| Bolan Bank Limited |
|
|
|
|
|
|
|
|
| Annual
Report 2001 |
|
|
|
| CONTENTS |
|
|
| Corporate
Information |
|
| Chairman's
Review |
|
| Directors'
Report to the Members |
|
| Notice
of Annual General Meeting |
|
| Auditors'
Report Balance Sheet |
|
| Profit
and Loss Account |
|
| Statement
of Changes in Equity |
|
| Cash
Flow Statement |
|
| Notes
to the Accounts |
|
| Pattern
of Shareholdings |
|
| Office/Branch
Network |
|
|
|
| CORPORATE
INFORMATION |
|
|
| BOARD
OF DIRECTORS |
|
| Mr.
Javed Yunus |
Chairman |
|
| Mr.
Mirza Ghulam Mustafa |
Vice Chairman |
|
| Mr.
Pervez Yunus |
Director |
|
| Mr.
Naved Yunus |
Director |
|
| Mr.
Maheen Yunus |
Director |
|
| Mrs. R. J. Yunus |
|
Director |
|
| Mrs. S. P. Yunus |
|
Director |
|
| Mrs.
Ambreen Naved Yunus |
Director |
|
| Mrs.
Najmus Sehar Mustafa |
Director |
|
| Mr.
Mirza Ghulam Mujtaba |
Director |
|
| Mr.
Syed Ijaz Hussain Shah |
Director |
|
|
| SECRETARY |
|
| Mr.
Shabbir Ali Kanchwala |
|
|
| MANAGEMENT |
|
| Mr.
Syed Ijaz Hussain Shah |
President & Chief
Executive |
|
| Mr.
M. Moazzam Khan |
Senior Executive Vice
President |
|
|
| AUDITORS |
|
| M/s.
Taseer Hadi Khalid & Co. |
Chartered Accountants |
|
|
| SHARE
REGISTRARS |
|
| M/s.
Bema Associates (Pvt.) Limited |
|
| 515,
Qamar House, |
|
| M.
A. Jinnah Road, Karachi. |
|
|
|
| CHAIRMAN'S
REVIEW |
|
|
| I
am pleased to present, on behalf of the Board of Directors, the 10th Annual
Report of the Bolan |
|
| Bank
Limited, for the year ended December 31, 2001. |
|
|
| ECONOMIC
ENVIRONMENT: |
|
| In
the context of Economic and Political Scenario, 2001 was a difficult year for
Pakistan, with particular |
|
| reference
to the event of September 11, 2001, which abruptly changed the whole
complexion of Political |
|
| and
Economic environment of the world. Pakistan's economy, which was struggling
to survive with |
|
| continued
international sanctions till September, 2001 was confronted with another
turmoil being a front |
|
| state,
when the allied forces started its operation in Afghanistan against
terrorism. Although, Pakistan |
|
| was
able to restore its lost image in the international community and the
developed countries, appreciated |
|
| the
policies of the government of Pakistan, no immediate benefit could be derived
to help on the economic |
|
| front
in the year 2001. Nevertheless, with the change of the government in
Afghanistan and lifting of |
|
| sanctions
against Pakistan, the donor countries, World Bank and IMF have started coming
forward to |
|
| ease
the burden on the economy of Pakistan, and it is hoped that the Pakistan's
economy will come out |
|
| of
crises and investors' confidence will be restored. There are visible signs
for up-turn in the economy |
|
| with
the strengthening of foreign exchange reserves and restructuring/rescheduling
of foreign debts, |
|
| besides
inflow of the aid coming from the donor countries and development agencies
for improving basic |
|
| infra-structure,
health and education. |
|
|
|
| BALANCE
SHEET: |
|
| Despite
these depressed economic environments, which adversely affected the financial
markets, the |
|
| Bolan
Bank Limited was able to maintain its continued growth in all fields of
banking. The deposits of |
|
| the
bank grew to Rs. 6,684.700M versus Rs. 5,243.174M in 2001 showing an increase
of 27.5%. During |
|
| the
year the advances of the bank increased to Rs. 3,001.893M as compared to Rs.
