| First Leasing Corporation Limited |
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| Annual
Report 1998 |
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| CONTENTS |
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| Company
Information |
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| Notice
of Meeting |
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| Directors'
Report |
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| Auditors'
Report |
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| Balance
Sheet |
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| Profit
and Loss Account |
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| Cash
Flow Statement |
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| Notes
to the Accounts |
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| Pattern
of Shareholding |
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| Categories
of Shareholders |
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| COMPANY
INFORMATION |
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| BOARD
OF DIRECTORS |
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| Mr.
Khurshid Hadi |
|
Chairman/Chief Executive |
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| Mr.
Arshad Nawab |
|
Director |
|
| Mr.
Shoaib Qureshi |
|
Director |
|
| Mr.
Jahangir Siddiqui |
|
Director |
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| Mr.
Zaigham Mehmood Rizvi |
(Nominee - Pak Libya
Holding Company (Pvt) Ltd.) |
|
| Mr.
Ramadan A. Haggiagi |
|
(Nominee - Pak Libya
Holding Company (Pvt) Ltd.) |
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| Mr.
Naseem Beg |
|
(Nominee - National
Investment Trust) |
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| COMPANY
SECRETARY |
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| Mrs.
Hina Usmani |
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| REGISTERED
AND HEAD OFFICE |
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| 5lb
Floor, Block C, Finance & Trade Centre, |
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| Shahrah-e-Faisal,
Karachi-74400 |
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| Tc1:5661843-49
Fax:5685329 |
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| BRANCH
OFFICES |
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| 5th
Floor, Davis Hytes, Davis Road, Lahore |
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| 1st
Floor, State Life Building, Peshawar |
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| AUDITORS |
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| Ford,
Rhodes, Robson, Morrow |
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| Chartered
Accountants |
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| LEGAL
ADVISORS |
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| Orr
Dignam & Co. Advocates |
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| REGISTRAR
AND SHARE TRANSFER OFFICE |
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| THK
Associates (Pvt) Limited, |
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| Ground
Floor, Shaikh Sultan Trust Building No.2, |
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| Beaumont
Road, Karachi. |
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| Tei:5688808,
5685805 |
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| BANKERS |
|
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| *
Allied Bank of Pakistan Limited |
* Bank of America |
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| *
Credit Agricole Indosuez |
* Emirates Bank
International |
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| *
Habib Bank Limited |
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* Muslim Commercial Bank
Limited |
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| *
National Bank of Pakistan |
* Standard Chartered Bank |
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| *
The Bank of Khyber |
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* The Hong Kong and
Shanghai Banking Corporation Ltd. |
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| NOTICE
OF MEETING |
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| Notice
is hereby ,given that the Sixth Annual General Meeting of First Leasing
Corporation Limited will be held at |
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| FTC
Auditorium, Finance & Trade Centre, Shahrah-e-Faisal, Karachi on
Wednesday 23rd December, ! 998 at 9.00 a.m |
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| to
transact the following business: |
|
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| Ordinary
Business |
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| 1.
To confirm the minutes of the Fifth Annual General Meeting held on December
1, 1997. |
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|
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| 2.
To receive, consider and adopt the audited accounts with the Directors' and
Auditors' Report for the year ended |
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| June
30, 1998. |
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| 3.
To consider and approve cash dividend of 10% as recommended by the Board, as
final dividend for the year |
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| ended
June 30,1998. |
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| 4.
To appoint Auditors and fix their remuneration. The present Auditors, Messrs.
Ford, Rhodes, Robson, Morrow, |
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| Chartered
Accountants retire and being eligible have offered themselves for
reappointment. |
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| 5.
To elect 7 Directors of the company for a period of three years as fixed by
the Board of Directors under Section |
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| 178(1)
of the Companies Ordinance, 1984. The following retiring directors are
eligible for re-election. |
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|
| 1.
Mr. Khurshid Hadi |
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| 2.
Mr. Arshad Nawab |
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| 3.
Mr. Shoaib Qureshi |
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| 4.
Mr. Jehangir Siddiqui |
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| 5.
Mr. Zaigham M. Rizvi |
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Nominee - Pak Libya
Holding Co. (Pvt) Ltd. |
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| 6.
Mr. Ramadan Haggiagi |
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Nominee - Pak Libya
Holding Co. (Pvt) Ltd. |
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| 7.
Mr. Naseem Beg |
|
Nominee - National
Investment Trust |
|
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| 6.
Any other business with the permission of the Chair. |
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| Karachi:
November 26,1998 |
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By Order of the Board |
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|
Hina Usmani |
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|
Company Secretary |
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| Notes: |
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| 1.
