| Lease
Pak 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 Annual General
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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| Chairman |
Mian Misbah-ur-Rehman |
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| President & CEO |
M.T. Farooqui |
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| Directors |
Mr. Abdul Rehman |
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|
Mr. Tariq Rehman |
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|
Mr. Naveed Masud |
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|
Agha Najeeb Raza |
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|
Mr. Immad Iftikhar Malik |
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|
Mian Assad
Shuja-ur-Rehman |
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| Company Secretary |
Agha Najeeb Raza |
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| Auditors |
Ford Rhodes, Robson,
Morrow |
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Chartered Accountants |
|
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| Bankers |
Allied Bank of Pakistan
Limited |
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|
Union Bank Limited |
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|
Muslim Commercial Bank
Limited |
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|
Albaraka Islamic Bank
B.S. C.[E.C] |
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|
Gulf Commercial Bank
Limited |
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| Legal Advisors |
Cornelius Lane &
Mufti Advocates & Solicitors |
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|
Mohammad Azeem
Malik-Advocate |
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| Share
Registrars |
M/s. Softlink (Pvt)
Limited |
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| Registered Office & Head
Office |
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| 11-C, Main Gulberg, Lahore |
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| Tel:
092-042-5764631-5764641-5756358 |
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| Fax: 092-042-5713080 |
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| Email:lplpak@brain.net.pk |
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| Notice
of Annual General Meeting |
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| Notice
is hereby given that the 8th Annual General Meeting of Lease Pak Limited will
be held at its Registered Office |
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| at
11-C, Main Gulberg, Lahore on Thursday 23rd December, 1999 at 11:00 A.M. to
transact the following |
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| business: |
|
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| (1)
To Confirm the Minutes of the 7th Annual General Meeting held on 31 st
December, 1998. |
|
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| (2)
To receive and adopt the Audited Accounts of the Company for the year ended
30thJune, 1999 together with |
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| Directors
and Auditors Report thereon. |
|
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| (3)
To appoint auditors of the Company for 1999-2000 and fix their remuneration.
The present auditors M/s |
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| Ford, Rhodes, Robson, Morrow, Chartered
Accountants retire and being eligible offer themselves for |
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| reappointmenl. |
|
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| (4)
To transact any other business with the permission of the Chair. |
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|
By order of the Board |
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| Lahore |
|
Agha Najeeb Raza |
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| Dated: December 02,1999 |
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Company Secretary |
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| Notes: |
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| 1.
The share transfer books of the Company will remain closed from December 17,
1999 to December 23, |
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| 1999 (both days inclusive). |
|
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| 2.
A member of the Company entitled to attend and vole may appoint another
member as his/her proxy to |
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| attend
and vote instead of him/her. Proxies must be received at the Registered
Office of the Company not less |
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| than
48 hours before the time of holding the meeting. |
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|
| 3.
Members are advised to lodge shares for transfer al the office of our
registrars M/S Softlink (Pvt) Limited, |
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| Wings Arcade, 1-K (Commercial), Model Town,
Lahore. |
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| 4.
Members are requested to notify any change in their address immediately to
the Share |
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| Registrar of the Company. |
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| Directors Report |
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| The
Directors have pleasure in presenting the Audited Accounts for the year ended
June 30, 1999. |
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| Financial Results |
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|
1999 |
1998 |
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|
Rupees |
Rupees |
|
|
|
|
| Revenue |
|
83,919,816 |
98,794,562 |
|
| Expenditure |
|
84,475,625 |
86,389,783 |
|
|
------------------ |
------------------ |
|
| Profit/(Loss)
before provisions and tax |
|
(5,55,809) |
12,404,779 |
|
| Provision
for diminution in value of shares |
|
15,451,070 |
5,046,990 |
|
| Provision for doubtful debts |
|
15,455,369 |
1,665,401 |
|
|
------------------ |
------------------ |
|
| Profit/(Loss) before tax |
|
(31,462,248) |
5,692,388 |
|
| Provision for taxation |
|
| Current |
|
1,17.5,000 |
1,000,000 |
|
| Deferred |
|
8,900,000 |
-- |
|
|
------------------ |
------------------ |
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| Profit/(Loss) after tax |
|
(41,537,248) |
4,692,388 |
|
| Un-appropriated
profit brought forward |
|
44,236 |
10,751,848 |
|
|
------------------ |
------------------ |
|
| Profit available for
appropriation |
|
(41,493,012) |
15,444,236 |
|
|
| Appropriations |
|
|
| Interim Dividend |
|
-- |
12,000,000 |
|
| Transfer to capital reserve |
|
-- |
940,000 |
|
| Reserve for contingencies |
|
-- |
2,460,000 |
|
|
------------------ |
------------------ |
|
|
-- |
15,400,000 |
|
|
------------------ |
------------------ |
|
| Profit/(Accumulated
loss) carried forward |
|
(41,493,012) |
44, 236 |
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|
========== |
========== |
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| The Economy |
|
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| The
economy during the year under review progressed in an ambiance of
uncertainty. Despite perceptible public |
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| infrastructure
building, the private sector continued to suffer from inertia and disbelief.
Sanctions imposed by the |
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| international
community, the paucity of expendable foreign exchange and high tariff on raw
material and inputs |
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| further hampered industrial
recovery. |
|
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| Issues
facing the economy and the deepening recession have been around for three
years. Evidently these could not |
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| have
been resolved in a short period of time. Still the domestic investor
confidence and external capital flows |
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| together
seemed to touch the bottom. The leasing industry already in the throes,
barring a handful of exceptions did |
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| not
see any new openings. The brutal ingredients of the impasse were the
thoughtless default by the borrower |
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| combined
with the reticence of the banks in offering fresh credit lines to small and
medium size leasing enterprises. |
|
|
| Clearly
the achievement of a turnaround which energizes industry and stimulates new
investment will require the |
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| implementation
of an internally consistent structural reform. The reform package should
include action against smuggling, |
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| over-capitalization
and willful defaults in conjunction with an across the board lowering of
interest rates and rationalizing |
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| of
tariffs. The financial institutions also need to be encouraged to reduce the
spread between the deposit and lending |
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| rates
and to lend to new projects as well as to the smaller leasing enterprises
based on the merits of their Business |
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| Proposals
thus minimizing the influence of extraneous considerations in making the
credit decisions. |
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| Operating Performance |
|
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| In
the fiscal year 1999 the management focused on reducing the mismatch between
its borrowings and long term funds. The |
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| company
has been conservative in writing new leases and the policy of promoting the
small and medium enterprises and |
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| consumer
leasing was maintained. The exposure of lease portfolio did not exceed 20% in
any single sector. |
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| Due
to a conservative policy on new commitments as well as restricted
availability of long term financing on |
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| reasonable
rate, the net investment in lease declined from 462 million to 359 million at
the close of the year. The |
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| Company
though continued to diversify its marketing mix as well as asset exposure the
investment in plant and |
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| machinery
was reduced to 77% of the total portfolio at the end of the current year from
80% in the previous year. |
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| The
company aims to stabilize its exposure in plant and machinery to 50% within
next three years. |
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| The
company made a nominal operating loss of Rs. 0.55 million. The policy of
making provisions for |
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| diminution
in value of its stock portfolio as well as for doubtful rentals was
continued. After making |
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| provisions
for diminution in value of shares and doubtful debt of Rs. 30.906 million the
company |
|
| incurred
a net loss of Rs. 31.462 million. To present a correct financial position of
the company Rs. |
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| 10.775
million have been provided inclusive of Rs. 8.90 million of deferred tax
liability in accordance |
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| with the requirement of the
ICAP. |
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| With
concerted efforts it was possible to bring down the average cost of borrowing
from 20% to 17.5% |
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| and
to restructure short term and long-term debt to match the terms of leases and
cash flaws. The |
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| company
was at the same time able to rehabilitate a chunk of the company's sick
assets. The management |
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| devoted
special efforts to recover past due rentals and it succeeded in increasing
its recovery ratio from |
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| 82% to 90%. |
|
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| Whereas
the foregoing operational results present a difficult scenario, our
shareholders would appreciate |
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| that
the measures undertaken would lead to restoring health of the company and
positioning it to take |
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| advantage of future
opportunities. |
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|
| Resource Mobilization |
|
|
| Mobilization
of long term credit at reasonable rates remained difficult to secure. Still
the company has |
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| managed
to renew a long term credit line for four years 1o the tune of Rs. 75 million
at a reduced |
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| markup rate of 17 percent. |
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| Future Outlook |
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| For
the fiscal year 2000 the management anticipates a breakeven operational
performance before the |
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| prudential
provisioning and is confident that the company would thereafter return to a
sustained period |
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| of profitability and growth. |
|
|
| Lease
Pak is in advance stage of setting a comprehensive business plan for the
future years. The salient |
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| elements
of the plan for the core leasing business are listed hereunder: |
|
|
| *
Mobilizing long to medium term financing on an ongoing basis in order to meet
its evolving market |
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| activities and targets |
|
|
| *
Structuring its credit and financing packages in a manner that optimum cash
flows as well moderates |
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| the overall financial cost
are ensured |
|
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| *
Targeting high growth businesses with emphasis on service sector including
HRD, health, education |
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| and leisure. |
|
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| *
Pricing of lease facilities on a competitive basis with terms and conditions
tailored according to the |
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| client cash flows |
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| The
financial restructuring plan initiated during the year and aimed at improving
the operational |
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| performance
would be completed during fiscal year 2000. The salient features of the plan
are: |
|
|
| *
Horizontal and vertical integration with institutional sponsors by seeking
additional equity as well as |
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| within the sector merger with good lease
company to benefit from scale, diversification and geographic |
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| penetration |
|
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| * Liquidation of unproductive
assets |
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| The year 2000 compliance |
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| The
company has addressed the year 2000 compliance in relation to the computer
hardware and |
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| software.
