| Tri-Star Mutual Fund Limited |
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| Annual
Report 1999 |
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| Company
Information |
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| Board
of Directors: |
Mr. Mohammed Ahmad Ismail |
Chairman |
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|
Mr. Habib Jamal |
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Director |
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|
Mr. Rashid Ahmad |
Director |
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|
Mr. Jawed Ahmad Siddiqui |
Director |
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|
Mr. Asad Ahmad |
Director |
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|
Mr. Jawed Dost Mohammad |
Director |
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|
Mr. Tahir Ahmad |
Chief Executive |
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| Investment
Adviser: |
Tri-Star Investments
(Pvt) Ltd |
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|
F/498, S.I.T.E., |
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|
Karachi. |
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| Auditors: |
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Hyder Bhimji & Co. |
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|
Chartered Accountants |
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| Bankers: |
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Bank AI-Habib Ltd. |
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|
Citibank N.A |
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|
Habib Bank Ltd. |
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| Registrar
& Certificate |
F/498, S.I.T.E., |
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| Transfer
Office: |
Karachi-75700, |
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| Registered
Office: |
F/498, S.I.T.E., |
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|
Karachi-75700. |
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| Notice
of Meeting |
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| Notice
is hereby given that the Seventh Annual General Meeting of TRI-STAR MUTUAL
FUND LTD., will |
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| be
held on Friday, 31st December, 1999 at F/498, S.I.T.E., Karachi at 9.30 A.M.
to transact the following |
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| business: |
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| 1.
Recitation from the Holy Quran. |
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| 2.
To receive, consider and adopt the annual audited accounts for the year ended
30th June, 1999 |
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| together
with the Directors' Report and Auditors' Report thereon. |
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|
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| 3.
To appoint Auditors of the Company and to fix their remuneration. The present
Auditors M/s. |
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| Hyder
Bhimji & Co. Chartered Accountants retire and being eligible, offer
themselves for |
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| reappointment. |
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| 4.
To transact any other business with the permission to the Chair. |
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By and on behalf of the Board |
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| Dated:
9th December, 1999 |
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| Place: Karachi. |
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Fund Secretary |
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| NOTES: |
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| 1.
The Certificate Transfer books of the Fund will remain closed from 23rd
December, 1999 to 31st |
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| December,
1999 (both days inclusive). |
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| 2.
A member entitled to attend the Annual General Meeting is entitled to appoint
a proxy and vote |
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| in
his place at the meeting. Proxies in order to be effective must be received
at the registered |
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| office
of the Fund at F/498, S.I.T.E, Karachi duly stamped, signed and witnessed not
later than |
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| 48
hours before the meeting. |
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| 3.
Members are requested to notify any change in their addresses immediately. |
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| Directors'
Report |
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| The
Board of Directors have pleasure in presenting the seventh Annual Report
together with the audited |
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| accounts
for the year ended June 30, 1999. |
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| FINANCIAL
RESULTS: |
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| During
the period under review, your Fund earned Rs 328.337 as Dividend Income and
capital gain of |
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| Rs.64,400
occurred in investments. The market conditions remain depressed during the
current year as |
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| well.
The Fund followed the policy of staying at the side line during first half of
the year. The Karachi Stock |
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| Exchange
100 index stood at 1055 points on June 30, 1999 as compared to 880 points on
June 30, 1998 |
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| i.e.
