| English Leasing Limited |
|
|
|
|
|
|
|
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|
| Annual
Report 2000 |
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| CONTENTS |
|
|
| Company
Information |
|
| Notice
of Annual General Meeting |
|
| Directors'
Report |
|
| Auditors'
Report to the members |
|
| Balance Sheet |
|
| Profit
and Loss Account |
|
| Statement
of Changes in Equity |
|
| Cash
Flow Statement |
|
| Notes
to the Accounts |
|
| Pattern
of Holding of Shares |
|
|
|
| COMPANY
INFORMATION |
|
|
| BOARD
OF DIRECTORS |
|
| SHEIKH
JAVAID MAHMOOD |
CHAIRMAN |
|
| SHEIKH
MANZOOR ELAHI |
CHIEF EXECUTIVE |
|
| SHEIKH
IRSHAD AHMAD |
DIRECTOR MARKETING |
|
| MRS.
FARZANA MUNAFF |
NOMINEE OF NIT |
|
| MR.
SHAHID MAHMOOD |
NOMINEE OF ICP |
|
| MR.
M. SAAD MANIAR |
DIRECTOR |
|
| MRS.
TASKEEN JAVAID |
DIRECTOR |
|
|
| BANKERS |
|
| ALLIED
BANK OF PAKISTAN LIMITED |
|
| FAYSAL
BANK LIMITED |
|
| MUSLIM
COMMERCIAL BANK LIMITED |
|
| PRUDENTIAL
COMMERCIAL BANK LIMITED |
|
|
| COMPANY
SECRETARY |
|
| MR.
AZHAR HUSSAIN |
|
|
| AUDITORS |
|
| RAHIM
IQBAL RAFIQ & CO. |
|
| CHARTERED
ACCOUNTANTS, KARACHI. |
|
|
| LEGAL
ADVISORS |
|
| MR.
HAQ NAWAZ CHATTA |
|
| INTERNATIONAL
LEGAL SERVICES |
|
|
| REGISTERED
& SHARE TRANSFER OFFICE |
|
| C
& K MANAGEMENT ASSOCIATES (PVT.) LIMITED |
|
| 404,
TRADE TOWER, ABDULLAH HAROON ROAD, |
|
| NEAR
METROPOLE HOTEL, KARACHI |
|
|
| REGISTERED
OFFICE |
|
| 801,
8TH FLOOR, FORTUNE CENTRE |
|
| 45-A,
BLOCK-6, P.E.C.H.S., |
|
| SHAHRAH-E-FAISAL,
KARACHI. |
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| TEL:
92 21 4529061-64 (4 LINES) |
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| FAX:
92 21 4529065 |
|
|
| PRINCIPLE
OFFICE |
|
| M.K. ARCADE |
|
| 32-
DAVIS ROAD, LAHORE. |
|
| TEL:
6303855- 58 |
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| FAX:
92 42 6304251 |
|
| email:
englease@hotmail.com |
|
|
|
| NOTICE
OF ANNUAL GENERAL MEETING |
|
|
| Notice
is hereby given that Ninth Annual General Meeting of the shareholders of
English |
|
| Leasing
Limited will be held at its Registered Office 801,8th Floor Fortune Centre,
Shahrah-e-Faisal, |
|
| Karachi
on Saturday, December 30, 2000 at 10.30 a.m. to transact the following
business. |
|
|
| 1.
To Confirm the minutes of 8th Annual General Meeting held on December 21,
1999. |
|
|
| 2.
To receive, consider & adopt the Audited Accounts of the Company for the
year ended |
|
| June
30, 2000 together with the Director's and Auditor's Report thereon. |
|
|
| 3.
To approve Cash dividend of Rs. 1.25 per share (12.5%) for the year ended
June 30. |
|
| 2000
as recommended by the Board of Directors. |
|
|
| 4.
To appoint Auditors for the year 2000-2001 and fix their remuneration. The
present |
|
| Auditors
M/s. Rahim Iqbal Rafiq & Co. Charted Accountants, retire and being
eligible, |
|
| offer
themselves for re-appointment. |
|
|
| 5.
