| Ibrahim 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 Meeting |
|
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| Directors'
Report to the Shareholders |
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| Auditors'
Report to the Members |
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| Balance Sheet |
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| Profit and Loss Account |
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| Statement
of Changes in Financial Position |
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| 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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| Sheikh Mukhtar Ahmed |
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| (Chairman) |
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| Abdul Aziz Khan |
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| (Chief Executive) |
|
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| Sheikh Mohammad Yaseen |
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| Mohammad Naeem Mukhtar |
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| Mohammad Waseem Mukhtar |
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| Asim Yaseen |
|
| Atif Yaseen |
|
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| · Secretary |
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| Anwarul Haque |
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| B.Com., FCA |
|
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| · Auditors |
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| M. Yousuf Adil Saleem &
Co. |
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| Chartered Accountants, |
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| Lahore, Pakistan. |
|
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| · Tax Consultants |
|
|
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| F. R. Merchant & Co. |
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|
| Chartered Accountants, |
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| Karachi, Pakistan. |
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|
|
|
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| ·
Information Technology Consultants |
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| KPMG Peat Marwick |
|
|
| Associates (Pvt) Limited |
|
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| Karachi, Pakistan. |
|
|
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| · Bankers |
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| Al-Faysal
Investment Bank Limited |
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| AI-Baraka Islamic Bank |
|
| Askari
Commercial Bank Limited |
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| Faysal Bank Limited |
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| Muslim
Commercial Bank Limited |
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| The Bank of Punjab |
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| ·
Registered Office/Share Department |
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| Ibrahim Centre |
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| GK-7/59, Bagh-e-Zehra Street |
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| Kharadar |
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| Karachi, Pakistan. |
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| · Head Office |
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| Ibrahim Centre |
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| 1-A, Ahmed Block |
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| New Garden Town |
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| Lahore, Pakistan. |
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| Notice of Meeting |
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| Notice
is hereby given that the 6th Annual General Meeting of the shareholders of
the company will be |
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| held
on 31-12-1999 at 12.00 noon at F-352, S.I.T.E., Karachi to transact the
following business:- |
|
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| 1.
To confirm the minutes of the preceding meeting of the shareholders of the
company. |
|
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| 2.
To consider and approve the Annual Audited Accounts for the year ended
30-06-1999. |
|
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| 3.
To consider and approve the declaration of Cash Dividend @ 10% as recommended
by the Board |
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| of Directors. |
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|
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| 4.
To appoint Auditors for the year 1999-2000 and to fix their remuneration. The
present auditors |
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| M/s. M. Yousuf Adil Saleem & Co.
Chartered Accountants, being eligible for appointment, offer |
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| themselves for re-appointment. |
|
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| 5.
To consider any other matter with the permission of the chair. |
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| By order of the Board |
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| Place' Karachi. |
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|
Anwarul Haque |
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| Date: November 15, 1999 |
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|
Company Secretary |
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| Notes: |
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| i.
The share transfer books of the company shall remain closed from 22-12-1999
to 31-12-1999 |
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| (both
days inclusive) to determine the names of members entitled to receive
dividend and to |
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| attend
the meeting. Transfers received in order at the registered office of the
company at Ibrahim |
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| Centre,
GK-7/59, Bagh-e-Zehra Street, Kharadar, Karachi at the close of business on |
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| 21-12-1999
will be treated in time. |
|
|
| ii.
A member entitled to attend and vote at the meeting may appoint another
member as his/her |
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| proxy
to attend and vote on his/her behalf. |
|
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| iii.
The proxies in order to be effective must be received at the registered
office of the company |
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| atleast
48 hours before the time for holding the meeting. |
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|
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| Directors'
Report to the Shareholders |
|
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| The
Board of Directors of your company feels pleasure in presenting the sixth
Annual Report together |
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| with
the Audited Accounts for the year ended June 30, 1999. |
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| Financial Results |
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| Financial
results of your company for the year under review are summarized below: |
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|
|
Rupees |
|
|
|
|
| G ross revenue |
|
|
47,575,348 |
|
| Expenditure |
|
|
28,911,858 |
|
| Profit before taxation |
|
|
18,663,490 |
|
| Provision for taxation |
|
|
350,720 |
|
| Profit after taxation. |
|
|
18,312,770 |
|
| Un-appropriated
profit brought forward |
|
6,669,774 |
|
| Profit
available for appropriation |
|
24,982,544 |
|
|
| Appropriations: |
|
|
| Directors
of your company are pleased to recommend a cash |
|
| dividend
@ 10% i.e. Rupee 1/- per share out of profits earned. |
|
|
| Proposed dividend |
|
|
10,000,000 |
|
| Special reserve |
|
|
3,662,554 |
|
| Capital reserve |
|
|
5,000,000 |
|
| Un-appropriated
profit carried forward |
|
6,319,990 |
|
|
|
|
| Earning per share |
|
|
1.83 |
|
|
| This
is the sixth year of leasing operations and your company has maintained its
trend of continuous |
|
| growth
despite depressed economic condition in the country. |
|
|
| During
the year under review, gross revenue of the company has increased by Rs. 6.08
million registering |
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| a
growth of 14.66% and profit after tax has gone up by Rs. 2.74 million with a
growth of 17.59% when |
|
| compared
to the last year. No provision for potential lease losses is considered
necessary for the year. |
|
|
| Financial
charges, the main item of expenditure, escalated to Rs. 22.31 million for the
year ended |
|
| June
30~ 1999 from Rs. 13.70 million for the year 1998. This is due to increase in
borrowings required to |
|
| finance
the company's expanding business. Increase in administrative and other
expenditure is negligible |
|
| due
to exercise of strict cost control measures by the management. |
|
|
| of
23.56% over the year 1998. Management continues to maintain its policy to
write leases to clients |
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| having
good market reputation supposed by sound financial position. The company has
maintained a |
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| well-diversified
lease portfolio. Sector-wise and asset-wise lease portfolio is annexed in
graphical |
|
| presentation. |
|
|
| Your
company has been able to successfully arrange funds of Rs.164.50 million from
different banks |
|
| and
DFIs during the year under review to finance its leasing business. The
company has maintained |
|
| satisfactory
track record of financial dealings with the lenders during the last five
years. |
|
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| A
local commercial bank has already sanctioned a term finance facility of Rs.
