| Dawood Leasing Company Limited |
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|
| Annual
Report 1998 |
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| CONTENTS |
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| Corporate
Information |
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| Notice
of Meeting |
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| Financial
Highlights |
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| Directors'
Report |
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| Auditors' Report |
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|
| Balance Sheet |
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| Profit
& Loss Account |
|
| Statement
of Changes in Financial Position |
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| Notes
to the Accounts |
|
| Pattern
of Share Holding |
|
|
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| CORPORATE
INFORMATION |
|
|
| Board
of Directors |
Mr. Rafique Dawood |
Chairman & Chief
Executive |
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|
Mr. Mehboob G. Rawjee |
|
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|
Mr. Ayaz Dawood |
|
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|
Sayed Muzafar Ali Shah |
(Nominee of SLIC) |
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|
Mr. Asadullah Khawaja |
(Nominee of ICP) |
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|
Mr. Nasim Beg |
|
(Nominee of NIT) |
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|
Mr. Bashir A. Sheikh |
(Nominee of A1-Faysal
Inv. Bank) |
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| Company
Secretary |
Mr. Salman Rasheed |
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|
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| Auditors |
|
M. Yousuf Adil Saleem
& Co., |
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|
Chartered Accountants |
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|
|
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| Legal
Advisors |
Mohsin Tayebaly & Co. |
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|
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| Bankers |
|
Askari Commercial Bank
Ltd. |
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|
ANZ Grindlays Bank plc. |
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|
Bank A1-Habib Ltd. |
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Bank of Punjab |
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Faysal Bank Ltd. |
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|
Habib Bank Ltd. |
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Muslim Commercial Bank
Ltd. |
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Oman International Bank
S.A.O.G |
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Societe Generale, The
French & International Bank |
|
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| Registered
Office |
|
| and
Head Office |
5-B, Lakson Square
Building # 1, |
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|
Sarwar Shaheed Road,
Karachi-74200 |
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Tel : (021) 568 7778 |
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|
Fax .: (021) 568 5830 |
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E-Mail:
dlc@khi.compol.com |
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| Branch Office |
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2nd Floor, Gulberg
Heights, 6-H, Gulberg, Lahore |
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|
Tel : (042) 571 1308 |
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|
Fax: (042) 571 0296 |
|
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| Shares
Registrar |
Ferguson Associates
(Pvt.) Ltd. |
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|
State Life Building l-A, |
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|
I.I. Chundrigar Road,
Karachi. |
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Tel : (021) 2426682-6,
2426711-5 |
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Fax: (021) 2415007,
2427938 |
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| NOTICE
OF FOURTH ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the Fourth Annual General Meeting of the Company will be
held in the Auditorium |
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| of
the Institute of Chartered Accountants of Pakistan, G-31, Block 8, Clifton,
Karachi on December 11, 1998 at |
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| 11:00
a.m. to transact the following business: |
|
|
| Ordinary
Business |
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| 1.
To confirm the Minutes of The Third Annual General Meeting held on December
12, 1997. |
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|
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| 2.
To receive, consider and adopt the Audited Accounts of the Company for the
year ended June 30, 1998 |
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| together
with the Directors' and Auditors' Report thereon. |
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|
| 3.
To elect seven (7) Directors of the Company as fixed by the Board of
Directors under the provisions o1' |
|
| Section
178 of the Companies Ordinance, 1984 for a term of three years. The retiring
Directors are: |
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|
| Mr.
Rafique Dawood |
|
| Mr.
Mehboob G. Rawjee |
|
| Mr.
Ayaz Dawood |
|
| Sayed
Muzafar Ali Shah |
|
| Mr.
Asadullah Khawaja |
|
| Mr. Nasim Beg |
|
| Mr.
Bashir A. Sheikh |
|
|
| 4.
To appoint Auditors for the year 1998-99 and to fix their remuneration. The
retiring Auditors being eli- |
|
| gible
offer themselves for re-appointment. |
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|
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| Any
other Business |
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| 1.
To transact any other business as may be placed before the meeting with the
permission of the Chair. |
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|
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|
By the Order of the Board |
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|
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|
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|
Salman Rasheed |
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| Karachi:
November 19, 1998 |
|
Secretary |
|
|
|
| Notes: |
|
| 1.
The Register of Members of the Company will remain closed from December 2,
1998 to December 11, |
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| 1998
(both days inclusive). |
|
|
| 2.
Any person who seeks to contest the election of the office of Director shall
at the Registered Office of the |
|
| Company,
file at the latest by November 27, 1998, a notice of his intention to offer
himself for election as |
|
| Director
in terms of Section 178 (3) of the Companies Ordinance, 1984. The conditions
imposed by the |
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| Corporate
Law Authority require prior approval for any change in the directors of the
Company. |
|
|
| 3.
A member entitled to attend and vote at a General Meeting is entitled to
appoint a Proxy to attend and |
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| vote
instead of him/her. No person other than a member shall act as a Proxy. |
|
|
| 4.
An instrument appointing a Proxy and the Power-of-Attorney or other Authority
(if any) under which it is |
|
| signed
or a notarially certified copy of the Power or Authority, in order to be
valid, must be deposited at |
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| the
Registered Office of the Company, at the latest by I 1:00 a.m. on December 9,
1998 and must be duly |
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| stamped,
signed and witnessed. |
|
|
| 5.
The shareholders are requested to notify any change in their address
immediately. |
|
|
|
| FINANCIAL
HIGHLIGHTS |
|
|
|
1998 |
1997 |
1996 |
1995 |
|
|
|
|
|
Rupees in Million |
|
|
|
|
| Authorized
Capital |
|
500.00 |
300.00 |
300.00 |
300.00 |
|
| Paid-up Capital |
|
250.00 |
250.00 |
250.00 |
250.00 |
|
| Shareholders'
Equity |
|
305.69 |
295.52 |
281.60 |
267.92 |
|
| Total Assets |
|
926.58 |
680.10 |
539.45 |
340.45 |
|
| Net
Investment in Leases |
|
791.63 |
620.50 |
510.57 |
253.37 |
|
| Allowance
for Potential Lease Losses |
19.00 |
16.50 |
5.00 |
-- |
|
| Revenue |
|
141.34 |
121.96 |
89.12 |
28.00 |
|
| Income
from Leasing Operations |
|
133.36 |
121.29 |
84.66 |
21.19 |
|
| Profit
before Provisions |
|
47.63 |
46.41 |
46.21 |
18.09 |
|
| Provisions |
|
19.57 |
-- |
19.57 |
-- |
|
| Profit
before Taxation |
|
28.06 |
46.41 |
46.21 |
18.09 |
|
| Taxation |
|
17.89 |
1.24 |
1.27 |
0.17 |
|
| Profit
Alter Taxation |
|
10.17 |
45.16 |
44.94 |
17.92 |
|
| Current Ratios |
|
1:1.26 |
1:1.53 |
01:00.9 |
01:06.7 |
|
| Book
Value Per Share |
|
12.22 |
11.82 |
11.26 |
10.71 |
|
| Earning
Per Share |
|
0.40 |
1.81 |
1.79 |
0.71 |
|
| Return on Equity |
|
3.38% |
15.65% |
16.35% |
6.68% |
|
|
|
| DIRECTORS'
REPORT |
|
|
| The
Company's Fourth Annual Report for the year ended June 30, 1998 is hereby
being presented for your |
|
| review. |
|
|
|
|
|
1998 |
1997 |
|
| Operating
Results |
|
|
|
Rupees |
Rupees |
|
| Lease Income |
|
|
|
133,357,772 |
121,291,858 |
|
| Other Income |
|
|
|
7,986,021 |
670,720 |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
141,343,793 |
121,962,578 |
|
|
|
|
|
========== |
========== |
|
| Profit
Before Provisions |
|
|
|
47,630,489 |
46,406,524 |
|
|
|
|
|
========== |
========== |
|
| Profit
Before Taxation |
|
28,058,669 |
46,406,524 |
|
| Provision
/ Deferred Taxation |
|
17,890,000 |
1,243,016 |
|
|
|
--------------- |
--------------- |
|
| Profit
After Taxation |
|
10,168,669 |
45,163,508 |
|
| Unappropriated
Profit Brought Forward |
|
1,414,222 |
1,533,416 |
|
|
|
--------------- |
--------------- |
|
| Profit
Available for Appropriation |
|
11,582,891 |
46,696,924 |
|
| Appropriations |
|
|
|
| Transfer
to Statutory Reserve |
|
2,033,734 |
9,032,702 |
|
| Transfer
to General Reserve |
|
-- |
5,000,000 |
|
| Proposed
Cash Dividend |
|
-- |
31,250,000 |
|
|
|
|
--------------- |
--------------- |
|
|
|
2,033,734 |
45,282,702 |
|
|
|
--------------- |
--------------- |
|
| Unappropriated
Profit Carried Forward |
|
9,549,157 |
1,414,222 |
|
|
|
========== |
========== |
|
| Book
Value Per Share |
|
12.23 |
11.82 |
|
|
|
|
|
|
|
|
|
| Review
of Operations |
|
| The
fiscal Year 1997-98 witnessed the economic turmoil of the Asian tigers, and
its resultant effects on the |
|
| other
economies of the world. Supply-side economic policies were unable to help our
economy rebound on |
|
| account
of local conditions and global economic meltdown. In addition, the aftermath
of the nuclear explosions |
|
| has
put economic activity on complete hold. |
|
|
| As
reported last year, your Company had adopted a more cautious and prudent
approach to assess new lease |
|
| proposals,
select viable sectors and continue to maintain a well diversified portfolio
of leases. We are pleased to |
|
| report
that this year again, the oil and gas sector tops the list with an exposure
of 17%. During the fiscal 1997- |
|
| 98
your Company entered into 160 new, lease contracts valuing Rs. 348.32
million. The net investment in lease |
|
| finance
increased from Rs. 620.50 million to Rs. 791.63 million showing a rise of
27.58%. |
|
|
| Your
Company has long concurred with the practice of supporting small and medium
size entrepreneurs, and |
|
| where
possible, providing support to any development in information technology. One
of these ventures, a |
|
| collaboration
with a Multinational who is a leader in this field, has brought into the
country fully graphic digital |
|
| imaging
facilities and has thus provided a substitute for commercial graphic
technology which was previously |
|
| being
imported. We want to continue to help introduce high technology into our
country. |
|
|
| Dawood
Leasing has intensified its focus on money-market operations in the last six
months of fiscal 1997-98. |
|
| The
income from this activity represents over 5% of total annual revenue. Your
Company has thus been able to |
|
| successfully
convert Treasury functions from cost to profit centers. Given the unqualified
success of the |
|
| operations
we plan to further focus and expand on this business activity. |
|
|
| In
continuation of our prudent accounting approach, we have acknowledged the
recommendation of the Institute |
|
| of
Chartered Accountants of Pakistan by making provision of Rs. 15.89 million,
on account of deferred tax |
|
| liability.
