| KASB Premier 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 |
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| DIRECTORS'
REPORT |
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| AUDITORS'
REPORT |
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| BALANCE
SHEET |
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| PROFIT
AND LOSS ACCOUNT |
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| CASH
FLOW STATEMENT |
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| DISTRIBUTION
STATEMENT |
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| STATEMENT
OF MOVEMENT IN EQUITY AND RESERVES |
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| NOTES
TO THE ACCOUNTS |
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| STATEMENT
OF INCOME AND EXPENDITURE |
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| IN
RELATION TO THE INVESTMENT COMPANY |
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| PATTERN
OF SHAREHOLDING |
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| COMPANY
INFORMATION |
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| Board
of Directors |
Ahmed Kamran, Chairman |
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|
Qazi Mazharul Haque,
Chief Executive |
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|
Javaid B. Sheikh |
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|
Akhtar Ali Khan |
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|
Nadir Rahman |
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Rizwan Khalid Butt |
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|
Nadeem Naqvi |
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| Company
Secretary |
Zulfiqar Hyder Khan |
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| Investment
Adviser |
Khadim Ali Shah Bukhari
& Co. Ltd. |
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| Auditors |
|
Taseer Hadi Khalid &
Co. |
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| Legal Adviser |
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Mohsin Tayebaly & Co. |
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| Custodian |
|
Deutsche Bank A.G. |
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| Bankers |
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Deutsche Bank A.G. |
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Metropolitan Bank Ltd. |
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| Registered
Office |
6th Floor, Trade Centre |
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|
I.I. Chundrigar Road |
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|
Karachi-74200, Pakistan |
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| Registrar
and Share |
THK Associates (Pvt.)
Ltd. |
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| Transfer Office |
|
Sheikh Sultan Trust
Building No. 2 |
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|
Beaumont Road |
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|
Karachi-75530, Pakistan |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the Seventh Annual General Meeting of KASB Premier Fund
Ltd. will |
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| be
held on Monday, December 03, 2001 at 11:00 a.m. at the Karachi Sheraton Hotel
and Towers, |
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| Dr.
Ziauddin Ahmed Road, Karachi to transact the following business:- |
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| 1.
To confirm the minutes of the Sixth Annual General Meeting of the Company
held on |
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| November
02, 2000. |
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|
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| 2.
To receive, consider and adopt the audited accounts of the Company together
with the |
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| Directors'
and Auditors' report thereon for the year ended June 30, 2001. |
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|
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| 3.
To appoint auditors of the Company for the year ending June 30, 2002 and to
fix their |
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| remuneration.
The present auditors, Messrs Taseer Hadi Khalid & Co., Chartered
Accountants, |
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| retire
and being eligible, offer themselves for reappointment. |
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| 4.
To elect seven directors of the Company, as fixed by the Board of Directors,
in accordance |
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| with
the provision of Section 178 (1) of the Companies Ordinance, 1984 for a term
of three |
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| years
commencing on December 14, 2001. The directors retiring on December 13, 2001 |
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| are as under:- |
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|
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| 1)
Mr. Ahmed Kamran |
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2) Mr. Qazi Mazharul
Haque |
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| 3)
Mr. Javaid B. Sheikh |
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4) Mr. Akhtar Ali Khan |
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| 5)
Mr. Nadir Rahman |
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6) Mr. Rizwan Khalid Butt |
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| 7)
Mr. Nadeem Naqvi |
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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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| Karachi: |
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ZULFIQAR HYDER KHAN |
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| September
20, 2001 |
|
Company Secretary |
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| Notes: |
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| 1.
The share transfer books of the Company will remain closed from November 23,
2001 to |
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| December
03, 2001 (both days inclusive) to determine the names of the members entitled |
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| to
attend the meeting. |
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|
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| 2.
Any person who, seeks to contest election to the office of director shall,
whether he is retiring |
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| or
otherwise, file with the Company not later than 14 (fourteen) days before the
date of the |
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| meeting,
a notice of his/her intention to offer himself/herself for election as
director together |
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| with
his/her consent to act as a director as required under Section 178(3) of the
Companies |
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| Ordinance, 1984. |
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|
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| 3.
A member entitled to attend and vote at the meeting is entitled to appoint a
proxy to attend, |
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| speak
and vote for him/her. A proxy must be a member of the Company. |
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|
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| 4.
