| Grays Leasing 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 THE MEETING |
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| CHAIRMAN'S
MESSAGE |
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| DIRECTORS'
REPORT |
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| CHIEF
EXECUTIVE'S REVIEW |
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| AUDITORS'
REPORT |
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| BALANCE
SHEET |
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| PROFIT
AND LOSS ACCOUNT |
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| STATEMENT
OF SOURCES AND APPLICATION OF FUNDS |
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| NOTES
TO THE ACCOUNTS |
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| PATTERN
OF SHAREHOLDING |
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| COMPANY
INFORMATION |
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| BOARD
OF DIRECTORS |
|
|
| Mr.
William Gray |
|
Chairman |
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| Mr.
Khawar Anwar Khawaja |
|
Vice Chairman |
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| Mr.
Abdul Rashid Mir |
|
Chief Executive |
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| Mr.
Harold John Gray |
|
Director |
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| Mr.
Ronald George Blake |
|
Director |
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| Mr.
Muhammad Tahir Butt |
|
Director |
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| Mr.
Khurram Anwar Khawaja |
|
Director |
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| Mr,
Saeed Ahmad Jabal |
|
Director |
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| Mr.
Muhammad Farooq |
|
Director |
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| Mrs.
Nuzhat Khawar Khawaja |
|
Director |
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| AUDITORS |
|
Riaz Ahmad & Company |
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|
Chartered Accountants |
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|
8-Mall Mansion,
30-Shahrah-e-Quaid-e-Azam, |
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Lahore - 54000 - Pakistan |
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Tel: (042) 7233324-26 |
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Fax: (042) 7235762 |
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E-mail: sarfraz@smllhr.
wizenetpng.ch |
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| MANAGEMENT
CONSULTANT |
|
Sarfraz Mahmood (Pvt)
Ltd. |
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| CORPORATE
SECRETARY |
|
Mr. Abdul Ghaffar |
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| LEGAL
ADVISOR |
|
International Legal
Services |
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| MANAGEMENT
CONSULTANT |
|
Sarfraz Mahmood (Pvt)
Ltd. |
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| REGISTERED
AND HEAD OFFICE |
|
41-A, Lawrence Road,
Lahore. |
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Tel: (042)6372159-61 |
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Fax: (042) 6371898 |
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E-mail: gll@ms.net.pk |
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| BANKERS |
|
ANZ Grindlays |
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Bank Alfalah Ltd. |
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The Bank Of Punjab Ltd. |
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The Bank of Khyber |
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Askari Commercial Bank
Ltd. |
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Muslim Commercial Bank
Ltd. |
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Faysal Bank Ltd. |
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First Women Bank Ltd. |
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Prime Commercial Bank
Ltd. |
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Habib Bank Ltd. |
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| NOTICE
OF 3RD ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the 3rd Annual General Meeting of the Company will be
held on December 17, 1998 at |
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| 11.00
a.m. at the Registered Office of the Company located at 41-A, Lawrence Road,
Lahore to transact the |
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| following
business: |
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| 1.
To confirm the minutes of 2nd Annual General Meeting held on November 29,
1997. |
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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 Directors' and Auditors' Reports thereon. |
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| 3.
To appoint Auditors and to fix their remuneration. The present Auditors M/s.
Riaz Ahmad & Company, |
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| Chartered
Accountants, retire and being eligible, offer themselves for re-appointment. |
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| 4.
To transact any other business with the permission of the Chair. |
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BY THE ORDER OF THE BOARD |
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| Lahore:
November 18, 1998 |
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COMPANY SECRETARY |
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| Notes: |
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| i)
The shares transfer books of the Company will remain closed from December 8,
1998 to December 17, |
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| 1998
(both days inclusive). |
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| ii)
A member entitled to attend and vote at the meeting may appoint another
member as his/her proxy to |
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| attend,
speak and vote in the A.G.M. Proxies, in order to be effective, must be
received at the Registered |
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| Office
of the Company not less than 48 hours before the time for holding the
meeting. |
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| iii)
Shareholders are requested to immediately notify the change in address, if
any. |
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| CHAIRMAN'S
MESSAGE |
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| Dear
shareholders |
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| It
gives me immense pleasure to communicate my heartlest greetings to you for
successful accomplishment of the |
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| growth
level planned by the management of your company for the year ended June 30,
1998. The other group |
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| companies
have also shown commendable performance during the period which is definitely
a source of strength |
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| and
support to GLL as well. |
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| The
operating performance of your company as revealed by its financials, is by
all means satisfactory particularly if |
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| reviewed
in the context of the prevailing economic conditions. We are aware that
Pakistan has been facing a |
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| financial
crisis, perhaps the worst of its life; all major macro-economic indictors
remained under a severe strain and |
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| the
industrial sector, which is the principal clientele of the leasing sector, is
still going through a persistent recession. |
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| The
overall economy has thus decelerated in growth and the financial market is in
a great turbulence. Consequently, |
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| the
leasing sector with constrained resources and a sluggish market, could not
remain immune from the adversities |
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| of
the prevailing phenomenon, The fact that despite all these bottlenecks your
company' has performed so well, |
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| surely
inspires me to extend appreciation to the management and staff at all levels. |
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| Dear
friends, I assure you that we all here at Cambridge will continue our support
to the management to further |
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| explore
the growth potentials and expand the dimensions of your company which, by the
grace of Almighty, will not |
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| only
generate good returns to you but will also emerge as a potential contributor
towards the economic growth of |
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| PAKISTAN. |
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|
WILLIAM GRAY |
|
| Dated
· November 12, 1998 |
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Chairman |
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| DIRECTORS'
REPORT |
|
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| Or,
behalf of the Board of Directors, i am pleased to present the Third Annual
Report together with Audited |
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| Accounts
and the Auditors' Report for the year ended June 30. 1998 and the Auditors'
Report thereon. |
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| PERFORMANCE
REVIEW |
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| During
the year ended June 30, 1998, your company generated lease business worth Rs.
