| Ghandhara Leasing Company Limited |
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| Annual
Report 2000 |
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| Contents |
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| Company
Information |
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| Notice
of Annual General Meeting |
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| Financial
Highlights |
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| Graphic
Presentation |
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| Pattern
of Shareholding |
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| Directors'
Report |
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| Auditors'
Report to the Members |
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| Balance Sheet |
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| Profit
& Loss Account |
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| Cash
Flow Statement |
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| Statement
of Changes in Equity |
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| Notes
to the Accounts |
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| Company
Information |
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| BOARD
OF DIRECTORS |
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| 1.
Mr. C. Ahsanul Haq (Chairman/Chief Executive) |
Nominee of A1-Zamin
Leasing Modaraba |
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| 2.
Mr. Basheer Ahmed Chowdry |
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Nominee of A1-Zamin
Leasing Modaraba |
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| 3.
Mr. Ansar Husain |
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Nominee of A1-Zamin
Leasing Modaraba |
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| 4.
Sheikh Mohammad Farooq |
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Nominee of A1-Zamin
Leasing Modaraba |
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| 5.
Mr. M. Moizul Haque |
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Nominee of A1-Zamin
Leasing Modaraba |
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| 6.
Mr. Mohammad Zahid |
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Nominee of Zahidjee
Brothers (Pvt.) Limited |
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| 7.
Mrs. Huma Zahid |
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Nominee of Zahidjee
Brothers (Pvt.) Limited |
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| 8.
Ms. Aaliya K. Dossa |
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Nominee of National
Investment Trust |
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| 9.
Mr. Anis Wahab Zuberi |
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Nominee of National
Investment Trust |
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| 10.
Mr. A.G. Budhani |
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Nominee of Investment
Corporation of Pakistan |
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| COMPANY
SECRETARY |
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LEGAL ADVISORS |
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| Mr.
M. Moizul Haque |
|
Shaukat Law Associates |
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217, Central Hotel Annexe |
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Abdullah Haroon Road |
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| REGISTERED
OFFICE |
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Karachi |
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| 2nd
Floor, State Life Building |
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Phone: 5681495, 5686223 |
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| 34th,
The Mall Peshawar Cantt, |
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| Peshawar. |
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SHARE REGISTRARS |
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THK Associates (Pvt.)
Ltd. |
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| KARACHI
OFFICE |
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Ground Floor |
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| 104-108
Kassam Court, |
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Shaikh Sultan Trust |
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| BC-9,
Block-5, Clifton Karachi. |
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Building No. 2 |
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| Phone:
111-111-303 |
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Beaumont Road |
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Karachi-75530 |
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| BANKERS
TO THE COMPANY |
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Ph: 5686658-5685687 |
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| American
Express Bank Ltd. |
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| Allied
Bank of Pakistan Ltd. |
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| National
Bank of Pakistan Ltd. |
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| Standard
Chartered Bank |
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| The
Bank of Tokyo |
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| The
Bank of Khyber |
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| The
Bank of Punjab |
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| AUDITORS |
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| Taseer
Hadi Khalid & Company |
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| Chartered
Accountants |
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| 1st
Floor, Shaikh Sultan Trust |
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| Building
No.2, Beaumont Road |
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| Karachi-75530 |
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| Ph:
5681912, 5682290, 5680934, 5671761-63 |
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| Notice
of Annual General Meeting |
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| Notice
is hereby given that the 9th Annual General Meeting of Ghandhara Leasing
Company Limited will |
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| be
held on Tuesday, 16th January, 2001 at 2nd Floor, State Life Building, 34 The
Mall, |
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| Peshawar
Cantt., Peshawar at 9:00 a.m. to transact the following business: |
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| ORDINARY
BUSINESS |
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| *
To receive, consider and adopt the Audited Accounts of the company for the
year ended 30th June, |
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| 2000
together with Directors' Report and Auditors' Report thereon. |
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| *
To appoint Auditors and fix their remuneration. The present Auditors Messrs.
