| Dawood Leasing Company Limited |
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| Annual Report 1999 |
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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 |
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| Statement
of Changes in Financial Position |
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| Notes to the Financial
Statements |
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| Statement & Report Under
Section 237 |
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| of the Companies Ordinance,
1984 |
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| Pattern of Share Holding |
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| Guardian
Modaraba Management (Pvt) Limited- |
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| Subsidiary Company |
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| Corporate Information |
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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
Financial Position |
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| Notes to the Financial
Statements |
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| Consolidated Accounts of |
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| Dawood
Leasing Company Ltd. and its Subsidiary |
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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 Financial Position |
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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. Mehboob G. Rawjee |
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Mr. Ayaz Dawood |
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Dr. Najeeb Samie |
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(Nominee of SLIC) |
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Mr. Asadullah Khawaja |
(Nominee of ICP) |
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Mr. Nasim Beg |
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(Nominee of NIT) |
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Mr. Bashir A. Sheikh |
(Nominee of Al-Faysal
Inv. Bank) |
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| Company secretary |
Syed Jamal Macdi |
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| Auditors |
M. Yousuf Adil Saleem
& Co. |
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Chartered Accountants |
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| Legal Advisors |
Mohsin Tayebaly & Co. |
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| Bankers |
Askari Commercial Bank
Ltd. |
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Bank A1-Habib Ltd. |
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Bank of Khyber |
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Bank of Punjab |
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Faysal Bank Ltd. |
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Gulf Commercial 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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United Bank Ltd. |
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| Registered Office |
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| 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 Offices |
Office No. 20 & 21,
Beverly Centre, 1 st Floor, |
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56-G, Jinnah Avenue,
Islamabad-44000 |
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Tel: 051-276367 & 274194-5 |
: |
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E-mail: moeen @
comsats.net.pk |
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327/2, C-II, Township,
Lahore |
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Tel' (042) 5118141 |
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| Shares Registrar |
Ferguson Associates
(Pvt.) Ltd. |
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State Life Building No.
l-A, |
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I.I. Chundrigar Road,
Karachi. |
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Tel: (021)
2426682-2426711-5 |
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Fax: (021) 2415007,
2427938 |
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| NOTICE
OF FIFTH ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the Fifth Annual General Meeting of the Company will be
held at Raffia Choudri |
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| Memorial
Centre, Sidco Avenue Centre, 1 st Floor, R.A. Lines, Karachi on Friday
December 17, 1999 at 10:45 |
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| 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, 1999 |
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| together
with the Directors' and Auditors' Report thereon. |
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| 2.
To approve payment of Cash Dividend @ Rs. 1.00 per share to the shareholders
as recommended by the |
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| Board
of Directors for the year ended June 30, 1999. |
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| 3.
To appoint Auditors for the year 1999-2000 and to fix their remuneration. The
retiring Auditors, being |
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| eligible, offer themselves for
re-appointment. |
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| 4.
Any other business with the permission of the chair. |
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By the Order of the Board |
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| November 23, 1999 |
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Syed Jamal Macdi |
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| Karachi |
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Secretary |
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| Notes: |
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| 1.
The share transfer books of' the Company will remain closed from December I
1, 1999 to December 17, |
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| 1999 (both days inclusive). |
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| 2.
A member entitled to attend and vote at a General Meeting is entitled to
appoint a Proxy to attend and vote |
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| instead
of him/her. No person other than a member shall act as a Proxy. |
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| 3.
An instrument appointing a Proxy and the Power of Attorney or other Authority
(if any) under which it is |
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| signed
or a notarially certified copy of the Power or Authority, in order to be
valid, must be deposited at the |
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| Registered
Office of the Company, at the latest by 10:45 a.m. on December 15, 1999 and
must be duly |
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| stamped, signed and
witnessed. |
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| 4.
The shareholders are requested to notify any changes in their address and
send Zakat Declaration |
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| immediately. |
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| 5.
