RECORDS TOWARDS THE REPORTS FOR THE 12 MONTHS ENDED JUNE 30, 2003
3. CASH AND BANK BALANCES 3.1. RETURN ON THESE SAVINGS REPORTS IS GAINED AT RATES INCLUDING 2 percent TO 5 percent
4. SHORT-TERM LOANS 4.1. These loans that are represent clients for a time period of as much as a year on mark-up basis and so are guaranteed by means of lien on Certificates of Investment. The price of mark-up ranges from 14% to 21.5percent per year.
4.2. These generally include cash market placements with different banking institutions as well as other banking institutions. Return on these placements ranges from 5% to 13per cent.
5. ASSETS through the present year, the business offered four federal government securities for Rs 182.288 million. The amortised price of these federal government securities ended up being Rs 159.394 million plus the revenue in the disposal of those securities amounted to Rs 22.894 million.
The administration made a decision to offer these securities so that you can realise the gain arising on these securities beneath the interest rate environment that is reduced.
As at June 30, 2003 the investment that is remaining of business in federal government securities amounted to Rs 52.634 million.
This investment has been reclassified as ‘held for trading’ and it is calculated at reasonable value. An increase of Rs 12.946 million happens to be credited towards the revenue and loss account in respect of the investment. There are not any assets that are financial as ‘held to readiness’ at June 30, 2003.
5.1. INFORMATION ON OPPORTUNITIES IN SHARES/CERTIFICATES OF LISTED COMPANIES/MODARABAS 6. THE RETURN ON INDEXED TERM FINANCE CERTIFICATES RANGES FROM 12 percent TO 18 per cent
7. IMPROVEMENTS, BUILD UP, PREPAYMENTS ALONGSIDE RECEIVABLES 7.1. The utmost aggregate amount due through the leader and professionals at the conclusion of any thirty days throughout the year ended up being Rs 873,685 (2002: Rs 623,685) and Rs 81,302 (2002: Rs 229,232) respectively.
7.2. SUPPLY FOR ANY OTHER RECEIVABLES 8. LOANS that are LONG-TERM CONSIDERED GOOD The above loans include a sum of Rs 6,668 (2002: Rs 936,200) outstanding for a time period of a lot more than 36 months.
These loans have already been supplied to workers to buy of cars and buy of home and generally are repayable between three to a decade. Mark-up on these loans is charged at prices including 2 per cent to 6 per cent per year.
The utmost aggregate amount due through the executive that is chief professionals at the conclusion of any thirty days throughout the 12 months had been Rs 864,200 (2002: Rs 1,728,200) and Rs 398,847 (2002: Rs 172,538) correspondingly.
9. Web INVESTMENT IN LEASES 9.1. The aforementioned includes the following Term Finance Certificates issued by Pakland Cement Limited (PCL) under a scheme of arrangement sanctioned by the High Court of Sindh against rent facilities issued by the business: 9.2. THE INTERIOR PRICE OF RETURN ON LEASE CONTRACTS RECEIVABLE MAINLY ARE NORMALLY TAKEN FOR 9% TO 20per cent PER YEAR
9.3. MINIMAL LEASE PAYMENTS RECEIVABLE 9.4. SUPPLY FOR POTENTIAL LEASE LOSSES 10. FIXED ASSETS 11. FINANCES BELOW MARK UP ARRANGEMNETS 11.1. The facilities readily available for short-term finance amounted to Rs 85 million (2002: Rs 75 million) and carry mark-up which range from Re 0.0890 to Re 0.0945 per Rs 1,000 each day. These facilities are repayable on different times by August 15, 2003.
As well as this a facility that is un-utilised operating finance available from a commercial bank amounted to Rs 50 million (2002: Nil). The price of mark-up with this finance is Re 0.3014 per Rs 1,000 each day. The acquisition pricing is payable by 30, 2003 june.
12. CREDITORS, ACCRUED AS WELL AS OTHER LIABILITIES 12.1. Amount as a result of Saudi Pak Industrial and Agricultural Investment Company (Private) Limited, an associated undertaking, at the season end amounted to Rs 3,940 (2002: Rs 514,783).
13. LONG-TERM BUILD UP These security that is represent gotten from lessees under rent contracts and therefore are adjustable on expiration associated with the particular rent durations.
