| Dawood Leasing Company Limited |
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|
| Annual
Report 1998 |
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| CONTENTS |
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| Corporate
Information |
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| Notice
of Meeting |
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| Financial
Highlights |
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| Directors'
Report |
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| Auditors' Report |
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|
| Balance Sheet |
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| Profit
& Loss Account |
|
| Statement
of Changes in Financial Position |
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| Notes
to the Accounts |
|
| Pattern
of Share Holding |
|
|
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| CORPORATE
INFORMATION |
|
|
| Board
of Directors |
Mr. Rafique Dawood |
Chairman & Chief
Executive |
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|
Mr. Mehboob G. Rawjee |
|
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|
Mr. Ayaz Dawood |
|
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|
Sayed Muzafar Ali Shah |
(Nominee of SLIC) |
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|
Mr. Asadullah Khawaja |
(Nominee of ICP) |
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|
Mr. Nasim Beg |
|
(Nominee of NIT) |
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|
Mr. Bashir A. Sheikh |
(Nominee of A1-Faysal
Inv. Bank) |
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| Company
Secretary |
Mr. Salman Rasheed |
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|
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| Auditors |
|
M. Yousuf Adil Saleem
& Co., |
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|
Chartered Accountants |
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|
|
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| Legal
Advisors |
Mohsin Tayebaly & Co. |
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|
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| Bankers |
|
Askari Commercial Bank
Ltd. |
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|
ANZ Grindlays Bank plc. |
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|
Bank A1-Habib Ltd. |
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Bank of Punjab |
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Faysal Bank Ltd. |
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|
Habib Bank Ltd. |
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Muslim Commercial Bank
Ltd. |
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Oman International Bank
S.A.O.G |
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Societe Generale, The
French & International Bank |
|
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| Registered
Office |
|
| and
Head Office |
5-B, Lakson Square
Building # 1, |
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|
Sarwar Shaheed Road,
Karachi-74200 |
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Tel : (021) 568 7778 |
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|
Fax .: (021) 568 5830 |
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E-Mail:
dlc@khi.compol.com |
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| Branch Office |
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2nd Floor, Gulberg
Heights, 6-H, Gulberg, Lahore |
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|
Tel : (042) 571 1308 |
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|
Fax: (042) 571 0296 |
|
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| Shares
Registrar |
Ferguson Associates
(Pvt.) Ltd. |
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|
State Life Building l-A, |
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|
I.I. Chundrigar Road,
Karachi. |
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Tel : (021) 2426682-6,
2426711-5 |
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Fax: (021) 2415007,
2427938 |
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| NOTICE
OF FOURTH ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the Fourth Annual General Meeting of the Company will be
held in the Auditorium |
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| of
the Institute of Chartered Accountants of Pakistan, G-31, Block 8, Clifton,
Karachi on December 11, 1998 at |
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| 11:00
a.m. to transact the following business: |
|
|
| Ordinary
Business |
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| 1.
To confirm the Minutes of The Third Annual General Meeting held on December
12, 1997. |
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|
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| 2.
To receive, consider and adopt the Audited Accounts of the Company for the
year ended June 30, 1998 |
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| together
with the Directors' and Auditors' Report thereon. |
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|
| 3.
To elect seven (7) Directors of the Company as fixed by the Board of
Directors under the provisions o1' |
|
| Section
178 of the Companies Ordinance, 1984 for a term of three years. The retiring
Directors are: |
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|
| Mr.
Rafique Dawood |
|
| Mr.
Mehboob G. Rawjee |
|
| Mr.
Ayaz Dawood |
|
| Sayed
Muzafar Ali Shah |
|
| Mr.
Asadullah Khawaja |
|
| Mr. Nasim Beg |
|
| Mr.
Bashir A. Sheikh |
|
|
| 4.
To appoint Auditors for the year 1998-99 and to fix their remuneration. The
retiring Auditors being eli- |
|
| gible
offer themselves for re-appointment. |
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|
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| Any
other Business |
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| 1.
