Guangdong Rieys Group Company Ltd
The Third Quarterly Report 2011
§1 Important Notice
1.1 The Board of Directors, the Supervisory Committee and directors, supervisors and
senior management of Guangdong Rieys Group Company Ltd. (hereinafter referred to
as “the Company”) hereby guarantee that this report contains no false information,
misleading statements or material omissions, and will, individually and collectively,
accept responsibility for the factuality, accuracy and completeness of this report.
1.2 The Financial Report in the third quarterly report has not been audited by a CPA
firm.
1.3 Chen Hongcheng, person in charge of the Company, Chen Peixia, person in
charge of the accounting work and person in charge of the accounting organ (chief
accountant) hereby confirmed that the Financial Report enclosed in the quarterly
report is true and complete.
§2 Company Profile
2.1 Main accounting data and financial indexes
Unit: RMB Yuan
As at 30 Sept. 2011 As at 31 Dec. 2010 Increase/decrease (%)
Total assets (Yuan) 577,730,209.28 586,050,810.45 -1.42%
Owners’ equity attributable to
297,748,347.99 308,161,044.95 -3.38%
shareholders of listed company (Yuan)
Share capital (Share) 318,600,000.00 318,600,000.00 0.00%
Net assets per share attributable to
shareholders of listed company (Yuan 0.93 0.97 -4.12%
/share)
Increase/decrease Increase/decrease
Jul.-Sept. 2011 Jan.-Sept. 2011
year-on-year (%) year-on-year (%)
Total operation income (Yuan) 28,631,955.27 -22.15% 75,393,285.38 -35.23%
Net profit attributable to shareholders of
-5,978,817.14 -45.30% -10,412,696.96 40.20%
listed company (Yuan)
Net cash flows generated from operating
- - 39,050,683.78 -8.18%
activities (Yuan)
Net cash flows per share generated from
- - 0.12 7.69%
operating activities (Yuan /share)
Basic earnings per share (Yuan /share) -0.02 50.00% -0.03 -66.66%
Diluted earnings per share (Yuan /share) -0.02 50.00% -0.03 -66.66%
Weighted average return on net assets (%) -1.99% -1.84% -3.44% 0.83%
Weighted average return on net assets after
deducting extraordinary gains and losses -2.16% -1.50% -6.83% -2.82%
(%)
Items of non-recurring gains and losses
√Applicable □Inapplicable
Unit: RMB Yuan
Items of non-recurring gains and losses Amount Note（If applicable）
Gains and losses from disposal of non-current assets 6,947,060.17
Gains and losses on change in fair value from tradable financial assets
and tradable financial liabilities, as well as investment income from
disposal of tradable financial assets and tradable financial liabilities 419,537.68
and financial assets available for sales except for effective hedging
related with normal businesses of the Company
Impairment reserves reversal of account receivables individually
3,298,325.50
taking the impairment tests
Other non-operating income and expenses besides the above items -624,837.06
Effect on income tax 272,064.13
Effect on minority interest -30,283.24
1
Total 10,281,867.18 -
2.2 Total number of shareholders and shareholding of top ten shareholders holding
tradable shares
Unit: share
Total number of shareholders at the period-end 14,865
Shareholding of top ten shareholders holding tradable shares
Number of tradable shares held at
Full name of shareholder Type of share
period-end
SU YOU HE 5,580,463 Domestically listed foreign shares
QIN YU YAN 1,995,033 Domestically listed foreign shares
ZHENG SU XIAN 1,721,118 Domestically listed foreign shares
XU HAI 1,493,101 Domestically listed foreign shares
LUO DONG HUI 1,441,200 Domestically listed foreign shares
NGAI KWOK PAN (WEI GUO BIN) 1,145,816 Domestically listed foreign shares
CHEN JIAN SHENG 1,017,797 Domestically listed foreign shares
WANG YAN FENG 1,011,753 Domestically listed foreign shares
WU CHI LI 808,800 Domestically listed foreign shares
KE ZHONG FENG 789,800 Domestically listed foreign shares
§3 Significant Events
3.1 Particular about large-margin change of main accounting statement item and
financial index and its reason
√Applicable □Inapplicable
Explanations on items with an over-30% movement:
Unit: RMB Yuan
Items in the balance
30 Sept. 2011 31 Dec. 2010 Movement (%) Explanation
sheet
Repayment of loans to China Construction
Monetary funds 6,621,985 30,095,398 -78.00
Bank
Receivables from Rieys Paper were
Accounts receivable 29,882,296 60,384,108 -50.51
collected.
