| ORIX LEASING PAKISTAN LIMITED |
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| (Annual
report for the year ended June 30, 1996) |
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| CONTENTS |
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| Company
Information |
|
4 |
|
| Financial
Highlights of the Company |
|
6 |
|
| ORIX
Corporation, Japan - Group Profile |
|
7 |
|
| Oman
ORIX Leasing Company SAOG (OOL) |
|
9 |
|
| Notice
of Meeting |
|
|
10 |
|
| Report
of the Directors |
|
12 |
|
| Auditors'
Report |
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|
15 |
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| Balance
Sheet |
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|
16 |
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| Profit
and Loss Account |
|
17 |
|
| Statement
of Changes in Financial Position |
|
18 |
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| Notes
to the Accounts |
|
19 |
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| Pattern
of Shareholding |
|
35 |
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| ORIX
Group Directory |
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37 |
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| COMPANY
INFORMATION |
|
| BOARD
OF DIRECTORS |
|
(alternate Mr. Takafumi
Kanda) |
Chairman |
|
|
| Mr.
Yoshihiko Miyauchi |
(alternate Mr. Hiromi
Kobayashi) |
|
| Mr.
Yoshiaki Ishida |
|
| Mr.
Takeshi Sato |
|
| Mr.
Shakirullah Durrani |
|
| Mr.
Rauf Ahmed Shamsi |
|
| Mr.
Khurshid Hadi |
|
| Mr.
I. H. Shamsi |
|
| Mr.
Humayun Murad |
|
Managing Director &
Chief Executive |
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|
|
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| COMPANY
SECRETARY |
|
| Mr.
S. Saeed Reza |
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| BANKERS
AND LENDING INSTITUTIONS |
|
| Bankers |
|
|
| ABN
AMRO Bank |
|
| Al
Faysal Investment Bank Limited |
|
| Allied
Bank of Pakistan Limited |
|
| American
Express Bank Ltd |
|
| ANZ
Grindlays Bank plc |
|
| Banque
Indosuez |
|
| Citicorp
Investment Bank Limited |
|
| Deutsche
Bank A.G. |
|
| Faysal
Bank Limited |
|
| First
International Investment Bank Limited |
|
| Oman
International Bank, SAOG |
|
| Standard
Chartered Bank |
|
| Societe
Generale, The French and International Bank |
|
| The
Bank of Tokyo-Mitsubishi Limited |
|
|
|
|
| Lending
Institutions |
|
| Asian
Development Bank |
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| Asian
Finance and Investment Corporation Limited |
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| Bankers
Equity Limited |
|
| F.
M. O., The Netherlands |
|
| International
Bank for Reconstruction and Development |
|
| International
Finance Corporation |
|
| Pakistan
Kuwait Investment Company (Private) Limited |
|
| Saudi
Pak Industrial & Agricultural Investment Company (Private) Limited |
|
|
|
|
| AUDITORS |
|
|
| Sidat
Hyder Qamar Maqbool & Co., Chartered Accountants |
|
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|
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| LEGAL
ADVISORS |
|
| Mansoor
Ahmad Khan & Co. |
|
| Walker
Martineau & Saleem |
|
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|
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| REGISTRARS
AND SHARE TRANSFER OFFICE |
|
| Noble
Computer Services (Private) Limited |
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| 2nd
Floor, Al-Manzoor Building, |
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| Dr.
Ziauddin Ahmed Road, Karachi. |
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| REGISTERED
OFFICE & HEAD OFFICE |
|
| Overseas
Investors Chamber of Commerce Building, |
|
| Talpur
Road, Karachi-74000 |
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| Tel:
2426020-9 Fax: 2425897 Telex 20104 ORIX PK |
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|
| BRANCH
OFFICES AT |
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|
| Lahore |
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|
|
| State
Life Building, Sir Aga Khan III Road (Davis Road), Lahore-54000. |
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| Tel:
6369946, 6301527, 6302620, 6304258 and 6302897 |
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| Fax:
6305024 |
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|
| Faisalabad |
|
|
| 3rd
Floor, Ahmed Plaza, Bilal Road, Faisalabad. |
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| Tel:
633926 and 633927 |
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| Fax:
613936 |
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| Sialkot |
|
|
| 1
st Floor, Goolam Kadir Arcade. Aziz Shaheed Road, Sialkot Cantt. |
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| Tel:
560767 and 560616 |
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| Fax: 89548 |
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|
| Peshawar |
|
|
| 1st
Floor, State Life Building, The Mall, Peshawar. |
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| Tel:
279789 and 278647 |
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| Fax:
273389 |
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| Universal
Access Number: 111-242424 |
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FINANCIAL HIGHLIGHTS OF
THE COMPANY AS AT JUNE 30, 1996 |
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|
(Rupees in thousands) |
|
|
|
1996 |
1995 |
1994 |
1993 |
1992 |
|
| Gross
lease receivables |
4,752,997 |
3,535,871 |
2,406,518 |
1,703,286 |
1,284,418 |
|
| Total
lease disbursements |
1,957,318 |
1,559,699 |
1,051,872 |
728,136 |
659,418 |
|
| Rents
received |
|
1,446,490 |
1,040,187 |
778,342 |
599,558 |
465,134 |
|
| Gross
income |
|
656,982 |
466,777 |
320,943 |
230,394 |
174,129 |
|
| Profit
before tax |
|
166,536 |
112,983 |
60,578 |
49,061 |
42,886 |
|
| Shareholders'
equity |
685,872 |
570,505 |
197,412 |
158,815 |
129,773 |
|
|
|
|
|
|
| Earning
per share (in Rs.) |
9.22 |
6.61 |
7.33 |
6.16 |
5.91 |
|
| Dividends: |
|
|
|
|
| Cash |
|
|
45.00% |
35.00% |
20.00% |
17.50% |
15.00% |
|
| Bonus |
|
— |
- |
10.00% |
10.00% |
10.00% |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
| Total |
|
45.00% |
35.00% |
30.00% |
27.50% |
25.00% |
|
|
|
|
|
|
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|
ORIX CORPORATION, JAPAN -
GROUP PROFILE |
|
| With
total assets of US $ 45 billion, ORIX Corporation is Japan's largest leasing |
|
| company
and internationally a leading diversified financial services group. Since
it's |
|
| establishment
in 1964, ORIX has played a pioneering role, first in developing the |
|
| market
for lease financing in Japan and subsequently in developing and introducing
products |
|
| and
services to meet defined customer needs for financing growth and managing
assets, not |
|
| only
in Japan but also in 25 countries overseas. As part of this pioneering role,
ORIX has |
|
| worked
to encourage deregulation and to provide a positive competitive stimulus for
further |
|
| evolution
in the financial services industry. In the development of its operations,
ORIX has |
|
| emphasised
innovation in products and services and geographical diversification into
growth |
|
| markets
in Japan and overseas. |
|
|
|
| Business
Operations |
|
| In
the early stages of its development, ORIX offered primarily full pay out
finance leases for |
|
| machinery,
office automation equipment and computers. Gradually, the Company broadened |
|
| the
range of leased assets to include vessels, aircraft and automobiles.
Thereafter, ORIX |
|
| expanded
its activities to provide a wider range of financial services and today these
services |
|
| include
installment loans, rentals, securities brokerage, venture capital, futures
and options |
|
| trading,
commodities funds, life insurance and real estate related activities. As of
March 31, |
|
| 1996,
ORIX had a domestic network of 429 offices. ORIX has diversified its service
portfolio |
|
| primarily
through the establishment of specialised subsidiaries that are fully
integrated into the |
|
| operations
of the ORIX group. Each of these subsidiaries has the principal
responsibility of |
|
| responding
quickly and flexibly to the market needs in its area of operations and is
expected to |
|
| contribute
to the consolidated profitability of the ORIX group. At the same time each of
these |
|
| companies
draws on ORIX's strong marketing capabilities developed through the leasing |
|
| business
and its close relationship with a broad spectrum of customers. ORIX is the
leading |
|
| automobile
fleet leasing company in Japan with 170,000 vehicles under maintenance
leases. |
|
| The
Company owns a fleet of 26 commercial aircraft which it leases to airline
companies |
|
| around
the world. |
|
|
|
| International
Activities |
|
| While
building the strongest domestic market position among diversified financial
services |
|
| companies
in Japan, ORIX has worked to strengthen global synergies through the
development |
|
| of
an extensive network of overseas subsidiaries and affiliates. ORIX began
setting up its |
|
| international
network in 1971 and today its overseas presence is represented across 25 |
|
| countries
by 40 companies with 142 offices. To encourage close ties with host nations,
ORIX |
|
| has
emphasised the establishment of affiliates in co-operation with locally based
financial |
|
| institutions
and other leading companies. It has wholly owned subsidiaries in the USA, UK, |
|
| Ireland,
Hong Kong, Singapore, Taiwan, Australia and New Zealand. Recent initiatives
include |
|
| the
establishment of an investment bank, ORIX Investment Bank Pakistan Limited;
the opening |
|
| of
a representative office in Vietnam in anticipation of future potential in
that country; the |
|
| investment
by ORIX Rentec Corporation, a subsidiary in Japan, in an equipment rental |
|
| company
in South Korea; and the establishment of a leasing company in Poland. |
|
|
|
| Human
Resources |
|
| ORIX
believes in maintaining an environment that makes it possible for all
employees to gnu |
|
| fulfillment
in their work and contribute to society. ORIX is an equal opportunity
employer and |
|
| today
female employees have become a major factor supporting the Company's growth,
filling |
|
| about
40% of the Company's career positions. In total ORIX employs 6,991 staff.
ORIX policy |
|
| is
to delegate control at local levels and increase autonomy of member
companies. Of the |
|
| approximately
1,600 personnel working at ORIX's subsidiaries and affiliates outside Japan, |
|
| only
45 are seconded from Japan. ORIX encourages co-operation and sharing of
know-how |
|
| among
Group companies and regularly brings together participants from affiliates
around the |
|
| world
to observe firsthand the activities of ORIX group in Japan. |
|
|
|
| Financial
Highlights |
|
| ORIX
Group, Japan |
|
| (For
the year ended March 31) |
|
|
|
|
Translation into |
|
|
|
|
Japanese Yen (millions) |
|
U S. Dollars (thousands) |
|
|
|
|
|
|
|
1996 |
1995 |
|
1996 |
1995 |
|
| Total
Revenues |
|
317,594 |
310,837 |
|
2,996,170 |
2,932,425 |
|
| Income
before Income Taxes |
35,027 |
33,629 |
|
330,444 |
317,255 |
|
| Net Income |
|
|
18,003 |
17,072 |
|
169,840 |
161,057 |
|
| Shareholders'
Investment |
276,251 |
238,050 |
|
2,606,142 |
2,245,755 |
|
| Total
Assets |
|
4,751,756 |
4,405,556 |
|
44,827,887 |
41,561,849 |
|
|
|
|
| Notes:
a) The Japanese yen and dollar amount are in million of yen and thousands of
U.S. dollars, |
|
| respectively. |
|
|
|
|
|
| b)
The dollar amounts above represent translations of Japanese yen at an
exchange rate of |
|
| Yen
106 to US $1 |
|
|
|
|
|
| Business
Activities |
|
| ORIX
Group, Japan: |
|
|
|
|
| General
Industrial Equipment Leasing |
|
Computer Leasing |
|
| Ship
Leasing |
|
Interior Furnishing
Leasing |
|
| Automobile
Maintenance Leasing |
|
Ship Management |
|
| Electronic
Measuring Equipment Rentals |
|
Aircraft Finance Leasing |
|
| Office
Automation Equipment Rentals |
|
Automobile Rentals |
|
| Automobile
Leasing to Individuals |
|
Dormitory Leasing |
|
| Real
Estate Rentals and Management |
|
Real Estate Investment
Trust |
|
| Aircraft
Operating Leasing |
|
|
Installment Sales |
|
| Industrial
Finance |
|
|
Housing Loans |
|
| Consumer
Finance |
|
|
Securities Investment |
|
| Mortgage
- Backed Securities Loans |
|
Venture Capital
Investment |
|
| Securities
Brokerage |
|
|
Futures Funds |
|
| Investment
Banking |
|
|
Futures and Options
Trading |
|
| Life
Insurance |
|
|
Leisure Facilities
Management |
|
| Computer
Software Development |
|
|
Resort Development |
|
| Manufacture
and Sale of Interior Furnishings |
|
Hotel Management |
|
| Broadcasting
Service via Comm. Satellite |
|
Training Facilities
Management |
|
| Professional
Baseball Team |
|
|
Consumer Credit Sales |
|
| Casualty
Insurance Services |
|
|
|
|
|
|
|
|
|
|
OMAN ORIX LEASING COMPANY
SAOG (OOL) |
|
| In
September 1994 OOL was established to promote leasing in the Sultanate of
Oman. ORIX |
|
| Leasing
Pakistan Limited is a founder shareholder and has the management of the
Company. |
|
| Other
sponsoring shareholders are IFC, member of the World Bank Group, Oman
National |
|
| Insurance
Company, the biggest insurance company in the country, Oman International
Bank, |
|
| one
of the largest Omani commercial banks and Oman Development Bank, a DFI whose |
|
| majority
shares are owned by the Government. The founders' objective was to
participate in the |
|
| economic
development taking place in Oman and to provide businesses with an
alternative |
|
| source
of medium term finance through leasing. |
|
|
|
| The
Company's main business is leasing of moveable assets such as vehicles,
plants, |
|
| machinery,
computers and office equipment. Lessees range from large industrial and |
|
| commercial
companies to medium and small sized businesses. These businesses include |
|
| manufacturing,
contracting and sub-contracting, trading, transport, consumer product and the |
|
| services
sector. |
|
|
|
| OOL
earned a profit of Rial Omani (R.O.) 53,627 (Rs. 5.1 million) in the first
full year of its |
|
| operations
which ended December 31, 1995. The Company wrote leases with a purchase cost |
|
| of
R.O. 3.3 million (Rs. 313 million) and had gross lease receivables at the end
of the year of |
|
| R.O.
