| Sixth ICP Mutual Fund |
|
|
|
|
|
|
|
|
|
| 27th
Annual Report-2000 |
|
|
|
| INVESTMENT
CORPORATION OF PAKISTAN |
|
|
|
|
|
|
|
If undelivered please
return to: |
|
| HEAD OFFICE: |
|
MUTUAL FUNDS DEPARTMENT: |
|
| NBP
Building, 5th Floor |
Dawood Centre, Ground
Floor |
|
| I.I.
Chundrigar Road, Karachi. |
Moulvi Tamizuddin Khan
Road, Karachi. |
|
| Phones:
9212360-69 |
Phones: 5686014-15,
5685104-05 |
|
| Telefax;
92-21-9212388-89 |
Telefax: 92-21-9202783 |
|
| E-mail:
icp@paknet2-3.pct.pk |
E-mail:
icp@paknet2-3.pct.pk |
|
|
|
| Directors'
Report to the Certificate Holders |
|
| for
the Year Ended June 30, 2000 |
|
|
| The
Mutual Fund's 27th Annual Report for the year ended June 30, 2000 is hereby
being presented for your review. |
|
|
| Financial
Results |
|
| The
financial results of the Mutual Fund for the year under review are summarized
as under: |
|
|
|
|
|
(Rs. '000') |
|
|
| Net
Income before Taxation |
|
1,646 |
|
| Taxation |
|
|
-- |
|
|
|
|
------------------ |
|
| Net
Income alter Taxation |
|
1,646 |
|
| Un-appropriated
income B/F |
|
6,552 |
|
|
|
|
------------------ |
|
| Available
for Appropriation |
|
8,198 |
|
| Cash
Dividend (10%) |
|
5,000 |
|
| Un-appropriated
Income carried for, yard to |
|
| Revenue
Reserve |
|
3,198 |
|
|
|
|
| Basic
Earning per certificate (in rupees) |
|
0.33 |
|
|
| 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. |
|
| However,
the upward trend could not be sustained beyond March 2000 and the index
dipped at 1521 points as on June 30, 2000. |
|
|
| During
the year under review the Sixth Mutual Fund earned total income of Rs. 13.01
million including dividend income of Rs.7.77 |
|
| million.
Net income for the year after incurring expenditure of Rs.3.55 million and
Rs.7.80 million on account of diminution in |
|
| the
value of investments mounted to Rs.1.66 million. NAV's worked out at Rs.26.87
per certificate as compared to Rs.16.54 |
|
| last year. |
|
|
| Future
Prospects |
|
| The
stock market situation is likely to improve due to Government's steady
measures to strengthen capital market. Such measures |
|
| include
agreement with IMF, acceleration of the privatisation process, expected
resolution of Hubco dispute and average corporate |
|
| earnings
growth of 14% expected for FY2001 etc. Your management will closely monitor
the situation to maximize return on its |
|
| investment
portfolio. |
|
|
| Pattern
of Certificate Holdings |
|
| The
pattern of certificate holding is annexed herewith. |
|
|
| Auditors |
|
| Our
present auditors M/s. Taseer, Hadi, Khalid & Company and M/s. Ford,
Rhodes, Robson, Morrow retire and being eligible |
|
| offer
themselves for re-appointment. |
|
|
| Acknowledgement |
|
| In
the end we wish to express our thanks to all our certificate holders, bankers
and other financial institutions for their continued |
|
| support. |
|
|
|
|
for the Investment Corporation of Pakistan |
|
|
|
ISTAQBAL MEHDI |
|
SYED L1AQUAT ALI |
|
M. SALEEM SHAIKH |
|
|
Managing Director |
|
Director |
|
Director |
|
|
|
|
|
|
| Karachi:
7-12-2000 |
|
|
|
| BALANCE
SHEET AS AT 30 JUNE 2000 |
|
|
|
Note |
2000 |
1999 |
|
|
|
|
Rupees |
Rupees |
|
|
|
|
| NET ASSETS |
|
|
|
| Investment
in quoted shares |
|
3 |
39,590,960 |
46,969,177 |
|
| [Market
value Rs. 116,475,291 (1999: Rs.73,196,832)] |
|
|
|
|
| Security
deposit |
|
|
100,000 |
100,000 |
|
|
|
| Current assets |
|
| Dividend
receivable |
|
|
1,522,500 |
1,281,600 |
|
| Prepaid
expenses |
|
|
-- |
7,500 |
|
|
| Current
account with the Investment Corporation |
|
| of
Pakistan (ICP) |
|
|
18,231,423 |
19,726,633 |
|
| Taxation net |
|
|
446,842 |
332,704 |
|
| Cash at bank |
|
|
224,980 |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
20,425,745 |
21,348,437 |
|
|
| Current
liabilities |
|
| Unclaimed
dividend |
|
|
1,905,361 |
1,846,590 |
|
| Dividend
payable |
|
|
5,000,000 |
10,000,000 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
6,918,761 |
41,865,928 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
13,506,984 |
9,482,509 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
53,197,944 |
56,551,686 |
|
|
Rupees |
========== |
========== |
|
|
| FINANCED BY |
|
|
|
| Capital
and Reserves |
|
|
|
| Capital |
|
|
|
| Authorised |
. |
|
|
| 5,000,000
Certificates of Rs. 10 each |
Rupees |
50,000,000 |
50,000,000 |
|
|
========== |
========== |
|
|
| Issued,
subscribed and paid-up |
|
| 5,000,000