To transact any other business which may be placed before the meeting with
the |
|
| permission
of the Chair. |
|
|
|
|
|
By Order of the Board |
|
|
|
|
(Azhar Hussain) |
|
| Karachi:
November 30, 2000 |
|
Company Secretary |
|
|
| Notes: |
|
|
| 1.
The Share Transfer Books of the Company will remain closed from December 23,
2000 |
|
| to
December 30, 2000 (both days inclusive). |
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|
|
|
|
| 2.
A member entitled to attend and vote at this meeting is entitled to appoint
another member |
|
| as
his/her proxy, in order to be effective, must be received at the Registered
Office of |
|
| the
Company not less than 48 hours before the time for holding the meeting. |
|
|
| 3.
Filling of Declaration For Exemption of Zakat, members are requested to file
their |
|
| declaration
under the Zakat & Ushr Ordinance, 1980 on Non Judicial Stam Paper of |
|
| Rs.
50/- for exemption of Zakat to the Registrar, C & K Management Associates
(Pvt.) |
|
| Limited,
4th Floor Trade Tower, Abdullah Haroon Road, Near Metropole Hotel, Karachi. |
|
|
| 4.
Members are required to notify the change of address, if any immediately. |
|
|
| 5.
As per Rules no gift to be given to the shareholders. |
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|
|
| DIRECTORS'
REPORT |
|
|
| Availing
this opportunity, on behalf of the board, I feel pleased to place before you
Annual Accounts of the |
|
| Company
for the period ended June 30, 2000. |
|
|
| FINANCIAL
RESULTS: |
|
| The
financial results of the Company for the year ended June 30, 2000 are as
follows: |
|
|
|
|
|
|
(Rupees) |
|
|
| Profit
Before Taxation |
|
|
17,041,251 |
|
|
|
|
| TAXATION |
|
| Current Year |
|
|
(771,215) |
|
| Previous Year |
|
|
(106,413) |
|
| Net
profit after Taxation |
|
|
16,163,623 |
|
| Unappropriated
profit brought forward |
|
1,681,783 |
|
| Profit
available for appropriation |
|
|
17,845,406 |
|
|
| APPROPRIATIONS: |
|
| Transferred
to Statutory Reserve |
|
(3,232,725) |
|
| Transferred
to Contingencies Reserve |
|
(809,119) |
|
| Transferred
to Capital Reserve for deferred taxation |
|
(1,428,994) |
|
| Proposed
Cash Dividend (12.5%) |
|
(10,000,000) |
|
| Unappropriated
Profit carried forward |
|
2,374,568 |
|
| Earning
per share |
|
2.02 |
|
|
| OPERATIONAL
ACTIVITIES: |
|
| Despite
tall claims of improvement in country's economy and achievements in
collection of highest ever |
|
| revenue
through Tax Amnesty Scheme and successful launching of campaign for
documentation of economy, |
|
| overall
activity in the business as well as industrial sectors remained slow and both
the sectors could not |
|
| perform
as envisaged. Although important sectors like Textile and Agriculture did
exceptionally well, yet |
|
| private
sector investment continued to be shy and foreign exchange reserves have
dwindled precariously |
|
| with
no respite inspite of significant devaluation of the currency, inflation rate
has escalated and unemployment |
|
| surged
further adding to the frustration of the common man, business and industrial
circles alike making |
|
| the
environment all the more gloomy and difficult for the leasing industry,
already confronted with funding |
|
| and
investment constraints in atmosphere of tough competition with shrinking
spreads and mounting over |
|
| dues
effecting profitability of the companies. |
|
|
| However,
withstanding all the constraints, our company has been able to maintain its
normal growth. During |
|
| the
period, the company made gross disbursements of Rs.101.656 million touching
almost the previous |
|
| year
level of Rs.102.832 million raising total gross disbursement to Rs.780.253
million. Net investment in |
|
| leases
increased to Rs. 313.158 million from Rs.272.703 million of 1999, showing a
rise of 14.83%. Company |
|
| generated
revenue of Rs.49.330 million which is marginally lower than the previous year
figure of Rs.51.173 |
|
| million,
whereas on account of reduced financial and bank charges pre-tax profit of
the company improved |
|
| from
Rs.16.069 million to Rs.17.462 million reflecting increase of 8.6%. Our
company mobilized |
|
| long
term funds aggregating Rs.75.00 million, during the period. The company
continued its |
|
| policy
of accommodation to small and medium enterprises with good credibility and
sound financial |
|
| health.
