| Asian Stocks Fund Limited |
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| Annual
Report 2001 |
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| CONTENTS |
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| COMPANY
INFORMATION |
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| NOTICE
OF ANNUAL GENERAL MEETING |
|
| DIRECTORS'
REPORT |
|
| FINANCIAL
HIGHLIGHTS |
|
| AUDITORS'
REPORT |
|
| BALANCE
SHEET |
|
| PROFIT
AND LOSS ACCOUNT |
|
| CASH
FLOW STATEMENT |
|
| STATEMENT
OF CHANGES IN EQUITY |
|
| NOTES
TO THE ACCOUNTS |
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| STATEMENT
OF INCOME & EXPENDITURE IN RELATION TO THE INVESTMENT COMPANY |
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| PATTERN
OF HOLDING OF THE SHARES |
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| COMPANY
INFORMATION |
|
|
| BOARD
OF DIRECTORS |
|
| Mr.
Zaigham Mehmood Rizvi |
|
| Mr.
Farooq Ismail |
|
| Muhammad
Ali Yacoob |
|
| Mr.
Bashir Blkasm Omer |
|
| Mr.
Ramadan A. Haggiagi |
|
| Mr.
Hassan A. Bilgrami |
|
| Ms.
Parveen A. Malik |
|
|
| CHIEF
EXECUTIVE |
|
| Muhammad
Ali Yacoob |
|
|
| COMPANY
SECRETARY |
|
| Mr. Merajuddin |
|
|
|
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| MANAGEMENT
COMPANY |
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| Asian
Capital Management (Pvt.) Limited |
|
|
| BANKERS |
|
| Union
Bank Limited |
|
| Muslim
Commercial Bank Ltd. |
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| National
Bank of Pakistan |
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|
| AUDITOR S |
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| M.
Yousuf Adil Saleem & Co. |
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| Chartered
Accountants |
|
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| LEGAL
ADVISER S |
|
| Mohsin
Tayebaly & Co. |
|
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| TAX
ADVISER S |
|
| Rahim
Iqbal Rafiq & Company |
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| Chartered
Accountants |
|
|
| REGISTERED
OFFICE |
|
| 5th
Floor, Block "C" |
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| Finance
& Trade Centre, |
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| Shara-e-Faisal,
Karachi. |
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| NOTICE
OF ANNUAI, GENERAL MEETING |
|
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| Notice
is hereby given that the 7th Annual General Meeting of Asian Stocks Fund
Limited will be held on |
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| Thursday,
December 27, 2001, at 5 p.m., at Company's registered office at 5th Floor,
Block 'C', Finance & |
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| Trade
Centre, Shahrah-e-Faisal, Karachi to transact the following business: |
|
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| 1.
To confirm the minutes of the 6th Annual General Meeting held on December 18,
2000. |
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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'
Reports for the year ended June 30, 2001. |
|
|
| 3.
To appoint Auditors and to fix their remuneration for the year ending June
30, 2002 M/s M. Yousuf Adil |
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| Saleem
& Co, Chartered Accountants, the present Auditors of the Company, retire
and being eligible, |
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| offers
themselves for re-appointment. |
|
|
| 4.
To elect seven (7) Directors in accordance with the provision of section
178(1) of Companies |
|
| Ordinance,
1984 for a term of three (3) years commencing from December 27, 2001 in place
of following |
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| retiring
Directors. |
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|
|
|
| 1.
Mr. Ramadan A. Haggiagi |
2. Mr. Zaigham M. Rizvi |
3. Mr. Bashir Blkasm Omer |
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| 4.
Mr. Mohammad Ali Yacoob |
5. Mr. Farooq Ismail |
6. Mr. Hassan A. Bilgrami |
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| 7.
Ms. Perveen A. Malik |
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| 5.
To transact any other business with the permission of the Chair. |
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|
By Order of the Board |
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| November
10,2001 |
|
Merajuddin |
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| Karachi. |
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|
Company Secretary |
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| Election
of Directors pursuant to Section 178(3) of Companies Ordinance, 1984 |
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| Any
person who seeks to contest an election to the office of Director, whether he
/ she is retiring Director or |
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| otherwise,
shall file the Company, not later than 14 days before meeting, a notice of
his/her intension to offer |
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| him/herself
for election as director together with his/her consent to act director as
required under section 178 |
|
| (3)
of Companies Ordinance, 1984. |
|
|
| Notes: |
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| 1.
The share transfer books of the Company will be closed from December 20, 2001
to December 27, 2001 |
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| (both
days inclusive). |
|
|
| 2.