25 million. We are pleased |
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| to
report that in the backdrop of confidence reposed by the financial
institutions in the company, we are |
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| comfortable
to mobilise funds, both on medium and short term basis, for our future
requirements. |
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| Future Prospects |
|
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| The
recent deteriorating law and order situation has overshadowed the success
chances of early economic |
|
| revival
and accelerating the industrial growth, a fundamental source of lease
business. The continuing |
|
| adverse
operating environment therefore leads to a difficult year ahead. The
management of your company |
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| is
well prepared to face the future challenges and re-adjust its policies with
the emerging scenario. The |
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| company
has undertaken steps to do more business in small and medium enterprise
sector, a largely |
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| untapped
potential alongwith repeat business transactions with the existing clients
having satisfactory |
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| credit relationship history. |
|
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| Year 2000 compliance |
|
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| We
are please to report that all the computer systems of your company are fully
year 2000 compliant. |
|
|
| Auditors |
|
|
| The
present auditors M/s M. Yousuf Adil Saleem & Co., Chartered Accountants,
being due for retirement, |
|
| have
offered themselves for reappointment for the year ending June 30, 2000. |
|
|
| Pattern of shareholding |
|
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| Pattern
of share holding as on June 30, 1999 is annexed. |
|
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| Acknowledgment |
|
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| We
wish to thank our valuable clients, regulatory agencies, banks and financial
institutions and |
|
| shareholders
for their continued support and confidence on the company. The company
personnel deserve |
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| appreciation
for their dedication, devotion and hardwork. |
|
|
| On behalf of the Board |
|
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| Place: Lahore |
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|
Abdul Aziz Khan |
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| Date: November 15, 1999 |
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|
Chief Executive |
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|
|
| Auditors'
Report to the Members |
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|
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| We
have audited the annexed balance sheet of IBRAHIM LEASING LIMITED as at June
30, 1999 and |
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| the
related profit and loss account and statement of changes in financial
position, 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 purpose of audit |
|
| and,
after due verification thereof, we report that: |
|
|
| a)
in our opinion, proper books of account have been kept by the company as
required by the |
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| Companies Ordinance, 1984; |
|
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| b) in our opinion: |
|
|
|
| i) the balance sheet and profit and loss
account together with the notes thereon have been |
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| drawn up in conformity with the Companies
Ordinance, 1984, and are in agreement with |
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| 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; |
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| and |
|
|
|
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| iii)
the business conducted, investments made and the expenditure incurred during
the year |
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| 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 |
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| balance sheet, profit and loss account and
statement of changes in financial position, together |
|
| with the notes forming part thereof, give
the information required by the Companies Ordinance, |
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| 1984, in the manner so required and
respectively give a true and fair view of the state of Company's |
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| affairs as at June 30, 1999 and of the
profit and the changes in the financial position for the year |
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| then ended; and |
|
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| d)
Zakat deductible at source under the Zakat and Ushr Ordinance, 1980 has been
deducted by the |
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| Company
and deposited in the Central Zakat Fund established under section 7 of that
Ordinance. |
|
|
| Place: Lahore. |
|
|
M. Yousuf Adil Saleem
& Co. |
|
| Date: November 15, 1999 |
|
|
Chartered Accountants |
|
|
|
| Balance
Sheet |
|
| as at June 30, 1 999 |
|
|
|
|
1999 |
1998 |
|
|
|
Note |
Rupees |
Rupees |
|
|
| Capital and reserves |
|
|
| Authorised capital |
|
| 10,000,000
ordinary shares of Rs. 10/- each |
|
100,000,000 |
100,000,000 |
|
|
============ |
============ |
|
| Issued,
subscribed and paid-up capital |
|
| 10,000,000
ordinary shares of Rs. 10/- each |
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| fully paid in cash |
|
|
100,000,000 |
100,000,000 |
|
| Special reserve |
|
3 |
15,329,997 |
11,667,443 |
|
| Capital reserve |
|
4 |
5,000,000 |
- |
|
| Unappropriated profits |
|
|
6,319,990 |
6,669,774 |
|
|
--------------------- |
