| First Crescent Modaraba |
|
|
|
|
|
|
|
|
| Annual
Report 2001 |
|
|
|
| Contents |
|
|
| Corporate
& Investor's Information |
|
| Directors'
Report |
|
| Auditors'
Report to the Certificate Holders |
|
| Balance
sheet |
|
| Profit
and Loss Account |
|
| Statement
of Changes in Financial Position (Cash Flow Statement) |
|
| Notes
to the Accounts |
|
| Pattern
of Holding of Certificates |
|
| Notice
of Annual Review Meeting |
|
|
|
| COOPERATE
INFORMATION |
|
|
| BOARD
OF DIRECTORS OF CRESCENT |
|
| BUSINESS
MANAGEMENT ( PVT ) LIMITED |
|
|
| Mahmood
Ahmed (Chief Executive) |
|
| Dr.
Waseem Azhar |
|
| Muhammad
Awais Qureshi |
|
| Zaheer
A. Shaikh |
|
|
| CORPORATE
SECRETARY |
|
| Tariq Aleem |
|
|
| AUDITORS |
|
| Riaz
Ahmad and Company |
|
|
| LEGAL
ADVISORS |
|
| Hassan
and Hassan Advocates |
|
|
| PRINCIPAL
OFFICE |
|
| 14-C,
Main Gulberg, Jail Road, |
|
| Lahore,
Pakistan |
|
| Tel:
92-42-5870360-3 |
|
| Fax:
92-42-5870359 |
|
|
| REGISTERED
OFFICE |
|
| 2nd
Floor, 131-A, E/1 |
|
| Main
Boulevard, Gulberg III, |
|
| Lahore,
Pakistan |
|
| Tel:
92-42-5712036, 5877087 |
|
| Fax:
92-42-5877325 |
|
|
| INVESTORS'
INFORMATION |
|
|
| STOCK
EXCHANGE LISTING |
|
| First
Crescent Modaraba is listed |
|
| on
the Karachi, Lahore and Islamabad |
|
| Stock
Exchange |
|
|
| Daily
quotes on Crescent Modaraba |
|
| Certificates
can be obtained from leading |
|
| newspapers,listed
under "Modaraba Companies" |
|
|
| CERTIFICATE
HOLDERS INFORMATION |
|
| Inquires
concerning lost stock |
|
| certificates,
dividend payments, |
|
| changes
of address, verification of |
|
| transfer
deeds and certificates transfer |
|
| should
be directed to: |
|
|
| FIRST
CRESCENT MODARABA |
|
| 2nd
Floor, 131-A, E/1 |
|
| Main
Bolevard, Gulberg III, Lahore. Pakistan |
|
| Tel:
92-42-5712036, 5710759 |
|
| Fax:
92-42-5712446 |
|
|
| PUBLIC
INFORMATION |
|
| Financial
analysts, stock brokers, |
|
| interested
investors and financial media |
|
| desiring
information about |
|
|
| FIRST
CRESCENT MODARABA |
|
| should
contact the following individual |
|
| in
corporate Investor Relations: |
|
|
| SHAHID
LATIF DAR |
|
| 14-C,
Main Gulberg, Jail Road, |
|
| Lahore,
Pakistan |
|
| Tel:
92-42-5870360-3 |
|
| Fax:
92-42-5870359 |
|
|
|
| DIRECTORS'
REPORT |
|
|
| It
is a great pleasure to present to you the tenth Annual Report of First
Crescent Modaraba (FCM), |
|
| which
covers the tenth full year of operations of the Modaraba. Before the review
of operating |
|
| results
of the Modaraba, it will be pertinent to have a brief review of the national
economic scenario. |
|
|
| MACRO
ECONOMIC SCENARIO |
|
| Economic
performance during the year 2000-2001 was characterized by government efforts
to |
|
| bring
macroeconomic fundamentals back on track with a result that the fiscal
deficit was contained |
|
| within
its targeted level, inflation was low, current account was in surplus. The
policy changes |
|
| made
to address the underlying structural problems altered the incentive structure
for the private |
|
| sector.
