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GRAY LEASING LIMITED
Annual Reports 2003
CONTENTS
COMPANY INFORMATION
VISION AND MISSION STATEMENT
NOTICE OF THE MEETING
DIRECTORS REPORT
STATEMENT OF COMPLIANCE WITH THE BEST PRACTICES
OF CORPORATE GOVERNANNCE
REVIEW REPORT TO THE MEMBERS ON STATEMENT OF COMPLIANCE
WITH BEST PRACTICES OF CODE OF CORPORATE GOVERNANCE
AUDITORS REPORT
BALANCE SHEET
PROFIT AND LOSS ACCOUNT
CASH FLOW STATEMENT
STATEMENT OF CHANGES IN EQUITY
NOTES TO THE ACCOUNTS
PATTERN OF SHAREHOL DING
COMPANY INFORMATION
BOARD OF DIRECTORS Mr. Harold John Gray Chairman
Mr. Khawar Anwar Khawaja Vice Chairman
Mr. Abdul Rashid Mir Chief Executive
Mr. Paul Douglas Gray
Mr. Ronald George Blake
Mr. Muhammad Tahir Butt
Mr. Khurram Anwar Khawaja
Mr. Saeed Ahmad Jabal
Mr. Muhammad Farooq
Mrs. Nuzhat Khawar Khawaja
AUDIT COMMITTEE Mr. Khawar Anwar Khawaja
Mr. Muhammad Tahir Butt
Mr. Muhammad Farooq
AUDITORS Riaz Ahmad & Company
Chartered Accountants
10-B, Saint Mary Park
Main Boulevard, Gulberg-lll
Lahore-54000 (Pakistan)
Ph: (042) 571 81 36-39
Fax: (042)5714340
E-mail: racolhr@brain.net.pk
MANAGEMENT CONSULTANT Sarfraz Mahmood (Pvt) Ltd.
COMPANY SECRETARY/
CHIEF FINANCIAL OFFICER Mr. Fawad Hanif
LEGAL ADVISOR Saeed Akhtar
Advocate & Corporate Counsel
REGISTERED AND HEAD OFFICE 41 -A, Lawrence Road, Lahore.
Tel:   (042)6372159-61
Fax: (042)6371898
E-mail: gll@nexlinx.net.pk
BANKERS Standard Chartered Grindlays
BankAlfalah Ltd.
The Bank of Punjab
The Bank of Khyber
Askari Commercial Bank Ltd.
Muslim Commercial Bank Ltd.
Faysal Bank Ltd.
First Women Bank Ltd.
Prime Commercial Bank Ltd.
Habib Bank Ltd.
VISION
To be one of the most progressive institutions in the financial sector by providing quality
service to our clientele in a superior manner, maintaining high ethical and professional
standards, striving for continuous improvements and consistent growth to add value to our
shareholders and our team of conscientious employees and a fair contribution to the
national economy.
MISSION
To develop a client base representing all segments of the economy; emphasis being
placed on financial support to medium and small enterprises for their expansion,
balancing and modernization requirements.
To endeavor for a lasting relationship with clients and associates on the principles of
Mutualism.
To transform the company into a dynamic, profitable and growth oriented institution
through an efficient resource mobilization and the optimum utilization thereof.
To provide healthy environment and corporate culture for good governance of the
company which ensures exceptional value for clients, personnel and the investors
above all.
To implement the best professional standards with due observance of moral and
ethical values in all respects of corporate life which will Insha Allah bring social and
economic parity and prosperity among Nation and turn Pakistan into a Modern and
Liberal Muslim Welfare State.
NOTICE OF THE 8™ ANNUAL GENERAL MEETING
Notice is hereby given that the 8th Annual General Meeting of the Company will be held on October 25,
2003 at 11:00 a.m at registered office of the Company located at 41-A Lawrence Road, Lahore to
transact the following business:
Ordinary Business
1     To confirm the minutes of the 7th Annual General Meeting held on November 01, 2002;
2     To receive, consider and adopt the audited accounts of the company for the year ended June
30, 2003 together with the Directors' and Auditors' reports thereon;
3     To approve the payment of cash dividend @ 10% (Re. 1/- per share) as recommended by the
directors for the year ended June 30, 2003;
4     To appoint auditors and to fix their remuneration. The present auditors Messrs. Riaz Ahmad and
Company, Chartered Accountants, retire and being eligible, offer themselves for re-appointment;
5     To transact any other business with the permission of the chair.
BY ORDER OF THE BOARD
FAWAD HANIF
Lahore: September 27, 2003                                                                      (COMPANY SECRETARY)
NOTES:
1.    The members register will remain closed from October 18, 2003 to October 24, 2003 (both
days inclusive). Transfers received at the registered office by the close of business hours on
October 17, 2003 will be treated in time for the entitlement of dividend.
2.    A member entitled to attend and vote at the meeting may appoint another member as
his/her proxy to attend, speak and vote at the meeting. The instrument of proxy in order to
be effective must be received at the Registered Office of the Company not later than 48
hours before the meeting.
3.    Members are requested to immediately notify the change in address, if any.
4.    CDC account holders will have to follow the following guidelines for attending the meeting.
i. In case of individuals, the account holders, sub account holders and the person
whose securities are in group account and their registration details are uploaded as
per the regulations, shall authenticate his/her identity by showing original I.D card or
passport at the time of attending the meeting. The shareholders registered on CDS
are also requested to bring their participants I.D numbers and account number in
CDS.
ii. In case of corporate entity, the Board of Directors' resolution/power of attorney with
specimen signature of the nominee shall be produced (unless provided earlier) at
the time of meeting.
DIRECTORS' REPORT
On behalf of the Board of Directors, I am pleased to present the Annual Report together with the audited
financial statements for the year ended June 30,2003.
OPERATING RESULTS
The operating results of the company forthe year are as under: Rupees
Total revenue 104,434,972
Total expenses 64.570.937
Profit before tax 39,864,035
Provision for taxation:
Current 1,766,661
Deferred 5.700.000
7.466.661
Profit after tax 32,397,374
Un-appropriated profit brought forward 711.293
Profit available for appropriation 33,108,667
Appropriations:
Transfer to statutory reserve 6,479,475
Proposed dividend @ 1 0 % 18.000.000
24,479.48
Un-appropriated profit 8,629,192
Earning per share 1.8
KEY OPERATING AND FINANCIAL DATA
Key operating and other financial data for the last six years is being given hereinafter this report.
