| English Leasing Limited |
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| Annual Report 1999 |
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| CONTENTS |
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| Company Information |
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| Notice
of Annual General Meeting |
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| Director's Report |
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| Auditor's 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 Accounts |
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| Pattern of Shareholding |
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| COMPANY
INFORMATION |
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| BOARD OF DIRECTORS |
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| Sheikh Javaid Mahmood |
|
Chairman & Managing
Director |
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| Sheikh Manzoor Elahi |
|
Chief Executive |
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| Sheikh Irshad Ahmad |
|
Director Marketing |
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| Mr.
Muhammad Rashid Zahir |
Nominee of SAPICO |
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| Mrs. Farzana Munaff |
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Nominee of NIT |
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| Mr. Shahid Mahmood |
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Nominee of lCP |
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| Mrs. Taskeen Javaid |
|
Director |
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| COMPANY SECRETARY |
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| Mr. Azhar Hussain |
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| BANKERS |
|
| Allied
Bank of Pakistan Limited |
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| Muslim
Commercial Bank Limited |
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| The Bank of Punjab |
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| Prudential
Commercial Bank Limited |
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| Indus Bank Limited |
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| AUDITORS |
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| Rahim Iqbal Rafiq & Co. |
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| Chartered Accountants |
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| LEGAL ADVISOR |
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| Mr. Haq Nawaz Chatta |
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| International Legal Services |
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| REGISTRARS
& SHARE TRANSFER OFFICE |
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| C
& K Management Associates (Pvt.) Limited |
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| 404,
Trade Tower, Abdullah Haroon Road, |
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| Near
Metropole Hotel, Karachi. |
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| REGISTERED OFFICE |
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| 801,
8th Floor, Fortune Centre |
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| 45-A,
Block-6, P.E.C.H.S., Shahrah-e-Faisal, Karachi. |
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| Tel:
92 21 4529061-64 (4 Lines) |
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| Fax: 92 21 4529065 |
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| PRINCIPAL OFFICE |
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| M. K. Arcade |
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| 32-Davis Road, Lahore. |
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| Tel: 6303855-58 |
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| Fax: 92 42 6304251 |
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| Email: ell@pol.com.pk |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| Notice
is hereby given that Eighth Annual General Meeting of the shareholders of
English Leasing Limited will be held at its |
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| Registered
Office 801, 8th Floor, Fortune Centre Shahrah-e-Faisal Karachi on Tuesday,
December 21, 1999 at 10:30 a.m. to transact |
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| the following business: |
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| 1.
To confirm the Minutes of Seventh Annual General Meeting held on December 31,
1998. |
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| 2.
To receive, consider and adopt the Audited Accounts of the Company for the
year ended June 30, 1999 together with the |
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| Directors'
and Auditors' Report thereon. |
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| 3.
To approve Cash Dividend of Rs. 1.25 per share (12.50%) for the year ended
June 30.1999 as recommended by the Board |
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| of Directors. |
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| 4.
To appoint Auditors for the year 1999-2000 and fix their remuneration. The
present Auditors M/s Rahim Iqbal Rafiq & |
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| Co.
Chartered Accountants, retire and being eligible. offer themselves for
reappointment. |
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| 5.
To transact any other business which may be placed before the Meeting with
the permission of the Chair. |
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| Karachi: November 26, 1999 |
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By Order of the Board |
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|
(Azhar Hussain) |
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|
Company Secretary |
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| Notes: |
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| 1.
The Share Transfer Books of the Company will remain closed from December 14,
1999 to December 21, 1999, (both days |
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| inclusive). |
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| 2.
A member entitled to attend and vote at this Meeting is entitled to appoint
another member as his/her proxy, in order to |
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| be
effective. must be received at the Registered Office of the Company not less
than 48 hours before the time for holding |
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| the meeting |
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| 3.
Filing of Declaration for Exemption of Zakat. members are requested to file
their declaration under the Zakat and Ushr |
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| Ordinance,
1980 on Non judicial Stamp Paper of Rs. 20/- for exemption of Zakat to the
Registrar, C & K Management |
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| Associates
(Pvt) Limited, 4th Floor, Trade Tower, Abdullah Haroon Road, Near Metropole
Hotel, Karachi. |
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| 4.