--------------------- |
|
|
|
|
126,649,987 |
118,337,217 |
|
| Long term loans |
|
5 |
5,625,000 |
10,000,000 |
|
| Long term security deposits |
|
6 |
35,656,372 |
31,008,049 |
|
| Deferred liabilities |
|
|
| Gratuity |
|
|
1,032,622 |
807,762 |
|
|
| Current liabilities |
|
|
|
|
| Short
term borrowings - secured |
|
7 |
99,927,896 |
56,603,999 |
|
| Current
portion of long term liabilities |
|
8 |
26,310,053 |
23,010,774 |
|
| Creditors,
accrued and other liabilities |
|
9 |
16,190,564 |
14,696,832 |
|
| Unclaimed dividend |
|
|
1,340,751 |
1,820,868 |
|
| Proposed dividend |
|
|
10,000,000 |
10,000,000 |
|
| Provision for taxation |
|
|
425,000 |
553,921 |
|
|
--------------------- |
--------------------- |
|
|
|
154,194,264 |
106,686,394 |
|
|
|
--------------------- |
--------------------- |
|
|
|
323,158,245 |
266,839,422 |
|
|
============ |
============ |
|
|
|
| Operating fixed assets |
|
10 |
2,097,530 |
955,170 |
|
| Net
investment in lease finance |
|
11 |
202,186,244 |
162,894,106 |
|
| Long
term investments in securities |
|
12 |
21,204,200 |
21,204,200 |
|
| Long
term deposits and deferred costs |
|
13 |
497,896 |
961,587 |
|
|
|
|
| Current assets |
|
|
| Short
term investment in securities |
|
14 |
- |
1,500,01 3 |
|
| Current
potion of net investment |
|
|
|
|
| in lease finance |
|
11 |
94,303,497 |
76,117,402 |
|
| Advances,
deposits, prepayments and |
|
|
|
|
| other receivables |
|
15 |
1,138,112 |
709,143 |
|
| Cash and bank balances |
|
16 |
1,730,766 |
2,497,801 |
|
|
|
|
--------------------- |
--------------------- |
|
|
|
|
97,172,375 |
80,824,359 |
|
|
|
|
--------------------- |
--------------------- |
|
|
|
|
323,158,245 |
266,839,422 |
|
|
|
|
============ |
============ |
|
| The
annexed notes from 1 to 26 form an integral part of these accounts. |
|
|
| Chief Executive |
|
|
|
Director |
|
|
|
|
|
| Profit and Loss Account |
|
|
| for
the year ended June 30, 1999 |
|
|
|
|
|
1999 |
1998 |
|
|
|
Note |
Rupees |
Rupees |
|
|
|
|
| Revenue |
|
| Income from lease operations |
|
17 |
47,207,765 |
40,364,806 |
|
| Profit on bank deposits and |
|
| short term placements |
|
155,183 |
131,558 |
|
| Dividend income |
|
|
212,400 |
994,800 |
|
|
--------------------- |
--------------------- |
|
|
|
47,575,348 |
41,491,164 |
|
|
| Expenditure |
|
|
|
| Financial charges |
|
18 |
22,308,647 |
13,700,778 |
|
| Administrative
and operating expenses |
|
19 |
5,985,220 |
5,335,882 |
|
| Deferred cost amortized |
|
|
617,991 |
607,990 |
|
| Provision
for potential lease losses |
|
|
- |
5,000,000 |
|
|
--------------------- |
--------------------- |
|
|
|
28,911,858 |
24,644,650 |
|
|
--------------------- |
--------------------- |
|
| Profit before taxation |
|
18,663,490 |
16,846,514 |
|
|
|
|
|
| Provision for taxation |
|
|
| For the year |
|
20 |
425,000 |
553,921 |
|
| Prior year |
|
|
(74,280) |
718,905 |
|
|
--------------------- |
--------------------- |
|
|
|
350,720 |
1,272,826 |
|
|
--------------------- |
--------------------- |
|
| Net profit after taxation |
|
|
18,312,770 |
15,573,688 |
|
| Unappropriated
profit brought forward |
|
6,669,774 |
4,210,824 |
|
|
--------------------- |
--------------------- |
|
| Profit
available for appropriation |
|
24,982,544 |
19,784,512 |
|
|
| Appropriation |
|
| Transferred to special
reserve |
|
|
3,662,554 |
3,114,738 |
|
|
| Transferred to capital
reserve |
|
|
5,000,000 |
-- |
|
| Proposed
dividend 1999 @ 10% (1998 @ 10%) |
|
10,000,000 |
10,000,000 |
|
|
|
--------------------- |
--------------------- |
|
|
18,662,554 |
13,114,738 |
|
|
|
--------------------- |
--------------------- |
|
| Unappropriated
profit carried forward |
|
|
6,319,990 |
6,669,774 |
|
|
|
|
============ |
============ |
|
| Earning per share |
|
23 |
1.83 |
1.56 |
|
|
============ |
============ |
|
|
| The
annexed notes from 1 to 26 form an integral part of these accounts. |
|
|
|
Chief Executive |
|
Director |
|
|
|
|
|
1999 |
1998 |
|
|
Note |
Rupees |
Rupees |
|
| A.
Cash flow from operating activities |
|
|
| Profit before taxation |
|
|
18,663,490 |
16,846,514 |
|
|
| Adjustments
to reconcile profit to net cash |
|
| provided
by operating activities |
|
|
| Provision for gratuity |
|
387,481 |
320,829 |
|
| Provision
for potential lease losses |
|
- |
5,000,000 |
|
| Amortization of deferred
costs |
|
617,991 |
607,990 |
|
| Financial charges |
|
22,308,647 |
13,700,778 |
|
| Depreciation |
|
446,260 |
164,150 |
|
|
--------------------- |
--------------------- |
|
|
|
|
23,760,379 |
19,793,747 |
|
|
|
|
--------------------- |
--------------------- |
|
| Operating
profit before working capital changes |
|
|
42,423,869 |
36,640,261 |
|
| Changes in working capital |
|
| (Increase)/decrease
in current assets |
|
| Advances,
deposits, prepayments & other receivables |
|
(508,479) |
(59,121) |
|
| Increase/(decrease)
in current liabilities |
|
|
| Creditors,
accrued and other liabilities |
|
(477,994) |
11,969,096 |
|
|
|
--------------------- |
--------------------- |
|
| Net
(Increase)/decrease in working capital |
|
(986,473) |
11,909,975 |
|
| Gratuity paid |
|
|
(162,621) |
(39,590) |
|
| Financial charges paid |
|
|
(20,336,921) |
(12,390,580) |
|
| Income tax paid |
|
|
(400,131) |
(1,085,922) |
|
|
|
--------------------- |
--------------------- |
|
| Net
cash from operating activities |
|
20,537,723 |
35,034,144 |
|
|
|
--------------------- |
--------------------- |
|
| B.
Cash flow from investing activities |
|
| Increase in long term
deposits |
|
(154,300) |
(148,780) |
|
| Investment
in lease finance - Net |
|
(57,478,233) |
(47,903,443) |
|
| Investments in securities -
Net |
|
1,500,013 |
(1,500,013) |
|
| Sale proceeds of fixed assets |
|
284,926 |
- |
|
| Capital expenditure |
|
(1,873,546) |
(175,655) |
|
|
|
--------------------- |
--------------------- |
|
| Net
cash used in investing activities |
|
(57,721,140) |
(49,727,891) |
|
|
--------------------- |
--------------------- |
|
|
| C.
