| National Asset Leasing Corporation 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 |
|
| DIRECTORS'
REPORT |
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
| BALANCE
SHEET |
|
| PROFIT
AND LOSS ACCOUNT |
|
| CASH
FLOW STATEMENT |
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| STATEMENT
OF CHANGES IN EQUITY |
|
| NOTES
TO THE ACCOUNTS |
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| PATTERN
OF SHARE HOLDINGS |
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| CORPORATE
INFORMATION |
|
|
| Chairman |
|
| Shamim I. Junejo |
|
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| Managing
Director |
|
| Rana
M. Abu Obaida |
|
|
| Directors |
|
| Muhammad
Ashiq Rehmani |
|
| Dr. Khalid Iqbal |
|
| Azhar
Tariq Khan |
|
| Syed
Naveed H. Zaidi |
|
| Sohail Ali |
|
|
| Company
Secretary |
|
| Muhammad
Aquib Khan |
|
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| Bankers
of the Company |
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| Habib
Bank Limited |
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| Muslim
Commercial Bank Limited |
|
| National
Development Finance Corporation |
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| National
Bank of Pakistan |
|
| Bank of Punjab |
|
| Allied
Bank of Pakistan Limited |
|
|
| Auditors |
|
| M.
Yousuf Adil Saleem & Co. |
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| Chartered
Accountants |
|
| Cavish
Court, A-35, Block 7&8- |
|
| KCHSU,
Sharea faisaI, Karachi |
|
|
| Share
Registrar |
|
| Noble
Computer Services (Private) Limited |
|
| 14-Bunglore
Town Housing Society, |
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| Sharea
Faisal, Karachi.75350 Pakistan |
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| Registered
Office |
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| 301-302,
3rd floor Muhammad Gulistan Khan |
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| House,
28 East Fazal-ul-Haq Road, |
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| Blue
Area Islamabad |
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| Head Office |
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| MZ-1,
Progressive Plaza, |
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| Beaumont
Road, Karachi |
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| Phones:-
(92-21) 5687419, 5682027 |
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| Fax:-
(92-21) 5684259 |
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| E-mail:
natlease@.fascom.com |
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|
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| NOTICE
OF MEETING |
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| Notice
is hereby given that the Tenth Annual General Meeting of National Asset
Leasing Corporation Limited will be held at 301-302, Mohammad |
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| Gulistan
Khan House, Fazal-ul-Haq Road, Islamabad on Saturday December 30, 2000 at
11:00 a.m. to transact the following business: |
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| 1.
To confirm the Minutes of Ninth General Meeting held on December 30,1999. |
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| 2.
To receive, consider and adopt the Audited Accounts of the Company together
with Directors' Report thereon for the year ended June |
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| 30, 2000. |
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| 3.
To appoint Auditors and to fix their remuneration for the year 2000-2001. M/s
M. Yousuf Adil Saleem & Co., the present Auditors, retire |
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| and
being eligible, offer themselves for reappointment. |
|
|
| 4.
To transact any other business with the permission of the Chair. |
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| SPECIAL
BUSINESS |
|
|
| To
approve the transaction and to pass the following the resolution as per
requirement under section 208 of company ordinance 1984. |
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| 1. Resolved that: |
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|
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| In
terms of 208 of the companies ordinance 1984, the Directors of the company be
and are hereby authorised Due to deteriorating |
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| condition
of the company for the purpose of recovery and save guard our investment,
Directors be nominated on the Board of Caravan |
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| East
Fabrics Limited. By virtue of appointment of Directors the company has become
associated company. Our present investment in |
|
| company
is Rs. 6.5 million in equity and Rs. 37.0 million in lease financing. |
|
|
| 2. Resolved that: |
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|
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| Deposit.
Funds, Investments short term and long term in associated Investment Bank.
Our present principal deposit in the Bank is Rs. |
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| 34.4 million. |
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| A
statement under section 160 of the Companies Ordinance, 1984 pertaining to
special is being sent to shareholder with the copy of the |
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| notes. |
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|
By Order of the Board |
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| Islamabad:
December 07, 2000 |
|
Mohammad Aquib Khan |
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|
Company Secretary |
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|
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| Notes: |
|
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| 1.
The Share Transfer Books of the Company will remain closed from December 23,
to December 30, 2000 (bothdays inclusive). |
|
|
| 2.
A member entitled to attend and vote at the meeting may appoint another
member as his/her proxy to attend and vote on his/her behalf. |
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| Proxies
in order to be must be received at the Company's Registered Office at before
the time of holding the meeting. Islamabad at least |
|
| 48
hours effective |
|
|
| 3.
The members are requested to please notify to the Company any change in their
address. |
|
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| 1.
A member entitled to attend and vote at the above meeting may appoint any
other person as his/her proxy. The instrument appointing a |
|
| proxy
should be signed by the member or his/her attorney duly authorised in
writing. If a member is a corporation, either it's common |
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| seal
be affixed to the proxy from or the board of Director' resolution/power of
attorney along with specimen signature of the nominee |
|
| shell
be submitted with the proxy. The proxy shall have a right to attend, speak
and vote in the place of the member. |
|
|
| 2.
Proxy in order to be effective must be received at the Registered Office of
the Company not later then forty-eight hours before the |
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| time
of the meeting and be duly stamped, signed and witnessed. |
|
|
| 3.
Proxy need not be a member. |
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|
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| 4.
CDC account holder will further have to follow the number mentioned
guidelines specified by the Securities and exchange Commission |
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| of Pakistan: |
|
|
|
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| i.
In case of individuals, the account holder or sub-account holder and/or the
person whose securities are in group |
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| account
and their registration details are uploaded as per the Regulation, shall
submit the proxy form as per the |
|
| above
requirement. |
|
|
| ii.
The proxy form shall be witnessed by the two persons whose names addresses
and NIC numbers |
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| shall
be mentioned on the form. |
|
|
| iii.
Attested copies of NIC or the passport of the beneficial owners and the proxy
shall be furnished with the proxy |
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| form. |
|
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| iv.
The proxy shall produce his original NIC or original passport at the time of
the meeting. |
|
|
| v.
In case of corporate entity, the Board of Directors' resolution/power of
attorney with specimen signature of the |
|
| nominee
shall be submitted along with proxy from to the company. |
|
|
| 5.
The members are requested to immediately notify the change in address, if
any. |
|
|
| 6.
The Share transfer books of the company will remain closed from December 23,
2000 to December 2000 both days inclusive. |
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|
|
| DIRECTORS'
REPORT |
|
|
| The
Board of Directors is pleased to present 10th full year operational review
together with the Audited |
|
| Annual
Report of the Company for the year ended June 30, 2000. |
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|
| Financial
Results |
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| The
operational result of the company during the year ended June 30, 2000 are
summarized as follows: |
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|
|
|
|
2000 |
1999 |
|
|
|
|
Rupees |
Rupees |
|
|
| Gross Revenue |
|
|
36,467,017 |
32,949,413 |
|
| Expenditure |
|
|
31,419,137 |
21,599,858 |
|
|
|
|
------------------ |
------------------ |
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| Net
Profit before Provisions |
|
|
5,047,880 |
11,349,555 |
|
| Provisions
and write-off |
|
|
26,583,560 |
24,575,792 |
|
|
|
|
------------------ |
------------------ |
|
| Loss
for the year before taxation |
|
|
(21,535,680) |
24,575,792 |
|
| Taxation |
|
|
5,852,475 |
(13,226,237) |
|
|
|
|
------------------ |
------------------ |
|
| Net
loss for the year (after taxation) |
|
(27,388,155) |
(13,526,237) |
|
| Unappropriated
Profit/(Loss) brought |
|
| forward |
|
|
(3,421,361) |
10,104,876 |
|
|
|
|
------------------ |
------------------ |
|
| Unappropriated
Profit/(Loss) carried forward |
|
(30,809,516) |
(3,421,361) |
|
|
========== |
========== |
|
|
| Review
of Operations |
|
| The
financial results of the company show a net loss of Rs 27.4 million for the
year ended June 30, 2000, |
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| which
increased the accumulated loss to Rs 30.8 million. The loss is due to
suspension of leasing income |
|
| against
certain leases and reversal of substantial income of profit on deposits and
making adequate provision |
|
| and
write-offs to reflect total prudence in the financial results of the company.
The company has provided |
|
| a
total sum of Rs26.6 million for the year ended June 30, 2000. |
|
|
| The
year 1999-2000 may be considered a year of transition mixed with political
and economic uncertainties |
|
| on
the one hand and present Government's instinct combined with efforts to
revive the economy on the |
|
| other.
Keeping the total scenario in view, it can be easily termed as the most
difficult period for those NBFI's |
|
| having
limited resources. |
|
|
| The
Management of company took extra care and abstained from increasing the level
of liability by limiting |
|
| the
size of operations, the fact evident from the positive net cash inflow. |
|
|
| Due
to detoriating condition of the company and in order to safe guard our
interest/investments, the |
|
| management
of Caravan East Fabrics Limited has been taken over by National Asset Leasing
Corporation |
|
| Limited
and its associated companies. Present management is confident that they will
be able to submit a |
|
| workable
repayment plan. The performance and financial position have improved which is
evident from |
|
| the
latest accounts of the company. |
|
|
| The
funds placed with Asset Investment Bank Limited are of short-term nature and
payable on demand. |
|
| The
maturities are of less than one year. The bank is making efforts to increase
the capital and procure |
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| long
term deposits. Their arrangements for injection of additional capital and
change of Directors are being |
|
| finalised.