2,813.386M in the |
|
| preceding
year, showing an increase of 6.7%. The import/export business of the bank
also registered a |
|
| significant
rise during the year and it increased to Rs. 6,457.403M versus Rs. 5,345.992M
in 2000, an |
|
| increase
of 20.79%. The remittances business of the bank also registered an
unprecedented rise of 51.77% |
|
| during
the year and it increased to Rs. 31,686.968M as compared to the figure of Rs.
20,877.570M in 2000. |
|
|
| The
bank, as a matter of policy continued its emphasis on quality of assets,
credit risk management and |
|
| post
sanction monitoring. The recovery of non-performing loans (NPL) also remained
a top priority during |
|
| the
year. Consequently, the legal course initiated against the defaulters has
started producing results |
|
| through
execution of decrees whereby properties/stock charged to the bank are being
auctioned and |
|
| proceeds
utilised towards adjustments of outstanding liabilities. |
|
|
| Although,
90% of the stuck-up portfolio is covered by adequate collateral security,
which has been verified |
|
| by
the professional valuers on Pakistan Banks Association (PBA) approved panel
and also certified by |
|
| the
statutory auditors, the bank has taken a conservative view on its balance
sheet by increasing its |
|
| provisions
against non-performing loans (NPL) from Rs. 16.00M to Rs. 50.00M which will
continue to |
|
| strengthen
the balance sheet whereby surplus provisions would be available for
appropriation as soon |
|
| as
the proceeds of collateral security, which are in the pipe-line, are
realised. The bank has also booked |
|
| to
suspense account unrealised mark-up of Rs. 167.835M, which is being gradually
recovered and will |
|
| also
be available for booking to income account during the year 2002. These strict
policies have been |
|
| adopted
in order to meet the criteria under Prudential Regulations as well as
International Accounting |
|
| Standards. |
|
|
| EQUITY: |
|
| In
order to further strengthen the capital base, the sponsors directors of the
bank have injected Rs. 255.585M |
|
| through
subscription of Right Shares, which has increased the paid-up capital of the
bank from |
|
| Rs.
507.938M to Rs. 763.523M and total equity to 856.493M as of December 31,
2001. During the year |
|
| 2002
the paid-up capital of the bank will be increased further to Rs. 1.00 billion
for which Right Shares |
|
| in
the ratio of 1:1 have already been offered to the existing shareholders. |
|
|
| The
value of existing fixed assets in the form of land and buildings has also
increased from Rs. 520.643M |
|
| to
Rs. 964.870M on the basis of latest valuations carried out by the independent
chartered surveyors but |
|
| the
same has not been capitalised during the year although providing indirect
comfort and further strength |
|
| to
the balance sheet. |
|
|
| CUSTOMER
FOCUS: |
|
| The
bank is pursuing a policy of achieving a level of excellence to provide
customers with the banking |
|
| facilities
of an international standard. During the year, the bank successfully launched
on-line banking, |
|
| whereby
all the branches in the important cities have been interconnected for banking
transactions. The |
|
| bank
also successfully implemented SWIFT, which is the fastest communication
system available in the |
|
| world
for effecting international transactions. In order to facilitate our
customers as well as general public, |
|
| all
50 branches of Bolan Bank around the country are offering evening banking
services upto 6.00 P.M. |
|
| to
its clients besides collection of all types of utility bills. |
|
|
| BRANCH
NETWORK: |
|
| While
the bank was already having the largest network of 50 branches among the
newly established private |
|
| banks
in Pakistan, it was considered advisable to concentrate on its consolidation
whereby the efficiency |
|
| and
productivity of the branches could be increased. Accordingly, two branches
were relocated/opened |
|
| at
I.I. Chundrigar Road and Defence Housing Authority, Karachi. The performance
of each branch in |
|
| relation
to its viability as an independent unit is being assessed regularly and
wherever found necessary |
|
| further
relocation of the branches at a vintage points would be considered. |
|
|
| HUMAN
RESOURCE: |
|
| Rationalisation
of existing staff strength and induction of experienced personnel at the
senior level was |
|
| undertaken
during the year to improve the quality of manpower. In order to improve
customer service, |
|
| staff
is being trained and performance based incentives are being introduced to
motivate the staff. The |
|
| salary
and emoluments of the staff have also been revised upward to make them more
attractive and |
|
| rewarding. |
|
|
| FUTURE
OUTLOOK: |
|
| The
performance of the bank during the year 2001 has strengthened the balance
sheet with a sustainable |
|
| growth
in all fields of banking. After successful launching of Consumer Banking
during the year, which |
|
| has
received an over whelming response from general public, the bank is
contemplating to launch shortly |
|
| new
products to facilitate small and medium enterprises. This will further
diversify the investment |
|
| portfolio
besides reinforcing consumer/retail banking for deposit mobilisation as well
as providing |
|
| opportunities
for acquiring higher margin consumer assets. In order to make Bolan Mahana
Amadani |
|
| Scheme
more competitive the condition of minimum deposit has been reduced from Rs.
