| Grays Leasing Limited |
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| Annual
Report 1999 |
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| CONTENTS |
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| COMPANY
INFORMATION |
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| NOTICE
OF THE MEETING |
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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 SOURCES AND APPLICATION OF FUNDS |
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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 |
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Mr. William Gray |
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Chairman |
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Mr. Khawar Anwar Khawaja |
Vice Chairman |
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Mr. Abdul Rashid Mir |
Chief Executive |
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Mr. Harold John Gray |
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Mr. Ronald George Blake |
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Mr. Muhammad Tahir Butt |
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Mr. Khurram Anwar Khawaja |
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Mr. Saeed Ahmad Jabal |
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Mr. Muhammad Farooq |
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Mrs. Nuzhat Khawar
Khawaja |
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| AUDITORS |
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Riaz Ahmad & Company |
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Chartered Accountants |
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8-Mall Mansion, 30
Shahrah-e-Quaid-e-Azam, |
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Lahore - 54000 - Pakistan |
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Tel: (042) 7233324-26 |
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Fax: (042) 7235762 |
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E-mail:
sarfrazm@paknet4.ptc.pk. |
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| MANAGEMENT
CONSULTANT |
Sarfraz Mahmood (Pvt)
Ltd, |
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| CORPORATE
SECRETARY |
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Mr. Abdul Ghaffar |
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| LEGAL
ADVISOR |
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International Legal
Services |
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| REGISTERED
AND HEAD OFFICE |
41-A, Lawrence Road,
Lahore, |
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Tel: (042) 6372159-61 |
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Fax: (042) 6371898 |
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E-mail:_gll@ms.netpk. |
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| BANKERS |
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ANZ Grindlays |
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Bank Alfalah Ltd. |
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The Bank of Punjab. |
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The Bank of Khyber |
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Askari Commercial Bank
Ltd. |
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Muslim Commercial Bank
Ltd. |
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Faysal Bank Ltd. |
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First Women Bank Ltd. |
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Prime Commercial Bank
Ltd. |
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Habib Bank Ltd. |
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| NOTICE
OF THE 4TH ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the 4th Annual General Meeting of the Company will be
held on November 02, 1999 at |
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| 11.00
a.m. at the Registered Office of the Company located at 41-A, Lawrence Road,
Lahore to transact the following |
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| business: |
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| 1.
to confirm the minutes of 3rd Annual General Meeting held on December 17,
1998, |
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| 2.
to receive, consider and adopt the audited accounts of the company for the
year ended June 30, 1999 |
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| together
with Directors and Auditors' report thereon. |
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| 3.
to approve the payment of cash dividend @ 15% (Rs. 1.5 per share) as
recommended by the directors for |
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| the
year ended June 30, 1999. |
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| 4.
to appoint Auditors and to fix their remuneration. The present Auditors
Messers. Riaz Ahmad & Company, |
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| Chartered
Accountants, retire and being eligible, offer themselves for re-appointment. |
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| 5.
to elect 10 directors of the company for a period of three years as fixed by
the Board of Directors under |
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| section
178(1) of the Companies Ordinance, 1984. Following are the names of retiring
directors: |
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| 1.
Mr. William Gray |
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6. Mr. Muhammad Tahir
Butt |
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| 2.
Mr. Khawar Anwar Khawaja |
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7. Mr. Khurram Anwar
Khawaja |
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| 3.
Mr. Abdul Rashid Mir |
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8. Mr. Saeed Abroad Jabal |
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| 4.
Mr. Harold John Gray |
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9. Mr. Muhammad Farooq |
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| 5.
Mr. Ronald George Blake |
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10. Mrs. Nuzhat Khawar
Khawaja |
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| 6.
to transact any other business with the permission of the chair. |
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BY THE ORDER OF THE BOARD |
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ABDUL GHAFFAR |
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| Lahore:
October 11, 1999 |
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(COMPANY SECRETARY) |
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| NOTES: |
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| 1.
Any person who seeks to contest election of the office of the directors shall
file with the company not later |
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| than
14 days before the date of the meeting notice of his intention to offer
himself for election as director in |
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| terms
of section 178(3) of the Companies Ordinance, 1984; |
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| 2.
A member entitled to attend and vote at the meeting may appoint another
member as his/her proxy to |
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| attend,
speak and vote at the meeting. The instrument of proxy in order to be
effective must be received at |
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| the
Registered Office of the Company not later than 48 hours before the meeting; |
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| 3.
Members are requested to immediately notify the change in address, if any; |
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| 4.