Taseer Hadi Khalid |
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| &
Co., Chartered Accountants, retire and being eligible, offer themselves for
re-appointment. |
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| SPECIAL
BUSINESS |
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| To
consider and approve, with or without modifications the following resolution
as Special |
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| Resolution: |
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| "Resolved
that the name of the company be and is hereby changed to A1-Zaamin Leasing
Limited". |
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| Further
Resolved that clause-1 of Memorandum of Association be amended as under: |
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| The
name of the Company is "Al-Zaamin Leasing
Limited". |
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| Further
Resolved that the above change in the name of the company shall be subject to
approval by |
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| the
Registrar of Companies, Securities & Exchange Commission of Pakistan and
any change in the |
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| new
name and or wording of this Special Resolution, if any, suggested by him or
his office shall be |
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| deemed
to have the approval of this meeting. |
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| Further
Resolved that wherever the existing name appears in the Memorandum and
Articles of |
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| Association
and other documents, may be substituted with the new name. |
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| Further
Resolved that the Chairman/Chief Executive be authorized to take steps
necessary of |
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| change of name. |
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| OTHER
BUSINESS |
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| To
transact any other business as may be placed before the meeting with the
permission of |
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| the Chair. |
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By Order of the Board |
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|
M. Moizul Haque |
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| Karachi:
19th December, 2000 |
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(Company Secretary) |
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| Notes: |
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| 1.
The Share Transfer Books of the company will remain closed from 8th January
2001 to |
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| 15th
January, 2001 (both days inclusive). |
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| 2.
A member entitled to attend and vote at this meeting may appoint another
member as his /her |
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| proxy
to attend the meeting and vote for him / her. No person shall act as proxy
who is not a |
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| member
of the Company. Proxies in order to be effective must be received by the
Company not |
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| less
than 48 hours before the meeting. |
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| 3.
Share holders are requested to immediately notify the company if any change
in their addresses. |
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| CDC
Account Holders will further have to follow the undermentioned guidelines as
laid |
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| down
in Circular 1 dated 26th January, 2000 issued by the Securities and Exchange |
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| Commission
of Pakistan: |
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| A.
For Attending the Meeting: |
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| i.
In case of individuals, the account holder or sub-account holder and/or the
person whose |
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| securities
are in group account and their registration details are uploaded as per the
Regulations, |
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| shall,
authenticate his identity by showing his original National Identity Card
(NIC) or original |
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| passport
at the time of attending the meeting. |
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| ii.
In case of corporate entity, the Board of Directors' resolution/power of
attorney with specimen |
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| signature
of the nominee shall be produced (unless it has been provided earlier) at the
time of the |
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| meeting. |
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| B.
For Appointing Proxies: |
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| i.
In case of individuals, the account holder or sub-account holder and/or the
person whose |
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| securities
arc in group account and their registration details arc uploaded as per the
Regulations, |
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| shall
submit the proxy form as per the above requirement. |
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| ii.
The proxy form shall be witnessed by two persons whose names, addresses and
NIC numbers |
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| shall
be mentioned on the form. |
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| iii
