| InterAsia Leasing Company Limited |
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|
(Annual Report 1996) |
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CONTENTS |
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| Corporate
Information |
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2 |
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| Directors'
Report And Chairmans' Review |
4 |
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| Notice
of Meeting |
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7 |
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| Auditors'
Report |
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8 |
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| Balance
Sheet |
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10 |
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| Profit
And Loss Account |
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12 |
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| Cash
Flow Statement |
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13 |
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| Notes
To The Accounts |
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14 |
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| Pattern
Of Shareholding |
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24 |
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CORPORATE INFORMATION |
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| Board
of Directors |
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| Inam-ul-Haq,
Chairman. |
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| Rauf
Baksh Kadri. |
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| Naveed
A. Khan, Chief Executive. |
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| Rashid
Zahir, Nominee Director (SAPICO). |
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| Shahid
Ghaffar, Nominee Director (NIT). |
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| Khalid
Malik. |
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| Fahim-ul-Haq. |
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| Managing
Director |
|
Haroon Sharif |
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| Company
Secretary |
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Syed Fazal Ahmed |
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| Bankers |
|
Crescent Investment Bank
Ltd. |
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|
Deutsche Bank Ltd., |
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|
Schon Bank Ltd. |
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| Legal
Advisers |
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| Cornelius
Lane & Mufti, Advocates & Solicitors, |
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| Nawa-i-Waqt
House, 4-Fatima Jinnah Road, |
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| Lahore-54000,
Pakistan. |
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|
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| Auditors |
|
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| Khalid
Majid Husain Rahman, Chartered Accountants, |
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| 2nd
floor, A1-Malik Center, 70 West, G-7/F-7, |
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| Jinnah
Avenue, Islamabad, Pakistan. |
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| Registrar
and Share |
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| Transfer
office |
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| Universal
Management Services (Ptv.) Ltd., |
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| Room
No. 205, Central Hotel, |
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| Abdullah
Haroon Road, Karachi, Pakistan. |
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| Ph:
5688094. |
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| Registered
Office |
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| 26-D,
1 st Floor, Kashmir Plaza, |
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| Jinnah
Avenue, Blue Area, |
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| Islamabad,
Pakistan. |
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| Ph:
270365, 270366, 270367. |
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| Fax:
814868. |
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| Year
of Establishment |
1993 |
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|
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| Credit
Rating |
BB+ (Long term) by PACRA. |
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| Senior
Management |
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| Munawar
Suleman, Senior Vice President (Branch Manager Karachi) |
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| Zargham
K. Durrani, Vice President (Branch Manager Lahore). |
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| Khawaja
Zia Abbas, Assistant Vice President. |
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| Listings |
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Karachi and Islamabad
Stock Exchange. |
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| Liaison
Offices |
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| Karachi: |
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| 415,
Clifton Centre, Khayaban-e-Roomi, |
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| Clifton,
Karachi-75600, Pakistan. |
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| Ph:
5862565, 5863051, |
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| Fax:
(92-21) 5865499. |
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| Lahore: |
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| F-2,
First Floor, Empire Centre, |
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| Main
Boulevard, Gulberg III, |
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| Lahore,
Pakistan. |
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| Ph:
5750761,5755723. |
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| Fax:
5755391. |
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|
| Other
LTV Group Companies |
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| Bankers
Equity Limited. |
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| Long
Term Venture Capital Modaraba. |
|
| First
Interfund Modaraba. |
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| LTV
Housing Finance Limited (formally Interfund Housing Finance Ltd.) |
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| DIRECTORS'
REPORT AND REVIEW BY THE CHAIRMAN |
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| The
Directors have great pleasure in presenting the fourth Annual Report together
with |
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| Audited
Accounts of InterAsia Leasing Company Limited for the period July 01, 1995 to |
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| June
30, 1996. Your company has managed to achieve a reasonable level of growth in
all |
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| major
areas of business. Looking at the existing slow down in economic activity in
the |
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| country,
it was only achievable because of management's prudent approach towards |
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| building
up a productive and performing investment portfolio. |
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|
| The
Business |
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| After
completing the third profitable year of operations, the company is clearly
committed |
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| to
further extend lease financing for industrial development. Looking at the all
time low |
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| performance
of the capital market in Pakistan, InterAsia did not play any active role in
the |
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| stock
market during the year under review. However, as part of the LTV Consortium,
the |
|
| company
has taken a long term strategic equity stake of Rs. 15 million in Bankers
Equity |
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| Limited.
This investment certainly adds strength to InterAsia's corporate image and
will |
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| compliment
resources for future business growth. |
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| Leasing
operations as well as revenues and income have shown a significant growth
over |
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| the
figures of last year. The company has consolidated its net worth and to
strengthen its |
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| balance
sheet it has made a provision for contingencies, in addition to provision for
turn |
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| overtax
and outstanding receivables. The growth however does not actually depict the |
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| attainment
of budgetary targets mainly due to depressed industrial activity in the
country. |
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| On
the whole, results of 1996 indicate an overall healthy trend for your company
as |
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| summarized
below. |
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|
Comparative Financial
Highlights (Rs. ) |
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|
1996 |
|
1995 |
|
1994 |
|
|
|
(June) |
(June/6months) |
(December) |
|
|
|
| Lease
investments |
305, 821,853 |
245,030,349 |
|
194,842,230 |
|
| Revenues |
|
35,904,296 |
16,852,516 |
|
26,689,286 |
|
| Expenditure |
25,302, 570 |
11,723,360 |
|
9, 987,604 |
|
| Profit |
|
10,206,722 |
5,129,156 |
|
16,701,682 |
|
| Net
Worth |
127,788,458 |
117,581,736 |
|
112,452,580 |
|
|
|
|
| The
Investment Portfolio |
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| InterAsia
has a lease portfolio of about Rs. 300 million which is well diversified in
terms |
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| of
geographical risk, sectoral distribution and asset wise exposures. The major
sectors |
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| where
leases have been disbursed include: |
|
| 1. |
Textiles |
|
15.0 |
|
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| 2. |
Cement |
|
13.0 |
|
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| 3. |
Chemicals |
|
11.0 |
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| 4. |
Food & Allied |
|
10.0 |
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| 5. |
Transport &
Communications |
11.0 |
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| 6. |
Pharmaceutical |
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4.5 |
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| 7. |
Engineering |
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7.0 |
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| 8. |
SMEs |
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15.0 |
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| 9. |
Others |
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13.5 |
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| The
company strongly supports small and medium sized enterprises (SMEs) and
currently |
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| over
15% of the investment portfolio is in the SMEs. The company makes a conscious |
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| effort
to keep its investment portfolio well diversified. |
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| Credit
Rating |
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| InterAsia
has been assigned a long term credit rating of BB+ in 1996 from Pakistan
Credit |
|
| Rating
Agency (Pvt.) Limited (PACRA) which is an associate of London based IBCA, the |
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| third
largest credit rating agency in the world. IBCA is recognized by Securities
and |
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| Exchange
Commission in the USA and by authorities in all major financial markets. |
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| InterAsia's
credit rating is also being published in Financial Times Credit Ratings in |
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| Emerging
Markets. |
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|
| Certificates
of Investment (COIs) |
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| After
receiving formal approval from the Corporate Law Authority (CLA), Government |
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| of
Pakistan, InterAsia launched several lucrative saving schemes through
certificates of |
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| investments
(COIs). The Company has managed to raise over Rs. 60 million through |
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| COIs
in 1995-1996 which reflects the market's confidence in the management. |
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|
| Human
Resource Development |
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| The
company has strengthened its human resource base by posting a senior
executive from |
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| one
of its group companies having an excellent record of performance as Managing |
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| Director
at its head office in Islamabad. As a part of special emphasis on human
resource |
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| development,
a number of executives were deputed to participate in management training |
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| programmes
conducted by reputable institutions as well as in those organized in house. |
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| Macro
Economic Environment |
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| The
general politico economic conditions especially the outlook of industry
affect the |
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| demand
for leasing and the size of fiscal deficit determines the availability of
private |
|
| savings
to the private sector institutions influencing the supply side of leasing.
