| CHASHMA SUGAR MILLS LIMITED |
|
|
|
|
|
|
|
|
|
| ANNUAL
REPORT 2004 |
|
|
| DIRECTORS'
REPORT |
|
| The
Directors are pleased to present the Annual Report along with the audited
financial statements |
|
| of
the Company for the year ended 30 September, 2004. |
|
|
| SUMMARISED
FINANCIAL RESULTS |
|
| The
financial results of the Company for the year under review are as under:- |
|
|
|
|
2004 |
2003 |
|
|
|
Rupees |
|
|
| Profit/(loss)
before taxation |
|
33,199,077 |
(42,646,211) |
|
| Taxation |
|
|
|
| - current year |
|
11,000,000 |
3,000,000 |
|
| - prior year |
|
0 |
(1,487,873) |
|
| - deferred |
|
1,102,000 |
(810,000) |
|
|
12,102,000 |
702.127 |
|
| Profit/(loss)
after taxation |
|
21,097,077 |
(43,348,338) |
|
| Unappropriated
profit- Brought forward |
|
930.549 |
278.887 |
|
| Profit/(loss)
available for appropriation |
|
22,027,626 |
(43,069,451) |
|
| Transfer
(to) / from general reserve |
|
(22,000,000) |
44,000,000 |
|
| Unappropriated
profit- carried to balance sheet |
|
27.626 |
930.549 |
|
| Earnings
/(loss) per share |
|
1.1 |
(2.27) |
|
|
| GENERAL |
|
|
| 1.SUGARCANE SEASON 2003-2004 |
|
| The
sugarcane crushing season commenced on 29th November, 2003 and ended on 27th
April, |
|
| 2004.
We crushed 908,130 metric tonnes sugarcane and produced 72,918 metric tonnes
of sugar |
|
| at
an average recovery of 8.03% as compared to the last year's 889,074 metric
tonnes, 64,698 |
|
| metric
tonnes and 7.28% respectively. There was slight improvement in the sale
prices due to the |
|
| withdrawal
of 3% additional sales tax in the budget 2004-05, which has improved
operating |
|
| results
of the Company. |
|
|
| 2.
CURRENT SEASON 2004-2005 |
|
| The
current season started on 18th November, 2004 and we have crushed 255,626
metric tonnes |
|
| of
sugarcane, producing 19,795 metric tonnes of sugar at an average recovery of
7.74 % upto 02 |
|
| January
2005. We are facing difficulties in procurement of sugarcane as the other
sugar mills |
|
| from
the Punjab are purchasing sugarcane from our area through middlemen. |
|
|
| 3.EXPORT |
|
|
| During
the year, we exported 32,122 metric tonnes of sugar to Afghanistan earning
valuable |
|
| foreign
exchange amounting to US $ 8,518,352. |
|
|
| STATEMENT
OF COMPLIANCE WITH THE CODE |
|
| OF
CORPORATE GOVERNANCE |
|
| This
statement is being presented to comply with the Code of Corporate Governance
contained in |
|
| the
Listing Regulations of the Karachi, Lahore and Islamabad Stock Exchanges for
the purpose of |
|
| establishing
a framework of good governance, whereby a listed Company is managed in |
|
| compliance
with the best practices of corporate governance. |
|
|
| The
Company has applied the principles contained in the Code in the following
manner: |
|
|
| 1. The directors have confirmed that none
of them is serving as a director in more than ten listed |
|
| Companies
including this Company. |
|
|
| 2. All the directors of the Company are
registered as taxpayers and none of them has defaulted |
|
| in
payment of any loan to a banking
company, a DFI or an NBFI or being a member of a |
|
| stock
exchange, has been declared as a defaulter by that stock exchange. |
|
|
| 3. No casual vacancies were occurred in
the Board during the year. |
|
|
| 4. The Company has prepared a
"Statement of Ethics and Business Practices", which has been |
|
| signed
by all the directors and management employees of the Company. |
|
|
| 5. The Board has developed a
vision/mission statement, overall
corporate strategy and |
|
| significant
policies of the Company. A complete record of particulars of significant
policies |
|
| along
