| First Crescent Modaraba |
|
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| Annual
Report 1999 |
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| CONTENTS |
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| Corporate
Information |
|
| Directors'
Report and Chief Executive's Review |
|
| Auditors'
Report to the Certificate Holders |
|
| Balance Sheet |
|
|
| Profit
and Loss Account |
|
| Statement
of Changes in Financial Position |
|
| Notes
to the Accounts |
|
| Pattern
of Holding of Certificates |
|
| Investors'
Information |
|
|
|
| CORPORATE
INFORMATION |
|
|
| ALTAF
M SALEEM |
|
| Chairman |
|
|
| MAHMOOD
AHMED |
|
| Chief Executive |
|
|
| DIRECTORS |
|
| (in
alphabetical order) |
|
|
| Irfan A. Imtiazi |
|
| Muhammad
Awais Qureshi |
|
| Rashid Ahmed |
|
| Zaheer
A. Shaikh |
|
|
| CORPORATE
SECRETARY |
|
| Rashid Sadiq |
|
|
| AUDITORS |
|
| Riaz
Ahmad and Company |
|
| Chartered
Accountants |
|
|
| LEGAL
ADVISORS |
|
| Hassan
and Hassan Advocates |
|
|
| PRINCIPAL
OFFICE |
|
| 45-Shahrah-e-Quaid-e-Azam,
Lahore |
|
| Phones:
(042) 7238336-7 |
|
| Fax:
92-42-7230504 |
|
| Telex:
44445 BANK PK |
|
|
| REGISTERED
OFFICE |
|
| 83-Babar
Block, New Garden Town, Lahore. |
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| (042)
5839631, 5881974-75 |
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| Fax:
92-42-5881976 |
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|
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| DIRECTORS'
REPORT & CHIEF EXECUTIVE'S REVIEW |
|
|
| It
is a great pleasure to present to you the Eighth Annual Report of First
Crescent Modaraba (FCM), which covers the |
|
| eighth
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 |
|
| The
events of May 1998 brought in the open the balance of payment problems that
Pakistan had been facing due to high |
|
| budget
deficits. Till such time, government was plugging around USD 5.00 billion
Balance of Payment deficit through |
|
| short4erm
borrowings including Resident Foreign Currency Accounts (FCAs). Conversion of
FCAs into local currency |
|
| and
sanctions by multilaterals has meant that inflows from both of these
contributors have grossly reduced which in turn |
|
| forced
the country to resort to rescheduling of bilateral and commercial loans. |
|
|
| While
the adverse impact of the developments mentioned above was widespread on the
economy, it was particularly |
|
| severe
on the foreign and private sector investments. Both the workers' remittances
and flow of foreign investments |
|
| suffered
a setback. Decline in imports, particularly of raw materials and machinery,
resulting from drying up of foreign |
|
| resources,
affected the pace and level of activity. |
|
|
| Banks
and financial institutions have also been affected by the above developments.
The conversion of Foreign Currency |
|
| Accounts
into local currency has eliminated the implied around 3% subsidy that State
Bank was paying by offering |
|
| cover
at a rate that was less than historic devaluation rate. The spreads have been
further squeezed as government is |
|
| following
the policy of reviving the economy through lowering of interest rates and
reduce the rates on Treasury bills and |
|
| National
Saving Schemes. There are signs that it is beginning to have a positive
impact on corporates as they have |
|
| started
showing earning growth despite economic uncertainty. |
|
|
| The
Capital market in line with the haywire economic performance moved into
narrow band of 200 points between Index |
|
| level
of 1000 points to 1200 points. In the absence of foreign investors, local
retail and institutional investors became |
|
| market
movers and shakers. Massive offloading by international investors has been
absorbed on the back of excess |
|
| liquidity
in the local market. The large public sector banks have become fairly active
in blue chip stock because they |
