| Ghemni Leasing Company Limited |
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(Fifth Annual Report
1996) |
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| CONTENTS |
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Page No. |
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| 1.
Company Information |
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2 |
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| 2. Notice of Annual General
Meeting |
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3 |
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| 3.
Financial Highlights |
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4 |
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| 4.
Graphic Presentation |
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5 |
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| 5.
Chairman's Review |
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11 |
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| 6.
Directors' Report |
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13 |
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| 7.
Pattern of Shareholding |
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14 |
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| 8.
Auditors' Report to the Members |
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15 |
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| 9.
Balance Sheet |
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16 |
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| l0.
Profit & Loss Account |
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17 |
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| 11.
Statement of changes in Financial Position |
18 |
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| 12.
Notes to the Accounts |
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19 |
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| 13.
Form of Proxy |
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Company Information |
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| BOARD
OF DIRECTORS |
|
| Mr.
Salahuddin Qureshi |
|
Chairman |
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| Mr.
Raza Kuli Khan Khattak |
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| Mr.
Ahmed Kuli Khan Khattak |
|
| Begum
Tehmina Habibullah Khan |
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| Mr.
Humayaun Sultan Mufti |
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| Dr.
Adil Sultan Mufti |
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| Mr.
Shahid Ghaffar |
|
| Mr.
Mushtaq Ahmed Khan |
|
| Mr.
Kazunori Namekata |
(Alternate Mr. M. Tanaka) |
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| Mr.
Haroon A. Zuberi |
|
Chief Executive |
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| Registered
Office |
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| 2nd
Floor, State Life Building, |
Legal Advisors |
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| 34,
The Mall, Peshawar Cantt. |
Shaukat Law Associates, |
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|
217, Central Hotel
Annexe, |
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| Head Office |
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|
Abdullah Haroon Road, |
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| l-D,
3rd Floor, Sunset Tower, |
Karachi. |
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| Sunset
Boulevard, Karachi. |
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Ph: 5681495, 5686223 |
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| Ph:
5890751-4, 5880687 |
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| Fax:
5888513, 5890755 |
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Share Registrars |
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|
THK Associates (Pvt) Ltd. |
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| Bankers
of the Company |
|
Ground Floor, |
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| Allied
Bank of Pakistan Ltd. |
Shaikh Sultan Trust, |
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| National
Bank of Pakistan Ltd. |
Building No. 2, |
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| Societe Generale, |
|
Beaumont Road, |
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| The
French & International Bank |
Karachi-75530 |
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| Standard
Chartered Bank |
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Ph: 5686658, 5685687 |
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| The
Bank of Tokyo |
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|
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| Auditors |
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| Taseer
Hadi Khalid & Co. |
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| Chartered
Accountants, |
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| 1 st Floor, |
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| Shaikh
Sultan Trust, |
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| Building
No. 2, |
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| Beaumont
Road, |
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| Karachi-75530 |
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| Ph:
5681912, 5682290, 5680934, 5671761-63 |
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|
Notice of Annual General
Meeting |
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| Notice
is hereby given that the Fifth Annual General Meeting of the Company will be
held on 13th day of |
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| November,
1996 at Hotel Pearl Continental, Peshawar Cantt., Peshawar at 12:00 noon to
transact the following |
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| business: |
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| ORDINARY
BUSINESS |
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| --
To receive, consider and adopt the Audited Accounts together with the
Directors' and Auditors' Report for |
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| the
eighteen (18) months ended 30thJune, 1996. |
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|
| --
To approve 20% cash dividend approved by the Board of Directors (10% final
and 10% interim). |
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|
| --
To appoint Auditors and fix their remuneration. The present Auditors Messrs.
Taseer Hadi Khalid & Go., |
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| Chartered
Accountants, retire and being eligible offer themselves for re-appointment. |
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| OTHER
BUSINESS |
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| To
transact any other business as may be placed before the meeting with the
permission of the Chairman. |
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|
By Order of the Board |
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|
Haroon A. Zuberi |
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| Karachi:
22nd October, 1996 |
Chief Executive |
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| NOTES: |
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| 1.
