RECORDS 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 loans that are represent 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 21.5% per year.
4.2. Included in these are cash market placements with various banking institutions as well as other institutions that are financial. Return on these placements ranges from 5% to 13percent.
5. OPPORTUNITIES through the year that is current the business offered four federal government securities for Rs 182.288 million. The amortised price of these federal federal government securities ended up being Rs 159.394 million together with revenue in the disposal of those securities amounted to Rs 22.894 million.
The administration decided to offer these securities so that you can realise the gain arising on these securities beneath the interest rate environment that is reduced.
As at June 30, 2003 the investment that is remaining of company in federal 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 towards the loss and profit 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 LISTED TERM FINANCE CERTIFICATES RANGES FROM 12 per cent TO 18 per cent
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 throughout the year ended up being Rs 873,685 (2002: Rs 623,685) and Rs installment loans near me 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 36 months.
These loans have now been supplied to workers for sale of motor vehicles and get of household 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 percent per annum.
The utmost aggregate amount due through the executive that is chief professionals at the conclusion of any thirty days through 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 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 given by the business: 9.2. THE INNER PRICE OF RETURN ON LEASE CONTRACTS RECEIVABLE MAINLY CONSIST OF 9% TO 20per cent YEARLY
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 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.
As well as this an un-utilised center for 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 per 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 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 consequently they are 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 so are modified on half annual foundation.
The mark-up prices on these funds derive from the weighted average for the final three cut-off prices of this five 12 months Pakistan Investment Bonds (PIBs), and are also modified on half-yearly basis.
14.1. The facilities are guaranteed by hypothecation of certain leased assets and associated rent rentals. The facilities were utilised for disbursement against leasing contracts executed by the organization.
14.2. LIABILITY ACCORDING OF TERM FINANCE Transaction price incurred on problem of Term Finance Certificates II was modified from the associated liability prior 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 secured by an initial and exclusive fee over certain current and future leased assets and their associated receivables.
15. CERTIFICATES OF INVESTMENT
The organization has granted certificates of investment underneath the authorization provided by 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. Current maturity of long-lasting certificates of investment amounting to Rs. 110,732,000 (2002: Rs 88,163,000) is included 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 quantities to Rs. 400,000,000 (2002: 400,000,000) divided in to 40,000,000 (2002: 40,000,000) ordinary stocks of Rs. 10 each.
17. RESERVES 17.1. The contingency reserve is produced in respect associated with the need raised by the riches Tax Officer for business resource Tax of Rs 2,000,000 combined 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 granted by the Securities and Exchange Commission of Pakistan on September 9,1999.
The liability that is unrecognised of 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. INCOME ON ASSETS 21. DIFFERENT MONEY 22. FINANCIAL ALONGSIDE 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 taxation fee for the present 12 months represents minimal fee 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 regarding the fund’s assets and liabilities during the latest valuation date were the following: Projected Unit Credit Method using the next significant assumptions had been useful for the valuation associated with the Fund: 26.1. The price of opportunities created by the employees your your your retirement funds operated by the organization according to their accounts that are audited at June 30, 2003 is really as follows: 27. TRANSACTIONS WITH ASSOCIATED UNDERTAKINGS 28. REMUNERATION OF CHIEF EXECUTIVE AND EXECUTIVES
The amount that is aggregate within these is the reason remuneration including all advantages, to your Chief Executive and Executives is really as follows: Certain professionals are supplied with free utilization of business maintained vehicles.
The above mentioned remuneration of Chief Executive relates to the Executive Officer that is ex-Chief of business whom ceased to carry workplace w.e.f. 30, 2003 april.
Keep encashment normally payable to him depending on the terms of their work agreement.
29. PROFITS PER SHARE 30. CASH GENERATED FROM OPERATIONS 31. CASH AND MONEY EQUIVALENTS
