| Rupali Polyester Limited |
|
|
|
|
|
|
|
| Annual
Report 2000 |
|
|
|
| Contents |
|
|
| Corporate Data |
|
|
| Financial
Highlights |
|
| Directors'
Report to the Shareholders |
|
| Notice
of Meeting |
|
| Auditors'
Report to the Members |
|
| Balance Sheet |
|
|
| Profit
& Loss Account |
|
| Statement
of Changes in Equity |
|
| Cash
Flow Statement |
|
| Notes
to the Accounts |
|
| Pattern
of Shareholding |
|
|
|
| Corporate
Data |
|
|
| Board
of Directors |
|
| Jafferali
M. Feerasta |
|
| Chairman |
|
|
| Badruddin
J. Feerasta |
|
| Chief Executive |
|
|
| Muhammad
Rashid Zahir Amiruddin J. Feerasta |
|
| Nooruddin
B. Feerasta (Sr.) Amin A. Feerasta |
|
| Abdul Hayee |
|
|
| Secretary |
|
| Fateh
Mohammad Khera |
|
|
| Bankers |
|
| ABN
AMRO Bank N.V. |
|
| Allied
Bank of Pakistan Limited |
|
| American
Express Bank Limited |
|
| Citibank, N.A. |
|
| Credit
Agricole Indosuez |
|
| Faysal
Bank Limited |
|
| Habib
Bank Limited |
|
| Mashreq
Bank psc |
|
| Metropolitan
Bank Limited |
|
| United
Bank Limited |
|
| Muslim
Commercial Bank Limited |
|
| National
Bank of Pakistan |
|
| Societe
Generale The French and |
|
| International
Bank |
|
| Soneri
Bank Limited |
|
| Standard
Chartered Bank |
|
| Standard
Chartered Grindlays |
|
| Bank Limited |
|
| Union
Bank Limited |
|
|
| Auditors |
|
| Qavi & Co. |
|
| Chartered
Accountants |
|
|
| Registered
Office |
|
| 7th
Floor, Gul Tower |
|
| I.I.
Chundrigar Road |
|
| Karachi,
Pakistan |
|
|
| Plant |
|
| 30.2 Kilometer |
|
| Lahore-Sheikhupura
Road |
|
| Sheikhupura,
Pakistan |
|
|
| Profile |
|
| Rupali
Polyester Limited was incorporated at Karachi in May 1980 as a Public Limited
Company. It owns |
|
| and
operates composite facilities for manufacture of polyester fiber and filament
yarn. The Company has |
|
| the
privilege of possessing the pioneer status in Pakistan for staple fiber
manufacture. Since its inception, the |
|
| Company
has grown steadily through expansion and diversified operation and the assets
now employed have |
|
| increased
to over Rs. 2,144 million from the initial capital outlay of Rs. 150 million
with which the |
|
| Company
installed its first plant at the inception stage. |
|
|
| The
Company has polyester filament yarn making capacity of 30 M. tons per day, a
polymerization unit |
|
| with
a capacity of 105 M. tons per day and polyester staple fiber capacity of 65
M. tons per day. Most recently |
|
| additional
twisting facility has been added. The various products of Rupali are in fact
import |
|
| substitution
as these were previously imported from Japan, Taiwan and Korea but the
Company through its |
|
| in-house
expertise and innovative research had developed techniques for producing them
indigenously. |
|
|
| As
a step towards modernization and capacity augmentation, the Company has
recently expanded its |
|
| existing
manufacturing facilities by installing twisters and winders for product
diversification. |
|
|
| The
philosophy of the Company is to grow on the strength of quality and
reliability. With this prime |
|
| objective
it is maintaining a full-fledged and well-established Research &
Development Centre for |
|
| standard
maintenance and innovative improvements in its products. Products and
services offered by the |
|
| Company
are acknowledged by the customers to be of the highest quality and the
Company is considered to |
|
| be
the most reliable and prestigious one. The end products are, therefore, the
results of extensively high |
|
| quality
processes for the sake of upkeeping the image of the Company developed in the
minds of customers. |
|
| That
is why the Rupali products are the first preference of customers. Rupali
filament yam is exclusively liked |
