| Interasia 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 Meeting |
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| Directors'
Report and Chairman's Review |
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| Auditors'
Report to the Members |
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| Balance Sheet |
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|
| Profit
and 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 Financial Statements |
|
| Pattern
of Shareholdings |
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| COMPANY
INFORMATION |
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|
| Board
of Directors |
Mr. Muhammad Younas Khan |
Chairman |
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| As
at June 30, 2000 |
Mr. Jameel ur Rehman |
|
Chief Executive |
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|
Mr, Talha Qureshi |
|
Director |
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|
Mr. Muhammad Azam Khan |
Director |
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|
Mr. Abdus Samad Khan |
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(Nominee of Saudi Pak
Industrial & |
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|
Agricultural Investment
Co (Pvt) Ltd) |
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|
Mr. Abdul Quddus Siddiqi |
|
Director |
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|
Saiyed Hashim Ishaque |
|
Director |
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| Company
Secretary |
Muhammad Salman Haider
(ACA) |
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| Bankers |
|
Gulf Commercial bank Ltd |
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The Bank of Khyber |
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|
Trust Investment Bank Ltd |
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| Legal
Advisors |
Ahmer Bilal Soofi,
Advocates & Solicitors |
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| Auditors |
|
M/s Khalid Majid Husain
Rahman, Chartered Accountants |
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| Registrar
and Share |
Universal Management
Services (Pvt) Ltd |
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| Transfer
Office |
Room No.205, 2nd Floor,
Central Hotel Building |
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|
Civil Lines, Karachi |
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Phone: 5654037 |
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| Registered
Office |
101, 82-East, Fazal ul
Haq Road, Blue Area |
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Islamabad - 44000 |
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Phone: (92 51) 2206731 -
2206272 |
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|
Fax: (92 51) 2201380 |
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| Head Office |
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Suite # 1, 3rd Floor,
Leeds Centre |
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|
11-E-2, Main Boulevard,
Gulberg-III, Lahore |
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Phone: (92 51) 5717295 -
96 |
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Fax: (92 51) 5717297 |
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| NOTICE
OF THE MEETING |
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| Notice
is hereby given that the Eighth Annual General Meeting of INTERASIA LEASING COMPANY LIMITED will be |
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| held
at Hotel Holiday Inn, Islamabad on Saturday, December 30, 2000 at 1500 hours
to transact the following |
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| business. |
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| ORDINARY
BUSINESS |
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| 1.
To confirm minutes of the Third Extra Ordinary General Meeting of the Company
held on April 03, 2000. |
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| 2.
To receive, consider and adopt the audited accounts of the Company for the
year ended June 30, 2000 |
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| together
with the Directors' and Auditor's report thereon. |
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| 3.
To appoint Auditors for the year 2000-2001 and fix their remuneration. |
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| 4.
To transact any other business with the permission of the Chair. |
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|
By Order of the Board |
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|
| Islamabad: |
|
MUHAMMAD SALMAN HAIDER |
|
| November
25, 2000 |
|
Company Secretary |
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| NOTES: |
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| 1.
The Register of Members of the Company will remain closed from December 22,
2000 to December 29, 2000 |
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| (both
days inclusive). |
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| 2.
A member entitled to attend and vote at the meeting is entitled to appoint a
proxy to attend and vote for |
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| him/her.
A proxy need not be a member of the Company. |
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|
| 3.
An instrument of proxy and the power of attorney or other authority (if any)
under which it is signed, or a |
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| notarially
certified copy of such power of attorney in order to be valid must be
deposited at the registered |
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| office
of the Company not less than 48 hours before the time of the meeting. |
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|
| 4.
Members are advised to lodge shares for transfer at the office of the Company
Registrar, Universal |
|
| Management
Services (Pvt) Ltd., Room No.205, 2rid Floor, Central Hotel Building, Civil
Lines, Karachi. |
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|
| 5.
CDC shareholders desiring to attend the meeting are requested to bring their
original national identity cards, |
|
| account
and participant's ID number for identification purpose and, in case of proxy,
to enclose an attested |
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| copy
of his/her national identity card. |
|
|
| 6.
Members are requested to notify any change in address immediately. |
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| DIRECTORS'
REPORT AND REVIEW BY THE CHAIRMAN |
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| The
Board of Directors of InterAsia Leasing Company Limited presents the Eighth
Annual Report alongwith Audited |
|
| Accounts
for the year ended June 30, 2000. |
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|
| GENERAL
REVIEW: |
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| The
country's economy, which was being poorly managed in the past, did not show
any sign of recovery during the |
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| year
under review. The prevailing investment climate and the business environment
failed to attract fresh local or |
|
| foreign
investment. The only positive signs came from the bumper agricultural crop
and good performance of the |
|
| textile
sector. Naturally the sluggish economy did not provide any inputs to the
leasing sector. The businesses whose |
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| leasing
facilities had become problematic also did not show any sign of recovery.
