| ASKARI LEASING |
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| (Annual
Report 1996) |
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CONTENTS |
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| Corporate
Information |
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2 |
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| Notice
of Meeting |
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3 |
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| Directors'
Report |
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4 |
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| Auditors'
Report to the Members |
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7 |
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| Balance
Sheet |
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8 |
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| Profit
and Loss Account |
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9 |
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| Statement
of Changes in Financial Position |
10 |
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| Notes
to the Accounts |
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11 |
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| Pattern
of Shareholding |
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21 |
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| Financial
Highlights |
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22 |
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| Proxy Form |
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CORPORATE INFORMATION |
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| BOARD
OF DIRECTORS |
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| Lt.
Gen. (R) Farrakh Khan |
Chairman |
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| Brig.
(R) Khalid Latif |
|
Director |
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| Brig.
(R) Sajjad Ahmed Nazim |
Director |
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| Brig.
(R) Zafar Ahmed |
|
Director |
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| Brig.
(R) Khalid Raza |
|
Director |
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| Dr.
Safdar Ali Butt |
|
Director |
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| Mr.
Shujat Ali Khan |
|
Director |
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| Mr.
Wazir Ali Khoja |
|
Director |
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|
(NIT Nominee) |
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| CHIEF
EXECUTIVE |
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| Mr.
Taimur Afzal |
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| COMPANY
SECRETARY |
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| Mr.
Shujat Ali Khan |
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| BANKERS |
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| Askari
Commercial Bank Ltd. |
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| Allied
Bank of Pakistan |
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| American
Express Bank |
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| ANZ
Grindlays Bank |
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| Bank
of America NT & SA |
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| Banque
Indosuez |
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| Bank
of Punjab |
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| Deutsche
Bank |
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| Faysal
Bank Ltd. |
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| Habib
American Bank |
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| Prime
Commercial Bank Ltd. |
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| Standard
Chartered Bank Ltd. |
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| AUDITORS |
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| Taseer
Hadi Khalid & Co. |
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| Chartered
Accounts |
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| LEGAL
ADVISOR |
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| Walker
Martineau Saleem |
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| REGISTRAR
AND SHARE |
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| TRANSFER
OFFICE |
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| Askari
Associates (Pvt.) Ltd. |
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| 6th
floor, AWT Plaza |
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| The
Mall, Rawalpindi. |
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| Telephone:
(051) 514370 - 71 |
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| REGISTERED
OFFICE/HEAD OFFICE |
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| 5th
Floor, AWT Plaza, |
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| The
Mall, Rawalpindi |
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| Telephone:
(051) 511309 - 11, 566216, |
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| 566153,
515267 |
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| Fax:
(051) 565670 |
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| BRANCH
OFFICES |
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| 1. 3rd Floor, AWT Plaza |
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| I.I.
Chundrigar Road, Karachi. |
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| Telephone:
(021) 2634614 - 5, 2627347 - 8 |
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| Fax:
(021) 2630338 |
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| 2. 4 Corps. Garrison Mess, |
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| Tufail
Road, Lahore Cantt. |
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| Telephone:
(042) 6673384, 6667784 - 5 |
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| Fax:
(042) 6673385 |
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| 3. 32, The Mall, |
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| Peshawar. |
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| Tel:
(0351) 376918 |
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NOTICE OF THE FOURTH |
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|
ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the Fourth |
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| Annual
General Meeting of Askari Leasing |
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| Limited
will be held on Tuesday the |
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| November
26, 1996 at 9.30 a.m. in Blue |
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| Lagoon
Complex, opposite Pearl Continental |
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| Hotel
outward gate, Rawalpindi to transact |
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| the
following business:- |
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| 1.
To confirm the minutes of the Third |
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| Annual
General Meeting held on |
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| December
27, 1995. |
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| 2.
To receive, consider and adopt the |
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| Audited
Accounts together with |
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| Directors'
and Auditors' Reports thereon |
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| for
the year ended June 30, 1996. |
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| 3.
To appoint Auditors of the company for |
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| the
year ending June 30, 1997 and to fix |
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| their
remuneration. The present |
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| Auditors
M/s Taseer Hadi Khalid & Co., |
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| Chartered
Accountants, being eligible |
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| offer
themselves for reappointment. |
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| 4.
To approve the payment of 20% cash |
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| dividend
(Rs. 2.00 per share) as recom- |
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| mended
by the Board of Directors for the |
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| year
ended June 30, 1996. |
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| 5.
To transact any other business with the |
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| permission
of the Chair. |
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| NOTES: |
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| 1.
CLOSURE OF SHARE TRANSFER |
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| BOOKS |
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| The
Share Transfer Books of the |
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| Company
will be closed from November |
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| 17,
1996 to November 26, 1996 (both days |
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| inclusive).
Cash Dividend will be paid to |
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| the
shareholders whose names appear on |
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| the
Register of Members on November |
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| 17, 1996. |
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| 2.
CHANGE IN ADDRESS AND |
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| CONSOLIDATION
OF FOLIOS |
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| Members
are requested to immediately |
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|
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| notify
the change of address, if any, and |
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| ask
for consolidation of folio numbers, |
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| provided
any member holds more than |
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|
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| one
folio, to our Registrar, Askari |
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| Associates
(Private) Limited, 6th Floor, |
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| AWT
Plaza, The Mall, Rawalpindi Cantt. |
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| 3.
PARTICIPATION IN GENERAL |
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| MEETING |
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| A
member entitled to attend and vote at |
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| the
Meeting is entitled to appoint a |
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| proxy
to attend the Meeting and vote for |
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| him/her.
The Form of proxy, duly com- |
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| pleted,
in order to be effective must be |
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| received
by the Company at its |
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| Registered
Office at least 48 hours before |
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| the
Meeting. |
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BY ORDER OF THE BOARD |
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| Rawalpindi |
|
Shujat Ali Khan |
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| October
26, 1996 |
Company Secretary |
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|
DIRECTORS' REPORT |
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| The
Board of directors of your company feels |
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| pleasure
in presenting the Fourth Annual |
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| Report
for the year ended June 30, 1996. |
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|
| FINANCIAL
RESULTS: |
|
RUPEES |
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| Total
Revenue |
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379,288,925 |
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| Total
Expenditure |
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279,051,234 |
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| Profit
for the Year |
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100,237,691 |
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| Less:
Tax Provision |
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4,500,000 |
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| Profit
after Tax |
|
95,737,691 |
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| Unappropriated
profit |
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| brought forward |
|
1,203,136 |
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| Profit
available for |
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|
|
| appropriation |
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96,940,827 |
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| APPROPRIATIONS |
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| Transfer
to Statutory |
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| reserve |
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19,147,538 |
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| Transfer
to General |
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|
| reserve |
|
36,000,000 |
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| Proposed
Cash |
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| Dividend
20% |
|
40,000,000 |
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| Un
appropriated profit |
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|
|
| carried
forward |
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1,793,289 |
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| DIVIDEND: |
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| The
Board of Directors has recommended a |
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| cash
dividend @ 20% for the year ended June |
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| 30, 1996. |
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| CHANGE
OF FINANCIAL YEARS: |
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| The
Finance Act, 1995 abolished the adop- |
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| tion
of calendar year as financial year and |
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| accordingly,
your company also changed its |
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| financial
year from December to June start- |
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| ing
last year i.e. June 1995. Due to this |
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| change
the present report covers the period |
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| July
1995 - June 1996 representing 12 months |
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| of
operations, but the previous year figures |
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| represent
only six months of operations i.e. |
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| January
- June 1995. |
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|
| REVIEW
OF OPERATIONS: |
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| This
year, your company joined the exclusive |
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| group
of leasing companies with total assets |
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| in
excess of Rs. 2 billion. This land mark has |
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| been
achieved within a short span of three |
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| years,
while other leasing companies in this |
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| group
have an operational history ranging |
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| from
6 to 11 years. This consistent high |
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| growth
rate achieved by your company is |
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| even
more material given the slow down in |
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| the
industrial investment in the country and |
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| the
increasing competition in the leasing sec- |
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| tor
during the last three years. |
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| The
company's balance sheet footing |
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| increased
from Rs. 1.3 billion to Rs. 2.7 billion |
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| showing
growth rate in excess of 100%. The |
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| lease
investment portfolio also grew by over |
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| 100%
from Rs. 896 million in 1995 to Rs. 1.9 |
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| billion
in 1996. The paid up capital has |
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| increased
from Rs. 100 million to Rs. 200 mil- |
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| lion
and the reserves have also moved up |
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| substantially.