Account holders and sub-account holders' holding book entry securities of the
Company in Central |
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| Depository
System of Central Depository Company of Pakistan Limited who wish to attend
the Annual |
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| General
Meeting are requested to please bring original I.D. Card with copy thereof
duly attested by their |
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| Bankers for identification
purpose. |
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| FINANCIAL HIGHLIGHTS |
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1999 |
1998 |
1997 |
1996 |
1995* |
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|
Rupees in Million |
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| Authorized Capital |
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 |
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| Shareholders' Equity |
300.62 |
305.59 |
295.52 |
281.60 |
267.92 |
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| Total Assets |
1,520.99 |
926.58 |
680.10 |
539.45 |
340.45 |
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| Net Investment in Leases |
1,036.38 |
791.63 |
620.50 |
510.57 |
253.37 |
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| Provision for Lease Losses |
34.00 |
26.50 |
16.50 |
5.00 |
-- |
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| Revenue |
163.21 |
141.34 |
121.96 |
89.12 |
28.00 |
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| Income from Leasing
Operations |
154.05 |
133.36 |
121.29 |
84.66 |
21.19 |
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| Profit before Taxation |
35.29 |
28.06 |
46.41 |
46.21 |
18.09 |
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| Taxation |
15.35 |
17.89 |
1.24 |
1.27 |
0.17 |
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| Profit after Taxation |
19.94 |
10.17 |
45.16 |
44.94 |
17.92 |
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| Current Ratios |
1:1.32 |
1:1.26 |
1:1.53 |
1:0.91 |
1:6.74 |
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| Book Value Per Share |
12.02 |
12.22 |
11.82 |
11.26 |
10.71 |
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| Earning Per Share - After Tax |
0.80 |
0.40 |
1.81 |
1.79 |
0.71 |
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| Return on Equity |
6.58% |
3.38% |
15.65% |
16.35% |
13.36% |
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| Dividend Per Share (Rs.) |
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 Fifth Annual Report for the year ended
June 30, 1999. |
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| Operating Results |
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1999 |
1998 |
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Rupees |
Rupees |
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| Lease Income |
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154,046,674 |
133,357,772 |
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| Other Income |
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9,160,518 |
7,986,021 |
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------------------ |
------------------ |
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163,207,192 |
141,343,763 |
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| Profit before Taxation |
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35,291,304 |
28,058,669 |
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| Provision for Taxation |
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15,352,971 |
17,890,000 |
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------------------ |
------------------ |
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19,938,333 |
10,168,669 |
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| Un-appropriated
Profit Brought Forward |
|
9,549,157 |
1,414,222 |
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| Profit Available for
Appropriation |
|
29,487,490 |
I 1,582,891 |
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| Appropriations |
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| Transfer to Statutory Reserve |
|
3,987,667 |
2,033,734 |
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| Proposed Cash Dividend |
|
25,000,000 |
-- |
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| Un-appropriated Profit
Carried Forward |
|
499,823 |
9,549,157 |
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| Review of Operations |
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| The
fiscal year 1998-99 in contrast with last year, which had witnessed the
economic turmoil of Asian tigers |
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| and
its ripple effect on other economies of the world, started with internal
enigma as the economy was on the |
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| verge
of breakdown. As stated in the last year's report, the supply-side economic
policies could not help our |
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| .economy
to rebound on account of our internal uncertainties and economic meltdown all
over the globe, these |
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| conditions,
collectively have eroded the confidence of the investors. The aftermath of
nuclear tests, freezing of |
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| Foreign
Currency Accounts, and subsequent events have brought the economic activity
to a standstill, which is |
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| still persisting. |
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| The
failure of the political system and stagnation of the economy has not only
hurt the common man, but every |
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| segment
of our society. Leasing companies, who have to grow 15% to 20% per annum to
remain in the tax |
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| shield
and make healthy profits for the shareholders, are facing difficulties in
achieving these objectives. Some |
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| of
the threats to the. leasing industry are as under: |
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| -- constant
decline in spreads due to competition, |
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| -- scarcity of good quality
borrowers, |
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| --
continuous erosion of tax shield due to dearth of investment activity, |
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| --
intrusion of other players in to the leasing business, |
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| -- non
execution of decrees issued by the courts and |
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| -- delays and defaults
in rental recoveries |
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| Your
Company while trying to address as far as possible the critical issues being
faced by the leasing sector has |
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| adopted
a more cautious and prudent approach to access new lease proposals, select
viable sectors and continue |
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| to
maintain a well-diversified portfolio of leases. |
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| We
are pleased to report that this year Textile Composite sector is at the top
of our portfolio list with an |
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| exposure
of 16%. During the fiscal 1998-99 your company has entered into 131 new lease
contracts valued at |
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| Rs.