Attested copies of NIC or the passport of the beneficial owners and the proxy
shall be furnished |
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| with
the proxy form. |
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| iv.
The proxy shall produce his original NIC or original passport at the time of
meeting. |
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| v.
In case of corporate entity the Board of Directors' resolution/power of
attorney with specimen |
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| signature
shall be submitted (unless it has been provided earlier) alongwith proxy form
to the |
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| Company. |
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| STATEMENT
UNDER SECTION 160 OF THE COMPANIES ORDINANCE, 1984 |
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| This
statement is annexed to the Notice of Annual General Meeting and sets out the
material facts |
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| concerning
special business to be transacted at the meeting. |
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| The
change in the name of company has been proposed due to the following reasons: |
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| Ghandhara
Nissan Limited desired to change the name of company at the time of its |
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| disinvestments
by them to A1-Zamin Leasing Modaraba and Associates and to avail the |
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| benefits
of creditability and good will of A1-Zamin's name particularly with lenders. |
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| None
of the Directors have any special or other interest in the property or
profits or the company |
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| other
than that as holders of ordinary shares in the capital of the company. |
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| Financial
Highlights |
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June-1996 |
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| PARTICULARS |
June-2000 |
June-1999 |
June-1998 |
June-1997 |
(18 months) |
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| Balance
Sheet (Rupees in Million) |
|
| Net
Investment in Lease |
192.11 |
352.01 |
538.56 |
519.82 |
496.88 |
|
| Total Equity |
|
88.24 |
109.38 |
147.94 |
172.53 |
160.77 |
|
| Total Assets |
|
242.41 |
401.98 |
612.67 |
631.29 |
581.05 |
|
| Break-up
Value (Amount in rupees) |
10.68 |
13.24 |
17.91 |
20.89 |
19.46 |
|
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| Income
Statement (Rupees in Million) |
|
| Gross Income |
|
36.80 |
65.22 |
92.17 |
99.83 |
137.60 |
|
| Financial
Charges |
29.63 |
58.24 |
72.71 |
67.34 |
87.67 |
|
| Other Expenses/Provisions |
23.31 |
44.18 |
41.30 |
16.13 |
26.31 |
|
| Net
(Loss)/Profit |
(21.14) |
(38.56) |
(24.59) |
11.76 |
22.93 |
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| Lease
Portfolio (Percentage) |
|
| Plant
& Machinery |
77.23 |
69.38 |
56.96 |
73.10 |
66.33 |
|
| Equipment |
|
4.58 |
5.65 |
9.20 |
10.31 |
9.23 |
|
| Private Vehicles |
|
8.01 |
6.12 |
8.79 |
7.05 |
9.67 |
|
| Commercial
Vehicles |
10.19 |
18.85 |
25.05 |
9.54 |
14.77 |
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| Pattern
of Shareholding |
|
| as
at 30 June 2000 |
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| NO. OF |
HAVING
SHARES |
SHARES HELD |
PERCENTAGE |
|
|
| SHARE |
FROM |
TO |
|
|
|
| HOLDERS |
|
|
| 55 |
1 |
100 |
5500 |
.0665 |
|
| 312 |
101 |
500 |
144600 |
1.7516 |
|
| 149 |
501 |
1000 |
146400 |
1.7724 |
|
| 64 |
1001 |
5000 |
159500 |
1.9310 |
|
| 22 |
5001 |
10000 |
177100 |
2.1441 |
|
| 7 |
10001 |
15000 |
84700 |
1.0254 |
|
| 5 |
15001 |
20000 |
97500 |
1.1804 |
|
| 1 |
20001 |
25000 |
23500 |
.2845 |
|
| 1 |
25001 |
30000 |
27800 |
.3365 |
|
| 2 |
30001 |
35000 |
64500 |
.7809 |
|
| 2 |
50001 |
55000 |
104300 |
1.2627 |
|
| 1 |
85001 |
90000 |
87000 |
1.0533 |
|
| 1 |
95001 |
100000 |
100000 |
1.2106 |
|
| 1 |
335001 |
340000 |
337700 |
4.0885 |
|
| 1 |
495001 |
500000 |
500000 |
6.0534 |
|
| 1 |
510001 |
515000 |
513000 |
6.2108 |
|
| 1 |
590001 |
595000 |
592800 |
7.1771 |
|
| 1 |
705001 |
710000 |
708200 |
8.5741 |
|
| 1 |
940001 |
945000 |
943600 |
11.4241 |
|
| 1 |
1245001 |
1250000 |
1250000 |
15.1337 |
|
| 1 |
2190001 |
2195000 |
2192000 |
26.5384 |
|
| ------------------ |
|
------------------ |
------------------ |
|
| 630 |
|
8,259,700 |
100.0000 |
|
| ========== |
|
========== |
========== |
|
|
|
| Categories
of Shareholders |
|
| As
at 30 June 2000 |
|
|
| PARTICULARS |
|
SHARE |
SHARE |
PERCENTAGE |
|
|
|
HOLDERS |
HOLDING |
|
|
|
|
|
|
| INDIVIDUAL |
|
606 |
954600 |
11.5573 |
|
| INVESTMENT
COMPANIES |
|
1 |
500 |
.0063 |
|
| INSURANCE
COMPANIES |
|
1 |
337700 |
4.0885 |
|
| JOINT
STOCK COMPANIES |
|
12 |
2586000 |
31.3086 |
|
| FINANCIAL
INSTITUTIONS |
|
7 |
1687900 |
20.4353 |
|
| MODARABAS |
|
2 |
2193000 |
26.5506 |
|
| FOREIGN
COMPANIES |
|
1 |
500000 |
6.0534 |
|
|
|
------------------ |
------------------ |
------------------ |
|
| TOTAL |
|
630 |
8,259,700 |
100.0000 |
|
|
========== |
========== |
========== |
|
|
|
| Directors'
Report |
|
|
| The
Board of Directors of Ghandhara Leasing Company Limited is pleased to present
9th Annual Report |
|
| together
with the Audited Accounts of the Company for the year ended 30th June, 2000. |
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|
| Economic
Scenario |
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| The
economy has shown a real GDP growth of 4.5 percent (1999: 3.2 percent)
against the target of 5 |
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| percent.