The allowance for potential |
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| lease
losses have been increased to Rs. 31.3 |
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| million.
This is especially prudent in the pre- |
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| sent
economic environment where more and |
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| more
companies are facing financial distress. |
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| Profit
before tax increased by 56.9% over last |
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| 12
months. Total revenue for the period was |
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| Rs.
379.3 million while lease income was Rs. |
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| 312.6
million - lease income was 82.4% of the |
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| total
revenue showing our continuing com- |
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| mitment
to the core business. Financial |
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| charges
of Rs. 236 million represented the |
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| major
portion of the total expenditure of |
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| Rs.
279.1 million. Operational expenses were |
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| effectively
controlled by the company and |
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| kept
at a reasonable level of 6.68% of total |
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| revenue
and 0.93% of total assets (lowest |
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| among
top rated leasing companies in |
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| Pakistan). |
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| Long
term investment strategy of your com- |
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| pany
from inception has been dynamic which |
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| takes
into account our future growth require- |
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| ments
while minimizing risk. This year we |
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| took
major exposure in the gas distribution |
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| area
(SNGPL & SSGC). Sectoral diversifica- |
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| tion
has been a corner stone of your compa- |
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| ny's
.investment decisions. As on June 30, |
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| 1996
Askari has a lease portfolio of over Rs. |
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| 1.9
billion with an average size of Rs. 4.0 mil- |
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| lion
(481 leases). An analysis of the lease port- |
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| folio
size-wise would show 344 leases of less |
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| than
Rs. 1 million, 102 leases ranging |
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| between
Rs. 1 million to Rs. 10 million and 35 |
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| leases
of over Rs. 10 million. A geographic |
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| breakdown
shows that almost 42% of leases |
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| are
Karachi based, 40.3% are Lahore based |
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| while
balance of 17.7% is distributed in |
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| Rawalpindi
/ Islamabad and Faisalabad. |
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| Sectoral
analysis of leases uptil June 30, 1996 |
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| shows
33.25% in fuel & energy, 10.7% in |
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| power,
10.2% in cement, 8% in textile, 6% in |
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| services,
5% in banking while the rest is bro- |
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| ken
in 12 sectors ranging from 3.35% in chem- |
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| ical
& pharmaceutical to .03% in tiles and |
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| ceramics.
In line with these investments, we |
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| see
future growth of lease portfolio in public |
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| sector
companies like OGDC, WAPDA, |
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| KESC,
PTC, etc. In addition, our growth will |
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| come
from AAA private sector companies |
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| and
small enterprises in the far flung areas of |
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| the
country. |
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| As
required by the Corporate Law |
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| Authority,
your company completed its rat- |
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| ing
process through Pakistan Credit Rating |
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| Agency
(PACRA) and we are pleased to |
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| report
that we received an A rating for long- |
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| term
obligations and A1 rating for short- |
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| term
obligations. |
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| The
State Bank of Pakistan, recently, permit- |
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| ted
your company to open branches in |
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| Peshawar
and Islamabad. Our Peshawar |
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| Branch
is operational while Islamabad |
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| Branch
is expected to be operational before |
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| the
end of the year. |
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|
| The
government has imposed central excise |
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| duty
(CED) on lease transactions from July |
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| 1996
at the rate of 1% per annum. This has |
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| had
a negative impact on competitiveness of |
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| the
leasing sector. The Leasing Association of |
|
| Pakistan
is making representation to the gov- |
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| ernment
for its withdrawal or atleast imposi- |
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| tion
of CED only on new lease transactions. |
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| We
hope that the government will look at |
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| this
situation sympathetically. We believe |
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| that
the leasing sector needs regulatory sup- |
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| port
from the government for the sector to |
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| play
its due role in the development of the |
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| country
through efficient allocation of finan- |
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| cial
resources. |
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| RES0URCE
MOBILIZATION |
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| Anza
Certificates of Investments (COIs) have |
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| been
a resounding success. Our total COIs |
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| increased
from Rs. 432 million at end June |
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| 1995
to Rs. 1.7 billion at end June 1996. Even |
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| more
importantly 60% of the COIs were long |
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| term
while only 40% were short term. This |
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| has
appreciably improved our asset/liability |
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| matching
position. |
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| This
success has been achieved by a contin- |
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| ued
focus on our long term strategy (of |
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| which
COIs form the centerpiece), accep- |
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| tance
of "ASKARI" as a significant corporate |
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| brand
name by the public and continued |
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| support
of our sponsors "Army Welfare |
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| Trust".
We also recognize and commend the |
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| critical
role played by Askari Bank in con- |
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| tributing
to the success and acceptance of the |
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| corporate
brand name "ASKARI". |
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| Financial
institutions in Pakistan - both local |
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| and
foreign - have supported the growth of |
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| your
company considerably and we contin- |
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| ue
to work towards building these relation- |
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| ships
on sound footings for mutual benefit. |
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| In
addition to the above, we are exploring |
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| other
avenues of resource mobilization both |
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| within
the country and from international |
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| institutions.
We are confident that with pas- |
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| sage
of time, we will be able to harness these |
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| other
sources with a view to diversifying our |
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| resource
base. |
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|
| HUMAN
RES0URCE |
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| Service
sector companies are highly depen- |
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| dent
on competent and qualified personnel. |
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| The
continued success of your company is |
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| also
dependent on this resource and its con- |
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| tinuous
availability to achieve the required |
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| growth.