The management has maintained well diversified lease portfolio with highest
exposure |
|
| in
machinery as follows: |
|
|
|
|
| Machinery |
|
|
87% |
|
| Vehicle |
|
|
9% |
|
| Equipment |
|
|
4% |
|
|
|
|
| Sector-Wise
Lease Portfolio reads: |
|
|
| Textile
processing, weaving & spinning 33%, Knitting 10%, Dyeing & Printing
2%, |
|
| Engineering
1 6%, Sugar 7% Synthetic & Fibre 3%, Electronics 6%, |
|
| Services
2%, Pharmaceutical 7%, Food and Allied 2% others 12%. |
|
|
| Due
to sluggish economic environment, uncertainty in the stock market still
persists. However, market |
|
| value
of our long term investment, which was Rs. 5.604 million in 1999 has improved
to Rs. 7.864 |
|
| million
in the year under review. In view of the improvement and company's intention
to hold |
|
| these
investments on long term basis, no provision has been made for the
diminution. Our company |
|
| has
already provided Rs. 4.173 million against short term investment, market
value of which is |
|
| 0.700
million against book value of Rs. 0.386 million. |
|
|
| RECOVERIES: |
|
| In
the present adverse operating environment, our company has been able to
restrict the infected portfolio |
|
| with
effective risk management, securing of collateral in every case and close
monitoring. However, due |
|
| to
low business activity and uncertainty in the industrial and business sectors,
recovery ratio could not |
|
| improve
form 70% of the year 1999. Different measures taken by the government and
assurances to restore |
|
| confidence
of the public shall bring fruits, cash flows as well as business activity
will gain momentum and |
|
| bring
improvement in the recoveries. |
|
|
| EARNING
PER SHARE: |
|
| After
tax earning per share for the FY 2000 improved to Rs. 2.02 against Rs. 1.82
in 1999. |
|
|
| DEFERRED
TAXATION: |
|
| To
meet the requirements of the SECP for creating capital reserve for deferred
tax liability, sum of Rs. 1.429 |
|
| million
has been transferred to capital reserve for deferred tax raising the capital
reserve for deferred tax |
|
| to
Rs. 15.429 million against total estimated liability of Rs. 29.139 million.
Unprovided deferred tax amounting |
|
| to
Rs. 13.710 million shall be appropriated to capital reserve in annual
installments by June 30, 2003. |
|
|
| CREDIT
RATING: |
|
| DCR-VIS
Credit Rating Co. (Pvt) Limited has maintained the previous long term credit
rating of our company |
|
| as
BBB- (Triple B minus) and short term rating of D-3 (D Three) for the year
2000. |
|
|
| FUTURE
OUTLOOK: |
|
| Future
planning, its implementation and outcome of the policies primarily depends
upon the direction of the |
|
| economy
Present environment and industrial activity in the country continue to be
slow with no sign of early |
|
| turn
around. According to State Bank annual review against industrial target of
5.8% of GDP actual |
|
| achievement
remained at 1.1%. Investment climate with the revival of textile sector and
encouraging reports |
|
| being
received from the Agriculture Sector especially cotton and rice crops,
overall economic conditions |
|
| in
the country shall improve. creating better investment and business climate.
With government determined |
|
| effort
and various steps like documentation of economy. reduced lending rates,
rescheduling of external |
|
| debts,
increased exports and other facilities for the business community and the
consumers, there may be |
|
| all
round improvement in the economy. However, at the moment leasing sector is
facing adverse conditions |
|
| and
serious challenges. Our company is fully alive to the challenges and shall
meet the situation. |
|
|
| ACKNOWLEDGMENT: |
|
| Finally.