Proxy forms in order to be effective must be received at the Company's
registered office, |
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| duly
stamped and signed not later than 48 hours before the meeting. |
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| 5.
Accountholders/sub-accountholders holding book entry securities of the
Company in Central |
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| Depository
System (CDS) of Central Depository System of Pakistan Limited (CDC) who |
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| wish
to attend the Annual General Meeting are requested to please bring their
original ID |
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| Card/original
passport with a photocopy duly attested by their bankers for identification |
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| purposes.
In case of Corporate entity, the Board of Directors' resolution / power of
attorney |
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| with
specimen signature of the nominee shall be produced (unless it has been
provided |
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| earlier)
at the time of the meeting. |
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| 6.
Members are requested to notify any change in their registered addresses |
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| immediately. |
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| DIRECTORS'
REPORT TO THE SHAREHOLDERS |
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| Performance
of the Fund's Investment Portfolio |
|
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| For
the twelve months ended June 30, 2001, KASB Premier Fund (the Fund)
out-performed the KSE- |
|
| 100
Index (the Index) by 16%. During this period, the Index declined by 10% from
1520 on |
|
| June
30, 2000 to 1366 on June 29, 2001, while the Net Asset Value (NAV) of the
Fund increased |
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| by
6% from Rs. 7.73 per share to Rs. 8.19 per share. |
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| As
on June 30, 2001, the top 15 holdings of the Fund's portfolio constituted
73.1% of total portfolio |
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| value.
During the last twelve months, there has been a significant restructuring of
the Fund's investment |
|
| portfolio
whereby many small capitalization, and illiquid holdings were liquidated and
effort was |
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| made
to position the Fund's asset allocations into large capitalization, blue
chip, liquid stocks. Of |
|
| course,
the above decision led to booking of capital losses on several illiquid
holdings. The directors |
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| however,
felt that by generating liquidity from such holdings and putting the money
into potentially |
|
| better
performing stocks, the longer term returns to shareholders would be
optimized. |
|
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| It
has been observed that investment strategy focusing on sectors rather than
specific stocks pays off |
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| better
over the longer term. In the case of the KASB Premier Fund there is a move
towards adopting |
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| a
more sector - driven investment strategy. In view of a sluggish economy and
business environment |
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| for
the present, however, the overall investment approach of Fund has become
cautious and defensive |
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| with
emphasis on capital preservation along with sustainable income generation. In
this context, the |
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| major
sectors with portfolio weights of 10% or more are currently: Power, Banking,
Paper and |
|
| Packaging
and Telecom. in a turbulent market environment, utilities have traditionally
provided |
|
| investors
with relatively lower downside risk as well as income potential. The
Directors believe that |
|
| Hubco,
Kohinoor Energy and PTCL are appropriate holdings in this respect. The Paper
& Packaging |
|
| sector
is basically a proxy for consumer non-durables as pure consumer plays such as
Lever Brothers |
|
| and
Nestle are very illiquid in this market. For the Financial Year ended June
