RECORDS INTO THE REPORTS FOR THE 12 MONTHS ENDED JUNE 30, 2003
3. MONEY AND BANK BALANCES 3.1. RETURN ON THESE SAVINGS ACCOUNTS IS MADE AT RATES WHICH RANGE FROM 2 percent TO 5 per cent
4. SHORT-TERM LOANS 4.1. These loans that are represent clients for a period of as much as 12 months on mark-up basis and they are guaranteed 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 13percent.
5. ASSETS through the year that is current the organization offered four federal government securities for Rs 182.288 million. The cost that is amortised of federal federal federal government securities was Rs 159.394 million while the revenue regarding the disposal of those installment loans near me 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 reduced rate of interest environment.
As at June 30, 2003 the staying investment regarding the 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 revenue and loss account in respect of the investment. There aren’t any assets that are financial as ‘held to maturity’ 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 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. 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 significantly more than three years.
These loans have now been supplied to workers for sale of cars and buy of household and generally are repayable between three to a decade. Mark-up on these loans is charged at rates which range from 2 % to 6 per cent per annum.
The utmost aggregate amount due from 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. Web INVESTMENT IN LEASES 9.1. The above mentioned 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 awarded because of the company: 9.2. THE INNER 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 BELOW 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 August 15, 2003.
Along with this an un-utilised center for running 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 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 entire year end amounted to Rs 3,940 (2002: Rs 514,783).
13. LONG-TERM BUILD UP These represent security deposits gotten from lessees under rent agreements and are usually adjustable on expiration for the particular rent 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 generally are modified on half annual basis.
The mark-up prices on these funds depend on the weighted average associated with the final three cut-off rates of the five year Pakistan Investment Bonds (PIBs), consequently they are modified on half-yearly basis.
14.1. The facilities are guaranteed by hypothecation of certain 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 dilemma of Term Finance Certificates II happens to be modified through the associated liability according 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 a primary and charge that is exclusive certain current and future leased assets and their associated receivables.
15. CERTIFICATES OF INVESTMENT
The organization has granted certificates of investment beneath the authorization given because of the authorities.
These certificates of investment are for durations which range from a couple of months to 5 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 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 need raised by the riches Tax Officer for business resource Tax of Rs 2,000,000 together with the extra taxation of Rs 557,589. The organization has filed a writ petition into 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 is developed depending on what’s needed regarding the Circular No. 16 released by the Securities and Exchange Commission of Pakistan on September 9,1999.
The unrecognised obligation for the 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 ASSETS 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) IN RESPECT OF STAFF RETIREMENT ADVANTAGES
24. DIRECT PRICE OF WORKING LEASES 25. TAXATION
The taxation cost when it comes to present 12 months represents minimal fee at 0.5per cent of revenues.
26. STAFF PENSION GRATUITY
The newest actuarial valuation regarding the gratuity fund had been completed as at June 30, 2003. The reasonable worth of this fund’s assets and liabilities during the valuation date that is latest had been the following: Projected Unit Credit Method using the next significant assumptions ended up being useful for the valuation of this Fund: 26.1. The price of opportunities created by the employees your retirement funds operated by the business 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 aggregate quantity charged within these makes up about remuneration including all advantages, towards the Chief Executive and Executives is really as follows: Certain professionals are supplied with free utilization of business maintained vehicles.
The above mentioned remuneration of leader relates to the Executive Officer that is ex-Chief of business whom 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