However, we do not expect that this liability will materialize in the
foreseeable future. Additionally we |
|
| have
also made provision of Rs. 7.50 million and Rs. 12.07 million on account of
bad and doubtful debts, and |
|
| diminution
in the value of marketable securities respectively. It may be noted that
allowance for potential lease |
|
| losses
and provision for bad and doubtful debts has now grown to Rs. 26.50 million
which is 3.35% (1997: |
|
| 2.70%)
of net investment in lease finance, reflecting our concern due to the
economic situation prevailing in our |
|
| country. |
|
|
| You
will be pleased to note that as of June 30, 1998 all the reserves, allowances
and provisions, put together |
|
| add
up to over 9.4% of the balance sheet footing versus 8.9% last year and 35%
(1997: 24.2%) of the paid-up |
|
| capital
of your Company. |
|
|
| Resource
Mobilization |
|
| Your
Company was authorized to issue Certificates of Investment (COI's) from
January 1998. You will be |
|
| pleased
to note that within a short period of less than six months ending June 1998,
over Rs. 150 million worth |
|
| of
COI's for a period ranging from 3 months to 5 years, were issued. After
reviewing the cost and benefit |
|
| analysis,
it has been decided to market these COI's only to our existing lessees and
corporate customers. |
|
|
| Your
Company has been extremely successful and is continuing the process of
negotiating additional credit |
|
| lines.
Recently, a Rs. 100 million three-year credit line has been sanctioned, out
of which Rs. 25 million has |
|
| been
drawn. Another Rs. 50 million three-year credit line is being negotiated. Our
bankers have enhanced our |
|
| limits
and a new running finance facility of Rs. 50 million became operative in
October 1998; as such, Dawood |
|
| Leasing
will have access to adequate resources to meet its future funding
requirements. |
|
|
| We
are pleased to report that the draw down process of Financial Sector
Intermediation Loan facility provided |
|
| by
Asian Development Bank has now started. The disbursement of first tranche to
Dawood Leasing is expected |
|
| shortly. |
|
|
| Future
Prospects and our plans |
|
| The
country has long been in the grip of steadily declining economic activity.
The future outlook is |
|
| unpredictable
at the moment. It is therefore prudent to plan and implement not only for
financial consolidation |
|
| but
also to avail the opportunities that become available, while simultaneously
protecting your Company from |
|
| possible
threats. With this perspective, it has been considered appropriate to: |
|
|
| ·
Continue to focus on the core activity of leasing, while diversifying our
lease portfolio, |
|
| ·
Capitalize on our experience in money market operations, and |
|
| ·
Enhance Dawood Leasing's assets base by acquiring cash rich entities. |
|
|
| Given
the prevailing economic conditions, your Company has undertaken to help our
country develop its |
|
| human
capital, by leasing computers to individuals for educational purposes, as
well as to small entrepreneur- |
|
| owned
software concerns. In this respect, your Company, Dawood Leasing, has entered
into vendor-financing |
|
| arrangements
with leading Pakistani computer vendors. |
|
|
| Dawood
Leasing has long subscribed to the international practice of mergers and
acquisitions. In accordance |
|
| with
its plans, your Company recently agreed to acquire two Modaraba Management
Companies and a listed |
|
| company
of the financial sector, subject to approval of the Corporate Law Authority.
Official announcement in |
|
| this
respect will subsequently be made upon the Corporate Law Authority's
approval. |
|
|
| Year
2000 Compliance |
|
| You
will be pleased to note that year 2000 compliance within Dawood Leasing has
been completed with the |
|
| help
of our in-house experts. We have tested our systems up to the year 2036 and
are in full compliance. We are |
|
| also
in the process of inquiring and evaluating the level of compliance by our
customers, associates and lenders. |
|
|
| Board
of Directors |
|
| Sayed
Muzafar All Shah, Chairman State Life Insurance Corporation succeeded Mr.
Muizuddin Ahmed on the |
|
| Board
on account of latter's transfer. Mr. Nasim Beg, Deputy Chief Executive,
National Investment Trust |
|
| succeeded
Mr. A.K.M. Sayeed on the Board due to the latter's retirement from service. |
|
|
| The
Directors of your Company, while welcoming Sayed Muzafar Ali Shah and Mr.
Nasim Beg. would like to |
|
| place
on record their appreciation for the services of Mr. Muizuddin Ahmed and Mr.
A.K.M. Sayeed. |
|
|
| Auditors |
|
| The
present auditors, M.Yousuf Adil Saleem & Co, retire and being eligible
offer themselves for re- |
|
| appointment. |
|
|
| Pattern
of Shareholding |
|
| The
pattern of Shareholding as on June 30, 1998 is shown on Page No. 28 |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of Dawood Leasing Company Limited as
at June 30, 1998 and the |
|
| related
profit and loss account and the statement of changes in financial position
(cash flow statement) together |
|
| with
the notes forming part thereof, for the year ended on that date 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 forming
part thereof 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 statement of changes in financial
position (cash flow |
|
| statement),
together with the notes thereon, 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, 1998 and of the profit and the 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. |
|
|
|
|
|
M. Yousuf Adil Saleem
& Co. |
|
| Karachi:
November 3, 1998 |
|
Chartered Accountants |
|
|
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 1998 |
|
|
|
|
|
1998 |
1997 |
|
|
|
Note |
Rupees |
Rupees |
|
| SHARE
CAPITAL AND RESERVES |
|
|
|
|
|
| Authorized |
|
|
|
| 50,000,000
( 1997 - 30,000,000) |
|
|
|
| Ordinary
shares of' Rs. 10/- each |
|
|
500,000,000 |
300,000,000 |
|
|
|
|
========== |
========== |
|
| Issued,
Subscribed and Paid-up |
|
|
|
| 25,000,000
Ordinary Shares of |
|
|
|
| Rs.