REVIEW OF OPERATIONS
During the year under review, we transacted business worth Rupees 446 million comprising 403 leases as
compared to Rupees 400 million placed in 283 leases during the preceding year; growth being 11.5 percent.
Gross investment in finance leases as at 30 June 2003 stands at Rupees 1,020 million against Rupees 853
million on 30 June 2002, while the net investment stands at Rupees 861 million on 30 June 2003 against
Rupees 696 million the last year - growth during this year has been 24 percent.
The gross revenue from operations was Rupees 104.435 million (Rupees 90.960 million in 2002 and net profit
before and after tax was Rupees 39.864 million and Rupees 32.397 million respectively as compared to
Rupees 32.178 million and Rupees 23.219 million during the preceding year.
Dear shareholders, we still emphasize on small and medium size leases with Select-Clientele in various
industrial and commercial sectors to finance their "balancing, modernization and expansion" activities, and
for this very purpose, we have all along concentrated on lease financing of plant, machinery and equipments
to various industrial units to strengthen their production base. However, the management of your company
also believes in assets quality; assets which do have a ready market at reasonable resale values. From this
point of view, vehicles are presently considered to be on top; hence, much of the leasing business presently
concentrates on and around the automobile financing. Your company has also done quite a handsome
business in this sector.
However, irrespective of the nature or type of asset, we have all along been quite vigilant and strict in our
evaluation and risk management procedures and internal controls. All leases are very carefully screened by
the Credit Evaluation Department being monitored by the Executive Committee and the Senior Management.
Risk diversification is also ensured by maintaining a balanced sector-wise exposure.
CREDIT RATING
JCR-VIS has assigned us Medium to Long-Term Entity Rating at BBB+ (Triple B Plus) while the
Short-Term Entity Rating and the Equity Rating was maintained at A-2 ( A Two ) and PE-3+. The
outlook on the Entity and Equity Ratings was considered "Stable". The surveillance of these ratings is
again in process and we hope it will improve by another notch when our net investment in lease
finance crosses a billion rupees figure.
RESOURCE MOBILIZATION
Long-Term credit lines of Rupees 166 million have been availed during this period. Further, your
company also succeeded in managing a blend of medium and short term cheaper funds which
enabled the company to keep the average cost of funding compatible with our placements. We have
also raised short-term funds by issuing Certificates of Investment.
At present, we are almost at the final stage of issuance of Privately Placed Term Finance Certificates
amounting to Rupees 250 million for a tenor of four years while arrangements for floatation of Listed
Term Finance Certificates amounting to Rupees 250 million for 4-5 years tenor are also underway
and will hopefully be concluded during the second half of this year.
Human resource development is an equally important area. To develop a team of dedicated and
devoted professionals, we have very recently engaged a number of persons, mostly at the very entry
level, who are undergoing appropriate training in various fields according to our future requirements.
THE ECONOMY AND THE LEASING SECTOR
The economy
Having remained in a state of stagnation for over five years, Pakistan's Economy has made
significant strides during the year under review. Despite lack of clarity on domestic political and
external geo-political fronts, massive un-empioyment, grave poverty and low productivity problems,
the Fconnr-y has been remarkably resilient. This indicates that the economic strategy had so far
focused almost exclusively on the restoration of mac^c economic stability while poverty reduction
and employment generation is considered to be achieved as an eventual outcome of macro-
ic stability
Pakistan is currently undergoing dramatic political and economic changes which have resulted in
strong economic fundamentals and international political and economic support. Consequently, the
liquidity flows have been unprecedented interest rates are at their lowest and foreign exchange
reserves are at their highest ever. Moving forward to fiscal 2003-04 when the economic indicators are
much stronger than we have seen in a decade, the socio-political stability in the country will surely
lead to a lot of improvements in key fundamentals and positive spill over effect on the overall
economy.
We believe that these indicators will remain stable and create a favorable climate for investment
which would obviously work as a growth engine for the economy. A pickup in investment in turn will
lead to an upswing in employment, rise in per capita income and higher consumption. Furthermore,
for business, higher aggregate demand will create scope for greater capacity utilization and higher
corporate earnings,
The leasing sector
One of the most formidable challenges being faced bv the leasing companies at present is the
growing presence of commercial banks in the lease market. Their low cost of funds, colossal size and
extensive branch network has intimidated the leasing companies which have been forced to work on
very lean sorear*
However, leasing and banking are two different concepts; while leasing inherently entails risk,
commercial banks are risk averse. That is why the leasing companies undertaking leasing as their
core business have so far faced this challenge somehow successfully. They have undoubtedly
beaten a severe competition from commercial banks just with efficient and prudent risk management.
Nevertheless, the leasing companies will now have to offer exceptionally efficient and quality
services and variety of products which may suit to their clients' financial problems in a much better
way. The newly framed "Non-banking Financial Companies" Rules open another avenue for these
companies.
FUTURE OUTLOOK
The Leasing Sector in Pakistan is under severe pressure and competition from commercial banks
and DFIs which have entered this sector quite vigorously. Their low cost of funds and strong branch
net work give them an edge over the much smaller leasing companies. On the other side, they lack
leasing expertise and always rely upon strong collaterals from their clients. As such the leasing
companies still have a great potential. The leasing concept, being closest to the tenets of Islam, is
gradually increasing its share in the financial markets of the country
Grays leasing has gained an excellent reputation in the market and, being a keen observer of the
changing scenario, will consolidate and concentrate on its corporate goals without compromising on
quality and ethical standards.
We are also increasing our branch net-work. In October 2002, we established a full-fledged Branch at
Karachi, the financial hub of the country which will, Insha Allah, succeed to generate quite a fair
volume of business and add value to the investment of our stakeholders.
DIVIDEND
In consistence with our previous practice and in line with our key objectives and corporate policy, the
board of directors has proposed 10 percent cash dividend. We are confident to continue this policy in
future as well.
CODE OF CORPORATE GOVERNANCE
A statement of compliance with the Code of Corporate Governance is also given hereinafter. We fully
support and endorse implementation of this Code and believe that this will strengthen the corporate
sector of the country in line with the Global trends. Therefore, we have implemented the code and
there is no material departure from it. All major disclosures as required under the code have been
complied with.
The financial statements annexed hereto, present fairly its state of affairs, the results of its operations,
cash flows and changes in equity. Proper books of accounts have been maintained and appropriate
accounting policies have been applied consistently using reasonable and prudent accounting
estimates as well as accordance with the International Accounting Standards and other relevant
provisions of law. An effective system of internal controls has also been implemented and regularly
monitored. There is no significant doubt upon the ability of the company to continue its operations as
a going concern.
