RECORDS TOWARDS THE RECORDS FOR THE 12 MONTHS ENDED JUNE 30, 2003
3. MONEY AND BANK BALANCES 3.1. RETURN ON THESE SAVINGS RECORDS IS MADE AT RATES INCLUDING 2 percent TO 5 per cent
4. SHORT-TERM LOANS 4.1. These loans that are represent clients for a time period of up to 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 21.5per cent per year.
4.2. These generally include money market placements with different banking institutions along with other finance institutions. Return on these placements ranges from 5% to 13per cent.
5. OPPORTUNITIES through the present 12 months, the business 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 additionally the revenue in the disposal of the securities amounted to Rs 22.894 million.
The administration made a decision to offer these securities in order to realise the gain arising on these securities beneath the reduced rate of interest environment.
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 now 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 revenue and loss account in respect for this investment. There are not any financial assets classified as ‘held to readiness’ at June 30, 2003.
5.1. DETAILS OF ASSETS IN SHARES/CERTIFICATES OF LISTED COMPANIES/MODARABAS 6. THE RETURN ON INDEXED TERM FINANCE CERTIFICATES RANGES FROM 12 percent TO 18 per cent
7. ADVANCES, BUILD UP, PREPAYMENTS ALONGSIDE 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 was Rs 873,685 (2002: Rs 623,685) and Rs 81,302 (2002: Rs 229,232) correspondingly.
7.2. PROVISION FOR ANY OTHER RECEIVABLES 8. LOANS that are LONG-TERM CONSIDERED GOOD The above loans consist of 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 now been provided 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 rates which range from 2 percent to 6 per cent per year.
The utmost aggregate amount due from the http://www.quickinstallmentloans.com executive that is chief professionals at the end of any thirty days through the 12 months was Rs 864,200 (2002: Rs 1,728,200) and Rs 398,847 (2002: Rs 172,538) correspondingly.
9. NET 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 provided by the business: 9.2. THE INNER PRICE OF RETURN ON LEASE CONTRACTS RECEIVABLE CHIEFLY START AROUND 9% TO 20per cent PER YEAR
9.3. MINIMAL LEASE PAYMENTS RECEIVABLE 9.4. PROVISION 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 per day. These facilities are repayable on various times by August 15, 2003.
Along with this a facility that is un-utilised operating finance offered by 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 because of Saudi Pak Industrial and Agricultural Investment Company (Private) Limited, an undertaking that is associated 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 are also adjustable on expiration associated with respective 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 generally are modified on half basis that is yearly.
The mark-up prices on these funds depend on the weighted average associated with final three cut-off prices of this five 12 months Pakistan Investment Bonds (PIBs), as 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 were 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 Global Accounting Standard 39, ‘Financial Instruments: Recognition and Measurement’.
14.3. Term Finance Certificates II are guaranteed by a primary and charge that is exclusive specific current and future leased assets and their associated receivables.
15. CERTIFICATES OF INVESTMENT
The organization has granted certificates of investment beneath the authorization given because of 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 year. Present maturity 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 associated with the 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 into 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 business of Leasing.
17.3. The reserve for deferred taxation is developed according to what’s needed associated with no. This is certainly circular released 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 OPPORTUNITIES 21. OTHER 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 RETIREMENT ADVANTAGES
24. DIRECT PRICE OF WORKING LEASES 25. TAXATION
The taxation charge for the year that is current minimal fee at 0.5per cent of revenues.
26. STAFF PENSION GRATUITY
The newest actuarial valuation associated with the gratuity investment had been completed as at June 30, 2003. The fair value associated with the fund’s assets and liabilities in the valuation date that is latest had been the following: Projected Unit Credit Method using the next significant assumptions had been useful for the valuation regarding the Fund: 26.1. The price of assets created by the employees your your retirement funds operated by the organization according to their accounts that are audited 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 during these makes up remuneration including all advantages, into the Chief Executive and Executives is really as follows: Certain professionals are supplied with free utilization of business maintained vehicles.
The aforementioned remuneration of leader relates to the ex-Chief Executive Officer regarding the business whom ceased to put up workplace w.e.f. April 30, 2003.
Keep encashment can also be payable to him depending on the regards to their employment contract.
29. PROFITS PER SHARE 30. MONEY GENERATED FROM OPERATIONS 31. CASH AND MONEY EQUIVALENTS