The Share Transfer Books of the company will remain closed from 6th November,
1996 to 13th November, |
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| 1996
(both days inclusive). |
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|
| 2.
A member entitled to attend and vote at this meeting may appoint another
member as his/her proxy to |
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| attend the meeting and vote for him/her. No
person shall act as a proxy who is not a member of the |
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| company. Proxies h~ order to be effective
must be received by the Company not less than 48 hours before |
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| the meeting. |
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| 3.
Shareholders are requested to immediately notify the Company of any change in
their addresses. |
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|
| Ghemni
Leasing Company Limited |
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| l-D,
3rd Floor, Sunset Tower, |
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| Sunset
Boulevard, D.H.A., Karachi-75500 |
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| Tel:
5890751-4, 5880687 Fax: 5888513, 5890755 |
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| E-mail:
ghemni@glc.khi.erum.com.pk |
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| Internet:
glc@biruni.erum.com.pk |
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|
Financial Highlights |
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|
(Rs. in Million) |
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|
30 June, 1996 |
31 Dec. 1994 |
31 Dec. 1993 |
31 Dec. 1992 |
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|
|
(18 months) |
(12 months) |
(12 months) |
(6 months) |
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|
|
|
| Gross Income |
|
137.60 |
66.42 |
30.09 |
8.97 |
|
| Gross
Expenses |
|
113.98 |
49.60 |
18.56 |
3.80 |
|
| Net Profit |
|
22.93 |
16.32 |
11.39 |
5.16 |
|
| Net
Investment in Leases |
|
496.88 |
339.58 |
191.29 |
55.52 |
|
| Total Equity |
|
160.77 |
72.87 |
66.55 |
55.16 |
|
| Total Assets |
|
581.05 |
438.00 |
259.03 |
126.18 |
|
|
| INVESTMENT
IN SHARES |
|
| Cost |
|
15.26 |
15.75 |
3.24 |
5.70 |
|
| Provision
for Diminution in value of Shares |
4.27 |
1.70 |
- |
- |
|
| Book Value |
|
10.99 |
14.06 |
4.57 |
5.91 |
|
| Market Value |
|
6.46 |
14.06 |
4.57 |
5.91 |
|
|
| LEASE
PORTFOLIO (Disbursement during the year) |
|
| Plant
& Machinery |
|
66.33% |
77.00% |
78.60% |
74.00% |
|
| Equipments |
|
9.23% |
11.50% |
9.20% |
10.80% |
|
| Private
Vehicles |
|
9.67% |
11.00% |
9.40% |
8.10% |
|
| Commercial
Vehicles |
|
14.77% |
0.50% |
2.80% |
7.10% |
|
|
|
-------- |
-------- |
-------- |
-------- |
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|
100.00 % |
100.00 % |
100.00 % |
100.00 % |
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|
| FINANCIAL
RATIOS |
|
| Current
Ratio |
|
1.38:1 |
1.03:1 |
1.34:1 |
5.33:1 |
|
| Debt
Equity Ratio |
|
54:46 |
60:40 |
57:43 |
47:53 |
|
| Return
on Average Equity |
|
20.31% |
23.40% |
18.72% |
-- |
|
| Earning
Per Share (Rs.) |
|
3.77 |
3.26 |
2.28 |
1.03 |
|
| Break-up
Value of Share (Rs.) |
|
19.46 |
14.57 |
13.31 |
11.03 |
|
| Leverage
(times) |
|
2.61 |
5.01 |
2.89 |
1.29 |
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|
Chairman's Review |
|
|
| It
gives me great pleasure in presenting to you the 5th Annual Report together
with the Audited Accounts for the 18 |
|
| months
ended 30th June, 1996. |
|
|
| REVIEW
OF OPERATIONS: |
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| The
economic condition of the country remained subdued during the period under
review. However, your company |
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| performed
well considering the overall economic situation and stiff competition. |
|
|
| During
the period under review, your company faced problems in disbursement because
only a limited number of good |
|
| customers
were available for leasing. Further, due to slow down of economic activities,
setting up of new projects as well as |
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| BMR
also remained shy. The main emphasis remained on building of quality and tax
efficient lease portfolio. The |
|
| maximum
exposure of 16.80% was taken in Cement sector, followed by Transport &
Communication and Food & |
|
| Beverages,
constituting of 14.43% and 9.55% respectively of the total disbursement
during the period under review. |
|
|
| The
operating results of the company were encouraging as compared to overall
economic condition. The profit before tax |
|
| and
provision for doubtful debts rose from Rs. 17.27 million to Rs. 24.90
million, registering a growth of 44.18%. The total |
|
| revenue
increased to Rs. 137.60 million from Rs. 66.42 million, whereas lease income
increased from Rs. 63.54 million to |
|
| Rs.
