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Ibrahim Leasing Limited
Annual Report 1998
Contents
Company Information
Notice of Meeting
Directors' Report
Auditors' Report
Balance Sheet
Profit and Loss Account
Statement of Changes in Financial Position
Notes to the Accounts
Pattern of Shareholding
COMPANY INFORMATION
Chief Executive Abdul Aziz Khan
Directors Sheikh Mukhtar Ahmed
Sheikh Mohammad Yaseen
Mr. Mohammad Naeem Mukhtar
Mr. Mohammad Waseem Mukhtar
Mr. Asim Yaseen
Mr. Atif Yaseen
Secretary S.M. Hasnain Rizvi
Auditors M. Yousuf Adil Saleem & Co.
Chartered Accountants,
Lahore.
Tax Consultants F.R. Merchant & Co.
Chartered Accountants,
Karachi.
System Consultants KPMG Peat Marwick
Associates (Pvt) Limited
Karachi.
Bankers Askari Commercial Bank Limited
Al-Faysal Investment Bank Limited
Al-Baraka Islamic Investment Bank
The Bank of Punjab
Registered Office/ Ibrahim Centre
Share Department GK-7/59, Bagh-e-Zehra Street
Kharadar
Karachi.
Head Office Ibrahim Centre
l-A, Ahmed Block
New Garden Town
Lahore.
NOTICE OF MEETING
Notice is hereby given that the 5th Annual General Meeting of the shareholders of the company will be
held on 31-12-1998 at 4.00 P.M. at F-352, S.I.T.E., Karachi to transact the following business:-
1. To confirm the minutes of the preceding meeting of the shareholders of the company.
2. To consider and approve the Annual Audited Accounts for the year ended 30-06-1998.
3. To consider and approve the declaration of Cash Dividend @ 10% as recommended by the Board
of Directors.
4. To appoint Auditors for the year 1998-99 and to fix their remuneration. The present auditors
M/s. M. Yousuf Adil Saleem & Co. Chartered Accountants, being eligible for appointment, offer
themselves for re-appointment.
5. To consider any other matter with the permission of the chair.
By order of the Board
Place: Karachi. S.M. Hasnain Rizvi
Date: November 20, 1998 Company Secretary
Notes:
i. The share transfer books of the company shall remain closed from 25-12-1998 to 31-12-1998
(both days inclusive) to determine the names of members entitled to receive dividend and to
attend the meeting. Transfers received in order at the registered office of the company at Ibrahim
Centre, GK-7/59, Bagh-e-Zehra Street, Kharadar, Karachi at the close of business on 24-12-1998
will be treated in time.
ii. A member entitled to attend and vote at the meeting may appoint another member as his/her
proxy to attend and vote on his/her behalf.
iii. The proxies in order to be effective must be received at the registered office of the company
atleast 48 hours before the time for holding the meeting.
Directors' Report to the Shareholders
We feel pleasure in presenting the fifth Annual Report of your company together with audited accounts
for the year ended June 30, 1998.
Financial Results
Financial results of your company for the period under review are summarized as follows:
Rupees
Gross revenue 41,491,164
Expenditure 24,644,650
Profit before taxation 16,846,514
Provision for taxation 1,272,826
Net profit after taxation 15,573,688
Un-appropriated profit brought forward 4,210,824
Total profit available for appropriation 19,784,512
Appropriations:
Your Directors are pleased to recommend a cash dividend @ 10%
i.e. Rupee 1.00 per share out of profits earned.
Proposed dividend 10,000,000
Special reserve 3,114,738
Un-appropriated profit carried forward 6,669,774
During the period under review the gross revenue of the company amounted to Rs. 41.491 million
compared to Rs. 35.015 million for the previous year registering a growth of 18.49%. The company
achieved satisfactory disbursement level compared to the same period last year. The net investment in
leases increased to Rs. 244 million as on June 30, 1998 showing an increase of 24.43% over the year
1997. The management has pursued prudent approach for writing leases for selected profitable companies
with consistency in cash flow generation and satisfactory track record of payments to financial institutions.
