 |
126,500,000 |
|
| Reserves
and unappropriated profit |
|
4 |
31,551,979 |
16,547,873 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
158,051,979 |
143,047,873 |
|
| LONG
TERM FINANCES |
|
5 |
27,491,612 |
20,962,645 |
|
|
|
|
|
| LONG
TERM SECURITY DEPOSITS |
|
|
|
| ON
LEASE CONTRACTS |
|
6 |
25,536,300 |
20,917,289 |
|
|
|
|
|
|
| DEFERRED
TAXATION |
|
|
1,000,000 |
500,000 |
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
| Current
portion of long term finances |
|
|
20,971,033 |
16,038,596 |
|
| Current
portion of long term security |
|
|
|
| deposits
on lease contracts |
|
|
5,340,489 |
7,707,841 |
|
| Short
term finances |
|
7 |
43,299,330 |
34,152,194 |
|
| Advance
lease rent/security deposits |
|
|
1,670,427 |
1,601,421 |
|
| Accrued
and other liabilities |
|
8 |
2,155,338 |
2,617,124 |
|
| Taxation |
|
|
2,831,707 |
1,567,227 |
|
| Dividend |
|
9 |
829,764 |
21,870,649 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
77,098,088 |
85,555,052 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
289,177,979 |
270,982,859 |
|
|
|
|
========= |
========= |
|
|
|
|
|
|
| FIXED
ASSETS-TANGIBLE |
|
10 |
5,292,511 |
5,452,282 |
|
|
|
|
|
|
| LONG
TERM INVESTMENTS |
|
11 |
729,296 |
4,892,710 |
|
|
|
|
|
|
| NET
INVESTMENT IN LEASE FINANCE |
|
|
|
|
| Net investment |
|
12 |
212,172,125 |
206,991,292 |
|
| Current portion |
|
|
(80,283,256) |
(71,699,550) |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
131,888,869 |
135,291,742 |
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
|
| Current
portion of net investment |
|
|
|
| in lease finance |
|
|
80,283,256 |
71,699,550 |
|
| Musharaka
finance |
|
13 |
39,991,096 |
35,741,082 |
|
| Short
term investments |
|
14 |
422,501 |
938,322 |
|
| Lease
rent receivable |
|
15 |
6,369,940 |
6,273,590 |
|
| Advances,
deposits and |
|
|
|
| p repayments |
|
16 |
2,152,765 |
1,357,149 |
|
| Other
receivables |
|
17 |
3,483,835 |
2,037,339 |
|
| Cash
and bank balances |
|
18 |
18,563,910 |
7,299,093 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
151,267,303 |
125,346,125 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
289,177,979 |
270,982,859 |
|
|
|
|
|
========= |
========= |
|
| The
annexed notes from 1 to 25 form |
|
|
| an
integral part of these accounts. |
|
|
|
|
|
|
|
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
|
| FOR
THE YEAR ENDED JUNE 30, 1998 |
|
|
|
|
|
|
|
|
|
|
1998 |
1997 |
|
|
|
Note |
Rupees |
Rupees |
|
| REVENUE |
|
|
|
| Income
from leasing operations |
|
|
45,003,803 |
38,766,201 |
|
| Profit
on Musharaka transactions |
|
|
7,473,280 |
6,722,243 |
|
| Profit/(Loss)
on investment in securities |
|
|
175,015 |
(575,962) |
|
| Profit
on PLS deposit accounts |
|
|
566,666 |
444,879 |
|
| Other income |
|
19 |
245,559 |
1,044,934 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
53,464,323 |
46,402,295 |
|
|
|
|
|
|
| OPERATING
AND FINANCIAL COSTS |
|
|
|
| Operating
expenses |
|
20 |
13,275,479 |
11,042,509 |
|
| Financial
charges |
|
21 |
13,953,046 |
12,903,646 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
(27,228,525) |
(23,946,155) |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
26,235,798 |
22,456,140 |
|
|
|
|
|
|
| OTHER
CHARGES |
|
|
|
| Amortization
of deferred cost |
|
22 |
-- |
976,900 |
|
| Diminution
in value of investments |
|
|
4,019,360 |
(25,407) |
|
| Allowance
for potential lease losses |
|
|
2,662,563 |
1,636,1 57 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
(6,681,923) |
(2,587,650) |
|
| Profit
before taxation |
|
|
19,553,875 |
19,868,490 |
|
|
|
|
--------------- |
--------------- |
|
| Modaraba
Company's Management fee |
|
|
(1,777,625) |
(1,669,863) |
|
| Profit
for the year |
|
|
17,776,250 |
18,198,627 |
|
| Taxation |
|
|
|
| Current |
|
|
|
2,000,000 |
1,000,000 |
|
| Prior year |
|
|
|
272,144 |
-- |
|
| Deferred |
|
|
|
500,000 |
500,000 |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
(2,772,144) |
(1,500,000) |
|
|
|
--------------- |
--------------- |
|
| Profit
after taxation |
|
|
15,004,106 |
16,698,627 |
|
| Unappropriated
profit brought forward |
|
889,245 |
14,035,343 |
|
| Profit
available for appropriation |
|
|
15,893,351 |
30,733,970 |
|
|
|
|
|
| APPROPRIATION |
|
|
|
| Dividend
(1997 - 17%) |
|
|
-- |
21,505,000 |
|
| Transfer
to special reserve |
|
|
3,000,821 |
3,339,725 |
|
| Transfer
to general reserve |
|
|
-- |
5,000,000 |
|
| Transfer
to contingency reserve |
|
|
1,000,000 |
-- |
|
|
|
--------------- |
--------------- |
|
|
|
(4,000,821) |
(29,844,725) |
|
|
|
--------------- |
--------------- |
|
| Unappropriated
profit carried forward |
|
11,892,530 |
889,245 |
|
|
|
|
========= |
========= |
|
| The
annexed notes from 1 to 25 form |
|
| an
integral part of these accounts. |
|
|
|
| STATEMENT
OF CHANGES IN FINANCIAL POSITION |
|
| (CASH
FLOW STATEMENT) FOR THE YEAR ENDED JUNE 30, 1998 |
|
|
|
|
|
1998 |
1997 |
|
|
|
|
Rupees |
Rupees |
|
|
|
|
| A.