A member entitled to attend, speak and vote at the meeting may appoint
another member as proxy to |
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| attend,
speak and vote on his / her behalf. A Company or Corporation may by means of
resolution of its |
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| Directors,
appoint a person who is not a member, as proxy. |
|
|
| 3.
An instrument of proxy and the Power of Attorney or other authority (if any)
under which it is signed or a |
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| notarially
certified copy of such Power of Attorney or other authority, in order to be
valid must be |
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| deposited
at the Registered office of the Company, not less than 48 hours before the
time of the |
|
| meeting. |
|
|
| 4.
Members are requested to notify the change in their address, if any, to the
Company's Share Registrar |
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| office
at Uni Corporate & Financial Services, Westland Trade Centre,
Shaheed-e-Millat Road, Karachi. |
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|
|
| DIRECTORS'
REPORT |
|
|
| On
behalf of the Board of Directors, presented below is the Seventh Annual
Report together with audited |
|
| accounts
for the year ended June 30, 2001. |
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|
| Operating
Review |
|
| The
economy of Pakistan failed to make any major headway in terms of some
important economic and financial |
|
| indicators
due mainly to sluggish business activity throughout the financial year
2000-2001. The main reasons |
|
| for
this failure were the negative factors like below the target performance both
in agricultural and industrial |
|
| sectors,
nominal increase in exports, uncertainty on political scene and above all the
development of distrust |
|
| between
GOP's attempted move on documentation of country's economy. The impact of
these factors was so |
|
| enormous
that the positive developments such as the approval of a standby credit
facility of US$596 million |
|
| from
IMF and resolution of long outstanding dispute between GOP and HUBCO occurred
during the same |
|
| period
could not make any worthwhile amends towards the economic uplift of the
country. |
|
|
| As
a consequence of not too happy scenario on economic front, the investments in
country's three stock |
|
| exchanges
also suffered immensely. During the period, the stock markets indices of
these bourses failed to |
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| make
any meaningful upward movement mainly due to prevalent bleak economic
conditions. The investors |
|
| as
a result, preferred to stay away in the backdrop of bearish outlook of these
exchanges particularly during |
|
| the
second half of the financial year. The second half of the year witnessed a
fall in the KSE-Index by 9% as |
|
| against
the 1% during the first half following the huge selling of stocks especially
those of the blue chip |
|
| companies
by the foreign funds. The above Index ultimately pegged at 1366.44 on June
30, 2001 from 1,520.74 |
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| on
June 30, 2000 resulting in overall erosion in Index by 10.15% |
|
|
| Operating
Results |
|
| The
operating performance of your Fund during the first half of the year was only
at a little below satisfactory |
|
| level
with the decrease in its NAV to Rs.4.50 per share from Rs.4.76 per share on
June 30,2000. The performance |
|
| however,
suffered a little higher than expected during the second half of the year
with NAV finally ended at |
|
| Rs.3.83
per share on June 30, 2001. During the period, the company posted an
unexpected after tax loss of |
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| Rs.9,348,272.00
mainly due to investments made in some blue-chip companies which at the time
of investments |
|
| were
however known for their excellent record both in terms of operating
performances and dividend payouts |
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| in
the past. Unfortunately, these companies met with sudden crisis during the
period under review due to some |
|
| uncontrollable
factors and as a result, their stock prices fell drastically causing your
Fund to suffer in terms of |
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| fall
in its NAV. The Board of your Fund has taken the cognizance of this situation
with an advice to the |
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| management
to take certain necessary measures and strive hard to make up the loss
through the best use |
|
| of
the available resources in more cautious, judicious and prudent manner to
bring about the needed improvement |
|
| in
the Fund's NAV for the ultimate benefit of both the Fund and its Shareholders
/ Stakeholders. |
|
|
| The
operating results of your Fund for the year are summarized as under: |
|
|
| OPERATING
RESULTS |
|
Rupees |
|
|
| Investment
Income/(Loss) |
|
(3,010,424) |
|
| Operating
Expenses |
|
(1,129,978) |
|
| (Provision)/reversal
for diminution |
|
|
|
| in
the value of marketable securities |
|
(4,684,778) |
|
| Provision
for taxation |
|
(523,092) |
|
| Net
loss for the year |
|
(9,348,272) |
|
| Proposed
dividend per share |
|
Nil |
|
| Total dividend |
|
|
Nil |
|
|
| Changes
in the Board |
|
| Ms.
