| First Leasing Corporation Limited. |
|
|
|
|
|
|
|
|
| Annual
Report 1997 |
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|
| CONTENTS |
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| Company
Information |
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| Notice
of Meeting |
|
| Chairman's
Review |
|
| Directors'
Report to the Operational Review |
|
| Auditors'
Report to the Members |
|
| Balance
Sheet |
|
| Profit
and Loss Account |
|
| Cash
Flow Statement |
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| Notes
to the Accounts |
|
| Pattern
of Shareholding |
|
| Categories
of Shareholders |
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| COMPANY
INFORMATION |
|
| BOARD
OF DIRECTORS |
|
AUDITORS |
|
| Mr.
Khurshid Hadi |
|
Ford, Rhodes, Robson,
Morrow |
|
| Chairman |
|
Chartered Accountants |
|
|
| Mr.
Shahid Shaikh |
|
LEGAL ADVISORS |
|
| Chief
Executive |
|
Orr Digham & Co.
Advocates |
|
|
| Mr.
Jahangir Siddiqui |
|
REGISTRAR AND SHARE |
|
| Director |
|
TRANSFER OFFICE |
|
|
THK Associates (Pvt)
Limited |
|
| Mr.
Rashid Zahir |
|
Ground Floor, |
|
| (Nominee
Director |
|
Shaikh Sultan Trust
Building No. 2 |
|
| Saudi
Pak Industrial & Agricultural |
Beaumont Road, Karachi. |
|
| Investment
Co. (Pvt) Limited) |
|
Tel. No. 5688808, 5685805 |
|
|
| Mr.
Abdullah Rafi |
|
BANKERS |
|
| (Nominee
Director |
|
Allied Bank of Pakistan
Limited |
|
| Muslim
Commercial Bank Limited) |
|
Bank of America |
|
|
Credit Agricole Indosuez |
|
| Mr.
Abid Aziz |
|
Emirates Bank
International |
|
| (Nominee
Director |
|
Habib Bank Limited |
|
| Pak
Libya Holding Company |
|
Muslim Commercial Bank
Limited |
|
| (Pvt)
Limited) |
|
National Bank of Pakistan |
|
|
Standard Chartered Bank |
|
| Mr.
A.K.M. Sayeed |
|
The Bank of Khyber |
|
| (Nominee
Director |
|
The Hong Kong and
Shanghai Banking |
|
| National
Investment Trust) |
|
Corporation Limited |
|
|
| COMPANY
SECRETARY |
|
| Mr.
Zahid Ali H. Jamali |
|
|
| REGISTERED
AND HEAD OFFICE |
|
| 5th
Floor, Block C, Finance & Trade Centre |
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| Shahrah-e-Faisal,
Karachi-74400. |
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| Tel.
5661843 - 49 Fax. 5685329 |
|
|
| BRANCH
OFFICES |
|
| 5th
Floor, Davis Hytes |
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| Davis
Road, Lahore |
|
|
| 1st
Floor, State Life Building |
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| The
Mall, Peshawar. |
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|
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| NOTICE
OF MEETING |
|
|
|
| Notice
is hereby given that the Fifth Annual General Meeting of First Leasing
Corporation Limited will be ~ |
|
| held
at FTC Auditorium, Finance & Trade Centre, Shahrah-e-Faisal, Karachi on
Monday December 1, 1997 at |
|
| 12
noon to transact the following business: |
|
|
| Ordinary
Business |
|
|
| 1.
To confirm the minutes of the Fourth Annual General Meeting held on September
18, 1996. |
|
|
| 2.
To receive, consider and adopt the audited accounts together with the
Directors' and Auditors' Report for |
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| the
year ended June 30, 1997. |
|
|
| 3.
To consider and approve cash dividend of 16% as recommended by the Board, as
final dividend for the |
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| year
ended June 30, 1997. |
|
|
| 4.
To appoint Auditors and fix their remuneration. The present Auditors, Messrs.
Ford, Rhodes, Robson, |
|
| Morrow,
Chartered Accountants retire and being eligible have offered themselves for
reappointment. |
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|
| Special
Business |
|
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| 5.
To approve the remuneration of an additional working director of the company. |
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| 6.
Any other business with the permission of the Chair. |
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|
| Karachi:
November 8, 1997 |
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| Notes: |
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|
| 1.
The share transfer books of the company will remain closed from November 28,
1997 to December 7,' 1997 |
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| (both days inclusive). |
|
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| 2.
A member entitled to attend, speak and vote at the meeting is entitled to
appoint a proxy to attend, speak |
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| and vote for him/her. |
|
|
| 3.
An instrument of proxy and the power of Attorney or other authority (if any)
under which it is signed or |
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| a notarially certified copy of such power
of authority, in order to be valid, must be deposited at the regis- |
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| tered office of the company not less than
48 hours before the time of the meeting. |
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| 4.
Members are requested to notify any change in their address immediately. |
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| STATEMENT
UNDER SECTION 160(1) OF THE COMPANIES ORDINANCE, 1984 |
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| 1.
Approval is being sought to fix the remuneration of an additional Working
Director. |
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| This
statement under Section 160 of the Companies Ordinance, 1984 is annexed to
the Notice of the |
|
| Annual
General Meeting of First Leasing Corporation Limited to be held on December
01, 1997 and sets |
|
| out
material facts concerning the special business to be transacted at the
meeting. |
|
|
| The
shareholders' approval will be sought for the payment of remuneration and the
provision of certain |
|
| facilities
to an additional Working Director as recommended by the Board of Directors of
the Company. |
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| For
this purpose, it is proposed that the following resolution be passed as
ordinary resolution, namely: |
|
|
| "RESOLVED
THAT an additional Working Director of the Company be and is hereby
authorised to draw |
|
| as
remuneration gross aggregate monthly sum not exceeding Rs. 150,000 (Rupees
one hundred and fifty |
|
| thousand
only) as determined by the Board of Directors. The Working Director will also
be provided |
|
| perquisites,
with annual bonus, provident fund and leave as per company rules and
regulations in force |
|
| from
time to time during his term of office. |
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|
|
| CHAIRMAN'S
REVIEW |
|
| Shareholders
hardly need further reminder of the persistent political maelstrom that
prevailed throughout |
|
| the
period under review. It is axiomatic that political change creates economic
inertia that has a more |
|
| immediate
impact on the financial sector than on any other section of business
activity. Even today planning |
|
| for
future business activity, for growth and for investment, is tampered by
concern over the political |
|
| landscape. |
|
|
| Poor
economic performance during the 1996-97 period put the macroeconomic targets
beyond reach and the |
|
| structural
reforms introduced by the interim government of November 1996 that staved
default through |
|
| short-term
borrowings, were super-imposed by the new Muslim League government in a major
shift in |
|
| strategy.
There is presently a perception of commitment to the economic agenda of
fiscal discipline and |
|
| economic
growth but the goal is nowhere in sight. Gross domestic investment,
value-added in the industrial |
|
| sector,
export performance and investment in infrastructure and in the social sectors
leave little room for |
|
| complacency.
This is the environment in which the financial sector has to survive let
alone flourish. The need |
|
| of
the day is for predictable, even boring, political stability and judicial
management of the economy. The |
|
| hope
is that the control on government bank borrowings, pruning of government
expenditure, the |
|
| privatization
of management of public sector assets as an integral component of prudent
monetary and fiscal |
|
| policy
will permit the achievement of the most fundamental job of controlling
inflation. |
|
|
| For
the financial sector, above all for the embryonic leasing industry, the
menace of debt recovery continues |
|
| to
dominate. Despite the glare of publicity on the subject and the strengthening
of the regulation over default, |
|
| efficient
financial intermediation will only be achieved once effective measures in
cases of wanton escape |
|
| from
responsibility are taken against delinquent borrowers. The leasing industry
itself needs to collaborate |
|
| even
more to improve procedures for recovery of assets and their subsequent resale
and re-lease. |
|
|
| The
leasing sector has attracted some of the best professional talent and has
developed a capability for |
|
| efficient
financial intermediation. Its future relevance will depend on its ability to
raise long-term capital that |
|
| reflect
its risk maturity profile. In this regard, we at First Leasing will continue
to be the catalyst in |
|
| developing
corporate relationships that will permit access to such funds, much as we
have been in the area |
|
| of
operating leases and joint-venture vendor leasing. We believe that our focus
on business basics - sound |
|
| professional
management, prudence and innovation will continue to serve our shareholders
interests, |
|
| especially
when this difficult economic environment takes a dynamic turn. ~ |
|
|
|
Khurshid Hadi |
|
|
Chairman |
|
|
|
| DIRECTORS'
REPORT AND OPERATIONAL REVIEW |
|
|
| The
Directors are pleased to present the fifth annual report together with the
audited accounts for the year |
|
| ended
June 30, 1997. |
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|
| MANAGEMENT
STRATEGY |
|
|
| The
period under review has been one of consolidation rather a drive for growth.
The Board's strategic |
|
| decision
in this regard was implemented and the opportunity was taken to focus on
"risk management |
|
| strategies
and new product development". |
|
|
| Our
objective however is to be a prominent financial intermediary with
significant corporate finance delivery |
|
| capabilities.
