| Moonlite (Pak) Limited |
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| Annual
Report 2001 |
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| CONTENTS |
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| COMPANY
INFORMATION |
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| NOTICE
OF MEETING |
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| DIRECTORS'
REPORT |
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| AUDITORS'
REPORT |
|
| BALANCESHEET |
|
| PROFIT
& LOSS ACCOUNT |
|
| CASH
FLOW STATEMENT |
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| STATEMENT
OF CHANGES IN EQUITY |
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| NOTES
TO THE ACCOUNTS |
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| PATTERN
OF SHARE HOLDING |
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|
| COMPANY
INFORMATION |
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| BOARD
OF DIRECTORS |
MR. TAR H. ISMAIL |
(Chairman & Chief
Executive) |
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|
MR. ABDUL AZIZ T. ISMAIL |
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MR. ASHRAF T. ISMAIL |
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MR. M. SOHAIL UMER |
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MR. SHAHID UMER |
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MRS. NASREEN ASHRAF |
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|
MR. SAYED MUZAFAR ALI
SHAH (N.I.T. Nominee) |
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| AUDITORS |
|
RAHIM IQBAL RAFIQ &
CO. |
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|
Chartered Accountants |
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| BANKERS |
|
MUSLIM COMMERCIAL BANK
LIMITED |
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|
ASKARI COMMERCIAL BANK
LIMITED |
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|
BANK AL-HABIB LIMITED |
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|
UNITED BANK LIMITED |
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| REGISTERED |
|
F-120, Hub River Road, |
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| OFFICE
& MILLS |
S.I.T.E., Karachi - 75730 |
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| NOTICE
OF MEETING |
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| Notice
is hereby given that the 31st Annual General Meeting of the Shareholders of
Moonlite (Pak) Ltd. will |
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| be
held at Registered Office of the Company F-120, Hub River Road, S.I.T.E.,
Karachi - 75730 on Monday |
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| November
12, 2001 at 11:00 a.m. to transact the following business:- |
|
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| 1.
To confirm the minutes of 30th Annual General Meeting held on December 30,
2000. |
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|
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| 2.
To receive and adopt the Directors' Report and Audited Accounts of the
Company for the year ended |
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| June 30, 2001. |
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| 3.
To appoint Auditors and fix their remuneration. |
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| 4.
To elect seven Directors in accordance with the section 178 of the Companies
Ordinance, 1984 for |
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| a
period of three years. The retiring Directors are: |
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|
|
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| (1)
Mr. Tar H. Ismail |
|
(2) Mr. Abdul Aziz T
Ismail |
(3) Mr. Ashraf T. Ismail |
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| (4)
Mr. M. Sohail Umer |
|
(3) Mr. Shahid Umer |
(6) Mrs. Nasreen Ashraf |
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|
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|
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| (7)
Mr. Sayed Muzafar Ali Shah (NIT NOMINEE). |
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| 5.
To approve the remuneration payable to the Chief Executive and other
whole-time working Directors. |
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By Order of the Board |
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| Karachi |
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|
TAR H. ISMAIL |
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| 16th
October, 2001 |
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|
CHAIRMAN & CHIEF EXECUTIVE |
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| NOTES: |
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| 1.
The Share Transfer Books of the company will be closed from November 12, 2001
to November 22, 2001 |
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| (both
days inclusive). |
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|
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| 2.
A member of the company entitled to attend and vote in meeting may appoint a
proxy and vote for him/her. A proxy |
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| must
be a member of the company and in order to be effective must be received by
the company not less than |
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| 48
hours before the time of holding the meeting. |
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|
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| 3.
The number of Director to be elected shall be seven. Any person who seeks to
contest election as Director must |
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| file
with the company at its Registered office a notice of his intention and offer
himself for election. Such notice |
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| must
be filed with the company not later than 14 days before the date of Annual
General Meeting. |
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|
| STATEMENT
UNDER SECTION 160 OF THE COMPANIES ORDINANCE, 1984 |
|
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| This
statement sets out material facts concerning the Special Business to be
transacted at the Thirty First Annual General |
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| Meeting
of Moonlite (Pak) Limited to be held on November 12, 2001. |
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| Approval
of the shareholders will be sought for the remuneration payable to the Chief
Executive and other three whole- |
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| time
working Directors in accordance with their terms and conditions of service.
For this purpose it is intended to propose |
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| that
the following resolution be passed as an Ordinary Resolution, namely. |
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|
| "RESOLVED
THAT the Company hereby authorises the holding of offices of profit and
payment as remuneration to |
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| Mr.
