| Dawood Leasing Company Limited |
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| Annual
Report 2001 |
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| CONTENTS |
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| Dawood
Leasing Company Limited |
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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 |
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| Statement
of Changes in Equity |
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| Cash
Flow Statement |
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| Notes
to the Financial Statements |
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| Statements
& Report Under Section 237of the Companies Ordinance, 1984 |
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| Pattern
of Share Holding |
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| Consolidated
Account of Dawood Leasing Company Ltd. and its Subsidiaries |
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| Auditors Report |
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| Balance Sheet |
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| Profit
& Loss Account |
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| Cash
Flow Statement |
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| Statement
of Changes in Equity |
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| Notes
to the Financial Statements |
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| CORPORATE
INFORMATION |
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| Board
of Directors |
Mr. Rafique Dawood |
Chairman & Chief
Executive |
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Mr. Rasheed Y. Chinoy |
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Mr. Ayaz Dawood |
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Mr. Asadullah Khawaja |
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Mr. Muhammad Latif |
(Nominee of SLIC) |
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Mr. Abdul Latif Uqaili |
(Nominee of ICP) |
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Mr. Ahmed Kamran |
(Nominee of A1-Faysal
Inv. Bank) |
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| Company
Secretary |
Syed Jamal Macdi |
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| Auditors |
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M. Yousuf Adil Saleem
& Co. |
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Chartered Accountants |
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| Legal Advisors |
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Mohsin Tayebaly & Co. |
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| Bankers |
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American Express Bank
Ltd. |
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Bank Al-Habib Ltd. |
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Bank of Khyber |
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Emirates Bank
International PJSC |
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Faysal Bank Ltd. |
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Habib Bank Ltd. |
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Habib Bank AG Zurich |
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Metropolitan 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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Prime Commercial Bank
Ltd. |
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PICIC Commercial Bank
Ltd. |
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Societe General, The
French & International Bank |
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Soneri Bank Ltd. |
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United Bank Ltd. |
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Union Bank Ltd. |
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| Registered
Office, |
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| Head Office and |
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5-B, Lakson Square
Building # 1, |
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| Share
Registrars |
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@cyber.net.pk |
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| Branch Offices |
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Office No. 20 & 21,
Beverly Centre, 1st Floor, |
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56-G, Jinnah Avenue,
Islamabad-744000 |
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Tel.: (051) 227 6367
& 227 4194-5 |
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Fax: (051) 227 1280 |
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E-mail:
moeen@comsats.net.pk |
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86-B/11, Punjab
Government Employees, |
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Cooperative Housing
Society, Lahore. |
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Tel/Fax: (042) 518 4710 |
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E-mail: dlc@brain.net.pk |
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| NOTICE
OF SEVENTH ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the Seventh Annual General Meeting of DAWOOD
LEASING COMPANY LIMITED will be held |
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| at
the Registered Office, 5-B, Lakson Square Building # 1, Sarwar Shaheed Road,
Karachi on Wednesday, December 26, 2001 |
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| at
8:30 a.m. to transact the following business: |
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| 1.
To receive, consider and adopt the Audited Accounts of the Company for the
year ended June 30, 2001 together with |
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| the
Directors' and Auditors' Report thereon. |
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| 2.
To approve Dividend @ 10% as recommended by the Directors for the year ended
June 30, 2001. |
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| 3.
To appoint Auditors and to fix their remuneration. |
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| Special
Business: |
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| 4.
To elect 7 Directors of the Company as fixed by the Board of Directors under
the provisions of Section 178 of the |
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| Companies
Ordinance, 1984 for a term of three years. The retiring Directors are: |
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| Mr.
Rafique Dawood |
Mr. Rasheed Y. Chinoy |
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| Mr.
Ayaz Dawood |
Mr. Asadullah Khawaja |
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| Mr.
Muhammad Latif |
Mr. Abdul Latif Uqaili |
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| Mr.
Ahmad Kamran |
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| 5.