Members are required to notify the change of address, if any, immediately. |
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| 5.
As per rules, no gift will be given to the shareholders. |
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| DIRECTORS'
REPORT |
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| The
Directors of your Company are pleased to present the 8th Annual Report
together with the Audited Accounts of the Company |
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| for
the year ended June 30, 1999. |
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| Financial Results: |
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| The
financial results of the Company for the year ended June 30, 1999 are as
follows: |
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|
(Rupees) |
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| Profit Before Taxation |
|
16,068,749 |
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| Taxation |
|
|
|
| Current Year |
|
(578,667) |
|
| Previous Year |
|
(901,340) |
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| Net Profit after Taxation |
|
14,588,742 |
|
| Unappropriated
Profit brought forward |
|
905,147 |
|
| Profit
available for appropriation |
|
15,493,889 |
|
|
| Appropriation: |
|
|
|
|
| Transferred
to Statutory Reserve |
|
(2,917,748) |
|
| Transferred
to Contingencies Reserve |
|
(894,358) |
|
| Transferred
from General Reserve for deferred taxation |
14,000,000 |
|
| Transferred
to ,Capital Reserve for deferred taxation |
|
(14,000,000) |
|
| Proposed
Cash Dividend (12.5%) |
|
(10,000,000) |
|
| Unappropriated
Profit carried forward |
|
1,681,783 |
|
| Earning per share |
|
1.82 |
|
|
| Operational Review: |
|
|
| The
year 1998-99 has been yet another difficult and challenging year for the
leasing sector. While overall economic performance |
|
| of
the country remained mixed in face of difficulties and deepening of global
economic recession and slowing down of the country's |
|
| real
GDP growth rate. Measures taken by the Government after economic sanctions
like reduction in import duties, rationalizing |
|
| of
duty drawback, enlarging the scope of items for export refinance, |
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| lowering
of interest rates and electricity tariff for large industries, |
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| could
not boost up the economy. With the fall in industrial growth, |
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| good
clientage and business remained very hard to find while default |
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| ratio
mounted high. The management took strategic decision and |
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| restricted
itself to the lessees enjoying high creditability with low |
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| risk
profile and inspire of all constraints your Company, by the |
|
| grace
of Almighty Allah has been able to maintain its normal growth. |
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| During
the FY 1998-99, the company made gross disbursements |
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| of
Rs. 102.832 million raising total gross disbursements to Rs. |
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| 678.597
million, thus reflecting an increase of 18% over the |
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| previous
year figure of Rs. 575.765 million. The net investment |
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| in
leases registered an increase of 13% from Rs. 241.855 |
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| million
in 1998 to Rs. 272.703 million in 1999. Total revenue |
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| generated
by the company was Rs. 51.173 million reflecting |
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| a
minor fall of 1.16% from the previous year figure of Rs. |
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| 51.714
million. The company earned pretax profit of Rs. 16.443 |
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| million
as against Rs. 22.330 million of the previous year. |
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| Due
to bleak economic conditions, uncertainty in the stock |
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| market
persisted. However, market value of long term |
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| investment
of the company, which was Rs. 3.301 million in |
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| 1998
improved to Rs. 5.604 million. Similarly values of short |
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| term
investment improved from Rs. 0.386 M to Rs. 0.600 M, |
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| thus
instead of further depletion in the values of both Short |
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| Term
and Long Term Investments, there had been significant |
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| improvement
of Rs. 2.515 million. |
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| The
investment made by your company in leases are well balanced and diversified.