increase of 175 points.' After meeting administrative and other expenses the
net profit before taxation |
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| came
to Rs.37,791. The investment policy of the fund was directed towards low
level of portfolio turnover |
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| As
your Fund was floated at the time when stock market was bullish and KSE 100
Index was at around |
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| 2,600
points, the portfolio investment was made at the then prevailing market rates
which have come |
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| down
gradually over a period of time. It is prudent to wait for market to rebound
and achieve greater |
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| heights
than ever before. |
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| The
financial results are summarised as follows: |
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|
1999 |
1998 |
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|
|
(Rupees) |
(Rupees) |
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|
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|
| Income |
|
|
328,337 |
518,373 |
|
| Capital
Gain/(Loss) |
|
|
64,400 |
(809,574) |
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|
------------------ |
------------------ |
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|
392.74 |
(291,201) |
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| Less:
Operating Expenses |
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|
354,946 |
949,197 |
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|
------------------ |
------------------ |
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| Profit/(Loss)
for the Year |
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|
37,791 |
(1,240,398) |
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|
========== |
========== |
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| The
Board of Directors have not recommended any dividend for the year. |
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| MARKET
REVIEW AND FUTURE OUTLOOK |
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| The
year began with negative sentiments as the market had gone down by approx 44%
from June 30, |
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| 1997
to June 30, 1998. The nuclear test by Pakistan in May, 1998 in response to
India's nuclear test |
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| resulted
in imposition of economic sanctions, coupled with IPP Government tussle and
adverse economic |
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| conditions
affected the stock market very badly. The affect of recent change of PML
Government on stock |
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| market
is yet to be seen. |
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| We
hope complete lifting of economic sanction, resolution of IPP-Government
tussle and economic |
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| reforms
by Government will improve the economic conditions and the stock market. |
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| THE
YEAR 2000 COMPLIANCE OF COMPUTER SYSTEM |
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| The
management is aware of the computer software problem known as "The
Millennium Bug", and has |
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| made
necessary arrangements to be ready for the year 2000. |
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| AUDITORS |
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| The
present auditors M/s. Hyder Bhimji & Co., are due for retirement and
being eligible offer themselves |
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| for
re-appointment. |
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| ACKNOWLEDGMENTS |
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| Your
directors would like to record their appreciation of the dedication and hard
work of the staff and |
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| officers
of the Fund. |
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By and on behalf of the Board |
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|
TAHIR AHMAD |
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| Karachi:
December 9, 1999. |
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Chief Executive |
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| Auditors'
Report to the Certificate Holders |
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| We
have examined the annexed balance sheet of Tri-Star Mutual Fund Ltd., as at
June 30, 1999 and the |
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| related
Profit and Loss Account and the Statement of Changes in Financial Position
(Cash Flow |
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| Statement)
together with the Notes to the accounts for the year then ended. Our
examination was made |
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| in
accordance with the generally, accepted auditing procedures as were
considered necessary in the |
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| circumstances
and we state that we have obtained all the information and explanations which
to the best |
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| of
our knowledge and belief were necessary for the purpose of audit and after
due verification thereof, |
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| subject
to the annexed note 6.3, we report that: |
|
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| a)
In our opinion proper books of accounts have been kept by the Company as
required by the |
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| Companies
Ordinance, 1984 and Rule 16 of the Investment Companies and Investment
Adviser's |
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| Rules 1971. |
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|
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|
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| b)
In our opinion: |
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|
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| i.
The Balance Sheet and Profit & Loss Account together with the Notes
thereon have been |
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| drawn
up in-conformity with the Companies Ordinance, 1984 and in accordance with
the |
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| provisions
of the Investment Companies and Investment Adviser's Rules, 1971, and are |
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| in
agreement with the books of account and are further in accordance with
accounting |
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| policies
consistently applied. |
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|
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| ii.
the expenditure incurred was for the purpose of the Company's business. |
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|
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| iii.
the business conducted, investments made and expenditure incurred during the
year |
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| were
in accordance with Investment Policy of the company and Investment Companies |
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| and
Investment Adviser's Rules, 1971. |
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| iv.
the company has not contravened the provisions of Rule 8 of the Investment
Companies |
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| and
