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| Annual
Report 1996 |
|
| ENGLISH
LEASING LIMITED |
|
|
|
| EL to |
|
| PROGRESS
& PROSPERITY |
|
|
|
| COMPANY
INFORMATION |
|
|
| BOARD
OF DIRECTORS |
|
| Sheikh
Javaid Mahmood |
|
Chairman & Managing
Director |
|
| Sheikh
Manzoor Elahi |
|
Chief Executive |
|
| Sheikh
Irshad Ahmad |
|
Director Marketing |
|
| Mr.
Muhammad Saad Munair |
|
|
|
| Mr.
Mohammad Rashid Zahir |
|
Nominee of SAPICO |
|
| Mr.
Shahid Ghaffar |
|
|
Nominee of NIT |
|
| Mrs.
Taskeen Javaid |
|
|
| COMPANY
SECRETARY |
|
| Mr.
Muhammad Ashfaque |
|
|
|
|
| BANKERS |
|
| Allied
Bank of Pakistan Limited |
|
| Muslim
Commercial Bank Limited |
|
| The
Bank of Khyber |
|
| Prudential
Commercial Bank Ltd, |
|
| Indus
Bank Ltd, |
|
| The
Bank of Punjab |
|
|
| AUDITORS |
|
| Rahim
Iqbal Rafiq & Co., |
|
| Chartered
Accountants |
|
|
|
|
| LEGAL
ADVISOR |
|
| Mr.
Azad Bin Holder |
|
|
|
|
| REGISTRARS
& SHARE |
|
| TRANSFER
OFFICE |
|
| C
& K Management Associates (Pvt,) Limited |
|
| 404,
Trade Tower, Abdullah Haroon Road, |
|
| Near
Metropole Hotel, Karachi, |
|
|
|
|
| REGISTERED
OFFICE |
|
| 627,
Mohammadi House |
|
| I.I.
Chundrigar Road, Karachi. |
|
| Tel:
2412608 - 2419274 - 2421962 |
|
| Fax:
9221-2427341 |
|
|
|
| PRINCIPAL
OFFICE |
|
| M.
K. Arcade |
|
| 32-Davis
Road, |
|
| Lahore. |
|
| Tel:
6303855-58 |
|
| Fax:
9242-6304251 |
|
|
| NOTICE
OF ANNUAL GENERAL MEETING |
|
|
| Notice
is hereby given that Fifth Annual General Meeting of the shareholders of
English |
|
| Leasing
Limited will be held at Holiday Inn Crowne Plaza Karachi on Saturday,
December 28, |
|
| 1996
at 10:30 a.m. to transact the following business :- |
|
|
| 1.
To confirm Minutes of the Fourth Annual General Meeting held on December 28,
1995, |
|
|
|
|
| 2.
To receive, consider and adopt the Audited Accounts of the Company for the |
|
| period
ended June 30, 1996 together with the Directors' and Auditors' Report there- |
|
| on. |
|
|
|
| 3.
To appoint Auditors for the year 1996-97 and fix their remuneration. The
present |
|
| Auditors M/s Rahim Iqbal Rafiq & Co.
Chartered Accountants, retire and being eligible, |
|
| offer themselves for reappointment. |
|
|
| 4.
To transact any business which may be placed before the Meeting with the
permission |
|
| of
the Chair, |
|
|
|
|
| By
Order of the Board |
|
| (Sheikh
Manzoor Elahi) |
|
| Chief
Executive |
|
|
|
| Karachi:
December 07, 1996 |
|
|
|
|
| Notes: |
|
| 1.
The Share Transfer Books of the Company will remain closed from December 21, |
|
| 1996
to December 28, 1996 (both days inclusive). |
|
|
| 2.
A member entitled to attend and vote at this Meeting is entitled to appoint
another |
|
| member
as his/her proxy to attend and vote instead of him/her. Proxies, in order to
be |
|
| effective,,
must be received at the Registered office of the Company not less than 48 |
|
| hours
before the time for holding the Meeting. |
|
|
| 3.
Members are required to notify the change of address, if any, immediately. |
|
|
| 4.
