| National Development 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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| Ten
Years at a Glance |
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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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| Statement
of Changes in Financial Position |
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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.
Mohammad Naseem |
Chairman |
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| Mr.
Mohammad Salim |
Director |
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| Mr.
S.M. Saleem |
Director |
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| Mr.
Mohammad Sharif |
Director |
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| Mr.
Zahid Haleem Sheikh |
Director |
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| Mr.
Farrukh Hussain Sheikh |
Director |
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| Mr.
Shahid Hassan |
Director |
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| Mr.
Mubashir A. Akhtar |
Managing Director &
Chief Executive |
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| Company
Secretary |
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| Mr.
Abdul Ghafoor Ateeq |
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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 & Company, Advocates |
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| Liaquat
Merchant Associates |
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| Sajjad
Law Associates |
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| Consultants |
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| M.
Yousuf Adil Saleem & Co. |
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| Chartered
Accountants |
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| Share
Registrar |
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| THK
Associates (Pvt) Limited, |
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| Ground
Floor, Sheikh Sultan Trust Building No.2, |
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| Beaumont
Road, |
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| Karachi-75530 |
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|
|
|
| Bankers |
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| Allied
Bank of Pakistan Limited |
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| American
Express Bank Limited |
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| Askari
Commercial Bank Limited |
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| Bank
of Punjab Limited |
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| Citibank, N.A. |
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| Deutsche
Bank A.G. |
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| Faysal
Bank Limited |
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| Mashreq
Bank psc. |
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| Muslim
Commercial Bank Limited |
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| National
Bank of Pakistan |
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| National
Development Finance Corporation |
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| Platinum
Commercial Bank Limited |
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| Standard
Chartered Bank |
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| Correspondent
Banks |
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| Chase
Manhattan Bank |
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| Deutsche
Bank A.G. |
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| Head
Office and |
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| Registered
Office |
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| Karachi |
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| NIC
Building, 10th Floor |
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| Abbasi
Shaheed Road |
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| Tel:
5660671-78 Fax: 5680454 |
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| E-mail:
ndlckar @cybcracess.com.pk |
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| Branches |
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| KARACHI
CLIFTON |
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| BC-1, Block-5, |
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| Kchkashan
Scheme # 5, Main Clifton Road |
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| Tel:
5875666-777 Fax: 5875888 |
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| Contact:
Mr. Ahmed Noor |
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| LAHORE |
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| 7/4,
E-3, Main Boulevard, |
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| Gulberg III |
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| Tel:
5754111,5754122 Fax: 5754166 |
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| E-mail:
leasepk @ ndlclhr. lhr. erum.com.pk |
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| Contact:
Mr. Tahir Rizwan |
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| LAHORE
CANTT |
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| Unit
No. 3, Cantonment Commercial Complex, |
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| Abid
Majeed Road, |
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| Tel:
6652317-8 Fax: 6652310 |
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| Contact:
Mr. Shahzad Afzal |
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| FAISALABAD |
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| The
Mall Regency Shopping Arcade, |
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| Ground Floor. |
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| Tel:
617946-67 Fax: 612890 |
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| E-mail:
leasepk @ ndlc fsb. fsd.erum.com.pk |
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| Contact:
Mr. Salim-ul-Haque |
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| ISLAMABAD |
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| State
Life Building, Ground Floor |
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| Jinnah
Avenue, Phase II, |
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| Blue Area. |
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| Tel:
277362-64 Fax: 277365 |
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| E-mail:
leasepk @ ndlcisl. isb.erum.com.pk |
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| Contact:
Mr. Fuad Rasul |
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| Notice
of Annual General Meeting |
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| Notice
is hereby given that the Fourteenth Annual General Meeting of National
Development Leasing Corpo- |
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| ration
Limited will be held at FTC Auditorium, Finance and Trade Centre, Sharea
Faisal, Karachi on Tuesday, |
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| December
15, 1998 at 12:30 hours to transact the following business: |
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| 1.
To confirm the Minutes of the Thirteenth Annual General Meeting held on
December 29, 1997. |
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| 2.
To receive and adopt the Audited Accounts of the Corporation for the year
ended June 30, 1998 together |
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| with
Directors' and Auditors' Report thereon. |
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| 3.
To approve 10% cash dividend as recommended by the Directors. |
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| 4.
To appoint Auditors and fix their remuneration. The present Auditors, Ford,
Rhodes, Robson, Morrow, |
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| Chartered
Accountants, retire and being eligible, offer themselves for re-appointment. |
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| 5.
To transact any other business with the permission of the Chair. |
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By Order of the Board |
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|
Abdul Ghafoor Ateeq |
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| Karachi:
September 28, 1998 |
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Company Secretary |
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| Notes: |
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| a.
The share transfer books of the Corporation will remain closed from December
9, 1998 to December 22, |
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| 1998
(both days inclusive). Transfers received in order at the office of Share
Registrar of the Corporation |
|
| i.e.
THK Associates (Pvt) Limited, Ground Floor, Sheikh Sultan Trust Building No.
2, Beaumont Road, |
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| Karachi-75530,
by December 8, 1998 will be treated in time for the purpose of entitlement of
cash |
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| dividend
in respect of the year ended June 30, 1998. |
|
|
| b.
A member entitled to attend and vote at the meeting may appoint another
member as his/her proxy to |
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| attend
and vote on his/her behalf. The proxy, in order to be effective, must be
received at the registered |
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| office
of the Corporation duly stamped, signed and witnessed not later than 48 hours
before the time of |
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| the meeting. |
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| c.
Members are requested to immediately inform of any change in their addresses. |
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|
| Ten
Years at a Glance |
|
Rupees in Million |
|
|
18 months |
|
|
|
Year |
June 30 |
June 30 |
June 30 |
Dec 31 |
Dec 31 |
Dec 31 |
Dec 31 |
Dec 31 |
Dec 31 |
Dec 31 |
|
Ended |
1998 |
1997 |
1996 |
1994 |
1993 |
1992 |
1991 |
1990 |
1989 |
1988 |
|
| FINANCIAL
POSITION |
|
| Authorised
Capital |
|
500 |
500 |
500 |
500 |
500 |
500 |
500 |
100 |
100 |
100 |
| Paid-up Capital |
|
377 |
359 |
359 |
259 |
207 |
159 |
88 |
68 |
68 |
68 |
| Reserves |
|
823 |
828 |
780 |
687 |
620 |
595 |
479 |
378 |
158 |
90 |
| Shareholders
Equity |
|
1,200 |
1,187 |
1,139 |
946 |
827 |
754 |
567 |
446 |
226 |
158 |
| Long
Term Loans-Foreign |
|
802 |
910 |
690 |
821 |
569 |
651 |
469 |
506 |
212 |
99 |
|
-Local |
|
502 |
367 |
304 |
154 |
220 |
247 |
223 |
507 |
501 |
419 |
| Certificates
of Investment |
|
1,090 |
1,576 |
1,755 |
881 |
671 |
964 |
1,008 |
2,977 |
1,622 |
575 |
| Net
Investment in Lease Finance |
3,650 |
3,767 |
3,971 |
2,739 |
2,344 |
2,044 |
1,789 |
1,709 |
1,214 |
793 |
| Total Assets |
|
4,924 |
5,312 |
5,272 |
3,644 |
2,878 |
3,071 |
2,666 |
5,061 |
3,011 |
1,542 |
|
|
| OPERATING
POSITION |
|
|
| Lease Income |
|
614 |
625 |
807 |
398 |
299 |
255 |
243 |
193 |
120 |
69 |
| Total Revenue |
|
739 |
785 |
1,115 |
540 |
425 |
393 |
507 |
571 |
329 |
148 |
| Total
Expenditure |
|
543 |
599 |
755 |
317 |
250 |
237 |
361 |
395 |
216 |
75 |
| Operating
Profit |
|
196 |
186 |
360 |
223 |
175 |
156 |
146 |
176 |
113 |
73 |
| Profit
Before Taxation |
|
78 |
130 |
266 |
187 |
165 |
149 |
146 |
176 |
113 |
73 |
| Profit
After Taxation |
|
50 |
102 |
211 |
157 |
125 |
111 |
146 |
234 |
75 |
53 |
|
|
| DISTRIBUTION |
|
|
| Cash Dividend |
|
10.00% |
15.00% |
30.00% |
15.00% |
25.00% |
20.00% |
20.00% |
20.00% |
12.00% |
18.00% |
| Stock Dividend |
|
-- |
5.0012% |
-- |
25.00% |
25.002% |
30.00% |
-- |
30.00% |
-- |
-- |
|
|
| RIGHT
ISSUE |
|
-- |
-- |
-- |
10.00% |
-- |
-- |
30.00% |
50.00% |
-- |
-- |
|
|
|
| RATIOS |
|
|
| Current Ratio |
|
1.01 |
1.00 |
0.81 |
1.17 |
1.25 |
1.52 |
1.19 |
0.97 |
0.96 |
0.88 |
| Debt/Equity |
|
1.28 |
1.38 |
1.25 |
1.42 |
1.34 |
1.76 |
1.69 |
4.00 |
5.54 |
4.73 |
|
|
| Book
Value Per Share (in Rupees) |
15.90 |
16.52 |
15.85 |
18.29 |
20.00 |
23.71 |
32.12 |
24.06 |
12.18 |
9.45 |
|
| Note:
Prior years' figures have been rearranged, wherever necessary, for the
purpose of comparison. |
|
|
|
| Directors'
Report to the Shareholders |
|
|
| The
Board of Directors are pleased to announce the financial results for the
twelve months ended |
|
| June 30, 1998. |
|
|
| Board
of Directors |
|
| The
composition of the Board of Directors has changed since the last Annual
General Meeting due to accep- |
|
| tance
of resignation of Mr. Abdul Shakoor and Syed Ghulam Abbas. The Board wishes
to place on record its |
|
| appreciation
for services rendered by the outgoing Directors. Mr. Zahid Haleem Sheikh and
Mr. Farrukh |
|
| Hussain
Sheikh have joined the Board. We welcome the new members and look forward to
their support and |
|
| contribution. |
|
|
| Financials |
|
| Your
Directors are pleased to report an after tax profit of Rs. 50.027 million
during the twelve months ended |
|
| June
30, 1998 and propose that profit be appropriated as follows: |
|
|
|
|
|
|
|
|
(Rupees in 000's) |
|
|
|
|
June 30 |
June 30 |
|
|
|
|
1998 |
1997 |
|
|
|
|
| Profit
before taxation |
|
|
|
78,027 |
129,656 |
|
| Provision
for taxation |
|
|
|
28,000 |
27,500 |
|
|
|
|
|
--------------- |
--------------- |
|
| Profit
after taxation |
|
|
|
50,027 |
102,156 |
|
| Unappropriated
profit brought forward |
|
|
1,353 |
4,195 |
|
|
|
|
|
--------------- |
--------------- |
|
| Profit
available for appropriation |
|
|
51,380 |
106,351 |
|
|
|
|
|
|
| APPROPRIATIONS |
|
|
|
| Proposed
final dividend 10 % (1997: 15%) |
|
|
37,740 |
53,914 |
|
| Transfer
to general reserve |
|
|
|
10,000 |
28,000 |
|
| Transfer
to special reserve |
|
|
|
2,501 |
5,108 |
|
| Transfer
for issue of bonus shares |
|
|
-- |
17,976 |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
50,241 |
104,998 |
|
|
|
|
|
--------------- |
--------------- |
|
| Unappropriated
profit carried forward |
|
|
1,139 |
1,353 |
|
|
|
|
|
========== |
========== |
|
|
| The Economy |
|
| The
Government has been following a combination of supply side and demand
management policies to achieve |
|
| the
twin objectives of macro economic stability and growth. The policies were
successful in arresting the |
|
| declining
trend, as a result GDP grew by 5.4% during financial year 1997-98 as compared
to previous year's |
|
| growth
of 1.3%. The Agriculture sector contributed 5.9% to the improved GDP.