This recovery was possible due to agriculture sector on account of better
cotton and wheat |
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| crops.
Manufacturing sector did not perform well and showed growth of 1.6 percent
only. However, |
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| service
sector has shown a slight growth and stood at 4.5 percent against 4.1 percent
last year. |
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| External
trade has also shown improvements but due to additional burden of increased
oil prices on |
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| Pakistan's
economy, the foreign exchange position did not show any improvement. |
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|
| During
the year under review, leasing industry did not show any significant recovery
as it is directly |
|
| related
to the manufacturing sector. The industry is facing a number of problems
including paucity of |
|
| leases
from quality customers, rate-competition amongst the leasing companies and
entry of some of |
|
| the
banks and DFIs in the leasing sector offering very low rates. However, many
leasing companies |
|
| have
diversified their risks to attain the required volume of business and are
doing car leasing and small |
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| ticket
leasing to small and medium organizations besides the usual corporate sector
leasing. |
|
|
| Operating
Results |
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| Your
company had been facing a difficult time since early 1998. The company's
original sponsors were |
|
| facing
difficulties in their industrial concern's operations, resultantly the lender
banks reported their |
|
| overdues
and defaults to the Credit Information Bureau (CIB) of State Bank of
Pakistan. Your company's |
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| CIB
report was clean but due to negative CIB report of the sponsors, Ghandhara
Leasing was facing |
|
| difficulty
in raising additional funds for new leases. Your company somehow managed to
achieve 12 |
|
| times
growth in 5 years (company started business with equity of Rs.50 million in
1992 and total assets |
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| were
Rs.631 million on 30th June, 1997). During this period your company also paid
40% cash dividend. |
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| To
resolve their problems, sponsors of the company decided to disinvest their
holdings in your company. |
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| At
that moment borrowings ofrs.399 million by your company were outstanding. To
keep afloat, your |
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| company
decided that full lease rental recovery would be used to pay markup at due
dates and balance |
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| amount
to reduce principal outstandings where lenders demand repayment. During last
2 I/2 years, i.e., |
|
| upto
30th June, 2000 your company recovered Rs.512 million from its lessees, most
of which was used |
|
| to
meet operating expenses, payment of financial charges and repayment of loans.
only a small sum |
|
| was
used for writing new business. Your company incurred losses in the years 1998
to 2000 mainly due |
|
| to
suspension of income and setting aside provisions on some customers who are
defaulters to the |
|
| financial
sector across the board. |
|
|
| In
these circumstances A1-Zamin Leasing Modaraba and its Associates, Zahidjee
Brothers (Pvt.) Limited |
|
| decided
to acquire controlling shares and management of your Company from Ghandhara
Nissan |
|
| Limited. |
|
|
| A1-Zamin
Leasing Modaraba is a multipurpose modaraba extending lease financing since
1992. It is one of |
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| the
best managed modarabas, paying dividend to its certificate holders. A1-Zamin
Leasing Modaraba holds |
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| credit
rating B-3 (B-Three) which is described as "Good Credit Quality, Sound
Financial Condition, Financial |
|
| condition
protection factors are adequate". |
|
|
| Al-Zamin
Leasing Modaraba and its Associates have nominated 6 Directors on the
company's Board. The |
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| new
sponsors are fully committed to growth of your company as the capability of
handling of leasing |
|
| business
of A1-Zamin Group has been substantially enhanced. A1-Zamin's nominated
Directors are fully |
|
| involved
in company's business for better coordination between the entities. Although,
for the time being, |
|
| legal
status of both entitles will remain independent; a merger in the future may
be in the best interest of |
|
| shareholders,
in view of the capital adequacy requirements of Rs.200 million under the
Leasing Rules,2000. |
|
|
| Securities
& Exchange Commission of Pakistan (SECP) approved the purchase of
controlling shares by A1- |
|
| Zamin
Leasing Modaraba and its Associates and also the change of directors, on 22nd
April,2000. |
|
|
| As
on 30th June,2000 the total assets of the company have been reduced to Rs.242
million from Rs.401 |
|
| million
as no lease was executed during the previous year and net recovery was used
to repay loans and |
|
| other
financial commitments. The company has incurred a loss after tax of Rs.21.
