| ATLAS LEASE LIMITED |
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| ANNUAL REPORT 1997 |
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| Constantly
endeavour |
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| to
contribute towards |
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| economic
development |
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| of the Country. Lead |
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| the
industry by |
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| providing
quality |
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| service
to customers |
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| and
ensure continuous |
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| growth in the |
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| shareholders'
value |
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| through
a youthful goal |
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| oriented
team. |
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| CONTENTS |
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| Corporate
Data |
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| Notice
of Meeting |
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| Directors'
Report |
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| Chairman's
Review |
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| Pattern
of Shareholding |
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| Financial
Highlights |
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| Graphic
Presentation |
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| Auditors'
Report |
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| Balance Sheet |
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| Profit
and Loss Account |
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| Cash
Flow Statement |
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| Notes
to the Accounts |
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| Atlas
Group Companies |
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| CORPORATE
DATA |
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| BOARD
OF DIRECTORS: |
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| CHAIRMAN |
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| Mr.
Yusuf H. Shirazi |
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| CHIEF
EXECUTIVE |
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| Mr.
Khaleeq-ur-Rahman Khan |
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| MEMBERS |
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| Mr.
A.K.M. Sayeed |
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| Mr.
Iftikhar H. Shirazi |
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| Mr.
Kenichi Nakagawa |
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| Mr.
Razi-ur-Rahman Khan |
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| Mr.
Sanaullah Qureshi |
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| Mr.
Toshiki Miyazaki |
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| COMPANY
SECRETARY |
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| Mr.
Muhammad Rafique Umer |
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| GROUP
EXECUTIVE COMMITTEE: |
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| CHAIRMAN |
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| Mr.
Yusuf H. Shirazi |
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| MEMBERS |
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| Mr.
Jawaid Iqbal Ahmed |
|
| Mr.
Frahim Ali Khan |
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| Mr.
Iftikhar H. Shirazi |
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| Mr.
Aamir H. Shirazi |
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| Mr.
Saquib H. Shirazi |
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| SECRETARY |
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| Mr.
Amjad Hussain |
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| GROUP
PERSONNEL COMMITTEE: |
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| CHAIRMAN |
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| Mr.
Yusuf H. Shirazi |
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| GROUP
AUDIT COMMITTEE: |
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| CHAIRMAN |
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| Mr.
Sanaullah Qureshi |
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| AUDITORS: |
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| Ford,
Rhodes, Robson, Morrow |
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| Chartered
Accountants |
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| LEGAL
ADVISORS: |
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| Mohsin
Tayebaly & Co. |
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| BANKERS
& LENDING INSTITUTIONS: |
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| BANKERS: |
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| ABN AMRO Bank |
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| Allied
Bank of Pakistan Limited |
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| ANZ
Grindlays Bank plc |
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| Askari
Commercial Bank Limited |
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| Faysal
Bank Limited |
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| Habib
Bank AG Zurich |
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| Habib
Bank Limited |
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| Standard
Chartered Bank |
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| The
Bank of Tokyo-Mitsubishi, Limited |
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| The
Hongkong and Shanghai Banking Corporation |
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| United
Bank Limited |
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| LENDING
INSTITUTIONS: |
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| AI-Faysal
Investment Bank Ltd. |
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| Asian
Development Bank (ADB) |
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| Commonwealth
Development Corporation (CDC) |
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| First
International Investment Bank Ltd. |
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| German
Investment and Development Company (DEG) |
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| International
Finance Corporation (IFC) |
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| National
Discounting Services Ltd. |
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| Netherlands
Development Finance Company (FMO) |
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| Pakistan
Kuwait Inv. Co. (Pvt.) Ltd. |
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| Saudi
Pak Industrial & Agricultural Inv. Co. (Pvt.) Ltd. |
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| REGISTERED
OFFICE & HEAD OFFICE ' |
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| Federation
House, Sharae Firdousi, |
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| Clifton,
Karachi - 75600 |
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| Tel:
(92-21) 5866817 - 20, 5866919 - 20 Fax: 5870543 |
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| E-mail:
all @atlasgrouppk.com
~'-~J |
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| atlasl
@ paknet3.ptc.pk |
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| BRANCH OFFICES: |
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| LAHORE
OFFICE: |
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| 1st
Floor, Emirates Bank Building, |
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| 14
- Egerton Road, Lahore
~, , |
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| Tel:
(92-42) 6366170 - 74,6364941 Fax: 6365058 |
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| ISLAMABAD
OFFICE: |
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| 2nd
Floor, Saudi Pak Tower, |
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| Blue
Area, Islamabad |
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| Tel:
(92-51) 824906, 824909 Fax: 821377 |
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| NOTICE
OF MEETING |
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| Notice
is hereby given that the Tenth Annual General Meeting of the members of ATLAS
LEASE |
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| LIMITED
will be held on Thursday the November 20, 1997 at 11.00 a.m. at Registered
Office of the |
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| Company
at Federation House, Sharae Firdousi, Clifton, Karachi to transact the
following |
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| business: |
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| ORDINARY BUSINESS: |
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| 1.
