RECORDS TO YOUR REPORTS FOR THE YEAR ENDED JUNE 30, 2003
3. MONEY AND BANK BALANCES 3.1. RETURN ON THESE SAVINGS REPORTS IS RECEIVED AT RATES INCLUDING 2 per cent 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 therefore 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. Included in these are cash market placements with different banking institutions along with other banking institutions. Return on these placements ranges from 5% to 13%.
5. ASSETS through the year that is current the business offered four government securities for Rs 182.288 million. The amortised price of these federal federal government securities ended up being Rs 159.394 million therefore the revenue regarding the disposal among these securities amounted to Rs 22.894 million.
The administration chose 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 staying investment for the business in 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 towards the revenue and loss account in respect for this investment. There aren’t any financial assets classified as ‘held to maturity’ meaningful hyperlink at June 30, 2003.
5.1. INFORMATION ON OPPORTUNITIES IN SHARES/CERTIFICATES OF LISTED COMPANIES/MODARABAS 6. THE RETURN ON INDEXED TERM FINANCE CERTIFICATES RANGES FROM 12 per cent TO 18 percent
7. IMPROVEMENTS, BUILD UP, PREPAYMENTS ALONGSIDE RECEIVABLES 7.1. The utmost aggregate amount due through the executive that is chief professionals 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. LOANS that are LONG-TERM 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 are supplied to workers for purchase of cars and get of household and generally are repayable between three to 10 years. Mark-up on these loans is charged at prices which range from 2 percent to 6 per cent per year.
The utmost aggregate amount due through the executive that is chief professionals at the conclusion of any thirty days through the year 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 High Court of Sindh against rent facilities given because of the business: 9.2. THE INTERIOR PRICE OF RETURN ON LEASE CONTRACTS RECEIVABLE CHIEFLY COVER ANYTHING FROM 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 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 an un-utilised center for operating finance available from a commercial bank amounted to Rs 50 million (2002: Nil). The rate 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 AS WELL AS OTHER LIABILITIES 12.1. Amount because of Saudi Pak Industrial and Agricultural Investment Company (Private) Limited, an undertaking that is associated 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 therefore are adjustable on expiration associated with the particular rent periods.
14. REDEEMABLE CAPITAL – (NON-PARTICIPATORY) *The mark-up prices on these finances derive from the yield on treasury bills/SBP discount rates and are also 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), and generally are modified on half-yearly foundation.
14.1. The facilities are secured by hypothecation of particular leased assets and associated rent rentals. The facilities were utilised for disbursement against leasing contracts executed by the business.
14.2. LIABILITY IN RESPECT OF TERM FINANCE Transaction price incurred on dilemma of Term Finance Certificates II happens to be modified from the associated liability relative to the requirements for initial recognition of monetary liabilities specified in Global 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 organization has given certificates of investment beneath the authorization awarded by the authorities.
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 year. 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 June 30, 2003 quantities to Rs. 400,000,000 (2002: 400,000,000) split into 40,000,000 (2002: 40,000,000) ordinary stocks of Rs. 10 each.
17. RESERVES 17.1. The contingency book was developed in respect associated with the demand raised by the riches Tax Officer for Corporate resource Tax of Rs 2,000,000 combined with extra taxation of Rs 557,589. The organization has filed a writ petition within the tall Court of Sindh from this need.
17.2. Statutory book represents profits put aside to adhere to the Prudential Regulations for NBFCs undertaking the continuing company of Leasing.
17.3. The reserve for deferred taxation was produced depending on what’s needed associated with the no. That is circular granted by the Securities and Exchange Commission of Pakistan on September 9,1999.
The unrecognised liability regarding the 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 OPPORTUNITIES 21. DIFFERENT MONEY 22. FINANCIAL ALONG WITH OTHER CHARGES 23. ADMINISTRATIVE AND OPERATING EXPENSES 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 OPERATING LEASES 25. TAXATION
The taxation fee for the year that is current minimum fee at 0.5% of gross income.
26. STAFF PENSION GRATUITY
The most recent valuation that is actuarial of gratuity investment had been performed as at June 30, 2003. The reasonable worth for the fund’s assets and liabilities in the valuation date that is latest were the following: Projected Unit Credit Method using the next significant assumptions had been employed for the valuation associated with the Fund: 26.1. The expense of assets produced by the employees retirement funds operated by the organization according to their accounts that are audited at June 30, 2003 can be follows: 27. TRANSACTIONS WITH ASSOCIATED UNDERTAKINGS 28. REMUNERATION OF CHIEF EXECUTIVE AND EXECUTIVES
The aggregate quantity charged during these makes up remuneration including all advantages, 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 Chief Executive relates to the ex-Chief Executive Officer associated with the business whom ceased to carry workplace w.e.f. 30, 2003 april.
Keep encashment can also be payable to him depending on the regards to their work contract.
29. PROFITS PER SHARE 30. MONEY GENERATED FROM OPERATIONS 31. CASH AND MONEY EQUIVALENTS