142.809 million |
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| comprising
129 lease contracts. Rental recoveries and the operating results are
satisfactory. The operating |
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| performance
of' the company is summarised hereunder: |
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|
RUPEES |
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| Total
revenue |
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| Total
expenditure |
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28,681,875 |
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|
11,829,725 |
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--------------- |
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| Profit
before tax |
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| Provision
for taxation |
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16,852,150 |
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|
460,000 |
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--------------- |
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| Profit
after tax |
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| Unappropriated
profit brought forward |
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16,392,150 |
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|
2,661,753 |
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--------------- |
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| Profit
available for appropriation |
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19,053,903 |
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| Appropriations |
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| Transfer
to statutory reserve |
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4,000,000 |
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| Transfer
to general reserve |
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15,000,000 |
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--------------- |
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|
19,000,000 |
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--------------- |
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| Unappropriated
Profit |
|
53,903 |
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========== |
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| CHIEF
EXECUTIVE'S REVIEW |
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| The
Directors endorse the attached Chief Executive's Review on the performance,
activity and future prospects of |
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| the
Company. |
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| AUDITORS |
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| The
present auditors Messrs. Riaz Ahmad and Company, Chartered Accountants,
retire and being eligible, offer |
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| themselves
for reappointment. |
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| PATTERN
OF SHAREHOLDING |
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| A
statement showing pattern of shareholdings in the company as on June 30,
19'98 appears on |
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| page
24 of this report. |
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For and on behalf of the Board |
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|
KHAWAR A. KHAWAJA |
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| Sialkot:
November 12, 1998 |
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Vice Chairman |
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|
| CHIEF
EXECUTIVE'S REVIEW |
|
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| I
am pleased to present before you the 3rd Annual Report of your Company for
the year ended |
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| June
30.1998 |
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|
| REVIEW
OF OPERATIONS |
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| During
the year, we managed to place Rs. 142.809 million in lease business
generating a respectable lease portfolio |
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| comprising
126 leases (Rs. 80.364 million in 44 leases in 1997). These lessees were very
carefully selected after in |
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| depth
scrutiny of their operations: most of them have a past record of demonstrated
successful performance which |
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| has
again been substantiated through their excellent rental payment behaviour |
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| The
period under review was in fact the first full year as compared to the
previous one of four and half months, Thus |
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| the
comparative figures just give a bird's eye view of the overall operating
results which reveal 77.70 percent growth |
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| in
the lease-business and 149.25 percent rise in our net investment in leases
which increased from Rs, 75,100 |
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| million
on June 30, 1997 to Rs. 187.190 million on June 30, 1998. |
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| The
gross revenues from operations were Rs, 28.682 million (Rs. 6.651million in
1997) and net profit before and |
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| after
tax were Rs. 16.852 million and Rs. 16.392 million respectively as compared
to |
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| Rs.
3.662 million and Rs. 3.362 million during 1997. You will surely appreciate
that income from lease operations |
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| has
increased from 25 percent of the total revenue in 1997 to 90 percent in 1998
which proves that your company |
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| has
now really taken off. |
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| Dear
shareholders, our major emphasis still remains on small to medium size
leases; with selected blue chip |
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| companies,
and a blend of assets with high degree of concentration on productive assets
financing. The analysis of |
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| the
portfolio shows that 72 percent of the leased assets represent our support to
the industrial sector to finance its |
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| requirements
of balancing, modernisation and replacement of plant and machinery. |
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| A
nominal decrease in the ratio of assets comprising plant and machinery
financed during the current year as |
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| compared
to the previous year's figure is visible from the above but it does not
represent any change in our policy. |
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| This
is just a reflection of the persistent recession in the market which has
slowed down the industrial activity for |
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| some
considerable time. |
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| At
the same time, we have also been quite vigilant about risk diversification
and have endeavored to maintain a |
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| balanced
sectoral exposure. The sector wise analysis of our lease portfolio shows that
19-20 per cent is the |
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| maximum
investment in any single sector. |
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| CREDIT
RATING |
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| You
will be pleased to know that DCR-VIS Credit Rating Company has assigned to us
entity rating of BBB- for |
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| medium
to long term and D3 for short term. Our equity rating has been assessed at
PE-3 which signifies high quality |
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| returns
to the shareholders. You. would surely be' delighted that your company is
perhaps the first in the leasing - |
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| sector
who offered themselves to DCR-VIS forequity rating. |
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| RESOURCE
MOBILIZATION |
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| During
the year under review, we utilised credit lines of 49 million rupees and have
received further sanctioned credit |
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| lines
of 95 million rupees, half of which has so far been utilised by us.
Negotiations are in progress with different |
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| financial
institutions for raising funds to the tune of 100 million rupees more to
finance our planned future activities. |
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| Further,
in the month of February, 1999, we will complete our two years of operations,
which, along with credit rating, |
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| is
a pre-requisite for obtaining permission for raising funds through issuance
of COIs. After this permission, we will |
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| have
another important avenue of resource mobilization which has never lost sight
of the management of your |
|
| company
for furtherance of business in future. |
|
|
| Human
resource development is also an important area where We have concentrated all
along to develop a team of |
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| dedicated
and devoted persons in the marketing as well as administration departments
according to the specific |
|
| requirements
of the company. |
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|
| THE
ECONOMY AND LEASING SECTOR |
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| Pakistan's
economy has remained under pressure since it came into existence but during
the recent years it has |
|
| gone
too critical due to variety of reasons from financial mis-management to the
recent imposition of sanctions after |
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| nuclear
detonation which have caused the prevalent all-fired disruption in the
economic activity. However, the |
|
| economic
managers of Pakistan now seem to have realised the harsh ground realities and
after recapitulating the |
|
| existing
scenario, appear to take appropriate measures to evolve a strategy to avert
the situation so as to help the |
|
| country
out of the present impasse and financial imbroglio. |
|
|
| Among
all others, the Leasing Industry, which has grown rapidly in both size and
volume over last couple of years |
|
| mainly
as an alternate to the post-nationalisation inefficient banking system, is
also in dire straits and with lots of |
|
| challenges
ahead. Leasing companies are fast weakening their position on the front of
long term resources and, in |
|
| order
to maintain a sustained growth, they have resorted to short term local
borrowings. It has thus become our |
|
| prime
responsibility at this juncture to seek measures with a careful diagnostic
vision to mend the situation |
|
| before
it goes totally out of control and to 'step forward to save an absolute
disaster. Some of the generally |
|
| suggested
measures are: |
|
|
| *
Revamping of legal infrastructure to stop the weakening recovery ratio; |
|
| *
Restoration of confidence of the investors for availability of long term
local funds; |
|
| *
Provision of exchange risk coverage on foreign currency loans; and |
|
| *
Enhancing the value limit for depreciation allowance on passenger transport
vehicle. |
|
|
| Some
positive steps the government has already taken include exemption of 3.5
percent withholding tax on sale and |
|
| lease-back
transactions, and acceptance (by the tax authorities) of residual value at
the end of the lease as |
|
| purchase
price in the hands of the lessee. These measures will definitely provide some
boost to the leasing sector |
|
| which,
except with a few reservations, is termed as an Islamic mode of financing
and, being perhaps the only |
|
| medium
or long term source available at the moment, has become the most preferred
mode of asset financing by |
|
| the
trade and industry. |
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|
| FUTURE
OUTLOOK |
|
| Grays
Leasing has established a good name in the market and looks forward to
develop and diversify its activities to |
|
| achieve
its corporate goal of a sustained growth without compromising over security
of capital or lowering ethical |
|
| standards.