INTERNAL CONTROLS
The company has implemented a computer-based management information system. We have also
made significant progress in the development of in-house programs and implementation of new
software and its applications which provide a centralized database, support integration between our
lease administration and financial systems, and assist the company in providing meaningful data in
time for management decision making. This system is being continuously reviewed by internal and
statutory auditors; hence it works as a strong internal control over company operations in all spheres
of corporate and financial management.
CREDIT RATING
JCR-VIS has assigned us Medium to Long-Term Entity Rating at BBB+ (Triple B Plus) while the
Short-Term Entity Rating and the Equity Rating was maintained at A-2 ( A Two ) and PE-3+. The
outlook on the Entity and Equity Ratings was considered "Stable", The surveillance of these ratings is
again in process and we hope it will improve by another notch when our net investment in (ease
finance crosses a billion rupees figure.
RESOURCE MOBILIZATION
Long-Term credit lines of Rupees 166 million have been availed during this period. Further, your
company also succeeded in managing a blend of medium and short term cheaper funds which
enabled the company to keep the average cost of funding compatible with our placements. We have
also raised short-term funds by issuing Certificates of Investment.
At present, we are almost at the final stage of issuance of Privately Placed Term Finance Certificates
amounting to Rupees 250 million for a tenor of four years while arrangements for floatation of Listed
Term Finance Certificates amounting to Rupees 250 million for 4-5 years tenor are also underway
and will hopefully be concluded during the second half of this year.
Human resource development is an equally important area. To develop a team of dedicated and
devoted professionals, we have very recently engaged a number of persons, mostly at the very entry
level, who are undergoing appropriate training in various fields according to our future requirements.
THE ECONOMYAND THE LEASING SECTOR
The economy
Having remained in a state of stagnation for over five years, Pakistan's Economy has made
significant strides during the year under review. Despite lack of clarity on domestic political and
external geo-political fronts, massive un-empfoyment. grave poverty and low productivity problems,
the Economy has been remarkably resilient. This indicates that the economic strategy had so far
focused almost e^ausive'v or' the i>'3sto".;i!;^;n of macrc economic stability while poverty reduction
and employment generation is considered to be achieved as an eventual outcome of macro-
p^oporr ic stability
Pakistan is currently undergoing dramatic political and economic changes which have resulted in
strong economic fundamentals and i Uerrvitiona! political and economic support. Consequently, the
liquidity flows have been unprecedented interest rates are at their lowest and foreign exchange
reserves are at their highest ever. Moving forward to fiscal 2003-04 when the economic indicators are
much stronger than we have seen in a decade, the socio-political stability in the country will surely
lead to a lot of improvements in key fundamentals and positive spill over effect on the overall
economy.
We believe that these indicators will remain stable and create a favorable climate for investment
which would obviously work as a growth engine for the economy. A pickup in investment in turn will
lead to an jpswing /•> employment, rise in per capita income and higher consumption. Furthermore,
for business, higher aggregate demand /vi'l create scope for greater capacity utilization and higher
corporate earnings.
The leasing sector
One of the most formidable challenges being faced bv the leasing companies at present is the
growing presence of commercial banks in the l^ase market. Their low cost of funds, colossal size and
extensive branch network has intimidated the leasing companies which have been forced to work on
very lean spread
KEY OPERATING AND FINANCIAL DATA FOR SIX YEARS
1998 1999 2000 2001 2002 2003
PROFIT AND LOSS Revenue 28,682 46,924 58,035 73,864 90,960 104,435
Financial charges 2,231 13,997 19,870 30,153 38,860 40,858
Provision for doubtful receivables - 128 499 1,611 4,277 8,380
Profit before tax 16,852 22,500 25,660 28,953 32,178 39,864
Profit after tax 16,392 20,400 24,750 27,732 23,219 32,397
Dividend - 15,000 15,000 15,000 18,000 18,000
BALANCE SHEET
Paid up share capital 100,000 100,000 100,000 150,000 180,000 180,000
Shareholders equity 119,754 125,154 115,605 170,336 205,555 219,953
Borrowings 51,259 115,046 186,869 215,948 353,393 425,311
Net investment in finance leases 187,190 293,640 370,129 508,834 696,220 860,700
Total assets 202,499 306,541 412,348 528,129 748,158 896,455
PERFORMANCE INDICATORS
Profit before tax/Gross revenue 59% 48% 44% 39% 35% 38%
Profit after tax/Gross revenue 57% 43% 43% 38% 26% 31%
Return on shareholder's equity 14% 16% 21% 16% 11% 15%
Income/Expense ratio 2.42 1.92 1.79 1.64 1.55 1.62
Total borrowings to equity ratio 30:70 48:52 62:38 56:44 63:37 64:36
Interest coverage ratio 8.55 2.61 2.29 1.96 1.82 1.98
Earning per share 1.64 2.04 2.48 2.51 1.54 1.8
Break up value per share 6.65 6.95 6.42 9.46 11.42 12.22
Lease disbursements 142,809 179,361 241,600 307,700 399,490 446,205
Number of contracts 129 164 250 250 283 403
STATEMENT OF COMPLIANCE WITH THE BEST PRACTICES OF
CORPORATE GOVERNANCE
The requirements of the Code of Corporate Governance set out by the Karachi and Lahore Stock Exchanges in
their Listing Rules, relevant for the year ended June 30, 2003 have been duly complied with.
FOR AND ON BEHALF OF THE BOARD
ABDUL RASHID MIR
25  September 2003                                                                                             Chief Executive/Director
REVIEW REPORT TO THE MEMBERS ON STATEMENT OF COMPLIANCE WITH BEST
PRACTICES OF CODE OF CORPORATE GOVERNANCE
We have reviewed the Statement of Compliance with the best practices contained in the Code of Corporate
Governance prepared by the Board of Directors of Grays Leasing Limited to comply with the Listing Regulation No.37
(Chapter XI) of the Karachi Stock Exchange and Chapter XIII of the Listing Regulations of Lahore Stock Exchange
where the Company is listed.
The responsibility for compliance with the Code of Corporate Governance is that of the Board of Directors of the
Company. Our responsibility is to review, to the extent where such compliance can be objectively verified, whether the
Statement of Compliance reflects the status of the Company's compliance with the provisions of the Code of
Corporate Governance and report if it does not. A review is limited primarily to inquiries of the Company personnel and
review of various documents prepared by the Company to comply with the Code.
