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Lease Pak Limited
Annual Report 2000
CONTENTS
Company Information
Notice of Annual General Meeting
Directors' Report
Auditors' Report
Balance Sheet
Profit & Loss Account
Statement of Changes in Equity
Cash Flow Statement
Notes to the Cash Flow Statement
Notes to the Accounts
Pattern of Shareholding
COMPANY INFORMATION
Chairman Mian Misbah-ur-Rehman
President & CEO M.T. Farooqui
Directors Mr. Abdul Rehman
Mr. Tariq Rehman
Mr. Naveed Masud
Agha Najeeb Raza
Mr. Immad Iftikhar Malik
Mian Assad Shuja-ur-Rehman
Company Secretary Agha Najeeb Raza
Auditors Ford, Rhodes, Robson, Morrow
Chartered Accountants
Bankers Allied Bank of Pakistan Limited
Albaraka Islamic Bank B.S.C. (E.C)
Muslim Commercial Bank Limited
Pak-Libya Holding Company (Pvt) Limited
Legal Advisor Cornelius Lane & Mufti Advocates & Solicitors
Share Registrars M/s. Softlink (Pvt) Limited
Registered Office & Head Office 11-C, Main Gulberg, Lahore
Tel: 92 42 576 4631, 576 4641, 575 6358
Fax: 92 42 571 3080
Email: Iplpak@brain.net.pk
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the 9th Annual General Meeting of Lease Pak Limited will be held at its Registered Office at
11-C, Main Gulberg, Lahore on Saturday, 30 December 2000 at 11:00 a.m. to transact the following business:
1. To confirm the minutes of the 8th Annual General Meeting held on 23 December 1999.
2. To receive and adopt the audited accounts of the Company for the year ended 30th June, 2000 together with
Directors' and Auditors' Report thereon.
3. To appoint auditors of the Company for the year 2000-2001 and fix their remuneration. The present auditors M/s
Ford, Rhodes, Robson, Morrow, Chartered Accountants retire and being eligible offer themselves for re-appointment.
4. To transact any other business with the permission of the Chair.
By Order of the Board
Lahore: Agha Najeeb Raza
Date: December 7, 2000 (Company Secretary)
NOTES:
1. The share transfer books of the Company will remain closed from December 24, 2000 to December 30, 2000
(both days inclusive)
2. A member of the company entitled to attend and vote may appoint another member as his/her proxy to attend
and vote instead of him/her, proxies must be received at the Registered office of the Company not less than 48
hours before the time of holding the meeting.
3. Members are advised to lodge shares at the office of our Registrar M/s. Softlink (Pvt) Limited, Wings Arcade, 1-K
(commercial), Model Town, Lahore.
4. Members are requested to notify any change in their address immediately to the share Registrar of the Company.
DIRECTORS' REPORT
The Directors have pleasure in presenting the audited accounts for the financial year ended 30 June, 2000.
Operating Performance
The overall success during the period has been modest. As expected the company earned only a nominal
operating profit. The prudent policy of providing sufficient cushion for non-performing lease assets and for
diminution in the market value of equities portfolio resulted in a loss of Rs. 4.85 million. This loss is however
offset with the revaluation reserve created on another asset of the company, which has been put up for sale
subsequent to the finalization of the balance sheet for the financial year.
The company during the year further consolidated its core leasing business. It launched a new product for
lease financing of automobiles for consumers in varied income groups. The initial response to this product
was strong, though its potential could only be partially realized due to the paucity of funds. Still, the net
investment in lease finance registered a reduction of only 32 million rupees as compared with 103 million
rupees over the previous year. The company managed to disburse Rs. 91 million in the year under review as
compared to Rs. 22 million in previous year.
Resource Mobilization
The company realizes that any growth or indeed the maintenance of present asset base, depends on securing
fresh credit lines. Lease Pak is exploring new avenues for resource mobilization. A step forward has been
taken towards this goal by signing a letter of Mandate to raise funds through a medium term TFC.
Pending the TFC, the company secured some fresh credit at competitive rates thus further reducing its average
cost of funds.
Future Outlook
The overall spreads of the leasing industry have been adversely affected by the slowdown in business and
investment activity in the country coupled with the conservative approach to lend by the banks and other
financial institutions. The companies that can weather the storm are those with a larger capital base, established
clientele, availability of credit lines at low cost and an assurance to offer quality service.
The primary focus of Lease Pak is Small and Medium Enterprises (SMEs) and vehicle lease to consumers. Lease
Pak team is geared to analyze and select quality lease opportunities. Recently, Lease Pak launched vehicle
lease product under the brand name of smartcar. The product is highly attractive and ensures a better return
when compared with the lease business in other sectors. The company foresees that the trend would be
continued with the availability of long to medium term funds for which a step ahead has been taken.
The company's survival strategy revolves around a proactive search for a possible merger with a comparable
company in the foreseeable future.
Acknowledgements:
We would like to acknowledge our deep appreciation to the various financial institutions and individuals who
have extended helping hand in' our resource mobilization effort.
For and on behalf of the Board of Directors
M. T. Farooqui
President & CEO
AUDITORS' REPORT TO THE MEMBERS
We have audited the annexed balance sheet of Lease Pak 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 statements in conformity with the approved accounting standards and
the requirements of the Companies Ordinance, 1984. Our responsibility is to express an opinion on these
statements based on our audit.