30, 2001, the holdings |
|
| in
Packages and Tri-Pack Films provided a solid defensive quality to the Fund
and contributed to |
|
| its
relative out-performance against the bench mark KSE-100 Index. Finally, the
Banking sector |
|
| makes
up another large chunk of the Funds portfolio with MCB, Askari, A1-Faysal
Bank and Trust |
|
| Bank
being the key investments. With the banking sector in the middle of a major
restructuring, |
|
| mergers
and acquisitions as well as a cut in tax rates, this sector is likely to
provide significant |
|
| potential
for out-performance going forward. |
|
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| The
management reduced exposure in textile, cement, insurance and chemical
sectors during 2001 |
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| in
view of weak earning expectations. In the future, selected exposure may be
considered as sector |
|
| outlook
improves and particularly in stocks which show promise. All in all, the
Directors believe that |
|
| the
Fund is now well positioned to enjoy the benefits of any market upside while
also having a |
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| defensive
posture in case a significant downside occurs. |
|
|
| Although
despite best efforts the Net Asset Value of the Fund had remained below par,
Fund's net |
|
| after
tax profits for the year had worked to Rs. 18.58 million. Looking forward to
a better performance |
|
| in
the future, the Directors were pleased to declare an interim cash dividend of
Re. 0.35 per share. |
|
| Given
the final results and financial position, no final dividend will be declared
and thus total payout |
|
| for
the year is Re. 0.35 per share. |
|
|
| Macro
Economic and Market Outlook |
|
| During
the last twelve months ended June 30, 2001, the economy continued to remain
under severe |
|
| strain
of low growth, low investment and external debt servicing pressures. At the
same time, as part |
|
| of
the economic restructuring program the government and the central bank were
forced to follow |
|
| tight
fiscal and monetary policies. Thus, on the one hand there was limited fiscal
stimulus caused |
|
| by
development spending and on the other, tight monetary conditions along with a
sharp increase |
|
| in
interest rates contributed to nominal private investment. Although private
sector loan demand |
|
| showed
improvement over the previous fiscal year, it was insufficient to fill in the
slack created by |
|
| a
negative growth in the agricultural sector in Fiscal Year 2001, due to severe
drought conditions. |
|
| The
result was a sharp deceleration in Fiscal Year 2001 GDP growth to 2.55% as
against 3.89% |
|
| during
the previous year. |
|
|
| Looking
ahead, after the recent rains having broken a two year drought spell, the
chances of agricultural |
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| growth
picking up in Fiscal Year 2002, have improved. This, along with increased
outlay on |
|
| development
spending and a higher private sector credit plan, should lead to higher GDP
growth next |
|
| year.
Conservative forecasts are for GDP growth between 3.7% to 4.0% in Fiscal Year
2002. |
|
|
| After
the successful (first time ever) completion of an IMF program by Pakistan the
chances of the |
|
| country
qualifying for the longer term (3-year) Poverty Reduction and Growth Program
have increased. |
|
| Once
Pakistan gets into this program it can receive up to US$2.5 bn over a
three-year period. This |
|
| would
auger well to help the government reschedule part of the external debt
falling due over the |
|
| next
two years. If this occurs, external sector risk would decline and there may
develop a potential |
|
| for
the return of foreign portfolio investment in the country after constant
outflow over the past |
|
| 3 years. |
|
|
| In
the light of the above economic scenario the Directors have been cautiously
optimistic about |
|
| the
equity markets showing improvement during the coming twelve months. The
recent |
|
| unfortunate
terrorist attacks on World Trade Centre in New York and the Pentagon in
Washington |
|
| on
11th September, 2001 and Pakistan's commitment to the international community
and to the US |
|
| Government
to fully support the latter's declaration of war against terror has, however,
made the |
|
| prospect
of an early improvement in the equity market conditions uncertain. It is,