This |
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| scenario
imposes constraints on lease financing forcing leasing institutions to make |
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| appropriate
adjustments in terms of lease size and sectoral exposures. The performance of |
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| the
economy as a whole has shown a mixed trend during the year under review. With |
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| improvements
in the economy, we can expect a marked increase in business. |
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|
| Future
Outlook |
|
| According
to a recent report published by International Finance Corporation (IFC), in |
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| many
developing economies, leasing has been growing very rapidly. Between 1988 and |
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| 1994,
new leases grew from US$ 15 billion to USS 44 billion. Pakistan is following
the |
|
| same
trend and leasing industry is bound to grow in future as the country has to
broaden |
|
| and
modernize its industrial base. Our country has a tremendous potential for
long term |
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| economic
development. It is our earnest hope that with a more sustainable macro |
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| economic
frame-work, privatization and financial sector reform, more favourable |
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| conditions
will prevail for the future growth of business and greater prosperity of the |
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| country. |
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|
| Acknowledgment |
|
| The
Directors would like to place on record their thanks to the shareholders for
their |
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| confidence
in the Company, to our clients for their continued support and the executives |
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| and
staff for the hard work put in by them for their commitment, competent
management, |
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| and
conduct of company's business. |
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|
For and on behalf of
Board of Directors |
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|
-Sd- |
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| Islamabad |
|
Inam-ul Haq |
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| September
26, 1996 |
Chairman |
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| NOTICE
OF MEETING |
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| Notice
is hereby given that Fourth Annual General Meeting of INTERASIA LEASING |
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| COMPANY
LIMITED will be held at the registered office of the Company, 26-D, |
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| Kashmir
Plaza, Jinnah Avenue, Blue Area, Islamabad, on Thursday October 31, 1996 at |
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| 4.00
P.M. to transact the following business. |
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| ORDINARY
BUSINESS |
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| 1.
To confirm the Minutes of the Third Annual General Meeting held on Monday, |
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| February
26, 1996. |
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| 2.
To receive, consider and adopt the audited accounts of the Company for the |
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| period
ended June 30, 1996 together with the Directors' and auditors' report |
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| thereon. |
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| 3.
To appoint Auditors for the year 1996 and fix their remuneration. The present |
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| auditors,
M/s. Khalid Majid Husain Rehman, Chartered Accountants retire and |
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| being
eligible, to offer themselves for reappointment. |
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|
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| 4.
To transact any other business with the permission of the Chair. |
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|
By order of the Board |
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|
SYED FAZAL AHMED |
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| Karachi:
October 9, 1996. |
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Company Secretary |
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| NOTES: |
|
| 1.
The Register of Members of the Company will remain closed from October 19, |
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| 1996
to October 27, 1996 (both days inclusive) |
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|
|
| 2.
A member entitled to attend and vote at the meeting is entitled to appoint a
proxy |
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| to
attend and vote for him/her. A proxy need not to be a member of the Company. |
|
|
|
| 3.
An instrument of proxy and the power of Attorney or other authority (if any) |
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| under
which it is signed, or a notarially certified copy of such power of attorney, |
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| in
order to be valid must be deposited at the registered office of the Company
not |
|
| less
than 48 hours before the time of the meeting. |
|
|
|
| 4.
Members are advised to lodge shares for transfer at the office of our
Registrar, |
|
| Universal
Management Service (Pvt.) Ltd., Room Nos. 205-Central Hotel, |
|
| Abdullah
Haroon Road, Karachi, Tel. No. 5688094. |
|
|
| 5.
Members are requested to notify any change in addresses immediately. |
|
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|
|
| AUDITORS
REPORT TO THE MEMBERS |
|
| We
have audited the annexed balance sheet of Inter Asia Leasing Company Limited
as at June 30, |
|
| 1996
and the related profit and loss account and cash flow statement, 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 and cash flow statement
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 purposes 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 cash flow statement,
together with the |
|
| notes
forming part thereof, give the information required by the Companies
Ordinance, |
|
| 1984
in the manner so required and respectively give a true and fair view of the
state of |
|
| the
Company's affairs as at June 30, 1996 and of the profit and the cash flow
statement 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. |
|
|
|
Khalid Majid Husain
Rahman |
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| Islamabad:
September 26, 1996 |
Chartered Accountants |
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|
BALANCE SHEET AS |
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|
June 30, |
June 30, |
|
|
Note |
1996 |
1995 |
|
|
|
Rupees |
Rupees |
|
| SHARE
CAPITAL AND RESERVES |
|
|
|
| Authorised
Capital |
|
|
|
| 20,000,000
ordinary |
|
| shares
of Rs. 10 each |
|
200,000,000 |
200,000,000 |
|
|
|
========== |
========== |
|
| Issued,
subscribed and paid up capital |
|
| 10,000,000
ordinary shares of |
|
| Rs.
