| Dewan Sugar Mills Limited |
|
|
|
|
|
|
|
| Annual
Report 2001 |
|
|
|
| Mission
Statement |
|
|
| The
mission of Dewan Sugar Mills Limited is to be the finest |
|
| Organisation,
and to conduct business responsibility |
|
| in
a straightforward way. |
|
|
| Our
basic aim is to benefit the customers, employees |
|
| and
shareholders and to fulfill our commitments to the society. |
|
| Our
hallmark is honesty, initiative and teamwork of our people |
|
| and
our ability to respond effectively to change in all aspects |
|
| of
life including technology, culture and environment. |
|
|
| We
will create a work environment, which motivates, recognises |
|
| and
rewards achievements at all levels of the Organisation |
|
| because |
|
|
| In
Allah We Trust & In People We Believe. |
|
|
| We
will always conduct ourselves with integrity |
|
| and
strive to be the best. |
|
|
|
| CONTENTS |
|
|
| Company
Information |
|
| Notice
of the Meeting |
|
| Directors'
Report |
|
| Auditors'
Report to the Members |
|
| Balance Sheet |
|
|
| Profit
& Loss Account |
|
| Cash
Flow Statement |
|
| Statement
of Changes in Equity |
|
| Notes
to the Accounts |
|
| Pattern
of Share Holding |
|
|
|
| COMPANY
INFORMATION |
|
|
| Board
of Directors |
Dewan Zia-ur-Rehman
Farooqui |
|
|
Chairman |
|
|
|
Dewan Ghulam Mustafa
Khalid |
|
|
Vice Chairman |
|
|
|
Dewan Mohammad Yousuf
Farooqui |
|
|
Managing Director / Chief
Executive |
|
|
|
Dewan Abdul Rehman
Farooqui |
|
|
Deputy Managing Director |
|
|
|
Dewan Mohammad Ayub
Khalid |
|
|
Dewan Asim Mushfiq
Farooqui |
|
|
Dewan Abdullah Ahmed |
|
|
|
|
| Auditors |
|
Messrs. Faruq Ali &
Co. |
|
|
Chartered Accountants |
|
|
803, 8th Floor, Land Mark
Plaza, |
|
|
I.I. Chundrigar Road, |
|
|
Karachi. |
|
|
| Tax Advisors |
|
Sharif & Company |
|
|
|
Advocates |
|
|
|
| Bankers |
|
Muslim Commercial Bank
Limited |
|
|
Citibank N.A. |
|
|
Habib Bank Limited |
|
|
Union Bank Limited |
|
|
Standard Chartered
Grindlays Bank |
|
|
Societe Generale The
French & |
|
|
International Bank |
|
|
ABN Amro Bank |
|
|
The Hong Kong and
Shanghai Banking |
|
|
Corporation Limited |
|
|
American Express Bank |
|
|
United Bank Limited |
|
|
| Registered
Office |
Dewan Centre |
|
|
3-A, Lalazar, |
|
|
Beach Hotel Road, |
|
|
Karachi-74000, |
|
|
Pakistan. |
|
|
| Mills |
|
Jillaniabad, |
|
|
Budho Talpur, |
|
|
Taluka: Mirpur Bathoro |
|
|
District: Thatta Sindh |
|
|
Pakistan. |
|
|
|
| NOTICE
OF TWENTIETH ANNUAL GENERAL MEETING |
|
|
| Notice
is hereby given that 20th Annual General Meeting of Dewan Sugar Mills Limited
will be held |
|
| on
March 29, 2002 at 07.30 p.m. at Dewan Centre, 3-A, Lalazar, Beach Hotel Road,
Karachi to transact |
|
| the
following business: |
|
|
| 1.
Recitation from HOLY QURAN. |
|
|
| 2.
To read and confirm the minutes of 19th Annual General Meeting held on March
31,2001. |
|
|
| 3.
To receive, consider and adopt the Annual Audited Accounts for the year ended
September 30, |
|
| 2001
together with the Directors' and Auditors' reports thereon. |
|
|
|
|
|
| 4.
To elect seven Directors of the Company for a period of three years. The
number of Directors to |
|
| be
elected is fixed by the Board of Directors in accordance with the provisions
of Section 178(1) |
|
| of
the Companies ordinance, 1984. The following retiring Directors are eligible
for re-election. |
|
|
| 1.
Dewan Zia-ur-Rehman Farooqui |
2. Dewan Ghulam Mustafa
Khalid |
|
| 3.