3.6 million (Rs. 342 million). The Company's share of R.O. 1 each is quoted
on the Muscat |
|
| Securities
Market at a value of R.O. 1.80 per share (Rs. 171 per share). Shareholders
equity |
|
| amounts
to R.O. 2.0 million (Rs. 190.0 million). |
|
|
|
| The
Company is pursuing a policy of growth by booking quality leases and
diversifying its risks |
|
| over
a wide range of business sectors and developing a balanced leased asset
portfolio. The |
|
| emphasis
is on providing lease finance facility for productive assets to ongoing
projects and |
|
| businesses
and at all times adhering to rigorous credit screening. Future prospects for
leasing in |
|
| Oman
are promising as the industry is expected to play an active role in
development of the |
|
| economy.
Oman is a member of the Gulf Cooperation Council (G.C.C.). The Company is
also |
|
| exploring
the possibility of tapping the business potential for leasing in other G.C.C.
countries |
|
| (Saudi
Arabia, U.A.E., Kuwait, Qatar and Bahrain). |
|
|
|
|
|
|
|
|
NOTICE OF MEETING |
|
| Notice
is hereby given that the tenth Annual General Meeting of the Company will be
held at |
|
| Pearl
Continental Hotel, Karachi on Saturday, September 21, 1996 at 11:30 am to
transact the |
|
| following
business: |
|
|
|
|
| Ordinary
Business: |
|
| 1.
To receive, consider and adopt the audited accounts together with the
Directors' and |
|
| Auditors'
Reports for the year ended June 30, 1996. |
|
|
|
|
| 2.
To approve the payment of cash dividend to the Shareholders at the rate of
Rs. 4.50 per |
|
| share
of Rs. 10/- each for the year ended June 30,1996. |
|
|
|
| 3.
To appoint Auditors and fix their remuneration. The present Auditors Messrs.
Sidat Hyder |
|
| Qamar
Maqbool & Co.. Chartered Accountants, retire and being eligible, offer
themselves |
|
| for
re-appointment. |
|
|
|
| 4.
To elect 8 (eight) directors of the Company, including the Chief Executive,
for a period of |
|
| three
years under Section 178 (1) of the Companies Ordinance, 1984, as fixed by the |
|
| Board
of Directors. |
|
|
|
|
| The
following are the retiring directors who being eligible, have notified their
intention to |
|
| offer
themselves for election: |
|
| 1.
Mr. Yoshihiko Miyauchi |
5. Mr. Rauf Ahmed Shamsi |
|
| 2.
Mr. Yoshiaki Ishida |
6. Mr. Khursid Hadi |
|
| 3.
Mr. Takeshi Sato |
|
7. Mr. Rauf B. Kadri |
|
| 4.
Mr. Shakirullah Durrani |
8. Mr. Humayun Murad |
|
|
|
| Special
Business: |
|
|
| 5.
To consider and if approved, pass the following resolution in respect of the
Company's |
|
| investment: |
|
| "
Resolved that the Company be and is hereby authorised to invest the
equivalent of |
|
| Egyptian
pounds 4.6 million representing 23% equity interest in proposed joint |
|
| venture
leasing company in Egypt, subject to such permissions as may be required |
|
| in
this behalf from the Governments of Pakistan and Egypt and departments acting |
|
| on
their behalf. |
|
|
|
| Further
resolved that the Managing Director be and is hereby authorised on behalf |
|
| of
the Company to sign such documents and take such steps from time to time as |
|
| may
be necessary to acquire the said equity interest in the said company." |
|
|
|
| 6.
To transact any other business with permission of the Chair. |
|
|
|
|
| Karachi:
August 26, 1996 |
|
BY ORDER OF THE BOARD |
|
|
|
|
S. SAEED REZA |
|
|
|
|
Company Secretary |
|
|
|
|
|
|
| Statement
under Section 160 (1) of the Companies Ordinance, 1984. |
|
| I.
The Directors recommend the Company's participation, as one of the sponsors,
in a |
|
| leasing
company being established in Egypt which is proposed to be named ORIX |
|
| Leasing
Egypt. In 1995 the Government of Egypt introduced a law enabling the |
|
| formation
of leasing companies. ORIX will be a pioneer of leasing in Egypt which offers |
|
| attractive
opportunities for the promotion of leasing business. The Government of Egypt |
|
| is
pursuing a policy of liberalisation and deregulation and is encouraging |
|
| industrialisation
and foreign investment. Egypt has a population of 60 million and in |
|
| 1994
it registered a GDP growth of 10% and its foreign currency reserves are in
excess |
|
| of
US$ 18 billion. The investment will be financed from the Company's internal |
|
| resources.
The sponsoring shareholders of ORIX Egypt are: |
|
|
|
Share of Equity |
|
| Sponsor's
Name |
|
Egyptian |
Pak |
%age |
|
|
|
Pounds |
Rupees |
|
|
|
|
( i n m i l l i on ) |
|
| ORIX
Corporation, Japan |
|
4.60 |
47.70 |
23.00 |
|
| International
Finance Corporation, U.S.A. |
3.00 |
31.11 |
15.00 |
|
| National
Bank of Egypt |
|
4.80 |
49.78 |
24.00 |
|
| Commercial
International |
|
|
| Investment-Company,
Egypt |
|
3.00 |
31.11 |
15.00 |
|
| ORIX
Leasing Pakistan Limited |
|
4.60 |
47.70 |
23.00 |
|
|
|
|
------- |
------- |
------- |
|
| Total
sponsor's holding |
|
20.00 |
207.40 |
100.00 |
|
|
|
|
======= |
======= |
======= |
|
| The
proposal has been examined and is being recommended for the following
reasons: |
|
| 1)
The viability of the project has been identified and a sound and profitable
future is |
|
| forecast. |
|
| 2)
The strength of institutional sponsorship demonstrates confidence in the
proposed |
|
| project. |
|
| 3)
The investment will add to the growing international business of ORIX Leasing |
|
| Pakistan
Limited in the Middle East Region. |
|
| 4)
Shares in ORIX Egypt will be acquired at par value of shares by ORIX Leasing |
|
| Pakistan
Limited from its own resources. |
|
|
|
| II.
The Directors of ORIX Leasing Pakistan Limited have no interest in the above |
|
| investment |
|
| Notes: |
|
|
| i) |
The Register of Members
of the Company will be closed from September 14,1996 to |
|
| September
21,1996 (both days inclusive). Dividend will be paid to those Shareholders |
|
| whose
names appear on the Register of Members as at the close of business on |
|
| September
13,1996. |
|
| ii) |
A Member entitled to
attend and vote at the General Meeting of Members is entitled to |
|
| appoint
a proxy to attend and vote on his behalf. A proxy need not be a Member of the |
|
| Company. |
|
|
| iii) |
The instrument appointing
a proxy and the power of attorney or other authority under |
|
| which
it is signed or a notarially certified copy of the power of attorney must be
deposited |
|
| at
the registered office of the Company at least 48 hours before the meeting. A
form of |
|
| proxy
is enclosed. |
|
| iv) |
Shareholders are
requested to notify any change of address immediately. |
|
|
|
|
|
|
|
|
|
REPORT OF THE DIRECTORS |
|
| The
Directors are pleased to present the tenth Annual Report together with the
audited |
|
| accounts
of the Company for the year ended June 30, 1996. |
|
|
|
| Financial
Results |
|
|
|
Rupees |
|
| Net
profit for the year after charging all expenses |
|
| and
allowances for potential lease losses |
|
166,536,155 |
|
| Less:
Taxation |
|
18,000,000 |
|
|
|
|
---------- |
|
|
|
|
148,536,155 |
|
|
|
|
| Unappropriated
profit brought forward |
|
9,008,809 |
|
|
|
|
---------- |
|
|
|
|
157,544,964 |
|
| Appropriations: |
|
| -
Transfer to general reserve |
|
|
75,000,000 |
|
| -
Cash dividf3nd |
|
72,499,289 |
|
|
|
|
---------- |
|
|
|
|
147,499,289 |
|
|
|
|
---------- |
|
| Unappropriated
profit carried forward |
|
10,045,675 |
|
|
|
|
========== |
|
|
|
|
|
|
| Dividend |
|
|
| The
directors recommend a cash dividend of 45%. This is a 28.57% increase over
the 1995 |
|
| cash
dividend of 35%. |
|
|
|
| Review
of Operations |
|
| The
Company achieved strong growth in volume and profits and results are
attributable to the |
|
| broad
business base developed over the last ten years. Net profit before tax rose
47% to Rs. |
|
| 166.5
million from Rs. 113 million last year. Earnings per share, after tax, were
higher by 40% |
|
| to
Rs. 9.22 per share (1995: Rs. 6.61 per share). Volume of new business, based
on the |
|
| purchase
cost of leased assets, amounted to Rs. 1.96 billion, 26% higher than Rs. 1.56
billion |
|
| recorded
in 1995. New rent receivables of Rs. 2.82 billion were added to the portfolio
(1995: |
|
| Rs.
2.10 billion) and rent collections totalled Rs. 1.45 billion during the year
providing strong |
|
| internal
cash generation. Lease income rose 38% to Rs. 596 million and income from |
|
| installment
loans. continues to a row at a satisfactory level. |
|
|
|
| New
business written comprised 45% of plant and machinery, 46% of cars and
commercial |
|
| vehicles
and 9% computers and office equipment. The sectoral analysis of the lease
portfolio |
|
| is
well balanced with the highest exposure in any single sector being 16.4% of
the total |
|
| portfolio.
Lease finance facilities were extended to 1,066 business enterprises. |
|
|
|
| The
main item of expenditure, financial expenses, rose by 41 % to Rs. 362.4
million. This is the |
|
| reflection
of both a higher level of borrowings required to finance the Company's
business and |
|
| the
increasing cost of funds from domestic and international sources.
Inflationary pressures |
|
| were
evident in expenditure incurred on selling, general and administrative
activities which |
|
| increased
by 38% to Rs. 82.7 million. An amount of Rs. 32.5 million was charged as
general |
|
| provision
for potential lease losses bringing the aggregate to Rs. 124.6 million
representing |
|
| 3.29%
of the net receivables. The Company maintained an excellent collection ratio
and the |
|
| general
provision is in accordance with our established policy since inception and a
practice |
|
| followed
by ORIX Group companies world wide. |
|
|
|
| The
Company's funding ability is kept in line with its marketing objectives.
Efforts to diversify |
|
| sources
of funding have been successful and support of financial institutions and
banks is |
|
| increasing
in recognition of the Company's balance sheet strength and sustained growth.
Loan |
|
| of
US$ 15.8 million from IFC was fully drawndown and a loan agreement of US$ 20
million was |
|
| signed
with the Asian Development Bank. The World Bank line of US$ 26 million for
small |
|
| scale
and micro enterprises continues to be utilised providing valuable support to
this |
|
| important
sector. Plans for issuing Term Finance Certificates (TFC's) are at an
advanced stage |
|
| and
the Company will tap this source at an appropriate time during 1996-97. In
preparation for |
|
| the
TFC issue, and in accordance with the directive of State Bank of Pakistan for
all leasing |
|
| companies
to be credit rated, The Pakistan Credit Rating Agency assigned credit ratings
to |
|
| your
Company of A1 + and A+ for short and long term debts respectively. |
|
|
|
| During
the year IFC exercised its option to convert 10% of the loan of US $ 12.5
million into fully |
|
| paid
up shares of the Company. Consequently, 905,609 shares were issued to IFC at
a |
|
| conversion
price of Rs. 43.43 per share (Rs. 39,330,599). IFC's presence as a
shareholder will |
|
| strengthen
the close working relationship which has developed between the Company and
IFC. |
|
|
|
| Associated
Companies |
|
| The
Oman ORIX Leasing Company SAOG (OOL), in Muscat made a promising start and |
|
| reported
a profit of Rs. 5.1 million in its first full year of operations which ended
on December |
|
| 31,
1995. OOL has total assets in excess of Rs. 570 million and its share of par
value Rial |
|
| Omani
(R.O.) 1/- each is quoted on the Muscat Securities Market at a value of R.O.