50,000/- to |
|
| Rs. 25,000/-. |
|
|
| I
would like to avail the opportunity to thank the State Bank of Pakistan and
The Securities and Exchange |
|
| Commission
of Pakistan for their continued guidance and support extended to us in
running the affairs |
|
| of
the bank in a prudent manner. It also remains for me to thank all the staff
who have worked hard to |
|
| achieve
the desired objectives and, in particular, our customers whose business and
support, we greatly |
|
| value
and to whom we strive to extend best of our cooperation and services all the
times. |
|
| On
behalf of the Board of Directors |
|
|
|
|
JAVED YUNUS |
|
|
|
Chairman |
|
|
|
| DIRECTORS'
REPORT TO THE MEMBERS |
|
|
| The
Board of Directors is pleased to present the Annual Report of Bolan Bank
Limited for the year ended |
|
| 31st
December, 2001 containing the Financial statements alongwith the Auditors'
report thereon: |
|
|
| RESULTS |
|
|
Rupees ('000) |
|
|
| Profit
before provision against non-performing loans and advances |
44,043 |
|
| Less:
Provision against non-performing loans & advances |
(34,000) |
|
|
|
|
------------------ |
|
| Taxation: |
|
|
|
10,043 |
|
|
- Current |
|
|
(6,500) |
|
|
- Prior |
|
|
(4,000) |
|
|
- Deferred |
|
|
9,185 |
|
|
------------------ |
|
|
|
|
(1,315) |
|
|
|
|
------------------ |
|
| Profit
after taxation |
|
8,728 |
|
| Unappropriated
profit brought forward |
|
2,223 |
|
|
------------------ |
|
|
|
|
10,951 |
|
| Transfer
to Statutory reserve |
|
|
(1,746) |
|
|
|
|
------------------ |
|
| Unappropriated
profit carried forward |
|
9,205 |
|
|
========== |
|
|
|
| PATTERN
OF SHARE HOLDING |
|
| The
pattern of share holding as on 31st December, 2001 is annexed with the
report. |
|
|
|
|
| AUDITORS |
|
| The
retiring auditors Messrs Taseer Hadi Khalid & Co., Chartered Accountants,
being eligible, offer |
|
| themselves
for re-appointment. |
|
|
| ACKNOWLEDGMENTS |
|
| The
board of Directors takes the opportunity to place on record their gratitude
to the State Bank of Pakistan |
|
| and
The Securities and Exchange Commission of Pakistan for their continued
guidance and support |
|
| extended
to us in running the affairs of the bank in a prudent manner. The Board also
appreciates the |
|
| efforts
and dedication of the management and staff in attainment of desired
objectives. |
|
|
|
|
JAVED YUNUS |
|
| 7th March, 2002 |
|
Chairman |
|
|
|
|
| NOTICE
OF ANNUAL GENERAL MEETING |
|
|
| Notice
is hereby given that the Tenth Annual General Meeting of Bolan Bank Limited
will be |
|
| held
on Saturday, 30th March 2002 at 11:00 a.m. at Registered Office, Bolan Bank
Building, Regal |
|
| Chowk,
Jinnah Road, Quetta to transact the following business:- |
|
|
|
|
|
| ORDINARY
BUSINESS: |
|
|
|
| 1.