486.45 million. The net investment in lease finance has increased from Rs.
791.63 million to Rs. 1,036.38 |
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| million
showing an increase of 30.92%. The revenue increased from 141.34 million to
Rs. 163.21 million an |
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| increase
of 15.5% and profit after tax has also jumped from Rs. 10.17 million to Rs.
19.94 million, an increase |
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| of 96%. |
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| In
continuation of our prudent accounting approach, this year we have provided
an additional Rs. 13.11 million |
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| on
account of deferred tax liability thus raising the total to Rs. 29.00
million. We do not expect that this liability |
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| will
materialize in the foreseeable future. Additionally, we have also made
provision of Rs. 7.50 million to |
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| provide
for potential lease losses. It may be noted that provision for lease losses
is now Rs. 34.00 million which |
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| is
around 3.4% of net investment in lease finance. As of June 30, 1999 all the
reserves, allowances and |
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| provisions,
put together add up to over 49% (43% 1998) of the paid-up capital of your
Company. |
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|
| Resource Mobilization |
|
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| You
will be pleased to note that we have utilized US$ 3.10 million from Asian
Development Bank's Financial |
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| Sector
Intermediation Loan, and anticipate utilizing a further US$ 3.56 million
already approved by ADB by |
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| December,
1999. Our local bankers have also extended and enhanced our credit limits, as
such, your Company |
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| does
not foresee any uncertainty in meeting its future funding requirements.
Additionally, your Company's |
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| solid
credit standing has contributed in raising funds through issue of
Certificates of Investments (COIs) to |
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| individuals and corporate
customers. |
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| Future Prospects |
|
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| The
country is in the grip of recession and a steadily declining economic
situation. Therefore, it is difficult to |
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| assess
the future outlook at the moment. The new set up governing the country has a
formidable task at hand, |
|
| we
pray that, with wisdom, honesty and hard work, the new Chief Executive will
be able to inspire trust and |
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| confidence
in the investors and thereby inflow of new investments in the country would
gather momentum |
|
|
| Given
the prevailing conditions, the management of your Company at the moment sees
very few prospects of |
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| fixed
investments in plant and machinery. The country is into "financial
deflation", and too much money is |
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| chasing
too few creditworthy clients. Accordingly, we continue to emphasize on
vendor-financing arrangements |
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| and
leasing to small and medium size entrepreneurs. |
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|
| Acquisitions |
|
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| We
are pleased to report that we had successfully closed our deals for
acquisition of the management companies |
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| of
Guardian Leasing Modaraba on March 3rd, 1999, and First General Leasing
Modaraba on August 4th, 1999 |
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| having
a paid-up capital of Rs. 100 million and Rs. 56.25 million respectively. |
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| Your
Company has also completed the process of purchasing 30% in Pakistan Venture
Capital Limited, a listed |
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| company
sponsored by Asian Development Bank, which occupies the unique distinction of
being the only listed |
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| venture
financing company in the country. |
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| With
these acquisitions Dawood Leasing wil1 be able to offer to clients a wide
range of financial services |
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| ranging
from leasing, equity investments, underwritting, morabaha and musharika
financing. |
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| Millennium Compliance |
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| You
will be pleased to note the Y2K compliance within Dawood Leasing has been
completed, as a result of our |
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| investment
in latest software in the current fiscal year. |
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| Board of Directors |
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|
| Mr.
Asadullah Khawaja, Managing Director, Investment Corporation of Pakistan who
has succeeded Mr. Junaid |
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| Z.