Investment Adviser's Rules, 1971; and |
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|
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| c)
in our opinion and to the best of our information and according to the
explanation given to us, the |
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| Balance
Sheet and the Profit & Loss Account and the Cash Flow Statement together
with the |
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| Notes
forming part thereof give the information required by the Companies
Ordinance, 1984 and |
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| Investment
Companies and Investment Adviser's Rules, 1971 in the manners so required and |
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| respectively
give a true and fair view of the state of the Company's affairs as at June
30, 1999 |
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| and
of the profit and changes in financial position for the year ended on that
date; |
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|
|
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| d)
in our opinion, no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
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|
S/d- |
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|
HYDER BHIMJI & CO. |
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| Karachi:
December 8, 1999. |
|
Chartered Accountants |
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| Balance
Sheet As at June 30, 1999 |
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|
1999 |
1998 |
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|
Note |
(Rupees) |
(Rupees) |
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| CAPITAL
& RESERVES |
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| AUTHORISED
CAPITAL |
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| 20,000,000
Certificates of Rs. 10/- each |
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|
200,000,000 |
200,000,000 |
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|
========== |
========== |
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| ISSUED,
SUBSCRIBED AND PAID-UP CAPITAL |
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| 5,000,000
Certificates of Rs. 10/- each fully paid |
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| issued for cash |
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|
50,000,000 |
50,000,000 |
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| Accumulated
Loss |
|
(8,657,279) |
(8,695,070) |
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|
------------------ |
------------------ |
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|
41,342,721 |
41,304,930 |
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| CURRENT
LIABILITIES |
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| Current
maturity of deferred Expenditure |
|
3.1 |
-- |
554,664 |
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| Due
to investment adviser-An Associated Company |
4 |
292,464 |
226,574 |
|
| Trade
creditors, accrued expenses and other liabilities |
5 |
196,980 |
147,980 |
|
| Provision
for taxation |
|
|
3,135 |
3,135 |
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|
------------------ |
------------------ |
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|
|
|
492,579 |
932,353 |
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|
------------------ |
------------------ |
|
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|
41,835,300 |
42,237,283 |
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|
========== |
========== |
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| INVESTMENTS
- Marketable Securities |
|
6 |
41,713,233 |
42,040,808 |
|
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| CURRENT
ASSETS |
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| Advances,
Pre-payments and other receivables |
|
7 |
109,921 |
141,645 |
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| Cash
and bank balances |
|
8 |
12,146 |
54,830 |
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|
------------------ |
------------------ |
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|
|
|
122,067 |
196,475 |
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|
------------------ |
------------------ |
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|
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|
41,835,300 |
42,237,283 |
|
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|
========== |
========== |
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| NOTE:
The annexed notes form an integral part of these accounts. |
|
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|
TAHIR AHMAD |
|
ASAD AHMAD |
|
| KARACHI:
December 7, 1999. |
|
Chief Executive |
|
Director |
|
|
|
|
|
|
|
|
|
|
| Profit
and Loss Account |
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| For
the year ended June 30, 1999 |
|
|
|
|
1999 |
1998 |
|
|
Note |
(Rupees) |
(Rupees) |
|
|
|
|
| INCOME |
|
9 |
328,337 |
518,373 |
|
| CAPITAL
GAIN/(LOSS) |
|
10 |
64,400 |
(809,574) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
392,737 |
(291,201) |
|
| Less:
OPERATING EXPENSES |
|
|
|
| Administrative |
|
11 |
73,750 |
626,314 |
|
| Financial |
|
12 |
36,481 |
96,315 |
|
| Remuneration
of Investment Adviser |
|
4.1 |
244,715 |
226,568 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
354,946 |
949,197 |
|
|
|
|
------------------ |
------------------ |
|
| Profit/(Loss)
for the year |
|
37,791 |
(1,240,398) |
|
| Accumulated
(Loss) brought forward |
|
(8,695,070) |
(7,454,672) |
|
|
|
|
------------------ |
------------------ |
|
| Accumulated
(Loss) carried forward |
|
|
(8,657,279) |
(8,695,070) |
|
|
|
|
========== |
========== |
|
|
| NOTE:
The annexed notes form an integral part of these accounts. |
|
|
|
TAHIR AHMAD |
|
ASAD AHMAD |
|
|
Chief Executive |
|
Director |
|
|
| KARACHI:
December 7, 1999. |
|
|
|
| STATEMENT
OF CHANGES IN FINANCIAL POSITION |
|
| Cash
Flow Statement |
|
| For
the year ended June 30, 1999 |
|
|
|
|
|
1999 |
1998 |
|
|
|
|
(Rupees) |
(Rupees) |
|
|
|
|
| Cash
Flow From Operating Activities |
|
|
| Profit/(Loss)
before taxation |
|
37,791 |
(1,240,398) |
|
| Add:
Item not involving movement of fund: |
|
|
|
|
|
| Amortization
of deferred expenditure |
|
|
-- |
554,664 |
|
| Financial
Expenses |
|
|
36,481 |
96,315 |
|
| Profit/Loss
on sale of investment |
|
|
(64,400) |
809,574 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
9,872 |
220,155 |
|
| Less:
Financial Expenses paid |
|
|
(96,465) |
(130,608) |
|
|
|
|
------------------ |
------------------ |
|
|
|
(86,953) |
89,547 |
|
|
|
|
|
|
| (Increase)/Decrease
in current assets |
|
|
31,724 |
(31,724) |
|
| Increase/(Decrease)
in current liabilities |
|
|
174,874 |
(726,355) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
120,005 |
(668,532) |
|
|
|
|
========== |
========== |
|
|
|
|
| Investing
Activities |
|
|
|
| Purchase
of Investments |
|
|
(296,525) |
(1,482,450) |
|
| Sale
proceed of Investments |
|
|
688,500 |
2,726,926 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
391,975 |
1,244,476 |
|
|
|
|
========== |
========== |
|
|
|
|
| Financing
Activities |
|
|
|
| Re-payment
of Deferred Expenditure |
|
|
(554,664) |
(554,660) |
|
|
|
|
------------------ |
------------------ |
|
| Net Cash Flow |
|
|
(42,684) |
21,284 |
|
| Cash
and Bank Balance at the beginning of the year |
|
54,830 |
33,546 |
|
|
|
|
------------------ |
------------------ |
|
| Cash
and Bank Balance at the end of the year |
|
|
12,146 |
54,830 |
|
|
|
|
========== |
========== |
|
|
|
| Notes
to the Accounts |
|
| For
the year ended June 30, 1999 |
|
|
| 1.
