深圳中冠纺织印染股份有限公司 2011 年第一季度季度报告全文
Shenzhen Victor Onward Textile Industrial Co., Ltd.
The First Quarterly Report 2011
§1 Important Notice
1.1 The Board of Directors of the Company hereby guarantees that there are no misstatement,
misleading representation or important omissions in this report and shall assume joint and
several liability for the authenticity, accuracy and completeness of the contents hereof.
1.2 The financial report of the Company in this quarterly Report period has not been audited.
1.3.Mr. Hu Yongfeng, board chairman and General Manager of the Company, Mr.Zhang Jinliang,
Deputy General Manager of the Company, Mr. Ren Chengzheng , Manager of Financial Dept
represent and warrant the financial report in this quarterly report is true and complete.
§2 Basic Information
2.1 Highlights of Accounting Data and Financial Indicators
Unit：RMB
At the period-end of last
At the period-end of this Increase /decrease（％）
year
Total assets（RMB） 190,217,436.00 195,732,419.00 -2.82%
Owner’s equity attributable to the shareholders of
137,144,668.00 142,929,499.00 -4.05%
the listed company （RMB）
Stock capital（Shares） 169,142,356.00 169,142,356.00 0.00%
Net assets per share attributable to the
shareholders of the listed company 0.81 0.85 -4.71%
（RMB/shares）
Amount of the same period
Amount of current period Increase /decrease（％）
in last year
Total turnover(RMB) 3,169,625.00 1,924,354.00 64.71%
Net profit attributable to owners of parent
-4,143,863.00 -3,524,663.00 17.57%
company(RMB)
Net cash flow arising from operating
671,682.00 -639,091.00 -205.10%
activities(RMB)
Net cash flow per share arising from
0.00 0.00 0.00%
operating activities(RMB/share)
Basic earnings per share(RMB/share) -0.02 -0.02 0.00%
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深圳中冠纺织印染股份有限公司 2011 年第一季度季度报告全文
Diluted earnings per share(RMB/share) -0.02 -0.02 0.00%
Weighted average return on equity（%） -2.94% 2.80% -5.74%
Weighted average return on equity after
-2.95% 2.64% -5.59%
deducting non-recurring gains and losses（%）
Items of non-current gains and losses
√ applicable □ not applicable
Unit：RMB
Non-recurring gain and loss items Amount Notes（If applicable）
Other non-operating income and expense other than above-mentioned 8,466.00
Total 8,466.00 -
2.2 Top 10 shareholders and top 10 holders of unconditional shares
Unit：Shares
Total number of shareholders at the end of report
11,832
period
Particulars about the shares held by the top ten tradable shareholders with unrestricted conditions
Amount of tradable shares with
Full name of shareholder unrestricted conditions held at the end of Type of shares
report period
Union Holdings Co., Ltd. 43,141,032 RMB common shares
Foreign shares placed in domestic
STYLE-SUCCESS LIMITED 24,466,029
exchange
Shenzhen Textile (Group)Holdings Ltd 9,543,394 RMB common shares
Foreign shares placed in domestic
Rich Crown Investment Co., Ltd. 6,114,556
exchange
Union Development Group Co., Ltd. 5,821,089 RMB common shares
Foreign shares placed in domestic
BOCI SECURITIES LIMITED 1,942,667
exchange
Foreign shares placed in domestic
Shing Ying Chieh 1,618,982
exchange
GUOTAI JUNAN SECURITIES(HONGKONG) Foreign shares placed in domestic
1,429,803
LIMITED exchange
Liuzhou Jiali Real estate Development Co., ltd. 1,393,700 RMB common shares
Liuzhou Ruiheng Mechanical& Electrical Co.,
770,000 RMB common shares
Ltd.
§3 Significant Events
3.1 Particular about large-margin change of main accounting statement item and financial index and its
reason.
√ applicable □ not applicable
1.Analysis of the reason for big change of the items of balance sheet of the Company as of the end of the report period.
Unit: RMB
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深圳中冠纺织印染股份有限公司 2011 年第一季度季度报告全文
Items March 31,2011 December 31,2010 Amount of increased / Proportion increased
Decreased Decreased
Long term share
equity investment 72,300,494 77,199,476 -4,898,982 -6.35%
Long term share
equity investment decreased 4.89 million -6.35%
Mainly due to the loss to the earnings of Zhejiang Union Hangzhou Bay Ventures Co., Ltd., an affiliated Company.