We conducted our audit in accordance with the auditing standards as applicable in Pakistan. These standards
require that we plan and perform the audit to obtain reasonable assurance about whether the above said
statements are free of any material misstatement. An audit includes examining on a test basis, evidence supporting
the amounts and disclosures in the above said statements. An audit also include assessing the accounting
policies and significant estimates made by management, as well as, evaluating the overall presentation of the
above said statements. We believe that our audit provides a reasonable basis for our opinion and, after due
verification, we report that -
(a) in our opinion, proper books of accounts have been kept by the company as required by the
Companies Ordinance, 1984;
(b) in our opinion -
i) the balance sheet and profit and loss account together with the notes thereon have
been drawn up in conformity with the Companies Ordinance, 1984, and are in
agreement with the books of accounts and are further in accordance with accounting
policies consistently applied;
ii) the expenditure incurred during the year was for the purpose of the company's business; and
iii) the business conducted, investments made and the expenditure incurred during the year were in
accordance with the objects of the company;
(c) in our opinion and to the best of our information and according to the explanations given to
us, the balance sheet, 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 its cash flow and changes
in equity for the year then ended; and
(d) in our opinion, no Zakat was deductible at source under the Zakat and Ushr Ordinance, 1980
Ford, Rhodes, Robson, Morrow
Lahore - 27 November 2000 Chartered Accountants
BALANCE SHEET AS AT JUNE 30, 2000
Notes 2000 1999
Rupees Rupees
Capital and Liabilities
Share Capital and Reserves
Authorised capital
30,000,000 (1999: 30,000,000)
ordinary shares of Rs. 10/- each 300,000,000 300,000,000
========== ==========
Issued, subscribed and paid-up capital 133,201,800 133,201,800
Reserves
Capital reserve 4 7,639,000 7,639,000
Reserve for contingencies 5 6,500,000 6,500,000
Unappropriated (loss) (46,343,053) (41,493,012)
------------------ ------------------
(32,204,053) (27,354,012)
Surplus on revaluation of fixed assets 6 8,486,782 --
Redeemable capital 7 10,000,000 20,000,000
Long term loans 8 86,382,459 90,905,940
Obligation against assets
subject to finance lease 9 2,024,837 1,646,764
Deposit on lease contracts 10 63,275,590 60,595,517
Deferred liability 11 8,900,000 9,334,550
Current liabilities
Current maturity of redeemable capital 36,220,000 68,920,000
Current maturity of long term loans 31,855,239 25,999,947
Current maturity of obligations against
assets subject to finance lease 1,328,942 985,506
Current maturity of deposits on lease contract 17,536,082 13,542,962
Short term certificates of investment 12 30,000,000 30,250,000
Short term finances 13 37,550,000 40,234,644
Accrued and other liabilities 14 28,413,621 41,616,608
Unclaimed dividend 168,149 168,552
Income tax payable 263,493 195,942
------------------ ------------------
183,335,526 221,914,161
Contingencies and Commitments 15 -- --
------------------ ------------------
463,402,941 510,244,720
========== ==========
Property and Assets
Tangible Fixed Assets 16 23,534,218 13,617,020
Net Investment in Lease Finance 17
Minimum lease payments receivable 341,330,764 384,481,044
Add: Residual value 83,946,599 80,736,671
------------------ ------------------
Gross lease payments receivable 425,277,363 465,217,715
Less: Unearned finance income 98,303,091 106,045,400
------------------ ------------------
Net investment in lease finance 326,974,272 359,172,315
Less: Current maturity of net investment in lease finance 146,765,330 116,118,883
Less: Provision for doubtful receivables 3,251,570 3,534,436
------------------ ------------------
176,957,372 239,518,996
Long Term Investments 18 17,119,326 22,723,445
Long Term Advances 19 150,888 78,995
Long Term Deposits and
Deferred Costs 20 4,996,361 2,259,687
Current Assets
Current maturity of net investment in lease finance 17.2 145,496,159 115,474,160
Short term finance - considered good 21 37,267,597 40,300,000
Advances, deposits, prepayments
and other receivables 22 32,202,088 52,062,947
Short term investments 23 -- 1,000,100
Accrued income 24 18,278,960 22,365,037
Cash and bank balances 25 7,399,972 844,333
------------------ ------------------
240,644,776 232,046,577
------------------ ------------------
463,402,941 510,244,720
========== ==========
The annexed notes form an integral part of these accounts.
Chief Executive Director
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED JUNE 30, 2000
Notes 2000 1999
Rupees Rupees
Revenue
Income from leasing operations 26 55,064,827 77,024,493
Income from bank deposits 276,236 75,455
Income on long term investments 27 2,384,130 858,858
Other income 28 1,108,995 5,961,010
------------------ ------------------
58,834,188 83,919,816
Expenditure
Return on borrowings and financial charges 29 43,942,290 66,172,035
Administrative and operating expenses 30 13,953,974 18,018,653
Amortization of deferred costs 20.1 -- 284,937
57,896,264 84,475,625
------------------ ------------------
(Loss)/profit before provisions and tax 937,924 (555,809)
------------------ ------------------
Provision for diminution in value of shares 2,324,200 15,451,070
------------------ ------------------
Provision for doubtful debts 2,563,765 15,455,369
4,887,965 30,906,439
------------------ ------------------
(Loss) Before Tax (3,950,041) (31,462,248)
Provision for Taxation
- Current Year 900,000 1,175,000
- Deferred Tax -- 8,900,000
900,000 10,075,000
------------------ ------------------
(Loss) After Tax (4,850,041) (41,537,248)
------------------ ------------------
(Accumulated Loss) Brought Forward (41,493,012) 44,236
------------------ ------------------
(Accumulated Loss) Carried Forward (46,343,053) (41,493,012)
========== ==========
Earning Per Share in Rupees 31 (0.36) (3.12)
========== ==========
The annexed notes form an integral part of these accounts.
