RECORDS TO YOUR RECORDS FOR THE ENDED JUNE 30, 2003
3 year. MONEY AND BANK BALANCES 3.1. RETURN ON THESE SAVINGS RECORDS IS ATTAINED AT RATES INCLUDING 2 percent TO 5 percent
4. SHORT-TERM LOANS 4.1. These express loans to clients for a time period of as much as a year on mark-up basis and tend to be secured 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 as well as other banking institutions. Return on these placements ranges from 5% to 13per cent.
5. ASSETS throughout the year that is current the business sold 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 in addition to revenue in the disposal of those securities amounted to Rs 22.894 million.
The administration chose 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 staying investment associated with 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 is credited to your revenue and loss 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 percent TO 18 per monthly payday installment loans cent
7. IMPROVEMENTS, BUILD UP, PREPAYMENTS ALONG WITH OTHER RECEIVABLES 7.1. The utmost aggregate amount due from 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 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 for sale of cars and get of home and generally are repayable between three to 10 years. 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 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 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 INNER PRICE OF RETURN ON LEASE CONTRACTS RECEIVABLE MAINLY VARY FROM 9% TO 20per cent PER YEAR
9.3. MINIMAL LEASE PAYMENTS RECEIVABLE 9.4. SUPPLY FOR POTENTIAL LEASE LOSSES 10. FIXED ASSETS 11. FINANCES 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.
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 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 generally are adjustable on expiration regarding the particular lease durations.
14. REDEEMABLE CAPITAL – (NON-PARTICIPATORY) *The mark-up prices on these funds depend on 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 are derived from the weighted average regarding the final three cut-off prices of this five 12 months Pakistan Investment Bonds (PIBs), and are also 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 problem of Term Finance Certificates II happens to be modified through the associated liability according to the requirements for initial recognition of economic liabilities specified in International 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 awarded by the government.
These certificates of investment are for durations which range from a few 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 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 was produced in respect associated with 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 business has filed a writ petition within the High Court of Sindh from this demand.
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 produced depending on certain requirements for the no. This is certainly circular granted 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. INCOME ON OPPORTUNITIES 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) ACCORDING OF STAFF RETIREMENT ADVANTAGES
24. DIRECT PRICE OF WORKING LEASES 25. TAXATION
The taxation fee when it comes to year that is current minimal fee at 0.5per cent of revenues.
26. STAFF PENSION GRATUITY
The newest actuarial valuation for the gratuity investment had been performed as at June 30, 2003. The reasonable worth of this fund’s assets and liabilities during the latest valuation date had been the following: Projected Unit Credit Method using listed here significant assumptions ended up being utilized for the valuation of this Fund: 26.1. The expense of assets produced by the employees your your retirement funds operated by the organization depending on their audited records as at June 30, 2003 is really as follows: 27. TRANSACTIONS WITH ASSOCIATED UNDERTAKINGS 28. REMUNERATION OF CHIEF EXECUTIVE AND EXECUTIVES
The aggregate quantity charged during these is the reason remuneration including all advantages, into the Chief Executive and Executives is really as follows: Certain professionals are offered with free usage of business maintained automobiles.
The aforementioned remuneration of leader pertains to the Executive Officer that is ex-Chief of business whom ceased to put up workplace w.e.f. April 30, 2003.
Keep encashment can be payable to him according to the regards to their work agreement.
29. PROFITS PER SHARE 30. MONEY GENERATED FROM OPERATIONS 31. CASH AND CASH EQUIVALENTS