Tar H. Ismail, Chief Executive, and M/s. M. Sohail Umer, Ashraf T. Ismail and
Shahid Umer whole-time Directors. |
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| not
exceeding in the aggregate Rupees 2.4 million per annum, inclusive of
perquisites and benefits to which they are entitled |
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| under
their term of employment, and for the remainder of their term remuneration
per annum not exceeding the said amount |
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| as
increased by the sums that may be applicable under respective terms of
employment. |
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| FURTHER
RESOLVED THAT in the event of any of the aforesaid offices of profit falling
vacant. the approval hereby given |
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| shall,
subject to the terms of appointment, be equally applicable to any other
person appointed to fill such vacancy". |
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|
| DIRECTORS'
REPORT |
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| On
behalf of the Board of Directors I welcome you to the 31st Annual General
Meeting of the Company and take pleasure to present |
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| the
Annual Report together with the Audited Accounts for the year ended June 30,
2001. |
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|
2001 |
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| 1.
FINANCIAL HIGHLIGHTS |
|
|
Rupees |
|
|
| Loss Before Tax |
|
|
3,645,249 |
|
|
|
|
| ADD: |
|
|
| 80D
Minimum Tax |
|
|
1,167,730 |
|
| Prior year Tax |
|
|
8,249 |
|
| Deferred Tax |
|
|
1,200,000 |
|
|
------------------ |
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| Loss
After Taxation |
|
|
6,021,228 |
|
|
|
|
========== |
|
|
| 2.
OPERATING RESULTS |
|
|
|
|
| 2.1
Depressed conditions prevailed during the year however sales revenue could
pickup by Rs. 3.186 Million. Gross |
|
| Profit
showing improvement over the last year by 0.30% whereas pretax loss improved
by 50% due to possible |
|
| disciplines,
cost control measures which proved to be positive impact on financial
performance of the company. |
|
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| 2.2
In the context of PICIC dues the company succeeded restructuring of the same
whereby 24 Monthly installments |
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| commencing
from January 2001 shall be payable, markup stands freezed and last
installment shall fall payable on |
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| December 15, 2002. |
|
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| 2.3
MCB continues to assisting us and playing pivotal role in growth of the
company over the last more than 30 years. The |
|
| request
for restructuring credit facilities is made and negotiations are on to ensure
viability and survival of this |
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| prestigious
manufacturing capacity. Breathing time period for repayment of credit
facilities and restructuring of markup |
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| charge
will have definite bearing on capability of the company to use the
manufacturing facilities more smoothly and |
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| confidently. |
|
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| 2.4
The trade receivables are good and shall not be impaired/bad though recovery
from some the receivables is slow and |
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| hopefully
overdues from debtors shall be recovered in due course of time. However, to
comply the audit requirement |
|
| provision
for such slow debtors is made for Rs. 1.664 million which will be recovered
during the current quarter |
|
| Rs.
25.00 million recovered from the debtors. |
|
|
| 2.5
During the year the Company contributed to exchequer towards sales tax,
duties and income tax Rs. 37.3 million. |
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|
|
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| 2.6
Earning per share at the year end computes in negative Rs. 2.79 (2000
negative Rs. 2.51). |
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|
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| 2.7
Pattern of Shareholding in annexed to the report. |
|
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| 3.
N.I.T. NOMINEE DIRECTOR |
|
|
| Mr.
Sayed Muzafar Ali Shah has been nominated by N.I.T on the Board of Director
of the company from June 6, 2001 |
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| replacing
Ms. Aaliya K. Dossa. |
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|
|
|
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| 4.
FUTURE OUTLOOK |
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| In
view of the positive outlook of negotiations with PICIC and MCB which will
definitely ensure viability and very survival |
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| of
the manufacturing facilities. Your directors are determined to steer the
company out of the woods and by adopting cost |
|
| control
measures to put the company on fast track so that interest of all the
stakeholders not only be protected but return on |
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| their
respective investments shall be ensured. |
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|
|
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| 5. AUDITORS |
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|
|
| M/s.
Rahim Iqbal Rafiq & Company, Chartered Accountants retire and offer
themselves for reappointment as auditors for the |
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| ensuring year. |
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|
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| 6.
