Project Analysis Of Kohinoor Sugar Mills Limited

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ZAHID IQBAL ZULFIQAR ALI SHAHID SATTAR MUHAMMAD IMRAN MUHAMMAD SHAHZAD MBA III . FINANCE (Evening) NUML

1

2

GROUP MEMBERS

1. ZAHID IQBAL ROLL NO. 5514 2. ZULFIQAR ALI ROLL NO. 5788 3. SHAHID SATTAR ROLL NO. 5839 4. MUHAMMAD IMRAN ROLL NO. 5828 5. MUHAMMAD SHAHZAD ROLL NO. 5826 MBA. III. FINANCE.(EVENING)

Introduction of organization: 3

Kohinoor Sugar Mills Limited Kohinoor Sugar Mills Limited is one of the first Sugar Factories established in Pakistan since the country's independence. A Saigol Family project, KSML is a public limited company, listed on the Karachi and Lahore Stock Exchanges.

Location; Kohinoor Sugar Mills is located in Jauharabad, District Khushab in the Punjab province. The plant has the capacity of crushing over 5,000 Metric Tons of Cane per Day (TCD). The Factory produces over 40,000 tons of sugar every year

Products; We manufacture white refined sugar of the following specifications: White Refined Sugar, Color: 60-80 ICUMSA; Grain: Medium; Packed in single woven polypropylene bags of net wt. 50 Kgs each.

Website; www.ksugar.com

4

Statement of Ethics and Business Practice Code of ethics is a pre-requisite for all directors and employees of Kohinoor Sugar Mills Limited. We endeavor to have fully groomed employees committed to carry out honestly activities assigned to them. Our aim is to have high standard of excellence for the products and for all those involved with our Company

VISION STATEMENT To become a market leader in the Industry setting out high quality standards for the Company and others to follow.

MISSION STATEMENT To produce/manufacture quality sugar and molasses by maintaining a high standard of efficiency and staying competitive to ensure customer satisfaction and to provide a comfortable level of return to all stakeholders .

5

Objective of analysis; We will analyze the financial statements of KSML from the perspective of three important groups • Investors • Long term creditors • Short term creditors

Data Collection; The basic information for our analysis is contained in set of 5-year annual reports of KSML.

Data Type; The data used for this analysis will be secondary data.

Analysis Method; The data will be analyzed by using following methods. • Ratio Analysis • Common size analysis • Index analysis

Data Presentation; The analysis will be presented in the form of graphs and brief illustrations will be given.

Results and discussion; Results of analysis will be discussed according to the objective concerned.

Recommendations; The recommendations will be given according to the ratio concerned and in the best favor of organization.

6

Analysis by common stock holders Common stock holders and potential investors in common stock look first at a company’s earning record. Their investment is in shares of stocks, so earning per share and dividends per share are of particular interest.

Earning per share of common stock; Earning per share of common stock is computed by dividing the income applicable to the common stock by the weighted average no of shares of common stock outstanding during the year. Any of preferred dividend requirements must be subtracted from net income to determine income applicable to the common stock, as shown in the following computation for the KSML. Years EPS

2002 4.82

2003 -3.47

2004 3.02

2005 5.70

2006 0.86

EPS 6 4 2

EPS

0 -2

2002

2003

2004

2005

2006

-4

Here we see that EPS of KSML was good enough in 2002 but it went in negative figures in 2003 due to huge loss faced by the company. In 2004 the company

7

improved its performance and EPS moved up to 3.02. In 2005 it was at its highest

position during the last five years, but unfortunately it is again near zero in 2006.

Price-Earning ratio; The relationship between marker price of common stock and earning per share is so widely recognized that it is expressed as a separate ratio, called price earning ratio. The p/e ratio is determined by dividing the market price per share by the annual earning per share. P/E ratio of KSML is given below. YEAR P/E ratio

2002 5.71

2003 -6.77

2004 7.94

2005 3.8

2006 26.16

P/E ratio 30 20 10

P/E ratio

0 -10

2002

2003

2004

2005

2006

All the fluctuations found in p/e ratio of KSML during the last five years are mainly due to change in EPS, because the price per share of the company has not much changed it kept on moving between 23.5 and 25. In 2006 the p/e ratio of KSML has reached at peak due to decrease in EPS.