Chief Executive Director
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED JUNE 30, 2000
Reserve Unappro-
Share Capital for priated
Capital Reserve contingencies Profit Total
Rupees
Balance as on July 01, 1998 133,201,800 7,639,000 6,500,000 44,236 147,385,036
Net Profit for the year -- -- -- (41,537,248) (41,537,248)
------------------ ------------------ ------------------ ------------------ ------------------
Balance as on June 30, 1999 133,201,800 7,639,000 6,500,000 (41,493,012) 105,847,788
Net Profit for the year -- -- -- (4,850,041) (4,850,041)
------------------ ------------------ ------------------ ------------------ ------------------
Balance as on June 30, 2000 133,201,800 7,639,000 6,500,000 (46,343,053) 100,997,747
========== ========== ========== ========== ==========
CASH FLOW STATEMENT
FOR THE YEAR ENDED JUNE 30, 2000
Notes 2000 1999
Rupees Rupees
Net cash from operating activities A 10,856,212 (65,957,173)
Cash Flow From Investing Activities
Purchase of fixed assets (3,274,395) (484,950)
Sale proceeds on disposal of fixed assets 614,300 493,711
Investment in lease finance (91,182,308) (21,593,970)
Repayment of investment in lease finance 123,380,351 1 24,734,021
Long term investments 3,279,919 (751,262)
Long term advances - disbursed (189,500) (152,898)
Long term advances -,recovered 704,436 474,777
Long term deposits & deferred cost (3,659,890) (1,212,908)
------------------ ------------------
Net cash from investing activities 29,672,913 101,506,521
Cash Flow from Financing Activities
Redeemable capital (42,700,000) (14,300,000)
Long term loan 1,331,811 (18,242,780)
Obligation under finance lease- acquired 2,128,000 325,000
Obligation under finance lease- repaid (1,406,490) (1,596,195)
Marginal deposit on lease arrangements 14,680,549 6,173,171
Marginal deposit on lease arrangements - adjusted (8,007,356) (9,469,689)
------------------ ------------------
Net cash used in financing activities (33,973,486) (37,110,493)
------------------ ------------------
Net (decrease)/increase in cash and cash equivalents 6,555,639 (1,561,145)
Cash and cash equivalents at the beginning of the year B 844,333 2,405,478
------------------ ------------------
Cash and cash equivalents at the end of the year B 7,399,972 844,333
========== ==========
Chief Executive Director
NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED JUNE 30, 2000
2000 1999
Rupees Rupees
A-Cash Flow from Operating Activities
Net (loss)/profit before tax (3,950,041) (31,462,248)
Adjustments for:
Depreciation 1,599,120 1,635,368
loss/(Gain) on disposal of fixed assets (369,441) 170,711
Solid Waste Management Project Expenses -- 2,083,620
Provision for doubtful debts 2,563,765 15,455,369
Provision for permanent diminution
against long term investments 2,324,200 15,310,313
Provision for gratuity -- 1 76,811
Reversal of provision for gratuity -- (1 77,876)
Amortization of deferred costs 923,216 4,643,488
------------------ ------------------
7,040,860 39,297,804
------------------ ------------------
Operating profit before working capital changes 3,090,819 7,835,556
(Increase)/decrease in:
Short term finance 3,032,403 (5,000,000)
Advances, deposits, prepayments and
other receivables 17,051,846 (25,063,851)
Short term investments 1,000,100 --
Accrued income 4,086,077 (8,022,613)
------------------ ------------------
25,170,426 (38,086,464)
Increase/(decrease) in:
Short term certificates of investment (250,000) (14,750,000)
Short term finance (2,684,644) (39,116,612)
Accrued and other liabilities (13,202,987) 19,676,625
------------------ ------------------
(16,137,631) (34,189,987)
Gratuity paid (434,550) (324,186)
Dividend paid (403) (35,923)
Income tax paid (832,449) (1,156,169)
------------------ ------------------
(1,267,402) (1,516,278)
------------------ ------------------
Net cash from operating activities 10,856,212 (65,957,173)
========== ==========
B-Cash and Cash Equivalents
Cash and cash equivalents included in cash flow statement comprise only cash and bank balances as
appearing in balance sheet.
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED JUNE 30, 2000
1. Legal Status and Nature of Business
The Company was incorporated in Pakistan as a public limited company on September 18, 1991 and
is listed on the Karachi and Lahore Stock Exchanges. It essentially carries on the business of leasing.
It is classified as a Non-Banking Financial Institution by the State Bank of Pakistan under the Banking
Companies Ordinance, 1962.
2. Significant Accounting Policies
2.1 Accounting Convention
The financial statements are prepared under the historical cost convention.
2.2 Tangible Fixed Assets and Depreciation
Owned
Fixed assets for own use are stated at cost less accumulated depreciation. Depreciation on
these assets is calculated by applying the straight line method whereby the cost of assets is
written off over their estimated useful lives.
Depreciation on fixed assets is charged proportionately from the month of acquisition upto
the month prior to deletion. Maintenance and normal repairs are charged to income as and
when incurred, major improvements are capitalized. Gain / (Loss) on disposal of fixed assets
is taken to income currently.
Leased
Leased assets held under finance lease are stated at cost less accumulated depreciation at the
rates and basis applicable to company owned assets. The outstanding obligations under the
lease less finance charges allocated to future periods are shown as liability. The finance charges
are calculated at the interest rate implicit in the lease and are charged to income currently.
2.3 Employees' Retirement Benefits
The Company operates recognised contributory provident fund for all it's permanent employees
and contributions to the fund, are made by the Company and the employees in accordance
with the employment rules.
2.4 Deferred Costs
These are being amortized over a period of five years beginning from the year of incurrence
thereof. Funds arrangement fee is being amortized over the loan period or 5 years whichever
is less.
2.5 Investments
Long term Investments
These are stated at moving average cost of the respective entities shares/certificates. However,
provision is made for permanent impairment, if any, on an individual scrip basis. Gain or loss
on sale of investment is taken to income currently.
2.6 Revenue Recognition
The Company follows the "Financing Method" to recognize the income on finance leases.
The unearned finance income i.e., the excess of aggregate lease rentals and the residual value
over the cost of the leased asset is amortized to income over the lease term by applying the
annuity method to produce a constant rate of return on the net investment in the lease. Whereby
expectation of ultimate recovery is uncertain, the revenue recognition to that extent is postponed
till the actual collection thereof.
Dividend income from quoted entities is recognized when right to receive is established.
Income on government securities is recognized by prorated accruals of the differential in costs
and maturity values and/or the coupon rate applicable.
Income from short-term finance / morabaha is recognized on a time proportion basis.
Project examination, consultancy, commitment and other charges are taken to income when
realised.
2.7 Taxation
Current
Income for the purpose of computing current taxation is determined under the provisions of
the income tax law whereby lease income received or receivable for the year are deemed to
be income. Provision for taxation is thus based on income determined in accordance with the
requirements of the income tax law.
Deferred
The Company accounts for deferred taxation expense using the liability method on all significant
timing differences and is being dealt with as stated in note 33.2 to the accounts.
2.8 Foreign Currencies
Transactions in foreign currencies are accounted for in rupees at the rate prevailing on the
date of the transaction. Assets and liabilities in foreign currencies are translated into rupees
at the rate of exchange prevailing at the balance sheet date except for liabilities covered under
risk exchange coverage scheme, which are translated at the respective booked rates. Exchange
difference, if any, arising from translation at year-end is taken to profit and loss account.
2000 1999
Rupees Rupees
3. Issued, Subscribed and Paid-up Capital
13,320,180 (1999:13,320,180)
ordinary shares of Rs. 10/- each
fully paid up in cash 133,201,800 133,201,800
========== ==========
4. Capital Reserve
Opening balance 7,639,000 7,639,000
Transferred from profit and loss account -- --
------------------ ------------------
7,639,000 7,639,000
========== ==========
This represents special reserve created under Rule-3 of SBP's Rules of Business (Prudential Regulations) for
Non-Banking Financial Institutions.