As per CLA Notification dated May, 1991, no gift will be given to the
shareholders. |
|
|
| CHAIRMAN'S
REVIEW |
|
| On
behalf of the Board of Directors, I am pleased to present the Fifth Annual
Report of your |
|
| company
and place before you salient features of its operations for the period ended
June |
|
| 30,
1996. |
|
|
| ECONOMY
AT A GLANCE |
|
| The
period from July 1995 to June 1996 suffered economic and industrial
depression due to |
|
| fiscal
deficits, declining exports, escalating inflation, increase in local &
foreign bank borrow- |
| ings,
deficit in revenue collection, decline in GDP growth, imposition of new taxes
coupled |
|
| with
social dilemmas like law & order crises, public confrontation,
polarisation of masses. The |
| wobbling
economy of the country needs serious thoughts to tackle the situation.
Inspite of |
|
| big
claims, most of the growth targets have not been achieved and country is
heading |
|
| towards
turmoil. The new direct & indirect taxes levied during the year in shape
of General |
|
| Sales
Tax, Sales Tax on Import, Central Excise, Regulatory duty, enhanced Oil, Gas
and |
|
| Electricity
charges coupled with devaluation of Pak Rupee has driven the industrial and |
|
| commercial
classes alike to the stage of even suspending their operations, inflicting
colossal |
| loss
of revenue to the National Exchequer. Textile Sector on account of
consecutive crop |
|
| failures
was already in critical stage so much so that even a relief package offered
by the |
|
| Government
failed to bring any improvement. Cement, Polyester Fibre, Ghee, Engineering
& |
|
| Sugar
Industries which were performing well are now facing problems due to hike in |
|
| electricity,
furnace oil, gas prices, new taxation in the form of Sales Tax, regulatory
duty and |
| continued
devaluation of our currency raising the cost of imported machinery, spares
and |
|
| raw
material increasing the production costs unabsorbable for the local consumer.
How- |
|
| ever,
through the budgetary measures and fiscal policies adopted toward the end of
1995 |
|
| by
the Government. G.D.P. growth rate of around 6% for the year 1995-96 as
against 4.7% in |
|
| the
year 1994-95 has been achieved through improvement mainly in the Agriculture
Sector. |
|
| Capital
market has witnessed bearish sentiments, as a result Karachi Stock Exchange
index |
|
| shrinked
from 2049 level as at December 31, 1995 to 1730 as on June 30, 1996. The
trend is |
|
| considered
to be temporary being guided altogether by negative attitude compelling the |
|
| share
prices of otherwise financially sound companies lower than their actual break
up |
|
| value,
correction as such has to come with slightest improvement in the overall
country's |
|
| political
and economic climate. |
|
|
| REVIEW
OF OPERATIONS |
|
| Operating
in highly depressed conditions, your company has performed well and it is
gratify- |
|
| ing
that during the period from 1st July 1995 to 30th June, 1996, the company
made gross |
|
| lease
disbursements of Rs. 127.182 million raising total disbursement to Rs.
407.345 million |
|
| generating
total revenue of Rs. 36.928 million and inspite of high inflation,
expenditure was |
|
| kept
under tight control. Total expenditure of Rs. 22.029 million was incurred
against Rs. |
|
| 13.549
million of previous six months and thus earned net profit of Rs. 14.899
million (before |
| taxation). |
|
|
| Lease
Assets portfolio comprised mainly of Machinery (78%) with a view to invest
maximum |
|
| in
productive assets as a master of policy while the balance cares for Passenger
Vehicles |
|
| 18%,
office equipment and Commercial vehicle 2% each. Similarly financing in less
vul- |
|
| nerable
with minimum risk element, industrial and commercial sectors have been
preferred |
|
| avoiding
textile being presently problematic. During the period our exposure in the
textile |
|
| has
rather been significantly reduced to Textile Processing (13%) Textile Weaving
(8%) Textile |
| Spinning
(4%) from 18%, 13% & 6% respectively in the preceeding year. Lease
portfolio of |
|
| each
sector is closely watched to monitor the risk factor of each sector. Rest of
the portfolio |
| consists
of Synthetic Fibres (8%) Sugar (26%) Pharmaceutical and pesticides (13%)
Engineer- |
|
| ing
(4%) Rice (3%) Electrical Goods (3%) Plastic (3%) Food and Allied (2%) Paper
& Board |
|
| (1%)
Beverage (1%) Leather (2%) Trading (1%) and Miscellaneous (8%). |
|
|
| RECOVERIES: |
|
| Sluggish
economic conditions and depressed market behaviour have upset cash flows of |
|
| almost
every business and industry consequently entire Financial Sector is facing
acute |
|
| recovery
problems but inspite of difficult circumstances our recovery rate remained as
high |
|
| as
88.43% which has since improved to 91.46% as a result of our active follow up
and close |
|
| monitoring. |
|
|
| RESOURCE
MOBILIZATION & FUTURE OUTLOOK: |
|
| Resource
mobilization is most important for continued development and progress of
every |
|
| leasing
company. This area has always received our top priority. We have been
reclining so |
|
| far
on local credit lines from banks and DFIs and managed to secure 11 lines
aggregating |
|
| Rs.