8

Dividend Yield; Dividends are of prime importance to some stock holders, but a secondary factor for others. Some stock holders invest primarily to receive regular cash income, while others invest in stock principally with the expectation of rising market prices. If a corporation is profitable and it retains its earnings for expansion of the business, the expanded operations should produce an increase in the net income of the company and thus tend to make each share of stock more valuable. In comparing the merits of alternative investment opportunities, we should relate earning and dividends per share to the market value of the stock. Dividend yield is calculated by dividing DPS by market price per share. Dividend yield of KSML over the last five years is given as.

Years Dividend Yield

2002 6.38 %

2003 0%

2004 4.4%

2005 6.25%

2006 0%

Dividend Yield 7.00% 6.00% 5.00% 4.00% 3.00% 2.00% 1.00% 0.00%

Dividend Yield

2002

2003

2004

2005

2006

The dividend yield in 2002 was high due to less divedend per share and relatively high earning per share. In 2003 and 2006 no dividend was paid due to loss and less earning per share so dividend yield was zero in both the years. In 2005 the dividend yield was at high level because of the highest earning per share and a sufficient market price of the share.

9

Return on Assets; An important test of management’s ability to earn returns on funds supplied from all resources is the rate of return on assets. The income figure used in computing this ratio should be operating income, since interest expence and income taxes are determined by factors other than the efficient use of resources. Operating income is earned through out the year and therefore should be related to the average investment in assets during the year. The ROA of KSML over the last five years is given below. Years ROA

2002 5.52%

2003 -0.374%

2004 9.66%

2005 5.88%

2006 0.48%

ROA 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% -2.00%

ROA

2002

2003

2004

2005

2006

Return on common Stockholder’s equity; The return on equity is simply net income divided by average stockholders’ equity. If a company has both the common stock and preferred stock we don’t include the preferred stock in the stock holders’ equity because they don’t participate in the company’s prosperity, rather the return on preferred stock is limited to their dividend. Thus we must adjust the return on equity to reflect the return on common stockholders’ equity. The return on common stockholder’s equity is equal to net income less any preferred dividends. The return on common stockholders’ equity of KSML is computed as follows. YEAR ROE

2002 48.19%

2003 -34.47%

2004 30.23%

2005 57%

2006 8.58%

10

ROE 80.00% 60.00% 40.00% 20.00%

ROE

0.00% -20.00%

2002

203

2004

2005

2006

-40.00%

Here we see that ROE of KSML was good enough in 2002. Then it went into negative figures in 2003 due to losses faced by the company. In 2004 it started increasing and reached at the highest level in 2005. Again it was not at a satisfactory level in year 2006.

Debt Ratio; The debt ratio is on of the important indicator of amount of leverage used by the business. This ratio measures the proportion of the total assets financed by creditors, as distinguished from stockholders. It is computed by dividing total liabilities by total assets. A high debt ratio indicates an extensive use of leverage, that is, a large proportion financing provided by the creditors. A low debt ratio, on the other hand, indicates that the business is making little use of leverage. The debt ratio of KSML over the last five years is given below. YEARS Debt ratio

2002 38.96%

2003 46.39%

2004 44.57%

2005 40.79%

2006 54.63%

11

Debt ratio 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00%

Debt ratio

2002

203

2004

2005

2006

We see that debt ratio of KSML kept on moving between 39 to 54 percent over the last five years. This shows that KSML is making an extensive use of debt for financing purpose.

Analysis by long term creditors The bondholders and other long term creditors are primly interested in three factors (i) the rate of return on their investment, (ii) the firm’s ability to meet its interest requirements, (iii) the firm’s ability to pay the principal of debt when it falls due. Interest coverage ratio; The long term creditors feel that their investments are relatively safer if the company earns enough income to cover its annual intrest obligations by a wide margin. A common measure of creditors’ safety -is the ratio of operating income available for the payment of intrest to annual intrest expense, called intrest coverage ratio. This comutation for KSML would be as follows. YEARS Int.C.ratio

2002 1.76

2003 -.0124

2004 0.65

2005 0.456

2006 1.67

12

Int.C.ratio 2 1.5 1

Int.C.ratio

0.5 0 2002

-0.5

2003

2004

2005

2006

Here we see that intrest coverage ratio of KSML is not satisfactory. It attained its maximum value in 2002 when it went upto 1.76. In 2003 in went into negative figures. This shows that the long term creditors of KSML would not be satisfied with this ratio.