All the computer systems are duly Y2k compliant. |
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|
| Acknowledgment |
|
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| We
would like to thank our valued lenders for their financial support and
investors and shareholders |
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| who
have shown patience and have extended cooperation through the year. We would
also like to |
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| thank
the Securities and Exchange Commission of Pakistan and the State Bank of
Pakistan for providing |
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| guidance and support as
needed. |
|
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| We
extend deep appreciation to the company employees for their noteworthy
efforts and dedication in |
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| these difficult times. |
|
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| For
and on behalf of the Board of Director |
|
|
|
M. T. Farooqui |
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|
President & CEO |
|
|
|
|
| Auditors
Report to the Members |
|
|
| We
have audited the annexed Balance Sheet of Lease Pak Limited as at June 30,
1999 and the related profit and |
|
| loss
account and statement of sources and application of funds, together with the
notes forming part thereof, far 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 report |
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| that: |
|
|
| (a)
in our opinion, proper books of account have been kept by the Company as
required by the Companies |
|
| Ordinance, 1984; |
|
|
| (b) in our opinion- |
|
|
| (i)
the balance sheet and profit and loss account together with the notes thereon
have been drawn up in |
|
| conformity
with the Companies Ordinance, 1984 and are in agreement with the books of
account and |
|
| are
further in accordance with accounting policies consistently applied; |
|
|
| (ii)
the expenditure incurred during the year was for the purposes of the
Company's business; and |
|
|
| (iii)
the business conducted, investments made and the expenditure incurred during
the year were in accor- |
|
| dance
with the objects of the Company; |
|
|
| (c)
in our opinion and to the best of our information and according to the
explanations given to us, the balance |
|
| sheet, profit and loss account 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 Zakat and Ushr
Ordinance 1980. |
|
|
| Lahore |
|
Ford, Rhodes, Robson,
Morrow |
|
| December
25, 1999 |
|
Chartered Accountants |
|
|
|
|
|
|
|
| Balance
Sheet as at June 30, 1999 |
|
|
Notes |
1999 |
1998 |
|
|
|
Rupees |
Rupees |
|
| Share Capital and Reserves |
|
|
| Authorised capital |
|
| 30,000,000 (1998' 30,000,000) |
|
| ordinary shares of Rs. 10/-
each |
|
300,000,000 |
300,000,000 |
|
|
========== |
========== |
|
| Issued,
subscribed and paid-up capital |
|
3 |
133,201,800 |
133,201,800 |
|
|
| Reserves |
|
| Capital reserve |
|
4 |
7,639,000 |
7,639,000 |
|
| Reserve for ,contingencies |
|
5 |
6,500,000 |
6,500,000 |
|
| Unappropriated profit |
|
(41,493,012) |
44,236 |
|
|
----------------- |
----------------- |
|
|
(27,354,012) |
14,183,236 |
|
|
| Redeemable capital |
|
6 |
20,000,000 |
55,220,000 |
|
| Long term loans |
|
7 |
90,905,940 |
103,440,269 |
|
| Obligation
under assets subject to finance lease |
|
8 |
1,646,764 |
2,768,809 |
|
| Deposit on lease contracts |
|
9 |
60,595,517 |
71,997,084 |
|
| Deferred liability |
|
10 |
9,334,550 |
759,801 |
|
|
| Current liabilities |
|
| Current
maturity of redeemable capital |
|
68,920,000 |
48,000,000 |
|
| Current maturity of long term
loans |
|
25,999,947 |
31,708,398 |
|
| Current maturity of
obligations under |
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| assets subject to finance
lease |
|
985,506 |
1,134.,656 |
|
| Current
maturity of deposits on lease contracts |
|
13,542,962 |
5,437,913 |
|
| Short term Certificates of
Investment |
|
11 |
30,250,000 |
45,000,000 |
|
| Short term finances |
|
12 |
40,234,644 |
79,351,256 |
|
| Accrued and other liabilities |
|
13 |
41,616,608 |
21,939,983 |
|
| Unclaimed dividend |
|
168,552 |
204,475 |
|
| Income Tax payable |
|
195,942 |
177, 111 |
|
|
----------------- |
----------------- |
|
|
|
221,914,161 |
232,953,792 |
|
| Contingencies and commitments |
|
14 |
----------------- |
----------------- |
|
|
510,244,720 |
614,524,791 |
|
|
========== |
========== |
|
|
| Tangible fixed assets |
|
15 |
13,617,020 |
15,431,860 |
|
| Net investment in lease
finance |
|
16 |
|
| Minimum lease payments
receivable |
|
384,481,044 |
536, 831,707 |
|
| Add: Residual Value |
|
80,736,671 |
84,744,987 |
|
|
----------------- |
----------------- |
|
| Gross lease payments
receivable |
|
465,217,715 |
621,576,694 |
|
| Less: Unearned finance income |
|
106,045,400 |
159,264,328 |
|
|
----------------- |
----------------- |
|
| Net investment in lease
finance |
|
359,172,315 |
462,312,366 |
|
| Less:
Current maturity of net investment in lease finance |
|
116,118,883 |
114,880,071 |
|
| Less:
Provision for doubtful receivables |
|
3,534,436 |
768,090 |
|
|
----------------- |
----------------- |
|
|
239,518,996 |
346,664,205 |
|
|
| Long term investments |
|
17 |
22,723,445 |
37,282,496 |
|
| Long term advances |
|
18 |
78,995 |
4,902,816 |
|
| Long
term deposits and deferred costs |
|
19 |
2,259,687 |
5,627,467 |
|
|
|
|
|
|
| Currents assets |
|
| Current
maturity of net investment in lease finance |
|
16.1 |
115,474,160 |
114,692,484 |
|
| Short term finance-
considered good |
|
20 |
40,300,000 |
35,300,000 |
|
| Advances, deposits,
prepayments |
|
| and other receivables |
|
21 |
52,062,947 |
29,468,689 |
|
| Short term investments |
|
22 |
1,000,100 |
1,000,100 |
|
| Accrued income |
|
23 |
22,365,037 |
21,749, 196 |
|
| Cash and bank balances |
|
24 |
844,333 |
2,405,478 |
|
|
|
----------------- |
----------------- |
|
|
232,046,577 |
204,615,947 |
|
|
----------------- |
----------------- |
|
|
510,244,720 |
614,524,791 |
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these accounts. |
|
|
| M. T. Farooqui |
|
Agha Najeeb Raza |
|
| Chief Executive |
|
Director |
|
|
|
| Profit and loss account |
|
| for
the year ended June 30, 1999 |
|
|
Notes |
1999 |
1998 |
|
|
|
Rupees |
Rupees |
|
| Revenue |
|
|
|
| Income from leasing
operations |
|
25 |
77,024,493 |
86,766,663 |
|
| Income from bank deposits |
|
|
75,455 |
335,488 |
|
| Income on long term
investments |
|
26 |
858,858 |
983, 151 |
|
| Other income |
|
27 |
5,961,010 |
10,709,260 |
|
|
|
----------------- |
----------------- |
|
|
|
83,919,816 |
98,794,562 |
|
| Expenditure |
|
| Return
on borrowings and financial charges |
|
28 |
66,172,035 |
70,290,582 |
|
| Administrative
and operating expenses |
|
29 |
18,018,653 |
15,029,417 |
|
| Amortization of deferred
costs |
|
19.1 |
284,937 |
1,069,784 |
|
|
|
----------------- |
----------------- |
|
|
|
84,475,625 |
86,389,783 |
|
|
|
----------------- |
----------------- |
|
| (Loss)/profit
before provisions and tax |
|
|
(555,809) |
12,404,779 |
|
| Provision
for diminution in value of shares |
|
|
15,451,070 |
5,046,990 |
|
| Provision for doubtful debts |
|
|
15,455,369 |
1,665,401 |
|
|
|
----------------- |
----------------- |
|
|
|
30,906,439 |
6,712,391 |
|
|
|
----------------- |
----------------- |
|
| (Loss)/Profit before tax |
|
|
(31,462,248) |
5,692,388 |
|
|
| Provision for taxation -
Prior year |
|
- |
85,273 |
|
|
- Current year |
|
1,175,000 |
914,727 |
|
|
- Deferred tax |
|
8,900,000 |
-- |
|
|
----------------- |
----------------- |
|
|
10, 075,000 |
1,000,000 |
|
|
----------------- |
----------------- |
|
| (Loss)/Profit after tax |
|
(41,537,248) |
4,692,388 |
|
| Unappropriated
profit brought forward |
|
44,236 |
10,751,848 |
|
|
----------------- |
----------------- |
|
| (Loss)/Profit
available for appropriations |
|
(41,493,012) |
15,444,236 |
|
|
| Appropriations |
|
|
| Interim
dividend Rs. Nil (1998: @ 10%) |
|
-- |
12,000,000 |
|
| Transfer to capital reserve |
|
-- |
940,000 |
|
| Reserve for contingencies |
|
-- |
2,460,000 |
|
|
----------------- |
----------------- |
|
|
-- |
15,400,000 |
|
|
----------------- |
----------------- |
|
| (Accumulated
Ioss)/Unappropriated profit carried forward |
|
(41,493,012) |
44, 236 |
|
|
----------------- |
----------------- |
|
| Earning Per Share |
|
30 |
(3.12) |
0.37 |
|
|
|
|
========== |
========== |
|
|
|
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
| Statement
of sources and application of funds (cash flow) |
|
| for the year ended June 30,
1999 |
|
|
Notes |
1999 |
1998 |
|
|
|
Rupees |
Rupees |
|
|
| Net cash from operating
activities |
|
A |
(65,957, 173) |
26, 125,872 |
|
| Cash flow from investing
activities |
|
| Purchase of fixed assets |
|
(484,950) |
(4,997,900) |
|
| Sale
proceeds on disposal of fixed assets |
|
493,711 |
257,607 |
|
| Investment in lease finance |
|
(21,593,970) |
136,083,325) |
|
| Repayment
of investment in lease finance |
|
124,734,021 |
77,339,285 |
|
| Long term investments |
|
(751,262) |
(1 ,847,244) |
|
| Long term advances- disbursed |
|
(152,898) |
(3,975,696) |
|
| Long term advances-recovered |
|
474,777 |
1,853,768 |
|
| Long term deposits and
deferred cost |
|
(1,212,908) |
(2,805,700) |
|
|
----------------- |
----------------- |
|
| Net cash from investing
activities |
|
101,506,521 |
(70,259,205) |
|
| Cash flow from financing
activities |
|
| Share capital |
|
-- |
13,201,800 |
|
| Redeemable capital |
|
(14,300,000) |
3,220,000 |
|
| Long term loan |
|
(18,242,780) |
1,982,000 |
|
| Obligalion
under finance lease- acquired |
|
325,000 |
4,318,975 |
|
| Obligation
under finance lease- repaid |
|
(1,596,195) |
(864,608) |
|
| Marginal
deposit on lease arrangements |
|
6,173,171 |
24,650, 110 |
|
| Marginal
deposit on lease arrangements- adjusted |
|
(9,469,689) |
660,845) |
|
|
----------------- |
----------------- |
|
| Net cash used in financing
activities |
|
(37,110,493) |
45 847,432 |
|
|
----------------- |
----------------- |
|
| Net
(decrease)/increase in cash and cash equivalents |
|
(1,561,145) |
1 714,099 |
|
| Cash
and cash equivalents at the beginning of the year |
B |
2,405,478 |
691,379 |
|
|
|
----------------- |
----------------- |
|
| Cash
and cash equivalents at the end of the year |
|
B |
844,333 |
2,405,478 |
|
|
========== |
========== |
|
| M. T. Farooqui |
Agha Najeeb Raza |
|
| Chief Executive |
Director |
|
|
|
| Notes
to the statement of sources and application of funds (cash flow) |
|
| for
the year ended June 30, 1999 |
|
|
|
1999 |
1998 |
|
|
Rupees |
Rupees |
|
| A.