As part of our audit of financial statements we are required to obtain an understanding of the accounting and internal
control systems sufficient to plan the audit and develop an effective audit approach. We have not carried out any
special review of the internal control system to enable us to express an opinion as to whether the Board's statement
on internal control covers all controls and the effectiveness of such internal controls.
Based on our review, nothing has come to our attention which causes us to believe that the Statement of Compliance
does not appropriately reflect the Company's compliance, in all material respects, with the best practices contained in
the Code of Corporate Governance effective as at 30 June 2003.
AUDITORS'REPORT
We have audited the annexed balance sheet of GRAYS LEASING LIMITED as at 30 June 2003 and the related
profit and loss account, cash flow statement and statement of changes in equity 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.
It is the responsibility of the company's management to establish and maintain a system of internal control, and
prepare and present the above said statements in conformity with the approved accounting standards and the
requirements of the Companies Ordinance, 1984. Our responsibility is to express an opinion on these
statements based on our audit.
We conducted our audit in accordance with the auditing standards as applicable in Pakistan. These standards
require that we plan and perform the audit to obtain reasonable assurance about whether the above said
statements are free of any material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the above said statements. An audit also includes assessing the
accounting policies and significant estimates made by management, as well as, evaluating the overall
presentation of the above said statements. We believe that our audit provides a reasonable basis for our
opinion, and, after due verification 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)         inoui 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 except for the changes as stated
in note No. 2.8 with which we concur;
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 s"ieet, profit and loss account, cash flow statement and statement of changes in equity
together with .the.nQtes .forming-part thereof conform with approved accounting standards as applicable
in Pakistan, and, 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 30 June
2003 and of the profit, its cash flows and changes in equity for the year then ended; and
(d)         in our opinion, Zakat deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of 1980),
was deducted by the company and deposited in the Central Zakat Fund established under Section 7 of
that Ordinance,
BALANCE SHEET AS AT 30 JUNE 2003
NOTE 2003 2002
ASSETS Rupees Rupees
Cash and bank balances 3 20,892,920 38.102,332
Investments 4 4,727,314 204,296
Advances, deposits, prepayments and other receivables 5 15,070,981 8,918,230
Net investment in finance leases 6
Lease payments receivable 841,848,914 733,313,887
Guaranteed residual value of leased assets 177,828,660 119,844,101
Gross investment in leases 1,019,677,574 853,157,988
Less:Un-earned finance income 158,977,559 156,937,853
Net investment in finance leases 860,700,015 696,220,135
Less: Provision for doubtful receivables 7 14,903,706 6,523,793
845,796,309 689,696,342
Long term security deposits 282,052 549,251
Tangible fixed assets 8 9,685,087 10,687,759
896,454,663 748,158,210
LIABILITIES
Short term finances 9 115,000,000 232,000,000
Long term security deposits 10 175,032,094 117,525,385
Certificates of investment 11 48,200,000
Redeemable capital 12 260,890,093 117,640,092
Accrued and other liabilities 13 13,041,269 14,606,662
Provision for taxation 22.1 1,766,661 1.458,666
Liabilities against assets subject to finance lease 14 1,220.90 3,753,392
Employees' retirement gratuity 15 1,351,134 1.318,870
Dividend payable 18,000,000 18,000,000
Deferred taxation 22.2 42,000,000 36,300,000
676,502,146 542,603,067
NET ASSETS 219,952,517 205,555,143
REPRESENTED   BY:
Authorized share capital
20,000,000 Ordinary shares of Rupees 10 each 200,000,000 200,000,000
Issued, subscribed and paid up share capital 16 180,000,000 180,000,000
Capital reserve 17 31,323,325 24,843,850
Revenue reserve 8,629,192 711,293
Shareholders' equity 219,952,517 205.555,143
Contingencies and commitments 18 . _
219,952,517 205,555,143
The annexed notes form an integral part of these accounts.
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 JUNE 2003
NOTE 2003 2002
Rupees Rupees
REVENUE
Income from lease financing 99,788,972 90,008.13
Other income 19 4,646,000 951,936
104,434,972 90,960,065
EXPENDITURE
Administrative and other operating expenses 20 15,329,649 15,645,318
Financial and other charges 21 40,861,375 38,859.97
Provision for doubtful receivables 7 8,379,913 4,276,864
64,570,937 58,782,151
PROFIT BEFORE TAXATION 39,864,035 32.177.914
PROVISION FOR TAXATION
Current year 22.1 1,766,661 1,458,666
Deferred 22.2 5,700,000 7,500.00
7,466,661 8,958.67
PROFIT AFTER TAXATION 32,397,374 23,219,248
UNAPPROPRIATED PROFIT BROUGHT FORWARD 711,293 135.895
PROFIT AVAILABLE FOR APPROPRIATIONS 33,108,667 23,355,143
APPROPRIATIONS
Transfer to statutory reserve 6,479,475 4,640,850
Proposed dividend per share Rupeel (2002: Rupee 1) 18,000,000 18,000,000
24,479,475 22,643,850
UNAPPROPRIATED PROFIT CARRIED FORWARD 8,629,192 711.293
EARNINGS PER SHARE - BASIC 23 1.8 1.54
CASH FLOW STATEMENT
FOR THE YEAR ENDED 30 JUNE 2003
2003 2002
Rupees Rupees
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation 39,864,035 32,177,914
Adjustments to reconcile profit with net
cash provided by operating activities
Depreciation 1,475,781 1,694,961
Provision for gratuity 77,431 436,668
Financial charges 40,858,855 39,043,939
Provision for doubtful receivables 8,379,913 4,276,864
(Gain) / Loss on disposal of fixed assets 2,520 -37,560
Surplus on revaluation of investments -1,368,582 -83,034
Profit on bank deposits -3,151,699 -660,423
46,274,219 44,67-!,415
Operating profit before working capital changes 86.138,254 76,849,329
Decrease/increase) in advances, deposits,
prepayments and other receivables -2,984,288 2,148,574
Increase in accrued and other liabilities -709,929 2,678,283
Cash generated from operations 82,444,037 81,676,186
Financial charges paid -41,367,023 -39,857,405
Income tax paid -5,130,062 -1,543,364
Dividend paid -17,917,845 -15,002,484
Gratuity paid -45,167 -233,500
Net cash from operating activities 17,983,940 25,039,433
2003 2002
»H FLOWS FROM INVESTING ACTIVITIES Rupees Rupees
investment in finance leases -164,479,880 -187,385,682
its purchased for own use -480,631 -1,667,991
term security deposits 563,249 -129,262
proceeds of fixed assets 354,000 813,864
term investment -3,154,436 -
on bank deposits received 3,358,583 638,794
ash used in investing activities -163,839,115 -187,730,277
FLOWS FROM FINANCING ACTIVITIES
