| First ICP Mutual Fund |
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| 33rd
Annual Report-2000 |
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| INVESTMENT
CORPORATION OF PAKISTAN |
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|
If undelivered please
return to: |
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| HEAD OFFICE: |
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MUTUAL FUNDS DEPARTMENT: |
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| NBP
Building, 5th Floor |
Dawood Centre, Ground
Floor |
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| I.I.
Chundrigar Road, Karachi. |
Moulvi Tamizuddin Khan
Road, Karachi. |
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| Phones:
9212360-69 |
Phones: 5686014-15,
5685104-05 |
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| Telefax;
92-21-9212388-89 |
Telefax: 92-21-9202783 |
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| E-mail:
icp@paknet2-3.pct.pk |
E-mail:
icp@paknet2-3.pct.pk |
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|
|
| Directors'
Report to the Certificate Holders |
|
| for
the Year Ended June 30, 2000 |
|
|
| The
Mutual Fund's 33rd Annual Report for the year ended June 30, 2000 is hereby
being |
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| presented
for your review. |
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|
| Financial
Results |
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| The
financial results of the Mutual Fund for the year under review are summarized
as under: |
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|
(Rs. '000') |
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|
| Net
Income before Taxation |
|
4,045 |
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| Taxation |
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|
-- |
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|
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|
------------------ |
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| Net
Income after Taxation |
|
4,045 |
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| Un-appropriated
income B/F |
|
5,336 |
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|
------------------ |
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| Available
for Appropriation |
|
9,381 |
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| Cash
Dividend (12%) |
|
6,000 |
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| Un-appropriated
Income carried forward to |
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| Revenue
Reserve |
|
3,381 |
|
|
| Basic
Earning per certificate (in rupees) |
|
0.81 |
|
|
|
| Mutual
Fund Operation |
|
| The
policy measures taken by the present Government for the implementation of its
economic and structural reforms has helped in |
|
| improving
the stock market situation. The stock market index after remaining stable
between 1100-1200 points from July to |
|
| October
1999 started rising from November and continued upward trend till March 2000
when it went as high as 2054 points. |
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| However,
the upward trend could not be sustained beyond March 2000 and the index
dipped at 1521 points as on June 30, 2000. |
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|
| During
the year under review the First Mutual Fund earned total income of Rs.9.40
million including dividend income of Rs.4.81 |
|
| million.
Net income for the year after incurring expenditure of Rs.2.14 million and
Rs.3.21 million on account of diminution in |
|
| the
value of investments amounted to Rs.4.05 million. NAV's worked out at
Rs.14.26 per certificate as compared to Rs. 10.52 |
|
| last year. |
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|
| Future
Prospects |
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| The
stock market situation is likely to improve due to Government's steady
measures to strengthen capital market. Such measures |
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| include
agreement with IMF, acceleration of the privatisation process, expected
resolution of Hubco dispute and average corporate |
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| earnings
growth of 14% expected for FY2001 etc. Your management will closely monitor
the situation to maximize return on its |
