| National Development 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 |
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| Ten
Years at a Glance |
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| Directors'
Report |
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| Auditors'
Report |
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| Balance Sheet |
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| Profit
and Loss Account |
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| Statement
of Changes in Financial Position |
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| Statement
of Changes in Equity |
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| Notes
to the Accounts |
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| Pattern
of Shareholding |
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| Company
Information |
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| Board
of Directors |
Mr. Mohammad Salim |
Chairman |
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Mr. Mohammad Naseem |
Director |
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Mr. S. M. Saleem |
Director |
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Mr. Mohammad Sharif |
Director |
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Mr. Zahid Haleem Sheikh |
Director |
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Mr. Farrukh Hussain
Sheikh |
Director |
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Mr. Etrat H. Rizvi |
Director |
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Mr. Mubashir A. Akhtar |
Chief Executive |
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| Company
Secretary |
Mr. Waheed-ur-Rehman |
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| Auditors |
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Ford, Rhodes, Robson,
Morrow |
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Chartered Accountants |
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| Legal Advisors |
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Habib-ur-Rehman &
Co., |
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Barristers-At-Law &
Advocates |
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Mohsin Tayebali &
Co., |
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Advocates & Legal
Consultants |
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Sajjad Law Associates |
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| Consultants |
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M. Yousuf Adil Saleem
& Co. |
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Chartered Accountants |
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| Share
Registrar |
THK Associates (Pvt)
Limited |
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Ground Floor, Sheikh
Sultan Trust Building No. 2, |
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Beaumont Road, |
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Karachi - 75530 |
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| Bankers |
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Allied Bank of Pakistan
Limited |
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American Express Bank
Limited |
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Askari Commercial Bank
Limited |
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Bank of Punjab |
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Citibank, N.A. |
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Deutsche Bank A.G. |
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Faysal Bank Limited |
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First International
Investment Bank Limited |
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Gull' Commercial Bank
Limited |
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Habib Bank Limited |
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Mashreq Bank psc. |
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Muslim Commercial Bank
Limited |
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National Bank of Pakistan |
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National Development
Finance Corporation |
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Platinum Commercial Bank
Limited |
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Prime Commercial Bank
Limited |
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Standard Chartered Bank |
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| Correspondent |
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Chase Manhattan Bank |
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| Banks |
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Deutsch Bank A.G. |
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| Head Office and |
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| Registered
Office |
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| Karachi |
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NIC Building, 10th Floor |
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Abbasi Shaheed Road |
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Tel: 5660671-78 Fax:
5219405 |
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E-mail:
karachi@ndlc.com.pk |
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URL: www.ndlc.com.pk |
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| Branches |
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| KARACHI
CLIFTON |
BC- 1, B lock-5, |
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Kehkashan Scheme # 5,
Main Clifton Road |
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Tel: 5875666-777 Fax:
5875888 |
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E-mail:
karachi@ndlc.com.pk |
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Contact: Mr. Ahmed Noor |
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| LAHORE |
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7/4, E-3, Main Boulevard, |
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Gulberg III |
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Tel: 5754111,5754122 Fax:
5754166 |
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E-mail:
lahore@ndlc.com.pk |
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Contact: Mr.
Salim-ul-Haque |
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| FAISALABAD |
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The Mall Regency Shopping
Arcade, |
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Ground Floor |
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Tel: 617946-47 Fax:
612890 |
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Contact: Mr. Tahir Rizwan |
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| ISLAMABAD |
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State Life Building,
Ground Floor |
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Jinnah Avenue, Phase II, |
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Blue Area |
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Tel: 2277362-64 Fax:
2277365 |
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E-mail:
ndlcisb@isb.pak.net.com.pk |
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Contact: Mr. Fuad Rasul |
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| Notice
of Annual General Meeting |
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| Notice
is hereby given that the Sixteenth Annual General Meeting of National
Development Leasing Corporation |
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| Limited
will be held at Hotel Regent Plaza, Main Shahra-e-Faisal, Karachi on
Saturday, December |
|
| 30,
2000 at 9:00 a.m. to transact the following business: |
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| 1.