To confirm the minutes of the Extra Ordinary General Meeting of the Bank held
on 20th |
|
| December 2001. |
|
|
|
|
| 2.
To receive, consider and adopt the Audited Accounts for the year ended 31st
December 2001 |
|
| alongwith
Chairman's review and Auditors' Report. |
|
|
| 3.
To appoint Auditors for the year 2002 and to fix their remuneration. Messrs
Taseer Hadi |
|
| Khalid
& Co. Chartered Accountants, being eligible offer themselves for
reappointment. |
|
|
| 4.
In accordance with section 178 (i) of the Companies Ordinance, 1984, to elect
eleven Directors |
|
| in
place of the existing Directors who retire and being eligible, offer
themselves for re-election. |
|
| The
retiring Directors are as follows:- |
|
|
| 1)
Mr. Javed Yunus |
|
| 2)
Mr. Mirza Ghulam Mustafa |
|
| 3)
Mr. Pervez Yunus |
|
| 4)
Mr. Naved Yunus |
|
| 5)
Mr. Maheen Yunus |
|
| 6)
Mr. Mirza Ghulam Mujtaba |
|
| 7)
Mrs. Najmus Sehar Mustafa |
|
| 8)
Mrs. R. J. Yunus |
|
| 9)
Mrs. S. P. Yunus |
|
| 10)
Mrs. Ambreen Naved Yunus |
|
| 11)
Mr. Syed Ijaz Hussain Shah |
|
|
| 5.
To transact any other business with the permission of the Chair. |
|
|
|
|
By Order of the Board |
|
|
|
|
|
|
|
|
|
Shabbir Ali Kanchwala |
|
|
|
|
Company Secretary |
|
|
| NOTES: |
|
|
|
| 1.
The share transfer books of the Bank will remain closed from 30th March, 2002
to 5th April, 2002 |
|
| (both
days inclusive) |
|
|
| 2.
A member entitled to attend and vote at this meeting shall be entitled to
appoint another person as |
|
| Proxy.
Proxies in order to be effective must be received at the Registered Office of
the Bank not |
|
| later
than 48 hours before the meeting and must be duly stamped, signed and
witnessed by two persons |
|
| whose
names, address and NIC numbers shall be mentioned on the form. |
|
|
| 3.
Any individual Beneficial Owner of CDC, entitled to attend and vote at this
meeting must bring |
|
| his/her
attested copy of NIC or the Passport to prove his/her identity, and in case
of proxy must |
|
| enclose
an attested copy of his/her NIC or Passport. Representatives of corporate
members should |
|
| bring
the usual documents required for such purpose and the proxy shall produce his
original NIC |
|
| or
original Passport at the time of the meeting. |
|
|
| 4.
Shareholders are requested to promptly notify the Bank, any change in their
addresses. |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of Bolan Bank Limited as at 31
December 2001 and the related |
|
| profit
and loss account, cash flow statement and statement of changes in equity
together with the notes |
|
| forming
part thereof (here-in-after referred to as the 'financial statements') for
the year then ended, in |
|
| which
are incorporated the un-audited certified returns from the branches except
for fourteen branches |
|
| which
have been audited by us 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 Bank's Board of Directors to establish and
maintain a system of internal |
|
| control,
and prepare and present the financial statements in conformity with the
approved accounting |
|
| standards
and the requirements of the Banking Companies Ordinance, 1962 (LVII of 1962),
and the |
|
| Companies
Ordinance, 1984 (XLVII of 1984). Our responsibility is to express an opinion
on these |
|
| statements
based on our audit. |
|
|
| We
conducted our audit in accordance with the International Standards on
Auditing as applicable in |
|
| Pakistan.