with the dates on which they were approved or amended has been maintained. |
|
|
| 6. All the powers of the Board have been
duly exercised and decisions on material transactions, |
|
| including
appointment and determination of remuneration and terms and conditions of |
|
| employment
of the CEO and other executive directors, have been taken by the Board. |
|
|
| 7. The meetings of the Board were presided
over by the Chairman and the Board met at least |
|
| once
in every quarter. Written notices of the Board meetings, along with agenda,
were |
|
| circulated
at least seven days before the meetings. The minutes of the meetings were |
|
| appropriately
recorded and circulated. |
|
|
| 8. The Directors are well conversant with
the listing regulations and legal requirements and as |
|
| such
are fully aware of their duties and responsibilities. |
|
|
| 9. There were no new appointments of CFO /
Company Secretary during the year. |
|
|
| 10. The Directors' Report for this year has
been prepared in compliance with the requirements of |
|
| the
Code and it fully describes the salient matters required to be disclosed. |
|
|
| 11. The financial statements of the Company
were duly endorsed by the CEO and the CFO |
|
| before
approval by the Board. |
|
|
| 12. The directors, CEO and executives do not
hold any interest in the shares of the Company |
|
| other
than that disclosed in the pattern of shareholding. |
|
|
| There
are no statutory payments on account of taxes, duties, levies and charges,
which are |
|
| outstanding
as at 30 September, 2004 except for those disclosed in the financial |
|
| statements. |
|
|
| During
the year 4 meetings of the Board of Directors were held. Attendance by each
director |
|
| was as follows:- |
|
|
| Name of Director |
No. of Meetings Attended |
|
|
| Khan
Aziz Sarfaraz Khan |
4 |
|
| Begum
Zari Sarfaraz |
4 |
|
| Begum
Laila Sarfaraz |
2 |
|
| Mr.
Abbas Sarfaraz Khan |
2 |
|
| Ms.
Zarmine Sarfaraz |
1 |
|
| Mr.
Iskander M. Khan |
4 |
|
| Begum
Mehmooda Salim Khan |
2 |
|
| Mr.
Abdul Qadar Khattak |
4 |
|
|
| Leave
of absence was granted to the Directors who could not attend some of the
Board |
|
| meetings. |
|
|
| •
No trades in the shares of Chashma Sugar Mills Limited were carried-out by
the Directors, |
|
| CEO,
CFO, Company Secretary and their spouses and minor children during the year |
|
| ended
30 September, 2004. |
|
|
| 12. COMPLIANCE WITH THE CODE OF CORPORATE
GOVERNANCE |
|
| The
requirements of the Code of Corporate Governance setout by the Karachi,
Lahore and |
|
| Islamabad
Stock Exchanges in their Listing Rules, relevant to the year ended 30 |
|
| September,2004
have been duly complied with. A statement to this effect is annexed with a |
|
| review
report from the Auditors. |
|
|
| 13. ROLE OF SHAREHOLDERS |
|
| The
Board aims to ensure that the Company's shareholders are timely informed
about the major |
|
| developments
affecting the Company's state of affaires. To achieve this objective,
information is |
|
| communicated
to the shareholders through quarterly, half-yearly and annual reports. The
Board |
|
| encourages
the shareholders' participation at the annual general meeting to ensure a
high level |
|
| of accountability. |
|
|
| 14. ACKNOWLEDGEMENT |
|
| The
Directors would like to express their gratitude for the hard work and
dedication displayed by |
|
| the
Staff and Executives of the Organization and the invaluable continuing
support of our |
|
| Bankers. |
|
|
| Finally,
the Board wishes to thank the valued shareholders for their patronage and
confidence |
|
| reposed
in the Company and consistent support in the present challenging scenario. |
|
|