ACKNOWLEDGMENT |
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| Under
this recessionary conditions we appreciate the efforts of our workforce at
all levels. The response of our esteemed |
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| clients
and dealers never let us down despite sluggish market conditions. We have
been always loading the assistance |
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| extended
from time to time by MCB and PICIC in our growth and always took pain to hear
our situation. We hope both will |
|
| continue
their conventional role as such to strengthen our efforts to put the company
on sound footing. |
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|
On Behalf of Board of Directors |
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|
|
|
|
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| Karachi |
|
|
TAR H. ISMAIL |
|
| 16th
October, 2001. |
|
Chairman & Chief Executive |
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|
|
| AUDITORS'
REPORT TO THE MEMBERS |
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| We
have audited the annexed balance sheet of MOONLITE (PAK)
LIMITED as at June 30, 2001 |
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| and
the related profit & loss account, cash flow statement and statement of
changes in equity together |
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| with
the notes forming part thereof, for the year then ended and we state that we
have obtained all |
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| the
information and explanations which, to the best of our knowledge and belief,
were necessary for |
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| the
purposes of our audit. |
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| It
is the responsibility of the company's management to establish and maintain a
system of internal |
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| control,
and prepare and present the above said statements in conformity with the
approved accounting |
|
| standard
and the requirements of the Companies Ordinance, 1984. Our responsibility is
to express an |
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| opinion
on these statements based on our audit. |
|
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| 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 |
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| 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 |
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| 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 |
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| drawn
up in conformity with the Companies Ordinance, 1984, and are in agreement |
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| with
the books of account and are further in accordance with accounting policies |
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| consistently
applied; |
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|
|
|
|
|
| (ii)
the expenditure incurred 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 and to the best of our information and according to the
explanations given |
|
| to
us, the balance sheet, profit & 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 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 30th June 2001, and of the Loss, its
cash flows and |
|
| changes
in equity for the year then ended; and |
|
|
| (d)
in our opinion, "No Zakat was deductible at source under the Zakat and
Ushr Ordinance, |
|
| 1980". |
|
|
| Karachi |
|
|
RAHIM IQBAL RAFIQ & COMPANY |
|
| 16th
October, 2001 |
|
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 2001 |
|
|
|
|
2001 |
2000 |
|
|
Note |
Rupees |
Rupees |
|
|
| SHARE
CAPITAL AND RESERVES |
|
|
|
| Authorised
Capital |
|
| 4,000,000
Ordinary Shares of Rs. 10/- each |
|
40,000,000 |
40,000,000 |
|
|
|
|
========== |
========== |
|
|
|
|
| Issued,
subscribed and paid-up capital |
3 |
21,595,860 |
21,595,860 |
|
| Reserves |
|
4 |
399,305 |
399,305 |
|
| Accumulated
loss |
|
|
(19,181,640) |
(13,160,412) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,813,525 |
8,834,753 |
|
|
|
|
|
|
| LONG