Mainly due to the key business of the Company was not recovered, the earnings of Zhejiang Union
Hangzhou Bay Ventures Co., Ltd., an affiliated company, decreased by 47.20% year on year to RMB
45.05 million and Shenzhen East Asia Victor Onward Textile Printing and Dyeing Co., Ltd.,
2.Analysis of the reason for big change of the items of profit statement as of the end of the report period.
n the period from January 2011 to March 2011,the company earned operating income of RMB 3.16 million on accumulative basis,
which Increased by RMB 1.24 million and 64.71% year on year. Net profit is RMB -4.15 million. compare to the data last year same
period, which loss increased by RMB 0.61 million and 17.30%.
⑴Analysis of reason for increase of operating income：
Rental income has increased.
⑵The main reason for increased of amount of loss：
Mainly due to the loss to the earnings of Zhejiang Union Hangzhou Bay Ventures Co., Ltd., an affiliated Company..
3.Analysis of the reason for big change of the items of cash flow statement of the Company in the report period.
Unit: RMB
Items This period Same period of last year Amount of Proportion
increased/decreased Increased/ decreased
Net cash flows arising form
Operating activities 671,682 -639,091 1,310,773 -205.10%
Net cash flows from investing activities -32,981 -96,282 63,301 -65.75%
Net cash flows from financing activities 0 0 0
The influence of change in exchange rate
On cash and cash equivalents -293,053 -47,028 -246,025 523.15%
Net increase of cash and cash equivalents 345,648 -782,401 1,128,049 -144.18%
⑴At the end of the report period, net increase in cash and cash equivalents increased by RMB 1.3 million year on year, Mainly due to
the rental income has increased in the report period；
⑵In the report period, Net cash flows from investing activities increased by RMB 60,000 year on year;
⑶At the end of the report period, There were no net cash flows from financing activities in the report period and the same period of
previous year;
⑷At the end of the report period, the influence of change in exchange rate on cash and cash equivalents decreased by RMB 60,000
year on year;, Mainly due to RMB and HKD exchange Rate fluctuations；
⑸At the end of the report period, net increase in cash and cash equivalents increased by RMB 1.12 million year on year.
3.2 The progress of significant events and influence, as well as the analysis and explanation on resolving proposal.
3.2.1 Non-standard Opinion
√ applicable □ not applicable
I. The special statement of the board of directors of the Company on the matters involved in the Unqualified Auditor's Report for 2010
with Highlighted Paragraphs
(I) Basic information
Shine Wing Certified Public Accountants issued unqualified auditor's report with paragraph of emphasized matters for the
Company's financial statements for 2010 Basic information of emphasized matters: Since March 2007, Shenzhen Victor Onward
Textile Industrial Co., Ltd. stopped production and dismissed most of workers. And most subsidiaries of the company had stopped
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深圳中冠纺织印染股份有限公司 2011 年第一季度季度报告全文
production and it maintained daily operation by house leasing. Shenzhen Victor Onward Textile Industrial Co., Ltd. had disclosed its
improvement measures in Note 13 of Financial Statement, but its sustainable operation ability is still uncertain. This paragraph does
not affect audit opinions that have been given.
(II) Basic opinions of certified public accountants on such matter:
Shine Wing Certified Public Accountants accepted entrustment, completed the audit of the financial statements of the Company for
2009 and issued unqualified auditor's report with paragraph of emphasized matters for the Company's financial statements for 2010. In
accordance with No. 14 Rule for Preparation and Report of Information Disclosure by Companies Publicly Issuing Securities -
Non-standard Unqualified Audit Opinions and Treatment of Matters Involved Therein, relevant notes are as follows:
As noticed by Shine Wing Certified Public Accountants during audit, Since March 2007, Shenzhen Victor Onward
Textile Industrial Co., Ltd. stopped production and dismissed most of workers. The company currently only had
house leasing business.
Except that Shenzhen East Asia Victor Onward Textile Printing and Dyeing Co., Ltd. is still operating
normally, other 5 subsidiaries controlled by the Company have stopped operation or are maintaining
daily operation by house property lease. It plans to invest in Nanjing East Asia Textile Printing and
Dyeing Co., Ltd. with part of machinery and equipment in 2007, Due to the reason on the side of the
other party of joint venture and change of industry prospect. we believe that the sustainable operation
ability of Shenzhen Victor Onward Textile Industrial Co., Ltd. is still uncertain, so I emphasized the
situation in the audit reports and issued unqualified auditor's report with paragraph of emphasized
matters. The matters involved in highlighted statement did not apparently violate Accounting
Standards for Business Enterprises and regulations on relevant information disclosure
standardization.