Dada on the Board on account of the latter's resignation, Mr. Nasim Beg,
Deputy Managing Director, |
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| National
Investment Trust has succeeded Mr. Rasheed Y. Chinoy on the Board due to
latter's resignation. The |
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| Directors
while welcoming Mr. Asadullah Khawaja and Mr. Nasim Beg, would like to place
on record their |
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| appreciation
of the services of Mr. Junaid Z. Dada and Mr. Rasheed Y. Chinoy. |
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| Auditors |
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| The
present auditors, M. Yousuf Adil Saleem & Co. retire and, being eligible,
offer themselves for re- |
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| appointment. |
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| Pattern of Shareholding |
|
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| The
pattern of Shareholding as on June 30, 1999 is annexed to these financial
statements. |
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| Acknowledgement |
|
|
| We
would like to endorse our appreciation for the confidence and support of our
valuable customers and |
|
| stakeholders
in making this year a success in spite of the economic turmoil that our
country faced. The support |
|
| and
guidance provided by the Ministry of Finance, the Security & Exchange
Commission of Pakistan and the |
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| State
Bank of Pakistan is highly appreciated. We are also grateful to our various
lease syndicate partners, |
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| lending
institutions, in particular, Asian Development Bank, for their support and
confidence and above all, the |
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| dedication
and hard work of our team members that has made it all possible. |
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| We
reiterate our mission to work with dedication and dynamism for the benefit of
all the stakeholders. |
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|
| Rafique Dawood |
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On behalf of the Board |
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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, 1999 and the |
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| related
profit and loss account and the statement of changes in financial position
(cash flow statement) together |
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| with
the notes forming part thereof, for the year ended on that date and we state
that we have obtained all the |
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| 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 |
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| Companies Ordinance, 1984; |
|
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| b) in our opinion: |
|
|
| (i)
the balance sheet and profit and loss account together with the notes forming
part thereof have |
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| 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 |
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| 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 |
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| 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, 1999 and of the profit and the changes in
financial position for |
|
| the year then ended; and |
|
|
| d)
in our opinion, no Zakat was deductible at source under the Zakat and Ushr
Ordinance 1980. |
|
|
| November 17, 1999 |
M Yousuf Adil Saleem
& Co., |
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| Karachi. |
Chartered Accountants |
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|
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| BALANCE
SHEET AS AT JUNE 30, 1999 |
|
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|
|
|
1999 |
1998 |
|
|
Note |
Rupees |
Rupees |
|
|
| SHARE CAPITAL AND RESERVES |
|
| Authorized |
|
| 50,000,000 (1998--
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 . |
|
3 |
27,624,957 |
23,637,290 |
|
| General Reserve |
|
3 |
22,500,000 |
22,500,000 |
|
| Unappropriated Profit |
|
3 |
499,823 |
9,549,157 |
|
|
--------------------- |
--------------------- |
|
|
|
300,624,780 |
305,686,447 |
|
|
|
|
| LONG TERM LIABILITIES |
|
|
|
| Redeemable Capital |
|
4 |
14,274,989 |
44,180,241 |
|
| Long Term Loans |
|
5 |
405,057,869 |
58,230,366 |
|