To accomplish this sole objective, our strategy will, Insha-Allah, remain to: |
|
|
| *
Tread with caution and care and continue to remain a keen observer of the
changing scenario; |
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| *
Further consolidate and wait for the revival of the economy and mobilization
of the industrial activity; |
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| *
Increase allocation for consumer leasing - cars, computers and other durables
but without loosing |
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| emphasis
on capital asset financing to blue chip companies; and |
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| *
Manage efficient utilisation of resources, spreading risk over a broad
spectrum of clients and sectors, |
|
| conservative
and prudent approach in evaluating the lease proposals so as to achieve 45-50
percent |
|
| planned
growth to make the year 1998-99 a success. |
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|
| ACKNOWLEDGEMENT |
|
| I
would like to thank the banks, financial institutions for their support, the
clients who provided us opportunity to |
|
| serve
them and extend a very special thanks and appreciation to company employees
for their noteworthy, tireless |
|
| and
dedicated efforts which enabled the company to produce these good results. |
|
|
|
ABDUL RASHID MIR |
|
| Lahore:
November 12, 1998. |
|
Chief Executive |
|
|
|
|
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| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of GRAYS LEASING
LIMITED as at June 30, 1998 and the related |
|
| profit
and loss account and statement of sources and application of funds, together
with the notes forming part |
|
| thereof,
for the year then ended and we state that we have obtained all the
information and explanations which to |
|
| the
best of our knowledge and belief were necessary for the purposes of our audit
and, after due verification thereof, |
|
| we
report that: |
|
|
| (a)
in our opinion, proper books of account have been kept by the company as
required by the Companies |
|
| Ordinance,
1984; |
|
|
| (b)
in our opinion: |
|
|
| i)
the balance sheet and profit and loss account together with the notes thereon
have been drawn up |
|
| in
conformity with the Companies Ordinance, 1984, and are in agreement with the
books of |
|
| account
and are further in accordance with accounting policies consistently applied; |
|
|
| ii)
the expenditure incurred during the year was for the purpose of the company's
business; and |
|
|
| iii)
the business conducted, investments made and the expenditure incurred during
the year were in |
|
| accordance
with 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 |
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| sheet,
profit and loss account and the statement of sources and application of
funds, 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 the changes in sources and application of funds for the
year then ended; and |
|
|
| (d)
in our opinion, no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
|
|
|
RIAZ AHMAD & COMPANY |
|
| LAHORE:
November 12, 1998 |
|
Chartered Accountants |
|
|
|
|
|
| BALANCE
SHEET AS AT 30 JUNE 1998 |
|
|
|
NOTE |
1998 |
1997 |
|
|
|
Rupees |
Rupees |
|
| SHARE
CAPITAL AND RESERVES |
|
| Authorized
capital |
|
| 20,000,000
ordinary shares of |
|
| Rupees
10 each |
|
200,000,000 |
200,000,000 |
|
|
========== |
========== |
|
| issued,
subscribed and paid up capital |
|
| 10,000,000
ordinary shares of |
|
| Rupees
10 each fully paid up |
|
| in cash |
|
100,000,000 |
100,000,000 |
|
|
|
|
| Capital reserve |
3 |
4,700,000 |
700,000 |
|
| General
reserve |
|
15,000,000 |
-- |
|
| Unappropriated
profit |
|
53,903 |
2,661,753 |
|
|
--------------- |
--------------- |
|
|
|
119 753 903 |
103 361 753 |
|
| LONG
TERM LOANS |
|
4 |
20 384 615 |
-- |
|
| LIABILITIES
AGAINST ASSETS |
|
|
|
| SUBJECT
TO FINANCE LEASE |
|
5 |
1 320 642 |
1 426 805 |
|
| LONG
TERM DEPOSITS |
|
6 |
26,748,306 |
10,168,265 |
|
| EMPLOYEES'
RETIREMENT GRATUITY |
|
|
396,001 |
158,000 |
|
|
|
| CURRENT
LIABILITIES |
|
|
| Current
portion of long term liabilities |
7 |
10,553,793 |
536,130 |
|
| Short
term finances |
|
8 |
19,000,000 |
-- |
|
| Accrued
and other liabilities |
|
9 |
3,740,221 |
806,151 |
|
| Provision
for taxation |
|
601,840 |
300,000 |
|
|
--------------- |
--------------- |
|
|
33,895,854 |
1,642,281 |
|
|
| CONTINGENCIES
AND COMMITMENTS |
|
-- |
-- |
|
|
--------------- |
--------------- |
|
|
202,499,321 |
116,757,104 |
|
|
========== |
========== |
|
|
| TANGIBLE
FIXED ASSETS |
|
| Operating
fixed assets |
|
10 |
3,130,194 |
2,601,685 |
|
|
|
|
|
| INVESTMENT
IN FINANCE LEASES |
|
| Lease
rentals receivable |
|
208,597,827 |
91,320,690 |
|
| Guaranteed
residual value of leased assets |
|
28,817,236 |
10,384,465 |
|
|
--------------- |
--------------- |