|
| have
no option but to deploy excess liquidity. |
|
|
| MERGER |
|
| We
are pleased to report that the Honorable Lahore High Court has approved the
merger of AI-Ata Leasing Modaraba |
|
| with
First Crescent Modaraba (FCM) with effect from February 01, 1999. |
|
|
| OPERATING
AND INVESTING PERFORMANCE |
|
| As
on 30 June 1999 total assets of First Crescent Modaraba were Rs.1,414.65
million as against the outstanding of Rs. |
|
| 1,131.49
million on the corresponding date of last year. During the year under review
lease disbursement of Rs. 156.36 |
|
| million
were made owing to the recession in the country. Net investment in leasing
business as on June 30, 1999 |
|
| amounted
to Rs. 596.41 million. The leases disbursed during the year comprised of
63.74 % for plant and machinery, |
|
| 18.32
% for office equipment and 17.94 % for vehicles. Depreciation charge for the
year under review was Rs. 188.91 |
|
| million
as compared to Rs. 153.78 million charged in the last year. |
|
|
| The
following schedule give the gross amounts of investments made by FCM in
comparison with the corresponding |
|
| figures
of previous year. |
|
|
|
|
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|
Rs. in
million |
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|
|
|
|
| Funds Based: |
|
|
1998-99 |
1997-98 |
|
|
| Lease Finance |
|
596.41 |
603.62 |
|
|
| Morabaha
/ Musharika Financing |
|
395.60 |
217.09 |
|
|
|
| STOCK
MARKET OPERATIONS |
|
| The
nuclear detonations in May 1998 and its subsequent effects on the economy as
described in the foregoing review, |
|
| had
a major blow to the already bearish stock market. The stock market recovered
from its lowest ever level to around |
|
| 1200
points. However, the return on the funds invested in the equity market
remained low during the year under review. |
|
|
| The
Modaraba earned an income of Rs. 3.52 million on its investments during the
year 1998-99. |
|
|
| RESOURCE
MOBILIZATION |
|
| As
at 30th June 1999, the Modaraba had an outstanding amount of Rs. 976.05
mobilized under Morabaha / Musharika |
|
| arrangements
etc. as against Rs. 808.73 million for the last year showing an increase of
20.69% over the previous year. |
|
|
| BALANCE
SHEET & OPERATING RESULTS |
|
| After
merger, total assets of the Modaraba increased by Rs. 283.16 million (25.03%)
during 1998-99 to Rs. 1,414.65 |
|
| million.
The Modaraba earned an operating profit before provisions of Rs. 30.80
million during the year as against |
|
| Rs.
35.13 million last year. Due to the continued bearish condition of the stock
markets of the country, the prices of |
|
| listed
securities remained low throughout the year. The modaraba has created a
provision of Rs. 25.77 million for the |
|
| diminution
in the value of its equity investments thereby fully providing for its
short-term investments. The net profit after |
|
| tax
for the year was Rs. 12.09 million as against a net loss of Rs. 0.20 million
last year. |
|
|
| The
subject year was the first 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 in view of the subject exemption. Composition of the net
profit after provisions is as follows:- |
|
|
|
|
Amount for the |
Amount for the |
% change |
|
|
|
Year Ended |
Year Ended |
over previous |
|
|
|
30 June 1999 |
30 June 1998 |
year |
|
| INCOME |
|
|
|
| Renal/Profit
on lease and Morabaha financing |
|
355.75 |
313.46 |
13.49 |
|
| Dividend/Capital
Gains |
|
3.52 |
6.49 |
(45.76) |
|
| I
Fees and Commission |
|
2.60 |
2.25 |
15.56 |
|
| Profit
on placements etc. |
|
7.63 |
3.78 |
101.85 |
|
|
|
------------------ |
------------------ |
------------------ |
|
| Total Income = |
|
370.66 |
325.98 |
13.71 |
|
|
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|
------------------ |
------------------ |
------------------ |
|
| EXPENDITURE |
|
|
|
| Charges/profit/return
paid on lease, Morabaha and |