STATUS AND NATURE OF BUSINESS |
|
|
| The
Fund was incorporated as public limited Company under Investment Companies
and |
|
| Investment
Adviser's Rules, 1971. The Fund has entered into an agreement with an
associated |
|
| company,
Tri-Star Investments (Pvt) Ltd., to act as its "Investment
Adviser". The Fund is listed |
|
| on
Karachi and Islamabad Stock Exchanges. |
|
|
|
| 2.
ACCOUNTING POLICIES |
|
|
|
| The
significant accounting policies are summarized below: |
|
|
| 2.1
The accounts of the Company are prepared under the historical cost
convention. |
|
|
|
|
| 2.2
Investments-Marketable Securities |
|
|
|
| i.
Investments are valued at cost. |
|
|
|
| ii.
Profit or loss on sale of Investment is accounted for in the year in which it
arise. |
|
| ii.
Full provision is made against permanent diminution in the value of
investment |
|
|
| 2.3
Revenue Recognition |
|
|
| i.
Dividend Income is recorded at the time of the closure of share transfer
books of the |
|
| company
declaring the dividend and is shown net of zakat deducted. |
|
|
| ii.
Sales and purchases of securities are recognised on the date of contract.
Capital gain |
|
| on
sale of investment is taken to income of the period in which it arises. |
|
|
| 2.4
Deferred Expenditure |
|
| The
expenditure incurred on the incorporation and on the issue of shares to
public, of the |
|
| investment
company, has been deferred and is being amortized over a period of five
years. |
|
|
|
|
1999 |
1998 |
|
|
|
(Rupees) |
(Rupees) |
|
|
|
|
|
| 3.
DEFERRED EXPENDITURE PAYABLE |
|
|
| Balance
on 1st July |
|
|
554,664 |
1,109,324 |
|
|
|
|
| Less:
Paid during the year |
|
|
554,664 |
554,660 |
|
| Transferred
to current maturity |
|
3.1 |
-- |
554,664 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
-- |
1,109,324 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
-- |
-- |
|
|
|
|
========== |
========== |
|
|
| The
deferred expenditure is re-imbursable to the Investment Adviser over a period
of 5 years with |
|
| interest
@10% per annum. |
|
|
|
|
|
|
|
1999 |
1998 |
|
|
|
|
|
(Rupees) |
(Rupees) |
|
|
|
|
| 4.
DUE TO INVESTMENT ADVISER |
|
|
| TRI-STAR
INVESTMENTS (PVT) LTD. |
|
|
| AN
ASSOCIATED COMPANY |
|
|
|
| Opening
Balance |
|
226,574 |
1,018,635 |
|
| Add:
2 Percent of net assets |
|
244,715 |
226,568 |
|
| Add:
Interest on deferred expenditure |
|
36,181 |
96,165 |
|
|
|
------------------ |
------------------ |
|
|
|
507,470 |
1,341,368 |
|
| Less:
Paid during the year |
|
215,006 |
1,114,794 |
|
|
|
------------------ |
------------------ |
|
|
|
292,464 |
226,574 |
|
|
|
|
|
|
========== |
========== |
|
|
|
|
| 4.1
The remuneration of investment adviser at 2 percent of net assets of the
company as at the |
|
| end
of its year of accounts in term of clause 11(a) of the Investment Company and |
|
| Investment
Adviser's Rules, 1971 has been determined as follows: |
|
|
|
|
|
|
| ASSETS |
|
|
|
|
|
|
|
|
|
| Marketable
Securities at market value |
|
12,606,283 |
12,064,273 |
|
| Advances,
Pre-payments and other Receivables |
|
109,921 |
141,645 |
|
| Cash
and Bank Balances |
|
12,146 |
54,830 |
|
|
|
------------------ |
------------------ |
|
|
|
12,728,350 |
12,260,748 |
|
|
|
|
========== |
========== |
|
|
|
|
|
| LIABILITIES |
|
|
|
| Deferred
Expenditure payable |
|
-- |
554,664 |
|
| Due
to Investment Adviser-An associated company |
|
292,464 |
226,574 |
|
| Trade
Creditors, accrued expenses and other liabilities |
|
196,980 |
147,980 |
|
| Provision
for Taxation |
|
3,135 |
3,135 |
|
|
|
------------------ |
------------------ |
|
|
|
492,579 |
932,353 |
|
|
|
------------------ |
------------------ |
|
| Net Assets |
|
12,235,771 |
11,328,395 |
|
|
|
------------------ |
------------------ |
|
| 2
percent of net assets |
|
244,715 |
226,568 |
|
|
|
|
========== |
========== |
|
|
|
| 5.