This special statement is issued by us according to relevant regulations of CSRC and shall not be used for other purpose. We and the
C.P.A. who performed this service shall not bear any liability for the consequences caused by its improper use.
The opinions of the board of directors, supervisory committee and management of the Company on
this matter:
The board of directors, Supervisory Committee and managers believed that the printing and dyeing
plant of the company had stopped operation or maintained daily operation by house leasing. Due to the
reason on the side of the change of industry prospect, Capital Increasing of the joint venture project had not been completed.
(III) Extent of influence of this matter on the Company:
This event greatly impacted the production & operation activities and sustainable development of
company, it made company had the situation of implementing other special treatment which was
stipulated in Shenzhen Stock Exchange Listing Rules , the stock of our company had been
implemented for other special treatment.
(IV) The possibility of eliminating this matter and its influence:
Though the transfer of printing and dyeing business has been somewhat delayed, The board of
directors of company is positively studying the future development of company to enhance company's
sustainable operating ability.
(V)The specific measures
Company is communicating with joint venture partner and trying to minimize the losses and settle
this joint venture project issue properly.
II. The special statement of the Supervisory Committee of the Company on the matters involved in the Unqualified Auditor's Report
for 2010 with Highlighted Paragraphs
Shine Wing Certified Public Accountants issued unqualified auditor's report with highlighted paragraphs for the financial statements of
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深圳中冠纺织印染股份有限公司 2011 年第一季度季度报告全文
Shenzhen Victor Onward Textile Industrial Co., Ltd. for 2010. Therefore, the board of directors of the Company made a special
statement on the matters involved in the Unqualified Auditor's Report of the Company for 2010 with Highlighted Paragraphs. The
supervisory committee of the Company held the opinion that this statement matched its actual conditions and agreed to opinions of the
board of directors of the Company.
3.2.2 The Company provided funds to its controlling shareholder or related parties and provided guarantees in
violation of established procedures.
□applicable √ not applicable
3.2.3 Signing and performance of significant contracts for daily operation
□applicable √ not applicable
3.2.4 Other
√applicable □not applicable
Since March 2007, Shenzhen Victor Onward Textile Industrial Co., Ltd. stopped production and
dismissed most of workers. The company currently only had some house leasing business.
5 subsidiaries controlled by the company had stopped the operation and were depending on house
lease to maintain. In 2007 the company intended to invest part of machineries and equipments to
Nanjing East Asia Textile Printing & Dyeing Co., Ltd. But due to the reasons of the joint venture party
and the prospect change in the industry, the investment plan was delayed.
The Company is communicating with joint venture partner and trying to minimize the losses and settle this joint
venture project issue properly.
3.3 The fulfillment of the commitment made by the Company , shareholders and the actual controller
Commitments made by the listed company and its directors, supervisors, senior executives, the shareholders with
holding above 5% shares and its actual controller in the report period, or lasting until the report period.
□applicable √ not applicable
3.4 Estimation of accumulative net profit from the beginning of the year to the end of next report period to be loss
probably or the warning of its material change compared with the corresponding period of the last year and
explanation of reason.
√Applicable □ Not applicable
Forenotice of earnings Losses
Year beginning to end of next Same period of the
Increase or decrease%
report period previous year
Estimated amount of
accumulative net -800.00 -- -600.00 541.00 -- --
profit(RMB’0000)
Basic earnings per shares
-0.05 -- -0.04 0.03 -- --
(Yuan/share)
Due to Equity method of Zhejiang Union Hangzhou Bay Ventures Co., Ltd. accounted for earnings
Notes to forenotice of earnings losses, the accumulative net profit for the period from January 2011 to June 2011 is estimated to be
about RMB 6 million to RMB 8 million.