These standards require that we plan and perform the audit to obtain
reasonable assurance about |
|
| whether
the financial statements are free of any material misstatement. An audit
includes examining, on |
|
| a
test basis, evidence supporting amounts and disclosures in the financial
statements. An audit also |
|
| includes
assessing accounting policies and significant estimates made by management,
as well as, |
|
| evaluating
the overall presentation of the financial statements. We believe that our
audit provides a |
|
| reasonable
basis for our opinion and after due verification, which in case of loans and
advances covered |
|
| more
than 60 percent of the total loans and advances of the bank, we report that: |
|
|
| (a)
in our opinion, proper books of account have been kept by the Bolan Bank
Limited as required |
|
| by
the Companies Ordinance, 1984 (XLVII of 1984), find the returns referred to
above received |
|
| from
the branches have been found adequate for the purposes of our audit; |
|
|
| (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 Banking Companies Ordinance, 1962 (LVII of 1962), and
the |
|
| Companies
Ordinance, 1984 (XLVII of 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 Bank's
business; and |
|
|
|
|
| iii)
the business conducted, investments made and the expenditure incurred during
the year were |
|
| in
accordance with the objects of the Bank and transactions of the Bank which
have come |
|
| to
our notice have been within the powers of the Bank; |
|
|
|
| (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 given the information required by the Banking Companies
Ordinance, |
|
| 1962
(LVII of 1962), and the Companies Ordinance, 1984 (XLVII of 1984), in the
manner so |
|
| required
and give a true and fair view of the state of the Bank's affairs as at 31
December 2001, |
|
| and
its true balance 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 Bank and deposited in the Central Zakat Fund established
under Section |
|
| 7
of that Ordinance. |
|
|
|
|
| Karachi: |
|
Taseer Hadi Khalid & Co. |
|
| 7th March, 2002 |
|
Chartered Accountants |
|
|
|
|
|
| BALANCE
SHEET AS AT 31 DECEMBER 2001 |
|
|
|
Note |
2001 |
2000 |
|
|
|
(Rupees in
'000) |
|
|
| ASSETS |
|
|
|
| Cash
and balances with treasury banks |
6 |
1,435,609 |
646,554 |
|
| Balances
with other Banks |
|
7 |
548,829 |
411,974 |
|
| Lendings
to financial institutions |
|
8 |
1,595,000 |
2,505,369 |
|
| Investments |
|
9 |
630,086 |
891,876 |
|
| Advances |
|
10 |
3,001,893 |
2,813,386 |
|
| Other assets |
|
11 |
511,433 |
284,719 |
|
| Operating
fixed assets |
|
12 |
668,467 |
699,328 |
|
| Deferred
tax assets |
|
13 |
52,217 |
43,032 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
8,443,534 |
8,296,238 |
|
| LIABILITIES |
|
|
|
| Bills payable |
|
14 |
196,131 |
186,533 |
|
| Borrowings
from financial institutions |
15 |
616,699 |
2,154,535 |
|
| Deposits
and other accounts |
|
16 |
6,684,700 |
5,243,174 |
|
| Other liabilities |
|
17 |
89,511 |
119,284 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
7,587,041 |
7,703,526 |
|
|
|
|
------------------ |
------------------ |
|
| NET ASSETS |
|
|
856,493 |
592,712 |
|
|
|
|
|
========== |
========== |
|
|
|
|
|
|
| REPRESENTED
BY |
|
|
|
| Share capital |
|
18 |
507,938 |
507,938 |
|
| Reserves |
|
|
83,765 |
82,019 |
|
| Unappropriated
profit |
|
|
9,205 |
2,223 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
600,908 |
592,180 |
|
| Share
application money |
|
19 |
255,585 |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
856,493 |
592,180 |
|
| Surplus
on revaluation of assets |
|
20 |
-- |
532 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