|
| by
local weavers while its finest quality fiber is excellently processed under
local conditions. |
|
|
| The
Company gives high priority to customer satisfaction and provides after sales
services to attend their problems |
|
| at
their work sites. |
|
|
| AL
HAMDO LILLAH, the Company enjoys prestige and reputation among the industrial
sector. It is quoted |
|
| on
all the three Stock Exchanges of the country. It also stands amongst major
national exchequer contributors |
|
| striving
for stabilization of national economy. |
|
|
|
| Financial
Highlights |
|
|
|
(Rupees in million) |
|
|
1996 |
1997 |
1998 |
1999 |
2000 |
|
| Sales (Net) |
|
2,803.930 |
2,317.947 |
2,075.672 |
1,812.277 |
2,175.164 |
|
| Profit
before Tax |
235.367 |
206.705 |
128.750 |
135.307 |
257.777 |
|
| Profit after Tax |
|
148.187 |
135.170 |
92.001 |
67.243 |
140.409 |
|
|
| Income
Tax - Current |
87.180 |
71.535 |
36.749 |
45.644 |
90.616 |
|
| - Prior years |
|
-- |
-- |
-- |
-- |
4.380 |
|
| - Deferred |
|
-- |
-- |
-- |
22.420 |
22.372 |
|
|
| Sales
Tax |
|
307.953 |
388.974 |
261.372 |
252.283 |
326.354 |
|
|
| Excise Duty |
|
104.773 |
46.694 |
18.194 |
17.539 |
19.943 |
|
|
| Gross
assets employed |
2,758.752 |
2,464.095 |
2,249.311 |
2,231.178 |
2,120.666 |
|
| (excluding
capital work in progress) |
|
|
| Shareholders
equity |
1,365.14 |
1,398.10 |
1,404.93 |
1,369.97 |
1,374.11 |
|
| Long term loan |
|
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
------------ |
------------ |
------------ |
------------ |
------------ |
|
| Debt
/ Equity ratio |
0:100 |
0:100 |
0:100 |
0:100 |
0:100 |
|
| Earning
per share before tax (Rs.) |
6.91 |
6.07 |
3.78 |
3.97 |
7.57 |
|
| Dividend
(percentage) |
30 |
30 |
25 |
30 |
40 |
|
|
------------ |
------------ |
------------ |
------------ |
------------ |
|
| Production
volume (M. Tons) |
31,043 |
30,532 |
29,807 |
30,068 |
29,049 |
|
| Number
of employees |
1,375 |
1,216 |
1,185 |
1,266 |
1,281 |
|
|
|
========== |
========== |
========== |
========== |
========== |
|
|
|
|
| Directors'
Report to the Shareholders |
|
|
| The
directors of your Company feel immense pleasure to welcome you to the
twentieth annual general meeting and present the annual |
| report
and audited accounts of the Company for the year ended 30 June 2000. |
|
|
| Financial
Results |
|
Rs. in '000 |
|
| Net
profit before taxation |
|
257,777 |
|
| Provision
for taxation |
|
117,368 |
|
|
----------- |
|
| Profit
after taxation |
|
140,409 |
|
| Unappropriated
profit brought forward |
|
4,795 |
|
|
----------- |
|
| Profit
available for appropriation |
|
145,204 |
|
|
|
|
| Appropriations: |
|
|
|
| Proposed
final cash dividend @ 40% (1999 @ 30%) |
136,274 |
|
| Transfer
to general reserve |
|
7,000 |
|
|
----------- |
|
|
143,274 |
|
|
----------- |
|
| Balance
carried forward |
|
1,930 |
|
|
----------- |
|
| Earning
per sham |
|
Rs. 4.12 |
|
|
----------- |
|
|
|
|
| Overview |
|
|
|
|
|
| The
polyester fiber and filament yarn industry is still facing difficulties and
has not been able to come out |
|
| of
the crisis which hit this industry since the last many years. The growth of
the industry is impeded by |
|
| manifold
problems like anomalies in tariff structure and dumping of polyester yarn and
fiber at cheaper |
|
| price
from Far-Eastern countries into Pakistani markets. These problems have caused
immense loss to the |
|
| industry. |
|
|
| Polyester
industry is a downstream of petrochemical industry. The basic raw materials
for manufacture of |
|
| polyester
yarn and polyester fiber are petrochemicals like PTA and MEG. National Tariff
Commission which |
|
| is
the Institution entrusted to safeguard the interests of local industry