To confirm the Minutes of Extra Ordinary General Meeting held on August 5,
2000. |
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| 2.
To receive, consider and adopt the Audited Accounts of the Corporation for
the year ended June 30, |
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| 2000
together with Directors' and Auditors' Report thereon. |
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| 3.
To approve 17.50% cash dividend as recommended by the Directors. |
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| 4.
To appoint Auditors and fix their remuneration. The present Auditors, Messrs.
Ford, Rhodes, Robson, |
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| Morrow,
Chartered Accountants, retire and being eligible, offer themselves for
re-appointment. |
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| 5.
To transact any other business with the permission of the Chair. |
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By Order of the Board |
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|
Waheed ur Rehman |
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| Karachi:
November 23, 2000 |
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Company Secretary |
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| Notes: |
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| a.
The Share Transfer Books of the Corporation will remain closed from December
14, 2000 |
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| to
December 23, 2000 (both days inclusive). Transfers received in order at the
office of |
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| Share
Registrar of the Corporation i.e. THK Associates (Pvt) Ltd., Ground Floor,
Sheikh |
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| Sultan
Trust Building No.2, Beaumont Road, Karachi by December 13, 2000 will be
treated |
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| in
time for the purpose of entitlement of cash dividend in respect of the year
ended June |
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| 30, 2000. |
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|
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| b.
An instrument of proxy duly stamped, signed and witnessed and the power of
attorney or |
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| other
authority (if any) under which it is signed or a notarially certified copy of
such |
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| power
or authority, in order to be valid, must be deposited at the registered
office of the |
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| Corporation
at least 48 hours before the time of the meeting. |
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| c.
Any individual Beneficial Owner of CDC, entitled to attend and vote at this
meeting, must |
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| bring
his/her original NIC or Passport, Account and participant's I.D. numbers, to
prove |
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| his/her
identity, and in case of Proxy must enclose an attested copy of his/her NIC
or |
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| Passport.
Representative of corporate members should bring the usual documents required |
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| for
such purpose. |
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| d.
Members are requested to immediately inform of any change in their addresses. |
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| Ten
Years at as Glance |
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|
Rupees in Million |
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|
Year |
|
18 months |
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|
Ended |
June 30 |
June 30 |
June 30 |
June 30 |
June 30 |
Dec 31 |
Dec 31 |
Dec 31 |
Dec 31 |
Dec 31 |
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|
2000 |
1999 |
1998 |
1997 |
1996 |
1994 |
1993 |
1992 |
1991 |
1990 |
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| FINANCIAL
POSITION |
|
| Authorised
Capital |
|
500 |
500 |
500 |
500 |
500 |
500 |
500 |
500 |
500 |
100 |
|
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|
