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Grays Leasing Limited
Annual Report 2001
CONTENTS
COMPANY INFORMATION
NOTICE OF THE MEETING
DIRECTORS' REPORT
AUDITORS' REPORT
BALANCE SHEET
PROFIT AND LOSS ACCOUNT
CASH FLOW STATEMENT
STATEMENT OF CHANGES IN EQUITY
NOTES TO THE ACCOUNTS
PATTERN OF SHAREHOLDING
COMPANY INFORMATION
BOARD Of DIRECTORS Mr. Harold John Gray Chairman
Mr. Khawar Anwar Khawaja Vice Chairman
Mr. Abdul Rashid Mir Chief Executive
Mr. Paul Douglas Gray
Mr. Ronald George Blake
Mr., Muhammad Tahir Butt
Mr. Khurram Anwar Khawaja
Mr. Saeed Ahmad Jabal
Mr. Muhammad Farooq
Mrs. Nuzhat Khawar Khawaja
AUDITORS Riaz Ahmad & Company
Chartered Accountants
8-Mail Mansion, 30 Shahrah-e-Quaid-e-Azam,
Lahore - 54000 - Pakistan
Tel: (042) 7233324-26
Fax :(042) 7235762
E-mail: sarfrazm@paknet4.ptc.pk.
MANAGEMENT CONSULTANT Sarfraz Mahmood (Pvt) Ltd.
CORPORATE SECRETARY Mr. Abdul Ghaffar
LEGAL ADVISOR Akhtar Saeed & Company
REGISTERED AND HEAD OFFICE 41-A, Lawrence Road, Lahore,
Tel: (042) 6372159-61
Fax: (042) 6371898
E-mail: gll@nexlinx.net.pk
BANKERS Standard Chartered Grindlays Bank
The Bank of Khyber
Bank Alfalah Ltd,
The Bank of Punjab.
Askari Commercial Bank Ltd,
Muslim Commercial Bank Ltd.
Faysal Bank Ltd.
First Women Bank Ltd.
Prime Commercial Bank Ltd.
Habib Bank Ltd.
NOTICE OF THE 6TH ANNUAL GENERAL MEETING
Notice is hereby given that the 6th Annual General Meeting of the Company will be held on December 10, 2001 at
11.00 a.m. at the Registered Office of the Company located at 41-A, Lawrence Road, Lahore to transact the following
business:
1. to confirm the minutes of 5th Annual General Meeting held on December 21, 2000;
2. to receive, consider and adopt the audited accounts of the company for the year ended June 30, 2001
together with Directors' and Auditors' reports thereon;
3. to approve the payment of cash dividend @ 10% (Re. 1/- per share) as recommended by the directors for
the year ended June 30, 2001;
4. to appoint auditors and to fix their remuneration. The present Auditors Messrs. Riaz Ahmad & Company,
Chartered Accountants, retire and being eligible, offer themselves for re-appointment;
5. to transact any other business with the permission of the chair.
BY THE ORDER OF THE BOARD
ABDUL GHAFFAR
Lahore: November 12, 2001 (COMPANY SECRETARY)
NOTES:
1. The members register will remain closed from December 02, 2001 to December 10, 2001 (both days
inclusive). Transfer received at the registered office by the close of business hours on December 01, 2001
will be treated in time for the entitlement of dividend.
2. A member entitled to attend and vote at the meeting may appoint another member as his/her proxy to
attend, speak and vote at the meeting. The instrument of proxy in order to be effective must be received at
the Registered Office of the Company not later than 48 hours before the meeting;
3. Members are requested to immediately notify the change in address, if any;
4. CDC account holders will have to follow the following guidelines for attending the meeting ·
i) In case of individuals, the account holders, sub account holders and the person whose securities
are in group account and their registration details are uploaded as per the regulations, shall
authenticate his/her identity by showing original I.D. card or passport at the time of attending the
meeting. The shareholders registered on CDS are also requested to bring their participants I.D.
numbers and account number in CDS.
ii) In case of corporate entity, the Board of Directors' resolution/power of attorney with specimen
signature of the nominee shall be produced (unless provided earlier) at the time of meeting.
DIRECTORS' REPORT TO THE SHAREHOLDERS
It gives me immense pleasure to present the sixth annual report together with the audited accounts of your company for the year
ended 30th June, 2001.
OPERATING RESULTS
The operating results of the company for the year are as under:
RUPEES
Total revenue 73,863,618
Total expenses 44,910,680
------------------
Profit before tax 28,952,938
Provision for taxation 1,221,610
------------------
Profit after tax 27,731,328
Un-appropriated profit brought forward 1,904,567
------------------
Profit available for appropriation 29,635,895
Appropriations:
Transfer to statutory reserve (6,500,000)
Transfer to reserve for deferred taxation (8,000,000)
Proposed dividend @ 10 % (15,000,000
------------------
(29,500,000)
------------------
Un-appropriated profit 135,895
==========
Earnings per share 2.51
==========
REVIEW OF OPERATIONS
Although the economic scenario has remained almost same as previous year, the company succeeded to achieve its budgeted
target for the year ended 30, June 2001. During the year, we transacted business worth rupees 307.7 million comprising 250
leases as compared to rupees 205.6 million placed in 249 leases during the preceding year; growth being 50 percent. Gross
investment in finance leases as at 30· June 2001 stands at rupees 634.317 million against rupees 459.782 million on 30· June
2000 while the net investment stands at rupees 508.834 million on 30, June 2001 against rupees 370.129 million the last year-
growth during this year has been 37.5 percent as against 26.05 percent during the preceding year.
The graph given below shows a consistent growth pattern attained by the company since its inception.
The gross revenue from operations was rupees 73.864 million (rupees 58.035 million in 2000) and net profit before and after tax
was rupees 28.953 million and rupees 27.731 million respectively as compared to rupees 25.660 million and rupees 24.750
million during the preceding year.
Our majore emphasis still remains on small to medium size leases; with selected blue chip companies and a blend of assets with
high degree of concentration on industrial expansion and growth. This year too, almost half of our business represents lease
financing of plant and machinery to various industrial sectors for strengthening their productive assets base through balancing,
modernization and expansion.
