RECORDS INTO THE ACCOUNTS FOR THE YEAR ENDED JUNE 30, 2003
3. CASH AND BANK BALANCES 3.1. RETURN ON THESE SAVINGS REPORTS IS ATTAINED AT RATES WHICH RANGE FROM 2 per cent TO 5 percent
4. SHORT-TERM LOANS 4.1. These express loans to customers for a time period of as much as 12 months on mark-up basis and tend to be guaranteed by means of lien on Certificates of Investment. The price of mark-up ranges from 14% to 21.5percent per year.
4.2. Included in these are cash market placements with different banking institutions along with other institutions that are financial. Return on these placements ranges from 5% to 13percent.
5. ASSETS through the year that is current the organization offered four federal government securities for Rs 182.288 million. The amortised price of these federal federal government securities ended up being Rs 159.394 million together with profit in the disposal among these securities amounted to Rs 22.894 million.
The administration chose to offer 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 staying investment regarding the 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 into the profit 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 percent
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) correspondingly.
7.2. SUPPLY FOR ANY OTHER RECEIVABLES 8. LOANS that are LONG-TERM 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 happen supplied to workers to buy of cars and get of home and therefore 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 chief executive and 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) respectively.
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 awarded because of the business: 9.2. THE INTERIOR RATE OF RETURN ON LEASE CONTRACTS RECEIVABLE CHIEFLY COVER ANYTHING FROM 9% TO 20per cent PER YEAR
9.3. MINIMAL LEASE PAYMENTS RECEIVABLE 9.4. SUPPLY FOR POTENTIAL LEASE LOSSES 10. FIXED ASSETS 11. FUNDS BELOW 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 including 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 rate 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 because 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 received from lessees under rent agreements and they are adjustable on expiration regarding the particular rent durations.
14. REDEEMABLE CAPITAL – (NON-PARTICIPATORY) *The mark-up prices on these funds derive from the yield on treasury bills/SBP discount rates and are also modified on half basis that is yearly.
The mark-up prices on these funds depend on the average that is weighted of final three cut-off prices of this five year 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 rent rentals. The facilities had been utilised for http://installmentpersonalloans.org disbursement against leasing contracts executed by the business.
14.2. LIABILITY IN RESPECT OF TERM FINANCE Transaction price incurred on problem of Term Finance Certificates II is modified through the associated liability relative 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 a primary and exclusive fee over 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 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 developed in respect of this need raised by the riches Tax Officer for business resource Tax of Rs 2,000,000 together with the tax that is additional of 557,589. The organization has filed a writ petition into the tall Court of Sindh from this need.
17.2. Statutory reserve 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 produced depending on what’s needed associated with no. This is certainly circular granted 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. MONEY ON ASSETS 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) IN RESPECT OF STAFF RETIREMENT ADVANTAGES
24. DIRECT PRICE OF WORKING LEASES 25. TAXATION
The tax cost for the year that is current minimal fee at 0.5per cent of revenues.
26. STAFF PENSION GRATUITY
The most recent valuation that is actuarial of gratuity investment had been completed 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 useful for the valuation associated with the Fund: 26.1. The expense of opportunities created by the employees your your retirement funds operated by the organization according to their audited reports as at June 30, 2003 can be follows: 27. TRANSACTIONS WITH ASSOCIATED UNDERTAKINGS 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 automobiles.
The above mentioned remuneration of leader relates to the ex-Chief Executive Officer associated with business whom ceased to carry workplace w.e.f. April 30, 2003.
Keep encashment can be payable to him as per the regards to their work agreement.
29. PROFITS PER SHARE 30. MONEY GENERATED FROM OPERATIONS 31. CASH AND MONEY EQUIVALENTS