To consider and if thought fit pass following resolution as Special
Resolution under Section 208 of the Companies |
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| Ordinance,
1984 with or without modification. |
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| "Resolved,
that Mr. Rafique Dawood, the Chief Executive of the Company be and is hereby
authorized with approval of |
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| the
Board of Directors to make short term loans (upto 6 months) in the
subsidiaries and associated companies/modarabas |
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| namely:
(1) Providence Modaraba Limited (PML) (2) Guardian Modaraba (GM), (3) General
Modaraba Services (Pvt.) |
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| Limited
(GMSL) and (4) First General Leasing Modaraba (FGLM), on behalf of the
Company, provided that the amount |
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| of
such loans at any time shall not exceed 10% of the paid up capital, plus free
reserves of the Company and return on |
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| these
loans shall be 100 be more than the borrowing cost of the Company and subject
to the compliance of rules and |
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| regulations
as applicable. This authority shall remain in force until revoked by the
shareholders. The outstanding short |
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| term
loans and placements, amount at any one time should not exceed the following
limits, PML Rs. 2.50 million, GM |
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| Rs.
25 million, GMSL Rs. 2.50 million and FGLM Rs. 10 million." |
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By the Order of the Board |
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| November
28, 2001 |
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Syed Jamal Macdi |
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| Karachi |
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Company Secretary |
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| Notes: |
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| 1.
The Register of members of the Company will remain closed from December 18,
2001 to December 26, 2001 (both days |
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| inclusive). |
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| 2.
Any person who seeks to contest the election of the office of Director shall
at the Registered Office of the Company, file |
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| at
the latest by December 12, 200I a notice of his intention to offer himself
for election as Director in terms of Section |
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| 178(3)
of the Companies Ordinance, 1984. The conditions imposed by the Securities
& Exchange Commission Of Pakistan |
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| require
prior approval for any change in the Directors of the Company. |
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| 3.
A member entitled to attend and vote at a General Meeting is entitled to
appoint a proxy to attend and vote instead of |
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| him/her.
No person other than a member shall act as proxy. An instrument appointing a
proxy and the power-of-attorney |
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| or
other authority (if any) must be deposited 48 hours before the Meeting at the
Registered Office. |
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| 4.
CDC account holders will in addition, have to follow the guidelines as laid
down in Circular No. 1 dated January |
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| 26,
2000 of the Securities & Exchange Commission of Pakistan for attending
the meeting: |
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| Statement
Under Section 160 of the Companies Ordinance, 1984 |
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| The
Company (DLC) has been making investment in the shape of short term loans and
placements from time to time and |
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| creating
reasonable portfolio on its own account. With the prevailing lower mark up
rates and defaults it is desirable to |
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| give
loans and place funds in those companies/modarabas who are although
subsidiaries and associated but have good |
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| credit
standing/history. Due to acquisitions and common directorships of Directors
in other companies/modarabas, such |
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| other
companies/modarabas namely (1) PML (2) GM (3) GMSL & (4) FGLM become
subsidiaries and associated |
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| and
loans to these companies/modarabas necessitate special resolution under
section 208 of the Companies Ordinance, |
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| 1984.