5. Reserve for Contingencies
Opening balance 6,500,000 6,500,000
Transferred from profit and loss account -- --
------------------ ------------------
6,500,000 6,500,000
========== ==========
This reserve has been created against net investment in lease portfolio to meet unforeseeable future
losses.
6. Surplus on Revaluation on Fixed Assets
This represents surplus over book value resulting from the revaluation of freehold land carried out in
the year 2000 by an independent valuer appointed by the company.
7. Redeemable Capital
Secured:
First Allied Bank Modaraba (Note: 7.1) 10,000,000 20,000,000
Unsecured:
Bankers Equity Limited (Note: 7.2) 34,000,000 67,000,000
Others (Note: 7.3) 2,220,000 1,920,000
------------------ ------------------
46,220,000 88,920,000
Less: Current maturity 36,220,000 68,920,000
------------------ ------------------
10,000,000 20,000,000
========== ==========
7.1 This represent credit facility obtained under musharika arrangement for working capital for Rs.
20 million for a period of 4 years. It carries mark-up at the rate of 21% per annum, payable on
quarterly basis. The principal is repayable in lumpsum at maturity. The facility is secured by
specific charge on leased assets of the company.
7.2 This represents the balance of credit facility of Rs. 100 million obtained under musharika
arrangement for company's operations. It carries mark-up at the rate of 17 % per annum and
the balance is repayable in 12 unequal monthly installments. The facility is unsecured, non-
participatory and non-convertible.
7.3 This represents balance of credit facility obtained from individual under musharika arrangement
of Rs. 2.22 million for a period of one years. It carries mark-up at the rate of 16 % per annum,
payable on quarterly basis. The principal is repayable in lumpsum at maturity. It is unsecured,
non-participatory and non-convertible.
8. Long Term Loans - Secured
Allied Bank of Pakistan Limited (Note: 8.1) 100,382,500 80,665,334
Muslim Commercial Bank Limited (Note: 8.2) 1,716,656 3,433,328
Asset Investment Bank Limited (Note: 8.3) 6,145,032 14,584,293
Al-baraka Investment Bank
Limited B.S.C.(E.C) (Note: 8.4) 3,967,536 7,262,912
Pak-Libya Holding Company (Pvt) Limited (Note: 8.5) 6,025,974 10,960,020
------------------ ------------------
118,237,698 116,905,887
Less: Current maturity 31,855,239 25,999,947
------------------ ------------------
86,382,459 90,905,940
========== ==========
8.1 This represents demand finance facilities with sanctioned amount of Rs. 100 million (DF-I) and
Rs. 27 million (DF-II), for financing company's operations. The principal portion of DF-I, along
with mark-up, is repayable in unequal monthly installments commencing from October 1999.
It carries mark-up at the rate of 16°/o per annum, payable monthly. The balance of DF-II is
repayable in equal half-yearly installments. It carries mark-up rate of 15%perannum. The
facilities are secured against specific leased assets.
8.2 This represents demand finance facilities with sanctioned amount of Rs. 5.15 million for a period
of 3 years and carries mark-up at the rate of 19 % per annum, payable in equal quarterly
installments. These facilities are secured against specific leased assets and assignment of the
lease rentals of the company.
8.3 This represents morabaha finance facility with sanctioned amount of Rs.20 million, repayable
in 12 equal quarterly installments, for financing the company's operations. It carries mark-up
at the rate of 20 % per annum, payable in quarterly installments. The facility is secured against
specific leased assets.
8.4 This represents morabaha finance facility with sanctioned amount of Rs.10 million, for financing
the company's operations. It carries mark-up at the rate of 19 % per annum. The facility is
payable in 12 equal quarterly installments inclusive of mark-up. The facility is secured against
specific leased assets.
8.5 This represents investment facility with a sanctioned amount of Rs. 15 million, for financing the
company's operations. It carries mark-up at the rate of 20.50% per annum. The facility is
repayable in 12 equal quarterly installments inclusive of mark-up. The facility is secured against
specific leased assets.
9. Obligation Against Assets Subject to Finance Lease
The rate of interest used as the discounting factor (i.e. implicit in. the lease) is between 17% to 22%
per annum. The amounts of future payments and the periods during which they fall due are:
2000 1999
Rupees Rupees
Year ending June 30,
2000 -- 1,407,936
2001 1,740,672 1,407,936
2002 1,020,210 475,274
2003 606,574 --
2004 770,323 --
------------------ ------------------
4,137,779 3,291,146
Less: Unamortized future finance charges 784,000 658,876
------------------ ------------------
3,353,779 2,632,270
Less: Current maturity 1,328,942 985,506
------------------ ------------------
2,024,837 1,646,764
========== ==========
The lease rentals are payable in monthly installments. The amount of rentals payable in 2004 include
the amount of salvage value adjustable at the end of the lease term. The lease agreements carry
renewal option at the end of lease period and there are no financial restrictions in the lease agreements.
9.1 Minimum lease payments and their present value are regrouped as below.
2000 1999
Minimum Present value Minimum Present value
lease payments of minimum lease payments of minimum
lease payments lease payments
Rupees Rupees Rupees Rupees
Due not later than one year 1,740,672 1,328,942 1,407,936 985,506
Due later than one year but
not later than five years. 2,397,107 2,024,837 1,883,210 1,646,764
------------------ ------------------ ------------------ ------------------
4,137,779 3,353,779 3,291,146 2,632,270
========== ========== ========== ==========
2000 1999
Rupees Rupees
10. Marginal Deposits on Lease Arrangements
Marginal deposits on lease arrangements 80,811,672 74,138,479
Less: Current maturity 17,536,082 13,542,962
------------------ ------------------
63,275,590 60,595,517
========== ==========
These represent interest free security deposits received against lease contracts and are adjustable/repayable
at the expiry of their respective lease periods.
11. Deferred Liability
Provision for Deferred Taxation 8,900,000 8,900,000
Provision for Gratuity (Note: 11.1) -- 434,550
------------------ ------------------
8,900,000 9,334,550
========== ==========
111. During the year the company has terminated gratuity scheme for its employees and paid the
fund balance to its members according to their entitlements.
12. Short Term Certificates of Investment
These represent amounts accepted by the company from depositors in accordance with the permission
to issue registered certificates of investment granted by the Securities and Exchange Commission of
Pakistan.