however, expected |
|
| that
Pakistan would emerge from this involvement as a net economic gainer. With
international |
|
| community's
support to Pakistan and IMF program on track, the possibility of Pakistan's
economy |
|
| and
its equity markets receiving an eventual boost may not, therefore, be ruled
out as a consequence. |
|
|
| Auditors
and Pattern of Shareholding |
|
| The
members are requested to appoint auditors for 2001-2002 and fix their
remuneration. The present |
|
| auditors,
Messrs Taseer Hadi Khalid & Co., Chartered Accountants, retire and offer
themselves for |
|
| re-appointment. |
|
|
| The
pattern of shareholding as required by section 236 of the Companies
Ordinance, 1984 is enclosed. |
|
|
|
|
On behalf of the Board of Directors |
|
|
|
|
|
|
| Karachi: |
|
|
QAZI MAZHARUL HAQUE |
|
| September
20, 2001 |
|
Chief Executive |
|
|
|
| Auditors'
Report to the Members |
|
|
| We
have audited the annexed balance sheet of KASB Premier Fund
Limited as at 30 June |
|
| 2001
and the related profit and loss account, cash flow statement, distribution
statement and |
|
| statement
of changes in equity and reserves 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 and Investment Adviser's Rules, 1971. Our
responsibility is to |
|
| express
an opinion on these statements based on our audit. |
|
|
| We
conducted our audit in accordance with the International Standards 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 |
|
| Adviser's
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 Adviser's 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,
distribution statement |
|
| and
statement of changes in equity and reserves 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 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 30 June |
|
| 2001
and of the profit, its cash flows, its distributions and changes in equity
and reserves |
|
| for
the year then ended; and |
|
|
| d)
in our opinion, no zakat was deductible at source under the Zakat and Ushr
Ordinance, |
|
| 1980. |
|
|
|
|
|
Taseer Hadi Khalid & Co. |
|
| Karachi:
20 September, 2001 |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 2001 |
|
|
|
|
Note |
2001 |
2000 |
|
|
|
|
|
(Rupees in
thousand) |
|
|
| ASSETS |
|
|
|
|
| Marketable
Securities - net |
|
3 |
307,860 |
261,798 |
|
| Other Assets |
|
|
|
|
| Trade debts |
|
|
10,948 |
-- |
|
| Deposit
and other receivables |
|
4 |
3,526 |
2,484 |
|
| Taxation |
|
|
|
1,130 |
1,473 |
|
| Bank
balances - on deposit account |
|
11,071 |
48,912 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
26,675 |
52,869 |
|
|
|
|
------------------ |
------------------ |
|
| Total Assets |
|
|
334,535 |
314,667 |
|
|
|
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
| Current
Liabilities |
|
|
|
| Due
to the Investment Adviser |
|
5 |
3,139 |
4,529 |
|
| Trade creditors |
|
|
|
3,109 |
226 |
|
| Accrued
expenses |
|
6 |
369 |
576 |
|
|
|
|
------------------ |
------------------ |
|
| Total Liabilities |
|
|
6,617 |
5,331 |
|
|
|
|
------------------ |
------------------ |
|
| NET ASSETS |
|
|
|
327,918 |
309,336 |
|
|
|
========== |
========== |
|
|
|
|
| SHAREHOLDERS'
EQUITY |
|
| Authorised
capital |
|
| 80,000,000
ordinary shares of Rs. 10 each |
|
800,000 |
800,000 |
|
|
========== |
========== |
|
| Issued,
subscribed and paid-up capital |
|
|
| 40,000,000
ordinary shares of Rs. 10 each |
|
|
| issued
as fully paid in cash |
|
|
400,000 |
400,000 |
|
| Accumulated
loss |
|
|
(86,082) |
(90,664) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
313,918 |
309,336 |
|
| Interim dividend |
|
12 |
14,000 |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
327,918 |
309,336 |
|
|
|
========== |
========== |
|
|
|
|
| These
accounts should be read in conjunction with the attached notes. |
|
|
|
|
QAZI MAZHARUL HAQUE |
|
|
JAVAID B. SHEIKH |
|
|
Chief Executive |
|
|
Director |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
|
|
Note |
2001 |
2000 |
|
|
|
(Rupees in
thousand) |
|
|
| Income |
|
| Capital
(loss)/gain on marketable securities |
|
(31,467) |
17,794 |
|
| Dividend
income |
|
|
22,323 |
11,789 |
|
| Profit
on term finance certificates |
|
|
2,558 |
3,096 |
|
| Profit
on bank deposits |
|
|
1,951 |
2,368 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(4,635) |
35,047 |
|
| Operating
Expenses |
|
| Administrative |
|
7 |
(1,588) |
(2,654) |
|
| Financial |
|
8 |