142 million against |
|
| Rs.38.561
million of the last year. Total revenue during the year was reduced to
Rs.36.798 million against |
|
| Rs.65.218
million of the last year as old leases matured and new leases were not
executed during the year. |
|
| Total
expenses were reduced to Rs.52.941 million against Rs. 102.412 million of the
last year mainly due |
|
| to
reduction ofrs.28.605 million in financial charges and reduction in
provisions for potential lease losses. |
|
| A
number of recoveries were also made from a number of defaulted lessees. Admin
expenses show increase |
|
| due
to payment of gratuity amounting to Rs. 4.000 million to the outgoing Chief
Executive. |
|
|
| A
provision of Rs.5 million on account of current taxation has been created to
meet the tax liability, which |
|
| may
occur due to reversal of depreciation as during the last two years no major
lease disbursement was |
|
| made.
To meet the SECP guidelines, your management has also decided to create a
capital reserve for |
|
| deferred
tax amounting to Rs.4,079,419/=. Since the lease portfolio has been reduced,
as explained above. |
|
| a
sum of Rs.4.1 million was transferred from the contingency reserve as per our
policy. |
|
|
| Future
Prospects |
|
| Your
management is confident that better days are ahead and the takeover by
A1-Zamin will significantly |
|
| benefit
the company. A1-Zamin holds respectable position in lenders market.
Immediately after the takeover, |
|
| the
lenders of the company agreed to renew our facilities amounting to Rs.87
million, which includes |
|
| conversion
of Rs.62 million from short-term to long term facilities. |
|
|
| Further,
a short-term loan of Rs.30 million to a sister concern of the previous
sponsors was recovered |
|
| subsequent
to the close of accounts. |
|
|
| Considering
Al-Zamin Leasing Modaraba and Zahidjee Brothers (Pvt.) Limited as our
strength, DCR-VIS |
|
| the
Credit Rating Agency has rated our COIs as Investment Grade i.e. Triple B
Minus (BBB-), which is |
|
| described as: |
|
|
| "Adequate
credit quality, Protection factors are reasonable and sufficient, Risk
factors are considered variable |
|
| if
changes occur in the economy." |
|
|
| The
company is concentrating on BMR, small ticket leasing, car leasing and is
avoiding green field projects |
|
| due
to high risks. |
|
|
| Your
company is also committed to introducing new products. "ANY CAR" is
the first introduction, which |
|
| is
targeted to individual customer that allows leasing of new and used cars upto
3 to 4 years old. |
|
| However,
uncertainty remains in the forefront. It is expected that the power crisis
being experienced for |
|
| the
last few months will create further delays in recovery of rentals, which in
turn will increase financial |
|
| cost
of the company. However, textile and IT sectors have witnessed an upsurgence,
which we intend to |
|
| capitalize. |
|
|
| Our
economy is passing through a transitory period of adjustments and therefore,
your company is expected |
|
| to
expose to mismatching of funds and markup rates. |
|
|
| The
Government is doing its best particularly to control revenue expenditure and
is also fully committed |
|
| to
multifarious reforms, but the revival of leasing sector including your
company is dependent on the overall |
|
| revival
of the economy. |
|
|
| Directors |
|
| M/s.
C. Ahsanul Haq, Basheer A. Chowdry, Ansar Husain and Sheikh Mohammad Farooq
nominees of A1- |
|
| Zamin
Leasing Modaraba and Mr. Mohammad Zahid and Ms. Huma Zahid, nominees of
Zahidjee Brothers |
|
| (Pvt)
Limited had succeeded M/s. Raza Kuli Khan Khattak, Lt. Gen. (Retd) Ali Kuli
Khan Khattak, Ahmed |
|
| Kuli
Khan Khattak, Jamil Ahmed Shah, Mushtaq Ahmed Khan and K.U. Rehman due to
purchase of |
|
| Controlling
Shares by A1-Zamin Leasing Modaraba and Zahidjee Brothers (Pvt.) Limited and
Associates. |
|
| Mr.
Michio Kuwahara had resigned subsequent to close of accounts and Mr. M.
Moizul Haque was appointed |
|
| director
to fill casual vacancy. |
|
|
| Mr.
Haroon Ahmed Zuberi had resigned as Chief Executive of the Company and Mr. C.
Ahsanul Haq was |
|
| appointed
as Chairman/Chief Executive of the Company by the Board of Directors. Mr.
