RECORDS TOWARDS THE RECORDS FOR THE ENDED JUNE 30, 2003
3 year. MONEY AND BANK BALANCES 3.1. RETURN ON THESE SAVINGS REPORTS IS ATTAINED AT RATES WHICH RANGE FROM 2 percent TO 5 percent
4. SHORT-TERM LOANS 4.1. These express loans to clients for a time period of as much as 12 months on mark-up basis and are also secured by means of lien on Certificates of Investment. The price of mark-up ranges from 14% to 21.5per cent per year.
4.2. These generally include cash market placements with different banking institutions along with other institutions that are financial. Return on these placements ranges from 5% to 13per cent.
5. ASSETS through the present 12 months, the organization offered four federal federal government securities for Rs 182.288 million. The amortised price of these federal federal federal government securities had been Rs 159.394 million as well as the revenue in the disposal of those securities amounted to Rs 22.894 million.
The administration made a decision to offer these securities to be able to realise the gain arising on these securities underneath the interest rate environment that is reduced.
As at June 30, 2003 the investment that is remaining of business in federal federal federal government securities amounted to Rs 52.634 million.
This investment has been reclassified as ‘held for trading’ and it is calculated at reasonable value. An increase of Rs 12.946 million happens to be credited to your loss and profit account in respect with this investment. There are not any assets that are financial as ‘held to readiness’ at June 30, 2003.
5.1. INFORMATION ON ASSETS IN SHARES/CERTIFICATES OF LISTED COMPANIES/MODARABAS 6. THE RETURN ON INDEXED TERM FINANCE CERTIFICATES RANGES FROM 12 percent TO 18 percent
7. IMPROVEMENTS, BUILD UP, PREPAYMENTS ALONG WITH OTHER RECEIVABLES 7.1. The utmost aggregate amount due installment loans low interest rates through the executive that is chief professionals at the conclusion of any thirty days through the year ended up being Rs 873,685 (2002: Rs 623,685) and Rs 81,302 (2002: Rs 229,232) respectively.
7.2. PROVISION FOR ANY OTHER RECEIVABLES 8. LOANS that are LONG-TERM CONSIDERED GOOD The above loans consist of a sum of Rs 6,668 (2002: Rs 936,200) outstanding for a time period of a lot more than three years.
These loans have already been supplied to workers to buy of cars and get of household and therefore are repayable between three to a decade. Mark-up on these loans is charged at prices including 2 percent to 6 percent per year.
The utmost aggregate amount due through the chief executive and professionals at the conclusion of any thirty days throughout the 12 months had been Rs 864,200 (2002: Rs 1,728,200) and Rs 398,847 (2002: Rs 172,538) correspondingly.
9. Web INVESTMENT IN LEASES 9.1. The above mentioned includes the term that is following Certificates issued by Pakland Cement Limited (PCL) under a scheme of arrangement sanctioned by the tall Court of Sindh against rent facilities awarded because of the business: 9.2. THE INTERIOR PRICE OF RETURN ON LEASE CONTRACTS RECEIVABLE MAINLY ARE NORMALLY TAKEN FOR 9% TO 20per cent PER YEAR
9.3. MINIMAL LEASE PAYMENTS RECEIVABLE 9.4. SUPPLY FOR POTENTIAL LEASE LOSSES 10. FIXED ASSETS 11. FUNDS BELOW MARK UP ARRANGEMNETS 11.1. The facilities designed for short-term finance amounted to Rs 85 million (2002: Rs 75 million) and carry mark-up including Re 0.0890 to Re 0.0945 per Rs 1,000 each day. These facilities are repayable on different times by August 15, 2003.
In addition to this an un-utilised center for operating finance offered by a commercial bank amounted to Rs 50 million (2002: Nil). The price of mark-up about this finance is Re 0.3014 per Rs 1,000 each day. The acquisition pricing is payable by June 30, 2003.
12. CREDITORS, ACCRUED AS WELL AS OTHER LIABILITIES 12.1. Amount because of Saudi Pak Industrial and Agricultural Investment Company (Private) Limited, an associated undertaking, at the entire year end amounted to Rs 3,940 (2002: Rs 514,783).
13. LONG-TERM BUILD UP These express security deposits gotten from lessees under rent agreements and tend to be adjustable on expiration of this particular lease periods.