Besides, the company continued its policy of small and medium size leases and also successfully
enhanced share of consumer leasing to keep the overall portfolio well diversified. Asset-wise lease
portfolio comprises of 87% plant & machinery, 10% vehicles, 3% equipment as on June 30, 1998. Under
the persisting uncertain economic scenario, we are happy to report that the recovery of lease rentals for
the year remained satisfactory. Sector-wise analysis of lease portfolio shows that the portfolio is well
diversified.
This year your company has provided a sum of Rs. 5.00 million for potential lease losses in addition to
Rs. 3.115 million to normal statutory reserve maintained to strengthen the financial position. This resulted
into a decrease in the net profit.
The demand for financing new capital equipment is depressed with the present economic crises. However,
we are confident that as the economy revives, the demand for leasing will increase, especially in view of
its convenience for financing investment schemes. Other favourable factors like exemption of 3.5%
withholding tax on sale and lease back transactions and redressing of the anomaly regarding treatment
of residual value for lessees are expected to generate more business for the leasing sector.
The company has already arranged credit lines of Rs. 83 million to finance its core business of leasing.
Negotiations are in progress with other financial institutions for further credit facilities. Other fund raising
instruments like issuing of Term Finance Certificates (TFCs) and Certificates of Investment (COIs) will
be evaluated to augment its funding resources for future growth.
We will continue our efforts to grow in the leasing industry following conservative approach for new
lease proposals in order to maintain quality portfolio with diversified risk of assets and industrial sectors.
The Millennium Bug
The company has assigned the task of year 2000 computer problem to its consultants and by September
1999, our all applications will be year 2 k compliant.
Auditors
The present auditors M/s M. Yousuf Adil Saleem & Co. Chartered Accountants, being due for retirement,
have offered themselves for re-appointment for the year ending June 30, 1999.
Acknowledgment
We wish to place on record our thanks to all regulatory authorities, banks and financial institutions for
their support. We would also like to thank all the company personnel for their dedication and hard work.
On behalf of the Board
Place: Karachi. Abdul Aziz Khan
Date: November 20, 1998 Chief Executive
Auditors' Report to the Members
We have audited the annexed balance sheet of IBRAHIM LEASING LIMITED as at June 30, 1998 and
the related profit and loss account and statement of changes in financial position, together with the
notes forming part thereof, for the year then ended and we state that we have obtained all the information
and explanations which to the best of our knowledge and belief were necessary for the purpose of 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, investment 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 and profit and loss account and statement of changes in financial position, together
with the notes forming part thereof, give the information required by the Companies Ordinance,
1984, in the manner so required and respectively give a true and fair view of the state of Company's
affairs as at June 30, 1998 and of the profit and the changes in the financial position for the year
then ended; and
d) Zakat was deductible at source under the Zakat and Ushr Ordinance, 1980 has been deducted by
the Company and deposited in the Central Zakat Fund established under section 7 of that
Ordinance.
Place: Lahore. M. Yousuf Adil Saleem & Co.