Cash flow from financing activities |
|
|
| Long term security deposits |
|
|
7,114,270 |
10,041,923 |
|
| Long term loans |
|
|
15,000,000 |
20,200,000 |
|
| Repayment of long term loans |
|
|
(18,541,668) |
(3,333,332) |
|
| Short term bank borrowings |
|
|
43,323,897 |
4,131,642 |
|
| Dividend paid |
|
|
(10,480,117) |
(14,643,661) |
|
| Repayment of lease liability |
|
|
- |
(115,530) |
|
|
|
|
--------------------- |
--------------------- |
|
| Net
cash from financing activities |
|
|
36,416,382 |
16,281,042 |
|
|
--------------------- |
--------------------- |
|
| Net increase/(decrease) |
|
| cash
& bank balances (A+B+C) |
|
|
(767,035) |
1,587,295 |
|
|
| Cash and bank balances |
|
| at the beginning of the year |
|
|
2,497,801 |
910,506 |
|
|
|
| Cash & bank balances at
the |
|
--------------------- |
--------------------- |
|
| end of the year |
|
|
1,730,766 |
2,497,801 |
|
|
|
|
============ |
============ |
|
|
| Chief Executive |
|
|
Director |
|
|
|
| Notes to the Accounts |
|
| for
the year ended June 30, 1999 |
|
|
| 1. Status and activities |
|
|
| The
company was incorporated as a public limited company on July 26, 1993 and is
listed on the |
|
| Stock Exchanges in Pakistan. |
|
|
|
| The
company is classified as a non-banking financial institution by the State
Bank of Pakistan |
|
| under
the Banking Companies Ordinance, 1962 and is mainly engaged in the business
of leasing. |
|
|
| 2.
Significant accounting policies |
|
|
| 2.1 Accounting convention |
|
| These accounts have been prepared on the
basis of "Historical Cost Convention". |
|
| 2.2 Staff retirement benefits |
|
|
| The
company operates an unfunded gratuity scheme covering all its employees.
Provision |
|
| is
made annually to cover the liability under the scheme. |
|
|
| 2.3 Operating fixed assets |
|
|
|
| Operating
fixed assets are stated at cost less accumulated depreciation. Depreciation
is |
|
| charged
to income applying the reducing balance method at the rates specified in
operating |
|
| assets
note. Depreciation on additions during the year is charged on the basis of
whole |
|
| year
while no depreciation is charged on deletions during the year. |
|
|
| 2.4 Deferred cost |
|
| This will be amortized in a maximum period
of five years from the year of deferment. |
|
|
| 2.5 Lease accounting |
|
|
| All
lease agreements are accounted for in accordance with the International
Accounting |
|
| Standard
17 "Leases (Revised)". |
|
|
| 2.6 Long term investment |
|
|
| Investment
in securities are stated at cost / book value on overall portfolio basis.
Only |
|
| permanent
diminution in value of investments is recognized. |
|
|
| 2.7 Taxation |
|
|
|
| The
charge for current taxation is based on taxable income at the current tax
rate after |
|
| taking
into account tax credit and tax rebates available, if any. Deferred tax is
accounted for |
|
| by
using the liability method on all major timing differences excluding tax
effects on those |
|
| timing
differences which are not likely to reverse in foreseeable future. In
pursuance of |
|
| Securities
& Exchange Commission of Pakistan Circular No. 110/C/SEC/99 dated |
|
| September
09, 1999 deferred tax liability pertaining to the periods prior to June 30,
1998 |
|
| and
liability for the year has been transferred to Capital Reserve. |
|
|
| 2.8 Revenue recognition |
|
|
| Lease Revenue |
|
|
| The
company follows the financing method in accounting for and recognition of
lease income. |
|
| Under
this method the earned income i.e. the excess of aggregate lease rentals and
estimated |
|
| residual
value over the net investment (cost of leased assets) is deferred and then
amortized |
|
| to
income over the term of the lease, applying the annuity method to produce a
constant |
|
| rate
of return on the net investment in lease. |
|
|
| M usharika finance |
|
|
| Income
from Musharika transaction is recognized on the basis of pro-rata accrual of
the |
|
| profit
estimated during the year. |
|
|
|
|
| Dividend income |
|
|
| Dividend
income is recorded at the time of closure of share transfer books of the
company |
|
| declaring dividend. |
|
|
|
|
|
|
1999 |
1998 |
|
|
|
|
R u p e e s |
R u p e e s |
|
|
| 3. Special reserve |
|
|
|
| Opening balance |
|
11,667,443 |
8,552,705 |
|
| Transferred during the year |
|
|
|
3,662,554 |
3,114,738 |
|
|
|
--------------------- |
--------------------- |
|
|
|
|
15,329,997 |
11,667,443 |
|
|
|
|
============ |
============ |
|
|
| This
represents the amount set aside out of profit after tax in accordance with
State Bank of |
|
| Pakistan
NBFI Circular No. 1 dated December 05, 1991. Under this circular 20% of
profits after |
|
| tax
are to be transferred to a special reserve till such time that this reserve
is equal to paid up |
|
| capital. |
|
|
|
| 4. Capital reserve |
|
|
| Transferred
during the year (Note 20) |
|
5,000,000 |
- |
|
|
|
--------------------- |
--------------------- |
|
|
|
5,000,000 |
- |
|
|
|
============ |
============ |
|
| 5. Long term loans |
|
|
| Balance
at the beginning of the year |
|
26,666,668 |
- |
|
| Received during the year |
|
15,000,000 |
30,000,000 |
|
|
|
--------------------- |
--------------------- |
|
|
|
41,666,668 |
30,000,000 |
|
| Less: Paid during the year |
|
18,541,668 |
3,333,332 |
|
|
|
--------------------- |
--------------------- |
|
|
|
23,125,000 |
26,666,668 |
|
| Less:
Current portion shown under current liabilities |
|
17,500,000 |
16,666,668 |
|
|
--------------------- |
--------------------- |
|
|
|
|
5,625,000 |
10,000,000 |
|
|
============ |
============ |
|
|
|
|
| It
represents morabaha finance facilities which are secured by pari passu charge
on all present |
|
| and
future leased assets of the company, demand promissory note and personal
guarantees of |
|
| directors.
These are repayable in eight quarterly installments from the date of
commencement |
|
| and
are subject to mark-up @ 19% to @ 19.5% per annum. |
|
|
| 6. Long term security
deposits |
|
|
|
| Long term security deposits |
|
|
|
44,466,425 |
37,352,155 |
|
| Less:
Current portion shown under current liabilities |
|
8,810,053 |
6,344,106 |
|
|
|
--------------------- |
--------------------- |
|
|
|
35,656,372 |
31,008,049 |
|
|
============ |
============ |
|
|
|
|
| These
represent interest free security deposits received from lessees under lease
contracts |
|
| and
are repayable / adjustable at the expiry of the respective lease periods. |
|
|
| 7.
