| First Leasing Corporation Ltd |
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| (Annual
report 1996) |
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| CONTENTS |
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| Company
Information |
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2 |
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| Board
of Directors |
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3 |
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| Notice
of Meeting |
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5 |
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| Directors'
Report and Operational Review |
7 |
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| Auditors'
Report to the Members |
13 |
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| Balance
Sheet |
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14 |
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| Profit
and Loss Account |
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15 |
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| Cash
Flow Statement |
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16 |
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| Notes
to the Accounts |
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17 |
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| Pattern
of Shareholding |
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37 |
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| Categories
of Shareholders |
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38 |
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| COMPANY
INFORMATION |
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| Board
of Directors |
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| Mr.
Khurshid Hadi |
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Chairman & Chief
Executive |
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| Mr.
Shahid Shaikh |
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| Mr.
Jahangir Siddiqui |
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| Mr.
S. Masoud Ali Naqvi |
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| Mr.
Rashid Zahir |
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(Nominee Director |
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|
Saudi Pak Industrial
& Agricultural |
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|
Investment Co. (Pvt)
Limited) |
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| Mr.
Abdullah Rafi |
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(Nominee Director |
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Muslim Commercial Bank
Limited) |
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| Mr.
Abid Aziz |
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(Nominee Director |
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Pak Libya Holding Company |
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(Pvt) Limited) |
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| M
r. A. K. M. Sayeed |
(Nominee Director |
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National Investment
Trust) |
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| MANAGEMENT
COMMITTEE |
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| Mr.
Khurshid Hadi |
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| Mr.
Shahid Shaikh |
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| Mr.
Masoud Ali Naqvi |
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| Mr.
Rashid Zahir |
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| Mr.
Abdullah Rafi |
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| Mr.
Abid Aziz |
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| EXECUTIVE
COMMITTEE |
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| Mr.
Khurshid Hadi - FCA |
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Chief Executive Officer |
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| Mr.
Shahid Shaikh - FCA |
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Director |
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| Mr.
Arshad Nawab |
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Executive Director-
Karachi CSG |
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| Mr.
Shoaib Qureshi |
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Executive Director -
Lahore CSG |
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| Mr.
Zahid Ali H. Jamall - ACA |
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Executive Director
Finance |
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| Mrs.
Hina Usmani - ACA |
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Manager Corporate Finance |
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| COMPANY
SECRETARY |
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| Mr.
Zahid Ali H. Jamall - ACA |
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| AUDITORS |
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| Ford,
Rhodes, Robson, Morrow |
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| Chartered
Accountants |
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| LEGAL
ADVISORS |
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| Orr
Dignam & Co. Advocates |
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| REGISTRARS
AND SHARE TRANSFER OFFICE |
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| THK
Associates (Pvt) Limited |
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| Ground
Floor, Shaikh Sultan Trust Building No. 2 |
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| Beaumont
Road, Karachi. Tel. No. 5688808, 5685805 |
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| REGISTERED
AND HEAD OFFICE |
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| 5th
Floor, Block C, Finance & Trade Centre |
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| Shahrah-e-Faisal,
Karachi-74400. |
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| Tel.
No. 5661843 - 46 Fax No 5685329 |
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| BRANCH
OFFICES |
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| 5th
Floor, Davis Hytes |
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| Davis
Road, Lahore. |
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| House
No. 44 Street No. 6 |
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| Defence
Officer Colony, Peshawar. |
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| BANKERS: |
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| Allied
Bank of Pakistan Limited |
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| Bank
of America |
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| Bank
of Indosuez |
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| Faysal
Investment Bank Limited |
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| Habib
Bank Limited |
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| Muslim
Commercial Bank Limited |
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| National
Bank of Pakistan |
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| Standard
Chartered Bank |
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| The
Bank of Khyber |
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| The
Hong Kong and Shanghai Banking Corporation Limited |
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| NOTICE
OF MEETING |
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| Notice
is hereby given that the Fourth Annual General Meeting of First |
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| Leasing
Corporation Limited will be held at FTC Auditorium, Finance & |
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| Trade
Centre, Shahrah-e-Faisal, Karachi on Wednesday September 18, |
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| 1996
at 12 Noon to transact the following business: |
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| Ordinary
Business |
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| 1.
To receive, consider and adopt the audited accounts together with the |
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| Directors'
and Auditors' Report for the period ended June 30, 1996. |
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| 2.
To appoint Auditors and fix their remuneration. The present Auditors, |
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| Messrs.
Ford, Rhodes, Robson, Morrow, Chartered Accountants retire |
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| and
being eligible have offered themselves for reappointment. |
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| Special
Business |
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| 3.
To approve the remuneration of the Chief Executive and a working |
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| director
of the company. |
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| 4.
Any other business with the permission of the Chair. |
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| Karachi:
August 27, 1996 By order of the Board |
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| Zahid
Ali H. Jamall |
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| Company
Secretary |
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| Notes: |
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| 1.
The share transfer books of the company will remain closed from |
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| September
16, 1996 to September 25, 1996 (both days inclusive). |
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| 2.
A member entitled to attend, speak and vote at the meeting is |
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| entitled
to appoint a proxy to attend, speak and vote for him/her. |
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| 3.
An instrument of proxy and the power of Attorney or other authority |
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| (if
any) under which it is signed or a notaraly certified copy of such |
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| power
of authority, in order to be valid, must be deposited at the |
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| registered
office of the company not less than 48 hours before the |
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| time
of the meeting. |
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| 4.
Members are requested to notify any change in their address |
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| immediately. |
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| STATEMENT
UNDER SECTION 160(1) OF THE COMPANIES |
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| ORDINANCE,
1984 |
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| 1.
Approval is being sought to fix the remuneration of the Chief Executive |
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| of
the Company and a working director. |
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| This
statement under Section 160 of the Companies Ordinance, |
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| 1984
is annexed to the Notice of the Annual General Meeting of |
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| First
Leasing Corporation Limited to be held on September 18, 1996 |
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| and
sets out material facts concerning the special business to be |
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| transacted
at the meeting. |
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| The
shareholders' approval will be sought for the payment of |
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| remuneration
and the provision of certain facilities to the |
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| Chief
Executive and a working director as recommended by the |
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| Board
of Directors of the Company. For this purpose, it is proposed |
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| that
the following resolutions be passed as ordinary resolutions, |
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| namely: |
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| "RESOLVED
THAT the Chief Executive of the Company be and is |
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| hereby
authorised to draw as remuneration gross aggregate monthly |
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| sum
not exceeding Rs. 150,000 (Rupees one hundred and fifty |
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| thousand
only) as determined by the Board of Directors. |
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| The
Chief Executive will also be provided perquisites, with annual |
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| bonus,
provident fund and leave as per company rules and |
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| regulations
in force from time to time during his term of office that |
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| commences
from the date of his appointment. |
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| "FURTHER
RESOLVED THAT the Working Director of the Company be |
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| and
is hereby authorised to draw as remuneration gross aggregate |
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| monthly
sum not exceeding Rs. 150,000 (Rupees one hundred and |
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| fifty
thousand only) as determined by the Board of Directors. The |
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| Working
Director will also be provided perquisites, with annual bonus, |
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| provident
fund and leave as per company rules and regulations in |
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| force
from time to time during his term of office." |
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| DIRECTORS'
REPORT AND OPERATIONAL REVIEW |
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| This
report of your Board covers the |
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| operations
of the company for an |
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| eighteen
month period ended 30th June |
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| 1996
pursuant to an abrupt change in the |
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| tax
regulations announced with the |
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| Finance
Bill 1995. The period under |
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| review
has been challenging for our |
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| operations
but our investment in quality |
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| management
and prudent operating |
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| procedures
has been a bulwark against |
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| the
difficult economic conditions. |
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| REVIEW |
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| Over
this period the financial sector has laboured amidst persistent |
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| stagflation,
an inelastic tax base, leading to an escalating burden on the |
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| formal
sector tax-payer. This situation has been compounded by |
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| sporadic
changes in regulations affecting financial sector operations |
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| that
are often ill - conceived and that ignore their long-term ramifications |
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| on
the sector, especially in its ability to support trade and industrial |
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| development. |
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| A
consistent comm~tment to an economic policy which principally relies |
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| on
the private sector is also deemed to require a period of adjustment |
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| before
the full benefits materialize. This is however a specious argument |
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| in
a situation where there is minimal response from risk capital either in |
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| the
form of domestic savings or direct foreign investment. With the |
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| obvious
exception of the energy sector where uncertainty is all but |
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| eliminated,
risk capital continues to be shy with gross domestic |
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| investment
declining from an average of 5.9% in the 80's to 4.7% last |
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| year.
It appears that despite the elimination of all licensing requirements, |
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| and
liberalization of trade and reduction of import tariffs, despite |
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| continued
subsidized credit, and despite freedom from the monolithic |
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| state
financial sector, the rewards of liberalization still remain ethereal. |
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| To
some extent Pakistan has been a victim of the worldwide drift away |
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| from
emerging markets and this is dramatically demonstrated in the free |
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| fall
of our stock markets - the index has declined to 1450 today from a |
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| high
of 2611 in 1994. International disinterest in our market also affects |
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| the
equity and bond issues but the decline in domestic industrial |
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| investment
can only be attributed to an implacable lack of confidence in |
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| market
and price stability. Nothing explains the prevalent pricing of |
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| shares
at staggering discounts nor at PE ratios far below those in any |
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| other
Asian market. |
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| For
the Non-Bank Financial Institutions (NBFls) the problems of |
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| economically
priced finance and prompt debt recovery continue to |
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| persist.