vis-a-vis unfair competition has accepted |
|
| the
presentation made by local Filament Yarn Manufacturers Association for review
of duty structure. |
|
| It
has been argued to the NTC that all textile yarn and fabrics are exempt from
CED except polyester/nylon |
|
| yarn
which are subject to CED @ Rs. 2.50 per Kg., and as such is an anomaly to the
local industry. Import |
|
| duty
on polyester yarn was increased to 45% (35% custom duty plus 10% CED) on the
basis of cheaper |
|
| import
from Far-Eastern countries. The import duty has now again been reduced to 30%
(25% custom duty |
|
| plus
5% CED). As against this, the excise duty on polyester yarn@ Rs. 2.50 per Kg.
has not been removed |
|
| yet.
Although the NTC has accepted this matter for consideration, the local
industry has not been provided |
|
| any
relief since last one year. |
|
|
| The
illegal dumping of polyester filament yarn and fiber from Far-Eastern
countries into Pakistani markets |
|
| at
very cheap prices has resulted in under-utilization of indigenous production
capacities created with large |
|
| investments.
With this scenario further fall in local production is apprehended with
colossal loss to the |
|
| national
exchequer. This situation needs immediate remedial steps through legislation. |
|
|
| Inspite
of unfavourable circumstances the operating results for the year ended 30
June 2000 reflect a much |
|
| better
position as compared to the previous year. Sales revenue amounted to Rs.
2,175.164 million in year |
|
| 2000
showing an increase of 20% over Rs. 1,812.277 million in 1999. Pre-tax profit
recorded an increase of |
|
| 90%
to Rs. 257.777 million over Rs. 135.307 million in 1999. Profit after
taxation rose to Rs. 140.409 |
|
| million
from Rs. 67.243 million in the preceding year. |
|
|
| The
increase in profitability is due mainly to improved product prices, timing
difference on stocks and |
|
| devaluation
of Pak Rupees. The provision for deferred taxation is required to be made by
30 June 2003 under |
|
| International
Accounting Standard (IAS Rev. 12) to account for the difference in income tax
so far |
|
| accumulated
due to timing difference. |
|
|
| Administration,
selling and general expenses declined to Rs. 92.147 million from Rs. 101.808
million in 1999. |
|
| There
was also a reduction of 48% in Financial Charges to Rs. 57.076 million this
year from Rs. 109.840 million |
|
| in
the previous year. This was achieved by better management of borrowed funds. |
|
|
| Board
of Directors |
|
| During
the year, Mr. Muhammad Ali H. Sayani resigned from the directorship of the
Company and |
|
| Mr.
Amin A. Feerasta was co-opted to fill this vacancy. However, as the term of
existing elected directors is |
|
| expiring,
election of directors for fresh term of three years will be held in the
forthcoming annual general |
|
| meeting.
The number of directors fixed by the Board is seven (7). |
|
|
| Future
Outlook |
|
| The
crisis through which the polyester staple fiber (PSF) and polyester filament
yarn industry is passing |
|
| poses
a serious threat to the healthy growth of the industry. The expansion in
indigenous production |
|
| capacity
and large supplies of polyester fibre and filament yarn from other countries
will continue to |
|
| depress
the earnings of the local producers. The discriminatory treatment with the
PSF and polyester |
|
| filament
yarn industry in the No Duty No Drawback scheme by the government affected
the ability of the |
|
| indigenous
producers of PSF and filament yarn to match the economies of scale of the
producers of Far- |
|
| Eastern
countries. |
|
|
|
| The
prices of PTA in international market which were as low as US$ 345.00 per M.