jf right shares - 30,000,000
mable capital obtained 143,250,001 55,416,667
srm finances repaid -117,000,000 80,000,000
ates of investment issued 48,200,000 -
rm security deposits 57,506,709 34,398,578
labilities paid -3,310,947 -1,437,398
h generated from financing activities 128,645,763 198,377,847
:REASE/(DECREASE) IN CASH AND CASH
LENTS -17,209,412 35,687,003
ND CASH EQUIVALENTS AT THE
ING OF THE YEAR 38,102,332 2,415,329
JD CASH EQUIVALENTS AT THE END
KEAR (Note 3) 20,892,920 38,102,332
sxed notes form an integral part of these accounts.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2003
SHARE CAPITAL RESERVES REVENUE TOTAL
CAPITAL Statutory Reserve for Sub-Total RESERVES
(Note 16) Reserve Deferred Tax (Note 17) Unappropriated
Profit
Rupees Rupees Rupees Rupees Rupees Rupees
Balance as at 01 July 2001 150,000,000 20,200,000 27,300,000 47,500,000 135,895 197,635,895
Right shares issued 30,000,000 - - - 30,000,000
Net profit for the year - - - 23,219,248 23,219,248
Appropriations
Statutory reserve - 4,643,850 - 4,643,850 -4,643,850
Dividend - - - -18,000,000 -18,000,000
Balance as at 30 June 2002 180,000,000 24,843,850 27,300,000 52,143,850 711,293 232.855,143
Reserve for deferred tax transfer
to deferred tax liability - - -27,300,000 -27,300,000 - (27.300.000)
Balance 180,000.00 24,843,850 - 24,843,850 711,293 205,555,143
Net profit for the year - - - 32,397.37 32,397,374
Appropriations
Statutory reserve - 6,479,475 - 6,479,475 -6,479,475 -
Proposed dividend - - - -18,000.00 -18,000,000
Balance as at 30 June 2003 180,000,000 31,323,325 31.323,325 8.629.192 219,952.52
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 30 JUNE 2003
1.      LEGAL STATUS AND NATURE OF BUSINESS
The company was incorporated in Pakistan as pubiic limited company under the Companies
Ordinance, 1984 on 31 August 1995. The company's shares are listed on Karachi and Lahore Stock.
Exchanges. The company is principally engaged in the leasing business and also provides (mane;;:-
and advisory services. It has been classified as a Non-Banking Financial Company (NBFC.i and is
monitored by the Securities and Exchange Commission of Pakistan. Its registered office is situated at
Lahore.
2.      SIGNIFICANT ACCOUNTING POLICIES
2.1  Basis of preparation of financial statements
These financial statements have been prepared in accordance with approved accounting standards as
applicable in Pakistan and the requirements of the Companies Ordinance. 1984. Approved accounting
standards comprise of such International Accounting Standards as notified under the provisions of the
Companies Ordinance, 1984. Wherever, the requirements of the Companies Ordinance. 1984 cr
directives issued by the Securities and Exchange Commission of Pakistan differ with the requirements
of these standards, the requirements of the Companies Ordinance, 1984 or the requirements of the
said directives take precedence.
2.2 Accounting convention
These financial statements have been prepared under the historical cost convention except for the
revaluation of investments and exchange differences as stated in notes 2.7 and 2.10 respectively.
2.3  Revenue recognition
The company follows the 'Finance Method' to recognize the income on finance leases. The unearned
finance income i.e. the excess of aggregate lease payments and the residual value over the cost of
leased assets is amortized to income over the lease term by applying the annuity method to produce a
constant raie of return on the net investment in lease. Income on bank deposits and other investments
is recognized on time proportion r^asis taking into account the principal outstanding and applicable
rate of mark-up/profit thereon. Fees, commissions and commitment charges etc., are recognized on
accrual basis. Dividend on equity investments is recognized as income if declared on or before the
balance sheet date.
2.4 Tangible fixed assets and depreciation
Owned assets
Operating fixed assets are stated at cost less accumulated depreciation except land and capital work-
in-progress which are stated at cost. Depreciation is charged to income applying the diminishing
balance method at the rates specified in the operating assets note 8 to write off the cost of assets
over their expected useful life. Full year's depreciation is charged on additions, while no depreciation
is charged on assets deleted during the year. Maintenance and repairs are charged to income as and
when incurred. Major renewals and improvements are capitalized.
2.5 Provision for doubtful receivables
Provision for doubtful receivables is made/adjusted after a review of the outstanding portfolio at
year-end on the basis of leasing companies (Establishment and Regulations) Rules, 2000 now
(Prudential Regulations for Non-Banking Finance Companies (NBFCs) undertaking the business
of leasing only) issued by the Securities and Exchange Commission of Pakistan and
management's own judgment. The change in provision is charged to profit and loss account.
Income is not recognized on classified finance leases till the actual realization.
2.6 Deferred cost
Deferred cost is amortized over a period of five years commencing from the year in which it is
incurred. The amortization is charged to profit and loss account.
2.7 Investments
Investments are initially recognized on trade-date at cost, comprising of fair value of consideration
paid and cost of transaction. Its classification is made on the basis of intended purpose for holding
such investment. These are measured at the balance sheet date on the following basis:
Held -to-maturity investments
These are stated at amortized cost, less impairment loss, if any, recognized to reflect irrecoverable
amounts. Impairment losses are charged to profit and loss account for the period.
Assets held for trading
These are recognized at fair value and changes in carrying values are included in profit and loss
account for the period.
Available for sale
These are stated at fair value and changes in carrying values are included in profit and loss
account.
2.8 Staff retirement benefits
The company operates unfunded gratuity scheme (defined benefit plan) for all its permanent
employees. Provision is made in the accounts based on the actuarial valuation using projected unit
credit method. Actuarial gains / losses are recognized as expense / income in the year in which it
arises. The valuation of obligation under the scheme was carried out by independent actuary as on
30 June 2003 after taking into consideration the following assumptions:
•     Discount rate - 8%
•     Expected rate of increase in salary level - 7%
•     Average expected remaining working life time of employees - 6 years
Previously the expense was recognized with reference to employees last drawn basic salary and
number of years of service on the basis of terminal value of scheme. The accounting policy has
been changed due to adoption of IAS-19. Had the policy not changed, profit for the year would
have been lower by Rupees 0.263 million.