Short term borrowings - Secured |
|
| Running finance |
|
(7.1) |
3,427,896 |
103,986 |
|
| Morabaha, Musharika and |
|
|
|
| other financing facilities |
|
(7.2) |
96,500,000 |
56,500,013 |
|
|
|
|
--------------------- |
--------------------- |
|
|
|
|
99,927,896 |
56,603,999 |
|
|
============ |
============ |
|
|
|
|
| 7.1
This facility has been obtained from The Bank of Punjab at the mark-up rate
of 55 paisa |
|
| per thousand per day against charge on
present and future leased assets of the company |
|
| ranking pari passu with other lenders. |
|
|
| 7.2
These facilities have been obtained from various financial institutions,
majority of which |
|
| are
secured against pari passu charge on present and future leased assets of the
company, |
|
| demand
promissory note and personal guarantees of the directors of the company.
These |
|
| are
subject to mark-up @ 17% to 19.77% per annum. |
|
|
|
|
| 8.
Current portion of long term liabilities |
|
|
| Long term loans |
|
|
|
17,500,000 |
16,666,668 |
|
| Long term security deposits |
|
|
|
8,810,053 |
6,344,106 |
|
|
|
--------------------- |
--------------------- |
|
|
|
26,310,053 |
23,010,774 |
|
|
|
============ |
============ |
|
| 9.
Creditors, accrued and other liabilities |
|
|
|
| Accrued expenses |
|
|
|
477,617 |
436,185 |
|
| Advance lease rentals |
|
|
|
11,089,074 |
11,608,500 |
|
| Accrued financial charges |
|
|
|
4,623,873 |
2,652,147 |
|
|
|
--------------------- |
--------------------- |
|
|
|
|
16,190,564 |
14,696,832 |
|
|
============ |
============ |
|
|
| 10. Operating fixed assets |
|
|
|
C 0 S T |
|
|
DEPRECIATION |
|
|
|
|
Book Value |
Accumulated |
Charge |
|
| P a r t i c u l a r s |
As at |
Additions/ |
As at |
as at |
as at |
for |
Rate |
|
01-07-1998 |
(Deletions) |
'30-06-1999 |
30-06-1999 |
30-06-1999 |
the year |
(%) |
|
|
|
| Furniture
& fixture |
188,160 |
-- |
188,160 |
111,683 |
76,477 |
12,409 |
10 |
| Computers |
493,845 |
72,053 |
565,898 |
388,686 |
177,212 |
43,187 |
10 |
| Office
equipments |
77,195 |
15,500 |
92,695 |
62,114 |
30,581 |
6,902 |
10 |
| Vehicles |
977,465 |
1,785,993 |
2,067,838 |
1,535,047 |
943,485 |
283,762 |
20 |
|
(695,620) |
|
(410,694) |
|
|
--------------------- |
--------------------- |
--------------------- |
--------------------- |
--------------------- |
--------------------- |
|
| 1999-
Rupees |
1,736,665 |
1,873,546 |
2,914,591 |
2,097,530 |
1,227,755 |
446,260 |
|
|
|
(695,620) |
|
'(410,694) |
|
|
|
============ |
============ |
============ |
============ |
============ |
============ |
|
| 1998 -
Rupees |
1,561,010 |
740,036 |
1,736,665 |
955,170 |
781,495 |
164,150 |
|
|
|
(564,381) |
|
|
|
============ |
============ |
============ |
============ |
============ |
============ |
|
|
|
|
| 10.1
Detail of fixed assets disposed of during the year |
|
|
|
| Description |
Cost |
Accumulated |
Book value |
Sale |
Profit/ |
Particular of |
|
|
Depreciation |
|
proceed |
Loss |
purchaser |
|
|
|
| Suzuki Khyber |
327,036 |
193,082 |
133,954 |
133,954 |
-- |
Mr. M. Mohsin |
|
|
|
Ex-employee |
|
|
|
|
| Suzuki Khyber |
368,584 |
217,612 |
150,972 |
150,972 |
-- |
Mr. Faheem |
|
|
Younus, Lahore |
|
|
|
|
|
1999 |
1998 |
|
|
|
|
Rupees |
Rupees |
|
| 11.
Net investment in lease finance |
|
| Minimum lease payments
receivable |
|
354,386,645 |
275,599,640 |
|
| Residual value of leased
assets |
|
44,467,024 |
37,082,754 |
|
|
--------------------- |
--------------------- |
|
| Gross investment in lease
finance |
|
398,853,669 |
312,682,394 |
|
| Less: Unearned finance income |
|
97,363,928 |
68,670,886 |
|
|
--------------------- |
--------------------- |
|
| Net investment in lease
finance |
|
301,489,741 |
244,011,508 |
|
|
|
|
| Less: current portion of
net investment |
|
94,303,497 |
76,117,402 |
|
| Provision for potential lease
losses |
|
5,000,000 |
5,000,000 |
|
|
--------------------- |
--------------------- |
|
|
|
99,303,497 |
81,117,402 |
|
|
|
--------------------- |
--------------------- |
|
|
|
202,186,244 |
162,894,106 |
|
|
============ |
============ |
|
|
| 12.
Long term investments in securities |
|
| Quoted
- Associated companies |
|
| Ibrahim Fibres Limited |
|
| 994,800
ordinary shares of Rs. 10/- each |
|
| [Market
value - June 30, 1999: Rs. 6,963,600/- |
|
| (1998: Rs. 4,824,780/-)] |
|
|
15,916,800 |
15,916,800 |
|
| Muslim
Commercial Bank Limited |
|
| 141,600
ordinary shares of Rs. 10/- each |
|
| [Market
value - June 30, 1999: Rs. 2,839,080/- |
|
| (1998: Rs. 2_,633,760/-)] |
|
|
4,637,400 |
4,637,400 |
|
| Federal Investment Bonds |
|
(12.1) |
650,000 |
650,000 |
|
|
--------------------- |
--------------------- |
|
|
|
21,204,200 |
21,204,200 |
|
|
============ |
============ |
|
|
|
|
| 12.1
This represents the investment made in Federal Investment Bonds to comply
with the |
|
| SBP rules of business for NBFI's. Mark-up
rate is 15% p.a. receivable on half yearly basis. |
|
|
| 13.