Prepayment for the construction of real
Prepayments 99,849,740 69,492,605 43.68 estate development projects launched by
Hengda Real Estate
Short-term Loans granted by China Construction
93,999,960 158,500,000 -40.69
borrowings Bank were repaid.
A borrowing of RMB 63.70 million from
Other payables 89,010,429 34,590,357 157.33
a related party
Operating revenues 75,393,285.38 116,408,282.07 -35.23 Less export
Operating costs 59,292,969.88 86,610,473.31 -31.54 Less export
Operating expenses 4,968,826.02 9,780,506.27 -49.20 Less export
3.2 Progress and influence of significant events, as well as the analysis on solutions
3.2.1 Non-standard audit opinion
√Applicable □Inapplicable
Asia (Group) Accounting Firm issued an unqualified audit report with pinpointed
matters for the 2010 Annual Financial Report of the Company. The said pinpointed
matters were stated as, “We warn the users of financial statements to pay attention to
the content of Notes to the Financial Statements X (10), which is in the year 2010, net
profit attributable to owners of the parent company stood at RMB -41,187,000 and at
RMB -42,204,000 after deducting non-recurring gains and losses. In 2010, the main
business scope of the Company was transformed from garments to both garments and
real estate development. The real estate projects have been started but not pre-sold,
there still existed uncertainty whether the real estate business would generate a profit
or not. The Company had disclosed in detail improvement measures to be taken in the
notes to the financial statements, but there still existed a significant uncertainty about
the going-concern ability of the Company. The statements above will not affect the
2
unqualified audit opinion that has been issued.”
The Board of Directors is of the opinion that the biggest obstacle to the Company’s
development has been removed through the asset exchange at the end of 2009, which
greatly improves its asset quality. Although the Company is still in loss in the
reporting period, a loss reduction about RMB 4.20 million has been achieved as
compared with the loss about RMB 14.61 million in the same period of last year. As is
shown, the loss is decreasing. The real estate projects in Puning currently developed
by the Company are on smooth progress with about RMB 40 million being input in
the projects accumulatively during the first half year of 2011, thus the construction of
the projects can be implemented as schedule basically. Meanwhile, the target of
national macro control on real estate indicates that the demands in real estate market
are large in cities like Puning. To sum up, the Company’s business is beginning to turn
in a positive direction and its continual operation ability is fully guaranteed.
3.2.2 Whether the Company provided funds to the controlling shareholder or its
related parties or provided guarantees to external parties in violation of the prescribed
procedures
□Applicable √Inapplicable
3.2.3 Signing and execution of significant contracts concerning routine operations
□Applicable √Inapplicable
3.2.4 Others
□Applicable √Inapplicable
3.3 Fulfillment of commitments made by the Company, shareholders and the actual
controller
Commitments made by the Company, its directors, supervisors, senior executives,
shareholders with an over 5% shareholding, actual controller and other stakeholders
during the reporting period, or such commitments carried down into the reporting
period:
□Applicable √Inapplicable
3.4 Warnings of possible losses or major changes of the accumulative net profit
achieved during the period from year-begin to the end of the next reporting period
compared with the same period of last year, as well as explanation on reasons
√Applicable □Inapplicable
Performance forecast Deficit
From year-begin to the end of
Same period of last year Increase/decrease（%）
the next reporting period
Estimated accumulative net
-1,700.00 -4,219.00 Decrease -59.70%
profit (RMB’0000)
Basic earnings per share
-0.05 -0.13 Decrease -61.53%
(Yuan/share)
Currently, the main business scope of the Company is garments production and real estate
development, the reasons of the loss reduction in the net profit incurred in the period from
the year-begin to the end of the next reporting period are as follows: (1) Real estate
projects developed by the Company are still in the development phase and they could not
Notes to performance forecast be completed and settled within the year 2011, and the profits of garments production can’t
turn the Company to be profit; (2) Investment income was gained from the sales of
Shenzhen Missk Fashion Co., Ltd. during the reporting period; (3) The debts
reorganization with China Construction Bank hasn’t been finished, so the deducted interest
can’t be recorded into current gains and losses temporarily.