The share transfer books of the company will remain closed from December 20,
1998 to December 30, 1998. |
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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 and |
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| vote
for him/her. |
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| 3.
An instrument of proxy and the power of Attorney or other authority (if any)
under which it is signed or a |
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| notarially
certified copy of such power of authority, in order to be valid, must be
deposited at the registered |
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| 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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| DIRECTORS'
REPORT |
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| No
purpose is served by adding to the cacophony of voices imploring successive
governments for rational and consistent |
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| economic
management, nor to plead the relentless state of stag flation for the
difficulties facing corporate managers. |
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| Suffice
it to presume that our shareholders are familiar with the prevalent economic
environment and recognize that |
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| industry
and commerce survives and prospers within defined commercial circumstances
and under recognized rules of |
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| business.
Such circumstances have not been in evidence for a considerable period of
time. |
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|
| Your
company has over the past two and a half year limited its expansion 10r lack
of viable leasing opportunities and |
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| lack
of economically priced credits. Our investment in finance leases over the
past three fiscal years is as follows:- |
|
|
| 1996 |
|
Rs. 446 million |
|
| 1997 |
|
Rs. 241 million |
|
| 1998 |
|
Rs. 186 million |
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| Our
operations have been marred by persistent high finance cost as a consequence
of a generally high interest rate |
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| regime
and slow recovery rates as a consequence of a generally desultory economic
environment. |
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| STRATEGY |
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| Your
Board has for several years recognized the perils for a financial services
company in a relentless recession and |
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| the
limitations for the development of full payout financial leasing operations.
This company was established to meet |
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| the
leasing needs of the medium to large ticket industrial lessees but the
development of capital and secondary markets |
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| was
an integral element in the liberalization of the financial sector. This did
not happen and our ground breaking plans |
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| for
resource mobilization through TFC's, convertibles and other deposit
investments remain unimplemented. |
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| As
such our strategy has over the past years been to consolidate our existing
portfolio of financial leases, closely monitor |
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| recovery
of rentals and nurture growth very carefully both in terms of the quality of
client and tile type o1' asset. This |
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| has
resulted in a reduced growth rate and a very aggressive policy on
repossession and litigation. As a consequence |
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| during
the year we repossessed assets valued in our books at Rs. 20 million, which
comprise mainly generators that |
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| are
now under our own management and being leased out on an operating lease
basis. |
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| Operating
leases, which entail the rental of assets for short-periods after which the
asset reverts to the lessor, has been |
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| the
area of operation that this company has been advocating and pursuing over the
last three years. Revenues in this |
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| operation
have grown from Rs. 2.29 million in 1997 to Rs. 16.80 million in 1998 and
projected to be Rs. 32.57 million |
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| next
year. Investment in operating lease assets which stood at Rs. 14.72 million
in 1997 rose to Rs. 95.09 in the year |
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| under
review and is projected at Rs. 128.49 million next year. |
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| The
Board continues to advocate a strategy of investment to the maximum
permissible levels, in activities which are |
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| in
harmony with our objectives and which seek to maximize yields for our
shareholders. In this regard we are, in a joint |
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| venture
with our principal financial institution shareholder, exploring the area of
real-estate as a fresh vehicle for leasing |
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| activities;
we are actively representing to the Corporate Law Authority the value of
freeing this area of activity for |
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| leasing
companies. |
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| With
tile objective of achieving economies of scale, eliminating duplication of
costs and developing an asset size that |
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| would
attract future lenders and depositors, this company has been identifying
appropriate opportunities for merger with |
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| other
leasing companies. This is a course which has been categorically encouraged
by international lending agencies |
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| and
local financial institutions. As such on 19th June 1998 we concluded a
Memorandum of Understanding with Asian |
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| Leasing
Corporation Limited for the merger of the two companies. |