Government's appetite continues to crowd out the private sector |
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| creating
price volatility mainly in an upwards direction. The most |
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| assiduous
or the most imaginative of financial brains cannot engineer a |
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| lease
product that is priced below borrowing cost plus operating |
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| margins
and still make a profit. Current rupee costs range between 19 |
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| 20%
whereas even subsidized foreign currency borrowings after |
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| exchange
risk premium and guarantee commission also cost 19-20%. It |
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| is
not surprising that only those leasing companies can operate |
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| profitably
that had harnessed low-cost multi-lateral funding prior to the |
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| State
Bank's withdrawal of subsidized exchange risk premium. |
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| A
concern comparable to the mobilization of economically priced funds |
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| is
the prompt recovery of lease rentals or other debt. The problem of |
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| default
is wide-spread in the financial sector and despite the fashioning |
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| of
regulations that attempt to combat growing overdue debt, no solution |
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| is
plausible without the clear, unambiguous commitment of both political |
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| and
judicial leadership. It is impossible to over emphasize the need for |
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| the
collective wisdom of the Government of Pakistan, State Bank of |
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| Pakistan
and the relevant courts to be brought to bear on the problem in |
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| a
rational and effective manner. |
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| OPERATING
RESULTS OF THE COMPANY |
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| The
company recorded significant growth in the volume of business and |
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| as
is evident from the accompanying charts, diversified its lease |
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| portfolio
over various industry segments for a broader risk profile. |
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| REVIEW
OF OPERATIONS |
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| Our
strength was again demonstrated in 1995-1996 by the ability to |
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| meet
growth targets and to maintain the desired asset mix. |
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| The
company's cash flow situation remained satisfactory throughout the |
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| year
as local banks increased their support to the company during this |
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| period.
This was very useful in the absence of long term funds from |
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| multilateral
agencies. The company also raised funds from COls. most |
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| Of
which were short term and the company's dependence on this source |
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| of
funds has been very limited. |
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| Similar
to most other institutions in the financial sector the company |
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| made
a significant provision for diminution in the value of its stock |
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| portfolio
which diluted earnings per share for the current reporting |
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| period.
We expect some recovery from this source during the |
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| forthcoming
year and hope to balance out the decline in the EPS. The |
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| state
of the Stock Market also precluded the floatation of a Convertible |
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| TFC
for which permission had been obtained in the previous year. |
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| OPERATING
RESULTS |
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| First
Leasing-earned a pre-tax profit of Rs. 45.39 million and the |
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| recommended
appropriation thereof is as follows: |
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|
Rupees in million |
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|
6/30/1996 |
1994 |
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|
|
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|
| Income
from Leasing, |
|
208.8 |
83.84 |
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|
| Income/(Loss)from
operating leases |
(.45) |
- |
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|
| Corporate
finance & treasury operations |
7.88 |
7.12 |
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|
| Capital
gains |
|
2.76 |
3.20 |
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|
-------- |
-------- |
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|
218.99 |
94.16 |
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|
| Operating
cost |
|
173.60 |
59.75 |
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|
-------- |
-------- |
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| Operating
profit |
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|
45.39 |
34.41 |
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| Provision
for taxation |
|
5.28 |
O.11 |
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|
-------- |
-------- |
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|
40.11 |
34.30 |
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| Transfer
from reserve for contingencies |
- |
4.60 |
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| Unappropriated
profit brought forward |
13.91 |
7.87 |
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|
-------- |
-------- |
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|
54.02 |
46.77 |
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| APPROPRIATIONS |
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| Special
reserve |
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|
8.02 |
6.86 |
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| Dividends
- 20% |
|
28.43 |
26.00 |
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|
-------- |
-------- |
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|
56.43 |
32.86 |
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|
-------- |
-------- |
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|
| Unappropriated
profit carried forward. |
17.57 |
13.91 |
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|
========= |
========= |
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| The
following table demonstrates the company's policy to continue core |
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| leasing
business, balancing its growth against prudent lending policies |
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| and
profitability. Corporate finance and treasury functions and the |
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| equipment
rental business will continue to supplement this income. |
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|
12 months 12 months 12
months 18 months |
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|
to 31st to 31st
to 31st to 30th |
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|
December December
December June |
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|
1992 1993 1994 1996 |
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|
Rupees in million |
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| Net
Investment in Leases 178.1 286.3
532.3 855.65 |
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| Income
from Leasing 16.1 43.8
83.8 208.79 |
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| Operating
Profit 18.4 30.4
34.4 45.39 |
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| FUTURE
BUSINESS PROSPECTS |
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| Rs.
118.5 million has been raised from the issue of right shares; in |
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| today's
depressed conditions, we see this as another confirmation of the |
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| trust
reposed in us by our shareholders and confidence that this |
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| company
would be able to generate growth and profitability to meet the |
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| shareholders'
expectations. |
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| The
subscription of the rights issue will permit further growth and has |
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| strengthened
equity base to facilitate further borrowings. The enhanced |
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| equity
will permit us to aggressively market and invigorate our resource |
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| mobilization
efforts. In the long-term scenario we expect that the capital |
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| markets
could be tapped as a potential source of resource mobilization. |
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| A
decision has been made to sell all non strategic equity investments |
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| and
retain only the investment in Bankers Equity Limited. This latter |
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| investment
has been made as a strategic alliance with a larger and |
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| diversified
financial institution that will allow us more effective transaction |
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| capabilities. |
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| As
submitted in our last report the Equipment Rental Division was set up |
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| during
this period involving construction and road building machinery. |
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| An
increase in investment in equipment is proposed for this division and |
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| we
expect to be the leading player in this business segment in the |
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| future. |
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|
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| ASIAN
LEASING ASSOCIATION |
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| Your
Chairman was elected for a second term as the President of |
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| Asialease
at the 15th General Assembly held in Bangkok last April and |
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| will
hold that office till the 16th General Assembly next year. |
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|
|
| CHIEF
EXECUTIVE OFFICER |
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| With