Your company has invested substan- |
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| tial
resources in personnel. We expect this |
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| investment
to provide excellent returns in |
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| the
future. The Board of Directors places on |
|
| record
the commendable effort and hard |
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| work
put in by the employees and officers of |
|
| your
company in achieving the present |
|
| results. |
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|
| INFORMATION
TECHNOLOGY |
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| Your
company has an ongoing commitment |
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| to
information technology which is signified |
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| by
the investment in hardware represented |
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| in
the fixed assets of the company. Even |
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| more
importantly is our investment in soft- |
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| ware
and human resources in this area. We |
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| continue
to believe that, in financial services, |
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| information
technologies play a critical role |
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| in
delivering the services efficiently and |
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| effectively
while minimizing transaction |
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| costs
and providing a competitive advan- |
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| tage. |
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|
| AUDITORS |
|
| The
Auditors, M/s Taseer Hadi Khalid and |
|
| Company,
retire and being eligible offer |
|
| themselves
for reappointment. |
|
|
| PATTERN
OF SHAREHOLDING |
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| The
pattern of share holding of the Company |
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| as
at June 30, 1996 is shown. |
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|
| ACKNOWLEDGMENT |
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| We
wish to thank Corporate Law Authority, |
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| State
Bank of Pakistan and other regulatory |
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| authorities
for their cooperation, guidance |
|
| and
support whenever sought. |
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|
|
Lt Gen (R) Farrakh Khan |
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| October
21, 1996 |
CHAIRMAN |
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|
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|
|
AUDITORS' REPORT TO THE
MEMBERS |
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| We
have audited the annexed balance sheet |
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| of
Askari Leasing Limited as at 30 June, 1996 |
|
| and
the related profit and loss account and |
|
| the
cash flow statement, together with the |
|
| notes
forming part thereof, for the year then |
|
| ended
and we state that we have obtained all |
|
| the
information and explanations which to |
|
| the
best of our knowledge and belief were |
|
| necessary
for the purposes of our audit and, |
|
| after
due verification thereof, we report that: |
|
|
| a)
in our opinion, proper books of |
|
| account
have been kept by the com- |
|
| pany
as required by the Companies |
|
| Ordinance,
1984; |
|
|
| b)
in our opinion: |
|
|
| i)
the balance sheet and profit and |
|
| loss
account together with the |
|
| notes
thereon have been drawn |
|
| up
in conformity with the |
|
| Companies
Ordinance, 1984 and |
|
| are
in agreement with the books |
|
| of
account and are further in |
|
| accordance
with accounting poli- |
|
| cies
consistently applied; |
|
|
| ii)
the expenditure incurred during |
|
| the
year was for the purpose of |
|
| the
company's business; and |
|
|
| iii)
the business conducted, invest- |
|
| ments
made and the expenditure |
|
| incurred
during the period were |
|
| in
accordance with the objects of |
|
| the
company; |
|
|
| c)
in our opinion and to the best of our |
|
| information
and according to the |
|
| explanations
given to us, the balance |
|
| sheet,
profit and loss account and the |
|
| cash
flow statement, together with |
|
| the
notes forming part thereof, give |
|
| the
information required by the |
|
| Companies
Ordinance, 1984 in the |
|
| manner
so required and respectively |
|
| give
a true and fair view of the state |
|
| of
the company's affairs as at 30 June |
|
| 1996
and of the profit and the |
|
| changes
in the financial position for |
|
| the
year then ended; and |
|
|
| d)
in our opinion Zakat deductible at |
|
| source
under the Zakat and Ushr |
|
| Ordinance,
1980 was deducted by |
|
| the
company and deposited in the |
|
| Central
Zakat Fund established |
|
| under
section 7 of that Ordinance. |
|
|
|
|
TASEER HADI KHALID &
CO |
|
|
|
Chartered Accountants |
|
| October
08, 1996 |
ISLAMABAD |
|
|
|
|
|
BALANCE SHEET |
|
|
AS AT JUNE 30, 1996 |
|
|
|
|
1996 |
1995 |
|
|
|
Note |
Rupees |
Rupees |
|
|
| ASSETS |
|
3 |
6,514,151 |
5,293, O88 |
|
| Fixed
Assets- Tangible |
|
|
500,000 |
700,000 |
|
| Deferred
Cost |
|
4 |
5,000,000 |
- |
|
| Long
Term Investments |
|
|
|
|
|
|
| Net
Investment in Lease Finance |
|
|
|
| Minimum lease payments |
|
|
2,264,493,574 |
1,066,255,793 |
|
| Add: Residual value |
|
|
212,732,940 |
108,825,723 |
|
|
|
--------- |
--------- |
|
|
|
|
2,477,226,514 |
1,175,081,516 |
|
| Less:
Unearned finance income |
|
|
561,750,855 |
279,058,440 |
|
|
|
--------- |
--------- |
|
| Net
investment in lease finance |
|
5 |
1,915,475,659 |
896,023,076 |
|
| Less:
Current portion |
|
|
491,337,788 |
245,16Z700 |
|
|
|
--------- |
--------- |
|
| Long
term portion of net investment |
|
|
1,424,137,871 |
65~855,376 |
|
| Current
Assets |
|
|
1,302,790,110 |
653,884,373 |
|
|
|
|
--------- |
--------- |
|
|
|