To transact any other business as may be placed before the meeting with the
permission of the Chair. |
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|
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|
By the Order of the Board |
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|
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|
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|
Salman Rasheed |
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| Karachi:
November 19, 1998 |
|
Secretary |
|
|
|
| Notes: |
|
| 1.
The Register of Members of the Company will remain closed from December 2,
1998 to December 11, |
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| 1998
(both days inclusive). |
|
|
| 2.
Any person who seeks to contest the election of the office of Director shall
at the Registered Office of the |
|
| Company,
file at the latest by November 27, 1998, a notice of his intention to offer
himself for election as |
|
| Director
in terms of Section 178 (3) of the Companies Ordinance, 1984. The conditions
imposed by the |
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| Corporate
Law Authority require prior approval for any change in the directors of the
Company. |
|
|
| 3.
A member entitled to attend and vote at a General Meeting is entitled to
appoint a Proxy to attend and |
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| vote
instead of him/her. No person other than a member shall act as a Proxy. |
|
|
| 4.
An instrument appointing a Proxy and the Power-of-Attorney or other Authority
(if any) under which it is |
|
| signed
or a notarially certified copy of the Power or Authority, in order to be
valid, must be deposited at |
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| the
Registered Office of the Company, at the latest by I 1:00 a.m. on December 9,
1998 and must be duly |
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| stamped,
signed and witnessed. |
|
|
| 5.
The shareholders are requested to notify any change in their address
immediately. |
|
|
|
| FINANCIAL
HIGHLIGHTS |
|
|
|
1998 |
1997 |
1996 |
1995 |
|
|
|
|
|
Rupees in Million |
|
|
|
|
| Authorized
Capital |
|
500.00 |
300.00 |
300.00 |
300.00 |
|
| Paid-up Capital |
|
250.00 |
250.00 |
250.00 |
250.00 |
|
| Shareholders'
Equity |
|
305.69 |
295.52 |
281.60 |
267.92 |
|
| Total Assets |
|
926.58 |
680.10 |
539.45 |
340.45 |
|
| Net
Investment in Leases |
|
791.63 |
620.50 |
510.57 |
253.37 |
|
| Allowance
for Potential Lease Losses |
19.00 |
16.50 |
5.00 |
-- |
|
| Revenue |
|
141.34 |
121.96 |
89.12 |
28.00 |
|
| Income
from Leasing Operations |
|
133.36 |
121.29 |
84.66 |
21.19 |
|
| Profit
before Provisions |
|
47.63 |
46.41 |
46.21 |
18.09 |
|
| Provisions |
|
19.57 |
-- |
19.57 |
-- |
|
| Profit
before Taxation |
|
28.06 |
46.41 |
46.21 |
18.09 |
|
| Taxation |
|
17.89 |
1.24 |
1.27 |
0.17 |
|
| Profit
Alter Taxation |
|
10.17 |
45.16 |
44.94 |
17.92 |
|
| Current Ratios |
|
1:1.26 |
1:1.53 |
01:00.9 |
01:06.7 |
|
| Book
Value Per Share |
|
12.22 |
11.82 |
11.26 |
10.71 |
|
| Earning
Per Share |
|
0.40 |
1.81 |
1.79 |
0.71 |
|
| Return on Equity |
|
3.38% |
15.65% |
16.35% |
6.68% |
|
|
|
| DIRECTORS'
REPORT |
|
|
| The
Company's Fourth Annual Report for the year ended June 30, 1998 is hereby
being presented for your |
|
| review. |
|
|
|
|
|
1998 |
1997 |
|
| Operating
Results |
|
|
|
Rupees |
Rupees |
|