|
| Gross
investment in leases |
|
237,415,063 |
101,705,155 |
|
| Less:
Unearned finance income |
|
50,224,798 |
26,605,250 |
|
|
--------------- |
--------------- |
|
| Net
investment in finance leases |
|
187,190,265 |
75,099,905 |
|
|
--------------- |
--------------- |
|
| Less:
Current portion |
|
61,243,337 |
18,618,956 |
|
| Provision
for doubtful receivables |
|
9,608 |
-- |
|
|
--------------- |
--------------- |
|
|
61,252,945 |
18,618,956 |
|
|
--------------- |
--------------- |
|
|
125,937,320 |
56,480,949 |
|
| LONG
TERM INVESTMENT |
|
11 |
98,508 |
50,424 |
|
| LONG
TERM DEPOSITS AND |
|
| DEFERRED
COST |
|
12 |
1,358,346 |
1,338,840 |
|
| CURRENT
ASSETS |
|
|
| Current
portion of investment in finance leases |
61,243,337 |
18,618,956 |
|
| Advances,
prepayments and other receivables |
13 |
1,986,341 |
1,643,362 |
|
| Musharika
investment |
|
|
|
|
|
-- |
5,000,000 |
|
| Cash
and bank balances |
|
14 |
8,745,275 |
31,022,888 |
|
|
|
--------------- |
--------------- |
|
|
|
71,974,953 |
56,285,206 |
|
|
|
--------------- |
--------------- |
|
|
202,499,321 |
116,757,104 |
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these accounts, |
|
|
|
|
KHAWAR ANWAR KHAWAJA |
|
ABDUL RASHID MIR |
|
MUHAMMAD TAHIR BUTT |
|
|
Vice Chairman |
|
Chief Executive |
|
Director |
|
|
|
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED 30 JUNE 1998 |
|
|
|
NOTE |
01 July 1997 |
26 February |
|
|
|
to 30 |
1997 to |
|
|
|
June 1998 |
30 June 1997 |
|
|
|
Rupees |
Rupees |
|
| REVENUE |
|
|
| income
from lease operations |
|
25,707,936 |
1,676,878 |
|
| Other
Income |
|
15 |
2,973,939 |
4,974,459 |
|
|
--------------- |
--------------- |
|
|
28,681,875 |
6,651,337 |
|
| EXPENDITURE |
|
| Administrative
and other operating expenses |
16 |
9,598,270 |
2,907,242 |
|
| Financial
charges |
|
17 |
2,231,455 |
82,342 |
|
|
--------------- |
--------------- |
|
|
11,829,725 |
2,989,584 |
|
|
--------------- |
--------------- |
|
| PROFIT BEFORE
TAXATION |
16,852,150 |
3,661,753 |
|
| PROVISION
FOR TAXATION |
|
18 |
460,000 |
300,000 |
|
|
--------------- |
--------------- |
|
| PROFIT
AFTER TAXATION |
|
16,392,150 |
3,361,753 |
|
| UNAPPROPRIATED
PROFIT BROUGHT FORWARD |
|
2,661,753 |
-- |
|
|
|
--------------- |
--------------- |
|
| PROFIT
AVAILABLE FOR APPROPRIATION |
|
19,053,903 |
3,361,753 |
|
|
|
|
| APPROPRIATIONS |
|
| Statutory
reserve |
|
4,000,000 |
700,000 |
|
| General
reserve |
|
15,000,000 |
-- |
|
|
--------------- |
--------------- |
|
|
19,000,000 |
700,000 |
|
|
--------------- |
--------------- |
|
| UNAPPROPRIATED
PROFIT |
|
53,903 |
2,661,753 |
|
|
========== |
========== |
|
|
| KHAWAR
ANWAR KHAWAJA |
|
ABDUL RASHID MIR |
MUHAMMAD TAHIR BUTT |
|
| Vice
Chairman |
|
Chief Executive |
Director |
|
|
|
|
| STATEMENT
OF SOURCES AND APPLICATION OF FUNDS |
|
| FOR
THE YEAR ENDED 30 JUNE 1998 |
|
|
|
|
|
01 July 1997 |
26 February |
|
|
|
|
to 30 |
1997 to |
|
|
|
|
June 1998 |
30 June 1997 |
|
|
|
|
Rupees |
Rupees |
|
|
| CASH
FLOWS FROM OPERATING ACTIVITIES |
|
| Profit
before taxation |
|
16,852,150 |
3,661,753 |
|
|
| Adjustments
to reconcile profit with net |
|
| cash
provided by operating activities |
|
|
| Depreciation |
|
697,511 |
158,886 |
|
| Deferred
cost amortized |
|
280,307 |
280,307 |
|
| Provision
for gratuity |
|
243,335 |
101,333 |
|
| Financial
charges |
|
2,231,455 |
82,342 |
|
| Provision
for doubtful receivables |
|
9,608 |
-- |
|
| Loss
on disposal of fixed assets |
|
1,750 |
-- |
|
|
--------------- |
--------------- |
|
|
3,463,966 |
622,868 |
|
|
| CASH
FLOWS FROM OPERATING ACTIVITIES |
|
| BEFORE
ADJUSTMENT OF WORKING CAPITAL |
|
20,316,116 |
4,284,621 |
|
|
|
|
|
| DECREASE
IN ADVANCES, PREPAYMENTS |
|
|
|
| AND
OTHER RECEIVABLES |
|
409,470 |
428,638 |
|
| INCREASE
IN ACCRUED AND OTHER LIABILITIES |
|
1,216,366 |
503,518 |
|
|
|
--------------- |
--------------- |
|
| NET
CASH FLOWS FROM CHANGES |
|
|
|
| IN
WORKING CAPITAL |
|
1,625,836 |
932 156 |
|
|
--------------- |
--------------- |
|
|
21,941,952 |
5,216,777 |
|
|
| FINANCIAL
CHARGES PAID |
|
(63,532) |
(8,731) |
|
| INCOME
TAX PAID |
|
(910,609) |
-- |
|
| GRATUITY
PAID |
|
(5,334) |
-- |
|
|
|
--------------- |
--------------- |
|
| NET
CASH FLOWS FROM OPERATING ACTIVITIES |
|
20,962,477 |
5,208,046 |
|
|
|
|
| CASH
FLOWS FROM INVESTING ACTIVITIES |
|
| Investment
in finance leases |
|
(112,090,360) |
(75,099,905) |
|
| Assets
purchased for own use |
|
(235,145) |
(727,936) |
|
| Long
term deposits and deferred cost incurred |
|
(299,813) |
(609,845) |
|
| Sale
proceeds of fixed assets |
|
5,500 |
(50,424) |
|
| Long
term investments |
|
(48,084) |
116,500 |
|
|
--------------- |
--------------- |
|
| NET
CASH FLOWS FROM INVESTING ACTIVITIES |
|
(112,667,902) |
(76,37!,610) |
|
|
|
--------------- |
--------------- |
|
|
| CASH
FLOWS FROM FINANCING ACTIVITIES |
|
| Ordinary