The ratios of the asset-wise portfolio have almost been maintained by the company as reflected above. Although a minor
shift/increase of 2 percent has taken place in case of transport vehicles, the net investment in plant and machinery as on 30th June
2001 again stands at 52 percent as it was last year. This has only been made possible through focusing our activity on country's
industrial base as per our policy which is amply substantiated by the fact that 50 percent of lease disbursements during 2000-01 relate
to industrial plant, machinery and equipments as shown in the graph given below.
At the same time, we have also been careful about management of all risks we are exposed to. The primary function is to
manage credit risk which is all the more important in the prevailing macro environment. We operate under strict criteria and all
leases are carefully screened by our Credit Evaluation Department, Executive Committee and the Senior Management. Risk
diversification is also ensured by maintaining a balanced sectoral exposure. The sector-wise analysis of our lease portfolio has
been given hereunder which shows that the maximum investment in any one sector stands at 27.57 percent in textiles and its made
ups as compared to last year's 24.91 percent in this sector.
The sector-wise break-up of the portfolio can also be seen in note 25.5 to the audited accounts for the year under review.
CREDIT RATING
The credit rating of the company was upgraded by a notch last year. The surveillance of these ratings is under process by JCR-
VIS and they have indicated to upgrade these ratings at least by another notch this year as well.
RESOURCE MOBILIZATION
In addition to the equity funds amounting to rupees 50 million against right issue received during May-June 2001, the company
also succeeded in managing a blend of medium and short term funds to finance lease operations. Apart from a three years credit
line for rupees 25 million from Askari Commercial Bank Limited and a similar one from Faysal Bank Limited negotiated since last
annual report, sufficient amount of cheaper funds has also been obtained from various financial institutions which enabled the
company to keep the average cost of funding quite compatible with our placements. Raising of funds through Certificates of
Investment has just been started while a plan for a reasonable float of Term Finance Certificates is also under consideration.
Human resource development is an equally important area. To develop a team of dedicated and devoted professionals, we have very
recently engaged a number of persons, mostly at the very entry level, who are undergoing appropriate training in various fields
according to our future requirements.
THE ECONOMY AND THE LEASING SECTOR
The economy
The economic crisis emanated from a series of adversities like fallout of South Asia, sanctions as a consequence of Pakistan's
nuclear test, freezing of foreign currency accounts, the IPP issue, ever increasing debt burden, shyness of foreign direct
investment, and above all, the lack of good governance and political uncertainty, has further aggravated because of the drastic
decline in country's exports and other related trading activities as an aftermath of the tragedy of 11th September which sent
shivers to the global economy.
Although, the International Community has assured to help Pakistan out of this mess and the most difficult era of its history, a
lot depends on the ensuing political situation and the eventual outcome of the Afghan campaign. The other factor that matters
would be the economy of importing countries; the world economy is presently in recession; war is not the best cure for all
economic ills, even if the countries waging it do have plenty of resources in their kitty. It would require some years to recover
from the impact of global recession and this period will weigh very heavy on Pakistan.
The ailment of the financial sector is also one of the major deterrents to economic growth of the country. Over the past few
years, the trade and industry has been witnessing phenomenal reduction in outreach of financial services. The sources of long-
term finance have almost dried up due to lack of banks' ability to undertake risk in long-term projects because of scarcity of
ample funds (an obvious outcome of low level of savers' interest and confidence) and weaknesses in the legal and institutional
infrastructure that supports development of a healthy financial sector.
The current economic scenario thus requires State's attention and intervention at large; economy has to be grossly restructured
to put the things to their right path; concerted effort at all levels is must to end the spin.
The leasing sector
A well-functioning financial system significantly contributes towards economic growth. In Pakistan, the banking sector
unfortunately could not perform well and support any growth -oriented pattern of socio-economic activity and the dreams of
making the country a "Welfare State" all ended in a smoke. For different reasons, the development financing institutions (DFI's)
that were created for this very purpose, also failed in achieving their objective and have collapsed so badly. The emergence of
the Leasing Sector is thus aimed at filling the gap and providing for the much needed financial support not only to the industrial
and corporate sectors but also to socio-economic welfare of the public at large.
Over last couple of years, the leasing sector has grown rapidly and proved to be an alternate source of finance to all sects of the
society. The sector currently has rather greater potentials as all other sources of medium to long-term funds have almost dried
up. But restoration of confidence of the masses of savers is an essential pre-requisite for which much work has yet to be done
through state intervention.
FUTURE OUTLOOK
The share of the leasing sector in the total private fixed capital expenditure in Pakistan still remains below 10 percent as
compared to about 40 percent in the developed countries. Moreover, the dearth of medium and long-term funding by banks will
obviously increase the leasing potentials in the country. The leasing concept, being closest to the tenets of Islam, will be
increasingly accepted in the coming days.
GRAYS LEASING LIMITED
Grays leasing has gained an excellent reputation in the market and, being a keen observer of the changing scenario, will
consolidate and concentrate on its corporate goals without compromising on quality and ethical standards.
We are also increasing our branch net-work and will, Insha Allah, succeed to generate quite a fair volume of business and add
value to the investment of our stakeholders.
DIVIDEND AND RIGHT ISSUE
In consistence with our previous practice and in line with our key objectives and corporate policy, the board of directors has
proposed 10 percent cash dividend as compared to 15 percent cash dividend declared last year. In fact, the proposed dividend
of rupees 15 million for the year under review is equal to the dividend declared for the year ended 30th June 2000. In percentage
terms, it has however been diluted due to increase in paid-up capital by rupees 50 million through right issue of shares;
subscription received just in the month of June 2001. We are confident to continue this policy in future as well.
To enhance the equity base and ensure an early compliance of rule 7(3) of the Leasing Companies Rules, the board of directors
has proposed a right issue of 3 million shares of rupees 10 each at par which will be offered in accordance with the instructions
from the Securities and Exchange Commission of Pakistan.
AUDITORS
The present auditors Messrs Riaz Ahmad and Company, Chartered Accountants, retire and being eligible, offer themselves for
re-appointment.
PATTERN OF SHAREHOLDING
A statement showing pattern of shareholding in the company as on 30th June 2001 is given herewith.
ACKNOWLEDGMENT
I would like to thank the banks and financial institutions for their support, the clients who provided us opportunity to serve them
and company employees at all levels for their dedicated efforts.
ON BEHALF OFTHEBOARD
ABDUL RASHID MIR
Lahore: 5th November, 2001 Chief Executive
AUDITORS' REPORT TO THE MEMBERS
We have audited the annexed balance sheet of GRAYS LEASING LIMITED as at 30 June 2001 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 account 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;
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 30 June 2001 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.