Accordingly during this period we have maintained the staffing and training
requirements that |
|
| are
needed to support this objective. We believe that whilst lease ticket sizes
are being lowered in the short |
|
| term,
we need to maintain our specialization in high ticket leases and the
operating lease arena. We expect to |
|
| ride
this period of uncertainty and be prepared to take advantage of the eventual
recovery on the economic |
|
| front. |
|
|
| The
lessons learned in earlier years from the operating lease experience matured
into a strategic alliance with |
|
| Caterpillar's
local agent in a joint venture relating to the rental of Caterpillar
generators. Another agreement |
|
| has
been forged with Gestetner in respect of their desk top publishing equipment.
Further vendor based |
|
| arrangements
are presently under study and we expect to expand this line of activity in
years to come. |
|
|
| Last
year's decision to sell all non strategic equity investments and retain only
the investment in Bankers |
|
| Equity
Limited is being implemented gradually. As at 30th June 1997 investments with
a book value of |
|
| Rs.
36.67 million were realised. Subsequent to the year end further investments
of Rs. 8.80 million have been |
|
| disposed.
These funds are now available for our core leasing business. |
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|
| OPERATING
RESULTS OF THE COMPANY |
|
|
| The
accompanying charts reflect our diversified lease portfolio over various
industry segments and the asset |
|
| mix: |
|
|
| First
Leasing earned a pre-tax profit of Rs. 46.24 million and the recommended
appropriation thereof is as |
|
| follows: |
|
|
1997 |
1996 |
|
|
12 months |
18 months |
|
|
Rupees in million |
|
|
| income
from finance lease operations |
|
180.26 |
208.80 |
|
| Loss
from operating leases |
|
(0.25) |
(0.04) |
|
| Corporate
finance & treasury operations |
|
19.18 |
7.88 |
|
| Capital
gains / (losses) |
|
(1.76) |
2.76 |
|
|
---------- |
---------- |
|
|
197.43 |
219.40 |
|
| Operating
cost |
|
151.19 |
174.01 |
|
|
---------- |
---------- |
|
| Operating
profit |
|
46.24 |
45.39 |
|
| Provision
for taxation |
|
3.89 |
5.28 |
|
|
---------- |
---------- |
|
|
42.35 |
40.11 |
|
|
|
|
| Unappropriated
profit brought forward |
|
17.57 |
13.91 |
|
|
---------- |
---------- |
|
|
59.92 |
54.02 |
|
|
| APPROPRIATIONS |
|
| Special
reserve |
|
8.47 |
8.02 |
|
| Dividend
16% (1996: 20%) |
|
43.65 |
28.43 |
|
|
---------- |
---------- |
|
|
52.12 |
36.45 |
|
|
---------- |
---------- |
|
| Unappropriated
profit carried forward |
|
7.80 |
17.57 |
|
|
========== |
========== |
|
|
| The
historical trend in respect of growth and profitability is set out below: |
|
|
|
12 months to |
12 months to |
18 months |
12 months |
|
|
31st December |
31st December |
to 30th June |
to 30th June |
|
|
1993 |
1994 |
1996 |
1997 |
|
|
| Rupees
in million |
|
| Net
investment in leases |
286.30 |
532.30 |
855.65 |
908.65 |
|
| Income
from leasing |
43.80 |
83.80 |
208.80 |
180.26 |
|
| Operating
profit |
30.40 |
34.40 |
45.39 |
46.24 |
|
|
| DIVIDENDS |
|
| The
Board acknowledges the right of the shareholders to a constant and regular
stream of cash flows arising |
|
| from
their investments. In this regard management is directed to maximise yield on
shareholders' equity and |
|
| plan
a systematic cash flow to the shareholders and have recommended a Cash
Dividend of 16% for the year |
|
| ended
June 30, 1997. |
|
|
| AUDITORS |
|
| The
auditors Ford, Rhodes, Robson, Morrow, Chartered Accountants retire and being
eligible offer |
|
| themselves
for re-appointment. |
|
|
| ACKNOWLEDGMENTS |
|
| Subsequent
to the year-end several changes have taken place in the composition of the
Board. Mr. Masoud |
|
| Naqvi,
pursuant to a worldwide KPMG policy in partner's participation on outside
Boards resigned in |
|
| October
1996. He has been replaced by Mr. Arshad Nawab, currently Executive Director
in the Company. Mr. |
|
| Abid
Aziz nominee of Pak Libya resigned and was replaced by Mr. Ramadan Haggiagi.
To the outgoing |
|
| directors
the Board wishes to acknowledge their fine contribution to the company since
its formation and |
|
| their
presence on the Board will be severely missed. We welcome the new members and
look forward to their |
|
| counsel
and support. |
|
|
| The
Board thanks the staff for their efforts and the commitment demonstrated in
effectively implementing |
|
| the
policies of the company. The Board also acknowledges the support of its
institutional and individual |
|
| lenders
and depositors for their continued confidence in the financial strength and
the management of the |
|
| Company
and is grateful to the Corporate Law Authority, State Bank of Pakistan,
Leasing Association of |
|
| Pakistan
and other regulatory bodies for their cooperation and assistance in resolving
issues affecting the |
|
| leasing
sector in general and the company in particular. |
|
|
|
For and on behalf of the
Board |
|
|
|
Shahid Shaikh |
|
| Karachi:
23rd October, 1997 |
|
Chief Executive |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of FIRST LEASING CORPORATION |
|
| LIMITED
as at June 30, 1997 and the related profit and loss account and cash flow |
|
| statement,
together with the notes forming part thereof, for the year then ended and we |
|
| state
that we have obtained all the information and explanations which to the best
of |
|
| our
knowledge and belief were necessary for the purposes of our audit and, after
due |
|
| verification
thereof, we report that: |
|
|
| a)
in our opinion, proper books of account have been kept by the company as |
|
| required
by the Companies Ordinance, 1984; |
|
|
| b)
In our opinion: |
|
|
| i)
the balance sheet and profit and loss account, together with the notes |
|
| thereon
have been drawn up in conformity with the Companies |
|
| 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 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 the |
|
| 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, 1997 and of the profit and of the cash flows 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 - |
|
|
FORD, RHODES, ROBSON,
MORROW |
|
| October
23, 1997 |
|
Chartered Accountants |
|
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 1997 |
|
|
|
1997 |
1996 |
|
|
Note |
Rupees |
Rupees |
|
|
|
|
|
| FIXED
ASSETS-tangible |
|
3 |
31,781,916 |
25,413,812 |
|
| INVESTMENT
IN LEASES |
|
|
|
| lnstalment
contract receivables |
|
1,145,039,208 |
1,052,366,058 |
|
| Less:
Unearned Income |
|
(236,385,535) |
(196,715,336) |
|
|
---------- |
---------- |
|
| Net
investment in leases |
|
908,653,673 |
855,650,722 |
|
| Less:
Current portion of net investment in leases |
|
(365,058,171) |
(353,842,182) |
|
|
---------- |
---------- |
|
|
543,595,502 |
501,808,540 |
|
| LONG-TERM
FINANCE |
|
4 |
7,112,608 |
7,112,608 |
|
|
|
---------- |
---------- |
|
|
|
550,708,110 |
508,921,148 |
|
| Less:
Provision for lease losses and doubtful receivables |
5 |
(26,196,352) |
(14,903,669) |
|
|
|
---------- |
---------- |
|
|
|
524,511,758 |
494,017,479 |
|
| LONG-TERM
ADVANCES |
|
6 |
5,402,712 |
|
|
| LONG-TERM
INVESTMENTS |
|
7 |
59,967,955 |
59,967,955 |
|
| DEFERRED
COSTS |
|
8 |
1,716,178 |
2,080,074 |
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Current
portion of net investment in leases |
|
365,058,171 |
353,842,182 |
|
| Current
maturity of long-term advances |
|
6 |
273,549 |
|
|
| Short-term
and Morabaha finance |
|
9 |
56,385,600 |
63,000,000 |
|
| Advance,
deposite, prepayments and other receivables |
10 |
43,778,309 |
25,099,290 |
|
| Investment
in marketable securities |
|
11 |
16,602,913 |
44,227,942 |
|
| Cash
and bank balances |
|
12 |
79,074,458 |
18,363,569 |
|
|
|
---------- |
---------- |
|
|
561,173,000 |
504,532,983 |
|
|
---------- |
---------- |
|
|
1,184,553,519 |
1,086,012,303 |
|
|
========== |
========== |
|
| SHARE
CAPITAL AND RESERVES |
|
| Authorised |
|
| 50,000,000
ordinary shares of Rs. 10 each |
|
500,000,000 |
500,000,000 |
|
|
========== |
========== |
|
| Issued,
subscribed and paid-up capital |
|
13 |
272,782,340 |
154,320,670 |
|
| Reserves |
|
14 |
47,056,888 |
48,348,505 |
|
|
|
---------- |
---------- |
|
| Shareholders'
equity |
|
319,839,228 |
202,669,175 |
|
|
| LONG-TERM
FINANCES UNDER |
|
| MUSHARIKA
ARRANGEMENTS |
|
15 |
98,397,694 |
97,614,188 |
|
| LONG-TERM
FINANCES |
|
16 |
194,256,381 |
302,502,376 |
|
| OBLIGATIONS
UNDER FINANCE LEASE |
|
17 |
5,879,864 |
- |
|
| LONG-TERM
DEPOSITS AND LIABILITIES |
|
18 |
120,021,899 |
92,320,946 |
|
| CURRENT
LIABILITIES |
|
|
|
|
| Current
maturity of long-term liabilities |
|
19 |
195,284,746 |
83,680,943 |
|
| Proposed
dividend |
|
|
43,645,174 |
28,432,067 |
|
| Other
current liabilities |
|
20 |
207,228,533 |
278,792,608 |
|
|
|
---------- |
---------- |
|
|
|
446,158,453 |
390,905,618 |
|
| COMMITMENTS |
|
21 |
-- |
-- |
|
|
---------- |
---------- |
|
|
1,184,553,519 |
1,086,012,303 |
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these accounts. |
|
| The