Consequently the recovery process |
|
| continued
to be slow and a futile exercise. Your management continued to focus its
attention on the recoveries and |
|
| generation
of new deposits to generate fresh resources. In this regard, some new members
of staff have been |
|
| inducted
who have started producing results. The past association of your Company with
the BEL fiasco has resulted |
|
| in
a lack of confidence from the banks, which we are trying to restore. Money
market brokers have been approached to |
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| get
overnight funds and efforts are being made to induct more staff who could
deliver institutional deposits. The new |
|
| management
has continued to pay back liabilities from the recoveries being made in order
to lesson the debt burden. |
|
| Small
amounts of leases are also being written. |
|
|
| OPERATING
PERFORMANCE: |
|
| Owing
to the severe liquidity crunch, our lease operations were restricted and the
income from lease financing |
|
| declined
from Rs. 59.4 million in the previous year to Rs. 33 million during the year
under review. The management |
|
| continued
to pay attention to expenses. However the increase in administrative expenses
from Rs. 9.4 million to Rs. |
|
| 16.2
million is attributable to the charges which the Company had to absorb fully
this year which previously were being |
|
| shared
with other group companies. As a results of our intensified efforts, improved
recovery position due to |
|
| retirement
of the debts and the marketing of new COIs financial charges have been
reduced considerably from Rs. 35 |
|
| million
to Rs. 22 million. Despite an overall reduction in the lending rates in the
market, your Company had to pay |
|
| higher
mark up on its borrowings because of its prior commitments. |
|
|
| Your
Company is still stuck with certain inherited poor performing portfolio which
is being pursued vigorously for early |
|
| recoveries.
The archaic legal system is the biggest impediment in effecting recoveries.
Even after a decree is issued, |
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| there
is no guarantee that it will be executed speedily. Easy grant of the stay
orders is yet another stumbling block in |
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| the
prompt implementation of decrees. |
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|
| Financial Results |
Rupees |
|
| Net
investment in leases |
|
165,561,002 |
|
| Revenue |
|
33,433,047 |
|
| Expenditure |
|
51,830,055 |
|
| Provision
for potential lease losses |
|
(17,580,903) |
|
| Provision
for diminution in the |
|
|
|
| value
of investments (marked to market) |
|
3,666,240 |
|
|
|
|
| Provision
for taxation deferred and current |
|
7,788,240 |
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| Loss after tax |
|
12,270,585 |
|
|
| REVERSAL
OF KASHMIR SUGAR MILLS LIMITED (KSML) LEASE: |
|
| Your
Company participated in a lease syndication of Kashmir Sugar Mills Limited
(KSML) in the year 1997-98 to the |
|
| tune
of Rs. 40 m. The legal documentation with Bankers Equity Limited was very
weak and the lessee i.e KSML also |
|
| refused
to recognize ILCL as its lessor. The issue was discussed with BEL, being the
lead syndicate member, and it |
|
| was
resolved that both the companies will reverse the lease. Consequently, income
of Rs. 12.2 m booked in the |
|
| previous
years had to be reversed this year. |
|
|
| REFERENCE
TO NOTE NO.14.3 IN THE AUDITORS' REPORT: |
|
| This
refers to two leases (I) Syed Bhais Lighting Limited and (2) Nimir Industrial
Chemicals Limited which were |
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| disbursed
in 1997 and 1995 respectively. At the time of disbursement the conditions of
SRO 345(I)/96 of Leasing |
|
| Companies
(Establishment and Regulation Rules 1996) were fulfilled because of
sufficient equity. However, as a |
|
| result
of the losses incurred during the year 1999 the equity of the Company shrank
from Rs. 134 million to Rs. 86.381 |
|
| million,
resulting in a higher exposure than prescribed by the SRO 345(I)/96. |
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| Subsequently,
the SECP issued SRO 663(1)/2000 Leasing Companies (Establishment and
Regulation) Rules, 2000 |
|
| on
September 25, 2000 allowing a single group exposure of maximum 20% of the net
investment in leasing |
|
| transactions.