We have commitment from the Bank that as and when the funds will be receive
by them they |
|
| will
repay our deposits plus profit immediately. |
|
|
| The
cumulative losses as of 30.06.2000 are Rs30.8 million which includes the
brought forward loss of Rs3.4 |
|
| million.
The net loss during the current year is Rs27.4 million, which includes
provision of Rs24.2 million |
|
| made
against receivables and tax liabilities. Moreover income earned on deposit
amounting to Rs8.5 million |
|
| was
also reversed as per recommendation of the auditors. Which will hopefully be
reversed after receiving |
|
| payment
from Asset Investment Bank Limited. |
|
|
| We
are making all efforts to improve the quality of assets and the liquidity of
the company by |
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| acquiring/repossessing
leased assets from the defaulters and arranging to sell it in the market. We
granted |
|
| lease
facilities of Rs35.0 million recently which will generate funds. The
substantial amount of payments |
|
| from
various leases will improve the financial health of the company and will help
us in meeting our |
|
| commitments
under rescheduling arrangements with the lenders i.e. Banks, Modaraba and
Financial |
|
| Institutions.
In addition, arrangement has been made to off load shares of various
companies which will |
|
| generate
further funds for the company for utilising the same in lease business.
Arrangements have also |
|
| been
made with leading Investment Banks for "Leverage Leasing". The
rescheduling of our borrowings will |
|
| change
the classification of the liabilities and the total current liabilities,
presently seems mismatched due |
|
| to
non receipt of approval of rescheduling agreement from the commercial Banks. |
|
|
| Business
Prospects |
|
| The
business prospects of the company depend on availability of funds on
competitive rates. Negotiations |
|
| are
under way for procuring credit lines at reasonable mark-up rates. The
management of the company is |
|
| confident
that it has the professional capability to manage profitable business
operations by broadening |
|
| the
funding base through various means and enhancing professional techniques to
meet the changes and |
|
| achieve
the desired results. |
|
|
| National
Asset Leasing Corporation Ltd. is no doubt facing temporally liquidity
problems, but the positive |
|
| steps
recently taken by the management will yield fruitful results. The company is
a on going concern and |
|
| it
will not only survive but will flourish in the coming years (INSHALLAH). |
|
|
| Auditors |
|
| The
auditors M/s. M. Yousuf Adil Saleem & Co., Chartered Accountants, retire
and offer themselves for re- |
|
| appointment. |
|
|
| Pattern
of Shareholding |
|
| The
pattern of shareholding as on June 30, 2000 is annexed. |
|
|
| Acknowledgement |
|
| The
board likes to place on record the commitment, dedication and hard work of
all the staff members at |
|
| Karachi
and Islamabad offices. Sincere thanks to our clients, financial institutions
and shareholders. We |
|
| would
also like to thank Security & Exchange Commission of Pakistan, Leasing
Association of Pakistan, |
|
| Stock
Exchanges and State Bank of Pakistan for their support and guidance. We trust
and pray for Allah's |
|
| Blessings,
Mercy and Guidance for achieving desired results in years to come (Ameen). |
|
|
|
|
On behalf of the |
|
|
|
Board |
|
|
|
|
|
| Islamabad:
December 07, 2000 |
|
Shamim I. |
|
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of NATIONAL ASSETS
LEASING CORPORATION LIMITED |
|
| as
at June 30, 2000 and the related profit and loss account, statement of
changes in equity and cash flow |
|
| statement
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 t o 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
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, we report that: |
|
|
| a.
no provision has been made against doubtful receivables in respect of lease
finance amounting |
|
| to
Rs.18,287,876. Further, the company has recognized the unrealized finance
income of |
|
| Rs.32,193,49!
on such doubtful receivables as income instead of suspending such finance |
|
| income
in accordance with the Rules of business for Non-Bank Financial Institutions
issued |
|
| by
the State Bank of Pakistan (NBFI Rules). |
|
|
| b.
no provision has been made in respect of diminution in value of investments
in the shares of |
|
| associated
undertakings estimated at Rs.10,942,197 determined on the basis of comparison |
|
| with
the market value / break-up value of such companies shares and also
considering their |
|
| financial
position. |
|
|
| c.
in our opinion, proper books of accounts have been kept by the company |
|
| as
required by the Companies Ordinance, 1984; |
|
|
|
|
|
| d.
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 account 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; |
|
|
| e.
in our opinion except for the effects of the matters described in paragraphs
'a' and 'b' above, |
|
| 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 flows and changes in equity for
the year |
|
| then ended; and |
|
|
| f.
in our opinion, no zakat was deductible at source under the Zakat and ushr
Ordinance, 1980. |
|
|
| g.
Without qualifying our opinion, we draw attention to the following matters: |
|
|
| i.
the company has incurred a net loss of Rs.27,388,155 during the year ended
June 30, |
|
| 2000
and as of that date the company's current liabilities exceeded its current
assets |
|
| by
Rs.48,572,110. Had the company made provisions specified in paragraphs a and
b |
|
| above,
the position would have further deteriorated. These factors alongwith other |
|
| matters
as set forth in Note 2.2 to the financial statements raise doubt that the |
|
| company
will be able to continue as a going concern. |
|
|
| ii.
for the reasons given in the note 18.3 in the financial statements there is
uncertainty |
|
| about
the recoverability of the amount deposited with an associated investment
bank, |
|
| consequently
management has suspended the mark-up thereon for the year and the |
|
| mark-up
recorded in previous years has been reversed. |
|
|
|
|
|
S/d- |
|
| Karachi: |
|
|
M. Yousuf Adil Saleem & Co |
|
| Date
:December 07, 2000 |
|
Chartered Accountants |
|
|
|
|
| BALANCE
SHEET AS AT 30, JUNE 2000 |
|
|
|
|
|
2000 |
1999 |
|
| SHARE
CAPITAL AND RESERVES |
Note |
Rupees |
Rupees |
|
| Share Capital |
|
|
| AUTHORISED |
|
| 10,000,000
ordinary shares of Rs. 10 each |
|
100,000,000 |
100,000,000 |
|
|
|
========== |
========== |
|
|
|
|
| ISSUED,
SUBSCRIBED AND PAID-UP |
|
| 9,536,800
(1999: 9,536,800) ordinary |
|
| shares
of Rs. 10 each fully paid in cash |
|
95,368,000 |
95,368,000 |
|
|
|
|
| RESERVES |
|
|
|
|
| Statutory
reserve |
|
9,828,840 |
9,828,840 |
|
| Unappropriated
Loss |
|
(30,809,516) |
(3,421,361) |
|
|
|
------------------ |
------------------ |
|
|
|
(20,980,676) |
6,407,479 |
|
|
|
------------------ |
------------------ |
|
|
|
74,387,324 |
101,775,479 |
|
|
|
| REDEEMABLE
CAPITAL - SECURED |
4 |
1,500,003 |
4,255,559 |
|
| LONG
TERM FINANCE - SECURED |
5 |
6,666,664 |
13,333,332 |
|
| OBLIGATION
UNDER FINANCE LEASES |
6 |
320,758 |
1,045,704 |
|
| LEASE
KEY MONEY |
|
7 |
2,350,823 |
6,448,969 |
|
| CERTIFICATES
OF INVESTMENT |
8 |
2,500,000 |
200,000 |
|
| DEFERRED
TAXATION |
|
22 |
5,452,475 |
-- |
|
|
|
| CURRENT
LIABILITIES |
|
|
|
| Current
portion of redeemable capital |
4 |
44,284,971 |
42,529,415 |
|
| Current
portion of long term finance |
5 |
34,330,204 |
29,163,536 |
|
| Current
portion of obligation under |
|
|
| finance leases |
|
6 |
724,909 |
907,226 |
|
| Current
portion of lease key money |
7 |
9,292,134 |
9,337,467 |
|
| Certificates
of investment |
|
8 |
-- |
6,400,000 |
|
| Short
term finance |
|
9 |
116,565 |
19,012,379 |
|
| Accrued
and other liabilities |
|
10 |
48,961,052 |
33,512,029 |
|
|