auditors' report is annexed hereto. |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 1997 |
|
|
|
1997 |
1996 |
|
|
(12 months) |
(18 months) |
|
|
Note |
Rupees |
Rupees |
|
|
| INCOME |
|
| Income
from finance lease operations |
|
22 |
180,255,582 |
208,797,169 |
|
| Loss
from operating leases |
|
23 |
(247,670) |
(39,177) |
|
| Corporate
finance and treasury operations |
|
24 |
19,180,226 |
7,882,707 |
|
| (Loss)
/ gain on marketable securities |
|
(1,756,410) |
2,766,786 |
|
|
---------- |
---------- |
|
|
197,431,728 |
219,407,485 |
|
|
| EXPENDITURE |
|
| Direct
cost of leases |
|
96,097 |
307,795 |
|
| Financial
and bank charges |
|
25 |
114,185,680 |
125,485,462 |
|
| Selling,
general and administrative expenses |
|
26 |
27,169,208 |
36,827,008 |
|
| Provision
for diminution in value of investments |
|
(1,550,655) |
5,425,948 |
|
| Provision
for lease losses and doubtful receivables |
|
11,292,683 |
5,968,375 |
|
|
---------- |
---------- |
|
|
151,193,013 |
174,014,588 |
|
|
---------- |
---------- |
|
| Operating
profit |
|
46,238,715 |
45,392,897 |
|
| Provision
for taxation - current year |
|
2,517,341 |
2,288,014 |
|
|
- prior years |
|
1,367,817 |
2,988,652 |
|
|
|
|
---------- |
---------- |
|
|
3,885,158 |
5,276,666 |
|
|
---------- |
---------- |
|
| Profit
after tax |
|
42,353,557 |
40,116,231 |
|
| Unappropriated
profit brought forward |
|
17,572,606 |
13,911,688 |
|
|
---------- |
---------- |
|
|
59,926,163 |
54,027,919 |
|
|
| Appropriations: |
|
| Transfer to special reserve |
|
8,470,711 |
8,023,246 |
|
| Dividend
Ca) 16% (1996: 20%) |
|
43,645,174 |
28,432,067 |
|
|
---------- |
---------- |
|
|
52,115,885 |
36,455,313 |
|
|
---------- |
---------- |
|
| Unappropriated
profit carried forward |
|
7,810,278 |
17,572,606 |
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
| CASH
FLOW STATEMENT |
|
| For
THE YEAR ENDED JUNE 30, 1997 |
|
|
1997 |
1996 |
|
|
(12 months) |
(18 months) |
|
|
Rupees |
Rupees |
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
|
| Profit
for the year before taxation |
|
46,238,715 |
45,392,897 |
|
|
| Adjustments
for: |
|
| Depreciation
on fixed assets |
|
7,857,142 |
5,651,757 |
|
| Amortization
of deferred costs |
|
1,272,288 |
1,629,841 |
|
| Provision
for lease losses and doubtful receivables |
|
11,292,683 |
5,968,375 |
|
| Loss
on transfer of long-term investments to |
|
|
|
| short-term
marketable securities |
|
-- |
3,015,625 |
|
| Provision
for diminution in value of investments |
|
(1,550,655} |
2,410,323 |
|
| (Profit)/loss
on sale of fixed assets |
|
(23,413} |
(64,538) |
|
| Finance/mark-up
expenses |
|
113,452,657 |
124,471,080 |
|
| Investment
income |
|
(16,901,703) |
(5,387,336) |
|
|
---------- |
---------- |
|
|
115,398,999 |
137,695,127 |
|
|
---------- |
---------- |
|
| Operating
profit before working capital changes |
|
161,637,714 |
183,088,024 |
|
|
| Decrease/(Increase)
in current assets |
|
| Short-term
finances |
|
6,614,400 |
(42,315,580) |
|
| Short-term
investments |
|
29,175,684 |
(26,466,668) |
|
| Advances,
deposits, prepayments and |
|
|
|
| other
receivables |
|
(18,679,019) |
(17,757,805) |
|
|
---------- |
---------- |
|
|
17,111,065 |
(86,540,053) |
|
|
| (Decrease)/Increase
in current liabilities |
|
| Certificates
of Investment |
|
23,080,000 |
64,500,000 |
|
| Short-term
finances |
|
(59,972,159) |
29,148,500 |
|
| Finance
under mark-up arrangements |
|
(20,112,906) |
(6,668,445) |
|
| Accrued
and other liabilities |
|
(5,506,954) |
12,362,684 |
|
|
---------- |
---------- |
|
|
(62,512,019) |
99,342,739 |
|
|
| Cash
generated from operations |
|
| Income
taxes paid |
|
(2,777,736) |
(3,761,354) |
|
| Finance/mark-up
paid |
|
(123,922,525) |
(99,428,866) |
|
| Investment
income received |
|
16,901,703 |
5,387,336 |
|
|
---------- |
---------- |
|
|
(109,798,558) |
(97,802,884) |
|
|
---------- |
---------- |
|
| Net
cash generated from operating activities |
|
6,438,202 |
98,087,826 |
|
|
|
|
| CASH
FLOWS FROM INVESTING ACTIVITIES |
|
| Long-term
investments |
|
-- |
(42,897,285) |
|
| Capital
expenditure |
|
(17,348,983) |
(28,078,228) |
|
| Long-term
deposits and deferred costs |
|
(908,392) |
(990,173) |
|
| Net
investment in lease finance (net of repayments) |
|
(53,002,951) |
(323,400,840) |
|
| Sale
of fixed assets |
|
3,147,150 |
4,680,480 |
|
| Loan
to executive |
|
(5,808,0001 |
-- |
|
| Recovery
of loan to executive |
|
131,739 |
-- |
|
|
---------- |
---------- |
|
| Net
cash (used in) investing activities |
|
(73,789,437) |
(390,686,046) |
|
|
| CASH
FLOWS FROM FINANCING ACTIVITIES |
|
|
| Issue
of right shares |
|
118,461,670 |
-- |
|
| Issue
of shares to IFC |
|
-- |
24,320,670 |
|
| Premium
on issue of shares to IFC |
|
-- |
6,274,730 |
|
| Issue
of Certificates of Investment |
|
25,754,000 |
1,876,000 |
|
| Long-term
loans |
|
-- |
216,900,000 |
|
| Repayment
of long-term loans |
|
(51,279,412) |
(57,234,672) |
|
| Dividend
paid |
|
(28,121,677) |
(25,768,100) |
|
| Long-term
advances and deposits |
|
10,751,176 |
25,174,644 |
|
| Musharika
finance |
|
52,496,367 |
106,300,708 |
|
|
---------- |
---------- |
|
| Net
cash generated from financing activities |
|
128,062,124 |
297,843,980 |
|
|
---------- |
---------- |
|
| Net
increase in cash activities |
|
60,710,889 |
5,245,760 |
|
| Cash
and bank balances at the beginning of the year |
|
18,363,569 |
13,117,809 |
|
|
---------- |
---------- |
|
| Cash
and bank balances at the end of the year |
|
79,074,458 |
18,363,569 |
|
|
========== |
========== |
|
|
|
|
| NOTES
TO THE ACCOUNTS |
|
| FOR
THE YEAR ENDED JUNE 30, 1997 |
|
|
|
| 1.
THE COMPANY AND ITS OPERATIONS |
|
|
| The
company was incorporated in Pakistan on August 31, 1991. The company is
listed on the Karachi |
|
| and
Lahore Stock Exchanges and is principally engaged in leasing of assets and
providing corporate |
|
| finance
services. |
|
|
| 2.
SIGNIFICANT ACCOUNTING POLICIES |
|
|
| 2.1
Accounting convention |
|
| These
accounts have been prepared under the historical cost convention. |
|
|
| 2.2
Revenue recognition |
|
| Lease
income |
|
|
| Finance
lease |
|
| The
company follows the financing method in accounting for recognition of lease
income. To |
|
| more
accurately match income and expenditure, a portion of unearned lease income |
|
| approximating
the costs incurred in writing the lease, including a general provision for
potential |
|
| lease
losses, is taken to "income from leasing" at the time of execution
of the lease. The remainder |
|
| of
unearned lease income is taken to income over the term of the lease, so as to
produce a |
|
| systematic
return on net investment in leases. Income pertaining to the periods falling
between |
|
| rentals
due and the period end is recognized on an accrual basis. |
|
|
| Operating
Lease |
|
| Rental
income is recognized on an accrual basis over the lease period. |
|
|
| Corporate
finance and treasury operations |
|
| Commitment
fee and other commissions are taken to income when realized. Return on term |
|
| deposits
and fees for corporate finance services are recognized on an accrual basis. |
|
|
| 2.3
Provision for potential lease losses and doubtful receivables |
|
| Provision
for lease losses and doubtful receivables is maintained at a level which is
adequate to |
|
| provide
for any foreseen and unforeseen doubtful receivables. |
|
|
| 2.4
Tangible fixed assets and depreciation |
|
| Owned |
|
| These
are stated at cost less accumulated depreciation. Depreciation is charged to
income |
|
| applying
the straight line method, whereby the cost of an asset is written off over
its estimated |
|
| useful
life. In respect of additions during the year, depreciation is. charged for
the full year, |
|
| however,
no depreciation is charged in the year of disposal. |
|
|
| Leased |
|
| Assets
acquired through lease finance are included as tangible fixed assets. The
outstanding !~! |
|
| lease
obligation less finance charges allocated to future periods are shown as a
liability. The |
|
| financial
charge is calculated at the mark-up rate implicit in the lease. |
|
|
| Depreciation
is charged on assets acquired for operating leases from the date of
acquisition on a |
|
| straight
line basis. |
|
|
| Depreciation
is charged over the useful life of the assets or lease term whichever is
shorter. |
|
| However,
if there is reasonable certainty that the ownership of the asset would
transfer to the |
|
| company
at the end of the lease term, the asset is depreciated over its useful life. |
|
|
| 2.5
Deferred costs |
|
| Deferred
costs are amortized over a period of five years commencing from the year such
costs |
|
| are
incurred. |
|
|
| 2.6
Investments |
|
| Long-term
investments |
|
| These
are stated at cost. Provision is made for any diminution in value, if
considered permanent. |
|
|
| Short-term
investments |
|
| These
are stated at lower of cost or market value on a portfolio basis. |
|
|
| 2.7
Taxation |
|
| Current |
|
| Income
for the purpose of computing current taxation is determined under the
provisions of the |
|
| tax
law whereby lease income received or receivable are deemed to be income.