Cash flow from operating activities |
|
|
| Net (loss)/profit before tax |
|
(31,462,248) |
5,692,388 |
|
|
| Adjustments for: |
|
| Depreciation |
|
1,635,368 |
1,897,255 |
|
| Loss/(Gain)
on disposal of fixed assets |
|
170,711 |
(103,994) |
|
| Solid
Waste Management Project Expenses |
|
2,083,620 |
- |
|
| Provision for doubtful debts |
|
15,455,369 |
1,665,401 |
|
| Provision for permanent
diminution |
|
|
|
| against long term investments |
|
15,310,313 |
5,046,990 |
|
| Provision far deferred
taxation |
|
8,900,000 |
- |
|
| Provision for gratuity |
|
176,811 |
759,801 |
|
| Reversal of provision for
gratuity |
|
(177,876) |
(177,876) |
|
| Amortization of deferred
costs |
|
4,643,488 |
4,658,811 |
|
|
----------------- |
----------------- |
|
|
48,197,804 |
13,924,264 |
|
|
----------------- |
----------------- |
|
| Operating
profit before working capital changes |
|
16,735,556 |
19,616,652 |
|
|
| (Increase)/decrease in: |
|
| Short term finance |
|
(5,000,000) |
16,900,000 |
|
| Advances,
deposits, prepayments and |
|
|
|
| other receivables |
|
(25,063,851) |
(20,672,391) |
|
| Short term investments |
|
-- |
(475, 100) |
|
| Accrued income |
|
(8,022,613) |
(7,483,567) |
|
|
----------------- |
----------------- |
|
|
(38,086,464) |
11,731,058) |
|
| Increase/(decrease) in: |
|
| Short term certificates of
investment |
|
(14,750,000) |
(9,000,000) |
|
| Short term finance |
|
(39,116,612) |
39,611,390 |
|
| Accrued and other liabilities |
|
19,676,625 |
1,152,080 |
|
|
----------------- |
----------------- |
|
|
(34,189,987) |
31,763,470 |
|
|
|
|
|
| Gratuity paid |
|
(324,186) |
-- |
|
| Dividend paid |
|
(35,923) |
11,929,664) |
|
| Income tax paid |
|
(10,056,169) |
(1,593,528) |
|
|
----------------- |
----------------- |
|
|
(10,416,278) |
13,523,192) |
|
|
----------------- |
----------------- |
|
| Net cash from operating
activities |
|
(65,957,173) |
26,125,872 |
|
|
========== |
========== |
|
|
| B- Cash and cash equivalents |
|
| Cash
and cash equivalents included in cash flow statement comprise only cash and
bank balances as |
|
| appearing in balance sheet. |
|
|
|
| Notes to the accounts |
|
| for
the year ended June 30, 1999 |
|
|
| 1.
Legal status and nature of business |
|
|
| The
Company was incorporated in Pakistan as a public limited company on September
18, 1991 and is |
|
| listed
on the Karachi, Lahore and Islamabad Stock Exchanges. It essentially carries
on the business of leasing. |
|
| It
is classified as a Non-Banking Financial Institution by the State Bank of
Pakistan under the Banking Companies |
|
| Ordinance, 1962. |
|
|
| 2. Significant accounting
policies |
|
|
| 2.1 Accounting Convention |
|
|
| The
financial slatements are prepared under the historical cost convention. |
|
|
| 2.2
Tangible Fixed Assets and Depreciation |
|
|
| Owned |
|
| Fixed
assets for own use are stated at cost less accumulated depreciation.
Depreciation an these assets |
|
| is
calculated by applying the straight line method whereby the cost of assets is
written off over their |
|
| estimated useful lives. |
|
|
| Depreciation
on fixed assets is charged proportionately from the month of acquisition upto
the month |
|
| prior
to deletion. Maintenance and normal repairs are charged to income as and when
incurred, major |
|
| improvements
are capitalized. Gain / (Loss) on disposal of fixed assets is taken to income
currently. |
|
|
| Leased |
|
| Leased
assets held under finance lease are slated at cost less accumulated
depreciation at the rates and |
|
| basis
applicable to company owned assets. The outstanding obligations under the
lease less finance |
|
| charges
allocated to future periods are shown as liability. The finance charges are
calculated at the |
|
| interest
rate implicit in the lease and are charged to income currently. |
|
|
|
| 2.3 Employees Retirement
Benefits |
|
|
| The
Company operates recognised contributory provident fund for all its permanent
employees and |
|
| contributions
to the fund, are made by the Company and the employees in accordance with the |
|
| employment rules. |
|
|
| The
Company also operates an unfunded gratuity scheme for all its permanent
employees and contributions |
|
| are
made by the Company in accordance with the employment rules. No gratuity is
payable to employees |
|
| who
have served for less than five continuous years. |
|
|
| 2.4 Deferred Casts |
|
|
| These
are being amortized over a period of five years beginning from the year of
incurrence thereof. |
|
| Funds
arrangement fee is being amortized over the loan period or 5 years whichever
is less. |
|
|
| 2.5 Investments |
|
| Long term Investments |
|
| These
are stated at moving average cost of the respective entities
shares/certificates. However, provision |
|
| is
made for permanent impairment, if any, on an individual scrip basis. Gain or
loss on sale of investment |
|
| is taken to income currently. |
|
|
| 2.6 Revenue Recognition |
|
| The
Company follows the Financing Method to recognize the income on finance
leases. The unear ned |
|
| finance
income i.e., the excess of aggregate lease rentals and the residual value
over the cost of the |
|
| leased
asset is amortized to income over the lease term by applying the annuity
method to produce a |
|
| constant
rate of return on the net investment in the lease. Whereby expectation of
ultimate recovery is |
|
| uncertain,
the revenue recognition to that extent is postponed till the actual
collection thereof. |
|
|
| Dividend
income from quoted entities is recognized when right to receive is
established. |
|
|
| Income
on government securities is recognized by prorated accruals of the
differential in costs and |
|
| maturity
values and/or the coupon rate applicable. |
|
|
| Income
from short-term finance / morabaha is recognized on a time proportion basis. |
|
| Project
examination, consultancy, commitment and other charges are taken to income
when realized. |
|
|
| 2.7 Taxation |
|
| Current |
|
| Income
for the purpose of computing current taxation is determined under the
provisions of the income tax |
|
| law
whereby lease income received or receivable for the year are deemed to be
income. Provision for |
|
| taxation
is thus based on income determined in accordance with the requirements of the
income tax law. |
|
|
| Deferred |
|
| The
Company accounts for deferred taxation expense using the liability/method on
all significant timing |
|
| differences
and is being dealt with as stated in note 33.2 to the accounts. |
|
|
| 2.8 Foreign Currencies |
|
| Transactions
in foreign currencies are accounted for in rupees at the role prevailing on
the date of the |
|
| transaction.
Assets and liabilities in foreign currencies are translated into rupees al
the rate of exchange |
|
| prevailing
at the balance sheet date except for liabilities covered under risk exchange
coverage scheme, |
|
| which
are translated at the respective booked rates. Exchange difference, if any,
arising from translation |
|
| at
year-end is taken to profit and loss account. |
|
|
|
1999 |
1998 |
|
|
Rupees |
Rupees |
|
|
|
|
| 3.