TRADE CREDITORS, ACCRUED EXPENSES AND |
|
| OTHER
LIABILITIES |
|
|
|
| Income
Tax Deducted at source |
|
8,913 |
1,413 |
|
| Audit Fee |
|
19,000 |
7,500 |
|
| Custodian Fee |
|
164,067 |
134,067 |
|
| Others |
|
5,000 |
5,000 |
|
|
|
------------------ |
------------------ |
|
|
|
|
196,980 |
147,980 |
|
|
|
|
========== |
========== |
|
|
|
|
| 6.
INVESTMENTS - Marketable Securities |
|
| These
Securities are shares/certificates of Rs. 10/- each. |
|
|
|
Number of Shares |
|
Balance as at June 30, 1999 |
|
Percentage in Relation to |
|
|
| Name
of Company |
|
Balance As |
Purchases |
Bonus |
Sales |
Number |
At Cost |
At Market |
Own |
Investee
Companies |
|
At July 1 |
|
shares |
|
of |
(Rupees |
(Rupees) |
Assets |
Paid-up |
Number of |
|
1998 |
|
Shares |
|
6.1 |
|
Capital |
Shares |
|
|
6.2 |
|
| FINANCIAL
COMPANIES |
|
| MUTUAL
FUNDS AND BANKS ETC: |
|
| Askari
Bank Ltd. |
|
4,013 |
-- |
-- |
-- |
4,013 |
124,660 |
48,357 |
0.30 |
0.01 |
0.004 |
| Askari
Leasing Ltd: |
|
24,000 |
-- |
-- |
-- |
24,000 |
457,143 |
206,400 |
1.09 |
0.19 |
0.100 |
| Bank
Al-Habib Ltd. |
|
4,000 |
-- |
3,712 |
-- |
7,712 |
152494 |
138,816 |
0.36 |
0.04 |
0.015 |
| Citi
Corp. Investment Bank Ltd |
|
12,000 |
-- |
-- |
-- |
12,100 |
986104.00 |
163,350 |
2.36 |
0.99 |
0.121 |
| Foreign
Exchange Bearer Certificate (7.3) |
3,600,000 |
-- |
-- |
-- |
3,600,000 |
3,933,000 |
3,708,000 |
9.40 |
-- |
-- |
| First
Tri-Star Modaraba |
|
412,500 |
-- |
-- |
-- |
412,500 |
4,886,250 |
515,625 |
11.68 |
3.47 |
2.930 |
| LTV
Capital Modaraba |
|
137,500 |
-- |
-- |
137,500 |
-- |
-- |
-- |
-- |
-- |
-- |
| Muslim
Commercial Bank Ltd |
|
16,760 |
-- |
-- |
-- |
16,760 |
1036874 |
341,904 |
2.48 |
0.06 |
0.009 |
| Punjab
Modaraba |
|
40,000 |
-- |
-- |
40,000 |
-- |
-- |
-- |
-- |
-- |
-- |
| Second
Tri-Star Modaraba |
|
468,000 |
-- |
-- |
-- |
468,000 |
4812000 |
491,400 |
11.50 |
3.74 |
3.636 |
| Soneri Bank Ltd. |
|
13,380 |
-- |
1,338 |
-- |
14,718 |
496860.00 |
179,560 |
1.19 |
0.10 |
0.029 |
| Union
Leasing Ltd. |
|
4,500 |
-- |
675 |
-- |
5,175 |
98975 |
15,525 |
0.24 |
0.05 |
0.025 |
|
| TEXTILE
SPINNING; |
|
| Faisal
Spinning Mills Ltd. |
|
74,000 |
-- |
-- |
-- |
74,000 |
2,206,265 |
728,900 |
5.27 |
2.21 |
0.740 |
|
|
|
|
|
|
| TEXTILE
COMPOSITE: |
|
| Crescent
Textile Mills Ltd. |
|
26,647 |
-- |
1,332 |
-- |
27,979 |
1,247,946 |
225,231 |
2.98 |
0.31 |
0.069 |
| Nishat
Mills Ltd. |
|
48,000 |
30,500 |
-- |
-- |
78,500 |
773,725 |
745,750 |
1.85 |
0.07 |
0.071 |
|
| SYNTHETIC
& RAYON: |
|
| Dewan
Salman Fibre Ltd. |
|
31,740 |
-- |
4,761 |
-- |
36,501 |
3,876,641 |