share capital/deposit for shares |
|
-- |
60,797,078 |
|
| Long
term loan |
|
30,000,000 |
-- |
|
| Shod
term borrowings |
|
19,000,000 |
-- |
|
| Long
term deposits |
|
16,580,041 |
10,168,265 |
|
| Lease
rentals paid |
|
(1,152,229 |
(259,812) |
|
|
--------------- |
--------------- |
|
| NET
CASH FLOWS FROM |
|
|
|
| FINANCING
ACTIVITIES |
|
64,427,812 |
70,705,531 |
|
|
--------------- |
--------------- |
|
| NET
INCREASE/(DECREASE) IN |
|
| CASH
AND CASH EQUIVALENTS |
|
(27,277,613) |
(458,033) |
|
|
| CASH
AND CASH EQUIVALENTS |
|
| AT
BEGINNING OF THE YEAR |
|
36,022,888 |
36,480,921 |
|
|
|
--------------- |
--------------- |
|
| CASH
ANDY CASH EQUIVALENTS |
|
| AT
THE END OF THE YEAR (1997: INCLUSIVE |
|
| OF
MUSHARIKA INVESTMENT) |
|
8,745,275 |
36,022,888 |
|
|
|
========== |
========== |
|
|
| KHAWAR
ANWAR KHAWAJA |
|
ABDUL RASHID MIR |
MUHAMMAD TAHIR BUTT |
|
| Vice
Chairman |
|
Chief Executive |
Director |
|
|
|
|
|
| NOTES
TO THE ACCOUNTS |
|
| FOR
THE YEAR ENDED 30 JUNE 1998 |
|
|
| 1.
LEGAL STATUS AND NATURE OF BUSINESS |
|
| The
company was incorporated in Pakistan as public limited company on 31 August
1995. The company is |
|
| listed
on Karachi and Lahore Stock Exchanges. The company is principally engaged in
the leasing |
|
| business
and also provides financial and advisory services. |
|
|
| 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' to recognize the income on finance
leases. The unearned |
|
| finance
income i.e. the excess of aggregate lease rentals and the residual value over
the cost of leased |
|
| assets
is amortized to income over the lease term by applying the annuity method to
produce a constant |
|
| rate
of return on the net cash investment in the lease. |
|
|
| Income
on bank deposits and other investments is recognized on time proportion basis
taking hint account |
|
| the
principal outstanding and applicable rate of mark-up/profit thereon. Dividend
income, fees, commissions |
|
| and
commitment charges etc; are accounted for on receipt basis. |
|
|
| 2.3
Tangible fixed assets and depreciation |
|
|
|
| Owned |
|
| These
are stated at cost less accumulated depreciation. The company has changed the
policy to |
|
| depreciate
the operating assets from straight line to diminishing balance method to
write off the cost of |
|
| assets
over their expected useful life. No depreciation is charged on assets deleted
during the year. |
|
| Maintenance
and repairs are charged to income as and when incurred. Major renewals and
improvements |
|
| are
capitalized. |
|
|
| Assets
subject to finance lease |
|
|
| These
are stated at lower of present value of minimum lease payments under the
lease agreements and |
|
| fair
value of assets acquired on lease. The related obligations under the lease
agreements are accounted |
|
| for
as liabilities. Depreciation is charged on the basis and rates similar to
those applied for owned assets. |
|
|
| 2.4
Deferred cost |
|
|
| These
costs are amortized over a period of five years commencing from the year in
which they are |
|
| incurred. |
|
|
| 2.5
Investments |
|
|
| Long
term investments are stated at cost. Provision for diminution in value of
investments is made if |
|
| considered
permanent. Short term investments are stated at lower of cost and market
value determined on |
|
| an
aggregate portfolio basis. |
|
|
| 2.6
Employees retirement benefits |
|
| The
company operates an unfunded gratuity scheme covering all its permanent
employees who nave |
|
| completed
the minimum qualifying period of six months. Provision is made annually to
cover the obligation. |
|
|
| 2.7
Taxation |
|
| The
charge for current taxation is based on taxable income at the current tax
rates after taking into account |
|
| the
tax credits and tax rebates available. if any. Deferred tax is accounted for
by using the liability method |
|
| on
all major timing differences excluding tax effect on those timing differences
which are not likely to |
|
| reverse
in the foreseeable future. As a measure of prudence, deferred tax debits are
not accounted for. |
|
|
| 2.8
Foreign currency transactions |
|
| Transactions
in foreign currency are accounted for in Pak Rupees at the rates of exchange
ruling at the |
|
| date
of the transactions. Assets in foreign currency are translated into Pak
Rupees at the rate of exchange |
|
| ruling
at the balance sheet date. Exchange gain/loss on transaction of foreign
currency bank account ~s |
|
| charged
to current year's income. |
|
|
| 3.
CAPITAL RESERVE |
|
|
| This
represents the special reserve created to comply with rules of business for
non-banking financial |
|
| institutions
(NBFIs). |
|
|
|
1998 |
1997 |
|
|
Rupees |
Rupees |
|
|
| Opening
balance |
|
700,000 |
-- |
|
| Transferred
during the year |
|
4,000,000 |
700,000 |
|
|
--------------- |
--------------- |
|
|
4,700,000 |
700,000 |
|
|
========== |
========== |
|
|
| 4.