RIAZ AHMAD & COMPANY
LAHORE: November 6, 2001 Chartered Accountants
BALANCE SHEET AS AT JUNE 30 2001
NOTE 2001 2000
Rupees Rupees
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES
Authorized share capital
20,000,000 ordinary shares of
Rupees 10 each 200,000,000 200,000,000
========== ==========
Issued, subscribed and paid
up share capital 3 150,000,000 100,000,000
Capital reserve 4 47,500,000 33,000,000
Revenue reserve 135,895 1,904,567
------------------ ------------------
197,635,895 134,904,567
NON-CURRENT LIABILITIES
Redeemable capital 5 622,234,251 38,000,000
Liabilities against assets subject to
finance lease 6 9,916,621 17,252,911
Long term security deposits 7 648,264,991 40,924,648
Deferred taxation 15,000,001 1,500,000
Employees' retirement gratuity 1,115,702 788,268
------------------ ------------------
130,657,288 82,938,207
CURRENT LIABILITIES
Current portion of non-current liabilities 8 190,339,361 36,362,675
Short term finances 9 1,520,000,001 130,700,400
Accrued and other liabilities 10 127,443,291 103,303,811
Proposed dividend 15,000,000 15,000,000
Provision for taxation 11,058,027 2,111,840
------------------ ------------------
199,836,292 194,505,296
CONTINGENCIES AND COMMITMENTS 11 -- --
------------------ ------------------
528,129,475 412,348,070
========== ==========
The annexed notes form an integral part of these accounts.
CHIEF EXECUTIVE
ASSETS
NON-CURRENT ASSETS
Tangible fixed assets
Operating fixed assets 12 4,060,533 4,428,293
Capital work-in-progress 13 3,965,000 --
------------------ ------------------
Net investment in finance leases 8,025,533 4,428,293
Lease payments receivable 545,897,407 397,259,332
Guaranteed residual value of
leased assets 88,419,757 62,523,199
------------------ ------------------
Gross investment in leases 14 634,317,164 459,782,531
Less: Unearned finance income 125,482,711 89,653,782
------------------ ------------------
Net investment in finance leases 508,834,453 370,128,749
Less: Current portion 201,306,259 163,743,812
------------------ ------------------
307,528,194 206,384,937
Long term investment 15 115,530 900,638
Long term deposits and
deferred cost 16 498,751 871,344
------------------ ------------------
316,168,008 212,585,212
CURRENT ASSETS
Current portion of net investment
in finance leases 2,013,062,591 163,743,812
Less: Provision for doubtful receivables 17 2,246,929 635,965
------------------ ------------------
Advances, deposits, prepayments 199,059,330 1,631,078,471
and other receivables 18 10,486,808 17,827,790
Bank balances 19 2,415,329 18,827,221
------------------ ------------------
211,961,467 199,762,858
------------------ ------------------
528,129,475 412,348,070
========== ==========
DIRECTOR
Profit and Loss Account for the year ended 30 June 2001
NOTE 2001 2000
Rupees Rupees
REVENUE
Income from lease financing 72,547,979 57,303,764
Other income 20 1,315,639 731,046
------------------ ------------------
73,863,618 58,034,810
EXPENDITURE
Administrative and other operating expenses 21 12,867,262 11,624,151
Financial and other charges 22 30,432,454 20,251,888
Provision for doubtful receivables 1,610,964 498,634
------------------ ------------------
44,910,680 32,374,673
------------------ ------------------
PROFIT BEFORE TAXATION 28,952,938 25,660,137
PROVISION FOR TAXATION
Current year 23 1,058,027 910,000
Prior year 163,583 --
------------------ ------------------
1,221,610 910,000
------------------ ------------------
PROFIT AFTER TAXATION 27,731,328 24,750,137
UNAPPROPRIATED PROFIT
BROUGHT FORWARD 1,904,567 1,454,430
------------------ ------------------
PROFIT AVAILABLE FOR APPROPRIATION 29,635,895 26,204,567
APPROPRIATIONS
Transfer to statutory reserve (6,500,000) (5,000,000)
Transfer from general reserve -- 15,000,000
Transfer to reserve for deferred tax (8,000,000) 19,300,000
Proposed dividend per share
Rupee 1.00 (2000: Rupees 1.50) (15,000,000) 15,000,000
------------------ ------------------
(29,500,000) 24,300,000
------------------ ------------------
UNAPPROPRIATED PROFIT 135,895 1,904,567
========== ==========
EARNINGS PER SHARE 24 2.51 2.34
========== ==========
The annexed notes form an integral part of these accounts.
CHIEF EXECUTIVE DIRECTOR
Cash Flow Statement for the year ended 30 June 2001
2001 2000
Rupees Rupees
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation 28,952,938 25,660,137
Adjustments to reconcile profit with net cash provided by operating activities
Depreciation 1,001,693 1,038,138
Deferred cost amortized 280,306 280,307
Provision for gratuity 351,434 302,102
Financial charges 30,152,148 19,870,430
Provision for doubtful receivables 1,610,964 498,634
Loss on disposal of fixed assets -- 101,151
Profit on bank deposits, term finance certificates and NIT units (714,307) (731,046)
------------------ ------------------
32,682,238 21,359,716
------------------ ------------------
Operating profit before working capital changes 61,635,176 47,019,853
Decrease/(Increase) in advances, deposits,
prepayments and other receivables 7,759,364 (13,126,568)
Increase in accrued and other liabilities 644,961 2,585,624
------------------ ------------------
Cash generated from operations 70,039,501 36,478,909
Financial charges paid (28,315,418) 15,991,825
Income tax paid (2,626,908) (816,097)
Dividend paid (15,067,743) (14,852,226)
Gratuity paid (24,000) --
------------------ ------------------
Net cash from operating activities 24,005,432 4,818,761
CASH FLOWS FROM INVESTING ACTIVITIES
Net Investment in finance leases (138,705,704) 76,488,546
Assets purchased for own use (633,933) (260,130)
Capital work-in-progress (3,965,000) --
Long term deposits (25,187) (110,337)
Sale proceeds of fixed assets -- 181,651
Long term investment 785,108 (250,177)
Profit on bank deposits, term finance certificates and NIT units 764,884 366,424
------------------ ------------------
Net cash used in investing activities (141,779,832) (76,561,115)
CASH FLOWS FROM FINANCING ACTIVITIES
Issue of right shares 50,000,000 --
Redeemable capital 88,310,631 (10,000,000)
Short term finances 212,996,001 81,050,391
Long term security deposits 22,284,008 16,408,895
Liabilities against assets subject to finance lease (1,052,163) (1,362,188)
------------------ ------------------
Net cash generated from financing activities 101,362,508 86,097,098
------------------ ------------------
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS (16,411,892) 14,354,744
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR 18,827,221 4,472,477
------------------ ------------------
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR (Note 19) 2,415,329 18,827,221
========== ==========
The annexed notes form an integral part of these accounts.