1.80 |
|
| equivalent
to Rs. 171 per share. ORIX Leasing Pakistan has a 20% shareholding in OOL and |
|
| this
investment has a market value of Rs. 68.4 million against a cost of Rs. 33.9
million. |
|
|
|
| The
Company's second joint venture project ORIX Investment Bank Pakistan Limited
(OIB) |
|
| commenced
operations in June, 1996. OlB's shares are listed on the Karachi Stock
Exchange |
|
| and
the offer of 5.5 million shares to the public was oversubscribed 9.96 times.
ORIX Leasing |
|
| Pakistan
has 15% equity in OIB and there are good prospects of business synergy
developing |
|
| between
the two companies |
|
|
|
| Your
Directors are pleased to recommend the Company's participation, as one of the
sponsors, |
|
| in
a leasing company being established in Egypt which is proposed to be named
ORIX Leasing |
|
| Egypt.
In 1995 the Government of Egypt introduced a law enabling the formation of
leasing |
|
| companies.
ORIX will be a pioneer of leasing in Egypt which offers attractive
opportunities for the |
|
| promotion
of leasing business. The Government of Egypt is pursuing a policy of
liberalisation and |
|
| deregulation
and is encouraging industrialisation and foreign investment. Egypt has a
population |
|
| of
60 million and in 1994 it registered a GDP growth of 10% and its foreign
currency reserves are |
|
| in
excess of US$ 18 billion. Together with your Company (23% equity) the other
sponsoring |
|
| shareholders
are ORIX Corporation, Japan (23%), International Finance Corporation (15%), |
|
| National
Bank of Egypt (24%) and Commercial International Investment Company (15%).
The |
|
| investment
in ORIX Egypt will add to the developing international business of ORIX
Leasing |
|
| Pakistan. |
|
|
|
| Future
Prospects |
|
| The
Company will continue to concentrate on its core business of lease finance
which has |
|
| good
scope for further expansion. Emphasis is also being given to promote
ancillary financial |
|
| products
such as operating leases and hire purchase of consumer durables which is
already |
|
| making
a satisfactory contribution to the profit. |
|
|
|
|
| Chairman
and Directors |
|
| Mr.
Yoshihiko Miyauchi, President and CEO of ORIX Corporation was unanimously
elected |
|
| Chairman
of the Company on January 1, 1996. Mr. Miyauchi is a pioneer of leasing
industry in |
|
| Japan
and a renowned figure in the international financial community. His rich
experience will |
|
| be
invaluable to the Company's future development. |
|
|
|
|
| Following
the privatisation of Bankers Equity Limited (BEL) Mr. Khalid Iqbal resigned
from the |
|
| Board
and has been succeeded by Mr. Khurshid Hadi as a BEL nominee. The Directors
place |
|
| on
record their appreciation of Mr. Khalid Iqbal's services and welcome Mr.
Khurshid Hadi to |
|
| the Board. |
|
|
|
|
| Staff |
|
| The
contribution of all staff members is noteworthy and the Company takes pride
in the |
|
| dedication
and teamwork of its employees. The results of the year reflect their
commitment |
|
| and
the Board records its appreciation of the efforts of all staff members. |
|
|
|
| Auditors |
|
| The
Auditors, Messrs Sidat Hyder Qamar Maqbool & Co., retire and being
eligible offer |
|
| themselves
for re-appointment. |
|
|
|
| Pattern
of Shareholding |
|
| The
pattern of shareholding as on June 30, 1996 is shown on page 35. |
|
|
|
|
|
|
On behalf of the Board. |
|
| Date:
August 25, 1996 |
Humayun Murad |
|
|
|
Chief Executive |
|
|
|
|
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
| We
have audited the annexed balance sheet of ORIX Leasing Pakistan 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 year then ended and we
state |
|
| that
we have obtained all the information and explanations which to the best of
our knowledge |
|
| and
belief were necessary for the purposes of our audit and, after due
verification thereof, we |
|
| report
that: |
|
| a)
in our opinion, proper books of account have been kept by the Company as
required by |
|
| the
Companies Ordinance, 1984: |
|
| b)
In our opinion: |
|
| i
) the balance sheet and profit and loss account, together with the notes
thereon, |
|
| have
been drawn up in conformity with the Companies Ordinance,1984 and |
|
| are
in agreement with the books of account and are further in accordance with |
|
| the
accounting policies consistently applied; |
|
| ii
) the expenditure incurred during the year was for the purpose of the
Company's |
|
| business;
and |
|
| iii
) the business conducted, investments made and the expenditure incurred |
|
| during
the year 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 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 statement of changes in financial position for the year then ended; and |
|
| d)
in our opinion, Zakat deductible at source under the Zakat and Ushr
Ordinance, 1980 |
|
| was
deducted by the Company and deposited in the Central Zakat Fund established |
|
| under
Section 7 of that Ordinance. |
|
|
|
|
| Karachi: August 25, 1996. |
|
SIDAT HYDER QAMAR MAQBOOL
& CO. |
|
|
|
|
CHARTERED ACCOUNTANTS |
|
|
|
|
|
|
|
|
|
BALANCE SHEET AS AT JUNE
30, 1996 |
|
|
|
|
|
|
|
NOTE |
1996 |
1995 |
|
| ASSETS |
|
|
|
|
|
|
|
|
| Fixed
assets - tangible |
|
3 |
36,726,240 |
24,724,759 |
|
|
| Investment
in leases and installment loans: |
|
|
|
|
| Installment
contract receivables |
|
4,752,997,367 |
3,535,870,647 |
|
|
| Unearned
Income |
|
|
970,527,447 |
729,087,515 |
|
|
| Net
investment in leases and installment loans |
3,782,469,920 |
2,806,783,132 |
|
|
| Less:
Current portion |
|
|
1,717,426,257 |
1,252,393,215 |
|
|
|
|
|
----------- |
----------- |
|
|
|
|
|
2,065,043,663 |
1,554,389,917 |
|
|
|
|
|
|
|
| Long
term investments |
|
4 |
71,889,052 |
41,889,052 |
|
|
| Long
term loans and advances |
|
5 |
18,251,225 |
10,529,343 |
|
|
| Long
term deposits, prepayments and |
|
|
|
|
| deferred
costs |
|
6 |
23,976,320 |
13,016,137 |
|
|
| Current
assets |
|
7 |
1,911,255,697 |
1,497,761,446 |
|
|
|
|
|
|
----------- |
----------- |
|
|
|
|
Rs. |
4,127,142,197 |
3,142,310,654 |
|
|
|
|
|
=========== |
=========== |
|
|
|
|
|
|
|
| SHARE
CAPITAL AND LIABILITIES |
|
|
|
|
|
|
|
|
|
| Share
capital and reserves |
|
|
|
| Authorised |
|
|
|
|
|
| 25,000,000
Ordinary shares of Rs. 10/ |
|
|
|
| each
(1995: 25,000,000 Ordinary |
|
|
|
| shares
of Rs. 10/- each) |
|
250,000,000 |
250,000,000 |
|
|
|
|
|
|
=========== |
=========== |
|
|
|
|
|
|
|
|
|
| Issued,
subscribed and paid up |
|
8 |
161,109,530 |
152,053,440 |
|
|
| Share
premium |
|
9 |
287,216,909 |
256,942,400 |
|
|
| General
reserve |
|
10 |
227,500,000 |
152,500,000 |
|
|
| Unappropriated
profit |
|
|
10,045,675 |
9,008,809 |
|
|
|
|
|
|
----------- |
----------- |
|
|
|
|
|
|
524,762,584 |
418,451,209 |
|
|
|
|
----------- |
----------- |
|
|
| Shareholders'
equity |
|
685,872,114 |
570,504,649 |
|
|
| Allowance
for potential lease and |
|
|
|
| installment
loan losses |
|
124,557,217 |
101,910,731 |
|
|
| Redeemable
capital |
|
11 |
20,315,786 |
150,992,328 |
|
|
| Long
term loans |
|
12 |
1,366,388,013 |
981,208,306 |
|
|
| Long
term certificates of investment |
13 |
7,788,387 |
3,250,000 |
|
|
| Deferred
liability - gratuity |
|
|
5,283,770 |
3,347,933 |
|
|
| Long
term advances and deposits |
14 |
394,106,492 |
324,033,419 |
|
|
| Current
liabilities |
|
15 |
1,522,830,418 |
1,007,063,288 |
|
|
| Contingencies
and commitments |
|
16 |
- |
- |
|
|
|
|
----------- |
----------- |
|
|
|
|
Rs. |
4,127,142,197 |
3,142,310,654 |
|
|
|
|
=========== |
=========== |
|
|
|
|
|
| AUDITORS'
REPORT ANNEXED |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
|
|
|
|
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED JUNE 30, 1996 |
|
|
|
|
|
|
NOTE |
1996 |
1995 |
|
|
|
|
| Lease
rents received and receivable |
Rs. |
1,446,489,837 |
1,040,186,989 |
|
|
|
|
=========== |
=========== |
|
| Income
from: |
|
|
|
|
| Lease
contracts |
|
|
596,088,014 |
430,650,120 |
|
| Installment
loans |
|
|
35,204,918 |
21,077,845 |
|
| Others |
|
|
17 |
25,688,902 |
15,048,892 |
|
|
|
----------- |
----------- |
|
|
|
656,981,834 |
466,776,857 |
|
| Less: |
|
|
|
| Direct Cost of leases |
|
18 |
12,850,080 |
10,980,106 |
|
| Finance and bank charges |
|
19 |
362,477,151 |
256,945,403 |
|
| Selling,
general and administrative expenses 20 |
82,652,743 |
59,992,670 |
|
| Allowance
for potential lease losses |
|
32,465,705 |
25,875,931 |
|
|
|
----------- |
----------- |
|
|
|
490,445,679 |
353,794,110 |
|
|
|
----------- |
----------- |
|
| Operating
profit |
|
166,536,155 |
112,982,747 |
|
| Provision
for taxation |
|
22 |
18,000,000 |
12,500,000 |
|
|
|
|
----------- |
----------- |
|
|
| Profit
for the year |
|
148,536,155 |
100,482,747 |
|
|
| Unappropriated
profit brought forward |
|
9,008,809 |
6,744,766 |
|
|
|
----------- |
----------- |
|
|
|
157,544,964 |
107,227,513 |
|
| APPROPRIATIONS: |
|
|
|
| Transfer
to general reserve |
|
75,000,000 |
45,000,000 |
|
| Proposed
dividend @ 45% (1995: @ 35%) |
|
72,499,289 |
53,218,704 |
|
|
|
|
----------- |
----------- |
|
| Unappropriated
profit carried forward |
|
147,499,289 |
98,218,704 |
|
|
|
|
----------- |
----------- |
|
|
|
Rs. |
10,045,675 |
9,008,809 |
|
|
|
|
=========== |
=========== |
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
|
|
|
|
STATEMENT OF CHANGES IN
FINANCIAL POSITION FOR THE YEAR ENDED JUNE 30, 1996 |
|
|
|
|
|
|
1996 |
1995 |
|
| CASH
FLOWS FROM OPERATING ACTIVITIES |
|
| Profit
for the year |
|
166,536,155 |
112,982,747 |
|
| Add:
Adjustments to reconcile profit to net cash |
|
|
| provided
by operating activities |
|
|
|
| Depreciation
and amortisation |
|
15,073,772 |
10,511,651 |
|
| Allowance
for potential lease losses - net |
|
22,646,486 |
19,450,667 |
|
| Provision
for staff retirement benefits - net |
1,935,837 |
1,149,757 |
|
| Provision
for mark up on long term finance |
|
31,768,091 |
37,394,315 |
|
| Gain
on sale of fixed assets |
|
556,457 |
356,114 |
|
|
|
----------- |
----------- |
|
| Net
cash provided by operating activities |
|
237,403,884 |
181,133,023 |
|
| (Increase)/Decrease
in current assets |
|
36,840,238 |
10,287,288 |
|
| Increase/(Decrease)
in current liabilities |
|
64,613,098 |
41,095,728 |
|
|
|
----------- |
----------- |
|
| Net
cash from operating activities before |
|
|
|
| income tax |
|
265,176,744 |
211,941,463 |
|
| Income tax |
|
7,743,991 |
32,572,341 |
|
|
|
----------- |
----------- |
|
| Net
cash from operating activities |
|
257,432,753 |
179,369,122 |
|
|
|
|
|
|
| CASH
FLOWS FROM INVESTING ACTIVITIES |
|
|
|
| Investment
in leases - net |
|
(975,686,788) |
(884,715,426) |
|
| Investments |
|
|
(24,941,550) |
(6,695,007) |
|
| Capital
expenditure |
|
|
(27,494,110) |
(10,826,248) |
|
| Long
term loans and advances - net |
|
(8,324,446) |
(138,015) |
|
| Proceeds
from sale of fixed assets |
|
7,316,632) |
1,211,970 |
|
|
|
|
|
----------- |
----------- |
|
| Net
cash used in investing activities |
|
############# |
(901,162,726) |
|
|
|
|
| CASH
FLOWS FROM FINANCING ACTIVITIES |
|
| Proceeds
of right issue |
|
|
-- |
325,828,800 |
|
| Proceeds
of shares issued against |
|
|
|
| conversion
option |
|
|
39,330,599 |
-- |
|
| Long
term loans |
|
|
826,406,030 |
432,591,757 |
|
| Short
term loans and running finance |
|
116,066,490 |
171,829,147 |
|
| Certificates
of investment |
|
(54,068,613) |
(37,720,000) |
|
| Deposits
from lessees - net |
|
|
112,924,722 |
110,017,187 |
|
| Repayment
of redeemable capital and mark up |
|
(83,594,253) |
(75,304,974) |
|
| Repayment
of long term loans |
|
|
(198,770,404) |
(85,956,000) |
|
| Long
term deposits, prepayments and deferred costs |
(17,301,501) |
(2,630,039) |
|
| Payment
of dividend |
|
|
(53,218,704) |
(14,481,280) |
|
|
|
|
----------- |
----------- |
|
| Net
cash generated from financing activities |
|
687,774,366 |
824,174,598 |
|
|
|
|
----------- |
----------- |
|
| Net
(Decrease)/lncrease in cash activities |
|
(83,923,143) |
102,380,994 |
|
| Cash
and bank balances at beginning |
|
|
|
|
| of
the year |
|
|
157,879,409 |
55,498,415 |
|
|
|
|
----------- |
----------- |
|
| Cash
and bank balances at end of the year |
Rs. |
73,956,266 |
157,879,409 |
|
|
|
|
|
============ |
============ |
|
|
|
|
|
|
|
NOTES TO THE ACCOUNTS FOR
THE YEAR ENDED JUNE 30, 1996 |
|
|
|
| 1.