| Paid-up Capital |
|
|
377 |
377 |
377 |
359 |
359 |
259 |
207 |
159 |
88 |
68 |
| Reserves |
|
|
863 |
856 |
823 |
828 |
780 |
687 |
620 |
595 |
479 |
378 |
| Shareholders'
Equity |
|
1,240 |
1,233 |
1,200 |
1,187 |
1,139 |
946 |
827 |
754 |
567 |
446 |
| Long
Term Loans - Foreign |
|
616 |
791 |
802 |
910 |
690 |
821 |
569 |
651 |
469 |
506 |
|
-
Local |
|
552 |
723 |
502 |
367 |
304 |
154 |
220 |
247 |
223 |
507 |
| Certificates
of Investment |
|
634 |
715 |
1,090 |
1,576 |
1,755 |
881 |
671 |
964 |
1,008 |
2,977 |
| Net
Investment in Lease Finance |
|
3,744 |
3,782 |
3,650 |
3,767 |
3,971 |
2,739 |
2,344 |
2,044 |
1,789 |
1,709 |
| Total Assets |
|
|
4,618 |
4,808 |
4,924 |
5,312 |
5,272 |
3,644 |
2,878 |
3,071 |
2,666 |
5,061 |
|
| OPERATING
POSITION |
|
540 |
572 |
614 |
625 |
807 |
398 |
299 |
255 |
243 |
193 |
| Lease Income |
|
633 |
698 |
739 |
785 |
1,115 |
540 |
425 |
393 |
507 |
571 |
| Total Revenue |
|
498 |
534 |
543 |
599 |
755 |
317 |
250 |
237 |
361 |
395 |
| Total
Expenditure |
|
135 |
164 |
196 |
186 |
360 |
223 |
175 |
156 |
146 |
176 |
| Operating Profit |
|
95 |
120 |
78 |
130 |
266 |
187 |
165 |
149 |
146 |
176 |
| Profit
Before Taxation |
|
73 |
90 |
50 |
102 |
211 |
157 |
125 |
111 |
146 |
234 |
| Profit
After Taxation |
|
|
| DISTRIBUTION |
|
| Cash Dividend |
|
17.50% |
15.00% |
10.00% |
15.00% |
30.00% |
15.00% |
25.00% |
20.00% |
20.00% |
20.00% |
| Stock Dividend |
|
-- |
-- |
-- |
-- |
-- |
25.00% |
-- |
30.00% |
-- |
30.00% |
|
|
| RIGHT ISSUE |
|
-- |
-- |
-- |
-- |
-- |
10.00% |
-- |
-- |
30.00% |
50.00% |
|
|
| RATIOS |
|
|
| Current Ratio |
|
1.31 |
1.08 |
1.01 |
1.00 |
0.81 |
1.17 |
1.25 |
1.52 |
1.19 |
0.97 |
| Debt/Equity |
|
1.41 |
1.27 |
1.28 |
1.38 |
1.25 |
1.42 |
1.34 |
1.76 |
1.69 |
4.00 |
|
| Book
Value Per Share (in Rupees) |
16.43 |
16.34 |
15.90 |
16.52 |
15.85 |
18.29 |
20.00 |
23.71 |
32.12 |
24.06 |
|
|
| Note:
Prior years' figures have been rearranged, wherever necessary, for the
purpose of comparison. |
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|
| Directors'
Report to the Shareholders |
|
|
| The
Directors are pleased to present the financial results of the Corporation for
the year ended June 30, |
|
| 2000. |
|
|
| Board
of Directors |
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| The
composition of the Board of Directors has changed since the last Annual
General Meeting, due to the |
|
| resignation
of Ms. Naheed Hyder, Nominee Director of National Development Finance
Corporation. The |
|
| Directors
place on record their appreciation for the services rendered by the outgoing
Director. Mr. Etrat H. Rizvi |
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| filled
the casual vacancy. The Directors welcome Mr. Etrat H. Rizvi as Director of
the Corporation and look |
|
| forward
to his valuable contributions. Subsequently, in terms of Section 178 (1) of
the Companies Ordinance, |
|
| 1984,
the present Directors were reelected to the Board in the Extra Ordinary
General Meeting held on |
|
| August
05, 2000. |
|
|
| Financials |
|
| Your
Directors are pleased to report an after tax profit of Rs. 73.139 million for
the year ended June 30, 2000 |
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| and
propose that profit be appropriated as follows: |
|
|
|
|
|
(Rupees in
000's) |
|
|
|
June 30 |
June 30 |
|
|
|
2000 |
1999 |
|
|
| Profit
before taxation |
|
|
95,139 |
120,048 |
|
| Taxation |
|
|
22,000 |
30,000 |
|
|
|
|
------------------ |
------------------ |
|
| Net
Profit after taxation |
|
|
73,139 |
90,048 |
|
| Unappropriated
profit brought forward |
|
1,075 |
1,139 |
|
|
|
|
------------------ |
------------------ |
|
| Profit
available for appropriation |
|
|
74,214 |
91,187 |
|
|
|
| APPROPRIATIONS |
|
| Proposed
Dividend @ 17.50% (1999: @15%) |
|
66,045 |
56,610 |
|
| Transfer
to General Reserve |
|
|
4,000 |
29,000 |
|
| Transfer
to Special Reserve |
|
|
3,657 |
4,502 |
|
| Transfer
from General Reserve for deferred taxation |
|
(50,842) |
(68,410) |
|
| Transfer
to Capital Reserve for deferred taxation |
|
50,842 |
68,410 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
73,702 |
90,112 |
|
|
|
|
------------------ |
