| Atlas Investment Bank Limited |
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| Annual
Report 1998 |
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| Mission
Statement |
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| Attain
leadership in Investment Banking by effectively fulfilling |
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| the
needs of our clients through an efficient use of our human |
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| resources,
and owners' capital in the market place. Maximize return |
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| to
the shareholders with 'due consideration to our social |
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| responsibility. |
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| Contents |
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| Company
Information |
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| Notice
of Meeting |
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| Directors'
Report |
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| Chairman's
Review |
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| Financial
Highlights |
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| Graphical
Presentation |
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| Atlas
Group Companies |
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| Auditor's
Report to the Members |
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| Balance
Sheet |
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| Profit
and Loss Account |
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| Statement
of Sources and Application of Funds |
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| Notes
to the Accounts |
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| Pattern
of Shareholding |
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| COMPANY
INFORMATION |
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| BOARD
OF DIRECTORS |
|
|
| Mr.
Yusuf H. Shirazi |
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| (Chairman) |
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| Mr.
Saquib H. Shirazi |
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| (Chief
Executive) |
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| Directors |
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| Mr.
Frahim All Khan |
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| Mr.
GM.Z. Khan |
|
(representing Asian
Development Bank) |
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| Mr.
M. Okuda |
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(representing The Bank of
Tokyo-Mitsubishi, Ltd.) |
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| Mr.
M. F. W. Zijsvelt |
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(representing Asian
Development Bank) |
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| Mr.
Sherali Mundrawala |
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| Mr.
T. Miyazaki |
|
(representing The Bank of
Tokyo-Mitsubishi, Ltd.) |
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| Mr.
Wusooq Khaleeli |
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(representing National
Investment Trust Ltd.) |
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| Mr.
Safdar Kazi |
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| (Company
Secretary) |
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| GROUP
EXECUTIVE COMMITTEE |
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| Mr.
Yusuf H. Shirazi |
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| (Chairman) |
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|
| Mr.
Jawaid Iqbal Ahmed |
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| 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 |
|
|
| Mr.
Amjad Hussain |
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| (Secretary) |
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| GROUP
PERSONNEL COMMITTEE |
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| Mr.
Yusuf H. Shirazi |
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| (Chairman) |
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| GROUP
AUDIT COMMITTEE |
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| Mr.
Sanaullah Qureshi |
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| (Chairman) |
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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
Tayebally & Co. |
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| BANKERS |
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| The
Bank of Tokyo-Mitsubishi, Ltd. |
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| Emirates
Bank International PJSC |
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| Muslim
Commercial Bank Ltd. |
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| Deutsche
Bank A.G. |
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| National
Development Finance Corporation |
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| REGISTERED
OFFICE & HEAD OFFICE |
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| 1st
Floor, Emirates Bank Building, |
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| 14
Egerton Road, Lahore. |
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| Telephone:
(92-42) 6366170-74 |
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| Fax:
(92-42) 6366175 |
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| KARACHI
BRANCH |
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| Ground
Floor, Federation House |
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| Shahrah-e-Firdousi,
Main Clifton, Karachi |
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| Telephone:
(92-21)5832292-93, 5863983 |
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| Fax:
(92-21) 5863984 |
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| ISLAMABAD
BRANCH |
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| 2nd
Floor, Saudi Pak Towers |
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| Blue
Area, Islamabad |
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| Telephone:
(92-51) 824468, 270964 |
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| Fax:
(92-51) 821377 |
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| BROKERAGE
HOUSE |
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| Room
No. 203, Lahore Stock Exchange Building |
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| 19,
Khayaban-e-Iqbal, Lahore |
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| Telephone:
(92-42) 6311380, 6372110, 6375922, 6375066 |
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| Fax:
(92-42) 6375877 |
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|
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| NOTICE
OF MEETING |
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| NOTICE
IS HEREBY GIVEN that the Seventh Annual General Meeting of Atlas Investment
Bank Limited will |
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| be
held at 10:00 a.m. on Tuesday, December 29, 1998 at the Registered Office of
the Company at First Floor, |
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| Emirates
Bank Building, 14 Egerton Road, Lahore to transact the following business: |
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| Ordinary
Business |
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|
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| 1.