LEGAL STATUS AND NATURE OF BUSINESS |
|
| The
Company was incorporated in Pakistan as a private limited company on July 1,
1986 and |
|
| was
converted into a public limited company on December 23, 1987. The Company is
listed on |
|
| Karachi,
Lahore and Islamabad Stock Exchanges. The main business activity is leasing
of |
|
| moveable
assets. |
|
|
|
|
| 2.
SIGNIFICANT ACCOUNTING POLICIES |
|
| 2.1
Accounting convention |
|
| These
financial statements have been prepared under the historical cost convention. |
|
|
|
|
| 2.2
Recognition of lease income |
|
| The
Company follows the "financing method" in accounting for
recognition of lease income. |
|
|
|
| At
the commencement of a lease, the total unearned lease income consists of the
excess of |
|
| aggregate
lease contract receivables over the cost of the leased equipment. At the time
a |
|
| lease
is executed, a portion of unearned lease income which approximates the
initial costs |
|
| directly
associated with negotiating and consummating the lease plus an amount equal
to the |
|
| allowance
for potential lease losses is taken into income. The remainder of the
unearned lease |
|
| income
is taken into income over the term of the lease, starting with the month in
which the |
|
| lease
is executed, so as to produce a systematic return on the net investment in
the lease. |
|
|
|
|
| 2.3
Allowance for Potential lease losses |
|
| The
allowance for potential lease losses is maintained at a level which, in the
judgment of |
|
| management,
is adequate to provide for potential losses on lease portfolio that can be |
|
| reasonably
anticipated. The allowance is increased by provisions charged to income and
is |
|
| decreased
by charge-offs, net of recoveries. |
|
|
|
| 2.4
Tangible fixed assets and depreciation |
|
| Operating
assets are stated at cost less accumulated depreciation. |
|
|
|
| Depreciation
is charged to income applying straight-line method, whereby cost of an asset
is |
|
| written-off
over its estimated useful life. In respect of additions and deletions of
assets during |
|
| the
year, depreciation is charged from the month of acquisition and upto the
month preceding |
|
| the
deletion respectively. |
|
|
|
| Maintenance
and repairs are charged to income as and when incurred. |
|
|
|
|
| Major
renewals and improvements are capitalised and the assets so replaced, if any,
are |
|
| retired.
Gains and losses on disposal of assets, if any, are included in income
currently. |
|
|
|
|
| Long
term investments |
|
| These
are stated at cost. Return on investment is recognised at rates specified in
the |
|
| respective
investment schemes and accrued for the period. The income is recognised on
the |
|
| assumption
that such investments will be held till the terminal date. |
|
|
|
|
| Investment
in associated companies is stated at cost. Permanent diminution in value of |
|
| investments,
if any, is charged to income in the year of occurrence. |
|
|
|
|
| 2.6
Deferred costs |
|
|
|
|
| 2.6.1 Loans |
|
| Loan
originating costs, front end fee and documentation costs are amortised over
the loan |
|
| period
or five years, whichever is shorter. |
|
|
|
| 2.6.2 Project development costs |
|
| Expenditure
incurred in connection with development of various projects and joint
ventures are |
|
| classified
as project development costs and are amortized over a period of five years. |
|
|
|
| 2.7
Staff retirement benefits |
|
| The
Company operates an unfunded gratuity scheme covering all its permanent
employees |
|
| who
have completed the minimum qualifying period of six months. |
|
|
|
| 2.8
Foreign currencies |
|
| Transactions
in foreign currencies are accounted for in rupees at the rate prevailing on
the |
|
| date
of transaction. Monetary assets and liabilities in foreign currencies are
translated into |
|
| rupees
at the rate of exchange prevailing at the balance sheet date. Realised and
unrealised |
|
| exchange
gains and losses are dealt with in the profit and loss account. Foreign
currency |
|
| loans
registered under Exchange Risk Coverage Scheme of the State Bank of Pakistan
(SBP) |
|
| are
translated into rupees at the rate prevailing on the date of disbursement. |
|
|
|
| 2.9
Taxation |
|
|
|
| 2.9.1
Current |
|
| Income
for the purposes of computing current taxation is determined under the
provisions of tax |
|
| law
whereby lease rentals received or receivable by the Company are deemed to be
income. |
|
| Provision
for taxation is thus based on income determined in accordance with the
accounting |
|
| policy
explained in Note 2.2 and adjusted in accordance with the requirements of the
tax law. |
|
|
|
|
| 2.9.2 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
purposes and |
|
| accounting
purposes as well as for all other significant timing differences. However,
deferred |
|
| tax
is not provided if it can be established that timing differences will not
reverse in the |
|
| foreseeable
future. |
|
|
|
|
| FIXED
ASSETS - tangible |
|
|
|
| 3.1
Operating assets |
|
Accumulated |
|
|
|
|
|
Depreciation |
Book Value |
Depreciation |
|
|
|
Cost at |
Additions/ |
Cost at |
at |
at |
For |
Rate |
|
|
|
July l,1995 |
(Deletions) |
30-Jun-96 |
30-Jun-96 |
30-Jun-96 |
the Year |
(%) |
|
|
|
|
| Leasehold |
|
|
| improvements |
10,365,560 |
1,481,849 |
11,847,409 |
7,625,310 |
4,222,099 |
1,653,020 |
15 |
|
| Furniture
and |
|
|
|
| office
equipment |
15,835,421 |
6,006,837 |
21,556,008 |
8,783,028 |
12,772,980 |
2,463,377 |
15-20 |
|
|
|
(286,250) |
|
|
|
|
|
| Motor
vehicles |
19,211,178 |
20,005,424 |
28,569,086 |
8,837,925 |
19,731,161 |
4,616,057 |
20 |
|
|
|
(10,647,516) |
|
|
-------------------- |
-------------------- |
-------------------- |
-------------------- |
-------------------- |
-------------------- |
|
|
|
Rs. |
45,412,159 |
27,494,110 |
61,972,503 |
25,246,263 |
36,726,240 |
8,732,454 |
|
|
|
-10.9330 |
|
|
|
========= |
========= |
========= |
========= |
========= |
========= |
|
|
1995-Rs. |
36,511,210 |
10,826,248 |
45,412,159 |
20,687,400 |
24,724,759 |
7,211,853 |
|
|
|
|
|
(1,925,299) |
|
|
|
========= |
========= |
========= |
========= |
========= |
========= |
|
|
|
|
|
|
|
| 3.2
Movement of accumulated depreciation during the year |
|
|
Accumulated |
Depreciation |
Adjustment |
Accumulated |
|
|
|
depreciation |
charged |
on disposal |
depreciation |
|
|
|
as at |
during the |
during the |
as at |
|
|
|
1-Jul-95 |
year |
year |
June 30,1996 |
|
|
|
|
|
|
|
|
| Leasehold
improvements |
5,972,290 |
1,653,020 |
- |
7,625,310 |
|
|
| Furniture
& office equipment |
6,438,538 |
2,463,377 |
118,887 |
8,783,028 |
|
|
| Motor
Vehicles |
|
8,276,572 |
4,616,057 |
4,054,704 |
8,837,925 |
|
|
|
|
|
-------------------- |
-------------------- |
-------------------- |
-------------------- |
|
|
|
Rs. |
20,687,400 |
8,732,454 |
4,173,591 |
25,246,263 |
|
|
|
|
========= |
========= |
========= |
========= |
|
|
|
1995 - Rs. |
14,544,990 |
7,211,853 |
1,069,443 |
20,687,400 |
|
|
|
|
|
========= |
========= |
========= |
========= |
|
|
|
|
|
|
| 3.3
Assets deleted during the year |
|
|
|
|
|
|
|
|
Accumulated |
Book |
Sale |
Mode of |
|
|
| Description |
Cost |
Depreciation |
Value |
Proceeds |
Disposal |
Sold to |
|
|
|
|
|
|
|
| Suzuki
Mehran |
210,250 |
77,088 |
133162 |
200,000 |
Ins. Claim |
Adamjee Insurance Co.
Ltd. |
|
| Suzuki
Khyber |
302,470 |
50,412 |
252058 |
285,000 |
Negotiation |
Ms. Ayesha Tayyeb |
|
| Suzuki
Mehran |
181,203 |
108,720 |
72483 |
72,483 |
Negotiation |
Azaz Ahmed (Employee) |
|
| Suzuki
Mehran |
208,075 |
55,488 |
152587 |
152,587 |
Negotiation |
Shakeb Murad (Employee) |
|
| Suzuki
Khyber |
268,900 |
125,496 |
143404 |
143,404 |
Negotiation |
Ghiasuddin Khan
(Employee) |
|
| Suzuki
Mehran |
181,203 |
108,720 |
72483 |
72,483 |
Negotiation |
Mansoor M.
Mirza(Employee) |
|
| Suzuki
Khyber |
327,183 |
38,171 |
289012 |
289,012 |
Negotiation |
M. Ayub Khan (Employee) |
|
| Suzuki
Khyber |
302,576 |
166,419 |
136157 |
136,157 |
Negotiation |
Arshad Abbas (Employee) |
|
| Suzuki
Khyber |
314,288 |
162,378 |
151910 |
151,910 |
Negotiation |
Hiralal Bharvani
(Employee) |
|
| Suzuki
Khyber |
296,040 |
148,020 |
148,020 |
148,020 |
Negotiation |
M. Ismail Khan (Employee) |
|
| Suzuki
Khyber |
313,075 |
135,666 |
177,409 |
177,409 |
Negotiation |
Ramon Alfrey (Employee) |
|
| Suzuki
Mehran |
211,537 |
112,820 |
98,717 |
98,717 |
Negotiation |
Effat Kadri (Employee) |
|
| Suzuki
Mehran |
181,203 |
111,742 |
69,461 |
69,461 |
Negotiation |
Sunil Kumar(Employee) |
|
| Suzuki
Mehran |
204,775 |
64,845 |
139,930 |
139,930 |
Negotiation |
S. Ali Azhar Kazmi
(Employee) |
|
| Suzuki
Margalla |
428,183 |
64,227 |
363,956 |
363,956 |
Negotiation |
Amjad Iqbal (Employee) |
|
| Honda
CD-70 |
47,500 |
9,500 |
38,000 |
40,000 |
Ins. Claim |
EFU General Insurance Co.
Ltd. |
|
| Honda
CD-70 |
47,500 |
11,083 |
36,417 |
40,000 |
Ins. Claim |
EFU General Insurance Co.
Ltd. |
|
| Suzuki
Mehran |
215,545 |
107,773 |
107,772 |
107,772 |
Negotiation |
Rasched Bannuri
(Employee) |
|
| Suzuki
Mehran |
276,350 |
50,666 |
225,684 |
225,684 |
Negotiation |
Alnoor A. Aziz (Employee) |
|
| Suzuki
Mehran |
268,390 |
53,678 |
214,712 |
214,712 |
Negotiation |
Omer Farouk
Sheikh(Employee) |
|
| Suzuki
Mehran |
225,125 |
67,537 |
157,588 |
157,588 |
Negotiation |
Saba Ahmed (Employee) |
|
|
|
| SuzukiFX-800 |
113,360 |
111,040 |
2,320 |
2,320 |
Negotiation |
N.A. Mirza(Employee) |
|
|
|
| Suzuki
Khyber |
328,185 |
65,637 |
262,548 |
262,548 |
Negotiation |
Arshi Islam (Employee) |
|
|
|
| Mitsubishi
Lancer |
773,850 |
348,246 |
425,604 |
425,604 |
Negotiation |
M. Qamar-ul-Haq
(Employee) |
|
|
| BMW |
|
1,852,360 |
1,512,761 |
339,599 |
750,000 |
Negotiation |
Allibhai Motors, Karachi |
|
|
| Honda
Accord |
2,300,000 |
115,000 |
2,185,000 |
2,150,000 |
Ins. Claim |
Adamjee lnsurance Co.