Compounded by agricultural growth, private sector investment remained
stagnant reducing |
|
| the
pace of privatization. Resultantly, Pakistan's aggregate growth level was
restricted to 2.6 against |
|
| a
target of 5.0 percent. |
|
|
| In
the real sector, persistent drought conditions did not allow the agriculture
sector to show any |
|
| positive
growth. During the year under review, the textile exports fell short of the
target. In the |
|
| external
sector, a current account surplus and the depreciation of 19% in Rupee/Dollar
parity were |
|
| noteworthy
achievements. However, these improvements in the external gap failed to ease
the |
|
| pressure
on the rupee on account of change in exchange rate regime. The monetary
policy of |
|
| central
bank remained tight during the year. |
|
|
| The
scenario discussed above has affected the performance of financial sector. It
would be pertinent |
|
| to
note that September 11 attacks have further intensified the global recession
that is clearly shown |
|
| in
the financial markets the world over. Global recession is likely to spread
through international |
|
| trade
and expected to have a negative bearing on Pakistan's economy in the
short-term future. |
|
|
| STOCK
MARKET |
|
| The
bearish trends in the last year due to the investors' loss of hope for a
quick privatization of |
|
| state-owned
utilities and concerns about the un-sustainability of Badla (carry-over
transactions) |
|
| continued
in the current year. The negative trends were augmented by rising interest
rates and the |
|
| depreciating
exchange rates, to the drawn out impact of tax survey and faltering hopes of
an early |
|
| end
to Hubco-WAPDA dispute. By early-November, the market started sliding,
investor expectations |
|
| concerning
certain blue-chip companies and the textile sector, turned sour. During this
downward |
|
| movement,
heavy speculation in the form of short selling compounded the fall. In order
to minimize |
|
| the
fall, SECP prohibited carryover transaction of sale position on all scrips.
In December, the |
|
| market
responded positively to Pakistan's agreement with the IMF. However, the
upward trend |
|
| was
short lived due to the introduction ofT+3 settlement system and negative
reports by international |
|
| lending
agencies suspecting Pakistan's ability to meet revenue targets, lower than
expected GDP |
|
| growth,
tight monetary policy and continuous depreciation of rupee leading to a KSE
index of 1366 |
|
| at
June 30, 2001. |
|
|
| OPERATING
AND INVESTING PERFORMANCE |
|
| As
on 30 June 2001 total assets of First Crescent Modaraba were Rs.1,980.96
million as against |
|
| the
outstanding of Rs.1,860.70 million on the corresponding date of last year.
During the year |
|
| under
review lease disbursement of Rs. 204.25 million were made despite the
extremely competitive |
|
| leasing
business. Net leased assets as on June 30, 2001 amounted to Rs. 524.89
million. |
|
| Depreciation
charge for the year under review was Rs. 270.00 million as compared to Rs.
271.91 |
|
| million
charged in the last year. |
|
|
| RESOURCE
MOBILIZATION |
|
| As
at 30th June 2001, the Modaraba had an outstanding amount of Rs. 1,469.91
mobilized under |
|
| Morabaha
/ Musharika arrangements etc. as against Rs.1,347.60 million for the last
year showing |
|
| an
increase of 9% over the previous year. |
|
|
| BALANCE
SHEET & OPERATING RESULTS |
|
| Total
assets of the Modaraba increased by Rs. 120.26 million (6.46%) during
2000-2001 to Rs. |
|
| 1,980.96
million. The Modaraba earned an operating profit of Rs. 41.54 million before
provisions |
|
| during
the year. The net profit after tax for the year was Rs. 14.27 million. A
dividend income |
|
| amounting
to Rs. 14.51 was earned on equity investments during the year. |
|
|
| The
long awaited formal notification exempting Modarabas from the ambit of
Section 80D regarding |
|
| Minimum
Tax on Turnover has been issued during the year under review. The subject
year was the |
|
| third
year for which the government has revived the income tax exemption for
modaraba if atleast |
|
| 90
% of its profits for the year are distributed among the certificate holders.