| Liabilities Against Assets |
|
|
|
| Subject to Finance Lease |
|
6 |
-- |
114,814 |
|
| Lease Deposits |
|
7 |
99,152,824 |
85,255,506 |
|
| Certificates of Investment |
|
8 |
11,400,000 |
37,298,949 |
|
|
|
--------------------- |
--------------------- |
|
|
529,885,682 |
225,079,876 |
|
|
| DEFERRED LIABILITIES |
|
| Taxation |
|
29,000,000 |
15,890,000 |
|
| Staff Gratuity |
|
858,033 |
634,341 |
|
|
--------------------- |
--------------------- |
|
|
29,858,033 |
16,524,341 |
|
|
|
|
| CURRENT LIABILITIES |
|
| Short Term Borrowings |
|
9 |
433,548,078 |
193,870,522 |
|
| Certificates of Investment |
|
8 |
50,500,000 |
61,189,863 |
|
| Current
Portion of Long Term Liabilities |
10 |
108,339,332 |
71,861,925 |
|
| Accrued and Other Liabilities |
|
11 |
39,135,584 |
29,732,532 |
|
| Taxation |
|
|
4,100,000 |
3,632,748 |
|
| Proposed Dividend |
|
|
25,000,000 |
-- |
|
|
|
--------------------- |
--------------------- |
|
|
|
660,622,994 |
360,287,590 |
|
| COMMITMENTS |
|
12 |
|
|
|
|
--------------------- |
--------------------- |
|
|
1,520,991,489 |
907,578,254 |
|
|
============ |
============ |
|
|
| TANGIBLE FIXED ASSETS |
|
13 |
23,798,900 |
17,638,655 |
|
| NET
INVESTMENT IN LEASE FINANCE |
|
|
| Minimum Lease Payment
Receivables |
|
14 |
1,204,287,306 |
915,386,692 |
|
| Residual Value of Leased
Assets |
|
148,456,873 |
111,707,423 |
|
|
--------------------- |
--------------------- |
|
|
1,352,744,179 |
1,027,094,115 |
|
| Unearned Income |
|
(316,364,297) |
(235,460,248) |
|
|
| Net Investment in Lease
Finance |
|
1,036,379,882 |
791,633,867 |
|
| Provision for Lease Losses |
|
(34,000,000) |
(26,500,000) |
|
|
1,002,379,882 |
765,133,867 |
|
| Current
Portion of Net Investment in Lease Finance |
|
(426,289,808) |
(330,479,044) |
|
|
--------------------- |
--------------------- |
|
|
576,090,074 |
434,654,823 |
|
| INVESTMENT
IN SUBSIDIARY/ASSOCIATE |
15 |
45,793,350 |
-- |
|
| LONG TERM DEPOSIT |
|
|
300,000 |
-- |
|
| LONG TERM LOANS |
|
16 |
1,719,112 |
1,934,382 |
|
|
|
|
|
|
| CURRENT ASSETS |
|
| Current
Portion of Net Investment in Lease Finance |
|
426,289,808 |
330,479,044 |
|
| Short Term Investments |
|
17 |
189,799,680 |
75,511,206 |
|
| Short Term Morabaha Finances |
|
18 |
103,051,816 |
-- |
|
| Advance Against Lease
Commitments' |
|
|
9,700,000 |
36,317,586 |
|
| Advances, Deposits and
Prepayments |
|
19 |
6,162,379 |
6,657,577 |
|
| Other Receivables |
|
20 |
27,249,820 |
1,999,878 |
|
| Cash and Bank Balances |
|
21 |
111,036,550 |
2,385,103 |
|
|
|
--------------------- |
--------------------- |
|
|
873,290,053 |
453,350,394 |
|
|
--------------------- |
--------------------- |
|
|
1,520,991,489 |
907,578,254 |
|
|
============ |
============ |
|
| The
annexed notes form an integral part of these financial statements. |
|
|
| Rafique Dawood |
|
Dr. Najeeb Samie |
|
| Chairman & Chief
Executive |
|
Director |
|
|
|
|
| PROFIT & LOSS ACCOUNT |
|
| FOR
THE YEAR ENDED JUNE 30, 1999 |
|
|
|
1999 |
1998 |
|
|
Note |
Rupees |
Rupees |
|
|
| Income |
|
|
|
| Lease Income |
|
154,046,674 |
133,357,772 |
|
| Return on Deposits and
investments |
|
22 |
8,746,096 |
7,550,256 |
|
| Gain on Sale of Securities |
|
136,734 |
386,584 |
|
| Other Income |
|
277,688 |
49,181 |
|
|
--------------------- |
--------------------- |
|
|
163,207,192 |
141,343,793 |
|
|
| Expenditure |
|
| Administration
and Operating Expenses |
23 |
23,565,327 |
22,363,663 |
|
| Financial Charges |
|
24 |
99,883,895 |
68,849,641 |
|
| Provision for Lease Losses |
|
7,500,000 |
10,000,000 |
|
| (Reversal)
/ Provision for Diminution in Value of |
|
| Investments |
|
(3,033,334) |
12,071,820 |
|
|
--------------------- |
--------------------- |
|
|
127,915,888 |
113,285,124 |
|
|
--------------------- |
--------------------- |
|
|
| Profit Before Taxation |
|
35,291,304 |
28,058,669 |
|
|
| Provision for Taxation |
|
|
|
| Current |
|
2,100,000 |
2,000,000 |
|
| Prior |
|
142,971 |
-- |
|
| Deferred |
|
13,110,000 |
15,890,000 |
|
|
--------------------- |
--------------------- |
|
|
15,352,971 |
17,890,000 |
|
|
--------------------- |
--------------------- |
|
| Profit After Taxation |
|
19,938,333 |
10,168,669 |
|
|
|
| Unappropriated
Profit Brought Forward |
|
9,549,157 |
1,414,222 |
|
|
|
--------------------- |
--------------------- |
|
| Profit Available for
Appropriation |
|
29,487,490 |
11,582,891 |
|
|
| Appropriations |
|
| Transferred to Statutory
Reserve |
|
3,987,667 |
2,033,734 |
|
| Proposed
Cash Dividend Rs. 1 Per Share (1998 - Nil) |
|
25,000,000 |
-- |
|
|
--------------------- |
