| 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 |