Both the leases in question are covered within the new prescribed limit. |
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|
| CREDIT
RATING: |
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| The
Pakistan Credit Rating Agency (Pvt) Ltd. (PACRA) has rated your Company as
'BB' (Double B) for long term and |
|
| 'B'
(Single B) for short term. |
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|
| FUTURE
OUT LOOK: |
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| The
initial liquidity problems have been overcome somewhat with the availability
of sizeable matching credit facility |
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| from
a premier international bank. Negotiations for further credit lines are in
progress with some financial institutions. |
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| The
current ratio has also improved to 1: 0.58 (as per NBFI Regulations) that
will help in negotiating further credit lines. |
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| Drive
for COIs is also being geared up. With access to additional funds it will be
possible to step up our efforts to |
|
| progressively
increase the volume of lease business. We seek indulgence of the shareholders
and would ask them to |
|
| bear
with us a little longer, as we are just about to turn the corner for the
better. |
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|
| AUDITORS: |
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| The
name of M/S Hussain Rahman, Chartered Accountants, who have offered
themselves for appointment, is being |
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| proposed
as auditors. |
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|
| ACKNOWLEDGMENT: |
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| The
Board takes the opportunity of appreciating the efforts of the management and
staff for their dedication and hard |
|
| work.
We also thank the Securities & Exchange Commission of Pakistan and the
State Bank of Pakistan for their |
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| continued
support and guidance. |
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|
| PATTERN
OF SHAREHOLDING: |
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| The
pattern of shareholdings as at June 30, 2000 is given on page No.28 |
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|
|
On behalf of the Board |
|
|
| Islamabad: |
|
MUHAMMAD YOUNAS KHAN |
|
| November
25, 2000 |
|
Chairman |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed Balance Sheet of InterAsia Leasing Company Limited
as at June 30, 2000 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 statement 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 there of, we report that: |
|
|
| a)
in our opinion, proper books of account have been kept by the Company as
required by the Companies |
|
| Ordinance,
1984; |
|
|
| b)
in our opinion: |
|
|
| 1.
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; |
|
|
| 2.
The expenditure incurred during the year was for the purpose of the Company's
business; and |
|
|
| 3.
The business conducted, investments made and the expenditure incurred during
the year were in |
|
| accordance
with the objects of the Company; |
|
|
| c)
in our opinion and to the best of our information and according to the
explanations given to us the Balance |
|
| Sheet,
the Profit and Loss Account, Cash Flow Statement and Statement of Changes in
Equity 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 manner so
required and respectively |
|
| give
a true and fair view of the state of the Company's affairs as at June 30,2000
and of the loss and 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 was deducted by the |
|
| Company
and deposited in the Central Zakat Fund established under Section 7 of that
Ordinance. |
|
|
| Without
qualifying our opinion we draw attention to note 14.3. |
|
|
| Islamabad, |
|
KHALID MAJID HUSSAIN
RAHMAN |
|
| November
27, 2000 |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS JUNE 30, 2000 |
|
|
|
|
2000 |
1999 |
|
|
NOTE |
RUPEES |
RUPEES |
|
|
| EQUITY
AND LIABILITIES |
|
| SHARE
CAPITAL AND RESERVES |
|
|
| Authorised
Capital |
|
| 20,000,000
ordinary shares of |
|
| Rs. 10 each |
|
200,000,000 |
200,000,000 |
|
|
========== |
========== |
|
| Issued,
subscribed and paid up capital |
|
| 10,000,000
ordinary shares of |
|
| Rs.