Since it is not practicable to pass a Special Resolution each time the
Company to make a loan in such |
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| companies/modarabas,
it has become necessary to give a standing authority to the Chief Executive
to make, vary or |
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| withdraw
investment in the companies/modarabas, as subsidiaries and associated, from
time to time, with the approval |
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| of
Board of Directors and subject to the limitations laid down under the Special
Resolution and Section 208 of the |
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| Companies
Ordinance, 1984. |
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| The
Directors have no personal interest in the above matters, except for the
following limited interest: |
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| Some
of the directors may possibly be on the Board of the subsidiaries and
associated companies for which the Chief |
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| Executive
is being granted the authority to make investment under Section 208 of the
Companies Ordinance, 1984. |
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| PML
is the fully owned subsidiary of DLC, whereas GMSL is owned 51% by DLC and
ICP and SAPICO have 25% and |
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| 24%
holding respectively. GM and FGLM are the two modarabas being managed by PML
and GMSL. |
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| The
outstanding short-term loan/placement amount at any one time should not
exceed the following limits; |
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| PML
Rs. 2.50 million, GM Rs. 25 million, GMSL Rs. 2.50 million and FGLM Rs. 10
million. |
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| FINANCIAL
HIGHLIGHTS |
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2001 |
2000 |
1999 |
1998 |
1997 |
1996 |
1995* |
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|
Rupees in Million |
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| Authorized
Capital |
500.00 |
500.00 |
500.00 |
500.00 |
300.00 |
300.00 |
300.00 |
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| Paid-up Capital |
|
250.00 |
250.00 |
250.00 |
250.00 |
250.00 |
250.00 |
250.00 |
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| Shareholders
Equity |
313.24 |
306.72 |
300.62 |
305.59 |
295.52 |
281.60 |
267.92 |
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| Group Equity |
|
674.38 |
542.48 |
543.34 |
-- |
-- |
-- |
-- |
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| Total Assets |
|
2057.67 |
1529.65 |
1520.99 |
926.58 |
680.10 |
539.45 |
340.45 |
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| Group Assets |
|
2625.07 |
1886.77 |
1805.46 |
-- |
-- |
-- |
-- |
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| Net
Investment in Lease Finance |
1372.17 |
1117.79 |
1036.38 |
791.63 |
620.50 |
510.57 |
253.37 |
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| Provision
for Lease Losses |
77.00 |
49.00 |
34.00 |
26.50 |
16.50 |
5.00 |
-- |
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| Revenue |
|
272.69 |
214.14 |
163.21 |
141.34 |
121.96 |
89.12 |
28.00 |
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| Income
from Leasing Operations |
184.58 |
171.04 |
154.05 |
133.36 |
121.29 |
84.66 |
21.19 |
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| Profit
before Taxation |
47.32 |
41.65 |
35.29 |
28.06 |
46.41 |
46.21 |
18.09 |
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| Taxation |
|
15.80 |
10.55 |
15.35 |
17.89 |
1.24 |
1.27 |
0.17 |
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| Profit
after Taxation |
31.51 |
31.10 |
19.94 |
10.17 |
45.16 |
44.94 |
17.92 |
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| Current Ratios |
|
1:1.06 |
1:1.04 |
1:1.32 |
1:1.26 |
1:1.53 |
1:0.91 |
1:6.74 |
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| Book
Value Per Share |
12.48 |
12.27 |
12.02 |
12.22 |
11.82 |
11.26 |
10.71 |
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| Earning
Per Share - After Tax |
1.26 |
1.24 |
0.80 |
0.40 |
1.81 |
1.79 |
0.71 |
|
| Return
on Equity - Pre-Tax |
15.43% |
13.86% |
11.50% |
9.50% |
16.48% |
17.25% |
6.75% |
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| Dividend
Per Share (Rs.) |
1.00 |
1.00 |
1.00 |
-- |
1.25 |
1.25 |
-- |
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| *6
months of operations. |
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| DIRECTORS
REPORT |
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| We
are pleased to present your Company s Seventh Annual Report for the year
ended June 30, 2001. |
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| Operating
Result: |
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2001 |
2000 |
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|
Rupees |
Rupees |
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| Total Assets |
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|
2.057 billion |
1.529 billion |
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| Total
Group Assets |
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|
2.626 billion |
1.887 billion |
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|
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| Lease Income |
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|
184,582,954 |
171,044,261 |
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| Other Income |
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|
88,109,917 |
43,371,017 |
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| Provisions (net) |
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|
35,192,433 |
21,446,119 |
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| Profit
after Taxation |
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|
31,511,749 |
31,103,850 |
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| Profit
Available for Appropriation |
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|
31,894,652 |
31,603,673 |
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| Appropriations |
|
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| Transfer
to Statutory Reserve |
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|
6,302,350 |
6,220,770 |
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| Proposed
Cash Dividend |
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|
25,000,000 |
25,000,000 |
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| Un-appropriated
Profit |
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|
592,302 |
382,903 |
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| During
the fiscal year 2000-2001, your Company made lease disbursements amounting to
Rs. 616.08 million to 198 clients, raising |
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| the
net investment in leases to Rs. 1.372 billion. (1999-2000 Rs. l.117 billion).