To confirm the minutes of the Extraordinary General Meeting held on July 15,
1998. |
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|
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| 2.
To receive, consider and adopt the Audited Accounts of the Company together
with the Directors' and |
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| Auditors'
Report thereon for the year ended June 30,1998. |
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|
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| 3.
To appoint Auditors and to fix their remuneration for the year 1998-99. M/s
Ford, Rhodes, Robson, |
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| Morrow,
Chartered Accountants, the present auditors retire and being eligible, offer
themselves for |
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| reappointment. |
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|
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| 4.
To transact any other business with the permission of the Chair. |
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| Special
Business |
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| 5.
To approve the remuneration of the Chief Executive. |
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| A
statement under section 160 of the Companies Ordinance 1984 pertaining to the
Special Businesses referred to |
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| above
is annexed to this Notice of Meeting. |
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|
By order of the Board |
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|
Safdar Kazi |
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| Lahore:
November 16, 1998 |
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Company Secretary |
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| Notes: |
|
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| 1.
The Share Transfer Books of the Company will remain closed from December 22,
1998 to December 29, |
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| 1998
(both days inclusive). |
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|
|
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| 2.
A member entitled to attend and vote at this meeting may appoint another
person as his/her proxy to |
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| attend
and vote on his/her behalf. Proxies in order to be effective must be received
at Company's Registered |
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| Office
not later than 48 hours before the holding of the meeting. |
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|
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| 3.
The members are requested to please communicate to the company any change in
their addresses. |
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| STATEMENT
UNDER SECTION 160 OF THE COMPANIES ORDINANCE, 1984 |
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| Approval
is being sought for the annual increase in the remuneration of the Chief
Executive working full time with |
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| the
company. The Chief Executive holds 11.09 % shares of the company. |
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| DIRECTORS'
REPORT |
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| Your
Directors have pleasure in submitting the Seventh Annual Report of the
Company together with the Audited |
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| Accounts
and the Auditor's Report thereon for the year ended June 30, 1998. |
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| Financial
results are as follows: |
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|
Year ended |
Year ended |
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|
June 30, |
June 30, |
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1998 |
1997 |
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|
Rupees |
Rupees |
|
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| Profit
for the year before tax |
|
7,936,375 |
10,166,459 |
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| Taxation |
|
|
175017000 |
838,000 |
|
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|
---------- |
---------- |
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| Profit
after taxation |
|
6,435,375 |
9,328,459 |
|
| Unappropriated
profit brought forward |
|
31,830,949 |
26,014,490 |
|
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|
---------- |
---------- |
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| Profit
available for appropriations |
|
38,266,324 |
35,342,949 |
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| Appropriations: |
|
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| Special
Reserve |
|
1,288,000 |
1,866,000 |
|
| Reserve
for Contingencies |
|
30,000,000 |
1,646,000 |
|
|
|
---------- |
---------- |
|
| Unappropriated
profit carried forward |
|
6,978,324 |
31,830,949 |
|
|
|
---------- |
---------- |
|
| Earnings
per share |
|
0.57 |
0.83 |
|
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|
========== |
========== |
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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 |
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| 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 is annexed. |
|
|
| Auditors |
|
| The
present auditors, Messrs. Ford, Rhodes, Robson, Morrow, Chartered Accountants
retire and being eligible |
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| offer
themselves for reappointment. |
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|
|
|
For and on behalf of the |
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|
|
Board of Directors |
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|
|
|
|
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|
Yusuf H. Shirazi |
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| Lahore:
November 16, 1998 |
|
Chairman |
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|
|
| CHAIRMAN'S
REVIEW |
|
|
| I
have the pleasure to present the Seventh Annual Report and review of |
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| performance
of your bank for the year ended June 30, 1998. |
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|
| THE ECONOMY |
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| The
year under review was full of challenges on both the domestic and |
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| international
fronts. On the domestic front, the country faced |
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| constitutional
issues of extraordinary nature which affected the flow |
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| of
normal economic activity. On the international front, foreign |
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| investment
was affected - partly due to the internal situation and mainly |
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| due
to the economic crises affecting Latin American, Russian and the |
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| South
East Asian countries' economies resulting into the shying away |
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| of
investment 'from the international capital markets. |
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| On
the other hand, Pakistan's economic performance over the last few |
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| years
has been marked by a deceleration in economic activity, |
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| deterioration
in budgetary and current account deficits and inflation. |
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| In
order to reinvigorate economic growth the Government took some measures. It
introduced economic reforms |
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| based
on both supply and demand side economics. To improve revenue collection,
general sales tax regime was |
|
| relaunched
at the retail level which partially increased the 'Tax Net'. The effect of
these policy measures will |
|
| however
take some time to yield the desired results.