(7) |
(42) |
|
| Creditors
no longer payable written back |
|
226 |
-- |
|
| Remuneration
to the Investment Adviser |
5.1 |
(3,139) |
(4,500) |
|
|
|
------------------ |
------------------ |
|
|
|
(4,508) |
(7,196) |
|
|
|
------------------ |
------------------ |
|
|
|
(9,143) |
27,851 |
|
| Reversal
of diminution in value of |
|
| marketable
securities |
|
|
28,687 |
39,479 |
|
|
|
|
------------------ |
------------------ |
|
| Profit
before taxation |
|
|
19,544 |
67,330 |
|
| Taxation
- Current |
|
|
(962) |
(589) |
|
|
|
|
------------------ |
------------------ |
|
| Profit
for the year |
|
|
18,582 |
66,741 |
|
|
========== |
========== |
|
|
| These
accounts should be read in conjunction with the attached notes. |
|
|
|
QAZI MAZHARUL HAQUE |
|
JAVAID B. SHEIKH |
|
|
Chief Executive |
|
Director |
|
|
|
| CASH
FLOW STATEMENT |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
|
|
|
2001 |
2000 |
|
|
|
(Rupees in
thousand) |
|
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
| Profit
before taxation |
|
|
19,544 |
67,330 |
|
|
| Adjustment
for non-cash charges: |
|
| Amortisation
of deferred expenditure |
|
-- |
1,488 |
|
| Reversal
of diminution in value of marketable securities |
(28,687) |
(39,479) |
|
|
|
------------------ |
------------------ |
|
|
|
(28,687) |
(37,991) |
|
|
|
------------------ |
------------------ |
|
| Operating
(1oss)/profit before working capital changes |
(9,143) |
29,339 |
|
|
|
|
| (Increase)/decrease
in current assets: |
|
| Marketable
securities |
|
(17,376) |
(59,416) |
|
| Trade debts |
|
|
(10,948) |
-- |
|
| Deposit
and other receivables |
|
|
(1,042) |
1,430 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(29,366) |
(57,986) |
|
|
| Increase
/ (decrease) in current liabilities: |
|
| Due
to the Investment adviser |
|
|
(1,390) |
1,906 |
|
| Trade creditors |
|
|
2,883 |
(6,183) |
|
| Accrued
expenses |
|
|
(207) |
289 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,286 |
(3,988) |
|
|
|
|
------------------ |
------------------ |
|
| Cash
used in operations |
|
|
(37,223) |
(32,635) |
|
| Income tax paid |
|
|
(618) |
(502) |
|
|
------------------ |
------------------ |
|
| Net
cash (outflow) from operating activities |
|
(37,841) |
(33,137) |
|
|
|
|
| CASH
FLOW FROM FINANCING ACTIVITIES |
|
| Deferred
expenditure paid |
|
|
-- |
(3,060) |
|
|
|
|
------------------ |
------------------ |
|
| Decrease
in bank balances |
|
|
(37,841) |
(36,197) |
|
| Bank
balances at beginning of the year |
|
48,912 |
85,109 |
|
|
|
|
------------------ |
------------------ |
|
| Bank
balances at end of the year |
|
|
11,071 |
48,912 |
|
|
========== |
========== |
|
|
| These
accounts should be read in conjunction with the attached notes. |
|
|
|
QAZI MAZHARUL HAQUE |
|
|
|
JAVAID B. SHEIKH |
|
|
Chief Executive |
|
|
|
Director |
|
|
|
| DISTRIBUTION
STATEMENT |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
|
|
|
2001 |
2000 |
|
|
|
(Rupees in
thousand) |
|
|
| Accumulated
loss brought forward |
|
(90,664) |
(157,405) |
|
| Profit
for the year |
|
|
18,582 |
66,741 |
|
| Interim
dividend @ 3.5% (2000: Nil) |
|
(14,000) |
-- |
|
|
|
|
------------------ |
------------------ |
|
| Accumulated
loss carried forward |
|
|
(86,082) |
(90,664) |
|
|
========== |
========== |
|
|
| These
accounts should be read in conjunction with the attached notes. |
|
|
|
QAZI MAZHARUL HAQUE |
|
|
JAVAID B. SHEIKH |
|
|
Chief Executive |
|
|
Director |
|
|
|
| STATEMENT
OF MOVEMENT IN EQUITY AND RESERVES |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
|
|
|
2001 |
2000 |
|
|
|
(Rupees in
thousand) |
|
|
| Net
assets per share as at July 01 |
|
7.73 |
6.07 |
|
|
|
|
|
|
| (Loss)/gain
on sale of marketable securities |
|
(0.79) |
0.44 |
|
| Reversal
of diminution in value of marketable securities |
0.72 |
0.98 |
|
| Net
income for the year excluding capital (loss)/gain |
0.53 |
0.24 |
|
|
|
|
------------------ |
------------------ |
|
| Profit
for the year - per share |
|
|
0.46 |
1.66 |
|
|
|
|
------------------ |
------------------ |
|
| Net
assets per share as at June 30 |
|
8.19 |
7.73 |
|
|
|
|
========== |
========== |
|
|
| These
accounts should be read in conjunction with the attached notes. |
|
|
|
QAZI MAZHARUL HAQUE |
|
|
JAVAID B. SHEIKH |
|
|
Chief Executive |
|
|
Director |
|
|
|
| NOTES
TO AND FORMING PART OF THE ACCOUNTS |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