Date: November 20, 1998 Chartered Accountants
Balance Sheet
as at June 30, 1998
1998 1997
Note Rupees Rupees
Capital and reserves
Authorised capital
10,000,000 ordinary shares of Rs. 10/- each 100,000,000 100,000,000
========== ==========
Issued, subscribed and paid-up capital
10,000,000 ordinary shares of Rs. 10/- each
fully paid in cash 100,000,000 100,000,000
Special reserve 3 11,667,443 8,552,705
Unappropriated profit 6,669,774 4,210,824
---------- ----------
118,337,217 112,763,529
Redeemable capital 4 10,000,000 -
Liabilities against assets
subject to finance lease 5 - -
Long term security deposits 6 31,008,049 27,310,232
Deferred liabilities
Gratuity 807,762 526,523
Current liabilities
Short term borrowings - secured 7 56,603,999 52,472,357
Current portion of long term liabilities 8 23,010,774 9,915,530
Creditors, accrued and other liabilities 9 14,696,832 1,41 7,538
Unclaimed dividend 1,820,868 1,464,529
Provision for taxation 553,921 1,449,730
Proposed dividend 10,000,000 15,000,000
---------- ----------
106,686,394 81,719,684
---------- ----------
266,839,422 222,319,968
========== ==========
Operating fixed assets 10 955,170 943,665
Net investment in lease finance 11 162,894,106 142,191,124
Long term investments in securities 12 21,204,200 21,204,200
Long term deposits and deferred costs 13 961,587 1,367,977
Current assets
Short term investment in securities 14 1,500,013 -
Current portion of net investment
in lease finance 76,117,402 53,916,941
Advances, deposits, prepayments and
other receivables 15 709,143 1,785,555
Cash and bank balances 16 2,497,801 910,506
---------- ----------
80,824,359 56,613,002
---------- ----------
266,839,422 222,319,968
========== ==========
The annexed notes from 1 to 23 form an integral part of these accounts.
Chief Executive Director
Profit and Loss Account
for the year ended June 30, 1998
1998 1997
Note Rupees Rupees
Revenue
Income from lease operations 17 41,359,606 34,938,736
Profit on bank deposits and
short term placements 131,558 76,668
---------- ----------
41,491,164 35,015,404
Expenditure
Financial charges 18 13,700,778 10,538,250
Administrative and operating expenses 19 5,335,882 4,568,213
Diminution in value of securities - 289,100
Deferred cost amortized 607,990 607,990
Provision for potential lease losses 5,000,000 -
---------- ----------
24,644,650 16,003,553
---------- ----------
Profit before taxation 16,846,514 19,011,851
Provision for taxation
For the year 553,921 307,024
Prior year 718,905 -
---------- ----------
Net profit after taxation 15,573,688 18,704,827
Unappropriated profit brought forward 4,210,824 4,246,962
---------- ----------
Profit available for appropriation 19,784,512 22,951,789
Appropriation
Proposed dividend @ 10% (1997: @ 15%) 10,000,000 15,000,000
Transferred to special reserve 3,114,738 3,740,965
---------- ----------
13,114,738 18,740,965
---------- ----------
Unappropriated profit carried forward 6,669,774 4,210,824
========== ==========
The annexed notes from 1 to 23 form an integral part of these accounts.
Chief Executive Director
Statement of Changes in Financial Position
(Cash Flow Statement) for the year ended June 30, 1998
1998 1997
Rupees Rupees
A. Cash flow from operating activities
Profit before taxation 16,846,514 19,011,851
Adjustments to reconcile profit to net cash
provided by operating activities
Provision for diminution in value of securities - 289,100
Provision for gratuity 320,829 228,185
Provision for potential lease losses 5,000,000 -
Amortization of deferred costs 607,990 607,990
Financial charges 13,700,778 10,538,250
Depreciation 164,150 171,197
Fixed assets written off - 1,800
---------- ----------
19,793,747 11,836,522
---------- ----------
Operating profit before working capital changes 36,640,261 30,848,373
Changes in working capital
(Increase)/decrease in current assets
Advances, deposits, prepayments & other receivables (59,121) (61,458)
Increase/(decrease) in current liabilities
Creditors, accrued and other liabilities 11,969,096 7,803
---------- ----------
Net (Increase)/decrease in working capital 11,909,975 (53,655)
Gratuity paid (39,590) (4,708)
Financial charges paid (12,390,580) (9,740,373)
Tax paid (1,085,922) (1,085,175)
---------- ----------
Net cash from operating activities 35,034,144 19,964,462
========== ==========
B. Cash flow from investing activities
Increase in long term deposits (148,780) -
Investment in lease - Net (47,903,443) (26,131,816)
Investments in securities - Net (1,500,013) (500,000)
Capital expenditure (175,655) (49,160)
---------- ----------
Net cash used in investing activities (49,727,891) (26,680,976)
========== ==========
C. Cash flow from financing activities
Long term security deposits 10,041,928 6,242,015
Redeemable capital 20,200,000 8,500,000
Redemption of redeemable capital (3,333,332) (16,200,000)
Short term bank borrowings 4,131,642 22,728,654
Dividend paid (14,643,661) (13,535,471)
Repayment of lease liability (115,530) (178,206)
---------- ----------
Net cash from financing activities 16,281,042 7,556,992
Net increased(decrease)
cash & bank balances (A+B+C) 1,587,295 840,478
Cash and bank balances
at the beginning of the year 910,506 70,028
Cash & bank balances at the ---------- ----------
end of the year 2,497,801 910,506
========== ==========
Notes to the Accounts
for the year ended June 30, 1998
1. Status and activities
The company was incorporated as a public limited company on July 26, 1993 and is listed on the
Stock Exchanges in Pakistan.