------------------ |
------------------ |
|
|
|
|
38,758,922 |
140,862,052 |
|
| COMMITMENTS |
|
11 |
|
|
|
|
------------------ |
------------------ |
|
|
|
231,936,969 |
267,921,095 |
|
|
|
|
========== |
========== |
|
| The
annexed notes from 1 to 31 from an integral part of these accounts. |
|
|
|
| TANGIBLE
FIXED ASSETS |
|
12 |
4,029,717 |
5,375,228 |
|
|
|
|
| NET
INVESTMENT IN LEASE FINANCE |
13 |
111,264,599 |
134,362,645 |
|
| LONG
TERM INVESTMENTS |
|
14 |
26,416,541 |
33,331,048 |
|
| LONG
TERM DEPOSITS AND PREPAYMENTS |
15 |
39,300 |
220,650 |
|
|
| CURRENT
ASSETS |
|
|
|
| Current
portion of net investment |
|
|
|
| in lease finance |
|
13 |
325,236,521 |
58,388,112 |
|
| Short
term investment |
|
16 |
1,450,000 |
3,500,000 |
|
| Advances,
deposits, prepayments |
|
17 |
3,306,019 |
7,630,171 |
|
| and
other receivables |
|
18 |
52,907,141 |
25,113,242 |
|
| Cash
and bank balances |
|
|
------------------ |
------------------ |
|
|
|
|
90,186,812 |
94,631,524 |
|
|
------------------ |
------------------ |
|
|
|
231,936,969 |
267,921,095 |
|
|
|
========== |
========== |
|
|
|
SHAMIM I. JUNEJO |
|
Rana M. Abu Obaida |
|
|
Chairman |
|
Managing Director |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 2000 |
|
|
|
|
|
2000 |
1999 |
|
|
|
Note |
Rupees |
Rupees |
|
| REVENUE |
|
| Income
from leasing operations |
|
19 |
33,741,286 |
30,713,354 |
|
| Income
from Government securities |
|
1,871,044 |
(161,350) |
|
| Dividend
income |
|
|
265,724 |
224,775 |
|
| Income
from bank deposits |
|
|
(13,677) |
2,587,378 |
|
| Profit/(Loss)on
disposal of fixed assets |
|
575,286 |
(414,744) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
36,467,017 |
32,949,413 |
|
|
| EXPENDITURE |
|
|
|
| Return
and financial charges |
|
20 |
20,040,171 |
20,289,280 |
|
| Excess
mark-up provided, written back |
|
-- |
(8,795,944) |
|
| Mark-up
on bank deposit transferred to |
|
| suspense
account |
|
1,785,241 |
-- |
|
|
| Administrative
and operating expenses |
21 |
9,593,725 |
10,106,522 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(31,419,137) |
21,599,858 |
|
|
|
|
------------------ |
------------------ |
|
|
| PROFIT
BEFORE PROVISIONS |
|
5,047,880 |
11,349,555 |
|
|
|
| Provisions |
|
| Provision
for doubtful receivables |
|
|
8,598,650 |
10,550,042 |
|
| Write
offs of lease receivable |
|
|
15,608,886 |
8,775,750 |
|
| Provision
for diminution in value of investment |
|
2,376,024 |
5,250,000 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
26,583,560 |
24,575,792 |
|
|
|
|
|
------------------ |
------------------ |
|
| (LOSS)/PROFIT
BEFORE TAXATION |
|
(21,535,680) |
(13,226,237) |
|
|
|
| TAXATION |
|
22 |
5,852,475 |
300,000 |
|
|
|
|
------------------ |
------------------ |
|
| (Loss)
After Taxation |
|
|
(27,388,155) |
(13,526,237) |
|
| Unappropriated
Profit (Loss) Brought Forward |
|
(3,421,361) |
10,104,876 |
|
|
------------------ |
------------------ |
|
|
|
|
|
-- |
-- |
|
|
------------------ |
------------------ |
|
| UNAPPROPRIATED
(LOSS) CARRIED FORWARD |
(30,809,516) |
3,421,361 |
|
|
|
|
========== |
========== |
|
| BASIC
EARNINGS PER SHARE |
|
|
(2.87) |
1.42 |
|
|
| The
annexed notes from 1 to 31 form an integral part of these accounts. |
|
|
|
|
|
SHAMIM I. JUNEJO |
|
|
Rana M. Abu Obaida |
|
|
Chairman |
|
|
Managing Director |
|
|
|
| CASH
FLOW STATEMENT |
|
| FOR
THE YEAR ENDED JUNE 30, 2000 |
|
|
| A.
CASH FLOWS FROM OPERATING ACTIVITIES |
2000 |
1999 |
|
|
|
Rupees |
Rupees |
|
|
| Net
(loss) for the year before tax |
|
|
(21,535,680) |
(13,226,237) |
|
|
| Adjustments
for: |
|
| Depreciation
on fixed assets |
|
|
1,002,520 |
1,481,451 |
|
| (Income)
/ loss from long term investments |
|
(1,871,044) |
161,350 |
|
| (Gain)/1oss
on sale of fixed assets |
|
|
(575,286) |
414,744 |
|
| Provision
for doubtful receivable |
|
|
8,598,650 |
9,120,450 |
|
| Write
offs of lease receivables |
|
|
15,608,886 |
8,775,750 |
|
| Provision
for diminution in value of investment |
|
2,376,024 |
5,250,000 |
|
| Provision
for other receivables |
|
|
-- |
1,429,592 |
|
| Return
and financial charges on borrowings |
|
20,040,117 |
18,833,530 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
45,179,867 |
45,466,867 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
23,644,187 |
32,240,630 |
|
|
| (Increase)/decrease
in advances, prepayments |
|
| and
other receivables |
|
4,324,152 |
(4,899,261) |
|
| Increase/(decrease)
in accrued and other |
|
|
|
| liabilities |
|
|
15,449,024 |
1,991,008 |
|
| Payment
of income tax |
|
(596,769) |
(295,257) |
|
| (Increase)/decrease
in long term deposits |
|
181,350 |
(157,200) |
|
| Increase/(decrease)
in Certificates of |
|
|
|
| Investment |
|
|
(4,100,000) |
(4,500,000) |
|
| Increase/(decrease)in
lease key money |
|
(4,143,479) |
(4,110,005) |
|
|
|
------------------ |
------------------ |
|
|
|
11,114,278 |
(11,970,715) |
|
|
|
------------------ |
------------------ |
|
| Net
cash generated/(used) in operating activities |
|
34,758,465 |
20,269,915 |
|
|
| B.
CASH FLOWS FROM INVESTING ACTIVITIES |
|
| Purchase
of fixed assets |
|
|
(114,772) |
(1,685,500) |
|
| Sale
of fixed assets |
|
|
1,120,000 |
659,800 |
|
| Investment
in lease finance (net of recoveries) |
|
32,453,324 |
14,823,600 |
|
| Income
from investments |
|
|
1,871,044 |
(161,350) |
|
|
|
|
------------------ |
------------------ |
|
| Net
cash generated/(used) in investing activities |
|
35,329,596 |
13,636,550 |
|
|
|
|
------------------ |
------------------ |
|
| Total
carried forward |
|
|
70,088,061 |
33,906,465 |
|
|
| Total
brought forward |
|
|
70,088,061 |
33,906,465 |
|
|
------------------ |
------------------ |
|
|
|
|
| C.
CASH FLOWS FROM FINANCING ACTIVITIES |
|
| Increase/
(decrease) in redeemable capital |
|
(1,000,000) |
(4,648,350) |
|
| Increase/
(decease) in long term finance |
|
(1,500,000) |
(1,500,000) |
|
| Increase/(decrease)
in obligation under |
|
|
|
|
| finance leases |
|
|
(907,263) |
446,660 |
|
| Increase
/(decrease)in short term finance |
|
(17,846,728) |
2,804,770 |
|
| Return
and financial charges on borrowings |
|
(20,040,171) |
(18,833,531) |
|
|
------------------ |
------------------ |
|
| Net
cash generated/(used) in financing activities |
|
(41,294,162) |
21,730,451 |
|
|
|
|
|
|
|
| Net
(decrease)/increase in cash and cash |
|
| equivalents |
|
|
28,793,899 |
12,176,014 |
|
| Cash
and cash equivalents at July 1, 1999 / 1998 |
|
25,113,242 |
12,937,228 |
|
|
|
|
------------------ |
------------------ |
|
| Cash
and cash equivalents at June 30, 2000/1999 |
|
53,907,141 |
25,113,242 |
|
|
========== |
========== |
|
|
|
SHAMIM I. JUNEJO |
|
Rana M. Abu Obaida |
|
|
Chairman |
|
Managing Director |
|
|
|
|
|
| STATEMENT
OF CHANGES IN EQUITY |
|
| FOR
THE YEAR ENDED JUNE 30, 2000 |
|
|
|
Issued |
Statutory |
General |
Unappropriated |
|
|
|
subscribed |
Reserve* |
Reserve |
Profit |
|
|
|
and paid-up |
|
Rupees |
|
|
|
Capital |
|
TOTAL |
|
|
|
|
| Balance
at June 30, 1998 |
95,368,000 |
9,828,840 |
-- |
10,104,876 |
115,301,716 |
|
| (Loss)
for the year |
-- |
-- |
-- |
13,526,237 |
(13,526,237) |
|
| Balance
at June 30, 1999 |
95,368,000 |
9,828,840 |
-- |
3,421,361 |
101,775,479 |
|
| (Loss)
for the year |
-- |
-- |
-- |
(27,388,155) |
(27,388,155) |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
| Balance
at June 30, 2000 |
95,368,000 |
9,828,840 |
-- |
(30,809,506) |
74,387,324 |
|
|
|
========== |
========== |
========== |
========== |
========== |
|
|
| *The
statutory reserve is created by transferring not less than 20% after tax
profit for the |
|
| year
which is required under Rules-3 of the Rules business for Non-bank Financial
Institutions issued |
|
| by
State Bank of Pakistan. |
|
|
|
SHAMIM I. JUNEJO |
|
Rana M. Abu Obaida |
|
|
Chairman |
|
Managing Director |
|
|
|
| NATIONAL
ASSET LEASING CORPORATION LIMITED |
|
| NOTES
TO THE FINANCIAL STATEMENT |
|
| FOR
THE YEAR ENDED JUNE 30, 2000 |
|
|
| 1.