Scarcity of good leasing prospects continued this |
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| year
as well. The Plant & Machinery continued to dominate the asset mix of the
portfolio while sector wise portfolio has not changed |
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| significantly.
The Textile Composite, Steel, Eng. & Automobile are our major areas of
investment. |
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| The
total revenue of the Company has increased to Rs. 272.69 million, an increase
of 27%, as compared to last year. The return on |
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| short
term investment has increased to Rs. 50.11 million from Rs. 30.125 million
mainly due to investments in TFCs which were |
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| made
to support fixed income securities market in the country and to meet our
liquidity requirement. |
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| In
continuation of our prudent accounting approach, this year we have provided
Rs. 12 million on account of deferred tax liability |
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| through
the income statement thus raising the total to Rs. 49.2 million. The Company
does not expect that this liability will materialize |
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| in
the foreseeable future. We also have made provision of Rs. 28 million for
lease losses thus increasing the total to Rs. 77 million. |
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| Credit Rating |
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| Your
Company s credit rating has been upgraded. The long term rating has been
raised to A (single A) from A- (single A minus) and |
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| the
short term rating to A1(A one) from A2 (A two) by Pakistan Credit Rating
Agency. The assign rating denotes low expectation |
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| of
credit risk and strong capacity for timely repayment of financial
commitments. |
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| Underwriting
& Pre-IPOs |
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| Your
Company continued its policy to be an active participant in the development
of secondary market. During the current year, your |
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| Company
participated in Pre-IPO of Term Finance Certificates (TFCs) issued by Alnoor
Sugar Mills Limited, Atlas Lease Limited, |
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| Network
Leasing Limited and Shakarganj Mills Limited and underwrote the TFCs issue of
Orix Leasing Limited, Alnoor Sugar Mills |
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| Limited.
Network Leasing Limited and Engro Asahi. These activities generated fee based
income of Rs. 713,750. |
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| Resource
Mobilization |
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| The
last few years have been difficult for the leasing sector as there has been
declining trend in credit availability from multilateral |
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| agencies,
the prohibitive cost of hedging made it difficult to avail even the approved
credit lines. Meanwhile with the decline in |
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| interest
rates. the local sources have become attractive avenues of funds mobilization
for the leasing sector. |
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| Your
Company s good rating and solid credit standing has contributed in raising
funds through issues of Certificate of Investments |
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| (COIs)
to individual and corporate customers, an increase of 150 percent was
achieved in COI deposits from last year. Our local |
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| bankers
have continued to enhance and extended credit lines, as such, your Company
does not foresee any uncertainty in meeting |
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| its
future funding requirements. |
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|
| Alhamdullah,
after the balance sheet date, on September 12th this year, your Company
successfully issued its Term Finance Certificates |
Communication |
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| of
Rs. 253 million, which were over subscribed. This was a unique issue because
it was the First Five Year Perpetual TFC issued in |
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| Pakistani
history. These TFCs are listed on the Lahore Stock Exchange and have a
floating rate based on the discount rate with a floor |
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| of
13.5% and ceiling of 17.5%. We are thankful to all the investors for their
support. |
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| Future Outlook |
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| Presently,
the economy of Pakistan is in the throes of severe macro economic imbalances
and deceleration of growth therefore it is |
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| difficult
to assess the future outlook. It is hoped that military regime would be in a
better position to think and take decisions that would |
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| reverse
the country's economic slump. The task of reviving the economy and providing
good governance is a monumental one. |
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| With
the events of September l 1, our Government supportive stands with the
coalition partners will certainly help to boost our economy. |
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| The
Standard and Poor rating agency has maintained a stable outlook for Pakistan. |
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| The
trading at all the three stock exchanges of the country remained suspended
for the whole week in September, the first instance in |
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| the
past two decades, in order to avert drastic market decline. |
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| The
cut in discount rate to 10% is not yet sufficient, compared with the other
economies of the region, India (6%) and Bangladesh (7.5%). |
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| A
further cut is therefore expected which would certainly help our depressed
economy. |
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| Pressure
on Pakistan rupee has eased considerably with the return of flight capital.