3.5 Other significant events that need to be explained
3.5.1 Investments into securities
√Applicable □Inapplicable
Unit: RMB Yuan
Serial Securities variety Stock code Short form Initial Shares held at Book value at Proportion in Gains or
3
No. of stock investment period-end period-end total losses in
amount (share) securities the
(Yuan) investment at reporting
period-end period
(%)
*ST China
1 Stock 000607 Union 20,239.00 3,700 17,353.00 100.00% -2,886.00
Holdings
Other securities investments held at period-end 0.00 - 0.00 0.00% 0.00
Gains/ losses from securities investment sold in the
- - - - 422,423.68
reporting period
Total 20,239.00 - 17,353.00 100% 419,537.68
Explanations for particulars about securities investment: With purpose of promoting
the use efficiency of idle capital, securities investment of the Company is in
accordance with management authorities, all procedure, and internal control rules as
well as decision approval of conducting securities investment. While securities
investment of the Company is of a small amount, low profitability that has a little
impact on business performance of the reporting period.
3.5.2 Reception of research, interviews and visits in the reporting period
Main discussion and materials provided
Time Place Way of reception Visitor
by the Company
Inquiring about the progress of the
Company’s real estate development and
27 Jul. 2011 Office of the Board Communication by telephone Investor
the status on debt repayment for China
Construction Bank
Inquiring about the Company’s basic
25 Aug. 2011 Office of the Board Communication by telephone Investor situation and the progress of its real
estate development
Inquiring about the Company’s overall
30 Aug. 2011 Office of the Board Communication by telephone Investor operation situation and the progress of its
real estate development
Inquiring about the progress of the
Company’s real estate development and
8 Sept. 2011 Office of the Board Communication by telephone Investor
the status of debt for China Construction
Bank
Inquiring about the progress of the
Company’s real estate development
19 Sept. 2011 Office of the Board Communication by telephone Investor
projects and the situation of the
subsequent projects
3.6 Investments into derivatives
□Applicable √Inapplicable
3.6.1 Positions of derivatives investments held at the period-end
□Applicable √Inapplicable
§ 4 Appendix
4.1 Balance sheet
Prepared by Guangdong Rieys Group Company Ltd 30 Sept. 2011 Unit: RMB (Yuan)
Balance as at 30 Sept. 2011 Balance as at 31 Dec. 2010
Items
Consolidation The Company Consolidation The Company
Current assets:
Monetary funds 6,621,984.57 1,282,203.21 30,095,398.06 28,150,078.47
Settlement funds
Outgoing call loans
Transaction financial asset 17,353.00 17,353.00
Notes receivable
Account receivable 29,882,296.11 60,384,107.71
Prepayment 99,849,740.14 968,244.00 69,492,604.59 338,244.00
Insurance premium receivables
4
Reinsurance accounts
receivable
Reinsurance contract reserve
receivables
Interest receivable
Dividend receivable
Other accounts receivable 22,463,216.63 137,899,881.40 27,781,691.68 106,997,618.63
Financial assets purchased
under agreements to resell
Inventories 239,488,367.57 205,006,377.50
Non-current assets due within 1
5,000,000.00 5,000,000.00
year
Other current assets
Total current assets 398,322,958.02 140,167,681.61 397,760,179.54 140,485,941.10
Non-current assets:
Loan and payment on other’s
behalf disbursed
Available-for-sale financial
assets
Held to maturity investments
Long-term account receivable
Long-term equity investment 243,312,508.68 243,312,509.68
Investment property
Fixed asset 105,465,570.24 99,602,812.16 110,872,936.68 103,288,925.43
Project in process
Engineering material 54,526.00 54,526.00 54,526.00 54,526.00
Fixed asset disposal
Production biological asset
Oil-gas assets
Intangible assets 65,313,522.27 65,313,522.27 66,441,172.05 66,441,172.05
Development expense
Goodwill
Long-term deferred expense
Deferred tax assets 7,753,552.75 2,311,644.02 10,056,556.18 5,048,816.11
Other non-current assets 820,080.00 865,440.00
Total non-current assets 179,407,251.26 410,595,013.13 188,290,630.91 418,145,949.27
Total assets 577,730,209.28 550,762,694.74 586,050,810.45 558,631,890.37
Current liabilities:
Short-term borrowings 93,999,960.00 78,999,960.00 158,500,000.00 143,500,000.00
Borrowing from central Bank
Deposits received and held for
others
Call loan received