The company is classified as a non-banking financial institution by the State Bank of Pakistan
under the Banking Companies Ordinance, 1962 and is mainly engaged in the business of leasing.
2. Significant accounting policies
2.1 Accounting convention
These accounts have been prepared on the basis of "Historical Cost Convention".
2.2 Staff retirement benefits
The company operates an unfunded gratuity scheme covering all its employees. Provision
is made annually to cover the liability under the scheme.
2.3 Operating fixed assets
Owned
Operating fixed assets are stated at cost less accumulated depreciation. Depreciation is
charged to income applying the reducing balance method at the rates specified in operating
assets note. Depreciation on additions during the year is charged on the basis of whole
year while no depreciation is charged on deletions during the year.
Leased
The company accounts for the assets acquired under finance lease by recording the assets
and related liabilities. Financial charges are allocated to accounting periods in a manner so
as to provide a constant periodic rate of charge on the outstanding liability. Depreciation is
charged at rates specified in the related note, to write off the assets over estimated useful
life in view of the certainty of ownership of the assets at the end of the leave period.
2.4 Deferred cost
This will be amortized in a maximum period of five years from the year of deferment.
2.5 Lease accounting
All lease agreements are accounted for in accordance with the International Accounting
Standard 17 "Accounting for leases".
2.6 Investments
Short term
Investment in securities are stated at lower of moving average cost and market value on
overall portfolio basis. Permanent differences in value are charged to current income.
Long term
These are stated at cost.
2.7 Taxation                                                                                 ~;
The charge for current taxation is based on taxable income at the current tax rate after
taking into account tax credit and tax rebates available, if any. Deferred tax is accounted for
by using the liability method on all major timing differences excluding tax effects on those
timing differences which are not likely to reverse in foreseeable future. As measure of
prudence deferred tax debits are not accounted for.
2.8 Revenue recognition
Lease Revenue
The company follows the financing method in accounting for and recognition of lease income.
Under this method the earned income i.e. the excess of aggregate lease rental and estimated
residual value over the net investment (cost of leased assets) is deferred and then amortized
to income over the term of the lease, applying the annuity method to produce a constant
rate of return on the net investment in lease.
Musharika finance
Income from Musharika transaction is recognized on the basis of pro-rata accrual of the
profit estimated during the year.
Dividend income
Dividend income is recorded at the time of closure of share transfer books of the company
declaring dividend.
3. Special reserve
This represents the amount set aside out of profit after tax in accordance with State Bank of
Pakistan NBFI Circular No. 1 dated December 05, 1991. Under this circular 20% of profits after
tax are to be transferred to a special reserve till such time that this reserve is equal to paid up
capital.