These certificates are for a period ranging from six months to one year and the return is paid on
predetermined rates as negotiated with respective customers.
13. Short Term Finances
Secured:
Commercial Bank (Note: 13.1) -- 1,842,644
Unsecured:
NBFIs & DFI (Note: 13.2) 30,000,000 29,000,000
Others (Note: 13.3) 7,550,000 9,392,000
------------------ ------------------
37,550,000 40,234,644
========== ==========
13.1 This represents a running finance facility with sanctioned amount of Rs. 3.75 million and is
secured against hypothecation of specific leased assets. The facility carries mark-up at the rate
of 20% per annum
13.2 These represent short term placements for a period of three months. The rates of mark-up range
from 17% to 18% per annum.
13.3 The Company has arranged short term funds under musharika arrangements from individual
investors for the operations of the company. The provisional rate of return ranges from 15%
to 16% per annum, however, final share in profit between the company and investors is in the
same ratio as their respective contributions.
The redeemable capital is unsecured, non-participatory and non-convertible.
14. Accrued and Other Liabilities
Accrued mark up on secured long term loans 11,179,404 19,285,927
Accrued mark up on unsecured short term finances 566,735 662,013
Accrued profit on redeemable capital 1,539,843 2,003,858
Accrued mark-up on certificates of investment 1,015,062 3,553,063
Other liabilities 14,112,577 16,111,747
------------------ ------------------
28,413,621 41,616,608
========== ==========
15. Contingencies and Commitments
a) Contingencies
Nil (1999: Nil)
b) Commitments
Nil (1999: Nil)
16. Tangible Fixed Assets
COST DEPRECIATION
Book Value
As at Additions/ As at Charge as at
July 01, (Deletions) June 30, Revalued for the Rate June 30,
1999 Adjustments 2000 amount Accumulated year % 2000
Company Owned Assets
Freehold land 10,127,500 8,486,782 18,614,282 -- -- -- 18,614,282
Furniture and fixtures 1,211,025 -- 1,211,025 -- 765,241 121,104 10 445,784
Office equipments 2,259,100 1,078,532 3,052,232 -- 1,665,632 322,551 20 1,386,600
(285,400)
Vehicles 1,000,650 844,325 108,025 -- 42,978 2,828 25 65,047
(1,736,950)
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
14,598,275 10,409,639 4,371,282 18,614,282 2,473,851 446,483 20,511,713
(2,022,350)
Assets Subject To Finance Lease
Vehicles 3,933,525 2,128,000 5,285,075 -- 2,262,570 1,152,637 25 3,022,505
(776,450)
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
18,531,800 12,537,639 9,656,357 18,614,282 4,736,421 1,599,120 23,534,218
(2,798,800)
========== ========== ========== ========== ========== ========== ==========
1999 19,621,320 2,162,900 18,531,800 -- 4,914,780 1,635,368 13,617,020
(3,252,420)
========== ========== ========== ========== ========== ========== ==========
(*) This represents the surplus value of freehold land arising from revaluation.
6.1 Particulars of disposal of fixed assets:
Original Accumulated Sale Profit/ Mode of
cost depreciation Book value proceeds (Loss) disposal Particulars of purchaser
(Rupees)
Office equipment 19,000 16,782 2,218 700 (1,518) Negotiation S.A Communication
Office equipment 120,000 120,000 -- 35,000 35,000 Negotiation Digital communications
(Pvt) Ltd.
Office equipment 55,000 55,000 -- 4,000 4,000 Company Mr. M. Ajmal
policy (Manager Accounts)
Office equipment 58,000 58,000 -- 5,000 5,000 Company Mr. Waseem Irshad
policy (V.P)
Office equipment 33,400 33,400 -- 1,100 1,100 Company Mr. Inam ul Haq
policy (Executive Assistant)
Vehicle 776,450 533,809 242,641 568,500 325,859 Negotiation Mr. M. Ramzan C/O
Prince Hotel
Queens Rd. Lhr.
Vehicle 628,000 628,000 -- -- -- Company Mr. Azhar Maqbool
policy (S.V.P)
Vehicle 332,500 332,500 -- -- -- Company Mr. Waseem Irshad
policy (V.P)
------------------ ------------------ ------------------ ------------------ ------------------
2,022,350 1,777,491 244,859 614,300 369,441
========== ========== ========== ========== ==========
2000 1999
Rupees Rupees
17. Net Investment in Lease Finance
17.1 Minimum Lease Payments Receivable
Less than one year 133,464,239 156,363,199
More than one year and less than five years. 204,866,525 212,367,845
More than five years. 3,000,000 15,750,000
------------------ ------------------
341,330,764 384,481,044
========== ==========
Gross Lease Payments Receivable.
Less than one year 151,461,212 178,844,948
More than one year and less than five years. 268,215,024 268,146,640
More than five years. 5,601,127 18,226,127
------------------ ------------------
425,277,363 465,217,715
========== ==========
Net Investment in Lease Finance
Less than one year 102,749,507 124,942,683
More than one year and less than five years. 218,778,501 218,888,971
More than five ears. 5,446,264 15,340,661
------------------ ------------------
326,974,272 359,172,315
========== ==========
1 7.2 Current maturity of net investment in lease finance 146,765,330 116,118,883
Less: Provision for doubtful debts 1,269,171 644,723
------------------ ------------------
145,496,159 115,474,160
========== ==========
1 7.3 Leases and advances in excess of 20% of paid-up
capital and free reserves
Following are the parties to whom net investment in lease finance
exceeded 20% i.e. Rs. 18,671,749 (1999: Rs. 19,641,758) of the
paid-up capital and free reserves of the company:
Group name
Hashoo group 30,524,328 37,801,260
Nasim Saigol group 34,066,592 34,250,833
Pakland Cement Limited 59,790,693 42,209,819
Asset Group -- 22,074,800
Nafees Cotton Mills 27,970,709 28,541,631
1 7.4 Year end balance of net investment in lease finance to associated undertakings is Rs. 1,754,425
(1999: Rs. 347,199).
1 7.5 Maximum balance of net investment in lease finance due from associated undertakings at the
end of any month during the year was Rs. 2,512,199 (1999: Rs. 1,177,568).