10 each fully paid up in cash |
|
3 |
100,000,000 |
100,000,000 |
|
|
|
|
| Reserves |
|
|
|
| Capital |
|
33,805,866 |
26,181,263 |
|
| Revenue |
|
(52,070,807) |
(39,800,222) |
|
|
----------- |
----------- |
|
|
81,735,059 |
86,381,041 |
|
|
| NON-CURRENT
LIABILITIES |
|
| Long
term loans |
|
4 |
1,906,401 |
8,146,401 |
|
| Certificates
of investment |
|
5 |
4,307,376 |
3,562,375 |
|
| Liability
against asset subject to finance lease |
|
6 |
642,837 |
-- |
|
| Long
term deposits |
|
7 |
14,774,813 |
35,961,381 |
|
| Deferred
liability |
|
8 |
439,621 |
-- |
|
|
|
----------- |
----------- |
|
|
22,071,048 |
47,670,157 |
|
|
| CURRENT
LIABILITIES |
|
| Current
portion of long term liabilities |
|
9 |
18,907,155 |
28,616,100 |
|
| Finance
under mark-up arrangements |
|
10 |
58,336,211 |
78,965,305 |
|
| Certificates
of investment |
|
5 |
71,577,667 |
77,763,410 |
|
| Accrued
and other liabilities |
|
11 |
23,676,708 |
38,208,441 |
|
| Provision
for taxation |
|
1,145,995 |
982,358 |
|
| Unclaimed
dividend |
|
497,282 |
550,006 |
|
|
----------- |
----------- |
|
|
174,141,018 |
225,085,620 |
|
|
| CONTINGENCIES AND COMMITMENTS |
|
12 |
-- |
-- |
|
|
----------- |
----------- |
|
|
277,947,125 |
359,136,818 |
|
|
========== |
========== |
|
| ASSETS |
|
| NON-CURRENT
ASSETS |
|
| Tangible
fixed assets |
|
13 |
3,168,836 |
2,602,878 |
|
| Net
investment in finance leases |
|
14 |
113,869,587 |
199,673,901 |
|
| Long
term investments |
|
15 |
16,398,691 |
22,014,411 |
|
| Long
term deposits |
|
|
886,670 |
393,070 |
|
| Deferred costs |
|
16 |
236,783 |
1,157,491 |
|
|
|
134,560,567 |
225,841,751 |
|
| CURRENT
ASSETS |
|
|
|
| Current
portion of net investment in finance leases |
14 |
51,691,415 |
79,087,031 |
|
| Advances,
prepayments and other receivables |
17 |
85,192,727 |
47,350,242 |
|
| Cash
and bank balances |
|
18 |
6,502,416 |
6,857,794 |
|
|
|
----------- |
----------- |
|
|
143,386,558 |
133,295,067 |
|
|
----------- |
----------- |
|
|
277,947,125 |
359,136,818 |
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these financial statements. |
|
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE YEAR ENDED JUNE 30, 2000 |
|
|
|
|
2000 |
1999 |
|
|
NOTE |
RUPEES |
RUPEES |
|
| REVENUE |
|
| Income
from lease financing |
|
19 |
32,727,339 |
59,356,023 |
|
| Income
from investments |
|
|
2,850 |
-- |
|
| Other Income |
|
20 |
702,858 |
913,403 |
|
|
|
------------ |
------------ |
|
|
|
33,433,047 |
60,269,426 |
|
|
|
|
|
| EXPENDITURE |
|
|
|
|
| Administrative
and operating expenses |
|
21 |
16,230,592 |
9,411,659 |
|
| Financial
and other charges |
|
22 |
22,499,878 |
42,184,389 |
|
| Amortization
of deferred cost |
|
|
920,708 |
920,707 |
|
|
------------ |
------------ |
|
|
39,651,178 |
52,516,755 |
|
|
------------ |
------------ |
|
| PROFIT/(LOSS)
BEFORE PROVISIONS |
|
(6,218,131) |
7,752,671 |
|
| Provision
for potential lease losses |
|
(17,580,903) |
37,714,190 |
|
| Provision
for diminution in value of Investments |
|
3,666,240 |
17,158,201 |
|
|
------------ |
------------ |
|
|
(13,914,663) |
54,872,391 |
|
|
------------ |
------------ |
|
|
7,696,532 |
(47,119,720) |
|
| Reversal
of Kashmir Sugar Mills Income |
|
| Recognised
in previous year |
|
17.2 |
12,178,877 |
|
|
------------ |
------------ |
|
| (LOSS)
BEFORE TAXATION |
|
(4,482,345) |
(47,119,720) |
|
| PROVISION
FOR TAXATION |
|
23 |
7,788,240 |
9,378,582 |
|
|
|
|
------------ |
------------ |
|
| (LOSS)
AFTER TAXATION |
|
12,270,585) |
(56,498,302) |
|
| UN-APPROPRIATED
PROFIT/(LOSS) |
|
|
|
| BROUGHT
FORWARD |
|
49,800,222) |
6,698,080 |
|
|
|
------------ |
------------ |
|
| UN-APPROPRIATED
(LOSS) |
|
62,070,807) |
(49,800,222) |
|
|
========== |
========== |
|
| (LOSS)
PER SHARE |
|
24 |
(1.23) |
(5.65) |
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these financial statements |