Debt Ratio; The long term creditors like stock holders are also intrested in the debt ratio of the company. This ratio measures the proportion of the total assets financed by creditors, as distinguished from stockholders. It is computed by dividing total liabilities by total assets. A high debt ratio indicates an extensive use of leverage, that is, a large proportion financing provided by the creditors. A low debt ratio, on the other hand, indicates that the business is making little use of leverage. From a creditor’s point of view the lower the debt ratio the better. The debt ratio of KSML over the last five years is given below. YEARS Debt ratio

2002 38.96%

2003 46.39%

2004 44.57%

2005 40.79%

2006 54.63%

Debt ratio 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00%

Debt ratio

2002

203

2004

2005

2006

13

We see that debt ratio of KSML kept on moving between 39 to 54 percent over the last five years. This shows that KSML is making an extensive use of debt for financing purpose. This is also not a better sign for long term creditors.

Secured claims; Sometimes the claims of long term creditors are secured with specific collateral, such as the land and buildings owned by the borrower. In these situations, the secured creditors may look primarily to the value of collateral in assesing the safety of their claims. Assets pleged as collaterals to secure specific liabilities are disclosed in notes to the financial statements. As KSML makes no such disclosure, we may assume that none of its assets has been pleged as collateral to secure specific liabilities. Hense the claims of long term creditors are not secure.

Analysis by short term creditors Bankers and other short term creditors share the intrest of stockholders and long term creditors in the profitability and long term stability of the business. Their primary intrest, however, is in the current position of the company that is its ability to generate sufficient funds (working capital) to meet current operating needs and to pay current debt promptly. Thus the analyis of financial statements by a banker cosidering a short term loan, or by a trade creditor investigating the credit status of a customer, is likely to center on the working capital position of the prospective debtor.

Amount of working capital; Working capital is the excess of current assets over current liabilities. It represents the cash and near cash assets that provide a “cushion” of liquidity over the amount expected to be needed in the near future to satisfy maturing obligations. 14

The details of working capital of KSML over the last five years is shown below. YEARS Working capital

2002 -44709636

2003 -14831353

2004 -65722452

2005 17219191

2006 -67126687

Working capital 40000000 20000000 0 -20000000

2002

2003

2004

2005

2006

Working capital

-40000000 -60000000 -80000000

We see that working capital of KSML is very unsatisfactory over the last five years. It went into positive figures only once in the last five years otherwise it remained in negative figures, which is not a good sign for short term creditors.

Quality of working capital; In evaluating the debt paying ability of a business, short term creditors should consider the quality of working capital as well as the total dollar amount. The principal factors affecting the quality of working capital are (i) the nature of the current assets and(ii) the length of time required to convert these assets into cash.

Days sales outstanding; The accouts receiveables turnover rate indicates how quickly a company converts its accounts receivebles into cash. This rate is determined by dividing net sales by the average balance of accounts receiveable. The number of days to collect accounts receiveable then may be determined by dividing by the number of days in a year (365) by the turnover rate. This computation for KSML over the last five years is given below. YEARS

2002

2003

2004

2005

2006

15

DSO

268days

214days

166days

225days

301days

DSO 350 300 250 200 150 100 50 0

DSO

2002

2003

2004

2005

2006

The DSO of KSML is also not much satisfactory for the short term creditors that is KSML takes a longer period to convert its sales into cash and hence the short term creditors are also paid after a longer period.

Inventory turnover rate; The inventory turnover rate shows that how many times during the year the company is able to sell a quantity of goods equal to its average inventory. Mathematically this rate is determined by dividing the cost of goods sold for the year by the average amount of inventory on hand during the year. The number of days required to sell this amount of inventory may be determined by dividing 365 by inventory turnover rate.

YEARS Inventory turnover rate

2002 31.2days

2003 47.34days

2004 48.68days

2005 33.81days

2006 90days

16

Inventory turnover rate 100 80 60

Inventory turnover rate

40 20 0 2002

2003

2004

2005

2006

KSML has replaced its inventory more frequently (around 40 days) from year 2002 to 2005 which is satisfactory. But in 2006 its inventory turnover rate was not satisfactory. In 2006 it took on average 90 days to replace its inventory.