14. REDEEMABLE CAPITAL – (NON-PARTICIPATORY) *The mark-up prices on these funds depend on the yield on treasury bills/SBP discount rates consequently they are modified on half basis that is yearly.
The mark-up prices on these funds derive from the average that is weighted of final three cut-off prices of this five 12 months Pakistan Investment Bonds (PIBs), consequently they are modified on half-yearly foundation.
14.1. The facilities are guaranteed by hypothecation of particular leased assets and associated rent rentals. The facilities had been utilised for disbursement against leasing contracts executed by the business.
14.2. LIABILITY ACCORDING OF TERM FINANCE Transaction expense incurred on dilemma of Term Finance Certificates II happens to be modified through the associated liability relative to the requirements for initial recognition of economic liabilities specified in Overseas Accounting Standard 39, ‘Financial Instruments: Recognition and Measurement’.
14.3. Term Finance Certificates II are guaranteed by an initial and exclusive cost over certain current and future leased assets and their associated receivables.
15. CERTIFICATES OF INVESTMENT
The business has given certificates of investment underneath the authorization provided because of the authorities.
These certificates of investment are for durations including a couple of months to five years and return on these certificates varies from 5.00 to 7.50 % per year. Present readiness of long-term certificates of investment amounting to Rs. 110,732,000 (2002: Rs 88,163,000) is roofed liabilities that are undercurrent short-term certificates of investment.
16. ISSUED, SUBSCRIBED AND PAID-UP-CAPITAL The Authorised Share Capital as at 30, 2003 amounts to Rs. 400,000,000 (2002: 400,000,000) divided into 40,000,000 (2002: 40,000,000) ordinary shares of Rs. 10 each june.
17. RESERVES 17.1. The contingency reserve happens to be produced in respect associated with need raised by the riches Tax Officer for business resource Tax of Rs 2,000,000 combined with the tax that is additional of 557,589. The business has filed a writ petition when you look at the tall Court of Sindh from this demand.
17.2. Statutory book represents earnings put aside to adhere to the Prudential Regulations for NBFCs undertaking the company of Leasing.
17.3. The reserve for deferred taxation was developed according to certain requirements associated with the no. That is circular released by the Securities and Exchange Commission of Pakistan on September 9,1999.
The liability that is unrecognised of business for deferred taxation as at June 30, 2003 quantities to Rs Nil (2002: Rs 16.284 million).
18. COMMITMENTS 19. MONEY FROM FINANCE LEASE OPERATIONS 20. MONEY ON ASSETS 21. DIFFERENT MONEY 22. FINANCIAL AS WELL AS OTHER CHARGES 23. ADMINISTRATIVE AND OPERATING COSTS 23.1. SALARIES, ALLOWANCES AND BENEFITS INCLUDE RS. 1,533,473 (2002: RS 1,230,807) IN RESPECT OF STAFF BENEFITS that are RETIREMENT. DIRECT PRICE OF WORKING LEASES 25. TAXATION
The taxation cost for the year that is current minimal fee at 0.5per cent of revenues.
26. STAFF PENSION GRATUITY
The most recent actuarial valuation of this gratuity investment had been completed as at June 30, 2003. The reasonable value of this fund’s assets and liabilities during the latest valuation date had been the following: Projected Unit Credit Method using the next significant assumptions ended up being utilized for the valuation regarding the Fund: 26.1. The expense of assets created by the employees your retirement funds operated by the business according to their audited reports as at June 30, 2003 is really as follows: 27. TRANSACTIONS WITH ASSOCIATED UNDERTAKINGS 28. REMUNERATION OF CHIEF EXECUTIVE AND EXECUTIVES
The amount that is aggregate during these makes up remuneration including all advantages, towards the Chief Executive and Executives is really as follows: Certain professionals are given with free usage of business maintained automobiles.
The aforementioned remuneration of leader pertains to the Executive Officer that is ex-Chief of company who ceased to put on workplace w.e.f. 30, 2003 april.
Keep encashment can also be payable to him according to the regards to their work agreement.
29. PROFITS PER SHARE 30. MONEY GENERATED FROM OPERATIONS 31. CASH AND MONEY EQUIVALENTS