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深圳中冠纺织印染股份有限公司 2011 年第一季度季度报告全文
3.5 Major events needs to be explained
3.5.1 Investment in securities
√applicable □not applicable
Unit：RMB
Percentage of
Initial total
Holding Book values at Profit and loss
Stock investment investment in
No Stock type Stock code quantity(Shar the end of during the report
abbreviation amount(Yuan this stock at
e) period(RMB) period(RMB)
) the end or
period(%)
Tianli
1 Bonds 300156 28,900.00 0 0.00 0.00% 4,625.00
Environmental
LANDOCEA
2 Stock 300157 28,403.00 0 0.00 0.00% 5,215.00
N
3 Stock 2537 Haili Metal 19,932.00 0 0.00 0.00% 19.00
4 Stock 601558 Winovel Wind 0.00 1,000 89,852.00 57.33% -148.00
5 Stock 002563 Semir Garment 0.00 1,000 66,889.00 42.67% -111.00
Other securities investment held at the end of the period 0.00 - 0.00 0.00% 0.00
Gain and loss from investment in securities already sold
- - - - 4,630.00
in the report period
Total 77,235.00 - 156,741.00 100% 14,230.00
Explanation Investment in securities ：
.
3.5.2 Reception of investigations , communications , or interviews
Discussion issue and offered
Reception Place Mode Object
information
Office of board secretary Individual The Company’s shares status.公司参股
January 27,2011 Telephone
of the Company shareholder 公司情况
Office of board secretary Individual
March 10,2011 Telephone The Company’s operating status
of the Company shareholder
3.6 Derivative Investment
□applicable √ not applicable
3.6.1 Particulars about derivatives investment held at the end of report period
□applicable √ not applicable
§4 Appendix
4.1 Balance sheet
Prepared by：Shenzhen Victor Onward Textile Industrial Co., Ltd. March31, 2011 Unit：RMB
Items Year-end balance Year-beginning balance
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深圳中冠纺织印染股份有限公司 2011 年第一季度季度报告全文
Consolidated Parent company Consolidated Parent company
Current asset：
Monetary fund 52,132,261.00 23,137,714.00 51,786,613.00 23,577,186.00
Settlement provision
Outgoing call loan
Trading financial assets 156,741.00 156,741.00 77,235.00 77,235.00
Bill receivable
Account receivable 1,160,013.00 586,576.00
Prepayments 32,493.00 23,225.00
Insurance receivable
Reinsurance receivable
Provisions of Reinsurance
contracts receivable
Interest receivable 20,549.00 6,646.00
Dividend receivable
Other account receivable 351,443.00 75,043,092.00 175,951.00 75,638,428.00
Repurchasing of financial
assets
Inventories 425,245.00 425,245.00 429,613.00 429,612.00
Non-current asset due in 1
year
Other current asset
Total of current assets 54,278,745.00 98,762,792.00 53,085,859.00 99,722,461.00
Non-current assets：
Loans and payment on
other’s behalf disbursed
Disposable financial asset 669,083.00 874,427.00
Expired investment in
possess
Long-term receivable
Long term share equity
72,300,494.00 38,220,668.00 77,199,476.00 38,613,199.00
investment
Property investment 38,396,101.00 5,870,716.00 39,679,004.00 6,019,483.00
Fixed assets 17,260,019.00 14,166,966.00 17,492,132.00 14,313,935.00
Construction in progress
Engineering material
Fixed asset disposal
Production physical assets
Gas & petrol
Intangible assets 2,014,908.00 2,014,908.00 2,049,023.00 2,049,023.00
R & D petrol
Goodwill 5,298,086.00 5,352,498.00
Long-germ expenses to be
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深圳中冠纺织印染股份有限公司 2011 年第一季度季度报告全文
amortized
Differed income tax asset
Other non-current asset
Total of non-current assets 135,938,691.00 60,273,258.00 142,646,560.00 60,995,640.00
Total of assets 190,217,436.00 159,036,050.00 195,732,419.00 160,718,101.00
Current liabilities
Short-term loans
Loan from Central Bank
Deposit received and hold
for others
Call loan received
Trade off financial
liabilities
Bill payable
Account payable 3,336,214.00 114,864.00 3,353,297.00 115,281.00
Advance account received 2,763,482.00 1,985,646.00 2,718,175.00 1,939,819.00
Selling of repurchased
financial assets
Fees and commissions
receivable
Employees’ wage payable 653,478.00 613,025.00 620,363.00 579,911.00
Tax payable 3,243,595.00 1,777,662.00 2,914,867.00 1,723,217.00
Interest payable
Dividend payable
Other account payable 29,939,116.00 619,560.00 29,974,945.00 651,133.00