CHIEF EXECUTIVE DIRECTOR
Statement of Changes in Equity for the year ended 30 June 2001
CAPITAL RESERVES REVENUE RESERVES TOTAL
SHARE Statutory Reserve for Sub-Total General Unappropriated Sub-Total
CAPITAL Reserve Deferred Tax Reserve Profit
(Note 3) (Note 4.1) (Note 4.2)
Rupees Rupees Rupees Rupees Rupees Rupees Rupees Rupees
Balance as at 01 July 1999 100,000,000 8,700,000 -- 8,700,000 15,000,000 1,454,430 16,454,430 125,154,430
Net profit for the year -- -- -- -- -- 24,750,137 24,750,137 24,750,137
Appropriations
Statutory Reserve -- 5,000,000 -- 5,000,000 -- (5,000,000) (5,000,000) --
Reserve for deferred tax -- -- 19,300,000 19,300,000 -- (19,300,000) (19,300,000) --
General reserve -- -- -- -- (15,000,000) 15,000,000 -- --
Proposed dividend -- -- -- -- -- (15,000,000) (15,000,000) (15,000,000)
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
Balance as at 30 June 2000 100,000,000 13,700,000 19,300,000 33,000,000 -- 1,904,567 1,904,567 134,904,567
Right shares issued 50,000,000 -- -- -- -- -- -- 50,000,000
Net profit for the year -- -- -- -- -- 27,731,328 27,731,328 27,731,328
Appropriations
Statutory Reserve -- 6,500,000 -- 6,500,000 -- (6,500,000) (6,500,000) --
Reserve for deferred tax -- -- 8,000,000 8,000,000 -- (8,000,000) (8,000,000) --
Proposed dividend -- -- -- -- -- (15,000,000) (15,000,000) (15,000,000)
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
Balance as at 30 June 2001 150,000,000 20,200,000 27,300,000 47,500,000 -- 135,895 135,895 197,635,895
========== ========== ========== ========== ========== ========== ========== ==========
The annexed notes form an integral part of these accounts.
CHIEF EXECUTIVE DIRECTOR
Notes to the Accounts for the year ended 30 June 2001
1. LEGAL STATUS AND NATURE OF BUSINESS
The company was incorporated in Pakistan as public limited company on 31 August 1995. The company is listed on
Karachi and Lahore Stock Exchanges. The company is principally engaged in the leasing business and also provides
financial and advisory services. It is classified as a Non-Banking Financial Institution (NBFI) and is monitored by the
Securities and Exchange Commission of Pakistan.
2. SIGNIFICANT ACCOUNTING POLICIES
2.1 Accounting convention
These financial statements have been prepared under the historical cost convention.
2.2 Revenue recognition
The company follows the 'Finance Method' to recognize the income on finance leases. The unearned finance income
i.e. the excess of aggregate lease payments and the residual value over the cost of leased assets is amortized to
income over the lease term by applying the annuity method to produce a constant rate of return on the net investment
in lease. Income on bank deposits and other investments is recognized on time proportion basis taking into account
the principal outstanding and applicable rate of mark-up/profit thereon. Fees, commissions and commitment charges
etc., are recognized on accrual basis. Dividend on equity investments is recognized as income if declared on or before
the balance sheet date.
2.3 Tangible fixed assets and depreciation
Owned
Operating fixed assets are stated at cost less accumulated depreciation. Capital work-in-progress is stated at cost.
Depreciation is charged to income applying the diminishing balance method to write off the cost of assets over their
expected useful life. Full year's depreciation is charged on additions, while no depreciation is charged on assets
deleted during the year. Maintenance and repairs are charged to income as and when incurred. Major renewals and
improvements are capitalized.
Leased
These are stated at lower of present value of minimum lease payments under the lease agreements and fair value of
assets acquired on lease. The related obligations under the lease agreements are accounted for as liabilities.
Depreciation is charged on the basis and rates similar to those applied for owned assets.
2.4 Provision for doubtful receivables
Provision for doubtful receivables is made/adjusted after a review of the outstanding portfolio at year-end on the
basis of leasing companies (Establishment and Regulations Rules, 2000 issued by the Security and Exchange
Commission of Pakistan and management's own judgement.
2.5 Deferred cost
Deferred cost is amortized over a period of five years commencing from the year in which it is incurred.
2.6 Investments
Long term investments are stated at cost. Provision for diminution in value of investments is made if considered
permanent. Short-term investments are stated at lower of cost and market value determined on an aggregate
portfolio basis.
2.7 Post employment benefits
The company operates an unfunded gratuity scheme covering all its permanent employees who have completed the
minimum qualifying period of six months. Provision is made annually to cover the obligation.
2.8 Taxation
The charge for current taxation is based on taxable income at the current tax rates after taking into account the tax
credits and tax rebates available, if any. Deferred tax is accounted for by using the liability method on all major timing
differences excluding tax effect on those timing differences which are not likely to reverse in the foreseeable future.
As a measure of prudence, deferred tax debits are not accounted for (Note 23).
2.9 Foreign currency transactions
Transactions in foreign currency are accounted for in Pak Rupees at the rates of exchange ruling at the date of the
transactions. Assets and liabilities in foreign currency are translated into Pak Rupees at the rate of exchange ruling at
the balance sheet date. Exchange gain/loss is charged to current year's income.