Provision for |
|
| taxation
is thus based on income determined in accordance with the requirements of the
tax law. |
|
|
| Deferred |
|
| The
company accounts for deferred taxation using the liability method on timing
differences |
|
| arising
from using different methods in the recognition of lease income for tax and
accounting |
|
| purposes,
as well as for all other significant timing differences. However, deferred
tax is not |
|
| provided
if it can be established with reasonable certainty that these timing
differences will not |
|
| reverse
in the foreseeable future. |
|
|
| 2.8
Foreign currency translation |
|
| Assets
and liabilities in foreign currencies are translated into rupees at the rates
of exchange :~:~ |
|
| prevailing
at the balance sheet date except for instances where forward exchange risk
cover had |
|
| been
taken. Such amounts are stated at the contracted rate. Exchange gains and
losses are |
|
| included
in current income. |
|
|
| 2.9
Employees' retirement benefits |
|
| The
company operates a contributory Provident Fund for all its permanent
employees and |
|
| contributions
are made monthly in accordance with the fund rules. |
|
|
|
| 3.
FIXED ASSETS- tangible |
|
|
COST |
|
|
|
DEPRECIATION |
|
|
----------------------------------------------------------- |
----------------------------------------------------------- |
|
As at |
Additions |
Deletions/ |
As at |
Accumulated |
Charge for |
On |
Accumulated |
Written |
|
|
July 1, |
during the |
adjustment |
June 30, |
as at |
the year |
disposal |
as at |
down value as |
Depreciation |
|
1996 |
Year |
during the |
I997 |
July 1,1996 |
|
June 30,1997 |
at June 30, |
Rate |
| Description |
|
|
|
year |
|
1997 |
|
|
----------------------------------------------------------- |
----------------------------------------------------------- |
|
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
% |
|
|
|
|
|
| OWNED |
|
|
|
| Office
building |
1,403,300 |
-- |
-- |
1,403,300 |
168,409 |
70,164 |
-- |
238,573 |
1,164,727 |
5 |
| Leasehold |
|
|
|
| improvements |
944,360 |
1,099,627 |
-- |
2,043,987 |
631,907 |
306,603 |
-- |
938,510 |
1,105,477 |
15 |
| Furniture
and |
|
|
| fixtures |
|
1,473,227 |
164,785 |
-- |
1,638,012 |
1,049,297 |
327,602 |
-- |
1,376,899 |
261,113 |
20 |
| Office
equipment |
1,071,095 |
275,421 |
-- |
1,346,516 |
638,365 |
269,303 |
-- |
907,668 |
438,848 |
20 |
| Computer
equipment |
1,280,758 |
757,800 |
-- |
2,038,558 |
778,201 |
509,639 |
-- |
1,287,840 |
750,718 |
25 |
|
|
|
| Air
conditioners and |
|
|
| household equipment |
740,295 |
1,145,850 |
-- |
1,886,145 |
350,331 |
471,536 |
-- |
821,867 |
1,064,278 |
25 |
|
|
|
| Motor
vehicles |
7,902,052 |
4,850,500 |
1,404,601 |
11,347,951 |
4,330,993 |
2,859,174 |
1,031,370 |
6,158,797 |
5,189,154 |
25 |
|
|
|
| Plant
and machinery (Note 3.1) |
19,545,170 |
-- |
2,750,506 |
16,794,664 |
998,942 |
2,657,124 |
-- |
3,656,066 |
13,138,598 |
16 |
| (for
lease and re-sale) |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
|
|
34,360,257 |
8,293,983 |
4,155,107 |
38,499,133 |
8,946,445 |
7,471,145 |
1,031,370 |
15,386,220 |
23,112,913 |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
|
| LEASED |
|
|
| Plant
and machinery |
-- |
8,255,000 |
-- |
8,255,000 |
-- |
285,997 |
-- |
285,997 |
7,969,003 |
16 |
| (for
operating lease) |
|
|
|
|
| Motor
vehicle |
-- |
800,000 |
-- |
800,000 |
-- |
100,000 |
-- |
100,000 |
700,000 |
25 |
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
|
|
-- |
9,055,000 |
-- |
9,055,000 |
-- |
385,997 |
-- |
385,997 |
8,669,003 |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
|
|
34,360,257 |
17,348,983 |
4,155,107 |
47,554,133 |
8,946,445 |
7,857,142 |
1,031,370 |
15,772,217 |
31,781,916 |
|
|
========== |
========== |
========== |
========== |
========== |
|
========== |
========== |
========== |
|
| Depreciation
charged to |
|
| Bankers
Equity Limited |
|
| (an
associated undertaking) |
|
|
|
(748,738) |
|
| Net charge |
|
|
|
7,108,404 |
|
|
|
| 1996 |
|
11,742,416 |
28,078,228 |
5,460,387 |
34,360,257 |
4,139,133 |
5,651,757 |
844,445 |
8,946,445 |
25,413,812 |
|
|
|
========== |
========== |
========== |
========== |
========== |
========== |
========== |
========== |
========== |
|
|
| 3.1
Deletion represents machinery leased out as a finance lease. |
|
| 3.2
DISPOSAL OF ASSETS |
|
|
|
|
Accumulated |
Book |
Sale |
|
Mode of |
|
Sold/ |
|
| Description |
|
Cost |
depreciation |
value |
proceeds |
Profit |
disposal |
|
Transferred to |
|
|
|
|
|
|
|
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
|
|
|
|
|
|
|
|
| Motor
vehicle |
567,179 |
425,384 |
141,795 |
141,795 |
-- |
|
As per service rules |
Chief executive |
|
| Motor
vehicle |
194,625 |
129,750 |
64,875 |
64,875 |
-- |
|
As per service rules |
Employee |
|
| Motor
vehicle |
595,897 |
446,923 |
148,974 |
148,974 |
-- |
|
As per service rules |
Employee |
|
| Motor cycle |
|
46,900 |
29,313 |
17,587 |
41,000 |
23,413 |
Insurance claim |
EFU General |
|
|
--------- |
--------- |
--------- |
--------- |
--------- |
|
|
|
1,404,601 |
1,031,370 |
373,231 |
396,644 |
23,413 |
|
|
|
========== |
========== |
========== |
========== |
========== |
|
|
| 1996 |
|
5,460,387 |
844,445 |
4,615,942 |
4,680,480 |
64,538 |
|
|
|
|
========== |
========== |
========== |
========== |
========== |
|
|
|
|
|
|
|
|
1997 |
1996 |
|
|
Rupees |
Rupees |
|
|
| 4.
LONG-TERM FINANCE |
|
7,112,608 |
7,112,608 |
|
|
========== |
========== |
|
| The
loan is secured by a pari-passu equitable mortgage of immovable property and
pledge of directors' |
|
| shares
of the borrowing company and the personal guarantees of the directors. The
loan carries a mark- |
|
| up
rate of Re. 0.495 per Rs. 1,000 per day. |
|
|
| The
loan is considered good, as a compromise decree has been passed by the
banking tribunal. The |
|
| finance
is now recoverable in 12 equal quarterly installments commencing from March
18, 1998. |
|
|
| 5.
PROVISION FOR LEASE LOSSES AND |
|
| DOUBTFUL
RECEIVABLES |
|
26,196,352 |
14,903,669 |
|
|
========== |
========== |
|
| A
general provision for doubtful receivables has been made and in the opinion
of the management no |
|
| specific
provision is required. However, to comply with State Bank of Pakistan
regulations governing |
|
| Non
Banking Financial Institutions, an amount of Rs. 15.7 million has been
allocated towards provision |
|
| required
for prudential regulations. |
|
|
| 6.