Issued, subscribed and paid-up capital |
|
|
| 13,320,180 (1998: 13,320,180) |
|
| ordinary shares of Rs. 10/-
each |
|
| fully paid up in cash |
|
133,201,800 |
133,201,800 |
|
|
========== |
========== |
|
|
|
|
| 4. Capital reserve |
|
|
| Opening balance |
|
7,639,000 |
6,699,000 |
|
| Transferred
from profit and loss account |
|
-- |
940,000 |
|
|
----------------- |
----------------- |
|
|
7,639,000 |
7,639,000 |
|
|
========== |
========== |
|
|
| This
represents special reserve created under Rule-3 of SBP s Rules of Business
(Prudential Regulations) for Non- |
|
| Banking Financial
Institutions. |
|
|
| 5. Reserve for contingencies |
|
|
| Opening balance |
|
6,500,000 |
4,040,000 |
|
| Transferred
from profit and loss account |
|
-- |
2,460,000 |
|
|
----------------- |
----------------- |
|
|
6,500,000 |
6,500,000 |
|
|
========== |
========== |
|
|
| This reserve has been created against net
investment in lease portfolio to meet unforeseeable future losses. |
|
|
| 6. Redeemable capital |
|
| Secured: |
|
| First Allied Bank Modaraba |
|
(Note: 6.1) |
20,000,000 |
20,000,000 |
|
|
| Unsecured: |
|
| Bankers Equity Limited |
|
(Note: 6.2) |
67,000,000 |
81,000,000 |
|
| Others |
|
(Note: 6.3) |
1,920,000 |
2,220,000 |
|
|
----------------- |
----------------- |
|
|
88,920,000 |
103,220,000 |
|
| Less: Current maturity |
|
68,920,000 |
48,000,000 |
|
|
----------------- |
----------------- |
|
|
20,000,000 |
55,220,000 |
|
|
========== |
========== |
|
|
| 6.1
This represent credit facility obtained under musharika arrangement for
working capital for Rs. 20 |
|
| million
for a period of 4 years. It carries mark-up at the rate of 21% per annum,
payable on quarterly |
|
| basis.
The principal is repayable in lumpsum at maturity. The facility is secured by
specific charge on |
|
| leased assets of the company. |
|
|
| 6.2
This represents the balance of credit facility of Rs. 100 million obtained
under musharika arrangement |
|
| for
company's operations. It carries mark-up at the rate of 17 % per annum and
the balance is |
|
| repayable
in 12 unequal monthly installments. The facility is unsecured,
non-participatory and non- |
|
| convertible. |
|
|
| 6.3
This represents balance of credit facility obtained from individual under
musharika arrangement of |
|
| Rs.
2.22 million for a period of 2 years. It carries mark-up at the rate of 18 %
per annum, payable |
|
| on
quarterly basis. The principal is repayable in lumpsum at maturity. It is
unsecured, non-participatory |
|
| and non-convertible. |
|
|
|
1999 |
1998 |
|
|
Rupees |
Rupees |
|
| 7. Long term loans-secured |
|
|
| Allied Bank of Pakistan
Limited |
|
(Note: 7.1) |
80,665,334 |
84,998,667 |
|
| Muslim Commercial Bank
Limited |
|
(Note: 7.2) |
3,433,328 |
5, 150,000 |
|
| Asset Investment Bank Limited |
|
(Note: 7.3) |
14,584,293 |
20,000,000 |
|
| Al-baraka Islamic Bank B.S.C.
[E.C] |
|
(Note: 7.4) |
7,262,912 |
10,000,000 |
|
| Pak-Libya
Holding Company (Pvt) Limited |
|
(Note: 7.5) |
10,960,020 |
15,000,000 |
|
|
|
----------------- |
----------------- |
|
|
|
116,905,887 |
135, 148,667 |
|
| Less: Current maturity |
|
|
25,999,947 |
31,708,398 |
|
|
|
----------------- |
----------------- |
|
|
|
90,905,940 |
103,440,269 |
|
|
========== |
========== |
|
|
| 7.1
This represents demand finance facilities with sanctioned amount of Rs. 100
million (DI-I) and Rs. 20 |
|
| million (DF41), for financing company's
operations. The principal portion of DF-I, along with mark-up, is |
|
| repayable in unequal monthly installments
commencing from October 1999. It carries mark-up al the rate |
|
| of 17% per annum, payable monthly. The
balance of DF II is repayable in equal half-yearly installments. |
|
| The facilities are secured against specific
leased assets. |
|
|
| 7.2
This represents demand finance facilities with sanctioned amount of Rs. 5.15
million for a period of 3 years |
|
| and carries mark up at the rate of 19 % per
annum, payable in equal quarterly installmenls. These facilities |
|
| are secured against specific leased assets
and assignment of the lease rentals of the company. |
|
|
| 7.3
This represents morabaha finance facility with sanctioned amount of Rs.20
million, repayable in 12 equal |
|
| quarterly installments, for financing the
company's operations. It carries mark up at the rate of 20 % per |
|
| annum, payable in quarterly installments.
The facility is secured against specific leased assets. |
|
|
| 7.4
This represents morabaha finance facility with sanctioned amount of Rs. 10
million, for financing the company's |
|
| operations. It carries mark-up at the rate
of 19 % per annum. The facility is payable in 12 equal quarterly |
|
| installments inclusive of mark-up. The
facility is secured against specific leased assets. |
|
|
| 7.5
This represents investment facility with a sanctioned amount of Rs. 15
million, for financing the company's |
|
| operations. It carries mark-up at the rate
of 20.50% per annum. The facility is repayable in 12 equal |
|
| quarterly installments inclusive of
mark-up. The facility is secured against specific leased assets. |
|
|
| 8.
Obligation against assets subject to finance lease |
|
|
| The
rate of interest used as the discounting factor (i.e. implicit in the lease)
is between 18.38% to 19.37% p.a.. |
|
|
| The
amounts of future payments and the periods during which they fall due are' |
|
|
| Year ending June 30, |
|
|
1999 |
|
- |
1,796,020 |
|
|
2000 |
|
1,407,936 |
1,523,340 |
|
|
2001 |
|
1,407,936 |
1,523,340 |
|
|
2002 |
|
475,274 |
389,798 |
|
|
|
|
----------------- |
----------------- |
|
|
3,291,146 |
5,232,498 |
|
| Less:
Unamortized future finance charges |
|
658,876 |
1,329,033 |
|
|
----------------- |
----------------- |
|
|
2,632,270 |
3,903,465 |
|
| Less: Current maturity |
|
985,506 |
1,134,656 |
|
|
----------------- |
----------------- |
|
|
1,646,764 |
2,768,809 |
|
|
========== |
========== |
|
|
| The
lease rentals are payable in monthly installments. The amount of rentals
payable in 2002 include the |
|
| amount
of salvage value adjustable at the end of the lease term. The lease
agreements carry renewal option |
|
| at
the end of lease period and there are no financial restrictions in the lease
agreements. |
|
|
|
1999 |
1998 |
|
|
Rupees |
Rupees |
|
| 9.
Marginal deposits on lease arrangements |
|
|
| Marginal
deposits on lease arrangements |
|
74,138,479 |
77,434,997 |
|
| Less: Current maturity |
|
13,542,962 |
5,437,913 |
|
|
----------------- |
----------------- |
|
|
60,595,517 |
71,997,084 |
|
|
========== |
========== |
|
|
| These
represent interest free security deposits received against lease contracts
and are adjustable/repayable at |
|
| the
expiry of their respective lease periods. |
|
|
| 10. Deferred liability |
|
|
| Provision for deferred
taxation |
|
8,900,000 |
-- |
|
| Provision for gratuity |
|
434,550 |
759, 801 |
|
|
----------------- |
----------------- |
|
|
9,334,550 |
759,801 |
|
|
========== |
========== |
|
|
|
|
| 11.