| TEN
YEAR'S GROWTH AT A GLANCE |
|
|
| PARTICULARS |
|
2004 |
2003 |
2002 |
2001 |
2000 |
1999 |
1998 |
1997 |
1996 |
1995 |
|
(RUPEES IN
THOUSAND) |
|
| Sales |
|
1,453,370 |
576.598 |
1,286,688 |
712.165 |
11,815,891 |
,111,550 |
811.335 |
538.518 |
626.719 |
598.079 |
| Cost of Sales |
|
1,369,614 |
577.039 |
1,106,529 |
695.17 |
868.964 |
932.608 |
719.697 |
480.013 |
506.238 |
495.106 |
| Operating
profit/(Loss) |
48.829 |
(29,261) |
152.317 |
(4,886) |
290.32 |
160.631 |
73.059 |
43.233 |
105.903 |
89.481 |
| ProfiV(Loss)
before tax |
33.199 |
(42,646) |
124.183 |
(50,741) |
224.129 |
88.835 |
11.506 |
(8,846) |
53.054 |
44.376 |
| Profit/(Loss)
aftertax |
21.097 |
(43,348) |
103.47 |
(61,218) |
224.129 |
87.711 |
212 |
1.93 |
49.911 |
41.385 |
| Share capital |
|
191.28 |
191.28 |
191.28 |
191.28 |
191.28 |
191.28 |
191.28 |
191.28 |
191.28 |
191.28 |
| Shareholders'
equity |
457.307 |
436.211 |
479.558 |
414.884 |
476.101 |
347.613 |
298.157 |
297.945 |
296.016 |
255.669 |
| Fixed assets-net |
|
322.811 |
355.405 |
365.272 |
392.576 |
424.009 |
436.765 |
472.557 |
522.826 |
557.099 |
552.543 |
| Total assets |
|
996.908 |
1,014,280 |
628.082 |
780.345 |
678.032 |
774.216 |
809.721 |
691.051 |
643.085 |
668.634 |
| Long
term liabilities |
263.868 |
- |
|
20.186 |
40.594 |
98.485 |
152.71 |
171.394 |
242.661 |
| Dividend |
|
|
| Cash dividend |
|
- |
- |
30% |
|
50% |
20% |
|
5% |
- |
| Ratios: |
|
|
| Profitability (%) |
|
|
| Operating profit |
|
3.36 |
(5.07) |
11.84 |
(0.69) |
24.57 |
14.45 |
9 |
8.03 |
16.9 |
14.96 |
| Profit before tax |
|
2.28 |
(7.40) |
9.65 |
(7.12) |
18.97 |
7.99 |
1.42 |
(1.64) |
8.47 |
7.42 |
| Profit after tax |
|
1.45 |
(7.52) |
8.04 |
(8.60) |
18.97 |
7 89 |
0.03 |
0.36 |
7.96 |
6.92 |
| Return
to Shareholders |
|
| ROE - Before tax |
|
7.27 |
(9.78) |
25.9 |
(12.23) |
47.08 |
25.56 |
3.86 |
(2.97) |
17.92 |
1736 |
| ROE-After tax |
|
4 62 |
(9.94) |
21.58 |
(14.76) |
47 08 |
25.23 |
0.07 |
0.65 |
16.86 |
16.19 |
| Return
on Capital Employed |
2.93 |
(9.93) |
21.55 |
(14.75) |
45.06 |
22.59 |
0.05 |
0.43 |
10.68 |
' 8.30 |
| E. P. S. - Aftertax |
|
1.1 |
(2.27) |
5.41 |
(3.20) |
11.72 |
4.59 |
0.01 |
0.01 |
2.61 |
2.16 |
| Activity |
|
|
| Income
to total assets |
1.46 |
0.57 |
2.05 |
0.91 |
1.74 |
1.44 |
1 |
0.78 |
0.97 |
0.89 |
| Income
to fixed assets |
4.5 |
1.62 |
3.52 |
1.81 |
2.79 |
2.54 |
1.72 |
1.03 |
1.12 |
1.08 |
| Liquidity/Leverage |
|
| Current ratio |
|
1.06 |
1.1 |
1.63 |
1.03 |
1.29 |
(0.80) |
(0.78) |
(0.66) |
(0.42) |
(0.49) |
| Break
up value per share |
23.91 |
22.8 |
25.07 |
21.69 |
24.89 |
18.17 |
15.59 |
15.58 |
15.48 |
13.37 |
| Total
Liabilities to equity (Times) |
1.18 |
1.31 |
0.31 |
0.88 |
0.42 |
1.17 |
1.72 |
132 |
1.17 |
1.62 |
|
| TEN
YEAR'S REVIEW |
|
|
| YEAR |
CANE CRUSHED |
RECOVERY |
SUGAR PRODUCED |
|
|
METRIC TONNES |
% |
METRIC TONNES |
|
| 1995 |
507.706 |
8.66 |
44.001 |
|
| 1996 |
495.543 |
8.02 |
38.884 |
|
| 1997 |
370.489 |
7.72 |
28.616 |
|
| 1998 |
744.391 |
8.47 |
63.025 |
|
| 1999 |
828.703 |
7.84 |
64.963 |
|
| 2000 |
668.578 |
8 |
53.495 |
|
| 2001 |
575.031 |
6.82 |
40.646 |
|
| 2002 |
845.048 |
8.07 |
68.185 |
|
| 2003 |
889.074 |
7.28 |
64.698 |
|
| 2004 |
908.13 |
8.03 |
72.918 |
|
|
| 4.EXTENSI0N
PROGRAMME |
|
| Our
extension program will come into line during the first week of January, 2005. |
|
|
| 5.DIVIPEND |
|
| The
Directors do not recommend any dividend due to application of funds in the
ongoing plant & |
|
| machinery
extension program. |
|
|
| 6.GENERAL
RESERVE |
|
| A
sum of Rs.22 million has been transferred to general reserve from profit
& loss appropriation |
|
| account. |
|
|