|
2,738,942,132 |
1,310,732,837 |
|
|
|
========= |
========= |
|
| CAPITAL
AND LIABILITIES |
|
|
|
|
| Share
Capital and Reserves |
|
|
|
|
| Authorised
capital |
|
|
|
|
| 50,000,000
ordinary shares of Rs. 10/- each |
|
500,000,000 |
500,000,000 |
|
|
|
========= |
========= |
|
| Issued,
Subscribed and Paid-up |
|
|
|
|
| 20,000,000
ordinary shares (10,000,000 in 1995) |
|
|
|
| of
Rs. 10/- each |
|
|
200,000,000 |
100,000,000 |
|
|
|
|
|
| Reserves |
|
|
|
|
| Reserves |
|
|
147,948,322 |
928,007,841 |
|
| Unappropriated
profit |
|
|
1,793,289 |
1,20~136~ |
|
|
|
--------- |
--------- |
|
|
|
|
149,741,611 |
94,003,920 |
|
|
|
|
--------- |
--------- |
|
|
|
|
349,741,611 |
194,003,920 |
|
|
|
|
| Allowance
for Potential Lease Losses |
|
2.3 |
31,287,281 |
14,067,276 |
|
| Bridge
Financing |
|
- |
56,000,000 |
|
| Long
Term Liabilities |
|
1,253,168,837 |
430,122,693 |
|
| Current
Liabilities |
|
1,104,744,403 |
616,538,948 |
|
|
|
--------- |
--------- |
|
|
|
2,738,942,132 |
1,310,732,837 |
|
|
|
========= |
========= |
|
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
|
|
| RAWALPIND1 |
|
Lt. Gen. (R) Farrakh Khan |
|
Taimur Afzal |
|
| October
21, 1996 |
CHAIRMAN |
|
CHIEF EXECUTIVE |
|
|
|
|
|
|
PROFIT AND LOSS ACCOUNT |
|
|
FOR THE YEAR ENDED JUNE
30, 1996. |
|
|
1996 |
1995 |
|
|
|
|
Rupees |
Rupees |
|
|
|
Note |
for the year |
for the period |
|
|
ended |
ended |
|
|
June 30 |
June 30 |
|
| REVENUE |
|
| Lease
income |
|
10 |
312,581,940 |
86,727,756 |
|
| Income
from short term investments |
|
|
30,761,094 |
15,829,573 |
|
| Income
from bank deposits |
|
|
22,173,948 |
3,116,775 |
|
| Fees
& commission |
|
|
13,421,757 |
3,379,185 |
|
| Other
income |
|
11 |
350,186 |
5,426,500 |
|
|
--------- |
--------- |
|
|
|
379,288,925 |
114,479,789 |
|
|
| EXPENDITURE |
|
|
| Finance
and bank charges |
|
12 |
236,488,874 |
67,342,875 |
|
| General
and administrative expenses |
|
13 |
25,342,355 |
7,353,263 |
|
| Allowance
for potential lease losses |
|
17,220,005 |
2,754 656 |
|
|
--------- |
--------- |
|
|
279,051,234 |
77,450,794 |
|
|
|
|
| Profit
Before Taxation |
|
100,237,691 |
37,028,995 |
|
| Provision
for taxation: |
|
|
|
| Current year |
|
4,500,000 |
2,500,000 |
|
| Prior year |
|
- |
4,600,000 |
|
|
--------- |
--------- |
|
|
4,500,000 |
7,100,000 |
|
|
|
|
|
| Profit
After Tax |
|
95,737,691 |
29,928,995 |
|
| Un-appropriated
profit brought forward |
|
1,203,136 |
1,259,940 |
|
|
--------- |
--------- |
|
| Profit
available for appropriation |
|
96,940,827 |
31,188,935 |
|
|
|
|
| Appropriations: |
|
|
|
| Transferred
to reserve fund |
|
19,147,538 |
5,985,799 |
|
| Transferred
to general reserve |
|
36,000,000 |
24,000,000 |
|
| Proposed
dividend |
|
40,000,000 |
- |
|
|
--------- |
--------- |
|
|
|
95,147,538 |
29,985,799 |
|
|
--------- |
--------- |
|
| Unappropriated
Profit Carried Forward |
|
1,793,289 |
1,203,136 |
|
|
|
========== |
========== |
|
|
|
| RAWALPINDI |
|
|
Lt. Gert. (R) Farrakh
Khan |
|
Taimur Afzal |
|
| October
21, 1996 |
|
CHAIRMAN |
|
CHIEF EXECUTIVE |
|
|
|
|
|
|
STATEMENT OF CHANGES IN
FINANCIAL POSITION |
|
|
FOR THE YEAR ENDED JUNE
30, 1996 |
|
|
1996 |
1995 |
|
|
|
Rupees |
Rupees |
|
|
|
for the year |
for the period |
|
|
|
ended |
ended |
|
|
|
June 30 |
June 30 |
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
|
| Net
profit after tax |
|
95,737,691 |
29,928,995 |
|
| Adjustment
for: |
|
| -
Depreciation |
|
2,332,117 |
820,604 |
|
| -
Allowance for potential lease losses |
|
17,220,005 |
2,754,656 |
|
| -
Amortization of deferred cost |
|
200,000 |
100,000 |
|
|
|
--------- |
--------- |
|
|
|
19,752,122 |
3,675,260 |
|
|
|
|
--------- |
--------- |
|
| Operating
Profit Before Working Capital Changes |
|
115,489,813 |
33,604,255 |
|
| (Increase)
/ decrease in: |
|
| Short
term investments |
|
(141,593,958) |
120,360,695 |
|
| Advances,
prepayments and other receivables |
|
(152,316,564) |
(160,559,072) |
|
|
--------- |
--------- |
|
|
|
(293,910,522) |
(40,198,377) |
|
| Increase
in current liabilities |
|
84,653,166 |
(48,889,325) |
|
|
--------- |
--------- |
|
| NET
CASH FROM OPERATING ACTIVITIES |
|
(93,767,543) |
(55,483,447) |
|
|
|
|
| CASH
FLOW FROM INVESTING ACTIVITIES |
|
|
|
| Purchase
of operating fixed assets |
|
(3,553,180) |
(399,805) |
|
| Purchase
of long term investments |
|
(5,000,000) |
- |
|
| Investment
in lease finance (net) |
|
(1,019,452,583) |
(126,871,235) |
|
|
|
--------- |
--------- |
|
| NET
CASH USED IN INVESTING ACTIVITIES |
|
(1,028,005,763) |
(127,271,040) |
|
|
|
|
|
| CASH
FLOW FROM FINANCING ACTIVITIES |
|
|
|
| Bridge
finance |
|
(56,000,0O0) |
56,000,000 |
|
| Marginal
deposits on lease arrangements |
|
88,297,334 |
21,990,854 |
|
| Loans
repayment to financial institutions |
|
(187,788,023) |
(272,984,433) |
|
| Certificates
of investment |
|
1,286,089,122 |
441,844,178 |
|
| Proceeds
from issue of right shares |
|
100,000,000 |
- |
|
|
|
--------- |
--------- |
|
| NET
CASH USED IN FINANCING ACTIVITIES |
|
1,230,598,433 |
246,850,599 |
|
|
|
--------- |
--------- |
|
| Net
increase/(decrease) in cash and cash equivalents |
|
108,825,127 |
64,096,112 |
|
| Cash
and cash equivalents at the beginning of the year |
70,753,422 |
6,657,310 |
|
|
|
--------- |
--------- |
|
| Cash
and cash equivalents at the end of the year |
|
179,578,549 |
7O,753,422 |
|
|
|
========== |
========== |
|
|
|
|
|
|
NOTES TO THE ACCOUNTS |
|
|
FOR THE YEAR ENDED JUNE
30, 1996. |
|
|
|
| 1.
COMPANY AND ITS OPERATIONS |
|
| Askari
Leasing Limited ("the company") |
|
| was
incorporated in Pakistan as a public |
|
| limited
company on 01 August, 1993 and |
|
| is
listed on the Karachi and Islamabad |
|
| Stock
Exchanges. The company princi- |
|
| pally
carries on the business of leasing |
|
| and
providing finance. |
|
|
| 2.
SUMMARY OF SIGNIFICANT |
|
| ACCOUNTING
POLICIES |
|
|
| 2.1
Accounting convention |
|
| These
accounts have been prepared |
|
| under
the historical cost convention. |
|
|
|
| 2.2
Revenue recognition |
|
| At
the commencement of lease, the |
|
| total
unearned lease income consists |
|
| of
excess of aggregate lease contract |
|
| receivable
over the cost of the leased |
|
| equipment.