TERM LOANS |
|
5 |
6,958,108 |
4,051,492 |
|
|
|
|
|
| LIABILITIES
AGAINST ASSETS |
|
|
| SUBJECT
TO FINANCE LEASE |
|
6 |
5,703,958 |
10,358,516 |
|
|
|
|
|
| DEFERRED
TAXATION |
|
|
3,000,000 |
1,800,000 |
|
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
| Short
term finances |
|
7 |
216,151,994 |
220,408,928 |
|
| Current
portion of long term liabilities |
8 |
11,863,289 |
14,161,610 |
|
| Creditors,
accrued and other liabilities |
9 |
45,767,864 |
29,878,908 |
|
| Taxation |
|
|
1,167,731 |
1,149,991 |
|
|
|
|
------------------ |
------------------ |
|
|
|
274,950,878 |
265,599,437 |
|
| CONTINGENCIES
AND COMMITMENTS |
10 |
|
|
------------------ |
------------------ |
|
|
|
293,426,469 |
290,644,198 |
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these financial statements. |
|
|
| Karachi: |
|
| 16th
October, 2001 |
|
|
|
|
|
| FIXED
CAPITAL EXPENDITURE |
|
|
| Operating
assets |
|
11 |
58,045,053 |
60,461,125 |
|
|
|
|
|
| LONG
TERM INVESTMENTS |
|
12 |
25,000 |
25,000 |
|
| LONG
TERM DEPOSITS |
|
13 |
2,173,218 |
2,149,218 |
|
|
|
| CURRENT
ASSETS |
|
|
|
| Stores,
spares and loose tools |
|
14 |
4,518,994 |
5,208,539 |
|
| Stock in trade |
|
15 |
136,915,864 |
128,960,716 |
|
| Trade debts |
|
16 |
86,397,055 |
66,179,480 |
|
| Loans,
advances, deposits, |
|
|
|
| prepayments
and other receivables |
17 |
4,141,208 |
26,389,562 |
|
| Cash
and bank balances |
|
18 |
1,210,077 |
1,270,558 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
233,183,198 |
228,008,855 |
|
|
|
|
------------------ |
------------------ |
|
|
|
293,426,469 |
290,644,198 |
|
|
|
========== |
========== |
|
|
|
TAR H. ISMAIL |
|
M. SOHAIL UMER |
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE YEAR ENDED JUNE 30, 2001 |
|
|
|
|
2001 |
2000 |
|
|
Note |
Rupees |
Rupees |
|
|
| Sales |
|
19 |
230,723,882 |
216,551,428 |
|
| Cost
of goods sold |
|
20 |
(189,847,056) |
(178,861,237) |
|
| Gross profit |
|
|
40,876,826 |
37,690,191 |
|
| Processing
receipts |
|
21 |
1,350,700 |
754,447 |
|
|
|
|
------------------ |
------------------ |
|
|
42,227,526 |
38,444,638 |
|
|
|
|
|
| Operating
Expenses |
|
|
|
| Administration
and general |
|
22 |
9,296,052 |
7,125,340 |
|
| Selling
and distribution |
|
23 |
5,575,843 |
5,018,309 |
|
| Financial
charges |
|
24 |
31,949,095 |
35,758,717 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(46,820,990) |
(47,902,366) |
|
|
|
|
------------------ |
------------------ |
|
| Operating loss |
|
|
|
(4,593,464) |
(9,457,728) |
|
| Other income |
|
25 |
948,215 |
1,001,817 |
|
|
|
------------------ |
------------------ |
|
| Net
loss before taxation and extra ordinary items |
|
(3,645,249) |
(8,455,911) |
|
|
|
| Extra
Ordinary Items |
|
| Gain
on loan restructuring |
|
-- |
4,535,348 |
|
| Loss due to fire |
|
-- |
(358,873) |
|
|
|
------------------ |
------------------ |
|
|
|
-- |
4,176,475 |
|
|
|
------------------ |
------------------ |
|
| Net
Loss before taxation |
|
(3,645,249) |
(4,279,436) |
|
|
|
|
|
|
| Taxation |
|
| - Current |
|
1,167,730 |
1,149,991 |
|
| -
Prior Year's |
|
8,249 |
(498) |
|
|
| -
Deferred |
|
1,200,000 |
-- |
|
|
------------------ |
------------------ |
|
|
|
|
(2,375,979) |
(1,149,493) |
|
|
|
|
|
------------------ |
------------------ |
|
|
| Loss
after taxation |
|
|
(6,021,228) |
(5,428,929) |
|
|
| Unappropriated
loss brought forward |
|
(13,160,412) |
(7,731,483) |
|
|
|
|
|
------------------ |
------------------ |
|
|
| Accumulated
loss carried forward |
|
|
(19,181,640) |
(13,160,412) |
|
|
|
|
|
========== |
========== |
|
|
| Earning
per share |
|
32 |
(2.79) |
(2.51) |
|
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these financial statements. |
|
|
|
TAR H. ISMAIL |
|
M. SOHAIL UMER |
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
| STATEMENT
OF CHANGES IN FINANCIAL POSITION |
|
| (CASH
FLOW STATEMENT) FOR THE YEAR ENDED JUNE 30, 2001 |
|
|
|
|
|
2001 |
2000 |
|
|
|
Note |
Rupees |
Rupees |
|
|
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
| Loss
before taxation |
|
(3,645,249) |
(4,279,436) |
|
|
|
| Adjustment for: |
|
| Depreciation |
|
|
|
6,771,073 |
7,024,920 |
|
|
| Provision
for doubtful debts |
|