Transaction financial liabilities
Notes payable
Account payable 5,743,109.31 19,442.64 5,208,298.06 19,442.64
Account received in advance 125,104.24 39,821.24
Financial assets sold under
agreements to repurchase
Handling charges and
commission payable
Payroll payable 1,100,933.69 174,894.93 1,316,693.31 163,554.90
Taxes payable 3,673,138.01 635,239.69 6,660,913.34 1,460,207.15
Interest payable 81,801,155.36 73,929,683.66 67,636,166.85 61,952,339.22
Dividend payable
Other payables 89,010,429.35 191,637,839.61 34,590,357.22 122,403,842.79
Account due to reinsurance
Insurance contract reserve
Entrusted trading of securities
Entrusted selling of securities
Non-current liabilities due
within 1 year
Other current liabilities 99,671.66
Total current liabilities 275,453,829.96 345,397,060.53 274,051,921.68 329,499,386.70
5
Non-current liabilities:
Long-term borrowings
Bonds payable
Long-term payables
Specific payables
Estimated liabilities
Deferred taxes liabilities
Other non-current liabilities
Total non-current liabilities
Total liabilities 275,453,829.96 345,397,060.53 274,051,921.68 329,499,386.70
Owner’s equity (or shareholders’
equity):
Paid-in capital (or share capital) 318,600,000.00 318,600,000.00 318,600,000.00 318,600,000.00
Capital reserve 52,129,496.58 52,129,496.58 52,129,496.58 52,129,496.58
Less：treasury stock
Specific reserves
Surplus reserves 86,036,260.20 86,036,260.20 86,036,260.20 86,036,260.20
General risk provision
Retained earnings -159,017,408.79 -251,400,122.57 -148,604,711.83 -227,633,253.11
Foreign exchange difference
Total equity attributable to owners
297,748,347.99 205,365,634.21 308,161,044.95 229,132,503.67
of the Company
Minority interest 4,528,031.33 3,837,843.82
Total owner’s equity 302,276,379.32 205,365,634.21 311,998,888.77 229,132,503.67
Total liabilities and owner’s
577,730,209.28 550,762,694.74 586,050,810.45 558,631,890.37
equity
4.2 Income statement for Jul.-Sept. 2011
Prepared by Guangdong Rieys Group Company Ltd Jul.-Sept. 2011 Unit: RMB (Yuan)
Jul.- Sept. 2011 Jul.- Sept. 2010
Items
Consolidation The Company Consolidation The Company
I. Total sales 28,631,955.27 417,000.00 36,779,725.03 417,000.00
Including: Sales 28,631,955.27 417,000.00 36,779,725.03 417,000.00
Interests income
Premium income
Handling charges and
commission income
II. Total cost of sales 34,214,917.08 9,113,638.60 39,280,127.71 8,671,557.76
Including: Cost of sales 21,616,352.97 400,263.99 28,907,253.37 400,263.99
Interests expenses
Handling charges and
commission income
Insurance discharge payment
Claim expenses-net
Provision for insurance contract
reserves-net
Insurance policy dividend paid
Reinsurance expense
Business taxes and surcharges 30,231.42
Distribution expenses 606,491.12 3,242,078.96 96.00
Administrative expenses 4,304,286.97 2,290,430.39 6,186,898.92 3,832,223.80
6
Financial costs 7,788,524.55 6,422,944.22 6,190,251.26 4,438,973.97
Impairment loss -100,738.53 -5,276,586.22
Add: gain/(loss) from change in
89,761.52 58,977.00
fair value (“-” means loss)
Investment income (“-” means
313,876.62 50,722.60
loss)
Including: income from
investment on affiliated enterprise
and jointly enterprise
Foreign exchange difference
(“-” means loss)
III. Operating profit (“-” means
-5,179,323.67 -8,586,939.00 -2,500,402.68 -8,254,557.76
loss)
Add: non-business income 7,310.23 0.80
Less: non-business expense -52,474.08 100.00 189,644.72 115,610.52
Including: loss from
non-current asset disposal
IV. Total profit (“-” means loss) -5,119,539.36 -8,587,039.00 -2,690,046.60 -8,370,168.28
Less: tax expense 849,066.46 14,744.25 793,996.87 0.00
V. Net profit (“-” means loss) -5,968,605.82 -8,601,783.25 -3,484,043.47 -8,370,168.28
Attributable to equity holders of
-5,978,817.14 -8,601,783.25 -3,266,996.73 -8,370,168.28
the Company
Minority interests 10,211.32 0.00 -217,046.74 0.00
VI. Earnings per share
(I) Basic earnings per share -0.02 -0.03 -0.01 -0.03
(II) Diluted earnings per share -0.02 -0.03 -0.01 -0.03
Ⅶ. Other composite income 0.00 0.00 0.00 0.00
Ⅷ. Total composite income -5,968,605.82 -8,601,783.25 -3,484,043.47 -8,370,168.28
Attributable to owners of the
-5,978,817.14 -8,601,783.25 -3,266,996.73 -8,370,168.28
Company
Attributable to minority
10,211.32 0.00 -217,046.74 0.00
shareholders
Where there were business combinations under the same control in this reporting
period, the combined parties achieved net profit of RMB 0.00 before the
combinations.