| 7.STAFF |
|
| The
Labour and Management relations remained cordial during the year. All
employees of the |
|
| Company
were paid bonus equivalent to 4-1/2 months salary in addition to other
amenities and |
|
| statutory benefits. |
|
|
| 8.EXTERNAL
AUDITORS |
|
| The
Audit Committee and Board of Directors have recommended to re-appoint M/s
Hameed |
|
| Chaudhri
& Company, Chartered Accountants, as external Auditors for the year
2004-2005, on |
|
| their
confirmation to change the Partner incharge of audit of the Company subject
to the |
|
| exemption
/ permission of Securities & Exchange Commission of Pakistan under Clause
XII of the |
|
| Code
of Corporate Governance. |
|
|
| 9.NOTES
TO ACCOUNTS NO. 11.4 |
|
| On
expiry of lease, the vehicles will be returned-back to the leasing companies;
therefore, the |
|
| lease
rentals have been taken to profit & loss account. |
|
|
| 10.PATTERN
OF SHAREHOLDING |
|
| The
pattern of shareholding as required under section 236 (2) (d) of the
Companies Ordinance |
|
| 1984 is annexed. |
|
|
| 11.
CORPORATE AND FINANCIAL REPORTING FRAMEWORK |
|
| • The financial statements of the
Company, prepared by the management, present fairly its |
|
| state
of affairs, the results of its operations, cash flows and the changes in
equity. |
|
|
| • Proper books of account were
maintained by the Company. |
|
|
| • Appropriate accounting policies have
been consistently applied in preparation of the |
|
| financial
statements and accounting estimates are based on reasonable and prudent |
|
| judgment. |
|
|
| • International Accounting Standards,
as applicable in Pakistan, have been followed in |
|
| preparation
of the financial statements and departures there from have been adequately |
|
| stated. |
|
|
| • The system of internal control is
sound in design and has been effectively implemented and |
|
| monitored. |
|
|
| • There has been no material departure
from the best practices of corporate governance, as |
|
| detailed
in the listing regulations. |
|
|
| • There are no significant doubts upon
the Company's ability to continue as a going concern. |
|
|
| • Key operating and financial data for
the last six years in summarized form is annexed. |
|
|
| REVIEW
REPORT TO THE MEMBERS ON STATEMENT OF COMPLIANCE |
|
| WITH
BEST PRACTICES OF CODE OF CORPORATE GOVERNANCE |
|
| We
have reviewed the Statement of Compliance with the best practices contained
in the Code of |
|
| Corporate
Governance prepared by the Board of Directors of CHASHMA SUGAR MILLS LIMITED
to |
|
| comply
with the Listing Regulation No. 37 of the Karachi Stock Exchange (Guarantee)
Limited, |
|
| Chapter
XIII of the Listing Regulations of the Lahore Stock Exchange (Guarantee)
Limited and |
|
| Chapter
XI of the Listing Regulations of the Islamabad Stock Exchange (Guarantee)
Limited where |
|
| the
Company is listed. |
|
|
| The
responsibility for compliance with the Code of Corporate Governance is that
of the Board of |
|
| Directors
of the Company. Our responsibility is to review, to the extent where such
compliance can be |
|
| objectively
verified, whether the Statement of Compliance reflects the status of the
Company's |
|
| compliance
with the provisions of the Code of Corporate Governance and report if it does
not. A |
|
| review
is limited primarily to inquiries of the Company personnel and review of
various documents |
|
| prepared
by the Company to comply with the Code. |
|
|
| As
part of our audit of financial statements we are required to obtain an
understanding of the |
|
| accounting
and internal control systems sufficient to plan the audit and develop an
effective audit |
|
| approach.