Aaliya K. Dossa of NIT and Mr. Noman Ahmed Qureshi of SAPICO |
|
| resigned
and were replaced respectively by Mr. Hassan A. Bilgrami and |
|
| Parveen
A. Malik of these companies. The Directors wish to place on |
|
| record
valuable services rendered to the Fund by outgoing directors and |
|
| welcome
the new Directors. |
|
|
| Acknowledgement |
|
| We
wish to place on record our appreciation for the auditors, shareholders, |
|
| Securities
& Exchange Commission of Pakistan and officers and staff of |
|
| the
investment advisor of the Fund. |
|
|
|
|
|
For and on behalf of the Board of Directors |
|
|
|
|
|
|
|
Muhammad Ali Yaqoob |
|
|
Bashir B. Omer |
|
|
CHIEF EXECUTIVE |
|
|
DIRECTOR |
|
|
| Karachi:
November 10,2001 |
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|
|
| FINANCIAL
HIGHLIGHTS |
|
|
(Rupees in thousands from 1 to 5) |
|
|
| YEAR ENDED |
|
2001 |
2000 |
1999 |
1998 |
1997 |
1996 |
1995 |
|
|
| 1.
CAPITAL GAIN/(LOSS) |
(8,578) |
8,080 |
(12,908) |
(34,105) |
(4,502) |
(66) |
(3,893) |
|
| 2.
DIVIDEND INCOME |
4,682 |
3,642 |
5,468 |
4,728 |
3,237 |
1,231 |
818 |
|
| 3.
OTHER INCOME |
885 |
1,087 |
521 |
125 |
660 |
1,019 |
3,134 |
|
| 4.
OPERATING EXPENSES |
1,130 |
1,283 |
1,996 |
2,154 |
3,230 |
3,517 |
2,732 |
|
| 5.
PROFIT/(LOSS) AFTER |
|
|
| TAXATION |
|
(9,348) |
17,423 |
2,844 |
(38,561) |
(10,669) |
(327) |
(13,090) |
|
| 6. EPS |
|
(0.93) |
1.74 |
0.28 |
(3.86) |
(1.07) |
(0.03) |
(1.311) |
|
| 7. DIVIDEND % |
|
-- |
10 |
-- |
-- |
-- |
-- |
-- |
|
| 8.
KSE 100 INDEX |
1366.44 |
1520.74 |
1054.67 |
879.62 |
1565.73 |
1703.28 |
1611.70 |
|
| 9.
NET ASSET VALUE (RS.) |
3.83 |
4.76 |
4.02 |
3.74 |
7.59 |
8.65 |
8.69 |
|
| 10.
APPRECIATION |
|
|
| (DEPRECIATION
IN NAV) % |
(19.54) |
43.28 |
7.49 |
(50.72) |
(12.25) |
(0.46) |
-- |
|
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|
|
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|
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of ASIAN STOCK FUND
LIMITED as at June 30, |
|
| 2001
and the related profit and loss account and cash flow statement and statement
of |
|
| changes
in equity together with the notes forming part thereof, (here-in-after
referred to as the |
|
| "financial
statements") 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 |
|
|
| It
is the responsibility of the Company's management to establish and maintain a
system of |
|
| internal
control, and prepare and present the financial statements in conformity with
the approved |
|
| accounting
standards and the requirements of the Companies Ordinance, 1984 and Rule 16
of |
|
| the
Investment Companies an Investment Advisers Rules 1971. Our responsibility is
to express |
|
| an
opinion on these financial statements based on our audit. |
|
|
| We
conducted our audit in accordance with the International Standard on Auditing
as applicable in |
|
| Pakistan.
These standards require that we plan and perform the audit to obtain
reasonable |
|
| assurance
about whether the financial statements are free of any material misstatement.
An audit |
|
| includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the |
|
| financial
statements. An audit also includes assessing the accounting policies and
significant |
|
| estimates
made by management, as well as, evaluating the overall presentation of the
financial |
|
| statements.
We believe that our audit provides a reasonable basis for our opinion and,
after due |
|
| verification,
we report that: |
|
|
| a.