To confirm the Minutes of the last Extra-ordinary General Meeting held on
April 29, 1997. |
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| 2.
To receive, consider and adopt the Audited Accounts of the Company for the
year ended |
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| June
30, 1997 together with the Directors' and Auditors' Report thereon. |
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| 3.
To appoint Auditors and fix their remuneration for the year 1997-98. The
retiring Auditors |
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| M/s.
Ford, Rhodes, Robson, Morrow, Chartered Accountants, being eligible, offer
them- |
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| selves
for reappointment. |
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| SPECIAL
BUSINESS: |
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| 4.
To approve the remuneration of the Chief Executive and the working Director. |
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| OTHER BUSINESS: |
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| 5.
To transact any other business as may be placed before the meeting with the
permission of |
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| the Chair. |
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|
| A
statement under section 160 of the Companies Ordinance, 1984 pertaining to
the Special |
|
| Business
referred to above is annexed to this Notice of Meeting. |
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| NOTES: |
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| i)
The Register of Members of the Company will remain closed from 14/11/1997 to |
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| 20/11/1997
(both days inclusive). |
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| ii)
A member entitled to attend and vote at this meeting may appoint another
member as his / |
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| her
proxy to attend and vote on his / her behalf. The instrument appointing a
Proxy and the |
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| power
of attorney or other authority under which it is signed or a notarially
certified copy of |
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| the
power of authority must be received at the Registered Office of the company
duly |
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| stamped,
signed and witnessed not later than 48 hours before the meeting. A form of
Proxy |
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| is enclosed. |
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| iii)
Members are requested to notify any change in their addresses immediately. |
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| STATEMENT
UNDER SECTION 160 OF THE COMPANIES ORDINANCE,1984 |
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| This
statement sets out the material facts concerning the Special Business to be
transacted at the |
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| Tenth
Annual General Meeting of Atlas Lease Limited to be held on November 20,
1997. |
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| Approval
of the shareholders will be sought for the remuneration payable to the Chief
Executive |
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| and
working Director in accordance with their terms and conditions of service.
For this purpose, it |
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| is
intended to pass following resolution as an Ordinary Resolution, namely · |
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| RESOLVED |
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| "that
the Company hereby authorises the holding of offices of profit and payment as
remuneration |
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| to
Mr. Khaleeq-ur-Rahman Khan, Chief Executive and Mr. Iftikhar H. Shirazi,
working Director, not |
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| exceeding
in the aggregate Rs.4.0 million per annum for the year ending June 30, 1998
together |
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| with
other benefits as per Company policy." |
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| The
Chief Executive and the working Director are interested in the remuneration
payable to them. |
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| DIRECTORS'
REPORT |
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| The
Directors have pleasure in submitting Annual Report of the Company together
with the |
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| Audited
Accounts and the Auditors' Report thereon for the year ended June 30, 1997. |
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|
| Financial
Results: |
|
1997 |
1 996 |
|
|
Rupees |
Rupees |
|
|
---------- |
---------- |
|
| Net
profit for the year after charging all |
|
| expenses
and doubtful debts |
|
17,722,779 |
41,733,087 |
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| Previous
profit brought forward |
35,731 |
81,234 |
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|
---------- |
---------- |
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| Profit
available for appropriation |
17,758,510 |
41,81 4,321 |
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| Appropriations: |
|
---------- |
---------- |
|
| Transfer
to Statutory Reserve |
3,544,556 |
- |
|
| Transfer
to General Reserve |
|
10,000,000 |
26,000,000 |
|
| Cash dividend |
|
- |
15,778,590 |
|
|
---------- |
---------- |
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|
13,544,556 |
41,778,590 |
|
|
---------- |
---------- |
|
| Unappropriated
profit carried forward |
4,213,954 |
35,731 |
|
|
========== |
========== |
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| Chairman's Review: |
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| The
accompanying Chairman's Review deals with the performance of the Company
during the |
|
| year
and future outlook. The Directors of the Company endorse the contents of the