No provision for taxation |
|
| has
been made in these accounts for activities other than trading in view of the
subject exemption. |
|
|
| Composition
of the net profit after provisions is as follows:- |
|
|
|
(Rs. in million) |
|
|
Amount for the |
Amount for the |
% change over |
|
|
Year Ended |
Year Ended |
previous year |
|
|
30 June 2001 |
30 June 2000 |
|
| INCOME |
|
| Rental
/ Profit on lease and Morabaha financing |
488.81 |
432.61 |
12.99 |
|
| Dividend
/ Capital Gains |
|
14.51 |
28.65 |
(49.35) |
|
| Fees,
Commission and other gains |
|
5.73 |
8.03 |
(28.64) |
|
| Profit
on placements etc. |
|
4.66 |
3.26 |
42.94 |
|
| Revenue
from other services |
|
1.57 |
2.98 |
(47.31) |
|
| Trading
income |
|
30.66 |
6.67 |
359.67 |
|
|
---------- |
---------- |
---------- |
|
| Total Income |
|
545.94 |
482.20 |
13.22 |
|
|
---------- |
---------- |
---------- |
|
| EXPENDITURE |
|
| Charges
/ profit/return paid on lease, Morabaha and Musharika |
467.11 |
424.44 |
(10.05) |
|
| Cost
of other services |
|
2.00 |
4.49 |
55.46 |
|
| Provisions |
|
9.21 |
4.10 |
(124.63) |
|
| Establishment
& other operating expenses |
|
35.29 |
21.46 |
(64.44) |
|
|
---------- |
---------- |
---------- |
|
| Total
Expenditure |
|
513.61 |
454.50 |
(13.00) |
|
|
---------- |
---------- |
---------- |
|
| NET
PROFIT (Before Management fee & tax) |
|
32.33 |
27.70 |
16.71 |
|
| Management
fee |
|
(2.17) |
(2.52) |
|
| Provision
for taxation |
|
(15.89) |
(6.72) |
|
|
---------- |
---------- |
---------- |
|
| NET
PROFIT |
|
14.27 |
18.46 |
|
| Un-appropriated
profit b/f |
|
0.04 |
0.25 |
|
|
---------- |
---------- |
---------- |
|
| PROFIT
AVAILABLE FOR APPROPRIATION |
14.31 |
18.71 |
|
|
---------- |
---------- |
---------- |
|
| APPROPRIATIONS |
|
| Transfer
to Statutory Reserve |
|
(1.43) |
(1.85) |
|
| Transfer
from General Reserve |
|
4.10 |
5.80 |
|
| Profit
distribution @ 7.50 %(2000: 10%) |
|
(16.96) |
(22.62) |
|
|
---------- |
---------- |
---------- |
|
| Un-appropriated
profit |
|
0.02 |
0.04 |
|
|
---------- |
---------- |
---------- |
|
|
| WEBSITE |
|
| During
the year First Crescent Modaraba launched its website at www.
crescentmodaraba.com |
|
| that
contains information about the Modaraba and its activities being carried out
in accordance with |
|
| Islamic
Sharia. |
|
|
| PROFIT
DISTRIBUTION |
|
| A
profit distribution of Re. 0.75 (7.50%) per certificate of Rs. 10 each has
been approved by the |
|
| Board
of Directors in its meeting held on December 8, 2001 for the year ended June
30, 2001. The |
|
| distribution
will be subject to zakat and tax at source where applicable. |
|
|
| OBJECTIVES
FOR 2001-2002 |
|
| With
a successful experience of the previous two mergers of Al Ata Leasing
Modaraba and First |
|
| Confidence
Modaraba into FCM, the Modaraba will be looking forward for any opportunity
that |
|
| may
arise in future. The Modaraba plans to enhance both the quality and quantity
of its earnings by |
|
| concentrating
on small and medium sized leases and generating cheaper resources for
financing |
|
| the
activity. Mobilization of long-term funds shall also be done on priority
basis. The Modaraba |
|
| also
plans to increase its trading activities in a planned manner. The Modaraba
also plans to |
|
| continue
the portfolio management services for its clients during the year 2001-2002. |
|
|
| AUDITORS: |
|
| The
Auditors M/s. Riaz Ahmad & Company, Chartered Accountants, retire and
offer themselves for |
|
| re-election. |
|
|
| BOARD
OF DIRECTORS |
|
| Following
changes took place in the Board of Directors of Modaraba Company during the
year |
|
| under
review: |
|
|
| Dr.
Wasim Azhar joined in as a Director on the Board. We welcome him and hope
that Modaraba |
|
| wilt
benefit from his presence on the Board. |
|
|
| Mr.