Ltd. |
|
|
| Suzuki
Mehran |
268,390 |
71,571 |
196,819 |
265,000 |
Ins. Claim |
Adamjee Insurance Co.
Ltd. |
|
|
| Cannon |
|
|
|
| Photocopier |
130,000 |
21,125 |
108,875 |
125,000 |
Ins. Claim |
Adamjee Insurance Co.
Ltd. |
|
|
| Star
Printer |
8,200 |
6,970 |
1,230 |
2,000 |
Trade-in |
Unix Computer Systems
(Pvt) Ltd |
|
|
| Computer |
|
118,050 |
89,667 |
28,383 |
19,000 |
Negotiation |
Unix Computer Systems
(Pvt) Ltd |
|
|
| Computer |
|
30,000 |
1,125 |
28,875 |
28,875 |
Negotiation |
Rasched Bannuri
(Employee) |
|
|
|
|
|
|
Rs. |
10,933,766 |
4,173,591 |
6,760,175 |
7,316,632 |
|
|
|
|
|
|
|
|
|
|
|
NOTE |
1996 |
1995 |
|
|
| 4.
LONG TERM INVESTMENTS - at cost |
|
|
|
|
|
| Federal
Investment Bonds |
4.10 |
7,915,000 |
7,915,000 |
|
|
| In
associated companies |
4.20 |
63,974,052 |
33,974,052 |
|
|
|
|
Rs. |
71,889,052 |
41,889,052 |
|
|
|
|
|
| 4.1
Represents investment made in Government Securities as required under the
relevant |
|
| provision
of the State Bank of Pakistan's Rules for Non-Bank Financial Institutions to
maintain |
|
| liquidity
against certain liabilities. The securities are redeemable within a period of
six months |
|
| (included
in short term investments as per Note 7) to ten years and earn mark up
varying from |
|
| 11%
per annum to 15% per annum receivable half yearly from the date of issue. |
|
|
|
|
| 4.2 |
|
|
| Name of |
|
Equity |
No of |
Currency of |
Cost price |
Cost of |
Market Value |
|
| associated |
|
held |
shares |
investment |
per share |
investment |
of investment |
|
| company |
|
(%) |
held |
|
as at |
as at |
|
|
|
June 30,1996 |
June 30,1996 |
|
| Oman ORIX |
|
| Leasing
Co. SAOG |
20 |
400,000 |
Rial Omani |
RO 1 each |
33,974,052 |
66,264,378 |
|
|
|
|
|
|
|
|
| ORIX
Investment |
|
|
|
|
|
| Bank
Pakistan Ltd |
15 |
3,000,000 |
Pak Rupees |
Rs. 10 each |
30,000,000 |
37,500,000 |
|
|
|
----------- |
----------- |
|
|
|
|
|
Rs. |
63,974,052 |
103,764,378 |
|
|
|
|
|
=========== |
=========== |
|
|
|
|
|
|
| 5.
LONG TERM LOANS AND ADVANCES |
|
|
|
|
| -
secured, considered good |
|
|
|
NOTE |
1996 |
1995 |
|
|
|
|
|
|
| Loans
to employees: |
|
|
| Chief
Executive |
|
|
3,732,002 |
3,877,351 |
|
| Executives |
|
|
|
15,567,580 |
7,401,518 |
|
| Other
employees |
|
|
814,460 |
510,727 |
|
|
|
|
----------- |
----------- |
|
|
|
|
20,114,042 |
11,789,596 |
|
| Less:
Current portion |
|
1,862,817 |
1,260,253 |
|
|
|
|
----------- |
----------- |
|
|
Rs. |
18,251,225 |
10,529,343 |
|
|
|
=========== |
=========== |
|
| Recoverable
after three years |
Rs. |
16,056,848 |
9,348,454 |
|
| Others |
|
|
Rs. |
2,194,377 |
1,180,889 |
|
|
|
|
|
=========== |
=========== |
|
|
|
|
|
|
|
| Loans
to Chief Executive and Executives include house loans in accordance with
terms of the |
|
| Company's
employment policy, repayable within a period of 20 years or retirement date |
|
| whichever
is earlier except for the loan to Chief Executive which is repayable within
ten years. |
|
| The
loans are secured against equitable mortgage on the property by depositing
the title |
|
| documents
of the property with the Company and carry mark up of 5% per annum. Loans to |
|
| other
employees includes motor cycle loans, repayable within a period of five years
and do not |
|
| carry
any mark up. |
|
|
|
| Maximum
amount outstanding at the end of any month during the year against loans to
Chief |
|
| Executive
and Executives is Rs. 19,401,160/- (1995: Rs. 11,733,600/-). |
|
|
|
| 6.
LONG TERM DEPOSITS, PREPAYMENTS AND |
|
| DEFERRED
COSTS |
|
|
|
|
| Deposits |
|
|
|
1,294,313 |
818,500 |
|
| Prepayments |
|
|
55,200 |
84,000 |
|
| Deferred
costs |
|
6.10 |
22,626,807 |
12,113,637 |
|
|
|
----------- |
----------- |
|
|
|
|
Rs. |
23,976,320 |
13,016,137 |
|
|
|
|
|
=========== |
=========== |
|
| 6.1
Deferred Costs |
|
|
|
|
|
|
|
|
| Front
end fee |
|
6.1.1 |
17,876,705 |
8,014,696 |
|
| Commitment
charges |
|
6.1.2 |
1,468,469 |
1,468,469 |
|
| Exchange
differences on repayments |
|
| of
foreign currency loans |
6.1.3 |
9,772,264 |
7,893,435 |
|
| Project
development costs |
|
5,113,650 |
- |
|
|
|
----------- |
----------- |
|
|
|
|
34,231,088 |
17,376,600 |
|
| Amortisation: |
|
|
|
| Beginning
of the year |
|
5,262,963 |
1,963,165 |
|
| During
the year |
|
6,341,318 |
3,299,798 |
|
|
|
|
----------- |
----------- |
|
|
|
|
11,604,281 |
5,262,963 |
|
|
|
----------- |
----------- |
|
|
|
Rs. |
22,626,807 |
12,113,637 |
|
|
|
=========== |
=========== |
|
|
|
| 6.1.1
Represents front end fee paid to lending institutions on signing of various
loans. These are |
|
| being
written off over the loan period or five years, whichever is shorter. |
|
|
|
| 6.1.2
Represents commitment charges on loans from international lending
institutions during the |
|
| unregistered
period with the SBP which has been calculated from the loan offer date till
the |
|
| registration
of loan with the SOP. These are being written off over the loan period or
five years, |
|
| whichever
is shorter. |
|
|
|
| 6.1.3
Represents the increase in the amount of foreign currency loans resulting
from the difference |
|
| in
buying and selling rates of foreign currency as receipts of loans are at
buying rates and are |
|
| the
actual amount realised in Pak Rupees. Repayments, when due, will be made at
selling |
|
| rates
in accordance with the rules of the SBP. The difference arising from the use
of above |
|
| mentioned
rates is treated as deferred cost to be written off over the loan period or
five years, |
|
| whichever
is shorter. |
|
|
|
| 7.
CURRENT ASSETS |
|
|
|
|
NOTE |
1996 |
1995 |
|
|
|
|
| Current
portion of installment contract |
|
|
|
| receivables
and long term loans |
7.10 |
1,719,289,074 |
1,253,653,468 |
|
| Short
term loans - secured |
|
7.20 |
14,580,000 |
10,580,000 |
|
| Short
term investments |
|
4.10 |
37,723,220 |
42,781,670 |
|
| Other
current assets |
|
7.30 |
65,707,137 |
32,866,899 |
|
| Cash
and bank balances |
|
7.40 |
73,956,266 |
157,879,409 |
|
|
|
|
----------- |
----------- |
|
|
|
Rs. |
1,911,289,074 |
1,497,761,446 |
|
|
|
|
=========== |
=========== |
|
|
|
|
|
| 7.1
Current maturity |
|
|
|
| Installment
contract receivables |
|
1,717,426,257 |
1,252,393,215 |
|
| Long
term loans and advances |
|
|
1,862,817 |
1,260,253 |
|
|
|
|
|
----------- |
----------- |
|
|
|
|
Rs |
1,719,289,074 |
1,253,653,468 |
|
|
|
|
|
=========== |
=========== |
|
|
|
|
|
|
| 7.2
Represents short term finance facilities provided on secured basis in the
normal course of |
|
| business. |
|
|
|
|
|
| 7.3
Other current assets |
|
|
|
NOTE |
1996 |
1995 |
|
|
|
|
|
| Advances-
unsecured, considered |
|
| good |
|
|
|
2,517,951 |
1,103,915 |
|
| Advance
payment of income tax |
|
10,143,074 |
1,344,630 |
|
| Security
deposits |
|
|
-- |
18,000 |
|
| Short
term prepayments: |
|
| Insurance
on leased assets |
|
5,708,707 |
4,763,246 |
|
| Rent |
|
|
|
228,300 |
196,754 |
|
| Others |
|
|
|
2,069,609 |
1,332,602 |
|
|
|
----------- |
----------- |
|
|
|
8,006,616 |
6,292,602 |
|
| Accrued
return on investments |
|
1,918,975 |
1,582,317 |
|
|
| Receivable
against foreign loan |
|
|
|
| payments
covered under Foreign |
|
|
|
| Exchange
Risk Cover Scheme |
|
39,759,189 |
12,518,141 |
|
|
| Other
receivables |
|
|
3,361,332 |
10,007,294 |
|
|
|
|
|
|
----------- |
----------- |
|
|
|
|
|
Rs. |
65,707,137 |
32,866,899 |
|
|
|
|
|
|
=========== |
=========== |
|
| 7.4
Cash and bank balances |
|
|
|
|
| Balances
with banks on: |
|
|
|
|
|
| Current
account |
|
|
10,813,968 |
13,662,515 |
|
|
|
| Deposit
account |
|
7.4.1 |
62,823,365 |
66,624,970 |
|
|
|
|
|
----------- |
----------- |
|
|
|
|
|
73,637,333 |
80,287,485 |
|
|
|
| Cash
in hand |
|
|
318,933 |
144,424 |
|
|
| cash
in transit |
|
|
-- |
77,447,500 |
|
|
|
|
|
----------- |
----------- |
|
|
|
Rs. |
73,956,266 |
157,879,409 |
|
|
|
=========== |
=========== |
|
|
|
|
| 7.4.1
Includes a deposit of Rs. 900,000/- with the SBP as required under the
relevant provision of |
|
| the
State Bank of Pakistan's Rules for Non-Bank Financial Institutions to
maintain liquidity |
|
| against
certain liabilities. |
|
|
|
|
| 8.
ISSUED, SUBSCRIBED AND PAID UP |
|
| SHARE
CAPITAL |
|
|
|
|
NOTE |
1996 |
1995 |
|
|
|
| Fully
paid ordinary shares of Rs. 10/- each |
|
|
|
|
| Number
of Shares |
|
| 1995 |
|
1996 |
|
| Issued
for Cash |
|
| 4,960,000 |
|
12,200,640 |
At beginning of the year |
122,006,400 |
122,006,400 |
|
| 7,240,640 |
|
905,609 |
During the year 9.1 |
9,056,090 |
72,406,400 |
|
| ----------- |
|
----------- |
|
----------- |
----------- |
|
| 12,200,640 |
|
13,106,249 |
|
131,062,490 |
122,006,400 |
|
|
|
|
|
|
|
| Issued
as bonus shares |
|
| 2,280,640 |
|
3,004,704 |
At beginning of the year |
30,047,040 |
22,806,400 |
|
| 724,064 |
|
- |
During the year |
- |
7,240,640 |
|
| ----------- |
|
----------- |
|
----------- |
----------- |
|
| 3,004,704 |
|
3,004,704 |
|
|
30,047,040 |
30,047,040 |
|
|
|
|
|
|
| 15,205,344 |
|
16,110,953 |
|
Rs |
161,109,530 |
152,053,440 |
|
|
| =========== |
|
=========== |
|
|
=========== |
=========== |
|
|
|
|
|
|
| 9.
SHARE PREMIUM |
|
|
|
|
| At
beginning of the year |
|
|
256,942,400 |
3,520,000 |
|
| Received
during the year |
|
9.10 |
30,274,509 |
253,422,400 |
|
|
|
|
|
|
----------- |
----------- |
|
|
Rs. |
287,216,909 |
256,942,400 |
|
|
|
|
|
=========== |
=========== |
|
|
|
|
|
|
| 9.1
Represents 905,609 shares issued to International Finance Corporation at a
premium of |
|
| Rs.
33.43 per share upon exercise of their option to convert 10% of the loan of
US $ 12.5 million |
|
| into
fully paid up shares of the Company under loan agreement No. INT/PK 4252 (A). |
|
|
|
|
| 10.
GENERAL RESERVE |
|
|
| At
beginning of the year |
|
152,500,000 |
107,500,000 |
|
| Transfer
from profit and |
|
|
| loss
account |
|
75,000,000 |
45,000,000 |
|
|
|
----------- |
----------- |
|
|
|
Rs. |
227,500,000 |
152,500,000 |
|
|
|
=========== |
=========== |
|
|
|
|
| 11.