A.W. Zuberi nominee |
|
| of
National Investment Trust (NIT) has succeeded Mr. Nasim Beg due to latters
resignation from NIT. |
|
| The
Directors place on record their appreciation of the services of outgoing
Chief Executive and Directors, |
|
|
| Information
Technology |
|
| The
company has successfully handled Y2K problem. |
|
|
| Staff |
|
| The
Board places on record its appreciation for the performance of all staff
members particularly in difficult |
|
| days. |
|
|
| Auditors |
|
| The
present Auditors M/s. Taseer Hadi Khalid & Co., Chartered Accountants
retire and being eligible offer |
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| themselves
for re-appointment. |
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| Pattern
of Shareholding and Loss per share |
|
| The
pattern of shareholding as on 30th June,2000 and loss per share are shown on
page number 10 and 16 |
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| respectively. |
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On behalf of the Board |
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|
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|
C. Ahsanul Haq |
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| Karachi:
19th December, 2000 |
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Chairman and Chief Executive |
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| Auditors'
Report to the Members |
|
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| We
have audited the annexed balance sheet of Ghandhara Leasing Company Limited
as at 30th June 2000 |
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| and
the related profit and loss account, cash flow statement and statement of
changes in equity together |
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| with
the notes forming part thereof, for the year then ended and we state that we
have obtained all the |
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| information
and explanations, which to the best of our knowledge and belief. were
necessary for the |
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| purposes
of our audit. |
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| It
is the responsibility of the company's management to establish and maintain a
system of internal control. |
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| and
prepare and present the above said statements in conformity with the approved
accounting standards |
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| and
the requirements of the Companies Ordinance, 1984. Our responsibility is to
express an opinion on |
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| these
statements based on our audit. |
|
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| We
conducted our audit in accordance with the auditing standards as applicable
in Pakistan. These |
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| standards
require that we plan and perform the audit to obtain reasonable assurance
about whether the |
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| above
said statements are free of any material misstatement. An audit includes
examining, on a test basis. |
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| evidence
supporting the amounts and disclosures in the above said statements. An audit
also includes |
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| assessing
the accounting policies and significant estimates made by management, as well
as, evaluating the |
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| overall
presentation of the above said statements. We believe that our audit provides
a reasonable basis |
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| 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 |
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| Companies
Ordinance, 1984; |
|
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| b)
in our opinion: |
|
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| i)
the balance sheet and profit and loss account together with the notes thereon
have been drawn |
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| up
in conformity with the Companies Ordinance, 1984, and are in agreement with
the books of |
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| account
and are further in accordance with accounting policies consistently applied; |
|
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| ii)
the expenditure incurred during the year was for the purpose of the company's
business; and |
|
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| iii)
the business conducted, investments made and the expenditure incurred during
the year were in |
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| accordance
with the objects of the company; |
|
|
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| c)
in our opinion and to the best of our information and according to the
explanations given to us, the |
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| balance
sheet, profit and loss account, cash flow statement and statement of changes
in equity |
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| together
with the notes forming part thereof conform with approved accounting
standards as |
|
| applicable
in Pakistan, and give the information required by the Companies Ordinance,
1984, in the |
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| manners
so required and respectively give a true and fair view of the state of the
company's affairs as |
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| at
30th June 2000 and of the loss, its cash flows and changes in equity for the
year then ended; and |
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| d)
In our opinion no Zakat was deducted at source under the Zakat and Ushr
Ordinance, 1980 |
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| (XVIII of 1980). |
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|
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| Date:
19th December, 2000 |
|
Taseer Hadi Khalid & Co. |
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| Karachi |
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|
Chartered Accountants |
|
|
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| Balance
Sheet as at 30 June 2000 |
|
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| ASSETS |
|
Note |
2000 |
1999 |
|
|
|
|
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| OPERATING
FIXED ASSETS |
|
3 |
5,031,854 |
5,889,840 |
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| LONG
TERM DEPOSITS |
|
|
405,322 |
307,322 |
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| LONG
TERM INVESTMENTS |
|
4 |
4,041,187 |
3,951,187 |
|
| NET
INVESTMENT IN LEASE FINANCE - Secured |
5 |
34,937,098 |
124,117,091 |
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| DEFERRED
COST |
|
6 |
-- |
474,227 |
|
|
|
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| CURRENT
ASSETS |
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| Current
maturity of net investment in lease finance and |
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| overdue
lease rentals |
|
7 |
157,175,606 |
227,894,346 |
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| Federal
Investment Bond |
|
8 |
50,000 |
50,000 |
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| Short
term advances-Secured |
|
9 |
29,935,415 |
30,056,780 |
|
| Advances,
deposits, prepayments and other receivables |
10 |
13,788,911 |
8,772,519 |
|
| Cash
and bank balances |
|