Certificates of Rs. 10 each fully paid in cash |
50,000,000 |
50,000,000 |
|
|
| Revenue
reserve |
|
| Unappropriated
income |
|
|
3,197,944 |
6,551,686 |
|
|
|
|
------------------ |
------------------ |
|
|
|
Rupees |
53,197,944 |
56,551,686 |
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
for the Investment Corporation of Pakistan |
|
|
|
ISTAQBAL MEHDI |
|
SYED L1AQUAT 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 |
|
|
7,772,014 |
6,668,765 |
|
| Return
on current account with ICP |
|
1,858,696 |
1,697,595 |
|
| Profit
on sale of investments |
|
3,380,100 |
3,164,871 |
|
| Other income |
|
|
-- |
2,558 |
|
|
|
------------------ |
------------------ |
|
|
|
13,010,810 |
11,533,789 |
|
|
|
|
|
|
| EXPENDITURE |
|
|
|
| Management
fee |
|
4 |
3,291,975 |
2,276,704 |
|
| Auditors'
remuneration |
|
5 |
21,335 |
14,730 |
|
| Diminution
in the value of investments |
|
7,798,667 |
1,037,500 |
|
| Other expenses |
|
6 |
252,575 |
227,724 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
11,364,552 |
3,556,658 |
|
|
| INCOME
BEFORE TAXATION |
|
|
1,646,258 |
7,977,131 |
|
| TAXATION
- Prior |
|
7 |
-- |
(149,470) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
-- |
(149,470) |
|
|
------------------ |
------------------ |
|
| INCOME
AFTER TAXATION |
|
|
1,646,258 |
8,126,601 |
|
| UNAPPROPRIATED
INCOME BROUGHT FORWARD |
6,551,686 |
8,425,085 |
|
|
|
|
------------------ |
------------------ |
|
| AVAILABLE
FOR APPROPRIATION |
|
8,197,944 |
16,551,686 |
|
|
| Final
divided @ 10% (1999: @ 20% ) |
|
5,000,000 |
10,000,000 |
|
|
------------------ |
------------------ |
|
| UNAPPROPRIATED
INCOME CARRIED FORWARD |
Rupees |
3,197,944 |
6,551,686 |
|
|
|
|
|
========== |
========== |
|
|
| BASIC
EARNINGS PER SHARE (CERTIFICATE) |
8 |
0.33 |
1.63 |
|
|
|
|
|
========== |
========== |
|
|
|
|
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
for the Investment Corporation of Pakistan |
|
|
|
ISTAQBAL MEHDI |
|
SYED L1AQUAT 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 |
3,966,791 |
3,865,762 |
|
| Sale
of investments |
|
|
4,510,650 |
9,411,520 |
|
| Purchase
of investments |
|
|
(1,551,000) |
(6,229,620) |
|
| Taxes paid |
|
|
(114,138) |
-- |
|
|
|
|
------------------ |
------------------ |
|
| Net
cash inflow from operating activities |
|
6,812,303 |
7,047,662 |
|
|
|
|
| CASH
FLOW FROM INVESTING ACTIVITIES |
|
| Return
on current account with ICP |
|
1,858,696 |
1,697,595 |
|
|
|
|
------------------ |
------------------ |
|
| Net
cash inflow from investing activities |
|
1,858,696 |
1,697,595 |
|
|
|
|
| CASH
FLOW FROM FINANCING ACTIVITIES |
|
| Dividend paid |
|
|
(9,941,229) |
(10,234,794) |
|
|
|
|
------------------ |
------------------ |
|
| Net
cash used in financing activities |
|
(9,941,229) |
(10,234,794) |
|
|
|
|
|
|
| NET
(DECREASE) IN CASH & CASH EQUIVALENTS |
(1,270,230) |
(1,489,537) |
|
|
|
|
------------------ |
------------------ |
|
| CASH
& CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR |
19,726,633 |
21,216,170 |
|
|
|
|
------------------ |
------------------ |
|
| CASH
& CASH EQUIVALENTS AT THE END OF THE YEAR |
10 Rupees |
18,456,403 |
19,726,633 |
|
|
========== |
========== |
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
|
for the Investment Corporation of Pakistan |
|
|
|
ISTAQBAL MEHDI |
|
SYED L1AQUAT ALI |
|
M. SALEEM SHAIKH |
|
|
Managing Director |
|
Director |
|
Director |
|
|
|
| STATEMENT
OF CHANGES IN EQUITY |
|
| FOR
THE YEAR ENDED 30 JUNE 2000 |
|
|
|
Issued, |
Unappropriated |
Total |
|
|
Subscribed & |
income |
|
|
|
paid up capital |
|
|
|
Rupees |
Rupees |
Rupees |
|
|
| Balance
as at 30 June 1998 |
|
50,000,000 |
8,425,085 |
58,425,085 |
|
| Net
Income for the year |
|
-- |
8,126,601 |
812,660 |
|
| Dividend |
|
-- |
(10,000,000) |
(10,000,000) |
|
|
|
------------------ |
------------------ |
------------------ |
|
| Balance
as at 30 June 1999 |
|
50,000,000 |
6,551,686 |
56,551,686 |
|
| Net
Income for the year |
|
-- |
1,646,258 |
1,646,258 |
|
| Dividend |
|
-- |
(5,000,000) |
(5,000,000) |
|
|
|
------------------ |
------------------ |
------------------ |
|
| Balance
as at 30 June 2000 |
Rupees |
50,000,000 |
3,197,944 |
53,197,944 |
|
|
========== |
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
for the Investment Corporation of Pakistan |
|
|
|
ISTAQBAL MEHDI |
|
SYED L1AQUAT 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. |
|
|