129.00 million which is being repaid alongwith mark up periodically exactly
on time, |
|
| leaving
Rs. 42.314 million only with us. At this stage we undoubtedly need further
credit lines |
| to
maintain the pace of our developmental activities and progress but due to
liquidity |
|
| crunch,
availability of funds from local market and DFIs has become quite difficult.
Efforts |
|
| were
made side by side for some foreign credit lines which too was not easy on
account of |
|
| high
country risk in view of growing tension in the region as well as, law and
order situation & |
| political
conditions, but you will be pleased to know that your company succeeded in |
|
| materializing
one credit line of Asian Development Bank under Financial Sector Intermedia- |
|
| tion
Loan (FSIL) of 100 million Dollars on first come first serve basis. |
|
|
| CERTIFICATES
OF INVESTMENT (COl's): |
|
| Inspite
of tight economic conditions, funds aggregating Rs. 42.99 million as at 30th
June, |
|
| 1996
have been mobilized from the general public and institutions in COIs
reflecting investors |
| confidence
in English Leasing Limited. Presently deposit in COIs are both of short term
and |
|
| long
term maturities, ratio being 70% and 30% respectively. It is targeted to
focus more and |
|
| more
on long term funds to match our Assets / Liabilities position. We are hopeful
of achiev- |
|
| ing
good results under this avenue through public support and determined
collective efforts |
|
| of
our staff. We except overall conditions to improve in coming months and look
forward to |
|
| better
future. |
|
|
| ACKNOWLEDGMENT |
|
| I,
convey my thanks to the Ministry of Finance, State Bank of Pakistan,
Corporate Law |
|
| Authority,
Financial Institutions and our valuable customers as well as shareholders for
the |
|
| valuable
guidance and continued support extended to us. I also express my
appreciations |
|
| for
the dedication and hard work put in by all staff members of the Company. |
|
|
| (SHEIKH
JAVAID MAHMOOD) |
|
| Chairman |
|
|
| DIRECTORS'
REPORT |
|
| Your
Directors endorse the accompanying Chairman Review on the activities of the |
|
| Company
and feel pleasure in presenting the Fifth Annual Report together with the
Audited |
|
| Accounts
of the Company for the period ended June 30, 1996. |
|
|
| Financial
highlights of the Company are as follows: |
|
|
| Financial
Highlights: |
|
Rupees |
|
|
|
|
|
|
| Profit
after tax |
|
12,602,454 |
|
| Unappropriated
profit brought forward |
|
4,160,961 |
|
| Profit
available for appropriation |
|
16,763,415 |
|
|
|
|
|
|
| Appropriations |
|
| Transfer
to Statutory Reserve |
|
2,520,491 |
|
| Transfer
from General Reserve |
|
(1,000,000) |
|
| Transfer
to Contingencies Reserve |
|
952,632 |
|
| Proposed
dividend @ 17.50% |
|
14,000,000 |
|
|
|
|
----------- |
|
|
|
|
16,473, 123 |
|
|
|
|
|
|
|
----------- |
|
| Unappropriated
Profit Carried Forward |
|
290,292 |
|
|
=========== |
|
|
|
| Auditors: |
|
| The