¢::~::::: |
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|
| Towards
the year end, Pakistan opted for nuclear detonation on 28th May 1998
following India's nuclear tests on |
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| 11th
May 1998. It led to economic sanctions by the developed countries. The
international lending agencies
¢'~¢~ |
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| discontinued
new loans. In a period that followed, foreign currency accounts were frozen,
rupee was devalued by |
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| 4.4%
making it 14. i % for the full fiscal year and a two-tier foreign exchange
regime was introduced. The level
5::;:::~:ii:i |
| of
uncertainty became alarmingly higher. The private sector, which had obtained
foreign debts, was unclear on
~ |
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| whether
conversion of their loan installments would be allowed at their due dates. |
|
|
| Despite
the worsening situation, the economic indictors for the year were quite
satisfactory. The GDP grew by |
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| 5.4%
as against l.3% last year, agricultural sector grew by 5.9% and the
manufacturing sector by 7.0%.. The |
|
| large-scale
manufacturing sector registered a growth of 6.2%. The transport and
communication sector recorded |
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| a
growth of 8.8%. Fixed investment increased by 6.5% and national savings
increased to 15% of GNP from the |
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| 11.3%
of last year. |
|
|
| THE
INDUSTRY |
|
| The
Investment Banking industry has overall suffered in the last year. The stock
market suffered with the KSE |
|
| 100
index declining from 1593 at the start of the year to 880 at the end. This
resulted in the erosion of book |
|
| values.
Extension of loans against foreign currency deposits as collateral also
suffered ever since the freezing of |
|
| FC
accounts. This being one of the sources of cheap funds available to
investment banks, their costs show an ~~ |
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| upward
trend. The slow down in economy narrowed the range of sectors in which the
investment banks could |
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| conduct
profitable business. |
|
|
| THE BANK |
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| The
bank followed the traditional cautious and conservative approach during the
year. It disbursed only Rs.36 |
|
| million
for long term projects from its IFC line. In view of the ever declining stock
market values, your management |
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| reduced
its holding by Rs. 52.4 million by the end of June 98 and by Rs. 49.7 million
subsequent to the year end. |
|
| The
brokerage house continued to make strides showing a growth of 30.6% in gross
income. The bank was able
:~;~:~::: |
| to
recover Rs. 10 million from the income tax department as refund of advance
payment of tax. However it had to |
|
| make
a further advance tax payment of Rs. 16 million thus increasing its
receivable to Rs. 25 million. In uncertain |
|
| market
conditions the bank laid emphasis to preserving its liquidity and kept a
vigilant watch on its activities and |
|
| maintaining
a vigilant watch on its risk assets. |
|
|
|
| OPERATIONAL
RESULTS |
|
| During
the year ended June 30, 1998, the total revenues of the bank declined by
10.47% to Rs. 300.12 million in |
|
| 1997-98
from Rs. 335.22 million in 1996-97. This decline has been occasioned due to
the poor performance of the |
|
| stock
market as less than anticipated dividends were received. Exchange gains have
also recorded lower than last |
|
| year
as the draw down of IFC line was completed during the year. Gross incomes in
all other areas have registered |
|
| reasonable
growths. The drop in gross income has been compensated somewhat by a decline
in the cost of funds |
|
| by
21.98% to Rs. 225. l0 million in 1997-98 from Rs. 288.54 million in 1996-97.