10 each fully paid in cash |
|
100,000,000 |
100,000,000 |
|
|
|
|
|
| Revenue
reserves |
|
| Statutory |
|
8,136,692 |
6,016,347 |
|
| General |
|
10,000,000 |
6,600,718 |
|
| Contingencies |
|
3 |
2,313,600 |
- |
|
| Un-appropriated
profit |
|
|
7,338,166 |
4,964,671 |
|
|
|
---------- |
---------- |
|
|
|
|
127,788,458 |
117,581,736 |
|
|
|
|
|
|
|
| LONG
TERM DEPOSITS |
|
4 |
29,618,140 |
29,488,424 |
|
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
| Current
portion of long term |
|
|
|
|
| deposits |
|
|
34,289,121 |
2,536,006 |
|
| Finances
under mark-up |
|
|
|
|
| arrangements |
|
5 |
98,681,839 |
74,990,391 |
|
| Accrued
and other liabilities |
6 |
11,847,799 |
3,201,582 |
|
| Dividend
payable |
|
|
160,665 |
519,515 |
|
|
|
---------- |
---------- |
|
|
|
144,979,424 |
81,247,494 |
|
|
|
---------- |
---------- |
|
|
|
302,386,022 |
228,317,654 |
|
|
|
========== |
========== |
|
|
|
|
|
| The
annexed notes form an integral part of these financial statements. |
|
|
|
|
|
|
|
AT JUNE 30, 1996 |
|
|
|
|
June 30, |
June 30, |
|
|
|
|
|
1996 |
1995 |
|
|
|
|
Note |
Rupees |
Rupees |
|
|
| OPERATING
FIXED ASSETS |
|
|
|
| -TANGIBLE |
|
7 |
3,028,115 |
3,451,034 |
|
|
|
|
|
| NET
INVESTMENT IN LEASES |
|
|
|
| Minimum
lease payment receivables |
|
268,171,977 |
214,945,919 |
|
| Add:
Residual value of leased assets |
|
37,649,876 |
30,084,430 |
|
|
---------- |
---------- |
|
|
|
305,821,853 |
245,030,349 |
|
| Less:
Unearned lease income |
|
(74,461,849) |
(59,011,061) |
|
|
---------- |
---------- |
|
| Net
investment in leases |
|
|
231,360,004 |
186,019,288 |
|
| Less:
Current portion of net |
|
|
| investment in leases |
|
(74,210,255) |
(55,500,517) |
|
|
|
---------- |
---------- |
|
|
|
157,149,749 |
130,518,771 |
|
| LONG
TERM INVESTMENTS |
|
8 |
41,351,768 |
24,154,343 |
|
| LONG
TERM DEPOSITS |
|
|
161,150 |
141,250 |
|
| DEFERRED
COSTS |
|
9 |
2,935,622 |
3,425,450 |
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Current
portion of net investment in leases |
74,210,255 |
55,500,517 |
|
| Advances,
prepayments and other |
|
|
|
| receivables |
|
10 |
20,811,828 |
10,333,886 |
|
| Cash
and bank balances |
|
11 |
2,737,535 |
792,403 |
|
|
|
---------- |
---------- |
|
|
|
|
97,759,618 |
66,626,806 |
|
|
|
|
|
|
|
---------- |
---------- |
|
|
|
302,386,022 |
228,317,654 |
|
|
|
========== |
========== |
|
|
|
|
|
|
PROFIT AND LOSS ACCOUNT
FOR |
|
|
|
|
THE PERIOD ENDED JUNE 30,
1996 |
|
|
For the period |
For the period |
|
|
from July 01, |
from January 01, |
|
|
|
Note |
1995 to June |
1995 to June |
|
|
|
30, 1996 |
30, 1995 |
|
|
Rupees |
Rupees |
|
| REVENUES |
|
| Income
from leasing operations |
12 |
35,409,723 |
17,946,771 |
|
| Income/(Loss)
from investments |
13 |
(67,376) |
(1,318,205) |
|
| Other
Income/(charges) |
|
14 |
561,949 |
223,950 |
|
|
|
---------- |
---------- |
|
|
|
|
35,904,296 |
16,852,516 |
|
| EXPENSES |
|
|
|
| Administrative
and operating expenses |
15 |
99,016,681 |
6,496,357 |
|
| Financial
charges |
|
16 |
15,400,902 |
5,227,003 |
|
|
|
---------- |
---------- |
|
|
|
25,302,570 |
11,723,360 |
|
|
|
---------- |
---------- |
|
| Profit
for the year |
|
10,601,726 |
5,129,156 |
|
|
|
|
|
| Provision
for taxation |
|
|
|
| Current |
|
19 |
177,295I |
- |
|
| Prior year |
|
217,709 |
- |
|
|
|
---------- |
---------- |
|
|
|
395,004 |
- |
|
|
|
---------- |
---------- |
|
|
|
10,206,722 |
5,129,156 |
|
| Un-appropriated
profit |
|
|
|
| brought forward |
|
4,964,671 |
861,346 |
|
|
|
---------- |
---------- |
|
|
|
15,171,393 |
5,990,502 |
|
| Appropriations: |
|
|
|
| Transfer
to statutory reserve |
|
2,120,345 |
1,025,831 |
|
| Transfer
to contingencies reserve |
|
2,313,600 |
- |
|
| Transfer
to general reserve |
|
3,399,282 |
- |
|
|
|
---------- |
---------- |
|
|
|
7,833,227 |
1,025,831 |
|
|
|
---------- |
---------- |
|
| Un-appropriated
profit carried to balance sheet |
7,338,166 |
4,964,671 |
|
|
|
========== |
========== |
|
|
|
|
|
| The
annexed notes form an integral part of these financial statements. |
|
|
|
|
|
|
|
|
|
|
CASH FLOW STATEMENT FOR
THE PERIOD |
|
|
FROM JULY 01, 1995 TO
JUNE 30, 1996 |
|
|
|
|
|
1996 |
1995 |
|
|
|
Rupees |
Rupees |
|
|
|
|
|
| CASH
FLOWS FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
| Net
profit before taxation |
|
10,206,722 |
5,129,156 |
|
| Adjustments
for: |
|
|
|
| Depreciation |
|
674,823 |
425,688 |
|
| Deferred
costs amortized |
|
1.270,862 |
604,491 |
|
| (Income)/1oss
from Investments |
|
67,376 |
1,261,147 |
|
| (Gain)
on sale of fixed assets |
|
(59,878) |
(55,668) |
|
| Provision
for diminution in the value of |
|
|
| investments |
|
- |
(149,600) |
|
| Operating
profit before working capital changes |
12,159,905 |
7,215,214 |
|
|
|
|
|
|
| Increase
in advances, prepayments and |
|
|
|
| other
receivables |
|
(10,477,942) |
(31,911) |
|
| Increase
in investment in leases |
|
(106,512,370) |
(70,739,005) |
|
| Recoveries
from investment in leases |
|
61,171,654 |
35,787,218 |
|
| Increase
in long term deposits received |
31,882.83 |
6,453,104 |
|
| Increase/(decrease)
in accrued & other liabilities |