REDEEMABLE CAPITAL - secured |
|
|
|
|
1996 |
1995 |
|
| From
an associated company |
|
| Bankers
Equity Limited (BEL) |
|
| sanctioned
amount - aggregate of |
|
| lines
2,3,4,5 and 6 |
|
Rs |
300,000,000 |
300,000,000 |
|
|
|
|
=========== |
=========== |
|
| Utilised
amount |
|
|
300,000,000 |
300,000,000 |
|
| Accrued
mark up |
|
|
231,812,752 |
200,044,661 |
|
|
|
|
|
----------- |
----------- |
|
|
|
|
|
531,812,752 |
500,044,661 |
|
| Repayments
made upto last year |
|
294,472,970 |
219,167,996 |
|
| Repayments
made during the year |
|
|
| including
the related mark up |
|
83,594,253 |
75,304,974 |
|
|
|
|
|
----------- |
----------- |
|
|
|
|
378,067,223 |
294,472,970 |
|
|
|
|
----------- |
----------- |
|
|
|
|
153,745,529 |
205,571,691 |
|
| Current
maturity |
|
133,429,743 |
54,579,363 |
|
|
|
----------- |
----------- |
|
|
|
Rs. |
20,315,786 |
150,992,328 |
|
|
|
|
=========== |
=========== |
|
| ---------------------------------------- |
---------------------------------------- |
|
| Line |
|
Selling |
Purchase |
|
Installment payments |
|
|
Price |
Price |
from |
|
to |
|
| ------------------------------------------------------------------------------- |
------------------------------------------------------------------------------- |
|
| 2 |
|
100,000,000 |
177,517,426 |
25-Dec-90 |
|
August 20, 1996 |
|
| 3 |
|
50,000,000 |
92,760,434 |
March 26, 1991 |
January 25.1998 |
|
| 4,5 |
|
|
|
| & 6 |
|
150,000,000 |
282,750,000 |
From June 28,1996 to
December 18, 1997 |
|
|
----------- |
----------- |
i.e., repayment after
five years of each |
|
| Rs. |
|
300,000,000 |
553,027,860 |
disbursement. |
|
|
=========== |
=========== |
|
|
|
| 11.1
The facilities were utilised solely for disbursement against leasing
contracts executed by the |
|
| Company. |
|
|
|
|
| The
arrangement is secured by deed of hypothecation in favour of BEL, deposit of
title |
|
| documents
of these assets and hypothecation of the corresponding receivables. |
|
|
|
|
| 12.
LONG TERM LOANS - secured |
|
|
|
| Note |
Sanctioned |
Utilised amount |
Rupees |
Mark up |
Exchange |
|
|
amount |
1996 |
1995 |
1996 |
1995 |
rate |
risk fee |
|
|
(i n m i l l i o n s) |
|
(%) |
(%) |
|
|
|
| Foreign
currency loans |
|
| 12.10 |
US$ |
5.00 |
5.00 |
5.00 |
39,677,584 |
59,516,302 |
10.80 |
3.88 |
|
|
|
|
|
|
|
| 12.20 |
US$ |
5.00 |
5.00 |
5.00 |
39,530,329 |
59,295,482 |
1.50 |
5.00 |
|
|
|
|
|
over LIBOR |
|
|
| 12.30 |
US$ |
10.00 |
10.00 |
10.00 |
162,231,553 |
208,583,486 |
9.40 |
7.08 |
|
|
|
|
|
|
| 12.40 |
US$ |
20.00 |
- |
- |
- |
- |
2.125 |
- |
|
|
|
|
over LIBOR |
|
| 12.50 |
NLG |
10.00 |
10.00 |
10.00 |
154,937,950 |
172,153,250 |
10.20 |
5.00 |
|
|
|
|
| 12.6 |
NLG |
4.00 |
4.00 |
4.00 |
61,012,268 |
69,728,318 |
10.20 |
5.00 |
|
|
|
|
|
| 12.70 |
US$ |
12.50 |
12.50 |
10.00 |
334,178,182 |
309,179,750 |
8.50 |
6.66 |
|
|
|
|
|
|
|
| 12.80 |
US$ |
3.30 |
3.30 |
- |
116,524,980 |
- |
2.75 |
- |
|
|
|
|
over LIBOR |
|
| 12.90 |
US$ |
11.90 |
11.90 |
7.70 |
367,690,316 |
230,539,525 |
16.00 |
Inclusive |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
|
in mark up |
|
|
|
US$ |
67.70 |
47.70 |
37.70 |
1,275,783,162 |
1,108,996,113 |
|
|
|
NLG |
14.00 |
14.00 |
14.00 |
|
|
|
========== |
========== |
========== |
|
|
|
|
|
| Local
currency loans |
|
|
|
|
|
|
|
| 12.10 |
|
20.00 |
20.00 |
20.00 |
8,333,334 |
14,984,757 |
17.25 |
|
|
| 12.11 |
|
342.50 |
342.50 |
- |
342,500,000 |
- |
18.50 |
|
|
| 12.12 |
|
50.00 |
50.00 |
- |
50,000,000 |
- |
18.00 |
|
| 12.13 |
|
50.00 |
50.00 |
- |
50,000,000 |
- |
18.00 |
|
|
| 12.14 |
|
25.00 |
25.00 |
- |
25,000,000 |
- |
18.50 |
|
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
|
|
Rs. |
487.50 |
487.50 |
20.00 |
1,751,616,496 |
1,123,980,870 |
|
|
| Less:
Current maturity |
|
385,228,483 |
142,772,564 |
|
|
|
|
|
---------- |
---------- |
|
|
|
|
|
1,366,388,013 |
981,208,306 |
|
|
|
|
========== |
========== |
|
|
|
| The
above loans are secured by hypothecation of leased assets and related lease
receivables |
|
| and
the exchange risk fee is further secured by guarantees from commercial banks. |
|
| The
local currency loans are obtained under sale and purchase agreements for
financing of |
|
| lease
operations. |
|
|
|
|
| Name
of lending institutions |
Note |
Commencement |
Purpose |
Mode of |
|
Mode of |
|
|
of repayment |
|
Principal repayment |
Payment of |
|
|
|
|
|
|
mark up |
|
|
|
|
|
|
|
|
| 12.1
Asian Development Bank |
|
Jul 15, 92 |
Financing of lease |
12 equal semi |
Semi annually |
|
| Loan
1007 - Pak (PS) |
|
|
operations. |
|
annual installments |
|
|
|
|
|
|
| 12.2
Asian Finance and Investment |
Jul 15, 92 |
Financing of lease |
12 equal semi |
Semi annually |
|
| Corporation
Loan 14 Pak (C) |
|
operations. |
|
annual installments |
|
|
|
|
|
|
|
|
| 12.3
Asian Development Bank |
|
Jan 15, 94 |
Financing of lease |
12 equal semi |
Semi annually |
|
| Loan
1133 Pak (PS) |
|
|
operations. |
|
annual installments |
|
|
|
|
|
|
|
|
|
|
| 12.4
Asian Development Bank |
12.4.1 |
Mar 15, 99 |
Financing of lease |
10 equal semi |
Semi annually |
|
| Loan
1394 Pak (PS) |
|
|
operations. |
|
annual installments |
|
|
|
|
|
|
|
|
|
|
| 12.5
FMO Loan INT/PK 93033 |
|
Apr 01, 96 |
Financing of lease |
10 equal semi |
Semi annually |
|
|
|
operations. |
|
annual installments |
|
|
|
|
|
|
|
|
| 12.6
FMO Loan INT/PK 93032 |
|
Apr 01, 96 |
Financing Of small |
8 equal semi |
Semi annually |
|
|
|
|
scale and micro |
annual installments |
|
|
|
|
enterprises. |
|
|
|
|
|
|
|
| 12.7 International Finance
Corporation |
Jun 15, 96 |
Financing of lease |
16 equal semi |
Semi annually |
|
| Loan
INT/PK 4252(A) |
|
12.7.1 |
|
operations. |
|
annual installments |
|
|
|
|
|
|
|
|
| 12.8
International Finance Corporation |
Jun 15, 97 |
Financing of lease |
4 equal semi |
Semi annually |
|
| Loan
INT/PK 4252(B) |
|
12.8.1 |
|
operations. |
|
annual installments |
|
|
|
|
|
|
|
|
|
|
| 12.9
International Bank for |
12.9.1 |
Aug 01, 96 |
Financing of small |
14 equal semi |
Semi annually |
|
| Reconstruction
and Development |
|
|
scale and micro |
annual installments |
|
| Loan 3318 |
|
|
|
enterprises. |
|
|
|
|
|
|
|
|
|
|
|
|
|
| 12.10
Standard Chartered Bank |
|
Dec 31, 94 |
Financing of lease |
12 equal quarterly |
Quarterly |
|
|
|
|
operations. |
|
annual installments |
|
|
|
|
|
|
|
|
|
| 12.11
Pakistan Kuwait Investment |
Dec 30, 96 |
Financing of lease |
3 equal annual |
Quarterly |
|
| Company
(Private) Limited |
|
|
operations. |
|
installments |
|
|
|
|
|
|
|
|
|
|
| ANZ
Grindlays Bank plc |
|
13-Dec-96 |
Financing of lease |
6 equal semi annual |
Quarterly |
|
|
operations. |
|
installments |
|
|
|
|
|
|
|
| Saudi
Pak Industrial & Agricultural |
Oct 01, 96 |
Financing of lease |
12 equal quarterly |
Quarterly |
|
| Investment
Company |
|
|
|
operations. |
|
annual installments |
|
| (Private)
Limited |
|
|
|
|
|
|
|
| 12.14
First International Investment Bank |
Dec 29, 96 |
Financing of lease |
6 equal semi |
Semi annually |
|
| Limited |
|
|
|
operations. |
|
annual installments |
|
|
|
|
| 12.4.1
Represents a foreign currency loan agreement with ADB of US$ 20.0 million to
be used for |
|
| financing
of lease operations. Commitment charges are payable semi annually at a rate
of |
|
| 0.5%
per annum. Such commitment charges are payable (a) during the first twelve
months |
|
| from
the date of agreement, on 50% of the unutilised part of the loan and (b)
thereafter, on the |
|
| entire
unutilised part of the loan. Exchange Risk Cover which is no longer available
through |
|
| SBP
has to be arranged from other sources. |
|
|
|
|
| 12.7.1
Represents a foreign currency loan agreement with IFC of US$ 12.5 million
referred to as Loan |
|
| 'A'
provided directly by IFC to be used for financing of lease operations. IFC
has converted |
|
| 10%
of the principal into fully paid up shares of the Company by exercising the
conversion |
|
| option
available in the agreement at a rate of Rs. 43.43 per share. |
|
|
|
|
|
|
| 12.8.1
Represents a foreign currency loan referred to as Loan 'B' for US$ 3.3
million arranged by IFC |
|
| through
a syndicate of international banks. Commitment charges are payable semi
annually at |
|
| the
rate of 1% per annum based on the unutilised part of the loan. Exchange Risk
Cover has |
|
| been
arranged through alternate sources as the SBP scheme has been discontinued. |
|
|
|
| Loan
'B' carries no equity option. |
|
|
|
| 12.9.1
The International Bank for Reconstruction and Development (IBRD) sanctioned a
foreign |
|
| currency
pool loan equivalent to US$ 26.0 million to Government of Pakistan (GOP) for
on |
|
| lending
to approved leasing companies in local currency for financing small scale and
micro |
|
| enterprises. |
|
|
|
| The
loan carries charges at the rate of 16% per annum which includes interest,
administration |
|
| charge,
guarantee commission and foreign exchange risk fee. |
|
|
|
| 13.
Represents certificates of investment issued under profit and loss sharing
basis at rates of |
|
| profit
ranging from 15% to 17.5% per annum. The certificates of investment are for
terms of |
|
| three
months to five years. |
|
|
|
| 14.
LONG TERM ADVANCES AND DEPOSITS |
|
|
|
|
|
|
|
|
NOTE |
1996 |
1995 |
|
|
|
| Security
deposit on leases |
14.10 |
491,521,040 |
378,591,448 |
|
| Less:
Repayable/adjustable |
|
|
| within
12 months |
|
|
97,810,301 |
54,958,652 |
|
|
|
|
---------- |
---------- |
|
|
|
|
393,710,739 |
323,632,796 |
|
| Advance
lease rentals received |
14.20 |
395,753 |
400,623 |
|
|
|
---------- |
---------- |
|
|
|
Rs. |
394,106,492 |
324,033,419 |
|
|
|
========== |
========== |
|
|
|
|
| 14.1
Represents sums received from lessees under lease contracts and are
repayable/adjustable at |
|
| the
expiry of the lease period. |
|
|
|
|
|
| 14.2
Represents sums received in advance and are adjustable against last rents due
as per the |
|
| lease
agreement. |
|
|
|
|
| 15.