Dewan Mohammad Yousuf Farooqui |
4. Dewan Abdul Rehman
Farooqui |
|
| 5.
Dewan Mohammad Ayub Khalid |
6. Dewan Asim Mushfiq
Farooqui |
|
| 7.
Dewan Abdullah Ahmed |
|
|
|
|
| 6.
To appoint auditors of the Company for the year ending September 30, 2002 and
to fix their |
|
| remuneration. |
|
|
| 7.
To transact any other business with the permission of the Chairman. |
|
|
|
|
By and on behalf of Board of Director |
|
|
|
|
|
|
| March 07, 2002 |
|
|
(Dewan Abdul Rehman Farooqui) |
|
| Karachi. |
|
|
Deputy Managing Director |
|
|
| NOTES: |
|
|
|
| 1.
A member of the Company entitled to attend and vote at this meeting may
appoint another member of his/her proxy |
|
| to
attend and vote instead of him/her. Proxies, in order to be effective, must
be received by the Company not less than |
|
| 48
hours before the meeting. CDC Account holders will further have the following
guidelines as laid down by the |
|
| Securities
and Exchange Commission of Pakistan. |
|
|
|
|
|
|
| a)
For Attending Meeting: |
|
|
|
|
|
|
| i)
In case of individual, the account holder or sub-account holder and/or the
person whose securities are |
|
| in
group account and their registration details are uploaded as per the
regulations, shall authenticate |
|
| his/her
identity by showing his/her original National Identity Card (NIC) or original
passport at the time |
|
| of
attending the meeting. |
|
|
|
|
| ii)
In case of corporate entity, the Board of Directors' resolution/power of
attorney with the specimen |
|
| signature
of the nominee shall be produced (unless it has been provided earlier) at the
time of meeting. |
|
|
|
|
| b)
For Appointing Proxies: |
|
|
|
|
|
|
| i)
In case of individual, the account holder or sub-account holder and/or the
person whose securities arc |
|
| in
group account and their registration details are uploaded as per the
regulations, shall submit the proxy |
|
| form
as per the above requirements. |
|
|
|
| ii)
Two persons whose names, addresses and NIC numbers shall be mentioned on the
form shall witness |
|
| the proxy. |
|
|
|
|
|
|
| iii)
Attested copies of NIC or passport of the beneficial owners and proxy shall
be furnished with the proxy |
|
| form. |
|
|
|
|
|
|
| iv)
The proxy shall produce his/her original NIC or original passport at the time
of the meeting. |
|
|
| v)
In case of corporate entity, the Board of Directors' resolution/power of
attorney with the specimen |
|
| signature
of the nominee shall be produced (unless it has been provided earlier) along
with the proxy |
|
| form
to the Company. |
|
|
| 2.
Members are requested to immediately notify the change in their addresses, if
any. |
|
|
| 3.
The Share Transfer Books of the Company will remain closed from March 25,
2002 to April 01, 2002 (both days |
|
| inclusive). |
|
|
|
| DIRECTORS'
REPORT |
|
|
| Your
Directors take pleasure in presenting to you the Twentieth Annual Report of
the Company together |
|
| with
the audited accounts for the financial year ended on September 30, 2001. |
|
|
| Alhamdolillah,
the results from sugar operations for the year under review
are satisfactory despite |
|
| many
adverse factors such as increase in cost of sugar cane and downward slide in
sugar prices. |
|
|
| Your
company has suffered a Net Loss of Rs. 46.620 million after charging Rs
71.500 million for |
|
| diminution
in the market value of Dewan Farooque Motors Limited, Rs. 63.946 million for
depreciation |
|
| and
making a provision for tax amounting to Rs. 47.126 million. The highlights of
the accounts are as |
|
| follows: |
|
|
|
|
|
|
2001 |
2000 |
|
|
Rupees |
|
|
|
|
|
| Sales-Sugar |
|
|
2,044,313,408 |
2,034,200,812 |
|
| Sales-Fertilizer |
|
|
626,169,579 |
425,511,948 |
|
| Sales-Polypropylene |
|
|
181,380,528 |
148,970,416 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,851,863,515 |
2,608,683,176 |
|
|
|
|
========== |
========== |
|
|
| Depreciation |
|
|
63,945,526 |
72,050,039 |
|
| Gross profit |
|
|
230,129,615 |
247,330,618 |
|
| Taxation |
|
|
47,126,400 |
32,811,128 |
|
| Net
(loss) / profit after tax |
|
|
(46,619,688) |
37,266,829 |
|
| Appropriations |
|
|
NIL |
45,639,990 |
|
|
| We
humbly and gratefully bow our heads before Almighty Allah, the Most Gracious