10/- each. Fully Paid in Cash |
|
|
250,000,000 |
250,000,000 |
|
| Statutory
Reserve |
|
3 |
23,637,290 |
21,603,556 |
|
| General Reserve |
|
|
4 |
22,500,000 |
22,500,000 |
|
| Unappropriated
Profit |
|
|
9,549,157 |
1,414,222 |
|
|
|
|
--------------- |
--------------- |
|
|
|
305,686,447 |
295,517,778 |
|
| ALLOWANCE
FOR POTENTIAL LEASE LOSSES |
|
19,000,000 |
16,500,000 |
|
|
|
|
|
|
| LONG
TERM FINANCE AND LIABILITIES |
|
|
| Redeemable
Capital |
|
5 |
44,180,241 |
82,014,234 |
|
| Long term loans |
|
6 |
58,230,366 |
55,000,000 |
|
| Liabilities
against assets |
|
|
|
|
| subject
to finance lease |
|
7 |
114,814 |
283,980 |
|
|
|
|
|
|
| Lease deposits |
|
8 |
85,255,506 |
62,157,679 |
|
| Certificates
of investment |
|
9 |
37,298,949 |
-- |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
225,079,876 |
199,455,893 |
|
| DEFERRED
LIABILITIES |
|
|
|
| Staff Gratuity |
|
|
|
634,341 |
-- |
|
| Taxation |
|
|
|
15,890,000 |
-- |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
16,524,341 |
-- |
|
| CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
| Short
Term Finances |
|
10 |
193,870,522 |
65,984,771 |
|
| Certificates
of Investment |
|
9 |
61,189,863 |
-- |
|
| Current
Portion of Long Term Finance and Liabilities |
11 |
71,861,925 |
55,525,455 |
|
| Accrued
and Other Liabilities |
|
12 |
29,732,532 |
14,031,459 |
|
| Proposed
Dividend |
|
|
-- |
31,250,000 |
|
| Taxation |
|
|
3,632,748 |
1,831,850 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
360,287,590 |
168,623,535 |
|
| COMMITMENTS |
|
|
13 |
|
|
|
|
--------------- |
--------------- |
|
|
|
926,578,254 |
680,097,206 |
|
|
|
========== |
========== |
|
|
|
|
| FIXED
CAPITAL EXPENDITURE |
|
14 |
17,638,655 |
11,497,216 |
|
|
|
|
| NET
INVESTMENT IN LEASE FINANCE |
|
|
|
|
|
| Minimum
Lease Payments Receivable |
|
915,386,692 |
740,402,106 |
|
| Residual
Value of Leased Assets |
|
111,707,423 |
81,982,870 |
|
|
|
--------------- |
--------------- |
|
|
|
1,027,094,115 |
822,384,976 |
|
| Unearned
Income |
|
(235,460,248) |
(201,881,334) |
|
|
|
|
--------------- |
--------------- |
|
| Net
Investment in Lease Finance |
|
|
791,633,867 |
620,503,642 |
|
| Provision
for Bad and Doubtful Debts |
|
(7,500,000) |
-- |
|
|
|
--------------- |
--------------- |
|
|
|
|
784,133,867 |
620,503,642 |
|
| Current
Portion of Net Investment in Lease Finance |
|
|
(330,479,044) |
(212,364,724) |
|
|
|
|
--------------- |
--------------- |
|
|
|
453,654,823 |
408,138,918 |
|
|
|
|
| LONG
TERM LOANS |
|
15 |
1,934,382 |
1,650,427 |
|
|
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
|
| Current
Portion of Net Investment in Lease Finance |
|
|
330,479,044 |
212,364,724 |
|
| Short
Term Investments |
|
16 |
75,511,206 |
29,456,702 |
|
| Advance
Against Lease Commitments |
|
|
36,317,586 |
-- |
|
| Advances,
Deposits and Prepayments |
|
17 |
6,657,577 |
3,311,333 |
|
| Other
Receivables |
|
18 |
1,999,878 |
521,590 |
|
| Cash
and Bank Balances |
|
19 |
2,385,103 |
13,156,296 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
453,350,394 |
258,810,645 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
926,578,254 |
680,097,206 |
|
|
|
|
========== |
========== |
|
| The
annexed notes from 1 to 28 form an integral part of these accounts |
|
|
|
|
|
| PROFIT
& LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 1998 |
|
|
|
|
|
1998 |
1997 |
|
|
|
Note |
Rupees |
Rupees |
|
| Income |
|
|
|
| Lease Income |
|
|
133,357,772 |
121,291,858 |
|
| Return
on Deposits and Investments |
|
20 |
7,550,256 |
461,924 |
|
| Gain
on Sale of Investments |
|
|
386,584 |
143,663 |
|
| Other Income |
|
|
49,181 |
65,133 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
141,343,793 |
121,962,578 |
|
|
|
|
|
| Expenditure |
|
|
|
|
| Administration
and Operating Expenses |
|
21 |
22,363,663 |
18,822,394 |
|
| Financial
Charges |
|
22 |
68,849,641 |
45,233,660 |
|
| Allowance
for Potential Lease Losses |
|
|
2,500,000 |
11,500,000 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
93,713,304 |
75,556,054 |
|
|
|
|
--------------- |
--------------- |
|
| Profit
Before Provisions |
|
|
47,630,489 |
46,406,524 |
|
|
|
|
|
--------------- |
--------------- |
|
| Provision
for Bad and Doubtful Debts |
|
7,500,000 |
-- |
|
| Provision
for Diminution in Value of |
|
|
|
| Marketable
Securities |
|
|
12,071,820 |
-- |
|
|
|
|
--------------- |
--------------- |
|
|
|
19,571,820 |
-- |
|
|
|
--------------- |
--------------- |
|
| Profit
Before Taxation |
|
|
28,058,669 |
46,406,524 |
|
|
|
|
|
|
| Provision
for Taxation |
|
|
|
| Current |
|
2,000,000 |
1,036,000 |
|
| Prior Year's |
|
-- |
207,016 |
|
| Deferred |
|
15,890,000 |
-- |
|
|
|
|
--------------- |
--------------- |
|
|
|
17,890,000 |
1,243,016 |
|
|
|
--------------- |
--------------- |
|
| Profit
After Taxation |
|
|
10,168,669 |
45,163,508 |
|
| Unappropriated
Profit Brought Forward |
|
1,414,222 |
1,533,416 |
|
|
|
--------------- |
--------------- |
|
| Profit
Available for Appropriation |
|
|
11,582,891 |
46,696,924 |
|
|
|
|
|
| Appropriations |
|
|
|
| Transferred
to Statutory Reserve |
|
2,033,734 |
9,032,702 |
|
| Transferred
to General Reserve |
|
-- |
5,000,000 |
|
| Proposed
Cash Dividend (1997 - @ 12.5%) |
|
-- |
31,250,000 |
|
|
|
--------------- |
--------------- |
|
|
|
2,033,734 |
45,282,702 |
|
|
|
--------------- |
--------------- |
|
| Unappropriated
Profit Carried Forward |
|
9,549,157 |
1,414,222 |
|
|
|
|
|
|
========== |
========== |
|
|
|
|
|
|
|
| The
annexed notes from 1 to 28 form an integral part of these accounts. |
|
|
|
| STATEMENT
OF CHANGES IN FINANCIAL POSITION |
|
| FOR
THE YEAR ENDED JUNE 30, 1998 |
|
|
|
|
1998 |
1997 |
|
|
|
Rupees |
Rupees |
|
| A.
CASH FLOW FROM OPERATING ACTIVITIES |
|
|
| Profit
after Taxation |
|
|
10,168,669 |
45,163,508 |
|
| Adjustments
to Determine Net Cash Flows: |
|
|
|
| Depreciation |
|
|
2,929,938 |
2,712,529 |
|
| Gain
on Sale of Investment |
|
(386,584) |
(143,663) |
|
| Financial
Charges |
|
68,849,641 |
45,233,660 |
|
| Loss
on Sale of Assets |
|
40,773 |
6,712 |
|
| Provision
for Gratuity |
|
742,600 |
-- |
|
| Allowance
for Potential Lease Losses |
|
2,500,000 |
11,500,000 |
|
| Provision
for Bad and Doubtful Debts |
|
7,500,000 |
-- |
|
| Provision
for Diminution in Value of Marketable Securities |
|
12,071,820 |
-- |
|
| Provision
for Deferred Taxation |
|
15,890,000 |
-- |
|
| Provision
for Taxation |
|
2,000,000 |
1,243,016 |
|
|
|
--------------- |
--------------- |
|
|
|
|
|
112,138,188 |
60,552,254 |
|
|
|
|
|
--------------- |
--------------- |
|
| Operating
Profit Before Working Capital Changes |
|
122,306,857 |
105,715,762 |
|
| Working
Capital Changes |
|
|
|
|
| Advances,
Deposits and Prepayments |
|
(1,182,653) |
425,015 |
|
| Other
Receivables' |
|
(1,478,288) |
716,281 |
|
| Accrued
and Other Liabilities |
|
11,409,770 |
(2,616,830) |
|
|
|
--------------- |
--------------- |
|
|
|
8,748,829 |
(1,475,534) |
|
|
|
--------------- |
--------------- |
|
|
|
131,055,686 |
104,240,228 |
|
| Financial
Charges Paid |
|
(64,757,411) |
(44,522,588) |
|
| Gratuity Paid |
|
(108,259) |
-- |
|
| Taxation Paid |
|
(2,327,930) |
(2,684,692) |
|
|
|
--------------- |
--------------- |
|
| Net
Cash Provided By Operating Activities |
|
63,862,086 |
57,032,948 |
|
|
|
|
| B.
CASH FLOW FROM FINANCING ACTIVITIES |
|
|
| Redeemable
Capital Obtained |
|
-- |
75,000,000 |
|
| Long
Term Loans Obtained |
|
30,000,000 |
55,000,000 |
|
| Lease
Finance Obtained |
|
-- |
1,186,000 |
|
| Redemption
of Redeemable Capital |
|
(52,301,738) |
(64,292,482) |
|
| Repayment
of Lease Liability |
|
(209,377) |
(914,595) |
|
| Security
Deposits |
|
-- |
(38,700) |
|
| Lease Deposits |
|
|
27,172,619 |
26,551,492 |
|
| Short
Term Finances |
|
127,885,751 |
23,659,136 |
|
| Certificate
of Investment |
|
98,488,812 |
-- |
|
| Dividend Paid |
|
|
(31,050,927) |
(30,948,770) |
|
|
|
--------------- |
--------------- |
|
| Net
Cash Provided By Financing Activities |
|
199,985,140 |
85,202,081 |
|
|
|
|
| C.