18. Long Term Investment - at cost
No. of shares/ Average cost
Modaraba Certificates
Name of Company 2000 1999 2000 1999
Rupees Rupees
Mutual Fund
Growth Mutual Fund Limited 77,000 88,500 1,442,968 1,658,475
ICP S.E.M.F 63,300 63,300 2,259,675 2,259,675
Tri Star Mutual Fund Limited 10,000 10,000 178,405 178,405
First Capital Mutual Fund -- 5,000 -- --
Modarabas
1st Fidelity Lease Modaraba -- 9,900 -- 178,050
(Formerly: First Nishat Modaraba)
First Tri Star Modaraba 25,500 25,500 489,670 489,670
(Managed by: A.R.T. Modaraba Management (Pvt.) Ltd.)
First Islamic Modaraba 50,000 100,000 500,000 1,000,000
Long Term Venture Capital Modaraba (*) 70,000 70,000 858,350 858,350
First Punjab Modaraba 40 5,040 581 73,296
Leasing Companies
Askari Leasing Limited 2,100 6,000 21,000 183,750
National Development Leasing Corporation Ltd. (*) 30,334 30,334 955,880 955,880
National Asset Leasing Corporation Limited 89,600 89,600 1,703,638 1,703,638
Paramount Leasing Limited 2,000 2,000 20,000 20,000
Pakistan Industrial Leasing Corporation Limited 13,080 13,080 541,020 541,020
Saudi-Pak Leasing Company Limited
(Formerly: Standard Chartered Mercantile Leasing) 29,330 39,330 789,366 750,530
Union Leasing Limited 17,416 17,416 559,701 789,366
Investment Companies & Banks
First Capital Securities Corporation Limited 37,124 30,937 836,900 836,900
First International Investment Bank Limited 400 11,900 14,896 443,130
Al-Towfeek Investment Bank Limited 14,000 15,000 663,950 711,375
Askari Commercial Bank Limited 37,701 37,701 1,406,205 1,406,205
Soneri Bank Limited 25,360 18,288 654,315 622,990
Bank Al-Habib Limited 18,232 15,194 461,364 461,364
Crescent Investment Bank Limited 5,148 5,148 256,300 256,300
International Investment And Financial Services Ltd. 11,500 21,500 317,452 593,500
Metropolitan Bank Limited 18,750 15,000 443,475 443,474
Gulf Commercial Bank (Formerly: Schone Bank Ltd.) 35,000 35,000 775,300 775,300
Union Bank Limited 33,475 29,109 1,048,450 1,048,450
The Bank of Punjab 20,000 -- 273,200 --
Textile Spinning
Umer Fabrics Limited 23,616 23,616 511,575 511,575
Taj Textiles Mills Limited 77,175 77,175 1,304,375 1,304,375
Textile Composite
Nishat Mills Limited (Formerly: Nishat Tek Ltd.) 12,116 7,116 795,209 620,709
Nishat Chunian Mills Limited -- 72,240 -- 1,690,290
Textile Weaving
Shahtaj Textile Mills Limited -- 22,000 -- 226,920
Mohib Exports Limited 18,500 23,500 322,749 409,978
ICC Textile Mills Limited -- 50,500 -- 374,530
Synthetic & Rayon
Dhan Fibers Limited -- 50,000 -- 900,100
Ibrahim Fibers Limited -- 2,000 -- 23,700
Dewan Salman Fiber Limited -- 10,000 -- 276,300
Sugar
Haseeb Waqas Sugar Mills Limited 50,500 60,500 918,282 1,100,120
Cement
Fecto Cement Limited -- 7,500 -- 473,550
Maple Leaf Cement Factory Limited 117,662 77,662 3,233,675 4,750,950
D.G Khan Cement Limited -- 10,000 -- 45,000
Fuel and Energy
Sui Northern Gas Pipe Lines Limited -- 19,173 -- 482,806
Elahi Electric Company 50,000 50,000 1,082,500 1,082,500
Hub Power Company -- 5,000 -- 65,650
Karachi Electric Supply Limited -- 15,000 -- 166,250
Cables and Electric Goods
Pak Elektron Limited 11,875 6,875 753,750 730,750
Chemicals and Pharmaceuticals
Engro Chemical Limited -- 27,340 -- 2,794,443
Fuji Fertilizers Company Limited -- 100 -- 4,690
ICI Pakistan Limited 135,000 135,000 2,572,548 3,285,364
Ravi Alkalis Limited 50,000 50,000 500,000 500,000
FFC Jordan 195,000 110,000 2,192,048 2,021,105
------------------ ------------------
31,658,772 43,080,748
Less: Provision for permanent diminution 14,539,446 20,357,303
------------------ ------------------
17,119,326 22,723,445
========== ==========
18.1 The aggregate market value of above quoted investment at year end was Rs. 10,566,773
(1999: Rs.12,407,919).
18.2 The company's holding does not exceed 10% of the equity of any investee company.
18.3 All the shares / certificates have a face value of Rs. 10/- each except for those marked (*) which
have a face value of Rs. 5/- each.
18.4 Part of the investments have been made to comply with SBP's Rules of Business (Prudential
Regulations) for Non-Banking Financial Institutions.
2000 1999
Rupees Rupees
19. Long Term Advances - Considered good
Advances to:
- Executives 106,156 689,773
- Other Employees 143,092 74,411
------------------ ------------------
249,248 764,184
Less: Installments recoverable within one year 98,360 685,189
------------------ ------------------
150,888 78,995
========== ==========
No loan is outstanding for more than three years.
Maximum amount due at the end of any month during the year from executives were Rs. 790,502
(1999: Rs. 883,705) respectively.
Advances to employees represent personal loans given in accordance with the "Employees Service
Rules" and are repayable in accordance therewith.
20. Long Term Deposits and Deferred Costs
Deposits against assets subject to finance lease 1,036,170 196,327
Security deposit 466,100 450,000
Deferred cost (Note: 20.1) 3,494,091 1,613,360
------------------ ------------------
4,996,361 2,259,687
Less: Current portion of deposit on lease contracts -- --
------------------ ------------------
4,996,361 2,259,687
========== ==========
20.1 Deferred Cost
Opening Closing
balance balance
01.07.1999 Additions Amortised 30.06.2000
(Rupees)
Funds arrangement fee 1,613,360 2,803,947 923,216 3,494,091
The above expenditure is carried forward as it confers the benefit of the same to future years.
Amortisation of funds arrangement fee Rs. 923,216 (1999: 4,358,551) has been classified under "Return
on borrowing and financial charges", Note: 29.