Operating cycle; The inventory turnover rate indicates how quickly inventory sells, but not how quickly this asset converts into cash. Short term creditors, of course, are intrested in company’s ability to generate cash. The period of time required for a merchandising company to convert its inventory into cash is called operating cycle. The operating cycle is computed by adding DSO and inventory turnover rate. KSML’s operating cycle over the last five years is given as; YEARS Operating cycle

2002 299days

2003 261days

2004 215days

2005 259days

2006 391days

Operating cycle 500 400 300

Operating cycle

200 100 0 2002

2003

2004

2005

2006

17

Operating cycle of KSML has shown almost similar pattern as DSO and inventory turnover rate over the last five years.

Current ratio; The current ratio expresses the relationship between the current assets and current liabilities. As debts come due, they must be paid out of current assets, therefore ,short term creditors, frequently compare the amount of current assets with the amount of current liabilities. The current ratio indicates a company’s short run debt paying ability. It is a measure of liquidity and of solvency. A strong current ratio provides considerable assurance that a company will be able to meet its obligations coming due in the near future. The current ratio for KSML is computed as follows. YEARS Current ratio

2002 0.80

2003 0.93

2004 0.77

2005 1.08

2006 0.85

Current ratio 1.2 1 0.8 0.6 0.4 0.2 0

Current ratio

2002

2003

2004

2005

2006

A widely used rule of thumb is that this ratio should be 2 to 1, although significant difference exists across industries. The current ratio of KSML is not satisfactory , that is it does not have enough current assets to meet its current liabilities. This is not satisfactory for short term creditors. Only once in the last five years the current assets of KSML were equal to its current liabilities (in 2005) otherwise the current assets were always less than its current liabilites which is not a good sign.

18

Quick ratio; Because inventories and prepaid expenses are further removed from conversion into cash than other current assets, the quick ratio is sometimes comprted as a supplement to the current ratio. The quick ratio compares the highly liquid current assets( cash, marketable securities, and receivables) with current liabilities. The quick ratio for KSML is computed as follows. YEARS Quick ratio

2002 0.26

2003 0.36

2004 0.34

2005 0.55

2006 0.37

Quick ratio 0.6 0.5 0.4 0.3 0.2 0.1 0

Quick ratio

2002

2003

2004

2005

2006

Here again the analysis reveal an unfavourable trend and a weak position, because a quick ratio of 1 or above is considered satisfactory.

19

HORIZENTAL ANALYSIS Balance Sheet

20

2002 2003 2004 2005 2006

FIXED ASSET S

Operati ng fixed assets 100% 102% 99% 95% 91% Propert y plant and equipm ent 100% 87% 80% 85% 96% Capital work in progres s 100% 72% 85% 76% 65% Long term

21

120% 100%

FIXED ASSETS

80%

Operating fixed assets

60%

Property plant and equipment

40%

Capital work in progress

20%

Long term deposits

0% 2002

2003

2004

2005

2006

The graph and table above show the horizental analysis of fixed assets of KSML over the last five years. We see an overall decresing trend in fixed assets of KSML over the last five years. All of the fixed assets except long term deposits have decreased form 2002 to 2006.

2002

2003

2004

2005

2006

100% 100% 100% 100% 100% 100%

85% 72% 95% 78.21% 87% 89%

70% 65% 80% 98.23% 85% 78%

87% 60% 78% 74.32% 70% 45%

89% 45% 79% 74.23% 85% 65%

CURRENT ASSETS Stores spare parts and loose tools Stocks in trade Trade debt loans and advances Short term deposits and prepayments Other receivables Taxation

22

Cash and bank balances

100%

85%

95%

105%

124%

CURRENT ASSETS

140% 120%

Stores spare parts and loose tools

100% 80%

Stocks in trade

60% 40%

Trade debt and long term advances

20%

Short term deposits and prepayments

0% 2002

2003

2004

2005

2006

Other receivables Taxation

The graph and table above show the horizental analysis of current assets of KSML. Like fixed assets, the current assets have also shown a decreasing trend over the last five years, which is not a good sign. Only cash and bank balances of KSML have shown increase during the last five years.