|
|
| Musharika |
|
323.71 |
274.44 |
( 17.95) |
|
| Provisions |
|
20.63 |
35.33 |
41.61 |
|
| Loss
on sale of investments/fixed assets |
|
1.81 |
6.81 |
73.42 |
|
| Establishment
& other operating expenses |
|
14.34 |
9.60 |
(49.37) |
|
|
|
------------------ |
------------------ |
------------------ |
|
| Total
Expenditure = |
|
360.49 |
326.18 |
10.52 |
|
|
|
|
------------------ |
------------------ |
------------------ |
|
| NET
PROFIT (Before Management fee & tax) |
|
10.17 |
(0.20) |
|
| Management
fee |
|
(0.92) |
0.00 |
|
| Provision
for taxation |
|
2.85 |
0.00 |
|
|
|
------------------ |
------------------ |
|
| NET
PROFIT / (LOSS) |
|
12.10 |
(020) |
|
| Un-appropriated
profit b/f |
|
0.36 |
0.83 |
|
|
|
------------------ |
------------------ |
|
| PROFIT
AVAILABLE FOR APPROPRIATION |
|
12.46 |
0.63 |
|
|
|
------------------ |
------------------ |
|
| APPROPRIATIONS |
|
|
|
| Transfer
to Statutory Reserve |
|
(2.42) |
0.00 |
|
| Transfer
from General Reserve |
|
4.20 |
0.00 |
|
| Proposed
dividend |
|
14.07 |
0.00 |
|
|
|
------------------ |
------------------ |
|
| Un-appropriated
profit |
|
0.17 |
0.63 |
|
|
|
------------------ |
------------------ |
|
|
|
| REGULATIONS |
|
| We
hope that the process of rationalizing the Modaraba Ordinance and relevant
rules and regulations by the Securities |
|
| and
Exchange Commission of Pakistan will produce favourable results during the
year. |
|
|
| 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 31, 1999 for the year ended June 30, 1999. The distribution
will be subject to zakat and |
|
| tax
at source, where applicable. |
|
|
| THE
MILLENNIUM BUG |
|
| By
the grace of God, the Modaraba has become fully Year 2000 compliant in June
1999. In addition, we are taking |
|
| all
the necessary precautions to ensure that the external parties like lenders,
customers, suppliers, utilities, etc. are |
|
| also
Year 2000 compliant. |
|
|
| OBJECTIVES
FOR 1999-2000 |
|
| The
Modaraba is continuously focusing to enhance its earnings by concentrating on
small and medium sized leases |
|
| and
generating cheaper resources for financing the activity. New areas of
business will continue to be explored with |
|
| greater
care and prudence. The Modaraba plans to reduce its current exposure in other
activities in planned and phased |
|
| manner. |
|
|
| The
Modaraba intends to continue its advisory services on lease syndication
during the year 1999-2000. |
|
|
| AUDITORS |
|
| The
Auditors M/s. Riaz Ahmad & Company, Chartered Accountants, retire and
offer themselves for re-election. |
|
|
| ACKNOWLEDGEMENT |
|
| We
would like to thank the Securities and Exchange Commission of Pakistan,
Registrar of Modarabas and the State |
|
| Bank
of Pakistan for their continued guidance and support not only as the
regulators for the growth and betterment of |
|
| the
financial sector but for their co-operation in the merger. We would also like
to thank lending institutions and our |
|
| certificate
holders for their co-operation and support for the merger. |
|
|
| We
welcome Mr. Irfan Ahmed Imtiazi in the Board of Directors of Crescent
Business Management (Private) Limited. |
|
|
| In
the end, the Directors appreciate the dedication and hard work put in by the
officers and staff of the Modaraba. |
|
|
|
|
MAHMOOD AHMED |
|
| Dated:
December 31,1999 |
|
Chief Executive |
|
|
|
| AUDITORS'
REPORT TO THE BOARD OF DIRECTORS OF |
|
| CRESCENT
BUSINESS MANAGEMENT (PRIVATE) LIMITED |
|
|
| We
have audited the annexed Balance Sheet as at 30 June 1999 and the related
Profit and Loss Account and Statement |
|
| of
Changes in Financial Position together with the Notes to the Accounts for the
year ended 30 June 1999 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, |
|
| 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 1999 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 AND COMPANY |