LEGAL STATUS AND NATURE OF BUSINESS |
|
| The
company is incorporated in Pakistan as a public limited company and is listed
m the Karachi, Lahore |
|
| and
Islamabad Stock Exchange. It essentially carries on the business of leasing. |
|
|
| 2.
SIGNIFICANT ACCOUNTING POLICIES |
|
|
| 2.1
Accounting convention and basis of preparation |
|
|
| The
financial statements have been prepared under the historical cost convention. |
|
|
| These
financial statement have been prepared in accordance with International
Accounting Standards as applicable |
|
| in Pakistan |
|
|
| 2.2
Going Concern Assumption |
|
| The
company had incurred a net loss during the year of Rs.27,388,155 and its
accumulated losses upto June 30, 2000, |
|
| amounted
to Rs.30,809,516 which has reduced its net equity to Rs.74,387,324/-. Its
current liabilities exceeded its |
|
| current
assets by Rs.48,572, I10. The company has not paid the overdue amounts to
financial institutions as specified |
|
| in
note 4.3, 5.3 and 10.1 to the financial statements. However, management is in
the process of negotiating the |
|
| rescheduling
of such overdue amounts. Thus, the company's financial position is not sound
and unless additional capital |
|
| is
injected and new funds are available, there are doubts that it will continue
to operate as a going concern. |
|
|
| The
company is in the process of negotiations with some investors for injection
of equity funds in the company. Further, |
|
| various
possibilities of merger, reorganization and restructuring for streamlining
the company's operations and improving |
|
| its
liquidity are also being considered. Management is confident that appropriate
funding arrangements will be finalized |
|
| that
will enable the company to continue its operations as a going concern.
Consequently these financial statements |
|
| have
been prepared on a going concern basis, and no adjustments, if any, have been
made in these accounts that may |
|
| be
required should the company be unable to continue as a going concern. |
|
|
| 2.3
Tangible fixed assets and depreciation thereon |
|
| These
are stated at cost less accumulated depreciation. Depreciation is charged to
income applying the |
|
| straight
line method whereby the cost of the asset less estimated residual value is
written off over its |
|
| estimated
useful life. Depreciation on fixed assets is charged proportionately from the
month of acquisition |
|
| (full
month's depreciation being charged in the month of acquisition) upto the
month prior to deletion. |
|
|
| Asset
obtained under finance leases are included as tangible fixed assets and
depreciation thereon is |
|
| charged
over the useful life of the assets or the lease term whichever is shorter.
However, if there is |
|
| reasonable
certainty that the ownership of the assets would transfer to the company at
the end of' the lease |
|
| term,
the asset is depreciated at the same rates as the Company's own assets. |
|
|
| 2.4
Employees' retirement benefits |
|
| The
Company operates a contributory provident fund for all its permanent
employees and contributions are made |
|
| for
any diminution in value, if considered permanent |
|
|
| 2.5 Investments |
|
| Long
term investments: These are stated at moving average cost
of the respective entities' shares/certificates. |
|
| and
market value on a portfolio basis. |
|
|
| Short
term investments: These are stated at lower of moving
average cost of the respective entities' |
|
| shares/certificates
market and value on a portfolio basis. |
|
|
| Investments
in associated undertaking |
|
| These
are stated at cost. |
|
|
| 2.6
Government securities repurchase/resale transactions |
|
| The
company enters into transactions of repurchase or resale in registered
Government securities at contracted rates |
|
| for
specified periods of time. These are recorded as follows: |
|
|
| (a)
in the case of sale under repurchase obligations the securities are deleted
from the books at cost (whilst |
|
| the
coupon income continues to be accrued) and the charges arising from the
differential in sale and |
|
| repurchase
values are accrued on a pro-rata basis and recorded under income from
Government securities. |
|
| Upon
repurchase the securities are reinstated at their respective original cost. |
|
|
| (b)
in the case of purchases under resale obligations the securities are booked
at the contracted purchase |
|
| price
and the differential of the contracted purchase and resale prices is
amortized over the period of the |
|
| contract
and recorded under income from Government securities. |
|
|
| 2.7
Revenue recognition |
|
| The
Company follows the "financing method" in recognizing income on
lease contracts. Under this method |
|
| the
unearned income i.e. the excess of aggregate lease rentals and the estimated
residual value over the cost |
|
| of
the leased asset is deferred and then amortized over the term of the lease,
so as to produce a Constant rate |
|
| of
return on net investment in the lease. |
|
|
| Dividend
income from quoted entities is recognized at the time of closure of share
transfer books of the company |
|
| declaring
the dividend. |
|
|
| Income
on Government securities is recognized by pro-rata accruals of the
differential in cost and maturity values |
|
| and/or
the coupon rate applicable. |
|
|
| Project
examination, consultancy, commitment and other charges are taken to income
when realized. |
|
|
| 2.8 Taxation |
|
|
|
| Current: |
|
| The
charge for current taxation is based on taxable income which is computed as
if all leases are accounted for as |
|
| operating
leases. |
|
|
|
| Deferred: |
|
| The
Company accounts for deferred taxation expense using the liability method on
all significant temporary differences |
|
| This
is being dealth with as stated in note 22.2. The charge for current taxation
is based on taxable income which |
|
| is
computed as if all leases are accounted for as operating leases. |
|
|
| 3.
STATUTORY RESERVE |
|
| This
reserve is created by transferring 20% of the profit after tax for the year.
This reserve is required to be maintained |
|
| under
the provisions of the rules of business for Non-Bank Financial Institutions
issued by State Bank of Pakistan |
|
| (NBFI Rules). |
|
|
|
|
2000 |
1999 |
|
|
|
Note |
Rupees |
Rupees |
|
| 4.
REDEEMABLE CAPITAL SECURED |
|
|
| Musharika
funds |
|
4.1 |
19,422,224 |
19,422,224 |
|
| Finance
against TFC's |
|
4.2 |
26,362,750 |
27,362,750 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
45,784,974 |
46,784,974 |
|
| Less:
Current portion |
|
4.3 |
(44,284,971) |
(42,529,415) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,500,003 |
4,225,559 |
|
|
|
========== |
========== |
|
|
|
| 4.1
This includes: |
|
| Rs.
13,000,000 Musharika fund obtained from a Modaraba for a period of three
years. The share in profit |
|
| between
the Company and the Modaraba is in the ratio of their respective
contributions. The share of the |
|
| Modaraba
during the year was Rs. 2,405,000. The profit is payable in quarterly
installments |
|
| commenced
from September 1997. The facility is secured by charge on leased assets mad
personal guarantee of directors. |
|
|
| Rs.6,422,224
Musharika fund was obtained from a commercial bank. The balance represents
two line of Rs.6 million |
|
| and
Rs.4 million repayable in 60 and 36 equal installments which commenced from
October 10,1997 and December |
|
| 26,1997
respectively. The expected rate of mark-up is 19.5%.This facility is secured
by mortgage or charge on present |
|
| and
future book debts of the company and hypothecation of plant and machinery. |
|
|
| 4.2
This represent credit line obtained from a DFI. The finance is repayable in
four half-yearly and eleven quarterly |
|
| installments.
The facility carries mark-up at the rate of 20.5% per annum. The installments
commenced from October |
|
| 1,
1998. The facility is secured by way of assignment of lease rentals and
personal guarantees of directors of the |
|
| company. |
|
|
| 4.3
This includes Rs. 43,084,971 as overdue amount not paid. Management is in the
process of negotiating the |
|
| rescheduling
arrangements in respect of such amounts. |
|
|
| 5.
LONG TERM FINANCE SECURED |
|
|
|
June 30, |
June 30, |
|
|
|
2000 |
1999 |
|
|
Note |
Rupees |
Rupees |
|
| From- |
|
|
| A
Commercial bank |
|
5.1 |
30,143,685 |
31,143,685 |
|
| A Modaraba |
|
5.2 |
10,853,183 |
11,353,183 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
40,996,868 |
42,496,868 |
|
| Less:
Current portion |
|
5.3 |
(34,330,204) |
(29,163,536) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
6,666,664 |
13,333,332 |
|
|
========== |
========== |
|
|
| 5.1
This represents balance of two term finance facilities of Rs.20 million each
obtained from a commercial Bank. The |
|
| facilities
carry a mark-up rate of Rs.0.48 per Rs. 1,000 per day. The two lines were
repayable in four and twelve quarterly |
|
| installments.
The installments commenced from September 30, 1998 and September 30, 1999
respectively. These facilities |
|
| are
secured by registered deed of assignment of lease rentals of specific leases.
Several of the |
|
| installments
were overdue as at June 30, 1999. Presently negotiations arc in progress for
rescheduling of the same. |
|
|
| 5.2
This represents Morabaha finance facility of Rs.20 million obtained from a
Modaraba. This facility carries |
|
| a
mark-up rate of Rs. 0.50 per Rs. 1,000 per day. This finance is repayable in
three equal annual installments |
|
| alongwith
mark-up. The installments commenced from August 17,1996. The facility is
secured by deed |
|
| of
assignment of lease rentals of specific leases and personal guarantees of
Directors of the Company. The entire |
|
| amount
is overdue as at June 30, 1999, presently negotiations in progress for
rescheduling of the same. |
|
|
| 5.3
This includes an aggregate amount of installments that are overdue of Rs.