Rashid Ahmed resigned from the office of Director of the company. The Board
wishes to place |
|
| on
record its appreciation for Mr. Rashid Ahmed for his valuable services
rendered to the Modaraba. |
|
|
| ACKNOWLEDGEMENT |
|
| We
would like to thank the Securities and Exchange Commission of Pakistan,
Registrar of Modaraba |
|
| and
the State Bank of Pakistan for their continued guidance and support as the
regulators for the |
|
| growth
and betterment of the financial sector. |
|
|
| In
the end, the Directors appreciate the dedication and hard work put in by the
officers and staff of |
|
| the
Modaraba. |
|
|
| On
Behalf of the Board |
|
|
| MAHMOOD
AHMED |
|
| Chief
Executive |
|
Dated: December 8, 2001 |
|
|
|
| AUDITORS'
REPORT TO THE CERTIFICATE HOLDERS |
|
|
| We
have audited the annexed Balance Sheet as at 30 June 2001 and the related
Profit and Loss |
|
| Account
and Statement of Changes in Financial Position (Cash Flow Statement) together
with the |
|
| Notes
to the Accounts for the year ended 30 June 2001 of FIRST CRESCENT MODARABA
which |
|
| are
modaraba company's [Crescent Business Management (Private) Limited]
representation and |
|
| we
state that we have obtained all the information and explanations which we
required and, after |
|
| due
verification thereof, we report that: |
|
|
| [a]
in our opinion, proper books of account have been kept by the modaraba
company in respect |
|
| of
First Crescent Modaraba as required by the Modaraba Companies and Modaraba |
|
| (Floatation
and Control) Ordinance, 1980, and Modaraba Companies and Modaraba Rules, |
|
| 1981; and |
|
|
| [b]
in our opinion, the Balance Sheet and the Profit and Loss Account have been
drawn up in |
|
| conformity
with the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, |
|
| 1980,
and Modaraba Companies and Modaraba Rules, 1981; and |
|
|
| [c]
in our opinion and to the best of our information and according to the
explanations given to |
|
| us; |
|
|
| i)
the Balance Sheet and the related Profit and Loss Account and Statement of
Changes |
|
| in
Financial Position (Cash Flow Statement), which are in agreement with the
books of |
|
| account,
exhibit respectively a true and fair view of the state of the Modaraba's
affairs |
|
| as
at 30 June 2001 and the Profit and the Changes in the Financial Position for
the year |
|
| ended
on that date; |
|
|
| ii)
zakat deductible at source under the Zakat and Ushr Ordinance, 1980, has been |
|
| deducted
by the Modaraba and deposited in the Central Zakat Fund established under |
|
| section
7 of that Ordinance; and |
|
|
| iii)
the business conducted, investments made and expenditure incurred by the
Modaraba |
|
| are
in accordance with the objects, terms and conditions of the Modaraba. |
|
|
|
RIAZ AHMAD & COMPANY |
|
| LAHORE:
December 8, 2001 |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 2001 |
|
|
|
|
2001 |
2000 |
|
|
Note |
Rupees |
Rupees |
|
| EQUITY
AND LIABILITIES |
|
| CAPITAL
AND RESERVES |
|
| Certificate
capital |
|
| Authorized |
|
|
|
| 30,000,000
modaraba certificates of Rupees 10 each |
|
300 000 000 |
300 000 000 |
|
|
========== |
========== |
|
| Issued,
subscribed and paid up capital |
|
3 |
226 187 090 |
226 187 090 |
|
|
|
|
|
| Reserves
and surplus |
|
|
|
|
| Capital