Only reputed and financially sound clients have |
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| been
entertained. Asset-wise lease portfolio comprise of Machinery 86%, Vehicle
10%, Equipment 4%. Sector-wise exposure in |
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| Textile
Processing, Weaving & Spinning 15%, Knitting 14%, Dyeing & Printing
8%, Engineering 18%, Sugar 12%, Electronics |
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| 6%,
Services 7%, Pharmaceutical 3%, Synthetic & Fibre 5% and Miscellaneous
12%. |
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| Deferred Taxation: |
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| As
at June 30, 1999 to fulfil the Securities & Exchange Commission
requirements and meet the requirement of IAS-12 for the |
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| creation
of capital revenue against deferred tax liability arising due to timing
difference between book and income tax revenue or |
|
| charges
was estimated at Rs. 34.20 million. The Company has transferred Rs. 14.16
million (Rs. 9.15 million for the current year |
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| and
Rs. 5.01 million being 1/5th of the total deferred tax liability of Rs. 25.05
for the previous years) leaving Rs. 20.05 million as |
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| unprovided
deferred tax liability to be appropriated to capital revenue in equal
instalments by June 20, 2003. |
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|
| Recoveries: |
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| The
management has always attached highest priority to the recoveries of its
lease rentals, overdues and its stuck up portfolio and |
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| taken
various steps like exercising more vigilance in selection of clients,
securing of collateral and effective monitoring through |
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| close
follow up of each and every case to ensure maximum recoveries and minimize
infected portfolio, but inspite of all measures |
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| the
recovery rate dropped due to unfavourable economic conditions and slowing
down of industrial activity. In view of the recent |
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| drive
for the recoveries coupled with stem action contemplated against defaulters
and promulgation of fresh recovery ordinance, |
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| it
is hoped that the situation will improve. |
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|
| Funding: |
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|
| It
has always been our endeavour to secure maximum long term credit facilities
from the Banks and DFIs, but Banks generally avoid |
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| long
term accommodation. However, your company has been able to secure Rs. 10.00
million from Pak-Libya for three years while |
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| Rs.
20:00 million from them is under documentation. First Allied Bank Modaraba
also has agreed to extend long term credit line |
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| of
Rs. 40.00 million for three years. Funding of Rs. 20.00 million is being
negotiated with A1-Faysal Investment Bank Limited. |
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| Besides,
the company has availed short term facilities aggregating Rs. 154.00 million
during the year from Investment Banks and |
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| Financial Institutions. |
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| Credit Rating: |
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| The
Company was assigned long term credit rating as BB+ (Double B plus) and short
term rating as B (single B) for the pervious |
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| year,
which is being reviewed by DCR-VIS Credit Rating Company Limited and latest
Credit Rating is expected to be finalized |
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| very
shortly. |