LONG-TERM ADVANCE - considered good |
|
5,676,261 |
-- |
|
| Less:
Current maturity shown under current assets |
|
(273,549) |
-- |
|
|
---------- |
---------- |
|
|
5,402,712 |
-- |
|
|
========== |
========== |
|
| The
loan under the scheme has been provided to a director of the company to
facilitate the construction |
|
| of
house. The loan is repayable in equal monthly installments over a period of
15 years which |
|
| commenced
from January 31, 1997 alongwith a 5% service charge per annum on the
outstanding balance |
|
| at
the end of each month. The loan is secured by a deposit of the title deed of
the property. Maximum |
|
| amount
due at the end of any month during the year was Rs. 5,786,271 (1996: Nil). |
|
|
| 7.
LONG-TERM INVESTMENTS |
|
| Quoted: |
|
| First
Capital Securities Ltd. |
|
| 380,000
ordinary shares of Rs. 10 each |
|
5,401,085 |
5,401,085 |
|
|
| Network
Leasing Corporation Ltd. |
|
| (associated
undertaking) |
|
| 250,000
ordinary shares of Rs. 10 each |
|
2,500,000 |
2,500,000 |
|
|
| First
Capital Mutual Fund |
|
| (associated
undertaking) |
|
| 150,000
ordinary shares of Rs. 10 each |
|
1,500,000 |
1,500,000 |
|
|
| Bankers
Equity Limited |
|
| (associated
undertaking) |
|
| 2,702,700
ordinary shares of Rs. 10 each |
|
50,566,870 |
50,566,870 |
|
|
---------- |
---------- |
|
|
59,967,955 |
59,967,955 |
|
|
========== |
========== |
|
| Aggregate
market value of quoted long-term investments as on June 30, 1997 was Rs.
30,219,975 (1996: Rs. 35,864,700). |
|
|
|
1997 |
1996 |
|
|
Rupees |
Rupees |
|
| 8.
DEFERRED COSTS |
|
|
| Registration
fees |
|
1,045,710 |
1,045,710 |
|
| Formation
expenses |
|
88,133 |
88,133 |
|
| Underwriting
commission |
|
260,000 |
260,000 |
|
| Brokerage |
|
223,324 |
223,324 |
|
| Share
issue expenses |
|
3,026,965 |
2,118,573 |
|
| Pre-operating
expenses |
|
224,239 |
224,239 |
|
| Commitment
fee on long-term loans |
|
1,914,777 |
1,914,777 |
|
|
---------- |
---------- |
|
|
6,783,148 |
5,874,756 |
|
| Less:
Amortization to date |
|
(5,066,970) |
(3,794,682) |
|
|
---------- |
---------- |
|
|
1,716,178 |
2,080,074 |
|
|
========== |
========== |
|
| The
above costs have been carried forward as they confer benefit to future
periods. |
|
|
| 9.
SHORT-TERM AND MORABAHA FINANCES -considered good |
|
| Short-term
finances |
|
1,000,000 |
1,000,000 |
|
| Morabaha
finances |
|
55,385,600 |
62,000,000 |
|
|
---------- |
---------- |
|
|
56,385,600 |
63,000,000 |
|
|
========== |
========== |
|
| Short-term
and morabaha finances have been extended to clients on mark-up/profit basis
from 3 |
|
| months
to 1 year and are secured by equitable mortgage of immovable properties, lien
on stocks, pledge |
|
| of
CoIs, promissory notes and personal guarantees in accordance with individual
agreements with the |
|
| clients.
Mark-up rates/profit vary from Re. 0.52 per Rs. 1000 to Re. 0.83 per Rs. 1000
per day. |
|
|
| Morabaha
finances further include an amount due from an associated undertaking of Rs.
700,000 |
|
| (1996:
Rs. 700,000). The maximum amount due at the end of any month during the year
was Rs. 3,700,000 |
|
| (1996:
Rs. 700,000). |
|
|
|
1997 |
1996 |
|
|
Note |
Rupees |
Rupees |
|
| 10.
ADVANCES, DEPOSITS, PREPAYMENTS |
|
| AND
OTHER RECEIVABLES |
|
|
| Advances-unsecured,
considered good |
|
| Advances
to suppliers and contractors |
|
1,582,870 |
4,728,996 |
|
|
10.10 |
2,713,574 |
3,433,050 |
|
|
|
---------- |
---------- |
|
|
4,296,444 |
8,162,046 |
|
| Security
deposits |
|
442,150 |
118,950 |
|
| Prepayments |
|
687,573 |
951,536 |
|
|
---------- |
---------- |
|
|
1,129,723 |
1,070,486 |
|
|
| Mark-up
receivable |
|
| Financial
institutions |
|
7,353,080 |
2,051,449 |
|
| Others |
|
15,501,868 |
9,288,093 |
|
|
---------- |
---------- |
|
|
22,854,948 |
11,339,542 |
|
|
| Receivable
against sale of marketable securities |
10.20 |
5,600,532 |
-- |
|
| Exchange
difference due from SBP |
|
3,923,307 |
-- |
|
| Receivable
from associated undertaking |
|
10.30 |
511,026 |
418,738 |
|
| Other
charges recoverable from lessees |
|
1,684,859 |
-- |
|
| Other
receivables |
|
3,777,470 |
4,108,478 |
|
|
---------- |
---------- |
|
|
43,778,309 |
25,099,290 |
|
|
========== |
========== |
|
| 10.1
These include advances to executives under the house loan scheme amounting to
Rs. 2,238,592 |
|
| (1996:
Rs. 2,970,174). Maximum amount outstanding at the end of any month against
advance to |
|
| executives
was Rs. 2,809,663 (1996: Rs. 2,970,174). |
|
|
| 10.2
This represents an amount due from an associated undertaking. The maximum
amount due at the |
|
| end
of any month during the year was Rs. 7,200,000 (1996: Rs. 31,000,000). |
|
|
| 10.3
This represents balances due on current account from an associated
undertaking. The maximum |
|
| amount
due at the end of any month during the year was Rs. 2,115,672 (1996: Rs.
418,738). |
|
|
| 11.
INVESTMENTS IN MARKETABLE SECURITIES |
|
|
|
Nominal |
Average |
|
|
|
| Description |
|
No. of |
value |
cost |
|
Market |
|
|
shares |
per share |
per share |
Cost |
value |
|
|
------------------------------------ |
------------------------------------ |
|
|
|
Rupees |
Rupees |
Rupees |
Rupees |
|
|
|
|
|
|
| Mohammad Farooq Textile |
|
| Mills Ltd. |
|
6,701 |
10 |
34.8938 |
233,824 |
65,000 |
|
| First
Capital Mutual Fund |
76,000 |
10 |
10.0000 |
760,000 |
144,400 |
|
| (associated
undertaking) |
|
|
|
|
| Maple
Leaf Electric Company Ltd. |
39,000 |
10 |
31.2200 |
1,217,658 |
360,750 |
|
| EFU
General Insurance Co. Ltd. |
10,000 |
10 |
75.7350 |
757,350 |
384,000 |
|
| (associated
undertaking) |
|
|
|
|
| Southern
Electric Power Ltd. |
759,890 |
10 |
10.0000 |
7,598,900 |
8,548,763 |
|
| A1-Meezan
Mutual Fund Ltd. |
250,000 |
10 |
10.0000 |
2,500,000 |
2,500,000 |
|
|
|
|
|
---------- |
---------- |
|
|
|
|
13,067,732 |
12,002,913 |
|
| Government
securities (Note 11.1) |
|
4,600,000 |
4,600,000 |
|
|
---------- |
---------- |
|
|
17,667,732 |
16,602,913 |
|
|
========== |
========== |
|
| 1996 |
|
46,843,416 |
44,227,942 |
|
|
========== |
========== |
|
| 11.1
These represent investment in government securities as required under the
relevant provision of the |
|
| State
Bank of Pakistan's Rules for Non-Banking Financial Institutions to maintain
liquidity against |
|
| certain
liabilities.
~;~ |
|
|
|
|
|
1997 |
1996 |
|
|
Rupees |
Rupees |
|
| 12.
CASH AND BANK BALANCES |
|
|
| Balance
with banks on current account |
|
1,081,128 |
6,303,370 |
|
| Deposit
accounts (Note 12.1) |
|
77,897,662 |
11,978,605 |
|
|
---------- |
---------- |
|
|
78,978,790 |
18,281,975 |
|
| Cash
in hand |
|
95,668 |
81,594 |
|
|
---------- |
---------- |
|
|
79,074,458 |
18,363,569 |
|
|
========== |
========== |
|
| 12.1
Included in the above are Rs.64.89 million (1996:Rs.10.0 million) held with
an investment bank of |
|
| which
Rs.6.13 million (1996:Rs.4.38 million) is held. in foreign currency deposit
account. |
|
| Furthermore,
Rs.5.35 million (1996:Rs.3.15 million) of these deposits are held as
collateral against |
|
| short-term
loans from a bank (refer to note 20.1) |
|
|
| Furthermore
Rs.0.90 million (1996:Rs.0.70 million) is deposited with State Bank of
Pakistan as |
|
| required
under the provision of the SBP's rules for Non-Banking Financial Institutions
to maintain |
|
| liquidity
against certain liabilities. |
|
|
|
1997 |
1996 |
|
|
Note |
Rupees |
Rupees |
|
| 13.
ISSUED SUBSCRIBED AND PAID UP CAPITAL |
|
|
| Fully
paid up ordinary shares of Rs. 10 each |
|
|
| Issued
for cash |
|
| 1997 |
1996 |
|
| Number of |
Number of shares |
|
| shares |
|
| 15,432,067 |
13,000,000 |
At the beginning of the
year |
154,320,670 |
130,000,000 |
|
| 11,846,167 |
2,432,067 |
Issued during the year |
|
118,461,670 |
24,320,670 |
|
| ---------- |
---------- |
|
---------- |
---------- |
|
| 27,278,234 |
15,432,067 |
|
272,782,340 |
154,320,670 |
|
| ========== |
========== |
|
========== |
========== |
|
|
|
| 14.