| Lease Income |
|
|
|
133,357,772 |
121,291,858 |
|
| Other Income |
|
|
|
7,986,021 |
670,720 |
|
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
141,343,793 |
121,962,578 |
|
|
|
|
|
========== |
========== |
|
| Profit
Before Provisions |
|
|
|
47,630,489 |
46,406,524 |
|
|
|
|
|
========== |
========== |
|
| Profit
Before Taxation |
|
28,058,669 |
46,406,524 |
|
| Provision
/ Deferred Taxation |
|
17,890,000 |
1,243,016 |
|
|
|
--------------- |
--------------- |
|
| Profit
After Taxation |
|
10,168,669 |
45,163,508 |
|
| Unappropriated
Profit Brought Forward |
|
1,414,222 |
1,533,416 |
|
|
|
--------------- |
--------------- |
|
| Profit
Available for Appropriation |
|
11,582,891 |
46,696,924 |
|
| Appropriations |
|
|
|
| Transfer
to Statutory Reserve |
|
2,033,734 |
9,032,702 |
|
| Transfer
to General Reserve |
|
-- |
5,000,000 |
|
| Proposed
Cash Dividend |
|
-- |
31,250,000 |
|
|
|
|
--------------- |
--------------- |
|
|
|
2,033,734 |
45,282,702 |
|
|
|
--------------- |
--------------- |
|
| Unappropriated
Profit Carried Forward |
|
9,549,157 |
1,414,222 |
|
|
|
========== |
========== |
|
| Book
Value Per Share |
|
12.23 |
11.82 |
|
|
|
|
|
|
|
|
|
| Review
of Operations |
|
| The
fiscal Year 1997-98 witnessed the economic turmoil of the Asian tigers, and
its resultant effects on the |
|
| other
economies of the world. Supply-side economic policies were unable to help our
economy rebound on |
|
| account
of local conditions and global economic meltdown. In addition, the aftermath
of the nuclear explosions |
|
| has
put economic activity on complete hold. |
|
|
| As
reported last year, your Company had adopted a more cautious and prudent
approach to assess new lease |
|
| proposals,
select viable sectors and continue to maintain a well diversified portfolio
of leases. We are pleased to |
|
| report
that this year again, the oil and gas sector tops the list with an exposure
of 17%. During the fiscal 1997- |
|
| 98
your Company entered into 160 new, lease contracts valuing Rs. 348.32
million. The net investment in lease |
|
| finance
increased from Rs. 620.50 million to Rs. 791.63 million showing a rise of
27.58%. |
|
|
| Your
Company has long concurred with the practice of supporting small and medium
size entrepreneurs, and |
|
| where
possible, providing support to any development in information technology. One
of these ventures, a |
|
| collaboration
with a Multinational who is a leader in this field, has brought into the
country fully graphic digital |
|
| imaging
facilities and has thus provided a substitute for commercial graphic
technology which was previously |
|
| being
imported. We want to continue to help introduce high technology into our
country. |
|
|
| Dawood
Leasing has intensified its focus on money-market operations in the last six
months of fiscal 1997-98. |
|
| The
income from this activity represents over 5% of total annual revenue. Your
Company has thus been able to |
|
| successfully
convert Treasury functions from cost to profit centers. Given the unqualified
success of the |
|
| operations
we plan to further focus and expand on this business activity. |
|
|
| In
continuation of our prudent accounting approach, we have acknowledged the
recommendation of the Institute |
|
| of
Chartered Accountants of Pakistan by making provision of Rs. 15.89 million,
on account of deferred tax |
|
| liability.