ton in July 1999 went |
|
| up
to US$ 525.00 in June 2000. Similarly, the prices of MEG which were US$
310.00 per M. Ton in July |
|
| 1999
increased to US$ 610.00 per M.Ton. This rising trend in prices of basic raw
materials may put an |
|
| adverse
impact on profitability of the Company. The prices of furnace fuel oil
pursuant to permission for |
|
| direct
import given by the Government, are rising upward day-by-day having
incremental impact on |
|
| production
costs. |
|
|
| The
Company has taken another step towards balancing the operation of DTY
capacity and has decided to |
|
| further
install DTY machines. This will balance our production capacity. |
|
|
| Dividend |
|
| Your
directors are pleased to propose a dividend @ 40% i.e Rs. 4.00 per share of
Rs. 10/- each for the year ended |
|
| 30 June 2000. |
|
|
| Auditors |
|
| M/s.
Qavi & Co. Chartered Accountants retire and being eligible offer
themselves for re-appointment. |
|
|
| Pattern
of Shareholding |
|
| A
statement showing the pattern of shareholding in the Company as at 30 June
2000 as required under Section |
|
| 236 of the Companies Ordinance
1984 |
|
|
| Labor
Management Relations |
|
| Like
previous years, usual cordial relations were maintained between the
management and labor during this |
|
| year
and we wish to place on record our appreciation for the dedication and hard
work demonstrated by |
|
| employees
at every level for the progress and growth of the Company. |
|
|
| A
Note of Gratitude |
|
| The
directors wish to place on record their appreciation for the co-operation
extended by the Ministries of |
|
| Finance,
Industries, Commerce and Communication. We also owe our thanks to the
Departments of Customs, |
|
| Central
Excise and Government of the Punjab for their co-operation. We appreciate the
patronage and |
|
| confidence
placed in the Company by the development financial institutions and
commercial banks. We are |
|
| thankful
to our valued customers and expect more pleasant business relationship with
them. To our shareholders |
|
| we
are grateful for their faith in the Company. We greatly value their trust. |
|
|
|
On behalf of the Board |
|
|
| Karachi |
|
Jafferali M. Feerasta |
|
| 12
October 2000 |
|
Chairman |
|
|
|
| Notice
of Annual General Meeting |
|
|
|
| Notice
is hereby given that the 20th Annual General Meeting of the Company will be
held at Pearl |
|
| Continental
Hotel, Karachi on Saturday 25 November 2000 at 9.00 a.m. to transact the
following business: |
|
|
| Ordinary
Business: |
|
| 1.
To confirm the minutes of the last Annual General Meeting held on 8 December
1999. |
|
|
| 2.
To receive, consider and adopt audited accounts together with the Directors'
and Auditors' Reports |
|
| thereon
for the year ended 30 June 2000. |
|
|
| 3.
To elect seven (7) Directors of the Company in accordance with the provisions
of Section 178 of |
|
| the
Companies Ordinance 1984 for a period of three (3) years commencing from 22
December |
|
| 2000. |
|
|
| 4.
To approve payment of final dividend @ 40% i.e Rs. 4.00 per share for the
year ended 30 June |
|
| 2000
as recommended by the Board of Directors. |
|
|
| 5.
To appoint Auditors of the Company and to fix their remuneration. |
|
|
| 6.
To transact such other ordinary business as may be placed before the meeting
with the permission |
|
| of the Chair. |
|
|
| Special
Business: |
|
| 7.
To approve the remuneration payable to the fulltime working Directors
including the Chief Executive |
|
| of
the Company. |
|
|
| Statement
under section 160 of the Companies Ordinance 1984, pertaining to the Special
Business |
|
| alongwith
the resolutions proposed to be passed is being sent to the Shareholders with
the notice. |
|
|
|
By order of the Board |
|
|
| Karachi |
|
Fateh Mohammad Khera |
|
| 12
October 2000 |
|
Company Secretary |
|
|
| Notes: |
|
| 1.