review. |
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|
| Pattern
of Shareholding: |
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| The
pattern of shareholding of the Company is annexed. |
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|
| Auditors |
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| The
present Auditors Messrs. Ford, Rhodes, Robson, Morrow, Chartered Accountants
retire and |
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| being
eligible offer themselves for reappointment. |
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|
|
| CHAIRMAN'S
REVIEW |
|
| I
have the pleasure to present the 10th Annual |
January and February
1997. The Karachi Stock |
|
| Report
of your Company for the year ended |
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Exchange-100 index which
was 1703 at the |
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| June
30, 1997. |
|
start of the year dropped
to 1565 during the |
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| During
the year under review, your company |
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| made
net profit after tax of Rs.17.72 million as |
THE GROUP PERFORMANCE |
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| compared
to Rs.41.73 million last year. The |
The Atlas Group, of which
your company is a |
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| fall
in profit was mainly due to a disputed extra |
constituent member,
relies on intellectual |
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| ordinarychargeofRs.19.92millionbytheState |
|
capital. Harmonizing
human capital, owners |
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| Bank
of Pakistan relating to Foreign Exchange |
capital and market
capital i.e. the Group image |
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| Cover
Fee payment. |
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at the government,
business and international |
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|
levels - remaining within
the bounds of law, |
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|
is our |
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| THE ECONOMY |
|
entrepreneural brand
equity. |
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| The
country's economy did not fare well. The |
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| GDP
growth rate declined to 3.1% from 4.6% |
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| of
the last year. In Agriculture sector, it was |
The Atlas Group is a
diversified group dealing |
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| down
to 0.7% compared to 5.3% of the previous |
in engineering, financial
services, trading, office |
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| year.
The growth rate in manufacturing sector |
equipment and information
technology. It |
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| fell
down to 1.8% against 4.4% of the last year. |
consists of seven public
limited companies |
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| The
large scale manufacturing registered a |
|
quoted on the stock
exchanges in Pakistan and |
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| decline
of1.4%. Heavier taxation, higher costs |
six private limited
companies. Atlas |
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| of
raw materials, loans and utilities were the |
shareholders equity has
grown to Rs. 2 billion |
|
| main
reasons, which impeded the growth of |
|
over the years; assets
have increased to over |
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| the
industrial sector. |
|
Rs. 8 billion; personnel
strength is over 2500 ': |
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|
and sales have crossed
the Rs. 8 billion mark. |
|
| Despite
imposition of additional taxes of |
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| Rs.40.8
billion in the budget 1996-97 and |
|
The group paid taxes of
Rs. 2.4 billion being |
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| further
Rs.13.0 billion through another |
|
30% of the total turnover
and your company's |
|
| package
announced in October 1996, the fiscal |
share of Rs.5.11 million
being 2% of its total |
|
| deficit
widened to 6.2% of GDP as against |
|
revenue. |
|
| budgeted
target of 4.0%. The high deficit |
|
| financing
at 6.3% had corresponding |
|
The total Paid-up capital
of 7 listed companies |
|
| inflationary
impact of 11.6%. As a result the |
stood at Rs. 855 million
and free reserves and |
|
| Balance
of Payment came under pressure |
|
surplus at Rs. 903
million: the total equity in |
|
| during
the year. The exports decreased by |
|
listed companies was at
Rs. 1,758 million. The |
|
| 5.4%,
imports decreased at 1.47% and the |
|
Break-up Value per
Rs.10/- worked out to Rs. |
|
| trade
deficit increased to $3.37 billion. High |
20.56. Out of these 7
companies, two |
|
| rates
of interest-upto 23%, kept the economy |
companies have been rated
'A+' and three 'A' |
|
| depressed. |
|
|
by the credit rating and
other evaluating |
|
|
agencies. Your company is
among the 'A' rated |
|
|
companies. Your company
is also among the |
|
| The
slowdown of the economy was also |
|
top 6 leasing companies
and ranked 1.6 amon9 |
|
| reflected
in the quantum index numbers for |
|
205 financial companies
(out of total 782 |
|
| import
of machinery and transport equipment. |
companies) listed on the
Karachi Stock |
|
| In
the first three quarters of 1995-96, the index |
Exchange. |
|
| numbers
were 344.5, 206.6 and 247.3 for the |
|
| respective
quarters. These figures were |
|
The seven companies, set
up at different times |
|
| drastically
down for 1996-97 and stood at |
|
- the earliest in 1963
with a paid up capital of |
|
| 191.1,
186.4 and 146.5 respectively. The |
|
Rs. 2.0 million and the
latest in 1993 with a |
|
| general
wholesale price index and the general |
paid up capital of Rs.