Reinsurance fee payable
Insurance contract
provision
Entrusted trading of
securities
Entrusted selling of
securities
Non-current liability due in
1 year
Other current liability 2,587,993.00 1,270,169.00 2,504,404.00 1,185,618.00
Total of current liability 42,523,878.00 6,380,926.00 42,086,051.00 6,194,979.00
Non-current liabilities：
Long-term loan 1,303,590.00 1,350,126.00
Bond payable
Long-term payable 8,817,142.00 8,907,695.00
Special payable 869,358.00 869,358.00 878,286.00 878,286.00
Expected liabilities
Differed income tax liability 883,286.00 4,169,104.00 892,357.00 4,211,921.00
Other non-current
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深圳中冠纺织印染股份有限公司 2011 年第一季度季度报告全文
liabilities
Total of non-current
11,873,376.00 5,038,462.00 12,028,464.00 5,090,207.00
liabilities
Total of liability 54,397,254.00 11,419,388.00 54,114,515.00 11,285,186.00
Owners’ equity
Share capital 169,142,356.00 169,142,356.00 169,142,356.00 169,142,356.00
Capital reserves 39,100,649.00 31,606,598.00 39,872,534.00 31,606,598.00
Less：Shares in stock
Special Reserve
Surplus reserves 26,704,791.00 26,309,287.00 26,704,791.00 26,309,287.00
Common risk provision
Undistributed profit -102,808,880.00 -80,436,455.00 -98,665,017.00 -80,137,758.00
Different of foreign currency
5,005,752.00 994,876.00 5,874,835.00 2,512,432.00
translation
Total of owner’s equity belong to
137,144,668.00 147,616,662.00 142,929,499.00 149,432,915.00
the parent company
Minor shareholders’ equity -1,324,486.00 -1,311,595.00
Total of owners’ equity 135,820,182.00 147,616,662.00 141,617,904.00 149,432,915.00
Total of liabilities and owners’
190,217,436.00 159,036,050.00 195,732,419.00 160,718,101.00
equity
4.2 Profit statement
Prepared by：Shenzhen Victor Onward Textile Industrial Co., Ltd. January-March 2011 Unit：RMB
Report period Same period of the previous year
Items
Consolidated Parent company Consolidated Parent company
I.Total operating income 3,169,625.00 375,059.00 1,924,354.00 182,867.00
Including：Operating income 3,169,625.00 375,059.00 1,924,354.00 182,867.00
Interest income
Insurance gained
Commission charge and
commission income
II.Total operating cost 3,213,682.00 687,986.00 3,539,513.00 537,997.00
Including：Operating cost 1,761,091.00 120,656.00 1,625,230.00 -407,845.00
Interest expense
Commission chare and
commission expense
Cash surrender value
Net amount of expense of
compensation
Net amount of withdrawal of
insurance contract reserve
Bonus expense of guarantee
slip
Reinsurance expense
Operating tax and extras 857.00
Sales expenses 244,011.00
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深圳中冠纺织印染股份有限公司 2011 年第一季度季度报告全文
Administration
1,695,091.00 1,285,098.00 1,973,276.00 1,560,553.00
expenses
Financial expenses -242,500.00 -717,768.00 -303,861.00 -614,711.00
Losses of devaluation of assets
Add ：Changing income of fair
-3,502.00
value
Investment income -4,121,163.00 14,230.00 -1,924,817.00 78,084.00
Including：Investment income
on affiliate company and joint
venture
Exchange income
III. Operating profit -4,165,220.00 -298,697.00 -3,543,478.00 -277,046.00
Add ：Non-operating income 8,466.00
Less：Non-operating expense 60.00
Including :Disposal loss of
non-current assets
IV. Total profit -4,156,754.00 -298,697.00 -3,543,538.00 -277,046.00
Less：Income tax
V. Net profit -4,156,754.00 -298,697.00 -3,543,538.00 -277,046.00
Net profit attributable to
-4,143,863.00 -298,697.00 -3,524,663.00 -277,046.00
owner’s equity of parent company
Minority shareholders’ gains and
-12,891.00 -18,875.00
losses
VI. Earnings per share
（i）Basic earnings per share -0.02 -0.02
（ii）Diluted earnings per share -0.02 -0.02
VII. Other comprehensive income 0.00 0.00 0.00 0.00
VIII. Total comprehensive income -4,156,754.00 -298,697.00 -3,543,538.00 -277,046.00
Total comprehensive income
attributable to the owner of the -4,156,754.00 -298,697.00 -3,543,538.00 -277,046.00
parent company
Total comprehensive income
0.00 0.00 0.00 0.00
attributable minority shareholders
For the enterprises under the same control consolidated in the report period, the net profit realized by the consolidate before the
consolidation is RMB 0.00.