8,646.22 |
(261,162) |
|
| Increase
in long term deposits |
|
(19,900) |
(42,000) |
|
| Cash
generated from operations |
|
(15,309,510) |
(28,833,756) |
|
|
|
---------- |
---------- |
|
| Net
cash used in operating activities |
|
(3,149,605) |
(21,618,542) |
|
|
|
|
|
| CASH
FLOWS FROM INVESTING ACTIVITIES |
|
|
|
| Increase
in deferred cost |
|
(781,034) |
- |
|
| Purchase
of fixed assets |
|
(1.237.615) |
(1,321,622) |
|
| Proceeds
from sale of fixed assets |
|
1,045.59 |
1,007,625 |
|
| Increase
in long term investments |
|
(17,197,425) |
(185,702) |
|
| Income/(1oss)
from investments |
|
(67,376) |
(1,261,147 |
|
| Increase
in short term investments |
|
- |
1,342,100 |
|
| Dividend
paid |
|
(358,850) |
(11,980,485 |
|
| Net
cash generated/(used) in investing activities |
(18,596,711) |
(12,399,231) |
|
|
|
|
|
|
| CASH
FLOWS FROM FINANCING ACTIVITIES |
|
|
|
| Finances
under mark-up arrangements |
|
23,691,448 |
33,583,357 |
|
|
|
---------- |
---------- |
|
| NET(DECREASE)/INCREASE
IN CASH AND |
|
|
|
| CASH
EQUIVALENTS |
|
1,945,132 |
(434,416) |
|
|
|
|
|
|
| CASH
AND CASH EQUIVALENTS AT JANUARY 1 |
|
792,403 |
1,226,819 |
|
|
|
---------- |
---------- |
|
| CASH
AND CASH EQUIVALENTS AT JUNE 30,1996 |
|
|
|
| AND
JUNE 30, 1995 RESPECTIVELY |
|
2,737,535 |
792,403 |
|
|
========== |
========== |
|
|
| NOTES
TO THE FINANCIAL STATEMENTS |
|
| FOR
THE YEAR ENDED JUNE 30, 1996 |
|
|
| 1.
THE COMPANY AND ITS OPERATIONS |
|
| The
Company was incorporated in Pakistan on November 30, 1992, as a public
limited company |
|
| and
is listed on the Karachi and Islamabad Stock Exchanges. The licence to carry
on leasing |
|
| business
was granted on April 26, 1993 and the certificate of commencement of business
was |
|
| obtained
on May 2, 1993. The main business activity of the Company is leasing. |
|
|
|
| 2.
SIGNIFICANT ACCOUNTING POLICIES |
|
|
|
|
| 2.1
Overall valuation policy |
|
| These
financial statements have been prepared under the historical cost convention. |
|
|
| 2.2
Revenue recognition |
|
|
| 2.2.1
Lease |
|
| The
Company follows "financial method" in accounting for recognition of
lease |
|
| income.
Accordingly at the time of commencement of a lease, the total |
|
| unearned
lease income consists of the excess of aggregate lease contract |
|
| receivable
plus any residual value over the cost of the leased asset. Unearned |
|
| lease
income is taken into income over the term of the lease, starting with the |
|
| period
in which the lease is executed, so as to produce a constant return on the |
|
| net
investment in the lease. |
|
|
|
| Front
end fee, commitment fee and other commissions are taken to income |
|
| when
realised. |
|
|
|
| 2.2.2
Investments |
|
| Dividend
income is recognized when the right to receive payment is |
|
| established.
Gain/profit on trading of investments are taken to income when it |
|
| is
realised. |
|
|
| 2.2.3
Other |
|
| Other
income is recognised when earned. |
|
|
|
| 2.3
Operating fixed assets- tangible and depreciation |
|
| Operating
assets are stated at cost less accumulated depreciation. Depreciation is |
|
| charged
to income applying the straight line method. In respect of additions and |
|
| deletions
of assets during the year, depreciation is charged proportionately from/to
the |
|
| month
of acquisition and deletion respectively. |
|
|
|
|
| Major
extensions, renewals and improvements are capitalised. |
|
|
|
| Maintenance
and minor improvements are charged to income as and when incurred. |
|
| Gains
and losses on disposal of fixed assets are included in current income. |
|
|
|
| Investments |
|
|
|
| 2.4.1
Long term investments are carried at cost. Provision is made for permanent |
|
| diminution
in value of investments, if any. |
|
|
|
| 2.4.2
Short term investments are valued at the lower of average cost and market |
|
| value
determined on an aggregate portfolio basis in total, using Karachi Stock |
|
| Exchange
quotations. |
|
|
|
| 2.5
Taxation |
|
|
|
| 2.5.1
Current |
|
| Provision
is made on taxable income at the prevailing rates of taxation |
|
| after
taking into account tax credits available, if any. |
|
|
| 2.5.2
Deferred |
|
| The
Company accounts for deferred taxation using the liability method on |
|
| timing
differences likely to reverse in the foreseeable future. Net deferred |
|
| tax
debits are not accounted for. |
|
|
|
| 2.6
Deferred costs |
|
| Deferred
costs are amortized during the period not exceeding five years from the |
|
| year
of incurrence thereof. |
|
|
|
| 2.7
Employees' retirement benefits |
|
| The
Company operates a contributory provident fund under a separate trust for all |
|
| its
permanent employees and contributions are recorded monthly in accordance |
|
| with
the fund rules to cover the obligations. |
|
|
|
| 3.
CONTINGENCIES RESERVE |
|
| This
is a reserve created at 1% of Minimum Lease Payment outstanding as of balance |
|
| sheet
date to meet any contingencies that may arise on lease rentals receivable. |
|
|
|
|
|
|
June 30, |
June 30, |
|
|
|
1996 |
1995 |
|
|
|
|
Rupees |
Rupees |
|
|
|
|
| 4.