21. Short Term Finance
Short term finance - Modaraba (Note: 21.1) 18,000,000 18,000,000
Short term finance - Investment Bank (Note: 21.2) 17,000,000 17,000,000
Short term finance - Others (Note: 21.3) 2,267,597 5,300,000
------------------ ------------------
37,267,597 40,300,000
========== ==========
21.1 This represents finance provided to modaraba under musharika arrangement. Provisional rate
of return (minimum rate) is 24% per annum. This facility is secured by demand promissory note
and hypothecation of assets.
21.2 This represents short term fund placement with an investment bank and carries mark-up at the
rate of 23% per annum.
21.3 The Company's terms of financing under buy-back agreements vary between periods of 90 to
180 days with the Company having a right to demand immediate repayment of the entire balance
of purchase price. The mark-up rate for buy-back agreement range from 19% to 24% per annum.
These are secured by demand promissory note, hypothecation of stocks, pledge of listed
companies shares, certificate of investments, and personal guarantees of the directors of the
respective loanee companies.
22. Advances, Deposits, Prepayments and Other Receivables
Current maturity of long term advances to:
- Executives 40,704 647,785
- Other employees 57,656 37,404
Short term deposit (Note 22.1) 90,000 14,048,400
Prepayments 131,127 1,475,440
Lease rentals receivable (Note 22.2) 24,740,992 29,873,572
Advance rent 272,198 162,738
Other receivables (Note 22.3) 6,822,433 5,817,608
Advance salaries 46,978 --
------------------ ------------------
32,202,088 52,062,947
========== ==========
22.1 It includes Rs. Nil (1999: Rs. 13,048,400), earnest money deposited with Metropolitan Corporation
Lahore against "Solid Waste Management Project".
22.2 Lease Rentals Receivable
Lease rentals receivable 32,498,015 35,408,411
Less: Provision for doubtful receivable 7,757,023 5,534,839
------------------ ------------------
24,740,992 29,873,572
========== ==========
22.3 This includes house building loan provided to Ex-Chief Executive & Directors
23. Short Term Investments
This represents investment in National Investment Trust Units to comply with SBP's Rules of Business
(Prudential Regulations) for Non-Banking Financial Institutions.
24. Accrued Income
This represents income accrued on advances and bank deposits, accounted for on time proportionate
basis.
25. Cash And Bank Balances
Cash in hand 52,010 193,921
Cash at bank
- Current accounts (Note: 25.1) 6,935,844 464,461
- PLS deposit accounts 412,118 185,951
------------------ ------------------
844,333 7,399,972
========== ==========
25.1 This includes Rs.410,000 (1999: Rs. 410,000) deposited with State Bank of Pakistan as required
by SBP's Rules of Business (Prudential Regulations) for NBFIs.
26. Income From Leasing Operations
Return on lease contracts 54,469,403 76,672,271
Front end fee 293,909 174,651
Commitment and other fees 121,422 112,463
Misc. lease income 180,093 65,108
------------------ ------------------
55,064,827 77,024,493
========== ==========
27. Income On Long Term Investments
Profit on sale of quoted investments 1,736,136 241,035
Dividend income 647,994 617,823
------------------ ------------------
2,384,130 858,858
========== ==========
28. Other Income
Mark-up on short term finance 739,554 5,302,606
Mark-up on loan to Ex-Chief Executive -- 311,063
Profit/(Loss) on sale of fixed assets 369,441 (170,711)
Misc. income -- 518,052
------------------ ------------------
1,108,995 5,961,010
========== ==========
29. Return on Borrowings and Financial Charges
Mark-up on long term loans 18,008,058 24,372,189
Mark-up on short term borrowings 4,907,854 9,273,089
Profit on redeemable capital 13,470,046 19,461,924
Return on certificates of investment 5,879,738 7,917,532
Finance charges against assets subject to finance lease 531,681 666,637
Amortisation of funds arrangement fee (Note: 20.1) 923,216 4,358,551
Bank charges and others 221,697 122,113
------------------ ------------------
43,942,290 66,172,035
========== ==========
30. Administrative and Operating Expenses
Salaries, allowances and benefits 5,627,682 6,669,066
Rent 911,644 880,146
Repair and maintenance 1,164,523 253,841
Utilities 378,554 357,162
Travelling and conveyance 900,511 452,729
Vehicle running. and maintenance 430,441 1,073,858
Legal and professional charges (Note: 30.1) 317,498 417,850
Registrar services 96,000 81,000
Telephone and postage 735,847 832,568
Printing and stationery 352,692 279,016
Insurance 472,402 687,189
Fees and subscriptions 559,725 1,681,547
Entertainment 187,585 165,838
Depreciation (Note: 16) 1,599,120 1,635,368
Donations (Note: 30.2) 20,000 15,100
Advertisements 87,067 85,792
Solid Waste Management Project Expenses (Note: 30.3) -- 2,083,620
Other expenses 112,683 366,963
------------------ ------------------
13,953,974 18,018,653
========== ==========
30.1 Legal and professional charges include auditors' remuneration and expenses as follows:
Audit fee 75,000 75,000
Out of pocket expenses 14,500 10,000
------------------ ------------------
89,500 85,000
========== ==========
30.2 The Directors of the company or their spouse had no interest in any of the donees.
30.3 These represent expenses incurred in relation to tender for "Solid Waste Management Project".
31. Earning Per Share
There is no diluted effect on the basic earning per share which is based on;
(Loss) / profit attributable to ordinary shareholders (4,850,041) (41,537,248)
========== ==========
Weighted average number of ordinary shares
outstanding during the year (Note 31.1) 13,320,180 13,320,180
========== ==========
Earning per share (Basic) (0.36) (3.12)
========== ==========
31.1 1,332,018 shares were issued for cash in December 1998.