Long term deposits and deferred costs |
|
|
| Security deposits |
|
|
205,900 |
201,600 |
|
| Deferred costs |
|
(13.1 ) |
291,996 |
759,987 |
|
|
--------------------- |
--------------------- |
|
|
|
497,896 |
961,587 |
|
|
|
============ |
============ |
|
| 13.1 Deferred costs |
|
|
| Preliminary expenses |
|
|
380,126 |
380,126 |
|
| Share issue expenses |
|
|
2,030,285 |
2,030,285 |
|
| Unallocated expenditu re |
|
|
629,539 |
629,539 |
|
| Front end fee |
|
|
150,000 |
- |
|
|
--------------------- |
--------------------- |
|
|
|
|
3,189,950 |
3,039,950 |
|
| Less: Amortized to-date |
|
|
2,897,954 |
2,279,963 |
|
|
--------------------- |
--------------------- |
|
|
|
|
|
291,996 |
759,987 |
|
|
|
|
|
============ |
============ |
|
| 14.
Short term investments in securities |
|
| National
Investment Trust Units |
|
|
- |
1,500,013 |
|
|
|
|
|
--------------------- |
--------------------- |
|
|
|
|
- |
1,500,013 |
|
|
|
|
============ |
============ |
|
| 15.
Advances, deposits, prepayments |
|
| and other receivables |
|
|
|
|
· |
|
| Advance to employees |
|
|
|
31,038 |
47,876 |
|
| Advance income tax |
|
|
|
470,351 |
549,861 |
|
| Insurance prepaid |
|
|
|
36,192 |
2,138 |
|
| Profit / Mark-up receivable |
|
|
|
11,250 |
48,750 |
|
| Other receivables |
|
|
|
589,281 |
60,518 |
|
|
|
--------------------- |
--------------------- |
|
|
|
1,138,112 |
709,143 |
|
|
============ |
============ |
|
|
|
|
| 16. Cash and bank balances |
|
|
| Cash in hand |
|
|
30,735 |
58,252 |
|
| Cash with banks |
|
|
| In current account |
|
|
1,545,820 |
2,285,338 |
|
| In deposit account with SBP |
|
(16.1 ) |
154,211 |
154,211 |
|
|
|
|
--------------------- |
--------------------- |
|
|
|
|
1,700,031 |
2,439,549 |
|
|
|
|
--------------------- |
--------------------- |
|
|
|
|
1,730,766 |
2,497,801 |
|
|
============ |
============ |
|
| 16.1
This represents the balance with State Bank of Pakistan as required by rules
of business |
|
| for
non banking financial institutions. |
|
|
| 17.
Income from lease operations |
|
|
|
|
| Income on lease contracts |
|
|
|
45,653,984 |
38,271,391 |
|
| Front end fee |
|
|
|
841,550 |
854,971 |
|
| Documentation charges |
|
|
|
127,249 |
129,050 |
|
| Late payment charges |
|
|
|
538,648 |
1,006,1 60 |
|
| Lease termination income |
|
|
|
10,395 |
35,900 |
|
| Miscellaneous |
|
|
|
35,939 |
67,334 |
|
|
|
--------------------- |
--------------------- |
|
|
|
47,207,765 |
40,364,806 |
|
|
|
============ |
============ |
|
| 18. Financial charges |
|
| Mark-up on long term loans |
|
|
|
4,025,916 |
3,063,812 |
|
| Mark-up on short term loans |
|
|
|
18,187,876 |
10,227,694 |
|
| Mark-up
on liabilities against assets subject |
|
|
|
|
| to finance lease |
|
|
- |
3,068 |
|
| Commitment
and processing fee |
|
|
- |
319,733 |
|
| Bank charges |
|
|
|
94,855 |
86,471 |
|
|
|
--------------------- |
--------------------- |
|
|
|
22,308,647 |
13,700,778 |
|
|
|
============ |
============ |
|
| 19.
Administrative and operating expenses |
|
|
| Staff salaries and benefits |
|
(19.1 ) |
3,497,274 |
3,167,976 |
|
| G ratu ity |
|
|
387,481 |
320.83 |
|
| Rent, rate & taxes |
|
|
63 280 |
62.66 |
|
| Fee & subscription |
|
|
202 402 |
197.26 |
|
| Printing and stationery |
|
|
309 580 |
402 118 |
|
| Travelling and conveyance |
|
|
66 032 |
79.60 |
|
| Vehicles
running and maintenance |
|
|
274 557 |
251 754 |
|
| Telephone & postage |
|
|
123 817 |
188.95 |
|
| Advertisement |
|
|
40 900 |
117.71 |
|
| 'Repairs and maintenance |
|
|
16 675 |
26.94 |
|
| Business promotion |
|
|
18 355 |
12 244 |
|
| Legal and professional |
|
|
182 205 |
151 705 |
|
| Depreciation |
|
|
446 260 |
164.15 |
|
| Auditors' remuneration |
|
(19.2) |
70 000 |
30.00 |
|
| Books & periodicals |
|
|
22 021 |
25 353 |
|
| Insurance expense |
|
|
149 434 |
91 435 |
|
| Bad debts written off |
|
|
50 751 |
- |
|
| Miscellaneous expenses |
|
|
64 196 |
45,203 |
|
|
|
|
--------------------- |
--------------------- |
|
|
|
|
5,985,220 |
5,335,882 |
|
|
============ |
============ |
|
|
|
|
| 19.1 Number of Employees |
|
| Total
number of employees as at June 30, 1999 are 12 (1998: 12 employees). |
|
|
|
|
|
1999 |
1998 |
|
|
|
|
Rupees |
Rupees |
|
|
| 19.2 Auditors Remuneration |
|
|
|
| Audit fee |
|
|
30,000 |
30,000 |
|
| Special audit fee |
|
|
40,000 |
- |
|
|
|
|
--------------------- |
--------------------- |
|
|
|
|
70,000 |
30,000 |
|
|
|
============ |
============ |
|
| 20. Taxation |
|
|
|
| The
provision for current year represents turnover tax under section 80-D of The
Income Tax |
|
| Ordinance,
1979. The company's income tax assessments upto the assessment year 1998-99 |
|
| have
been completed and the company has filed appeal against the assessment of
Income Tax. |
|
| Deferred
tax is accounted for by using the liability method on all major timing
differences excluding |
|
| tax
effects on those timing differences which are not likely to reverse in
foreseeable future. In |
|
| pursuance
of Securities & Exchange Commission of Pakistan Circular No. 110/C/SEC/99
dated |
|
| September
09, 1999 deferred tax liability pertaining to the periods prior to June 30,
1998 and |
|
| liability
for the year has been transferred to Capital Reserve. |
|
|
| 20.1 Deferred tax liability |
|
|
|
| Amount
provided for as per SECP Circular No. |
|
| 110/C/SEC/99
dated September 9, 1999. |
|
|
4,100,000 |
- |
|
| Provision
for deferred tax liability for the year |
|
|
900,000 |
- |
|
|
|
|
--------------------- |
--------------------- |
|
| Amount
transferred to capital reserve |
|
|
5,000,000 |
- |
|
|
|
|
============ |
============ |
|
| Deferred
tax liability to be provided from |
|
|
|
|
| year 2000 to 2003 |
|
|
16,100,000 |
- |
|
|
|
|
============ |
============ |
|
|
| 21.