LONG TERM DEPOSITS |
|
|
|
|
|
|
|
| Security
deposits (note 4.1) |
37,649,876 |
30,084,430 |
|
| Less:
Current portion |
|
9,659,121 |
2,536,006 |
|
|
---------- |
---------- |
|
|
|
27,990,755 |
27,548,420 |
|
| Certificates
of investments (note 4.2) |
26,257,385 |
1,940,000 |
|
| Less:
Current portion |
|
24,630,000 |
- |
|
|
|
---------- |
---------- |
|
|
|
1,627,385 |
1,940,000 |
|
|
|
=========== |
=========== |
|
|
|
29,618,140 |
29,488,424 |
|
|
|
=========== |
=========== |
|
|
|
|
|
| 4.1
These represent interest free security deposits received from lessees under
lease |
|
| contracts
and are repayable/adjustable at the expiry of the respective lease period. |
|
|
| 4.2
These are registered PLS certificates of investments, issued for the periods
from |
|
| three
months to three years with facility of pre-mature encashment beyond |
|
| minimum
three months. The mark-up rates range from 15.5 % to 21% per annum |
|
| depending
on the period of maturity. |
|
|
|
|
|
|
June 30, |
June 30, |
|
|
|
1996 |
1995 |
|
|
|
|
Rupees |
Rupees |
|
|
|
| 5.
FINANCES UNDER MARK-UP |
|
| ARRANGEMENT-SECURED |
|
|
|
| Running
finance |
(note 5.1) |
|
18,881,839 |
9,990,391 |
|
| Cash
finance |
(note 5.2) |
|
| Crescent
Investment Bank |
(5.2.1) |
|
20,000,000 |
20,000,000 |
|
| First
International Investment Bank (5.2.2) |
20,000,000 |
- |
|
| Bank
of Punjab |
|
|
- |
10,000,000 |
|
| Bank
of Khyber |
|
(5.2.3) |
|
10,000,000 |
10,000,000 |
|
| Pak
Kuwait Investment |
|
|
|
|
| Company
(Pvt) Ltd. |
(5.2.4) |
|
4,000,000 |
10,000,000 |
|
| Saudi
Pak Industrial & Agricultural |
|
|
|
|
| Investment
Company (Pvt) Ltd. (5.2.5) |
|
10,000,000 |
- |
|
| First
Crescent Modaraba |
(5.2.6) |
|
1,000,000 |
- |
|
| Morabaha
financing |
(note 5.3) |
|
|
|
|
| A1-Towfeek
Investment Bank |
(5.3.1) |
|
12,000,000 |
15,000,000 |
|
| First
Interfund Modaraba |
(5.3.2) |
|
2,800,000 |
- |
|
|
|
|
---------- |
---------- |
|
|
|
|
98,681,839 |
74,990,391 |
|
|
=========== |
=========== |
|
|
|
|
| 5.1
The Company has obtained a running finance facility from Schon Bank of Rs.
20.00 |
|
| million
under mark-up arrangement and is secured by first hypothecation charge of Rs. |
|
| 26,321,000
over specific lease assets of the company and related receivables. This |
|
| facility
carries mark-up at the rate of 20% per annum payable quarterly during the |
|
| period.
The total finance and mark-up is repayable by December 31, 1997. |
|
|
|
| 5.2
Cash finance |
|
| 5.2.1
The mark-up on this facility is 16.9% to 19% per annum payable quarterly and |
|
| is
secured by way of hypothecation of specific leased assets. This facility is |
|
| repayable
on August 28, 1996. |
|
|
| 5.2.2.
This facility carries mark-up at the rate of 18.5% per annum payable
quarterly, |
|
| and
is secured by way of hypothecation of specific leased assets. This facility |
|
| represents
two tranches of payment first on November 08, 1996 & second on |
|
| June
11, 1997. |
|
|
| 5.2.3.
This finance facility cames mark-up at the rate of paisas 50 per rupees one |
|
| thousand
per day payable quarterly and is secured by way of hypothecation of |
|
| leased
assets valuing Rs. 20 Million. This facility is repayable on May 28, |
|
| 1997. |
|
|
|
| 5.2.4.
This facility represents tranche of payment out of total approved facility of
Rs. |
|
| 10.00
million from an Investment Bank. This facility is maturing on June 30, |
|
| 1997
and it carries a minimum repayment amount of RS. 4,760,000. This |
|
| facility
is secured against hypothecation of specific leased assets. |
|
|
| 5.2.5.
This facility carries mark-up at the rate of 19.75% per annum payable
quarterly |
|
| and
is secured by way of hypothecation of specific lease rental receivables. This |
|
| facility
is repayable on December 27, 1996. |
|
|
|
| 5.2.6.
This facility carries a mark-up at the rate of 17.5% per annum and is payable |
|
| on
September 10, 1996. |
|
|
| 5.3
Morabaha finance |
|
| 5.3.1
This represents agency agreement for purchase and sale of goods with an |
|
| investment
bank. This facility is secured against |
|
|
|
| a) First charge on leased assets valuing
Rs. 19,026,790 Margin |
|
| 3,000,000. |
|
|
|
| b) First charge on specific book debts and
receivables valuing Rs. |
|
| 7,711,742
Margin 3,000,000. |
|
|
|
| 5.3.2.
This represents agency agreement for purchase and sale of goods with |
|
| associated
modaraba. This facility is payable in September 1996. This facility |
|
| carries
a mark-up at the rate of 22% per annum payable on monthly basis. |
|
| This
facility is secured by pari passu charge on leased assets of Rs. 3.416 |
|
| Million. |
|
|
|
June 30, |
June 30, |
|
|
|
1996 |
1995 |
|
|
|
Rupees |
Rupees |
|
|
|
| 6.
ACCRUED AND OTHER LIABILITIES |
|
| Accrued
liabilities |
|
172,107 |
196,633 |
|
| Accrued
financial charges-secured finances |
1,847,186 |
2,267,173 |
|
| Advance
front-end fee and commission |
|
325,507 |
589,400 |
|
| Provision
for taxation |
|
|
395,004 |
- |
|
| Tax
Payable - deducted at source |
|
276,257 |
- |
|
| Payable
to lessee's |
|
|
7,203,277 |
70,283 |
|
| Other
Payables |
|
|
1,628,461 |
78,093 |
|
|
|
|
---------- |
---------- |
|
|
|
|
11,847,799 |
3,201,582 |
|
|
|
|
=========== |
=========== |
|
| 7.