the full-time secondment of your Chairman to Bankers Equity |
|
| Limited,
your Board recommended the promotion of the Deputy |
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| Managing
Director Mr. Shahid Shaikh, FCA to the post of Chief |
|
| Executive.
Mr. Shaikh has been with the company for the past three |
|
| years
after several years as a partner of KPMG Taseer Hadi Khalid & |
|
| Co.
Chartered Accountants. |
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| The
Chairman will continue to head the Management and Executive |
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| Committees |
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|
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| ACKNOWLEDGMENT
TO FIRST LEASING STAFF |
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| As
mentioned earlier our investment in quality management has allowed |
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| us
to continue our growth and our desire to diversify our risk portfolio. |
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| The
Board thanks the staff for their efforts and the commitment |
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| demonstrated
in effectively implementing and exerting the policies of the |
|
| company. |
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|
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| DIVIDENDS |
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| A
20% interim dividend was declared on June 12, 1996 for the period |
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| ended
June 30, 1996; no further dividend has been recommended by |
|
| the
Board. |
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|
|
| AUIDITORS |
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| The
auditors Ford, Rhodes, Robson, Morrow, Chartered Accountants |
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| retire
and being eligible offer themselves for re-appointment. |
|
|
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| Date:
August 15, 1996 |
|
Khurshid Hadi |
|
|
|
|
Chairman and Chief
Executive |
|
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
| We
have audited the annexed balance sheet of First Leasing |
|
| Corporation
Limited as at June 30, 1996 and the related profit and loss |
|
| account
and statement of changes in financial position, together with the |
|
| notes
forming part thereof, for the period 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 Ordinance, 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 period 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
explanations given to us, the balance sheet, profit and loss |
|
| account
and the statement of changes in financial position, |
|
| 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 June 30, 1996 and of the profit and |
|
| the
changes in financial position for the period 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. |
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|
|
|
| Karachi - August 15, 1996 |
|
Ford, Rhodes, Robson,
Morrow |
|
|
|
Chartered Accountants |
|
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 1996 |
|
|
|
|
|
30th June |
31st December |
|
|
|
|
|
|
|
1996 |
1994 |
|
|
|
|
|
|
Note |
Rupees |
Rupees |
|
|
|
|
|
|
| FIXED
ASSETS - tangible |
|
3 |
25,413,812 |
7,603,283 |
|
| INVESTMENT
IN LEASES |
|
| Installment
contract receivables |
|
1,052,366,053 |
661,323,348 |
|
| Less:
Unearned Income |
|
(196,715,336) |
(129,073,466) |
|
|
|
|
------------- |
------------- |
|
| Net
investment in leases |
|
855,650,722 |
532,249,882 |
|
| Less:
Current portion of net investment |
|
|
|
| in leases |
|
|
353,842,182 |
(200,191,624) |
|
|
|
|
------------- |
------------- |
|
|
|
|
|
501,808,540 |
332,058,258 |
|
|
|
|
|
| Long-term
finance |
|
|
4 |
7,112,608 |
7,112,608 |
|
|
|
|
|
------------- |
------------- |
|
|
|
|
|
508,921,148 |
339,170,866 |
|
| Less: Provision for
potential lease losses |
|
|
| and
doubtful debts |
|
|
5 |
(14,903,669) |
(8,935,294) |
|
|
|
|
|
------------- |
------------- |
|
|
|
|
494,017,479 |
3,30,235,572 |
|
|
|
|
|
|
|
| LONG-TERM
INVESTMENTS |
|
|
6 |
59,967,955 |
20,086,295 |
|
| DEFERRED
COSTS |
|
|
|
7 |
504,532,983 |
2,719,742 |
|
|
|
| CURRENT
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
| Current
portion of net investment in leases |
|
|
353,842,182 |
200,191,624 |
|
| Short-term
finance |
|
|
|
8 |
63,000,000 |
20,684,420 |
|
| Advances, deposits,
prepayments and other |
|
|
|
| receivables |
|
|
9 |
25,099,290 |
7,465,199 |
|
| Investment
in marketable and unquoted |
|
|
|
| securities |
|
|
10 |
44,227,942 |
20,171,597 |
|
| Cash
Bank balances |
|
|
11 |
18,363,569 |
13,117,809 |
|
|
|
|
|
------------- |
------------- |
|
|
|
|
|
504,532,983 |
261,630,649 |
|
|
|
|
|
------------- |
------------- |
|
|
|
|
|
1,086,012,303 |
622,275,541 |
|
|
|
|
|
=============== |
=============== |
|
|
|
| CAPITAL
AND RESERVES |
|
| Authorised |
|
|
|
|
| 50,000,000
ordinary shares of Rs. 10 each |
|
500,000,000 |
200,000,000 |
|
| (1994:
20,000,000 ordinary shares of Rs. 10 each) |
|
=============== |
=============== |
|
| Issued,
subscribed and paid-up |
|
| 15,432,067
ordinary shares of Rs. 10 each |
|
12 |
154,320,670 |
130,000,000 |
|
| (1994:
13,00O,OOO ordinary shares of Rs. 10 each) |
|
| Reserves |
|
|
|
13 |
48,348,505 |
3O,389,611 |
|
|
|
------------- |
------------- |
|
| Shareholders'
equity |
|
202,669,175 |
160,389,611 |
|
|
|
|
|
|
| FINANCE
UNDER MUSHARIKA ARRANGEMENTS |
|
14 |
97,614,188 |
1,462,116 |
|
| LONG-TERM
FINANCE |
|
15 |
302,502,376 |
158,886,953 |
|
| LONG-TERM
DEPOSITS AND LIABILITIES |
|
16 |
92,32O,946 |
71,654,679 |
|
|
|
| CURRENT
LIABILITIES |
|
|
|
|
| Current
maturity of long-term finance |
|
17 |
92,47O,943 |
51,098,025 |
|
| Dividend
payable |
|
26 |
28,432,067 |
26,000,000 |
|
|
| Other
current liabilities |
|
18 |
270,002,608 |
152,784,157 |
|
|
|
|
------------- |
------------- |
|
|
|
|
390,905,618 |
229,882,182 |
|
|
|
|
|
| COMMITMENTS |
|
19 |
- |
- |
|
|
|
|
------------- |
------------- |
|
|
|
|
1,086,012,303 |
622,275,541 |
|
|
|
|
=============== |
=============== |
|
|
|
|
|
| The
annexed notes form an integral part of these accounts |
|
|
|
|
|
|
|
| KHURSHID
HADI |
|
|
|
|
|
| Chief
Executive |
|
|
|
|
|
|
|
|
|
| SHAHID
SHAIKH |
|
|
|
| Director. |
|
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE PERIOD ENDED JUNE 30,1996 |
|
|
|
|
|
|
30th June 31st December |
|
|
|
|
1996 |
1994 |
|
|
|
|
|
(18 months) |
(12 months) |
|
|
|
|
Note |
Rupees |
Rupees |
|
| INCOME |
|
| Income
from leasing operations |
|
20 |
208,797,169 |
83,838,072 |
|
| Income/(loss)
from operating leases |
|
21 |
452,457 |
- |
|
| Corporate
finance and treasury operations |
|
22 |
7,882,707 |
7,116,158 |
|
| Gain/(loss)
on marketable securities |
|
|
2,766,786 |
3,207,060 |
|
|
|
|
|
|
-------------------------- |
|
|
|
|
|
218,994,205 |
94,161,290 |
|
| EXPENDITURE |
|
|
|
|
|
| Direct
cost of leases |
|
307,795 |
196,756 |
|
| Financial
and bank charges |
|
|
23 |
125,485,462 |
35,566,366 |
|
| Selling,
general and administrative expenses |
24 |
36,413,728 |
16,630,371 |
|
| Provision
for diminution in value of investments |
25 |
5,425,948 |
205,151 |
|
| Provision for potential
lease losses and |
|
|
|
|
| doubtful
debts |
|
5,968,375 |
7,157,142 |
|
|
|
-------------------------- |
|
|
|
173,601,303 |
59,755,786 |
|
|
|
|
-------------------------- |
|
| Operating
profit |
|
|
45,392,897 |
34,405,504 |
|
|
|
| Provision
for taxation - current year |
|
2,288,014 |
454,745 |
|
|
- prior years |
|
2,988,652 |
(349,720) |
|
|
-------------------------- |
|
|
|
|
5,276,666 |
105,025 |
|
|
|
|
|
-------------------------- |
|
| Profit
after tax |
|
|
40,116,231 |
34,300,479 |
|
| Transfer
from reserve for contingencies |
|
|
- |
4,600,000 |
|
| Unappropriated
profit brought forward |
|
|
13,911,688 |
7,871,305 |
|
|
|
|
|
-------------------------- |
|
|
|
|
|
54,027,919 |
46,771,784 |
|
| Appropriations: |
|
|
|
|
| Transfer
to special reserve |
|
|
8,023,246 |
6,860,096 |
|
| Dividend
@? 20% (1994: 20%) |
|
26 |
28,432,067 |
260,000,001 |
|
|
|
|
-------------------------- |
|
|
|
|
|
36,455,313 |
32,860,096 |
|
|
|
|
-------------------------- |
|
| Unappropriated
profit carried forward |
|
|
17,572,606 |
13,911,688 |
|
|
|
|
============================== |
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
|
|
|
|
| KHURSHID
HADI |
|
SHAHID SHAIKH |
|
|
|
| Chief
Executive |
|
Director. |
|
|
|
|
| CASH
FLOW STATEMENT FOR THE PERIOD ENDED JUNE 30, 1996 |
|
|
|
|
|
|
|
1996 |
1994 |
|
|
|
|
Rupees |
Rupees |
|
|
|
(18 months) |
(12 months) |
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
|
|
| Profit
for the year - pre-tax |
|
45,392,897 |
34,405,504 |
|
| Add:
Adjustments to reconcile profit to |
|
|
|
| net
cash provided by operating activities |
|
|
|
| Loss
on transfer of long-term investments to short-term |
|
|
|
| marketable
securities |
|
3,015,625 |
- |
|
| Provision
for diminution in value of investments |
|
2,410,323 |
205,151 |
|
| Depreciation
and amortisation |
|
7,281,598 |
3,561,932 |
|
| Allowances
for potential lease losses |
|
5,968,375 |
7,157,142 |
|
| Gain
on sale of fixed assets |
|
64,538 |
57,652 |
|
|
|
-------------------------- |
|
| Net
cash provided by operating activities |
|
64,004,280 |
45,272,077 |
|
|
|
|
|
| (Increase)
in current assets |
|
(60,073,385) |
(20,974,886) |
|
| Increase
in current liabilities |
|
37,636,798 |
10,306,933 |
|
|
|
-------------------------- |
|
| Net
cash from operating activities before income tax |
|
41,567,693 |
34,604,124 |
|
| Income
tax |
|
3,761,354 |
65,623 |
|
|
|
-------------------------- |
|
|
|
37,806,339 |
34,538,501 |
|
| CASH
FLOW FROM INVESTING ACTIVITIES |
|
|
|
| Investment
in leases - net |
|
323,400,840 |
245,917,012 |
|
| Investments
in marketable securities |
|
69,363,953 |
25,706,012 |
|
| Capital
expenditure |
|
28,078,228 |
5,868,489 |
|
| Proceeds
from sale of fixed assets |
|
4,680,480 |
71,119 |
|
|
|
-------------------------- |
|
| Net
cash used in investing activities |
|
416,162,541 |
276,775,394 |
|
|
|
-------------------------- |
|
| CASH
FLOW FROM FINANCING ACTIVITIES |
|
|
|
| Issue
of shares |
|
24,320,670 |
- |
|
|
| Premium
on shares issued |
|
6,274,730 |
- |
|
| Musharika
finance |
|
115,09O,708 |
23,634,002 |
|
|
| Long-term
deposits and liabilities |
|
25,174,644 |
32,655,489 |
|
| Long-term
finance |
|
216,900,000 |
152,977,000 |
|
|
| Short-term
loans and running finance |
|
13,69O,055 |
70,505,943 |
|
| Certificates
of investment |
|
66,376,000 |
|
|
| Repayment
of long-term finance |
|
57,234,672 |
3,680,489 |
|
|
| Deferred
cost |
|
(99O,173) |
1,914,777 |
|
|
| Payment
of dividend |
|
(26,000,000) |
(26,000,000) |
|
|
|
|
-------------------------- |
|
| Net
cash generated from financing activities |
|
383,601,962 |
248,177,168 |
|
|
|
-------------------------- |
|
|
|
|
|
|
|
| Net
Increase in cash and bank balance |
|
5,245,760 |
5,940,275 |
|
| Cash
and bank balances at beginning of the period |
|
13,117,809 |
7,177,534 |
|
|
|
-------------------------- |
|
| Cash
and bank balances at end of the period |
|
|
18,363,569 |
13,117,809 |
|
|
|
|
========================== |
|
| KHURSHID
HADI |
|
SHAHID SHAIKH |
|
| Chief
Executive |
|
Director. |
|
|
|
|
|
| NOTES
TO THE ACCOUNTS |
|
| FOR
THE PERIOD JANUARY 1, 1995 TO JUNE 30, 1996 |
|
|
|
| 1.
THE COMPANY AND ITS OPERATIONS |
|
| The
company was incorporated on August 31, 1991. The company |
|
| is
listed on the Karachi and Lahore Stock Exchange and is |
|
| principally
engaged in leasing of assets and providing corporate |
|
| finance
services. |
|
|
|
| 2.