in our opinion, proper books of account have been kept by the Company as
required by the |
|
| Companies
Ordinance, 1984, and Rule 16 of the Investment Companies and Investment |
|
| Advisers
Rules, 1971; |
|
|
|
|
|
|
| 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
in accordance with the provisions of the Second Schedule to the Investment |
|
| Companies
and Investment Advisers Rules, 1971 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, cash flow statement and statement
of |
|
| chan9es
in equity together with the notes forming part thereof confirm with approved |
|
| accounting
standards as applicable in Pakistan, and, give the information required by
the |
|
| Companies
Ordinance, 1984 and the Investment Companies and Investment Adviser's |
|
| Rules
1971, 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, 2001 and of the loss, its cash flows
and |
|
| changes
in equity for the year then ended; and |
|
|
| (d)
in our opinion zakat deductible at source under the Zakat and Ushr Ordinance, |
|
| 1980
(XVIII of 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 10,2001 |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 2001 |
|
|
|
|
2001 |
2000 |
|
|
Note |
Rupees |
Rupees |
|
|
| ASSETS |
|
| Current Assets |
|
|
| Marketable
securities |
|
3 |
39,169,445 |
52,134,966 |
|
| Account
receivables - unsecured and considered good |
-- |
4,490,373 |
|
| Advance,
prepayment and other receivables |
4 |
1,350,235 |
2,092,849 |
|
| Bank balances |
|
5 |
845,021 |
1,647,482 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
41,364,701 |
60,365,670 |
|
|
|
|
| LIABILITIES |
|
|
|
| Current
Liabilities |
|
|
|
|
| Current
maturity of deferred expenditure payable |
|
-- |
337,561 |
|
| Due
to investment adviser |
|
6 |
765,399 |
631,981 |
|
| Account
payable and accrued expenses |
7 |
107,620 |
257,709 |
|
| Dividend
payable |
|
8 |
178,444 |
10,000,000 |
|
| Provision
for taxation |
|
|
2,043,300 |
1,520,209 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
3,094,763 |
12,747,460 |
|
|
|
|
------------------ |
------------------ |
|
| NET ASSETS |
|
|
38,269,938 |
47,618,210 |
|
|
========== |
========== |
|
|
|
|
|
| SHAREHOLDERS'
EQUITY |
|
| Authorised,
issued, subscribed and paid-up |
|
| share
capital 10,000,000 (2000: 10,000,000) |
|
| ordinary
shares of Rs. 10 each fully paid in cash |
|
100,000,000 |
100,000,000 |
|
| Accumulated
loss |
|
|
(61,730,062) |
(52,381,790) |
|
|
------------------ |
------------------ |
|
|
|
38,269,938 |
47,618,210 |
|
|
========== |
========== |
|
| CONTINGENCIES |
|
9 |
-- |
-- |
|
|
|
|
|
========== |
========== |
|
|
| The
annexed notes from 1 to 22 form |
|
| an
integral part of these financial statements. |
|
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
|
|
|
|
2001 |
2000 |
|
|
|
Note |
Rupees |
Rupees |
|
|
|
| OPERATING
INCOME |
|
| Capital
(loss)/gain on marketable securities |
10 |
(8,577,573) |
8,080,608 |
|
| Dividend
income - net of zakat |
|
|
4,681,802 |
3,642,476 |
|
| Return
on PLS accounts |
|
|
763,270 |
1,087,215 |
|
| Other income |
|
|
122,077 |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(3,010,424) |
12,810,299 |
|
|
|
|
|
| OPERATING
EXPENSES |
|
| Administrative
expenses |
|
11 |
364,579 |
707,438 |
|
| Remuneration
to Investment Adviser |
6.1 |
765,399 |
576,182 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,129,978 |
1,283,620 |
|
|
|
|
------------------ |
------------------ |
|
| (Loss)/profit
for the year |
|
|
(4,140,402) |
11,526,679 |
|
|
|
|
|
|
| (Provision)/reversal
of diminution |
|
|
|
|
| in
value of marketable securities |
|
|
(4,684,778) |
6,034,047 |
|
|
|
|
------------------ |
------------------ |
|
| (Loss)/profit
before taxation |
|
|
(8,825,180) |
17,560,726 |
|
|
| Provision
for taxation |
|
|
|
| Current year |
|
12 |
523,092 |
541,156 |
|
| Prior years |
|
|
-- |
(403,927) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
523,092 |
137,229 |
|
|
|
|
------------------ |
------------------ |
|
| (Loss)/profit
after taxation |
|
|
(9,348,272) |
17,423,497 |
|
|
|
|
|
|
| Proposed
dividend 2001-Nil (2000-Rs. 1 per share) |
|
-- |
(10,000,000) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(9,348,272) |
7,423,497 |
|
|
|
|
|
|
| Accumulated
(loss brought forward |
|
(52,381,790) |
(59,805,287) |
|
|
|
------------------ |
------------------ |
|
| Accumulated
(loss) carried forward |
|
(61,730,062) |
(52,381,790) |
|
|
|
========== |
========== |
|
| (Loss)/Earning
per share |
|
13 |
(0.93) |
1.74 |
|
|
|
|
|
========== |
========== |
|
|
|
|
|
|
| The
annexed notes from 1 to 22 form |
|
| an
integral part of these financial statements. |
|
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
| CASH
FLOW STATEMENT |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
|
|
|
|
2001 |
2000 |
|
|
|
Note |
Rupees |
Rupees |
|
|
|
| A.