------------------ |
|
| Unappropriated
profit carried forward |
|
512 |
1,075 |
|
|
|
|
========== |
========== |
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|
| The Economy |
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| For
the last several years, the economy has been facing serious difficulties
owing to persistent lapses in the |
|
| implementation
of structural reforms and stabilization measures. The economy has now started
to demonstrate |
|
| a
sign of recovery. GDP has shown a growth by 4.5 % as against growth of 3.2 %
last year. This recovery is |
|
| supported
by 7.2% growth in the agricultural sector as against last year's 1.9%,
witnessing an impressive |
|
| recovery
on account of good cotton, wheat and rice crops. Similarly, the consumer
price index during July |
|
| 1999
to April 2000 declined to 3.6% as against 6.1% of the corresponding period
last year. Exports during |
|
| the
year grew by almost 10% as against a decline of 12% in the corresponding
period last year. Likewise |
|
| imports
grew by 10.9% as against a decline of last year's 9.4%. This resulted in
decrease of 34% in the |
|
| current
account deficit from US$ 1,812 million to US$ 1,195 million. |
|
|
| Fiscal
deficit bas emerged as one of the major source of macro economic imbalance of
our country. The |
|
| burden
of interest payments is one of the most serious fiscal problems faced by us,
because not only does it |
|
| consume
49% of the total revenue but it also lessens the Government's ability to
spend on social and physical |
|
| infrastructure.
Despite the fiscal deficit, the Government was able to raise its development
expenditure by |
|
| 20%
for the year 2000-2001 to Rs. 120.4 billion, as against Rs. 100.6 billion of
the previous fiscal year. |
|
| Although.
the year under review registered an increase of 20.4% on industrial
investment in the manufacturing |
|
| sector
and an increase of 8.3 % in the net foreign private investment inflows, the
ongoing dispute on tax |
|
| survey
with the business community and continued increase in fuel prices, may hamper
economic targets |
|
| for
the year 2000-2001. At present, the economy is in the process of major
structural adjustment and the |
|
| Government
is keen to continue with the measures to promote a culture of tax compliance,
levy of GST at |
|
| all
stages and, privatization and liberalization of the economy. The Government's
commitment towards an |
|
| increased
role of the private sector, with continued emphasis on agriculture, small and
medium sized industries. |
|
| is
expected to result in setting a direction and pace for a balanced sectoral
growth. |
|
|
| Leasing
sector which experienced an extraordinary growth, in the past, is now facing
challenges due to |
|
| competition
and reducing spreads. Stiff competition from commercial and investment banks,
who have the |
|
| resources
and access to low cost funds, is yet another threat to the leasing sector.
The economic conditions |
|
| have
further forced leasing companies to turn their focus on the need for
Balancing, Modernization and |
|
| Replacement
requirements of industries, and consumer financing. |
|
|
| We
are pleased to inform you that your Corporation is comfortably positioned to
meet all these challenges |
|
| ahead,
which will help in exploiting new opportunities from the industry. Your
Corporation by the Grace of |
|
| Allah
had generated quality business and improved its market share, during the year
under review. |
|
|
| Overview
of Operations |
|
| Operating
profit before provisions, of your Corporation, were recorded at Rs. 135
million. Total revenues |
|
| for
the year amounted to Rs. 633 million, of which Rs. 540 million were generated
from lease income, |
|
| reflecting
an 85% share of the total revenues. Financial charges and returns on
certificate of investments, |
|
| being
75% of total costs, decreased to Rs.399 million from Rs.447 million last
year, due to availability of |
|
| comparatively
cheaper funds and efficient handling of short term borrowings. Administrative
and operating |
|
| expenses
were Rs.99 million, as against Rs.87 million in 1999, which mainly reflects
the incidence of |
|
| inflation.
