RECORDS TOWARDS THE ACCOUNTS FOR THE 12 MONTHS ENDED JUNE 30, 2003
3. CASH AND BANK BALANCES 3.1. RETURN ON THESE SAVINGS REPORTS IS ACQUIRED AT RATES WHICH RANGE FROM 2 percent TO 5 per cent
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 generally are guaranteed by means of lien on Certificates of Investment. The price of mark-up ranges from 14% to 21.5per cent per annum.
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 13per cent.
5. ASSETS throughout the year that is current the organization offered four federal federal government securities for Rs 182.288 million. The cost that is amortised of federal government securities ended up being Rs 159.394 million plus the revenue in the disposal among these securities amounted to Rs 22.894 million.
The administration made a decision to offer these securities so that you can realise the gain arising on these securities beneath the interest rate environment that is reduced.
As at June 30, 2003 the staying investment of this business in federal federal government securities amounted to Rs 52.634 million.
This investment has been reclassified as ‘held for trading’ and is calculated at reasonable value. An increase of Rs 12.946 million happens to be credited into the loss and profit account in respect of the investment. There are not any assets that are financial as ‘held to readiness’ at June 30, 2003.
5.1. INFORMATION ON OPPORTUNITIES 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 maximum aggregate amount due through the executive that is chief professionals at the conclusion of any thirty days through the year ended up being Rs 873,685 (2002: Rs 623,685) and Rs 81,302 (2002: Rs 229,232) respectively.
7.2. SUPPLY FOR ANY OTHER RECEIVABLES 8. LOANS that are LONG-TERM CONSIDERED GOOD The above loans include a sum 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 supplied to workers to buy of cars and buy of household and generally are repayable between three to 10 years. Mark-up on these loans is charged at rates which range from 2 per cent to 6 percent per annum.
The utmost aggregate amount due through the leader and professionals at the conclusion of any month throughout the year 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 High Court of Sindh against rent facilities awarded by the company: 9.2. THE INNER PRICE OF RETURN ON LEASE CONTRACTS RECEIVABLE MAINLY ARE NORMALLY TAKEN FOR 9% TO 20% 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 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 15, 2003 august.
Along with this an un-utilised center for operating finance offered by a commercial bank amounted to Rs 50 million (2002: Nil). The price of mark-up about this finance is Re 0.3014 per Rs 1,000 each day. The acquisition 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 contracts and tend to be adjustable on expiry of this particular 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 tend to be modified on half annual foundation.
The mark-up prices on these funds are derived from the weighted average of this final three cut-off prices of this five 12 months Pakistan Investment Bonds (PIBs), and generally are modified on half-yearly foundation.
14.1. The facilities are guaranteed by hypothecation of certain leased assets and related lease 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 Overseas Accounting Standard 39, ‘Financial Instruments: Recognition and Measurement’.
14.3. Term Finance Certificates II are secured by a primary and charge that is exclusive certain current and future leased assets and their associated receivables.
15. CERTIFICATES OF INVESTMENT
The organization has given certificates of investment beneath the authorization awarded by 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 cent per year. Current readiness of long-lasting certificates of investment amounting to Rs. 110,732,000 (2002: Rs 88,163,000) is included 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 riches Tax Officer for business Asset 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 tall Court of Sindh from this need.
17.2. Statutory book represents profits 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 no. This is certainly circular given by the Securities and Exchange Commission of Pakistan on September 9,1999.
The unrecognised obligation associated https://installmentcashloans.net 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. MONEY ON OPPORTUNITIES 21. OTHER 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 BENEFITS that are RETIREMENT. DIRECT PRICE OF WORKING LEASES 25. TAXATION
The taxation fee when it comes to year that is current minimal cost at 0.5% 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 value associated with 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 useful for the valuation associated with the Fund: 26.1. The price of assets created by the employees your retirement funds operated by the organization according to 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 quantity charged during these is the reason remuneration including all advantages, towards 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 relates to the ex-Chief Executive Officer associated with business whom ceased to keep workplace w.e.f. 30, 2003 april.
Keep encashment can also be payable to him according to the regards to their work agreement.
29. PROFITS PER SHARE 30. MONEY GENERATED FROM OPERATIONS 31. CASH AND MONEY EQUIVALENTS