Short term certificates of investment |
|
| These
represent amounts accepted by the company from depositors in accordance with
the permission to issue |
|
| registered
certificates of investment granted by the Securities and Exchange Commission
of Pakistan. |
|
|
| These
certificates are for a period ranging from six months to one year and the
return is paid on predetermined |
|
| rates
as negotiated with respective customers. |
|
|
| 12. Short term finances |
|
|
| Secured: |
|
| Commercial Bank |
|
(Note: 12.1 |
1,842,644 |
1,759,256 |
|
|
| Unsecured: |
|
| NBFIs & DFI |
|
(Note: 12.2) |
29,000,000 |
65,000,000 |
|
| Others |
|
(Note: 12.3) |
9,392,000 |
12,592,000 |
|
|
----------------- |
----------------- |
|
|
40,234,644 |
79,351,256 |
|
|
========== |
========== |
|
|
| 12.1
This represents a running finance facility with sanctioned amount of Rs. 3.75
million and is secured |
|
| against
hypothecation of specific leased assets. The facility carries mark-up at the
rate of 20% per |
|
| annum. |
|
|
| 12.2
These represent short term placements for a period of three months. The rates
of mark-up range from 18% |
|
| to 20% per annum. |
|
|
| 12.3
The Company has arranged short term funds under musharika arrangements from
individual investors |
|
| for the operations of the company. The
provisional rate of return ranges from 17% to 20% per annum, |
|
| however, final share in profit between the
company and investors is in the same ratio as their respective |
|
| contributions. |
|
|
| The
redeemable capital is unsecured, non participatory and non convertible. |
|
|
|
1999 |
1998 |
|
|
Rupees |
Rupees |
|
| 13. Accrued and other
liabilities |
|
|
| Accrued
mark up on secured long term loans |
|
19,285,927 |
5,554,054 |
|
| Accrued
mark up on unsecured short term finances |
|
662,013 |
1,414,068 |
|
| Accrued profit on redeemable
capital |
|
2,003,858 |
5,724, 183 |
|
| Accrued
mark up on certificate of investments |
|
3,553,063 |
3,648,977 |
|
| Accrued liabilities |
|
144,420 |
490, 116 |
|
| Other liabilities |
|
15,967,327 |
5,108,585 |
|
|
----------------- |
----------------- |
|
|
41,616,608 |
21,939,983 |
|
|
========== |
========== |
|
| Contingencies and commitments |
|
| a) Contingencies |
|
| Nil (1998: Nil) |
|
|
| b) Commitments |
|
| Nil (1998: Nil) |
|
|
| 15. Tangible fixed assets |
|
|
|
|
COST |
|
DE PRECIATION |
Book Value |
|
|
As at |
|
As at |
|
Charge |
|
as at |
|
|
July 01, |
Additions/ |
June 30, |
Accumu |
for the |
Rate |
June 30, |
|
|
1998 |
(Deletions) |
1999 |
lated |
year |
% |
1999 |
|
|
|
(Rupees |
|
|
| Company owned assets |
|
|
| Freehold land |
10,127,500 |
-- |
10,127,500 |
-- |
-- |
-- |
10,127,500 |
|
| Furniture and fixtures |
1,319,605 |
10,000 |
1,211,025 |
644,138 |
127,512 |
10 |
566,887 |
|
|
|
(118,580) |
|
|
| Office equipments |
2,319,320 |
149,950 |
2,259,100 |
1,626,245 |
323,005 |
20 |
632,855 |
|
|
(210,170) |
|
| Vehicles |
568,420 |
1,677,950* * |
1,000,650 |
1,000,650 |
275,944 |
25 |
|
|
(1,245,720) |
|
|
----------------- |
----------------- |
----------------- |
----------------- |
----------------- |
----------------- |
----------------- |
|
|
14,334,845 |
1,837,900 |
14,598,275 |
3,271,033 |
726,461 |
|
11,327,242 |
|
|
(1,574,470) |
|
| Assets subject to |
|
| finance lease |
|
|
| Vehicles |
5,286,475 |
325,000 |
3,933,525 |
1,643,747 |
908,907 |
25 |
2,289,778 |
|
|
(1,677,950) |
|
|
|
----------------- |
----------------- |
----------------- |
----------------- |
----------------- |
----------------- |
----------------- |
|
|
19,621,320 |
2,162,900 |
18,531,800 |
4,914,780 |
1,635,368 |
|
13,617,020 |
|
|
(3,252,420) |
|
|
----------------- |
----------------- |
----------------- |
----------------- |
----------------- |
----------------- |
----------------- |
|
| 1998 |
17,259,817 |
6,822,900 |
19,621,320 |
4,189,460 |
1,897,255 |
|
15,431,860 |
|
|
(4461,397) |
|
|
========== |
========== |
========== |
========== |
========== |
========== |
========== |
|
|
| 15.1
(**) Additions to vehicles represent transfer from leased assets at the
completion of lease terms. |
|
|
| 15.2
Particulars of disposal of fixed assets: |
|
|
|
Original |
Accumulated |
|
Sale |
Profit/ |
Mode of |
|
|
cost |
depreciation |
Book value |
proceeds |
(Loss) |
disposal |
Particulars of purchaser |
|
|
|
|
|
|
|
| Furniture and fixtures |
63,400 |
10,042 |
53,358 |
20,005 |
(33,353) |
Company |
Mr. CM. Saleem Cheema |
|
|
policy |
(Ex Chief Executive) |
|
|
| Furniture and fixtures |
55,180 |
20,257 |
34,923 |
34,923 |
|
Company |
Mr. Arif Ahmed |
|
|
policy |
(Ex Senior Vice
President) |
|
|
| Office equipment |
158,200 |
61,260 |
96,940 |
38,595 |
(58,345) |
Company |
Mr. C.M. Saleem Cheema |
|
|
policy |
(Ex-Chief Executive) |
|
|
| Office equipment |
19,820 |
15,515 |
4,305 |
4,305 |
|
Company |
Mr. Arif Ahmed |
|
|
policy |
(Ex-Senior Vice
President) |
|
|
| Office equipment |
14,000 |
3,965 |
10,035 |
7,000 |
(3,035) |
Negotiation |
ANR Enterprises |
|
|
Hafiz Centre, Lahore |
|
|
| Office equipment |
18,150 |
16,640 |
1,510 |
9,000 |
7,490 |
Negotiation |
Mr. Mohammad Ashraf |
|
|
| Vehicle |
717,450 |
254,099 |
463,351 |
300,000 |
(163,351) |
Company |
Mr. C.M. Saleem Cheema |
|
|
policy |
(Ex Chief Executive) |
|
|
| Vehicle |
230,770 |
230,770 |
-- |
65,008 |
65,008 |
Company |
Mr. Arif Ahmed |
|
|
|
|
policy |
(Ex-Senior Vice President |
|
|
|
|
| Vehicle |
297,500 |
297,500 |
-- |
14,875 |
14,875 |
Company |
Mr. Agha Najeeb Raza |
|
|
policy |
Executive Director |
|
|
----------------- |
----------------- |
----------------- |
----------------- |
----------------- |
|
|
1,574,470 |
910,048 |
664,422 |
493,711 |
170,711) |
|
|
========== |
========== |
========== |
========== |
========== |
|
|
|
|
|
1999 |
1998 |
|
|
Rupees |
Rupees |
|
|
| 16. Net investment in lease
finance |
|
|
| 16.1
Current maturity of net investment in lease finance |
|
116, 118,883 |
114,880,071 |
|
| Less: Provision for doubtful
debts |
|
644,723 |
187,587 |
|
|
----------------- |
----------------- |
|
|
115,474, 160 |
114,692,484 |
|
|
========== |
========== |
|
|
|
|
| 16.2
The lease rentals receivable in the next financial year |
|
| on the existing lease
portfolio |
|
156,363, 199 |
197,733,966 |
|
|
========== |
========== |
|
| 16.3
Leases and advances in excess of 20% of paid-up |
|
| capital and free reserves |
|
|
| Following
are the parties to whom net investment in lease finance |
|
| exceeded
20% i.e. Rs. 19,641,758 (1998: Rs. 27,949,207) |
|
| of
the paid-up capital and free reserves of the company: |
|
|
| Group name |
|
|
| Hashoo group |
|
37,801,260 |
37,733,615 |
|
| Nasim Saigol group |
|
34,250,833 |
29,467,961 |
|
| Pakland cement Limited |
|
42,209,819 |
43,347,634 |
|
| Asset Group |
|
22,074,800 |
- |
|
| Nafees Cotton Mills |
|
28,541,631 |
- |
|
| Atta group |
|
- |
30,037,331 |
|
|
| 16.4
Year end balance of net investment in lease finance to associated |
|
| undertakings
is Rs. 347, 199 (1998 Rs. 1,958,049). |
|
|
| 16.5
Maximum balance of net investment n lease finance due from |
|
| associated
undertakings at the end of any month during the |
|
| year
was Rs. 1,177,568 (1998: Rs. 2,587,031). |
|
|
| 17. Long term investments- at
cost |
|
| Investment
in Listed Companies / Modarabas/Mutual Funds |
|
22,723,445 |
37,282,496 |
|
|
========== |
========== |
|
|
|
|
|
No. of shares/ |
|
|
|
|
Modaraba Certificates |
Average cost |
|
|
|
1999 |
1998 |
1999 |
1998 |
|
|
Rupees |
Rupees |
|
| Name of Company |
|
|
| Associated undertakings |
|
| Soneri Bank Limited |
|
18,288 |
16,598 |
622,990 |
622,990 |
|
| ICC Textile Mills Limited |
|
50,500 |
50,500 |
374,530 |
374,530 |
|
|
| Others |
|
|
| Mutual fund |
|
|
| Growth Mutual Fund Limited |
|
88,500 |
88,500 |
1,658,475 |
1,658,475 |
|
| ICP S.EM.F |
|
63,300 |
63,300 |
2,259,675 |
2,259,675 |
|
| Tri Star Mutual Fund Limited |
|
10,000 |
10,000 |
178,405 |
178,405 |
|
| First Capital Mutual Fund |
|
5,000 |
5,000 |
- |
- |
|
|
| Modarabas |
|
| 1st Fidelity Lease Modaraba |
|
9,900 |
9,900 |
178,050 |
178,050 |
|