At the time a lease is |
|
| executed,
a portion of unearned |
|
| lease
income which equals the |
|
| allowance
for potential lease losses |
|
| is
charged to income. The remainder |
|
| of
unearned lease income is taken to |
|
| income
over the term of lease, start- |
|
| ing
from the month in which the |
|
| lease
is executed, so as to produce a |
|
| systematic
return on the net invest- |
|
| ment
in the lease. |
|
|
| Interest
on securities is accounted |
|
| for
on accrual basis. |
|
|
| 2.3
Allowance for potential lease |
|
| losses |
|
| The
allowance for potential lease |
|
| losses
is maintained at a level which, |
|
| in
the judgment of the management, |
|
| is
adequate to provide for potential |
|
| losses
on lease portfolio that can be |
|
| reasonably anticipated. The |
|
| allowance
is increased by provisions |
|
| charged
to income and is decreased |
|
| by
charge off, net of recoveries. |
|
|
| 2.4
Fixed assets and depreciation |
|
| These
are stated at cost less accu- |
|
| mulated
depreciation. |
|
|
| Depreciation
is charged to income |
|
| applying
the straight line method |
|
| whereby
cost of the asset is written |
|
| off
over its estimated useful life. In |
|
| respect
of additions and deletions of |
|
| assets
during the year, depreciation |
|
| is
charged proportionately from the |
|
| month
of acquisition and up to dele- |
|
| tion
respectively. Minor mainte- |
|
| nance
and repairs are charged to |
|
| income
as and when incurred. |
|
|
| Major
renewals and improvements |
|
| are
capitalised and the assets so |
|
| replaced,
if any, are retired. Gains |
|
| and
losses on disposal of assets, if |
|
| any,
are included in current year |
|
| income. |
|
|
| 2.5
Investments |
|
|
| Long Term |
|
| These
are stated at cost. Provision |
|
| for
diminution in value of invest- |
|
| ments
is made, if considered per- |
|
| manent. |
|
|
| Short Term |
|
| These
are stated at lower of average |
|
| cost
and market value on an aggre- |
|
| gate
portfolio basis. |
|
|
| 2.6
Taxation |
|
| The
charge for current taxation is |
|
| based
on taxable income at the cur- |
|
| rent
tax rates after taking into |
|
| account
tax credits and tax rebates |
|
| available,
if any. Deferred tax is |
|
| accounted
for by using the liability |
|
| method
on all major timing differ- |
|
| ences
excluding tax effect on those |
|
| timing
differences which are not |
|
| likely
to reverse in the foreseeable |
|
| future.
As a measure of prudence, |
|
| deferred
tax debits are not account- |
|
| ed for. |
|
|
| 2.7
Deferred Costs |
|
| These
are written off within a period |
|
| of
five years from the date of occur- |
|
| rence. |
|
|
| 2.8
Foreign Currency Transactions |
|
| Transactions
in foreign currencies |
|
| are
accounted for in rupees at the |
|
| rates
of exchange ruling on the date |
|
| of
the transactions. Assets and |
|
| Liabilities
in foreign currencies are |
|
| translated
into rupees at the rate of |
|
| exchange
ruling at the balance sheet |
|
| date,
except for company's foreign |
|
| currency
certificates of investment |
|
| of
fixed maturities, against which |
|
| company
has forward cover under |
|
| State
Bank of Pakistan exchange risk |
|
| cover
scheme which are translated |
|
| at
contracted rates. |
|
|
| 2.9
Staff Provident Fund |
|
| The
company operates a Staff |
|
| Provident
Fund Trust for all eligible |
|
| employees
and contributions are |
|
| made
monthly in accordance with |
|
| the
rules of the scheme to cover the |
|
| obligation. |
|
|
| 3.
FIXED ASSETS - TANGIBLE |
|
|
|
|
|
COST |
|
|
DEPRECIATION |
|
|
|
|
As At |
Additions/ |
As at |
Acc Dep As |
Book value |
Depreciation |
Rate of |
|
|
01 July |
(Deletions) |
June 30 |
At June 30 |
As At June 30 |
For the |
Dep |
|
| Particulars |
1995 |
|
1996 |
1996 |
1996 |
Year |
% |
|
|
|
|
| Leasehold |
|
| improvements |
2,528,571 |
12,000 |
2,540,571 |
1,767,166 |
773,405 |
837,068 |
33 |
|
| Furniture |
|
807,111 |
- |
807,111 |
180,953 |
626,158 |
80,711 |
10 |
|
| Office
equipment |
2,857,919 |
932,730 |
3,790,649 |
1,372,768 |
2,41Z881 |
716,027 |
20 |
|
| Motor
vehicles |
933,256 |
2,608,450 |
3,541,706 |
844,999 |
2,696,707 |
698,311 |
20 |
|
|
| Total Rs. |
|
7,126,857 |
3,553,180 |
10,680,037 |
4,165,886 |
6,514,151 |
2,332,117 |
|
|
--------- |
--------- |
--------- |
--------- |
--------- |
--------- |
|
| 1995 Rs. |
|
6,727,052 |
399,805 |
7,126,857 |
1,833,769 |
5,293,088 |
820,604 |
|
|
======== |
======== |
======== |
======== |
======== |
======== |
|
|
| 4.
LONG TERM INVESTMENTS |
|
| This
represents investment of 500,000 ordinary shares of Rs. 10/- each as 10%
investment of sponsors |
|
| shares
in Askari General Insurance Company Ltd. - an associated listed company
(market value as at |
|
| June
30, 1996: Rs. 8,875,000). |
|
|
| 5.
NET INVESTMENT IN LEASE FINANCE |
|
| This
includes leasing facilities of over Rs. 70 million provided to the following
clients: |
|
|
|
|
| Sui
Southern Gas Company Ltd. |
321 million |
|
| Sui
Northern Gas Pipelines Ltd. |
286 million |
|
| Saphire
Power Generation Ltd. |
112 million |
|
| Sitara
Energy Ltd. |
|
88 million |
|
| D.G
Khan Cement Co. Ltd. |
|
79 million |
|
| Pakistan
Services Ltd. |
|
70 million |
|
|
| 6.
CURRENT ASSETS |
|
|
1996 |
1995 |
|
|
|
Rupees |
Rupees |
|
|
|
| Current
portion of long term lease finance |
|
491,337,788 |
245,16Z700 |
|
| Short
term investments |
|
6.1 |
306,518,508 |
164,924,550 |
|
| Advances,
prepayments and other receivables |
6.2 |
325,355,265 |
173,038,701 |
|
| Cash
and bank balances |
|
6.3 |
179,578,549 |
70,753,422 |
|
|
---------- |
---------- |
|
|
|
1,302,790,110 |
653,884,373 |
|
|
|
========== |
========== |
|
|
|
|
|
| 6.1
SHORT TERM INVESTMENTS |
|
| Federal
investment bonds |
|
6.1.1 |
210,700,000 |
70, 700,000 |
|
| Morabaha
financing |
|
|
- |
40,000,000 |
|
| Musharika
financing |
- secured |
|
6.1.2 |
44,893,408 |
- |
|
| Financing
agreement |
- secured |
|
|
12,000,000 |
12,000,000 |
|
| Repurchase
agreement |
- secured |
|
16,444,400 |
37,400,000 |
|
| Term
finance certificates - secured |
|
6.1.3 |
20,000,000 |
- |
|
| Investment
in shares |
|
6.1.4 |
2,480,700 |
4,824,550 |
|
|
|
---------- |
---------- |
|
|
|
306,518,508 |
164,924,550 |
|
|
|
|
========== |
========== |
|
|
| 6.1.1
This represent investment in Federal Investment Bonds (FIBs) on which profit
is receivable |
|
| semi-annually
at the rate of 13 & 15 % per annum. |
|
|
| 6.1.2
These represents Musharika financing secured against bank guarantee and
certificates of |
|
| investment
(COls) issued by the company. The expected rate of profit ranges from 18.10%
to 24.00%. |
|
|
|
| 6.1.3
These represent investment in Term Finance Certificates (TFCs) issued by
Premier Tobacco |
|
| Industries
Ltd. and Lakson Tobacco Co. Ltd. of Rs. 10 million each, maturing on 30th |
|
| December,
1996. The expected rate of profit on these TFCs is 16.5% p.a receivable
quarterly. |
|
| These
certificates are secured through equitable mortgage on fixed assets. |
|
|
| 6.1.4
Investment in Shares |
|
|
1996 |
1995 |
|
|
|
Rupees |
Rupees |
|
|
|
|
| Investment
in shares |
|
|
4,837,050 |
4,824,550 |
|
| less:
Provision |
|
|
2,356,350 |
- |
|
|
---------- |
---------- |
|
|
|
2,480,700 |
4,824,550 |
|
|
========== |
========== |
|
|
|
|
| These
represent investment of 352,600 ordinary shares of Rs.10 each in Shifa
International |
|
| Hospitals
Ltd. (Market value as at June 30, 1996: Rs. 2,468,200) and 1,250 ordinary
shares of |
|
| Rs.