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| investment
portfolio. |
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|
| Pattern
of Certificate Holdings |
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| The
pattern of certificate holding is annexed herewith. |
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|
| Auditors |
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| Our
present auditors M/s. Taseer, Hadi, Khalid & Company and M/s. Ford,
Rhodes, Robson, Morrow retire and being eligible |
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| offer
themselves for re-appointment. |
|
|
| Acknowledgement |
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| In
the end we wish to express our thanks to all our certificate holders, bankers
and other financial institutions for their continued |
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| support. |
|
|
| for
the Investment Corporation of Pakistan |
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|
|
ISTAQBAL MEHDI |
|
SYED LIAQUAT ALI |
|
M. SALEEM SHAIKH |
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|
Managing Director |
|
Director |
|
Director |
|
|
| Karachi:
7-12-2000 |
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|
|
| Balance
Sheet as at 30 June 2000 |
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|
|
Note |
2000 |
1999 |
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|
|
Rupees |
Rupees |
|
|
| NET ASSETS |
|
|
| Investments
in quoted shares |
|
3 |
58,708,808 |
48,867,309 |
|
| [Market
value Rs.71,014,708 (1999: Rs.46,232,199)] |
|
|
| Long
term deposit |
|
|
100,000 |
100,000 |
|
|
|
| Current assets |
|
| Dividend
receivable |
|
|
1,155,000 |
400,000 |
|
| Prepaid
expenses |
|
|
|
|
| Current
account with the Investment Corporation |
|
-- |
7,500 |
|
| of
Pakistan (ICP) |
|
|
-- |
6,858,342 |
|
| Advance
tax - net |
|
|
382,753 |
-- |
|
| Cash at bank |
|
|
24,980 |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
1,562,733 |
7,265,842 |
|
| Current
liabilities |
|
| Current
account with the Investment Corporation |
|
| of
Pakistan (ICP) |
|
365,304 |
-- |
|
| Accrued
expenses |
|
|
19,338 |
19,338 |
|
| Dividend
payable |
|
|
6,000,000 |
-- |
|
| Provision
for taxation - net |
|
|
-- |
253,234 |
|
| Unclaimed
dividend |
|
|
611,845 |
624,178 |
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|
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|
------------------ |
------------------ |
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|
|
|
6,990,549 |
896,750 |
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|
------------------ |
------------------ |
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|
|
|
(5,427,816) |
6,369,092 |
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|
------------------ |
------------------ |
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|
|
Rupees |
53,380,992 |
55,336,401 |
|
|
========== |
========== |
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|
|
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| FINANCED BY |
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|
|
| Capital
and Reserves |
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| Capital |
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| Authorised |
|
| 5,000,000
(1999: 5,000,000) |
|
| Certificates
of Rs. 10/- each |
|
50,000,000 |
50,000,000 |
|
|
========== |
========== |
|
|
| Issued,
subscribed and paid-up |
|
| 5,000,000
(1999: 5,000,000) |
|
| Certificates
of Rs. 10/- each fully paid in cash |
|
50,000,000 |
50,000,000 |
|
|
|
|
| Revenue
reserve |
|
| Unappropriated
income |
|
|
3,380,992 |
5,336,401 |
|
|
|
|
------------------ |
------------------ |
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|
|
Rupees |
55,380,992 |
55,336,401 |
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|
|
========== |
========== |
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
for the Investment Corporation of Pakistan |
|
|
|
|
|
ISTAQBAL MEHDI |
|
SYED LIAQUAT ALI |
|
M. SALEEM SHAIKH |
|
|
Managing Director |
|
Director |
|
Director |
|
|
|
| INCOME
AND EXPENDITURE ACCOUNT |
|
| FOR
THE YEAR ENDED 30 JUNE 2000 |
|
|
|
Note |
2000 |
1999 |
|
|
|
Rupees |
Rupees |
|
|
| INCOME |
|
| Dividend |
|
4,813,208 |
3,274,831 |
|
| Return
on current account with the ICP |