918,000 |
9.27 |
0.24 |
0.023 |
| Tri-Star
Polyester Ltd. |
|
190,000 |
-- |
-- |
-- |
190,00 |
4,755,700 |
332,500 |
11.37 |
2.22 |
0.885 |
|
| INSURANCE: |
|
| Commercial
Union Life Assur. |
|
37,000 |
-- |
-- |
-- |
37,000 |
381,150 |
286,750 |
0.91 |
0.13 |
0.123 |
|
|
| FUEL
& ENERGY: |
|
|
| Shell
Pakistan Ltd. |
|
6,469 |
-- |
-- |
-- |
6,469 |
1,465,340 |
1,073,854 |
3.50 |
0.42 |
0.018 |
| Sui
Northern Gas Co. Ltd. |
|
38,088 |
-- |
-- |
-- |
38,088 |
1,092,150 |
316,130 |
2.61 |
0.03 |
0.010 |
| Tri-Star
Power Ltd. |
|
119,000 |
-- |
-- |
-- |
119,000 |
4,964,750 |
226,100 |
11.87 |
3.31 |
0.793 |
|
|
| CHEMICAL
& PHARMACEUTICAL: |
|
| Engro
Chemical (Pak) Ltd. |
|
21,045 |
-- |
1,609 |
-- |
22,654 |
2,541,156 |
1,674,131 |
6.07 |
0.21 |
0.187 |
| Hoechst
Marion Roussel |
|
10,000 |
-- |
-- |
-- |
10,000 |
1,424,050 |
270,000 |
3.40 |
2.05 |
0.144 |
|
| MISCELLANEOUS: |
|
| Tri
Pack Films Ltd |
|
20,000 |
-- |
-- |
20,000 |
-- |
-- |
-- |
-- |
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
| 1999 |
|
|
5,358,742 |
30,500 |
13,427 |
197,500 |
5,205,169 |
41,713,233 |
12,606,283 |
99.71 |
|
|
|
|
========== |
========== |
========== |
========== |
========== |
========== |
========== |
========== |
|
| 1998 |
|
|
5,140,350 |
282,500 |
20,292 |
84,400 |
5,358,742 |
42,040,808 |
12,064,273 |
99.53 |
|
|
|
|
========== |
========== |
========== |
========== |
========== |
========== |
========== |
========== |
|
|
|
| 6.1
Own assets as defined in section 17(2) of the Investment Companies end
Investment Adviser's Rules, 1971. |
|
|
|
|
| 6.2
The percentage in relation to Investee companies paid-up capital has been
worked out in relation to the acquisition cost |
|
| of
the respective shares of the company. |
|
|
|
|
| 6.3
In September, 1996 the Income Tax Authorities raided Funds' premises and took
away by force all records, documents, |
|
| and
valuable securities including FEBC's/bearer NIT units of all Group Companies
which included FEBC'S of the Fund, |
|
| without
lawful authority and without making any inventory. This raid caused a serious
disruption in Fund's business. The |
|
| Fund
has filed a suit against the Income Tax authorities in the Hon'ble High Court
of Sindh challenging the said act as |
|
| illegal.
The Hon'ble Court of Sindh held vide its order dated 31.07.98 that the
presence of irregularities end malafides in |
|
| the
acts of the Income Tax Department cannot be ruled out. Further the remaining
two ingredients namely balance of |
|
| convenience
and causing irreparable loss and injury also exists in favour of Fund.