CASH FLOW FROM OPERATING ACTIVITIES |
|
| (Loss)/profit
before taxation |
|
|
(8,825,180) |
17,560,726 |
|
| Adjustments
for: |
|
|
|
|
| Amortization
of deferred expenditure |
|
-- |
337,561 |
|
| Provision
/ (reversal) of diminution in value of |
|
|
|
| marketable
securities |
|
4,684,778 |
(6,034,047) |
|
| Interest
on deferred expenditure |
|
|
-- |
52,399 |
|
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
4,684,778 |
(5,644,087) |
|
|
|
------------------ |
------------------ |
|
| Operating
(loss)/profit before working capital changes |
(4,140,402) |
11,916,639 |
|
|
|
|
| Effect
on cash flow due to working capital changes |
|
| (Increase)/decrease
in current assets |
|
| Marketable
securities |
|
8,280,743 |
(14,822,490) |
|
| Accounts
receivables |
|
4,490,373 |
(4,490,373) |
|
| Advance,
prepayment and other receivables |
|
840,703 |
(44,800) |
|
|
|
------------------ |
------------------ |
|
|
|
13,611,819 |
(19,357,663) |
|
|
| Increase/(decrease)
in current liabilities |
|
| Due
to Investment Adviser |
|
|
765,399 |
579,582 |
|
| Account
payable and accrued expenses |
|
(150,089) |
227,709 |
|
|
------------------ |
------------------ |
|
|
|
615,310 |
807,291 |
|
|
|
------------------ |
------------------ |
|
| Cash
inflow/(outflow) from operations |
|
10,086,727 |
(6,633,733) |
|
| Paid
to investment adviser |
|
(631,981) |
(918,664) |
|
| Dividend paid |
|
(9,821,556) |
-- |
|
| Taxes paid |
|
(98,090) |
(133,722) |
|
|
|
------------------ |
------------------ |
|
| Net
cash outflow from operating activities |
|
(464,900) |
(7,686,119) |
|
|
------------------ |
------------------ |
|
| B.
CASH FLOW FROM FINANCING ACTIVITIES |
|
| Deferred
liability repaid |
|
(337,561) |
(810,140) |
|
| Net
cash outflow from financing activities |
|
(337,561) |
(810,140) |
|
|
|
------------------ |
------------------ |
|
| Net
decrease in cash and cash equivalents |
|
(802,461) |
(8,496,259) |
|
| Cash
and bank balances at the beginning of the year |
1,647,482 |
10,143,741 |
|
|
|
------------------ |
------------------ |
|
| Cash
and bank balances at the end of the year |
|
845,021 |
1,647,482 |
|
|
|
========== |
========== |
|
|
|
|
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
| STATEMENT
OF CHANGES IN EQUITY |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
|
|
Share |
Accumulated |
Total |
|
|
Capital |
Loss |
|
|
|
|
|
|
|
Rupees |
|
|
|
| Balance
as at June 30, 1999 |
|
100,000,000 |
(59,805,287) |
40,194,713 |
|
| Net
profit for the year |
|
| ended
June 30, 2000 |
|
-- |
17,423,497 |
17,423,497 |
|
| Proposed
dividend (Re. 1 per share) |
-- |
(10,000,000) |
(10,000,000) |
|
|
|
------------------ |
------------------ |
------------------ |
|
| Balance
as at June 30, 2000 |
|
100,000,000 |
(52,381,790) |
47,618,210 |
|
|
| Net
loss for the year |
|
|
|
| ended
June 30, 2001 |
|
-- |
(9,348,272) |
(9,348,272) |
|
|
------------------ |
------------------ |
------------------ |
|
| Balance
as at June 30, 2001 |
|
100,000,000 |
(61,730,062) |
38,269,938 |
|
|
========== |
========== |
========== |
|
|
|
CHIEF EXECUTIVE |
|
DIRECTOR |
|
|
|
|
| NOTES
TO THE FINANCIAL STATEMENTS |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
|
| 1.
STATUS AND NATURE OF BUSINESS |
|
|
| 1.1
The Company was incorporated on June 13, 1994, as a public company limited by
shares |
|
| under
the Companies Ordinance, 1984 and was registered as an investment company
under |
|
| the
Investment Companies and Investment Advisers Rules, 1971. The Company is
listed |
|
| on
Karachi, Lahore and Islamabad Stock Exchanges. |
|
|
|
|
| 1.2
It is a closed end mutual fund w |