CURRENT LIABILITIES

2002

2003

2004

2005

2006

100%

115%

102%

99%

102%

23

Trade and other payables Accrued mark up Short term borrowing secured Current portion of long term liabilities Provision for taxation

1.6 1.4 1.2 1 0.8 0.6 0.4 0.2 0

100% 110% 100% 102% 100% 102% 100% 101.02% 100% 95%

121% 95% 96% 142% 96%

132% 102% 95% 132% 124%

Cash and bank balances CURRENT LIABILITIES Trade and other payables Accrued mark up

Short term borrowing secured 2002 2003 2004 2005 2006 Current portion of long term liabilities Provision for taxation The graph and table above show the horizental analysis of current liabilities of KSML. We see that current liabilities of KSML have shown an increasing trend over the last five years, which is not a good sign.

24

120% 117% 96% 121% 125%

NON CURRENT LIABILITEDS Long term finances secured Liabilities against assets subject to finance Other loan unsecured

2002

2003

2004

2005

2006

100% 100% 100% 100%

98% 95% 111% 109%

101% 99% 98% 89%

99% 102% 97% 99%

141% 109% 96% 113%

160% 140% 120% 100% 80% 60% 40% 20% 0%

NON CURRENT LIABILITEDS Long term finances secured Liabilities against assets subject to finance Other loan unsecured 2002

2003

2004

2005

2006

The table and graph above show the horizental analysis of non current liabilities of KSML. The non current liabilities of KSML have niether shown an increasing nor a decreasing trend over the last five years.

2002

2003

2004

2005

2006

25

OWNER'S EQUITY

100% 100% 100% 100% 100%

Share capital Capital reserves General reserve Unappropriated profit

95% 98% 99% 102% 113%

96% 112% 95% 103% 99%

105% 102% 109% 112% 99%

103% 98% 91% 103% 95%

120% 100%

OWNER'S EQUITY

80%

Share capital

60%

Capital reserves

40%

General reserve

20%

Unappropriated profit

0% 2002

2003

2004

2005

2006

The table and graph above show the horizental analysis of owner’s equity of KSML over the last five years. The owner’s equity of KSML has remained almost the same over the last five years.

VERTICAL ANALYSIS 26

(2002) 2002 Sales Cost of sale Gross Profit

100% 84.82% 15.00%

Operating Expense Admisnistrative Selling Operating profit(loss) Financial Charges Other Income Prior years adjustments

4.11% 0.33% 11% 6% 1.00% 0.16%

Workers profit paricipation Fund Profit (loss) before taxation Taxation Profit (Loss) after taxation Balance brought forward

0.29% 5.54% -0.50% 5.03% -6.48%

2002

Balance

Taxation

Workers

Prior years

Financial

Selling

Operating

2002 Cost of sale

1.2 1 0.8 0.6 0.4 0.2 0 -0.2

27

(2003) 2003 Sales Cost of sale Gross Profit

100% 86.00% 13.00%

Operating Expense Admisnistrative Selling Operating profit(loss) Financial Charges Other Income Prior years adjustments

4.52% 0.39% 9% 6% 1.54% 1.65%

Workers profit paricipation Fund Profit (loss) before taxation Taxation Profit (Loss) after taxation Balance brought forward

0.42% 4.12% 4.85% 4.14% 5.45%

28

2003 1.2 1 0.8 0.6 0.4 0.2 0 Balance

Taxation

Workers

Prior years

Financial

Selling

Operating

Cost of sale

2003

(2004) 2004 Sales Cost of sale Gross Profit

100% 88% 12.00%

Operating Expense Admisnistrative Selling Operating profit(loss) Financial Charges Other Income Prior years adjustments

4.50% 0.33% .0.7% 3.27% 0.21% -0.07%

Workers profit paricipation Fund Profit (loss) before taxation Taxation Profit (Loss) after taxation Balance brought forward

0.20% 4% -0.50% 4% -7.38%

29

2004

Balance

Taxation

Workers

Prior years

Financial

Selling

Operating

2004

Cost of sale

1.2 1 0.8 0.6 0.4 0.2 0 -0.2

(2005) 2005 Sales Cost of sale Gross Profit

100% 84.13 15.86

Operating Expense Admisnistrative Selling Operating profit(loss) Financial Charges Other Income Prior years adjustments