Further the Income Tax Department |
|
| was
directed to submit their report keeping in view of provision of section
146(c) of the Income Tax Ordinance,1979 |
|
| declaring
how much more time they would need to return the impounded documents and
record. Inspire of the orders of |
|
| the
Hon'ble High Court of Sindh, the Income Tax Department has neither returned
the record nor any FEBC's/valuables. |
|
| The
Fund has filed a contempt application against the department and the matter
is subjudice. |
|
|
|
| 6.4
In view of the above, FEBC's were not made available to auditors for physical
verification. |
|
|
|
|
|
|
|
1999 |
1998 |
|
|
|
|
|
(Rupees) |
(Rupees) |
|
|
|
|
| 7.
ADVANCES, PRE-PAYMENTS AND OTHER RECEIVABLES |
|
| Advance
Income Tax |
|
109,921 |
109,921 |
|
| Dividend
Income Receivable |
|
-- |
31,247 |
|
|
|
------------------ |
------------------ |
|
|
|
109,921 |
141,645 |
|
|
|
|
========== |
========== |
|
|
|
|
| 8.
CASH AND BANK BALANCES |
|
|
| Cash in hand |
|
5,482 |
7,098 |
|
| Cash
at bank Current Account |
|
6,655 |
47,723 |
|
| Cash
at bank PLS Account |
|
9 |
9 |
|
|
|
------------------ |
------------------ |
|
|
|
54,830 |
12,146 |
|
|
|
|
|
========== |
========== |
|
|
|
|
| 9. INCOME |
|
|
|
|
| Dividend
Income |
|
328,337 |
518,373 |
|
|
|
|
========== |
========== |
|
|
|
|
|
|
| 10.
CAPITAL GAIN/(LOSS) |
|
|
|
| Sale
of investments |
|
688,500 |
2,726,926 |
|
| Cost of Sales |
|
|
|
|
|
|
|
| Opening
Balance |
|
42,040,808 |
44,094,858 |
|
| Add: Purchases |
|
|
296,525 |
1,482,450 |
|
|
|
------------------ |
------------------ |
|
|
|
42,337,333 |
45,577,308 |
|
| Less:
Closing Stock |
|
(41,713,233) |
(42,040,808) |
|
|
|
------------------ |
------------------ |
|
| Cost of Sales |
|
624,100 |
3,536,500 |
|
|
|
------------------ |
------------------ |
|
| Capital
Gain/(Loss) |
|
64,400 |
(809,574) |
|
|
|
|
========== |
========== |
|
|
|
| 11.
ADMINISTRATIVE EXPENSES |
|
|
| Listing Fee |
|
|
31,250 |
31,250 |
|
| Custodian Fee |
|
|
30,000 |
30,000 |
|
| Amortization
of deferred expenditure |
|
|
-- |
554,664 |
|
| Auditors'
remuneration |
|
11.1 |
11,500 |
7,500 |
|
| Misc. Expenses |
|
|
1,000 |
2,900 |
|
|
|
|
------------------ |
------------------ |
|
|
|
73,750 |
626,314 |
|
|
|
|
========== |
========== |
|
|
|
|
| 11.1
AUDITOR'S REMUNERATION |
|
|
| Audit Fee |
|
7,500 |
7,500 |
|
| Out
of Pocket Expenses |
|
2,000 |
-- |
|
| Prior
year Out of Pocket Expenses |
|
2,000 |
-- |
|
|
|
------------------ |
------------------ |
|
|
11,500 |
7,500 |
|
|
|
|
|
========== |
========== |
|
|
|
|
| 12.
FINANCIAL EXPENSES |
|
|
| Interest
on deferred expenditure |
|
36,181 |
96,165 |
|
| Bank Charges |
|
300 |
150 |
|
|
|
------------------ |
------------------ |
|
|
|
36,481 |
96,315 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
| 13.
ASSOCIATED UNDERTAKINGS |
|
|
| 13.1
Transaction with Associated Undertakings |
|
|
| i.
Interest on deferred expenditure payable |
|
36,181 |
96,165 |
|
| ii.
Remuneration for services |
|
244,715 |
226,568 |
|
| iii.