4.3 Income statement for Jan.-Sept. 2011
Prepared by Guangdong Rieys Group Company Ltd Jan.-Sept. 2011 Unit: RMB (Yuan)
Jan.-Sept. 2011 Jan.-Sept. 2010
Items
Consolidation The Company Consolidation The Company
I. Total sales 75,393,285.38 1,277,000.00 116,408,282.07 9,240,130.70
Including: Sales 75,393,285.38 1,277,000.00 116,408,282.07 9,240,130.70
Interests income
Premium income
Handling charges and
commission income
II. Total cost of sales 90,500,339.85 21,771,759.37 125,518,717.52 35,231,775.71
Including: Cost of sales 59,292,969.88 1,200,791.97 86,610,473.31 9,461,885.25
7
Interests expenses
Handling charges and
commission income
Insurance discharge payment
Claim expenses-net
Provision for insurance contract
reserves-net
Insurance policy dividend paid
Reinsurance expense
Business taxes and surcharges 51,215.21 88,281.17
Distribution expenses 4,968,826.02 80,000.00 9,780,506.27 86,207.28
Administrative expenses 16,267,416.34 7,582,797.99 19,717,157.18 10,805,661.69
Financial costs 17,204,957.22 13,186,661.70 19,415,451.62 15,465,119.06
Impairment loss -7,285,044.82 -278,492.29 -10,093,152.03 -587,097.57
Add: gain/(loss) on change in
-2,886.00 -2,886.00
fair value (“-” means loss)
Gain/(loss) on investment (“-”
8,482,728.17 120,369.72 0.00
means loss)
Including: income from
investment on associate and
jointly-run ventures
Gain or loss on foreign
exchange difference (“-” means
loss)
III. Operating profit (“-” means
-6,627,212.30 -20,377,275.65 -9,110,435.45 -25,991,645.01
loss)
Add: non-business income 79,979.69 20,195.45 58,913.19 16,218.01
Less: non-business expense 1,818,061.07 672,617.17 1,000,944.65 897,005.92
Including: loss from disposal of
non-current assets
IV. Total profit (“-” means loss) -8,365,293.68 -21,029,697.37 -10,052,466.91 -26,872,432.92
Less: tax expense 2,593,366.67 2,737,172.09 5,154,292.44 146,774.39
V. Net profit (“-” means loss) -10,958,660.35 -23,766,869.46 -15,206,759.35 -27,019,207.31
Attributable to equity holders
-10,412,696.96 -23,766,869.46 -14,606,499.51 -27,019,207.31
of the Company
Minority interests -545,963.39 0.00 -600,259.84 0.00
VI. Earnings per share
(I) Basic earnings per share -0.03 -0.07 -0.05 -0.08
(II) Diluted earnings per share -0.03 -0.07 -0.05 -0.08
Ⅶ. Other composite income 0.00 0.00 0.00 0.00
Ⅷ. Total composite income -10,958,660.35 -23,766,869.46 -15,206,759.35 -27,019,207.31
Attributable to owners of the
-10,412,696.96 -23,766,869.46 -14,606,499.51 -27,019,207.31
Company
Attributable to minority
-545,963.39 0.00 -600,259.84 0.00
shareholders
Where there were business combinations under the same control from the year-begin
to the period-end, the combined parties achieved net profit of RMB 0.00 before the
combinations.