| (Formerly: First Nishat
Modaraba) |
|
| First Tri Star Modaraba |
|
25,500 |
25,500 |
489,670 |
489,670 |
|
| (Managed
by: A.R.T. Modaraba Management (Pvt.) Ltd.) |
|
| First Islamic Modaraba |
|
100,000 |
100,000 |
1,000,000 |
1,000,000 |
|
| Long
Term Venture Capital Modaraba |
|
(*) 70,000 |
70,000 |
858,350 |
858,350 |
|
| First Punjab Modaraba |
|
5,040 |
5,040 |
73,296 |
73,296 |
|
|
| Leasing companies |
|
| Askari Leasing Limited |
|
6,000 |
6,000 |
183,750 |
183,750 |
|
| National
Development Leasing Corporation Ltd. |
|
(*) 30,334 |
30,334 |
955,880 |
955,880 |
|
| National
Asset Leasing Corporation Limited |
|
89,600 |
89,600 |
1,703,638 |
1,703,638 |
|
| Paramount Leasing Limited |
|
2,000 |
2,000 |
20,000 |
20,000 |
|
| Pakistan
Industrial Leasing Corporation Limited |
|
13,080 |
10,900 |
541,020 |
541,020 |
|
| Saudi-Pak Leasing Company
Limited |
|
| (Formerly:
Standard Chartered Mercantile Leasing) |
|
17,416 |
17,416 |
789,366 |
789,366 |
|
| Union Leasing Limited |
|
39,330 |
34,200 |
750,530 |
750,530 |
|
|
| Investment companies and
banks |
|
| First
Capital Securities Corporation Limited |
|
30,937 |
27 500 |
836 900 |
836,900 |
|
| First
International Investment Bank Limited |
|
11,900 |
11 900 |
443 130 |
443 130 |
|
| AI-Towfeek Investment Bank
Limited |
|
15,000 |
15 000 |
711 375 |
711 375 |
|
| Askari Commercial Bank
Limited |
|
37,701 |
37 701 |
1,406 205 |
1,406 205 |
|
| BankAI-Habib Limited |
|
15,194 |
11 511 |
461 364 |
461 364 |
|
| Crescent Investment Bank
Limited |
|
5,148 |
4 400 |
256 300 |
256 300 |
|
| International
Investment And Financial Services Ltd. |
21,500 |
21 500 |
593 500 |
593 500 |
|
| Metropolitan Bank Limited |
|
15,000 |
11 250 |
443 474 |
443 475 |
|
| Gulf
Commercial Bank (Formerly: Schone Bank Ltd.) |
|
35,000 |
35000 |
775300 |
775300 |
|
| Union Bank Limited |
|
29,109 |
29 109 |
1,048,450 |
1,048 450 |
|
|
| Textile spinning |
|
| Umer Fabrics Limited |
|
23,616 |
23,616 |
511,575 |
511,575 |
|
|
| Textile composite |
|
| Nishat
Mills Limited (Formerly: Nishat Tek Ltd.) |
|
7, 116 |
7, 116 |
620,709 |
620,709 |
|
| Nishat Chunian Mills Limited |
|
72,240 |
72,240 |
1,690,290 |
1,690,290 |
|
| Taj Textile Mills Limited |
|
77,175 |
77,175 |
1,304,375 |
1,304,375 |
|
|
| Textile weaving |
|
| Shahtaj Textile Mills Limited |
|
22,000 |
22,000 |
226,920 |
226,920 |
|
| Mohib Exports Limited |
|
23,500 |
23,500 |
409,978 |
409,978 |
|
|
| Synthetic and rayon |
|
| Dhan Fibers Limited |
|
50,000 |
50,000 |
900,100 |
900,100 |
|
| Ibrahim Fibers Limited |
|
2,000 |
2,000 |
23,700 |
23,700 |
|
| Dewam Salman Fiber Limited |
|
10,000 |
-- |
276,300 |
-- |
|
|
| Sugar |
|
| Haseeb Waqas Sugar Mills
Limited |
|
60,500 |
60,500 |
1,100,120 |
1,100, 120 |
|
|
| Cement |
|
| Fecto Cement Limited |
|
7,500 |
7,500 |
473,550 |
473,550 |
|
| Maple Leaf Cement Factory
Limited |
|
77,662 |
77,662 |
4,750,950 |
4,750,950 |
|
| D.G Khan Cement Limited |
|
10,000 |
-- |
45,000 |
-- |
|
|
| Fuel and energy |
|
| Sui Northern Gas Pipe Lines
Limited |
|
19,173 |
19,173 |
482,806 |
482,806 |
|
| Elahi Electric Company |
|
50,000 |
50,000 |
1,082,500 |
1,082,500 |
|
| Hub Power Company |
|
5,000 |
-- |
65,650 |
-- |
|
| Karachi Electric Supply
Limited |
|
15,000 |
-- |
166,250 |
-- |
|
|
| Cables and electric goods |
|
| Pak Elektron Limited |
|
6,875 |
6,875 |
730,750 |
730,750 |
|
|
| Chemicals and pharmaceuticals |
|
| Engro Chemical Limited |
|
27,340 |
20,700 |
2,794,443 |
2,681,500 |
|
| Fuji Fertilizers Company
Limited |
|
100 |
100 |
4,690 |
8,570 |
|
| ICI Pakistan Limited |
|
135,000 |
125,000 |
3,285,364 |
3,196,364 |
|
| Ravi Alkalis Limited |
|
50,000 |
50,000 |
500,000 |
500,000 |
|
| FFC Jordan |
|
110,000 |
110,000 |
2,021,105 |
2,021,105 |
|
|
|
---------------- |
---------------- |
|
|
43,080,748 |
42,329,486 |
|
| Less:
Provision for permanent diminution |
|
20,357,303 |
5,046,990 |
|
|
---------------- |
---------------- |
|
|
22,723,445 |
37,282,496 |
|
|
========= |
========= |
|
|
| 17.1
The aggregate market value of above quoted investment at year end was
Rs.12,407,919 |
|
| (1998:Rs. 10,643,548). |
|
|
| 17.2
The company's holding does not exceed 10% of the equity of any investee
company. |
|
|
| 17.3
All the shares / certificates have a face value of Rs. 10/- each except for
those marked ( * ) which have |
|
| a face value of Rs. 5/- each. |
|
|
| 17.4
Part of the investments have been made to comply with SBPs Rules of Business
(Prudential Regulations) |
|
| for Non-Banking Financial Institutions. |
|
|
|
1999 |
1998 |
|
|
Rupees |
Rupees |
|
| 18.
Long term advances- Considered good |
|
|
| Advances to: |
|
| - Chief Executive |
|
- |
4,512,840 |
|
| - Executives |
|
689,773 |
753,265 |
|
| - Other Employees |
|
74,411 |
76,794 |
|
|
---------------- |
---------------- |
|
|
764,184 |
5,342,899 |
|
| Less:
Installments recoverable within one year |
|
685,189 |
440,083 |
|
|
---------------- |
---------------- |
|
|
78,995 |
4,902,816 |
|
|
========= |
========= |
|
| No
loan is outstanding for m6re than three years. |
|
|
| Maximum
amount due at the end of any month during the year from Ex-Chief Executive
and executives was |
|
| Rs.4,506,971
(1998: Rs. 2,077,986) and Rs. 883,705 (1998: Rs. 747,407) respectively. |
|
|
| Advances
to employees represent personal loans given in accordance with the Employees
Service Rules and |
|
| are
repayable in accordance therewith. |
|
|
| 19.
Long term deposits and deferred costs |
|
|
|
|
| Deposits
against assets subject to finance lease |
|
196,327 |
278,750 |
|
| Office security deposit |
|
450,000 |
250,000 |
|
| Deferred cost (Note: 19.1) |
|
1,613,360 |
5, 161,517 |
|
|
---------------- |
---------------- |
|
|
2,259,687 |
5,690,267 |
|
| Less:
Current portion of deposit on lease contracts |
|
- |
62 800 |
|
|
---------------- |
---------------- |
|
|
2,259,687 |
5,627,467 |
|
|
========= |
========= |
|
| 19.1 Deferred Cost |
|
|
Opening |
|
Closing |
|
|
balance |
|
balance |
|
|
01.07.1998 |
Additions |
Amortized |
30.06.1999 |
|
|
(Rupees) |
|
|
| Share issue expenses |
|
224,952 |
-- |
224,952 |
-- |
|
| Others |
|
59,985 |
-- |
59,985 |
-- |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
284,937 |
-- |
284,937 |
-- |
|
| Funds arrangement fee |
|
4,876,580 |
1,095,331 |
4,358,551 |
1,613,360 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
|
|
5,161,517 |
1,095,331 |
4,643,488 |
1,613,360 |
|
|
========= |
========= |
========= |
========= |
|
|
|
|
| The above expenditure is
carried forward as it confers the benefit of the |
same to future years. |
|
|
| Amortisation
Of funds arrangement fee Rs.4,358,551 (1998:3,589,027) has been classified
under Return |
|
| on
borrowings and financial charges , Note: 28. |
|
|
|
|
1999 |
1998 |
|
|
|
Rupees |
Rupees |
|
|
| 20. Short term finance |
|
|
| Short term finance- Modaraba |
|
(Note: 20.1) |
18,000,000 |
18,000,000 |
|
| Short term finance-
Investment Bank |
|
(Note: 20.2) |
17,000,000 |
17,000,000 |
|
| Short term finance- Others |
|
(Note: 20.3) |
5,300,000 |
300,000 |
|
|
|
---------------- |
---------------- |
|
|
|
40,300,000 |
35,300,000 |
|
|
========= |
========= |
|
|
|
|
| 20.1
This represents finance provided to modaraba under musharika arrangement.
Provisional rate of return |
|
| (minimum rate) is 24% per annum. This
facility is secured by demand promissory note and hypothecation of assets. |
|
|
| 20.2
This represents short term fund placement with an investment bank and carries
markup at the rate of |
|
| 23% per annum. |
|
|
| 20.3
The Company's terms of financing under buy-back agreements vary between
periods of 90 to 180 |
|
| days with the Company having a right to
demand immediate repayment of the entire balance of |
|
| purchase price. The mark-up rate for
buy-back agreement range from 19% to 24% per annum. These |
|
| are secured by demand promissory note,
hypothecation of stocks, pledge of listed companies shares, |
|
| certificate of investments, and personal
guarantees of the directors of the respective Ioanee companies. |
|
|
| 21.
