NOTES TO YOUR REPORTS FOR THE 12 MONTHS ENDED JUNE 30, 2003
3. MONEY AND installmentloansite promo code BANK BALANCES 3.1. RETURN ON THESE SAVINGS REPORTS IS ATTAINED AT RATES INCLUDING 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 they are guaranteed by means of lien on Certificates of Investment. The price of mark-up ranges from 14% to 21.5percent per year.
4.2. These generally include cash market placements with different banking institutions as well as other institutions that are financial. Return on these placements ranges from 5% to 13%.
5. OPPORTUNITIES through the year that is current the business sold four federal 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 and also the revenue regarding the disposal of the 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 investment that is remaining of business in 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 revenue and loss account in respect for this investment. There are not any assets that are financial as ‘held to maturity’ 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 per cent
7. IMPROVEMENTS, BUILD UP, PREPAYMENTS ALONG WITH OTHER RECEIVABLES 7.1. The utmost aggregate amount due through the leader and professionals by the end 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. 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 a lot more than three years.
These loans have now been provided to employees for sale of motor vehicles and buy of household and are repayable between three to 10 years. Mark-up on these loans is charged at prices which range from 2 per cent to 6 per cent per year.
The utmost aggregate amount due through the leader and professionals at 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) respectively.
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 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 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 dates by 15, 2003 august.
As well as this an un-utilised facility for running 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 AS WELL AS 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 security that is represent gotten from lessees under rent contracts and tend to be adjustable on expiration for the particular rent durations.
14. REDEEMABLE CAPITAL – (NON-PARTICIPATORY) *The mark-up rates on these funds derive from the yield on treasury bills/SBP discount rates consequently they are adjusted on half basis that is yearly.
The mark-up prices on these funds derive from the average that is weighted of final three cut-off prices of this five 12 months Pakistan Investment Bonds (PIBs), and therefore are 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 disbursement against leasing contracts executed by the business.
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 monetary liabilities specified in Global 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 present and future leased assets and their associated receivables.
15. CERTIFICATES OF INVESTMENT
The organization has granted certificates of investment beneath the authorization given by the authorities.
These certificates of investment are for periods which range from three months to 5 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 happens to be developed in respect regarding the need raised by the Wealth Tax Officer for business resource Tax of Rs 2,000,000 combined with the extra taxation of Rs 557,589. The organization has filed a writ petition within the High 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 was developed according to certain requirements associated with the no. That is circular granted by the Securities and Exchange Commission of Pakistan on September 9,1999.
The unrecognised obligation of this 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) ACCORDING OF STAFF BENEFITS that are RETIREMENT. DIRECT PRICE OF WORKING LEASES 25. TAXATION
The income tax cost when it comes to present 12 months represents minimum cost 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 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 produced by the employees your your retirement funds operated by the organization depending on their audited records as 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 is the reason remuneration including all advantages, towards the Chief Executive and Executives is really as follows: Certain professionals are supplied with free usage of company maintained automobiles.
The aforementioned remuneration of leader relates to the Executive Officer that is ex-Chief of business who ceased to keep workplace w.e.f. April 30, 2003.
Leave 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