RESERVES |
|
|
| Capital
Reserves |
|
| Share
premium |
|
6,274,730 |
6,274,730 |
|
| Special
reserve |
|
14.10 |
32,971,880 |
24,501,169 |
|
|
---------- |
---------- |
|
|
39,246,610 |
30,775,899 |
|
| Revenue
Reserve |
|
| Unappropriated
profit |
|
7,810,278 |
17,572,606 |
|
|
---------- |
---------- |
|
|
47,056,888 |
48,348,505 |
|
|
========== |
========== |
|
| 14.1
This represents 20% of after tax profit as required under the relevant
provision of the State Bank |
|
| of
Pakistan rules for Non Banking Financial Institutions. |
|
|
| 15.
LONG-TERM FINANCES UNDER MUSHARIKA |
|
| ARRANGEMENTS |
|
|
| Musharika
finances |
|
185,524,974 |
133,028,607 |
|
| Less:
Current maturity shown under current liabilities |
|
(87,127,280) |
(35,414,419) |
|
|
---------- |
---------- |
|
|
98,397,694 |
97,614,188 |
|
|
========== |
========== |
|
| Musharika
finances includes Rs.135.52 million (1996: Rs.91.82 million) which are
unsecured. The balance |
|
| of
Rs.50 million is secured by hypothecation of company's assets. The musharika
earned an average rate |
|
| of
19.35% per annum (1996: 18% per annum) on these musharika arrangements. The
terms of repayment |
|
| of
principal and profit range from monthly to end of term basis. |
|
|
|
1997 |
1996 |
|
|
Note |
Rupees |
Rupees |
|
|
| 16.
LONG-TERM FINANCES - Secured |
|
|
| Foreign
currency loan |
|
| International
Finance Corporation |
|
16.1 |
100,210,500 |
115,566,276 |
|
| Less:
Exchange differences not yet due |
|
(775,450) |
(894,276) |
|
|
---------- |
---------- |
|
|
99,435,050 |
114, 672,000 |
|
|
| Local
currency finances |
|
| From
banking institutions |
|
| Finance A |
|
16.2 |
20,000,000 |
20,000,000 |
|
| Finance B |
|
16.3 |
16,900,000 |
16,900,000 |
|
|
|
|
| From
financial institutions |
|
|
|
| Finance C |
|
16.4 |
25,000,000 |
25,000,000 |
|
| Finance D |
|
16.5 |
11,383,265 |
17,389,839 |
|
| Finance E |
|
16.6 |
25,000,000 |
25,000,000 |
|
| Finance F |
|
16.7 |
14,964,112 |
20,000,000 |
|
| Finance G |
|
16.8 |
20,000,000 |
20,000,000 |
|
| Finance H |
|
16.9 |
25,000,000 |
50,000,000 |
|
| Finance I |
|
16.1 |
20,000,000 |
20,000,000 |
|
|
|
---------- |
---------- |
|
|
178,247,377 |
214,289,839 |
|
|
---------- |
---------- |
|
|
277,682,427 |
328,961,839 |
|
|
| Less:
Current maturity shown under current liabilities |
|
(83,426,046) |
(26,459,463) |
|
|
---------- |
---------- |
|
|
194,256,381 |
302,502,376 |
|
|
========== |
========== |
|
| 16.1
IFC Loan |
|
| The
International Finance Corporation (IFC) has extended a loan for financing of
lease operations |
|
| which
is repayable in sixteen semi-annual equal instalments which commenced from
June 15, 1996. |
|
| The
loan carries interest at the rate of 8.5% payable semi annually secured by
hypothecation of |
|
| leased
assets and related lease receivables, ranking pari-passu with the charges
created or which |
|
| may
be created in favour of other lenders. The loan is registered under the
exchange risk coverage |
|
| scheme
of the State Bank of Pakistan. In case the company fails to pay any amount on
the due date, |
|
| it
shall be liable to pay liquidated damages at the rate of 2% per annum over
and above the interest |
|
| rate. |
|
|
| 16.2
Finance A |
|
| This
has been obtained from a banking institution at a mark-up rate of 19% per
annum, payable |
|
| quarterly.
The loan is repayable in a lumpsum on February 1, 1999 and is secured by
hypothecation |
|
| of
leased assets. |
|
|
| 16.3
Finance B |
|
| This
has been obtained from a banking institution at a mark-up rate of 18% per
annum, payable |
|
| quarterly.
The loan was repaid in lumpsum on July 31, 1997 and was guaranteed by a
financial |
|
| institution
which in turn was secured by hypothecation of company's leased assets. |
|
|
| 16.4
Finance C |
|
| This
has been obtained from a financial institution on a sale and repurchase
agreement for |
|
| financing
the leasing operations of the company and secured by hypothecation of leased
assets. |
|
|
| The
sale price was Rs. 25,000,000 with a purchase price of Rs. 44,389,024 subject
to prompt payment |
|
| rebate
of Rs. 7,936,704 which is repayable in eight equal quarterly instalments
which commenced |
|
| from
June 16, 1997. |
|
|
| 16.5
Finance D |
|
| This
has been obtained from a financial institution on a sale and repurchase
agreement for |
|
| financing
the leasing operations of the company and secured by hypothecation of leased
assets. |
|
|
| The
sale price was Rs. 20,000,000 with a purchase price of Rs. 26,697,645 which
is repayable in |
|
| twelve
equal quarterly instalments which commenced from January 7, 1996. |
|
|
| 16.6
Finance E |
|
| This
has been obtained from a financial institution at a mark-up rate of 20% per
annum. The loan |
|
| is
repayable in lumpsum on August 29, 1998 and is secured by hypothecation of
leased assets. |
|
|
| 16.7
Finance F |
|
| This
has been obtained from a financial institution on a sale and repurchase
agreement for |
|
| financing
the leasing operation of the company and is secured by hypothecation of
leased assets. |
|
|
| The
sale price of Rs. 20,000,000 with a purchase price of Rs. 27,693,920 is
repayable in ten equal |
|
| quarterly
instalments which commenced from October 30, 1996. |
|
|
| 16.8
Finance G |
|
| This
has been obtained from a financial institution at a mark-up rate of 19.5~o
per annum, payable |
|
| quarterly.
The loan was repaid in lumpsum on August 6, 1997, and was secured by
hypothecation |
|
| of
leased assets. |
|
|
| 16.9
Finance H |
|
| This
has been obtained from a financial institution on a sale and repurchase
agreement for |
|
| financing
the leasing operations of the company and secured by hypothecation of leased
assets. |
|
|
| The
sale price was Rs. 25,000,000 with a purchase price of Rs. 35,682,790 subject
to a prompt |
|
| payment
rebate of Rs. 3,901,540 which is repayable in ten installments which
commenced |
|
| from
September 16, 1997. |
|
|
| 16.10
Finance I |
|
| This
has been obtained from a financial institution at a mark-up rate of 21% per
annum, payable |
|
| quarterly.
The loan is repayable in lumpsum on August 28, 1998 and is secured by
hypothecation |
|
| of
leased assets. |
|
|
|
|
1997 |
1996 |
|
|
Note |
Rupees |
Rupees |
|
| 17.
OBLIGATIONS UNDER FINANCE LEASE - unsecured |
|
|
| Liabilities
against lease finance |
|
17.10 |
8,698,542 |
-- |
|
| Less:
Current maturity shown under current liabilities |
|
(2,818,678) |
-- |
|
|
---------- |
---------- |
|
|
5,879,864 |
-- |
|
|
========== |
========== |
|
| 17.1
Year to June 30, 1998 |
|
4,343,477 |
-- |
|
| Year
to June 30, 1999 |
|
3,599,940 |
-- |
|
| Year
to June 30, 2000 |
|
3,712,695 |
-- |
|
|
---------- |
---------- |
|
|
11,656,112 |
-- |
|
|
| Less:
Finance charges allocated to future periods |
|
(2,957,570) |
-- |
|
|
---------- |
---------- |
|
|
8,698,542 |
-- |
|
|
========== |
========== |
|
| These
obligations represent acquisition of equipment under finance lease facility.
The average rate of |
|
| return
used as the discounting factor is 21.70% per annum. The lease rentals are
payable in monthly |
|
| installments. |
|
|
| At
the end of the lease the ownership of the asset shall be transferred to the
company on payment of |
|
| residual
value amounting to Rs. 412,750 (1996: NIL) |
|
|
| 18.
LONG-TERM DEPOSITS AND LIABILITIES |
|
|
| Deposits |
|
|
| Deposits
on leases |
|
111,988,371 |
103,819,682 |
|
| Less:
Current maturity shown under current liabilities |
|
(19,596,472) |
(15,691,006) |
|
|
---------- |
---------- |
|
|
92,391,899 |
88,128,676 |
|
|
|
|
| Certificates
of investment |
|
18.1 |
27,630,000 |
1,876,000 |
|
| Liabilities
against bills discounted |
|
|
|
|
| Rental
bills outstanding |
|
18.2 |
2,399,378 |
9,603,086 |
|
| Less:
Discounting charges |
|
(83,108) |
(1,170,761) |
|
|
---------- |
---------- |
|
|
2,316,270 |
8,432,325 |
|
| Less:
Current maturity shown under current liabilities |
|
(2,316,270) |
(6,116,055) |
|
|
---------- |
---------- |
|
|
-- |
2,316,270 |
|
|
--------- |
--------- |
|
|
120,021,899 |
92,320,946 |
|
|
========== |
========== |
|
| 18.1
The Company has a scheme of registered Certificates of Investment (CoI) for
resource mobilisation |
|
| as
per permission from the Corporate Law Authority, Government of Pakistan.