27.663.535. |
|
|
| 6.
OBLIGATION UNDER FINANCE LEASES |
|
| Liabilities
against lease finance (6.1) |
|
10,45,667 |
1,952,930 |
|
| Less:
Current maturity shown under current liabilities |
(724,909) |
(907,226) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
320,758 |
1,045,704 |
|
|
========== |
========== |
|
|
|
|
| 6.1
Year to June 30, 1999 |
|
-- |
-- |
|
| Year
to June 30, 2000 |
|
-- |
1,093,177 |
|
| Year
to June 30, 2001 |
|
876,730 |
855,245 |
|
| Year
to June 30, 2002 |
|
342,100 |
342,100 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,218,830 |
2,290,522 |
|
| Less:
Finance charges allocated to future periods |
|
(173,163) |
(337,592) |
|
|
|
|
------------------ |
------------------ |
|
|
1,045,667 |
1,952,930 |
|
|
========== |
========== |
|
|
| These
obligations represent acquisition of assets under finance lease facility. The
average rate of return used as the |
|
| discounting
factor ranges from 17.89% to 19.36% per annum. The lease rentals are payable
in monthly installments. |
|
| At
the end of the lease the ownership of the asset shall be transferred to the
company on payment of residual value |
|
| amounting
to Rs. 181,350 (1999: Rs. 419,750) |
|
|
| 7.
LEASE KEY MONEY |
|
| This
represents the security deposits received against least contracts. The
amounts are refundable at the expiry of the |
|
| respective
lease periods. |
|
|
| Lease
Key Money |
|
|
11,642,957 |
15,786,436 |
|
| Current portion |
|
|
(9,292,134) |
(9,337,467) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,350,823 |
6,448,969 |
|
|
|
|
========== |
========== |
|
|
| 8.
CERTIFICATES OF INVESTMENT |
|
| The
certificates of investment are issued for maturity periods of three months to
five years. The return on certificate |
|
| ranges
from 14.5% to 18.5%. |
|
|
| Certificates
of Investment |
|
|
2,500,000 |
6,600,000 |
|
| Less:
Current maturity |
|
|
-- |
(6,400,000) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,500,000 |
200,000 |
|
|
========== |
========== |
|
|
| 9.
SHORT-TERM |
|
|
|
| from
Investment bank -unsecured |
|
-- |
4,000,000 |
|
|
| from
Leasing -unsecured |
|
9.1 |
1,165,651 |
2,804,751 |
|
|
| from
commercial banks -unsecured |
|
-- |
12,207,628 |
|
|
|
------------------ |
------------------ |
|
|
|
1,165,651 |
19,012,379 |
|
|
|
========== |
========== |
|
|
| 9.1
This represents placement received from leasing company. The rate of mark-up
is 20.5% per annum |
|
|
| 10.
ACCRUED AND OTHER LIABILITIES |
|
| Accrued
return/ mark-up on secured loans and finance |
10.1 |
45,027,994 |
28,863,504 |
|
|
| Accrued
return on Certificates of Investment |
|
2,855,706 |
2,647,558 |
|
|
| Accrued
operating expenses |
|
657,460 |
330,656 |
|
|
| Unclaimed
dividend |
|
116,558 |
148,678 |
|
|
| Other liabilities |
|
303,335 |
1,521,633 |
|
|
|
------------------ |
------------------ |
|
|
|
48,961,053 |
33,512,029 |
|
|
|
========== |
========== |
|
|
| 10.1
This includes overdue market-up payable to various financial institutions
amounting of Rs. 45,027,994. |
|
|
| 11.
CONTINGENCIES |
|
| Repurchase
obligation of |
|
------------------ |
------------------ |
|
| Federal
Investment Bonds [Note 2.5(a)] |
|
5,308,765 |
5,419,180 |
|
|
|
|
|
========== |
========== |
|
|
|
|
|
| 12.
FIXED ASSETS - TANGIBLE |
|
|
|
|
|
| Particular |
|
Cost at the |
Additions |
Cost at the |
Accumulated |
Written down |
Depreciation/ |
|
|
|
|
July 01, |
Transfer |
June 30, |
depreciation |
value at |
Transfer |
Depreciation |
|
|
|
1999 |
during the |
2000 |
at June 30, |
at June 30, |
for the year |
Rate |
|
|
|
|
year |
|
2000 |
2000 |
|
% |
|
|
|
|
| Owned - |
|
|
|
|
| Office
premises and car parking |
369,000 |
-- |
369,000 |
169,129 |
199,871 |
18,451 |
5 |
|
| Office
equipment |
1,884,039 |
114,772 |
1,998,811 |
1,182,929 |
815,882 |
151,803 |
20 |
|
| Furniture
and fixtures |
1,117,747 |
-- |
1,117,747 |
622,751 |
494,996 |
97,340 |
10 |
|
| Office
renovation |
2,150,641 |
-- |
2,150,641 |
2,053,301 |
97,340 |
152,118 |
33.33 |
|
| Vehicles |
|
2,967,868 |
1,177,160 |
2,564,535 |
1,716,574 |
847,961 |
248,575 |
20 |
|
|
|
|
(1,580,493) |
|
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
|
| Rupees |
|
8,489,295 |
1,291,932 |
8,200,734 |
5,744,684 |
2,456,050 |
671,545 |
|
|
|
|
|
(1,580,493) |
|
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
|
|
|
|
| Under
Finance Lease - |
|
| Vehicles |
|
3,383,660 |
-- |
2,206,500 |
632,833 |
1,573,667 |
330,975 |
20 |
|
|
|
|
(1,177,160) |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
| 1999
Rupees |
|
3,383,660 |
-- |
2,206,500 |
632,833 |
1,573,667 |
330,975 |
|
|
|
|
1,177,160 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
| 2000
Rupees |
|
11,872,955 |
114,772 |
10,407,234 |
6,377,517 |
4,029,717 |
1,002,520 |
|
|
|
|
(1,580,493) |
|
|
|
========== |
========== |
========== |
========== |
========== |
========== |
|
| June
30, 1999 Rupees |
12,548,775 |
1,685,500 |
11,872,955 |
6,497,727 |
5,375,228 |
1,481,451 |
|
|
|
12,548,775 |
(2,361,320) |
|
|
|
========== |
========== |
========== |
========== |
========== |
========== |
|
|
|
|
| *
Include Rs. 848,000/= transfer from vehicles under finance lease on
completion of respective lease contracts. |
|
|
| 12.1
Particulars of disposals of fixed assets |
|
|
|
|
|
Original |
Accumulated |
Written |
Sale |
Mode of |
Particulars of |
|
| Particular |
cost |
depreciation |
down value |
proceeds |
disposal |
purchaser |
|
|
| Motor Vehicle |
303,600 |
227,700 |
75,900 |
175,000 |
Negotiation |
Mr. Mohd Iqbal Gohuri |
|
|
|
Karachi |
|
|
|
|
| Motor Vehicle |
561,025 |
420,769 |
140,256 |
408,000 |
Negotiation |
Mr. Khwaja Amir Imtiaz |
|
|
|
Karachi |
|
|
|
|
| Motor Vehicle |
715,868 |
474,262 |
241,606 |
1,033,000 |
Insurance Claim |
EFU General Insurance |
|
|
|
Karachi |
|
|
========== |
========== |
========== |
========== |
|
| 2000 Rupees |
1,580,493 |
1,122,731 |
457,762 |
1,616,000 |
|
|
========== |
========== |
========== |
========== |
|
| 1999 Rupees |
2,361,320 |
1,286,776 |
1,074,544 |
659,800 |
|
|
========== |
========== |
========== |
========== |
|
|
|
|
|
|
|
2000 |
1999 |
|
|
Rupees |
Rupees |
|
| 13.
NET INVESTMENT IN LEASE FINANCE |
|
| Minimum
lease payments receivable |
|
216,568,492 |
249,404,337 |
|
| Add:
Residual value |
|
|
12,640,853 |
20,309,727 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
229,209,345 |
269,714,064 |
|
| Less:
Unearned finance income |
|
|
68,067,052 |
58,730,264 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
|
| Net
investment in lease finance |
|
|
161,142,293 |
210,983,800 |
|
| Less:
Current portion of net investment |
|
| in lease finance |
|
|
49,877,694 |
76,621,155 |
|
|
|
------------------ |
------------------ |
|
|
|
111,264,599 |
134,362,645 |
|
|
|
========== |
========== |
|
| 13.1
Current portion of net investment |
|
| in lease finance |
|
|
49,877,694 |
76,621,155 |
|
| Less:
Provision for doubtful debts |
|
|
17,354,042 |
18,233,043 |
|
|
|
------------------ |
------------------ |
|
|
|
32,523,652 |
58,388,112 |
|
|
========== |
========== |
|
|
| 13.2
Net investment in lease finance includes an amount of Rs. 55,050,428 |
|
| pertaining
to an associated undertaking. |
|
|
| 14.