CASH FLOW USED IN INVESTING ACTIVITIES |
|
|
|
| Net
Investment in Lease Finance |
|
(171,130,225) |
(109,927,873) |
|
| Capital
Expenditure |
|
|
(9,472,425) |
(3,815,705) |
|
| Proceeds
from Sale of Fixed Assets |
|
|
360,278 |
820,488 |
|
| Long
Term Loans |
|
|
(318,718) |
(1,817,152) |
|
| Short
Term Finances |
|
|
(65,143,614) |
(25,801,889) |
|
| Sale
Proceeds of Marketable Securities |
|
7,403,871 |
3,677,250 |
|
| Advance
Against Lease Commitments |
|
(36,317,586) |
3,750,000 |
|
|
|
--------------- |
--------------- |
|
| Net
Cash Used in Investing Activities |
|
(274,618,419) |
(133,114,881) |
|
|
|
|
|
--------------- |
--------------- |
|
| Net
Increase / (Decrease) in Cash and Cash Equivalent |
|
(10,771,193) |
9,120,148 |
|
| Cash
and Cash Equivalent at the Beginning of the Year |
|
13,156,296 |
4,036,148 |
|
|
|
|
|
--------------- |
--------------- |
|
| Cash
and Cash Equivalent at the End of the Year |
|
2,385,103 |
13,156,296 |
|
|
|
|
|
|
========== |
========== |
|
|
|
| NOTES
TO THE ACCOUNTS -- JUNE 30, 1998 |
|
|
| 1.
THE COMPANY AND ITS OPERATIONS |
|
| The
Company was incorporated on June 22, 1994 as a Public Limited Company and is
listed on the Karachi |
|
| and
Islamabad Stock Exchanges. The Company primarily carries on the business of
leasing. |
|
|
| 2.
SIGNIFICANT ACCOUNTING POLICIES |
|
|
| 2.1
Accounting Convention |
|
| These
financial statements have been prepared under the "historical cost
convention". |
|
|
| 2.2
Revenue Recognition |
|
| The
Company follows the Finance method in recognizing income on lease contracts.
Under this |
|
| method
the unearned income i.e. the excess of aggregate lease rentals and the
estimated residual value |
|
| over
the cost of the leased asset is deferred and then amortized over the terms of
the lease, so as to |
|
| produce
a constant rate of return on net investment in the lease. |
|
|
| Front
end fee, commitment fee and other commissions are taken to income when
realized. |
|
|
| The
transaction of purchase and resale obligation of Government Securities at
contracted rates for |
|
| specified
period of time are recorded at the contracted purchase price and the
differential of the |
|
| contracted
purchase and resale prices is taken to income. |
|
|
| Return
on securities is recognized on accrual basis. |
|
|
| Dividend
income is recognized at the time of closure of the shares transfer book of
the company |
|
| declaring
the dividend. |
|
|
| 2.3
Staff Retirement Benefits |
|
| The
Company operates a funded contributory Provident Fund Scheme for its
employees. The |
|
| employees
are also entitled to gratuity after completion of 3 years continuous service
in accordance |
|
| with
the service rules of the Company. |
|
|
| 2.4
Allowance for Potential Lease Losses |
|
| Apart
from making provision for bad and doubtful debts as per the requirements of
Prudential |
|
| Regulations
for Non-Banking Financial Institutions (NBFI's) issued by State Bank of
Pakistan, the |
|
| Company,
as a prudent policy, also makes a general provision at a reasonable level,
which in the |
|
| judgement
of management is adequate to provide for potential losses on lease portfolio
that can be |
|
| reasonably
anticipated. The allowances are created by charge to income. |
|
|
| 2.5 Taxation |
|
| The
charge for current taxation is based on taxable income at the current rates
of taxation. It is |
|
| computed
as if all leases are operating leases, after taking into account allowances
available for |
|
| depreciation
in respect of fixed assets under lease. |
|
|
| The
tax effect for deferred taxation is calculated using the liability method on
all major timing |
|
| differences
which are expected to reverse in the foreseeable future. As a measure of
prudence, deferred |
|
| tax
debits are not accounted for. |
|
|
| 2.6
Tangible Fixed Assets and Depreciation |
|
| These
are stated at cost less accumulated depreciation. Depreciation is charged to
income, applying the |
|
| straight
line method whereby cost of an asset is written-off over its estimated useful
life. A full year's |
|
| depreciation
is charged on all assets acquired during the year while no depreciation is
charged on |
|
| assets
disposed off during the year. |
|
|
| Normal
repairs and maintenance are charged to income as and when incurred. Gains and
losses on |
|
| disposal,
if any, are taken to profit and loss account. |
|
|
| 2.7
Investments |
|
| Short
Term Investments are stated at lower of moving average cost and
market/break-up value on |
|
| aggregate
portfolio basis. |
|
|
|
|
|
|
|
|
1998 |
1997 |
|
| 3.
STATUTORY RESERVE |
|
|
|
Rupees |
Rupees |
|
|
|
|
| Opening
Balance |
|
|
|
21,603,556 |
12,570,854 |
|
| Transferred
During the Year |
|
|
|
2,033,734 |
9,032,702 |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
23,637,290 |
21,603,556 |
|
|
|
|
|
========== |
========== |
|
|
| The
reserve is created by transferring 20% of the after tax profit for the year
which is required under Rule-3 |
|
| of
the State Bank of Pakistan's Prudential Regulations for Non-Banking Financial
Institutions. |
|
|
| 4.
GENERAL RESERVE |
|
|
| Opening
Balance |
|
22,500,000 |
17,500,000 |
|
| Transferred
During the Year |
|
-- |
5,000,000 |
|
|
|
--------------- |
--------------- |
|
|
|
|
22,500,000 |
22,500,000 |
|
|
|
========== |
========== |
|
|
| 5.
REDEEMABLE CAPITAL |
|
| SECURED
(NON-PARTICIPATORY) |
|
|
|
|
|
------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |
|
|
|
Finance Under |
|
|
|
|
Term Finance Certificates |
|
Modaraba |
Mark-up Arrangements |
1998 |
1997 |
|
|
|
I |
II |
III |
Finance |
I |
II |
Rupees |
Rupees |
|
|
------------------------------------------------------------------------------------------------------------------------------------------------------------------------ |
| Opening
Balance |
28,129,060 |
28,129,060 |
25,000,000 |
30,000,000 |
3,632,136 |
17,441,180 |
132,331,436 |
121,623,918 |
|
|
|
|
| Obtained
During the Year |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
75,000,000 |
|
|
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
|
|
|
28,129,060 |
28,129,060 |
25,000,000 |
30,000,000 |
3,632,136 |
17,441,180 |
132,331,436 |
196,623,918 |
|
| Paid
During the Year |
(17,956,14) |
(17,956,149) |
(6,804,386) |
-- |
(3,632,136) |
(5,952,918) |
(52,301,738) |
(64,292,482) |
|
|
|
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
|
|
|
10,172,911 |
10,172,911 |
18,195,614 |
30,000,000 |
-- |
11,488,262 |
80,029,698 |
132,331,436 |
|
| Payable
Within One Year |
|
|
|
|
| Shown
Under Current Liabilities |
(10,172,911) |
(10,172,911) |
(8,233,307) |
-- |
-- |
(7,270,328) |
(35,849,457) |
(50,317,202) |
|
|
|
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
--------------- |
|
| Rupees |
|
-- |
-- |
9,962,307 |
30,000,000 |
-- |
4,217,934 |
44,180,241 |
82,014,234 |
|
|
========== |
========== |
========== |
========== |
========== |
========== |
========== |
========== |
|
|
|
|
|
|
Finance Under |
|
|
|
|
Term Finance Certificates |
|
Morabaha |
Mark-up Arrangements |
|
|
|
|
I |
II |
III |
Finance |
|
|
|
|
| Repayment
Period |
Jan 17, 1996 |
Mar 03, 1996 |
Sept. 27, 1997 |
Lumpsum on |
Mar 14, 1997 |
|
|
|
|
Aug 17, 1998 |
Sep 03, 1998 |
Mar 27, 2000 |
Dec. 30, 1999 |
Dec. 14, 1999 |
|
|
|
|
|
|
(Rupees) |
|
|
|
|
|
|
| Sale Price |
|
50,000,000 |
50,000,000 |
25,000,000 |
30,000,000 |
20,000,000 |
|
|
| Purchase Price |
|
68,882,214 |
68,882,214 |
35,712,210 |
42,000,000 |
27,769,024 |
|
|
| Prompt
Payment Bonus |
2,503,968 |
2,503,968 |
1,271,106 |
-- |
-- |
|
|
|
|
|
|
|
|
| These
are secured against hypothecation of all properties and assets including book
debts of the Company |
|
| ranking
pari passu with each other and with the charge created to secure long term
loans (Refer Note 6) and |
|
| short
term finances (Refer Note 10) |
|
|
|
|
Limit in |
1998 |
1997 |
|
|
|
|
Rs. Million |
Rupees |
Rupees |
|
| 6.