We have not carried out any special review of the internal control system to
enable us to |
|
| express
an opinion as to whether the Board's statement on internal control covers all
controls and the |
|
| effectiveness
of such internal controls. |
|
|
| Based
on our review nothing has come to our attention which causes us to believe
that the Statement |
|
| of
Compliance does not appropriately reflect the status of the Company's
compliance, in all material |
|
| respects,
with the best practices contained in the Code of Corporate Governance as
applicable to the |
|
| Company
for the year ended 30 September, 2004. |
|
|
| PATTERN
OF HOLDING OF THE SHARES HELD BY THE SHAREHOLDERS |
|
| AS
AT 30 SEPTEMBER, 2004 |
|
|
| Shareholders |
|
Shareholding |
|
|
Total |
|
|
Shares Held |
|
| 150 |
From |
1 |
to |
100 |
Shares |
14.512 |
|
| 910 |
From |
101 |
to |
500 |
Shares |
420.227 |
|
| 184 |
From |
501 |
to |
1 |
Shares |
179.122 |
|
| 265 |
From |
1.001 |
to |
5 |
Shares |
729.366 |
|
| 61 |
From |
5.001 |
to |
10 |
Shares |
465.464 |
|
| 18 |
From |
10.001 |
to |
15 |
Shares |
223.4 |
|
| 11 |
From |
15.001 |
to |
20 |
Shares |
195.2 |
|
| 14 |
From |
20.001 |
to |
25 |
Shares |
323.5 |
|
| 6 |
From |
25.001 |
to |
30 |
Shares |
161.8 |
|
| 5 |
From |
30.001 |
to |
35 |
Shares |
166.209 |
|
| 5 |
From |
35.001 |
to |
40 |
Shares |
188.4 |
|
| 2 |
From |
40.001 |
to |
45 |
Shares |
89.7 |
|
| 2 |
From |
45.001 |
to |
50 |
Shares |
96 |
|
| 2 |
From |
50.001 |
to |
55 |
Shares |
106.5 |
|
| 1 |
From |
55.001 |
to |
60 |
Shares |
59.8 |
|
| 1 |
From |
60.001 |
to |
65 |
Shares |
63 |
|
| 1 |
From |
65.001 |
to |
70 |
Shares |
66 |
|
| 1 |
From |
75.001 |
to |
80 |
Shares |
76.5 |
|
| 1 |
From |
80.001 |
to |
85 |
Shares |
81.8 |
|
| 1 |
From |
85.001 |
to |
90 |
Shares |
88.5 |
|
| 2 |
From |
90.001 |
to |
95 |
Shares |
189.5 |
|
| 3 |
From |
95.001 |
to |
100 |
Shares |
300 |
|
| 1 |
From |
100.001 |
to |
105 |
Shares |
100.5 |
|
| 1 |
From |
105.001 |
to |
110.001 |
Shares |
107.5 |
|
| 1 |
From |
115.001 |
to |
120 |
Shares |
115.2 |
|
| 1 |
From |
125.001 |
to |
130 |
Shares |
127.5 |
|
| 2 |
From |
130.001 |
to |
135 |
Shares |
262.6 |
|
| 2 |
From |
195.001 |
to |
200 |
Shares |
400 |
|
| 1 |
From |
200.001 |
to |
205 |
Shares |
205 |
|
| 1 |
From |
285.001 |
to |
290 |
Shares |
290 |
|
| 1 |
From |
435.001 |
to |
440 |
Shares |
435.5 |
|
| 1 |
From |
440.001 |
to |
445 |
Shares |
444.5 |
|
| 1 |
From |
905.001 |
to |
910 |
Shares |
908.4 |
|
| 1 |
From |
|
to |
1,915,000 |
Shares |
1,912,800 |
|
| 1 |
From |
|
to |
Above |
Shares |
9,534,000 |
|
| 1.661 |
|
19,128,000 |
|
|
| Cateqories
of Shareholders |
|
Numbers |
Shares Held |
Percentaae |
|
| Associated
Companies |
|
3 |
10,174,500 |
53.19 |
|
| NITandlCP |
|
- |
|
|
| Directors
arid Relatives |
|
11 |
2,441,200 |
12.76 |
|
| Executives |
|
|
|
| Public
Sector Companies and Corporations |
39 |
660.926 |
3.46 |
|
| Banks,
Development Finance Institutions, |
|
|
| Non
Banking Financial Institutions, Insurance |
