| InterAsia Leasing Company Limited |
|
|
|
|
|
|
|
|
| Annual
Report 2001 |
|
|
|
| Contents |
|
|
| Company
Information |
|
| Notice
of Meeting |
|
| Directors'
Report and Chairman's Review |
|
| Auditors'
Report to the Members |
|
| 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 as on June 30, 2001 |
|
| Muhammad
Younas Khan |
|
Chairman / Chief
Executive |
|
| Majid
Ahmed Jhumra |
|
Director |
|
| Saiyed
Hashim Ishaque |
|
Director |
|
| Abdus
Samad Khan |
|
(Nominee of Saudi Pak
Industrial & Agricultural |
|
|
Investment Co. (Pvt)
Ltd.) |
|
| Muhammad
Azam Khan |
|
Director |
|
| Ahmed
Mohiuddin Khan |
|
Director |
|
| Jameel
ur Rehman |
|
Director |
|
|
| Deputy
Secretary |
|
| Fakher
Hussain |
|
|
| Bankers |
|
| Gulf
Commercial Bank Ltd. |
|
| The
Bank of Khyber |
|
| Emirates
Bank International |
|
|
| Legal
Advisors |
|
Ahmer Bilal Soofi,
Advocates & Solicitors |
|
|
|
| Auditors |
|
M/s Husain Rahman,
Chartered Accountants |
|
|
| Registrar
and Share |
|
Universal Management
Services (Pvt) Ltd. |
|
| Transfer
Office |
|
Room No. 205, 2nd Floor,
Central Hotel Building, |
|
|
Civil Lines, Karachi. |
|
|
Phone: 5654037 |
|
|
| Registered
Office |
|
101, 82-East, Fazal ul
Haq Road, Blue Area, |
|
|
Islamabad-44000. |
|
|
Phone: (92-51)
2206731-2206272 |
|
|
Fax: (92-51) 2201380 |
|
|
| Head Office |
|
B-601-602, 6th Floor,
Lakson Square Building # 03, |
|
|
Sarwar Shaheed Road,
Karachi. |
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|
Phone: (92-21) 5654795-98 |
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|
Fax: (92-21) 55688534 |
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|
|
| Notice
of the Meeting |
|
|
| Notice
is hereby given that 9th Annual General Meeting of INTERASIA LEASING COMPANY
LIMITED will be held at Hotel |
|
| Holiday
Inn, Islamabad, at 11.00 a.m. on Saturday the December 29, 2001 to transact
the following business. |
|
|
| ORDINARY
BUSINESS |
|
| 1.
To confirm the Minutes of 04th Extra Ordinary General Meeting held on August
27, 2001. |
|
|
| 2.
To receive, consider and adopt the audited Accounts of the Company for the
year ended June 30, 2001 together with |
|
| the
Directors' and Auditor's report thereon. |
|
|
| 3.
To appoint Auditors for the financial year 2001-2002 and fix their
remuneration. The present auditors M/s. Husain Rehman, |
|
| Chartered
Accountants retire and being eligible, offer themselves for re-appointment. |
|
|
| 4.
To transact any other business with the permission of the Chair. |
|
|
|
By order of the Board |
|
|
|
|
| Islamabad: |
|
FAHKER HUSSAIN |
|
| December
7, 2001 |
|
Deputy Secretary |
|
|
| Notes: |
|
| 1.
The Register of Members of the Company will remain closed from December 21,
2001 to December 28, 2001, (both |
|
| days
inclusive). |
|
|
| 2.
A member entitled to attend and vote at the meeting is entitled to appoint a
proxy to attend and vote for him/her. A proxy |
|
| need
not be a member of the Company. |
|
|
| 3.
An instrument of proxy and the power of Attorney or other authority (if any)
under which it is signed, or a notarially |
|
| certified
copy of such power of attorney in order to be valid must be deposited at the
registered office at the Company |
|
| not
less than 48 hours before the time of the meeting. |
|
|
| 4.
Members are advised to lodge shares for transfer at the office of Company
Registrar, Universal Management Services |
|
| (Pvt)
Ltd., Room No. 205, 2nd Floor, Central Hotel Building, Civil Lines, Karachi.
Phone No. 5654037. |
|
|
| 5.
CDC shareholders desiring to attend the Meeting are requested to bring their
original National Identity Cards, account |
|
| and
participant's ID number, for identification purpose, and in case of proxy, to
enclose an attested copy of his/her |
|
| National
Identity Card. |
|
|
| 6.