REDEEMABLE CAPITAL |
|
|
| Trust
Investment Bank Limited (Note 4.1) |
|
15,000,000 |
-- |
|
| Islamic
Investment Bank Limited (Note 4.2) |
|
5,000,000 |
-- |
|
| Askari
Commercial Bank Limited (Note 4.3) |
|
10,000,000 |
-- |
|
|
--------------- |
--------------- |
|
|
30,000,000 |
-- |
|
| Less:
Current portion |
|
9,615,385 |
-- |
|
|
--------------- |
--------------- |
|
|
20,384,615 |
-- |
|
|
========== |
========== |
|
|
|
| 4.1
This facility has been obtained for financing the leasing operation of the
company. The face value |
|
| of
pro-note discount facility is Rupees 24.45 million with discount rate of 21%
per annum and |
|
| repayable
in lump sum on 12 November 2001. The facility is secured against charge on |
|
| company's
lease rentals receivable to the extent of Rupees i5 million, personal
guarantee of |
|
| directors
and demand promissory note. |
|
|
| 4.2
This facility has been obtained for financing the leasing operation of the
company. The facilities |
|
| carried
mark-up at the rate of 22% per annum and repayable in 13 equal monthly
installments |
|
| commencing
from 31 July 1998. The facility is secured against charge on leased assets
valuing |
|
| Rupees
6.667 million, personal guarantee of two directors and assignment of lease
rentals |
|
| receivables. |
|
|
| 4.3
This facility has been obtained for' financing the lease operation of the
company. It carries mark-up |
|
| @
18.25% per annum. This Tacility is secured against first pari passu charge
over leased asset |
|
| and
assignment of lease rental of the company for Rupees 13.34 million and
repayable in 8 equal |
|
| quarterly
installments commencing from 30 September 1998. |
|
|
| 5.
LIABILITIES AGAINST ASSETS SUBJECT TO FINANCE LEASE |
|
|
| The
rate of interest used as the discounting factor, implicit in leases, ranges
from 22 percent to 24 percent |
|
| per
annum The amount of future payments and periods during which they fall due
are: |
|
|
|
1998 |
1997 |
|
|
Rupees |
Rupees |
|
| Year
ended 30 June |
|
| 1998 |
|
-- |
874,032 |
|
| 1999 |
|
1,276,356 |
874,032 |
|
| 2000 |
|
1,212,033 |
809,709 |
|
| 2001 |
|
233,921 |
-- |
|
|
--------------- |
--------------- |
|
|
2 722 310 |
2 557 773 |
|
| Less:
Unamortized finance charges |
|
463 260 |
594 838 |
|
|
--------------- |
--------------- |
|
|
2,259,050 |
1,962,935 |
|
| Less:
Current potion |
|
938,408 |
536,130 |
|
|
--------------- |
--------------- |
|
|
1,320,642 |
1,426,805 |
|
|
========== |
========== |
|
|
| The
lease rentals are payable in monthly installments. The amount of rentals
payable in the years 2000 and |
|
| 2001
includes the amount of salvage value of Rupees 214,913 and Rupees 99,813
respectively adjustable |
|
| at
the end of the lease term. The lease agreements carry renewal and purchase
option at the end of lease |
|
| period.
There are no financial restrictions in lease agreements. These are secured by
deposits of Rupees |
|
| 317
726 included in long term security deposits. |
|
|
| 6.
LONG TERM DEPOSITS |
|
|
| This
represents the interest free security deposits received against lease
contracts and are |
|
| repayable/adjustable
at the expiry/termination of the respective leases. |
|
|
|
1998 |
1997 |
|
|
Rupees |
Rupees |
|
| 7.
CURRENT PORTION |
|
|
| Redeemable
capital |
|
9,615,385 |
-- |
|
| Liabilities
against assets subject to finance lease |
938,408 |
536,130 |
|
|
--------------- |
--------------- |
|
|
10,553,793 |
536,130 |
|
|
========== |
========== |
|
|
| 8.
SHORT TERM FINANCES |
|
| This
amount comprise of two facilities of Rupees 10 million and Rupees 9 million
obtained from Escort |
|
| investment
Bank Limited. These are unsecured and carried mark-up at the rate of 22% and
17.75 percent |
|
| per
annum respectively. |
|
|
|
1998 |
1997 |
|
| 9. ACCRUED
AND OTHER LIABILITIES |
Rupees |
Rupees |
|
| Mark-up
on redeemable capital |
|
1,680,084 |
-- |
|
| Mark-up
on unsecured finances |
|
46,569 |
-- |
|
| Advance
lease rentals |
|
335,188 |
142,228 |
|
| Due
to associated undertaking |
|
-- |
4,752 |
|
| income tax withheld |
|
1,015,855 |
339,087 |
|
| Excise duty payable |
|
-- |
8,949 |
|
| Other accrued liabilities |
|
662,525 |
311,135 |
|
|
--------------- |
--------------- |
|
|
3,740,221 |
806,151 |
|
|
========== |
========== |
|
|
|
|
| 10.
OPERATING FIXED ASSETS |
|
|
|
COST |
|
ACCUMULATED DEPRECIATION |
|
BOOK |
DEPRECIATION |
|
|
VALUE |
|
| DESCRIPTION |
|
As at |
Additions/ |
As at |
As at |
Adjustment |
As at |
AS AT |
Charge for |
Rate |
|
|
01 July |
(Deletions) |
30 June |
30 June |
|
30 June |
30 JUNE |
the year |
% |
|
|
|
1997 |
|
1998 |
1997 |
|
1998 |
1998 |
|
|
| Owned |
|
| Furniture
and fixtures |
403,457 |
51,100 |
454,557 |
13,448 |
-- |
57,559 |
396998 |
44,111 |
10 |
|
| Office
equipments |
203,229 |
184,045 |
379,774 |
6,774 |
250 |
73,001 |
306,773 |
66,477 |
10-30 |
|
|
|
(7,500) |
|
|
|
| Vehicles |
|
4,750 |
-- |
4750 |
317 |
-- |
1204 |
3546 |
887 |
20 |
|
|
|
|
|
| Leased |
|
|
|
|
| Motor
vehicles |
1,565,200 |
998,125 |
2,563,325 |
34,000 |
-- |
596,143 |
1,967,182 |
491,796 |
20 |
|
| Office
equipments |
583,935 |
-- |
583,935 |
104,347 |
-- |
128,240 |
455,695 |
94,240 |
10-30 |
|
|
----------------------------------------------------------------------------------------------------------------------------------------------------- |
| June
30,1998 Rupees |
2760571 |
1233270 |
3986341 |
158886 |
250 |
856147 |
3130194 |
697,511 |
|
|
|
(7,500) |
|
|
|
----------------------------------------------------------------------------------------------------------------------------------------------------- |
| June
30, 1997 Rupees |
-- |
2,877,071 |
3,758,696 |
-- |
-- |
158,886 |
2,601,685 |
158,886 |
|
|
|
(116,500) |
|
|
|
============================================================================================= |
|
|
| Deletion
represents the mobile phone sold to Mr. Muhammad Nazir, Lahore for Rupees
5,500 |
|
| through
negotiation against book valuing Rupees 7,250. |
|
|
|
1998 |
1997 |
|
|
Rupees |
Rupees |
|
| 11.