CURRENT LIABILITIES |
|
| Current
maturity of redeemable |
|
| capital,
long term loan and |
|
|
|
| security
deposit |
|
15.1 |
616,468,527 |
252,310,579 |
|
| Short
term loans from banks - secured 15.2 |
302,236,466 |
229,323,231 |
|
| Short
term loan from DFI - secured 15.3 |
150,000,000 |
-- |
|
| Running
finance under mark up |
|
|
|
| arrangements
- secured |
15.4 |
55,508,960 |
162,355,705 |
|
|
| Short
term certificates of investment 13 |
124,773,000 |
183,380,000 |
|
|
| Accrued
financial and related charges 15.5 |
164,971,868 |
108,770,219 |
|
|
| Creditors |
|
7,443,924 |
3,143,135 |
|
|
| Accrued
expenses |
|
7,241,393 |
5,596,445 |
|
|
| Other
liabilities |
|
15.6 |
4,025,936 |
1,560,224 |
|
|
| Provision
for taxation |
22 |
17,661,055 |
7,405,046 |
|
|
| Proposed
dividend |
|
|
72,499,289 |
53,218,704 |
|
|
|
|
|
---------- |
---------- |
|
|
|
|
Rs |
1522830418 |
1,007,063,288 |
|
|
|
========== |
========== |
|
|
|
|
| 15.1
Current maturity |
|
|
|
|
NOTE |
1996 |
1995 |
|
|
|
|
| Redeemable
capital |
|
11 |
133,429,743 |
54,579,363 |
|
| Long
term loans |
|
12 |
385,228,483 |
142,772,564 |
|
| Security
deposit on leases |
14 |
97,810,301 |
54,958,652 |
|
|
|
---------- |
---------- |
|
|
|
Rs. |
616,468,527 |
252,310,579 |
|
|
|
========== |
========== |
|
|
|
|
| 15.2
Represents short term loans utilised against aggregate facilities of Rs. 535
million |
|
| (1995:
Rs. 255 million ) from commercial and investment banks under sale and
purchase |
|
| agreements.
These loans carry mark up at an average rate of 49 paisa per Rs. 1,000/- per |
|
| day.
These arrangements are secured by hypothecation of leased assets and related
lease |
|
| receivables. |
|
|
|
|
| 15.3
Represents short term loan from Saudi Pak Industrial and Agricultural
Investment Company |
|
| (Private)
Limited. The loan carries mark up at the rate of 51 paisa per Rs. 1,000/- per
day. The |
|
| arrangement
is secured by a guarantee from an investment bank which is further secured by |
|
| hypothecation
of leased assets and related lease receivables. |
|
|
|
|
| 15.4
Represents running finance utilised against aggregate facilities from
commercial banks of |
|
| Rs.
312 million (1995: Rs. 230 million ) for one year and are renewable. The
average rate of |
|
| mark
up is 47 paisa per Rs. 1,000/- per day on daily product basis. These
arrangements are |
|
| secured
by hypothecation of leased assets and related lease receivables. |
|
|
|
|
| 15.5
Accrued financial and related charges |
|
|
|
|
| Mark up |
|
|
|
| Long
term loans |
|
39,413,070 |
34,707,920 |
|
| Short
term loans |
|
12,570,399 |
4,854,192 |
|
| Running
finance |
|
5,433,313 |
5,541,371 |
|
| Profit
on certificates of investment |
3,366,340 |
4,071,838 |
|
| Commitment
charges |
|
556,556 |
60,581 |
|
| Exchange
risk fee |
|
103,632,190 |
59,534,317 |
|
|
|
|
---------- |
---------- |
|
|
|
Rs. |
164,971,868 |
108,770,219 |
|
|
|
|
========== |
========== |
|
|
|
|
|
|
| 15.6
Other liabilities |
|
|
|
|
|
|
|
|
| Advance
from customers pending |
|
|
|
| lease
execution |
|
|
3,076,150 |
1,385,183 |
|
| Unclaimed
dividend |
|
|
274,570 |
129,360 |
|
| Others |
|
|
675,216 |
45,681 |
|
|
|
|
---------- |
---------- |
|
|
|
Rs. |
4,025,936 |
1,560,224 |
|
|
|
|
========== |
========== |
|
|
|
|
|
|
| 16.
CONTINGENCIES AND COMMITMENTS |
|
|
| Leasing
contracts committed but not executed at the balance sheet date were Rs. 62.6
million |
|
| (1995:
Rs. 18.8 million). |
|
|
|
|
|
| 17.
OTHER INCOME |
|
|
|
|
1996 |
1995 |
|
|
|
|
| Return
on deposits and investments |
16,809,764 |
8,978,685 |
|
| Gain
on disposal of operating assets |
556,457 |
356,114 |
|
| Other
fees and income |
|
6,085,055 |
5,714,093 |
|
| Exchange
gain |
|
2,237,626 |
- |
|
|
|
|
---------- |
---------- |
|
|
|
Rs. |
25,688,902 |
15,048,892 |
|
|
|
|
========== |
========== |
|
|
|
|
| 18.
DIRECT COST OF LEASES |
|
|
|
| Insurance
- leased assets |
|
10,938,831 |
9,409,769 |
|
| Court
fee and stamp duty |
|
1,911,249 |
1,570,337 |
|
|
|
---------- |
---------- |
|
|
|
Rs. |
12,850,080 |
10,980,106 |
|
|
|
========== |
========== |
|
|
|
|
| 19.
FINANCE AND BANK CHARGES |
|
|
|
|
|
| Mark up on |
|
|
| Redeemable
capital from an |
|
|
|
| associated
company |
|
|
31,768,091 |
37,394,315 |
|
| Long
term loan |
|
|
158,331,934 |
96,606,155 |
|
| Short
term loan from commercial banks |
|
|
|
| and
financial institutions |
|
67,391,360 |
30,130,723 |
|
|
| Running
finance |
|
22,382,518 |
18,477,449 |
|
|
| Profit
on certificates of investment |
24,543,970 |
25,305,721 |
|
|
| Commitment
charges |
|
1,904,310 |
2,984,141 |
|
|
| Exchange
risk fee |
|
48,951,088 |
41,612,104 |
|
|
| Amortisation
of deferred costs |
|
6,341,318 |
3,299,798 |
|
|
| Bank
charges and commission |
|
862,562 |
1,134,997 |
|
|
|
|
---------- |
---------- |
|
|
|
Rs. |
362,477,151 |
256,945,403 |
|
|
|
========== |
========== |
|
|
|
| 20.
SELLING, GENERAL AND ADMINISTRATIVE |
|
| EXPENSES |
|
|
|
NOTE |
1996 |
1995 |
|
|
|
| Salaries,
allowances and benefits |
35,918,984 |
24,749,442 |
|
| Staff
welfare and training |
|
4,424,386 |
2,557,874 |
|
| Rent |
|
|
6,134,034 |
5,481,899 |
|
| Travelling
and vehicle up keep |
|
8,458,770 |
4,531,936 |
|
| Insurance
on operating assets |
|
1,662,759 |
1,285,838 |
|
| Legal
and professional charges |
|
2,636,552 |
1,926,163 |
|
| Communication |
|
|
4,755,953 |
3,809,784 |
|
| Utilities |
|
1,347,586 |
680,958 |
|
| Subscriptions |
|
|
530,359 |
418,025 |
|
| Auditors'
remuneration |
20.1 |
249,017 |
406,907 |
|
| Advertising |
|
|
1,563,235 |
1,657,025 |
|
| Printing
and stationery |
|
2,010,368 |
1,527,166 |
|
| Depreciation |
|
|
8,732,454 |
7,211,853 |
|
| Office
repairs and maintenance |
|
2,712,891 |
2,309,251 |
|
| Donations |
|
|
20.2 |
1,188,742 |
714,881 |
|
| Office
general expenses |
|
326,653 |
723,668 |
|
|
|
---------- |
---------- |
|
|
|
|
Rs. |
82,652,743 |
59,992,670 |
|
|
|
========== |
========== |
|
|
|
|
| 20.1
Auditors' remuneration |
|
|
|
|
|
|
|
|
| Audit fee |
|
|
100,000 |
100,000 |
|
| NBFI
audit fee |
|
55,000 |
40,000 |
|
|
| Tax
and corporate advisory services |
90,515 |
260,500 |
|
| Out
of pocket expenses |
|
3,502 |
6,407 |
|
|
|
---------- |
---------- |
|
|
|
Rs. |
249,017 |
406,907 |
|
|
|
========== |
========== |
|
|
|
|
| 20.2
Donations |
|
|
|
| Donations
include a payment of Rs. 165,000/- to the Patients' Aid Foundation for
improvement |
|
| of
Jinnah Hospital. The Chief Executive, Mr. Humayun Murad, is a member of the
Board of |
|
| Governors
of this registered charity. |
|
|
|
|
| 21.
REMUNERATION OF CHIEF EXECUTIVE AND EXECUTIVES |
|
|
|
|
|
|
1996 |
|
1995 |
|
|
|
Chief |
|
|
Chief |
|
|
|
|
Executive |
Executives |
Total |
Executive |
Executives |
Total |
|
|
|
|
| Managerial
remuneration |
1,801,695 |
13,836,625 |
15,638,320 |
992,670 |
7,447,692 |
8,440,362 |
|
| Housing
and utilities |
781,855 |
5,963,113 |
6,744,968 |
483,480 |
3,627,658 |
4,111,138 |
|
|
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
|
|
Rs. |
2,583,550 |
19,799,738 |
22,383,288 |
1,476,150 |
11,075,350 |
12551500 |
|
|
========== |
========== |
========== |
========== |
========== |
========== |
|
|
Number |
1 |
62 |
|
1 |
39 |
|
|
|
|
========== |
========== |
|
========== |
========== |
|
|
|
|
|
|
| The
Chief Executive and certain executives are also provided with free use of
Company owned |
|
| cars. |
|
|
|
|
|
| 22.
TAXATION |
|
1996 |
1995 |
|
|
|
|
| 22.1 |
|
|
|
|
|
|
|
| Current
year |
|
17,661,055 |
7,405,049 |
|
| Prior year |
|
|
338,945 |
5,094,951 |
|
|
|
---------- |
---------- |
|
|
|
18,000,000 |
12,500,000 |
|
|
|
========== |
========== |
|
|
|
|
| 22.2
Assessments for all years upto and including assessment year 1995-96 have
been finalised by |
|
| Income
Tax Department and all assessed liabilities have been paid by the Company.
However, |
|
| certain
expenses have been disallowed by the Income Tax Department against which the |
|
| Company
has preferred appeals before the appellate forums. |
|
|
|
| 22.3
Deferred taxation arising due to timing differences between book and income
tax revenue or |
|
| charges
is estimated at Rs.107.1 million (1995: Rs. 52.49 million). As of June
30,1996 no |
|
| provision
has been made for these timing differences as these are not expected to
reverse |
|
| within
the next three years. |
|
|
|
| 23.