134.96 million, an increase of Rs. 71.42 million. |
|
|
| On
the expense side, total expenses other than provisions increased to Rs.
112.70 million from Rs. 49.14 million. The |
|
| major
contribution towards expenses was that of financial charges, which increased
from Rs. 37.51 million to Rs. 87.67 |
|
| million.
Since finance is the lifeblood of any financial institution and specially for
growth it is unavoidable and lately there |
|
| has
been a liquidit5, crunch in the local market, which has increased the cost of
funds. |
|
|
| Further,
the company also had to make provision for diminution in the value of shares
which amounted to Rs. 4.27 million. |
|
| Profit
after tax and provision amounted to Rs. 22.93 million as against Rs. 16.31
million for the year ended 31st December, |
|
| 1994.
The statutory and contingency reserve amounted to Rs. 4.59 million and Rs.
3.17 million respectively. |
|
|
| During
the period under review, company's Paid-up Capital increased through right
issue from Rs. 50.0 million to Rs. 82.6 |
|
| million.
As a result, the company's Earning Per Share (EPS) has diluted. However,
Weighted Average EPS stood at Rs. 3.77 |
|
| per
share as against Rs. 3.26 per share for the year ended 31st December, 1994.
The current ratio has also improved to |
|
| 1.38:1
as compared to 1.03:1 of the last year. |
|
|
| The
company is also reducing its outstanding exposure in textile sector due to
the problems faced by this sector. So far the |
|
| company
has reduced its outstanding exposure from 28.31% as on 31st December, 1994 to
17.65% as on 30thJune, 1996. |
|
|
| The
government has also levied a Central Excise Duty @ 1%, with effect from 1st
July, 1996, which will affect the leasing |
|
| business
in future. |
|
|
| DIVIDEND: |
|
| The
Board of Directors of the company in their meeting held on 12th March, 1996,
announced a 10% interim cash |
|
| dividend.
Apart from interim dividend, the Board is pleased to announce a 10% final
cash dividend. |
|
|
|
| FUNDINGS: |
|
| During
the period under review, the financial sector remained under stress,
specially due to the pressure of State Bank of |
|
| Pakistan
on commercial banks to bring their lendings down. Recently the State Bank has
issued a Credit Plan to the |
|
| commercial
banks for extending credit facilities to different sectors of the economy.
Despite liquidity crunch in the |
|
| financial
market, your company had managed to arrange fresh credit facilities of Rs.