LONG TERM INVESTMENTS |
|
| 15.0%
10 years registered WAPDA Bonds |
|
| (maturity 2002) |
|
|
4,500,000 |
500,000 |
|
|
| 15.0%
10 years Federal Investment Bonds |
|
| (maturity 2003) |
|
14.1 |
-- |
-- |
|
|
|
|
------------------ |
------------------ |
|
| The
above investments are made to meet |
|
500,000 |
4,500,000 |
|
| the
liquidity requirement as per NBFIs rules |
|
|
| Investment in - |
|
|
| Associated
unlisted undertakings |
|
14.2 |
2,500,000 |
2,500,000 |
|
| Listed
companies/modarabas |
|
| [Aggregate
market |
|
| value
Rs. 17,477,746/- |
|
| (1999
Rs. 19,867,308/-)] |
|
14.3 |
31,542,565 |
32,081,048 |
|
| Other
unlisted company |
|
|
-- |
-- |
|
|
|
|
------------------ |
------------------ |
|
| LESS:
Provision for diminution |
|
|
34,042,565 |
34,581,048 |
|
| in
value of shares |
|
|
8,126,024 |
5,750,000 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
25,916,541 |
28,831,048 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
26,416,541 |
33,331,048 |
|
|
|
|
|
========== |
========== |
|
|
|
|
|
|
| 14.1
As at June 30, 2000, the company sold Federal Investment Bond Government
securities valuing |
|
| Rs.
5,000,000 under repurchase arrangement for a specified period of time. |
|
|
| 14.2
Investment in associated unlisted undertakings |
|
| National
Industrial Management |
|
| Limited
250,000 ordinary |
|
| shares
of Rs. 10 each |
|
14.1 |
2,500,000 |
2,500,000 |
|
|
|
========== |
========== |
|
|
| 14.2.1
Percentage of equity held in the investee company is 25% of its capital. The
Chief Executive of the associated |
|
| Company
is Mr. Rana Abu Obaida. Audit for the year ended June 30, 2000 of investee
company is in progress & the |
|
| break-up
value as per draft accounts is Rs.3100/- per share. |
|
|
| 14.3
Investment in listed companies/modarabas |
|
|
| Associated
undertakings |
|
| Industrial
Capital Modaraba |
|
| 574,436
(1999: 574,436) modaraba |
|
| certificates
of Rs. 10 each |
|
5,742,575 |
5,742,575 |
|
| Asset
Investment Bank Limited |
|
|
| 990,000
(1999: 990,000) ordinary |
|
|
| shares
of Rs. 10 each |
|
9,949,500 |
9,949,500 |
|
| Caravan
East Fabrics Limited |
|
| 650,000
(1999: 650,000) ordinary |
|
| shares
of Rs. 10 each |
|
6,500,000 |
6,500,000 |
|
|
|
------------------ |
------------------ |
|
|
|
22,192,075 |
22,192,075 |
|
|
| Others |
|
| First
Hajveri Modaraba |
|
| 193,286
(1999: 193,286) modaraba |
|
| certificates
of Rs. 10 each |
|
|
1,424,615 |
1,424,615 |
|
| Sui
Northern Gas Pipeline Limited |
|
|
| l
6,478 (1999: 26,478) ordinary |
|
|
| shares
of Rs. 10 each |
|
|
170,648 |
697,503 |
|
| First
International Investment |
|
|
| Bank
Limited 100 (1999: 100) |
|
|
| ordinary
shares of Rs. 10 each |
|
|
3,328 |
3,328 |
|
| Pakistan
Industrial Leasing Corp.. Ltd. |
|
| 6,000
(1999: 5,000) ordinary |
|
|
| shares
of Rs. 10 each |
|
|
186,000 |
186,000 |
|
| Nayab
Spinning & Weaving Mills Ltd. |
|
| 750,000
(1999: 750,0001) ordinary |
|
|
| shares
of Rs. 10 each |
|
|
7,500,000 |
7,500,000 |
|
|
| Pakistan
Telecommunication Corp. Ltd. (P.T.C.) |
|
| 1,700
(1999: 2,000) vouchers |
|
|
65,899 |
77,527 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
9,350,490 |
16,388,973 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
31,542,565 |
32,081,048 |
|
|
========== |
========== |
|
|
| 14.4
Unless otherwise stated all shares/Certificates/Vouchers are of Rs. 10/-
each. |
|
|
| 15.
LONG TERM DEPOSITS AND PREPAYMENTS |
|
|
| Deposits
on lease contracts |
|
|
220,650 |
419,750 |
|
| Prepaid
office rent (to an associated company) |
|
-- |
300,000 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
220,650 |
719,750 |
|
| Less:
Current portion |
|
|
181,350 |
499,100 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
39,300 |
220,650 |
|
|
========== |
========== |
|
|
| 16.
SHORT TERM INVESTMENT |
|
| Safa
Rice Mills Limited |
|
| 145,000
(1999: 350,000) ordinary shares |
|
1,450,000 |
3,500,000 |
|
|
|
|
========== |
========== |
|
|
| 16.1
Percentage of equity held in the investee company is 12.28% of its capital.
The name of the Chief Executive |
|
| of
the investee company is Mr. Pervaiz Aslam. As per last available audited
accounts for the year ended August |
|
| 31,
1999, of the company the break-up value per share including surplus on
revaluation of fixed assets is Rs. 31.44. The |
|
| break-up
value per share excluding surplus on revaluation of fixed assets is Rs.
3.82/-. |
|
|
| 17
ADVANCES, DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES |
|
| Current
portion of long term deposits |
|
181,350 |
199,100 |
|
| Current
portion of prepaid office rent |
|
-- |
300,000 |
|
| Prepayments
and advances |
|
|
255,073 |
166,658 |
|
| Accrued income |
|
|
954,919 |
3,835,452 |
|
| Advance
income tax paid net of provision for taxation |
273,646 |
76,877 |
|
| Other
advances and receivables |
|
|
472,049 |
1,050,532 |
|
| Other
charges recoverable from lessees |
|
518,982 |
337,816 |
|
| Late
payment charges receivable |
|
|
650,000 |
1,663,736 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
3,306,019 |
7,630,171 |
|
|
|
|
========== |
========== |
|
|
|
|
|
|
| 18.
CASH AND BANK BALANCES |
|
| Cash in hand |
|
|
|
2,182 |
1,704 |
|
| Balance
with State Bank of Pakistan |
|
300,000 |
300,000 |
|
| Balance
with banks / DFIs |
|
|
| on
current accounts |
|
|
8,501,217 |
650,081 |
|
| on
deposit accounts |
|
18.1 |
9,703,742 |
9,761,457 |
|
|
|
|
|
| Certificates
of deposit with |
|
18.2 |
|
| an
investment bank |
|
|
3,440,000 |
14,400,000 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
52,907,141 |
25,113,242 |
|
|
========== |
========== |
|
|
| 18.1
This includes an amount of Rs. 9,586,680 deposited with an associated
investment Bank |
|
|
| 18.2
This represents amount deposited with an associated investment bank. |
|
|
| 18.3
Because of the adverse financial position of this associated investment bank,
the recovery of the aforementioned |
|
| deposits
of Rs. 43,986,680 are dependent on the improvement in the financial position
of this bank. Management |
|
| is
confident that in view of expected injection of equity funds, this amount
will be recovered in the ensuing period. |
|
| However,
such deposits have been classified as "Other Assets Especially
Mentioned". Consequently mark-up |
|
| thereon
for the year has been suspended and the mark-up recognized last year has been
reversed. |
|
|
| 19.
INCOME FROM LEASING OPERATIONS |
|
| Return
on lease contracts |
|
17,893,562 |
27,829,942 |
|
| Commitment
and other fees |
|
9,691,229 |
62,928 |
|
| Late
payment charges |
|
6,158,821 |
2,813,484 |
|
|
|
------------------ |
------------------ |
|
|
|
33,741,286 |
30,713,354 |
|
|
|
========== |
========== |
|
|
|
| 20.
RETURN AND FINANCIAL CHARGES |
|
| Mark-up
on long-term finance |
|
|
13,985,328 |
14,024,844 |
|
| Mark-
up on short term finance |
|
|
1,657,310 |
861,801 |
|
| Musharika
profit on long-term funds |
|
3,270,426 |
3,403,110 |
|
| Charges
oh obligation under finance lease |
|
270,571 |
384,905 |
|
| Return
on Certificates of Investment |
|
759,054 |
1,455,750 |
|
| Excise
duty and other financial charges |
|
97,302 |
158,870 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
20,040,171 |
20,289,280 |
|
|
========== |
========== |
|
|
| 21.
ADMINISTRATIVE AND OPERATING EXPENSES |
|
| Salaries,
allowances and benefits |
|
|
4,311,427 |
4,105,662 |
|
| Rent |
|
|
300,000 |
600,000 |
|
| Telephone,
electricity and utilities |
|
|
849,312 |
989,216 |
|
| Printing
and Stationery |
|
|
140,928 |
139,002 |
|
| Insurance |
|
|
278,372 |
324,762 |
|
| Travelling
and conveyance |
|
|
486,449 |
591,695 |
|
| Vehicle
running expenses |
|
|
827,199 |
717,199 |
|
| Office
maintenance |
|
|
137,046 |
99,556 |
|
| Legal
and professional charges |
|
|
615,681 |
397,309 |
|
| Depreciation
on fixed assets |
|
|
1,002,520 |
1,481,451 |
|
| Other
operating expenses |
|
|
644,971 |
660,670 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
9,593,725 |
10,106,522 |
|
|
|
|
========== |
========== |
|
|
| 21.1
Legal and professional charges includes auditors' remuneration and expenses
as follows: |
|
|
|
| Audit fee |
|
|
50,000 |
50,000 |
|
| Other
advisory services |
|
|
40,000 |
60,000 |
|
| Tax services |
|
|
75,000 |
135,457 |
|
| Out-of-pocket
expenses |
|
|
10,000 |
10,000 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
175,000 |
255,457 |
|
|
|
|
========== |
========== |
|
|
| 22. TAXATION |
|
| Current-
for the year |
|
400,000 |
300,000 |
|
| Deferred |
|
|
5,452,475 |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
5,852,475 |
300,000 |
|
|
|
|
========== |
========== |
|
|
| 22.1 Current |
|
| The
assessments of all the years upto including assessment year 1999-2000 have
been finalized by the income Tax |
|
| authorities.