reserve |
|
4 |
37 181 064 |
35 754 002 |
|
| Revenue
reserve-General |
|
5 |
40 083 002 |
44 183 002 |
|
| Unappropriated
profit |
|
21 966 |
42 439 |
|
|
---------- |
---------- |
|
|
|
303 473 122 |
306 166 533 |
|
|
|
|
| NON-CURRENT
LIABILITIES |
|
|
|
| Finances
under morabaha and musharaka |
|
|
|
| arrangements |
|
6 |
476 018 244 |
469 769 539 |
|
| Redeemable
capital |
|
7 |
320 750 000 |
261 500 000 |
|
| Long
term deposits |
|
8 |
65 151 498 |
75 366 650 |
|
|
|
|
|
861 919 742 |
806 636 189 |
|
| CURRENT
LIABILITIES |
|
|
|
| Current
portion of long term finances and deposits |
9 |
71 988 885 |
78 960 301 |
|
| Finance
under morabaha arrangement |
|
10 |
50 000 000 |
-- |
|
| Finances
under musharaka arrangements |
|
11 |
594 871 051 |
575 976 606 |
|
| Creditors,
accrued and other liabilities |
|
12 |
81 743 351 |
70 340 086 |
|
| Profit
distribution |
|
16 964 032 |
22 618 709 |
|
|
---------- |
---------- |
|
|
815 567 319 |
747 895 702 |
|
| CONTINGENCIES
AND COMMITMENTS |
|
13 |
-- |
-- |
|
|
|
|
---------- |
---------- |
|
| TOTAL
EQUITY AND LIABILITIES |
|
1 980 960 183 |
1 860 698 424 |
|
|
========== |
========== |
|
|
| ASSETS |
|
| NON-CURRENT
ASSETS |
|
| Tangible
operating fixed assets |
|
14 |
540 774 379 |
649 617 668 |
|
| Long
term investments |
|
15 |
369 888 412 |
303 367 238 |
|
| Deferred
costs |
|
16 |
-- |
192 933 |
|
|
|
---------- |
---------- |
|
|
|
910 662 791 |
953 177 839 |
|
| CURRENT
ASSETS |
|
|
|
|
| Finances
under morabaha arrangements |
|
17 |
1 429 262 |
2 429 262 |
|
| Finances
under musharaka arrangements |
|
18 |
809 421 762 |
560 888 303 |
|
| Advances,
deposits, prepaymerits |
|
|
|
|
| and
other receivables |
|
19 |
238 907 718 |
181 986 793 |
|
|
|
|
|
| Stores
and spares |
|
|
-- |
72 866 |
|
| Cash
and bank balances |
|
20 |
20 538 650 |
162 143 361 |
|
|
|
---------- |
---------- |
|
|
1 070 297 392 |
907 520 585 |
|
|
---------- |
---------- |
|
| TOTAL
ASSETS |
|
1 980 960 183 |
1 860 698 424 |
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
MAHMOOD AHMED |
|
MUHAMMED AWAIS QURESHI |
|
ZAHEER A. SHAIKH |
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
DIRECTOR |
|
|
Crescent Business Management |
|
Crescent Business Management |
|
Crescent Business Management |
|
|
(Private) Limited |
|
(Private) Limited |
|
(Private) Limited |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
|
|
|
2001 |
2000 |
|
|
Note |
Rupees |
Rupees |
|
| OPERATING
INCOME |
|
| Lease rentals |
|
332 648 611 |
368 196 692 |
|
| Profit
on morabaha and musharaka finances |
|
156 163 719 |
64 415 730 |
|
| Revenue
from other services |
|
21 |
1 567 569 |
2 985 269 |
|
| Fee,
commission and other income |
|
22 |
24 903 198 |
39 929 949 |
|
| Trading
income |
|
23 |
30 660 140 |
6 670 713 |
|
|
|
---------- |
---------- |
|
|
545 943 237 |
482 198 353 |
|
|
|
|
| OPERATING
EXPENSES |
|
|
|
| Financial
charges |
|
24 |
197 106 156 |
152 528 749 |
|
| Depreciation |
|
|
270 005 251 |
271 909 297 |
|
| Cost
of other services |
|
25 |
2 003 793 |
4 495 546 |
|
| Other
expenses and charges |
|
26 |
35 286 174 |
21 459 955 |
|
|
|
---------- |
---------- |
|
|
504 401 374 |
450 393 547 |
|
|
---------- |
---------- |
|
| Operating
profit before provisions |
|
41 541 863 |
31 804 806 |
|