4.77% 0.19% 10.89% 2.44% 2% -----

Workers profit paricipation Fund Profit (loss) before taxation Taxation Profit (Loss) after taxation Balance brought forward

0.49% 9.94% 3.62% 6.34% 6.45%

30

2005 100 80 60 40 20 0 Balance

Taxation

Workers

Prior years

Financial

Selling

Operating

Cost of sale

2005

(2006) 2006 Sales Cost of sale Gross Profit

100% 85% 15.06%

Operating Expense Admisnistrative Selling Operating profit(loss) Financial Charges Other Income Prior years adjustments

5.40% 0.20% 9.47% 5.64% 0.51% -------

Workers profit paricipation Fund Profit (loss) before taxation Taxation Profit (Loss) after taxation Balance brought forward

0.19% 4.04% 3.15% 0.89% 0%

31

Balance

Taxation

Workers

Prior years

Financial

Selling

Operating

Cost of sale

2006

1.2 1 0.8 0.6 0.4 0.2 0 2006

32

(Balance Sheet) 2002

2003

2004

2005

2006

52% 3.94% 4.55% 0.25%

48% 3.17% 6.26% 32.00%

55.21% 3.12% 2.62% 0.48%

57% 4.12% 0.10%

47^% 2.54% 3.52% 0.57%

4.98% 6.22%

5.35% 8.55%

6.38% 9.64%

8.02% 5.88%

7% 8.65%

0.00% 3.55% --------1.92% 0.51%

0.29% 6.63% 2.28% 0.23% 0.49%

4.71% 3.31% 3.17% 0.11% 0.54%

4.00% 1.95% 3.99% 0.28% 0.51%

3.94% 4.25% 4.27% 0.23% 0.53%

25.32% 1.32% 1.29% 3.01%

30.48% 2.53% 1.39% 3.85%

25.32% 1.59% 16.53% 8.78%

32.22% 1.33% 14.99% 5.55%

27% 2.12% 17.32% 4.52%

0.31%

0.35%

1.40%

0.91%

0.73%

6.32% 1.62% 4.21%

8.48% 1.96% 3.12%

1.88% 1.74% 58%

2.32% 1.66% 5.21%

2.20I% 1.91% 4.96%

1.23%

1.29%

1.47%

1.21%

1.32%

7.98% 2.97% 4.20%

8.40% 3.64% 5.49%

9.56% 4.40% 62.51%

8.21% 4.52% 5.03%

7.56% 3.97% 4.32%

5.21%

5.36%

3.19%

5.32%

4.14%

11.21%

12.19%

16.77%

14.21%

15.45%

27.32%

29.60%

33.70%

35.21%

33.12%

FIXED ASSETS Operating fixed assets Property plant and equipment Capital work in progress Long term deposits

CURRENT ASSETS Stores spare parts and loose tools Stock in trade Trade debts longs and advances Short term depoits and prepayments Other recevables Taxtion Cash and bank balances

CURRENT LIABILITIES Trade and other payables Accrued mark up Short term borrowing Secured Current portion of long term liabilities Provision for taxation

CURRENT ASSETS LESS CURRENT LIABITES TOTAL ASSETS LESS CURRENT LIABITIES CONTINGENCIES AND COMMITMENTS NON CURRENT LIABILITEDS Long term finances secured Liabilities against assets subject to finance lease Other loan unsecured

DEFERED TAXATRION OTHER LIABILITIES NET ASSETS PEPRESENTED BY Share capital Capital reserve -premium on right shares General reserve Unappropriated profit

TOTAL CAPITAL AND RESERVES SURPLUS ON REVALUATION OF LAND

33

2002 0.6 0.5 0.4 0.3 0.2 0.1 0 FIXED ASSETS

2002

Short term borrowing Secured

General reserve

2003 0.6 0.5 0.4 0.3 0.2 0.1 0 FIXED ASSETS

2003

Accrued mark up

Share capital

2004 0.8 0.6 0.4 0.2 0 FIXED ASSETS

2004

Accrued mark up

Share capital

34

2005 0.6 0.5 0.4 0.3 0.2 0.1 0 FIXED ASSETS

2005

Accrued mark up

Share capital

2006 0.4 0.3 0.2 0.1 0 FIXED ASSETS

2006

Accrued mark up

Share capital

35

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