|
1,664,556 |
-- |
|
|
| Gain
on disposal of fixed assets |
|
|
(948,215) |
(1,001,817) |
|
|
| Financial
charges |
|
|
31,949,095 |
35,758,717 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
35,791,260 |
37,502,384 |
|
|
| (Increase)
/ Decrease in working capital |
28 |
(8,035,921) |
13,712,147 |
|
|
|
|
|
|
------------------ |
------------------ |
|
|
| Cash
generated from operation |
|
|
27,755,339 |
51,214,531 |
|
|
| Financial
charges paid |
|
(14,996,969) |
(20,945,660) |
|
|
| Taxes paid |
|
(1,158,239) |
(1,291,827) |
|
|
|
------------------ |
------------------ |
|
|
| Net
cash from operating activities before extra ordinary items |
11,600,131 |
28,977,044 |
|
|
|
|
|
|
|
| Extra
ordinary items: |
|
| Adjustment for: |
|
|
| Gain
on loan restructuring |
|
-- |
(4,535,348) |
|
|
| Loss due to fire |
|
|
-- |
358,873 |
|
|
|
|
|
|
| Changes
in working capital |
|
|
|
| Proceed
against stock destroyed by fire |
|
-- |
5,652,172 |
|
| Loan,
advances, deposits, prepayments and other receivables |
-- |
(13,176,000) |
|
| Creditors,
accrued and other liabilities |
|
-- |
847,826 |
|
|
|
------------------ |
------------------ |
|
| Net
cash from operating activities |
|
11,600,131 |
18,124,567 |
|
|
|
| CASH
FLOW FROM INVESTING ACTIVITIES |
|
| Fixed
capital expenditure |
|
(4,740,686) |
(1,936,146) |
|
|
| Proceeds
from disposal of fixed assets |
|
1,333,900 |
3,043,000 |
|
|
|
------------------ |
------------------ |
|
|
| Net
cash from / (used in) investing activities before extra ordinary items |
(3,406,786) |
1,106,854 |
|
|
| Proceed
against assets destroyed due to fire |
|
-- |
6,935,396 |
|
|
|
------------------ |
------------------ |
|
|
| Net
cash from / (used in) investing activities |
|
(3,406,786) |
8,042,250 |
|
|
|
|
| CASH
FLOW FROM FINANCING ACTIVITIES |
|
| Repayment
of long term loans |
|
|
(5,406,615) |
(4,300,664) |
|
| Payments
of lease liabilities |
|
|
(2,823,209) |
(5,435,689) |
|
| Long
term deposits (net) |
|
|
(24,000) |
869,990 |
|
| Dividend paid |
|
|
(2) |
(123) |
|
|
|
|
------------------ |
------------------ |
|
| Net
cash used in financing activities |
|
(8,253,826) |
(8,866,486) |
|
|
|
|
------------------ |
------------------ |
|
| (Decrease)
/ Increase in cash and cash equivalents |
|
(60,481) |
17,300,331 |
|
| Cash
and cash equivalents at beginning of the year |
1,270,558 |
(16,029,773) |
|
|
|
|
------------------ |
------------------ |
|
| Cash
and cash equivalents at end of the year |
29 |
1,210,077 |
1,270,558 |
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these financial statements. |
|
|
|
TAR H. ISMAIL |
|
M. SOHAIL UMER |
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
| STATEMENT
OF CHANGES IN EQUITY FOR THE YEAR ENDED JUNE 30, 2001 |
|
|
|
Issued, |
|
|
|
Subscribed and |
Reserve |
Unappropriated |
|
|
|
Paid up Capital |
Capital |
Loss |
Total |
|
|
| Balance
as at July 01, 1999 |
21,595,860 |
399,305 |
(7,731,483) |
14,263,682 |
|
| Loss
after taxation |
-- |
-- |
(5,428,929) |
(5,428,929) |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
| Balance
as at June 30, 2000 |
21,595,860 |
399,305 |
(13,160,412) |
8,834,753 |
|
| Loss
after taxation |
-- |
-- |
(6,021,228) |
(6,021,228) |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
| Balance
as at June 30, 2001 |
21,595,860 |
399,305 |
(19,181,640) |
(2,813,525) |
|
|
========== |
========== |
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
TAR H. ISMAIL |
|
M. SOHAIL UMER |
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
| NOTES
TO THE ACCOUNTS |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
|
| 1.
STATUS AND ACTIVITIES |
|
| Moonlite
(Pak) Limited was incorporated in Pakistan as a Public Limited Company and is
quoted on |
|
| Karachi
Stock Exchange. The company is engaged in the manufacturing of woollen yarn,
acrylic |
|
| blanket,
synthetic tufted carpets and allied cotton synthetic products. |
|
|
| 2.
SIGNIFICANT ACCOUNTING POLICIES |
|
|
|
|
| 2.1
Accounting convention |
|
|
| These
financial statements have been prepared under the 'historical cost
convention'. |
|
|
|
|
| 2.2
Foreign currencies |
|
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