RECORDS INTO THE RECORDS FOR THE ENDED JUNE 30, 2003
3 year. CASH AND BANK BALANCES 3.1. RETURN ON THESE SAVINGS RECORDS IS ATTAINED AT RATES WHICH RANGE FROM 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 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 year.
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 13percent.
5. OPPORTUNITIES throughout the present 12 months, the business offered four federal government securities for Rs 182.288 million. The cost that is amortised of federal federal government installment loans near me securities had been Rs 159.394 million plus the revenue in the disposal of the securities amounted to Rs 22.894 million.
The management made a decision to offer these securities so that you can realise the gain arising on these securities underneath the reduced rate of interest environment.
As at June 30, 2003 the investment that is remaining of company 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 to your loss and profit account in respect with this investment. There are not 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 percent
7. IMPROVEMENTS, BUILD UP, PREPAYMENTS ALONGSIDE RECEIVABLES 7.1. The utmost aggregate amount due through the executive that is chief executives by the end 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. LOANS that are LONG-TERM CONSIDERED GOOD The above loans include a quantity of Rs 6,668 (2002: Rs 936,200) outstanding for a time period of a lot more than three years.
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 which range from 2 per cent to 6 percent per year.
The utmost aggregate amount due through the leader and professionals by the end 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 above mentioned includes the term that is following Certificates issued by Pakland Cement Limited (PCL) under a scheme of arrangement sanctioned by the tall Court of Sindh against rent facilities issued by the business: 9.2. THE INTERIOR PRICE OF RETURN ON LEASE CONTRACTS RECEIVABLE CHIEFLY 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 designed 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 purchase pricing is payable by June 30, 2003.
12. CREDITORS, ACCRUED ALONG WITH OTHER LIABILITIES 12.1. Amount because of Saudi Pak Industrial and Agricultural Investment Company (Private) Limited, an associated undertaking, at the entire year 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 so are adjustable on expiration of this particular lease 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 basis that is yearly.
The mark-up rates on these funds depend on the average that is weighted of final three cut-off prices of this five 12 months Pakistan Investment Bonds (PIBs), and they are modified on half-yearly foundation.
14.1. The facilities are guaranteed by hypothecation of particular leased assets and associated 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 dilemma of Term Finance Certificates II happens to be modified through the associated liability prior to the requirements for initial recognition of economic liabilities specified in Global Accounting Standard 39, ‘Financial Instruments: Recognition and Measurement’.
14.3. Term Finance Certificates II are guaranteed by a primary and exclusive fee over certain current and future leased assets and their associated receivables.
15. CERTIFICATES OF INVESTMENT
The organization has given certificates of investment beneath the authorization issued by the government.
These certificates of investment are for periods which range from a few 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 June 30, 2003 amounts 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 created in respect of this need raised by the riches Tax Officer for business resource Tax of Rs 2,000,000 combined with tax that is additional of 557,589. The business has filed a writ petition within the tall Court of Sindh from this need.
17.2. Statutory book represents earnings put aside to adhere to the Prudential Regulations for NBFCs undertaking the continuing company of Leasing.
17.3. The reserve for deferred taxation is developed depending on certain requirements associated with the Circular No. 16 released by the Securities and Exchange Commission of Pakistan on September 9,1999.
The liability that is unrecognised of company 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 ASSETS 21. OTHER INCOME 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 RETIREMENT ADVANTAGES
24. DIRECT PRICE OF WORKING LEASES 25. TAXATION
The income tax fee for the present 12 months represents minimal cost at 0.5per cent of gross income.
26. STAFF RETIREMENT GRATUITY
The newest valuation that is actuarial of gratuity investment had been performed as at June 30, 2003. The reasonable worth associated with the fund’s assets and liabilities in the latest valuation date had been the following: Projected Unit Credit Method using listed here significant assumptions ended up being employed for the valuation for the Fund: 26.1. The price of opportunities created by the employees your your your retirement funds operated by the organization depending on their accounts that are audited at June 30, 2003 can be follows: 27. TRANSACTIONS WITH ASSOCIATED UNDERTAKINGS 28. REMUNERATION OF CHIEF EXECUTIVE AND EXECUTIVES
The aggregate amount charged within these is the reason remuneration including all advantages, to your Chief Executive and Executives is really as follows: Certain professionals are given with free usage of company maintained vehicles.
The aforementioned remuneration of leader relates to the ex-Chief Executive Officer associated with the business whom ceased to put on workplace w.e.f. 30, 2003 april.
Keep encashment normally payable to him depending on the regards to their work contract.
29. EARNINGS PER SHARE 30. MONEY GENERATED FROM OPERATIONS 31. CASH AND MONEY EQUIVALENTS