Account holders and sub-account holders holding book entry securities of the
Company in Central |
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| Depository
System of Central Depository Company of Pakistan Limited are requested to
bring original I.D. |
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| Card
or attested copy of I.D. Card for identification purpose. |
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| DIRECTORS'
REPORT |
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| With
profound gratitude to the Almighty Allah, I, on behalf of the board, present
before you the fourth annual report of |
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| your
company for the year ended 30th June, 1999. |
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| FINANCIAL
RESULTS |
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| The
financial results of the Company for the year are as under: |
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|
RUPEES |
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| Total revenue |
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|
46 923 931 |
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| Total
expenditure |
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24 423 404 |
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------------------ |
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| Profit
before tax |
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22 500 527 |
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| Provision
for taxation |
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2 100 000 |
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------------------ |
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| Profit after tax |
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|
20 400 527 |
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| Un-appropriated
profit brought forward |
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53 903 |
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------------------ |
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| Profit
available for appropriation |
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20 454 430 |
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| Appropriations |
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| Transfer
to statutory reserve |
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4 000 000 |
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| Proposed
dividend @ 15% |
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15 000 000 |
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------------------ |
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|
19 000 000 |
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------------------ |
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| Un-appropriated
Profit |
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1 454 430 |
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========== |
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| Earning
Per Share |
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2.04 |
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========== |
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| REVIEW
OF OPERATIONS |
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| The
fiscal 1998-99 has again been quite difficult for Pakistan as the expected
turnaround in economy could not |
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| materialize
due to the numerous reasons - mainly the adversities of severe economic
turmoil in the South East Asian |
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| region
coupled with the aftermath of nuclear tests in May, 1998. However, amidst an
extremely unfavorable business, |
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| industrial
and economic atmosphere, your company has performed well in every area of its
operations and |
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| succeeded
in attaining the pre-determined objectives. |
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| During
the year, the company transacted business worth Rs.179.361 million generating
a respectable lease portfolio |
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| comprising
164 leases (including 14 cases consisting of 397 contracts with corporate
consumers) as against |
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| Rs.
142.809 million placed in 126 leases in 1998 - growth being 25.60 percent.
These lessees were very carefully |
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| selected
after in depth scrutiny of their operations; most of them have a past record
of demonstrated successful |
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| performance
which has again been substantiated through their excellent rental payment
behaviour. |
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| The
gross revenue from operations Was Rs. 46.924 million (Rs, 28.682 million in
1998) and net |
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| profit
before and after tax were Re, 22.501 million and Rs. 20.401 million
respectively as compared |
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| to
Rs. 16.852 million and Rs. 16.392 million during 1998, You will surely
appreciate that income |
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| from
lease operations has increased from 90 percent of the total revenue in 1998
to 99 percent in |
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| 1999
which reflects sheer dedication to our very basic objective. |
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| Dear
shareholders, our major emphasis still remains on small to medium size leases
and a blend of |
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| assets
with high degree of concentration on productive assets financing. The
analysis of the |
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| portfolio
shows that over 66 percent of the leased assets represent our support to the
industrial |
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| sector
to finance its requirements of balancing, modernization and replacement of
plant and |
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| machinery. |
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| A
nominal decrease in the ratio of assets comprising plant and machinery
financed during the |
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| current
year as compared to the previous year's figure is visible from the above but
it does not |
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| represent
any change in our policy. This is just a reflection of the persistent
recession in the market, |
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| which
has slowed down the industrial activity for some considerable time. |
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| At
the same time, we have also been quite vigilant about risk diversification
and have endeavoured |
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| to
maintain a balanced sectoral exposure. The sector wise analysis of our lease
portfolio shows |
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| that
20-25 percent is the maximum investment in any single sector. |
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|
| CREDIT
RATING |
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| You
are surely aware that last year DCR-VIS Credit Rating Company Limited awarded
your company with a |
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| respectable
medium to long-term entity rating of Triple-B Minus which reflects
"adequate credit quality with |
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| reasonable
and sufficient protection factors" and Short-term entity rating of D-3
which indicates "satisfactory liquidity |
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| and
other protection factors" qualifying your company for the investment
grade. At the same time, the company was |
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| the
first in the leasing sector which offered itself to DCR-VIS for equity rating
and was rated at PE-3 which signifies |
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| high
quality returns to the shareholders. |
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| This
year, the Rating Agency has upgraded the medium to long-term entity rating
from Triple. B minus to Triple B and |
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| short-term
rating from D-3 to D-2. The equity rating has also been maintained at PE-3.