present auditors, Messrs Rahim Iqbal Rafiq and Company, Chartered
Accountants, retire |
|
| and
being eligible offer themselves for reappointment. |
|
|
| Pattern
of Shareholding: |
|
| Pattern
of shareholding is annexed. |
|
|
| For
and on behalf of the Board |
|
|
| Sheikh
Manzoor Elahi |
|
| Chief
Executive |
|
|
| Dated
: November 02, 1996. |
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
| We
have audited the annexed balance sheet of English Leasing Limited as at June
30, 1996 |
|
| and
the related profit and loss account and statement of changes in financial
position (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 Company 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 Or- |
|
| dinance,
1984 and are in agreement with the books of account and are |
|
| further
in accordance with accounting policies consistently applied; |
|
|
| (ii)
the expenditure incurred during the year was for the purpose of the |
|
| company's business; and |
|
|
| (iii)
the business conducted, investments 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
explana- |
|
| tions given to us, the balance sheet,
profit and loss account and the statement |
|
| of changes in financial position (cash flow
statement) together with the notes |
|
| forming part thereof, give the information
required by the Companies Or- |
|
| dinance, 1984 in the manner so required and
respectively give a true and fair |
|
| view of the state of the company's affairs
as at June 30, 1996 and of the profit |
|
| and the changes in financial position (cash
flow) for the year then ended; and |
|
|
| (d)
in our opinion, no Zakat was deductible at source under the Zakat and Ushr |
|
| Ordinance,
1980. |
|
|
| Rahim
Iqbal Rafiq & Co. |
|
| Chartered
Accountants |
|
|
|
|
| Lahore: |
|
| Dated
: November 02, 1996 |
|
|
| BALANCE
SHEET |
|
| AS
AT JUNE 30, 1996 |
|
|
|
(12 Months) |
(6 Months) |
|
|
|
|
|
1996 |
1995 |
|
|
|
|
NOTE |
RUPEES |
RUPEES |
|
|
|
| SHARE
CAPITAL AND RESERVES |
|
|
|
| SHARE
CAPITAL |
|
| Authorised |
|
| 50,000,000
(1995: 10,000,000) |
|
|
|
| Ordinary
shares of Rs. 10 each |
|
|
500,000,000 |
100,000,000 |
|
|
|
|
|
============ |
============ |
|
|
|
|
| Issued,
subscribed and paid-up |
|
| 8,000,000
(1995: 8,000,000) Ordinary |
|
|
|
| shares
of Rs, 10 each fully paid in cash |
|
80,000,000 |
80,000,000 |
|
|
|
|
| Capital
reserves |
|
|
3 |
11,601,433 |
9,080,942 |
|
| Revenue
reserves |
|
|
4 |
17,883,737 |
17,931,105 |
|
| Unappropriated
profit |
|
|
290,292 |
4,160,961 |
|
|
|
|
------------ |
------------ |
|
|
|
|
109,775,462 |
111,173,008 |
|
|
|
|
|
|
| LONG
TERM FINANCE - |
|
|
5 |
19,928,989 |
24,673,369 |
|
|
|
|
|
|
|
| LONG
TERM DEPOSITS |
|
|
6 |
27,086,309 |
21,482,851 |
|
|
|
|
|
|
|
| LONG
TERM CERTIFICATES OF INVESTMENT |
|
7 |
12,666,305 |
100,000 |
|
|
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
| Current
maturity of long term liabilities |
|
32,806,741 |
32,407,210 |
|
| Short
term finance |
|
|
8 |
15,554,839 |
