RECORDS TOWARDS THE RECORDS FOR THE YEAR ENDED JUNE 30, 2003
3. MONEY AND BANK BALANCES 3.1. RETURN ON THESE SAVINGS RECORDS IS RECEIVED 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 tend to be 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. Included in these are cash 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 year, the organization offered four federal government securities for Rs 182.288 million. The amortised price of these federal government securities was Rs 159.394 million as well as the revenue from the disposal among these securities amounted to Rs 22.894 million.
The administration made a decision 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 for 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 to your revenue and loss account in respect for this 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 percent TO 18 %
7. IMPROVEMENTS, BUILD UP, PREPAYMENTS ALONG WITH OTHER RECEIVABLES 7.1. The utmost aggregate amount due through the executive that is chief executives 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) 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 three years.
These loans have already been supplied to workers for sale of cars and get of household and generally are repayable between three to 10 years. Mark-up on these loans is charged at prices including 2 percent to 6 percent per annum.
The utmost aggregate amount due through the leader and professionals at the conclusion 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) 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 issued because of the business: 9.2. THE INNER PRICE 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 UNDER MARK UP ARRANGEMNETS 11.1. The facilities readily 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 various times by August 15, 2003.
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 with this finance is Re 0.3014 per Rs 1,000 each day. The purchase 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 undertaking that is associated at the entire year end amounted to Rs 3,940 (2002: Rs 514,783).
13. LONG-TERM BUILD UP These security that is represent gotten from lessees under rent agreements and tend to be adjustable on expiration 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 as they are modified on half basis that is yearly.
The mark-up prices on these funds depend on the weighted average associated with the final three cut-off prices of this five 12 months Pakistan Investment Bonds (PIBs), and they are adjusted 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 disbursement against leasing contracts executed by the organization.
14.2. LIABILITY ACCORDING OF TERM FINANCE Transaction expense incurred on dilemma of Term Finance Certificates II happens to be modified through the associated liability relative 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 a primary and exclusive fee over certain current and future leased assets and their associated receivables.
15. CERTIFICATES OF INVESTMENT
The organization has granted certificates of investment beneath the authorization issued because of the government.
These certificates of investment are for durations including a few months to 5 years and return on these certificates varies from 5.00 to 7.50 per cent per annum. Present readiness of long-term 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 quantities to Rs. 400,000,000 (2002: 400,000,000) split into 40,000,000 (2002: 40,000,000) ordinary stocks of Rs. 10 each.
17. RESERVES 17.1. The contingency book happens to be produced in respect regarding the need raised by the riches Tax Officer for business resource Tax of Rs 2,000,000 combined with extra income tax of Rs 557,589. The organization 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 company of Leasing.
17.3. The reserve for deferred taxation is produced according to what’s needed 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 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 ALONGSIDE 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 present 12 months represents minimal cost at 0.5per cent of revenues.
26. STAFF PENSION GRATUITY
The newest valuation that is actuarial of gratuity investment was performed as at June 30, 2003. The reasonable value of this fund’s assets and liabilities in the latest valuation date had been as follows: Projected Unit Credit Method using the next significant assumptions ended up being employed for the valuation of this Fund: 26.1. The expense of opportunities created by the employees 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 in these makes up remuneration including all advantages, into the Chief Executive and Executives is really as follows: https://installmentcashloans.net Certain professionals are given 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. 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