RECORDS INTO THE RECORDS FOR THE ENDED JUNE 30, 2003
3 year. MONEY AND BANK BALANCES 3.1. RETURN ON THESE SAVINGS RECORDS IS ACQUIRED AT RATES WHICH RANGE FROM 2 per cent TO 5 per cent
4. SHORT-TERM LOANS 4.1. These loans that are represent clients for a time period of as much as a year on mark-up basis and tend to be guaranteed by means of lien on Certificates of Investment. The price of mark-up ranges from 14% to 21.5percent per year.
4.2. These generally include cash market placements with different banking institutions along with other finance institutions. Return on these placements ranges from 5% to 13percent.
5. OPPORTUNITIES throughout the present 12 months, the organization offered four federal government securities for Rs 182.288 million. The amortised price of these federal government securities ended up being Rs 159.394 million while the profit in the disposal among these securities amounted to Rs 22.894 million.
The administration chose 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 staying investment regarding the 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 was credited to your profit and loss account in respect of the 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 percent
7. IMPROVEMENTS, BUILD UP, PREPAYMENTS ALONG WITH OTHER RECEIVABLES 7.1. The utmost aggregate amount due through the executive that is chief professionals at the conclusion of any thirty days during the year was 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 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 annum.
The utmost aggregate amount due through the leader and professionals by the end 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 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 issued 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 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 times by August 15, 2003.
Along with 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 with this finance is Re 0.3014 per Rs 1,000 each day. The purchase 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 season 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 are also adjustable on expiration associated with the particular rent durations.
14. REDEEMABLE CAPITAL – (NON-PARTICIPATORY) *The mark-up prices on these funds depend on the yield on treasury bills/SBP discount rates and so are modified on half annual basis.
The mark-up rates 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 so are modified on half-yearly foundation.
14.1. The facilities are guaranteed by hypothecation of particular leased assets and related 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 problem of Term Finance Certificates II happens to be 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 charge that is exclusive certain current and future leased assets and their associated receivables.
15. CERTIFICATES OF INVESTMENT
The organization has given certificates of investment beneath the authorization issued guaranteed installment loans review because of the government.
These certificates of investment are for durations which range from a few months to five years and return on these certificates varies from 5.00 to 7.50 per cent per year. Present readiness of long-lasting 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 June 30, 2003 amounts to Rs. 400,000,000 (2002: 400,000,000) split into 40,000,000 (2002: 40,000,000) ordinary shares of Rs. 10 each.
17. RESERVES 17.1. The contingency book was produced in respect for the 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 organization has filed a writ petition when you look at the tall Court of Sindh from this need.
17.2. Statutory reserve represents profits put aside to conform to the Prudential Regulations for NBFCs undertaking the business of Leasing.
17.3. The reserve for deferred taxation was produced 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 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 INCOME 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 when it comes to present year represents minimal fee at 0.5per cent of revenues.
26. STAFF PENSION GRATUITY
The newest valuation that is actuarial of gratuity investment had been completed as at June 30, 2003. The reasonable worth associated with fund’s assets and liabilities during the valuation date that is latest had been the following: Projected Unit Credit Method using listed here significant assumptions had been useful for the valuation for the Fund: 26.1. The price of opportunities produced by the employees your retirement funds operated by the organization depending on 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 amount that is aggregate in these makes up remuneration including all advantages, into the Chief Executive and Executives is really as follows: Certain professionals are given with free utilization of business maintained automobiles.
The above mentioned remuneration of leader relates to the ex-Chief Executive Officer of this business whom ceased to keep workplace w.e.f. 30, 2003 april.
Keep encashment can 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