Members are requested to notify any change in their address immediately. |
|
|
|
| Directors'
Report and Review by the Chairman |
|
|
| The
Board of Directors of InterAsia Leasing Company Limited presents the Ninth
Annual Report alongwith Audited Accounts |
|
| for
the year ended June 30, 2001. |
|
|
| GENERAL
REVIEW: |
|
| The
country's economy was badly affected due to the water crises in the year
under review a GDP growth of 2.6% was recorded |
|
| against
the target of 4.5%. The fiscal deficit showed an improvement this year as a
result of tight monetary policy; inflation |
|
| was
also kept under check in the single digit. Overall the economy remained
sluggish and there was lack of investment by |
|
| both
local and foreign investors. Generally though some investments came in the
oil an gas and textile sectors. Our recovery |
|
| process
continued to be slow due to the prevailing legal system. The management did
their best to generate fresh liquidity |
|
| but
without much success. The induction of new staff also did not produce desired
results as far as liquidity position of the |
|
| company
is concerned. The problematic clients were pursued and wherever possible
recoveries were made and court decrees |
|
| were
implemented. In order to take the company forward one merger application was
filed with the besides pursuing SECP |
|
| and
other options were pursued. |
|
|
| OPERATING
PERFORMANCE: |
|
| During
the year under review the liquidity problem became more acute, as the company
could not generate any liquidity from |
|
| the
credit facilities anticipated from the banking sector. Certain banks and
financial institution with a stake in the company was |
|
| approached
but without any success. The existing financial position and past association
with BEL appeared to be the impediments |
|
| in
getting the necessary credit facilities. Traditionally leasing sector's
working capital is generated from the banking sector |
|
| through
loans, over drafts or commercial paper. We also tapped individual depositors
for liquidity through COl's. Inspite of our |
|
| best
efforts only a marginal success was achieved. As a result of lack of
resources, income from lease financing declined from |
|
| Rs.
33 million in the previous year to Rs. 28.5 million during the year under
review. Overall expenses recorded a decline of |
|
| Rs.
2.4 million. This was achieved by a decrease in financial and other charges.
This downward trend was some what negated |
|
| by
an increase in administrative, traveling expenses and staff salaries.
Contributory factors were prior year's rent booked this |
|
| year,
due to the meetings held with the regulators and other business travel and
additional staff employed to generate more |
|
| deposits.
Major contributors to the loss was diminution in the value of investments Rs.
4.6 million and provision of deferred |
|
| taxation
of similar amount. |
|
|
| The
problematic clients were pursued diligently and some positive results are
expected in the near future. |
|
|
| Financial
Results |
|
Rupees |
|
| Net
Investment in leases |
|
79,905,658 |
|
| Revenue |
|
28,934,071 |
|
| Expenditure |
|
37,222,203 |
|
| Provision
for diminution in the |
|
|
|
| value
of investments (marked to market) |
|
4,686,320 |
|
|
|
|
| Provision
for taxation deferred and current |
|
4,678,560 |
|
| Loss
after tax |
|
17,653,012 |
|
|
| FUTURE
OUT LOOK: |
|
| As
mentioned earlier the business could not be built-up due to lack of
liquidity. Matching credit facilities from a foreign bank |
|
| could
not be utilized, as the clients referred to them did not come up to their
standard. Your management decided that the only |
|
| way
for survival of the company and its future growth was in a merger with some
other financial institutions. Already an application |
|
| for
merger with First Interfund Modaraba is pending with the SECP for their
approval. |
|
|
| Also
plans are well in an advance stage to merge the Company with another
financial institution. This will have the advantage |
|
| of
increasing the size of the Balance Sheet, reducing the expenditure and
achieve other synergies. The process is expected |
|
| to
be completed before the end of current financial year. |
|
|
| A
little more patience is therefore required from the shareholders. Once we
create liquidity in the merged company, income |
|
| will
be generated by acquiring good quality assets. |
|
|
| AUDITORS: |
|
| U/s.
Husain Rahman, Chartered Accountants, who have offered themselves for
re-election, are proposed as auditors for the |
|
| ensuing
financial year. |
|
|
| ACKNOWLEDGMENT: |
|
|
| The
Board takes the opportunity to appreciate the efforts made by the management
and staff and their dedication and hard |
|
| work.
We also thank the Securities & Exchange Commission of Pakistan for their
continued support and guidance. |
|
|
| PATTERN
OF SHAREHOLDING: |
|
| The pattern of
shareholding as at June 30, 2001 |
|
|
|
On behalf of the Board |
|
|
|
|
| Karachi: |
|
MUHAMMAD YOUNAS KHAN |
|
| December
7, 2001 |
|
Chairman |
|
|
|
| Auditors'
Report to the Members |
|
|
| We
have audited the annexed balance sheet of InterAsia Leasing Company Limited
as at June 30, 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 thereof, 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: |
|
| 1.