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| A
scheme of arrangement as required under Sections 284-288 of tile Companies
Ordinance, 1984 has been prepared |
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| and
valuation of shares undertaken by an independent valuer to permit the
respective Boards to approve a share-swap. |
|
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| Meanwhile
we have been in discussion with another leasing company to include that
company into the arrangement |
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| and
an independent advisor has been appointed to recommend the bases of merger
and a share swap arrangement. |
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| The
full scheme is to be presented to the respective Boards of all concerned
companies shortly and on approval and |
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| completion
of various legal requirements will be placed before the shareholders for
their approval, |
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|
| OPERATING
RESULTS OF THE COMPANY |
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| The
accompanying charts reflect our diversified lease portfolio over various
industry segments and the asset mix: |
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| First
Leasing earned a pre-tax profit of Rs. 31.70 million and the recommended
appropriation thereof is as follows:- |
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|
|
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|
1998 |
1997 |
|
|
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|
Rupees in million |
|
|
|
|
| Income
from finance lease operations |
|
|
153.86 |
180.26 |
|
| Profit/(loss)
from operating leases |
|
|
3.50 |
(0.25) |
|
|
| Corporate
finance & treasury operations |
|
23.48 |
19.18 |
|
|
| Capital
gains/(losses) |
|
|
|
4.14 |
(1.76) |
|
|
|
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|
---------- |
---------- |
|
|
|
|
|
|
184.98 |
197.43 |
|
| Operating
cost |
|
|
|
153.28 |
151.19 |
|
|
|
---------- |
---------- |
|
| Operating
profit |
|
31.70 |
4,624 |
|
| Provision
for taxation |
|
369 |
3.89 |
|
|
|
---------- |
---------- |
|
| Profit
after taxation |
|
28.01 |
42.35 |
|
| Unappropriated
profit brought forward |
|
7.81 |
17.57 |
|
|
|
---------- |
---------- |
|
|
|
35.82 |
59.92 |
|
| APPROPRIATIONS |
|
|
|
|
| Special
reserve |
|
|
15.60 |
18.47 |
|
| Dividend
10% (1997:16%) |
|
|
27.27 |
43.65 |
|
|
|
|
|
---------- |
---------- |
|
|
|
32.87 |
52.12 |
|
|
|
---------- |
---------- |
|
| Unappropriated
profit carried forward |
|
2.95 |
7.80 |
|
|
|
========== |
========== |
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| The
historical trend in respect of growth and profitability is set out below: |
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| Rupees
in million |
|
|
|
12 months to |
12 months to |
18 months to |
12 months to |
12 months to |
|
|
31st December |
3lst December |
30th June |
30th June |
30Ih June |
|
|
1993 |
1994 |
1996 |
1997 |
1998 |
|
|
|
|
| Net
investment in leases |
|
286.30 |
532.30 |
855.65 |
908.65 |
862.12 |
|
| Income
from finance lease operations |
43.80 |
83.80 |
208.80 |
180.26 |
153.86 |
|
| Operating
profit |
|
30.40 |
34.40 |
45.39 |
46.24 |
31.70 |
|
|
|
| Under
the terms of Technical Release 23 (Revised) of the Institute of Chartered
Accountants of Pakistan (ICAP), any |
|
| diminution
in the value of an investment which persists for three years after its
occurrence is deemed to be a permanent |
|
| diminution
and the asset written down accordingly. As the specified period of three
years has not yet elapsed and |
|
| pursuant
to a letter of comfort received from the major shareholding group of Bankers
Equity Ltd., which offers to |
|
| redeem
our investment in Bankers Equity at our purchase price, the Directors are of
the opinion that no provision is |
|
| required
against this investment, In the future the Board has resolved to follow the
provisions of the ICAP recommendations |
|
| as
and when such events materialise. We are aware of the implications of the
year 2000 problem and have taken all |
|
| adequate
steps in this regard. |
|
|
|
| DIVIDENDS |
|
| The
Board is pleased to recommend a cash dividend of 10 percent for the year
ended 30th June, 1998. |
|
|
| ELECTION
OF DIRECTORS |
|
| In
terms of the provisions of Section 180 (l) of the Companies Ordinance 1984,
the term of the Board of Directors |
|
| expires
on 15th February 1999. The Board has fixed the number of directors to be
elected at the Annual General Meeting |
|
| at
7 and the retiring directors being eligible may offer themselves for
re-election. |
|
|
| During
the year the CEO resigned from that office and the Board appointed the
Chairman to concurrently assume the |
|
| responsibilities
of the Chief Executive from 19th May 1998 and Mr. Shoaib Qureshi, Executive
Director was appointed |
|
| to
the Board to fill the vacancy. Mr. Abdullah Raft who had been a member of our
Board since 28th February 1993, |
|
| resigned
and was replaced by Mr. Zaigham Mehmood Rizvi, Managing Director of Pak Libya
Holding Co (Pvt) Ltd., |
|
| on
16th February, 1998. Furthermore Mr. Naseem Beg replaced Mr. A.K.M. Sayeed as
the nominee of National |
|
| Investment
Trust. Mr. Faridullah Khan nominee of Saudi Pak Industrial & Agricultural
Investment Co. (Pvt) Ltd., |
|
| resigned
from the Board on the sale of their shareholding to Pak- Libya. The Board
acknowledges the contribution and |
|
| valuable
guidance of the outgoing directors and welcomes the incoming directors and we
look forward to their support |
|
| and
wise counsel. |
|
|
| ACKNOWLEDGMENT |
|
| Tim
Board of Directors wish to place on record their sincere appreciation of the
devoted services of our staff and to |
|
| reemphasize
our commitment to the development of their professional careers and to their
well-being. The Board also |
|
| acknowledges
the support of all our institutional lenders. |
|
|
| For
and on behalf of the Board |
|
|
| Khurshid
Hadi |
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| Chairman/Chief
Executive |
|
|
| Karachi:
27th November, 1998 |
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|
|
| AUDITOR'S
REPORT TO THE MEMBERS |
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|
| FORD,
RHODES, ROBSON, MORROW |
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|
|
|
| Chartered
Accountants |
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| Finlay
House, |
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| I.I.