Although manufacturing sec- |
|
| tor
also has shown growth, increased growth was mainly attributed to sugar
output. |
|
|
| The
bad debts and loan defaults of the financial sector have reportedly gone upto
Rs. 210 billion. This includes |
|
| an
increase of Rs. 70 billion during the last 18 months, inspite of incentives
provided by the Government to |
|
| recover
loans. The Government is drafting recovery laws and it is expected that the
influential defaulters would |
|
| be
made to pay the debts to improve health of the financial sector. Tight fiscal
management by the Government |
|
| resulted
in less recourse to borrowing for budgetary support. This has helped to
contain inflationary pressures |
|
| and
has improved credit available to the private sector. |
|
|
| At
present, the economy of Pakistan is in the process of major structural
adjustments and the Government is |
|
| keen
to continue with measures for deregulating, privatizing and liberalizing the
economy. The commitment of |
|
| the
Government to an increased role of the private sector and the industrial
sector in the development of the |
|
| country
represents ample opportunities for growth of the financial sector. |
|
|
| The
Year under Review |
|
| During
the financial year under review, uncertainties continued to prevail in almost
all areas, which resulted in |
|
| further
slowing down of the economy. The performance of the Company over the year has
shown affects of the |
|
| general
economic slowdown. However, the management this year made a conscious effort
towards realigning |
|
| its
focus from asset building to consolidation, vitalizing recovery efforts,
curtailment of disbursements due to |
|
| slowdown
in recoveries, liquidity management, solicitation of blue chip clients, risk
sharing on specific leases |
|
| with
other leasing companies and mobilization of long term domestic debts. The
Company has stressed on the |
|
| composition
of lease portfolio, as a consequence, the sectoral distribution of lease
portfolio has consistently |
|
| improved
over last few years. |
|
|
| The
Company continued to make concerted efforts to improve recoveries especially
from defaulters. Your |
|
| Company
initiated several legal proceedings with positive results, where judgements
have been decreed in |
|
| favour
of National Leasing or the client has requested for out of court settlement.
Steady progress is being |
|
| made
in pending cases with final settlement expected within the ensuing year. The
amended Banking Act |
|
| 1997,
has also played a key role in expediting court decisions and the Company is
hopeful about the speedy |
|
| recovery
of stuck up loans in view of Government of Pakistan's stance on defaulters.
The emphasis on the |
|
| retail
segment of the market continued with success. Retail clients are being
targeted for general product |
|
| leasing
in view of declining growth prospects in big ticket leasing. A retail branch
was opened in Karachi in |
|
| October
1997 to tap the retail market. |
|
|
| The
year under review witnessed a major change in the management of the Company.
Mr. Mubashir |
|
| A.
Akhtar has been appointed as the Managing Director and Chief Executive of the
Company in place of |
|
| Mr.
Tayyab Afzal, who resigned from his position. |
|
|
| Regulatory
Environment |
|
| Subsequent
to events that occurred in May 1998 in the subcontinent, the State Bank of
Pakistan (SBP) has |
|
| made
various changes in Foreign Exchange Regulatory Environment. The most
significant development |
|
| being
freezing of all foreign currency accounts, in order to avert financial
collapse from a sudden flight of |
|
| foreign
currency from the country. Forward cover fee has been enhanced in respect of
old foreign currency |
|
| deposits
mobilized under certificates of investment scheme and forward cover in
respect of new foreign |
|
| currency
deposits has been withdrawn. In the absence of forward cover, the
mobilization of foreign cur- |
|
| rency
deposits is no longer a viable option. |
|
|
| Stock
Market Investment |
|
| The
investors confidence in the capital market remained low for most part of the
year. This was reflective in |
|
| the
movements in the stock market. The KSE - 100 index registered all time low in
June 1998 and closed at |
|
| 880
points from 1566 points at the end of financial year 1997. Management has
curtailed all new buying |
|
| activity
at the stock exchange and has marked the prices of trading portfolio to
market values. Thus, for the |
|
| year
under review, a provision of Rs. 7.243 million was made to account for
depressed market prices. |
|
|
| Review
of Operations |
|
| The
fiscal 1997/98 was a difficult year for the Company due to economic slow
down. The challenges, the |
|
| Company
is facing emanate from increasing competition, reduce margins, decrease
market share and quality |
|
| of
assets. Funds are becoming increasingly expensive in view of intense
competition. Lending rates cannot |
|
| be
increased beyond a certain limit as blue chip clients do not pay beyond a
certain level of margin. Demand |
|
| for
machinery and equipment remained low and overall volume of business
contracted. Against this back- |
|
| drop,
your Company has maintained a trend of profitable operations. Operating
profit before provisions of |
|
| your
Company was recorded at Rs. 196.025 million as against Rs. 185.536 million
achieved in previous |
|
| year,
an increase of 5.65%. This was mainly due to steady growth achieved by the
Company over a number |
|
| of
years. Lease income dropped from Rs. 628.985 million to Rs. 614.192 million
due to lower disburse- |
|
| ments.
Financial charges and return on certificates of investment were on the lower
side in line with lower |
|
| requirement
of borrowings. The administrative and operating expenses were tightly
controlled to mitigate |
|
| the
inflationary impact and were restricted to Rs. 85.304 million as against Rs.
82.364 million in 1997, an |
|
| increases
of 3.57% over the previous year. Following a prudent policy, a provision of
Rs. 110.755 million |
|
| was
made for doubtful debts against Rs. 55.473 million in the previous year to
safeguard against losses as |
|
| repayment
capability of borrowers may be impaired due to economic downturn. The
provision has been |
|
| made
to strengthen the balance sheet and will be a source of comfort to the
shareholders and lending institu- |
|
| tions.
As a result, net profit after taxation amounted to Rs. 50.027 million as
against Rs. 102.156 million in |
|
| the
previous year. |
|
|
| Funding |
|
| Your
Company has been able to generate funds in line with its marketing
objectives. Financial institutions |
|
| and
banks have demonstrated confidence by extending credit lines and enhancing
existing credit facilities. |
|
| Additional
line of Rs. 100 million was negotiated with a local commercial bank during
the year under |
|
| review.
The Company continued its excellent relations with the multilateral agencies.
However, Company |
|
| was
unable to draw approved lines of US $ 13.5 million and GBP 7.5 million due to
non availability of |
|
| foreign
exchange risk cover and hedging mechanism at a reasonable cost. State Bank of
Pakistan has how- |
|
| ever,
recently agreed to provide foreign exchange risk cover for the undrawn
approved lines. |
|
|
| Credit Rating |
|
| The
Pakistan Credit Rating Agency (PACRA) has updated the Company's credit rating
for the year to June |
|
| 30,
1998 and has maintained entity rating at A for long term and AI for short
term which is encouraging in |
|
| the
present economic scenario. These ratings are applicable to the unsecured
creditors of the Company. |
|
|
| Future
Prospects |
|
| The
Management of National Leasing expects 1998 -1999 to be a year of
consolidation and improvement. |
|
| Looking
ahead, the Company recognizes the challenges of the future and the steps,
both immediate and long |
|
| term,
that are needed to propel the Company through the onset of economic
stagnation and slowdown. More |
|
| emphasis
is being laid on quality customer service, retention of risk free clientele
through provision of a |
|
| range
of services, focus marketing efforts with a view to attain optimum market
penetration. This will nec- |
|
| essarily
mean product line extensions, product development and improvement of internal
structure to ser- |
|
| vice
the increased level of business activity on both sides of the balance sheet.
Company is also focussing on |
|
| the
development of human resources and information technology in an effort to
maintain an environment |
|
| conducive
to professional growth and development of team members. |
|
|
| Mission
Statement |
|
| National
Leasing will continue to play its role as the premier leasing Company. The
Company will continue |
|
| to
conduct business with prudence, be a proactive player in the financial
industry and lead the industry |
|
| standards
for business practices and compliance to regulatory requirements. |
|
|
| Auditors |
|
| The
retiring auditors Messrs Ford, Rhodes, Robson, Morrow, Chartered Accountants,
being eligible, offer |
|
| themselves
for reappointment. |
|
|
| Acknowledgment |
|
| We
acknowledge with deep gratitude the support and cooperation extended by our
customers, clients, bank- |
|
| ers
and shareholders and record our sincere recognition for imposing faith and
trust and for their patience |
|
| and
understanding in dealing with us. |
|
|
| We
extend our appreciation to the Board of Directors, for their continued
support and guidance and |
|
| knowledge
the contribution of all team members towards meeting the objectives of the
Company. |
|
|
| Shareholding
Pattern |
|
| A
statement reflecting the pattern of shareholding is attached to the Annual
Report.. |
|
|
|
|
On behalf of the Board |
|
|
|
|
|
Sd/- |
|
|
|
Mubashir A. Akhtar |
|
| Karachi:
September 28, 1998 |
|
Managing Director &
Chief Executive |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of NATIONAL DEVELOPMENT LEASING |
|
| CORPORATION
LIMITED as at June 30, 1998 and the related profit and loss account and |
|
| statement
of changes in financial position (cash flow statement), together with the
notes forming |
|
| part
thereof, for the year then ended and we state that we have obtained all the
information and |
|
| explanations
which to the best of our knowledge and belief were necessary for the purposes
of |
|
| our
audit and, after due verification thereof, we report that: |
|
|
| a)
in our opinion, proper books of account have been kept by the company as
required by |
|
| the
Companies Ordinance, 1984; |
|
|
| b)
in our opinion: |
|
|
| i)
the balance sheet and profit and loss account together with the notes thereon
have |
|
| been
drawn up in conformity with the Companies Ordinance, 1984, and are in |
|
| agreement
with the books of account and are further in accordance with accounting |
|
| policies
consistently applied; |
|
|
|
| ii)
the expenditure incurred during the year was for the purpose of the company's |
|
| business; and |
|
|
| iii)
the business conducted, investments made and the expenditure incurred during
the |
|
| year
were in accordance with the objects of the company; |
|
|
| c)
in our opinion and to the best of our information and according to the
explanations given |
|
| to
us, the balance sheet, profit and loss account and the statement of changes
in financial |
|
| position
(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 the changes in financial position for the year then
ended; and |
|
|
| d)
in our opinion Zakat deductible at source under Zakat and Ushr Ordinance,
1980, was |
|
| deducted
by the company and deposited in the Central Zakat Fund established under |
|
| section
7 of that Ordinance. |
|
|
|
|
|
|
|
FORD, RHODES, ROBSON,
MORROW |
|
| Karachi:
September 28, 1998 |
|
Chartered Accountants |
|
|
|
|
|
|
| Balance
Sheet as at June 30, 1998 |
|
|
|
|
|
|
(Rupees in 000's) |
|
|
|
Note |
June 30 |
June 30 |
|
|
|
|
1998 |
1997 |
|
| CAPITAL
AND RESERVES |
|
|
|
| Authorised
Capital |
|
|
|
| 100,000,000
Ordinary Shares of Rs 5 each |
|
500,000 |
500,000 |
|
|
|
|
========== |
========== |
|
| Issued,
Subscribed and Paid-up Capital |
|
3 |
377,400 |
359,424 |
|
| Reserves |
|
4 |
822,551 |
828,240 |
|
|
|
|
--------------- |
--------------- |
|
| Shareholders'
Equity |
|
1,199,951 |
1,187,664 |
|
|
|
|
| DEFERRED
LIABILITIES |
|
|
|
| Provision
for Gratuity |
|
4,294 |
4,417 |
|
|
|
|
| LONG
TERM FINANCE AND LIABILITIES |
|
| Long
Term Finances |
|
5 |
1,004,047 |
1,012,420 |
|
| Certificates