However, we do not expect that this liability will materialize in the
foreseeable future. Additionally we |
|
| have
also made provision of Rs. 7.50 million and Rs. 12.07 million on account of
bad and doubtful debts, and |
|
| diminution
in the value of marketable securities respectively. It may be noted that
allowance for potential lease |
|
| losses
and provision for bad and doubtful debts has now grown to Rs. 26.50 million
which is 3.35% (1997: |
|
| 2.70%)
of net investment in lease finance, reflecting our concern due to the
economic situation prevailing in our |
|
| country. |
|
|
| You
will be pleased to note that as of June 30, 1998 all the reserves, allowances
and provisions, put together |
|
| add
up to over 9.4% of the balance sheet footing versus 8.9% last year and 35%
(1997: 24.2%) of the paid-up |
|
| capital
of your Company. |
|
|
| Resource
Mobilization |
|
| Your
Company was authorized to issue Certificates of Investment (COI's) from
January 1998. You will be |
|
| pleased
to note that within a short period of less than six months ending June 1998,
over Rs. 150 million worth |
|
| of
COI's for a period ranging from 3 months to 5 years, were issued. After
reviewing the cost and benefit |
|
| analysis,
it has been decided to market these COI's only to our existing lessees and
corporate customers. |
|
|
| Your
Company has been extremely successful and is continuing the process of
negotiating additional credit |
|
| lines.
Recently, a Rs. 100 million three-year credit line has been sanctioned, out
of which Rs. 25 million has |
|
| been
drawn. Another Rs. 50 million three-year credit line is being negotiated. Our
bankers have enhanced our |
|
| limits
and a new running finance facility of Rs. 50 million became operative in
October 1998; as such, Dawood |
|
| Leasing
will have access to adequate resources to meet its future funding
requirements. |
|
|
| We
are pleased to report that the draw down process of Financial Sector
Intermediation Loan facility provided |
|
| by
Asian Development Bank has now started. The disbursement of first tranche to
Dawood Leasing is expected |
|
| shortly. |
|
|
| Future
Prospects and our plans |
|
| The
country has long been in the grip of steadily declining economic activity.
The future outlook is |
|
| unpredictable
at the moment. It is therefore prudent to plan and implement not only for
financial consolidation |
|
| but
also to avail the opportunities that become available, while simultaneously
protecting your Company from |
|
| possible
threats. With this perspective, it has been considered appropriate to: |
|
|
| ·
Continue to focus on the core activity of leasing, while diversifying our
lease portfolio, |
|
| ·
Capitalize on our experience in money market operations, and |
|
| ·
Enhance Dawood Leasing's assets base by acquiring cash rich entities. |
|
|
| Given
the prevailing economic conditions, your Company has undertaken to help our
country develop its |
|
| human
capital, by leasing computers to individuals for educational purposes, as
well as to small entrepreneur- |
|
| owned
software concerns. In this respect, your Company, Dawood Leasing, has entered
into vendor-financing |
|
| arrangements
with leading Pakistani computer vendors. |
|
|
| Dawood
Leasing has long subscribed to the international practice of mergers and
acquisitions. In accordance |
|
| with
its plans, your Company recently agreed to acquire two Modaraba Management
Companies and a listed |
|
| company
of the financial sector, subject to approval of the Corporate Law Authority.
Official announcement in |
|
| this
respect will subsequently be made upon the Corporate Law Authority's
approval. |
|
|
| Year
2000 Compliance |
|
| You
will be pleased to note that year 2000 compliance within Dawood Leasing has
been completed with the |
|
| help
of our in-house experts. We have tested our systems up to the year 2036 and
are in full compliance. We are |
|
| also
in the process of inquiring and evaluating the level of compliance by our
customers, associates and lenders. |
|
|
| Board
of Directors |
|
| Sayed
Muzafar All Shah, Chairman State Life Insurance Corporation succeeded Mr.
Muizuddin Ahmed on the |
|
| Board
on account of latter's transfer. Mr. Nasim Beg, Deputy Chief Executive,
National Investment Trust |
|
| succeeded
Mr. A.K.M. Sayeed on the Board due to the latter's retirement from service. |
|
|
| The
Directors of your Company, while welcoming Sayed Muzafar Ali Shah and Mr.
Nasim Beg. would like to |
|
| place
on record their appreciation for the services of Mr. Muizuddin Ahmed and Mr.