LONG TERM LOANS |
|
|
|
| Secured (6.1) |
|
|
|
|
| From
Investment Bank |
|
65 |
65,000,000 |
20,000,000 |
|
| From
Commercial Bank |
|
20 |
20,000,000 |
-- |
|
| Unsecured |
|
|
|
|
|
| From
Development Financial Institution |
|
|
-- |
35,000,000 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
85,000,000 |
55,000,000 |
|
| Payable
Within One Year Shown |
|
|
|
|
| under
Current Liabilities |
|
|
(26,769,634) |
-- |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
58,230,366 |
55,000,000 |
|
|
|
|
========== |
========== |
|
|
|
|
| 6.1
The loans are secured against hypothecation of all properties and assets
including book debts of the |
|
| Company
ranking pari passu with each other and with charge created to secure
redeemable capital |
|
| (Refer
Note 5) and short term finances (Refer Note. 10). The loan of Rs. 20 million
has been received |
|
| on
quarterly roll over basis for two years term ending in July 1999. |
|
|
| These
are subject to mark-up ranging from Rs. 0.4932 to Rs. 0.5479 per Rs. 1,000/-
per day. |
|
|
|
|
|
1998 |
1997 |
|
|
|
|
Rupees |
Rupees |
|
| 7.
LIABILITIES AGAINST ASSETS SUBJECT |
|
|
| TO
FINANCE LEASE |
|
|
|
| Opening
Balance |
|
|
|
566,957 |
295,552 |
|
| Acquired
During the Year |
|
|
|
-- |
1,186,000 |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
566,957 |
1,481,552 |
|
| Paid
During the Year |
|
|
|
(209,377) |
(914,595) |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
357,580 |
566,957 |
|
| Security Deposit |
|
|
|
(73,600) |
(73,600) |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
283,980 |
493,357 |
|
|
|
|
|
|
|
| Payable
Within One Year Shown |
|
|
|
|
|
| under
Current Liabilities |
|
|
|
(169,166) |
(209,377) |
|
|
|
--------------- |
--------------- |
|
|
|
|
|
114,814 |
283,980 |
|
|
|
|
|
========== |
========== |
|
|
|
|
| These
represents vehicles acquired under finance lease agreements from a leasing
company. |
|
|
| The
cost plus financial charges are payable in 36 monthly instalments of Rs.
11,501/- and Rs. 13,082/. Im- |
|
| plicit
rate of return ranges between 17% to 18% per annum. |
|
|
| The
future minimum lease payments to which the Company is committed at June 30,
1998 are as under: |
|
|
| Year
ended June 30, |
|
Rupees |
|
|
| 1999 |
|
|
214,489 |
|
| 2000 |
|
|
130,820 |
|
|
|
|
--------------- |
|
|
|
|
345,309 |
|
|
|
|
|
|
| Financial
Charges Allocated to Future Period |
|
(61,329) |
|
|
|
|
--------------- |
|
|
|
|
283,980 |
|
|
========== |
|
|
|
| 8.
LEASE DEPOSITS |
|
| These
represent the security deposits (lease key money) received from lessees under
lease contracts and |
|
| are
repayable at the expiry of their respective lease period. |
|
|
| 9.
CERTIFICATES OF INVESTMENT |
|
| These
represent the mobilization of fund under the scheme of certificates of
investment issued with the |
|
| permission
of Corporate Law Authority. The scheme is on profit and loss sharing basis.
The certificates |
|
| are
for terms ranging from three months to five years. |
|
|
|
|
Limit in |
1998 |
1997 |
|
|
Rs. Million |
Rupees |
Rupees |
|
| 10.
SHORT TERM FINANCES |
|
|
| Secured (10.1) |
|
|
|
| From
Commercial Banks |
|
|
|
| Morabaha
Finance |
|
35 |
25,000,000 |
25,000,000 |
|
| Running Finance |
|
|
65 |
30,470,522 |
15,984,771 |
|
| Others |
|
|
|
15 |
15,000,000 |
-- |
|
|
|
|
| Unsecured |
|
|
|
| Non-Banking
Financial Institutions |
|
88,400,000 |
25,000,000 |
|
| Others |
|
35,000,000 |
-- |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
193,870,522 |
65,984,771 |
|
|
|
|
========== |
========== |
|
|
| 10.1
These facilities are secured against hypothecation of all properties and
assets including book debts of |
|
| the
Company ranking pari passu with each other and with the charge created to
secure redeemable |
|
| capital
(Refer Note 5) and long term loans (Refer Note 6). |
|
|
| 10.2
The Repurchase price of Morabaha finance is Rs. 30 million. The mark-up rate
of other finances |
|
| ranges
between Rs. 0.4932 to Rs. 0.5479 per Rs. 1,000/- per day. The sanctioned
facilities of Rs. 25 |
|
| million
against letter of credit acceptance from Commercial Banks are not fully
utilized. |
|
|
|
|
|
|
|
1998 |
1997 |
|
|
|
|
Rupees |
Rupees |
|
| 11.
CURRENT PORTION OF LONG TERM LIABILITIES |
|
|
|
| Redeemable
Capital |
|
35,849,457 |
50,317,202 |
|
| Long
Term Loans |
|
26,769,634 |
-- |
|
| Lease Liabilities |
|
|
169,166 |
209,377 |
|
| Lease Deposits |
|
|
9,073,668 |
4,998,876 |
|
|
|
--------------- |
--------------- |
|
|
|
71,861,925 |
55,525,455 |
|
|
|
|
========== |
========== |
|
|
|
|
| 12.
ACCRUED AND OTHER LIABILITIES |
|
| Mark-up
on Secured: |
|
|
|
| Redeemable
Capital |
|
2,474,251 |
5,282,823 |
|
| Long
term Loans |
|
2,187,395 |
791,781 |
|
| Short
term Finances |
|
2,473,322 |
2,130,655 |
|
| Mark-up
/ return on Unsecured: |
|
|
|
| Short
term Finances |
|
1,901,052 |
712,329 |
|
| Certificates
of Investment |
|
3,973,798 |
-- |
|
| Advance
from Clients |
|
12,120,226 |
3,031,064 |
|
| Withholding Tax |
|
|
2,258,517 |
423,235 |
|
| Accrued
Expenses |
|
819,141 |
590,823 |
|
| Unclaimed
Dividend |
|
500,303 |
301,230 |
|
| Others |
|
|
1,024,527 |
767,519 |
|
|
|
--------------- |
--------------- |
|
|
|
29,732,532 |
14,031,459 |
|
|
|
========== |
========== |
|
|
|
|
|
| 13.
COMMITMENTS |
|
| Lease
financing contracts committed but not executed at the Balance Sheet date were
Rs. 89 million (1997: |
|
| Rs. 67 Million). |
|
|
| 14.