SIGNIFICANT ACCOUNTING POLICIES |
|
| 2.1
Accounting convention |
|
| These
accounts have been prepared under historical cost |
|
| convention. |
|
|
|
| 2.2
Revenue recognition |
|
| Lease
income |
|
| Finance
Lease |
|
| The
company follows the financing method in accounting for |
|
| recognition
of lease income. To more accurately match income and |
|
| expenditure,
a portion of unearned lease income approximating the |
|
| costs
incurred in writing the lease, including a general provision for |
|
| potential
lease losses, is taken to "income from leasing" at the time |
|
| of
execution of the lease. The remainder of unearned lease income |
|
| is
taken to income over the term of the lease, so as to produce a |
|
| systematic
return on net investment in leases. Income pertaining to |
|
| the
periods falling between rentals due and the period end is |
|
| recognized
on an accrual basis. |
|
| Operating
Lease |
|
| Rental
income is recognized on an accrual basis over the lease |
|
| period. |
|
| Corporate
finance and treasury operations |
|
| Commitment
fee and other commissions are taken to income when |
|
| realized.
Return on term deposits and fees for corporate finance |
|
| services
are recognized on an accrual basis. |
|
| 2.3
Provision for potential lease losses and doubtful debts |
|
| Provision
for lease losses and doubtful debts is charged to current |
|
| income
and is maintained at a level which is required to provide for |
|
| any
foreseen and unforeseen lease losses. |
|
|
|
|
|
|
|
| 2.4
Tangible fixed assets and depreciation |
|
|
|
|
| Owned |
|
|
| These
are stated at cost less accumulated depreciation. |
|
| Depreciation
is charged to income applying the straight line |
|
| method,
whereby the cost of an asset is written off over its |
|
| estimated
useful life. In respect of additions during the year, |
|
| depreciation
is charged for the full year, however, no depreciation |
|
| is
charred in the year of disposal. |
|
|
|
| Leased |
|
|
| Assets
acquired through lease finance are included as tangible |
|
| fixed
assets. The outstanding lease obligations less finance |
|
| charges
allocated to future periods are shown as a liability. The |
|
| financial
charge is calculated at the mark-up rate implicit in the |
|
| lease. |
|
|
|
| Depreciation
is charged over the useful life of the assets or lease |
|
| term
whichever is shorter. |
|
|
|
| Operating
lease assets |
|
| Depreciation
is charged on assets acquired for operating leases |
|
| from
the date of acquisition on a straight line basis. |
|
|
|
| 2.5
Deferred costs |
|
| Deferred
costs are amortized over a period of five years |
|
| commencing
from the year such costs are incurred. |
|
|
|
| 2.6
Investments |
|
| Long-term
investments |
|
| These
are stated at cost. Provision is made for any diminution in |
|
| value,
if considered permanent. |
|
|
|
|
| Short-term
investments |
|
| These
are stated at lower of cost or market value on a portfolio |
|
| basis. |
|
|
|
|
|
| 2.7
Taxation |
|
|
|
|
| Current |
|
|
|
|
|
| Income
for the purpose of computing current taxation is |
|
| determined
under the provisions of the tax law whereby lease |
|
| income
received or receivable are deemed to be income. Provision |
|
| for
taxation is thus based on income determined in accordance |
|
| with
the requirements of the tax law. |
|
|
|
| Deferred |
|
|
|
|
|
| The
company accounts for deferred taxation using the liability |
|
| method
on timing differences arising from using different methods |
|
| in
the recognition of lease income for tax and accounting purposes, |
|
| as
well as for all other significant timing differences. However, |
|
| deferred
tax is not provided if it can be established with reasonable |
|
| probability
that these timing differences will not reverse in the |
|
| foreseeable
future. |
|
|
|
| 2.8
Foreign currency translation |
|
|
|
|
| Assets
and liabilities in foreign currencies are translated into |
|
| rupees
at the rates of exchange prevailing at the balance sheet |
|
| date
except for instances where forward exchange risk cover has |
|
| been
taken. Such amounts are stated at the contracted rate. |
|
| Exchange
,gains and losses are included in current income. |
|
|
|
| 3.
FIXED ASSETS - tangible |
|
|
|
|
Accumulated |
Written |
|
|
depreciation |
Down Value |
|
|
Cost as at |
Additions |
Deletions |
Cost as at |
as at |
as at |
|
Depreciation |
|
|
January 1, |
during the |
during the |
June 30, |
June 30, |
June 30, |
|
charge for |
|
|
1995 |
period |
period |
1996 |
1996 |
1996 |
Rate |
the period |
|
|
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
% |
Rupees |
|
|
|
| OWNED |
|
|
|
| Office
Building |
|
1,310,000 |
93,300 |
- |
1,403,300 |
168,409 |
1,234,891 |
5 |
102,915 |
|
| Lease
Hold |
|
|
|
|
| improvements |
|
944,360 |
- |
- |
944,360 |
631,907 |
312,453 |
15 |
212,481 |
|
| Furniture
and Fixtures |
1,336,885 |
136,342 |
- |
1,473,227 |
1,049,297 |
423,930 |
20 |
433,056 |
|
| Office
equipment |
|
954,686 |
116,409 |
- |
1,071,095 |
638,365 |
432,730 |
20 |
319,585 |
|
| Computers |
|
587,293 |
732,465 |
39,000 |
1,280,758 |
778,201 |
502,557 |
25 |
413,317 |
|
| Air
conditioners and |
|
| house
hold equipment |
378,265 |
451,345 |
89,315 |
740,295 |
350,331 |
389,964 |
25 |
246,710 |
|
| Motor
vehicles |
|
6,?30,927 |
3,703,197 |
2,032,072 |
7,902,052 |
4,330,993 |
3,571,059 |
25 |
2,924,751 |
|
| Plant
and Machinery |
|
|
22,845,170 |
3,300,000 |
19,545,170 |
998,942 |
18,546,228 |
16 |
998,942 |
|
| (for
operating lease and re-sale) |
|
| (
Rs.6.275,000 Rs.13,270,170) |
|
|
|
|
----------- |
----------- |
----------- |
----------- |
----------- |
----------- |
----------- |
----------- |
|
|
11,742,416 |
28,078,228 |
5,460,387 |
34,380,257 |
8,946,445 |
25,413,812 |
|
5,651,757 |
|
|
============= |
============= |
============= |
============= |
============= |
============= |
============= |
============= |
|
| 1994 |
|
|
6,132,846 |
7,173,670 |
1,564,100 |
11,742,416 |
4,139,133 |
7,603,283 |
|
2,585,013 |
|
|
|
|
============= |
============= |
============= |
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
|
|
| 3.1
DISPOSAL OF ASSETS |
|
|
|
|
Accumulated |
Book |
Sale |
|
Mode of |
|
| Description |
|
Cost |
depreciation |
value |
proceeds |
Profit |
disposal |
|
Sold/Transferred to |
|
|
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
|
|
|
|
| Computers |
|
39,000 |
29,250 |
9,750 |
25,550 |
15,800 |
Insurance claim |
EFU General |
|
|
|
|
Insurance Co. Ltd. |
| Air
conditioners and |
|
| Household
equipment |
|
89,315 |
32,904 |
56,411 |
56,411 |
- |
As per service rule |
Abdul Jabbar |
|
|
|
|
|
|
|
|
Kasim |
|
|
|
|
|
|
|
|
|
|
| Motor
vehicle |
|
194,833 |
97,417 |
97,416 |
125,000 |
27,584 |
Insurance claim |
EFU General |
|
|
|
|
Insurance Co. Ltd. |
|
|
|
|
|
| Motor
vehicle |
|
28,352 |
21,264 |
7,088 |
7,088 |
- |
As per service rule |
Atta ullah Lasi |
|
|
|
|
|
|
|
|
|
| Motor
vehicle |
|
630,770 |
473,077 |
157,693 |
157,693 |
- |
As per service rule |
Shoaib Qureshi |
|
|
|
|
|
|
|
|
|
| Motor
vehicle |
|
220,000 |
165,000 |
55,000 |
200,000 |
145,000 |
Negotiation |
Jawad Khan |
|
|
|
|
|
|
|
|
|
| Motor
vehicle |
|
753,846 |
- |
753,846 |
630,000 |
123,846 |
Negotiation |
Ahmed Shuja-ur |
|
|
|
Rehman |
|
|
|
|
|
|
| Motor
vehicle |
|
204,271 |
25,533 |
178,738 |
178,738 |
- |
Negotiation |
Abdul Jabbar |
|
|
|
|
Kasim |
|
|
|
|
|
|
| Plant
& Machinery |
|
3,300,000 |
- |
3,300,000 |
3,300,000 |
- |
Negotiation. |
National Sales |
|
----------- |
----------- |
----------- |
----------- |
----------- |
|
(Pvt) Ltd. |
|
|
5,46O,387 |
844,445 |
4,615,942 |
4,680,480 |
64,538 |
|
|
|
============= |
============= |
============= |
============= |
============= |
|
|
|
|
|
|
1996 |
1994 |
|
|
|
|
Rupees |
Rupees |
|
|
| 4. LONG-TERM FINANCE |
|
7,112,608
7,112,608 |
|
|
|
|
|
|
|
| The
loan is secured by a pari-passu equitable mortgage of immovable property and
pledge |
|
| of
director's shares of the borrowing company. The loan carries a mark-up rate
of Re. 0.63 |
|
| per
Rs 1000 per day and is payable in two years. |
|
| The
loan is considered good, however a provision of Rs 7.112 million has been
made against |
|
| the
loan to comply with the prudential regulations of the State Bank of Pakistan. |
|
|
|
| 5.