Financial instruments and related disclosures |
|
|
|
|
| 21.1 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, reviews and conservative
estimates of |
|
| provisions
for doubtful receivables, if any, and through 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 |
|
|
| 21.2
Fair value of financial instruments |
|
|
| The
estimated fair value of financial instruments are not significantly different
from their |
|
| book
values as shown in these financial statements. |
|
|
| 21.3
Exposure to mark-up rate risk |
|
|
|
| The
company's exposure to risk associated with mark-up rates on its financial
assets and |
|
| liabilities
are summarized as follows: |
|
|
|
Mark-up Bearing |
|
Non Mark-up Bearing |
|
|
|
|
Notes |
Within |
One year |
Within |
One year |
|
|
|
|
one year |
to five years |
one year |
to five years |
Total |
|
|
|
(Rupees) |
(Rupees) |
(Rupees) |
(Rupees) |
(Rupees) |
|
|
| Financial assets |
|
|
| Long term investments |
12 |
- |
650,000 |
- |
- |
650,000 |
|
| Net investment in lease
finance |
11 |
94,303,497 |
207,186,244 |
- |
- |
301,489,741 |
|
| Advances, deposit &
prepayments |
15 |
- |
- |
1,138,112 |
- |
1,138,112 |
|
| cash and bank balances |
16 |
- |
- |
1,730,766 |
- |
1,730,766 |
|
| Equity investment |
12 |
- |
- |
- |
- |
20,554,200 |
|
|
|
--------------------- |
--------------------- |
--------------------- |
--------------------- |
--------------------- |
|
|
|
94,303,497 |
207,836,244 |
2,868,878 |
- |
325,562,819 |
|
|
|
--------------------- |
--------------------- |
--------------------- |
--------------------- |
--------------------- |
|
| Financial liabilities |
|
|
| Long term loans |
5 |
17,500,000 |
5,625,000 |
- |
|
23,125;000 |
|
| Short term borrowings |
7 |
99,927,896 |
- |
- |
|
99,927,896 |
|
| Long term security deposits |
6 |
- |
- |
8,810,053 |
35,656,372 |
44,466,425 |
|
| Creditors,
accrued & other liabilities |
- |
- |
16,615,564 |
- |
16 615,564 |
|
| Unclaimed dividend |
|
- |
- |
1,340,751 |
- |
1,340,751 |
|
|
|
--------------------- |
--------------------- |
--------------------- |
--------------------- |
--------------------- |
|
|
|
117,427,896 |
5,625,000 |
26,766,368 |
35,656,372 |
185,475,636 |
|
|
--------------------- |
--------------------- |
--------------------- |
--------------------- |
--------------------- |
|
| Net
financial assets/(liabilities) |
(23,124,399) |
202,211,244 |
(23,897,490) |
(35,656,372) |
140,087,183 |
|
|
============ |
============ |
============ |
============ |
============ |
|
|
|
|
| 21.4 Effective mark-up rate |
|
|
|
| The
effective mark-up rates for the Company's financial assets and liabilities
are as follows: |
|
|
| Financial assets |
|
| Investment in lease finance |
|
19.1% - 31.5% |
|
| Long term investments |
|
15% |
|
| Financial liabilities |
|
| Long term loans |
|
19% - 19.5% |
|
| Short term borrowings |
|
17% - 20.075% |
|
|
| 22.
Statement of changes in equity |
|
|
|
|
|
|
|
|
|
Profit for the |
|
|
|
Share |
Special |
Capital |
year and |
|
|
|
Capital |
Reserve |
Reserve |
appropriations |
Total |
|
|
(Rupees) |
(Rupees) |
(Rupees) |
(Rupees) |
(Rupees) |
|
| Balance as at |
|
| July 01, 1997 |
100,000,000 |
8,552,705 |
- |
4,210,824 |
112,763,529 |
|
|
| Net profit for the year |
- |
- |
- |
15,573,688 |
15,573,688 |
|
|
| Appropriations: |
|
|
|
| · Special reserve |
- |
3,114,738 |
- |
(3,114,738) |
- |
|
|
| Proposed dividend |
- |
- |
- |
(10,000,000) |
(10,000,000) |
|
|
|
-------------------- |
-------------------- |
-------------------- |
-------------------- |
-------------------- |
|
| Balance as at June 30, 1998 |
100,000,000 |
11,667,443 |
- |
6,669,774 |
118,337,217 |
|
|
| Net profit for the year |
- |
- |
- |
18,312,770 |
18,312,770 |
|
|
| Appropriations: |
|
|
| Special reserve |
- |
3,662,554 |
- |
(3,662,554) |
- |
|
| .Capital reserve |
- |
- |
5,000,000 |
(5,000,000) |
- |
|
| Proposed dividend |
- |
- |
- |
(10,000,000) |
(10,000,000) |
|
|
|
-------------------- |
-------------------- |
-------------------- |
-------------------- |
-------------------- |
|
| Balance as at June 30, 1999 |
100,000,000 |
15,329,997 |
5,000,000 |
6,319,990 |
126,649,987 |
|
|
|
============ |
============ |
============ |
============ |
============ |
|
|
|
|
|
|
|
| 23. Earning per share |
|
1999 |
1998 |
|
| There is no
dilutive effect on the basic earning |
|
| per share of the
company, which is based on: |
|
|
| Profit after taxation
(Rupees) |
|
18,312,770 |
15,573,688 |
|
| Weighted
average number of ordinary shares |
|
10,000,000 |
10,000,000 |
|
|
|
============ |
============ |
|
| Earning per share (Rupees) |
|
1.83 |
1.56 |
|
|
============ |
============ |
|
|
| 24.