32. Financial Instruments and Related Disclosures
32.1 Interest/Mark-up Rate Risk
The company's exposure to risks associated with interest/mark-up rates on its financial assets
and liabilities are summarised as follows;
Interest/mark-up based
With-in One year to Above Non-interest/
Note one year five years five years mark-up based Total
(Rupees)
Financial Assets
Investment in lease finance 146,765,330 180,208,942 -- -- 326,974,272
Long term investments 18 -- -- -- 31,658,772 31,658,772
Long term advances 19 -- -- -- 249,248 249,248
Security deposits 20 -- -- -- 1,502,270 1,502,270
Short term finances 21 37,267,597 -- -- -- 37,267,597
Advances and deposits 22 -- -- -- 39,860,751 39,860,751
Accrued income 24 -- -- -- 18,278,960 18,278,960
Cash & bank balances 25 412,118 -- -- 6,987,854 7,399,972
------------------ ------------------ ------------------ ------------------ ------------------
184,445,045 180,208,942 -- 98,537,855 463,191,842
========== ========== ========== ========== ==========
Interest/mark-up based
With-in One year to Above Non-interest/
Note one year five years five years mark-up based Total
(Rupees)
Financial Liabilities
Redeemable capital 7 36,220,000 10,000,000 -- -- 46,220,000
Long term loans 8 31,855,239 86,382,459 -- -- 118,237,698
Obligation against assets
subject to finance lease 9 1,328,942 2,024,837 -- -- 3,353,779
Deposit on lease contracts 10 -- -- -- 80,811,672 80,811,672
Short term certificates of
investments 12 30,000,000 -- -- -- 30,000,000
Short term finances 13 37,550,000 -- -- -- 37,550,000
Accrued and other liabilities 14 -- -- -- 28,413,621 28,413,621
Dividend payable -- -- -- 168,149 168,149
------------------ ------------------ ------------------ ------------------ ------------------
136,954,181 98,407,296 -- 109,393,442 344,754,919
========== ========== ========== ========== ==========
Total interest/markup
rate sensitivity gap 47,490,864 81,801,646 -- (10,855,587) 118,436,923
========== ========== ========== ========== ==========
None of the above mentioned financial assets and financial liabilities are exposed to interest/mark-
up rate risk, as the value of these are not subject to fluctuate due to change in market interest/mark-
up rates.
Effective Interest/Mark-up Rate
Effective interest/mark-up rates for the financial assets and liabilities are given below;
Financial Assets
Investment in lease finance 20% - 29.80%
Short term finances 23% - 24%
Cash with banks:
- on deposit account 11% - 12%
Financial Liabilities
Redeemable capital 15% - 21%
Long term loans 15% - 20.5%
Obligation against assets subject
to finance lease 17% - 22%
Short term certificates of investments 17%
Short term finances 17% - 18%
32.3 Credit Risk
The company's credit risk is not significantly different from that reflected in the financial
statements. The management monitors and limits company's exposure to credit risk through
monitoring clients' exposure, reviews and conservative estimates of provisions for bad and
doubtful receivable. The management is of the view that it is not exposed to significant
concentration of credit risk as its financial assets are adequately diversified in organisations of
sound financial standing covering various industrial sectors and segments.
32.4 Fair Value of Financial Instruments
The carrying value of financial assets and liabilities approximates their fair values as reflected
in the financial statements except long term investments referred to in note 18.1.
33. Taxation
33.1 Company's tax assessments have been finalised upto assessment year 1997-98 (Accounting year
ended June 30, 1997). Tax losses, subject to assessment by the Tax Department, which are
available for carrying forward as at June 30, 2000, amount to Rs.110 million (approx.) (1999:
Rs. 11 7 million (approx.))
33.2 Deferred tax liability as at June 30, 2000, arising due to differences computed under the liability
method is estimated at Rs. 21 million. The company has already provided 1/5th of the deferred
tax liability, hence no charge for the year is made.
34. Summary of Transactions with
Associated Undertaking
Lease rentals recovered 735,835 844,904
Lease disbursed 2,000,000 --
35. Remuneration of Chief Executive, Directors and Executives
Chief Executive Directors Executives
2000 1999 2000 1999 2000 1999
Rupees
Managerial remuneration 1,235,000 1,270,645 768,000 480,000 576,000 743,933
Retirement benefits
Bonus -- 30,000 -- 20,000 -- 35,650
House rent allowance -- 570,790 380,100 216,000 259,200 334,320
Utilities/others -- 237,590 280,563 81,430 76,584 110,500
Reimbursement of medical
expenses 35,564 59,893 55,376 40,000 63,321 71,605
Residential telephone
expenses reimbursed -- 25,156 34,479 71,755 15,156 23,478
------------------ ------------------ ------------------ ------------------ ------------------ ------------------
1,270,564 2,194,074 1,518,518 909,185 990,261 1,319,486
========== ========== ========== ========== ========== ==========
Number 1 2 2 1 4 5
No fees were paid to directors for attending Board meetings (1999: Rs. Nil)
- The chief executive, directors and executives are also provided with free use of company maintained
cars.
36. General
- All figures have been rounded off to the nearest rupee.
- Previous year's figures have been re-arranged wherever necessary for the purpose of comparison.
Chief Executive Director
PATTERN OF SHAREHOLDING
FOR THE YEAR ENDED JUNE 30, 2000
No. of SHAREHOLDING Total
Shareholders From To Shares Held
12 1 100 1200
93 101 500 42000
140 501 1000 138200
164 1001 5000 429700
34 5001 10000 263400
8 10001 15000 101300
7 15001 20000 125000
2 20001 25000 45000
1 30001 35000 31500
1 35001 40000 40000
2 45001 50000 100000
1 60001 65000 61200
1 65001 70000 70000
1 75001 80000 78000
1 80001 85000 82000
1 100001 105000 104600
1 145001 150000 146500
1 155001 160000 156000
1 165001 170000 170000
3 175001 180000 540000
1 195001 200000 200000
1 200001 205000 201000
2 210001 215000 424000
1 220001 225000 221500
1 225001 230000 230000
1 250001 255000 255000
1 355001 360000 360000
1 430001 435000 433700
1 440001 445000 440500
2 585001 590000 1175000
1 600001 605000 602000
1 960001 965000 965000
1 1320001 1325000 1320180
1 1800001 1805000 1804000
1 1960001 1965000 1962700
------------------ ------------------
492 13320180
========== ==========
CATEGORY WISE
Individuals 475 8070900 60.591
Investment Companies 6 1822200 13.679
Insurance Companies
Joint Stock Companies 4 2041100 15.323
Financial Institution 1 2400 .018
Modaraba Companies 3 9400 .070
Leasing Companies 2 54000 .405
Others 1 1320180 9.911
------------------ ------------------ ------------------
Total 492 13320180 100.00
========== ========== ==========
OTHERS
Foreign Company 1 1320180 9.911
------------------ ------------------ ------------------
Total 1 1320180 9.911
========== ========== ==========
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