400.0 million - have paid |
|
| consumer
price index kept rising and stood at |
cash dividend of Rs.
244.28 million and bonus |
|
| 207.76
and 196.96 respectively (base: 1990- |
at Rs. 166.55 million
(market value Rs. 404.43 |
|
| 91=100).
The equity market remained |
|
million) against the
paid-up capital of |
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| depressed
with short lived spurts during |
|
Rs.855.15 million upto
the year under review. |
|
|
| Your
company was set up in 1989 with a paid |
the market penetration at
a low level. The credit |
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| up
capital of Rs. 20.00 million which has grown |
risk is a necessary
element in the leasing |
|
| to
Rs. 105.19 million. The total equity is at Rs. |
business. It can not be
avoided. But a lot of |
|
| 213.77
million which includes reserves and |
|
hastle, time and money,
can be saved which is |
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| unappropriated
profit of Rs. 108.58 million. |
spent on follow up of
recovery, re-structuring |
|
| During
this period, your company made right |
and re-scheduling leases,
and finally ending |
|
| issues
at par of Rs. 30.00 million in 1990 and |
up in unnecessary time
spent and loss of |
|
| Rs.
33.27 million in 1995. It has paid dividend |
money in the courts. If
our court procedures |
|
| of
Rs. 38.98 million and bonus Rs. 16.55million |
are improved and recovery
is made speedy |
|
| (market
value Rs. 43.03 million) against the |
through the courts of
law, it will help the industry |
|
| shareholders'
investment of Rs. 94.46 million. |
a lot. If, for example,
it is made mandatory/for |
|
|
lessors and lessees that
the lessors will receive |
|
| THE
LEASING INDUSTRY |
|
cheques from the lessees
in advance for the |
|
| Presently
32 Leasing Companies having a total |
entire lease rentals and
the bouncing of |
|
| paid-up capital
of Rs.4.3 billion (equity Rs. 6.9 |
cheques will be treated
as a criminal offence |
|
| billion),
are operating in the country. Besides, |
and the punishment awarded within a
fortnight |
|
| there
are over 34 Modarabas having a total |
|
on the evidence of the
bounced cheque, the |
|
| paid-up
capital of Rs. 5.97 billion (equity |
defaults will
tremendously go down. |
|
| Rs.
6.59 billion), 15 investment banks having a |
The industry is also
facing the problem of |
|
| total paid-up
capital of Rs. 3.15 billion (equity |
double taxation on sale
and leaseback |
|
| Rs. 4.55 billion) and 14
Commercial Banks |
|
transactions and
with-holding tax. This needs |
|
| having
a total paid-up capita! of Rs. 8.25 billion |
an early redressal. |
|
| (equity
Rs. 14.81 billion), which are also |
|
| engaged
in leasing business directly or |
|
THE COMPANY'S RESULTS |
|
| indirectly.
The total outstanding lease portfolio |
|
| amounts
to Rs.20 billion. The market |
|
During-the year under
review, your |
|
| penetration
is still only 7% which is low. The |
company disbursed new
leases of Rs.587.04 |
|
| two
main limiting factors, i.e. non-availability of |
million. Net investment
in lease finance thus |
|
| funds
and rising risk of defaults, are keeping |
increased from
Rs.1,659.58 million in June |
|
| 1996
to Rs.1,849.13 million in June 1997, up |
Similarly the loan of US$
10.0 million |
|
| 11.42%.