|
605,857 |
913,416 |
|
| Profit
on sale of investments |
|
3,986,650 |
1,610,535 |
|
| Miscellaneous |
|
-- |
2,138 |
|
|
|
------------------ |
------------------ |
|
|
|
9,405,715 |
5,800,920 |
|
|
|
| EXPENDITURE |
|
| Management
fee |
|
4 |
1,960,546 |
1,447,935 |
|
| Auditor'
remuneration |
|
5 |
22,867 |
19,590 |
|
| Diminution
in the value of investments |
|
3,207,885 |
4,527,025 |
|
| Other expenses |
|
6 |
169,826 |
221,637 |
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|
|
|
------------------ |
------------------ |
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|
|
|
5,361,124 |
6,216,187 |
|
|
|
|
------------------ |
------------------ |
|
| NET
INCOME/(LOSS) BEFORE TAXATION |
|
4,044,591 |
(415,267) |
|
|
|
|
| TAXATION
- Current |
|
7 |
-- |
265,160 |
|
| - Prior |
|
-- |
42,920 |
|
|
|
------------------ |
------------------ |
|
|
|
-- |
308,080 |
|
|
|
| NET
INCOME / (LOSS) FOR THE YEAR |
|
4,044,591 |
(723,347) |
|
| UNAPPROPRIATED
INCOME BROUGHT FORWARD |
5,336,401 |
6,059,748 |
|
|
|
|
------------------ |
------------------ |
|
| AVAILABLE
FOR APPROPRIATION |
|
9,380,992 |
5,336,401 |
|
| Final
dividend @ 12% (1999: Nil) |
|
6,000,000 |
-- |
|
|
|
|
------------------ |
------------------ |
|
| UNAPPROPRIATED
INCOME CARRIED FORWARD |
3,380,992 |
5,336,401 |
|
| TO
REVENUE RESERVE |
|
|
========== |
========== |
|
|
|
|
| Basic
earnings / (loss) per certificate |
8 |
0.81 |
(0.14) |
|
|
|
|
|
========== |
========== |
|
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
for the Investment Corporation of Pakistan |
|
|
|
|
|
ISTAQBAL MEHDI |
|
SYED LIAQUAT ALI |
|
M. SALEEM SHAIKH |
|
|
Managing Director |
|
Director |
|
Director |
|
|
|
| CASH
FLOW STATEMENT |
|
| FOR
THE YEAR ENDED 30 JUNE 2000 |
|
|
|
Note |
2000 |
1999 |
|
|
|
Rupees |
Rupees |
|
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
|
| Cash
generated from operations |
|
9 |
1,906,531 |
1,819,611 |
|
| Sale
of investments |
|
|
10,747,300 |
9,142,090 |
|
| Purchase
of investments |
|
|
(19,810,034) |
(7,607,550) |
|
| Taxes paid |
|
|
(635,987) |
(123,631) |
|
|
|
|
------------------ |
------------------ |
|
| Net
cash (outflow) / inflow from operating activities |
|
(7,792,190) |
3,230,520 |
|
|
|
|
| CASH
FLOW FROM INVESTING ACTIVITIES |
|
| Return
on current account with the ICP |
|
605,857 |
913,416 |
|
|
|
------------------ |
------------------ |
|
| Net
cash inflow from investing activities |
|
605,857 |
913,416 |
|
|
|
|
| CASH
FLOW FROM FINANCING ACTIVITIES |
|
| Dividend paid |
|
(12,333) |
(3,274,320) |
|
|
|
------------------ |
------------------ |
|
| Net
cash outflow from financing activities |
|
(12,333) |
(3,274,320) |
|
|
|
------------------ |
------------------ |
|
| NET
(DECREASE) / INCREASE IN CASH & CASH EQUIVALENTS |
(7,198,666) |
869,616 |
|
| CASH
EQUIVALENTS AT THE BEGINNING OF THE YEAR |
6,858,342 |
5,988,726 |
|
|
|
------------------ |
------------------ |
|
| CASH
& CASH EQUIVALENTS AT THE END OF THE YEAR |
10 |
(340,324) |
6,858,342 |
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
for the Investment Corporation of Pakistan |
|
|
|
|
|
ISTAQBAL MEHDI |
|
SYED LIAQUAT ALI |
|
M. SALEEM SHAIKH |
|
|
Managing Director |
|
Director |
|
Director |
|
|
|
| STATEMENT
OF CHANGES IN EQUITY |
|
| FOR
THE YEAR ENDED 30 JUNE 2000 |
|
|
|
|
Issued, |
Unappropriated |
Total |
|
|
|
Subscribed and |
Income |
Rupees |
|
|
|
paid up capital |
Rupees |
|
|
|
|
Rupees |
|
|
|
| Balance
as at 30 June 1998 |
|
50,000,000 |
6,059,748 |
56,059,748 |
|
| Net
loss for the year |
|
-- |
(723,347) |
(723,347) |
|
|
|
------------------ |
------------------ |
------------------ |
|
| Balance
as at 30 June 1999 |
|
50,000,000 |
5,336,401 |
55,336,401 |
|
| Net
income for the year |
|
-- |
4,044,591 |
4,044,591 |
|
| Purposed
dividend |
|
-- |
(6,000,000) |
(6,000,000) |
|
|
|
------------------ |
------------------ |
------------------ |
|
| Balance
as at 30 June 2000 |
|
50,000,000 |
3,380,992 |
53,380,992 |
|
|
|
|
========== |
========== |
========== |
|
|
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
for the Investment Corporation of Pakistan |
|
|
|
|
|
ISTAQBAL MEHDI |
|
SYED LIAQUAT ALI |
|
M. SALEEM SHAIKH |
|
|
Managing Director |
|
Director |
|
Director |
|
|
|
| NOTES
TO THE ACCOUNTS |
|
| FOR
THE YEAR ENDED 30 JUNE 2000 |
|
|
| 1.