A.K.M. Sayeed. |
|
|
| Auditors |
|
| The
present auditors, M.Yousuf Adil Saleem & Co, retire and being eligible
offer themselves for re- |
|
| appointment. |
|
|
| Pattern
of Shareholding |
|
| The
pattern of Shareholding as on June 30, 1998 is shown on Page No. 28 |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of Dawood Leasing Company Limited as
at June 30, 1998 and the |
|
| related
profit and loss account and the statement of changes in financial position
(cash flow statement) together |
|
| with
the notes forming part thereof, for the year ended on that date 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 forming
part thereof 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 changes in financial
position (cash flow |
|
| statement),
together with the notes thereon, 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 changes in
financial position for |
|
| the
year then ended; and |
|
|
| d)
in our opinion, zakat deductible at source under the Zakat and Ushr
Ordinance, 1980 was deducted |
|
| by
the Company and deposited in the Central Zakat Fund established under Section
7 of that |
|
| Ordinance. |
|
|
|
|
|
M. Yousuf Adil Saleem
& Co. |
|
| Karachi:
November 3, 1998 |
|
Chartered Accountants |
|
|
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 1998 |
|
|
|
|
|
1998 |
1997 |
|
|
|
Note |
Rupees |
Rupees |
|
| SHARE
CAPITAL AND RESERVES |
|
|
|
|
|
| Authorized |
|
|
|
| 50,000,000
( 1997 - 30,000,000) |
|
|
|
| Ordinary
shares of' Rs. 10/- each |
|
|
500,000,000 |
300,000,000 |
|
|
|
|
========== |
========== |
|
| Issued,
Subscribed and Paid-up |
|
|
|
| 25,000,000
Ordinary Shares of |
|
|
|
| Rs.
10/- each. Fully Paid in Cash |
|
|
250,000,000 |
250,000,000 |
|
| Statutory
Reserve |
|
3 |
23,637,290 |
21,603,556 |
|
| General Reserve |
|
|
4 |
22,500,000 |
22,500,000 |
|
| Unappropriated
Profit |
|
|
9,549,157 |
1,414,222 |
|
|
|
|
--------------- |
--------------- |
|
|
|
305,686,447 |
295,517,778 |
|
| ALLOWANCE
FOR POTENTIAL LEASE LOSSES |
|
19,000,000 |
16,500,000 |
|
|
|
|
|
|
| LONG
TERM FINANCE AND LIABILITIES |
|
|
| Redeemable
Capital |
|
5 |
44,180,241 |
82,014,234 |
|
| Long term loans |
|
6 |
58,230,366 |
55,000,000 |
|
| Liabilities
against assets |
|
|
|
|
| subject
to finance lease |
|
7 |
114,814 |
283,980 |
|
|
|
|
|
|
| Lease deposits |
|
8 |
85,255,506 |
62,157,679 |
|
| Certificates
of investment |
|
9 |
37,298,949 |
-- |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
225,079,876 |
199,455,893 |
|
| DEFERRED
LIABILITIES |
|
|
|
| Staff Gratuity |
|
|
|
634,341 |
-- |
|
| Taxation |
|
|
|
15,890,000 |
-- |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
16,524,341 |
-- |
|
| CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
| Short
Term Finances |
|
10 |
193,870,522 |
65,984,771 |
|
| Certificates
of Investment |
|
9 |
61,189,863 |
-- |
|
| Current
Portion of Long Term Finance and Liabilities |
11 |
71,861,925 |
55,525,455 |
|
| Accrued
and Other Liabilities |
|
12 |
29,732,532 |
14,031,459 |
|
| Proposed
Dividend |
|
|
-- |
31,250,000 |
|
| Taxation |
|
|
3,632,748 |
1,831,850 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
360,287,590 |
168,623,535 |
|
| COMMITMENTS |
|
|
13 |
|
|
|
|