I express my gratitude to my colleagues for their cooperation in conducting
affairs of the company. |
|
| I
also acknowledge SECP, SBP, Banks and other Financial Institutions for their
guidance and support. I |
|
| thank
the customers and shareholders of the company for the confidence and trust
reposed by them in us. |
|
| Last
of all I place my appreciations on record for the commitment and hard work
put in by the members of |
|
| the
staff for the progress of the company. |
|
|
|
|
For and on behalf of the Board |
|
|
|
|
|
|
| Karachi |
|
|
(SHEIKH JAVAID MAHMOOD) |
|
| Dated:
22nd November, 2000 |
|
Chairman |
|
|
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed Balance Sheet of ENGLISH LEASING
LIMITED as at June 30, 2000, and |
|
| the
related profit & loss account, cash flow statement and statement of
changes in equity 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 purpose of our audit. |
|
|
| It
is the responsibility of the company's management to establish and maintain a
system of internal control, |
|
| and
prepare and present the above said statements in conformity with the approved
accounting standard |
|
| and
requirements of the Companies Ordinance, 1984. Our responsibility is to
express an opinion on these |
|
| statements
based on our audit. |
|
|
| We
conducted our audit in accordance with the auditing standards as applicable
in Pakistan. These standards |
|
| require
that we plan and perform the audit to obtain reasonable assurance about
whether the above said |
|
| statements
are free of any material misstatements. An audit included examining, on a
test basis, evidence |
|
| supporting
the amounts and disclosures in the above said statements. An audit also
includes assessing the |
|
| accounting
policies and significant estimates made by management, as well as, evaluating
the overall |
|
| presentation
of the above said statements. We believe that our audit provides a reasonable
basis for our |
|
| opinion
and, after due verification, we report that |
|
|
| a)
in our opinion, proper books of accounts have been kept by the company as
required |
|
| by
the Companies Ordinance, 1984; |
|
|
| b)
in our opinion |
|
|
| (i)
the balance sheet and profit and loss account together with the notes thereon
have |
|
| been
drawn up in conformity with the Companies Ordinance, 1984, and are in |
|
| agreement
with the books of account and are further in accordance with accounting |
|
| policies
consistently applied; |
|
|
| (ii)
the expenditure during the year was for the purpose of the company's
business; and |
|
|
| (iii)
the business conducted, investment made and the expenditure incurred during
the |
|
| year
were in accordance with the objects of the company; |
|
|
| (c)
in our opinion, Zakat deductible at source under the Zakat and Ushr
Ordinance, 1980. |
|
| (XVII
of 1980), was deducted by the company and deposited in the Central Zakat Fund |
|
| established
under Section of the Ordinance. |
|
|
|
|
|
| Without
qualifying our opinion, we draw attention to the note 15.2 whereby long term
Investments |
|
| are
valued at cost and no provision has been made for the decline by Rs. 11.447
million in the |
|
| market
value of these investments. |
|
|
| Karachi: |
|
|
RAHIM IQBAL RAFIQ & COMPANY |
|
| Dated:
22nd November, 2000 |
|
Chartered Accountants. |
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 2000 |
|
|
|
|
|
2000 |
1999 |