Given the prevailing conditions, the management of |
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| your
Company sees few prospects of fixed investments and we continue to emphasize
our conservative approach in leasing out assets. |
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| We
believe that your Company will continue to benefit from the improving trend
in our economy. |
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|
| M
& A Activities |
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| As
part of the management s strategy for growth and diversification, your
Company acquired another modaraba management company |
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| namely
Providence Modaraba Ltd., the manager of First Providence Modaraba in
December 2000. |
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| Guardian
Leasing Modaraba (GLM) has been merged with First Providence Modaraba (FPM)
as per Scheme of Amalgamation/Merger |
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| approved
by the Honourable High Court of Sindh. |
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| The
name of the merged modarabas has been changed to Guardian
Modaraba with an equity base of Rs. 173.079 million
and assets |
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| of
Rs. 339.993 million as of June 30th 2001. |
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| Pattern
of Shareholding |
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| The
pattern of Shareholding as on June 30, 2001 is annexed to these financial
statements. |
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| Auditors |
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| The
present auditors, M. Yousuf Adil Saleem & Co., Chartered Accountants, are
due for retirement and being eligible offer themselves |
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| for
re-appointment. |
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| Condolence |
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| The
members of the Board and staff of the Company record with deep sorrow the sad
demise of Mr. Suleman Dawood, one of the pillars |
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| of
the Dawood family. May Allah place his soul in eternal rest and give the
strength to the family members to bear this loss, Ameen. |
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|
| Acknowledgements |
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| We
would like to express our appreciation for the support and encouragement
given to your Company by the Regulator, the Securities |
|
| and
Exchange Commission of Pakistan through the Chairman and the Governor of the
State Bank of Pakistan. We also acknowledge |
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| the
continued competence of our
managements and staff. |
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|
On behalf of the Board |
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|
Refique Dawood |
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| November 28, 2001 |
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Chairman & CEO |
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| AUDITORS
REPORT TO THE MEMBERS |
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| We
have audited the annexed balance sheet of DAWOOD LEASING
COMPANY LIMITED as at June 30, 2001 and the |
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| related
profit and loss account, statement of changes in equity and cash flow
statement together with the notes forming part |
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| 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. |
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| It
is the responsibility of the Company s management to establish and maintain a
system of internal control, and prepare |
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| and
present the above said statements in conformity with the approved accounting
standards and the requirements of the |
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| Companies
Ordinance, 1984. Our responsibility is to express an opinion on these
statements based on our audit. |
|
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| We
conducted our audit in accordance with the auditing standards as applicable
in Pakistan. These standards require that |
|
| we
plan and perform the audit to obtain reasonable assurance about whether the
above said statements are free of any material |
|
| misstatement.
An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the above |
|
| said
statements. An audit also includes assessing the accounting policies and
significant estimates made by management, |
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| as
well as, evaluating the overall presentation of the above said 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 |
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| Ordinance, 1984; |
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|
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| b.
in our opinion: |
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|
|
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| i.
