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Which for the after are assets of commercial? banks? I. Reserves. Ii. Loans. Iii. Deposits.

Which for the after are assets of commercial? banks? I. Reserves. Ii. Loans. Iii. Deposits.

RECORDS TO YOUR RECORDS FOR THE 12 MONTHS ENDED JUNE 30, 2003
3. MONEY AND BANK BALANCES 3.1. RETURN ON THESE SAVINGS REPORTS IS ACQUIRED AT RATES WHICH RANGE FROM 2 percent TO 5 percent
4. SHORT-TERM LOANS 4.1. These express loans to clients 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 21.5percent per year.

4.2. Included in these are cash market placements with different banking institutions as well as other institutions that are financial. Return on these placements ranges from 5% to 13per cent.
5. OPPORTUNITIES throughout the present 12 months, the organization offered four federal federal government securities for Rs 182.288 million. The cost that is amortised of online installment loans federal government securities had been Rs 159.394 million while the revenue in the disposal among these 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 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 been reclassified as ‘held for trading’ and it is calculated at reasonable value. An increase of Rs 12.946 million is credited to your loss and profit account in respect of the investment. There are not any financial assets classified 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 per cent TO 18 per cent
7. IMPROVEMENTS, BUILD UP, PREPAYMENTS ALONGSIDE RECEIVABLES 7.1. The utmost aggregate amount due through 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. PROVISION FOR OTHER RECEIVABLES 8. LONG-TERM LOANS – 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 36 months.

These loans have already been supplied to workers to buy of cars and buy of home and therefore are repayable between three to a decade. Mark-up on these loans is charged at prices including 2 percent to 6 percent per annum.

The maximum aggregate amount due through the executive that is chief professionals at the conclusion 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. NET 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 provided by the business: 9.2. THE INNER RATE OF RETURN ON LEASE CONTRACTS RECEIVABLE CHIEFLY 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. 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 per day. These facilities are repayable on different times by August 15, 2003.

As well as this a facility that is un-utilised operating finance available from 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 purchase pricing is payable by June 30, 2003.
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 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 they are adjustable on expiration associated with 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 adjusted on half annual foundation.

The mark-up rates on these funds depend on the weighted average for the final three cut-off prices of this five 12 months Pakistan Investment Bonds (PIBs), and are usually adjusted 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 business.

14.2. LIABILITY ACCORDING OF TERM FINANCE Transaction price incurred on dilemma of Term Finance Certificates II is modified through the related liability relative 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 guaranteed by an initial and charge that is exclusive certain current and future leased assets and their associated receivables.
15. CERTIFICATES OF INVESTMENT

The business has given certificates of investment underneath the permission awarded by the government.

These certificates of investment are for durations which range from a couple of months to five years and return on these certificates ranges from 5.00 to 7.50 per cent per annum. 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 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 developed in respect associated with the need raised by the riches Tax Officer for business resource Tax of Rs 2,000,000 combined with additional income tax of Rs 557,589. The business has filed a writ petition within the High Court of Sindh from this need.

17.2. Statutory book represents earnings put aside to comply with the Prudential Regulations for NBFCs undertaking the company of Leasing.

17.3. The reserve for deferred taxation was developed depending on what’s needed regarding the Circular No. 16 given by the Securities and Exchange Commission of Pakistan on September 9,1999.

The unrecognised obligation regarding 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 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 BENEFITS
24. DIRECT PRICE OF WORKING LEASES 25. TAXATION

The income tax cost for the present 12 months represents minimum fee at 0.5% of revenues.
26. STAFF RETIREMENT GRATUITY

The newest valuation that is actuarial of gratuity investment had been completed as at June 30, 2003. The fair worth regarding the fund’s assets and liabilities in the latest valuation date had been the following: Projected Unit Credit Method using listed here significant assumptions had been useful for the valuation associated with Fund: 26.1. The expense of opportunities created by the employees your your retirement funds operated by the business 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 aggregate quantity charged 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 business maintained automobiles.

The aforementioned remuneration of leader relates to the ex-Chief Executive Officer associated with business whom ceased to put on 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 MONEY EQUIVALENTS


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Benjamin Kratsch
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