16,371,469 |
|
| Short
term certificates of investment |
|
7 |
30,300,000 |
1,080,000 |
|
| Creditors,
accrued and other liabilities |
9 |
4,573,681 |
2,369,564 |
|
| Taxation |
|
|
480,407 |
768,974 |
|
| Unclaimed
dividend |
|
|
137,129 |
139,777 |
|
| Proposed
dividend |
|
|
1,400,000 |
-- |
|
|
|
|
------------ |
------------ |
|
|
|
|
97,852,797 |
53, 136,994 |
|
|
|
|
|
|
| CONTINGENCY
AND COMMITMENT |
|
|
10 |
-- |
-- |
|
|
|
|
------------ |
------------ |
|
|
|
|
267,309,862 |
210,566,222 |
|
|
|
|
=========== |
=========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
| SHEIKH
MANZOOR ELAHI |
|
| Chief
Executive |
|
|
|
1996 |
1995 |
|
|
|
NOTE |
RUPEES |
RUPEES |
|
|
|
(12 Months) |
(6 Months) |
|
|
| FIXED
CAPITAL EXPENDITURE |
|
| Tangible
Fixed Assets |
|
11 |
4,567,012 |
5,390,498 |
|
| Advance
for-Office Premises |
|
|
1,857,000 |
1,657,000 |
|
|
|
|
------------ |
------------ |
|
|
|
|
6,424,012 |
7,047,498 |
|
|
|
|
|
|
| NET
INVESTMENT IN LEASES |
|
12 |
148,433,054 |
99,983,651 |
|
|
|
|
|
|
|
| LONG
TERM INVESTMENTS |
|
13 |
17,310,875 |
17,310,875 |
|
|
|
|
|
|
|
| LONG
TERM DEPOSITS AND DEFERRED COST |
|
14 |
504,603 |
1,245,091 |
|
|
|
|
|
|
|
| CURRENT
ASSETS |
|
|
| Current
portion of net investment |
|
|
| in
leases |
|
|
70,753,779 |
71,571,601 |
|
|
|
|
| Investment
in quoted shares against |
|
|
| sale
purchase contract |
|
|
2,805,149 |
2,603,271 |
|
|
|
|
| Short
term investments |
|
15 |
884,250 |
1,291,250 |
|
|
|
|
| Loans,
advances, prepayments and |
|
|
| other
receivables |
|
16 |
14,328,655 |
9,015,900 |
|
|
|
|
| Cash
and bank balances |
|
17 |
5,865,485 |
497,085 |
|
|
|
|
------------ |
------------ |
|
|
|
|
94,637,318 |
84,979,107 |
|
|
|
|
|
|
|
------------ |
------------ |
|
|
|
|
|
267,309,862 |
210,566,222 |
|
|
|
|
=========== |
=========== |
|
|
| SHEIKH
JAVAID MEHMOOD |
|
| MANAGING
DIRECTOR |
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE PERIOD ENDED JUNE 30, 1996 |
|
|
|
Six months |
|
|
|
|
Year ended |
ended |
|
|
|
NOTE |
June 30, |
June 30, |
|
|
|
|
1996 |
1995 |
|
|
|
|
RUPEES |
RUPEES |
|
|
| REVENUE |
|
| Income
from lease operations |
|
18 |
35,335,009 |
17,733,922 |
|
| Gain
on sale of securities |
|
|
514,181 |
500,621 |
|
| Other
Income |
|
|
19 |
1,079,486 |
450,145 |
|
|
|
|
------------ |
------------ |
|
|
|
|
36,928,676 |
18,684,688 |
|
| EXPENDITURE |
|
|
| Financial
and bank charges |
|
|
20 |
11,811,398 |
7,265,959 |
|
| Administrative
and operating expanses |
|
21 |
8,713,102 |
4,149,702 |
|
| Provision
for doubtful debts |
|
|
1,239,998 |
|
| Provision
for dmimnution in investment |
|
|
482,000 |
2,133,750 |
|
|
|
|
------------ |
------------ |
|
|
|
|
22,246,498 |
13,549,411 |
|
|
|
|
|
|
|
------------ |
------------ |
|
| PROFIT
BEFORE TAXATION |
|
|
14,682,178 |
5,135,277 |
|
|
|
|
|
|
| PROVISION
FOR TAXATION |
|
|
| Current
year |
|
|
22.1 |
515,225 |
230,568 |
|
| Prior
year |
|
|
|
1,564,499 |
-- |
|
|
|
|
------------ |
------------ |