259.75 million during the period |
|
| under
review and is still trying to arrange long term credit lines from
multilateral agencies. |
|
|
| CERTIFICATES
OF INVESTMENT (COIs): |
|
| Permission
by Corporate Law Authority (GLA) to issue COIs by your company was also
granted in the month of June, 1996. |
|
|
|
| RECOVERY: |
|
| Due
to adverse law and order situation of Karachi in particular and overall
country in general, the economic activities |
|
| remained
slow, due to which almost all the sectors of the economy were affected. As a
result your company faced problems |
|
| in
recovery, but with the timely interference of management and intensive
recovery efforts, rentals were recovered almost |
|
| on time. |
|
|
| FUTURE
PROSPECTS: |
|
| We
are optimistic that in the next few months, the economic situation will
further improve and new industries as well as |
|
| BMR
activities will start again. The improvement in economic activities mean more
business for financial sector. |
|
|
| STAFF: |
|
| In
order to survive in the competitive sector of leasing, we have hired a number
of qualified professionals, who will provide |
|
| their
full support for the betterment of the company. Further, to keep them abreast
with the latest technologies and |
|
| concepts
in the leasing business, we provide them every opportunity to attend the
training workshops and seminars etc. to |
|
| enhance
their knowledge and skill. |
|
|
|
| ACKNOWLEDGMENT: |
|
| I
would also like to acknowledge the support and guidance of Regulatory
Authorities, DFI's, Banks and Institutions, which |
|
| has
enabled us to operate effectively during the period. My special appreciations
are for the members of our team, for their |
|
| hard
work, motivation and professional skills which has led us in achieving the
set targets for the period under review. |
|
|
|
|
Directors' Report |
|
|
|
|
| The
directors have pleasure in submitting the Fifth Annual Report together with
Audited Accounts and the |
|
| Auditors'
Report thereon for 18 months ended 30thJune, 1996. |
|
|
| FINANCIAL RESULTS |
|
|
|
|
Rupees |
|
|
|
1995-96 |
1994 |
|
|
|
|
(18 months) |
(12 months) |
|
|
| Total Income |
|
|
137,602,549 |
66,416,153 |
|
| Expenses |
|
|
113,982,542 |
49,601,575 |
|
|
|
|
---------- |
---------- |
|
| Net
profit before tax |
|
|
23,620,007 |
16,814,578 |
|
| Taxation
- Current |
|
|
688,012 |
500,000 |
|
|
|
|
---------- |
---------- |
|
| Profit
after taxation |
|
|
22,931,995 |
16,314,578 |
|
| Profit
brought forward |
|
|
9,492,254 |
9,415,626 |
|
|
|
|
---------- |
---------- |
|
| Profit
available for appropriation |
|
32,424,249 |
25,730,204 |
|
| Appropriations |
|
| Transfer
to statutory reserve |
|
4,586,399 |
3,262,916 |
|
| Transfer
to contingency reserve |
|
3,171,582 |
2,975,034 |
|
| Interim
cash dividend @ 10% |
|
8,259,700 |
- |
|
| Proposed
final cash dividend @ 10% (1994: 20%) |
8,259,700 |
10,000,000 |
|
|
---------- |
---------- |
|
|
|
|
24,277,381 |
16,237,950 |
|
|
|
|
---------- |
---------- |
|
| Unappropriated
profit carried forward |
|
8,146,868 |
9,492,254 |
|
|
|
|
========== |
========== |
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|
|
|
|
|
| AUDITORS |
|
| The
present Auditors Messrs. Taseer Hadi Khalid & Co., Chartered Accountants,