14. REDEEMABLE CAPITAL – (NON-PARTICIPATORY) *The mark-up prices on these funds are derived from the yield on treasury bills/SBP discount rates and so are modified on half annual foundation.
The mark-up prices on these funds derive from the weighted average for the final three cut-off prices of the five 12 months Pakistan Investment Bonds (PIBs), and tend to be modified on half-yearly foundation.
14.1. The facilities are guaranteed by hypothecation of certain leased assets and associated lease rentals. The facilities had been utilised for disbursement against leasing contracts executed by the organization.
14.2. LIABILITY ACCORDING OF TERM FINANCE Transaction price incurred on dilemma of Term Finance Certificates II happens to be modified through the related liability prior to the requirements for initial recognition of monetary liabilities specified in Overseas Accounting Standard 39, ‘Financial Instruments: Recognition and Measurement’.
14.3. Term Finance Certificates II are guaranteed by an initial and charge that is exclusive certain current and future leased assets and their associated receivables.
15. CERTIFICATES OF INVESTMENT
The organization has released certificates of investment beneath the authorization provided because of the authorities.
These certificates of investment are for durations which range from three months to 5 years and return on these certificates varies from 5.00 to 7.50 % per year. Present readiness of long-lasting certificates of investment amounting to Rs. 110,732,000 (2002: Rs 88,163,000) is roofed liabilities that are undercurrent short-term certificates of investment.
16. ISSUED, SUBSCRIBED AND PAID-UP-CAPITAL The Authorised Share Capital as at 30, 2003 amounts to Rs. 400,000,000 (2002: 400,000,000) divided into 40,000,000 (2002: 40,000,000) ordinary shares of Rs. 10 each june.
17. RESERVES 17.1. The contingency book happens to be produced in respect of this need raised by the Wealth Tax Officer for business resource Tax of Rs 2,000,000 combined with the extra income tax of Rs 557,589. The organization has filed a writ petition within the tall Court of Sindh from this demand.
17.2. Statutory book represents earnings put aside to conform to the Prudential Regulations for NBFCs undertaking the continuing company of Leasing.
17.3. The reserve for deferred taxation was developed according to certain requirements associated with the Circular No. 16 given by the Securities and Exchange Commission of Pakistan on September 9,1999.
The unrecognised obligation associated with the business for deferred taxation as at June 30, 2003 quantities to Rs Nil (2002: Rs 16.284 million).
18. COMMITMENTS 19. MONEY FROM FINANCE LEASE OPERATIONS 20. MONEY ON OPPORTUNITIES 21. DIFFERENT MONEY 22. FINANCIAL ALONG WITH OTHER CHARGES 23. ADMINISTRATIVE AND OPERATING COSTS 23.1. SALARIES, ALLOWANCES AND BENEFITS INCLUDE RS. 1,533,473 (2002: RS 1,230,807) ACCORDING OF STAFF BENEFITS that are RETIREMENT. DIRECT PRICE OF OPERATING LEASES 25. TAXATION
The income tax fee when it comes to year that is current minimum charge at 0.5per cent of revenues.
26. STAFF PENSION GRATUITY
The newest valuation that is actuarial of gratuity investment had been completed as at June 30, 2003. The reasonable value regarding the fund’s assets and liabilities during the latest valuation date had been the following: Projected Unit Credit Method using the next significant assumptions had been employed for the valuation associated with Fund: 26.1. The expense of opportunities produced by the employees your your retirement funds operated by the business depending on their accounts that are audited at June 30, 2003 can be as follows: 27. TRANSACTIONS WITH ASSOCIATED UNDERTAKINGS https://installmentloansite.com 28. REMUNERATION OF CHIEF EXECUTIVE AND EXECUTIVES
The amount that is aggregate within these is the reason remuneration including all advantages, to your Chief Executive and Executives is really as follows: Certain professionals are supplied with free utilization of business maintained vehicles.
The above mentioned remuneration of leader relates to the ex-Chief Executive Officer of this company whom ceased to keep workplace w.e.f. April 30, 2003.
Keep encashment can also be payable to him according to the regards to their work contract.
29. PROFITS PER SHARE 30. MONEY GENERATED FROM OPERATIONS 31. CASH AND MONEY EQUIVALENTS