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
| Profit
after taxation |
|
15,004,106 |
16,698,627 |
|
|
|
|
|
| Adjustments |
|
|
|
| Financial
charges |
|
13,953,046 |
12,903,646 |
|
| Depreciation |
|
|
1,173,813 |
1,119,369 |
|
| Provision
for diminution in value of investments |
|
4,019,360 |
(25,407) |
|
| Provision
for deferred tax |
|
500,000 |
500,000 |
|
| Allowance
for potential lease losses |
|
2,662,563 |
1,636,157 |
|
| Gain
on sale of fixed assets |
|
(16,300) |
(718,800) |
|
| Loss/(Gain)
on sale of investments |
|
(175,015) |
575,962 |
|
| Amortization
of deferred cost |
|
-- |
976,900 |
|
|
|
--------------- |
--------------- |
|
| Operating
profit before working capital changes |
|
37,121,573 |
33,666,454 |
|
|
|
|
| (Increase)/decrease
in current assets |
|
|
|
| Lease
rent receivable |
|
|
|
(2,758,913) |
(4,826,102) |
|
| Advances,
deposits and prepayments |
|
|
(795,616) |
(1,027,147) |
|
| Other
receivables |
|
|
|
(1,446,496) |
(734,908) |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
(5,001,025) |
(6,588,157) |
|
|
|
|
| Increase/(decrease)
in current liabilities |
|
|
|
| Advance
lease rent/security deposits |
|
|
69,006 |
531,903 |
|
| Accrued
and other liabilities |
|
|
|
(415,756) |
813,931 |
|
| Taxation |
|
|
|
1,264,480 |
1,000,000 |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
917,730 |
2,345,834 |
|
|
|
|
|
--------------- |
--------------- |
|
| Cash
generated from operations |
|
|
|
33,038,278 |
29,424,131 |
|
| Financial
charges paid |
|
|
|
(13,999,076) |
(12,521,956) |
|
|
|
|
|
--------------- |
--------------- |
|
| Net
cash from operating activities |
|
|
19,039,202 |
16,902,175 |
|
|
|
--------------- |
--------------- |
|
|
|
|
|
|
|
1998 |
1997 |
|
|
|
|
|
Rupees |
Rupees |
|
|
|
|
| B.
CASH FLOW FROM INVESTING ACTIVITIES |
|
|
|
|
|
|
| Fixed
capital expenditure |
|
(1,322,742) |
(3,231,690) |
|
| Investment
in listed securities |
|
(516,750) |
(9,645,400) |
|
| Investment
in leased assets |
|
(5,180,833) |
(17,074,062) |
|
| Proceeds
from sale of investments |
|
1,351,640 |
12,761,887 |
|
| Musharaka
financing |
|
(4,250,014) |
(3,643,823) |
|
| Proceeds
from disposal of fixed assets |
|
325,000 |
1,436,000 |
|
|
|
--------------- |
--------------- |
|
| Net
cash used in investing activities |
|
(9,593,699) |
(19,397,088) |
|
|
|
|
| C.
CASH FLOW FROM FINANCING ACTIVITIES |
|
|
|
|
|
|
| Long
term Musharaka finance obtained |
|
30,000,000 |
30,000,000 |
|
| Security
deposits on lease contracts |
|
2,251,659 |
1,995,202 |
|
| Increase
in short term Musharaka finance |
|
9,147,136 |
(3,664,614) |
|
| Repayment
of long term Musharaka finance |
|
(18,538,596) |
(20,773,869) |
|
| Dividend |
|
(21,040,885) |
(135,561) |
|
|
|
--------------- |
--------------- |
|
| Net
cash from financing activities |
|
1,819,314 |
7,421,138 |
|