FIXED CAPITAL EXPENDITURE |
|
| Operating
Assets (14.1) |
|
9,860,748 |
11,497,216 |
|
| Capital
Work in Progress - Office Premises |
|
7,777,907 |
-- |
|
|
|
--------------- |
--------------- |
|
|
|
17,638,655 |
11,497,216 |
|
|
|
========== |
========== |
|
|
|
|
| 14.1
OPERATING ASSETS - TANGIBLE |
|
| --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
|
| Particulars |
|
Cost at |
Additions/ |
Cost at |
Accumulated |
Book Value |
Depreciation |
|
|
|
|
July 01, |
(disposals) |
June 30, |
Depreciation |
at June 30, |
for the |
Rate |
|
|
|
1997 |
during the |
1998 |
at June 30, |
1998 |
year |
% |
|
|
|
|
year |
|
1998 |
|
| --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
|
| Company
Owned |
|
| Office Premises |
|
3,804,092 |
-- |
3,804,092 |
1,521,637 |
2,282,455 |
380,409 |
10 |
|
|
| Lease-hold
Improvements |
1,724,772 |
220,531 |
1,945,303 |
680,448 |
1,264,855 |
194,530 |
10 |
|
|
| Furniture
and Fixtures |
2,969,327 |
58,350 |
3,027,677 |
1,178,823 |
1,848,854 |
302,768 |
10 |
|
|
| Equipment
and Appliances |
3,161,766 |
650,076 |
3,489,892 |
1,462,844 |
2,027,048 |
697,978 |
20 |
|
|
|
|
|
(321,950) |
|
|
|
|
|
| Vehicles |
|
5,695,398 |
765,561 |
6,035,264 |
3,969,528 |
2,065,736 |
1,207,053 |
20 |
|
|
|
|
|
(425,695) |
|
|
|
|
|
|
|
------------------------------------------------------------------------------------------------------------------------------------- |
|
|
|
|
17,355,355 |
1,694,518 |
18,302,228 |
8,813,280 |
9,488,948 |
2,782,738 |
|
|
|
|
|
(747,645) |
|
|
|
|
|
| Under lease |
|
|
|
|
|
|
| Vehicles |
|
736,000 |
-- |
736,000 |
364,200 |
371,800 |
147,200 |
20 |
|
|
|
|
------------------------------------------------------------------------------------------------------------------------------------- |
|
|
| Rupees |
|
18,091,355 |
1,694,518 |
19,038,228 |
9,177,480 |
9,860,748 |
2,929,938 |
|
|
|
|
|
|
(747,645) |
|
|
|
|
|
|
=================================================================================== |
|
|
| Rupees (1997) |
|
15,121,650 |
3,815,705 |
18,091,355 |
6,594,139 |
11,497,216 |
2,712,529 |
|
|
|
|
|
(846,000) |
|
|
|
|
|
=================================================================================== |
|
|
|
|
| 14.2
DISPOSAL OF ASSETS |
|
| ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
|
| Particulars |
Mode of |
Sold to |
|
Cost |
Accumulated |
Book |
Sale |
|
|
|
disposal |
|
|
depreciation |
Value |
Proceeds |
|
|
| ------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
|
| Equipment |
Trade-in |
International Office Suppliers |
51,200 |
22,880 |
28,320 |
10,000 |
|
|
| & |
|
3rd & 6th Floor, Uni
Centre, |
|
|
|
| Appliance |
|
I.I. Chundrigar Road, |
|
|
|
|
Karachi. |
|
|
|
| -- do -- |
Negotiation |
M. Adnan Khan |
|
60,000 |
12,000 |
48,000 |
48,000 |
|
|
|
ex-employee |
|
|
|
|
51/lI Street-6, Phase-IV |
|
|
|
|
Defence, Karachi |
|
|
|
| -- do -- |
Negotiation |
M. Farid Zaidi |
|
40,000 |
8,000 |
32,000 |
32,000 |
|
|
|
ex-employee |
|
|
|
|
|
B-2/52 Street 5 |
|
|
|
|
|
Liaquat Barracks, Karachi |
|
|
|
| -- do -- |
Negotiation |
Amer Siddiqui |
|
100,000 |
20,000 |
80,000 |
80,000 |
|
|
|
ex-employee |
|
|
|
|
|
C-25, Street # 3, |
|
|
|
|
Saba Complex, Phase V, |
|
|
|
|
D. H. A., Karachi |
|
|
|
| -- do -- |
Trade-in |
Jaffer Brothers (Pvt)
Ltd. |
70,750 |
28,300 |
42,450 |
20,000 |
|
|
|
Jaffer Chambers-28 |
|
|
|
|
Abdullah Haroon Road |
|
|
|
|
Karachi |
|
|
|
|
| Vehicle |
Leased out |
Amer Siddiqui |
|
425,695 |
255,414 |
170,281 |
-- |
|
|
|
ex-employee |
|
|
|
|
C-25, Street # 3, |
|
|
|
|
Saba Complex, Phase V, |
|
|
|
|
D.H.A., Karachi |
|
|
|
|
---------------------------------------------------------------------------- |
|
|
|
Rupees |
|
747,645 |
346,594 |
401,051 |
190,000 |
|
|
|
|
=============================================== |
|
|
|
Rupees (1997) |
|
846,000 |
18,800 |
827,200 |
820,488 |
|
|
|
=============================================== |
|
|
|
|
|
|
|
| 15.
LONG TERM LOANS |
|
1998 |
1997 |
|
| Considered
Good |
|
Rupees |
Rupees |
|
|
|
|
|
|
| Staff Loan |
|
2,135,870 |
1,817,152 |
|
| Recoverable
within One Year |
|
(201,488) |
( 166,725) |
|
|
|
--------------- |
--------------- |
|
|
|
|
|
1,650,427 |
1,934,382 |
|
|
|
|
|
========== |
========== |
|
|
| The
loans under the scheme have been provided to executives of the Company to
facilitate construction or |
|
| purchase
of residence and are repayable over a period of 10 years with a service
charge @ 5% per annum. |
|
|
|
|
| Maximum
amount due from executives at the end of any month during the year was Rs.
2,178,964/- (1997 |
|
| -
Rs. 1,817,152/-) and amount outstanding for period exceeding three years is
Rs. 1,499,951/- (1997 - |
|
| Rs. 1,405,236/-) |
|
|
|
| 16.
SHORT TERM INVESTMENTS |
|
|
| Marketable
Securities (16.1) |
|
|
19,011,206 |
28,456,702 |
|
| Federal
Investment Bonds |
|
|
19,000,000 |
1,000,000 |
|
| Placements
and Deposits |
|
|
37,500,000 |
-- |
|
|
|
--------------- |
--------------- |
|
|
|
75,511,206 |
29,456,702 |
|
|
|
========== |
========== |
|
| 16.1.
Marketable securities |
|
|
|
No. of |
Market |
|
|
|
Shares |
Value |
|
| Quoted |
|
|
| Adamjee
Insurance Company Ltd. |
|
32,957 |
1,565,457 |
2,578,500 |
2,578,500 |
|
| Bank
Al-Habib Limited |
|
6,900 |
158,700 |
204,923 |
-- |
|
| B.R.R.
International |
|
2,000 |
9,800 |
10,260 |
-- |
|
| Dawood
Hercules Limited |
|
1,000 |
90,000 |
92,500 |
-- |
|
| Engro
Chemicals Limited |
|
4,600 |
228,850 |
524,000 |
-- |
|
| First
Imrooz Modaraba |
|
500 |
15,875 |
10,600 |
-- |
|
| Hub
Power Company Ltd. |
|
5,000 |
64,250 |
266,250 |
190,500 |
|
| I.C.P. (SEMF) |
|
7,500 |
68,250 |
191,325 |
-- |
|
| I.C.P. 25th |
|
-- |
-- |
-- |
5,000 |
|
| ICI Pakistan |
|
6,250 |
75,625 |
119,766 |
139,650 |
|
| KASB
Premier Fund Ltd. |
|
50,000 |
100,000 |
500,000 |
500,000 |
|
| Pakistan
State Oil Company Ltd. |
|
3,566 |
271,908 |
1,123,182 |
215,562 |
|
| Pakistan
Telecomm. Co. Ltd. |
|
5,000 |
83,250 |
155,750 |
155,750 |
|
| Pakland
Cement Ltd. |
|
1,788,566 |
7,511,977 |
12,072,740 |
12,072,740 |
|
| Paramount
Leasing Company Ltd. |
|
-- |
-- |
-- |
99,000 |
|
| Saadi
Cement Ltd. |
|
2,500,000 |
8,125,000 |
12,500,000 |
12,500,000 |
|
| Sui
Southern Gas Company Ltd. |
|
4,696 |
42,264 |
133,230 |
-- |
|
|
|
|
--------------- |
--------------- |
--------------- |
|
|
|
|
18,411,206 |
30,483,026 |
28,456,702 |
|
| Provision
for Diminution in Value of Marketable Securities |
|
(12,071,820) |
-- |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
18,411,206 |
28,456,702 |
|
| Unquoted |
|
|
| Image
Graphics Solution (Pvt.) Ltd. |
60,000 |
|
600,000 |
-- |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
19,011,206 |
28,456,702 |
|
|
|
|
========== |
========== |
|
|
| Market
value of quoted shares is Rs. 18,411,206/- (1997 - Rs. 35,041, 667/-) and
break-up value of |
|
| unquoted
shares is Rs. 10/- each. |
|
|
|
1998 |
1997 |
|
|
Rupees |
Rupees |
|
| 17.
ADVANCES, DEPOSITS AND PREPAYMENTS |
|
| Current
Portion of Long Term Loans - Staff |
|
201,488 |
166,725 |
|
| Advance
Income Tax |
|
4,457,972 |
2,329,144 |
|
| Advance
for Purchase of Shares |
|
500,000 |
-- |
|
| Deposits |
|
|
41,000 |
41,000 |
|
| Prepayments |
|
|
1,129,117 |
761,464 |
|
| Other Advances |
|
|
328,000 |
13,000 |
|
|
|
--------------- |
--------------- |
|
|
|
6,657,577 |
3,311,333 |
|
|
|
========== |
========== |
|
| 18.
OTHER RECEIVABLES |
|
| Considered good |
|
| Accrued
Profit / Return |
|
1,954,692 |
30,000 |
|
| Dividend |
|
-- |
42,211 |
|
| Others |
|
45,186 |
449,379 |
|
|
|
--------------- |
--------------- |
|
|
|
1,999,878 |
521,590 |
|
|
|
|
========== |
========== |
|
| 19.
CASH AND BANK BALANCES |
|
| Cash in Hand |
|
|
20,038 |
23,526 |
|
| Cash
with Banks |
|
|
|
| In
Deposit Accounts ( 19.1 ) |
|
2,365,065 |
13,027,727 |
|
| In
Current Accounts |
|
-- |
105,043 |
|
|
|
--------------- |
--------------- |
|
|
|
2,385,103 |
13,156,296 |
|
|
|
========== |
========== |
|
|
| 19.1
This includes Rs. 150,000/- deposited with State Bank of Pakistan, to
maintain liquidity |
|
| requirements
under Prudential Regulations. |
|
|
| 20.