LONG TERM INVESTMENT |
|
|
| Packages
Limited |
|
| 29
Term finance certificates (1997:10) of Rupees 5,000 each |
98,508 |
50,424 |
|
|
========== |
========== |
|
|
|
|
| 11.1
The term finance certificates are realizable in the year 2000 and market
value thereof as on 30 |
|
| June
1998 was Rupees 97,555 (1997: Rupees 47,810). |
|
|
|
1998 |
1997 |
|
|
Rupees |
Rupees |
|
| 12.
LONG TERM DEPOSITS AND DEFERRED COST |
|
|
| Long
term security deposits |
|
517,426 |
217,613 |
|
|
--------------- |
--------------- |
|
| Deferred
cost (Note 12.1) |
|
1,121,227 |
1,401,534 |
|
| Less:
Amortized during the year |
|
280,307 |
280,307 |
|
|
--------------- |
--------------- |
|
|
840,920 |
1,121,227 |
|
|
--------------- |
--------------- |
|
|
1,358,346 |
1,338,840 |
|
|
========== |
========== |
|
|
| 12.1
This represents the unamortized portion of preliminary, share issue and other
pre-operating |
|
| expenses
(Net). |
|
|
|
1998 |
1997 |
|
|
Rupees |
Rupees |
|
|
| 13.
ADVANCES, PREPAYMENTS AND OTHER RECEIVABLES |
|
|
|
| Advance
income tax |
|
1,341,709 |
589,260 |
|
| Other
advances-Considered good |
|
320,225 |
49,120 |
|
| Profit
accrued on placement of funds with |
|
| banks
and financial institutions |
|
109,255 |
792,205 |
|
| Short
term prepayments |
|
146,171 |
183,427 |
|
| Other
receivables |
|
68,981 |
29,350 |
|
|
--------------- |
--------------- |
|
|
1,986,341 |
1,643,362 |
|
|
========== |
========== |
|
|
| 14.
CASH AND BANK BALANCES |
|
|
| Cash
in hand |
|
45,885 |
23,473 |
|
| Cash
with banks |
|
| On
current accounts (Note 14.1) |
803,480 |
5,965,803 |
|
| On
deposit accounts |
|
7,895,910 |
25,033,612 |
|
|
--------------- |
--------------- |
|
|
8,699,390 |
30,999,415 |
|
|
--------------- |
--------------- |
|
|
8,745,275 |
31,022,888 |
|
|
========== |
========== |
|
|
| 14.1
It includes Rupees 20,000 kept with State Bank of Pakistan as required by
rules and business of |
|
| non-banking
financial institutions (NBFIs). It is an interest free deposit. |
|
|
|
01 July 1997 |
26 February |
|
|
to 30 |
1997 to 30 |
|
|
June 1998 |
June 1997 |
|
|
Rupees |
Rupees |
|
| 15.
OTHER INCOME |
|
|
| Profit
on placement of funds |
|
2,565,913 |
4,648,368 |
|
| Profit
on term finance certificates |
|
15,659 |
-- |
|
| Profit
on bank deposits |
|
387,548 |
272,500 |
|
| Miscellaneous
income |
|
4,819 |
53,591 |
|
|
--------------- |
--------------- |
|
|
2,973,939 |
4,974,459 |
|
|
========== |
========== |
|
|
| 16.
ADMINISTRATIVE AND OTHER |
|
| OPERATING
EXPENSES |
|
|
| Staff
salaries and other benefits (Inclusive of |
|
| gratuity
Rupees 243,335 (1997: 101,333) |
|
5,109,489 |
977,245 |
|
| Repair
and office maintenance |
|
161,325 |
422,618 |
|
| Rent,
rates and taxes |
|
656,884 |
206,000 |
|
| Postage
and telephone |
|
397,666 |
149,829 |
|
| Vehicles'
running |
|
393,535 |
113,439 |
|
| Electricity,
water and gas |
|
217,483 |
43,387 |
|
| Legal
and professional |
|
197,223 |
60,208 |
|
| Insurance |
|
317,404 |
83,741 |
|
| Fee
and subscription |
|
461,777 |
250,150 |
|
|
| Auditors'
remuneration |
|
| Audit fee |
|
50,000 |
30,000 |
|
| Out
of pocket expenses |
|
2,476 |
2,548 |
|
|
--------------- |
--------------- |
|
|
52,476 |
32,548 |
|
| Travelling
and conveyance |
|
238,226 |
29,339 |
|
| Printing
and stationery |
|
222,995 |
44,973 |
|
| Advertisement |
|
39,200 |
4,550 |
|
| Miscellaneous |
|
145,161 |
50,022 |
|
| Amortization
of deferred cost |
|
280,307 |
280,307 |
|
| Provision
for doubtful receivables |
|
9,608 |
-- |
|
| Depreciation |
|
697,511 |
158,886 |
|
|
--------------- |
--------------- |
|
|
9,598,270 |
2,907,242 |
|
|
========== |
========== |
|
| 17.
FINANCIAL CHARGES |
|
|
| Mark up on: |
|
| Redeemable
capital |
|
1,675,084 |
-- |
|
| Short
term finances |
|
51,569 |
-- |
|
| Finance
charges |
|
450,219 |
73,611 |
|
| Commission
and other bank charges |
|
54,583 |
8,731 |
|
|
--------------- |
--------------- |
|
|
2,231,455 |
82,342 |
|
|
========== |
========== |
|
|
|
|
| 18.