of Investment |
|
6 |
105,807 |
139,957 |
|
| Deposits
on Lease Contracts |
|
7 |
421,876 |
480,282 |
|
| Obligation
under Finance Lease |
|
8 |
-- |
1,551 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
1,531,730 |
1,634,210 |
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
| Short
Term Finances |
|
9 |
446,977 |
423,512 |
|
| Current
Maturity |
|
|
|
| Long
Term Finances |
|
5 |
300,486 |
265,222 |
|
| Certificates
of investment |
|
6 |
984,569 |
1,436,454 |
|
| Deposits
on Lease Contracts |
|
7 |
133,727 |
51,688 |
|
| Obligation
under Finance Lease |
|
8 |
1,551 |
1,027 |
|
| Accrued
Expenses and Other Liabilities |
|
10 |
277,959 |
252,965 |
|
| Provision
for Taxation |
|
11 |
4,719 |
904 |
|
| Proposed
Final Dividend |
|
|
37,740 |
53,914 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
2,187,728 |
2,485,686 |
|
| CONTINGENCIES
AND COMMITMENTS |
12 |
|
|
--------------- |
--------------- |
|
|
|
4,923,703 |
5,311,977 |
|
|
|
|
|
========== |
========== |
|
|
|
|
| TANGIBLE
FIXED ASSETS |
|
13 |
59,074 |
60,104 |
|
| LONG
TERM ADVANCES |
|
14 |
18,937 |
9,663 |
|
| LONG
TERM DEPOSITS |
|
15 |
414,000 |
268,790 |
|
| LONG
TERM INVESTMENTS |
|
16 |
50,687 |
55,182 |
|
| NET
INVESTMENT IN LEASE FINANCE |
|
17 |
2,155,543 |
2,427,185 |
|
| LONG
TERM PREPAYMENTS AND |
|
|
|
| DEFERRED
COST |
|
18 |
9,474 |
11,379 |
|
|
|
|
| CURRENT
ASSETS |
|
|
| Short
Term Finances |
|
19 |
59,351 |
248,853 |
|
| Current
Maturity |
|
|
|
|
| Long
Term Deposits |
|
15 |
121,900 |
66,692 |
|
| Net
Investment in Lease Finance |
|
17 |
1,494,774 |
1,339,798 |
|
| Short-Term
Investments |
|
20 |
150,213 |
422,699 |
|
| Income
Accrued or Due |
|
|
39,831 |
51,343 |
|
| Advances,
Deposits, Prepayments and |
|
|
|
| Other
Receivables |
|
21 |
276,646 |
268,923 |
|
| Cash
and Bank Balances |
|
22 |
73,273 |
81,366 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
2,215,988 |
2,479,674 |
|
|
|
|
--------------- |
--------------- |
|
|
|
4,923,703 |
5,311,977 |
|
|
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these accounts. |
|
| The
auditors' report is annexed hereto. |
|
|
|
Sd/- |
|
Sd/- |
|
|
Mohammad Naseem |
|
Mubashir A. Akhtar |
|
|
Chairman |
|
Managing Director &
Chief Executive |
|
|
|
| Profit
and Loss Account for the year ended June 30, 1998 |
|
|
|
|
|
|
(Rupees in 000's) |
|
|
|
Note |
June 30 |
June 30 |
|
|
|
|
1998 |
1997 |
|
| INCOME |
|
|
|
| Lease Income |
|
|
|
614,192 |
628,985 |
|
| Income
from Investments / Finances |
|
23 |
102,877 |
144,839 |
|
| Other Income |
|
24 |
22,367 |
11,120 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
739,436 |
784,944 |
|
|
|
|
| EXPENDITURE |
|
|
|
| Financial
charges /return on borrowings |
|
25 |
234,640 |
241,517 |
|
| Return
on Certificates of Investment |
|
|
223,467 |
275,527 |
|
| Administrative
and Operating Expenses |
|
26 |
85,304 |
82,364 |
|
|
|
|
--------------- |
--------------- |
|
|
|
543,411 |
599,408 |
|
|
|
--------------- |
--------------- |
|
| OPERATING
PROFIT BEFORE PROVISIONS |
|
196,025 |
185,536 |
|
|
|
|
--------------- |
--------------- |
|
| PROVISIONS
- Doubtful Debts |
|
110,755 |
55,473 |
|
|
- Investments |
|
|
7,243 |
407 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
117,998 |
55,880 |
|
|
|
|
|
--------------- |
--------------- |
|
| PROFIT
BEFORE TAXATION |
|
78,027 |
129,656 |
|
| PROVISION
FOR TAXATION |
|
11 |
28,000 |
27,500 |
|
|
|
|
--------------- |
--------------- |
|
| NET
PROFIT AFTER TAXATION |
|
|
50,027 |
102,156 |
|
| UNAPPROPRIATED
PROFIT BROUGHT FORWARD |
|
1,353 |
4,195 |
|
|
|
|
--------------- |
--------------- |
|
| PROFIT
AVAILABLE FOR APPROPRIATION |
|
51,380 |
106,351 |
|
|
|
|
| APPROPRIATIONS |
|
|
|
| Proposed
Final Dividend 10% (1997: 15%) |
|
|
37,740 |
53,914 |
|
| Transfer
to General Reserve |
|
|
10,000 |
28,000 |
|
| Transfer
to Special Reserve |
|
|
2,501 |
5,108 |
|
| Reserve
for Issue of Bonus Shares |
|
|
-- |
17,976 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
50,241 |
104,998 |
|
|
|
|
--------------- |
--------------- |
|
| UNAPPROPRIATED
PROFIT CARRIED FORWARD |
|
1,139 |
1,353 |
|
|
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
|
Sd/- |
|
Sd/- |
|
|
Mohammad Naseem |
|
Mubashir A. Akhtar |
|
|
Chairman |
|
Managing Director &
Chief Executive |
|
|
|
| Statement
of Changes in Financial Position (Cash Flow Statement) |
|
| for
the year ended June 30, 1998 |
|
|
(Rupees in 000's) |
|
|
|
|
|
June 30 |
June 30 |
|
|
|
Note |
1998 |
1997 |
|
|
|
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
| Cash
generated from operations |
|
28 |
1,094,404 |
519,153 |
|
| Income
tax paid |
|
|
(24,185) |
(39,882) |
|
| Gratuity paid |
|
|
(1,396) |
(310) |
|
|
|
|
--------------- |
--------------- |
|
| Net
cash generated from operating activities |
|
|
1,068,823 |
478,961 |
|
|
|
|
|
|
| CASH
FLOW FROM INVESTING ACTIVITIES |
|
| Long
term deposits |
|
(200,418) |
(219,768) |
|
| Investment
disposals/(additions) |
|
4,495 |
(5,922) |
|
| Fixed
capital expenditure |
|
(10,350) |
(13,463) |
|
| Sale
proceeds of fixed assets |
|
2,581 |
1,017 |
|
| Investment
income received |
|
5,427 |
13,383 |
|
| Investment
in lease finance (net) |
|
16,518 |
163,608 |
|
| Long
term advances (net of recoveries) |
|
(9,312) |
2,227 |
|
|
|
|
--------------- |
--------------- |
|
| Net
cash utilised in investing activities |
|
|
(191,059) |
(58,918) |
|
|
|
|
| CASH
FLOW FROM FINANCING ACTIVITIES |
|
| Mark-up
on borrowings/certificates of investment |
|
(396,354) |
(489,438) |
|
| Proceeds
from long term finances |
|
26,891 |
283,541 |
|
| Certificates
of investment |
|
(486,035) |
(179,032) |
|
| Deposits
from lessees |
|
23,633 |
16,444 |
|
| Obligation
under finance lease |
|
(1,027) |
2,578 |
|
| Prepayments
and deferred cost |
|
734 |
(1,378) |
|
| Dividend paid |
|
(53,699) |
(107,699) |
|
|
|
|
--------------- |
--------------- |
|
| Net
cash utilised in financing activities |
|
|
(885,857) |
(474,984) |
|
|
|
|
--------------- |
--------------- |
|
| Net
decrease in cash |
|
|
(8,093) |
(54,941) |
|
|
|
|
| Cash
and Bank Balances at the beginning |
|
|
| of the year |
|
81,366 |
136,307 |
|
|
|
--------------- |
--------------- |
|
| Cash
and Bank Balances at the end of the year |
|
73,273 |
81,366 |
|
|
|
========== |
========== |
|
|
|
Sd/- |
|
Sd/- |
|
|
Mohammad Naseem |
|
Mubashir A. Akhtar |
|
|
Chairman |
|
Managing Director &
Chief Executive |
|
|
|
| Notes
to the Accounts for the year ended June 30, 1998 |
|
|
| 1.
THE CORPORATION AND ITS ACTIVITIES |
|
| National
Development Leasing Corporation Limited is a public limited company
incorporated in |
|
| Pakistan
and is listed on all of the three stock exchanges of the country. The
principal business |
|
| activity
of the Corporation is to provide lease financing and related services, which
is conducted |
|
| through
branches in all the major cities of Pakistan. It has also been declared a
Development Fi- |
|
| nance
Institution (DFI) by the Government of Pakistan. |
|
|
| 2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICES |
|
|
|
| 2.1
Accounting convention |
|
| These
financial statements have been prepared under the historical cost convention. |
|
|
| 2.2 Taxation |
|
| The
charge for current taxation for the year, is based on taxable income at the
current rates of |
|
| taxation
which is computed as if all leases are operating leases, after taking into
account allow- |
|
| ances
for the year available for depreciation in respect of fixed assets under
lease finance. |
|
|
| The
tax effect for deferred taxation is calculated using the liability method on
all major timing |
|
| differences
which are expected to reverse within the next three years. |
|
|
| 2.3
Staff retirement benefits |
|
| The
Corporation operates an unfunded gratuity scheme which covers all employees
with a |
|
| qualifying
service period of one year. Obligations under the scheme are provided
annually. |
|
|
| In
addition, the Company operates recognised provident fund scheme for all its
permanent |
|
| employees,
for which equal monthly contributions are made both by the Company and by the |
|
| employees
to the fund at the rate of 10% of basic pay. |
|
|
| 2.4
Tangible fixed assets and depreciation |
|
| Owned |
|
| Fixed
assets are stated at cost less accumulated depreciation. |
|
|
| Depreciation
is charged to income applying the straight line method over the estimated
useful |
|
| lives
at the rates given in Note 13 to the accounts. In respect of additions and
deletions of assets |
|
| during
the year, depreciation is charged from the month of acquisition and upto the
month |
|
| preceding
the deletion and/or upto the month of deletion if sold after 15th day of the
month |
|
| respectively. |
|
|
| Gains
and losses on disposal of fixed assets, if any, are included in income
currently. Normal |
|
| repairs
and maintenance are charged to income as and when incurred. |
|
|
| Under
finance lease |
|
| These
are stated at lower of present value of minimum lease payments under the
lease agree- |
|
| ment
and the fair value of the assets acquired on lease. The related obligations
under the lease |
|
| are
accounted for as liability. |
|
|
| Depreciation
is charged on straight line method at the rate given in Note 13 to the
accounts. |
|
|
| 2.5
Foreign currency translation |
|
| Assets
and liabilities in foreign currencies are recorded at the exchange rates
applicable on the |
|
| transaction
date (except where forward exchange contracts have been entered into, such
amount |
|
| are
stated at the contracted rates) and are translated into rupees at the
exchange rates prevailing |
|
| on
the balance sheet date. |
|
|
| Gains
and losses on translation are taken to income currently. |
|
|
| 2.6
Government securities - repurchase transactions |
|
| The
Corporation also enters into transactions of repurchase or resale of
registered Government |
|
| Securities
at contracted rates for specified time periods. These are recorded as
follows: |
|
|
| (a)
in the case of sale under repurchase obligations, the securities are deleted
from the books |
|
| at
cost and the charges arising from the differential in sale and repurchase
values are |
|
| accured
on a pro-rata basis and recorded under income from Government Securities.
Upon |
|
| repurchase,
the securities are reinstated at their respective original cost; |
|
|
| (b)
in the case of purchase under resale obligations, the securities are booked
at the contracted |
|
| purchase
price and the differential of the contracted purchase and resale prices is
amortised |
|
| over
the period of the contract and recorded under income from Government
Securities. |
|
|
| 2.7
Deferred cost |
|
| Long
term prepayments and front end fee are amortised over the period during which
the |
|
| benefits
accrue in the underlying transactions. |
|
|
| 2.8
Investments |
|
|
| Long term |
|
| These
are stated at cost. However, cost is reduced to recognise any decline
thereof, other than |
|
| temporary. |
|
|
| Short term |
|
| These
are stated at lower of cost and market value on a portfolio basis. |
|
|
| 2.9
Revenue recognition |
|
| The
financing method is used in accounting for income on direct finance leases.
Under this method |
|
| the
unearned income - i.e. the excess of aggregate lease rentals and the
estimated residual value |
|
| over
the net investment (cost of leased asset) - is deferred and then amortised 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. |
|
|
| Return
earned on term finance certificates and finance on mark-up/buy-back agreement
basis is |
|
| recognized
on a time proportion basis taking account of, where applicable, the relevant
buy-back |
|
| dates
and prices, or where a specific schedule of recoveries is prescribed in the
agreement, the |
|
| respective
dates when return is required to be paid to the Corporation. |
|
|
| Income
on Government Securities is recognised by pro-rata accruals of the
differential in cost |
|
| and
maturity values and/or the coupon rate applicable. |
|
|
| Fees
for project examination, commitment fee and other commission, etc., are
recognised as |
|
| income
when realised. |
|
|
| Dividend
income is recognised on receipt basis. |
|
|
| 2.10
Provision for doubtful debts |
|
| The
Corporation maintains provision for doubtful debts at a level that can be
reasonably antici- |
|
| pated
keeping in view the nature of its overall business activities and considers
this to be adequate |
|
| to
meet potential losses. |
|
|
|
|
|
|
(Rupees in 000's) |
|
|
|
Note |
June 30 |
June 30 |
|
|
|
|
1998 |
1997 |
|
| 3.