RETURN ON DEPOSITS AND INVESTMENTS |
|
| Profit
on PLS Accounts / Bank Deposits (Net of Zakat) |
|
116,299 |
153,472 |
|
| Return
on Short Term Investments |
|
7,283,809 |
209,602 |
|
| Dividend |
|
|
150,148 |
98,850 |
|
|
|
--------------- |
--------------- |
|
|
|
|
7,550,256 |
461,924 |
|
|
|
========== |
========== |
|
|
|
| 21.
ADMINISTRATION AND OPERATING EXPENSES |
|
| Salaries |
|
|
|
6,972,072 |
6,130,150 |
|
| Staff' welfare* |
|
|
|
1,097,970 |
149,264 |
|
| Provident Fund |
|
|
|
395,330 |
395,330 |
|
| Gratuity |
|
|
|
742,600 |
-- |
|
| Director's
Meeting Fees |
|
|
|
7,500 |
3,000 |
|
| Rent,
Rates and Taxes |
|
|
|
250,934 |
225,439 |
|
| Insurance |
|
|
|
434,614 |
563,754 |
|
| Legal,
Professional and Consultancy |
|
|
928,223 |
689,239 |
|
| Travelling
and Conveyance |
|
|
|
1,437,245 |
1,356,829 |
|
| Postage
and Telephone |
|
|
|
1,571,282 |
1,468,634 |
|
| Utilities |
|
|
|
271,540 |
267,095 |
|
| Printing
and Stationery |
|
|
|
508,373 |
599,915 |
|
| Vehicles
Running and Maintenance |
|
|
720,353 |
797,950 |
|
| Computerisation |
|
|
|
206,874 |
255,554 |
|
| Entertainment |
|
|
|
636,322 |
509,085 |
|
| Advertisement |
|
|
|
116,850 |
526,117 |
|
| Repairs
and Maintenance |
|
|
|
598,179 |
344,459 |
|
| Auditors'
Remuneration (21.1) |
|
|
|
95,000 |
145,126 |
|
| Shares
Department |
|
|
|
505,788 |
514,281 |
|
| Credit Rating |
|
|
|
334,679 |
269,725 |
|
| Depreciation |
|
|
|
2,929,938 |
2,712,529 |
|
| Fees
and Subscription |
|
|
|
1,409,773 |
735,140 |
|
| Donation (21.2) |
|
|
|
59,500 |
66,145 |
|
| Others |
|
|
|
132,724 |
97,634 |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
22,363,663 |
18,822,394 |
|
|
|
|
|
========== |
========== |
|
|
|
|
|
|
| *Includes
medical, leave encashment, leave fare allowance, training etc. |
|
|
| 21.1
Auditors' Remuneration |
|
| Statutory
Audit Fee |
|
|
|
65,000 |
50,000 |
|
| Special
Audit Fee |
|
|
|
-- |
34,000 |
|
| Tax
and Other Consultancy |
|
|
|
30,000 |
56,000 |
|
| Out
of Pocket Expenses |
|
|
|
-- |
5,126 |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
95,000 |
145,126 |
|
|
|
|
|
========== |
========== |
|
|
|
|
|
|
| 21.2
None of the Directors or their spouse had any interest in the donees fund. |
|
|
1998 |
1997 |
|
|
|
Rupees |
Rupees |
|
| 22.
FINANCIAL CHARGES |
|
| Mark-up
/ Return on: |
|
|
|
| Redeemable
Capital |
|
|
19,923,566 |
20,736,734 |
|
| Long
Term Loans |
|
6,080,612 |
5,940,563 |
|
| Long
Term Certificates of Investment |
|
7,054,392 |
-- |
|
| Short
Term Finances |
|
28,350,559 |
17,476,481 |
|
| Short
Term Certificates of Investment |
|
5,782,940 |
-- |
|
| Financial
Charges on Lease Liabilities |
|
84,812 |
156,289 |
|
| Documentation,
Project Examination, |
|
|
| Commission,
Brokerage and Bank Charges |
|
1,572,760 |
923,593 |
|
|
|
--------------- |
--------------- |
|
|
|
|
|
68,849,641 |
45,233,660 |
|
|
|
|
|
========== |
========== |
|
| 23.
TAXATION |
|
|
| In
view of Current and Carried Forward Tax Losses, for the year, minimum tax
@0.5% of total turnover |
|
| has
been provided in the accounts. |
|
|
| Deferred
taxation arising out of timing differences between accounting and income tax
revenue or charges |
|
| computed
under the liability method is estimated at Rs. 47.66 million (1997 Rs. 36.9
million). Part |
|
| provision
of Rs. 15.89 million has been made in these accounts for deferred taxation,
the liability for |
|
| deferred
tax is not likely to reverse in the foreseeable future. |
|
|
| As
per International Accounting Standard No. 12 "Accounting for Taxes on
Income (revised)" full liability |
|
| against
deferred taxation should be provided in the year to which it relates.
However, Institute of Chartered |
|
| Accountants
of Pakistan has deferred the application of the standard till year 2001 and
recommended |
|
| companies
to provide unaccounted deferred tax liability by that time. In this respect
the management |
|
| intends
to progressively provide the liability to meet the shortfall notwithstanding
the fact that the actual |
|
| liability
will not reverse in the foreseeable future. |
|
|
| 24.
REMUNERATION TO DIRECTORS AND EXECUTIVES |
|
|
|
|
|
1998 |
|
1997 |
|
|
|
|
------------------------------------------------------------------------------------------------------------------ |
|
|
|
Chief |
|
Chief |
|
|
|
|
Executive |
Director |
Executives |
Executive |
Director |
Executives |
|
|
------------------------------------------------------------------------------------------------------------------ |
|
| Managerial
Remuneration |
838,710 |
419,355 |
2,727,138 |
838,710 |
335,484 |
2,205,806 |
|
| Housing
and Utilities |
461,290 |
230,645 |
1,499,920 |
461,290 |
184,516 |
1,231,194 |
|
| Gratuity |
|
258,064 |
112,896 |
357,012 |
-- |
-- |
-- |
|
|
|
------------------------------------------------------------------------------------------------------------------ |
|
| Rupees |
|
1,558,064 |
762,896 |
4,584,070 |
1,300,000 |
520,000 |
3,419,000 |
|
|
|
======================================================================= |
|
| Number
of persons |
1 |
1 |
6 |
1 |
1 |
6 |
|
|
|
|
|
|
|
|
|
|
|
| 24.1
The Chief Executive, Directors and Executives are also provided with free use
of company owned |
|
| cars,
medical insurance cover, provident fund contribution and travelling. The
monetary value of |
|
| these
are Rs. 1,042,619/- ( 1997 - Rs. 1,052,738/-) approximately. |
|
|
| 24.2
Fees of Rs. 7,500/- were paid to three non-executive directors for attending
Board Meetings. |
|
|
| 25.
CREDIT RISK AND CONCENTRATION OF SIGNIFICANT CREDIT RISK |
|
| Concentration
of credit risk arise when a number of counterparties are engaged in similar
business |
|
| activities,
or have similar economic features that would cause their ability to meet
contractual obligations |
|
| to
be similarly affected by changes in economic, political or other conditions.
Concentrations of credit |
|
| risk
indicate the relative sensitivity of the Company's performance to
developments affecting a particular |
|
| industry. |
|
|
|
|
|
| Dawood
Leasing (DLC) follows two sets of guidelines. Internally, it has its own
operating policy duly |
|
| approved
by the Board of Directors whereas externally it adheres to the regulations
issued by the State |
|
| Bank
of Pakistan (SBP). The operating policy defines the extent of exposure with
reference to a particular |
|
| sector
or group of lessees. The Management classifies leases on the basis of SBP
guidelines. |
|
|
| The
Company believes in striking a balance between profitability and portfolio
riskiness. As such, |
|
| diversification
of lease portfolio remains the corner stone of DLC's exposure policy. Extra
care is taken to |
|
| ensure
that per party and per sector exposure remain within limits prescribed by the
operating policy and |
|
| SBP regulations. |
|
|
|
|
|
| Details
of the industry sector analysis of lease portfolio is given below: |
|
|
| Segment
by class of business |
|
Rupees |
% |
|
|
|
|
|
|
| Oil and Gas |
|
135,409,072 |
17 |
|
| Cement |
|
122,389,023 |
15 |
|
| Textile
Composite |
|
109,931,799 |
14 |
|
| Power
Generation |
|
101,816,837 |
13 |
|
| Chemicals
and Pharmaceuticals |
|
77,181,968 |
10 |
|
| Miscellaneous |
|
66,873,560 |
8 |
|
| Textile Finishing |
|
53,520,081 |
7 |
|
| Food
and Beverages |
|
45,167,450 |
6 |
|
| Electrical Goods |
|
32,471,791 |
4 |
|
| Auto
and Engineering |
|
22,317,507 |
3 |
|
| Health Care |
|
13,357,923 |
2 |
|
| Financial |
|
11,196,856 |
1 |
|
|
|
--------------- |
--------------- |
|
|
|
791,633,867 |
100 |
|
|
|
========== |
========== |
|
|
| 26.