According to the rating |
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| company's
standards, the medium to long-term entity rating of Triple B means
"adequate credit quality, protection |
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| factors
are reasonable and sufficient, risk factors are considered variable if
changes occur in the economy. The |
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| short-term
entity rating of B-2 means good certainty of timely payment, liquidity
factors and company fundamentals |
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| are
sound. Although ongoing funding needs may enlarge total financing
requirements, access to capital markets is |
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| good.
Risk factors are small. The equity rating of PE-3 means that returns are
sensitive to changing market |
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| conditions.
While displaying variability of returns to shareholders, these possess
adequate stability over long period |
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| of holding, |
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| Dear
shareholders, this upgrading by DCR-VIS are obviously based on our financial
performance during 1998-99 |
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| when
the company, despite the economic downturn, depicted significant growth in
net investment in leases and profit |
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| after
tax. Besides improving efficiency and maintaining asset quality, the
management has also demonstrated ability |
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| to
enhance credit facilities. |
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| RESOURCE
MOBILIZATION |
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| During
the year under review, we utilised credit lines of Rupees 90 million. It
comprises of Rupees 18.5 million drawn |
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| against
the credit line of Rupees 50 million from ANZ Grindlays Bank Limited, Rupees
15 million from Bank Alflah |
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| Limited
and remaining from Investment Banks. We are further negotiating with
different financial institutions for |
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| raising
long term funds to the tune of 150 million rupees to finance our planned
future activities. |
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| Further,
we have fulfilled the criteria of obtaining permission for issuance of
Certificates of Investment. After getting |
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| this
permission, we will have another important avenue of resource mobilization,
which has never lost sight of the |
|
| management
of your company for furtherance of business in future. |
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|
| Human
resource development is also an important area where we have concentrated all
along to develop a team of |
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| dedicated
and devoted persons in the marketing as well as administration departments
according to the specific |
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| requirements
of the company. |
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|
|
| THE
ECONOMY AND LEASING SECTOR |
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|
| The Economy |
|
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| The
overall economy has witnessed a significant deceleration in growth and a
severe strain on all major macro- |
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| economic
indicators. There is little to cheer about as the chances for revival are
very bleak. The fiscal accounts are |
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| under
strain because of the severe downturn in the domestic economy. At the same
time, there has been no |
|
| significant
new investment, particularly, the direct foreign investment which plummeted
to $ 376 million against the |
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| preceding
year's inflow of $ 601.3 million. |
|
|
| Certainly,
the direct foreign investment can contribute a lot to economic growth and
development - it is not a |
|
| panacea;
it can complement and catalyze economic activities and the performance of
domestic enterprise but in |
|
| some
circumstances it may also hinder them, Hence, we should first of all restore
the confidence of the domestic |
|
| investors
which is more important for economic revival. Once we succeed to mobilize our
domestic investment, the |
|
| overseas
investors would surely be allured and the international investment would
automatically come to Pakistan. |
|
|
| Public
policy does matter at the national and international levels. It is important
in creating the conditions that attract |
|
| foreign
direct investment and enhance its benefits. The government should maximize
the positive contribution that |
|
| foreign
direct investment can make to the development and minimize any negative
effects it may have. |
|
|
| Another
factor that continues to impede economic progress and deter foreign private
investment and external aid is |
|
| widespread
civil conflict and political unrest in the country. Every government in
Pakistan might be thinking liberally |
|
| on
the economic front. On the social and political fronts, it demonstrates a
conservative emotion, |
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|
| Last
but not the least is the change in our approach. While the primary
responsibility for development rests with the |
|
| government,