PROVISION FOR POTENTIAL LEASE LOSSES AND |
|
| DOUBTFUL DEBTS |
|
|
14,903,669 8,935,294 |
|
|
|
|
============= |
============= |
|
|
|
|
|
| A
general provision for doubtful debts has been made and in the opinion of the
management |
|
| no
specific provision is required. However, to comply with State Bank of
Pakistan regulations |
|
| governing
Non Bank Financial Institutions, an amount of Rs. 11.1 million has been
allocated |
|
| towards
provision required for prudential regulations. |
|
|
|
| 6.
LONG-TERM INVESTMENTS |
|
| Quoted: |
|
| Sui
Northern Gas Pipelines Ltd. |
|
| 364,560
ordinary shares of Rs. 10 each |
|
12,197,570 |
12,197,570 |
|
| Transferred
to short-term investment in marketable |
|
| securities
(Note 6.1) |
|
12,197,570 |
- |
|
|
|
----------------------- |
|
|
|
- |
12,197,570 |
|
| Ibrahim
Fibers Limited |
|
| 312,500
ordinary shares of Rs. 10 each. |
|
5,000,000 |
- |
|
| Transferred
to short-term investment in marketable |
|
| securities
(Note 6.1) |
|
5,000,000 |
- |
|
|
|
----------------------- |
|
|
|
- |
- |
|
|
| First
Capital Securities Ltd |
|
|
|
| 380,000
ordinary shares of Rs. 10 each |
|
5,401,085 |
5,388,725 |
|
|
| Network
Leasing Corporation Ltd. (Associated Undertaking) |
|
|
| 250,000
ordinary shares of Rs. 10 each |
|
2,500,000 |
2,500,000 |
|
| First
Capital Mutual Fund (Associated undertaking) |
|
|
| 150,000
ordinary shares of Rs.10 each |
|
1,500,000 |
- |
|
| Bankers
Equity Limited (Associated Undertaking) |
|
|
|
| 2,702,700
ordinary shares of Rs. 10 each |
|
50,566,870 |
|
|
|
|
|
----------------------- |
|
|
|
|
59,967,955 |
20,086,295 |
|
|
|
====================== |
|
|
|
|
| Aggregate
market value of quoted long-term investment-as on June 30, 1996 was |
|
| Rs
35,864,700 (1994:Rs.25,940,820). |
|
|
|
| 6.1
In view of management's intention to dispose investment in Sui Northern Gas
Pipelines |
|
| Ltd.
and Ibrahim Fibers Limited, these have been reclassified as short-term
investments at |
|
| lower
of cost or market value on the date of transfer. |
|
|
|
|
| DEFERRED
COSTS |
|
1996 |
1994 |
|
|
|
Rupees |
Rupees |
|
|
|
| Registration
fees |
|
1,045,710 |
595,710 |
|
| Formation
expenses |
|
88,133 |
88,133 |
|
| Underwriting
commission |
|
260,000 |
260,000 |
|
| Brokerage |
|
223,324 |
223,324 |
|
| Share
issue expenses |
|
2,118,573 |
1,578,400 |
|
| Pre-operating
expenses |
|
224,239 |
224,239 |
|
| Commitment
fee on long-term loans |
|
1,914,777 |
1,914,777 |
|
|
|
------------------------ |
|
|
|
|
5,874,756 |
4,884,583 |
|
|
|
|
|
|
| Less:
Amortization |
|
|
3,794,682 |
2,164,841 |
|
|
|
|
------------------------ |
|
|
| 8.
SHORT-TERM FINANCE - considered good |
|
63,000,000 |
20,684,420 |
|
|
|
|
======================= |
|
| Short-term
finance has been extended to clients on morabaha and mark-up basis from 3 |
|
| months
to 1 year and is secured by equitable mortgage of immovable properties, |
|
| hypothecation
of movable assets, lien on stocks, pledge of textile quotas, promissory notes |
|
| and
personal guarantees in accordance with individual agreements with the
clients. Mark-up |
|
| rates/profit
varies from Re. 0.52 per Rs. 1000 to Re.0.72 per Rs. 1000 per day. |
|
|
|
|
| 9.ADVANCES,
DEPOSITS, PREPAYMENTS |
|
1996 |
1994 |
|
| AND
OTHER RECEIVARLES |
|
Rupees |
Rupees |
|
|
|
|
|
|
|
|
| Advances
- unsecured, considered good |
|
| Advances
to suppliers and contractors |
|
4,728,996 |
187,300 |
|
| Advances
to employees |
|
Note 9.1 |
3,433,050 |
834,342 |
|
|
|
----------------------- |
|
|
|
8162046 |
1,021,642 |
|
|
|
|
|
| Tax
deducted at source |
|
- |
943,296 |
|
| Less:
Provision for taxation |
|
- |
819,582 |
|
|
|
----------------------- |
|
|
- |
123,714 |
|
|
| Security
deposits |
|
|
|
|
|
| Prepayments |
|
|
118,950 |
38,300 |
|
|
|
|
|
951,536 |
1,137,623 |
|
|
|
|
----------------------- |
|
|
|
|
1,070,486 |
1,175,932 |
|
|
| Mark-up
receivable |
|
|
|
|
| Financial
institutions |
|
|
73,356 |
335,307 |
|
| Others |
|
|
|
11,266,186 |
1,784,194 |
|
|
|
|
----------------------- |
|
|
|
|
|
11,339,542 |
2,119,501 |
|
|
|
|
|
|
|
| Other
receivables |
|
|
Note 9.2 |
4,527,216 |
3,024,419 |
|
|
|
|
|
----------------------- |
|
|
|
|
25,099,290 |
7,465,199 |
|
|
|
=========================== |
|
|
|
|
| 9.1
These include advances to executives amounting to Rs. 2,970,174 (1994:
Rs.561,340). |
|
| A
commercial rate of mark-up is being charged on advances of Rs.2 million for
purchase of |
|
| house
in accordance with service rules. Maximum amount outstanding at the end of
any |
|
| month
against advances to executives was Rs 2,970,174 (1994: Rs. 616,272). |
|
|
|
| 9.2
This includes an amount due from associated undertakings of Rs. 418,738. The
maximum |
|
| amount
due at the end of any month during the period was Rs. 418,738 (1994: Rs.
73,480) |
|
|
|
| 10.
INVESTMFNTS IN MARKETABLE AND UNQUOTED SECURITIES |
|
|
|
|
|
Average |
|
|
|
|
|
|
No. of |
Face value |
cost |
|
Market |
|
|
Ordinary |
per share |
per share |
Cost |
value |
|
| Quoted
companies |
|
shares |
Rupees |
Rupees |
Rupees |
Rupees |
|
|
|
| International
General Insurance Co. Ltd. |
1,650 |
10 |
94.12420 |
155,305 |
104,775 |
|
| Mohammad
Farooq Textile Mills Ltd. |
15,201 |
10 |
34.89380 |
530,420 |
182,412 |
|
| Crescent
Investment Bank Ltd. |
|
16,445 |
10 |
50.13990 |
824,550 |
279,565 |
|
| First
Capital Mutual Fund |
|
|
|
|
(Associated undertaking) |
76,000 |
10 |
10.00000 |
760,000 |
456,000 |
|
| Elahi
Electric Company Limited. |
69,000 |
10 |
21.47000 |
1,481,172 |
431,250 |
|
| Kohinoor
Genertek Ltd. |
|
128,300 |
10 |
26.53000 |
3,404,414 |
1,218,850 |
|
| Maple
Leaf Electric Company Ltd. |
144,000 |
10 |
31.22000 |
4,495,967 |
1,332,000 |
|
| Bank
of Punjab |
|
13,000 |
10 |
20.98270 |
272,775 |
243,750 |
|
| Sui
Southern Gas Company Ltd. |
|
25,000 |
10 |
36.83000 |
920,750 |
806,250 |
|
| Crescent
Investment Bank Ltd. |
|
9,500 |
10 |
29.45000 |
279,775 |
161,500 |
|
| Cherat
Cement Ltd. |
|
22,500 |
10 |
46.35560 |
1,043,000 |
607,500 |
|
| Century
Paper and Board Mills Ltd. |
15,000 |
10 |
42.79090 |
641,863 |
506,250 |
|
| D
G Khan Cement Ltd. |
|
30,000 |
10 |
30.20000 |
906,000 |
420,000 |
|
| EFU
Life Assurance Co. LTD'. |
|
25,000 |
10 |
23.10000 |
577,500 |
300,000 |
|
| (Associated
Undertaking) |
|
|
|
| Honda
Atlas Cars (Pakistan.) Ltd. |
10,000 |
10 |
31.95000 |
319,500 |
240,000 |
|
| Nishat
Mills Ltd. |
|
40,000 |
10 |
35.13750 |
1,405,500 |
560,000 |
|
| Lucky
Cement Ltd. |
|
50,000 |
10 |
25.22000 |
1,261,000 |
750,000 |
|
| EFU
General Insurance Co. Ltd. |
10,000 |
10 |
75.73500 |
757,350 |
600,000 |
|
|
(Associated Undertaking) |
|
|
| Southern
Electric Power Ltd. |
|
861,390 |
10 |
10.00000 |
8,613,900 |
11,844,113 |
|
|
(Associated Undertaking) |
|
|
| Sui
Northern Gas Pipelines Ltd. |
380,472 |
10 |
27.88190 |
10,608,300 |
15,599,352 |
|
| Ibrahim
Fibres Ltd. |
|
312,500 |
10 |
6.35000 |
1,984,375 |
1,984.38 |
|
|
|
|
| Unquoted
company Note 10.1 |
|
|
|
|
|
|
| Al-Meezan
Mutual Chief Executive |
|
|
| Fund
Ltd. Mohammad Shoaib |
250,000 |
10 |
10.00000 |
2,500,000 |
2,500,000 |
|
|
|
----------------------- |
|
|
|
|
43,743,416 |
41,127,942 |
|
|
|
|
|
|
| Government
securities Note 10.2 |
|
3,100,000 |
3,100,000 |
|
|
|
----------------------- |
|
|
|
46,843,416 |
44,227,942 |
|
|
|
========================== |
|
|
|
1994 |
|
20,376.75 |
20,171,597 |
|
|
|
========================== |
|
|
|
|
| 10.1
Investment in the unquoted securities represents shares allotted to the
company on an institutional |
|
| placement
which are anticipated to be listed on Stock Exchange during the current
calendar year. |
|
| Hence,
these are carried at cost. |
|
|
|
| 10.2
These represent funds placed under Funds Management Scheme of a commercial
bank for investment |
|
| in
government securities as required by the prudential regulations of the State
Bank of Pakistan. |
|
|
|
| 11.