Remuneration of chief executive, |
|
| directors and executives |
|
|
|
|
|
|
Chief Executive |
Executives |
|
|
|
1999 |
1998 |
1999 |
1998 |
|
|
|
Rupees |
Rupees |
Rupees |
Rupees |
|
|
| Managerial remuneration |
|
802 764 |
637 452 |
616,580 |
656,448 |
|
| House rent |
|
361 236 |
286 848 |
277,450 |
295,380 |
|
| Bonus |
|
53 121 |
42 776 |
28,110 |
45,348 |
|
| Utilities |
|
107 333 |
121 947 |
86,675 |
65,652 |
|
| Leave fare assistance |
|
66,897 |
53 121 |
34,561 |
51,381 |
|
| Residential
telephone bills reimbursed |
39 539 |
38 537 |
- |
- |
|
| Medical expenses reimbursed |
|
67,341 |
28,447 |
45,053 |
54,704 |
|
| Club subscription |
|
10,125 |
7,384 |
- |
- |
|
|
-------------------- |
-------------------- |
-------------------- |
-------------------- |
|
|
1,508,356 |
1,216,512 |
1,088,429 |
1,168,913 |
|
|
|
============ |
============ |
============ |
============ |
|
| No. of persons |
|
1 |
1 |
2 |
2 |
|
|
|
|
| 24.1
In addition the Chief Executive and Executives have also been allowed partly
use of |
|
| company's
maintained vehicles. |
|
|
|
|
|
| 25.
Transactions with associated companies |
|
| There
have been no transactions with the associated companies in the current year
except for |
|
| normal
routine expenses born by the associated companies on behalf of the company at
other |
|
| offices
which were subsequently repaid. |
|
|
|
|
| 26. General |
|
|
|
|
| - Figures have been rounded off to the
nearest rupee. |
|
| - Previous year's figures have been
re-arranged wherever necessary for the purpose of |
|
| comparison. |
|
|
|
|
|
|
Chief Executive |
|
Director |
|
|
|
| Pattern of Shareholding |
|
|
|
| as at June 30, 1999 |
|
|
| No. of |
Having Shares |
|
Shares |
Percentage |
|
| Share Holders |
From |
To |
Held |
|
|
|
|
| 239 |
1 |
100 |
23,900 |
0.2390 |
|
| 2,903 |
101 |
500 |
1,417,600 |
14.1760 |
|
|
| 320 |
501 |
1000 |
314,900 |
3.1490 |
|
| 373 |
1001 |
5000 |
1,343,300 |
13.4330 |
|
| 77 |
5001 |
10000 |
581,400 |
5.8140 |
|
| 24 |
10001 |
15000 |
310 600 |
3.1060 |
|
| 25 |
15001 |
20000 |
471 500 |
4.7150 |
|
| 5 |
20001 |
25000 |
111 500 |
1.1150 |
|
|
| 1 |
25001 |
30000 |
27 000 |
0.2700 |
|
| 3 |
30001 |
35000 |
95 000 |
0.9500 |
|
| 3 |
35001 |
40000 |
115 600 |
1.1560 |
|
| 4 |
40001 |
45000 |
173 500 |
1.7350 |
|
| 3 |
45001 |
50000 |
150 000 |
1.5000 |
|
| 1 |
50001 |
55000 |
50 500 |
0.5050 |
|
| 2 |
55001 |
60000 |
116 500 |
1.1650 |
|
| 2 |
65001 |
70000 |
137 200 |
1.3720 |
|
| 1 |
70001 |
75000 |
74 000 |
0.7400 |
|
| 6 |
75001 |
80000 |
480 000 |
4.8000 |
|
| 1 |
85001 |
90000 |
90 000 |
0.9000 |
|
| 1 |
90001 |
95000 |
93 000 |
0.9300 |
|
| 3 |
95001 |
100000 |
300 000 |
3.0000 |
|
| 1 |
115001 |
120000 |
116 500 |
1.1650 |
|
| 3 |
155001 |
160000 |
478 000 |
4.7800 |
|
| 1 |
195001 |
200000 |
200 000 |
2.0000 |
|
| 1 |
245001 |
250000 |
250 000 |
2.5000 |
|
| 1 |
300001 |
305000 |
302,000 |
3.0200 |
|
|
| 1 |
335001 |
340000 |
336,500 |
3.3650 |
|
| 1 |
395001 |
400000 |
400,000 |
4.0000 |
|
| 1 |
435001 |
440000 |
440,000 |
4.4000 |
|
| 2 |
495001 |
500000 |
100,000 |
10.000 |
|
| -------------------- |
-------------------- |
-------------------- |
-------------------- |
-------------------- |
|
| 4,009 |
|
10,000,000 |
100.000 |
|
| =========== |
=========== |
=========== |
=========== |
=========== |
|
|
| Categories of Shareholders |
|
|
|
|
|
| P a r t i c u 1 a r s |
Shareholders |
Shareholding |
Percentage |
|
|
| Individuals |
3,990 |
7,756,800 |
77.5680 |
|
| Investment companies / banks |
7 |
1,106,700 |
11.0670 |
|
| Joint stock companies |
2 |
435,000 |
4.3500 |
|
|
| Mutual funds |
5 |
49,000 |
0.4900 |
|
|
| Modaraba/Leasing companies |
2 |
30,000 |
0.3000 |
|
|
| Financial institutions |
2 |
615,500 |
6.1550 |
|
|
| Insurance companies |
1 |
7,000 |
0.0700 |
|
|
|
-------------------- |
-------------------- |
-------------------- |
|
|
4,009 |
10,000,000 |
100.000 |
|
|
|
=========== |
=========== |
=========== |
|
|
|
|
|
|
|
|
|