corporations also have a responsibility, not only to their shareholders but
to the society at large. They |
|
| must
be encouraged and motivated to assume this responsibility more forcefully. |
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|
| The
Leasing Sector |
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|
| Leasing
industry having demonstrated a significant role in acceleration of local
economy during early 1990's is in dire |
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| strait
.The challenge being faced by the industry are two folds; one is to sustain
the required growth rate against |
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| depressed
economic situations and second is the dearth of long term resources. |
|
|
| Though
Government has bestowed the leasing industry with incentives like exemption
of withholding tax on sale and |
|
| lease
back transaction and acceptance of residual value as transfer value but in
order to bring it back on "Road to |
|
| Recovery"
following issues demands an immediate patronage by the competent authorities: |
|
|
| 1-
Revamping of legal infrastructure |
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| 2-
Long term funds |
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| 3-
Convenient and economically viable foreign exchange risk coverage |
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| 4-
Depreciation Allowances |
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| FUTURE
OUTLOOK |
|
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| GLL
has undertaken profound Successful operations during last two financial years
now focus is on two main areas; |
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| first
to attain our targeted growth in terms of size and secondly, to produce safe
investment portfolio. With a view to |
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| accomplish
this goal, special emphasis will be given on the following: |
|
|
| Extra
cautious evaluation policy(s) will be adopted. |
|
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| A
vigilant approach will be followed to assess changing trends in the economy
and their impact on |
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| commercial
& Industrial sectors. |
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| New
product development - credit will be made available to corporate consumers. |
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|
| Geographical
diversification - New offices in areas enriched with business potential |
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| Human
resource development to increase efficiency |
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| No
compromise on internal as well as external rules and regulations |
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| YEAR
2K COMPLIANCE |
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| All
the computer system of your company including hardware and software are duly
Y2K complaint. |
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|
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| AUDITORS |
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| The
present auditors Messrs, Riaz Ahmad and Company, Chartered Accountants,
retire and being eligible, offer |
|
| themselves
for re-appointment. |
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|
| PATTERN
OF SHAREHOLDING |
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| A
statement showing pattern of shareholdings in the company as on June 30, 1999
appears on page 30 of the report. |
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|
| ACKNOWLEDGMENT |
|
| I
would like to thank the banks and financial institutions for their support,
the clients who provided us opportunity to |
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| serve
them and extend a very special thanks and appreciation to company employees
for their noteworthy, tireless |
|
| and
dedicated efforts which enabled the company to produce these good results. |
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FOR AND ON BEHALF OF THE BOARD |
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|
ABDUL RASHID MIR |
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| Lahore:
September 07, 1999 |
|
Chief Executive |
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|
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| AUDITORS'
REPORT TO THE MEMBERS |
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| We
have audited the annexed balance sheet of GRAYS LEASING LIMITED as at June
30, 1999 and the related |
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| profit
and loss account and statement of sources and application of funds, together
with the notes forming part |
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| 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 and,
after due verification thereof, we |
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| report that: |
|
|
| (a)
in our opinion, proper books of account have been kept by the company as
required by the Companies |
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| Ordinance,
1984; |
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|
|
|
|
| (b)
in our opinion: |
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|
|
|
|
|
| (i)
the balance sheet and profit and loss account together with the notes thereon
have been drawn up |
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| 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; |
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|
|
|
| (ii)
the expenditure incurred during the year was for the purpose of the company's
business; and |
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|