|
|
|
NOTE |
RUPEES |
RUPEES |
|
|
| EQUITY
AND LIABILITIES |
|
|
|
| SHARE
CAPITAL AND RESERVES |
|
|
| Authorised
Share Capital |
|
| 50,000,000
Ordinary shares of Rs.10 each |
|
500,000,000 |
500,000,000 |
|
|
========== |
========== |
|
| Issued,
Subscribed and Paid-up Share Capital |
|
|
|
| 8,000,000
Ordinary |
|
| shares
of Rs.10 each fully paid in cash |
|
80,000,000 |
80,000,000 |
|
|
|
|
| Reserves |
|
|
|
| Capital reserves |
|
3 |
39,608,744 |
34,947,025 |
|
| Revenue
reserves |
|
4 |
14,683,737 |
13,874,618 |
|
| Unappropriated
profit |
|
|
2,374,568 |
1,681,783 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
56,667,049 |
50,503,426 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
136,667,049 |
130,503,426 |
|
| NON-CURRENT
LIABILITIES |
|
|
|
| Long
Term Loans |
|
5 |
96,464,661 |
58,856,013 |
|
| Obligations
under Finance Lease |
|
6 |
2,562,630 |
2,171,243 |
|
| Long
Term Deposits |
|
7 |
39,007,484 |
34,087,151 |
|
| Long
Term Certificates of Investment |
8 |
8,790,680 |
10,055,447 |
|
| DEFERRED
LIABILITIES |
|
|
|
| Gratuity |
|
|
615,472 |
435,784 |
|
|
|
|
------------------ |
------------------ |
|
|
|
147,440,927 |
105,605,638 |
|
| CURRENT
LIABILITIES |
|
| Current
portion of obligations |
|
| under
finance lease |
|
|
1,480,224 |
719,660 |
|
| Current
maturity of long term loans |
|
42,752,851 |
32,926,496 |
|
| Shod
term finances |
|
9 |
45,000,000 |
42,499,707 |
|
| Shod
Term Certificates of Investment |
|
2,280,700 |
5,100,000 |
|
| Accrued
and other liabilities |
|
10 |
13,978,410 |
6,485,393 |
|
| Taxation |
|
|
-- |
-- |
|
| Dividend
payable |
|
11 |
10,479,275 |
10,504,088 |
|
|
------------------ |
------------------ |
|
|
|
|
115,971,460 |
98,235,344 |
|
|
| CONTINGENCIES
AND COMMITMENTS |
12 |
-- |
-- |
|
|
------------------ |
------------------ |
|
|
|
|
400,079,436 |
334,344,408 |
|
|
|
|
========== |
========== |
|
|
|
|
| The
annexed notes form an integral pad of these accounts. |
|
|
|
Chief Executive |
|
Chairman |
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
| NON-CURRENT
ASSETS |
|
|
|
| Tangible
Fixed Assets |
|
13 |
9,016,484 |
8,398,526 |
|
| Net
Investment In Finance Leases |
14 |
229,567,686 |
133,566,358 |
|
| Long
Term Investments |
|
15 |
19,310,875 |
19,310,875 |
|
| Long
Term Deposits |
|
16 |
751,083 |
822,155 |
|
|
|
|
|
------------------ |
------------------ |
|
|
258,646,128 |
162,097,914 |
|
|
|
|
| CURRENT
ASSETS |
|
| Current
Portion of Net Investment in Leases |
|
79,619,095 |
135,164,555 |
|
| Shod
Term Investments |
|
17 |
386,285 |
386,285 |
|
| Shod
Term Finances |
|
18 |
43,000,000 |
31,000,000 |
|
| Advances,
Prepayments and other receivables |
19 |
7,756,807 |
2,898,506 |
|
| Cash
and Bank balances |
|
20 |
10,671,121 |
2,797,148 |
|
|
|
|
|
------------------ |
------------------ |
|
|
141,433,308 |
172,246,494 |
|
|
------------------ |
------------------ |
|
|
|
400,079,436 |
334,344,408 |
|
|
|
========== |
========== |
|
|
|
Chief Executive |
|
Chairman |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE, 30 2000 |
|
|
|
|
|
|
NOTE |
2000 |
1999 |
|
|
|
Rupees |
Rupees |
|
|
| REVENUE |
|
|
|
| Income
from lease operations |
|
21 |
47,000,765 |
47,167,456 |
|
| Gain
on sale of securities |
|
|
-- |
567,106 |
|
| Other income |
|
22 |
2,329,278 |
3,438,657 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
49,330,043 |
51,173,219 |
|
|
|
|
| EXPENDITURE |