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| Future
Outlook: |
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| Contrary
to expectations due to unsatisfactory economic conditions, the leasing sector
continued to face the challenges like non- |
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| availability
of long term funding, shrinkage of spreads, paucity of good clients, mounting
competition etc., the Company could not |
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| achieve
the desired level. However, in the light of expected bumper crops of Cotton
and Rice this year, overall economy and industrial |
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| activity
is expected to improve bringing some much needed relief for the Leasing
Sector. While entering into new millennium, we |
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| have
resolved to intensify our efforts still further for the progress and
prosperity of our Company. |
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|
| Year 2000 Compliance: |
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| We
are pleased to mention that necessary modification and additions in the
Hardware and our Systems have been made which is |
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| now
fully year 2000 compliant. |
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|
| Shareholding Pattern: |
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| The
pattern of shareholding has been incorporated in the Annual Report at the
end., |
|
|
| Auditors: |
|
| The
present Auditors, M/s Rahim Iqbal Rafiq & Co., Chartered Accountants
retire and being eligible offer themselves for reappointment. |
|
|
| Acknowledgment: |
|
| We
convey our thanks to the State Bank of Pakistan, Securities & Exchange
Commission of Pakistan, Banks, Financial Institutions |
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| for
extending their continued support and guidance. We are also grateful to our
valued clients and shareholders for their cooperation |
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| and
the trust reposed in our Company. We also place our appreciation on record
for the commitment and hardwork put in by the |
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| members of the staff. |
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|
For and on Behalf of the
Board |
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|
| Karachi: |
|
(SHEIKH JAVAID MAHMOOD) |
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| Dated: 26th November, 1999 |
|
Chairman & Managing
Director |
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|
|
| AUDITORS
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed Balance Sheet of English Leasing Limited as at June
30, 1999 and the related Profit and Loss Account |
|
| and
Statement of Changes in Financial Position together with the notes forming
part 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 and, after due verification thereof`, we report that: |
|
|
| (a)
in our opinion, proper books of account have been kept by the Company as
required by the Companies Ordinance, 1984: |
|
|
| (b) in our opinion: |
|
|
| (i)
the Balance Sheet and Profit and Loss Account together with the notes thereon
have been drawn up in conformity |
|
| with
the Companies Ordinance, 1984 and are in agreement with the books of account
and are further in accordance |
|
| with
the 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 and |
|
| Profit
and Loss Account and the Statement of Changes in Financial Position, together
with the notes forming part thereof, |
|
| 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, 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. |
|
|
| (e)
Without qualifying our opinion, we draw attention to Note 15.2 whereby long
term investment are carried at cost and no |
|
| provision
has been made for the decline by Rs. 13. 707 million market value of these
investments. |
|
|
| Lahore: |
|
Rahim Iqbal Rafiq &
Co. |
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| Dated: 26th November, 1999 |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 1999 |