The lease portfolio comprised of |
|
sanctioned by ADB was
also. fully drawn in the |
|
| 62.70%
in machinery, 34.37% in vehicles and |
second half. Additional
financial arrangements |
|
| 2.93%
in office equipment. The sectoral |
|
of Rs.115.0 million in
the form of Demand/Term |
|
| exposure
at the end of the year stood fairly |
Finances, Morabaha,
Promissory Discount |
|
| diversified,
comprising of 15.10% investment |
Notes and enhancement of
Running Finance |
|
| in
textile, 12.84% in chemical, fertilizer & |
facilities have been
negotiated with different |
|
| pharmaceuticals,
9.78% in cement, 8.58% in |
|
financial institutions
locally. These funds |
|
| steel,
engineering & automobiles, 7.41% in |
|
would be available in the
current year. Other |
|
| food,
tobacco & beverages and 6.94% in |
|
areas of resource
mobilization are also being |
|
| electrical
& electronic goods. |
|
considered. |
|
|
| The
revenue for the year under review at |
|
HUMAN RESOURCE |
|
| Rs.324.71
million, was 13.6% higher than |
|
Investment in people and
human resource |
|
| Rs.285.87
million in the previous year. The |
development in the Atlas
Group is a continuous |
|
| financial
charges at Rs.242.42 million were |
process. We send people
for higher education |
|
| 20.6%
higher than Rs.200.95 million in the |
|
and training to such
institutions as Harvard |
|
| previous
year. The administrative expenses |
|
Business School,
Stanford, The Wharton |
|
| rose
by 5.7% from Rs.28.57 million to Rs.30.22 |
School of Finance and
Economics, INSEAD, |
|
| million.
The profit before tax and extra ordinary |
Claremont, IMD, Notre
Dame, Eton College, |
|
| charge
by State Bank of Pakistan stood at |
|
IBA, LUMS, PIM, etc. All
the members of our |
|
| Rs.44.56
million compared with Rs.43.18 |
|
senior management team
have had exposure |
|
| million
of tile previous year. During the year |
to such institutions. The
others have had |
|
| the
State Bank of Pakistan charged Rs.19.92 |
exposure to various other
institutions of related |
|
| million
for late payment of Exchange Risk |
|
field of interest and
technology in and outside |
|
| Cover
Fee in connection with the loans |
|
the country. |
|
| registered-under
the Exchange Risk Coverage |
|
| Scheme.
Although the company was paying |
|
The group manpower
includes 152 employees |
|
| excess
amount at the time of loan installment |
with service of over 25
years, 232 with over 20 |
|
| remittance
which was accumulating with the |
|
years, 575 with over 15
years, and .753 with |
|
| State
Bank of Pakistan, and infact the State |
over 10 years service.
Among them, 153 are |
|
| Bank
of Pakistan had made a refund after |
|
post graduates, 493
graduates and the rest |
|
| deducting
the Exchange Cover Fee and the |
|
diploma holders,
intermediates, matriculates |
|
| additional
charge of Rs.19.92 million, yet the |
and skilled workers.
Group employees turnover |
|
| payment
was considered late. The matter is |
|
is around 5%. |
|
| being
followed up at appropriate level to seek |
|
| redressal.
Thus, after providing for tax and the |
Your company started with
a staff of 6 persons |
|
| extra
ordinary charge by the State Bank of |
|
in 1989. The number has
now increased to 49 |
|
| Pakistan,
the net profit stood at Rs.17.72 million |
persons by June 30, 1997.
As a policy the |
|
| as
compared with Rs.41.73 million last year. |
number of staff is
maintained at a low level with |
|
| The
profit situation would have been better but |
emphasis on employing
well-qualified and |
|
| for
the extra ordinary charge as explained |
|
skilled persons.
Presently, the staff include 1 |
|
| above. |
|
Chartered Accountant, 8
MBAs, 8 Post- |
|
|
graduates and 21
Graduates. |
|
| FUNDING |
|
| Your
company had two approved foreign |
|
CHANGE IN THE BOARD OF
DIRECTORS |
|
| currency
credit lines in hand. Out of the |
|
Mr. H. Sasaki, on
relinquishing charge as the |
|
| approved
loan of NLG 10.0 million (equivalent |
Deputy General Manager of
The Bank of Tokyo- |
|
| to
US$ 5.8 million) from Netherlands |
|
Mitsubishi Ltd, Karachi