| Provision
for diminution in value of investments |
|
-- |
2 509 210 |
|
| Provision
for doubtful receivables |
|
9 206 652 |
1 593 251 |
|
|
---------- |
---------- |
|
|
9 206 652 |
4 102 461 |
|
|
---------- |
---------- |
|
|
32 335 211 |
27 702 345 |
|
|
|
|
| MODARABA
COMPANY'S MANAGEMENT FEE |
|
2 175 085 |
2 518 395 |
|
|
|
---------- |
---------- |
|
| PROFIT
BEFORE TAXATION |
|
30 160 126 |
25 183 950 |
|
| PROVISION
FOR TAXATION |
|
|
|
| Current year |
|
27 |
(15 889 505) |
(6 225 673) |
|
| Prior year |
|
-- |
(502 527) |
|
|
---------- |
---------- |
|
|
(15 889 505) |
(6 728 200) |
|
|
---------- |
---------- |
|
| PROFIT
AFTER TAXATION |
|
14 270 621 |
18 455 750 |
|
|
|
|
| UNAPPROPRIATED
PROFIT BROUGHT FORWARD |
|
42 439 |
165 279 |
|
| PROFIT
BROUGHT FORWARD AS ON 01 JULY |
|
|
|
| 1999
OF FIRST CONFIDENCE MODARABA |
|
-- |
85 694 |
|
|
---------- |
---------- |
|
|
42 439 |
250 973 |
|
|
---------- |
---------- |
|
| PROFIT
AVAILABLE FOR APPROPRIATIONS |
|
14 313 060 |
18 706 723 |
|
| APPROPRIATIONS |
|
|
|
| Transfer
to statutory reserve @10% |
|
(1 427 062) |
(1 845 575) |
|
| Transfer
from general reserve |
|
4 100 000 |
5 800 000 |
|
| Profit
distribution Rupee 0.75 (2000: Rupee |
|
|
|
| 1.00)
per certificate |
|
(16 964 032) |
(22 618 709) |
|
|
---------- |
---------- |
|
|
(14 291 094) |
(18 664 284) |
|
|
========== |
========== |
|
| UNAPPROPRIATED
PROFIT |
|
21 966 |
42 439 |
|
|
========== |
========== |
|
| EARNINGS
PER CERTIFICATE-BASIC |
|
28 |
0.63 |
0.82 |
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
MAHMOOD AHMED |
|
MUHAMMED AWAIS QURESHI |
|
ZAHEER A. SHAIKH |
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
DIRECTOR |
|
|
Crescent Business Management |
|
Crescent Business Management |
|
Crescent Business Management |
|
|
(Private) Limited |
|
(Private) Limited |
|
(Private) Limited |
|
|
|
| STATEMENT
OF CHANGES IN FINANCIAL POSITION |
|
| (CASH
FLOW STATEMENT) |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
|
|
2001 |
2000 |
|
|
Rupees |
Rupees |
|
| CASH
FLOWS FROM OPERATING ACTIVITIES |
|
| Profit
before taxation |
|
30 160 126 |
25 183 950 |
|
| Adjustments
for non-cash charges and other items |
|
| Depreciation |
|
270 005 251 |
272 687 328 |
|
| Deferred
cost amortized |
|
192 933 |
556 944 |
|
| (Gain)/loss
on sale of investments-Net |
|
14 452 237 |
(12 509 848) |
|
| Dividend
income |
|
(14 514 104) |
(16 139 365) |
|
| Gain
on sale of fixed assets |
|
(3 014 652) |
(4 551 895) |
|
| Provision for
diminution in value of investments |
|
-- |
2 509 210 |
|
| Provision
for doubtful receivable |
|
9 206 652 |
1 593 251 |
|
|
---------- |
---------- |
|
|
276 328 317 |
244 145 625 |
|
|
---------- |
---------- |
|
| Operating
profit before working capital changes |
|
306 488 443 |
269 329 575 |
|
| Decrease
in finances under morabaha arrangements |
|
1 000 000 |
18 837 035 |
|
| (Increase)
in finances under musharaka arrangements |
|
(248 533 459) |
(186 499 909) |
|
| Decrease
in stocks, stores and spares |
|
72 866 |
9 760 883 |
|
| (Increase)/decrease
in advances, deposits, |
|
|
|
| prepayments
and other receivables |
|
(72 419 274) |
(41 453 195) |
|
| (Decrease)/increase
in creditors, accrued and |
|
|
|
| other
liabilities |
|
12 651 257 |
(16 808 048 |
|