CASH AND BANK BALANCES |
|
|
|
|
|
1996 |
1994 |
|
|
|
|
|
Rupees |
Rupees |
|
|
|
|
|
|
|
|
| Balance
with banks on current accounts |
|
7,003,370 |
3,160,846 |
|
|
| Deposit
accounts - note 11.1 |
|
|
11,278,605 |
9,924,003 |
|
|
|
|
|
----------------------- |
|
|
|
18,281,975 |
13,084,849 |
|
|
|
|
|
|
|
|
|
| Cash
in hand |
|
|
81,594 |
32,960 |
|
|
|
|
|
|
----------------------- |
|
|
|
|
18,363,569 |
13,117,809 |
|
|
|
=============== |
=============== |
|
|
|
|
|
| 11.1
Included in the above are Rs. 10.00 million ( 1994: Rs. 8.150 million)
deposited with an |
|
| investment
bank. |
|
|
|
|
|
|
|
|
|
| 12.1SSUED
SUBSCRIBED AND PAID UP SHARE CAPITAL |
|
|
|
|
|
| Fully
paid ordinary shares of Rs. 10 each Issued for cash |
|
|
|
|
1996 |
1994 |
|
1996 |
1994 |
|
|
Number of shares |
|
Number of shares |
|
|
|
|
|
|
|
13,000,000 |
13,000,000 |
At the beginning of the
period |
13,000,000 |
13,000,000 |
|
|
2,432,067 |
- |
Issued during the period |
|
2,432,067 |
- |
|
|
--------------------- |
As at 30th June 1996 |
|
------------------------- |
|
|
15,432,067 |
13,000,000 |
|
15,432,067 |
13,000,000 |
|
|
|
|
|
|
| On
30th September 1995, the International Finance Corporation exercised its
option to convert |
|
| a
portion of its loan into equity based on the financial statements as at
December 31, 1994. |
|
| Accordingly
the International Finance Corporation acquired 2.432.067 shares at a price of |
|
| Rs.12.58
per share. |
|
|
|
1996 |
1994 |
|
|
|
|
Rupees |
Rupees |
|
| 13.
RESERVE |
|
|
|
|
| Capital
Reserve |
|
|
|
|
| Special
reserve - note 13.1 |
|
24,501,169 |
16,477,932 |
|
|
| Share
premium |
|
6,274,730 |
- |
|
|
|
------------ |
---------- |
|
| Revenue
Reserve |
|
30,775,899 |
16,477,932 |
|
| Unappropriated
profit |
|
|
|
|
|
|
17,572,606 |
13,911,688 |
|
|
|
|
------------ |
---------- |
|
|
|
|
|
48,348,505 |
30,389,611 |
|
|
|
|
|
============== |
============ |
|
|
|
|
| 13.1
This represents 20% of after tax profit as required under the |
|
| relevant
provision of the State Bank of Pakistan rules for Non |
|
| Banking
Financial Institutions. |
|
|
|
| 14.
FINANCE UNDER MUSHARIKA ARRANGEMENTS |
|
|
|
| Musharika
finance |
|
|
141,818,607 |
26,727,899 |
|
| Less:
Current maturity shown |
|
|
| under
current liabilities |
|
44,204,419 |
25,265,783 |
|
|
|
|
|
------------ |
------------ |
|
|
|
|
|
97,614,188 |
1,462,116 |
|
|
|
|
|
============== |
============ |
|
|
|
|
| Musharika
finance includes Rs.'1 82 million which is unsecured |
|
| (1994:
Rs. 25.11 million). The balance of Rs.50 million is secured |
|
| by
hypothecation of company's assets. The mushariks earned an |
|
| average
rate of profit of 18.0% on these musharika arrangements |
|
| (1994:
14.6%).The terms of the repayment of principal and profit |
|
| range
from monthly to end of term basis. |
|
|
|
| 15.
LONG-TERM FINANCE - Secured |
1996 |
1994 |
|
|
|
|
|
Rupees |
Rupees |
|
|
|
|
|
| Foreign
Currency Loan |
|
| International
Finance Corporation |
|
|
|
15.10 |
114,672,000 |
152,977,000 |
|
|
|
|
|
Local currency loans |
|
|
From banking
institutions. |
|
|
Loan A |
15.2 |
20,000,000 |
- |
|
|
Loan B |
15.3 |
16,900,000 |
- |
|
|
From financial
Institutions. |
|
|
Loan A |
15.4 |
20,000,000 |
16,319,511 |
|
|
Loan B |
15.5 |
17,389,839 |
- |
|
|
|
Loan C |
15.6 |
25,000,000 |
- |
|
|
Loan D |
15.7 |
20,000,000 |
- |
|
|
Loan E |
15.8 |
20,000,000 |
- |
|
|
Loan F |
15.9 |
50,000,000 |
- |
|
|
|
Loan G |
15.1 |
20,000,000 |
- |
|
|
|
|
----------------------- |
|
|
|
214,289,839 |
16,319,511 |
|
|
|
----------------------- |
|
|
|
328,961,839 |
169,296,511 |
|
|
|
|
|
|
|
| Less:
Current maturity of |
|
|
|
| long-term loans |
|
(26,459,463) |
(10,409,558) |
|
|
|
----------- |
----------- |
|
|
|
302,502,376 |
158,886,953 |
|
|
|
|
|
| 15.1
The International Finance Corporation (IFC) has extended a loan |
|
| for
financing of lease operations which is repayable in sixteen |
|
| semi
annual equal installments commencing from June 15, 1996. |
|
| The
loan carries interest @? 8.5% payable semi annually secured |
|
| by
hypothecation of leased assets and related lease receivables, |
|
| ranking
pari- passu with the charges created or which may be |
|
| created
in favour of other lenders. The loan is registered under the |
|
| exchange
risk coverage scheme of the State Bank of Pakistan. |
|
|
|
| 15.2
This has been obtained from a banking institution at a mark-up |
|
| rate
of 19% per annum, payable quarterly. The loan is repayable in |
|
| lumpsum
on February 1, 1998,and is secured by hypothecation of |
|
| leased
assets. |
|
|
|
|
| 15.3
This has been obtained from a banking institution at a mark-up |
|
| rate
of 18% per annum, payable quarterly. The loan is repayable in |
|
| lumpsum
on July 31, 1997, the loan is guaranteed by a financial, |
|
| institution
which in turn is secured by hypothecation of company's |
|
| leased
assets. |
|
|
| 15.4
This has been obtained from a financial institution on a sale and |
|
| repurchase
agreement for financing the leasing operation of the |
|
| company,
and is secured by hypothecation of leased assets. |
|
|
|
| The
Sale price of Rs. 25,000,000 has a marked-up price of |
|
| Rs
44,389,024 subject to prompt payment rebate of Rs 7,936,704 |
|
| and
is repayable in eight equal quarterly instalments commencing |
|
| from
June 16. 1997. |
|
|
|
| 15.5
This has been obtained from a financial institution on a sale and |
|
| repurchase
agreement for financing the leasing operation of the |
|
| company,
and is secured by hypothecation of leased assets. |
|
|
|
| The
Sale price of Rs. 20,000,000 has a marked-up price of |
|
| Rs.26,697,645
and is repayable in twelve equal quarterly |
|
| instalments
commenced from January 7, 1996 |
|
|
|
| 15.6
This has been obtained from a financial institution at a mark-up |
|
| rate
of 19% per annum. The loan is repayable in lumpsum on |
|
| September
5, 1997, and is secured by hypothecation of leased |
|
| assets. |
|
|
|
| 15.7
This has been obtained from a financial institution on a sale and |
|
| repurchase
agreement for financing the leasing operation of the |
|
| company,
and is secured by hypothecation of leased assets. |
|
|
|
| The
Sale price of Rs. 20,000,000 has a marked-up price ot |
|
| Rs.27,693,920
and is repayable in ten equal quarterly instalments |
|
| commencing
from October 30, 1996. |
|
|
|
|
| 15.8
This has been obtained from a financial institution at a mark-up |
|
| rate
of 18.5% per annum, payable quarterly. The loan is repayable |
|
| in
lumpsum on August 6, 1997, and is secured by hypothecation |
|
| of
leased assets. |
|
|
|
| 15.9
This has been obtained from a financial institution at a mark-up |
|
| rate
of 18.5% per annum, payable quarterly. The loan is repayable |
|
| in
lumpsum on July 5, 1997, and is secured by hypothecation of |
|
| leased
assets. |
|
|
|
|
| 15.10 This has been obtained from a financial
institution at a mark-up |
|
| rate
of 19% per annum, payable quarterly. The loan is repayable in |
|
| lumpsum
on August 28, 1997, and is secured by hypothecation of |
|
| leased
assets. |
|
|
|
| 16.