2001 2000
Rupees Rupees
3. ISSUED, SUBSCRIBED AND PAID UP SHARE CAPITAL
15 000 000 (2000:10 000 000) ordinary shares of Rupees 10 each fully
paid up in cash (Note 3.1) 150,000,000 100,000,000
========== ==========
3.1 This includes 7,780,000 (2000: 5,000,000) ordinary shares of Rupees 10 each held by the associated undertakings.
4. CAPITAL RESERVES
Statutory reserve (Note 4.1) 20,200,000 13,700,000
Reserve for deferred tax (Note 4.2) 27,300,000 19,300,000
------------------ ------------------
47,500,000 33,000,000
========== ==========
4.1 This represents the statutory reserve created to comply with the Leasing Companies (Establishment and Regulation)
Rules, 2000 issued by Securities and Exchange Commission of Pakistan.
4.2 The reserve has been created to comply with the requirements of Securities and Exchange Commission of
Pakistan's circular No.16 dated 09 September 1999 (Note 23.1). This capital reserve shall not be available for
utilization for any purpose other than to provide for deferred tax liability.
5. REDEEMABLE CAPITAL
Trust Investment Bank Limited (Note 5.1) 15,000,000 15,392,362
Escort Investment Bank Limited (Note 5.2) 47,223,425 38,000,000
------------------ ------------------
62,223,425 53,392,362
Less: Current portion (Note 8) -- 15,392,362
------------------ ------------------
62,223,425 38,000,000
========== ==========
5.1 These represent two placement facilities of Rupees 10 million and Rupees 5 million obtained for financing lease
operations. These are unsecured and carry mark-up at the rate of 16 percent per annum payable on half, yearly
basis. The placements will mature on 28 May 2004 and 02 June 2004 respectively.
5.2 These represent three placement facilities of Rupees 10.750 million, Rupees 4.400 million and Rupees 32.073 million
utilized for financing of lease operations. These are unsecured and carry mark-up at the rate of 16 percent, 15.25
percent and 16 percent per annum respectively payable on half yearly basis. The placements will mature on 03
October 2002, 29 May 2004 and 16 June 2004 respectively.
6. LIABILITIES AGAINST ASSETS SUBJECT TO FINANCE LEASE
The rate of interest used as the discounting factor, implicit in leases, ranges from 17.5 percent to 21 percent per
annum. The amount of future payments and periods during which they fall due are:
2001 2000
Rupees Rupees
Year ended 30 June
2001 -- 1 387 432
2002 999 768 999 768
------------------ ------------------
2003 949 770 949 770
Total minimum lease payments (Note 6 2) 1 949 538 3 336 970
------------------ ------------------
Less: Un-amortized finance charges 224 248 559 517
Present value of minimum lease payments (Note 6.2) 1 725 290 2 777 453
------------------ ------------------
Less: Current portion (Note 8) 733 628 1 052 162
------------------ ------------------
991 662 1 725 291
========== ==========
6.1 The lease rentals are payable in monthly installments. The amount of rentals payable in the years 2002 and 2003
includes the amount of salvage value of Rupees 92,288 and Rupees 296,050 respectively adjustable at the end of
the lease term. The lease agreements carry renewal and purchase option at the end of lease period. There are no
financial restrictions in lease agreements. These are secured by deposit of Rupees 296,050 and Rupees 92,288
included in long term security deposits and short term security deposits respectively and demand promissory notes.
6.2 Minimum lease payments and their present value are regrouped as below:
2001 2000
Minimum lease Present value of Minimum lease Present value of
Payments minimum lease Payments minimum lease
Payments Payments
Rupees Rupees Rupees Rupees
Due not later than one year 999 768 915 120 1 387 432 1 262 848
Due later than one year but
not later than five years 949 770 810 170 1 949 538 1 514 605
------------------ ------------------ ------------------ ------------------
1 949 538 1 725 290 3 336 970 2 777 453
========== ========== ========== ==========
7. LONG TERM SECURITY DEPOSITS
Security deposits on leases (Note 7.1) 83 126 807 60 842 799
Less: Current portion (Note 8) 18 300 308 19 918 151
------------------ ------------------
64 826 499 40 924 648
========== ==========
7.1 These represent the interest free security deposits received against lease contracts and are repayable/adjustable at
the expiry/termination of the respective leases.
8. CURRENT PORTION OF NON-CURRENT LIABILITIES
Redeemable capital (Note 5) -- 15 392 362
Liabilities against assets subject to finance lease (Note 6) 733 628 1 052 162
Long term security deposits (Note 7) 18 300 308 19 918 151
------------------ ------------------
19 033 936 36 362 675
========== ==========
9. SHORT TERM FINANCES
Standard Chartered Grindlays
Bank Limited (Note 9.1) 50 000 000 50 000 000
Financial institutions (Note 9.2) 102 000 000 80 700 400
------------------ ------------------
152 000 000 130 700 400
========== ==========
9.1 This carries mark-up at the rate of 16 percent per annum payable quarterly and is secured against pari passu charge
over leased assets and lease rentals for Rupees 68 million. Each draw-down will be repaid in full within six months
and is eligible for redrawing.
9.2 These represent unsecured placement facilities carry mark-up ranging from 14 to 18.4 percent per annum.
10. ACCRUED AND OTHER LIABILITIES
Mark-up on unsecured redeemable capital 904 502 3 681 762
Mark-up on secured short term finances 1 838 904 817 240
Mark-up on unsecured short term finances 5 743 754 2 151 428
Lease rentals in advance 1 526 192 1 210 326
Income tax withheld 5 145 257 653
Accrued liabilities 483 742 379 561
Un-claimed dividend 80 031 147 774
Lessees' accounts payable 2 162 059 1 684 637
------------------ ------------------
12 744 329 10 330 381
========== ==========
11. CONTINGENCIES AND COMMITMENTS
Contingencies NIL NIL
Commitments
Lease contracts approved but not disbursed amounting to Rupees 6.164 million as on 30 June 2001 (2000: Rupees
24.541 million).