This decline in cost of funds was |
|
| mainly
due to better management of resources. |
|
|
| As
the bank has been at almost full gearing allowed by SBP prudential
regulations, the total balance sheet size has |
|
| increased
marginally in 1997-98 to Rs. 1,839.38 million from Rs. 1,784.42 million in
1996-97. Collectively the |
|
| long
term loans and deposits have risen to Rs. 1,589.11 million from Rs. 1,526.40
million in 1996-97. Loans, |
|
| advances
and finances have risen to Rs. 1,000.10 million from Rs. 960.34 million in
1996-97. |
|
|
| FUTURE
OUTLOOK |
|
| As
the issues with the multilateral agencies are resolved at the national level,
it can be expected that capital market |
|
| reforms
and banking reforms will be pushed through. This, it is hoped will give rise
to a more secure future to the |
|
| banking
sector. The government should give maximum support to the banking sector to
eradicate the menace of |
|
| default.
With the issuance of the revised scheme of Dollar bonds, it would appear that
the FCAs matter would be |
|
| resolved
and the investment banks will find an avenue for future business. On the
other hand, the sources of long |
|
| term
and medium term funds have narrowed. The move to correct the situation
pertaining in Karachi the financial |
|
| hub
of Pakistan, will go a long way to boost the confidence level of the business
community.
~. |
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|
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|
(Great are those who do things impossible) |
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|
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| YEAR
2000 COMPLIANCE |
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| We
are pleased to report that except our shares and brokerage operation systems,
all our computer systems are year |
|
| 2000
compliant. Efforts are underway to correct these systems and they would be
year 2000 compliant by mid 1999. |
|
|
| ATLAS
GROUP PERFORMANCE
~ |
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| The
Atlas Group of which your company is a constituent member, jealously guards
its brand equity which represents |
|
| good
management practices, ethical standards, and quality of goods and services
provided to its customers. The |
|
| Group
enioys an excellent image in government, business and social circles, both
nationally and internationally. |
|
|
| The
Atlas Group is diversified and has operations in engineering, financial
services, trading, office equipment and |
|
| information
technology. It consists of seven public limited companies quoted on the stock
exchanges in Pakistan |
|
| and
eight private limited companies. Atlas shareholders' equity has grown to
about Rs.2.5 billion over the years; |
|
| assets
have increased to over Rs.8 billion, and sales revenue crossed the Rs.8
billion mark. The Group paid taxes |
|
| of
Rs. 2.2 billion being 27.5% of the total turnover of the Group. More than 50%
of employees numbering 2700 |
|
| pay
taxes on their income and wealth. |
|
|
| The
total paid up capital of the seven listed companies stood at Rs.944 million
and free reserves and surplus at |
|
| Rs.
1.11 billion. The total equity of listed companies stood at Rs.2.05 billion
as at June 30,1998. The net worth |
|
| value
of a Rs. 10 share works out at Rs.21.77. Out of these seven companies, two
companies have been rated 'A+' |
|
| and
three 'A' by the credit rating and other evaluating agencies. |
|
|
| The
seven listed companies, set up at different times - the earliest in 1963 with
a paid up capital of Rs.2.00 million |
|
| and
the latest in 1993 with a paid up capital of Rs.400.00 million - have paid
cash dividend of Rs.287 million and |
|
| bonus
of Rs.208 million (market value Rs.435 million). |
|
|
| Your
Company was set up in 1991 with a paid up capital of Rs. 100 million which
has now grown to Rs. 112.5 |
|
| million.