--------------- |
--------------- |
|
|
|
926,578,254 |
680,097,206 |
|
|
|
========== |
========== |
|
|
|
|
| FIXED
CAPITAL EXPENDITURE |
|
14 |
17,638,655 |
11,497,216 |
|
|
|
|
| NET
INVESTMENT IN LEASE FINANCE |
|
|
|
|
|
| Minimum
Lease Payments Receivable |
|
915,386,692 |
740,402,106 |
|
| Residual
Value of Leased Assets |
|
111,707,423 |
81,982,870 |
|
|
|
--------------- |
--------------- |
|
|
|
1,027,094,115 |
822,384,976 |
|
| Unearned
Income |
|
(235,460,248) |
(201,881,334) |
|
|
|
|
--------------- |
--------------- |
|
| Net
Investment in Lease Finance |
|
|
791,633,867 |
620,503,642 |
|
| Provision
for Bad and Doubtful Debts |
|
(7,500,000) |
-- |
|
|
|
--------------- |
--------------- |
|
|
|
|
784,133,867 |
620,503,642 |
|
| Current
Portion of Net Investment in Lease Finance |
|
|
(330,479,044) |
(212,364,724) |
|
|
|
|
--------------- |
--------------- |
|
|
|
453,654,823 |
408,138,918 |
|
|
|
|
| LONG
TERM LOANS |
|
15 |
1,934,382 |
1,650,427 |
|
|
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
|
| Current
Portion of Net Investment in Lease Finance |
|
|
330,479,044 |
212,364,724 |
|
| Short
Term Investments |
|
16 |
75,511,206 |
29,456,702 |
|
| Advance
Against Lease Commitments |
|
|
36,317,586 |
-- |
|
| Advances,
Deposits and Prepayments |
|
17 |
6,657,577 |
3,311,333 |
|
| Other
Receivables |
|
18 |
1,999,878 |
521,590 |
|
| Cash
and Bank Balances |
|
19 |
2,385,103 |
13,156,296 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
453,350,394 |
258,810,645 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
926,578,254 |
680,097,206 |
|
|
|
|
========== |
========== |
|
| The
annexed notes from 1 to 28 form an integral part of these accounts |
|
|
|
|
|
| PROFIT
& LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 1998 |
|
|
|
|
|
1998 |
1997 |
|
|
|
Note |
Rupees |
Rupees |
|
| Income |
|
|
|
| Lease Income |
|
|
133,357,772 |
121,291,858 |
|
| Return
on Deposits and Investments |
|
20 |
7,550,256 |
461,924 |
|
| Gain
on Sale of Investments |
|
|
386,584 |
143,663 |
|
| Other Income |
|
|
49,181 |
65,133 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
141,343,793 |
121,962,578 |
|
|
|
|
|
| Expenditure |
|
|
|
|
| Administration
and Operating Expenses |
|
21 |
22,363,663 |
18,822,394 |
|
| Financial
Charges |
|
22 |
68,849,641 |
45,233,660 |
|
| Allowance
for Potential Lease Losses |
|
|
2,500,000 |
11,500,000 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
93,713,304 |
75,556,054 |
|
|
|
|
--------------- |
--------------- |
|
| Profit
Before Provisions |
|
|
47,630,489 |
46,406,524 |
|
|
|
|
|
--------------- |
--------------- |
|
| Provision
for Bad and Doubtful Debts |
|
7,500,000 |
-- |
|
| Provision
for Diminution in Value of |
|
|
|
| Marketable
Securities |
|
|
12,071,820 |
-- |
|
|
|
|
--------------- |
--------------- |
|
|
|
19,571,820 |
-- |
|
|
|
--------------- |
--------------- |
|
| Profit
Before Taxation |
|
|
28,058,669 |
46,406,524 |
|
|
|
|
|
|
| Provision
for Taxation |
|
|
|
| Current |
|
2,000,000 |
1,036,000 |
|
| Prior Year's |
|
-- |
207,016 |
|
| Deferred |
|
15,890,000 |
-- |
|
|
|
|
--------------- |
--------------- |
|
|
|
17,890,000 |
1,243,016 |
|
|
|
--------------- |
--------------- |