12. TANGIBLE OPERATING FIXED ASSETS
COST ACCUMULATED DEPRECIATION BOOK DEPRECIATION
VALUE
As at Additions/ As at As at Adjustment As at AS AT Charge for Rate
01 July (Deletions0 30 June 01 July 30 June 30 JUNE the year %
2000 2001 2000 2001 2001
Owned
Furniture and fixtures 535,007 41,423 576,430 143,527 -- 186,817 389,613 43,290 10
Office equipment 1,263,189 592,510 1,855,699 454,180 -- 756,415 1,099,284 302,235 10-30
Vehicles 989,155 998,125 1,987,280 515,106 487,085 1,199,209 788,071 197,018 10
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
2,787,351 1,632,058 4,419,409 1,112,813 487,085 2,142,441 2,276,968 542,543
Leased
Vehicles 3,802,755 (998,125) 2,804,630 1,155,071 (487,085) 1,095,315 1,709,315 427,329 20
Office equipment 216,472 -- 216,472 110,401 -- 142,222 74,250 31,821 30
------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------ ------------------
30 June 2001 Rupees 6,806,578 1,632,058 7,440,511 2,378,285 487,085 3,379,978 4,060,533 1,001,693
(998,125) (487,085)
========== ========== ========== ========== ========== ========== ========== ==========
30 June 2000 Rupees 4,866,692 4,252,765 6,806,578 1,513,089 713,957 2,378,285 4,428,293 1,038,138
(2,312,879) (886,899)
========== ========== ========== ========== ========== ========== ========== ==========
13. CAPITAL WORK-IN-PROGRESS
This represents the cost of office building under renovation at Karachi.
14. GROSS INVESTMENT IN LEASES
Gross investment in the lease and present value of minimum lease payments are regrouped as under:
2001 2000
Gross Present value of Gross Present value of
investment in minimum lease investment in minimum lease
the lease payments the lease Payments
Rupees Rupees Rupees Rupees
Due not later than one year 259 847 454 232 932 532 219 723 445 195 349 536
Due later than one year but not
later than five years 374 469 710 275 901 921 240 059 086 174 779 213
------------------ ------------------ ------------------ ------------------
634 317 164 508 834 453 459 782 531 370 128 749
========== ========== ========== ==========
2001 2000
Rupees Rupees
15. LONG TERM INVESTMENT
Quoted
National Investment Trust
16 245 (2000: 70 050) units of Rupees 10 each
[Market value as on 30 June 2001 was Rupees 157,577 (2000: Rupees
781,058)] 115 530 900 638
16. LONG TERM DEPOSITS AND DEFERRED COST
Long term security deposits 498 751 591 038
Deferred cost (Note 16.1) 280 306 560 613
Less: Amortized during the year 280 306 280 307
------------------ ------------------
-- 280 306
------------------ ------------------
498 751 871 344
========== ==========
16.1 This represents the un-amortized portion of preliminary, share issue and other pre-operating expenses.
17. PROVISION FOR DOUBTFUL RECEIVABLES
Opening balance 635 965 137 331
Charge for the year 1 610 964 559 887
------------------ ------------------
Reversal -- (61 253)
Net charge for the year                                          1 610 964 498 634
------------------ ------------------
Closing balance 2 246 929 635 965
========== ==========
18. ADVANCES, DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLES
Advances - Considered good
To company's executives (Note 18.1) 420 000 162 000
To company's staff 79 000 57 530
To consultants 84 000 335 500
Against assets to be leased out -- 11 459 000
Advance income tax 3 944 874 3 593 390
------------------ ------------------
4 527 874 15 607 420
Profit accrued on placement of funds, deposits and investments
357 754 408 331
Short term security deposits 217 288 99 813
Short term prepayments 435 952 315 862
Insurance claims receivable -- 55 016
Due from lessees 4 947 940 1 341 348
------------------ ------------------
10 486 808 17 827 790
========== ==========
18.1 Maximum aggregate balance due from executives at the end of any month during the year was Rupees 420,000
(2000: Rupees 190 000).
19. BANK BALANCES
On current accounts                                             563 500 620 652
On deposit accounts 1 851 829 18 206 569
------------------ ------------------
2 415 329 18 827 221
========== ==========
20. OTHER INCOME
Profit on term finance certificates -- 3 754
Profit on bank deposits 690 327 727 292
Fee for advisory services 601 332 --
Profit on NIT units 23 980 --
------------------ ------------------
1 315 639 731 046
========== ==========
21. ADMINISTRATIVE AND OTHER OPERATING EXPENSES
Staff salaries and other benefits inclusive of employees' retirement
gratuity Rupees 351,434 (2000: 302,102) (Note 21.1)
Repair and office maintenance 7 257 716 5 677 922
Rent, rates and taxes 287 639 287 428
Postage and telephone 796 335 817 938
Vehicles' running 546 600 459 160
Electricity, water and gas 728 665 719 766
Legal and professional 250 554 261 338
Insurance 424 260 457 163
Fees and subscription 317 793 242 737
Travelling and conveyance 377 244 498 900
Printing and stationery 295 539 439 915
Auditors' remuneration 291 253 337 608
Audit fee 85 000 75 000
Out of pocket expenses 2 500 2 640
------------------ ------------------
87 500 77 640
Entertainment 103 206 161 137
Advertisement 76 154 103 650
Charity and donation (Note 21.2) -- 25 000
Newspapers and periodicals 18 538 18 036
Miscellaneous 6 573 675
Depreciation (Note 12) 1 001 693 1 038 138
------------------ ------------------
12 867 262 11 624 151
========== ==========
21.1 Number of employees, including chief executive and 6 executives (2000: 4) as on 30 June 2001 were 22 (2000: 22).
21.2 Directors and their spouses do not have any interest in donee institutions.
22. FINANCIAL AND OTHER CHARGES
Financial
Mark up on:
Redeemable capital                                            3 400 816 8 464 527
Short term finances 26 076 643 10 973 725
Financial charges on liabilities against assets subject to finance lease 335 269 264 231
Commission and other bank charges 339 420 167 947
------------------ ------------------
30 152 148 19 870 430
Others
Amortization of deferred cost 280 306 280 307
Loss on disposal of fixed assets -- 101 151
------------------ ------------------
30 432 454 20 251 888
========== ==========
23. PROVISION FOR TAXATION
This represents the provision for minimum tax as required under section 80D of the Income Tax Ordinance, 1979. in
view of tax losses estimated at Rupees 59.737 million (2000: Rupees 13.5 million), no provision for current taxation
except minimum tax is required.
23.1 Deferred tax computed under the liability method is estimated at Rupees 29.6 million (2000: Rupees 20.8 million) out
of which Rupees 27.3 million has been appropriated and transferred to capital reserve under reserve for deferred tax
as required vide circular No.16 dated 09 September 1999 of Securities and Exchange Commission of Pakistan and
Rupees 1.5 million has been provided as liability.