Advances, deposits, prepayments and |
|
| other receivables |
|
|
| Current
maturity of long term advances to: |
|
| Chief executive |
|
-- |
270,563 |
|
| - Executives |
|
647,785 |
108, 132 |
|
| - Other employees |
|
37,404 |
61,388 |
|
| Current
maturity of deposit on lease contracts |
|
(Note: 19) |
-- |
62,800 |
|
| Short term deposit |
|
(Note 21.1 ) |
14,048,400 |
13,048,400 |
|
| Prepayments |
|
1,475,440 |
1,650,549 |
|
| Lease rentals receivable |
|
(Note 21.2) |
29,873,572 |
11,581,248 |
|
| Advance rent |
|
162,738 |
81,755 |
|
| Other receivables |
|
(Note 21.3) |
5,817,608 |
2,603,854 |
|
|
---------------- |
---------------- |
|
|
52,062,947 |
29,468,689 |
|
|
========= |
========= |
|
|
| 21.1
It includes Rs. 13,048,400 (1998: Rs. 13,048,400), earnest money deposited
with Metropolitan |
|
| Corporation
Lahore against Solid Waste Management Project |
|
|
| 21.2 Lease rentals
receivables |
|
| Lease rentals receivable |
|
35,408,411 |
12,290,972 |
|
| Less:
Provision for doubtful receivable |
|
5,534,839 |
709,724 |
|
|
---------------- |
---------------- |
|
|
29,873,572 |
11,581,248 |
|
|
========= |
========= |
|
|
|
|
| 21
3 This includes house building loan provided to Ex-Chief Executive. |
|
|
| 22. Short term investment |
|
| This
represents investment in National Investment Trust Units to comply with SBP s
Rules of Business (Prudential |
|
| Regulations)
for Non-Banking Financial Institutions. |
|
|
| 23. Accrued income |
|
| This
represents income accrued on advances and bank deposits, accounted for on
time proportionate basis. |
|
|
|
1999 |
1998 |
|
|
Rupees |
Rupees |
|
|
| 24. Cash and bank balances |
|
|
| Cash in hand |
|
193,921 |
44,325 |
|
| Cash at bank |
|
| (Note: 24.1) |
|
(Note: 24.1) |
464,461 |
440,898 |
|
| PLS deposit accounts |
|
185,951 |
1,920,255 |
|
|
---------------- |
---------------- |
|
|
|
844,333 |
2,405,478 |
|
|
|
========= |
========= |
|
|
| 24.1
This includes Rs. 410,000 (1998: Rs. 410,000) deposited with State Bank of
Pakistan as required by |
|
| SBPs
Rules of Business (Prudential Regulations)for NBFIs. |
|
|
| 25. Income from leasing
operations |
|
|
| Return on lease contracts |
|
76,672,271 |
85,339,994 |
|
| Front end fee |
|
174,651 |
1,081,812 |
|
| Commitment and other fees |
|
112,463 |
185,000 |
|
| Misc. lease income |
|
65,108 |
159,857 |
|
|
---------------- |
---------------- |
|
|
77,024,493 |
86,766,663 |
|
|
========= |
========= |
|
|
|
|
| 26. Income on long term
investments |
|
| Profit on sale of quoted
investments |
|
241,035 |
164,819 |
|
| Dividend income |
|
617,823 |
818,332 |
|
|
---------------- |
---------------- |
|
|
858,858 |
983,151 |
|
|
========= |
========= |
|
|
|
|
| 27. Other income |
|
| Mark-up on short-term finance |
|
5,302,606 |
10,121,008 |
|
| Mark-up
on loan to Ex-Chief Executive |
|
311,063 |
323,408 |
|
| Profit/(Loss) on sale of
fixed assets |
|
(170,711) |
103,994 |
|
| Misc. income |
|
518,052 |
160,850 |
|
|
---------------- |
---------------- |
|
|
5,961,010 |
10,709,260 |
|
|
========= |
========= |
|
|
|
|
| 28.
Return on borrowings and financial charges |
|
|
| Mark-up on long term loans |
|
24,372,189 |
22,016,656 |
|
| Mark-up on short term
borrowings |
|
9,273,089 |
13,128,385 |
|
| Profit on redeemable capital |
|
19,461,924 |
15,867,321 |
|
| Return on certificates of
investment |
|
7,917,532 |
14,707,898 |
|
| Finance
charges against assets subject to finance lease |
|
666,637 |
750,306 |
|
| Amortization
of funds arrangement fee |
|
(Note: 19.1 ) |
4,358,551 |
3,589,027 |
|
| Bank charges and others |
|
122,113 |
230,989 |
|
|
---------------- |
---------------- |
|
|
66,172,035 |
70,290,582 |
|
|
========= |
========= |
|
|
|
|
| 29.
Administrative and operating expenses |
|
| Salaries, allowances and
benefits |
|
6,669,066 |
7, 199,876 |
|
| Rent |
|
880 146 |
800 433 |
|
| Repair and maintenance |
|
253 841 |
278 949 |
|
| Utilities |
|
357 162 |
289 087 |
|
| Travelling and conveyance |
|
452 729 |
528 654 |
|
| Vehicle running and
maintenance |
|
1,073 858 |
761 022 |
|
| Legal and professional
charges |
|
(Note: 29.1) |
417 850 |
315 400 |
|
| Registrar services |
|
81 000 |
70 245 |
|
| Telephone and postage |
|
832 568 |
916 678 |
|
| Printing and stationery |
|
279 016 |
436 559 |
|
| Insurance |
|
687 189 |
730 769 |
|
| Fees and subscriptions |
|
1,681 547 |
415,585 |
|
| Entertainment |
|
165 838 |
135,931 |
|
| Depreciation |
|
(Note: 15) |
1,635 368 |
1,897,256 |
|
| Donations |
|
(Note: 29.2) |
15 100 |
5,000 |
|
| Advertisements |
|
85 792 |
81,767 |
|
| Solid
Waste Management Project Expenses |
|
(Note: 29.3) |
2,083 620 |
-- |
|
| Other expenses |
|
366 963 |
166,206 |
|
|
---------------- |
---------------- |
|
|
18,018,653 |
15,029,417 |
|
|
========= |
========= |
|
|
| 29.1
Legal and professional charges include auditors remuneration and expenses as
follows: |
|
|
| Audit fee |
|
75,000 |
75,000 |
|
| Out of pocket expenses |
|
10,000 |
10,000 |
|
|
---------------- |
---------------- |
|
|
85,000 |
85,000 |
|
|
========= |
========= |
|
|
|
|
| 29.2
The Directors of the company or their spouse had no interest in any of the
donees. |
|
|
| 29.3
These represent expenses incurred in relation to tender for Solid Waste
Management Project, previously |
|
| included in other
receivables. |
|
|
| 30. Earning per share |
|
|
| There
is no diluted effect on the basic earning per share which is based on; |
|
|
| (Loss)
/ profit attributable to ordinary shareholders |
|
(41,537,248) |
4,692,388 |
|
|
========= |
========= |
|
| Weighted
average number of ordinary shares |
|
| outstanding during the year |
|
(Note 30.1) |
13,320,180 |
12,600,090 |
|
|
========= |
========= |
|
| Earning per share (Basic) |
|
(3. 12) |
0.3:7 |
|
|
|
|
| 30.1
1,332,018 shares were issued for cash in December 1998. |
|
|
| 31. Statement of changes in equity |
|
|
|
Revenue |
Unappropriated |
|
|
|
|
|
|
Share |
Capital |
for |
Profit |
|
|
|
|
|
|
|
Capital |
Reserve |
contingencies |
|
Total |
|
|
|
(Rupees) |
|
|
| Balance as on July 01, 1997 |
|
120,000,000 |
6,699,000 |
4,040,000 |
10,751,848 |
141,490,848 |
|
| Shares issued |
|
13,201,800 |
-- |
-- |
-- |
13,201,800 |
|
| Transfer to Capital Reserve |
|
-- |
940,000 |
-- |
(940,000) |
-- |
|
| Reserve for Contingencies |
|
-- |
-- |
2,460,000 |
(2,460,000) |
-- |
|
| Net Profit for the year |
|
-- |
-- |
-- |
4,692,388 |
4,692,388 |
|
| Proposed Dividend |
|
-- |
-- |
-- |
(12,000,000) |
(12,000,000) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
| Balance as on June 30, 1998 |
|
133,201,800 |
7,639,000 |
6,500,000 |
44,236 |
147,385,036 |
|
| Net loss for the year |
|
-- |
-- |
-- |
(41,537,248) |
(41,537,248) |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
| Balance as on June 30, 1999 |
|
133,201 800 |
7,639,000 |
6,500,000 |
(41,493,012) |
105,847,788 |
|
|
========= |
========= |
========= |
========= |
========= |
|
|
|
| 32.