856,493 |
592,712 |
|
|
========== |
========== |
|
| CONTINGECIES
AND COMMITMENTS |
21 |
|
|
|
| The
annexed notes 1 to 41 form an integral part of these accounts. |
|
|
|
Syed Ijaz Hussain Shah |
|
Javed Yunus |
|
|
|
President & Chief Executive |
|
Chairman |
|
|
|
|
|
|
Mirza Ghulam Mustafa |
|
|
Pervez Yunus |
|
|
Vice Chairman |
|
|
Director |
|
|
|
|
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED 31 DECEMBER 2001 |
|
|
|
Note |
2001 |
2000 |
|
|
|
(Rupees in
'000) |
|
|
| Mark-up
/ Return / Interest earned |
|
22 |
697,878 |
472,093 |
|
| Mark-up
/ Return / Interest expensed |
23 |
(409,447) |
(293,401) |
|
|
|
|
------------------ |
------------------ |
|
| Net
Mark-up / Interest income |
|
|
288,431 |
178,692 |
|
| Provision
against non-performing loans and advances |
10.3 |
(34,000) |
5,463 |
|
|
|
|
------------------ |
------------------ |
|
| Net
Mark-up / Interest income after provisions |
|
254,431 |
184,155 |
|
|
|
|
| NON
MARK-UP / INTEREST INCOME |
|
| Fee,
Commission and Brokerage Income |
|
44,328 |
34,704 |
|
| Income
from dealing in foreign currencies |
|
10,905 |
43,929 |
|
| Other Income |
|
|
|
10,680 |
72,077 |
|
|
|
|
|
------------------ |
------------------ |
|
| Total
non-markup / interest income |
|
65,913 |
150,710 |
|
|
|
------------------ |
------------------ |
|
|
|
320,344 |
334,865 |
|
|
|
|
|
| NON
MARK-UP/INTEREST EXPENSES |
|
|
|
| Administrative
expenses |
|
25 |
(308,890) |
(321,963) |
|
| Other charges |
|
26 |
(1,411) |
(123) |
|
|
|
|
------------------ |
------------------ |
|
| Total
non-markup /interest expenses |
|
(310,301) |
(322,086) |
|
|
|
------------------ |
------------------ |
|
|
|
10,043 |
12,779 |
|
|
|
|
| PROFIT
BEFORE TAXATION |
|
|
|
| Taxation
- Current |
|
27 |
(6,500) |
(4,000) |
|
|
- Prior years |
|
|
(4,000) |
(22,739) |
|
|
- Deferred |
|
|
9,185 |
15,532 |
|
|
|
|
------------------ |
------------------ |
|
|
(1,315) |
(11,207) |
|
|
------------------ |
------------------ |
|
| PROFIT
AFTER TAXATION |
|
|
8,728 |
1572 |
|
| Unappropriated
profit/(loss) brought forward |
|
2,223 |
965 |
|
|
|
|
|
------------------ |
------------------ |
|
| Profit
available for appropriation |
|
|
10,951 |
2,537 |
|
|
|
|
|
| APPROPRIATIONS: |
|
| Transfer to: |
|
| Statutory
Reserve |
|
(1,746) |
(314) |
|
|
|
------------------ |
------------------ |
|
| Unappropriated
profit carried forward |
|
9,205 |
2,223 |
|
|
========== |
========== |
|
|
|
Rupees |
|
| Basic
Earnings per share |
|
28 |
0.17 |
0.03 |
|
|
|
|
========== |
========== |
|
| Diluted
Earnings per share |
|
29 |
0.17 |
0.03 |
|
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
Syed Ijaz Hussain Shah |
|
Javed Yunus |
|
|
|
President & Chief Executive |
|
Chairman |
|
|
|
|
|
|
Mirza Ghulam Mustafa |
|
|
Pervez Yunus |
|
|
Vice Chairman |
|
|
Director |
|
|
|
| STATEMENT
OF CHANGES IN EQUITY |
|
| FOR
THE YEAR ENDED 31 DECEMBER 2001 |
|
|
|
Share |
Statutory |
Un-appropriated |
Total |
|
|
Capital |
Reserve |
Profit/(Loss) |
|
|
|
|
|
(Rupees in
'000) |
|
|
| Balance
as at 01 Jan 2000 |
507,938 |
81,705 |
965 |
590,608 |
|
| Profit
for the prior year |
-- |
-- |
1,572 |
1,572 |
|
| Transfer
to statutory reserve |
-- |
314 |
(314) |
-- |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
| Balance
as at 31 Dec 2000 |
507,938 |
82,019 |
2,223 |
592,180 |
|
|
|
|
|
| Profit
for the current year |
-- |
-- |
8,728 |
8,728 |
|
| Transfer
to Statutory reserve |
-- |
1,746 |
(1,746) |
-- |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
| Balance
as at 31 Dec 2001 |
507,938 |
83,765 |
9,205 |
600,908 |
|
|
========== |
========== |
========== |
========== |
|