Deferred expenditure reimbursed |
|
-- |
554,664 |
|
|
|
|
|
| 13.2
.The aggregate maximum balance at the end of any month during the year, due
to associated |
|
| undertaking
was Rs.739,572 (1998: Rs.1,582,717). |
|
|
| 14. GENERAL |
|
|
| 14.1
Figures have been rounded off to nearest rupee. |
|
|
| 14.2
Previous year's figures have been re-arranged, wherever necessary, if any to
facilitate. |
|
| comparison. |
|
|
|
| TRI-STAR
INVESTMENTS (PVT) LTD. |
|
| INVESTMENT
ADVISER |
|
| STATEMENT
OF INCOME AND EXPENDITURE IN RELATION TO INVESTMENT COMPANY |
|
| FOR
THE YEAR ENDED JUNE :30, 1999 |
|
|
|
|
|
|
1999 |
1998 |
|
|
|
|
|
(Rupees) |
(Rupees) |
|
|
|
|
| INCOME |
|
|
|
| Remuneration
from Tri-Star Mutual Fund Ltd. |
|
|
244,715 |
226.57 |
|
| an
Associated Undertaking |
|
|
| Interest
on deferred expenditure |
|
|
36,181 |
96,165 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
280,896 |
322,733 |
|
|
|
|
|
========== |
========== |
|
|
|
|
| LESS:
OPERATING EXPENSES |
|
|
|
| Salary
and allowances |
|
|
46,701 |
106,132 |
|
| Postage,
Telephone and Telegram |
|
|
49,098 |
119,704 |
|
| Printing
and Stationery |
|
|
53,200 |
49,630 |
|
| Travelling
and Conveyance |
|
|
1,500 |
25,433 |
|
| Audit Fee |
|
|
8,000 |
5,000 |
|
| Fee
and subscription |
|
|
75,057 |
75,470 |
|
| Advertisement |
|
|
9,680 |
9,126 |
|
| Entertainment |
|
|
1,719 |
1,725 |
|
| Amortization
of deferred cost |
|
|
-- |
18,663 |
|
| Depreciation |
|
|
7,821 |
9,623 |
|
| Other expenses |
|
|
800 |
-- |
|
| Bank charges |
|
|
448 |
510 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
254,024 |
421,016 |
|
|
|
|
------------------ |
------------------ |
|
| Profit/(Loss)
for the year |
|
|
26,872 |
(98,253) |
|
|
|
|
========== |
========== |
|
|
|
|
| PATTERN
OF CERTIFICATE HOLDINGS |
|
| AS
AT JUNE 30, 1999 |
|
|
| NUMBER OF |
|
CERTIFICATE HOLDINGS |
|
TOTAL |
|
| CERTIFICATE |
FROM |
|
TO |
CERTIFICATES |
|
| HOLDER |
|
|
HELD |
|
|
|
|
|
| 422 |
1 |
-- |
100 |
42,200 |
|
| 3,602 |
101 |
-- |
500 |
1,665,500 |
|
| 567 |
501 |
-- |
1000 |
563,000 |
|
| 450 |
1001 |
-- |
5000 |
1,141,000 |
|
| 33 |
5001 |
-- |
10000 |
256,300 |
|
| 6 |
10001 |
-- |
15000 |
71,800 |
|
| 2 |
15001 |
-- |
20000 |
33,500 |
|
| 1 |
30001 |
-- |
35000 |
32,900 |
|
| 1 |
65001 |
-- |
70000 |
67,700 |
|
| 1 |
495001 |
-- |
500000 |
500,000 |
|
| 1 |
625001 |
-- |
630000 |
626,100 |
|
| ------------------ |
|
------------------ |
|
| 5,086 |
|
5,000,000 |
|
| ========== |
|
========== |
|
|
|
|
| CATEGORIES
OF |
|
NUMBER OF |
CERTIFICATES |
|
|
| CERTIFICATE
HOLDERS |
|
CERTIFICATE |
HELD |
PERCENTAGE |
|
|
|
HOLDERS |
|
|
| 1.
JOINT STOCK COMPANIES |
|
6 |
55,200 |
1.10 |
|
| 2.
FINANCIAL INSTITUTIONS |
|
1 |
18,000 |
0.36 |
|
| 3.
INVESTMENT COMPANIES |
|
4 |
1,194,300 |
23.89 |
|
| 4.
INDIVIDUALS |
|
5075 |
3,732,500 |
74.65 |
|
|
|
------------------ |
------------------ |
------------------ |
|
| TOTAL |
|
5086 |
5,000,000 |
100.00 |
|
|
|
========== |
========== |
========== |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