The Company has filed appeals against all the orders passed by the Deputy
Commission Income Tax |
|
| in
respect of certain disallowances The appeals have been heard but the
decisions are awaited. |
|
|
| 22.2 Deferred |
|
| As
per International Accounting Standard (IAS) 12 "Accounting for taxes on
income (revised)", full liability |
|
| against
deferred tax should be provided in the year to which it relates. The
Securities & Exchange Commission |
|
| of
Pakistan vide circular No. 16 dated September 9, 1999 has directed that in
order to achieve compliance with |
|
| the
revised IAS 12, all leasing companies, during each of the live financial
years beginning July 01, 1998 and |
|
| ending
June 30, 2003 shall provide deferred tax liability arising in that year
together with a further amount equal |
|
| to
one fifth of the unprovided deferred tax liability as at the beginning of the
financial year ending June 30, 1999. |
|
| Accordingly
the current year's charge for deferred taxation amounts to Rs. 1,504,467 and
the apportionment of |
|
| the
liability at beginning of 30 June 1999 amounts to Rs. 3,948,008. After
recognizing the current year's charge |
|
| and
apportionment of tax liability at the beginning of June 30, 1999, the
unprovided liability amounts to Rs. |
|
| 10,875,253. |
|
|
| 23.
REMUNERATION OF CHIEF EXECUTIVE, DIRECTORS AND EXECUTIVES |
|
| The
remuneration of Chief Executive and whole time working Directors and
Executives |
|
| charged
in these accounts is as follows: |
|
|
|
2000 |
|
|
1999 |
|
|
Chief |
|
Chief |
|
|
|
Executive |
Directors |
Executive |
Executive |
Directors |
Executive |
|
|
|
|
|
Rupees |
|
Rupees |
|
|
|
|
| Managerial remuneration |
252,903 |
483,870 |
1,173,648 |
580,644 |
-- |
865,110 |
|
| Housing
and utilities |
139,097 |
266,130 |
217,440 |
319,356 |
-- |
475,807 |
|
| Reimbursement
of medical |
|
|
|
| expenses |
|
35,000 |
127,941 |
136,095 |
43,015 |
55,442 |
130,699 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
|
|
427,000 |
877,941 |
1,527,183 |
943,015 |
55,442 |
1,471,616 |
|
|
|
========== |
========== |
========== |
========== |
========== |
========== |
|
| Number
of persons |
1 |
2 |
2 |
1 |
2 |
2 |
|
|
|
========== |
========== |
========== |
========== |
========== |
========== |
|
|
| The
Chief Executive, Directors and Executives are also provided with free use of
company maintained cars. |
|
|
|
|
|
2000 |
1999 |
|
|
|
Rupees |
Rupees |
|
|
| 24.
TRANSACTIONS WITH ASSOCIATED UNDERTAKINGS |
|
| OTHER
THAN THOSE STATED HEREINABOVE |
|
| Rent
for office premises charged by |
|
| National
Industrial Management Limited |
|
-- |
600,000 |
|
|
| Placement
of deposit (net) increase |
|
| Asset
Investment Bank Limited |
|
14,900,000 |
20,000,000 |
|
|
| Profit
on deposit from |
|
| Asset
Investment Bank Limited |
|
| transferred
to suspense account |
|
|
6,903,897 |
2,586,391 |
|
|
|
|
|
|
| 25.
Aggregate investment in associated undertakings |
|
| Investment
in shares |
|
| Industrial
Capital Modaraba |
|
|
5,742,575 |
|
| National
Industrial Management Limited |
|
2,500,000 |
|
| Assets
Investment Bank Limited |
|
|
9,949,500 |
|
| Carvan
East Fabrics Limited |
|
25.1 |
6,500,000 |
|
|
|
|
| Investment
in Certificates of Deposits |
|
| Asset
Investment Bank Limited |
|
|
43,936,680 |
|
|
| Investment
in leasing finance |
|
| Carvan
East Fabrics Limited |
|
25.1 |
17,163,675 |
|
|
|
|
------------------ |
|
|
|
85,792,430 |
|
|
|
========== |
|
|
|
| 25.1
During the year, in view of the continuing default by the Carvan East Fabrics
Limited, the company took |
|
| over
its management and nominated its directors on the investee company's board.
Consequently, it has become |
|
| an
associated company |
|
|
| 26.
CREDIT RISK AND CONCENTRATION OF CREDIT RISK |
|
| The
company's credit risk exposure is not significantly different from that
reflected in the financial statements. |
|
|
| Company
follows two types of guidelines. Internally, the management credit risk
through |
|
| review
and assessment of the clients exposure and credit worthiness. Externally, it
adheres to the |
|
| NBFI
Rules. The management classifies a particular lease on the basis of NBFI
Rules and also |
|
| assesses
them on the basis of internal policies. |
|
|
| Details
of the industry anti sector analysis of lease portfolio is given below:-- |
|
|
|
|
2000 |
% |
1999 |
% |
|
|
Rupees |
|
Rupees |
|
|
|
| Textile Composit |
|
77,769 |
0.05 |
47,454,372 |
22.49 |
|
| Sugar & Allied |
|
-- |
-- |
5,000,000 |
2.37 |
|
| Cement |
|
6,760,035 |
4.20 |
14,752,744 |
6.99 |
|
| Textile Spinning |
|
96,684,514 |
60.00 |
78,851,272 |
37.37 |
|
| Leather
& Footwear |
-- |
-- |
16,916,464 |
8.02 |
|
| Chemical
& Pharmaceuticals |
49,678,502 |
30.83 |
31,007,306 |
14.70 |
|
| Bank
& Financial Institutions |
-- |
-- |
1,999,000 |
0.95 |
|
| Others |
|
7,941,473 |
4.93 |
15,002,742 |
7.11 |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
|
161,142,293 |
100.00 |
210,983,900 |
100.00 |
|
|
========== |
========== |
========== |
========== |
|
|
| In
addition, the company has made certain investments in the shares and
Government Securities. For |
|
| details
refer note 14 to these accounts. |
|
|
| 27.
FAIR VALUE OF FINANCIAL INSTRUMENTS |
|
| The
table below sets out the estimated fair values of financial instruments with
their respective book values as |
|
| of
June 30, 2000. The fair value is the amount for which an asset can be
exchanged or a liability settled between |
|
| knowledgeable
willing parties in an arm's length transaction. Consequently differences can
arise between the book |
|
| value
and the fair value estimates. |
|
|
|
|
|
|
|
Book value |
|
|
|
Book value |
Fair value |
Over fair value |
|
|
|
|
|
Rupees |
|
|
| Long-term
equity investments |
|
25,916,541 |
14,974,344 |
10,942,197 |
|
|
| The
fair value of long-term quoted equity investments is based on quoted market
prices while unquoted equity |
|
| investments
is based on break-up values. |
|
|
| Management
intends to hold these investments for a long time period and considers the
decline in market value |
|
| is
temporary therefore no additional provision is considered necessary. |
|
|
| The
estimated fair value of all other balance sheet financial instruments are not
considered significantly different |
|
| from
their book values. |
|
|
| 28.