In accordance with Section 178(1) of the Companies Ordinance, 1984 the number
of Directors to |
|
| be
elected has been fixed as seven (7). The retiring Directors, namely Mr.
Jafferali M. Feerasta, |
|
| Mr.
Badruddin J. Feerasta, Mr. Muhammad Rashid Zahir, Mr. Amiruddin J. Feerasta, |
|
| Mr.
Nooruddin B. Feerasta (Sr.), Mr. Amin A. Feerasta and Mr. Abdul Hayee being
eligible, have |
|
| notified
their intention to offer themselves for re-election as Directors. |
|
|
| 2.
In terms of Section 178(3) of the Companies Ordinance, 1984 any person who
seeks to contest an |
|
| election
to the office of Director, whether he is a retiring Director or otherwise,
shall file with the |
|
| company,
not later than fourteen (14) days before the date of this meeting, a notice
of his intention |
|
| to
offer himself for election as a Director. |
|
|
| 3.
Share transfer books of the Company will remain closed from 16 November 2000
to 25 November |
|
| 2000
(both days inclusive) for determining the entitlement of dividend. The
members whose names |
|
| appear
in the register of members as at the close of business on 15 November 2000
will qualify for |
|
| payment
of dividend. |
|
|
| 4.
A member entitled to attend and vote at this meeting may appoint another
member as his or her |
|
| proxy
to attend and vote. Proxies in order to be effective must be received at the
Registered Office |
|
| of
the Company not less than 48 hours before the time of holding the meeting. |
|
|
| 5.
Accountholders/sub-accountholders holding book entry securities of the
Company in Central |
|
| Depository
System (CDS) of Central Depository Company of Pakistan Limited (CDC) who wish |
|
| to
attend the Annual General Meeting are requested to please bring their
original National Identity |
|
| Card
or original passport with a photocopy duly attested by their bankers along
with participant's |
|
| I.D.
No. and their Account No. in CDS for identification purposes. In case of
corporate entity, the |
|
| Board
of Directors' resolution/power of attorney with specimen signature of the
nominee shall be |
|
| produced
(unless it has been provided earlier) at the time of the meeting. |
|
|
| 6.
Shareholders are requested to notify the Company of any change in their
addresses immediately. |
|
|
| STATEMENT
UNDER SECTION 160 OF THE COMPANIES ORDINANCE 1984 |
|
| This
statement sets out the material facts concerning the special business to be
transacted at the 20th |
|
| Annual
General Meeting of Rupali Polyester Limited to be held on 25 November 2000. |
|
|
| Subject
to re-election of working Directors and subsequent re-appointment of the
Chief Executive, |
|
| approval
of the shareholders will be sought for the remuneration payable to them in
accordance with their |
|
| terms
and conditions of service. For this purpose it is intended to propose that
the following resolution |
|
| be
passed as an Ordinary Resolution, namely: |
|
|
| "RESOLVED
THAT the Company hereby approves and authorises the holding of offices of
profit and |
|
| payment
as remuneration consisting of salary and allowances to Mr. Badruddin J.
Feerasta, Chief Executive, |
|
| Mr.
Nooruddin B. Feerasta (Sr.), Executive Director and Mr. Abdul Hayee, Finance
Director not exceeding |
|
| Rupees
12 million per annum, exclusive of perquisites and other benefits to which
they are entitled under |
|
| their
terms of employment. |
|
|
| FURTHER
RESOLVED THAT in the event of any of the aforesaid offices of profit falling
vacant, the |
|
| approval
hereby given shall be equally applicable to any other person appointed to
fill such vacancy." |
|
|
|
| AUDITORS
REPORT TO THE MEMBERS |
|
|
|
| We
have audited the annexed balance sheet of RUPALI POLYESTER LIMITED as at 30
June 2000 and |
|
| the
related profit and loss account, statement of changes in equity and 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. |
|
|
| 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 standards |
|
| and
the 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 misstatement. An audit includes 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 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 the 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, cash flow statement and statement of changes
in equity |
|
| together
with the notes forming part thereof conform with approved accounting
standards as |
|
| applicable
in Pakistan. and, 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 30 June 2000 and of the profit, its cash flows and changes in equity
for the year then |
|
| ended: and |
|
|
| d)
in our opinion Zakat deductible at source under the Zakat and Ushr Ordinance,
1980 (XVIII of |
|
| 1980).