PROVISION FOR TAXATION |
|
|
| Current
year |
|
301,840 |
300,000 |
|
| Prior year |
|
158,160 |
-- |
|
|
--------------- |
--------------- |
|
|
460,000 |
300,000 |
|
|
========== |
========== |
|
|
|
|
| 18.1
This represents the provision for minimum tax as required under section 80D
of the |
|
| Income
Tax Ordinance, 1979. In view of tax losses of Rupees 9 million, no provision |
|
| except
minimum tax is required. |
|
|
| 18.2
The company has filed appeal with Commissioner of Income Tax [Appeals]
against the |
|
| order
of Deputy Commissioner of Income -lax for levying tax amounting to Rupees
1.588 |
|
| million
on other income for the pre-operating period. Due to pending outcome of the |
|
| appeal,
no provision has been made in the accounts there against. |
|
|
| 19.
REMUNERATION OF CHIEF EXECUTIVE AND EXECUTIVES |
|
|
|
|
|
1998 |
|
|
1997 |
|
|
|
Chief |
Executives |
Total |
Chief |
Executives |
Total |
|
|
Executive |
|
Executive |
|
|
|
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
|
|
| Managerial |
|
| remuneration |
800,000 |
1,502,000 |
2,302,000 |
680,000 |
162,500 |
842,500 |
|
| House rent |
|
360,000 |
675,900 |
1,035,900 |
306,000 |
73,125 |
379,125 |
|
| Utilities |
|
40,000 |
75,100 |
115,100 |
34,000 |
8,125 |
42,125 |
|
| Gratuity |
|
96,667 |
126,334 |
223,001 |
56,667 |
25,000 |
81,667 |
|
|
---------------------------------------------------------------------------------------------------------------- |
|
|
1,296,667 |
2,379,334 |
3,676,001 |
1,076,667 |
268,750 |
1,345,417 |
|
|
====================================================================== |
|
| Number
of persons |
1 |
5 |
|
1 |
1 |
|
|
|
| 19.1
No meeting fees were paid to directors during the year under reference. |
|
|
| 19.2
The chief executive and three executives were provided free use of company's
maintained |
|
| vehicles
in accordance with the terms of their appointment. |
|
|
| 20.
CORRESPONDING FIGURES |
|
|
| Corresponding
figures have been re-arranged and re-grouped wherever necessary for the
purpose of |
|
| comparison. |
|
|
| KHAWAR
ANWAR KHAWAJA |
|
ABDUL RASHID MIR |
MUHAMMAD TAHIR BUTT |
|
| Vice
Chairman |
|
Chief Executive |
Director |
|
|
|
| PATTERN
OF SHARE HOLDINGS |
|
| AS
AT JUNE 30, 1998 |
|
|
| No. of |
Shareholding |
Total |
|
| Shareholders |
From |
To |
Shares Held |
|
|
| 1081 |
101 |
500 |
547000 |
|
| 17 |
501 |
1000 |
16371 |
|
| 30 |
1001 |
5000 |
104649 |
|
| 21 |
5001 |
10000 |
200357 |
|
| 7 |
10001 |
15000 |
95150 |
|
| 19 |
15001 |
20000 |
378121 |
|
| 9 |
20001 |
30000 |
235000 |
|
| 12 |
30001 |
50000 |
544144 |
|
| 8 |
50001 |
100000 |
744813 |
|
| 1 |
185001 |
190000 |
186284 |
|
| 2 |
525001 |
530000 |
1059246 |
|
| 2 |
721001 |
725000 |
1444432 |
|
| 1 |
995001 |
1000000 |
1000000 |
|
| 1 |
1440001 |
1445000 |
1444433 |
|
| 1 |
1995001 |
2000000 |
2000000 |
|
| --------------- |
|
--------------- |
|
| 1212 |
|
10,000,000 |
|
| ========== |
|
|
========== |
|
|
| Category of |
|
Number of |
Shares |
Percentage |
|
| Shareholders |
|
Shareholders |
Held |
|
|
|
| Individuals |
|
1199 |
3,909,135 |
39.09 |
|
| Investment
Companies |
|
2 |
2,166,649 |
21.67 |
|
| Joint
Stock Companies |
|
11 |
3,924,216 |
39.24 |
|
|
--------------- |
--------------- |
--------------- |
|
| Total |
|
1212 |
10,000,000 |
100.00 |
|
|
========== |
========== |
========== |
|
|
|
| ASSOCIATED
COMPANIES |
|
| IN PAKISTAN |
|
|
| Grays
of Cambridge (Pakistan) Limited |
|
| Small
Industries Estate, Sialkot-51310 |
|
| E-mail
address: grays@skt.comsats.net.pk |
|
| Tel:
(0432) 563051-563052 |
|
| Fax:
(0432) 551252 |
|
|
| Anwar
Khawaja Industries (Pvt.) Limited |
|
| Small
Industries Estate, Sialkot-51310 |
|
| E-mail
address: select@brain.net.pk |
|
| Tel:
(0432) 551004, 554531, 554535. 65473 |
|
| Fax:
(0432) 553609 |
|
|
| Dawn
Sports (Private) Limited |
|
| Small
Industries Estate, Sialkot-51310 |
|
| Tel:
(0432) 554537, 557808 |
|
|
| OVERSEAS |
|
|
| Grays
of Cambridge (International) Limited |
|
| Station
Road, Robertsbridge, |
|
| East
Sussex TN32 5DH, ENGLAND |
|
| E-mail
address: grayscambridge@compuserv com |
|
| Tel:
01580 880357 |
|
| Fax:
01580 881156 |
|
|
| Gray-Nicolls |
|
| Station
Road, Robertsbridge, |
|
| East
Sussex TN32 5DH, ENGLAND |
|
|
| Grays-Nicolls
(Australia) Pty. Limited |
|
| 3
Fiveways Boulevard |
|
| Keyborough
VIC 3173 |
|
| AUSTRALIA |
|
| Tel:
03 9769 0999 |
|
| Fax:
03 9769 0977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