These certificates are |
|
| issued
under profit and loss sharing basis at rates of profit ranging from 17.5% to
22.5% per annum. |
|
| The
CoI's are for terms of 2 years to 5 years. |
|
|
| 18.2
The rentals receivable from a customer have been discounted with a financial
institution at the rate |
|
| of
19% on a non-recourse basis. This arrangement is secured by hypothecation of
related leased |
|
| assets. |
|
|
| 19.
CURRENT MATURITY OF LONG-TERM LIABILITIES |
|
1997 |
1996 |
|
|
Note |
Rupees |
Rupees |
|
| Current
maturity of long term finances under |
|
|
|
| musharika
arrangements |
|
87,127,280 |
35,414,419 |
|
| Current
maturity of long-term finances |
|
83,426,046 |
26,459,463 |
|
| Current
maturity of obligation under finance lease |
|
2,818,678 |
-- |
|
| Current
maturity of long-term deposits |
|
19,596,472 |
15,691,006 |
|
| Current
maturity of liabilities against bills discounted |
|
2,316,270 |
6,116,055 |
|
|
---------- |
---------- |
|
|
195,284,746 |
83,680,943 |
|
|
========== |
========== |
|
| 20.
OTHER CURRENT LIABILITIES |
|
|
| Short-term
finances from |
|
| banks
and financial institution |
|
20.1 |
55,347,817 |
115,220,500 |
|
| others |
|
20.2 |
8,690,524 |
8,790,000 |
|
| Running
finance under mark-up arrangement |
|
20.3 |
14,989,190 |
35,102,096 ' |
|
| Certificates
of investment |
|
20.4 |
87,580,000 |
64,500,000 |
|
| Creditors,
accrued and other liabilities |
|
20.5 |
37,062,152 |
53,038,974 |
|
| Unclaimed
dividend |
|
1,059,830 |
749,440 |
|
| Provision
for taxation |
|
2,499,020 |
1,391,598 |
|
|
---------- |
---------- |
|
|
207,228,533 |
278,792,608 |
|
|
========== |
========== |
|
| 20.1
Short-term finances from banks and financial institutions |
|
| Represents
short-term finances utilised against aggregate facilities of Rs.55.34 million
(1996: |
|
| Rs.
115.22 million). These finances carry mark-up at an average rate of Re. 0.52
per Rs.l,000 per |
|
| day.
Included in these are un-secured finances of Rs.40.00 million.(1996:86.06
million). |
|
|
| Security
for the balance of the finances is as follows: |
|
(Rupees in million) |
|
| Hypothecation
of assets leased out |
|
10.00 |
26.01 |
|
| Cash
collaterals - included in bank balances in |
|
| deposit
accounts |
|
5.35 |
3.15 |
|
|
|
| 20.2 Others |
|
| This
represents a short-term finance obtained from a customer and carries a
mark-up of 15.5% per |
|
| annum.
The finance is unsecured and is payable on demand. |
|
|
| 20.3
Running finance under mark-up arrangement |
|
| Represents
running finance against aggregate facilities of Rs. 81 million (1996:100
million) from |
|
| commercial
banks. The average rate of mark-up is Re. 0.56 per Rs. 1,000 per day. These
arrangements |
|
| are
secured by hypothecation of assets leased out by the company. |
|
|
| 20.4
Certificates of investment |
|
| The
Company has a scheme of registered Certificates of Investment (CoI) for
resource mobilisation |
|
| as
per permission from the Corporate Law Authority, Government of Pakistan.
These certificates are |
|
| issued
under profit and loss sharing basis at rates of profit ranging from 15% to
22% per annum. The |
|
| CoI's
are for terms of 3 months to 1 year. |
|
|
1997 |
1996 |
|
| 20.5
Creditors, accrued and other liabilities |
|
Rupees |
Rupees |
|
|
| Creditors |
|
562,804 |
5,534,346 |
|
| Accrued
expenses |
|
402,498 |
1,325,337 |
|
| Other
payables |
|
3,370,184 |
2,166,786 |
|
| Excise
duty payable |
|
422,499 |
|
| Advances
from customers against pending |
|
| lease
executions |
|
341,936 |
1,511,806 |
|
| Tax
deducted at source |
|
153,296 |
445,836 |
|
| Mark-up
payable |
|
| Financial
institutions - secured |
|
11,216,455 |
30,639,542 |
|
| - unsecured |
|
855,575 |
1,614,014 |
|
| Exchange
risk fee payable to SBP |
|
292,560 |
316,471 |
|
| Others
- secured |
|
746,741 |
660,632 |
|
| - unsecured |
|
11,125,692 |
1,476,232 |
|
|
---------- |
---------- |
|
|
24,237,023 |
34,706,891 |
|
| Advance
rentals |
|
7,571,912 |
7,347,972 |
|
|
---------- |
---------- |
|
|
37,062,152 |
53,038,974 |
|
|
========== |
========== |
|
| 21.
COMMITMENTS |
|
|
| Commitments
for lease finance |
|
49,990,000 |
83,630,000 |
|
| Letter
of comfort against Letters of Credit |
|
20,130,000 |
-- |
|
|
---------- |
---------- |
|
|
70,120,000 |
83,630,000 |
|
|
========== |
========== |
|
|
|
|
|
1997 |
1996 |
|
|
(12 months) |
(18 months) |
|
|
Rupees |
Rupees |
|
| 22.
INCOME FROM FINANCE LEASE OPERATIONS |
|
|
|
| Lease
income |
|
180,255,582 |
208,797,169 |
|
|
========== |
========== |
|
| The
above includes all income arising on account of finance lease operations. |
|
|
| 23.
LOSS FROM OPERATING LEASES |
|
|
| Rentals |
|
2,293,520 |
1,623,442 |
|
|
|
|
| Depreciation |
|
1,039,000 |
585,662 |
|
| Operating
expenses |
|
1,502,190 |
1,076,957 |
|
|
---------- |
---------- |
|
|
2,541,190 |
1,662,619 |
|
|
---------- |
---------- |
|
|
(247,670) |
(39,177) |
|
|
========== |
========== |
|
| 24.
CORPORATE FINANCE AND TREASURY OPERATIONS |
|
|
| Financial
services fee |
|
774,389 |
998,393 |
|
| Arrangement
fee |
|
407,548 |
512,222 |
|
| Dividend
income {including Rs. 60,000 (1996: Rs. Nil) |
|
| from
an associated undertaking} |
|
938,466 |
1,041,708 |
|
| Return
on government securities |
|
187,500 |
157,500 |
|
| Return
on long-term finances |
|
5,549,002 |
5,549,002 |
|
| Return
on term deposits |
|
6,336,597 |
756,334 |
|
| Return
on short-term finances {net after charging financial cost |
|
| of
Rs. 9,125,000 (1996: Rs. 13,058,540)} |
|
3,890,138 |
3,431,794 |
|
| Gain
on disposal of fixed assets |
|
23,413 |
64,538 |
|
| Miscellaneous
income |
|
1,073,173 |
920,218 |
|
|
---------- |
---------- |
|
|
19,180,226 |
7,882,707 |
|
|
========== |
========== |
|
| 25.
FINANCIAL AND BANK CHARGES |
|
|
| Profit
paid on musharika finances |
|
14,520,988 |
11,326,625 |
|
| Mark-up
on long-term finances |
|
50,967,492 |
60,112,279 |
|
| Exchange
risk fee |
|
7,399,793 |
8,195,382 |
|
| Mark-up
on Certificates of Investment |
|
20,706,628 |
2,607,143 |
|
| Finance
charges on leased asset |
|
148,746 |
-- |
|
| Finance
charges - bills discounted |
|
1,087,653 |
3,544,020 |
|
| Mark-up
on short term finances - Banks and financial institutions |
10,527,443 |
32,895,112 |
|
|
- Others |
|
1,155,629 |
828,770 |
|
| Mark-up
on running finance |
|
6,938,285 |
4,961,749 |
|
| Bank
charges and commissions |
|
350,067 |
439,948 |
|
| Amortization
of deferred costs |
|
382,956 |
574,434 |
|
|
---------- |
---------- |
|
|
114,185,680 |
125,485,462 |
|
|
========== |
========== |
|
|
|
|
1997 |
1996 |
|
|
(12 months) |
(18 months) |
|
|
Note |
Rupees |
Rupees |
|
|
| 26.