FAIR VALUE OF FINANCIAL INSTRUMENTS |
|
|
|
|
| The
carrying value of all the financial instruments reflected in the financial
statements approximates their |
|
| fair values. |
|
|
|
| 27.
INTEREST RATE RISK MANAGEMENT |
|
| Interest
rate risk arises from the possibility that changes in interest rates will
affect the value of financial |
|
| instruments.
The Company is exposed to interest rate risk as a result of mismatches or
gaps in the |
|
| amounts
of assets and liabilities that mature or reprice in a given period. The
Company manages this risk |
|
| by
matching the repricing of assets and liabilities. |
|
|
|
|
| The
Company's exposure to interest rate risk and the effective rates on its
financial assets and liabilities |
|
| are
summarized as follows:- |
|
|
|
|
|
Not exposed |
|
|
|
Less than |
One month |
Over |
to interest |
|
|
|
one month |
to one year |
one year |
rate risk |
Total |
|
|
| ASSETS |
|
| Tangible
Fixed Assets |
|
-- |
-- |
-- |
17,638,655 |
17,638,655 |
|
|
| Net
Investment in Lease Finance |
|
53,315,998 |
268,089,378 |
375,899,317 |
94,329,174 |
791,633,867 |
|
|
| Long
Term Loans |
|
-- |
-- |
-- |
1,934,382 |
1,934,382 |
|
|
| Short
Term Investments |
|
10,000,000 |
65,511,206 |
-- |
-- |
75,511,206 |
|
|
| Advance
against Lease Commitments |
-- |
36,317,586 |
-- |
-- |
36,317,586 |
|
|
| Advances,
Deposits and Prepayments |
-- |
-- |
-- |
6,657,577 |
6,657,577 |
|
|
| Other
Receivables |
|
-- |
-- |
-- |
1,999,878 |
1,999,878 |
|
|
| Cash
and Bank Balances |
|
2,215,065 |
-- |
-- |
170,038 |
2,385,103 |
|
|
|
------------------------------------------------------------------------------------------------------- |
|
|
|
Rupees |
65,531,063 |
369,918,170 |
375,899,317 |
122,729,704 |
934,078,254 |
|
|
|
|
================================================================ |
|
|
|
| CAPITAL
AND LIABILITIES |
|
| Capital
and Reserves |
|
-- |
-- |
-- |
305,686,447 |
305,688,447 |
|
|
| Allowance
for Potential Lease Losses |
-- |
-- |
-- |
19,000,000 |
19,000,000 |
|
|
| Provision
for Bad and Doubtful Debts |
-- |
-- |
-- |
7,500,000 |
7,500,000 |
|
|
| Deferred
Liabilities |
|
-- |
-- |
-- |
16,524,341 |
16,524,341 |
|
|
| Redeemable
Capital |
|
10,172,911 |
25,676,546 |
44,180,241 |
-- |
80,029,698 |
|
|
| Long
Term Loans |
|
17,403,968 |
9,365,666 |
58,230,366 |
-- |
85,000,000 |
|
|
| Liabilities
against Assets Subject to Finance Lease |
8,898 |
160,268 |
114,814 |
-- |
283,980 |
|
|
| Certificates
of Investment |
|
-- |
61,189,863 |
37,298,949 |
-- |
98,488,812 |
|
|
| Lease Deposits |
|
|
-- |
-- |
-- |
94,329,174 |
94,329,174 |
|
|
| Short
Term Finances |
|
23,600,000 |
170,270,522 |
-- |
-- |
193,870,522 |
|
|
| Accrued
Expenses and Other Liabilities |
-- |
-- |
-- |
29,732,532 |
29,732,532 |
|
|
| Taxation |
|
|
-- |
-- |
-- |
3,632,748 |
3,632,748 |
|
|
|
|
------------------------------------------------------------------------------------------------------- |
|
|
|
Rupees |
51,185,777 |
266,662,865 |
139,824,370 |
476,405,242 |
934,078,254 |
|
|
|
|
|
================================================================ |
|
|
| On
Balance Sheet Gap |
Rupees |
14,345,286 |
103,255,305 |
236,074,947 |
(353,675,538) |
-- |
|
|
|
|
------------------------------------------------------------------------------------------------------- |
|
| Total
Interest Rate Sensitivity Gap |
Rupees |
14,345,286 |
117,600,591 |
353,675,538 |
-- |
-- |
|
|
|
|
================================================================ |
|
|
|
|
|
|
|
| 28. GENERAL |
|
| 28.1
Figures have been rounded off to the nearest Rupee. |
|
| 28.2
Corresponding figures have been re-arranged wherever necessary for the
purpose of comparison. |
|
|
|
|
|
| PATTERN
OF SHARE HOLDING AS AT JUNE 30, 1998 |
|
|
| No. of |
|
Share Holding |
|
Shares |
|
| Shareholders |
From |
|
To |
Held |
|
| 26 |
1 |
-- |
100 |
2,600 |
|
| 2186 |
101 |
-- |
500 |
1,085,500 |
|
| 167 |
501 |
-- |
1000 |
151,900 |
|
| 158 |
1001 |
-- |
3000 |
458,800 |
|
| 49 |
5001 |
-- |
10000 |
415,500 |
|
| 12 |
10001 |
-- |
15000 |
151,000 |
|
| 12 |
15001 |
-- |
20000 |
235,900 |
|
| 8 |
20001 |
-- |
25000 |
196,200 |
|
| 10 |
25001 |
-- |
30000 |
296,800 |
|
| 2 |
30001 |
-- |
35000 |
69,100 |
|
| 3 |
35001 |
-- |
40000 |
120,000 |
|
| 1 |
40001 |
-- |
45900 |
42,500 |
|
| 9 |
45001 |
-- |
50000 |
445,100 |
|
| 1 |
50001 |
-- |
55000 |
55,000 |
|
| 1 |
55001 |
-- |
60000 |
60,000 |
|
| 2 |
60001 |
-- |
65000 |
126,500 |
|
| 1 |
65001 |
-- |
70000 |
65,500 |
|
| 1 |
80001 |
-- |
85000 |
80,500 |
|
| 2 |
90001 |
-- |
95000 |
183,100 |
|
| 11 |
95001 |
-- |
100000 |
1,095,700 |
|
| 1 |
120001 |
-- |
125000 |
125,000 |
|
| 1 |
125001 |
-- |
130000 |
130,000 |
|
| 1 |
140001 |
-- |
145000 |
145,000 |
|
| 1 |
235001 |
-- |
240000 |
240,000 |
|
| 3 |
245001 |
-- |
250000 |
750,000 |
|
| 1 |
275001 |
-- |
260000 |
276,800 |
|
| 1 |
300001 |
-- |
305000 |
300,900 |
|
| 1 |
385001 |
-- |
390000 |
390,000 |
|
| 1 |
390001 |
-- |
395000 |
392,700 |
|
| 1 |
470001 |
-- |
475000 |
472,000 |
|
| 3 |
495001 |
-- |
500000 |
1,500,000 |
|
| 1 |
510001 |
-- |
545000 |
542,800 |
|
| 2 |
995001 |
-- |
1000000 |
2,000,000 |
|
| 1 |
1170001 |
-- |
1175000 |
1,170,400 |
|
| 1 |
1370001 |
-- |
1375000 |
1,375,000 |
|
| 1 |
1505001 |
-- |
1510000 |
1,506,000 |
|
| 1 |
2045001 |
-- |
2050000 |
2,050,000 |
|
| 1 |
2080001 |
-- |
2085000 |
2,083,900 |
|
| 1 |
4210001 |
-- |
4219000 |
4,212,300 |
|
| --------------- |
|
|
|
--------------- |
|
| 2686 |
|
|
|
25,000,000 |
|
| ========== |
|
|
|
========== |
|
|
| The
slabs representing NIL holding have been omitted. |
|
|
| Categories
of Shareholders |
|
|
|
Number of |
Shares Held |
Percentage |
|
| Particulars |
|
Shareholders |
|
|
| Joint
Stock Companies |
|
22 |
1,562,400 |
6.25 |
|
| Financial
Institutions |
|
8 |
2,858,200 |
11.44 |
|
| Modaraba
Companies |
|
4 |
522,700 |
2.10 |
|
| Insurance
Companies |
|
4 |
4,401,000 |
17.60 |
|
| Investment
Companies |
|
9 |
5,967,400 |
23.86 |
|
| Individuals |
|
2637 |
7,920,600 |
31.68 |
|
| Foreign
Investors |
|
2 |
1,767,700 |
7.07 |
|
|
|
--------------- |
--------------- |
--------------- |
|
| Total |
|
2686 |
25,000,000 |
100.00 |
|
|
|
========== |
========== |
========== |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