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; |
|
|
| 2.
the expenditure incurred during the year was for the purpose of the Company's
business; and |
|
|
| 3.
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, |
|
| the
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 true and fair view |
|
| of
the state of the Company's affairs as at June 30, 2001 and of the loss and
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 was deducted and deposited |
|
| in
the Central Zakat Fund established under section 7 of that ordinance. |
|
|
|
HUSAIN RAHMAN |
|
| Islamabad:
November 27, 2001 |
|
Chartered Accountants |
|
|
|
| Balance
Sheet As at June 30, 2001 |
|
|
|
|
2001 |
2000 |
|
|
NOTE |
RUPEES |
RUPEES |
|
| EQUITY
AND LIABILITIES |
|
| SHARE
CAPITAL AND RESERVES |
|
| Authorised
Capital |
|
| 20,000,000
ordinary shares of |
|
| Rs. 10 each |
|
200,000,000 |
200,000,000 |
|
|
========== |
========== |
|
| Issued,
subscribed and paid up capital |
|
| 10,000,000
ordinary shares of |
|
| Rs.
10 each fully paid up in cash |
|
3 |
100,000,000 |
100,000,000 |
|
|
|
|
| Reserves |
|
|
|
| Capital |
|
38,342,065 |
33,805,866 |
|
| Revenue |
|
(69,723,819) |
(52,070,807) |
|
|
----------- |
----------- |
|
|
68,618,246 |
81,735,059 |
|
| NON-CURRENT
LIABILITIES |
|
| Long
term loans |
|
4 |
-- |
1,906,401 |
|
| Certificates
of investment |
|
5 |
6,275,000 |
4,307,376 |
|
| Liability
against asset subject to finance lease |
6 |
1,664,405 |
642,837 |
|
| Long
term deposits |
|
7 |
8,379,544 |
14,774,813 |
|
| Deferred
liability |
|
8 |
529,091 |
439,621 |
|
|
----------- |
----------- |
|
|
16,848,040 |
22,071,048 |
|
| CURRENT
LIABILITIES |
|
| Current
portion of long term liabilities |
|
9 |
11,293,451 |
18,907,155 |
|
| Finance
under mark-up arrangements |
|
10 |
44,936,211 |
58,336,211 |
|
| Certificates
of investment |
|
5 |
71,262,358 |
71,577,667 |
|
| Accrued
and other liabilities |
|
11 |
28,430,723 |
23,676,708 |
|
| Provision
for taxation |
|
|
1,288,356 |
1,145,995 |
|
| Unclaimed
Dividend |
|
|
400,946 |
497,282 |
|
|
|
----------- |
----------- |
|
|
|
157,612,045 |
174,141,018 |
|
| CONTINGENCIES
AND COMMITMENTS |
12 |
-- |
-- |
|
|
|
|
----------- |
----------- |
|
|
243,078,331 |
277,947,125 |
|
|
========== |
========== |
|
| ASSETS |
|
| NON-CURRENT
ASSETS |
|
| Tangible
fixed assets |
|
13 |
7,333,582 |
3,168,836 |
|
| Net
investment in finance leases |
|
14 |
42,857,102 |
113,869,587 |
|
| Long
term investments |
|
15 |
16,032,100 |
16,398,691 |
|
| Long
term deposits |
|
|
1,079,670 |
886,670 |
|
| Deferred
costs |
|
16 |
-- |
236,783 |
|
|
|
----------- |
----------- |
|
|
67,302,454 |
134,560,567 |
|
|
| CURRENT
ASSETS |
|
|
|
| Current
portion of net investment in finance leases |
14 |
37,048,556 |
51,691,415 |
|
| Advances,
prepayments and other receivable |
17 |
134,925,256 |
85,192,727 |
|
| Short
term investment in shares |
|
18 |
1,607,250 |
-- |
|
| Cash
and bank balances |
|
19 |
2,194,815 |
6,502,416 |
|
|
|
----------- |
----------- |
|
|
175,775,877 |
143,386,558 |
|
|
----------- |
----------- |
|
|
243,078,331 |
277,947,125 |
|
|
========== |
========== |
|
| The
annexed Notes form an integral part of these Financial Statements |
|
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
| Profit
and Loss Account For the year ended June 30, 2001 |
|
|
|
|
2001 |
2000 |
|
|
NOTE |
RUPEES |
RUPEES |
|
| REVENUE |
|
| Income
from lease financing |
|
20 |
28,465,617 |
32,727,339 |
|
| Income
from investments |
|
|
25,014 |
2,850 |
|
| Other
Income |
|
21 |