OPERATING FIXED ASSETS-TANGIBLE |
|
|
|
|
|
|
|
|
|
|
|
(Amount in Rupees) |
|
|
COST |
|
|
RATE |
|
DEPRECIATION |
|
| DESCRIPTION |
|
AS AT |
|
AS AT |
% |
AS AT |
|
W.D.V. |
|
July 01, |
ADDITIONS |
DELETIONS |
JUNE |
|
JANUARY |
FOR THE |
AS AT JUNE |
AS AT JUNE |
|
|
1995 |
|
30, 1996 |
|
0l, 1996 |
PERIOD |
30, 1996 |
30, 1996 |
|
| Lease
hold improvements |
439,810 |
- |
92,291 |
347,519 |
10 |
78,808 |
37,829 |
91,394 |
256,126 |
| Electric
firings |
|
77,566 |
4,350 |
4,700 |
77,216 |
10 |
11,301 |
7,800 |
18,040 |
59,176 |
| Equipment |
|
1,156,216 |
628,602 |
262,871 |
1,521,947 |
20 |
291,886 |
259,475 |
445,428 |
1,076,519 |
| Furniture
& Fixture |
457,599 |
188,398 |
43,550 |
602,447 |
10 |
67,956 |
47,343 |
102,789 |
499,658 |
| Vehicles |
|
2,513,453 |
412,345 |
1,222,506 |
1,703,292 |
20 |
743,659 |
322,376 |
566,655 |
1,136,636 |
|
|
------------------------------------------------ |
|
------------------------------------ |
|
1996 |
|
4,644,644 |
1,233,695 |
1,625,918 |
4,252,421 |
|
1,193,610 |
674,823 |
1,224,306 |
3,028,115 |
|
|
================================================ |
|
====-=============================== |
|
1995 |
|
4,352,647 |
1,321,622 |
1,029,625 |
4,644,644 |
|
845,590 425,688 |
1,193,610 |
3,451,034 |
|
================================================ |
|
====-=============================== |
|
|
|
|
|
| 7.1
Deletions |
|
|
| The
following assets were sold during the year: |
|
(Amount in Rupees) |
|
|
| Description |
|
Cost |
Accumulated |
Book |
Sale |
Gain Sold to |
|
Mode |
|
|
|
|
depreciation |
value |
proceeds |
|
|
| Lease
Hold Improvements |
92,291 |
25,243 |
67,048 |
34,200 |
(32,848) |
PICL |
|
Negotiation |
| Electric
Fittings |
|
8,620 |
1,061 |
7,559 |
8,138 |
579 |
Fazal Ahmed |
-do- |
|
| Equipment |
|
262,871 |
105,933 |
156,938 |
169,535 |
12,597 |
BIIC-PICL |
|
-do- |
|
| Furniture
& Fixture |
43,550 |
12,510 |
31,040 |
48,168 |
17,128 |
PICL |
|
-do- |
|
| Vehicles |
|
|
|
| Motor
Cycle |
|
7,000 |
3,267 |
3,733 |
6,000 |
2,267 |
Mohd Asif |
|
Negotiation |
| Motor
Cycle |
|
26,500 |
8,508 |
17,992 |
12,000 |
(5,992) |
Rafiq Ali |
|
-do- |
|
| Toyota
Hiace |
|
610,260 |
335,643 |
274,617 |
274,617 |
- |
Athar Nasim Sheikh |
-do- |
|
| Suzuki
Swift |
|
145,505 |
43,651 |
101,853 |
168,000 |
66,146 |
Ridwan Humayan |
do- |
|
| Suzuki
Margalla |
|
433,241 |
108,310 |
324,931 |
324,931 |
- |
LTVCM |
|
-do- |
|
|
--------- |
--------- |
--------- |
--------- |
--------- |
|
|
1996 |
1,629,838 |
644,126 |
985,711 |
1,045,589 |
59,877 |
|
|
=========== |
=========== |
=========== |
=========== |
=========== |
|
|
1995 |
1,029,625 |
77,668 |
951,957 |
1,007,625 |
55,668 |
|
|
=========== |
=========== |
=========== |
=========== |
=========== |
|
|
|
|
|
|
June 30, |
June 30, |
|
|
|
|
1996 |
1995 |
|
|
|
|
Rupees |
Rupees |
|
|
|
| 8.
LONG TERM INVESTMENTS |
|
|
| Number
of |
|
| Shares/Certi- |
|
| ficates |
Listed modarabas: |
|
|
|
|
-Associated undertaking |
|
|
| 99,940 |
|
First Interfund Modaraba |
1,830,751 |
1,830,751 |
|
|
(Managed by Universal
Management |
|
|
|
Services (Pvt) Ltd.) |
|
|
Certificates of Rupees 10
each |
|
|
|
| 445,237 |
|
Long Term Venture Capital
Modaraba |
|
|
(Managed by National
Technology |
|
|
Development Corporation
Ltd.) |
|
|
Certificates of Rupees 5
each |
5,068,395 |
5,068,395 |
|
|
|
| 120,832 |
|
Long Term Venture Capital
Modaraba |
|
|
|
(Redeemable Capital
Certificates) |
2,849,240 |
2,999,200 |
|
|
----------- |
----------- |
|
|
|
(note 8.1) |
9,748,386 |
9,898,346 |
|
|
Listed Companies: |
|
|
|
|
|
|
|
|
- Associate undertaking |
|
|
|
| 810,810 |
|
Bankers Equity Limited
(note 8.2) |
14,999,985 |
- |
|
|
|
|
-Other |
|
|
| 117,562 |
|
Medi Glass Company
Limited |
|
|
Shares of Rupees 10 each
(at cost) |
752,397 |
905,997 |
|
|
|
----------- |
----------- |
|
|
(note 8.3) |
15,752,382 |
905,997 |
|
|
|
|
Unlisted: |
|
|
|
|
- Associated undertaking |
|
|
|
| 1250000 |
|
LTV Housing Finance Ltd. |
|
|
(formerly Interfund
Housing Finance Ltd.) |
|
|
|
Ordinary shares of |
|
|
Rupees. 10 each (note 8.4) |
12,500,000 |
12,500,000 |
|
|
|
|
- Other |
|
|
|
| 33,510 |
|
Federal Investment Bonds |
|
|
Return @14% per annum |
|
|
payable on half yearly
basis |
3,351,000 |
850,000 |
|
|
----------- |
----------- |
|
|
|
41,351,768 |
24,154,343 |
|
|
=========== |
=========== |
|
|
|
| 8.1
The aggregate market value of listed modaraba certificates at the end of the
year |
|
| amounted
to Rupees 5,014,118. |
|
|
| 8.2
During the year company invested Rs. 14,999,985 in Bankers Equity Ltd. This
represent 4% share |
|
| of
company out of 26% acquired by LTV group under consortium from the
privatization |
|
| commission. |
|
|
|
| Under
the terms of agreement with the privatization commission. |
|
|
|
| --
The consortium is required to acquire a further 25% equity share in bank
within 6 |
|
| months
from the date of original agreement but not later than 16 December 1996 at |
|
| sale
price for the original 26% acquisition or the market price at the time of
sale, |
|
| whichever
is higher. |
|
|
| --
The consortium has provided an irrecoverable performance bond for Rs. 100 |
|
| million
as security for the above obligation. |
|
|
|
| --
In the event; the consortium fails to complete the purchase of 25%
shareholding |
|
| within
the stipulated period, the commission shall at its option become entitle to |
|
| rescind
the agreement and exercise the following rights and remedies. |
|
|
|
| -
Call and forfeit the performance bond. |
|
| -
Call upon the consortium to retransfer the shareholding to the Government |
|
| of any member of the Government. |
|
|
|
| -
The consortium shall not sell, transfer, pledge, alienate or encumber the
present |
|
| shareholding or the 25% further
shareholding for a period of three years. |
|
|
|
| 8.3
The aggregate market rate of listed shares at the end of June 30, 1996 is Rs.