THE FUND AND ITS OPERATIONS |
|
| In
order to broaden the base of investment end to encourage investment in shares
of companies quoted on the stock exchanges in |
|
| the
country, First ICP Mutual Fund was established by the Investment Corporation
of Pakistan (ICP), acting as its trustee, on |
|
| June
15, 1967 under the ICP Ordinance, 1966. The Fond is listed on all three stock
exchanges in Pakistan. |
|
|
| 2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
|
|
|
|
| 2.1
Accounting convention |
|
|
|
| These
accounts have been prepared under the historical cost convention without
taking any effect of inflation. |
|
|
|
|
| 2.2 Investments |
|
|
|
|
| i)
investments are valued at average cost where cost is lower than the market
value, determined on the basis of the average of |
|
| the
highest and the lowest quotation on the balance sheet date; |
|
|
| ii)
In cases where market value is lower than carrying value, the carrying value
is reduced to recognise other than temporary |
|
| decline,
i.e., for a period not less than three years, in order to arrive at their
revised book value; and |
|
|
| iii)
profit or loss on sale of investments is accounted for in the year in which
it arises. |
|
|
|
|
| 2.3 Taxation |
|
|
|
| Provision
for taxation is based on taxable income at the current rates for taxation
after taking into account tax credits |
|
| available, if any. |
|
|
|
|
| 2.4
Revenue recognition |
|
|
|
| i)
Dividend income is accounted for at the closure of share transfer books of
the company declaring dividend; |
|
|
|
| ii)
Return on current account with the ICP is accounted for on the basis of PLS
rate declared half yearly by the bank on PLS |
|
| bank accounts. |
|
|
| 3.
INVESTMENTS IN QUOTED SHARES |
|
| Unless
stated otherwise. the holdings are in the Ordinary shares of Rs. 10/- each. |
|
|
| 2000 |
1999 |
|
2000 |
|
1999 |
|
| *Holding |
Name of company |
Book value |
Market value |
Book value |
Market value |
| No. of shares |
|
**Rate |
Amount |
**Rate |
Amount |
**Rate |
Amount |
**Rate |
Amount |
|
|
Rupees |
|
Rupees |
|
Rupees |
|
Rupees |
|
MODARABAS |
|
|
| 39,000 |
39,000 |
F.G. Modaraba |
|
10.16 |
396,125 |
14.58 |
568,620 |
10.16 |
396,125 |
12.25 |
477,750 |
|
|
|
|
LEASING |
|
|
| 43,750 |
43,750 |
Orix Leasing Company Ltd. |
39.63 |
1,733,800 |
30.00 |
1,312,500 |
39.63 |
1,733,800 |
26.00 |
1,137,500 |
|
|
|
|
BANKS/INVESTMENT BANKS |
|
| 84,588 |
83,490 |
Bank Al Habib Ltd. |
14.09 |
1,191,550 |
14.93 |
1,262,899 |
16.90 |
1,411,250 |
18.00 |
1,502,820 |
|
|
|
|
TEXTILE & SPINNING |
|
| 60,000 |
-- |
Crescent Textile |
|
29.06 |
1,743,600 |
17.30 |
1,038,000 |
-- |
-- |
-- |
-- |
| 100,000 |
-- |
Nagina Cotton XB |
11.55 |
1,155,250 |
15.50 |
1,550,000 |
-- |
-- |
-- |
-- |
| 43,500 |
-- |
Umer Fabrics |
|
15.50 |
674,250 |