|
|
| Companies,
Moderabas and Mutual Funds |
0.4 |
2,022,900 |
10.58 |
|
| Individuals |
|
1.602 |
3,533,474 |
18.47 |
|
| Charitable Trusts |
|
2 |
295 |
1.54 |
|
|
|
1.661 |
19,128,000 |
100 |
|
|
| CASH
FLOW STATEMENT |
|
| FOR
THE YEAR ENDED 30 SEPTEMBER. 2004 |
|
|
|
|
2004 |
2003 |
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
Rupees |
Rupees |
|
| Profit
/ (loss) for the year before taxation and workers' welfare fund |
33,199,077 |
(42,774,465) |
|
| Adjustments for: |
|
|
|
| Depreciation |
|
35,336,719 |
39,004,413 |
|
| Gain
on disposal of vehicles |
|
0 |
(362,630) |
|
| Interest
and profit on bank deposits |
|
(1,728,228) |
(1,123,261) |
|
| Unclaimed
payable balances wrltten-back |
|
(1,160,691) |
0 |
|
| Financial charges |
|
16,365,550 |
15,187,932 |
|
| CASH
INFLOW FROM OPERATING ACTIVITIES |
|
|
|
| -
Before working capital changes |
|
82,012,427 |
9,931,989 |
|
| (Increase)
/ decrease in current assets: |
|
|
|
| Stores
and spares |
|
(2,633,484) |
(5,466,380) |
|
| Stock-in-trade |
|
360,805,000 |
(449,776,000) |
|
| Trade debtors |
|
10,933,754 |
29,369,854 |
|
| Advances,
deposits, prepayments and other receivables |
|
(7,495,919) |
3,533,991 |
|
| Increase
/ (decrease) in current liabilities: |
|
|
|
| Creditors,
accruals and other liabilities |
|
152,956,564 |
(9,115,682) |
|
| Excise
duty and sales tax payable |
|
(3,834,496) |
(1,182,472) |
|
|
510,731,419 |
(432,636,689) |
|
| CASH
INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES - Before taxation |
592,743,846 |
(422,704,700) |
|
| Income tax paid |
|
(22,929,838) |
(15,978,673) |
|
| NET
CASH INFLOW / (OUTFLOW) FROM OPERATING |
|
|
| ACTIVITIES
- After taxation |
|
569,814,008 |
(438,683,373) |
|
| CASH
FLOW FROM INVESTING ACTIVITIES |
|
|
|
| Fixed
capital expenditure |
|
(355,673,195) |
(35,182,922) |
|
| Sale
proceeds of vehicles |
|
0 |
750 |
|
| Interest
and profit on bank deposits |
|
1,620,989 |
1,249,953 |
|
| Security deposits |
|
(115,600) |
(54,175) |
|
| NET
CASH OUTFLOW FROM INVESTING ACTIVITIES |
(354,167,806) |
(33,237,144) |
|
|
215,646,202 |
(471,920,517) |
|
| CASH
FLOW FROM FINANCING ACTIVITIES |
|
|
|
| Long
term finances obtained |
|
263,868,046 |
0 |
|
| Lease
finances - net |
|
(396,111) |
(1,084,429) |
|
| Financial
charges paid |
|
(18,901,865) |
(14,486,847) |
|
| Short
term finances - net |
|
(465,041,123) |
522,515,952 |
|
| Dividends paid |
|
(43,895) |
(56,955,550) |
|
| NET
CASH (OUTFLOW)/ INFLOW FROM FINANCING ACTIVITIES |
(220,514,948) |
449,989,126 |
|
| DECREASE
IN CASH AND CASH EQUIVALENTS |
|
(4,868,746) |
(21,931,391) |
|
| CASH
AND CASH EQUIVALENTS - At the beginning of the year |
16,466,964 |
38,398,355 |
|
| CASH
AND CASH EQUIVALENTS - At the end of the year |
11,598,218 |
16,466,964 |
|
| YEAR
END CASH AND CASH EQUIVALENTS COMPRISED OF: |
|
|
| Bank balances |
|
18,637,504 |
16,466,964 |
|
| Temporary
bank overdraft |
|
(7,039,286) |
0 |
|
|
|
11,598,218 |
16,466,964 |
|
|
| AUDITORS'
REPORT TO THE MEMBERS OF |
|