24. EARNINGS PER SHARE
There is no dilutive effect on the basic earning per share of the company, which is based on:
2001 2000
Profit after taxation Rupees 27 731 328 24 750 137
Weighted average number of ordinary shares 11 049 123 10 590 000
Earnings per share - Adjusted Rupees -- 2.34
Earnings per share - Basic Rupees 2.51 --
25. FINANCIAL INSTRUMENTS AND RELATED DISCLOSURES
PROFIT I MARK-UP RATE
The company's exposure to profit/mark-up rate risk and effective rates on its financial assets and
financial liabilities are assumed as follows:
2001
FINANCIAL PROFIT/MARK-UP
INSTRUMENTS BEARING PROFIT/
Within One One Year MARK-UP
Year To Five Years BEARING
Rupees Rupees Rupees Rupees
ASSETS
Net investment in finance leases 508,834,453 201,306,259 307,528,194 --
Long term investment 115,530 -- -- 115,530
Security deposits 716,039 -- -- 716,039
Advances, deposits and other receivables 5,888,694 -- -- 5,888,694
Bank balances 2,415,329 1,851,829 -- 563,500
------------------ ------------------ ------------------ ------------------
517,970,045 203,158,088 307,528,194 7,283,763
========== ========== ========== ==========
LIABILITIES
Redeemable capital 62,223,425 -- 62,223,425 --
Liabilities against assets subject to finance
lease 1,725,290 733,628 991,662 --
Long term security deposits 83,126,807 -- -- 83,126,807
Short term finances 152,000,000 152,000,000 -- --
Accrued and other liabilities 11,212,992 -- -- 11,212,992
------------------ ------------------ ------------------ ------------------
310,288,514 152,733,628 63,215,087 94,339,799
========== ========== ========== ==========
Total profit/mark-up rate sensitivity gap 207,681,531 50,424,460 244,313,107 (87,056,036)
========== ========== ========== ==========
Cumulative profit/mark-up rate sensitivity gap -- 50,424,460 294,737,567 207,681,531
========== ========== ========== ==========
25.2 EFFECTIVE PROFIT/MARK-UP RATES
Financial assets
Net investment in finance leases 16.95 to 32 percent per annum
Deposits with banks 7.00 to 11.00 percent per annum
Financial liabilities
Redeemable capital 15.25 to 16.00 percent per annum
Liabilities against assets subject to finance 17.50 to 21.00 percent per annum
lease
Short term finances 14.00 to 18.40 percent per annum
25.3 PROFIT/MARK-UP RATE
2000
FINANCIAL PROFIT/MARK-UP
INSTRUMENTS BEARING PROFIT/
Within One One Year MARK-UP
Year To Five Years BEARING
Rupees Rupees Rupees Rupees
ASSETS
Net investment in finance leases        370,128,749 163,743,812 206,384,937 --
Long term investment     900,638 -- -- 900,638
Security deposits                690,851 -- -- 690,851
Advances, deposits and other receivables      13,818,726 -- -- 13,818,726
Bank balances 18,827,221 18,206,569 -- 620,652
------------------ ------------------ ------------------ ------------------
404,366,185 181,950,381 206,384,937 16,030,867
========== ========== ========== ==========
LIABILITIES
Redeemable capital 53,392,362 15,392,362 38,000,000 --
Liabilities against assets subject to finance
lease 2,777,453 1,052,162 1,725,291 --
Long term security deposits 60,842,799 -- -- 60,842,799
Short term finances 130,700,400 130,700,400 -- --
Accrued and other liabilities 8,862,402 -- -- 8,862,402
------------------ ------------------ ------------------ ------------------
256,575,416 147,144,924 39,725,291 69,705,201
========== ========== ========== ==========
Total profit/mark-up rate sensitivity gap 147,790,769 34,805,457 166,659,646 (53,674,334)
========== ========== ========== ==========
Cumulative profit/mark-up rate sensitivity gap -- 34,805,457 201,465,103 147,790,769
========== ========== ========== ==========
25.4 EFFECTIVE PROFIT/MARK-UP RATES
Financial assets
Net investment in finance leases 17.00 to 32.00 percent per annum
Deposits with banks 9.00 to 11.00 percent per annum
Financial liabilities
Redeemable capital 14.00 to 16.00 percent per annum
Liabilities against assets subject to finance 17.50 to 21.50 percent per annum
lease
Short term finances 13.75 to 15.00 percent per annum
25.5 CREDIT RISK
The company's credit risk exposure is not significantly different from that reflected in the financial statements. The
management monitors and limits company's exposure to credit risk through monitoring of client's credit exposure,
conservative estimates of provisions for doubtful receivables and the prudent use of collateral policy. The
management is of the view that it is not exposed to significant concentration of credit risk as its financial assets are
adequately diversified in organizations of sound financial standing covering various industrial sectors and segments.
Sector-wise break-up of lease portfolio is given below:
2001 2000
Rupees % Rupees %
INDUSTRIAL SECTORS
Chemical/Fertilizer/Pharmaceuticals 49 222 454 9.67 21 115 337 5.70
Cement -- -- 9 344 674 2.52
Ceramics -- -- 1 265 415 0.34
Construction 24 559 815 4.83 24 559 815 --
Energy, Oil and Gas 2 472 438 0.48 3 194 718 0.86
Food, Tobacco and Beverage 62 846 716 12.35 60 273 571 16.28
Leather, Footwear and Tanneries 6 088 831 1.19 7 195 833 1.94
Paper and Board 6 177 704 1.21 4 892 525 1.32
Rubber and Plastic 6 045 281 1.18 6 245 165 1.69
Services 31 529 453 6.19 15 573 827 4.21
Steel, Engineering and Automobile 50 015 754 9.82 26 783 433 7.24
Sugar and Allied 1 979 756 0.38 6 770 619 1.83
Surgical 13 617 142 2.67 8 936 702 2.41
Textile and Allied 140 286 660 27.57 92 177 283 24.91
Trading 6 416 707 1.33 4 653 143 1.26
Transport and Communication 36 532 238 7.17 28 377 380 7.67
Others 71 043 504 13.96 73 329 124 19.82
------------------ ------------------ ------------------ ------------------
508 834 453 100.00 370 128 749 100.00
========== ========== ========== ==========
25.6 SEGMENT BY SECTOR
Public / Government -- -- -- --
Private 508 834 453 100.00 370 128 749 100.00
25.7 FAIR VALUE OF FINANCIAL INSTRUMENTS
The management is of the opinion that fair value of financial instruments, as on the balance sheet date was not
significantly different from their carrying amounts.