and Merciful, |
|
| who
has rewarded and blessed your company with His innumerable bounties in the
difficult times. |
|
|
| IF
YE GIVE THANKS, I WILL GIVE YOU MORE (HOLY QURAN) |
|
|
| The
Board also decided to appraise its valued shareholders with the current
status and future prevalent |
|
| situation
of sugar industry in detail through this report. |
|
|
| PLANT
PERFORMANCE |
|
|
|
| Sugar |
|
| The
sugar cane crushing season for 2000-2001 commenced on 01 November 2000 and
continued up |
|
| to
20 March 2001. During the season, the plant crushed 747,759.29 metric tons or
20,034,186 maunds |
|
| of
sugar cane and refined 21,960.965 tons of raw sugar. Total while sugar
produced was 95,905 metric |
|
| tons
at an average recovery of 10.04 %. Total quantity of molasses produced was
38,819 metric tons |
|
| at
an average recovery of 5.15 %. |
|
|
| Polypropylene |
|
| The
polypropylene unit is working at its full capacity and the results are
satisfactory. Due to the excellent |
|
| quality
of the bags and sheets produced by the unit, the demand is far ahead of the
capacity. The |
|
| management
is seriously considering increasing the capacity of the unit. |
|
|
| REVIEW
ON ACCOUNTS |
|
| Despite
reduced quantitative production, lower margins, increased financial expenses
and other inputs, |
|
| the
result may be termed as satisfactory. The total gross sales of sugar amounted
to Rs. 2,044 million |
|
| as
compared to Rs. 2,034 million last years. The earning per share of company
works out to Rs. (2.55) |
|
| as
compared to last year's EPS, which was Rs.2.45. Alhamdolillah, your company
has been able to |
|
| meet
all its financial obligations on time and from its own resources. |
|
|
| INDUSTRY
ANALYSIS |
|
| There
was shortfall in sugar cane production in the season due to reduction in the
sugar cane plantation |
|
| area
and yield. As a result, sugar cane prices skyrocketed and the entire sugar
industry including your |
|
| company
paid very high cost of sugar cane. To meet this contingency, sugar
manufacturers imported |
|
| raw
sugar for processing locally which saved the industry to some extent.
However, subsequently |
|
| Government
allowed import of white refined sugar resulting in lot of documented and
undocumented |
|
| imports,
which created huge unsold stocks of sugar with the mills. The carry over
stocks from last year |
|
| kept
the sugar market depressed and hence very little margins are left for the
mills. |
|
|
| In
Pakistan, area cultivated under sugar cane decreased to 960,000 (1999/00
1,009,800) hectares down |
|
| by
5% with yields at 45.41%(1999/00 45.90%) h/t down by 1.06%. This gave an
aggregate harvest of |
|
| 43,590,000
(1999/00 46,332,600) tons. Supplies to sugar Industry increased to 29,408,879
(1999/00 |
|
| 28,982,711)
million tons, forming 67.47% (1999/00 62.55%) of the crop harvest. A small
crop and also |
|
| a
smaller crushing influenced recovery to increase to 8.39% from 8.33%. This
vital area deserves |
|
| attention
on urgent basis. It is sugar per hectare that serves as medium of measuring
production efficiency, |
|
| as
the famous proverb goes, sugar is produced in fields and processed in
factories. |
|
|
| CURRENT
YEAR PROSPECTS |
|
| The
current sugar cane crushing season started on 16 November 2001 and till the
date of this report, |
|
| is
still in progress. Todate, the plant crushed 600,409.82 metric tons or
16,086,487 maunds of sugar |
|
| cane
at an average recovery of 9.87%. In this period, 58,405.tons of sugar and
30,132 tons of molasses |
|
| were produced. |
|
|
| Again
this year sugar cane crop in Sindh is lower than the crushing capacity, which
has resulted in |
|
| higher
prices of sugar cane. Furthermore, inflation and ever-increasing overheads
further aggravated |
|
| the
situation of sugar industry. As happened in the past, sugar mills are forced
to keep the prices of |
|
| sugar
within certain parameters without realizing the cost structures. All these
factors are creating |
|
| compounding
affects on the already vulnerable situation. As emphasized by us in the past,
it is time that |
|
| a
system is introduced that recognizes sugar cane payments based on higher