2.9 Taxation
Current
The charge for current taxation is based on taxable income at the current tax rates after taking into
account the tax credits and tax rebates available, if any.
Deferred
Deferred tax is accounted for by using the liability method on all major timing differences excluding
tax effect on those timing differences, which are not likely to reverse in the foreseeable future.
2.10 Foreign currency transactions
Transactions in foreign currency are accounted for in Pak Rupees at the rates of exchange ruling at the
date of the transactions. Assets and liabilities in foreign currency are translated into Pak Rupees at the
rate of exchange ruling at the balance sheet date. Exchange gain/loss is charged to current year's
income.
2.11  Financial instruments
All other financial assets and liabilities are recognized at cost which is the fair value of consideration
given or received at the time when the company becomes a party to the contractual provision of the
instrument by following trade date accounting. Any gain or deficit on subsequent measurement and
derecognition of the financial assets and liabilities is charged to profit and loss account.
2.12 Off-setting
Financial assets and financial liabilities are off-set and the net amount is reported in the financia'
statements when there is a legally enforceable right to set off and the company intends either to settle or
a net basis, or to realize the asset and to settle the liabilities simultaneously.
2.13 Cash and cash equivalents
Cash and cash equivalents comprise of cash and bank balances.
2.14 Impairment
The carrying amounts of the company's assets are reviewed at each balance sheet date to determine
whether there is any indication of impairment. If any such indication exists, the assets recoverable
amount is estimated and impairment losses are recognized.
2.15 Related party transactions and transfer pricing
Transactions and contracts with the related parties are carried out at an arm's length price determined ir
accordance with comparable uncontrolled price method.
2003 2002
Rupees Rupees
3.      CASH AND BANK BALANCES
Cash in hand 3,181 _
Cash with banks on:
Current accounts (Note 3.1) 2,385,630 3,577,779
Deposit accounts 18,504,109 34,524,553
20,892,920 38,102,332
3.1    This includes balance with State Bank of Pakistan amounting to Rupees 15,000 (2002: NIL).
4.      INVESTMENTS
Available for sale
National Investment Trust Unit
209 637 (2002: 16 884) units of Rupees 10 each 3,275,698 121,262
Accumulated surplus on revaluation of investment. 1,451,616 83,034
4,727,314 204,296
5.         ADVANCES, DEPOSITS, PREPAYMENTS
AND OTHER RECEIVABLES 2003 2002
Rupees Rupees
Advances-Considered good (Unsecured)
To company's executives (Note 5.1) 519,548 120,767
To company's staff 52,743 93,580
To consultants 38,500 171,325
For purchase of vehicles 2,478,000 -
Advance income tax 8,101,607 4,430,211
Profit accrued on bank deposits 166,767 373,651
Short term security deposits - 296,050
Short term prepayments 233,571 239,286
Insurance and other claims receivables 625,227 252,516
Due from lessees 2,855,018 2,940,844
15,070,981 8,918,230
t 1      Maximum aggregate balance due from executives at the end of any month during the year was
Rupees 635,917 (2002  Rupees 418,500)
6.        NET INVESTMENT IN FINANCE LEASES
Gross investment in the lease and present value of minimum lease payments are regrouped as
under:
2003 2002
Gross Present value Gross Present value
of    of
Investment in minimum lease investment in minimum lease
the lease payments     I the lease payments
Rupees Rupees Rupees Rupees
Due not later than one year 409,161,885 371,209,552 416,006,341 361,130.15
Due later than one year but
not later than five years 610,515,689 489,490,463 437.151,647 335,089,985
1,019,677,574 860,700,015 853,157,988 696,220,135
2003 2002
Rupees Rupees
7.         PROVISION FOR DOUBTFUL RECEIVABLES
Opening balance as on 01 July 6,523,793 2,246 ,929
Charge for the year 8,457,487 4,313 ,435
Reversal -77,574 -36,571
Net charge for the year 8,379,913 4,276 ,864
Closing balance as on 30 June 14,903,706 6,523 ,793
8.     TANGIBLE FIXED ASSETS
COST ACCUMULATED DEPRECIATION BOOK VALUE DEPRECIATION
ASSETS As at Additions/ As at As at Adjustments As at AS AT Charge for Rate
01 July 2002 (Deletions) 30 June 2003 01 July 2002 30 June 2003 30 JUNE 2003 the year %
Owned
Building 4,823,061 4,823,061 241,153 - 470,248 4.352.813 229,095 5
Furniture and fixtures 744,580 27,350 771,930 242,593 - 295,527 476,403 52.934 10
Office equipments 1,240,310 53.85 1,286,510 345.355 -3,283 436.516 849,994 94,444 10
-7.65
Computers 1,159,169 477,220 1,437,807 705,101 -51,408 888.927 548,880 235.234 30
-198,582
Vehicles 369,655 4,824,706 5,194,361 217,183 1,808,106 2,659,103 2,535,258 633,814 20
8,336.78 5,383,126 13,513,669 1,751,385 1.808,106 4,750,321 8,763,348 1,245.52
-206,232 -54,691
Leased
Vehicles 5,910,500 370,000 1.130,500 2,033,706 -1,881,606 347,780 782.72 195.68 20
-5,150,000
Computers 339,472 -216,472 123,000 201.397 -164.496 62.731 60.269 25,830 30
Office equipments 125,000 125,000 37,500 46,250 78,750 8,750 10
6,374,972 370,000 1,378.50 2,272,603 (2.046,102) 456.761 921,739 230,260
-5,366,472
30 June 2003 Rupees 14,711,747 5,753,126 14,892.17 4.023,988 1,808,106 5.207,081 9,685,087 1,475,781
-5,572,704 -2,100,793
30 June 2002 Rupees 7,440,511 9,098,491 14,711,747 3,379,978 -1,050,951 4.023,988 10,687,759 1.694,961
[1,827,255)
Detail of fixed assets disposed off during the year:
Description Cost Accumulated Depreciation Book Value Sale Proceeds Gain/ (Loss) Mode of Sale Particulars of Purchaser
Rupees Rupees Rupees Rupees Rupees
Suzuki Mehran 299,000 59,800 239.2 275 35,800 Insurance clair Askari General Insurance Co. Ltd
Motor Cycle 68,500 13.7 54,800 62,000 7,200 Insurance clair Askari General Insurance Co. Ltd
Five Computers 246,757 194,850 51,907 14,000 -37,907 Negotiation Rashid Mahmood Dar
Hafeez Centre, Lahore
Three Printers 30,450 20593 9.857 3,000 -6,857 Negotiation Rashid Mahmood Dar
Hafeez Centre, Lahore
External Fax Modem 4,500 3.744 756 . -756 Write off
8.1    Deletions in assets on lease represent the assets transferred to own assets on expiry of lease
term and some other assets were stolen against which insurance claim lodged.