Following a prudent policy, provisioning of Rs.57 million has been made
against doubtful debts. |
|
| as
compared to Rs.29 million in the previous year. Provision for diminution in
value of investment witnessed |
|
| a
reversal of Rs. 17 million as against increase of Rs. 16 million in 1999, due
to appreciation in the market |
|
| value
of the portfolio. |
|
|
| Fundings |
|
| Your
Corporation was able to generate funds successfully through launch of Term
Finance Certificates, |
|
| which
was oversubscribed. This has demonstrated the Corporation's ability to
arrange cost effective funds |
|
| locally.
Banks and financial institutions have also reposed confidence by extending
credit lines. The |
|
| Corporation
continued to maintain a Cordial relationship with the multilateral agencies.
However, the |
|
| Corporation
decided not to avail undrawn loan amount of US$ 5 million, due to
non-availability of forward |
|
| cover
beyond one year as well as the high costs, associated with it. |
|
|
| Equity
Investments |
|
| After
touching lowest ebb in the preceding years, the leading market indicators
displayed a modest recovery |
|
| at
the beginning of the current financial year. The KSE index increased from
1055 points in June 1999 to |
|
| 1252
points in July 1999 and by the end of March 2000 the index rose to 2000
points. Your Corporation was |
|
| to
reap the benefit of the upsurge in share prices and recorded a gain of Rs. 12
million by selling part of it |
|
| equity
portfolio. Besides, an amount of Rs. 17 million has been reversed from
provision for diminution in |
|
| value
of equity investments. |
|
|
| Regulatory
Environment |
|
| Securities
and Exchange Commission of Pakistan has updated the regulations governing the
Leasing |
|
| Companies
and promulgated Leasing Companies (Establishment and Regulation) Rules, 2000.
These rules |
|
| are
viewed as imperative for strength and growth of the leasing industry. |
|
|
| Achievements |
|
| During
the year, the Management Association of Pakistan awarded the highly
prestigious Corporate |
|
| Excellence
Award for the year 1998, to your Corporation. This award is given to only two
Companies every |
|
| year
from the financial sector. |
|
|
| Future Outlook |
|
| Looking
ahead, the Corporation recognizes the challenges of the future. Our focus
will remain on steady |
|
| and
sustainable growth. Our emphasis on innovation, creativity and quality
service shall continue. Fresh |
|
| efforts
are underway to attract new clients for consumer leasing. Diversification,
lower risk and quality |
|
| lease
portfolio will continue to be the guiding principles of our credit policy. |
|
|
| We
shall continue to promote on environment where people are valued as assets
who place all other assets |
|
| to
work. We have and we shall continue to invest in developing motivated team
players, through training |
|
| and
professional growth. |
|
|
| Mission
Statement |
|
| Being
a premier leasing Company, we are committed to continuously creating value
for our shareholders, |
|
| providing
efficient and quality service to our clients and promoting sound business
practices contributing to |
|
| the
cause of the industry, in particular, and the economy, in general. |
|
|
| Auditors |
|
| The
retiring auditors Messrs. Ford, Rhodes, Robson, Morrow, Chartered
Accountants, being eligible, offer |
|
| themselves
for re-appointment. |
|
|
| Acknowledgement |
|
| We
are pleased to put on record our profound and sincere gratitude to our valued
clients and bankers, whose |
|
| continuous
support is a great source of strength to the Corporation. |
|
|
| We
also sincerely appreciate the guidance provided to the Corporation by the
State Bank of Pakistan, Securities |
|
| and
Exchange Commission of Pakistan and Multilateral Agencies. We would also like
to thank our |
|
| team
members for their commitment, dedicated efforts and valuable contribution. |
|
|
| Shareholding
Pattern |
|
| A
statement reflecting the pattern of shareholding is attached to the Annual
Report. |
|
|
|
|
On behalf of the Board |
|
|
|
|
|
|
|
Mubashir A. Akbar |
|
| Karachi:
November 23, 2000. |
|
Chief Executive |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of NATIONAL DEVELOPMENT LEASING |