The total equity at Rs. 178.91 million includes reserves and un-appropriated
profit of Rs.66.41 million. |
|
|
| HUMAN
RESOURCES |
|
| Reliance
on human resource has been the hallmark of the Atlas Group since its
inception. Investment on Human |
|
| Resource
Development is considered a prudent investment for all times to come.
Education, training and grooming |
|
| of
employees for higher positions is a normal feature with the Group. |
|
|
| To
cope up with the growing needs of the Group, a permanent cell has been
established at the Corporate Office for |
|
| human
resource development. A full time Director assists the Group Personnel
Committee which is headed by the |
|
| Group
President and Chairman. The Committee actively works for improving staff
service rules, staff compensation, |
|
| and
career planning to make them more competitive and attractive for the
employees, Compensation based on job |
|
| evaluation
and performance appraisal is now all the more a determining factor for the
performance bonus and the |
|
| employees
motivation. |
|
|
| CHANGES
IN THE BOARD |
|
| Mr.
Kengi Nakagawa representing The Bank of Tokyo - Mitsubishi Ltd. upon transfer
from Pakistan resigned from |
|
| the
Board. He was replaced by the incoming General Manager of The Bank of Tokyo -
Mitsubishi, Ltd. Mr. |
|
| Masanori
Okuda. Mr. Akira Seki representing the Asian Development Bank also upon
transfer from Pakistan |
|
| resigned
from the Board. Mr. M.F.W. Zijsvelt, nominated by the Asian Development Bank
replaced him. |
|
|
| I
would like to take this opportunity to place on record my appreciation of the
valuable contribution made by Mr. |
|
| Kengi
Nakagawa and Mr. Akira Seki in running the affairs of the bank. I welcome Mr.
Okuda and Mr. Zijsvelt on |
|
| the
Board of your bank and look forward to their help and future guidance in the
running of the bank. |
|
|
| ACKNOWLEDGMENTS |
|
| On
behalf of the Board, I thank the Executive Committee of the Atlas Group, The
Bank of Tokyo - Mitsubishi, |
|
| Ltd.
and The Asian Development Bank for the support they provided during the
period. Thanks are also due to the |
|
| State
Bank of Pakistan for its guidance and support and to our valuable clients and
various financial institutions in |
|
| reposing
confidence in your bank. I also wish to thank the Chief Executive and his
team for their hard work, |
|
| devotion
and commitment in carrying out their responsibilities. |
|
|
| Lahore:
November 16, 1998 |
|
YUSUF H. SHIRAZI |
|
|
|
| FINANCIAL
HIGHLIGHTS (1991- 1998) |
|
|
|
|
|
|
|
Rs in million |
|
|
|
|
|
|
|
|
|
|
1991 |
1992 |
1993 |
1994 |
1996 |
1997 |
1998 |
|
|
|
| Paid up Capital |
100.00 |
100.00 |
100.00 |
100.00 |
100.00 |
112.50 |
112.50 |
|
| Reserves
& Surplus |
|
4.30 |
9.41 |
26.92 |
47.39 |
63.15 |
59.98 |
66.42 |
|
| TOTAL
SHAREHOLDERS' EQUITY |
104.30 |
109.41 |
126.92 |