retire and being eligible |
|
| offer
themselves for re-appointment. |
|
|
| PATTERN
OF SHAREHOLDING |
|
| The
pattern of shareholding is annexed. |
|
|
| STAFF |
|
| The
directors would like to place on record their appreciation of the hard work
and dedication of staff |
|
| members
in achieving the results being presented. |
|
|
|
|
Pattern of Shareholdings
as at 30 June, 1996 |
|
|
| No. of |
H a v i n g |
S h a r e s |
Shares |
Percentage |
|
| Share Holders |
From |
To |
Held |
|
|
| 82 |
1 |
100 |
8,200 |
0.10 |
|
| 389 |
101 |
500 |
169,000 |
2.05 |
|
| 153 |
501 |
1,000 |
150,400 |
1.82 |
|
| 67 |
1,001 |
5,000 |
153,600 |
1.86 |
|
| 21 |
5,001 |
10,000 |
165,200 |
2.00 |
|
| 7 |
l0,001 |
15,000 |
83,500 |
1.01 |
|
| 4 |
15,001 |
20,000 |
75,700 |
0.92 |
|
| 2 |
25,001 |
30,000 |
56,000 |
0.68 |
|
| 1 |
30,001 |
35,000 |
31,000 |
0.38 |
|
| 1 |
50,001 |
55,000 |
52,200 |
0.63 |
|
| 1 |
55,001 |
60,000 |
56,300 |
0.68 |
|
| 1 |
155,001 |
160,000 |
156,400 |
1.89 |
|
| 1 |
295,001 |
300,000 |
300,000 |
3.63 |
|
| 1 |
335,001 |
340,000 |
337,700 |
4.09 |
|
| 1 |
495,001 |
500,000 |
500,000 |
6.05 |
|
| 1 |
1,245,001 |
1,250,000 |
1,250,000 |
15.13 |
|
| 1 |
1,810,001 |
1,815,000 |
1,814,500 |
21.97 |
|
| 1 |
2,895,001 |
2,900,000 |
29,000,000 |
35.11 |
|
| ---------- |
|
---------- |
---------- |
|
| 735 |
|
8,259,700 |
100.00 |
|
| ========== |
|
========== |
========== |
|
|
|
|
|
| Categories
of Shareholders |
|
|
| Particulars |
|
Shareholders |
Shareholding |
Percentage |
|
|
|
|
| I
n d i v i d u a 1 s |
719 |
845,900 |
10.24 |
|
| Insurance
Companies |
1 |
337,700 |
4.09 |
|
| Joint
Stock Companies |
7 |
4,261,000 |
51.59 |
|
| Financial
Institutions |
6 |
2,307,100 |
27.93 |
|
| Foreign
Companies |
1 |
500,000 |
6.05 |
|
| Others |
|
1 |
8,000 |
0.10 |
|
|
|
---------- |
---------- |
---------- |
|
|
|
735 |
8,259,700 |
100.00 |
|
|
|
========== |
========== |
========== |
|
|
|
|
Auditors' Report to the
Members |
|
|
| We
have audited the annexed balance sheet of GHEMNI LEASING COMPANY LIMITED as
at 30 June 1996and the |
|
| related
profit and loss account and statement of changes in financial position,
together with the notes forming part |
|
| thereof,
for the eighteen months 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 Ordi- |
|
| nance, 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 30June 1996 and of |
|
| the
profit and the changes in financial position for the eighteen months 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. |
|
|
|
|
|
|
Balance Sheet |
|
|
As at 30 June, 1996 |
|
Rupees |
|
|
|
|
30 June |
31 December |
|
|
|
|
NOTE |
1996 |
1994 |
|
| ASSETS |
|
| FIXED
ASSETS - at cost less accumulated depreciation |
3 |
4,822,120 |
3,276,614 |
|
|
|
|
|
|
| NET
INVESTMENT IN LEASES |
|
|
4 |
324,069,532 |
212,619,908 |
|
| LONG
TERM INVESTMENTS |
|
|
5 |
11,935,759 |
450,000 |
|
| LONG
TERM DEPOSITS AND DEFERRED COST |
|
6 |
2,234,526 |
!,408,094 |
|
| CURRENT
ASSETS |
|
|
|
|
|
| Current
maturity of net investment in leases |
|
172,811,582 |
126,960,788 |
|
| Investments |
|
|
|
5 |
50,000 |
14,109,205 |
|
| Advance
against lease commitment |
|
|
6,005,659 |
41,818,750 |
|
| Advances,
deposits, prepayments |
|
|
|
|
| and