1998 1997
Rupees Rupees
4. Redeemable capital
Term finance - 10,000,000
Morabaha facilities (4.1) 30,000,000 16,000,000
---------- ----------
30,000,000 26,000,000
Less: Paid during the year 3,333,332 16,200,000
---------- ----------
26,666,668 9,800,000
Less: Current portion shown under current liabilities 16,666,668 9,800,000
---------- ----------
10,000,000 -
========== ==========
4.1 It represents morabaha finance facilities which are secured by pari passu charge on all
present and future leased assets of the company, demand promissory note and personal
guarantees of directors. These are repayable in six quarterly and eight quarterly installments
commencing from 15th January 1998 and 3rd July 1998 and are subject to mark-up @
20% and @ 19% per annum respectively.
1997 1998
Rupees Rupees
5. Liabilities against assets subject to finance lease
Present value of minimum lease payments 115,530 293,736
Less: Paid during the year 115,530 178,206
---------- ----------
- 115,530
Less: Current portion shown under current liabilities - 115,530
---------- ----------
- -
========== ==========
6. Long term security deposits
Long term security deposits 37,352,155 27,310,232
Less: Current portion shown under current liabilities 6,344,106 -
---------- ----------
31,008,049 27,310,232
========== ==========
These represent interest free security deposits received from lessees under lease contracts
and are repayable/adjustable at the expiry of the respective lease periods.
7. Short term borrowings - Secured
Running finance (7.1) 103,986 8,222,357
Morabaha, Musharika and
other financing facilities (7.2) 56,500,013 44,250,000
---------- ----------
56,603,999 52,472,357
========== ==========
7.1 This facility has been obtained from The Bank of Punjab at the mark-up rate of 55 paisas
per thousand per day against charge on present and future leased assets of the company
ranking pari passu with other lenders.
7.2 These facilities have been obtained from various financial institutions, majority of which
are secured against pari passu charge on present and future leased assets of the company,
demand promissory note and personal guarantees of the directors of the company. These
are subject to mark-up @ 15.5% to 20.0% per annum.
8. Current portion of long term liabilities
Redeemable capital 16,666,668 9,800,000
Liabilities against assets subject to finance lease - 115,530
Long term security deposits 6,344,106 -
---------- ----------
23,010,774 9,915,530
========== ==========
9. Creditors, accrued and other liabilities
Accrued expenses 12,044,685 75,589
Accrued financial charges 2,652,147 1,341,949
---------- ----------
14,696,832 1,417,538
========== ==========
10. Operating fixed assets
COST               DEPRECIATION
---------------------------------------------------------------------------------------------------------------------
Book Value Accumulated Charge
Particulars As at Additions/ As at as at as at for the Rate
01-07-97 (Deletions) 30-06-1998 30-06-1998 30-06-1998 year (%)
---------------------------------------------------------------------------------------------------------------------
Owned
Furniture & fixture 188,160 - 188,160 124,092 64,068 13,788 10
Computers 375,690 118,155 493,845 359,820 134,025 39,980 10
Office equipment 64,195 13,000 77,195 53,516 23,679 5,946 10
Vehicles 368,584 608,881 977,465 417,742 559,723 104,436 20
------------------------------------------------------------------------
996,629 740,036 1,736,665 955,170 781,495 164,150
Leased
Motor vehicles 564,381 (564,381) - - - - 20
------------------------------------------------------------------------
1998 - Rupees 1,561,010 740,036 1,736,665 955,170 781,495 164,150
(564,381)
========================================================================
1997 - Rupees 1,514,100 46,910 1,561,010 943,665 617,345 171,197
========================================================================
Disposal represents asset transferred from leased assets to owned assets.
1998 1997
Rupees Rupees
11. Net investment in lease finance
Minimum lease payments receivable 275,599,640 226,664,386
Residual value of leased assets 37,082,754 27,310,232
---------- ----------
312,682,394 253,974,618
Less: Unearned finance income 68,670,886 57,866,553
Provisions for potential lease losses 5,000,000 -
---------- ----------
Net investment in lease finance 239,011,508 196,108,065
Less: Current portion of net investment 76,117,402 53,916,941
---------- ----------
162,894,106 142,191,124
========== ==========
Keeping in view the depressed economic conditions prevailing in the country, the management
has decided to create a provision regarding any lease losses which may arise in the future.