ISSUED, SUBSCRIBED AND PAID-UP CAPITAL |
|
| 33,395,943
(1997: 33,395,943) ordinary shares |
|
|
| of
Rs. 5 each fully paid in cash |
|
|
166,979 |
166,979 |
|
| 42,084,057
(1997: 38,488,956) ordinary shares |
|
|
| of
Rs. 5 each issued as bonus shares |
|
210,421 |
192,445 |
|
|
|
--------------- |
--------------- |
|
|
|
377,400 |
359,424 |
|
|
|
========== |
========== |
|
| 4.
RESERVES |
|
|
|
| Capital
Reserves |
|
|
|
|
|
|
| - Reserve for contingencies |
|
4.1 |
44,241 |
44,241 |
|
| - Special reserves (Reserve Fund) |
|
4.2 |
|
| Balance
at the beginning of the year |
|
35,336 |
30,228 |
|
| Transfer
from profit and loss account |
|
2,501 |
5,108 |
|
|
|
|
--------------- |
--------------- |
|
| Balance
at the end of the year |
|
37,837 |
35,336 |
|
| - Premium on issue of shares |
|
90,334 |
90,334 |
|
| - Reserve for issue of bonus
shares |
|
|
|
| Balance
at the beginning of the year |
|
17,976 |
-- |
|
| Transfer
from profit and loss account |
|
-- |
17,976 |
|
| Transfer
to share capital |
|
17,976 |
-- |
|
|
|
|
--------------- |
--------------- |
|
| Balance
at the end of the year |
|
|
-- |
17,976 |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
172,412 |
187,887 |
|
| Revenue
Reserves |
|
|
|
| General
Reserves |
|
|
|
| Balance
at the beginning of the year |
|
639,000 |
611,000 |
|
| Transfer
from profit and loss account |
|
10,000 |
28,000 |
|
|
|
--------------- |
--------------- |
|
| Balance
at the end of the year |
|
649,000 |
639,000 |
|
| Unappropriated
profit |
|
1,139 |
1,353 |
|
|
|
--------------- |
--------------- |
|
|
|
822,551 |
828,240 |
|
|
|
|
========== |
========== |
|
|
|
|
|
| 4.1
The reserve for contingencies is a specific purpose reserve created to
provide for possible losses on lease |
|
| receivables
which the directors consider, at present, not available for dividend
distribution. |
|
|
| 4.2
The special reserve represents profit set aside as required under the State
Bank of Pakistan rules for |
|
| Non-Banking
Financial Institutions. |
|
|
| 5.
LONG TERM FINANCES |
|
|
|
|
|
| 5.1
Refinance Credits from State Bank of |
|
|
| Pakistan
- unsecured |
|
5.1.1 |
|
| *
Fourth PLS finance of Rs. 150 million |
|
3,695 |
4,783 |
|
| *
Sixth PLS finance of Rs. 113.69 million |
|
299 |
6,042 |
|
| *
Seventh PLS finance of Rs. 68.666 million |
|
2,485 |
2,651 |
|
|
|
|
--------------- |
--------------- |
|
|
|
6,479 |
13,476 |
|
| Less:
Current maturities |
|
6,479 |
13,476 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
-- |
-- |
|
|
|
|
========== |
========== |
|
|
|
|
|
| 5.2
Loans from Asian Development Bank |
|
|
| - secured |
|
|
5.2.1 |
|
|
| *
Third loan of Rs. 109.352 million |
|
|
-- |
18,152 |
|
|
| *
Fourth loan of Rs. 251.516 million |
|
62,879 |
104,799 |
|
|
| *
Fifth loan of Rs. 407.028 million |
|
|
464,600 |
407,028 |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
527,479 |
529,979 |
|
|
|
|
|
88,379 |
60,072 |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
439,100 |
469,907 |
|
|
|
|
|
========== |
========== |
|
|
|
|
|
|
|
| 5.3
Demand Finance from Muslim Commercial |
|
| Bank
Limited - secured |
|
|
| ·
Credit line of Rs. 100 million |
|
-- |
10,000 |
|
| ·
Credit line of Rs. 50 million |
|
-- |
10,000 |
|
|
|
--------------- |
--------------- |
|
|
|
-- |
20,000 |
|
| Less:
Current maturities |
|
|
-- |
20,000 |
|
|
|
--------------- |
--------------- |
|
|
|
|
-- |
-- |
|
|
|
|
========== |
========== |
|
|
|
|
| 5.4
Loans from International Finance Corporation |
|
| - secured |
|
|
5.4.1 |
|
|
|
|
|
| *
Loan 'A' of Rs. 382.242 million |
|
236,513 |
279,515 |
|
|
| *
Loan 'B' of Rs. 113.175 million |
|
38,330 |
100,739 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
274,843 |
380,254 |
|
| Less:
Current maturities |
|
|
|
81,332 |
110,162 |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
193,511 |
270,092 |
|
|
|
|
|
========== |
========== |
|
|
| 5.5
Loans from First International Investment |
|
| Bank
Limited - secured |
|
|
5.5.1 |
|
| *
Credit facility of Rs 113 million |
|
|
56,488 |
113,000 |
|
| *
Credit facility of Rs 200.6 million |
|
|
200,600 |
200,600 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
257,088 |
313,600 |
|
| Less:
Current maturities |
|
|
76,548 |
56,512 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
180,540 |
257,088 |
|
|
|
|
========== |
========== |
|
|
|
|
| 5.6 Loans from
Askari Commercial Bank Limited |
5.6.1 |
|
| *
Credit facility of Rs. 14.5 million- unsecured |
|
14,500 |
14,500 |
|
| *
Credit facility of Rs. 10 million- secured |
|
-- |
5,833 |
|
| *
Credit facility of Rs. 15.072 million- secured |
|
14,163 |
-- |
|
| *
Credit facility of Rs. 20 million- secured |
|
18,333 |
-- |
|
|
|
--------------- |
--------------- |
|
|
|
46,996 |
20,333 |
|
| Less:
Current maturities |
|
28,575 |
5,000 |
|
|
|
--------------- |
--------------- |
|
|
|
18,421 |
15,333 |
|
|
|
|
========== |
========== |
|
|
|
|
|
|
| 5.7
Loan from Pak Kuwait Investment Company |
|
| (Private)
Limited - secured |
|
|
5.7.1 |
|
| Credit
facility of Rs. 191.648 million |
|
191,648 |
-- |
|
| Less:
Current maturities |
|
19,173 |
-- |
|
|
|
--------------- |
--------------- |
|
|
|
172,475 |
-- |
|
|
|
========== |
========== |
|
| Long
term portion |
|
1,004,047 |
1,012,420 |
|
|
|
========== |
========== |
|
| Current
maturities |
|
300,486 |
265,222 |
|
|
|
|
========== |
========== |
|
|
| 5.1.1
Refinance Credits from State Bank of Pakistan - unsecured |
|
| The
refinance credits are allocated for the financing of domestic sales of
locally manufactured |
|
| machinery
(LMM). The credits are repayable in seventeen equal half- yearly instalments |
|
| commencing
four years after the date of first withdrawal. However, the excess of the
outstanding |
|
| finance
from the State Bank of Pakistan under the credit lines over the outstanding
finance |
|
| extended
by the Corporation under the related credit lines must be repaid immediately. |
|
|
| Under
the terms of the agreements, the State Bank of Pakistan will share in the
over-all profit |
|
| (before
tax) of the Corporation, subject to a maximum of 1% in respect of the fourth
line and 4% |
|
| in
respect of the sixth and seventh lines of the amount of refinance availed. |
|
|
| 5.2.1
Loans from Asian Development Bank (ADB) - secured |
|
| -
Fourth loan - US$ 10 million equivalent to Pak Rupees 251.516 million |
|
| The
return on these funds is payable at 9.4% per annum directly to ADB. In
addition, an exchange |
|
| risk
fee at 6.07% per annum based on the Pak Rupee equivalent of the amount
withdrawn and |
|
| outstanding
is payable to the Government of Pakistan. |
|
|
| The
loan is secured by hypothecation of specific leased assets and related
receivables. The loan is |
|
| repayable
in twelve semi-annual installments which commenced from January 15, 1994. |
|
|
| -
Fifth loan - US$ 10 million equivalent to Pak Rupees 407.028 million |
|
| Interest
on this loan is payable at 2.25% per annum above LIBOR. |
|
|
| The
loan is secured by hypothecation of specific leased assets and related
receivables. The loan is |
|
| repayable
in ten semi-annual installments which will commence from March 25, 1999. |
|
|
| 5.4.1
Loans from International Finance Corporation (IFC) - secured |
|
| -
Loan 'A' US$ 12.5 million equivalent to Pak Rupees 382.242 million |
|
| This
represents borrowing for the structuring of lease financing, mainly for
industrial plant and |
|
| equipment.
The return on these funds is payable at 8.5% per annum directly to IFC. In
addition, |
|
| an
exchange risk fee at 6.66% per annum based on Pak Rupee equivalent of the
amount with- |
|
| drawn
and outstanding is payable to the Government of Pakistan. |
|
|
| The
loan is secured by hypothecation of specific leased assets and related
receivables. The loan is |
|
| repayable
in sixteen semi-annual equal installments which commenced from June 15, 1996. |
|
|
| -
Loan 'B' US$ 3.3 million equivalent to Pak Rupees 113.175 million |
|
| This
represents second tranche of IFC loan for financing leases, mainly plant and
equipment. The |
|
| return
on these funds is payable at 2.75% per annum above LIBOR. |
|
|
| The
loan is repayable in four equal half-yearly installments which commenced from
June 15, |
|
| 1997.
The loan is secured by hypothecation of specific leased assets and related
receivables. |
|
|
| 5.5.1
Loans From First International Investment Bank Limited |
|
| -
Credit facility of Rs. 113 million - secured |
|
| This
represents loan against the security of long term U.S. dollar deposits. This
loan is repayable |
|
| in
four equal installments. The first installment is repayable on August 15,
1997 and the remain- |
|
| ing
installments are repayable on half-yearly basis which are linked to the
maturity of the long |
|
| term
deposits. The return is payable ht 13.187% per annum on quarterly basis. |
|
|
| -
Credit facility of Rs. 200.6 million - secured |
|
| This
represents loan against the security of long term U.S. dollar deposits. This
loan is repayable |
|
| in
ten equal installments. The first installment is payable on March 15, 1999
and the remaining |
|
| installments
are repayable on half-yearly basis which are linked to the maturity of the
long term |
|
| deposits.
The return is payable at the rate ranging from 14.275% to 14.90% per annum on
quar- |
|
| terly basis. |
|
|
| 5.6.1
Loans from Askari Commercial Bank Limited |
|
| -
Credit line of Rs. 14.5 million - unsecured |
|
| This
represents a Rs. 14.5 million facility repayable on May 2, 1999 in lure sum
and carrying |
|
| mark-up
at the rate of 17.75% per annum payable on semi-annual basis. |
|
|
| -
Credit line of Rs. 15.072 - secured |
|
| This
facility is repayable in twelve quarterly installments which commenced from
June 9, 1998 |
|
| and
carrying mark-up at the rate of 18.50% per annum payable on quarterly basis.
This facility is |
|
| secured
by first hypothecation charge over specific leased assets and related
receivables. |
|
|
| -
Credit line of Rs. 20 million - secured |
|
| This
facility is repayable in twenty four equal installments which commenced from
May 2, 1998 |
|
| and
carrying mark-up at the rate of 17.50% per annum payable on quarterly basis.
The facility is |
|
| secured
by first hypothecation charge over specific leased assets and related
receivables. |
|
|
| 5.7.1
Loan from Pak Kuwait Investment Company (Private) Limited - secured |
|
| This
represents credit facility of Rs. 191.648 million against the security of
long term U.S. dollar |
|
| deposits.
