RECORDS TO YOUR REPORTS FOR THE ENDED JUNE 30, 2003
3 year. CASH AND BANK BALANCES 3.1. RETURN ON THESE SAVINGS RECORDS IS GAINED AT RATES WHICH RANGE FROM 2 percent TO 5 percent
4. SHORT-TERM LOANS 4.1. installment loans no credit check These loans that are represent clients for a time period of as much as 12 months 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 annum.
4.2. These generally include cash market placements with different banking institutions along with other institutions that are financial. Return on these placements ranges from 5% to 13per cent.
5. OPPORTUNITIES through the year that is current the organization offered four government securities for Rs 182.288 million. The amortised price of these federal federal federal government securities had been Rs 159.394 million together with profit from the disposal among these securities amounted to Rs 22.894 million.
The management made a decision to sell these securities to be able to 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 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 into the revenue and loss account in respect for this investment. There aren’t any assets that are financial as ‘held to readiness’ at June 30, 2003.
5.1. INFORMATION ON ASSETS IN SHARES/CERTIFICATES OF LISTED COMPANIES/MODARABAS 6. THE RETURN ON INDEXED TERM FINANCE CERTIFICATES RANGES FROM 12 per cent TO 18 per cent
7. IMPROVEMENTS, BUILD UP, PREPAYMENTS ALONG WITH OTHER RECEIVABLES 7.1. The utmost aggregate amount due through the executive that is chief 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) correspondingly.
7.2. SUPPLY FOR ANY OTHER RECEIVABLES 8. LONG-TERM LOANS – CONSIDERED GOOD The above loans consist of a sum of Rs 6,668 (2002: Rs 936,200) outstanding for a time period of significantly more than 36 months.
These loans were supplied to employees to buy of cars and purchase of home and therefore are repayable between three to a decade. Mark-up on these loans is charged at rates including 2 per cent to 6 percent per year.
The utmost aggregate amount due through the executive that is chief professionals at the conclusion of any thirty days through 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 tall Court of Sindh against rent facilities given by the business: 9.2. THE INNER PRICE OF RETURN ON LEASE CONTRACTS RECEIVABLE MAINLY START AROUND 9% TO 20per cent PER YEAR
9.3. MINIMAL LEASE PAYMENTS RECEIVABLE 9.4. SUPPLY FOR POTENTIAL LEASE LOSSES 10. FIXED ASSETS 11. FUNDS UNDER 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 an un-utilised center for 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 purchase pricing is payable by June 30, 2003.
12. CREDITORS, ACCRUED ALONG WITH 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 express security deposits gotten from lessees under rent agreements and they are adjustable on expiration regarding the respective 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 therefore are modified on half basis that is yearly.
The mark-up prices on these funds are derived from the average that is weighted of last three cut-off prices of this 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 specific leased assets and related rent 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 problem of Term Finance Certificates II happens to be modified through the associated 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 exclusive cost over certain current and future leased assets and their associated receivables.
15. CERTIFICATES OF INVESTMENT
The organization has granted certificates of investment underneath the authorization provided by the authorities.
These certificates of investment are for durations which range from three months to five years and return on these certificates varies from 5.00 to 7.50 per cent per year. Present readiness of long-lasting certificates of investment amounting to Rs. 110,732,000 (2002: Rs 88,163,000) is roofed undercurrent liabilities in short-term certificates of investment.
16. ISSUED, SUBSCRIBED AND PAID-UP-CAPITAL The Authorised Share Capital as at June 30, 2003 quantities to Rs. 400,000,000 (2002: 400,000,000) divided in to 40,000,000 (2002: 40,000,000) ordinary stocks of Rs. 10 each.
17. RESERVES 17.1. The contingency book happens to be produced in respect of this demand raised by the riches Tax Officer for business resource Tax of Rs 2,000,000 together with the additional taxation of Rs 557,589. The organization has filed a writ petition into the tall Court of Sindh from this demand.
17.2. Statutory book represents profits put aside to adhere to the Prudential Regulations for NBFCs undertaking the company of Leasing.
17.3. The reserve for deferred taxation is produced according to certain requirements associated with Circular No. 16 given by the Securities and Exchange Commission of Pakistan on September 9,1999.
The liability that is unrecognised of 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. INCOME ON ASSETS 21. DIFFERENT MONEY 22. FINANCIAL AS WELL AS OTHER CHARGES 23. ADMINISTRATIVE AND OPERATING COSTS 23.1. SALARIES, ALLOWANCES AND BENEFITS INCLUDE RS. 1,533,473 (2002: RS 1,230,807) IN RESPECT OF STAFF RETIREMENT ADVANTAGES
24. DIRECT PRICE OF OPERATING LEASES 25. TAXATION
The income tax cost when it comes to present 12 months represents minimal charge at 0.5per cent of revenues.
26. STAFF PENSION GRATUITY
The newest valuation that is actuarial of gratuity investment was carried out as at June 30, 2003. The reasonable worth associated with the fund’s assets and liabilities during the latest valuation date had been the following: Projected Unit Credit Method using the next significant assumptions ended up being employed for the valuation for the Fund: 26.1. The expense of opportunities created by the employees your retirement funds operated by the business according to their audited records as at June 30, 2003 can be as follows: 27. TRANSACTIONS WITH ASSOCIATED UNDERTAKINGS 28. REMUNERATION OF CHIEF EXECUTIVE AND EXECUTIVES
The amount that is aggregate within these makes up about remuneration including all advantages, into the Chief Executive and Executives is really as follows: Certain professionals are supplied with free utilization of business maintained automobiles.
The above mentioned remuneration of leader pertains to the ex-Chief Executive Officer of this business whom ceased to keep workplace w.e.f. April 30, 2003.
Keep encashment can be payable to him depending on the regards to their work agreement.
29. EARNINGS PER SHARE 30. MONEY GENERATED FROM OPERATIONS 31. CASH AND MONEY EQUIVALENTS