1998 1997
Rupees Rupees
12. Long term investments in securities
Quoted - Associated companies
Ibrahim Fibres Limited
994,800 ordinary shares of Rs. 10/- each
[Market value - June 30, 1998: Rs. 4,824,780/-
(1997: Rs. 8,207,100/-)] 15,916,800 15,916,800
Muslim Commercial Bank Limited
141,600 ordinary shares of Rs. 10/- each
[Market value - June 30, 1998: Rs. 2,633,760/-
(1997: Rs. 4,637,400/-)] (12.1) 4,637,400 4,637,400
Federal Investment Bonds (12.2) 650,000 650,000
---------- ----------
21,204,200 21,204,200
========== ==========
12.1 The management has decided to classify the investments as long term, recognized at the
carrying value as at June 30, 1997, as the management does not intend to dispose of the
investments in the near future. Variation in value, if any, is due to abnormal circumstances
and is considered by the management to be temporary.
12.2 The investment is made to comply with NBFI's regulations of State Bank of Pakistan. The
mark-up receivable is @ 15% per annum.
13. Long term deposits and deferred costs
Security deposits 201,600 -
Deferred costs (13.1) 759,987 1,367,977
---------- ----------
961,587 1,367,977
========== ==========
13.1 Deferred costs
Preliminary expenses 380,126 380,126
Share issue expenses 2,030,285 2,030,285
Unallocated expenditure 629,539 629,539
---------- ----------
3,039,950 3,039,950
Less: Amortized todate 2,279,963 1,671,973
---------- ----------
759,987 1,367,977
========== ==========
14. Short term investments in securities
National Investment Trust Units (14.1) 1,500,013 -
---------- ----------
1,500,013 -
========== ==========
14.1 This is a repo transaction occurred just before the year end of the company to comply
with NBFI's regulations of State Bank of Pakistan. The company has subsequently disposed
off the investment.
15. Advances, deposits, prepayments
and other receivables
Advance to employees 47,876 61,108
Advance income tax 549,861 1,632,574
Security deposits - 52,820
Insurance prepaid 2,138 26,771
Profit/Mark-up receivable 48,750 11,250
Other receivables 60,518 1,032
---------- ----------
709,143 1,785,555
========== ==========
16. Cash and bank balances
Cash in hand 58,252 352
Cash with banks
In current account 2,439,549 785,943
In deposits account - 124,211
---------- ----------
2,439,549 910,154
---------- ----------
2,497,801 910,506
========== ==========
17. Income from lease operations
Income on lease contracts 38,271,391 33,850,165
Front end fee 854,971 266,470
Documentation charges 129,050 106,425
Late payment charges 1,006,160 540,159
Commitment fee - 22,222
Dividend income 994,800 -
Lease termination income 35,900 110,795
Miscellaneous 67,334 42,500
---------- ----------
41,359,606 34,938,736
========== ==========
18. Financial charges
Mark-up on liabilities against assets subject
to finance lease 3,068 35,742
Mark-up on redeemable capital 3,063,812 1,912,362
Mark-up on shod term loans 10,227,694 8,312,974
Commitment and processing fee 319,733 137,261
Bank charges 86,471 139,911
---------- ----------
13,700,778 10,538,250
========== ==========
19. Administrative and operating expenses
Staff salaries and benefits                  3,167,976 2,486,495
Gratuity 320,829 228,185
Rent, rate & taxes 62,660 103,460
Fee & subscription 197,256 151,455
Printing and stationery 402,118 299,877
Travelling and conveyance 79,600 48,824
Vehicle lease rentals - 169,890
Vehicles running and maintenance 251,754 217,675
Telephone & postage 188,949 186,395
Advertisement 117,710 45,747
Repairs and maintenance 26,940 13,705
Business promotion 12,244 15,530
Legal and professional 151,705 135,505
Depreciation 164,150 171,197
Auditors' remuneration (19.1) 30,000 65,000
Books & periodicals 25,353 17,988
Insurance expense 91,435 113,231
Fixed assets written off - 1,800
Miscellaneous expenses 45,203 96,254
---------- ----------
5,335,882 4,568,213
========== ==========
19.1 Auditors Remuneration
Audit fee 30,000 30,000
Special audit fee - 35,000
---------- ----------
30,000 65,000
========== ==========
20. Taxation
The provision for current year represents turnover tax under section 80-D of Income Tax
Ordinance, 1979.