INTEREST RATE RISK MANAGEMENT |
|
|
| (a)
The company manages this risk by matching the repricing of their assets and
liabilities. The |
|
| company's
interest rate sensivity position, based on the earlier of contractual
repricing or |
|
| dates,
is as follows:-- |
|
|
|
|
|
|
2000 |
|
|
|
|
|
|
|
Less than |
More than one |
More than |
Not |
Total |
|
|
one year |
year and less |
five years |
exposed to |
|
|
|
|
than five years |
|
IRR |
|
|
| ASSETS |
|
| Tangible
Fixed Assets |
-- |
-- |
-- |
4,029,717 |
4,029,717 |
|
|
| Net
Investment in leases |
23,231,518 |
53,788,237 |
-- |
66,768,496 |
143,788,251 |
|
|
| Long-term
investments |
-- |
500,000 |
-- |
25,916,541 |
26,416,541 |
|
|
| Short-term
investments |
1,450,000 |
-- |
-- |
-- |
1,450,000 |
|
|
| Long-term
loans & deposit |
-- |
-- |
-- |
39,300 |
39,300 |
|
|
| Advance,
deposits and prepayments |
-- |
-- |
-- |
3,306,019 |
3,306,019 |
|
|
| Cash
and bank balance |
52,604,959 |
-- |
-- |
302,182 |
52,907,141 |
|
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
|
| A |
|
77,286,477 |
54,288,237 |
-- |
100,362,255 |
231,936,969 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
|
|
| SHARE
CAPITAL AND RESERVES |
-- |
-- |
-- |
79,839,799 |
79,839,799 |
|
|
|
| LIABILITIES |
|
| Redeemable
Capital |
44,284,971 |
1,500,003 |
-- |
-- |
45,784,974 |
|
| Long-term loans |
|
34,330,204 |
6,666,664 |
-- |
-- |
40,996,868 |
|
| Certificate
of Investments |
-- |
2,500,000 |
-- |
-- |
2,500,000 |
|
| Liabilities
against assets subject |
|
| to finance lease |
|
724,909 |
320,758 |
-- |
-- |
1,045,667 |
|
| Lease
key money |
-- |
-- |
-- |
11,642,957 |
11,642,957 |
|
| Short-term
finance |
1,165,651 |
-- |
-- |
-- |
1,165,651 |
|
| Creditors
accrued & other liabilities |
-- |
-- |
-- |
48,961,053 |
48,961,053 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
| B |
|
80,505,735 |
10,987,425 |
-- |
140,443,809 |
231,936,969 |
|
|
|
========== |
========== |
========== |
========== |
========== |
|
|
|
|
|
| IRR
SENSIVITY GAP (A-B) |
(3,219,258) |
43,300,812 |
-- |
(40,081,554) |
|
|
|
|
|
| CUMULATIVE
IRR SENSITIVITY |
(3,219,258) |
40,081,554 |
40,081,554 |
40,081,554 |
|
|
|
|
|
|
1999 |
|
|
|
|
Less than |
More than one |
More than |
not |
|
|
|
|
one year |
year and less |
five years |
exposed to |
Total |
|
|
|
than five years |
|
IRR |
|
|
| ASSETS |
|
|
| Tangible
Fixed Assets |
-- |
-- |
-- |
5,375,228 |
5,375,228 |
|
| Net
Investment in leases |
49,050,645 |
88,607,531 |
-- |
55,092,581 |
192,750,757 |
|
| Long-term
investments |
-- |
4,500,000 |
-- |
28,831,048 |
33,331,048 |
|
| Short-term
investments |
3,500,000 |
-- |
-- |
-- |
3,500,000 |
|
| Long-term
loans & deposit |
-- |
-- |
-- |
220,650 |
220,650 |
|
| Advance,
deposits and prepayments |
-- |
-- |
-- |
7,630,170 |
7,630,170 |
|
| Cash
and bank balance |
24,811,538 |
-- |
-- |
301,704 |
25,113,242 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
| A |
|
77,362,183 |
93,107,531 |
-- |
97,451,381 |
267,921,095 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
| SHARE
CAPITAL AND RESERVES |
-- |
-- |
-- |
101,775,479 |
101,775,479 |
|
|
|
| LIABILITIES |
|
|
| Redeemable
Capital |
29,925,882 |
16,859,092 |
-- |
-- |
46,784,974 |
|
| Long-term loans |
|
29,163,536 |
13,333,332 |
-- |
-- |
42,496,868 |
|
| Certificate
of Investments |
6,400,000 |
200,000 |
-- |
-- |
6,600,000 |
|
| Liabilities
against assets subject |
|
| to finance lease |
|
907,226 |
1,045,704 |
-- |
-- |
1,952,930 |
|
| Lease
key money |
-- |
-- |
-- |
15,786,436 |
15,786,436 |
|
| Short-term
finance |
19,012,379 |
-- |
-- |
-- |
19,012,379 |
|
| Creditors
accrued & other liabilities |
-- |
-- |
-- |
33,512,029 |
33,512,029 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
| B |
|
85,409,023 |
31,438,128 |
-- |
151,073,944 |
267,921,095 |
|
|
|
========== |
========== |
========== |
========== |
========== |
|
|
| IRR
SENSIVITY GAP (A-B) |
(8,046,840) |
61,669,403 |
-- |
(53,622,563) |
|
|
|
|
| CUMULATIVE
IRR SENSITIVITY |
(8,046,840) |
53,622,563 |
53,622,563 |
53,622,563 |
|
|
|
| The
effected interest rate for each of the monetary financial instruments is as
follows: |
|
|
|
|
Effective |
Effective |
|
|
|
interest rate |
interest rate |
|
|
|
2000 |
1999 |
|
|
% |
% |
|
| Net
investment in lease finance (net of provisions) |
|
18.72 |
16.12 |
|
|
| Long
term investments (excluding shares) |
|
15 |
15 |
|
|
| Cash
and bank balances |
|
|
17 |
19 |
|
|
| Redeemable
capital |
|
|
19.75 |
19.75 |
|
|
| Long
term finance |
|
|
17.58 |
17.58 |
|
|
| Obligations
under finance lease |
|
|
19 |
21 |
|
|
| Certificate
of investment |
|
|
16.45 |
16.45 |
|
|
| Short
term finances |
|
|
20 |
20.62 |
|
|
|
| 29.
BASIC (LOSS) / EARNINGS PER SHARE |
|
| Basic
(loss)/earnings per share is calculated by dividing the net profit after tax
for the year by the number of |
|
| notes
outstanding during the year as follows: |
|
|
|
|
|
2000 |
1999 |
|
|
|
|
Rupees |
Rupees |
|
|
|
|
| (Loss)/after
tax for the year |
|
|
(27,388,155) |
(13,526,237) |
|
| ___average
number of shares |
|
|
|
|
| Outstanding
during the year |
|
|
9,536,800 |
9,536,800 |
|
| Basic/(loss)
per share |
|
|
(2.87) |
(1.42) |
|
|
|
|
|
|
| 30.
NUMBER OF EMPLOYEES |
|
| A
number of full time employees as at the year end are 15. |
|
|
| 31.
GENERAL |
|
| All
figures have been rounded off to the nearest rupee |
|
|
| Previous
year's figures have been re-arranged |
|
|
|
SHAMIM I. JUNEJO |
|
Rana M. Abu Obaida |
|
|
Chairman |
|
Managing Director |
|
|
|
| PATTERN
OF SHARE HOLDINGS AS AT JUNE 30, 2000 |
|
|
| Number of |
|
|
|
Total |
|
| Share Holders |
|
Share Holdings |
|
Share Held |
|
|
|
|
| 52 |
1 |
-- |
100 |
5,200 |
|
| 219 |
101 |
-- |
500 |
90,600 |
|
| 171 |
501 |
-- |
1000 |
163,400 |
|
| 164 |
1001 |
-- |
5000 |
458,300 |
|
| 31 |
5001 |
-- |
10000 |
241,100 |
|
| 9 |
10001 |
-- |
15000 |
116,400 |
|
| 10 |
15001 |
-- |
20000 |
196,000 |
|
| 4 |
20001 |
-- |
25000 |
90,300 |
|
| 3 |
25001 |
-- |
30000 |
84,600 |
|
| 4 |
30001 |
-- |
35000 |
123,200 |
|
| 2 |
35001 |
-- |
40000 |
79,900 |
|
| 3 |
40001 |
-- |
45000 |
125,200 |
|
| 1 |
45001 |
-- |
50000 |
50,000 |
|
| 2 |
55001 |
-- |
60000 |
118,700 |
|
| 1 |
80001 |
-- |
85000 |
81,100 |
|
| 1 |
85001 |
-- |
90000 |
89,500 |
|
| 1 |
95001 |
-- |
100000 |
100,000 |
|
| 1 |
155001 |
-- |
160000 |
160,000 |
|
| 1 |
175001 |
-- |
180000 |
178,000 |
|
| 1 |
190001 |
-- |
195000 |
191,600 |
|
| 2 |
195001 |
-- |
200000 |
399,600 |
|
| 1 |
200001 |
-- |
205000 |
201,400 |
|
| 1 |
215001 |
-- |
220000 |
220,000 |
|
| 1 |
230001 |
-- |
235000 |
234,400 |
|
| 2 |
255001 |
-- |
260000 |
516,500 |
|
| 3 |
345001 |
-- |
350000 |
1,045,300 |
|
| 1 |
360001 |
-- |
365000 |
361,500 |
|
| 1 |
395001 |
-- |
400000 |
400,000 |
|
| 1 |
795001 |
-- |
800000 |
800,000 |
|
| 1 |
805001 |
-- |
810000 |
810,000 |
|
| 1 |
850001 |
-- |
855000 |
855,000 |
|
| 1 |
945001 |
-- |
950000 |
950,000 |
|
| ------------------ |
|
|
|
------------------ |
|
| 697 |
|
|
9,536,800 |
|
| ========== |
|
|
|
========== |
|
|
|
|
Member of |
Shares |
|
|
| Categories
of Shareholders |
|
Shareholders |
Held |
Percentage |
|
|
| 1 . Individuals |
|
665 |
4,872,400 |
51.091 |
|
| 2.
Investment Companies |
|
7 |
1,108,100 |
11.619 |
|
| 3.
Joint Stock Companies |
|
15 |
1,676,400 |
17.578 |
|
| 4.
Financial Institutions |
|
3 |
1,013,400 |
10.626 |
|
| 5. Modaraba |
|
6 |
866,400 |
9.085 |
|
| 6. Others |
|
1 |
100 |
1.001 |
|
|
|
------------------ |
------------------ |
------------------ |
|
| Total |
|
697 |
9,536,800 |
100.000 |
|
|
========== |
========== |
========== |
|
|
|
|
|
|
|
|
|
|
|