|
|
|
|
2,079,724 |
230,568 |
|
|
|
|
|
|
|
|
|
------------ |
------------ |
|
| PROFIT
AFTER TAXATION |
|
|
12,602,454 |
4,904,709 |
|
|
|
|
|
|
|
| Unappropriated
profit brought forward |
|
4,160,961 |
1,168,299 |
|
|
|
|
------------ |
------------ |
|
| PROFIT
AVAILABLE FOR APPROPRIATION |
|
16,763,415 |
6,073,008 |
|
| APPROPRIATIONS |
|
|
| Transfer
to statutory reserve |
|
2,520,491 |
980,942 |
|
| Transfer
from general reserve |
|
(1,000,000) |
-- |
|
| Transfer
to contingencies reserve |
|
952,632 |
931,105 |
|
|
|
|
------------ |
------------ |
|
| Proposed
dividend @ 17,5% (1995: NIL) |
|
14,000,000 |
-- |
|
|
|
|
|
|
|
16,473,123 |
1,912,047 |
|
|
|
|
------------ |
------------ |
|
| UNAPPROPRIATED
PROFIT CARRIED FORWARD |
|
290,292 |
4,160,961 |
|
|
|
|
|
============ |
============ |
|
|
|
|
|
|
|
| The
annexed notes form an integral part of these accounts, |
|
|
|
|
| STATEMENT
OF CHANGES IN FINANCIAL POSITION |
|
| FOR
THE PERIOD ENDED JUNE 30, 1996 |
|
|
|
Six months |
|
|
Year ended |
ended |
|
|
June 30, |
June 30, |
|
|
|
1996 |
1995 |
|
|
|
RUPEES |
RUPEES |
|
|
| CASH
FLOWS FROM OPERATING ACTIVITIES |
|
| Profit
for the year/period |
|
|
14,682,178 |
5,135,277 |
|
| Add:
Adjustment to reconcile profit to net cash |
|
| provided
by operating activities |
|
|
| Depreciation
and amortisation |
|
|
1,631,809 |
855,783 |
|
| Provision
for doubtful debts |
|
|
1,239,998 |
-- |
|
| Provision
for diminution of Investment |
|
|
482,000 |
2,133,750 |
|
|
|
|
------------ |
------------ |
|
| Operating
profit before working capital changes |
|
18,035,985 |
8,124,810 |
|
|
|
|
|
|
|
|
| Decrease/(Increase)
in current assets |
|
|
(5,589,633) |
3,940,832 |
|
| (Decrease)/Increase
in current liabilities |
|
30,607,487 |
(2,347,167) |
|
|
|
|
------------ |
------------ |
|
| Net
cash from operating activities before income tax |
43,053,839 |
9,718,475 |
|
| Income
tax paid |
|
|
|
(2,368,291) |
-- |
|
|
|
|
------------ |
------------ |
|
| Net
cash from operating activities |
|
|
40,685,548 |
9,718,475 |
|
|
|
|
|
| CASHFLOWS
FROM INVESTING ACTIVITIES |
|
|
| Investment
in leases - net |
|
|
(48,871,579) |
(7,333,950) |
|
| Long-term
investment |
|
|
-- |
(500,000) |
|
| Capital
expenditure |
|
|
(59,835) |
(694,000) |
|
| Advance
for Capital Expenditure |
|
|
(200,000) |
(1,657,000) |
|
|
|
|
------------ |
------------ |
|
| Net
cash used in investing activities |
|
|
(49,131,414) |
(10,184,950) |
|
|
|
|
|
| CASHFLOWS
FROM FINANCING ACTIVITIES |
|
|
| Long-term
loans |
|
|
12,500,000 |
-- |
|
| Certificate
of Investment |
|
|
12,566,305 |
100,000 |
|
| Deposits
from lessees |
|
|
8,586,087 |
4,199,493 |
|
| Repayment
of long term loans |
|
|
(19,827,478) |
(8,912,612) |
|
| Long-term
deposits and deferred cost |
|
|
(8,000) |
(3,600) |
|
| Payment
of Dividend |
|
|
(2,648) |
(1,510,576) |
|
|
|
|
------------ |
------------ |
|
| Net
cash (used) / generated from financing activities |
13,814,266 |
(6, 127,295) |
|