443,440 |
702,858 |
|
|
|
---------- |
---------- |
|
|
|
28,934,071 |
33,433,047 |
|
| EXPENDITURE |
|
|
|
|
| Administrative
and operating expenses |
|
22 |
19,137,198 |
16,230,592 |
|
| Financial
and other charges |
|
23 |
17,848,222 |
22,499,878 |
|
| Amortization
of deferred costs |
|
236,783 |
920,708 |
|
|
---------- |
---------- |
|
|
37,222,203 |
39,651,178 |
|
|
---------- |
---------- |
|
|
(8,288,132) |
(6,218,131) |
|
| PROFIT/(LOSS)
BEFORE PROVISIONS |
|
| Provision
for potential lease losses |
|
-- |
(17,580,903) |
|
| Provision
for diminution in value of Investments |
|
4,686,320 |
3,666,240 |
|
|
---------- |
---------- |
|
|
4,686,320 |
(13,914,663) |
|
|
---------- |
---------- |
|
|
(12,974,452) |
7,696,532 |
|
| Reversal
of Kashmir Sugar Mills |
|
|
|
| Income
Recognised in the previous year |
|
-- |
12,178,877 |
|
|
---------- |
---------- |
|
| PROFIT/(LOSS)
BEFORE TAXATION |
|
(12,974,452) |
(4,482,345) |
|
| PROVISION
FOR TAXATION |
|
24 |
4,678,560 |
7,788,240 |
|
|
|
|
|
---------- |
---------- |
|
| (Loss)
AFTER TAXATION |
|
(17,653,012) |
(12,270,585) |
|
| ACCUMULATED
(LOSS) BROUGHT FORWARD |
|
(62,070,807) |
(49,800,222) |
|
|
|
---------- |
---------- |
|
| ACCUMULATED
(LOSS) CARRIED TO EQUITY |
|
(79,723,819) |
(62,070,807) |
|
|
========== |
========== |
|
| (LOSS)
PER SHARE |
|
25 |
(1.77) |
(1,23) |
|
|
| The
annexed notes form an integral part of these Financial Statements |
|
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
| Cash
Flow Statement For the year ended June 30, 2001 |
|
|
|
2001 |
2000 |
|
|
RUPEES |
RUPEES |
|
|
| CASH
FLOWS FROM OPERATING ACTIVITIES |
|
| LOSS
before Taxation |
|
(12,974,452) |
(4,482,345) |
|
| Adjustments
for: |
|
|
|
| Depreciation |
|
1,396,205 |
1,219,845 |
|
| Deferred
costs amortized |
|
236,783 |
920,708 |
|
| Financial
charges |
|
14,681,973 |
22,102,718 |
|
| Loss
on sale of fixed assets |
|
55,992 |
-- |
|
| Provision
for diminution in the value of investment |
|
4,686,320 |
3,666,240 |
|
| Provision
for potential lease losses |
|
-- |
(13,170,580) |
|
| (Gain)
on share transactions |
|
(25,014) |
-- |
|
| Return
on PIBs |
|
(102,776) |
(173,773) |
|
| Obligation
for gratuity |
|
303,228 |
812,004 |
|
|
----------- |
----------- |
|
|
21,232,711 |
15,377,162 |
|
|
----------- |
----------- |
|
| Operating
profit/(loss) before working capital changes |
|
8,258,259 |
10,894,817 |
|
|
| (Increase)/decrease
in advances, prepayments and |
|
| other
receivables |
|
(49,544,253) |
(37,491,722) |
|
| Increase/(decrease)
in accrued & other liabilities |
|
4,754,015 |
(30,385,203) |
|
|
----------- |
----------- |
|
|
(44,790,238) |
(67,876,925) |
|
|
----------- |
----------- |
|
| Cash
(used)/generated from operations |
|
(36,531,979) |
(56,982,108) |
|
| Income tax |
|
(188,276) |
(277,953) |
|
| Dividend |
|
(96,336) |
(52,722) |
|
| Financial
charges |
|
(14,681,973) |
(12,340,547) |
|
| Return
on PIBs |
|
102,776 |
173,773 |
|
| Gratuity |
|
(213,758 ) |
(372,383) |
|
|
| Net
cash (used) in operating activities |
|
(51,609,546) |
(69,851,942) |
|
| CASH
FLOW FROM INVESTING ACTIVITIES |
|
| Purchase
of fixed assets |
|
(5,121,843) |
(736,803) |
|
| Proceeds
from sale of fixed assets |
|
1,404,900 |
-- |
|
| Increase
in long term security deposits |
|
(193,000) |
(493,600) |
|
| Investments
in lease finance |
|
(10,112,400) |
(5,218,862) |
|
| Lease
finances settled/terminated |
|
95,767,744 |
131,516,560 |
|
| Investment
made in PIBs |
|
(2,000,000) |
-- |
|
| FIBs
encashed |
|
4,103,600 |
-- |
|
| Shares