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES |
|
|
| Directors'
fee |
|
26.1 |
1,000 |
7,000 |
|
| Salaries
and allowances |
|
26.2 |
9,858,369 |
16,295,221 |
|
| Staff
welfare and training |
|
1,538,949 |
1,456,028 |
|
| Office rent |
|
1,289,579 |
1,287,475 |
|
| Travelling |
|
606,188 |
827,218 |
|
| Vehicle
up keep and running |
|
1,330,494 |
1,924,181 |
|
| Legal
and professional charges |
|
681,050 |
883,198 |
|
| Insurance |
|
25,297 |
37,272 |
|
| Telephone
and fax |
|
1,375,637 |
2,576,122 |
|
| Postage
and courier |
|
192,577 |
225,824 |
|
| Electricity,
water and gas |
|
343,393 |
643,903 |
|
| Subscription |
|
252,234 |
284,990 |
|
|
26.3 |
183,537 |
176,774 |
|
| Shares
registrar service |
|
335,665 |
509,374 |
|
| Advertisement |
|
66,620 |
268,960 |
|
| Penalties |
|
-- |
126,000 |
|
| Printing
and stationery |
|
851,473 |
925,419 |
|
| Depreciation |
|
6,069,405 |
5,066,095 |
|
| Amortization
of deferred costs |
|
889,332 |
1,055,407 |
|
| Office
repairs and maintenance |
|
761,804 |
1,035,670 |
|
| Zakat |
|
-- |
2,407 |
|
|
26.4 |
60,000 |
122,700 |
|
| Professional
tax |
|
148,000 |
150,000 |
|
| General
expenses |
|
308,605 |
939,770 |
|
|
---------- |
---------- |
|
|
27,169,208 |
36,827,008 |
|
|
========== |
========== |
|
| 26.1
Fees totalling Rs. 1,000 (1996: Rs. 7,000) have been paid to directors for
attending board meetings |
|
| during
the year. |
|
|
| 26.2
Remuneration of Chief Executive and Executives |
|
|
|
1997 |
|
1996 |
|
|
|
(12 months) |
|
(18 months) |
|
|
|
Chief |
|
Chief |
|
|
|
Executive |
Executive |
Total |
Executive |
Executive |
Total |
|
|
|
|
|
|
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
|
|
| Managerial remuneration |
940,930 |
3,424,610 |
4,365,540 |
790,125 |
2,428,080 |
3,218,205 |
|
|
| Housing
and utilities |
516,570 |
1,779,110 |
2,295,680 |
433,840 |
1,329,931 |
1,763,771 |
|
|
| Medical
and other expenses |
92,107 |
240,942 |
333,049 |
43,518 |
275,714 |
319,232 |
|
|
| Provident
fund |
96,840 |
213,834 |
310,674 |
124,716 |
281,220 |
405,936 |
|
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
|
|
1,646,447 |
5,658,496 |
7,304,943 |
1,392,199 |
4,314,945 |
5,707,144 |
|
|
========== |
========== |
========== |
========== |
========== |
========== |
|
| Number
of persons |
1 |
16 |
17 |
1 |
11 |
12 |
|
|
|
| In
addition the Chief Executive and certain executives are also provided with
free use of company cars and |
|
| perquisites
in accordance with the terms of their employment. All executives are provided
with medical |
|
| insurance
cover. The increase in the number of executives to 16 from 11 is due to an
increase in remuneration |
|
| over
the period which resulted in more employees falling under the definition of
"executives" as defined by |
|
| the
Companies Ordinance, 1984. |
|
|
|
1997 |
1996 |
|
|
(12 months) |
(18 months) |
|
|
Rupees |
Rupees |
|
| 26.3
Auditors' remuneration |
|
|
| Statutory
audit |
|
100,000 |
90,000 |
|
| Special
audit |
|
55,000 |
55,000 |
|
| Other
certifications |
|
8,538 |
16,200 |
|
| Out-of-pocket
expenses |
|
19,999 |
15,574 |
|
|
---------- |
---------- |
|
|
183,537 |
176,774 |
|
|
========== |
========== |
|
| 26.4
Donations |
|
| Recipients
of donation do not include any donee in whom any director or his spouse had
an interest. |
|
|
| 27.
DEFERRED TAXATION |
|
|
| Deferred
taxation is estimated at Rs. 55.36 million of which Rs. 17.72 million is in
respect of the current |
|
| year(1996:
Rs. 37.64 million, for the period Rs. 12.94 million). |
|
|
| The
liability for deferred taxation is not likely to arise in the foreseeable
future and accordingly, no |
|
| provision
for deferred taxation has been made in these accounts. |
|
|
|
1997 |
1996 |
|
|
(12 months) |
(18 months) |
|
|
Rupees |
Rupees |
|
| 28.
TRANSACTIONS WITH ASSOCIATED UNDERTAKINGS |
|
|
| Receipts |
|
|
| Lease
rentals received |
|
5,682,868 |
5,638,390 |
|
| Security
deposits on leases |
|
53,175 |
74,000 |
|
| Profit
received on short-term finances |
|
358,111 |
348,831 |
|
| Net
funds received from trading activities |
|
2,119,541 |
1,255,075 |
|
| (1997:
Rs. 13,119,541 - Rs. 11,000,000 |
|
| 1996:
Rs. 66,452,348 - Rs. 65,197,273) |
|
| Dividend
income |
|
60,000 |
-- |
|
| Certificates
of Investment |
|
1,000,000 |
-- |
|
|
| Payments |
|
|
| Profit
paid on Certificates of Investment |
|
14,794 |
-- |
|
| Leases
disbursed |
|
30,875,289 |
5,435,807 |
|
| Morabaha
finances |
|
5,700,000 |
-- |
|
|
| The
transactions with the associated undertakings are in the normal course of
business at contracted rates |
|
| and
terms determined in accordance with market rates. |
|
|
| 29. GENERAL |
|
|
| 29.1
Figures have been rounded off to the nearest rupee. |
|
|
| 29.2
Previous period figures have been rearranged wherever necessary for the
purpose of comparison. |
|
|
|
| PATTERN
OF SHAREHOLDING |
|
| No. of |
|
Having Shares |
Shares Held |
Percentage |
|
| shareholders |
From |
To |
|
|
| 125 |
1 |
100 |
12500 |
0.0458 |
|
| 1435 |
101 |
500 |
685800 |
2.5140 |
|
| 394 |
501 |
1000 |
386500 |
1.4168 |
|
| 270 |
1001 |
5000 |
730200 |
2.6768 |
|
| 58 |
5001 |
10000 |
472000 |
1.7303 |
|
| 13 |
10001 |
15000 |
165600 |
0.6070 |
|
| 5 |
15001 |
20000 |
89900 |
0.3295 |
|
| 1 |
20001 |
25000 |
25000 |
0.9160 |
|
| 4 |
25001 |
30000 |
112200 |
0.4113 |
|
| 2 |
30001 |
35000 |
67500 |
0.2474 |
|
| 2 |
35001 |
40000 |
79800 |
0.2925 |
|
| 3 |
45001 |
50000 |
146900 |
0.5385 |
|
| 2 |
50001 |
55000 |
103900 |
0.3808 |
|
| 1 |
55001 |
60000 |
57900 |
0.2122 |
|
| 1 |
65001 |
70000 |
66300 |
0.2430 |
|
| 1 |
75001 |
80000 |
78300 |
0.2870 |
|
| 2 |
95001 |
100000 |
200000 |
0.7331 |
|
| 1 |
105001 |
110000 |
110000 |
0.4032 |
|
| 1 |
110001 |
115000 |
114400 |
0.4193 |
|
| 1 |
115001 |
120000 |
117000 |
0.4289 |
|
| 1 |
120001 |
125000 |
123900 |
0.4542 |
|
| 2 |
125001 |
130000 |
255400 |
0.9362 |
|
| 1 |
160001 |
165000 |
161500 |
0.5920 |
|
| 1 |
165001 |
170000 |
166700 |
0.6111 |
|
| 1 |
230001 |
235000 |
230900 |
0.8464 |
|
| 1 |
395001 |
400000 |
400000 |
1.4663 |
|
| 1 |
1000001 |
1005000 |
1004000 |
3.6805 |
|
| 1 |
2995001 |
3000000 |
3000000 |
10.9977 |
|
| 1 |
3225001 |
3230000 |
3230000 |
11.8409 |
|
| 1 |
3580001 |
3585000 |
3585000 |
13.1423 |
|
| 1 |
4860001 |
4865000 |
4864134 |
17.8315 |
|
| 1 |
6430001 |
6435000 |
6435000 |
23.5902 |
|
| ---------- |
---------- |
---------- |
---------- |
---------- |
|
| 2335 |
|
27278234 |
100.0000 |
|
| ========== |
========== |
========== |
========== |
========== |
|
|
|
|
|
|
|
|
| CATEGORIES
OF SHAREHOLDERS |
|
| Particulars |
|
Share holders |
Shares |
Percentage |
|
|
Holding |
|
|
|
|
| INDIVIDUALS |
|
2295 |
4537500 |
16.6341 |
|
| INVESTMENT
COMPANIES |
5 |
221400 |
0.8116 |
|
| INSURANCE
COMPANIES |
3 |
133000 |
0.4875 |
|
| JOINT
STOCK COMPANIES |
13 |
7257400 |
26.6050 |
|
| FINANCIAL
INSTITUTIONS |
10 |
10069800 |
36.9151 |
|
| MODARABA
COMPANIES |
4 |
180500 |
0.6616 |
|
| FOREIGN
COMPANIES |
2 |
4873634 |
17.8663 |
|
| NON-RESIDENT
(U.S.$) |
-- |
-- |
-- |
|
| NON-RESIDENT
(PAK Rs.) |
3 |
5000 |
0.183 |
|
|
---------- |
---------- |
---------- |
|
| COMPANY
TOTAL |
2335 |
27278234 |
100.0000 |
|
|
========== |
========== |
========== |
|
|
|
|
|
|
|
|
|
|
|
|
|