COMPARATIVE FIGURES |
|
| Prior
year's figures have been re-arranged for purposes of comparison wherever
necessary. |
|
|
|
|
| SHAKIRULLAH
DURRANI |
|
HUMAYUN MURAD |
|
| DIRECTOR |
|
|
CHIEF EXECUTIVE |
|
|
|
|
|
|
|
|
|
|
PATTERN OF SHAREHOLDING
AS AT JUNE 30, 1996 |
|
|
|
|
| NUMBER OF |
|
|
|
TOTAL |
|
| SHAREHOLDERS |
|
SHAREHOLDING |
|
SHARES HELD |
|
|
|
|
| 413 |
|
1 |
100 |
|
14,253 |
|
| 649 |
|
101 |
500 |
|
213,545 |
|
| 88 |
|
501 |
1,000 |
|
70,390 |
|
| 125 |
|
1,001 |
2,000 |
|
290,563 |
|
| 32 |
|
5,001 |
10,000 |
|
210,507 |
|
| 12 |
|
10,001 |
15,000 |
|
142,169 |
|
| 5 |
|
15,001 |
20,000 |
|
83,676 |
|
| 3 |
|
20,001 |
25,000 |
|
71,750 |
|
| 1 |
|
25,001 |
30,000 |
|
26,306 |
|
| 1 |
|
35,001 |
40,000 |
|
39,325 |
|
| 1 |
|
40,001 |
45,000 |
|
41,911 |
|
| 1 |
|
45,001 |
50,000 |
|
47,516 |
|
| 2 |
|
60,001 |
65,000 |
|
121,294 |
|
| 1 |
|
100,001 |
105,000 |
|
100,040 |
|
| 1 |
|
115,001 |
120,000 |
|
118,509 |
|
| 1 |
|
155,001 |
160,000 |
|
160,000 |
|
| 1 |
|
190,001 |
195,000 |
|
190,200 |
|
| 1 |
|
200,001 |
205,000 |
|
202,446 |
|
| 1 |
|
225,001 |
230,000 |
|
226,689 |
|
| 1 |
|
395,001 |
400,000 |
|
396,234 |
|
| 1 |
|
440,001 |
445,000 |
|
444,675 |
|
| 1 |
|
770,001 |
775,000 |
|
770,324 |
|
| 1 |
|
905,001 |
910,000 |
|
905,609 |
|
| 1 |
|
910,001 |
915,000 |
|
911,777 |
|
| 1 |
|
1,225,001 |
1,230,000 |
|
1,227,572 |
|
| 1 |
|
2,635,001 |
2,640,000 |
|
2,637,175 |
|
| 1 |
|
6,445,001 |
6,450,000 |
|
6,446,498 |
|
| ------------- |
|
|
|
------------- |
|
| 1,347 |
|
|
|
16,110,953 |
|
| ======== |
|
|
|
======== |
|
|
|
|
| There
are no shareholdings in the slabs which have not been included above. |
|
|
|
|
| CATEGORIES
OF |
NUMBER OF |
|
SHARES |
PERCENTAGE |
|
| SHAREHOLDERS |
SHAREHOLDERS |
HELD |
|
|
|
|
|
|
| INDIVIDUALS |
1,320 |
|
1,876,428 |
11.65 |
|
| INVESTMENT
COMPANIES |
4 |
|
160,778 |
1.00 |
|
| INSURANCE
COMPANIES |
2 |
|
1,030,286 |
6.40 |
|
| JOINT
STOCK COMPANIES |
4 |
|
16,088 |
0.10 |
|
| FINANCIAL
INSTITUTIONS |
6 |
|
3,870,828 |
24.03 |
|
| MODARABAS |
|
3 |
|
7,550 |
0.05 |
|
| ORIX
CORPORATION |
1 |
|
6.4460 |
40.00 |
|
| INTERNATIONAL
FINANCE |
|
| CORPORATION |
1 |
|
905,609 |
5.62 |
|
| OTHERS
- FOREIGN FUNDS 6 |
|
1,796,888 |
11.15 |
|
|
|
------------- |
|
------------- |
------------- |
|
|
TOTAL |
1,347 |
|
16,110,953 |
100 |
|
|
======== |
|
======== |
======== |
|
|
|
|
|
|
|
|
|
|
| ORIX
GROUP DIRECTORY |
|
|
|
|
| JAPANESE
REGION |
|
| Domestic
Operations |
|
| Leasing
and |
|
| Installment
Loans |
|
|
|
|
| ORIX
Corporation |
|
|
|
|
|
| Tokyo
Headquarters |
|
|
|
|
|
|
|
|
|
| Principal
Business |
|
|
|
|
|
|
|
|
|
| Providing
direct financing leases and operating leases |
Tokyo Headquarters |
|
|
| for
business machines, computers, industrial equip- |
World Trade Center
Building, |
|
| ment,
plants, aircraft, and other equipment and |
2-4-1, Hamamatsu-cho, |
|
|
| installment
loans. |
|
|
Minato-ku, Tokyo 105,
Japan |
|
|
|
|
Tel: 03-3435-6641 |
|
|
|
|
Fax: 03-3435-6642 |
|
|
|
|
Telex: 24642 |
|
|
|
|
|
|
|
|
| Osaka
Headquarters |
|
|
Managing Director: |
|
|
|
|
|
Katsuo Kawanaka |
|
|
|
|
|
Director Masahiro Matono |
|
|
|
|
|
|
|
|
|
|
Osaka Headquarters |
|
|
|
|
|
Nihon Kasai-Osaka
Building, |
|
|
|
|
|
1-11-4, Edobori, |
|
|
|
|
Nishi-ku, Osaka 550,
Japan |
|
|
|
|
Tel: 06-449-5001 |
|
|
|
|
Fax: 06-441-7160 |
|
|
|
|
|
|
Deputy President |
|
|
|
Shogo Kajinishi |
|
|
|
Director Teruo Isogai |
|
|
|
Director: Hiroshi
Nakajima |
|
|
|
|
|
Established |
ORIX |
|
|
(equity |
Group's |
|
|
interest |
Ownership |
|
|
|
acquired) |
(%) |
|
| ORIX
Auto Leasing |
|
|
|
| Corporation |
|
1973 |
100 |
TOC Osaki Building, |
|
|
|
1-6-1,0saki, |
|
| Principal
Business |
|
|
Shinagawa-ku, Tokyo 141 |
|
| Auto
lessor in Japan active |
|
Tel: 03-3495-4971 |
|
| mainly
in fleet leasing but with |
|
Fax: 03-3495-4960 |
|
| growing
business in auto leases |
|
|
| for
individuals. |
|
|
Chairman: Hideaki Kimura |
|
|
|
President: Hiroaki
Nishina |
|
|
|
|
| ORIX Alpha |
|
|
|
| Corporation |
|
|
|
|
|
|
|
|
|
|
| Leasing
and financing furnish- |
1972 |
100 |
Karuko-zaka MN Building, |
|
| ings
and equipment for retailers, |
|
2-1, Ageba-cho,
Shinjuku-ku, |
|
| hotels,
restaurants and other |
|
Tokyo 162 |
|
|
| users
and providing mediatory |
|
Tel: 03-5228-5300 |
|
| and
consulting services. |
|
Fax: 03-5228-5310 |
|
|
|
|
|
|
|
|
|
Chairman: Hiroo Maeda |
|
|
|
|
President Kunitoshi
Masuda |
|
|
|
|
|
|
| Y.O.
Machinery |
|
| Leasing
Co., Ltd. |
|
1984 |
81 |
World Trade Center
Building, |
|
|
|
2-4-1, Hamamatsu-cho |
|
| Joint
venture with a specialized |
|
Minato-ku, Tokyo 105 |
|
| machinery
trading company, |
|
|
Tel: 03-3435-6990 |
|
| handling
leases and installment |
|
Fax: 03-3435-6415 |
|
| sales
for machine tools and |
|
|
|
|
| other
equipment. |
|
President |
|
|
|
|
|
|
Katsuo Kawanaka |
|
|
|
|
|
|
| ORIX
Corporation |
Principal Business |
|
|
|
|
|
| ORIX
Aircraft |
Aircraft leasing. |
|
| Corporation |
|
1986 |
100 |
World Trade Center
Building, |
|
|
|
|
2-4-1, Hamamatsu-cho, |
|
|
|
|
Minato-ku, Tokyo 105 |
|
|
|
Tel: 03-3438-2831 |
|
|
|
Fax: 03-3435-6448 |
|
|
|
|
|
|
|
|
|
President Takashi Koizumi |
|
|
|
|
|
|
|
| Real
Estate Related Business |
|
|
|
|
|
|
| Real
Estate |
|
|
|
| Business |
|
|
|
| Headquarters |
|
|
|
| Principal
Business: |
|
| Extending
housing loans, project finance, and |
Real Estate |
|
|
| mortgage-security
loans; brokering real estate; and |
Business |
|
|
| other
real estate related services, such as dormitory |
Headquarters |
|
|
| leasing. |
|
|
|
Shinjuku Mitsui |
|
|
Building No. 2, 3-2-11, |
|
|
Nishi-Shinjuku,
Shinjuku-ku, |
|
|
Tokyo 160, Japan |
|
|
Tel: 03-3345-2500 |
|
|
Fax: 03-3345-2588 |
|
|
|
|
|
|
Senior Managing Director: |
|
|
Etsuo Hashimoto |
|
|
Director: Yoshlyasu
Shiota |
|
|
|
|
|
|
Established |
ORIX |
|
|
|
|
(equity |
Group's |
|
|
|
|
interest |
Ownership |
|
|
|
|
acquired) |
(%) |
|
|
|
|
|
|
| ORIX
Estate |
|
|
|
| Corporation |
|
|
|
|
|
|
| Principal
Business: |
|
(1986) |
99 |
1-2-30, Benten, |
|
| Managing
real estate and |
|
Minato-ku, Osaka 552 |
|
| leisure
facilities. |
|
Tel: 06-571-2481 |
|
|
|
|
Fax: 06-572-5741 |
|
|
|
|
|
Chairman: Yasushi Iwai |
|
|
President: Yutaka
Shiraishi |
|
|
|
|
| Rentals |
|
|
|
| ORIX
Rentec |
|
1976 |
100 |
5-7-21,Kita-Shinagawa, |
|
| Corporation |
|
|
Shinagawa-ku, Tokyo 141 |
|
| Principal
Business: |
|
|
|
Tel: 03-3473-7561 |
|
| Rental
supplier of high- |
|
Fax: 03-3473-7549 |
|
| precision
measuring |
|
|
|
| equipment
in Japan. |
|
Chairman: Sachio Hata |
|
|
|
President: Masaru Yutaka |
|
|
|
|
|
| ORIX
Rent-A-Car |
|
|
|
| Corporation |
|
|
|
| Principal
Business: |
|
1985 |
85 |
Nikko-Gotanda Building, |
|
| Rent-a-car
business. |
|
2-29-5, Nishi-Gotanda, |
|
|
Shinagawa-ku, Tokyo 141 |
|
|
Tel: 03-3779-2201 |
|
|
Fax: 03-3779-3910 |
|
|
|
|
|
|
Chairman: Toshio
Saruwatari |
|
|
President: Kazuo Yokoyama |
|
|
|
|
|
| Consumer
Finance |
|
|
| ORIX
Credit |
|
|
| Corporation |
|
1979 |
100 |
Hl Gotanda Building, |
|
| Principal
Business: |
|
|
|
2-11 -17, Nishi-Gotanda |
|
| Consumer
credit company |
|
|
Shinagawa-ku, Tokyo 141 |
|
| engaged
in business centered |
|
Tel: 03-5487-7111 |
|
| on
shopping credit and |
|
Fax: 03-3490-1582 |
|
| consumer
finance. |
|
|
|
|
|
President: |
|
|
|
|
Hiroshi Maruyama |
|
|
|
|
|
|
|
Established |
ORIX |
|
|
|
|
|
(equity |
Group's |
|
|
|
|
|
interest |
Ownership |
|
|
|
|
|
acquired) |
(%) |
|
|
|
|
|
|
|
| Consumer
Finance |
|
|
|
| Principal
Business: |
|
|
|
| ORIX Club |
|
1990 |
100 |
1 -3-8, Nishi-Gotanda, |
|
| Corporation |
|
|
Shinagawa-ku, Tokyo 141 |
|
| Consumer
loans. |
|
|
Tel: 03-5487-7500 |
|
|
|
|
Fax: 03-3490-5789 |
|
|
|
|
|
|
|
|
|
President: |
|
|
|
|
Hiroshi Maruyama |
|
|
|
|
|
|
| Computer
Software |
|
|
|
|
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| ORIX
Computer |
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| Systems
Corporation |
1984 |
100 |
Osaki CN Building, |
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| Principal
Business: |
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|
5-10-10, Osaki, |
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| Software
engineering house. |
|
Shinagawa-ku, Tokyo 141 |
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Tel: 03-5434-7800 |
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Fax: 03-5434-1345 |
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President: |
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|
Shogo Kajinishi |
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Deputy President: |
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Yuzo Sotani |
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| Securities
Brokerage |
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| ORIX
Securities |
|
(1986) |
93 |
2-26-9, Hachobori, |
|
| Co., Ltd. |
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|
Chuo-ku, Tokyo 104 |
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| Principal
Business: |
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Tel: 03-3297-5411 |
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| Securities
house. |
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Fax: 03-3555-3010 |
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Telex: 0522680 |
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President: Hiroshi
Chosokabe |
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| Venture
Capital |
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| ORIX
Capital |
|
1983 |
65 |
TOC Osaki Building, |
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| Corporation |
|
|
1-6-1, Osaki, |
|
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| Principal
Business: |
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|
Shinagawa-ku, Tokyo 141 |
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| Management
of venture capital |
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Tel: 03-5434-1361 |
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| investment
funds. |
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Fax:03-5434-1 360 |
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President: |
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|
Kazukiko Naganuma |
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| Marine
Transport |
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| ORIX
Maritime |
|
1977 |
100 |
1-31-8, Kakinokizaka, |
|
| Corporation |
|
Meguro-ku, Tokyo 152 |
|
| Principal
Business: |
|
|
Tel: 03-5701-3180 |
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| Shipping
and ship-management |
|
Fax: 03-5701-3161 |
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| services. |
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Telex: 2427492 ORIX MT J |
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|
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President: Takashi
Koizumi |
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Managing Director: |
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|
Masao Dohi |
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Established |
ORIX |
|
|
|
|
(equity |
Group's |
|
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|
|
interest |
Ownership |
|
|
|
|
acquired) |
(%) |
|
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| Life
Insurance |
|
| ORIX
Life Insurance |
|
1991 |
100 |
Shinjuku Chuo Building, |
|
| Corporation |
|
|
5-1 7-5, Shinjuku, |
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| Principal
Business: |
|
|
Shinjuku-ku, Tokyo 160 |
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| Life
insurance. |
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Tel: 03-5272-2700 |
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Fax:03-5272-2720 |
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Chairman: Meizo Komoto |
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President: Shinobu
Shiraishi |
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| Insurance |
|
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|
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| ORIX
Insurance |
|
1976 |
100 |
World Trade Center
Building, |
|
| Services
Corporation |
|
2-4-1, Hamamatsu-cho, |
|
| Principal
Business: |
|
|
Minato-ku, Tokyo 105 |
|
| Agency
services for casualty and |
|
Tel: 03-3435-6618 |
|
| life
insurance. |
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|