10 each in Sitara Energy Ltd. (Market Value as at June 30,1996: Rs. 30,938). |
|
|
|
|
1996 |
1995 |
|
|
|
Rupees |
Rupees |
|
| 6.2
ADVANCES, PREPAYMENTS AND |
|
| OTHER
RECEIVABLES - CONSIDERED GOOD |
|
|
| Accrued
income |
|
25,243,464 |
17, 633,310 |
|
| Advance
for capital expenditure |
|
2,384,730 |
1,635,420 |
|
| Advance
against leases |
|
213,812,718 |
143,197,577 |
|
| Prepayments |
|
29,307,555 |
197,862 |
|
| Advance
income tax |
|
6,895,249 |
2,059,651 |
|
| Lease
rentals receivable |
|
|
31,234,199 |
8,138,000 |
|
| Advances
to employees |
|
6.2.1 |
741,355 |
157,500 |
|
| Receivable
from associated undertaking |
6.2.2 |
14,065,034 |
- |
|
| Others |
|
6.2.3 |
1,670,961 |
19,381 |
|
|
|
---------- |
---------- |
|
|
|
325,355,265 |
173,038,701 |
|
|
|
========== |
========== |
|
|
|
| 6.2.1
These include an advance of Rs.65,000 (1995: Rs. 51,000) to the Chief
Executive of the |
|
| company.
The maximum amount due at the end of any month during the year from the Chief |
|
| Executive
was Rs. 156,000. |
|
|
| 6.2.2
The maximum aggregate amount receivable at the end of any month during the
year from |
|
| Army
Welfare Trust was Rs. 14,352,580 (1995: Nil). |
|
|
| 6.2.3
This includes an amount of Rs. 1,069,368 being refund receivable from the
State Bank of |
|
| Pakistan
on premature termination of Foreign Exchange Risk Contracts. |
|
|
| 6.3
CASH AND BANK BALANCES |
|
|
|
|
| Cash
in hand |
|
17,679 |
20,032 |
|
|
| Cash
at bank: |
|
| on
current accounts with: |
|
| -
State Bank of Pakistan |
|
14,048,954 |
- |
|
| - Other commercial banks |
|
3,645,211 |
134,940 |
|
| on
deposit account |
|
161,866,705 |
70,598,450 |
|
|
--------- |
--------- |
|
|
179,560,870 |
70,733,390 |
|
|
|
--------- |
--------- |
|
|
|
179,578,549 |
70,753,422 |
|
| 7.
RESERVES |
|
|
|
|
| General
reserves |
|
110,000,000 |
74,000,000 |
|
| Reserve
fund |
|
7.1 |
37,948,322 |
18,800,784 |
|
|
|
--------- |
--------- |
|
|
147,948,322 |
92,800,784 |
|
|
|
========== |
========== |
|
|
|
|
| 7.1
The reserve fund is created by transferring 20% of the profit after tax to
the fund. This reserve |
|
| is
required to be maintained under the State Bank of Pakistan regulations for
Non Banking |
|
| Financial
Institutions. The movement in this account has been as follows: |
|
|
|
|
1996 |
1995 |
|
|
|
Rupees |
Rupees |
|
|
| Opening
balance |
|
18,800,784 |
12,814,985 |
|
| Transferred
during the year / period |
|
19,147,538 |
5,985,799 |
|
|
--------- |
--------- |
|
|
|
37,948,322 |
18,800,784 |
|
|
========== |
========== |
|
| 8.
LONG TERM LIABILITIES |
|
| Certificates
of investment |
|
8.1 |
1,044,331,010 |
278,794,178 |
|
| Deposit
on lease contracts |
|
8.2 |
200,504,493 |
112,207,159 |
|
| Long
term loans - secured |
|
8.3 |
8,333,334 |
39,121,356 |
|
|
--------- |
--------- |
|
|
|
1,253,168,837 |
430,122,693 |
|
|
|
========== |
========== |
|
|
|
| 8.1
CERTIFICATES OF INVESTMENT (COIs) |
|
| The
company has launched a COI scheme for mobilization of resources, after
getting permission from |
|
| the
Corporate Law Authority, Government of Pakistan. The term of these COIs range
from three |
|
| months
to five years and return is paid on a profit and loss sharing basis. Return
is payable on local |
|
| currency
certificates at the expected rates of profit varying from 13% to 17.6% and on
foreign curren- |
|
| cy
certificates of investment at rates varying from 5.68% to 6.13%. |
|
|
|
|
1996 |
1995 |
|
|
|
Rupees |
Rupees |
|
|
| Certificates
of investment |
|
1,035,278,388 |
269,325,000 |
|
| Mark-up
payable |
|
9,052,622 |
9,469,178 |
|
|
--------- |
--------- |
|
|
|
1,044,331,010 |
278,794,178 |
|
|
========== |
========== |
|
| 8.2 DEPOSIT ON LEASE CONTRACTS |
|
| This
represents security deposits received against lease contracts. These are
refundable at the expiry |
|
| of
the respective lease periods. |
|
|
| 8.3
LONG TERM LOANS |
|
|
| Standard
Chartered Bank |
|
8.3.1 |
16,666,666 |
25,000,000 |
|
| Samaha
Holdings Company Ltd. |
|
- |
179,454,689 |
|
|
--------- |
--------- |
|
|
|
16,666,666 |
204,454,689 |
|
| Less
: Current maturity |
|
8,333,332 |
165,333,333 |
|
|
|
--------- |
--------- |
|
|
|
|
8,333,334 |
39,121,356 |
|
|
========== |
========== |
|
|
|
| 8.3.1
This represents a term finance facility repayable in equal six bi-annual
installments. The facil- |
|
| ity
carries mark up at the rate of 47.26 paisa per thousand per day, and is
secured by first |
|
| charge
on specific leased assets and related lease rentals. |
|
|
| 9.