was replaced by Mr. T. |
|
| Development
Finance Company (FMO), the |
|
Miyazaki on December 21,
1996. May I place |
|
| first
tranche of US$ 3.0 million was drawn in |
on record appreciation
for the contribution |
|
| the
first half of the year under review, whereas |
made by Mr. Sasaki and
welcome Mr. Miyazaki |
|
| the
second tranche of US$ 2.8 million was |
|
on the Board and look
forward to his support in |
|
| drawn
in the beginning of the second half. |
|
managing the affairs of
your Company. |
|
|
| FUTURE
OUTLOOK |
|
strategies in place and
your company is fully |
|
| The
economy of the country is showing signs |
geared to take advantage
of improved situation. |
|
| of
improvement due to steps being taken by |
|
| the
Government to reinvigorate the business |
There is none of the
despairs: |
|
| sector
and improve the investment climate in |
there are hopes - hopes,
full of bright future. |
|
| the
country. The steps to bring interest rates |
Limited |
|
| down
and increase liquidity in the money market |
|
| will
also help. The Government has announced |
ACKNOWLEDGMENTS |
|
| packages
for different sectors of business to |
I would like to thank the
Bank of Tokyo- |
|
| provide
tax relief as well as an environment |
Mitsubishi and the NIT
for their advice and |
|
| which
is friendly to business growth. In view of |
guidance provided to the
management of your |
|
| these
measures, the economy should pick up |
|
Company. Thanks are also
due to the financial |
|
| soon. |
|
institutions for their
help and support and all |
|
|
the clients for reposing
confidence in your |
|
| On
the other hand, our efforts to improve |
|
company. I also thank the
Group Executive |
|
| productivity,
credit evaluation, close monitoring |
Committee and the Chief
Executive and his |
|
| of
the portfolio, strengthening research & |
|
team and all the staff
members for their devotion |
|
| development
base, exploring cheaper sources |
and hard work. |
|
| of
funds, controlling operating expenses, and |
|
| developing
staff's level of competence are the |
|
|
|
| PATTERN
OF SHAREHOLDING |
|
| AS
AT JUNE 30, 1997 |
|
|
|
| ---------- |
---------- |
---------- |
---------- |
---------- |
|
| Number of |
|
Shareholding |
|
Total |
|
| Shareholders |
From |
|
To |
Shares Held |
|
| ---------- |
---------- |
---------- |
---------- |
---------- |
|
| 28 |
1 |
- |
100 |
1,520 |
|
| 34 |
101 |
- |
500 |
8,817 |
|
| 27 |
501 |
- |
1,000 |
22,824 |
|
| 64 |
1,001 |
- |
5,000 |
156,048 |
|
| 4 |
5,001 |
- |
10,000 |
37,915 |
|
| 4 |
10,001 |
- |
15,000 |
45,270 |
|
| 2 |
15,001 |
- |
20,000 |
36,800 |
|
| 1 |
20,001 |
- |
25,000 |
22,959 |
|
| 1 |
25,001 |
- |
30,000 |
28,749 |
|
| 2 |
50,001 |
- |
55,000 |
107,406 |
|
| 1 |
95,001 |
- |
100,000 |
99,825 |
|
| 2 |
150,001 |
- |
155,000 |
305,878 |
|
| 1 |
175,001 |
- |
180,000 |
175,125 |
|
| 1 |
215,001 |
- |
220,000 |
220,000 |
|
| 1 |
265,001 |
- |
270,000 |
267,043 |
|
| 1 |
275,001 |
- |
280,000 |
280,000 |
|
| 1 |
295,001 |
- |
300,000 |
300,000 |
|
| 1 |
380,001 |
- |
385,000 |
382,000 |
|
| 1 |
440,001 |
- |
445,000 |
442,557 |
|
| 1 |
500,001 |
- |
505,000 |
502,461 |
|
| 1 |
535,001 |
- |
540,000 |
536,560 |
|
| 4 |
840,001 |
- |
845,000 |
3,364,083 |
|
| 1 |
885,001 |
- |
890,000 |
888,442 |
|
| 1 |
2,285,001 |
- |
2,290,000 |
2,286,778 |
|
| ---------- |
---------- |
---------- |
---------- |
---------- |
|
| 185 |
|
TOTAL |
|
10,519,060 |
|
| ---------- |
---------- |
---------- |
---------- |
---------- |
|
|
|
| The slabs representing NIL holding have been
omitted. |
|
| ---------- |
---------- |
---------- |
---------- |
---------- |
|
| Categories of |
|
Number of |
Number of |
Percentage of |
|
| Shareholders |
|
Shareholders |
Shares held |
Shares held |
|
| ---------- |
---------- |
---------- |
---------- |
---------- |
|
| 1.
Individuals |
164 |
5,189,975 |
49.34 |
|
| 2.
Investment Companies |
4 |
766,504 |
7.29 |
|
| 3.
Insurance Companies |
1 |
28,749 |
0.27 |
|
| 4.
Joint Stock Companies |
9 |
99,489 |
0.95 |
|
| 5.
Financial Institutions |
3 |
2,555,083 |
24.29 |
|