8,365,524. |
|
|
| 8.4
The LTV Housing Finance Ltd., formerly Interfund Housing Finance Ltd started
its |
|
| commercial
operations in October 1995 and its audited accounts as at June 30, 1995 |
|
| show
a loss of Rs. 11,084,654. Therefore the aggregate break-up value of the |
|
| investments
at the end of June 30, 1995 is Rupees 10,190,697. |
|
|
| 8.5
No provision has been made for diminution in value of investments amounting
to Rs. |
|
| 12,121,126
keeping in view the Investee's assets and the cash flows from investment. |
|
|
|
|
|
June30, |
June30, |
|
|
|
1996 |
1995 |
|
|
|
Rupees |
Rupees |
|
|
| 9.
DEFERRED COSTS |
|
| Preliminary
expenses |
|
| Expenses
on issue of shares |
465,529 |
547,681 |
|
| (including
brokerage, bankers' |
|
| and underwriters' commission) |
972,918 |
1,144,610 |
|
| Others |
|
2,768,037 |
2,337,650 |
|
|
|
------------ |
------------ |
|
|
4,206,484 |
4,029,941 |
|
| Less:
Amortized during the period |
1,270,862 |
604,491 |
|
|
------------ |
------------ |
|
|
|
2,935,622 |
3,425,450 |
|
|
=========== |
=========== |
|
|
|
|
|
|
June30, |
June30, |
|
|
|
|
1996 |
1995 |
|
|
|
|
Rupees |
Rupees |
|
|
| 10.
ADVANCES, PREPAYMENTS & OTHER RECEIVABLES |
|
|
| Advances
- considered good |
|
| to
chief executive (note 10.2) |
|
- |
83,336 |
|
| to staff |
|
|
144,567 |
152,555 |
|
| against
lease |
|
|
204,671 |
592,800 |
|
| Taxation |
|
|
800,566 |
508,976 |
|
|
| Prepayments |
|
|
240,384 |
661,296 |
|
|
| Receivables
against sale of investments |
276,340 |
5,012,069 |
|
|
| Receivables
from LTV (Interfund) Housing Finance Ltd. |
|
|
| an
associated company. |
|
- |
449,642 |
|
|
| Rental
receivables |
|
15,726,359 |
2,401,458 |
|
|
| Accrued
return on investments |
|
938,852 |
29,500 |
|
|
| Others |
|
|
2,480,089 |
442,254 |
|
|
|
|
|
--------- |
--------- |
|
|
|
|
|
20,811,828 |
10,333,886 |
|
|
|
|
|
============ |
============ |
|
|
|
|
|
|
| 10.1
Maximum amount due from associated undertakings at the end of any month
during the |
|
| period
was Rupees 0.42 million (1995: Rupees 1.53 million). |
|
|
|
|
|
|
|
|
|
|
| 11.
CASH AND BANK BALANCES |
|
|
|
| Cash
in hand |
|
4,474 |
7,887 |
|
| Cash
with banks - Current accounts |
|
2,708,670 |
766,435 |
|
|
- PLS accounts |
|
24,391 |
18,081 |
|
|
|
--------- |
--------- |
|
|
|
2,737,535 |
792,403 |
|
|
|
============ |
============ |
|
| INCOME
FROM LEASING OPERATIONS |
|
|
|
| Income
on lease contracts |
|
37,028,243 |
17,444,726 |
|
| Front-end
fee and documentation charges |
860,119 |
502,045 |
|
| Provision
for potential lease losses |
|
(2,478,639) |
- |
|
|
--------- |
--------- |
|
|
|
35,409,723 |
17,946,771 |
|
|
|
============ |
============ |
|
| 13.
(LOSS)/INCOME FROM INVESTMENTS |
|
| Net
gain/(loss) on sale of listed securities |
(67,376) |
(1,318,205) |
|
|
|
--------- |
--------- |
|
|
|
(67,376) |
(1,318,205) |
|
|
|
============ |
============ |
|
| 14.
OTHER INCOME |
|
|
|
|
| Dividend
Income |
|
445,237 |
- |
|
| Gain
on disposal of fixed assets |
|
59,878 |
55,668 |
|
| Profit
on bank accounts |
|
18,506 |
73,465 |
|
| Others |
|
38,328 |
94,817 |
|
|
|
--------- |
--------- |
|
|
|
561,949 |
223,950 |
|
|
============ |
============ |
|
|
|
|
|
| 15.
ADMINISTRATIVE AND OPERATING EXPENSES |
|
|
|
|
|
|
| Salaries,
allowances and benefits |
|
3,994,282 |
3,006,939 |
|
|
| Conveyance
and travelling |
|
324,411 |
195,945 |
|
|
| Directors'
fee |
|
- |
1,000 |
|
|
| Rent,
rates and taxes |
|
579,417 |
323,536 |
|
|
| Electricity,
gas and water |
|
94,162 |
44,731 |
|
|
| Advertisements |
|
88,872 |
73,024 |
|
|
| Printing,
stationery and supplies |
|
282,584 |
145,715 |
|
|
| Postage
and courier |
|
45,687 |
34,238 |
|
|
| Fax
and Telephone |
|
499,623 |
329,055 |
|
|
| Newspapers,
books and magazines |
|
11,521 |
15,474 |
|
|
| Fees
and Subscription |
|
857,516 |
311,304 |
|
|
| Entertainment |
|
65,693 |
36,228 |
|
|
| Insurance |
|
163,617 |
90,353 |
|
|
| Repairs
and up-keeps |
|
441,915 |
524,117 |
|
|
| Seminar
and annual dinner |
|
- |
10,586 |
|
|
| Legal |
|
38,250 |
59,190 |
|
|
| Auditors'
remuneration: |
|
| Audit
fee - statutory |
|
35,000 |
35,000 |
|
|
|
- others |
|
40,000 |
33,000 |
|
|
| Out
of pocket reimbursements |
|
10,645 |
10,000 |
|
|
|
--------- |
--------- |
|
|
|
85,645 |
78,000 |
|
|
| Deferred
costs amortized |
|
1,270,862 |
604,491 |
|
|
| Professional
tax |
|
10,000 |
82,400 |
|
|
| Depreciation |
|
674,823 |
425,688 |
|
|
| Misc.