other receivables |
|
7 |
9,400,670 |
12,469,579 |
|
| Cash
and bank balances |
|
|
8 |
49,721,694 |
24,883,159 |
|
|
|
|
--------- |
--------- |
|
|
|
|
237,989,605 |
220,241,481 |
|
|
|
|
--------- |
--------- |
|
|
|
|
581,051,542 |
437,996,097 |
|
|
|
|
========= |
========= |
|
| SHAREHOLDERS'
EQUITY AND LIABILITIES |
|
|
|
|
|
|
|
|
|
| SHARE
CAPITAL |
|
|
9 |
82,597,000 |
50,000,000 |
|
| SHARE
PREMIUM |
|
|
|
48,895,500 |
-- |
|
| RESERVES |
|
|
|
10 |
21,132,061 |
13,374,080 |
|
| UNAPPROPRIATED
PROFIT |
|
|
|
8,146,868 |
9,492,254 |
|
|
|
|
--------- |
--------- |
|
| SHAREHOLDERS'
EQUITY |
|
|
|
160,771,429 |
72,866,334 |
|
|
|
|
|
|
| LONG
TERM FINANCING - Secured |
|
11 |
192,148,535 |
107,497,352 |
|
| LONG
TERM DEPOSITS |
|
|
12 |
55,925,877 |
43,696,534 |
|
| LONG
TERM SECURITY DEPOSIT ON LEASES |
|
|
|
|
| LIABILITIES
AGAINST ASSETS SUBJECT TO |
|
|
|
|
| FINANCE
LEASE |
|
|
13 |
-- |
145,482 |
|
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
|
|
| Current
maturity of long term financing, long term |
|
|
|
| deposits
and lease facility |
|
14 |
18,147,213 |
1,883,085 |
|
| Finance
under mark-up arrangements - Secured |
15 |
126,200,001 |
179,078,628 |
|
| Accrued
expenses and other liabilities |
|
16 |
15,095,574 |
22,328,682 |
|
| Provision
for taxation |
|
|
|
769,798 |
500,000 |
|
| Dividend
payable |
|
|
|
11,993,115 |
10,000,000 |
|
|
|
|
--------- |
--------- |
|
|
|
|
|
172,205,701 |
213,790,395 |
|
| CONTINGENCIES
AND COMMITMENTS |
|
17 |
|
|
|
|
|
--------- |
--------- |
|
|
|
|
581,051,542 |
437,996,097 |
|
|
|
========= |
========= |
|
| These
accounts should be read in conjunction with the attached notes. |
|
|
|
|
|
Profit and Loss Account
for the |
|
|
eighteen months period
ended 30 June, 1996 |
|
|
|
|
|
|
|
Rupees |
|
|
|
|
18 Months |
Year Ended |
|
|
|
|
|
Period Ended |
31 December, |
|
|
|
Note |
30 June, 1996 |
1994 |
|
|
|
|
| REVENUE |
|
|
|
| Income
from leasing operations |
|
18 |
134,962,810 |
63,538,836 |
|
| Income
on investments |
|
19 |
929,997 |
2,108,923 |
|
| Other Income |
|
20 |
1,709,742 |
768,394 |
|
|
--------- |
--------- |
|
|
|
|
137,602,549 |
66,416,153 |
|
|
| EXPENDITURE |
|
|
| Administrative
and operating expenses |
|
21 |
19,276,008 |
9,257,119 |
|
| Provision
for diminution in the value of investments |
|
4,270,593 |
1,695,053 |
|
| Provision
for doubtful debts |
|
|
1,278,623 |
460,000 |
|
| Amortisation
of deferred cost |
|
|
1,487,012 |
675,183 |
|
| Financial
charges |
|
22 |
87,670,306 |
37,514,220 |
|
|
--------- |
--------- |
|
|
|
|
113,982,542 |
49,601,575 |
|
|
|
|
--------- |
--------- |
|
| PROFIT
FOR THE PERIOD BEFORE TAXATION |
|
|
23,620,007 |
16,814,578 |
|
|
|
|
|
|
| TAXATION |
|
| Current year |
|
688,012 |
500,000 |
|
|
|
--------- |
--------- |
|
| Profit
for the period after taxation |
|
22,931,995 |
16,314,578 |
|
| Unappropriated
profit brought forward |
|
9,492,254 |
9,415,626 |
|
|
|
--------- |
--------- |
|
| Profit
available for appropriation |
|
32,424,249 |
25,730,204 |
|
|
|
|
|
| APPROPRIATIONS |
|
|
| Statutory
reserve @20% of profit |
|
4,586,399 |
3,262,916 |
|
| Contingency
reserve @2% of lease contract receivable |
|
3,171,582 |
2,975,034 |
|
| Proposed
Dividend |
|
| Interim
@ 10% (1994: Nil) |
|