sugar contents. The growers |
|
| have
to be educated to propagate higher sucrose cane varieties to increase their
revenue. Encouragement |
|
| of
higher yielding crop with high sugar contents is the only way to overcome
lower sugar cane production |
|
| due
to shortage of cultivable land. As it is becoming evident that sugar cane
will have to compete with |
|
| other
crops for cultivable area therefore concerted efforts have to be directed
towards increasing the |
|
| crop
yield which currently is one of the lowest in the world. Further, the
industry has to get a fair market |
|
| price
benchmarked to its input costs, which would ease the liquidity position of
both the industry and |
|
| the growers. |
|
|
| DIVERSITY
AND INTEGRATION |
|
| As
announced by us in the last report, Alhamdolillah, the chipboard
manufacturing plant has been |
|
| completed
subsequent to the year-end and lately, has started its trial production. The
initial boards that |
|
| are
produced are of comparable quality available in the market. |
|
|
| INVESTMENT
IN DEWAN FAROOQUE MOTORS LIMITED |
|
| The
assembly of vehicles in Dewan Farooque Motors Limited is in full swing. The
company has suffered |
|
| an
after tax loss of Rs. 31.150 million for the year ended 30 June 2001 which is
reduced to Rs. 11 million |
|
| in
the half-year ended 31 December 2001. The loss sustained by the company in
the last year was |
|
| primarily
attributed to the huge rupee depreciation against the dollar in the second
half of the financial |
|
| year
2000-2001 and the loss was reduced in the first half of 2001-2002 due to
strengthening of Pak |
|
| rupee
against the dollar but the currency gain was some what offset by sluggish
sales as a result of |
|
| aggravated
situation between India and Pakistan. Situation has improved lately and the
sale has again |
|
| picked
up. The management feels that with the launch of the diesel SPORTAGE, 4xA
turbo charged |
|
| 2000
cc intercooler; the company will be able to generate good profit in the
current half. The break- |
|
| up
value of one share of Dewan Farooque Motors Limited works out to Rs. 10.29
based on the half- |
|
| yearly
accounts ended on 31 December 2001. Although, the break-up value of one share
of Dewan |
|
| Farooque
Motors Limited is still more than the par value, the management feels it
prudent to recognize |
|
| the
decline in the market value of such share. We feel that, Inshaallah, very
soon Dewan Farooque |
|
| Motors
Limited will be able to declare dividends. |
|
|
| VOTE
OF THANKS |
|
| The
board puts on record its gratitude to its valuable shareholders, federal and
provincial government |
|
| functionaries,
banks, development financial institutions, and customers of Salsabil whose
cooperation, |
|
| continued
support and patronage have enabled your company to achieve the desired
result. |
|
| The
board also expresses its thanks for the valuable teamwork, loyalty and
laudable efforts rendered |
|
| by
the executives, staff members and workers of your company, during the year
under review, and |
|
| wishes
to place on record its appreciation for the same. |
|
|
| AUDITORS |
|
| The
auditors of your company, M/s. Faruq Ali & Company, Chartered Accountants
retire and offer their |
|
| services
for re-appointment for the ensuing year. |
|
|
| CONCLUSION |
|
| In
conclusion, we bow, beg and pray to Almighty Allah, Rahman-e-Rahim, in the
name of our beloved |
|
| prophet,
Mohammad, peace be upon him for continued showering of His Blessings,
Guidance, Strength, |
|
| Health
and Prosperity to us, our Company, Country and Nation; and also pray to
Almighty Allah to |
|
| bestow
peace, harmony, brotherhood and unity in true Islamic spirit to whole of
Muslim Ummah, |
|
| Ammen,
Summa-Ameen. |
|
|
| LO-MY
LORD IS INDEED HEARER OF PRAYER (HOLY QURAN) |
|
|
|
|
|
For and on behalf of Board of Directors |
|
|
|
|
|
|
|
|
|
Dewan M. Yousuf Farooqui |
|
| 27
February 2002 |
|
Managing Director/Chief Executive |
|
|
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of Dewan Sugar Mills
Limited as at September 30, 2001 and |
|
| the
related profit and 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 |
|