This loan is repayable in twenty four installments. The first installment is
repayable on |
|
| March
15, 1999 and the remaining installments are repayable on half yearly basis
which are |
|
| linked
to the maturity of the long term deposits, while mark-up is payable at the
rate ranging from |
|
| 13.79%
to 15.07% per annum. |
|
|
| 6.
CERTIFICATES OF INVESTMENT |
|
| This
represents Certificates of Investment issued by the Corporation in local and
foreign currencies. These |
|
| are
for terms of three months to five years. |
|
|
|
|
| Maturities
falling within the next twelve months are included under current maturities. |
|
|
| 7.
DEPOSITS ON LEASE CONTRACTS |
|
| These
represent security deposits received against lease contracts. |
|
|
| 8.
OBLIGATION UNDER FINANCE LEASE |
|
| This
represents the outstanding balance against obligation under a finance lease.
The rate of return used as |
|
| discounting
factor is 16.32% per annum. The lease rentals are payable in equal quarterly
installments. |
|
|
|
|
| The
future minimum lease payments to which the company is committed under the
lease agreement are |
|
| as follows: |
|
|
|
|
|
|
(Rupees in 000's) |
|
|
|
|
June 30 |
June 30 |
|
|
|
1998 |
1997 |
|
|
|
|
| June 1998 |
|
|
|
-- |
1,387 |
|
| June 1999 |
|
|
|
1,733 |
1,733 |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
1,733 |
3,120 |
|
| Less:
Financial charges allocated to future periods |
|
182 |
542 |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
1,551 |
2,578 |
|
| Current
maturity |
|
1,551 |
1,027 |
|
|
|
--------------- |
--------------- |
|
|
|
-- |
1,551 |
|
|
|
========== |
========== |
|
|
| 9.
SHORT TERM FINANCES |
|
|
| Morabaha
finance - secured |
|
-- |
50,000 |
|
| Musharika
finance - secured |
|
9.1 |
100,000 |
-- |
|
|
|
|
|
| Term finance |
|
|
|
|
|
| Bank-secured |
|
|
9.2 |
28,010 |
68,473 |
|
| Financial
institutions-unsecured |
|
9.3 |
205,000 |
86,100 |
|
| Others-unsecured |
|
9.4 |
19,000 |
94,939 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
252,010 |
249,512 |
|
| Running
finance - secured |
|
|
9.5 |
94,967 |
124,000 |
|
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
446,977 |
423,512 |
|
|
|
|
========== |
========== |
|
|
| 9.1
This represents finance from a scheduled bank under musharika agreement at a
profit margin of |
|
| 18%
per annum and is secured by hypothecation of specific leased assets. |
|
|
| 9.2
This represents facility from a scheduled bank amounting to Rs. 168 million
(1997: Rs. 168 million) |
|
| and
is secured by hypothecation of specific leased assets and related
receivables. |
|
| Mark-up
is payable at the rate of 16.50% per annum. |
|
|
| 9.3
These represents facilities from different financial institutions. Mark-up is
payable at rates ranging |
|
| from
14% to 17.35 % per annum. |
|
|
| 9.4
This represents facility from a foundation. Mark-up is payable at the rate of
17% per annum. |
|
|
| 9.5
These represent facilities from scheduled banks amounting to Rs. 145 million
(1997: Rs. 185 |
|
| million)
and carry mark-up ranging from 0.4758 to 0.4795 paisas per rupees 1,000 per
day on a |
|
| daily
product basis. These arrangements are secured by hypothecation of leased
assets and related |
|
| receivables. |
|
|
|
|
|
|
(Rupees in 000's) |
|
|
|
|
June 30 |
June 30 |
|
|
|
|
1998 |
1997 |
|
|
|
|
| 10.
ACCRUED EXPENSES AND OTHER LIABILITIES |
|
|
| These
comprise: |
|
|
|
| Financial
charges on long term finances - secured |
|
171,818 |
122,280 |
|
|
|
- unsecured |
|
416 |
416 |
|
| Financial
charges on short term finances - secured |
|
8,312 |
12,226 |
|
|
|
- unsecured |
|
997 |
3,157 |
|
| Return
on certificates of investment |
|
|
50,357 |
46,869 |
|
| Advance
rentals |
|
|
4,375 |
17,538 |
|
| Due to lessees |
|
|
|
10,003 |
11,104 |
|
| Advance
against certificates of investment |
|
|
188 |
1,782 |
|
| Accrued
liabilities |
|
|
5,727 |
7,993 |
|
| Deposit
margins and advances against letters of credit |
|
-- |
8,571 |
|
| Other
liabilities [includes unclaimed |
|
|
|
| dividend
Rs 0.664 million (1997: Rs 0.449 million)] |
|
25,766 |
21,029 |
|
|
|
--------------- |
--------------- |
|
|
|
277,959 |
252,965 |
|
|
========== |
========== |
|
|
| 11.
TAXATION |
|
|
| Income-tax
assessments of the Corporation have been completed for and upto the
assessment year 1996- |
|
| 97
(accounting year 1996). The Corporation has filed appeals in respect of
various assessment years at |
|
| appropriate
appellate forums against certain add-backs to income and is of the opinion
that these appeals |
|
| will
be successful. |
|
|
| Deferred
taxation arising out of timing differences between book and income tax
revenues or charges is |
|
| estimated
at Rs. 202 million (1997: Rs. 192 million). As of June 30, 1998, no provision
has been made |
|
| for
these timing differences as these are not expected to reverse within the next
three years. |
|
|
| 12.
CONTINGENCIES AND COMMITMENTS |
|
|
|
|
|
(Rupees in 000's) |
|
|
|
|
|
June 30 |
June 30 |
|
|
|
|
|
1998 |
1997 |
|
| 12.1
Contingencies |
|
|
|
|
|
| Guarantees
issued |
|
|
6,280 |
6,280 |
|
|
|
|
|
========== |
========== |
|
|
|
| 12.2
Commitments |
|
|
|
|
|
| a)
Letters of credit |
|
|
|
20,598 |
4,691,239 |
|
|
|
| b)
Government securities repurchase commitments |
|
275,000 |
296,200 |
|
|
|
========== |
========== |
|
| c)
Forward exchange sale and purchase contracts amounting to Rs. 407.160 million
(1997: |
|
| Rs.
764.463 million) have been entered into. |
|
|
| 13.
TANGIBLE FIXED ASSETS |
|
|
(Rupees in 000's) |
|
| -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
|
|
|
COST |
|
DEPRECIATION |
|
|
| -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
|
|
|
|
|
Book |
|
|
At the |
|
At the |
Rate |
At the |
|
Value |
|
|
beginning |
Additions/ |
end of |
per |
end of |
For the |
Adjustment |
at the end |
|
|
Note |
of the year |
(disposals) |
the year |
annum |
the year |
year |
on Disposals |
of the year |
|
|
|
|
|
% |
|
|
| -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
|
| Owned |
|
|
|
| Land
and buildings |
13.1 |
46,212 |
2,132 |
48,344 |
10 |
7,179 |
1,808 |
-- |
41,165 |
|
| Equipment |
|
|
17,480 |
2,338 |
18,633 |
20 |
13,097 |
1,976 |
(566) |
5,536 |
|
|
|
|
(1,185) |
|
|
|
|
| Furniture
and fixtures |
|
5,712 |
2,297 |
7,354 |
10 |
3,923 |
631 |
(89) |
3,431 |
|
|
|
|
|
(655) |
|
|
|
|
|
| Vehicles |
|
|
21,732 |
3,583 |
20,076 |
25 |
13,213 |
3,706 |
(3,892) |
6,863 |
|
|
|
|
(5,239) |
|
|
|
|
|
|
| Leasehold
improvements |
|
2,198 |
-- |
2,198 |
33 |
2,191 |
36 |
-- |
7 |
|
|
|
|
--------------------------------------------------------- |
---------------------------------------------------------------------------- |
|
|
|
|
93,334 |
10,350 |
96,605 |
|
39,603 |
8,157 |
(4,547) |
57,002 |
|
|
|
|
|
(7,079) |
|
|
|
|
| Under
finance lease |
|
--------------------------------------------------------- |
---------------------------------------------------------------------------- |
|
| Equipment |
|
|
3,454 |
-- |
3,454 |
20 |
1382 |
691 |
-- |
2,072 |
|
|
|
--------------------------------------------------------- |
---------------------------------------------------------------------------- |
|
|
|
96,788 |
10,350 |
100,059 |
|
40,985 |
8,848 |
(4,547) |
59074 |
|
|
|
|
(7,079) |
|
|
|
|
|
|
|
=================================== |
|
=============================================== |
|
| June 1997 |
|
|
85,879 |
13,463 |
96,788 |
|
36,684 |
8,831 |
(1,721) |
60,104 |
|
|
|
|
(2,554) |
|
|
|
|
|
=================================== |
|
=============================================== |
|
|
|
|
|
| 13.1
The land and buildings include (at cost) an amount of Rs. 30.3 million (1997:
Rs 30.3 million) for which mutation has not yet been arranged. Efforts are in
progress |
|
| to
obtain mutation in favour of the Corporation. |
|
|
|
|
|
|
|
|
|
| 13.2
Disposal of tangible fixed assets |
|
| -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
|
|
|
|
(Rupees in 000's) |
|
|
|
|
Accumulated |
Book |
Sale |
Profit / |
Mode of |
Sold to/transferred
to/claim from |
|
| Particulars |
|
Cost |
depreciation |
Value |
proceeds |
(loss) |
Disposal |
|
|
|
| -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
|
|
|
|
| Vehicle |
|
421 |
352 |
69 |
73 |
4 |
Final settlement |
Mr. Khalid Basharat,
employee |
|
| Vehicle |
|
136 |
136 |
-- |
40 |
40 |
Final settlement |
Mr. Aqil-ur-Rehman,
employee |
|
| Vehicle |
|
1,901 |
1,900 |
1 |
1 |
-- |
Final settlement |
Mr. Tayyab Afzal, Ex-CEO |
|
| Vehicle |
|
713 |
564 |
149 |
149 |
-- |
Final settlement |
Mr. Fiyyaz Longi,
employee |
|
| Vehicle |
|
681 |
440 |
241 |
241 |
-- |
Final settlement |
Mr. Naseem Akbar,
employee |
|
| Vehicle |
|
285 |
184 |
101 |
107 |
6 |
Final settlement |
Mr. Masood Khan, employee |
|
| Vehicle |
|
440 |
128 |
312 |
450 |
138 |
Insurance claim |
M/s. Adamjee Insurance
Company Limited |
|
| Vehicle |
|
373 |
163 |
210 |
325 |
115 |
Insurance claim |
M/s. Adamjee Insurance
Company Limited |
|
| Vehicle |
|
289 |
24 |
265 |
292 |
27 |
Insurance claim |
M/s. Adamjee Insurance
Company Limited |
|
| Furniture
and fixture |
24 |
8 |
16 |
16 |
-- |
Final settlement |
Ms. Amna Shoro, employee |
|
| Furniture
and fixture |
380 |
38 |
342 |
342 |
-- |
Final settlement |
Mr. Tayyab Afzal, Ex-CEO |
|
| Furniture
and fixture |
60 |
11 |
49 |
46 |
(3) |
Final settlement |
Mr. Masood-ul-Hassan,
employee |
|
| Furniture
and fixture |
50 |
11 |
39 |
39 |
-- |
Final settlement |
Mr. Khalid Bashafar,
employee |
|
| Furniture
and fixture |
60 |
13 |
47 |
25 |
(22) |
Final settlement |
Mr. Naseem Akbar,
employee |
|
| Furniture
and fixture |
29 |
5 |
24 |
24 |
-- |
Final settlement |
Mr. Saqib A. Khan,
employee |
|
| Furniture
and fixture |
52 |
5 |
47 |
41 |
(6) |
Final settlement |
Mr. Masood Khan, employee |
|
| Equipment |
|
50 |
50 |
-- |
18 |
18 |
Trade in |
M/s. International
Corporation |
|
| Equipment |
|
55 |
55 |
-- |
25 |
25 |
Trade in |
M/s. Jaffer Brothers
(Pvt)Limited |
|
| Equipment |
|
22 |
12 |
10 |
24 |
14 |
Insurance claim |
M/s. Adamjee Insurance
Company Limited |
|
| Equipment |
|
35 |
19 |
16 |
7 |
(9) |
Final settlement |
Mr. Tayyab Afzal, Ex-CEO |
|
| Equipment |
|
17 |
1 |
16 |
20 |
4 |
Insurance claim |
M/s. Adamjee Insurance
Company Limited |
|
| Equipment |
|
76 |
34 |
42 |
31 |
(11) |
Final settlement |
Ms. Amna Shoro, employee |
|
| Equipment |
|
200 |
83 |
117 |
28 |
(89) |
Final settlement |
Mr. Fiyyaz Longi,
employee |
|
| Equipment |
|
446 |
216 |
230 |
85 |
(145) |
Final settlement |
Mr. Tayyab Afzal, Ex-CEO |
|
| Equipment |
|
45 |
17 |
28 |
28 |
-- |
Final settlement |
Mr. Naseem Akbar,
employee |
|
| Equipment |
|
50 |
21 |
29 |
2 |
(27) |
Final settlement |
Mr. Khalid Basharat,
employee |
|
| Equipment |
|
15 |
7 |
8 |
-- |
(8) |
Final settlement |
Mr. Fakhr-e-Alam Fazil,
employee |
|
| Equipment |
|
75 |
20 |
55 |
39 |
(16) |
Final settlement |
Mr. Amir Zahoor, employee |
|
| Equipment |
|
60 |
19 |
41 |
40 |
(1) |
Final settlement |
Mr. Adeel Nawazish,
employee |
|
| Equipment |
|
31 |
9 |
22 |
17 |
(5) |
Final settlement |
Mr. Saqib A. Khan,
employee |
|
| Equipment |
|
8 |
2 |
6 |
6 |
-- |
Final settlement |
Mr. Masood Khan, employee |
|
|
=========================================================== |
|
|
|
| June 1998 |
|
7,079 |
4,547 |
2,532 |
2,581 |
49 |
|
|
|
|
|
=========================================================== |
|
|
|
| June 1997 |
|
2,554 |
1,721 |
833 |
1,017 |
184 |
|
|
|
|
|
=========================================================== |
|
|
|
|
|
|
|
(Rupees in 000's) |
|
|
|
June 30 |
June 30 |
|
|
Note |
1998 |
1997 |
|
|
|
|
| 14.