2003 2002
Rupees Rupees
9.           SHORT TERM FINANCES
Financial institutions    Secured - 25,000,000
Financial institutions - Unsecured (Note 9.1) 115,000,000 207,000,000
115,000,000 232,000,000
9.1         These represent unsecured placement facilities carry mark -up ranging from 7.25 to 8.25 (2002:
13 to 15) percent per annum from various financial institutions.
10.   LONG TERM SECURITY DEPOSITS
These represent the interest free security deposits received against lease contracts and are
repayable/adjustable at the expiry/termination of the respective leases.
11.         CERTIFICATES OF INVESTMENT
Financial institutions (Note 11.1) 25,000,000
Others (Notes 11.1 and 11.2) 23,200,000
48,200,000
11.1       The company has a scheme of registered certificates of i nvestment for resource mobilization
as per permission from the Securities and Exchange Commission of Pakistan. The term of
these certificates of investment ranges from three months to three years and expected profit
rate ranges from 7 to 10 percent per annum.
11.2      This includes Rupees 20 million against certificates of investment issued to Messrs Anwar
Khawaja Industries (Private) Limited an associate concern, for one year, maturing on 30
December 2003 at the profit rate of 10 percent pei -i-mum
12.         REDEEMABLE CAPITAL
Secured
Askari Commercial Bar K i imitpH - 20.416,667
Orix Investment Bank Pakistan Limited (Note 12.1) 16,666,668 25,000,000
Askari Commercial Bank Limited-ll (Note 122) 150,000,000 -
Unsecured
Trust Investment Bank Limited (Note 12.3) 27,000,000 5,000,000
Escorts Investment Bank Limited (Note 12.4) 67,223,425 67,223,425
260,890,093 117,640,092
12.1      This is a term finance facility of Rupees 25 million obtained for financing of lease operations.
The facility is secured against specific charge on leased assets for Rupees 33.334 million. This
carries mark-up rate of 4 percent over prevailing State Bank of Pakistan discount rate with a
floor of 13 percent and cap of 16 percent per annum. This is repayable in 12 equal quarterly
installments. The date of maturity is 29 June 2005.
12.2      This is a term finance facility of Rupees 166.67 million obtained for financing of lease
operations out of which Rupees 150 million has been availed. The facility is secured against
pari passu charge on leased assets for Rupees 251 million. This carries markup at the
prevailing State Bank of Pakistan discount rate with no floor and cap. This is repayable in 20
equal quarterly installments.
12.3      This represents placement facility of Rupees 27 million obtained for financing lease operations.
This is unsecured and carry Mark-up up at the rate of 8.50 percent per annum payable on half-
yearly basis. The placement will mature on 29 September, 2004.
12.4      This represent four placement facilities of Rupees 32.073 million, Rupees 10.750 million,
Rupees 4.400 million and Rupees 20 million utilized for financing of lease operations. First
three facilities carry mark up at the rate of 8.50 (2002: 13) percent per annum and 4th facility
carries mark up at the rate of 8.00 (2002: 13) percent per annum and payable on half yearly
basis. These facilities will mature according to following schedule:
Finance Facility Maturity Date
(Rupees in Million)
32.073 29.03.2005
10.75 29.09.2004
4.4 29.09.2004
20 01.10.2004
2003 2002
13.       ACCRUED AND OTHER LIABILITIES Rupees Rupees
Mark-up on secured redeemable capital 2,206,388 17,808
Mark-up on unsecured redeemable capital 2,023,685 300,865
Mark-up on secured short term finances - 160,397
Mark-up on unsecured short term finances 2,506,002 7,194.62
Lease rentals in advance 455,634 2,423,564
Income tax withheld 13,571 263
Accrued liabilities 2,209,000 717,105
un-claimed dividend 159,702 77,547
Lessee's accounts payable 3,467,287 3,714,489
13,041,269 14,606,662
14.       LIABILITIES AGAINST ASSETS SUBJECT TO FINANCE LEASE
The rate of interest used ns the discounting factor, implicit in leases ranges from 17.25 percent
to 20.62 percent per annum. The amount of future payments and periods during which they fall
due are
Year ended 30 June
2003 - 1,958,338
2004 509,940 1.073,940
2005 579,740 1,300,840
2006 382,330 242,730
Total minimum lease payments 1,472,010 4,575.85
Less: Un-amortized finance charges 251,115 822,456
Present value of minimum lease payments 1,220,895 3,753,392
14.1 The lease rentals are payable in monthly installments. The amount of rentals payable in the
years 2005 and 2006 includes the amount of salvage value of Rupees 24,800 and Rupees
154,550 respectively adjustable at the end of the lease term. The lease agreements carry
renewal and purchase option at the end of lease period. There are no financial restrictions in
lease agreements These are secured by deposit of Rupees 1/9,350 included in long-term
security deposits and demand promissory notes.
14.2      Minimum lease payments and present value of minimum lease payments are regrouped as
under:
2003 2002
Minimum Present value Minimum Present value
of of
Lease minimum Lease minimum
lease lease
Payments payments Payments payments
Rupees Rupees Rupees Rupees
Due not later than one year 509,940 398,014 1,958.34 1,664,492
Due later than one year but
not later than five years 962,070 822,881 2,617,510 2,088,900
1,472,010 1,220,895 4,575,848 3,753,392
2003 2002
Rupees Rupees
15.        EMPLOYEES RETIREMENT GRATUITY
Balance as on 01 July 1,318,870 1,115,702
Add:Provision for the year 77,431 436,668
1,396,301 1,552,370
Less:Paid during the year 45,167 233,500
1,351,134 1,318,870
15.1      NET LIABILITY
Present value of defined benefit obligations 1,131,612 876,834
Non-vested past service cost to be recognized in later periods -14,975 -29,950
Unrecognized actuarial losses -20,503 -
Benefit due but not paid 255,000 255,000
Additional assets due to application of IAS-19 - 2J6.986
1,351,134 1,318.870~
16.       ISSUED, SUBSCRIBED AND PAID
UP SHARE CAPITAL
18,000,000 (2002: 18,000,000) Ordinary
shares of Rupees 10 each fully paid up 180,000,000 180,000,000
in cash (Note 16.1)
16.1        This includes 9,714,259 (2002: 9,714,259) ordinary shares of Rupees 10 each held by the
associated undertakings.