| 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 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 September 30, 2001 and of
the loss, 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 was |
|
| deducted
by the Company and deposited in the Central Zakat Fund established under
Section |
|
| 7
of that Ordinance. |
|
|
|
|
| 27
February, 2002 |
|
| Karachi |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS 30 SEPTEMBER, 2001 |
|
|
|
|
Notes |
2000 |
2001 |
|
|
|
Rupees |
|
| CAPITAL
AND LIABILITIES |
|
| SHAREHOLDERS'
EQUITY |
|
| Share Capital |
|
| Authorized |
|
| 30,000,000
ordinary shares of Rs. 10/- each |
|
300,000,000 |
300,000,000 |
|
|
|
========== |
========== |
|
| Issued,
subscribed and paid-up |
|
|
|
| Share capital |
|
3 |
182,559,960 |
152,133,300 |
|
| Reserves
and surplus |
|
4 |
229,239,060 |
306,285,408 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
411,799,020 |
458,418,708 |
|
|
|
|
|
| LONG
TERM LIABILITIES |
|
|
|
| Assets
subject to finance lease |
|
5 |
125,872,023 |
96,123,245 |
|
| Term
finance certificates & morabaha |
6 |
151,249,950 |
180,500,000 |
|
|
|
|
|
|
| DEFERRED
LIABILITY FOR STAFF GRATUITY |
|
22,334,127 |
21,457,890 |
|
|
|
| CURRENT
LIABILITIES |
|
| Current
portion of lease liability |
|
|
49,342,933 |
37,238,060 |
|
| Current
portion of Term Finance Certificates |
|
|
| and Morabaha |
|
|
29,250,050 |
19,499,600 |
|
| Short-term
running finances - Secured |
7 |
721,938,224 |
673,675,055 |
|
| Creditors,
accrued expenses and other liabilities |
8 |
337,996,220 |
142,662,657 |
|
| Dividends |
|
|
9 |
959,390 |
16,151,544 |
|
| Provision
for taxation |
|
|
236,163,956 |
189,037,556 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,375,650,773 |
1,078,264,472 |
|
| CONTINGENCIES
& COMMITMENT |
10 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,086,905,893 |
1,834,764,315 |
|
|
|
|
========== |
========== |
|
| PROPERTY
AND ASSETS |
|
| TANGIBLE
FIXED ASSETS |
|
| Operating
fixed assets - at cost less |
|
|
| accumulated
depreciation |
|
11 |
502,083,082 |
550,213,591 |
|
| Capital
work in progress |
|
12 |
171,257,151 |
99,207,640 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
673,340,233 |
649,421,231 |
|
|
|
|
|
| LONG
TERM INVESTMENT |
|
13 |
58,500,000 |
130,000,000 |
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Stores
and spares |
|
14 |
126,923,513 |
1,227,824,001 |
|
| Stock-in-trade |
|
|
15 |
335,078,627 |
295,518,121 |
|
| Trade
debts - unsecured, considered good |
|
22,380,200 |
14,181,661 |
|
| Advances,
deposits, prepayments and other receivable |
16 |
854,889,384 |
611,572,798 |
|
| Cash
and bank balances |
|
17 |
15,793,936 |
11,288,104 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,355,065,660 |
1,055,343,084 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,086,905,893 |
1,834,764,315 |
|
|
|
========== |
========== |
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
Dewan Abdul Rehman Farooqui |
|
|
Dewan Mohammad Yousuf Farooqui |
|
|
Deputy Managing Director |
|
|
Managing Director/Chief Executive |
|
|
|
| PROFIT
& LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED 30 SEPTEMB,ER, 2001 |
|
|
|
Notes |
2001 |
2000 |
|
|
|
Rupees |
|
|
| SALES - net |
|
|
1,753,368,357 |
1,782,655,837 |
|
| COST
OF SALES |
|
|
17,523,238,742 |
1,535,325,219 |
|
|
|
|
------------------ |
------------------ |
|
| GROSS
PROFIT |
|
|
230,129,615 |
247,330,618 |
|
|
|
|
|
|
| OPERATING
EXPENSES |
|
|
|
| Administrative
& general expenses |
20 |
43,870,840 |
40,843,217 |
|
| Selling
& distribution expenses |
|
21 |
3,128,616 |
7,144,997 |
|
| Financial
charges |
|
22 |
159,458,660 |
161,161,373 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
206,458,116 |
209,149,587 |
|
|
|
------------------ |
------------------ |
|
| OPERATING
PROFIT - Sugar |
|
|
23,671,499 |
38,181,031 |
|
|
- Polypropylene Unit |
23 |
1,185,771 |
3,516,875 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
24,857,270 |
41,697,906 |
|
| OTHER
CHARGES |
|
|
|
|
| Donation |
|
|
24 |
1,657,151 |
723,041 |
|
| Workers'
profit participation fund |
|
|
1,160,006 |
2,048,743 |
|
| Workers'
welfare fund |
|
|
-- |
134,504 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,817,157 |
2,906,288 |
|
