RECORDS INTO THE REPORTS FOR THE 12 MONTHS ENDED JUNE 30, 2003
3. MONEY AND BANK BALANCES 3.1. RETURN ON THESE SAVINGS RECORDS IS ATTAINED AT RATES INCLUDING 2 percent TO 5 per cent
4. SHORT-TERM LOANS 4.1. These loans that are represent customers for a time period of as much as a year on mark-up basis as they are guaranteed by means of lien on Certificates of Investment. The price of mark-up ranges from 14% to 21.5per cent per annum.
4.2. These generally include cash market placements with different banking institutions as well as other institutions that are financial. Return on these placements ranges from 5% to 13per cent.
5. ASSETS through the year that is current the organization offered four federal federal government securities for Rs 182.288 million. The amortised price of these federal government securities had been Rs 159.394 million in addition to revenue regarding the disposal of those securities amounted to Rs 22.894 million.
The management made a decision to offer these securities so that you can realise the gain arising on these securities underneath the reduced rate of interest environment.
As at June 30, 2003 the investment that is remaining of business in 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 for 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 per cent TO 18 per cent
7. IMPROVEMENTS, BUILD UP, PREPAYMENTS ALONGSIDE RECEIVABLES 7.1. The utmost aggregate amount due through the leader and executives at the conclusion of any thirty days throughout the year ended up being Rs 873,685 (2002: Rs 623,685) and Rs 81,302 (2002: Rs 229,232) correspondingly.
7.2. SUPPLY FOR ANY OTHER RECEIVABLES 8. LONG-TERM LOANS – CONSIDERED GOOD The above loans consist of a quantity 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 generally are repayable between three to a decade. Mark-up on these loans is charged at prices which range from 2 percent to 6 percent per year.
The utmost aggregate amount due through the executive that is chief professionals at the conclusion of any thirty days throughout the 12 months was 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 aforementioned includes the following Term Finance Certificates issued by Pakland Cement Limited (PCL) under a scheme of arrangement sanctioned by the High Court of Sindh against rent facilities given by the business: 9.2. THE INNER PRICE OF RETURN ON LEASE CONTRACTS RECEIVABLE CHIEFLY ARE PRICED BETWEEN 9% TO 20per cent PER YEAR
9.3. MINIMAL LEASE PAYMENTS RECEIVABLE 9.4. SUPPLY FOR POTENTIAL LEASE LOSSES 10. FIXED ASSETS 11. FUNDS UNDER MARK UP ARRANGEMNETS 11.1. The facilities readily available for short-term finance amounted to see this site Rs 85 million (2002: Rs 75 million) and carry mark-up which range from Re 0.0890 to Re 0.0945 per Rs 1,000 each day. These facilities are repayable on different times by 15, 2003 august.
Along with this a facility that is un-utilised 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 30, 2003 june.
12. CREDITORS, ACCRUED ALONG WITH OTHER LIABILITIES 12.1. Amount because of Saudi Pak Industrial and Agricultural Investment Company (Private) Limited, an undertaking that is associated at the season end amounted to Rs 3,940 (2002: Rs 514,783).
13. LONG-TERM BUILD UP These security that is represent gotten from lessees under rent agreements and therefore are adjustable on expiry associated with particular lease durations.
14. REDEEMABLE CAPITAL – (NON-PARTICIPATORY) *The mark-up prices on these funds are derived from the yield on treasury bills/SBP discount rates and tend to be modified on half annual foundation.
The mark-up prices on these finances depend on the weighted average regarding the final three cut-off prices of this five year Pakistan Investment Bonds (PIBs), consequently they are modified on half-yearly foundation.
14.1. The facilities are secured by hypothecation of specific leased assets and associated lease rentals. The facilities were utilised for disbursement against leasing contracts executed by the organization.
14.2. LIABILITY ACCORDING OF TERM FINANCE Transaction expense incurred on problem of Term Finance Certificates II was modified through the associated liability relative to the criteria for initial recognition of monetary liabilities specified in Overseas Accounting Standard 39, ‘Financial Instruments: Recognition and Measurement’.
14.3. Term Finance Certificates II are guaranteed by a primary and exclusive charge over certain current and future leased assets and their associated receivables.
15. CERTIFICATES OF INVESTMENT
The organization has given certificates of investment beneath the permission provided because of the government.
These certificates of investment are for durations which range from three months to five years and return on these certificates varies from 5.00 to 7.50 % per annum. Present readiness of long-lasting certificates of investment amounting to Rs. 110,732,000 (2002: Rs 88,163,000) is roofed undercurrent liabilities in 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 book happens to be produced in respect regarding the demand raised by the riches Tax Officer for Corporate Asset Tax of Rs 2,000,000 combined with tax that is additional of 557,589. The business has filed a writ petition within the tall Court of Sindh from this need.
17.2. Statutory book represents earnings put aside to adhere to the Prudential Regulations for NBFCs undertaking the continuing company of Leasing.
17.3. The reserve for deferred taxation was developed depending on certain requirements for the no. That is circular given by the Securities and Exchange Commission of Pakistan on September 9,1999.
The unrecognised obligation of this company 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 OPPORTUNITIES 21. DIFFERENT MONEY 22. FINANCIAL ALONG WITH OTHER CHARGES 23. ADMINISTRATIVE AND OPERATING COSTS 23.1. SALARIES, ALLOWANCES AND BENEFITS INCLUDE RS. 1,533,473 (2002: RS 1,230,807) ACCORDING OF STAFF BENEFITS that are RETIREMENT. DIRECT PRICE OF WORKING LEASES 25. TAXATION
The income tax cost for the present year represents minimal cost at 0.5per cent of revenues.
26. STAFF PENSION GRATUITY
The most recent valuation that is actuarial of gratuity investment had been completed as at June 30, 2003. The reasonable worth for the fund’s assets and liabilities in the valuation date that is latest had been the following: Projected Unit Credit Method using the next significant assumptions had been useful for the valuation of this Fund: 26.1. The expense of assets produced by the employees your your retirement funds operated by the organization according to their audited records as at June 30, 2003 can be as follows: 27. TRANSACTIONS WITH ASSOCIATED UNDERTAKINGS 28. REMUNERATION OF CHIEF EXECUTIVE AND EXECUTIVES
The aggregate quantity charged in these is the reason remuneration including all benefits, to your Chief Executive and Executives is really as follows: Certain professionals are offered with free usage of business maintained vehicles.
The above mentioned remuneration of leader relates to the Executive Officer that is ex-Chief of business who ceased to keep workplace w.e.f. April 30, 2003.
Keep encashment can 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