was deducted by the Company and deposited in the Central Zakat Fund
established Under |
|
| Section
7 of that Ordinance. |
|
|
| 12 October 2000 |
|
Qavi & Co. |
|
| Karachi |
|
Chartered Accountant, |
|
|
|
| Balance
Sheet |
|
| as
at 30 June 2000 |
|
|
|
|
|
Amount in
Rs. '000 |
|
|
Note |
2000 |
1999 |
|
| SHARE
CAPITAL AND RESERVES |
|
| Authorised
Capital |
|
| 35.000.000
Ordinary Shares of Rs. 10 each |
|
350,000 |
350,000 |
|
| Issued,
Subscribed & Paid-up Capital |
|
3 |
340,685 |
340,685 |
|
| Reserves |
|
1,031,490 |
1,024,490 |
|
| Unappropriated
Profit |
|
1,930 |
4,795 |
|
|
------------ |
------------ |
|
|
1,374,105 |
1,369,970 |
|
| NON-CURRENT
LIABILITIES |
|
| DEFERRED
LIABILITIES |
|
| Provision
for Staff Gratuity |
|
32,637 |
25,289 |
|
| Provision
for Deferred Taxation |
|
44,792 |
22,420 |
|
|
------------ |
------------ |
|
|
|
77,429 |
47,709 |
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
| Short
Term Finances |
|
4 |
234,757 |
429,635 |
|
| Advances.
Deposits, Retentions |
|
5 |
143,624 |
152,367 |
|
| &
Other Payables |
|
|
|
|
|
|
| Creditors
& Accrued Expenses |
|
6 |
83,012 |
103,677 |
|
| Provision
for Taxation |
|
95,151 |
50,265 |
|
| Proposed
Dividend |
|
136,274 |
102,206 |
|
|
------------ |
------------ |
|
|
692,818 |
838,150 |
|
| CONTINGENCIES
& COMMITMENTS |
|
7 |
-- |
-- |
|
|
------------ |
------------ |
|
|
2,144,352 |
2,255,829 |
|
|
========== |
========== |
|
| ASSETS |
|
| NON-CURRENT
ASSETS |
|
| FIXED
CAPITAL EXPENDITURE |
|
| Operating
Fixed Assets |
|
8 |
635,516 |
633,201 |
|
| Capital
Work in Progress |
|
9 |
23,686 |
24,651 |
|
|
|
659,202 |
657,852 |
|
| LONG
TERM DEPOSITS & |
|
|
|
|
| PREPAYMENTS |
|
10 |
5,777 |
8,779 |
|
|
|
|
|
|
|
664,979 |
666,631 |
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
|
| Stores, Spares & Loose Tools |
|
11 |
125,576 |
123,579 |
|
| Stock in Trade |
|
12 |
562,324 |
596,478 |
|
|
|
|
|
| Trade Debts |
|
13 |
11,825 |
13,329 |
|
|
|
|
|
| Loans.
Advances, Deposits, |
|
|
|
|
| Prepayments
& Other Receivables |
|
14 |
743,934 |
645,079 |
|
|
|
|
|
| Cash
and Bank Balances |
|
15 |
35,714 |
210,733 |
|
|
|
------------ |
------------ |
|
|
1,479,373 |
1,589,198 |
|
|
------------ |
------------ |
|
|
2,144,352 |
2,255,829 |
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these accounts |
|
|
|
|
Badruddin J. Feerasta |
|
Nooruddin B. Feerasta (St.) |
|
|
Chief Executive |
|
Director |
|
|
|