|
| LAHORE:-
December 31,1999 |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 1999 |
|
|
|
|
|
1999 |
1998 |
|
|
|
|
NOTE |
Rupees |
Rupees |
|
|
|
|
| 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 |
187,670,180 |
158,025,000 |
|
|
|
|
|
| Reserves
and surplus |
|
|
|
| Capital reserve |
|
4 |
23,822,000 |
13,700,000 |
|
| Revenue
reserve-General |
|
5 |
45,482,407 |
25,000,000 |
|
| Unappropriated
profit |
|
|
165,279 |
634,316 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
257,139,866 |
197,359,316 |
|
|
|
|
|
|
| NON-CURRENT
LIABILITIES |
|
|
|
|
| Finances
under morabaha and musharika |
|
|
| arrangements |
|
6 |
350,225,643 |
312,196,882 |
|
| Redeemable
capital |
|
7 |
257,000,000 |
230,250,000 |
|
| Long
term deposits |
|
8 |
67,090,918 |
64,083,338 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
674,316,561 |
606,530,220 |
|
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
|
| Current
portion of long term |
|
|
|
| finances
and deposits |
|
9 |
68,482,500 |
14,920,086 |
|
| Finances
under musharika arrangements |
|
10 |
324,082,070 |
258,281,148 |
|
| Creditors,
accrued and other liabilities |
|
11 |
76,554,670 |
54,406,945 |
|
| Profit
distribution |
|
|
14,075,264 |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
483,194,504 |
327,608,179 |
|
| CONTINGENCIES
AND COMMITMENTS |
|
12 |
-- |
-- |
|
|
|
|
|
------------------ |
------------------ |
|
| TOTAL
EQUITY AND LIABILITIES |
|
1,414,650,931 |
1,131,497,715 |
|
|
|
|
========== |
========== |
|
|
| ASSETS |
|
|
|
|
|
|
|
|
| NON-CURRENT
ASSETS |
|
|
|
|
| Tangible
operating fixed assets |
|
13 |
603,492,167 |
605,136,307 |
|
| Long
term investments |
|
14 |
224,843,427 |
131,434,843 |
|
| Deferred costs |
|
15 |
749,877 |
842,156 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
829,085,471 |
737,413,306 |
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Finances
under morabaha |
|
|
|
| arrangements |
|
16 |
21,266,297 |
35,244,758 |
|
| Finances
under musharika |
|
|
|
|
| arrangements |
|
17 |
374,338,394 |
181,844,084 |
|
| Short
term investments |
|
18 |
-- |
39,488,508 |
|
| Advances,
deposits, prepayments |
|
|
|
|
|
| and
other receivables |
|
19 |
125,620,004 |
125,740,311 |
|
| Stores
and spares |
|
|
158,388 |
-- |
|
| Cash
and bank balances |
|
20 |
64,182,377 |
11,766,748 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
585,565,460 |
394,084,409 |
|
|
|
|
------------------ |
------------------ |
|
| TOTAL
ASSETS |
|
|
1,414,650,931 |
1,131,497,715 |
|
|
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
MAHMOOD AHMED |
|
IRFAN A. IMTIAZI |
|
RASHID AHMED |
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
DIRECTOR |
|
|
|
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE YEAR ENDED JUNE 30, 1999 |
|
|
|
|
NOTE |
1999 |
1998 |
|
|
|
|
Rupees |
Rupees |
|
|
|
|
|
| OPERATING
INCOME |
|
|
|
| Lease rentals |
|
|
311,516,282 |
256,961,805 |
|
| Profit
on morabaha and musharika finances |
|
|
44,229,488 |
56,494,756 |
|
| Revenue
from other services |
|
21 |
1,160,589 |
-- |
|
| Fee,
commission and other income |
|
22 |
13,751,309 |
12,528,980 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
370,657,668 |
325,985,541 |
|
|
|
|
| OPERATING
EXPENSES |
|
|
|
| Financial
charges |
|
23 |
133,098,501 |
120,663,000 |
|
| Depreciation |
|
|
188,909,250 |
153,781,913 |
|
| Cost
of other services |
|
24 |
1,697,832 |
-- |
|
| Other
expenses and charges |
|
25 |
16,148,985 |
16,409,497 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
339,854,568 |
290,854,410 |
|
|
|
|
------------------ |
------------------ |
|
| Operating
profit before provisions |
|
|
308,031.00 |
35,131,131 |
|
|
|
|
------------------ |
------------------ |
|
| Provision
for diminution in value of investments |
|
|
25,768,238 |
33,704,360 |
|
| Provision
under NBFIs regulations for receivables |
|
|
(5,139,413) |