|
|
| (iii)
the business conducted, investments made and the expenditure incurred during
the year were in |
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| accordance
with objects of the company; |
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|
|
|
| (c)
in our opinion and to the best of our information and according to the
explanations given to us, the balance |
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| sheet,
profit and loss account and the statement of sources and application of
funds, together with the notes |
|
| forming
part thereof, 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, 1999 |
|
| and
of the profit and the changes in sources and application of funds for the
year then ended; and |
|
|
| (d)
in our opinion, no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
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|
RIAZ AHMAD & COMPANY |
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| Lahore:
07 September, 1999 |
|
Chartered Accountants |
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|
|
| BALANCE
SHEET AS AT 30 JUNE 1999 |
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|
|
|
NOTE |
1999 |
1998 |
|
|
|
|
Rupees |
Rupees |
|
| EQUITY
AND LIABILITIES |
|
|
|
|
|
|
|
| SHARE
CAPITAL AND RESERVES |
|
|
|
|
|
|
| Authorized
capital |
|
|
|
| 20,000,000
ordinary shares of |
|
|
|
| Rupees
10 each |
|
|
200 000 000 |
200 000 000 |
|
|
|
|
========== |
========== |
|
| Issued,
subscribed and paid |
|
|
|
| up capital |
|
3 |
100 000 000 |
100 000 000 |
|
| Capital reserve |
|
4 |
8 700 000 |
4 700 |
|
| General
reserve |
|
|
15 000 000 |
15 000 000 |
|
| Unappropriated
profit |
|
|
1 454 430 |
53 903 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
125 154 430 |
119 753 903 |
|
|
|
|
|
| NON-CURRENT
LIABILITIES |
|
|
|
| Redeemable
capital |
|
5 |
43 392 362 |
20 384 615 |
|
| Liabilities
against assets subject to |
|
|
|
|
| finance lease |
|
6 |
746 338 |
1 320 642 |
|
| Long
term security deposits |
|
7 |
34 599 114 |
26 748 306 |
|
| Deferred
taxation |
|
|
1 500 000 |
-- |
|
| Employees'
retirement gratuity |
|
|
486 166 |
396 001 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
80 723 980 |
48 849 564 |
|
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
|
| Current
portion of long term liabilities |
|
8 |
31 092 593 |
10 553 793 |
|
| Short
term finances |
|
9 |
49 650 009 |
19 000 000 |
|
| Accrued
and other liabilities |
|
10 |
3 718 379 |
3 740 221 |
|
| Proposed
dividend |
|
|
15 000 000 |
-- |
|
| Provision
for taxation |
|
|
1 201 840 |
601 840 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
100 662 821 |
33 895 854 |
|
|
|
|
| CONTINGENCIES
AND COMMITMENTS |
|
|
-- |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
306 541 231 |
202 499 321 |
|
|
|
|
========== |
========== |
|
|
| ASSETS |
|
|
|
|
|
|
|
| NON-CURRENT
ASSETS |
|
|
|
| Tangible operating
fixed assets |
|
11 |
3 353 603 |
3 130 194 |
|
| Investment
in finance leases |
|
|
|
| Lease
rentals receivable |
|
323 239 555 |
208 597 827 |
|
| Guaranteed
residual value of leased assets |
|
46 639 664 |
28 817 236 |
|
|
|
------------------ |
------------------ |
|
| Gross
investment in leases |
|
369 879 219 |
237 415 063 |
|
| Less:
Unearned finance income |
|
76 239 016 |
50 224 798 |
|
|
|
------------------ |
------------------ |
|
| Net
investment in finance leases |
|
293 640 203 |
187 190 265 |
|
|
|
|
------------------ |
------------------ |
|
| Less:
Current portion |
|
118 234 042 |
61 243 337 |
|
| Provision
for doubtful receivables |
|
137 331 |
9 608 |
|
|
|
|
------------------ |
------------------ |
|
|
|
118 371 373 |
61 252 945 |
|
|
|
|
|
|
|
175 268 830 |
125 937 320 |
|
| Long
term investment |
|
12 |
600 247 |
98 508 |
|
| Long
term deposits and deferred cost |
|
13 |
955 414 |
1 358 346 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
180 178 094 |
130 524 368 |
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Current
portion of investment in finance leases |
|
|
118 234 042 |
61 243 337 |
|
| Advances,
deposits, prepayments |
|
|
|
| and
other receivables |
|
14 |
3 606 404 |
1 986 341 |
|
| Short
term investment |
|
15 |
50 214 |
-- |
|
| Cash
and bank balances |
|
16 |
4 472 477 |
8 745 275 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
126 363 137 |
71 974 953 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
306 541 231 |
202 499 321 |
|
|
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
|
|
|
|
|
| PROFIT
AND LOSS ACCOUNT FOR THE YEAR ENDED 30 JUNE 1999 |
|
|
|
NOTE |
1999 |
1998 |
|
|
|
Rupees |
Rupees |
|
|
|
|
| REVENUE |
|
|
|
| Income
from lease financing |
|
|
46 243 884 |
25 712 755 |
|
| Other income |
|
17 |
680 047 |
2 969 120 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
46 923 931 |
28 681 875 |
|
|
|
|
|
| EXPENDITURE |
|
|
|
| Administrative
and other operating expenses |
|
18 |
9 949 856 |
9 306 605 |
|
| Financial
and other charges |
|
19 |
14 473 548 |
2 523 120 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
24 423 404 |
11 829 725 |
|
|
|
|
------------------ |
------------------ |
|
| PROFIT
BEFORE TAXATION |
|
|
22 500 527 |
16 852 150 |
|
| PROVISION
FOR TAXATION |
|
20 |
2 100 000 |
460 000 |
|
|
|
|
------------------ |
------------------ |
|
| PROFIT
AFTER TAXATION |
|
|
20 400 527 |
16 392 150 |
|
| UNAPPROPRIATED
PROFIT |
|
|
|
| BROUGHT
FORWARD |
|
|
53 903 |
2 661 753 |
|
|
|
|
|
------------------ |
------------------ |
|
| PROFIT
AVAILABLE FOR |
|
|
|
| APPROPRIATION |
|
20 454 430 |
19 053 903 |
|
|
|
|
|
| APPROPRIATIONS |
|
|
|
| Capital reserve |
|
|
4 000 000 |
4 000 000 |
|
| General
reserve |
|
|
-- |
15 000 000 |
|
| Proposed
dividend per share |
|
|
|
|