17.         CAPITAL RESERVE
This represents the statutory reserve created to comply with the Leasing Companies
(Establishment and Regulation) Rules, 2000 now (Prudential Regulations for Non - Banking
Finance Companies (NBFCs) undertaking the business of leasing only) issued by Securities
and Exchange Commission of Pakistan.
18.         CONTINGENCIES AND COMMITMENTS
Commitments
Lease contracts approved but not disbursed amounting to Rupees 1.409 million as on 30 June
2003 (2002: Nil)
24.2       EFFECTIVE PROFIT/MARK-UP
RATES
Financial assets
Net investment in finance leases 8.75  to 28 percent per annum
Deposits with banks 2.75 to 3 percent per annum
Financial liabilities
Redeemable capital 8 to 13 percent per annum
Liabilities against assets subject
to finance lease 15.60 to 20.62 percent per annum
Short term finances 7.25 to 8.25 percent per annum
Certificates of investment 7 to 10 percent per annum
24.3       PROFIT / MARK-UP RATE
The company's exposure to profit/mark-up rate risk and effective rates on its financial
assets and financial liabilities are assumed as follows:
2002
TOTAL EXPOSED TO NTEREST/ NOT
MARK-UP R/ \TE RISK EXPOSED TO
Within One       I lOver One Year INTEREST/
Year              | [To Five Years MARK-UP RISK
Rupees Rupees Rupees Rupees
ASSETS
Net investment in finance leases 696,220,135 350,713,218 345,506,917 -
Long term investment 204,296 - 204,296
Security deposits 549,251 - - 549,251
Advances, deposits and other -
receivables 3.781,358 - - 3.781,358
Cash and bank balances 38,102.33 34,524,553 - 3,577,779
738,857.37 385,237,771 345,506,917 8,112,684
LIABILITIES
Redeemable capital 117,640,092 16,666,664 100,973,428 -
Liabilities against assets subject
to finance lease 3.753,392 1,664,492 2,088,900 -
Long term security deposits 117,525,385 - - 117,525,385
Short term finances ?32 000,000 232,000,000 -
Accrued and other liabilities 12,182,835 - - 12,182,835
483,101,704 250,331,156 103,062,328 129,708,220
Total profit/mark-up rate
sensitivity gap 255,755,668 134,906,615 242,444,589 -121,595,536
Cumulative profit/mark-up rate
sensitivity gap - 134,906,615 377,351,204 255,755,668
24.4        EFFECTIVE PROFIT/MARK-UP
RATES
Financial assets
Net investment in finance leases 15.50 to 32 percent per annum
Deposits with banks 4.50 to 5 percent per annum
Financial liabilities
Redeemable capital 1 3 to 15 percent per annum
Liabilities against assets subject
to finance lease 17.25 to 20.62
Deposits with banks 13 to1 5 perent per annum
24.5        CREDIT RISK
The companys credit risk exposure is not significantly different from that reflected in the
financial statements. The management monitors and limits company's exposure to credit risk
through monitoring of clients credit exposure, conservative estimates of provisions for doubtful
receivables and the prudent use of collateral policy. The management is of the view that it is
not exposed to significant concentration of credit risk as its financial assets are adequately
diversified in organizations of sound financial standing covering various industrial sectors and
Segments. Sector-Wise/segment-wise break-up of lease portfolio/security deposits against
is given below:
LEASE PORTFOLIO 2003 2002
Rupees % Rupees %
INDUSTRIAL SECTORS
Chemical/Fertilizer/Pharmaceuticals 57,342,559 6.66 68,465,854 9.83
Cement 8,594,932 1 10,000,000 1.44
Construction 10,747,126 1.24 26,826,615 3.85
Energy, Oil and Gas 9,872,375 1.15 622,438 0.09
Food, Tobacco and Beverage 93,758,357 10.89 94,920,216 13.63
Leather, Footwear and Tanneries 4,576,377 0.53 8,920,931 1.28
Paper and Board 5,735,579 0.67 8,166,704 1.17
Rubber and Plastic 41,770,832 4.85 4,129,281 0.59
Services 103,117,213 11.98 69,185,448 9.94
Steel, Engineering and Automobile 38,762,275 4.5 65,870,554 9.46
Sugar and Allied 10,989,151 1.28 4,352,732 0.63
Surgical 17,985,182 2.09 7,681,342 1.1
Textile and Allied 185,060,907 21.5 152,485,960 21.9
Trading 16,009,426 1 86 4,393,457 0 71
Transport and Communication 83,918,992 9.75 61,028,016 8 77
Others 172,458,732 20.05 108,624,587 1 F. 60
860,700,015 100 696.220,135 100
SEGMENT BY SECTOR
Public / Government - - -
Private 860.700,015 100 696.220.135 1 00 00
LONG TERM SECURITY DEPOSITS
INDUSTRIAL SECTORS
Chemical/Fertilizer/pharmaceuticals 7 666 117 1.28 9 156 42? 7  / ri
Cement 1,000,000 0.57 1.000.000 0 85
Construction 2,700,861 1.54 5,408,436 4.6
Energy, Oil and Gas 2,358,090 1.35 150,008 0.13
Food, Tobacco and Beverage 16,712,887 9.55 16,990,719 14.46
Leather, Footwear and Tanneries 1,983,540 1.13 3,216,370 2.74
Paper and Board 2,091,600 1.19 2,594,321 2.21
Rubber and Plastic 4,232,365 2.42 429.445 0.37
Services 21,986,474 12.56 13,892,409 11.82
Steel, Engineering and Automobile 5,311,585 3.03 9,027,955 7.68
Sugar and Allied 1,622,448 0.93 638,543 0.54
Surgical 4,508,892 2.58 1,925,713 1.64
Textile and Allied 34,257,954 19.57 28,225,151 24.02
Trading 4,762,080 2.72 1,410,710 1.2
Transport and Communication 14,221,846 8.13 9,437,599 8.03
Others 49,615,355 28.35 14,021,584 11.93