LONG-TERM DEPOSITS AND LIABILITIES |
|
|
|
1996 |
1994 |
|
|
|
Rupees |
Rupees |
|
| Deposits |
|
|
|
|
|
| Deposits
on leases |
|
103,819,682 |
71,383,496 |
|
| Less:
Current maturity shown under |
|
|
| current
liabilities |
|
15,691,006 |
10,813,043 |
|
|
----------------------- |
|
|
88,128,676 |
60,570,453 |
|
|
|
| Certificates
of investment - note 16.1 |
1,876,000 |
- |
|
|
|
| Liabilities
against bills discounted |
|
|
|
|
|
|
| Rental
bills outstanding - note 16.2 |
9,603,086 |
20,408,648 |
|
|
| Less:
Discounting charges |
|
1,170,761 |
4,714,781 |
|
|
|
|
----------------------- |
|
|
|
|
8.432,325 |
15,693,867 |
|
| Less:
Current maturity shown |
|
|
|
|
| under
current liabilities |
|
6,116,055 |
4,609,641 |
|
|
|
----------------------- |
|
|
|
|
2,316,270 |
11,084,226 |
|
|
|
|
----------------------- |
|
|
|
|
92,320,946 |
71,654.679 |
|
|
|
======================== |
|
|
|
|
| 16.1
The Company has a scheme of registered Certificates of |
|
| Investment
(COI) for resource mobilisation as per permission from |
|
| the
Corporate Law Authority, Government of Pakistan. These |
|
| certificates
are issued under profit and loss sharing basis at rates |
|
| of
profit ranging from 14% to 19.5% per annum. The COls are for |
|
| terms
of 3 months to 5 years. |
|
| 16.2
The rentals receivable from a client have been discounted with an |
|
| associated
financial institution @ 19% on a non-recourse basis. |
|
| This
arrangement is secured by hypothecation of related leased |
|
| assets. |
|
|
|
| 17.
CURRENT MATURITY OF LONG-TERM FINANCE. |
|
|
|
|
|
1996 |
1994 |
|
|
|
|
Rupees |
Rupees |
|
|
|
|
|
|
| Current
maturity of musharika finance |
44,204,419 |
25,265,783 |
|
| Current
maturity of long-term finance |
26,459,463 |
10,409,558 |
|
| Current
maturity of long-term deposits |
15,691,006 |
10,813,043 |
|
| Current
maturity of liabilities against |
|
| bills
discounted |
|
6,116,055 |
4,609,641 |
|
|
|
----------------------- |
|
|
|
|
92,470,943 |
51,098,025 |
|
|
|
======================== |
|
| 18.
OTHER CURRENT LIABILITIES |
|
| Short-term
loans from banks |
|
|
|
| and
financial institutions Note 18.1 |
115,220,500 |
94,862,000 |
|
|
| Running
finance Note 18.2 |
35,102,096 |
41,770,541 |
|
|
| Certificates
of investment Note 16.1 |
64,500,000 |
-- |
|
| Creditors.
accrued and |
|
|
|
|
| other
liabilities |
|
Note 18.3 |
53,038,974 |
15,634,076 |
|
|
| Unclaimed
dividend |
|
749,440 |
517,540 |
|
|
| Provision
for taxation |
|
1,391,598 |
-- |
|
|
|
|
|
----------------------- |
|
|
|
|
270,002,608 |
152,784,157 |
|
|
|
|
======================== |
|
|
|
|
|
| 18.1
Short-term loans from banks and financial institutions |
|
|
|
|
|
|
|
| Represents
short-term loans utilised against aggregate facilities |
|
| of
Rs.115.22 million (1994: Rs. 94.862 million) These loans carry |
|
| mark-up
at an average rate of Re. 0.50 per Rs.1000 per day. |
|
| Included
in these are un-secured finances of Rs.92 08 million |
|
| The
balance is secured as follows: |
|
|
|
|
|
|
|
| These
loans are secured as follows: |
|
|
|
1996 |
1994 |
|
|
|
|
(Rs. in million) |
|
|
|
|
| Hypothecation
of assets leased out |
26.01 |
91.9 |
|
| Cash
collateral's - included in bank |
|
| balances
in deposit accounts |
|
3.15 |
2.96 |
|
|
|
|
Rupees |
Rupees |
|
|
|
|
| 18.2
Running Finance |
|
35,102,096 |
41,770,541 |
|
|
|
|
|
|
| Represents
running finance against aggregate facilities of Rs. 100 |
|
| million
(1994: 45 million) from commercial banks. The average rate |
|
| of
mark-up is Re. 0.53 per Rs. 1,000/- per day. These arrangements |
|
| are
secured by hypothecation of assets leased out by the company. |
|
|
|
| 18.3
Creditors, accrued and other liabilities |
|
|
|
| Creditors |
|
5,534,346 |
794,427 |
|
| Accrued
expenses |
|
1,325,337 |
368,066 |
|
| Other
payables |
|
2,166,786 |
1,076,462 |
|
| Advances
from customer against |
|
| pending
lease executions |
|
1,511,806 |
341,936 |
|
| Tax
deducted at source |
|
445,836 |
258,387 |
|
| Mark-up
and exchange |
|
| risk
fee payable |
|
|
|
| Financial
institutions |
|
32,570,027 |
9,196,085 |
|
| Others |
|
2,136,864 |
468,592 |
|
|
|
----------------------- |
|
|
|
34,706,891 |
9,664,677 |
|
| Advance
rental |
|
7,347,972 |
3,127,121 |
|
|
|
----------------------- |
|
|
|
53,038,974 |
15,634,076 |
|
|
|
======================== |
|
| 19.
COMMITMENTS |
|
|
|
|
|
| Commitments
for lease finance |
|
83,630,000 |
49,816,000 |
|
|
|
======================== |
|
|
|
|
|
|
|
1996 |
1994 |
|
|
|
|
(18 Months) |
(12 Months) |
|
|
|
Rupees |
Rupees |
|
|
|
|
| 20.
INCOME FROM LEASING OPERATIONS |
208,797,169 |
83,838,072 |
|
|
|
| The
above includes all income arising on account of leasing operations. |
|
|
|
|
|
| 21.
INCOME/(LOSS) FROM OPERATING LEASES |
|
|
|
| Rentals |
|
|
1,623,442 |
-- |
|
|
| Depreciation |
|
998,942 |
-- |
|
|
| Operating
expenses |
|
1,076,957 |
-- |
|
|
|
|
----------------------- |
|
|
|
|
2,075,899 |
-- |
|
|
|
|
----------------------- |
|
|
|
|
|
452,457 |
-- |
|
|
|
|
======================== |
|
|
|
|
|
|
|
|
|
|
| 22.
CORPORATE FINANCE AND TREASURY OPERATIONS |
|
|
|
|
|
|
|
|
| Financial
services fees |
|
1,510,615 |
2,400,397 |
|
|
|
| Dividend
income |
|
1,199,208 |
5,251 |
|
|
|
| Return
on term deposits |
|
756,334 |
962,192 |
|
|
|
| Return
on PLS account |
|
-- |
275,318 |
|
|
|
| Return
on short-term finance |
|
|
|
|
| (net
after charging financial cost |
|
|
|
| of Rs.13,058,540) |
|
3,431,794 |
2,640,065 |
|
|
|
| Gain
on disposal of fixed assets |
64,538 |
57,652 |
|
|
|
| Miscellaneous
income |
|
920,218 |
775,283 |
|
|
|
|
|
|
----------------------- |
|
|
|
|
|
|
7,882,707 |
7,116,158 |
|
|
|
|
|
======================== |
|
|
|
| 23.