|
| CORPORATION
LIMITED as at June 30, 2000 and the related profit and loss account, cash
flow |
|
| statement
and statement of changes in equity together with the notes forming part
thereof for the |
|
| year
then ended and we state that we have obtained all the information and
explanations which, to |
|
| the
best of our knowledge and belief, were necessary for the purposes of our
audit. |
|
|
| It
is the responsibility of the company's management to establish and maintain a
system of internal |
|
| control,
and prepare and present the above said statements in conformity with the
approved |
|
| accounting
standards and the requirements of the Companies Ordinance, 1984. Our
responsibility is |
|
| to
express an opinion on these statements based on our audit. |
|
|
| We
conducted our audit in accordance with the auditing standards as applicable
in Pakistan. These |
|
| standards
require that we plan and perform the audit to obtain reasonable assurance
about whether |
|
| the
above said statements are free of any material misstatement. An audit
includes examining, on a |
|
| test
basis, evidence supporting the amounts and disclosures in the above said
statements. An audit |
|
| also
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)
in our opinion, proper books of accounts have been kept by the company as
required by the |
|
| Companies
Ordinance, 1984; |
|
|
|
|
|
|
| (b)
in our opinion: |
|
|
|
|
|
| (i)
the balance sheet and profit and loss account together with the notes thereon
have |
|
| been
drawn up in conformity with the Companies Ordinance, 1984, and are in |
|
| agreement
with the books of account and are further in accordance with accounting |
|
| policies
consistently applied except for the change as stated in note 2.3(c) with |
|
| which
we concur; |
|
|
|
|
| (ii)
the expenditure incurred during the year was for the purpose of the company's |
|
| business; and |
|
|
|
|
|
|
| (iii)
the business conducted, investments made and the expenditure incurred during
the |
|
| year
were in accordance with the objects of the company; |
|
|
|
| (c)
in our opinion and to the best of our information and according to the
explanations given to |
|
| us,
the balance sheet, profit and loss account, cash flow statement and statement
of |
|
| changes
in equity together with the notes forming part thereof conform with approved |
|
| accounting
standards as applicable in Pakistan, and, give the information required by
the |
|
| Companies
Ordinance, 1984, in the manner so required and respectively give a true and
fair |
|
| view
of the state of the company's affairs as at June 30, 2000 and of the profit,
its cash flows |
|
| and
changes in equity for the year then ended; and |
|
|
| (d)
in our opinion zakat deductible at source under the Zakat and Ushr Ordinance,
1980 (XVIII of |
|
| 1980),
was deducted by the company and deposited in the Central Zakat Fund
established |
|
| under
section 7 of that Ordinance. |
|
|
|
|
| Karachi - |
|
|
|
Ford, Rhodes, Robson, Morrow |
|
| November
23, 2000. |
|
Chartered Accountants |
|
|
|
| Balance
Sheet as at June 30, 2000 |
|
|
|
|
|
|
(Rupees in
000's) |
|
|
|
June 30 |
June 30 |
|
|
|
2000 |
1999 |
|
| ASSETS |
|
|
|
| NON-CURRENT
ASSETS |
|
| Operating
Fixed Assets |
|
3 |
60,006 |
60,585 |
|
| Net
Investment in Lease Finance |
|
4 |
2,127,365 |
2,183,442 |
|
| Long
Term Investments |
|
5 |
10,307 |
14,381 |
|
| Long
Term Deposits |
|
6 |
261,496 |
359,555 |
|
| Long
Term Advances, Prepayments and Deferred Costs |
7 |
33,884 |
23,023 |
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Current
Maturity of |
|
|
|
| Net
Investment in Lease Finance |
|
4 |
1,616,536 |
1,599,326 |
|
| Long
Term Deposits |
|
6 |
104,598 |
102,730 |
|
| Short
Term Finances |
|
8 |
53,901 |
21,014 |
|
| Short
Term Investments |
|
9 |
134,259 |
125,915 |
|
| Income
accrued or due |
|
|
20,999 |
31,480 |
|
| Advances,
Deposits, Prepayments & Other Receivables |
10 |
97,188 |
178,348 |
|
| Taxation |
|
|
20.1 |
10,385 |
3,394 |
|
| Cash
and Bank Balances |
|
11 |
86,806 |
104,436 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,124,672 |
2,166,643 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
4,617,730 |
4,807,629 |
|
|
|
|
========== |
========== |