LONG TERM ADVANCES - considered good |
|
| Advances
to employees |
|
|
|
| Chief
executive |
|
4,355 |
1,669 |
|
| Executives |
|
15,257 |
8,089 |
|
| Other
employees |
|
1,556 |
2,098 |
|
|
|
--------------- |
--------------- |
|
|
|
21,168 |
11,856 |
|
| Less:
Installments recoverable within one year |
|
2,231 |
2,193 |
|
|
|
--------------- |
--------------- |
|
|
|
18,937 |
9,663 |
|
|
|
========== |
========== |
|
| Outstanding
for period: |
|
|
|
| -
Exceeding three years |
|
14,694 |
8,955 |
|
| - Others |
|
6,474 |
2,901 |
|
|
|
--------------- |
--------------- |
|
|
|
21,168 |
11,856 |
|
|
|
========== |
========== |
|
| Maximum
aggregate amount outstanding during |
|
|
| the
year in respect of chief executive and executives |
|
19,612 |
12,419 |
|
|
|
========== |
========== |
|
|
| Advances
to executives represent house, personal, transport and computer loans granted
in accordance with |
|
| the
employees' service regulations. |
|
|
| House
loan is repayable within twenty five years of service period with the
restriction of settling loan atleast |
|
| two
years before retirement. Personal loan is repayable in twenty-four equal
monthly installments. Transport |
|
| and
computer loans are repayable in forty-eight equal monthly installments. |
|
|
| 15.
LONG TERM DEPOSITS |
|
|
| Foreign
currency deposits |
|
5.5.1 &5.7.1 |
535,900 |
335,482 |
|
| Less:
Current maturity |
|
|
121,900 |
66,692 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
414,000 |
268,790 |
|
|
|
|
========== |
========== |
|
|
| 15.1
Hedges of Long Term Foreign Currency Borrowings |
|
| In
the absence of exchange risk cover by the State Bank of Pakistan, the
Corporation has adopted an |
|
| alternative
method to hedge foreign exchange risk associated with its foreign currency
borrowings. This |
|
| involves
purchasing foreign currency from the secondary market, placing the foreign
currency on |
|
| deposit
and obtaining credit facilities against these deposits in local currency on a
matching basis. |
|
|
| Premium
paid on purchases of foreign currency from the secondary market is deferred
and is written off |
|
| over
the loan period (note 18 to the accounts). |
|
|
| The
details of hedge transactions are as follows: |
|
|
| Long
term foreign currency borrowings hedged by long term deposits are as
follows: |
|
|
|
|
(Rupees in 000's) |
|
|
| Fifth' loan of Asian
Development Bank |
|
|
|
| (Repayment
commencing from March 25, 1999) |
|
464,600 |
|
|
|
|
========== |
|
| Loan
'B' of International Finance Corporation |
|
|
|
|
| (Repayment
commenced from June 15, 1997) |
|
38,330 |
|
|
|
|
========== |
|
|
|
|
| Long
term deposits to hedge long term borrowings are as follows: |
|
| Deposits
in foreign currency with |
|
| First
International Investment Bank Limited |
|
305,900 |
|
|
|
|
========== |
|
| Pak
Kuwait Investment Company (Private) Limited |
|
230,000 |
|
|
|
|
|
========== |
|
|
|
|
|
|
|
|
(Rupees in 000's) |
|
|
|
|
June 30 |
June 30 |
|
|
|
Note |
1998 |
1997 |
|
| 16.
LONG TERM INVESTMENTS |
|
|
| Listed
companies/modarabas - at average cost |
|
|
| [aggregate
market value Rs. 35.105 million |
|
|
| (1997:
Rs. 43.527 million)] |
|
27.2 |
40,687 |
45,182 |
|
| Unlisted
companies |
|
27.3 |
10,000 |
10,000 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
50,687 |
55,182 |
|
|
|
|
========== |
========== |
|
|
|
|
| 17.
NET INVESTMENT IN LEASE FINANCE |
|
| Minimum
lease payments receivable |
|
4,440,663 |
4,498,605 |
|
| Add:
Residual value of leased assets |
|
629,406 |
596,687 |
|
|
|
--------------- |
--------------- |
|
|
|
5,070,069 |
5,095,292 |
|
|
|
|
--------------- |
--------------- |
|
| Less:
Unearned income |
|
1,228,717 |
1,237,340 |
|
| Provision
for doubtful receivables |
|
191,035 |
90,969 |
|
|
|
--------------- |
--------------- |
|
|
|
1,419,752 |
1,328,309 |
|
|
|
|
--------------- |
--------------- |
|
| Net
investment in lease finance |
|
3,650,317 |
3,766,983 |
|
| Less:
Current portion of net investment |
|
1,494,774 |
1,339,798 |
|
|
|
--------------- |
--------------- |
|
| Long
term portion of net investment |
|
2,155,543 |
2,427,185 |
|
|
|
|
|
|
========== |
========== |
|
|
|
| 17.1
Minimum lease payments receivable over the twelve months amount to Rs.
1,373.596 million (1997: |
|
| Rs.
1,552.537 million). |
|
|
| 17.2
The net investment in lease finance includes Rs 309.382 million (1997: Rs.
251.602 million) in respect |
|
| of
associated companies. Maximum outstanding during the year was Rs. 310.159
million |
|
| (1997:
Rs. 266.646 million). |
|
|
|
|
|
|
(Rupees in 000's) |
|
|
|
June 30 |
June 30 |
|
|
Note |
1998 |
1997 |
|
|
|
|
|
| 18.
LONG TERM PREPAYMENTS AND DEFERRED COST |
|
| Prepayments |
|
|
|
| Deferred cost |
|
|
5,162 |
5,896 |
|
|
|
| Front end fees |
|
|
5,483 |
6,120 |
|
| Less:
Amortised during the year |
|
|
1,171 |
637 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
4,312 |
5,483 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
9,474 |
11,379 |
|
|
|
|
========== |
========== |
|
|
|
|
| 19
SHORT TERM FINANCES - secured |
|
|
| considered
good |
|
|
|
| Finance
under mark-up agreements |
|
|
| net
of provision of Rs. 5.377 million (1997: Rs. 5.377 million) |
|
-- |
-- |
|
| Finance
under buy-back agreements |
|
|
|
|
| net
of provision of Rs. 11.567 million (1997: Rs. 8.488 million) |
|
8,235 |
16,613 |
|
| Against
foreign currency COIs |
|
|
28,647 |
78,073 |
|
| Against
local currency COIs |
|
|
287 |
37,339 |
|
| Bridge finance |
|
|
|
|
| net
of provision of Rs. 12.03 million (1997: Rs. 9 million) |
|
16,470 |
19,500 |
|
| Advance
against letters of credit |
|
|
5,712 |
96,828 |
|
| Advance
against leases |
|
|
-- |
500 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
59,351 |
248,853 |
|
|
|
|
========== |
========== |
|
|
|
|
| 20.
SHORT TERM INVESTMENTS |
|
|
| Government
securities |
|
|
20.1 |
115,000 |
345,800 |
|
| Shares
in listed companies |
|
|
|
|
| -
Purchase under resale obligations |
|
20.2 |
17,300 |
19,998 |
|
| -
Trading portfolio |
|
27.4 |
39,408 |
43,726 |
|
| [market
value Rs. 7.913 million |
|
|
|
| (1997:
Rs. 16.901 million)] |
|
|
|
| Less:
Provision for decline in market value |
|
26,825 |
57,066 |
|
| Adjustment
during the year |
|
|
|
4,670 |
30,241 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
31,495 |
26,825 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
7,913 |
16,901 |
|
| Placements |
|
|
|
|
10,000 |
40,000 |
|
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
150,213 |
422,699 |
|
|
|
|
========== |
========== |
|
|
| 20.1
Government Securities |
|
|
|
| Federal
investment bonds - at cost [aggregate face |
|
| value
Rs. 275 million (1997: Rs. 642 million)] |
|
|
275,000 |
642,000 |
|
| Sale
under repurchase commitments [aggregate face |
|
| value
Rs. 275 million (1997: Rs. 302.2 million)] |
|
(275,000) |
(296,200) |
|
|
|
--------------- |
--------------- |
|
|
|
-- |
345,800 |
|
| NIT Units |
|
|
115,000 |
-- |
|
|
|
|
--------------- |
--------------- |
|
|
|
115,000 |
345,800 |
|
|
|
|
========== |
========== |
|
|
| The
management of the Corporation does not intend to hold the portfolio until
maturities. |
|
|
|
|
| 20.2
Purchase under resale obligation |
|
|
| Against
149,800 ordinary shares of |
|
|
| Pakland
Cement Limited |
|
-- |
19,998 |
|
|
|
|
| Against
5,000,000 ordinary shares of |
|
|
| Saadi
Cement Limited - net of provision |
|
20.2.1 |
17,300 |
-- |
|
|
|
|
--------------- |
--------------- |
|
|
|
17,300 |
19,998 |
|
|
|
|
========== |
========== |
|
|
| 20.2.1
The aggregate resale value is Rs. 26.087 million and aggregate market value
is Rs. 16.250 million. |
|
| The
Corporation is holding additional shares as collateral to cover the decline
in market value. |
|
|
| 21.
ADVANCES, DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES |
|
| Current
portion of advances to chief executive |
|
|
1,212 |
651 |
|
| Current
portion of advances to executives |
|
|
808 |
1,044 |
|
| Current
portion of advances to other employees |
|
|
211 |
498 |
|
| Deposits |
|
|
764 |
714 |
|
| Prepayments |
|
|
16,008 |
27,843 |
|
| Other
receivables |
|
21.1 |
257,643 |
238,173 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
276,646 |
268,923 |
|
|
|
|
========== |
========== |
|
|
| 21.1
Other receivables are net of provision for doubtful receivables amounting to
Rs. 2.933 million |
|
| (1997:
Rs. 2.933 million). |
|
|
| 22.
