NOTES TOWARDS THE RECORDS FOR THE ENDED JUNE 30, 2003
3 year. MONEY AND BANK BALANCES 3.1. RETURN ON THESE SAVINGS RECORDS IS ATTAINED AT RATES INCLUDING 2 percent TO 5 percent
4. SHORT-TERM LOANS 4.1. These express loans to clients for a time period of up to 12 months on mark-up basis and so are 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 as well as other finance institutions. Return on these placements ranges from 5% to 13per cent.
5. ASSETS through the year that installment loans direct lenders only is current the business offered four federal government securities for Rs 182.288 million. The amortised price of these federal government securities had been Rs 159.394 million plus the revenue regarding the disposal of the securities amounted to Rs 22.894 million.
The administration made a decision to offer these securities so that you can realise the gain arising on these securities underneath the interest rate environment that is reduced.
As at June 30, 2003 the staying investment associated with business in 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 of the investment. There are not any assets that are financial as ‘held to maturity’ at June 30, 2003.
5.1. DETAILS OF OPPORTUNITIES 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 through the leader and professionals by the end 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) 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 significantly more than three years.
These loans have already been supplied to workers for sale of cars and get of home and therefore 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 leader 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. NET INVESTMENT IN LEASES 9.1. The aforementioned 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 provided because of the business: 9.2. THE INNER PRICE OF RETURN ON LEASE CONTRACTS RECEIVABLE MAINLY RANGE BETWEEN 9% TO 20% 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 which range from Re 0.0890 to Re 0.0945 per Rs 1,000 each day. These facilities are repayable on different dates by 15, 2003 august.
As well as this a facility that is un-utilised operating finance available from 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 ALONGSIDE LIABILITIES 12.1. Amount because of Saudi Pak Industrial and Agricultural Investment Company (Private) Limited, an associated undertaking, 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 are also adjustable on expiration associated with the particular lease durations.
14. REDEEMABLE CAPITAL – (NON-PARTICIPATORY) *The mark-up prices on these funds derive from the yield on treasury bills/SBP discount rates and they are modified on half basis that is yearly.
The mark-up prices on these finances derive from the weighted average associated with final three cut-off prices of this five 12 months Pakistan Investment Bonds (PIBs), and are usually adjusted 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 organization.
14.2. LIABILITY ACCORDING OF TERM FINANCE Transaction expense incurred on problem of Term Finance Certificates II happens to be modified through the associated liability relative to the requirements 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 first and exclusive fee over certain current and future leased assets and their associated receivables.
15. CERTIFICATES OF INVESTMENT
The business has released certificates of investment underneath the authorization 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 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 is developed in respect of this need raised by the riches Tax Officer for business resource Tax of Rs 2,000,000 together with the 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 conform to the Prudential Regulations for NBFCs undertaking the company of Leasing.
17.3. The reserve for deferred taxation is developed according to certain requirements associated with the no. This is certainly circular granted by the Securities and Exchange Commission of Pakistan on September 9,1999.
The unrecognised liability associated with 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. OTHER 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) ACCORDING OF STAFF RETIREMENT ADVANTAGES
24. DIRECT PRICE OF WORKING LEASES 25. TAXATION
The taxation fee for the present 12 months represents minimum fee at 0.5per cent of revenues.
26. STAFF RETIREMENT GRATUITY
The newest valuation that is actuarial of gratuity investment had been performed as at June 30, 2003. The reasonable value regarding the fund’s assets and liabilities in the valuation date that is latest had been the following: Projected Unit Credit Method using listed here significant assumptions ended up being useful for the valuation of this Fund: 26.1. The expense of opportunities produced by the employees your your retirement funds operated by the organization depending on 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 amount charged in these makes up remuneration including all advantages, towards the Chief Executive and Executives is as follows: Certain professionals are offered with free usage of business maintained vehicles.
The aforementioned remuneration of leader relates to the Executive Officer that is ex-Chief of business whom ceased to put up 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