No provision for deferred taxation is required as the timing differences on account of excess
depreciation allowances is unlikely to reverse in the foreseeable future, due to the nature of the
business of the company. The available depreciation allowances for the income year 1997-98
were Rs. 45 million (1997: Rs. 36 million).
The company's income tax assessments upto the assessment year 1997-98 have been
completed.
21. Remuneration of chief executive,
directors and executives
   Chief Executive       Executives
1998 1997 1998 1997
Rupees Rupees Rupees Rupees
Managerial remuneration 637,452 513,312 656,448 645,444
House rent 286,848 230,988 295,380 290,460
Bonus 42,776 34,500 45,348 51,800
Utilities 121,947 60,906 65,652 64,536
Leave fare assistance 53,121 42,776 51,381 19,400
Residential telephone bills reimbursed 38,537 38,153 - -
Medical expenses reimbursed 28,447 25,857 54,704 45,348
Club subscription 7,384 7,130 - -
Leave encashment - - - 9,280
------------------------------------------------
1,216,512 953,622 1,168,913 1,126,268
================================================
No. of persons 1 - 2 -
21.1 In addition the Chief Executive and the Executives have also been allowed partly use of
company's maintained vehicle.
22. Transactions with associated companies
There have been no transactions with the associated companies in the current year except for
normal routine expenses born by the associated companies on behalf of the company at other
offices which were subsequently repaid. Conveyance charges of one vehicle amounting to Rs.
169,890/- were paid to an associated company in 1997.
23. General
- Figures have been rounded off to the nearest rupee.
- Previous year's figures have been re-arranged wherever necessary for the purpose of
comparison.
PATTERN OF SHAREHOLDING
AS AT JUNE 30, 1998
No. of      Having Shares Shares Percentage
Share Holders From To Held
274 1 100 27400 0.274
3491 101 500 1702200 17.022
308 501 1000 303700 3.037
363 1001 5000 998300 9.983
67 5001 10000 531800 5.318
27 10001 15000 344100 3.441
22 15001 20000 425000 4.250
6 20001 25000 132900 1.329
1 25001 30000 28000 0.280
2 30001 35000 69000 0.690
5 35001 40000 195600 1.956
2 40001 45000 82800 0.828
4 45001 50000 197500 1.975
2 50001 55000 104000 1.040
1 70001 75000 74000 0.740
6 75001 80000 480000 4.800
1 85001 90000 90000 0.900
3 95001 100000 300000 3.000
3 155001 160000 478000 4.780
1 195001 200000 200000 2.000
1 245001 250000 250000 2.500
1 260001 265000 264200 2.642
1 335001 340000 336500 3.365
1 435001 440000 440000 4.400
1 440001 445000 445000 4.450
3 495001 500000 1500000 15.000
---------- ---------- ----------
4597 10000000 100.000
========== ========== ==========
Categories of Shareholders
Particulars Shareholders Shareholding Percentage
Individuals 4,577 6948400 69.48
Investment companies/banks 7 1537700 15.38
Private companies 1 53500 0.54
Mutual funds 5 371500 3.72
Modaraba/leasing companies 4 553900 5.54
Financial institutions 2 528000 5.28
Insurance 1 7000 0.07
---------- ---------- ----------
4,597 10000000 100.00
========== ========== ==========
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