2001
Total Upto One Over One Over One Over Five
Month Month to One Year to Five Years
Year Years
26. MATURITIES OF ASSETS AND
LIABILITIES
Assets
Bank balances                  2 415 329 2 415 329 -- -- --
Investments 115 530 -- -- 115 530 --
Advances, deposits, prepayments
and other receivables 10 269 520 812 756 9 456 764 -- --
Net investment in leases 506 587 524 18 040 419 181 018 911 307 528 194 --
Operating fixed assets 8 025 533 81 862 900 488 2 504 775 4 538 408
Security deposits 716 039 -- 217 288 498 751 --
------------------ ------------------ ------------------ ------------------ ------------------
528 129 475 21 350366 191 593 451 310 647 250 4538408
========== ========== ========== ========== ==========
Liabilities
Redeemable capital 62 223 425 -- -- 62 223 425 --
Liability against asset subject to
finance lease 1 725 290 75 950 657 678 991 662 --
Long term deposits 83 126 806 105 700 18 194 608 64 826 499 --
Short term finances 152 000 000 39 000 000 113 000 000 -- --
Other liabilities and provisions 31 418 058 3 151 880 25 650 476 1 500 000  1 115 702
------------------ ------------------ ------------------ ------------------ ------------------
330 493 580 42 333 530 157 502 762 129 541 586 1 115 702
------------------ ------------------ ------------------ ------------------ ------------------
Net balance 197 635 895 (20 983 164) 34 090 689 181 105 664 3 422 706
========== ========== ========== ========== ==========
Shareholders' equity 197 635 895
==========
27. REMUNERATION OF CHIEF EXECUTIVE AND EXECUTIVES
The aggregate amounts charged in the accounts for remuneration, including all benefits to Chief Executive and
Executives of the company are as follows:
2001 2000
Chief Executives Total Chief Executives Total
Executive Executive
Rupees Rupees Rupees Rupees Rupees Rupees
Managerial remuneration 1 200 000 1 536 000 2 736 000 1 200 000 1 184 000 2 384 000
Bonus  150 000 192 000 342 000 75 000 95 750 170 750
House rent    480 000 423 780 903 780 480 000 473 600 953 600
Utilities  120 000 153 600 273 600 120 000 118 400 238 400
Leave fare assistance -- 36 333 36 333 -- -- --
Leave encashment  150 000 94 000 244 000 -- -- --
Gratuity     100 000 171 000 271 000 100 000 132 333 232 333
------------------ ------------------ ------------------ ------------------ ------------------ ------------------
2 200 000  2 606 713 4 806 713 1 975 000 2 004 083 3 979 083
========== ========== ========== ========== ========== ==========
Number of persons 1 6 -- 1 4 --
========== ========== ========== ========== ========== ==========
27.1 No meeting fees were paid to directors during the year under reference.
27.2 The chief executive has been provided company's maintained vehicle. Free group medical insurance has been
provided to chief executive and all executives of the company.
28. CORRESPONDING FIGURES
Corresponding figures have been re-arranged and re-grouped wherever necessary for the purpose of comparison.
CHIEF EXECUTIVE DIRECTOR
FORM 34
PATTERN OF HOLDING OF THE SHARES HELD BY THE
SHAREHOLDERS OF GRAYS LEASING LIMITED
AS AT JUNE 30, 2001
No. of Shareholding Total
Shareholders From To Shares Held
1 1 100 94
118 101 500 57333
71 501 1000 60952
106 1001 5000 375306
28 5001 10000 239873
8 10001 15000 105022
15 15001 20000 294943
8 20001 25000 194899
6 25001 30000 174293
3 35001 40000 116538
2 40001 45000 90000
9 45001 50000 444748
3 65001 70000 200250
4 75001 80000 302036
1 80001 85000 84000
1 85001 90000 90000
5 95001 100000 493500
1 100001 105000 105000
1 110001 115000 112915
2 145001 150000 300000
2 168001 173000 341188
1 290001 295000 290250
1 310001 315000 312000
1 330001 335000 332311
1 375001 380000 378750
1 400001 405000 401750
1 528001 533000 529623
1 790001 795000 792426
1 1775001 1780000 1780000
1 5995001 6000000 6000000
------------------ ------------------
404 15000000
========== ==========
Categories of Number of Shares Percentage
Shareholders Shareholders Held
Individual 393 6,939,500 46.263
Investment Company 1 150,000 1.000
Financial Institution 1 500 0.003
Joint Stock Companies 9 7,910,000 52.734
------------------ ------------------ ------------------
Total 404 15,000,000 100.000
========== ========== ==========
ABDUL GHAFFAR
(COMPANY SECRETARY)
ASSOCIATED COMPANIES
PAKISTAN: OVERSEAS:
Grays of Cambridge Grays of Cambridge
(Pakistan) Limited (International) Limited
Small Industries Estate, Sialkot-51310 Station Road, Robertsbridge,
E-mail: grays@skt.comsats.net.pk East Sussex TN32 5DH, ENGLAND
Tel: (0432) 563051-563052 E-mail: grayscambridge@compuserv.com
Fax: (0432) 551252 Tel: 01580 880357
Fax: 01580 881156
Anwar Khawaja Industries (Pvt) Limited Gray - Nicolls
Small Industries Estate, Sialkot- 51310 Station Road, Robertsbridge,
E-mail: select@brain.net.pk East Sussex TN32 5DH, ENGLAND
Tel: (0432) 551004, 554531, 55,4535
Fax: (0432) 553609
Dawn Sports (Private) Limited Gray - Nicolls
Small Industries Estate, Sialkot - 51310 3 Fiveways Boulevard
Tel: (0432) 554537, 557808 Keybourgh VIC 3173
AUSTRALIA
Tel: 03 9769 0999
Fax: 03 9769 0977
BRANCH NETWORK
Head Office:
Grays Leasing Limited
41-A, Lawrence Road, Lahore.
Tel: (042) 6372159-61
Fax: 6371898
Karachi Office: Sialkot Office:
304 - Business Arcade Small Industries Estate
Shahra-e-Faisal Sialkot.
Karachi. Tele: (0432) 563051 - 52
Mob: 0300 8202400 Fax: (0432)256171
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