CASH AND BANK BALANCES |
|
|
| In hand: |
|
|
|
| - Cash |
|
|
3 |
93 |
|
| - Cheques |
|
|
29,562 |
15,999 |
|
|
|
|
| With banks: |
|
|
|
| -
Current accounts |
|
21,643 |
26,090 |
|
| -
Time deposit accounts |
|
|
| ·
Financial institutions |
|
1,223 |
1,901 |
|
| ·
Scheduled banks |
|
20,842 |
37,283 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
22,065 |
39,184 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
73,273 |
81,366 |
|
|
|
|
========== |
========== |
|
| 23.
INCOME FROM INVESTMENTS / FINANCES |
|
| Income
from government securities |
|
|
28,032 |
41,751 |
|
| Income
from other investments |
|
23.1 |
4,612 |
12,710 |
|
| Income
from long term finances |
|
|
35,763 |
12,196 |
|
| Income
from short term finances |
|
|
34,470 |
78,182 |
|
|
|
|
--------------- |
--------------- |
|
|
|
102,877 |
144,839 |
|
|
|
|
========== |
========== |
|
| 23.1
income from other investments |
|
|
| Dividend
income |
|
|
475 |
550 |
|
| Return
on redeemable capital certificate/TFC |
|
|
3,672 |
3,604 |
|
| Profit
on sale of investments |
|
|
465 |
8,556 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
4,612 |
12,710 |
|
|
|
|
========== |
========== |
|
| 24.
OTHER INCOME |
|
|
|
| Fees,
commission and exchange gain |
|
24.1 |
15,550 |
5,785 |
|
| Income
from bank deposits |
|
|
5,171 |
4,256 |
|
| Profit
on disposal of fixed assets |
|
|
49 |
184 |
|
| Others |
|
|
1,597 |
895 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
22,367 |
11,120 |
|
|
|
|
========== |
========== |
|
| 24.1
Fees, commission and exchange gain |
|
|
| Fees |
|
8,725 |
2,815 |
|
| Commission |
|
332 |
1,652 |
|
| Exchange gain |
|
6,493 |
1,318 |
|
|
|
--------------- |
--------------- |
|
|
|
15,550 |
5,785 |
|
|
|
|
========== |
========== |
|
|
| 25.
FINANCIAL CHARGES/RETURN ON BORROWINGS |
|
| Long term finances |
- secured |
|
166,284 |
128,283 |
|
|
- unsecured |
|
2,843 |
3,091 |
|
| Short term finances |
- secured |
|
26,017 |
45,294 |
|
|
- unsecured |
|
24,695 |
56,233 |
|
| Bank charges |
|
|
873 |
590 |
|
| Commission
and brokerage |
|
785 |
930 |
|
| Others |
|
|
13,143 |
7,096 |
|
|
|
--------------- |
--------------- |
|
|
|
234,640 |
241,517 |
|
|
|
========== |
========== |
|
|
|
|
|
| 26.
ADMINISTRATIVE AND OPERATING EXPENSES |
|
| Directors' fee |
|
26.1 |
2 |
4 |
|
| Salaries
and benefits |
|
|
48,442 |
38,766 |
|
| Staff
welfare and training |
|
|
528 |
1,136 |
|
| Rent |
|
|
4,626 |
4,173 |
|
| Insurance |
|
|
4,076 |
4,642 |
|
| Utilities |
|
|
3,758 |
4,115 |
|
| Stationery
and supplies |
|
|
1,441 |
1,712 |
|
| Vehicle
running expenses |
|
|
2,736 |
2,615 |
|
| Travel |
|
|
1,263 |
1,149 |
|
| Legal
and professional charges |
|
26.3 |
4,096 |
5,543 |
|
| Depreciation |
|
|
8,848 |
8,831 |
|
| Donations
/ scholarships |
|
26.4 |
66 |
682 |
|
| Advertisement |
|
|
505 |
4,035 |
|
| Repairs
and maintenance |
|
|
1,617 |
1,523 |
|
| Other
expenses |
|
|
3,300 |
3,438 |
|
|
|
|
--------------- |
--------------- |
|
|
|
85,304 |
82,364 |
|
|
|
|
========== |
========== |
|
|
|
|
|
|
| 26.1
Directors' fee |
|
| Two
directors (1997: two) were paid fees for attending board meetings of the
Corporation. |
|
|
| 26.2
Remuneration of chief executive and other executives |
|
|
|
|
|
|
Rupees in 000's |
|
|
|
-------------------------------------------------------------------------- |
|
|
Chief Executive |
Executives |
|
|
|
-------------------------------------------------------------------------- |
|
|
June 30 |
June 30 |
June 30 |
June 30 |
|
|
1998 |
1997 |
1998 |
1997 |
|
|
|
|
| Managerial
remuneration |
|
3,483 |
2,179 |
10,452 |
9,535 |
|
| Housing
and utilities |
|
1,860 |
275 |
6,443 |
5,844 |
|
| Medical
expenses |
|
115 |
96 |
856 |
802 |
|
| Provident
fund, gratuity and insurance |
385 |
444 |
1,988 |
1,941 |
|
|
|
--------------- |
--------------- |
--------------- |
--------------- |
|
|
|
5,843 |
2,994 |
19,739 |
18,122 |
|
|
|
========== |
========== |
========== |
========== |
|
| Number
of persons |
|
1 |
1 |
57 |
34 |
|
|
|
|
========== |
========== |
========== |
========== |
|
|
| The
chief executive and executives are also entitled to free use of Corporation
maintained cars and certain |
|
| items
of household, furniture and fixtures in accordance with their entitlement. |
|
|
|
|
| The
remuneration of chief executive includes payments of Rs. 3.693 million paid
to ex-chief executive on his |
|
| final
settlement besides the transfer of company car, furniture and fixtures and
certain equipment in |
|
| accordance
with his entitlement. |
|
|
|
|
|
(Rupees in 000's) |
|
|
|
June 30 |
June 30 |
|
|
|
|
|
1998 |
1997 |
|
| 26.3
Auditors' remuneration |
|
|
|
| Legal
and professional charges include: |
|
|
|
| Annual
audit fee |
|
|
|
175 |
150 |
|
| NBFI audit fee |
|
|
|
-- |
177 |
|
| Other
certifications |
|
|
|
60 |
-- |
|
| Out-of-pocket
expenses |
|
|
|
50 |
17 |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
285 |
344 |
|
|
|
========== |
========== |
|
|
|
|
|
| 26.4
Donations |
|
| The
directors of the Corporation or their spouses had no interest in the donees
to whom donations were given. |
|
|
|
|
|
| 27.
INVESTMENT IN LISTED/UNLISTED COMPANIES/MODARABAS |
|
| ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
|
| No. of Shares |
Investment in Listed
Companies/ |
Short term |
Long term |
|
| Certificates |
Modarabas |
|
Investment |
Investment |
|
| held |
|
(Rupees in 000's) |
|
| ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
|
| June 1998 |
June 1997 |
|
June 1998 |
June 1997 |
June 1998 |
June 1997 |
|
| ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
|
| 12,273 |
12,273 |
First Habib |
|
|
165 |
165 |
|
|
| 5 |
5 |
Mohib Textile Mills Ltd. |
|
-- |
-- |
|
|
| 540 |
450 |
Sakrand Sugar Mills
Ltd. |
5 |
5 |
|
|
| 100 |
400 |
Yousaf Weaving Mills Ltd. |
|
2 |
6 |
|
|
| 65,746 |
65,746 |
First Mehran Modaraba |
1,043 |
1,043 |
|
|
| -- |
300 |
Chashma Sugar
Mills Ltd. |
-- |
5 |
|
|
| 80 |
380 |
Nishat (Chunian)
Ltd. |
1 |
3 |
|
|
| 87 |
87 |
Brother Textile Mills
Ltd. |
2 |
2 |
|
|
| 40,595 |
40,595 |
First Prudential Modaraba |
|
442 |
442 |
|
|
| 3,500 |
3,500 |
L.T.V.C.M. (Face value Rs
5 per share) |
27 |
27 |
|
|
| 902 |
902 |
Gulshan Spinning Mills
Ltd. |
|
33 |
33 |
|
|
| 31,398 |
9,697 |
Third Prudential Modaraba |
|
78 |
78 |
|
|
| 31,398 |
31,398 |
First Fidelity Leasing
Modaraba |
|
617 |
617 |
|
|
| 14,200 |
14,200 |
First Crescent Modaraba |
|
267 |
267 |
|
|
| 39,000 |
39,000 |
Awan Textile Mills Ltd. |
|
390 |
390 |
|
|
| 8,320 |
8,320 |
Pioneer Cables Ltd. |
|
225 |
225 |
|
|
| -- |
800 |
First UDL Modaraba |
|
-- |
13 |
|
|
| 28,955 |
25,063 |
Sui Northern Gas
Pipelines Ltd. |
|
606 |
606 |
|
|
| 425 |
425 |
I.C.I. Pakistan Ltd. |
|
10 |
10 |
|
|
| 13,834 |
13,834 |
Nishat Mills Ltd. |
|
550 |
550 |
|
|
| 20,000 |
20,000 |
Allied Motors Ltd. |
|
305 |
305 |
|
|
| -- |
4,987 |
Askari Commercial Bank
Ltd. |
|
-- |
256 |
|
|
| -- |
900 |
BRR Second Modaraba |
|
-- |
13 |
|
|
| 3,000 |
3,000 |
Capital Assets Leasing
Ltd. |
|
32 |
32 |
|
|
| 8,065 |
8,065 |
Crescent Investment Bank
Ltd. |
|
517 |
517 |
|
|
| 7,004 |
8,265 |
Crescent Steel Ltd. |
|
500 |
717 |
|
|
| 24,100 |
24,100 |
D.G. Khan Cement Ltd. |
|
1,671 |
1,671 |
|
|
| 13,000 |
13,000 |
Fecto Cement Ltd. |
|
678 |
678 |
|
|
| -- |
875 |
Gadoon Textile Mills Ltd. |
|
-- |
69 |
|
|
| 200,000 |
200,000 |
Glamour Textile Mills
Ltd. |
|
5,016 |
5,016 |
|
|
| -- |
27,500 |
First Grindlays Modaraba |
|
-- |
966 |
|
|
| 6,980 |
6,980 |
P.I.L. Corp. Ltd. |
|
479 |
479 |
|
|
| 18,589 |
16,308 |
Searle Pakistan Ltd. |
|
1,305 |
1,305 |
|
|
| 1,800 |
1,500 |
Soneri Bank Ltd. |
|
-- |
-- |
|
|
| 333 |
333 |
Tri Star Polyestar Ltd. |
|
6 |
6 |
|
|
| 168 |
168 |
Trust Leasing Corporation
Ltd. |
|
8 |
8 |
|
|
| -- |
400 |
First Interfund Modaraba |
|
-- |
7 |
|
|
| 100 |
100 |
Trust Modaraba |
|
1 |
1 |
|
|
| 8,000 |
8,000 |
Gulistan Spinning Mills
Ltd. |
|
279 |
279 |
|
|
| 50 |
24,550 |
Ansari Sugar Mills Ltd. |
|
-- |
216 |
|
|
| 500 |
33,000 |
Security Investment Bank
Ltd. |
|
17 |
1,146 |
|
|
| -- |
225 |
Muslim Commercial Bank
Ltd. |
|
-- |
21 |
|
|
| -- |
400 |
A1-Faysal Investment Bank
Ltd. |
-- |
15 |
|
|
| -- |
6,900 |
Bankers Equity Ltd. |
|
-- |
274 |
|
|
| 984 |
984 |
Union Bank Ltd. |
|
36 |
36 |
|
|
| 11,200 |
11,200 |
Lucky Cement Ltd. |
|
232 |
232 |
|
|
| 12,705 |
12,705 |
Asian Leasing Corporation
Ltd. |
|
417 |
434 |
|
|
| 60 |
210 |
Pakistan
Telecommunication Company Ltd. |
290 |
1,014 |
|
|
| 1,310 |
1,310 |
Karachi Electric .Supply
Corporation Ltd. |
4 |
4 |
|
|
| 6,750 |
6,750 |
Maple Leaf Cement Ltd. |
|
464 |
464 |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
.........carried forward |
|
16,720 |
20,668 |
|
|
|
|
|
========== |
========== |
|
|
|
|
|
|
........ brought forward |
|
16,720 |
20,668 |
|
| 6,650 |
6,650 |
K.A.SB. & Co. Ltd. |
|
585 |
585 |
|
| 906,788 |
906,788 |
K.A.SB. Premier Fund Ltd. |
|
9,068 |
9,068 |
|
| -- |
4,600 |
Sunflo Citrus Ltd. |
|
-- |
58 |
|
| 20,000 |
20,000 |
Dhan Fibres ltd. |
|
262 |
262 |
|
| 17,192 |
14,950 |
Sui Southern Gas Co Ltd. |
|
449 |
449 |
|
| 7,001 |
16,001 |
General Tyres &
Rubber Co Ltd. |
240 |
548 |
|
| 100,000 |
100,000 |
D.G. Electric Ltd. |
|
3,100 |
3,100 |
|
| -- |
400 |
Pak Apex Leasing Co. Ltd. |
|
-- |
4 |
|
| 561,500 |
561,500 |
Ibrahim Fibres Ltd. |
|
8,984 |
8,984 |
|
|
|
--------------- |
--------------- |
|
| 27.1 |
|
Sub Total |
|
|
39,408 |
43,726 |
|
|
|
|
|
========== |
========== |
|
|
| 150,000 |
150,000 |
FFC - Jordan Fertilizer
Ltd. |
|
|
-- |
2,777 |
|
| 1,000,000 |
1,000,000 |
K.A.S.B. Premier Fund
Ltd. (Pre IPO) |
|
|
10,000 |
10,000 |
|
| 648,487 |
648,487 |
Agriautos Industries Ltd. |
|
|
4,864 |
4,864 |
|
| 200,000 |
200,000 |
Elahi Electric Ltd. |
|
|
4,291 |
4,291 |
|
| 10,000 |
10,000 |
Chakwal Cement Ltd. - GDR |
|
|
|
|
|
(Face Value Rs 11.275 per
share) |
|
|
2,819 |
2,819 |
|
| 342,946 |
518,692 |
LTVCM - RCC |
|
|
|
|
|
(Face Value Rs. 15 to Rs
65 per certificate) |
|
|
13,717 |
15,433 |
|
| 50 |
50 |
Nishat Tek Ltd.-TFC |
|
|
|
|
|
(Face Value Rs 100,000
per Certificate) |
|
|
4,996 |
4,998 |
|
|
|
|
--------------- |
--------------- |
|
| 27.2 |
|
Sub Total |
|
|
|
40,687 |
45,182 |
|
|
|
|
|
|
========== |
========== |
|
|
|
|
|
|
|
|
|
Investment in Unlisted
Companies |
|
| 1,000,000 |
1,000,000 |
Mac Pac Film Ltd. |
|
|
(Mr. Maqbool Ellahi -
Chief Executive) |
|
|
10,000 |
10,000 |
|
|
|
|
| 27.3 |
|
Sub Total |
|
|
10,000 |
10,000 |
|
|
| 27.4
Total Short Term investments |
|
|
39,408 |
43,726 |
|
|
========== |
========== |
========== |
========== |
|
| 27.5
Total Long Term Investments |
|
|
50,687 |
55,182 |
|
|
========== |
========== |
========== |
========== |
|
|
| Unless
otherwise stated holding are in ordinary shares/certificates of Rs. 10 each. |
|
|
| Investment
with a carrying value of Rs. 0.940 million (1997: Rs. 3.049 million) are not
held in the name of |
|
| the
Corporation but are covered by blank transfer deeds. |
|
|
|
|
|
|
(Rupees in 000's) |
|
|
Note |
June 30 |
June 30 |
|
|
|
1998 |
1997 |
|
|
|
|
| 28.