CURRENT LIABILITIES |
|
|
| Current
maturity of long term loan |
|
8,333,332 |
165,333,333 |
|
| Short
term facilities: |
|
|
|
| Secured |
|
9.1 |
277,604,198 |
46,152,511 |
|
| Unsecured |
|
|
- |
215,000,000 |
|
| Certificates of investment |
|
9.2 |
683,602,290 |
163,050,000 |
|
| Creditors |
|
1,838,134 |
435,895 |
|
| Accrued
mark up on loans from banks |
|
15,274,260 |
5,141,371 |
|
| Accrued
mark up on certificates of investment |
|
52,821,915 |
6, 043,100 |
|
| Accrued
liabilities |
|
4,702,691 |
2,137, 951 |
|
| Provision
for education fee |
|
2,000,000 |
2,000,000 |
|
| Provision
for taxation |
|
12,400,000 |
7,900,000 |
|
| Proposed
dividend |
|
40,000,000 |
- |
|
| Other
liabilities |
|
6,167,583 |
3,344,787 |
|
|
--------- |
--------- |
|
|
|
1,104,744,403 |
616, 538, 948 |
|
|
|
========== |
========== |
|
|
|
| 9.1
This represents the following:- |
|
|
| Standard
Chartered Bank |
|
9.1.1 |
722,844 |
16,152,511 |
|
| American
Express Bank |
|
9.1.2 |
41,878,910 |
30,000,000 |
|
| Allied
Bank of Pakistan Ltd. |
|
9.1.3 |
100,000,000 |
- |
|
| Banque
Indosuez |
|
9.1.4 |
35,000,000 |
- |
|
| Faysal
Bank Ltd. |
|
9.1.5 |
50,000,000 |
- |
|
| Deutche
Bank Ltd. |
|
9.1.6 |
50,000,000 |
- |
|
| Banque
Indosuez |
|
9.1.7 |
2,444 |
- |
|
|
|
--------- |
--------- |
|
|
|
|
277,604,198 |
46,152,511 |
|
|
|
========== |
========== |
|
|
|
| 9.1.1
This represents a working capital finance facility of Rs. 30 million from
Standard Chartered |
|
| Bank
Ltd. The facility is secured against specific leased asset and related lease
rentals and car- |
|
| ries
mark up at the rate of 45.89 paisas per thousand per day. |
|
|
| 9.1.2
This represents a demand finance facility of Rs. 50 million for a six month
period on a rollover |
|
| basis.
This facility is secured against specific leased assets and related lease
rentals and carries |
|
| mark
up at the rate of 46 paisas per thousand per day. |
|
|
| 9.1.3
This represents a demand finance facility for a six month period on a roll
over basis. This facil- |
|
| ity
is secured against specific leased assets and carries mark up at the rate of
18%. |
|
|
| 9.1.4
This represents a short term facility for Rs. 35 million for a period of one
year on a roll over |
|
| basis.
The facility is secured against specific leased assets and related lease
rentals and carries |
|
| mark
up at the rate of 17%. |
|
|
| 9.1.5
This represents a Morabaha facility for a period ranging from three months to
one year on a |
|
| roll
over basis. The facility is secured against specific leased assets and
related lease rentals and |
|
| carries
mark up at the rate of 17.5%. |
|
|
| 9.1.6
This represents a short term finance facility of Rs. 50 million for one year
on a roll over basis. |
|
| The
facility is secured against specific leased assets and carries mark up at the
rate of 47.92 |
|
| paisas
per thousand per day. |
|
|
| 9.1.7
This represents a PLS running finance facility of Rs. 15 million from Banque
Indosuez. This |
|
| facility
is secured against specific leased assets and related lease rentals and
carries mark up |
|
| at
the rate of 46.58 paisas per thousand per day. |
|
|
| 9.2
This includes an amount of Rs. 21 million received from Askari General
Insurance Company |
|
| Limited
- an associated company. |
|
|
| 10.
LEASE INCOME |
|
| Lease
income is recognised in accordance with the accounting policy as explained in
Note 2.2. |
|
|
|
| 11.
OTHER INCOME |
|
|
|
1996 |
1995 |
|
|
Rupees |
Rupees |
|
|
| Arrangement
fee |
|
- |
5,332,837 |
|
| Miscellaneous
income |
|
350,186 |
93,663 |
|
|
---------- |
---------- |
|
|
|
|
350,186 |
5,426,500 |
|
|
|
========== |
========== |
|
|
| 12.
FINANCE AND BANK CHARGES |
|
| Mark-up
on certificates of investment |
|
170,318,592 |
15,564,354 |
|
| Mark-up
on bank borrowings |
|
65,253,822 |
51,199,165 |
|
| Bank
charges & commission |
|
916,460 |
579,356 |
|
|
|
---------- |
---------- |
|
|
236,488,874 |
67,342,875 |
|
|
|
========== |
========== |
|
|
|
| 13.
GENERAL AND ADMINISTRATIVE EXPENSES |
|
|
| Salaries,
allowances and benefits |
|
7,725,339 |
2,406,360 |
|
| Rent |
|
2,712,400 |
1,107,996 |
|
| Staff
training |
|
1,669,973 |
93,869 |
|
| Travelling |
|
1,403,255 |
278,856 |
|
| Insurance
of operating assets |
|
254,080 |
59,664 |
|
| Legal
and professional charges |
|
1,925,064 |
895,815 |
|
| Telephone
& utilities |
|
1,567,757 |
755,085 |
|
| Donations |
|
13.1 |
159,611 |
25,500 |
|
| Subscription |
|
|
44,543 |
36,348 |
|
| Auditors'
remuneration |
|
13.2 |
105,000 |
105,000 |
|
| Printing
and stationery |
|
717,718 |
271,199 |
|
| Depreciation |
|
2,332,117 |
820,604 |
|
| Repairs
and maintenance |
|
135,698 |
57,776 |
|
| Advertisement |
|
1,522,749 |
95,414 |
|
| Provision
for diminution in value of investments |
|
2,356,350 |
- |
|
| General
expenses |
|
710,701 |
343,777 |
|
|
---------- |
---------- |
|
|
|
25,342,355 |
7,353,263 |
|
|
|
========== |
========== |
|
|
|
| 13.1
Donations |
|
| The
directors and their spouses do not have any interest in the donee
institutions. |
|
|
|
| 13.2
Auditors' Remuneration |
|
|
|
1996 |
1995 |
|
|
Rupees |
Rupees |
|
|
|
|
|
|
| Audit fee |
|
|
40,000 |
40,000 |
|
| Tax
consultancy fee |
|
|
55,000 |
55,000 |
|
| Out
of pocket expenses |
|
|
10,000 |
10,000 |
|
|
|
|
---------- |
---------- |
|
|
|
105,000 |
105,000 |
|
|
========== |
========== |
|
|
|
|
| 14.