147.39 |
163.15 |
172.48 |
178.92 |
|
|
|
| Long
Term Deposits |
|
- |
- |
- |
- |
223.19 |
185.02 |
198.74 |
|
| Long
Term Loans |
|
- |
- |
- |
- |
- |
141.47 |
203.26 |
|
| Liabilities
against assets subject |
2.30 |
1.53 |
0.70 |
- |
- |
- |
- |
|
| to
lease finance |
|
|
|
|
| TOTAL
LONG TERM LIABILITIES |
2.30 |
1.53 |
0.70 |
- |
223.19 |
326.49 |
402.00 |
|
|
| Current
maturity of long term loans |
- |
- |
- |
- |
- |
- |
29.04 |
|
| Short
term borrowing |
|
- |
50.00 |
- |
- |
- |
23.87 |
20.00 |
|
| Deposits |
|
170.37 |
475.99 |
770.35 |
1,241.54 |
1,115.38 |
1,199.92 |
1,158.07 |
|
| Accrued
Expenses & Other Liabilities |
3.64 |
19.35 |
44.91 |
63.83 |
62.15 |
61.66 |
51.80 |
|
| Taxation |
|
3.30 |
2.25 |
1.34 |
- |
- |
- |
- |
|
| Liabilities
against deposit subject to lease finance |
0.43 |
0.67 |
0.84 |
0.69 |
- |
- |
- |
|
| TOTAL
CURRENT LIABILITIES |
177.74 |
548.26 |
817.44 |
1,306.06 |
1,177.53 |
1,285.45 |
1,258.91 |
|
|
| TOTAL
LIABILITIES |
|
180.04 |
549.79 |
818.14 |
1,306.06 |
1,400.72 |
1,611.94 |
1,660.91 |
|
|
|
|
|
|
| TOTAL
EQUITY & LIABILITIES |
284.34 |
659.20 |
945.06 |
1,453.45 |
1,563.87 |
1,784.42 |
1,839.83 |
|
|
| Tangible
Fixed Assets |
|
6.27 |
6.14 |
6.39 |
8.28 |
14.57 |
15.32 |
14.23 |
|
| Long
Term Finances |
|
3.66 |
155.59 |
136.86 |
294.19 |
187.52 |
333.01 |
354.93 |
|
| Room & Card |
|
- |
- |
- |
- |
11.50 |
17.50 |
17.50 |
|
| Long
Term Deposits & Deferred Cost |
1.83 |
1.21 |
0.63 |
0.32 |
16.00 |
16.21 |
13.55 |
|
| Investment
in Shares/Certificates |
- |
- |
- |
- |
137.72 |
134.44 |
57.16 |
|
| TOTAL
LONG TERM ASSETS |
|
11.76 |
162.94 |
143.88 |
302.79 |
367.31 |
516.48 |
457.37 |
|
|
| Short
Term Finances |
|
- |
- |
326.65 |
262.63 |
160.24 |
180.04 |
183.29 |
|
| Loans
& Advances |
|
249.40 |
420.36 |
400.83 |
730.65 |
766.68 |
777.92 |
818.32 |
|
| Short
Term Investments |
|
- |
39.67 |
- |
- |
41.15 |
75.77 |
189.06 |
|
| Income
Tax Recoverable |
|
- |
- |
- |
12.03 |
58.27 |
21.19 |
25.21 |
|
| Accrued
Income & Other Receivables |
7.53 |
25.64 |
57.15 |
93.05 |
144.04 |
137.69 |
114.53 |
|
| Cash
& Bank Balances |
|
15.65 |
10.59 |
16.55 |
52.30 |
26.18 |
75.33 |
52.05 |
|
| TOTAL
CURRENT ASSETS |
|
272.58 |
496.26 |
801.18 |
1,150.66 |
1,196.56 |
1,267.94 |
1,382.46 |
|
|
| TOTAL
ASSETS |
|
284.34 |
659.20 |
945.06 |
1,453.45 |
1,563.87 |
1,784.42 |
1,839.83 |
|
|
|
|
|
| OPERATING
RESULTS |
|
| Total Income |
|
20.17 |
79.69 |
146.03 |
246.60 |
473.82 |
335.22 |
300.12 |
|
| Total
Expenditure |
|
12.23 |
70.66 |
121.52 |
214.60 |
450.80 |
325.06 |
292.19 |
|
| Profit
before taxation |
|
7.94 |
9.03 |
24.51 |
32.00 |
23.02 |
10.16 |
7.93 |
|
| Profit
after taxation |
|
4.30 |
5.11 |
17.51 |
20.46 |
15.77 |
9.33 |
6.44 |
|
| Earnings
per Share |
|
0.43 |
0.51 |
1.75 |
2.05 |
1.05 |
0.83 |
0.57 |
|
| Breakup Value of
Share |
10.43 |
10.94 |
12.69 |
14.74 |
16.32 |