transaction with other Listed Companies |
|
(13,993,380) |
-- |
|
| Proceed
from shares transaction with Listed Companies/Modarabas |
5,987,814 |
1,949,480 |
|
|
----------- |
----------- |
|
| Net
cash generated from investing activities |
|
75,843,435 |
127,016,775 |
|
| CASH
FLOW FROM FINANCING ACTIVITIES |
|
|
|
| Long
term loans settled |
|
(3,746,000) |
(8,830,000) |
|
| Short
term financing obtained |
|
-- |
15,000,000 |
|
| Short
term finances settled |
|
(13,400,000) |
(33,283,792) |
|
| Certificate
of Investments |
|
1,652,315 |
(5,440,743) |
|
| Security
Deposits obtained |
|
2,447,170 |
857,334 |
|
| Security
Deposits settled |
|
(15,150,251 ) |
(25,668,282) |
|
| Payments
for lease obligations |
|
(344,724) |
(154,728) |
|
|
----------- |
----------- |
|
| Net
cash (used) in financing activities |
|
(28,541,490) |
(57,520,211) |
|
|
|
----------- |
----------- |
|
| NET
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS |
(4,307,601) |
(355,378) |
|
| Cash
and cash equivalents at the beginning of the year |
|
6,502,416 |
6,857,794 |
|
|
|
----------- |
----------- |
|
| CASH
AND CASH EQUIVALENTS AT THE END OF THE YEAR |
2,194,815 |
6,502,416 |
|
|
========== |
========== |
|
|
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
| Statement
of Changes in Equity |
|
| For
the year ended June 30, 2001 |
|
|
|
CAPITAL RESERVES |
REVENUE RESERVES |
|
|
Share |
Reserve for |
Reserve for |
Statutory |
Sub |
General |
Unappro- |
Sub- |
Total |
|
Capital |
Contingencies |
Deferred Tax |
Reserve |
Total |
Reserve |
priated |
Total |
|
|
(NOTE 3) |
(NOTE 3.1) |
Liability |
|
Profit |
|
|
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
|
| Balance
as on July 01, 1999 |
|
100,000,000 |
3,339,892 |
9,081,878 |
13,759,493 |
26,181,263 |
10,000,000 |
(49,800,222) |
(39,800,222) |
86,381,041 |
| Net
profit/(loss) for the year |
-- |
-- |
-- |
-- |
-- |
-- |
(4,645,982) |
(4,645,982) |
(4,645,9821 |
| Transfer
to reserve for deferred |
|
|
| tax liability |
|
-- |
-- |
7,624,603 |
-- |
7,624,603 |
-- |
(7,624,603) |
(7,624,603) |
-- |
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
| Balance
as on June 30, 2000 |
100,000,000 |
3,339,892 |
16,706,481 |
13,759,493 |
33,805,866 |
10,000,000 |
(62,070,807) |
(52,070,807) |
81,735,059 |
| Net
Profit/(loss) for the year |
-- |
-- |
-- |
-- |
-- |
-- |
(13,116,813) |
(13,116,813) |
(13,116,813) |
| Transfer to reserve for
deferred |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
| Tax liability |
- |
|
-- |
-- |
4,536,199 |
-- |
4,536,199 |
-- |
(4,536,199) |
(4,536,199) |
-- |
|
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
| Balance
as on June 30, 2001 |
100,000,000 |
3,339,892 |
21,242,680 |
13,759,493 |
38,342,065 |
10,000,000 |
(79,723,819) |
(69,723,819) |
68,618,246 |
|
========== |
========== |
========== |
========== |
========== |
========== |
========== |
========== |
========== |
| The
annexed notes form an integral part of Financial Statements. |
|
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
| Notes
to the Financial Statements For the year ended June 30, 2001 |
|
|
| 1.
THE COMPANY AND ITS OPERATIONS |
|
| The
Company was incorporated in Pakistan on November 30, 1992, as a public
limited company and is listed on the |
|
| Karachi
and Islamabad Stock Exchanges. The licence to carry on leasing business was
granted on April 26, 1993 and |
|
| the
certificate of commencement of business was obtained on May 02, 1993. The
main business activity of the company |
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