|
|
|
|
1999 |
1998 |
|
|
Note |
Rupees |
Rupees |
|
|
| EQUITY AND LIABILITIES |
|
|
| SHARE
CAPITAL AND RESERVES |
|
|
| Authorised Share Capital |
|
|
| 50,000,000
Ordinary shares of Rs. 10 each |
|
500,000,000 |
500,000,000 |
|
|
============= |
============= |
|
|
| Issued,
Subscribed and Paid-up Share Capital |
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| 8,000,000
Ordinary shares of Rs. 10 each |
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| fully paid in cash |
|
80,000,000 |
80,000,000 |
|
|
| Reserves |
|
| Capital reserves |
|
3 |
34,947,025 |
18,029,277 |
|
| Revenue reserves |
|
4 |
13,874,618 |
26,980,260 |
|
| Unappropriated profit |
|
1,681,783 |
905,147 |
|
|
----------------------- |
----------------------- |
|
|
50,503,426 |
45,914,684 |
|
|
----------------------- |
----------------------- |
|
|
130,503,426 |
125,914,684 |
|
| NON-CURRENT
LIABILITIES |
|
| Long Term Loans |
|
5 |
58,856,013 |
41,927,005 |
|
| Obligations
under Finance Lease |
6 |
2,171,243 |
2,890,903 |
|
| Long Term Deposits |
|
7 |
34,087,151 |
24,913,582 |
|
| Long
Term Certificates of Investment |
8 |
10,055,447 |
12,282,344 |
|
| DEFERRED LIABILITIES |
|
|
| Gratuity |
|
|
435,784 |
259,991 |
|
|
----------------------- |
----------------------- |
|
|
|
105,605,638 |
82,273,825 |
|
| CURRENT LIABILITIES |
|
| Current
portion of obligations |
|
| under finance lease |
|
719,660 |
600,655 |
|
| Current
maturity of long term loans |
|
32,926,496 |
42,068,607 |
|
| Short term finances |
|
9 |
42,499,707 |
5,000,000 |
|
| Short
term certificates of investment |
8 |
5,100,000 |
4,475,000 |
|
| Accrued and other liabilities |
|
10 |
6,485,393 |
6,770,458 |
|
| Taxation |
|
|
-- |
108,255 |
|
| Dividend payable |
|
11 |
10,504,088 |
16,255,513 |
|
|
|
|
----------------------- |
----------------------- |
|
|
|
|
98,235,344 |
75,278,488 |
|
| CONTINGENCIES
AND COMMITMENTS |
12 |
-- |
-- |
|
|
----------------------- |
----------------------- |
|
|
|
334,344,408 |
283,466,997 |
|
|
|
============== |
============== |
|
|
|
| ASSETS |
|
|
| NON-CURRENT ASSETS |
|
|
| Tangible Fixed Assets |
|
13 |
8,398,526 |
8,669,673 |
|
| Net
Investment in finance leases |
14 |
133,566,358 |
152,346,487 |
|
| Long Term Investments |
|
15 |
19,310,875 |
18,310,875 |
|
| Long Term Deposits |
|
16 |
822,155 |
577,155 |
|
|
|
|
----------------------- |
----------------------- |
|
|
|
|
162,097,914 |
179,904,190 |
|
| CURRENT ASSETS |
|
|
|
|
|
| Current
portion of net investment in leases |
|
135,164,555 |
85,536,073 |
|
| Investment
in quoted shares against |
|
|
|
|
| sale purchase contract |
|
|
-- |
4,107,022 |
|
| Short term investments |
|
17 |
386,285 |
386,285 |
|
| Short term finances |
|
18 |
31,000,000 |
-- |
|
| Advances,
prepayments and other receivables |
19 |
2,898,506 |
884,239 |
|
| Cash and bank balances |
|
20 |
2,797,148 |
12,649,188 |
|
|
----------------------- |
----------------------- |
|
|
|
172,246,494 |
103,562,807 |
|
|
|
|
|
----------------------- |
----------------------- |
|
|
334,344,408 |
283,466,997 |
|
|
============== |
============== |
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
| CHIEF EXECUTIVE |
|
CHAIRMAN |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| for
the year ended June 30, 1999 |
|
|
|
1999 |
1998 |
|
|
Note |
Rupees |
Rupees |
|
|
| REVENUE |
|
| Income
from lease operations |
21 |
47,167,456 |
48,609,552 |
|
| Gain on sale of securities |
|
|
567,106 |
1,094,018 |
|
| Other income |
|
22 |
3,438,657 |
2,070,200 |
|
|
|
|
----------------------- |
----------------------- |
|
|
|
|
51,173,219 |
51,773,770 |
|
|
|
|
|
|
| EXPENDITURE |
|
|
|
|
| Financial and bank charges |
|
23 |
23,328,566 |
18,486,053 |
|
| Administrative
and operating expenses |
24 |
11,775,904 |
10,459,951 |
|
| Provision
for diminution in investment |
|
-- |
497,965 |
|
|
|
|
----------------------- |
----------------------- |
|
|
|
|
35,104,470 |
29,443,969 |
|
|
|
|
----------------------- |
----------------------- |
|
| PROFIT
BEFORE TAXATION |
|
16,968,749 |
22,329,801 |
|
| TAXATION |
|
|
|
|
| Current year |
|
25 |
578,667 |
8,490,611 |
|
| Prior year |
|
|