16.25 |
706,875 |
-- |
-- |
-- |
-- |
| 50,100 |
-- |
Nishat Chunian |
|
17.85 |
894,060 |
28.50 |
1,427,850 |
-- |
-- |
-- |
-- |
|
|
|
|
SUGAR AND ALLIED
INDUSTRIES |
|
| 42,955 |
39,050 |
Dewan Sugar Mills Ltd |
15.00 |
644,325 |
15.00 |
644,325 |
23.70 |
925,600 |
17.75 |
693,138 |
|
|
|
|
CEMENT |
|
|
| 24,256 |
24,256 |
Cherat Cement Company
Ltd. |
7.39 |
179,189 |
21.48 |
521,019 |
7.39 |
179,189 |
13.00 |
315,328 |
| 30,000 |
30,000 |
Dadabhoy Cement
Industries Ltd. |
8.00 |
240,000 |
6.53 |
195,900 |
8.00 |
240,000 |
4.25 |
127,500 |
| -- |
50,000 |
Lucky Cement Company Ltd. |
-- |
-- |
-- |
-- |
3.82 |
191,000 |
3.82 |
191,000 |
| 50,000 |
50,000 |
Pakland Cement Ltd. |
13.01 |
650,500 |
6.10 |
305,000 |
13.01 |
650,500 |
4.75 |
237,500 |
|
|
|
|
FUEL AND ENERGY |
|
| 290,000 |
260,000 |
Hub Power Company Ltd. |
33.11 |
9,601,000 |
14.70 |
4,263,000 |
33.74 |
8,773,250 |
14.07 |
3,658,200 |
| 100,000 |
128,500 |
Mari Gas Company Ltd. |
20.94 |
2,093,960 |
18.30 |
1,830,000 |
20.94 |
2,690,750 |
17.90 |
2,300,150 |
| 114,454 |
79,712 |
Pakistan State Oil
Company Ltd. |
39.44 |
4,513,557 |
163.10 |
18,667,447 |
3.83 |
305,057 |
91.59 |
7,300,538 |
| 155,003 |
147,829 |
Sui Northern Gas Co. Ltd. |
3.97 |
615,450 |
16.10 |
2,495,548 |
4.57 |
675,000 |
8.37 |
1,237,329 |
| 30,500 |
50500 |
Shell Pakistan Ltd. |
147.88 |
4,510,490 |
267.63 |
8,162,715 |
147.88 |
7,468,150 |
163.00 |
8,231,500 |
| 204,014 |
199,145 |
Sui Southern Gas Company
Ltd. |
4.43 |
902,780 |
16.38 |
3,341,749 |
5.09 |
1,013,530 |
8.60 |
1,712,647 |
| 25,000 |
-- |
S. Electric Power |
|
-- |
236,250 |
8.10 |
202,500 |
-- |
-- |
-- |
-- |
| 25,000 |
-- |
S.G. Power |
|
-- |
225,000 |
6.80 |
170,000 |
-- |
-- |
-- |
-- |
|
|
|
|
AUTO AND ALLIED
ENGINEERING |
|
| 15,000 |
-- |
General Tyre |
|
56.20 |
843,000 |
45.00 |
675,000 |
-- |
-- |
-- |
-- |
| 100,000 |
100,000 |
Pak Suzuki Motors Company
Ltd. |
12.50 |
1,250,000 |
12.50 |
1,250,000 |
36.29 |
3,628,800 |
25.00 |
2,500,000 |
|
|
|
|
CABLES & ELECTRICAL |
|
|
|
| 21,125 |
21,175 |
Philips Electronics |
70.78 |
1495305.00 |
59.69 |
1,260,971 |
70.62 |
1,495,305 |
41.95 |
888,291 |
| 10,395 |
10,395 |
Refrigerators
Manufacturing Company Ltd. |
8.95 |
93035.00 |
8.95 |
93,035 |
61.65 |
640,845 |
10.00 |
103,950 |
|
|
|
|
|
|
|
TRANSPORT AND
COMMUNICATION |
|
|
| 100,000 |
50,000 |
P.T.C.L. "A" |
|
31.13 |
3112950.00 |
27.08 |
2,708,000 |
33.25 |
1,662,250 |
20.02 |
1,001,000 |
|
|
|
|
|
|
|
CHEMICAL AND
PHARMACEUTICALS |
|
|
| 28,520 |
28,520 |
BOC Pakistan Ltd. |
125.94 |
3,591,811 |
114.00 |
3,251,280 |
125.94 |
3,591,811 |
81.00 |
2,310,120 |
| 59,050 |
64,050 |
Engro Chemicals
(Pakistan) Ltd. |
81.57 |
4,816,846 |
59.33 |
3,503,437 |
81.57 |
5,224,697 |
73.67 |
4,718,563 |
| -- |
50,000 |
F.F.C. Jardan Fertilizer
Company Ltd. |
-- |