|
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
| CASH
FLOW STATEMENT FOR THE YEAR ENDED YEAR JUNE 30, 2000 |
|
|
|
|
|
2000 |
1999 |
|
|
|
|
RUPEES |
RUPEES |
|
| CASH
FLOWS FROM OPERATING ACTIVITIES |
|
| (Loss)
before taxation |
|
(4,482,345) |
(47,119,720) |
|
| Adjustments
for: |
|
|
|
| Depreciation |
|
1,219,845 |
990,464 |
|
| Deferred
costs amortized |
|
920,708 |
920,707 |
|
| Financial
charges |
|
22,102,718 |
35,586,665 |
|
| (Gain)/loss
on sale of fixed assets |
|
-- |
1,609 |
|
| Provision
for diminution in the value of investments |
|
3,666,240 |
17,158,201 |
|
| Provision
for potential lease losses |
|
(13,170,580) |
37,714,190 |
|
| Provision
for gratuity |
|
812,004 |
|
|
|
----------- |
----------- |
|
|
15,550,935 |
92,371,836 |
|
|
----------- |
----------- |
|
| Operating
Profit/(Loss) before working capital changes |
|
11,068,590 |
45,252,116 |
|
|
| (Increase)/decrease
in advances, prepayments and |
|
| other
receivable |
|
(37,491,722) |
(16,470,305) |
|
| Increase/(decrease)in
accrued and other liabilities |
|
(30,385,203) |
(3,285,681) |
|
|
----------- |
----------- |
|
|
(67,491,722) |
(19,755,986) |
|
|
----------- |
----------- |
|
| Cash
(used)/generated from operations |
|
(56,808,335) |
25,496,130 |
|
| Payments for |
|
| Income tax |
|
(277,953) |
(1,066,367) |
|
| Dividend |
|
(52,724) |
10,460,223) |
|
| Financial
charges |
|
(12,340,547) |
35,090,931) |
|
| Gratuity |
|
(372,383) |
|
|
|
----------- |
----------- |
|
| Net
cash (used) in operating activities |
|
(69,851,942) |
(21,121,391) |
|
|
| CASH
FLOWS FROM INVESTING ACTIVITIES |
|
| Purchase
of fixed assets |
|
(736,803) |
(410,850) |
|
| Proceeds
from sale of fixed assets |
|
-- |
461,070 |
|
| Increase
in long term security deposits |
|
(493,600) |
(205,000) |
|
| Investment
in leases finance- net |
|
126,297,698 |
42,130,522 |
|
| Decrease
in long term investments |
|
1,949,480 |
1,180,996 |
|
|
----------- |
----------- |
|
| Net
cash generated from investing activities |
|
127,016,775 |
43,156,738 |
|
|
| CASH
FLOWS FROM FINANCING ACTIVITIES |
|
| Long
term loans paid |
|
(8,830,000) |
14,046,000) |
|
| Short
term finances obtained |
|
15,000,000 |
98,500,000 |
|
| Short
term finances paid |
|
33,283,792) |
(105,016,031) |
|
| Certificates
of investment |
|
(5,440,743) |
4,548,985 |
|
| Lease
money settled |
|
24,810,948) |
(4,098,032) |
|
| Payments
of lease obligations |
|
(154,728) |
-- |
|
|
----------- |
----------- |
|
| Net
cash (used) in financing activities |
|
57,520,211) |
(20,111,078) |
|
|
----------- |
----------- |
|
| NET
(DECREASE)/INCREASE IN CASH AND |
|
| CASH
EQUIVALENTS |
|
(355,378) |
1,924,269 |
|
|
----------- |
----------- |
|
| Cash
and cash equivalents at the beginning of the year |
|
6,857,794 |
4,933,525 |
|
|
|
----------- |
----------- |
|
| CASH
AND CASH EQUIVALENTS AT THE END OF THE YEAR |
6,502,416 |
6,857,794 |
|
|
========== |
========== |
|
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
|
| STATEMENT
OF CHANGES IN EQUITY FOR THE YEAR ENDED JUNE 30, 2000 |
|
|
|
Share Capital |
Capital
Reserve |
Revenue
Reserve |
|
|
|
Reserve for |
Reserve for |
Statutory |
Sub-Total |
General |
Un-appropriated |
Sub-Total |
|
|
|
|
Contingencies |
Deferred Tax |
Reserve |
|
Reserve |
profit/(Loss) |
|
Total |
|
|
NOTE 3 |
NOTE 3.1 |
Liability |
|
|
|
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
|
|
| Balance
as at July 01, 1998 |
100,000,000 |
3,339,892 |
-- |
13,759,493 |
17,099,385 |
10,000,000 |
6,698,080 |
16,698,080 |
133,797,465 |
|
| Net
profit / (loss) for the year |
-- |
-- |
-- |
-- |
-- |
-- |
(47,416,424) |
(47,416,424) |
(47,416,424) |
|
| Transfer
to reserve for deferred |
|
|
| tax liability |
|
-- |
-- |
9,081,878 |
-- |
9,081,878 |
-- |
(9,081,878) |
(9,081,878) |
-- |
|
|
----------- |
----------- |