901,340 |
686,939 |
|
|
|
|
----------------------- |
----------------------- |
|
|
|
|
1,480,007 |
1,536,000 |
|
|
|
|
----------------------- |
----------------------- |
|
| PROFIT
AFTER TAXATION |
|
14,588,742 |
20,793,801 |
|
|
|
|
|
|
| UNAPPROPRIATED
PROFIT BROUGHT FORWARD |
905,147 |
366,629 |
|
|
|
|
----------------------- |
----------------------- |
|
| PROFIT
AVAILABLE FOR APPROPRIATION |
|
15,493,889 |
21,160,430 |
|
|
|
| APPROPRIATIONS |
|
| Transferred
from general reserve |
|
14,000,000 |
-- |
|
| Transferred
to statutory reserve |
|
(2,917,748) |
(4,158,760) |
|
| Transferred
to contingencies reserve |
|
(894,358) |
(96,523) |
|
| Transferred
to capital reserve-deferred tax |
|
(14,000,000) |
- |
|
| Proposed
dividend @ 12.5% (1998: @ 20%) |
|
(10,000,000) |
(16,000,000) |
|
|
|
----------------------- |
----------------------- |
|
|
|
(13,812,106) |
(20,255,283) |
|
|
|
----------------------- |
----------------------- |
|
| UNAPPROPRIATED
PROFIT CARRIED FORWARD |
1,681,783 |
905,147 |
|
|
============== |
============== |
|
| Earning per share |
|
1.82 |
2.60 |
|
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
| CHIEF EXECUTIVE |
|
CHAIRMAN |
|
|
|
| STATEMENT
OF CHANGES IN EQUITY AND RESERVES |
|
| for
the year ended June 30, 1999 |
|
|
|
Issued, |
Statutory |
General |
Contingency |
Capital Reserve |
Un- |
Total |
Total |
|
|
subscribed & |
Reserves |
Reserves |
Reserves |
for deferred |
appropriated |
1999 |
1998 |
|
|
paid up capital |
|
tax |
profit |
|
|
|
|
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
Rupees |
|
|
|
|
| Balance as at July 01 |
80,000,000 |
18,029,277 |
22,500,000 |
4,480,260 |
-- |
905,147 |
125,914,684 |
121,120,883 |
|
|
|
| Movement during the year |
|
| Net Profit for the year |
|
|
14,588,742 |
14,588,742 |
20,793,801 |
|
|
| Add:
Transferred from P & L a/c to |
|
| Statutory reserves |
|
2,917,748 |
|
|
|
2,917,748 |
4,158,760 |
|
| General reserve |
|
|
| Contingency reserve |
|
|
|
894,358 |
|
|
894,358 |
96,523 |
|
|
---------------------- |
---------------------- |
|
|
18,400,848 |
25,049,084 |
|
| Transferred
from general reserve |
|
| to P & L a/c |
|
(14,000,000) |
|
14,000,000 |
|
|
| Statutory reserves |
|
|
|
(2,917,748) |
(2,917,748) |
(4,158,760) |
|
| General reserve |
|
|
| Contingency reserve |
|
|
|
(894,358) |
(894,358) |
(96.523) |
|
| Capital
Reserve for deferred tax |
|
|
14,000,000 |
(14,000,000) |
-- |
-- |
|
| Proposed Dividends |
|
|
|
(10,000,000) |
(10,000,000) |
(16,000,000) |
|
|
---------------------- |
---------------------- |
|
|
|
|
|
(13,812,106) |
(20,255,283) |
|
|
---------------------- |
---------------------- |
|
| Balance as at June 30 |
80,000,000 |
20,947,025 |
8,500,000 |
5,374,618 |
14,000,000 |
1,681,783 |
130,503,426 |
125,914,684 |
|
|
============= |
============= |
|
| CHIEF EXECUTIVE |
CHAIRMAN |
|
|
|
|
|
| STATEMENT
OF CHANGES IN FINANCIAL POSITION |
|
| for
the year ended June 30, 1999 |
|
|
|
|
|
|
|
1999 |
1998 |
|
|
|
|
Note |
Rupees |
Rupees |
|
|
|
|
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
| Profit before taxation |
|
16,068,749 |
22,329,801 |
|
|
| Add:
Adjustment to reconcile profit to net cash |
|
| provided
by operating activities |
|
|
| Depreciation |
|
|
1,380,436 |
1,407,225 |
|
| Provision
for diminution of investment |
|
-- |
497,965 |
|
| Provision for gratuity |
|
|
175,793 |
150,191 |
|
|
--------------------- |
--------------------- |
|
| Operating
profit before working capita1 changes |
|
17,624,978 |
24,385,182 |
|
|
| Decrease/(Increase)
in current assets |
|
(28,907,245) |
10,910,656 |
|
| (Decrease)/Increase
in current liabilities |
|
37,839,642 |
(7,312,700) |
|
|
--------------------- |
--------------------- |
|
| Net
cash from operating activities before income tax |
|
26,557,375 |
27,983,138 |
|
| Income tax paid |
|
(1,588,262) |
(2,070,052) |
|
|
--------------------- |
--------------------- |
|
| Net
cash inflow/( outflow) from operating activities |
|
24,969,113 |
25,913,086 |
|
|
| CASH
FLOW FROM INVESTING ACTIVITIES |
|
| Investment in leases - net |
|
|
(30,848,353) |
(32,606,685) |
|
| Long term investment |
|
|
(1,000,000) |
-- |
|