|
|
|
| Financial
and bank charges |
|
23 |
18,402,566 |
23,328,566 |
|
| Administrative
and operating expenses |
24 |
13,886,226 |
11,775,904 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
32,288,792 |
35,104,470 |
|
| PROFIT
BEFORE TAXATION |
|
| TAXATION |
|
|
|
17,041,251 |
16,068,749 |
|
|
|
|
|
------------------ |
------------------ |
|
| Current |
|
25 |
771,215 |
578,667 |
|
| Prior |
|
|
|
106,413 |
901,340 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
877,628 |
1,480,007 |
|
|
|
|
------------------ |
------------------ |
|
| PROFIT
AFTER TAXATION |
|
|
16,163,623 |
14,588,742 |
|
|
|
| UNAPPROPRIATED
PROFIT BROUGHT FORWARD |
1,681,783 |
905,147 |
|
|
|
|
------------------ |
------------------ |
|
| PROFIT
AVAILABLE FOR APPROPRIATION |
|
17,845,406 |
15,493,889 |
|
|
|
| APPROPRIATIONS |
|
|
|
|
| Transfer
from general reserve |
|
|
-- |
14,000,000 |
|
| Transfer
to statutory reserve |
|
|
(3,232,725) |
(2,917,748) |
|
| Transfer
to contingencies reserve |
|
(809,119) |
(894,358) |
|
| Transfer
to capital reserve-reserve for deferred tax |
|
(1,428,994) |
(14,000,000) |
|
| Proposed
dividend |
|
|
(10,000,000) |
(10,000,000) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
15,470,838 |
(13,812,106) |
|
|
|
|
------------------ |
------------------ |
|
| UNAPPROPRIATED
PROFIT CARRIED FORWARD |
2,374,568 |
1,681,783 |
|
|
|
|
========== |
========== |
|
| Earning
per share |
|
|
2.02 |
1.82 |
|
|
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
Chief Executive |
|
Chairman |
|
|
|
| STATEMENT
OF CHANGES IN EQUITY AND RESERVES |
|
| FOR
THE YEAR ENDED JUNE 30, 2000 |
|
|
|
Issued, |
Statutory |
General |
Contingency |
Reserve |
|
|
|
|
subscribed & |
Reserves |
Reserves |
Reserves |
for deferred |
Unappropriated |
Total |
Total |
|
|
paid up capital |
|
tax liability |
profit |
2000 |
1999 |
|
|
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
|
|
|
|
| Balance
as at July 01 |
80,000,000 |
20,947,025 |
8,500,000 |
5,374,618 |
14,000,000 |
1,681,783 |
130,503,426 |
125,914,684 |
|
|
| Movement
during the year |
|
| Net
Profit for the year |
|
|
|
16,163,623 |
16,163,623 |
14,588,742 |
|
|
|
|
| Add:
Transfer from P & L a/c to |
|
|
|
| Statutory
reserves |
|
3,232,725 |
|
|
|
3,232,725 |
2,917,748 |
|
| General reserve |
|
|
|
|
|
|
| Contingency
reserve |
|
|
809,119 |
|
809,119 |
894,358 |
|
|
|
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
20,205,467 |
18,400,848 |
|
| Less:
Transfer to |
|
| Statutory
reserves |
|
|
|
(3,232,725) |
(3,232,725) |
(2,917,748) |
|
| General reserve |
|
|
|
| Contingency
reserve |
|
|
(809,119) |
(809,119) |
(894,358) |
|
| Reserve
for deferred tax liability |
|
|
1,428,994 |
(1,428,994) |
-- |
-- |
|
|
|
|
| Proposed
Dividends |
|
|
|
(10,000,000) |
(10,000,000) |
(10,000,000) |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(14,041,844) |
(13,812,106) |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
| Balance
as at June 30 |
80,000,000 |
24,179,750 |
8,500,000 |
6,183,737 |
15,428,994 |
2,374,568 |
136,667,049 |
130,503,426 |
|
|
========== |
========== |
========== |
========== |
========== |
========== |
========== |
========== |
|
|
|
|
|
Chief Executive |
|
Chairman |
|
|
|
| STATEMENT
OF CHANGES IN FINANCIAL POSITION |
|
| FOR
THE YEAR ENDED 30 JUNE, 2000 |
|
|
|
|
|
2000 |
1999 |
|
|
|
|
Rupees |
Rupees |
|
|
|
| CASH
FLOWS FROM OPERATING ACTIVITIES |
|