4.3 Cash flow statement
Prepared by：Shenzhen Victor Onward Textile Industrial Co., Ltd. January-March 2011 Unit：RMB
Report period Same period of the previous year
Items
Consolidated Parent company Consolidated Parent company
I.Cash flows from operating
activities
Cash received from sales of
2,594,850.00 375,059.00 3,890,104.00 2,308,306.00
goods or rending of services
Net increase of customer
deposits and capital kept for
brother company
Net increase of loans
from central bank
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深圳中冠纺织印染股份有限公司 2011 年第一季度季度报告全文
Net increase of inter-bank
loans from other financial
bodies
Cash received against
original insurance contract
Net cash received from
reinsurance business
Net increase of client
deposit and investment
Net increase of trade
171,819.00 171,819.00
financial asset disposal
Cash received as interest,
processing fee and
commission
Net increase of
inter-bank fund received
Net increase of
repurchasing business
Tax returned 175,182.00 106,115.00
Other cash received from
293,149.00 395,788.00 414,364.00 111,121.00
business operation
Sub-total of cash inflow 2,887,999.00 770,847.00 4,651,469.00 2,697,361.00
Cash paid for purchasing
226,666.00 226,666.00 2,051,814.00 1,051,700.00
of merchandise and services
Net increase of client trade
and advance
Net increase of savings
central bank and brother
company
Cash paid for original
contract claim
Cash paid for interest,
processing fee and
commission
Cash paid for policy
dividend
Cash paid to staffs or
786,000.00 447,063.00 986,618.00 565,612.00
paid for staffs
Taxes paid 330,068.00 161,475.00 424,991.00 165,731.00
Other cash paid for
873,583.00 373,982.00 1,827,137.00 1,061,133.00
business activities
Sub-total of cash
outflow from business 2,216,317.00 1,209,186.00 5,290,560.00 2,844,176.00
activities
Cash flow generated by
671,682.00 -438,339.00 -639,091.00 -146,815.00
business operation, net
II.Cash flow generated by
investing
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深圳中冠纺织印染股份有限公司 2011 年第一季度季度报告全文
Cash received from
investment retrieving
Cash received as
investment gains
Net cash retrieved from
disposal of fixed assets,
intangible assets, and other
long-term assets
Net cash received from
disposal of subsidiaries or
other operational units
Other investment-related
cash received
Sub-total of cash inflow
due to investment activities
Cash paid for construction of
fixed assets, intangible assets 32,981.00 96,282.00 56,658.00
and other long-term assets
Cash paid as investment
Net increase of loan
against pledge
Net cash received from
subsidiaries and other
operational units
Other cash paid for
investment activities
Sub-total of cash
outflow due to investment 32,981.00 96,282.00 56,658.00
activities
Net cash flow generated
-32,981.00 -96,282.00 -56,658.00
by investment
III.Cash flow generated by
financing
Cash received as investment
Incl: Cash received as
investment from minor
shareholders
Cash received as loans
Cash received from bond
placing
Other financing
–related ash received
Sub-total of cash inflow
from financing activities
Cash to repay debts
Cash paid as dividend,
profit, or interests
Incl: Dividend and profit
paid by subsidiaries to minor
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深圳中冠纺织印染股份有限公司 2011 年第一季度季度报告全文
shareholders
Other cash paid for
financing activities
Sub-total of cash outflow
due to financing activities
Net cash flow generated by
financing
IV.Influence of exchange rate
alternation on cash and cash -293,053.00 -1,133.00 -47,028.00 -2,157.00
equivalents
V.Net increase of cash and
345,648.00 -439,472.00 -782,401.00 -205,630.00
cash equivalents
Add: balance of cash and
cash equivalents at the 51,786,613.00 23,577,186.00 56,105,626.00 24,960,502.00
beginning of term
VI .Balance of cash and cash
52,132,261.00 23,137,714.00 55,323,225.00 24,754,872.00
equivalents at the end of term
4.4 Auditor’ report
Auditor’s opinions: Not audited
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