FINANCIAL AND BANK CHARGES |
|
|
|
|
| Mark-up
on long-term loans |
|
60,112,279 |
8,811,002 |
|
|
|
| Exchange
risk fee |
|
|
8,195,382 |
3,282,886 |
|
|
|
| Mark-up
on short-term loans |
|
32,895,112 |
15,543,628 |
|
|
|
| Mark-up
on running finance |
|
5,790,519 |
2,296,896 |
|
|
|
| Profit
paid on musharika finance |
11,326,625 |
572,939 |
|
|
|
| Finance
charges - bills discounted |
3,544,020 |
3,386,043 |
|
|
|
| Finance
charges on leased asset |
-- |
28,612 |
|
|
|
| Mark-up
on Certificates of Investment |
2,607,143 |
-- |
|
|
|
| Bank
charges and commissions |
|
439,948 |
1,261,405 |
|
|
|
| Amortization
of deferred costs |
574,434 |
382,955 |
|
|
|
|
|
----------------------- |
|
|
|
|
|
125,485,462 |
35,566,366 |
|
|
|
|
|
======================== |
|
|
|
|
|
|
|
| 24.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
|
|
|
|
1996 |
1994 |
|
|
(18 Months) |
(12 Months) |
|
|
Rupees |
Rupees |
|
|
|
| Directors
fee |
|
Note 24.1 |
7,000 |
4,000 |
|
| Salaries
and allowances |
Note 24.2 |
16,295,221 |
6,566,276 |
|
| Staff
welfare and training |
|
1,456,028 |
359,783 |
|
| Office
rent |
|
1,287,475 |
751,256 |
|
| Traveling |
|
827,218 |
493,777 |
|
| Vehicle
up keep and running |
|
1,924,181 |
824,232 |
|
| Legal
and professional charges |
883,198 |
468,765 |
|
| Insurance |
|
37,272 |
44,510 |
|
| Telephone,
telex and fax |
|
2,576,122 |
1,445,896 |
|
| Postage
and courier |
|
225,824 |
119,258 |
|
| Electricity,
water and gas |
|
643,903 |
267,432 |
|
| Subscription |
|
284,990 |
107,968 |
|
| Auditors'
remuneration |
Note 24.3 |
176,774 |
89,910 |
|
| Shares
registrar service |
|
509,374 |
296,989 |
|
| Advertisement |
|
268,960 |
204,984 |
|
| State
Bank charges on late filing |
126,000 |
-- |
|
| Printing
and stationery |
|
925,419 |
606,553 |
|
| Depreciation |
|
4,652,815 |
2,585,013 |
|
| Amortization
of deferred costs |
1,055,407 |
593,964 |
|
| Office
repairs and maintenance |
1,035,670 |
407,036 |
|
| General
expenses |
|
939,770 |
227,209 |
|
| Zakat |
|
|
2,407 |
560 |
|
| Professional
Tax |
|
150,000 |
-- |
|
| Donation |
|
|
Note 24.4 |
122,700 |
165,000 |
|
|
|
|
----------------------- |
|
|
|
|
36,413,728 |
16,630,371 |
|
|
|
|
======================== |
|
|
|
|
| 24.1
Fees totalling Rs. 7,000 (1994 Rs. 4,000) have been paid to directors for
attending Board |
|
| Meetings
during the period. |
|
|
|
|
|
|
| 24.2
Remuneration of Chief Executive and Executives |
|
|
|
|
|
|
|
|
|
1996 |
|
|
1994 |
|
|
|
(18 months) |
|
|
(12 months) |
|
|
Chief |
|
Chief |
|
|
|
|
Executive |
Executives |
Total |
Executive |
Executives |
Total |
|
|
|
|
|
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
|
| Managerial |
|
|
|
| remuneration |
1,932,000 |
5,787,850 |
7,719,850 |
1,032,000 |
2,753,380 |
3,785,380 |
|
| Number
of |
|
|
|
| persons |
|
1 |
11 |
12 |
1 |
7 |
8 |
|
|
|
|
| In
addition the Chief Executive and certain executives are also provided with
free use of |
|
| company
cars and perquisites in accordance with the terms of their employment. Al1 |
|
| executives
are provided with medical insurance cover. |
|
|
|
|
| 24.3
Auditors' remuneration |
|
|
|
1996 |
1994 |
|
|
|
(18 Months) |
(12 Months) |
|
|
|
|
Rupees |
Rupees |
|
| Statutory
audit - June 1996 |
|
55,000 |
45,000 |
|
| Audit
- June 1995 (half yearly) |
35,000 |
-- |
|
| Special
audit |
|
55,000 |
40,000 |
|
| Out-of-pocket
expenses |
|
15,574 |
4,910 |
|
| Other
certifications |
|
16,200 |
-- |
|
|
|
----------------------- |
|
|
|
176,774 |
89,910 |
|
|
|
======================== |
|
|
|
|
| 24.4
Donations |
|
|
| Recipients
of donation do not include any donee in whom any director or his spouse had |
|
| an
interest. |
|
|
|
|
|
|
|
| 25.
PROVISION FOR DIMINUTION IN VALUE OF INVESTMENTS |
|
| Loss
on transfer of long-term investments to short-term |
|
| investments
in marketable securities |
3,015,625 |
-- |
|
| Provision for diminution in
value |
|
|
| of
investments. |
|
|
2,410,323 |
205,151 |
|
|
|
|
----------------------- |
|
|
|
|
5,425,948 |
205,151 |
|
|
|
|
======================== |
|
|
|
|
| 26.
DIVIDEND |
|
| The
International Finance Corporation exercised its option to convert a portion
of its loan into |
|
| equity
based on the financial statements as at December 31, 1994 on 30th September
1995 |
|
| Accordingly
the International Finance Corporation acquired 2,432,067 shares. |
|
|
|
| The
share option agreement requires prorate dividend to be paid from the date of |
|
| subscription. |
|
|
|
|
| 27.
DEFERRED TAXATION |
|
| Deferred
taxation is estimated at Rs.37 64 million of which Rs 12.94 million is in
respect of the current |
|
| period
(1994: Rs. 24.7 million, for the year Rs 11.2 million). |
|
| The
liability for deferred taxation is not likely to arise in the foreseeable
future and accordingly, no |
|
| provision
for deferred taxation has been made in these accounts. |
|
|
|
| 28.
POST BALANCE SHEET EVENT |
|
| Pursuant
to a rights issue, 11,846,167 additional shares of Rs. 10 each were
subscribed on |
|
| 7th
July, 1996 increasing the paid up capital to Rs. 272,782,340 subsequent to
the Balance |
|
| Sheet
date. |
|
|
|
| 29.
TRANSACTIONS WITH ASSOCIATED UNDERTAKINGS |
|
|
|
|
|
|
1996 |
1994 |
|
|
|
|
(18 Months) |
(12 Months) |
|
|
|
Rupees |
Rupees |
|
| Expenses |
|
|
|
| Profit
on musharika finance |
|
811,643 |
-- |
|
| Shares
registrar's fee and charges |
509,374 |
296,989 |
|
| Guarantee
commission |
|
959,409 |
537,386 |
|
| Discounting
charges |
|
3,544,020 |
3,386,043 |
|
| Office
rent |
|
1,255,075 |
751,256 |
|
|
|
|
| Income |
|
|
|
|
|
|
|
|
| Lease
rentals received |
|
18,051,262 |
440,400 |
|
| Profit
on short-term finance |
|
348,831 |
-- |
|
| Net
funds received from trading activities |
1,255,075 |
-- |
|
| (Rs.
66,452,348 - Rs. 65,197,273) |
|
|
|
|
| 30.
GENERAL |
|
|
| 30.1
Figures have been rounded off to the nearest rupee |
|
| 30.2
Previous years figures have been rearranged wherever necessary |
|
| for
the purpose of comparison. |
|
|
|
|
|
|
|
|
|
PATTERN OF SHAREHOLDING |
|
|
|
|
| No. of |
|
Having Shares |
Shares Held |
Percentage |
|
| Share
Holders |
From |
to |
|
|
|
| 130 |
|
1 |
100 |
13000 |
0.0842 |
|
| 1595 |
|
101 |
500 |
763500 |
4.9474 |
|
| 292 |
|
501 |
1000 |
286100 |
1.8539 |
|
| 265 |
|
1001 |
5000 |
721600 |
4.6759 |
|
| 55 |
|
5001 |
10000 |
437800 |
2.8369 |
|
| 10 |
|
10001 |
15000 |
131400 |
0.8514 |
|
| 4 |
|
15001 |
20000 |
71700 |
0.4646 |
|
| 2 |
|
20001 |
25000 |
50000 |
0.3240 |
|
| 6 |
|
25001 |
30000 |
169200 |
1.0964 |
|
| 2 |
|
30001 |
35000 |
68700 |
0.4451 |
|
| 1 |
|
40001 |
45000 |
41000 |
0.2656 |
|
| 5 |
|
45001 |
50000 |
241300 |
1.5636 |
|
| 1 |
|
50001 |
55000 |
52100 |
0.3376 |
|
| 3 |
|
55001 |
60000 |
173500 |
1.1242 |
|
| 1 |
|
60001 |
65000 |
64300 |
0.4166 |
|
| 2 |
|
75001 |
80000 |
156100 |
1.0115 |
|
| 2 |
|
80001 |
85000 |
163200 |
1.0575 |
|
| 1 |
|
95001 |
100000 |
100000 |
0.6480 |
|
| 1 |
|
105001 |
110000 |
110000 |
0.7128 |
|
| 1 |
|
125001 |
130000 |
127000 |
0.8229 |
|
| 1 |
|
195001 |
200000 |
200000 |
1.2960 |
|
| 1 |
|
235001 |
240000 |
235500 |
1.5260 |
|
| 1 |
|
500001 |
505000 |
502000 |
3.2529 |
|
| 1 |
|
1495001 |
1500000 |
1500000 |
9.7200 |
|
| 1 |
|
1610001 |
1615000 |
1615000 |
10.4652 |
|
| 1 |
|
1790001 |
1795000 |
1792500 |
11.6154 |
|
| 1 |
|
2430001 |
2435000 |
2432067 |
15.7598 |
|
| 1 |
|
3210001 |
3215000 |
3213500 |
20.8235 |
|
| --------------- |
|
|
|
--------------- |
--------------- |
|
| 2387 |
|
|
15432067 |
100.0000 |
|
| ======= |
|
|
======= |
======= |
|
|
|
|
|
CATEGORIES OF
SHAREHOLDERS |
|
|
|
|
|
| Particulars |
|
Shareholders |
Share Holding |
Percentage |
|
|
|
| INDIVIDUALS |
|
2346 |
3676500 |
|
23.82380 |
|
| INVESTMENT
COMPANIES |
5 |
117700 |
|
0.76270 |
|
| INSURANCE
COMPANIES |
|
3 |
133000 |
|
0.86180 |
|
| JOINT
STOCK COMPANIES |
13 |
3760100 |
|
24.36550 |
|
| FINANCIAL
INSTITUTIONS |
10 |
5197600 |
|
33.68050 |
|
| MODARABA
COMPANIES |
|
6 |
112100 |
|
0.72640 |
|
| FOREIGN
COMPANIES |
|
1 |
2432067 |
|
15.75980 |
|
| NON-RESIDENT
(PAK RS.) |
3 |
3000 |
|
0.01950 |
|
|
|
|
--------------- |
--------------- |
|
--------------- |
|
| Company
Total |
|
2387 |
15432067 |
|
100.00000 |
|
|
|
======= |
======= |
|
======= |
|
|
|
|
|
|
|
|
|
|
|
|
|