15.33 |
15.90 |
|
| Return
on Equity |
|
4.12% |
4.67% |
13.80% |
13.88% |
6.44% |
5.41% |
3.60% |
|
|
|
|
| Note:
Amounts for the years 1991 - 94 are as on December 31. Amounts for the years 1996-98 are as on June 30, |
are as on June 30. |
|
| Operating
results for all years are for 12 months except 1996 which are for 18 months. |
|
|
|
| ATLAS
GROUP COMPANIES |
|
|
|
|
|
Year of Establishment |
|
|
|
Acquisition* |
|
|
|
|
|
| Shirazi
Investments (Pvt) Ltd. |
|
|
1962 |
|
| Atlas
Honda Ltd. |
|
|
1963 |
|
| Atlas
Battery Ltd. |
|
|
1966 |
|
| Shirazi
Trading Co.(Pvt) Ltd. |
|
|
1973 |
|
| Atlas
Warehousing (Pvt) Ltd. |
|
|
1979 |
|
| Atlas
Office Equipment (Pvt) Ltd. |
|
|
1979* |
|
| Muslim
Insurance Co. Ltd. |
|
|
1980* |
|
| Allwin
Engineering Industries Ltd. |
|
|
1981* |
|
| Atlas
Lease Ltd. |
|
|
1989 |
|
| Atlas
Investment Bank Ltd. |
|
1990 |
|
| Honda
Atlas Cars (Pakistan) Ltd. |
|
1993 |
|
| Honda
Atlas Services (Pvt) Ltd. |
|
1994 |
|
| Atlas
Information Technology (Pvt) Ltd. |
|
1996 |
|
| Total
Atlas Lubricants Pakistan (Pvt) Ltd. |
|
1997 |
|
| Honda
Atlas Power Products (Pvt) Ltd. |
|
1997 |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed Balance Sheet of Atlas Investment
Bank Limited as at June 30, 1998 and the |
|
| related
Profit and Loss Account and Statement of Sources and Application of Funds,
together with the notes |
|
| forming
part thereof, for the year then ended and we state that we have obtained all
the information and explanations |
|
| which
to the best of our knowledge and belief were necessary for the purposes of
our audit and, after due verification |
|
| thereof,
we report that: |
|
|
| (a)
in our opinion, proper books of account have been kept by the company as
required by the Companies |
|
| Ordinance,
1984; |
|
|
| (b)
in our opinion: |
|
|
| (i)
the Balance Sheet and Profit and Loss Account together with the notes thereon
have been drawn up |
|
| in
conformity with the Companies Ordinance, 1984, and are in agreement with the
books of account |
|
| and
are further in accordance with accounting policies consistently applied; |
|
|
| (ii)
the expenditure incurred during the year was for the purpose of the company's
business; and |
|
|
| (iii)
the business conducted, investments made and the expenditure incurred during
the year were in |
|
| accordance
with the objects of the company; |
|
|
| (c)
in our opinion and to the best of our information and according to the
explanations given to us, the |
|
| Balance
Sheet, Profit and Loss Account and the Statement of Sources and Application
of Funds, together |
|
| with
the notes forming part thereof, give the information required by the
Companies Ordinance, 1984, in |
|
| the
manner so required and respectively give a true and fair view of the state of
the company's affairs as |
|
| at
June 30, 1998 and of the profit and the change |