-- |
-- |
-- |
13.43 |
671,500 |
5.63 |
4,117,000 |
| 185,000 |
100,000 |
Fauji Fertilizer Company
Ltd. |
48.89 |
9,043,950 |
39.58 |
7,322,300 |
41.17 |
4,117,000 |
82.34 |
562,500 |
| 2,500 |
2,500 |
Wah Noble Chemical
Company Ltd. |
21.80 |
54,500 |
30.00 |
75,000 |
21.80 |
54,500 |
14.00 |
35,000 |
|
|
|
|
|
|
|
PAPER AND BOARD |
|
|
|
| 17,000 |
17,000 |
Cherat Papersack Company
Ltd. |
40.11 |
681,900 |
64.00 |
1,088,000 |
40.11 |
681,900 |
38.00 |
646,000 |
| 18,150 |
16,500 |
Century Paper Board
Company Ltd. |
24.55 |
445,500 |
12.25 |
222,338 |
27.00 |
445,500 |
13.75 |
226,875 |
|
|
|
|
|
|
|
MISCELLANEOUS |
|
|
|
| 30,000 |
-- |
Tri-Pack Films |
|
35.96 |
1,078,875 |
29.98 |
899,400 |
-- |
-- |
-- |
-- |
|
|
|
|
------------------ |
|
------------------ |
|
------------------ |
|
------------------ |
|
|
|
|
58,708,808 |
|
71,014,708 |
|
48,867,309 |
|
46,232,199 |
|
|
|
|
========== |
|
========== |
|
========== |
|
========== |
|
|
|
|
|
|
| *
The above shares are held in the name of the Investment Corporation of
Pakistan which acts as a Trustee to the Fund. |
|
|
| **Rounded
off to two decimal places. |
|
|
| 4.
MANAGEMENT FEE |
|
| The
management fee is payable to Investment Corporation of Pakistan @ 1/2% per
annum on the initial paid-up-capital of the Fund. |
|
| The
management fee in respect of the additional capital raised in prior years by
way of Right Issue (RI) is payable upto 3% per annum of the net assets |
|
| market
value of the Fund to be determined at the close of the financial year. |
|
|
|
|
|
|
2000 |
1999 |
|
|
|
Note |
Rupees |
Rupees |
|
|
| Management
fee on initial paid-up capital (a) 1/2% |
|
|
|
| per
annum on Rs.5.00 million |
|
|
25,000 |
25,000 |
|
|
|
|
|
|
|
|
|
| Management
fee on capital raised in prior years through RI |
|
|
|
| @ 3% on net assets
market value of the Fund, in |
4.1 |
1,935,546 |
1,422,935 |
|
|
|
|
|
------------------ |
------------------ |
|
|
| proportion
of capital raised through RI to total |
|
1,960,546 |
1,447,935 |
|
|
| paid-up
capital, after charging management fee |
|
========== |
========== |
|
|
|
|
|
| 4.1
Market value of net assets at the close |
|
| of
financial year after charging management fee |
|
|
|
| Investments
in quoted shares |
|
3 |
71,014,708 |
46,232,199 |
|
|
| Long
term deposit |
|
|
100,000 |
100,000 |
|
|
|
|
|
|
|
|
|
|
| Current assets |
|
|
| Dividend
receivable |
|
1,155,000 |
400,000 |
|
| Prepaid
expenses |
|
-- |
7,500 |
|
| Current
account with the ICP |
|
-- |
6,858,342 |
|
| Advance
tax - net |
|
382,753 |
-- |
|
| Cash at bank |
|
|
24,980 |
-- |
|
|
------------------ |
------------------ |
|
|
|
1,562,733 |
7,265,842 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
72,677,441 |
53,598,041 |
|
|
| Current
liabilities |
|
|
|
|
|
|
| Current
account wi |