CASH GENERATED FROM OPERATIONS |
|
| Profit
before taxation |
|
|
78,027 |
129,656 |
|
|
|
|
|
|
|
| Adjustments
for non cash charges and |
|
|
| other items: |
|
|
|
|
| Depreciation |
|
13 |
8,848 |
8,831 |
|
| Amortisation
of deferred cost |
|
18 |
1,171 |
637 |
|
| Provision
for gratuity |
|
|
1,273 |
1,447 |
|
| Provision
for doubtful debts |
|
|
110,755 |
55,473 |
|
| Provision
for diminution in the value of investments |
|
7,243 |
407 |
|
| Profit
on sale of fixed assets |
|
13.2 |
(49) |
(184) |
|
| Income
from other investments |
|
23.1 |
(4,612) |
(12,710) |
|
| Mark-up
on borrowing and return on certificates of investment |
|
443,306 |
508,428 |
|
| Working
capital changes |
|
28.1 |
448,442 |
(172,832) |
|
|
|
|
-------------- |
-------------- |
|
|
|
|
1,016,377 |
389,497 |
|
|
|
|
-------------- |
-------------- |
|
|
|
|
1,094,404 |
519,153 |
|
|
|
|
========== |
========== |
|
|
|
|
| 28.1
Working Capital Changes |
|
| (lncrease)/decrease
in current assets |
|
| Short
term finances |
|
183,393 |
29,696 |
|
| Short
term investments |
|
260,745 |
(68,829) |
|
| Income
accrued or due |
|
10,696 |
(4,039) |
|
| Deposits,
prepayments and other receivables |
|
(7,684) |
(43,939) |
|
|
|
-------------- |
-------------- |
|
|
|
447,150 |
(87,111) |
|
|
|
|
|
|
| Increase/(decrease)
in current liabilities |
|
|
|
|
|
|
| Short
term finances |
|
|
|
23,465 |
(54,853) |
|
| Accrued
expenses and other liabilities |
|
|
(22,173) |
(30,868) |
|
|
|
|
|
-------------- |
-------------- |
|
|
|
|
|
1,292 |
(85,721) |
|
|
|
|
|
-------------- |
-------------- |
|
|
|
|
|
448,442 |
(172,832) |
|
|
|
|
|
========== |
========== |
|
|
| 29.
COMPARATIVE FIGURES |
|
| 29.1
Previous year's figures have been rearranged in order to conform to the
presentation for the current year. |
|
| |
|
| 29.2
Figures have been rounded off to the nearest thousand rupees. |
|
|
|
| Pattern
of Shareholding as at June 30, 1998 |
|
|
| Category of |
|
Number of |
Shares |
Percentage |
|
| Shareholders |
|
Shareholders |
Held |
|
|
|
| 1. Individuals |
|
|
2,952 |
20,509,942 |
27.173 |
|
| 2.
Investment Companies |
|
15 |
1,019,822 |
1.351 |
|
| 3. Insurance Companies |
|
5 |
839,609 |
1.112 |
|
| 4.
Joint Stock Companies |
|
41 |
24,426,733 |
32.362 |
|
| 5.
Financial Institutions |
|
6 |
15,590,837 |
20.656 |
|
| 6. Modaraba |
|
15 |
448,237 |
0.594 |
|
| 7.
Foreign Investors |
|
45 |
12,638,484 |
16.744 |
|
| 8.
Co-operative Societies |
|
1 |
6,336 |
0.008 |
|
|
|
-------------- |
-------------- |
-------------- |
|
| Total |
|
3,080 |
75,480,000 |
100.000 |
|
|
|
========== |
========== |
========== |
|
|
| Number of |
|
Total |
|
| Shareholders |
|
Shareholdings |
|
Shares Held |
|
|
| 271 |
1 |
-- |
100 |
12,099 |
|
| 557 |
101 |
-- |
500 |
139,903 |
|
| 461 |
501 |
-- |
1000 |
294,196 |
|
| 1,207 |
1001 |
-- |
5000 |
2,477,600 |
|
| 270 |
5001 |
-- |
10000 |
1,751,429 |
|
| 94 |
10001 |
-- |
15000 |
1,081,241 |
|
| 36 |
15001 |
-- |
20000 |
621,017 |
|
| 32 |
20001 |
-- |
25000 |
700,006 |
|
| 16 |
25001 |
-- |
30000 |
432,566 |
|
| 14 |
30001 |
-- |
35000 |
446,350 |
|
| 14 |
35001 |
-- |
40000 |
520,594 |
|
| 6 |
40001 |
-- |
45000 |
256,410 |
|
| 6 |
45001 |
-- |
50000 |
287,225 |
|
| 3 |
50001 |
-- |
55000 |
156,744 |
|
| 3 |
55001 |
-- |
60000 |
174,195 |
|
| 4 |
60001 |
-- |
65000 |
250,723 |
|
| 4 |
65001 |
-- |
70000 |
267,306 |
|
| 5 |
70001 |
-- |
75000 |
366,195 |
|
| 2 |
75001 |
-- |
80000 |
157,419 |
|
| 3 |
80001 |
-- |
85000 |
248,325 |
|
| 1 |
95001 |
-- |
100000 |
99,094 |
|
| 2 |
100001 |
-- |
105000 |
207,049 |
|
| 6 |
105001 |
-- |
110000 |
635,618 |
|
| 4 |
110001 |
-- |
115000 |
459,345 |
|
| 1 |
115001 |
-- |
120000 |
117,601 |
|
| 1 |
125001 |
-- |
130000 |
127,051 |
|
| 1 |
130001 |
-- |
135000 |
133,876 |
|
| 2 |
140001 |
-- |
145000 |
285,703 |
|
| 1 |
155001 |
-- |
160000 |
155,821 |
|
| 1 |
165001 |
-- |
170000 |
166,951 |
|
| 3 |
170001 |
-- |
175000 |
516,102 |
|
| 2 |
175001 |
-- |
180000 |
353,708 |
|
| 2 |
200001 |
-- |
205000 |
404,262 |
|
| 2 |
220001 |
-- |
225000 |
440,957 |
|
| 1 |
235001 |
-- |
240000 |
236,725 |
|
| 1 |
240001 |
-- |
245000 |
242,879 |
|
| 1 |
260001 |
-- |
265000 |
262,502 |
|
| 1 |
265001 |
-- |
270000 |
269,920 |
|
| 1 |
270001 |
-- |
275000 |
272,871 |
|
| 1 |
275001 |
-- |
280000 |
277,969 |
|
| 1 |
290001 |
-- |
295000 |
293,836 |
|
| 1 |
310001 |
-- |
315000 |
310,883 |
|
| 2 |
315001 |
-- |
320000 |
633,606 |
|
| 1 |
325001 |
-- |
330000 |
329,353 |
|
| 2 |
330001 |
-- |
335000 |
663,606 |
|
| 1 |
335001 |
-- |
340000 |
336,528 |
|
| 1 |
340001 |
-- |
345000 |
343,878 |
|
| 1 |
350001 |
-- |
355000 |
352,512 |
|
| 1 |
400001 |
-- |
405000 |
400,962 |
|
| 1 |
415001 |
-- |
420000 |
416,133 |
|
| 1 |
425001 |
-- |
430000 |
427,465 |
|
| 1 |
455001 |
-- |
460000 |
456,862 |
|
| 2 |
485001 |
-- |
490000 |
487,616 |
|
| 1 |
530001 |
-- |
535000 |
1,062,660 |
|
| 1 |
575001 |
-- |
580000 |
576,101 |
|
| 1 |
600001 |
-- |
605000 |
602,181 |
|
| 1 |
630001 |
-- |
635000 |
631,603 |
|
| 1 |
650001 |
-- |
655000 |
650,824 |
|
| 1 |
735001 |
-- |
740000 |
735,537 |
|
| 1 |
760001 |
-- |
765000 |
760,920 |
|
| 1 |
920001 |
-- |
925000 |
921,756 |
|
| 1 |
995001 |
-- |
1000000 |
995,557 |
|
| 1 |
1255001 |
-- |
1260000 |
1,257,597 |
|
| 1 |
1320001 |
-- |
1325000 |
1,322,233 |
|
| 1 |
1440001 |
-- |
1445000 |
1,444,346 |
|
| 1 |
1865001 |
-- |
1870000 |
1,865,086 |
|
| 1 |
2190001 |
-- |
2195000 |
2,194,418 |
|
| 1 |
2970001 |
-- |
2975000 |
2,972,435 |
|
| 1 |
3315001 |
-- |
3320000 |
3,316,981 |
|
| 1 |
3350001 |
-- |
3355000 |
3,350,079 |
|
| 1 |
3625001 |
-- |
3630000 |
3,626,023 |
|
| 1 |
3650001 |
-- |
3655000 |
3,650,441 |
|
| 1 |
9865001 |
-- |
9870000 |
9,869,548 |
|
| 1 |
11910001 |
-- |
11915000 |
11,912,546 |
|
| -------------- |
|
-------------- |
|
| 3,080 |
|
Totals |
|
75,480,000 |
|
| ========== |
|
========== |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