the balance sheet and profit and loss account together with the notes thereon
have been drawn up |
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| 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 |
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| sheet,
profit and loss account, statement of changes in equity and cash flow
statement together with the |
|
| notes
forming part thereof conform with approved accounting standards as applicable
in Pakistan, and, 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,
2001 and of the profit, changes |
|
| in
equity and its cash flows 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. |
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|
| Dated:
November 28, 2001 |
|
M. Yousuf Adil Saleem & Co. |
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| Karachi: |
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|
Chartered Accountants |
|
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 2001 |
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|
|
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|
2001 |
2000 |
|
|
|
Note |
Rupees |
Rupees |
|
|
| SHARE
CAPITAL AND RESERVES |
|
|
|
| Authorized |
|
| 50,000,000
Ordinary Shares |
|
| of Rs. 10/- each |
|
|
500,000,000 |
500,000,000 |
|
|
========== |
========== |
|
|
| 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 |
|
|
40,148,077 |
33,845,727 |
|
| General Reserve |
|
|
22,500,000 |
22,550,000 |
|
| Unappropriated
Profit |
|
|
592,302 |
382,903 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
313,240,379 |
306,728,630 |
|
|
| LONG
TERM LIABILITIES |
|
| Redeemable
Capital |
|
3 |
49,524,541 |
5,218,349 |
|
| Long
Term Loans |
|
4 |
240,265,340 |
297,859,954 |
|
| Long
Term Deposits |
|
|
305,900 |
-- |
|
| Lease Deposits |
|
5 |
194,431,475 |
112,511,803 |
|
| Certificates
of Investment |
|
6 |
27,145,000 |
36,100,000 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
511,672,256 |
451,690,106 |
|
|
|
|
| DEFERRED
LIABILITIES |
|
| Taxation |
|
|
49,200,000 |
37,200,000 |
|
| Staff Gratuity |
|
|
2,047,235 |
1,392,973 |
|
|
|
------------------ |
------------------ |
|
|
|
|
51,247,235 |
38,592,973 |
|
| CURRENT
LIABILITIES |
|
| Short
Term Borrowings |
|
7 |
734,016,863 |
496,539,426 |
|
| Certificates
of Investment |
|
6 |
228,655,000 |
66,000,000 |
|
| Current
Portion of Long Term Liabilities |
8 |
86,792,945 |
95,293,682 |
|
| Accrued
and Other Liabilities |
|
9 |
103,045,228 |
47,213,529 |
|
| Taxation |
|
|
4,000,000 |
2,600,000 |
|
| Proposed
Dividend |
|
|
25,000,000 |
25,000,000 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,181,510,036 |
732,646,636 |
|
| COMMITMENTS |
|
10 |
|
|
------------------ |
------------------ |
|
|
|
2,057,069,906 |
1,529,658,346 |
|
|
|
========== |
========== |
|
|
| The
annexed notes from 1 to 39 form an integral part of these financial
statements. |
|
|
|
|
|
| FIXED
CAPITAL EXPENDITURE |
|
11 |
25,298,747 |
26,402,077 |
|
|
|
|
|
| NET
INVESTMENT IN LEASE FINANCE |
12 |
|
|
| Minimum
Lease Payment Receivables |
|
1,581,130,526 |
1,338,939,163 |
|
| Residual
Value of Leased Assets |
|
|
195,578,249 |
159,531,402 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,776,708,775 |
1,498,470,565 |
|
| Unearned
Finance Income |
|
|
(404,531,665) |
(380,678,513) |
|
|
|
|
------------------ |
------------------ |
|
| Net
Investment in Lease Finance |
|
|
1,372,177,110 |
1,117,792,052 |
|
| Provision
for Lease Losses |
|
|
(44,675,000) |
(27,050,000) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,327,502,110 |
1,090,742,052 |
|
| Current
Portion of Net Investment in Lease Finance |
|
(592,126,053) |
(429,288,511) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
735,376,057 |
661,453,541 |
|
|
| INVESTMENT
IN SUBSIDIARIES /ASSOCIATE |
13 |
59,094,447 |
51,530,850 |
|
| LONG
TERM LOANS |
|
14 |
2,638,318 |
2,899,224 |
|
| LONG
TERM DEPOSITS |
|
|
402,000 |
300,000 |
|
| LONG
TERM RECEIVABLE |
|
15 |
10,775,000 |
21,950,000 |
|
|
|
| CURRENT
ASSETS |
|
| Current
Portion of Net Investment in Lease Finance |
|
592,126,053 |
429,288,511 |
|
| Short
Term Investments |
|
16 |
521,008,202 |
297,765,560 |
|
| Short
Term Morabaha Finances |
|
17 |
8,608,604 |
7,000,000 |
|
| Advances
against Lease Commitment |
|
51,126,889 |
2,850,000 |
|
| Advances,
Deposits and Prepayments |
18 |
4,727,280 |
4,507,617 |
|
| Other
Receivables |
|
19 |
32,742,232 |
15,109,408 |
|