8
4.4 Cash flow statement for Jan.-Sept. 2011
Prepared by Guangdong Rieys Group Company Ltd Jan.-Sept. 2011 Unit: RMB (Yuan)
Jan.- Sept. 2011 Jan.-Sept. 2010
Items
Consolidation The Company Consolidation The Company
1. Cash flows from operating
activities:
Cash received from sales of
105,292,182.82 26,000.00 114,070,486.25 19,829,227.73
goods or rending of services
Net increase of deposits
received and held for others
Net increase of loans from
central bank
Net increase of call loans
from other financial institutions
Cash received against
original insurance contract
Net cash received from
reinsurance
Net increase of client deposit
and investment
Net increase of disposal of
held-for-trading financial assets
Cash received as interest,
handling charges and
commissions
Net increase of call loans
Net increase of cash received
under repurchasing
Tax and fare refunds 6,586,428.37 8,746,650.76
Other cash received from
90,067,664.71 78,409,396.28 67,437,537.25 59,872,464.64
operating activities
Sub-total of cash inflow
201,946,275.90 78,435,396.28 190,254,674.26 79,701,692.37
from operating activities
Cash paid for goods and
123,091,462.09 88,826,246.11 4,063,354.38
services
Net increase of loans and
advances from customers
Net increase of deposits in
central bank, banks and other
financial institutions
Cash paid for original
contract claims
Cash paid for interest, fees
and commissions
Cash paid for policy
dividend
Cash paid to and for
11,526,570.72 851,193.74 18,692,973.48 1,957,857.86
employees
Cash paid for various taxes
2,837,268.51 875,650.87 6,393,708.65 3,232,602.91
and fares
Other cash paid relating to
25,440,290.80 42,375,668.65 33,812,736.68 39,082,021.40
operating activities
Sub-total of cash outflows
162,895,592.12 44,102,513.26 147,725,664.92 48,335,836.55
from operating activities
Net cash flows from
39,050,683.78 34,332,883.02 42,529,009.34 31,365,855.82
operating activities
II. Cash Flows from Investing
Activities
Cash received from
16,708,535.70 10,767,498.51 2,000,000.00 2,000,000.00
investment retractions
9
Cash received from
investment income
Net cash received from
disposal of fixed assets, intangible 175,000.00 52,000.00 389,600.00
assets and other long-term assets
Net cash received from
disposal of subsidiaries and other 1.00 1.00
operating units
Other cash received relating
to investing activities
Sub-total of cash inflows of
16,883,536.70 10,819,499.51 2,389,600.00 2,000,000.00
investing activities
Cash paid for acquisition of
fixed assets, intangible assets and 2,210,675.00 636,350.00 4,683,398.60 3,818,240.63
other long-term assets
Cash paid for acquisition of
11,306,351.02 5,667,367.79
investments
Net increase of pledge loans
Net cash paid for acquisition
of subsidiaries and other operating
units
Other cash paid relating to
174,067.95
investing activities
Sub-total of cash outflows of
13,691,093.97 6,303,717.79 4,683,398.60 3,818,240.63
investing activities
Net cash flows from
3,192,442.73 4,515,781.72 -2,293,798.60 -1,818,240.63
investing activities
III. Cash Flows from Financing
Activities:
Cash received from
investment
Including: cash received by
subsidiaries from minority
shareholders
Cash received from
borrowings
Cash received from bonds
issuing
Other cash received relating
to financing activities
Sub-total of cash inflows of
financing activities
Cash paid for repayment of
64,500,040.00 64,500,040.00 33,283,227.30 27,465,595.39
borrowings
Cash paid for dividends,
1,216,500.00 1,216,500.00 1,004,468.57 152,501.00
profit distribution or interest
Including: dividends or
profits paid to minority
shareholders by subsidiaries
Other cash paid relating to
financing activities
Sub-total of cash outflows
65,716,540.00 65,716,540.00 34,287,695.87 27,618,096.39
of financing activities
Net cash flows from
-65,716,540.00 -65,716,540.00 -34,287,695.87 -27,618,096.39
financing activities
IV. Effect of foreign exchange
rate on cash and cash equivalents
V. Net decrease in cash and cash
-23,473,413.49 -26,867,875.26 5,947,514.87 1,929,518.80
equivalents
Add : Opening amount of
30,095,398.06 28,150,078.47 2,168,571.06 647,412.49
cash and cash equivalents
VI. Closing balance of cash and
6,621,984.57 1,282,203.21 8,116,085.93 2,576,931.29
cash equivalents
10
4.5 Auditor’s report
Audit opinion: Un-audited
11