Chundrigar Road |
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| P.O.
Box 4719 |
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| Karachi
74000, |
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| Pakistan |
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|
|
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| Telephone
H.O: (92-21) 241 5582 |
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| Branch:
(92-21) 240 1081 |
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| Telefax:
(92-21) 241 9592 |
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| E
Mail: frrm@cyber.net.pk. |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of FIRST LEASING CORPORATION |
|
| LIMITED
as at June 30, 1998 and the related profit and loss account and c. ash 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 |
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|
|
|
|
| iii)
the business conducted, investments made and the expenditure incurred |
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| 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, 1998 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 |
|
| 27-Nov-98 |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 1998 |
|
|
|
|
|
|
|
|
1998 |
1997 |
|
|
Note |
Rupees |
Rupees |
|
|
|
|
| FIXED
ASSETS-Tangible |
|
3 |
104,601,958 |
31,781,916 |
|
| INVESTMENT
IN LEASES |
|
|
|
| Installment
contract receivables |
|
|
1,092,551,893 |
1,145,039,208 |
|
| Less:
Unearned income |
|
|
(230,435,623) |
(236,385,535) |
|
|
|
|
---------- |
---------- |
|
| Net
investment in leases |
|
|
862,116,270 |
908,653,673 |
|
| Less:
Current portion of net investment in leases |
|
(391,906,203) |
(365,058,171) |
|
|
|
|
---------- |
---------- |
|
|
|
|
470,210,067 |
543,595,502 |
|
| LONG-TERM
FINANCE |
|
4 |
5,893,330 |
7,112,608 |
|
|
|
|
---------- |
---------- |
|
|
|
|
476,103,397 |
550,708,110 |
|
| Less:
Provision for lease losses and doubtful receivables |
5 |
(30,223,833) |
(26,196,352) |
|
|
|
|
---------- |
---------- |
|
|
|
445,879,564 |
524,511,758 |
|
| LONG-TERM
ADVANCES |
|
|
6 |
5,115,169 |
5,402,712 |
|
| LONG-TERM
INVESTMENTS |
|
|
7 |
74,879,094 |
59,967,955 |
|
| LONG-TERM
DEPOSIT AND DEFERRED COSTS |
|
8 |
2,010,695 |
1,716,178 |
|
| CURRENT
ASSETS |
|
|
|
---------- |
---------- |
|
| Current
portion of net investment in leases |
|
391,906,203 |
365,058,171 |
|
| Current
maturity of long-term finance |
|
|
7,045,379 |
- |
|
| Current
maturity of long-term advances |
|
287,543 |
273,549 |
|
| Short-term
and morabaha finances |
|
9 |
53,479,025 |
56,385,600 |
|
| Advances,
deposits, prepayments and other receivables |
10 |
62,317,624 |
43,778,309 |
|
| Investment
in marketable securities |
|
11 |
23,423,000 |
16,602,913 |
|
| Cash
and bank balances |
|
|
12 |
19,345,626 |
79,074,458 |
|
|
|
|
---------- |
---------- |
|
|
|
|
557,804,400 |
561,173,000 |
|
|
|
|
---------- |
---------- |
|
|
|
|
1,190,290,880 |
1,184,553,519 |
|
|
|
|
========== |
========== |
|
| 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 |
272,782,340 |
|
| Reserves |
|
|
14 |
47,793,303 |
47,056,888 |
|
|
|
|
---------- |
---------- |
|
| Shareholders'
equity |
|
|
320,575,643 |
319,839,228 |
|
| LONG-TERM
FINANCES UNDER |
|
|