Financial instruments and related disclosures |
|
|
| 32.1 Interest/mark-up rate
risk |
|
|
| The
company s exposure to risks associated with interest/mark-up rates on its
financial assets and |
|
| liabilities are summarised as
follows; |
|
|
|
Interest/mark-up based |
|
|
|
With-in |
One year to |
Above |
Non-interest/ |
|
|
|
Note |
one year |
five years |
five years |
mark-up based |
Total |
|
|
|
(Rupees) |
|
|
| Financial Assets |
|
| Investment in lease finance |
|
116,118,883 |
243,053,432 |
-- |
-- |
359,172,315 |
|
| Long term investments |
17 |
-- |
-- |
-- |
43,080,748 |
43,080,748 |
|
| Long term advances |
18 |
600,000 |
-- |
-- |
164,184 |
764,184 |
|
| Security deposits |
19 |
-- |
-- |
-- |
646,327 |
646, 327 |
|
| Short term finances |
20 |
40,300,000 |
-- |
-- |
|
40,300,000 |
|
| Advances and deposits |
21 |
4,256,836 |
-- |
-- |
51,017,573 |
55,274,409 |
|
| Short term investments |
22 |
1,000,100 |
-- |
-- |
|
1,000,100 |
|
| Accrued income |
23 |
-- |
-- |
-- |
29,771,809 |
29,771,809 |
|
| Cash & bank balances |
24 |
185,951 |
-- |
-- |
658,382 |
844,333 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
162,461,770 |
243,053,432 |
-- |
125,339,023 |
530,854,225 |
|
|
========= |
========= |
========= |
========= |
========= |
|
|
|
|
| Financial Liabilities |
|
| Redeemable capital |
6 |
68,920,000 |
20,000,000 |
-- |
-- |
88,920,000 |
|
| Long term loans |
7 |
25,999,947 |
90,905,940 |
-- |
-- |
116,905,887 |
|
| Obligation against assets |
|
|
| subject to finance lease |
8 |
985,506 |
1,646,764 |
-- |
-- |
2,632,270 |
|
| Deposit on lease contracts |
9 |
-- |
-- |
-- |
74, 138,479 |
74,138,479 |
|
| Short term Certificates of
investments |
11 |
30,250,000 |
-- |
-- |
-- |
30,250,000 |
|
| Short term finances |
12 |
40,234,644 |
-- |
-- |
-- |
40',234,644 |
|
| Accrued and other liabilities |
13 |
1,000,100 |
-- |
-- |
27,732,617 |
28,732,717 |
|
| Dividend payable |
|
168,552 |
168,552 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
167,390,197 |
112,552,704 |
-- |
102,039,648 |
381,982,549 |
|
|
========= |
========= |
========= |
========= |
========= |
|
| Total interest/markup |
|
| rate sensitivity gap |
|
(4,928,427) |
130,500,728 |
-- |
23,299,375 |
148,871,676 |
|
|
========= |
========= |
========= |
========= |
========= |
|
|
|
|
| None
of the above mentioned financial assets arid financial liabilities are
exposed to interest/mark up rate risk, as the value of these |
|
| are
not subject to fluctuate due to change in market interest/mark-up rates. |
|
|
| 32.2 Effective
interest/mark-up rate |
|
| Effective
interest/mark-up rates for the financial assets and liabilities are given
below; |
|
|
| Financial Assets |
|
| Investment in lease finance |
|
20%- 29.80% |
|
| Long Term Advances |
|
7.50% |
|
| Short term finances |
|
19% - 24% |
|
| Short term investments |
|
12.26% |
|
| Other receivables |
|
7.50% |
|
| Cash with banks: |
|
|
|
| - on deposit account |
|
11%- 12% |
|
|
| Financial Liabilities |
|
| Redeemable capital |
|
17%- 21% |
|
| Long term loans |
|
17%- 20.5% |
|
| Obligation against assets
subject |
|
|
|
| to finance lease |
|
18.38%- 19.37% |
|
| Short term certificates of
investments |
|
16% - 19.5% |
|
| Short term finances |
|
17%- 20% |
|
| Accrued & other
liabilities |
|
15.50% |
|
|
| 32.3 Credit risk |
|
|
| The
company s credit risk is not significantly different from that reflected in
the financial statements. The |
|
| management
monitors and limits company's exposure to credit risk through monitoring
clients exposure, |
|
| reviews
and conservative estimates of provisions for bad and doubtful receivable. 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 organisations of sound financial standing covering various
industrial sectors |
|
| and segments. |
|
|
| 32.4 Fair value risk |
|
|
| The
carrying value of financial assets and liabilities approximates their fair
values as reflected in the |
|
| financial
statements except long term investments referred to in note 17.1. |
|
|
| 33. Taxation |
|
|
| 33.1
Company's tax assessments have been finalized upto assessment year 1997-98
(Accounting year |
|
| ended June 30, 1997). Tax losses, subject
to assessment by the Tax Department, which are available |
|
| far carrying forward as at June 30, 1999,
amount to Rs.78 million (approx.) (1998: Rs. 110 million |
|
| (approx.)) |
|
|
| 33.2
Deferred tax liability as at June 30, 1999, arising due to differences
computed under the liability |
|
| method is estimated at Rs. 44.486 million,
deferred tax assets for the year amounts to Rs. 14. 176 |
|
| million (1998: Rs. 58.662 million, for the
year Rs.12 million). The company has provided Rs. 8.9 |
|
| million in the current year (being 1/5th of
the deferred tax liability as at June 30, 1999). Timing |
|
| differences of Rs. 35.586 million,
therefore, remain unprovided. |
|
|
|
1999 |
1998 |
|
|
|
|
Rupees |
Rupees |
|
|
|
| 34. Summary of transactions
with |
|
| associated undertaking |
|
|
| Lease rentals recovered |
|
844,904 |
918,404 |
|
|
| 35.
Remuneration of chief executive, directors and executives |
|
|
|
Chief Executive |
|
Director |
|
Executives |
|
|
|
1999 |
1998 |
1999 |
1998 |
1999 |
1998 |
|
|
|
(R u p e e s) |
|
|
|
| Managerial remuneration |
1,270,645 |
720,000 |
480,000 |
480,000 |
742,933 |
4,359 |
|
| Retirement benefits , |
|
| Bonus |
30,000 |
60,000 |
20,000 |
40,000 |
35,650 |
64,500 |
|
| House rent allowance |
570,790 |
324,000 |
216,000 |
216,000 |
334,320 |
406,961 |
|
| Utilities / others |
237,591 |
70,261 |
81.43 |
104,614 |
110,500 |
83,692 |
|
| Reimbursement of medical |
|
| expenses |
59,893 |
59,094 |
40,000 |
39,348 |
71,605 |
84, 117 |
|
| Residential telephone |
|
| expenses reimbursed |
25,156 |
25,897 |
71,755 |
67,627 |
23,478 |
25,382 |
|
|
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
---------------- |
|
|
2,194,075 |
1,259,252 |
909,185 |
947,589 |
1,318,486 |
1,569,011 |
|
|
========= |
========= |
========= |
========= |
========= |
========= |
|
| Number |
2 |
1 |
1 |
1 |
5 |
5 |
|
|
| --
No fees were paid to directors for attending Board meetings (1998: Rs. Nil) |
|
| --
The Chief Executive, Director and Executives are also provided with free use
of company maintained cars. |
|
| --
During the year Mr. C. M. Saleem Cheema resigned and Mr. M. T. Farooqi was
appointed as new Chief Executive of |
|
| the company. |
|
|
| 36. General |
|
|
| -- All
figures have been rounded off to the nearest rupee. |
|
| --
Previous year s figures have been rearranged wherever necessary for the
purpose of comparison. |
|
|
| M. T. Farooqui |
Agha Najeeb Raza |
|
| Chief Executive |
Director |
|
|
|
| Pattern of Shareholding |
|
| as at June 30, 1999 |
|
|
| No. of |
Shareholding |
|
Total |
|
| Shareholders |
From |
To |
Shares Held |
|
|
| 10 |
1 |
100 |
1000 |
|
| 104 |
101 |
500 |
46500 |
|
| 169 |
501 |
1000 |
167600 |
|
| 200 |
1001 |
5000 |
524300 |
|
| 40 |
5001 |
10000 |
306800 |
|
| 11 |
10001 |
15000 |
143400 |
|
| 9 |
15001 |
20000 |
165000 |
|
| 2 |
20001 |
25000 |
45000 |
|
| 1 |
25001 |
30000 |
26500 |
|
| 1 |
30001 |
35000 |
31500 |
|
| 1 |
35001 |
40000 |
40000 |
|
| 3 |
45001 |
50000 |
145500 |
|
| 1 |
60001 |
65000 |
61200 |
|
| 1 |
65001 |
70000 |
70000 |
|
| 1 |
75001 |
80000 |
78000 |
|
| 1 |
80001 |
85000 |
82000 |
|
| 1 |
100001 |
105000 |
104600 |
|
| 1 |
145001 |
150000 |
146500 |
|
| 1 |
155001 |
160000 |
156000 |
|
| 1 |
165001 |
170000 |
170000 |
|
| 3 |
175001 |
180000 |
540000 |
|
| 1 |
195001 |
200000 |
200000 |
|
| 1 |
200001 |
205000 |
201000 |
|
| 2 |
210001 |
215000 |
424000 |
|
| 1 |
220001 |
225000 |
221500 |
|
| 1 |
225001 |
230000 |
230000 |
|
| 1 |
250001 |
255000 |
255000 |
|
| 1 |
355001 |
360000 |
360000 |
|
| 1 |
430001 |
435000 |
433700 |
|
| 1 |
440001 |
445000 |
440500 |
|
| 2 |
585001 |
590000 |
1175000 |
|
| 1 |
600001 |
605000 |
602000 |
|
| 1 |
960001 |
965000 |
965000 |
|
| 1 |
1320001 |
1325000 |
1320180 |
|
| 1 |
1635001 |
1640000 |
1636900 |
|
| 1 |
1800001 |
1805000 |
1804000 |
|
| --------------- |
--------------- |
--------------- |
--------------- |
|
| 579 |
|
13320180 |
|
| ========= |
========= |
========= |
========= |
|
|
|
| Category-wise |
|
| Categories of Shareholders |
Number |
Shares Held |
Percentage |
|
|
|
| Individuals |
559 |
8366700 |
62.812 |
|
| Investment Companies |
6 |
1847700 |
13.871 |
|
| Joint Stock Companies |
5 |
1717400 |
12.893 |
|
| Financial Institutions |
1 |
3300 |
0.024 |
|
| Modaraba Companies |
4 |
10800 |
0.081 |
|
| Leasing Companies |
2 |
54000 |
0.405 |
|
| Others |
2 |
132.03 |
9.911 |
|
|
--------------- |
--------------- |
--------------- |
|
| Total: |
579 |
13320180 |
100.000 |
|
|
========= |
========= |
========= |
|
| Others |
|
| Foreign company |
1 |
1320180 |
9.91 |
|
| Trust |
1 |
100 |
-- |
|
|
--------------- |
--------------- |
--------------- |
|
| Total: |
2 |
1320280 |
9.91 |
|
|
========= |
========= |
========= |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