REMUNERATION OF CHIEF EXECUTIVE, DIRECTORS AND EXECUTIVES |
|
|
|
1996 |
|
|
1995 |
|
|
|
|
Directors |
Chief Executive |
Executives |
Directors |
Chief Executive |
Executives |
|
|
|
| Managerial
remuneration |
- |
534,192 |
1,229,104 |
- |
226,452 |
558,000 |
|
| Housing
& utilities |
- |
293,808 |
674,309 |
- |
124,548 |
261,900 |
|
| Medical
Expenses |
- |
48,000 |
- |
- |
12,000 |
- |
|
| Reimbursement
expenses |
- |
324,000 |
95,113 |
- |
57,000 |
55,770 |
|
| Meeting
fee |
5,000 |
- |
- |
3,500 |
- |
- |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
|
|
5,000 |
1,200,000 |
1,998,526 |
3,500 |
420,000 |
875,670 |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
|
| Number
of Persons |
8 |
1 |
6 |
8 |
1 |
6 |
|
|
| In
addition, two company maintained cars are provided to the Chief Executive. |
|
|
|
|
1996 |
1995 |
|
|
Rupees |
Rupees |
|
|
|
| 15.
TRANSACTIONS WITH ASSOCIATED UNDERTAKINGS |
|
|
|
|
|
|
|
| Profit
on bank deposits from: |
|
| Askari
Commercial Bank Limited |
|
1,269,941 |
894,987 |
|
| Commission
earned on Shifa International |
|
| shares received from Askari Commercial
Bank Ltd. |
|
- |
464,450 |
|
| Upfront
fee received from Army Welfare Trust |
|
- |
4,500,000 |
|
| Arrangement
fee paid through Army Welfare Trust |
|
25,245,551 |
- |
|
| Profit
paid on COIs to Askari General Insurance Co. Ltd. |
1,085,086 |
- |
|
| Askari
Associates (Pvt) Ltd. for registrar services |
|
348,000 |
- |
|
|
| 16.
TAXATION |
|
|
|
| Deferred
taxation arising out of timing differences between accounting and income tax
revenue or |
|
| charges
is estimated at Rs. 55 million (1995: Rs. 29.3 million). Provision has not
been made in these |
|
| accounts
for deferred taxation, as in the opinion of the directors, these timing
differences are not |
|
| expected
to reverse in the foreseeable future. |
|
|
| 17.
CONTINGENT LIABILITIES & COMMITMENTS |
|
|
| The
company has given undertakings for the payment of Rs. 63 million
approximately for the retire- |
|
| ment
of L/C documents on behalf of lessees. |
|
|
| 18.
FIGURES |
|
|
| -have
been rounded off to the nearest rupee. |
|
| -of
the previous period have been rearranged, wherever necessary, for purposes of
comparison. |
|
| -of
the previous periods' Profit & Loss account represent only six months of
operations. |
|
|
|
|
PATTERN OF SHAREHOLDING |
|
|
As At June 30, 1996 |
|
|
| NO. OF |
|
|
SHAREHOLDING |
|
TOTAL |
|
|
| SHAREHOLDERS |
FROM |
TO |
|
SHARES HELD |
|
|
|
| 95 |
|
1 |
100 |
|
9500 |
|
| 306 |
|
101 |
500 |
|
131000 |
|
| 609 |
|
501 |
1000 |
|
597000 |
|
| 309 |
|
1001 |
5000 |
|
822400 |
|
| 88 |
|
5001 |
10000 |
|
714300 |
|
| 65 |
|
10001 |
ABOVE |
|
17725800 |
|
| ---------- |
|
---------- |
|
---------- |
|
| 1472 |
|
TOTALS |
|
20000000 |
|
|
| CATEGORIES
OF SHAREHOLDERS |
|
|
|
|
| CATERGORIES
OF |
NUMBER OF |
SHARES |
PERCENTAGE |
|
| SHAREHOLDERS |
SHAREHOLDERS |
HELD |
(%) |
|
|
| Individual |
|
1441 |
|
| Investment
Company |
6 |
5162000.00 |
25.81 |
|
| Insurance
Company |
3 |
163900.00 |
0.82 |
|
| Joint
Stock Company |
6 |
421800.00 |
2.11 |
|
| Financial
Institution |
5 |
84800.00 |
0.42 |
|
| Modaraba
Company |
2 |
2287600.00 |
11.44 |
|
| Foreign
Company |
6 |
26000.00 |
0.13 |
|
| Others |
|
3 |
1624900.00 |
8.12 |
|
|
10229000.00 |
51.15 |
|
|
|
| TOTALS |
|
1472 |
20000000.00 |
100.00 |
|
|
|
| FINANCIAL
HIGHLIGHTS |
|
| (1993-1996) |
|
(Rupees in thousands) |
|
|
Dec |
Jun |
Dec |
Jun |
Dec |
Jun |
|
|
93 |
94 |
94 |
95 |
95 |
96 |
|
|
(2 Months) |
(6 Months) |
(Full Year) |
(6 Months) |
(6 Months) |
Full Year |
|
|
Audited |
Un-Audited |
Audited |
Audited |
Un-Audited |
Audited |
|
|
|
| BALANCE
SHEET |
|
| Authorised
Capital |
100,000 |
100,000 |
100,000 |
500,000 |
500,000 |
500,000 |
|
| Paid-up
Capital |
100,000 |
100,000 |
100,000 |
100,000 |
200,000 |
200,000 |
|
| Total
Equity |
106,510 |
130,152 |
164,075 |
194,004 |
332,179 |
349,742 |
|
| Allowance
For Potential |
|
|
| Lease Losses |
2,686 |
7,341 |
11,313 |
14,067 |
18,086 |
31,287 |
|
| Long
Term Liabilities |
318,110 |
361,755 |
567,655 |
430,123 |
781,229 |
1,253,169 |
|
| Current
Liabilities |
12,097 |
283,652 |
337,045 |
616,539 |
672,270 |
1,104,744 |
|
| Net
Investment in Leases |
203,251 |
539,232 |
769,152 |
896,023 |
1,284,567 |
1,915,476 |
|
| Current
Assets |
271,689 |
339,653 |
470,560 |
653,884 |
807,163 |
1,302,790 |
|
| Total
Assets |
439,404 |
782,900 |
1,080,088 |
1,310,733 |
1,803,763 |
2,738,942 |
|
|
| INCOME
STATEMENT |
|
| Lease
Income |
6,784 |
46,850 |
115,253 |
86,728 |
120,746 |
312,582 |
|
| Total
Revenue |
14,675 |
71,180 |
160,736 |
114,480 |
144,840 |
379,289 |
|
| Financial
Expenses |
1,426 |
37,852 |
83,549 |
67,343 |
92,026 |
236,489 |
|
| Income
Before Taxation |
6,510 |
23,998 |
58,415 |
37,029 |
39,296 |
100,238 |
|
| Net Income |
|
6,510 |
23,643 |
57,565 |
29,929 |
38,175 |
95,738 |
|
|
| FINANCIAL
RATIOS |
|
| *Earnings
per Share |
3.91 |
4.80 |
5.84 |
7.41 |
5.24 |
6.68 |
|
| *Return
on Equity |
36.67% |
40.56% |
43.18% |
41.36% |
29.87% |
36.87% |
|
| Leverage |
|
3.13 |
5.02 |
5.58 |
5.47 |
4.43 |
6.83 |
|
|
| *
Calculated on profit before taxation and on an annualised basis. |
|
|
|
|
|
|
|
|
|
|
|