|
|
| MUSHARIKA
ARRANGEMENTS |
|
15 |
97,995,801 |
98,397,694 |
|
| LONG-TERM
FINANCES |
|
|
16 |
170,527.46 |
194,256,381 |
|
| OBLIGATIONS
UNDER FINANCE LEASE |
|
17 |
11,963,892 |
5,879,864 |
|
| LONG-TERM
DEPOSITS AND LIABILITIES |
|
18 |
162,119,995 |
120,021,899 |
|
| CURRENT
LIABILITIES |
|
|
|
---------- |
---------- |
|
| Current
maturity of long term liabilities |
19 |
174,429,597 |
195,284,746 |
|
| Other
current liabilities |
|
20 |
225,400,261 |
207,228,533 |
|
| Proposed
dividend |
|
|
|
27,278,234 |
43,645,174 |
|
|
|
|
---------- |
---------- |
|
|
|
|
427,108,092 |
446,158,453 |
|
| COMMITMENTS |
|
|
|
21 |
|
|
|
|
|
|
|
---------- |
---------- |
|
|
|
|
1,190,290,880 |
1,184,553,519 |
|
|
========== |
========== |
|
|
| The
auditors' report is annexed hereto. The annexed notes form an integral part
of these accounts. |
|
|
|
Khurshid Hadi |
|
Zaigham Mehmood Rizvi |
|
|
Chairman/Chief Executive |
|
Director |
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE YEAR ENDED JUNE 30, 1998 |
|
|
|
|
1998 |
1997 |
|
|
Note |
Rupees |
Rupees |
|
|
|
|
| INCOME |
|
|
|
|
| Income
from finance lease operations |
|
22 |
153,864,305 |
180,255,582 |
|
| Profit/(loss)
from operating leases |
|
23 |
3,502,973 |
(247,670) |
|
| Corporate
finance and treasury operation |
24 |
23,482,449 |
19,180,226 |
|
| Gain/(loss)
on marketable securities |
|
|
4,142,492 |
(1,756,410) |
|
|
|
|
|
---------- |
---------- |
|
|
|
|
184,992,219 |
197,431,728 |
|
|
|
|
|
| EXPENDITURE |
|
|
|
|
| Direct
cost of leases |
|
|
- |
96,097 |
|
| Financial
and bank charges |
|
25 |
114,587,370 |
114,185,680 |
|
| Selling,
general and administrative expenses |
26 |
31,509,734 |
27,169,208 |
|
| Provision
for diminution in value of investments |
|
3,156,147 |
(1,550,655) |
|
| Provision
for lease losses and doubtful receivables |
|
4,027,481 |
11,292,683 |
|
|
---------- |
---------- |
|
|
|
153,280,732 |
151,193,013 |
|
|
|
---------- |
---------- |
|
| OPERATING
PROFIT |
|
|
31,711,487 |
46,238,715 |
|
| PROVISION
FOR TAXATION |
|
|
|
|
|
|
|
|
| - current year |
|
|
|
3,696,839 |
2,517,341 |
|
| -
prior years |
|
|
|
- |
1,367,817 |
|
|
|
---------- |
---------- |
|
|
|
3,696,839 |
3,885,158 |
|
|
|
|
---------- |
---------- |
|
| PROFIT
AFTER TAXATION |
|
|
28,014,648 |
42,353,557 |
|
| UNAPPROPRIATED
PROFIT BROUGHT FORWARD |
|
7,810,278 |
17,572,606 |
|
|
|
---------- |
---------- |
|
|
|
35,824,926 |
59,926,163 |
|
|
|
|
| APPROPRIATIONS: |
|
|
|
|
|
|
|
|
| Transfer
to special reserve |
5,602,929 |
8,470,711 |
|
| Dividend
@ 10% (1997: 16%) |
|
27,278,234 |
43,645,174 |
|
|
|
|
|
---------- |
---------- |
|
|
|
32,881,163 |
52,115,885 |
|
|
|
---------- |
---------- |
|
| UNAPPROPRIATED
PROFIT CARRIED FORWARD |
|
2,943,763 |
7,810,278 |
|
|
|
|
========== |
========== |
|
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
Khurshid Hadi |
|
Zaigham Mehmood Rizvi |
|
|
Chairman/Chief Executive |
|
Director |
|
|
|
| CASH
FLOW STATEMENT FOR THE YEAR ENDED JUNE 30, 1998 |
|
|
|
|
|
|
1998 |
1997 |
|
|
|
|
|
Rupees |
Rupees |
|
|
|
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
|
| Profit
for the year before taxation |
|
3,711,487 |
46,238,715 |
|
| Adjustment
for: |
|
|
|
|
| Depreciation
on fixed assets |
|