1,624,188 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
20,628,825 |
35,328,548 |
|
|
|
|
------------------ |
------------------ |
|
| PROFIT/(LOSS)
FOR THE YEAR |
|
|
10,174,275 |
(197,417) |
|
| MODARABA
COMPANY'S MANAGEMENT FEE |
|
|
924,934 |
-- |
|
|
|
|
|
|
------------------ |
------------------ |
|
| PROFIT/(LOSS)
BEFORE TAXATION |
|
|
9,249,341 |
(197,417) |
|
| PROVISION
FOR TAXATION - Prior period |
|
|
2,848,555 |
-- |
|
|
|
|
|
------------------ |
------------------ |
|
| PROFIT/(LOSS)
AFTER TAXATION |
|
|
12,097,896 |
(197,417) |
|
|
|
|
|
|
|
|
| UNAPPROPRIATED
PROFIT BROUGHT FORWARD |
|
634,316 |
831,733 |
|
| LOSS
BROUGHT FORWARD AS ON 01 FEBRUARY |
|
| 1999
OF AL-ATA LEASING MODARABA |
|
|
(271,669) |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
362,647 |
831,733 |
|
|
|
|
------------------ |
------------------ |
|
| PROFIT
AVAILABLE FOR APPROPRIATIONS |
|
|
12,460,543 |
634,316 |
|
|
|
|
|
|
| APPROPRIATION |
|
|
|
| Transfer
to statutory reserve |
|
|
|
(2,420,000) |
-- |
|
| Transfer
from general reserve |
|
|
|
4,200,000 |
-- |
|
| Profit
distribution |
|
|
|
(14,075,264) |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(12,295,264) |
-- |
|
|
|
|
------------------ |
------------------ |
|
| UNAPPROPRIATED
PROFIT |
|
|
|
165,279 |
634,316 |
|
|
|
|
|
========== |
========== |
|
| EARNING/(LOSS)
PER CERTIFICATE |
|
27 |
0.64 |
(0.012) |
|
|
|
|
|
|
========== |
========== |
|
|
|
|
| The
annexed notes form an integral pad of these accounts. |
|
|
|
MAHMOOD AHMED |
|
IRFAN A. IMTIAZI |
|
RASHID AHMED |
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
DIRECTOR |
|
|
|
| STATEMENT
OF CHANGES IN FINANCIAL POSITION |
|
| FOR
THE YEAR ENDED JUNE 30, 1999 |
|
|
|
|
|
1999 |
1998 |
|
|
|
|
Rupees |
Rupees |
|
| CASH
FLOWS FROM OPERATING ACTIVITIES |
|
|
| Net
profit/(loss)for the year |
|
9,249,341 |
(197,417) |
|
| Adjustments
for non-cash and other items |
|
|
|
|
| Depreciation |
|
|
189,230,975 |
153,781,913 |
|
| Deferred
cost amortized |
|
|
466,591 |
402,055 |
|
| Loss
on sale of investments |
|
|
1,757,453 |
6,809,621 |
|
| Gain
on sale of fixed assets |
|
|
(1,345,071) |
(130,329) |
|
| Provision
for diminution in value of investments |
|
25,768,238 |
33,704,360 |
|
| Provision
under NBFIs regulations for receivables |
|
(5,139,413) |
1,624,188 |
|
|
|
------------------ |
------------------ |
|
|
|
210,738,773 |
196,191,808 |
|
|
|
------------------ |
------------------ |
|
| Operating
profit before working capital changes |
|
219,988,114 |
195,994,391 |
|
|
|
|
| Decrease
in finance under morabaha arrangements |
|
|
17,478,461 |
64,614,504 |
|
| Decrease/(increase)
in finance under musharika arrangements |
|
(207,121,993) |
33,310,529 |
|
| Decrease/(increase)
in stores and spares |
|
|
(80,216) |
-- |
|
| Decrease/(increase)
in advances, deposits, prepayments and |
|
|
|
| other
receivables |
|
|
|
8,311,704 |
(19,735,494) |
|
| (Decrease)/increase
in creditors, accrued and |
|
|
|
|
| other liabilities |
|
|
|
20,869,159 |
(13,023,015) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(160,542,885) |
65,166,524 |
|
|
|
|
------------------ |
------------------ |
|
| Cash
generated from operating activities |
|
|
59,445,229 |
261,160,915 |
|
| Income tax paid |
|
|
|
(54,023) |
(1,580,676) |
|
| Dividend paid |
|
|
|
(1,320) |
(1,980) |
|
|
|
|
------------------ |
------------------ |
|
| NET
CASH GENERATED FROM OPERATING ACTIVITIES |
|
59,389,886 |
259,578,259 |
|
|
|
|
| CASH
FLOWS FROM INVESTING ACTIVITIES |
|
|
| Deferred
cost incurred |
|
|
|
-- |
(45,971) |
|
| Purchase
of fixed assets |
|
|
|
(158,026,691) |
(304,384,062) |
|
| Proceeds
from sale of fixed assets |
|
|
|
41,467,899 |
6,817,739 |
|
| Net
increase in investments |
|
|
|
(83,656,348) |
(59,687,106) |
|
|
|
|
------------------ |
------------------ |
|
| NET
CASH USED IN INVESTING ACTIVITIES |
|
|