Expenses |
|
372,788 |
104,343 |
|
|
|
|
--------- |
--------- |
|
|
|
9,901,668 |
6,496,357 |
|
|
|
============ |
============ |
|
|
| 16.
FINANCIAL CHARGES |
|
|
|
|
| Financial
expenses |
|
15,215,325 |
5,079,480 |
|
| Bank
charges |
|
185,577 |
147 523 |
|
|
--------- |
--------- |
|
|
|
15,400,902 |
5,227,003 |
|
|
|
============ |
============ |
|
|
|
|
|
| 17.
TRANSACTIONS WITH ASSOCIATED |
|
|
|
| UNDERTAKINGS |
|
|
|
| Expenses
sharing charged to |
|
166,765 |
18,698 |
|
|
========= |
========= |
|
| Expenses
sharing charged by |
|
107,743 |
3,923 |
|
|
========= |
========= |
|
| Purchase
of services |
|
295,830 |
210,000 |
|
|
========= |
========= |
|
| Fixed
assets transferred to |
|
324,931 |
697,625 |
|
|
========= |
========= |
|
| Fixed
assets transferred from |
|
701,520 |
- |
|
|
========= |
========= |
|
| Leases
transferred to |
|
- |
6,420,414 |
|
|
========= |
========= |
|
| Loan
received from |
|
- |
1,500,000 |
|
|
|
========= |
========= |
|
|
|
|
| 18.
REMUNERATION OF CHIEF EXECUTIVE |
|
| DIRECTOR
AND EXECUTIVES |
|
|
|
|
For the period from July |
|
For the period from
January 01, |
|
|
|
1995 to June 30, 1996 |
|
1995 to June 30,1995 |
|
|
|
|
|
Chief |
|
Chief |
|
|
|
|
|
Executive |
Director |
Executives |
Total |
Executive |
Director |
Executives |
Total |
|
|
|
|
|
| Managerial
remuneration |
277,800 |
103,578 |
684,891 |
1,066,269 |
258,870 |
138,900 |
258,728 |
397,628 |
|
| Leave
passage |
|
80,000 |
11,086 |
35,200 |
126,286 |
140,000 |
- |
8,800 |
8,800 |
|
| Perquisites
and benefits |
267,300 |
77,450 |
611,926 |
956,676 |
193,632 |
133,650 |
195,325 |
328,975 |
|
| Provident
fund |
|
27,780 |
- |
52,992 |
80,772 |
25,890 |
13,890 |
9,135 |
23,025 |
|
|
--------- |
--------- |
--------- |
--------- |
--------- |
--------- |
--------- |
--------- |
|
|
Rupees |
|
652,880 |
192,114 |
1,385,009 |
2,230,003 |
618,392 |
286,440 |
471,988 |
1,376,820 |
|
|
======== |
======== |
======== |
======== |
======== |
======== |
======== |
======== |
|
|
Number |
|
1 |
1 |
7 |
9 |
1 |
1 |
4 |
6 |
|
|
|
--------- |
--------- |
--------- |
--------- |
--------- |
--------- |
--------- |
--------- |
|
|
| 18.1
The chief executive and executives are also provided with free use of Company |
|
| maintained
cars. |
|
|
| 19.
TAXATION |
|
|
| 19.1
Provision for minimum tax at 0.5% of the turnover under section 80D of the
Income |
|
| Tax Ordinance, 1979 has been made in these
financial statements keeping in view tax |
|
| carry forward losses. |
|
|
| 19.2
At June 30,1996 deferred tax debits not accounted for is Rupees 12.78 million |
|
| (1995:
Rupees 7.5 million). |
|
|
| 20.
GENERAL |
|
|
| 20.1
All figures have been rounded off to the nearest rupee. |
|
| 20.2
Figures have been rearranged wherever necessary to facilitate comparison. |
|
|
|
|
|
|
PATTERN OF SHAREHOLDING
AS JUNE 30, 1996 |
|
| -------------------------------------------------- |
|
| Number
of |
Share Holdings |
Total Shares |
|
| Share-holders |
From |
To |
Held |
|
| -------------------------------------------------- |
|
| 217 |
|
1 |
5O0 |
97,800 |
|
| 115 |
|
501 |
1,000 |
114,500 |
|
| 63 |
|
1,001 |
2,000 |
120,300 |
|
| 18 |
|
2,001 |
3,000 |
49,800 |
|
| 20 |
|
3,001 |
4,000 |
77,000 |
|
| 28 |
|
4,001 |
5,000 |
138,000 |
|
| 38 |
|
5,001 |
10,000 |
333,500 |
|
| 22 |
|
10,001 |
20,000 |
350,400 |
|
| 4 |
|
20,001 |
30,000 |
115,000 |
|
| 4 |
|
30,001 |
40
000 |
152,900 |
|
| 4 |
|
40,001 |
50
000 |
190,500 |
|
| 8 |
|
50,001 |
100
000 |
800,000 |
|
| 2 |
|
100,001 |
150
000 |
218,100 |
|
| 3 |
|
150,001 |
200
000 |
579,900 |
|
| 4 |
|
200,001 |
250
000 |
933,700 |
|
| 1 |
|
250,001 |
300
000 |
292,500 |
|
| 3 |
|
450,001 |
500
000 |
1,470,000 |
|
| 4 |
|
550,001 |
Above |
3,966,100 |
|
| ------ |
|
|
------ |
|
| 558 |
|
|
Total |
10,000,000 |
|
| ======== |
|
======== |
|
|
|
| --------------------------------------------------------------------------- |
|
| Category
of |
|
Number of |
|
|
|
| Share-
holders |
|
Share-holders |
Shares held |
Percentage |
|
| --------------------------------------------------------------------------- |
|
| 1.
Individuals |
|
521 |
|
2,633,800 |
26.34 |
|
| 2. Banks |
|
3 |
|
252,000 |
2.52 |
|
| 3.
Financial Institutions |
15 |
|
4,121,300 |
41.21 |
|
| 4.
Insurance Companies |
2 |
|
61,000 |
0.61 |
|
| 5.
Modaraba Companies |
10 |
|
2,622,400 |
26.22 |
|
| 6.
Private Ltd. Companies |
7 |
|
309,500 |
3.10 |
|
|
|
------ |
|
------ |
------ |
|
|
|
558 |
|
10,000,000 |
100.00 |
|
|
|
======== |
|
======== |
======== |
|
|
|
|
|
|
|
|
|
|
|
|
|
