| Habib Modaraba Ist - 2000 |
==================================================================================== BALANCE SHEET AS AT JUNE 30, 2000 ==================================================================================== 2000 1999 Note Rupees Rupees ==================================================================================== TANGIBLE FIXED ASSETS 3 Fixed Assets leased out 634,895,760 564,642,771 Fixed Assets in own use 4,656,561 235,938 639,552,321 564,878,709 LONG TERM ADVANCES AND DEPOSIT 4 539,338 823,359 CURRENT ASSETS Short Term Investments 5 36,807,339 28,755,373 Advances, prepayments and other receivable 6 1,241,792 703,142 Lease rentals receivable - considered good 2,246,447 2,754,364 Cash and bank balances 7 6,653,846 1,467,716 46,949,424 33,680,595 687,041,083 599,382,663 CAPITAL AND RESERVES CERTIFICATE CAPITAL: Authorised: 60,000,000 (1999: 60,000,000) certificates of Rs. 5/- each 300,000,000 300,000,000 Issued, subscribed and paid-up 8 252,000,000 252,000,000 Reserves 9 105,006,442 93,227,883 CERTIFICATE HOLDERS' EQUITY 357,006,442 345,227,883 DEFERRED LIABILITIES 10 56,071,151 43,380,309 CURRENT LIABILITIES Finance arrangements 11 71,000,000 124,000,000 Short-term redeemable capital 12 112,000,000 - Lessees' security deposits-current portion 13,422,625 18,626,728 Creditors and accrued liabilities 13 14,630,294 14,492,423 Provision for taxation 2,128,247 378,948 Unclaimed profit distribution 4,082,324 2,876,372 Proposed profit distribution 56,700,000 50,400,000 273,963,490 210,774,471 687,041,083 599,382,663 ==================================================================================== ==================================================================================== PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED JUNE 30, 2000 ==================================================================================== 2000 1999 Note Rupees Rupees ==================================================================================== INCOME Lease rentals 363,184,540 348,921,197 Other income 14 2,605,862 2,827,116 365,790,402 351,748,313 EXPENSES Depreciation and fixed assets leased out 252,358,480 245,414,905 Financial charges 15 20,645,967 21,374,449 Other expenses 16 14,385,400 11,412,449 287,389,847 278,201,803 78,400,555 73,546,510 Diminution in value of investments written off (3,160) (161,194) Profit before management fee 78,397,395 73,385,316 Modaraba company's management fee (7,127,036) (6,671,392) Profit before taxation 71,270,359 66,713,924 TAXATION Current - - Prior year's 2,791,800 1,640,212 2,791,800 1,640,212 Profit after taxation 68,478,559 65,073,712 Unappropriated profit brought forward 3,571,593 1,912,623 72,050,152 66,986,335 APPROPRIATIONS Proposed profit distribution @ 22.50% (1999: 20%) 56,700,000 50,400,000 Transfer to statutory reserve @ 10% of the profit (1999: @ 20%) as per requirement of Prudential Regulations for Modarabas 6,847,856 13,014,742 63,547,856 63,414,742 Unappropriated profit carried forward 8,502,296 3,571,593 EARNINGS PER CERTIFICATE 1.36 1.29 ==================================================================================== ====================================================================================
STATEMENT OF CHANGES IN FINANCIAL POSITION (CASH FLOW STATEMENT)
FOR THE YEAR ENDED JUNE 30, 2000
====================================================================================
2000 1999
Rupees Rupees
====================================================================================
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before taxation 71,270,359 66,713,924
Adjustments for:
Profit on disposal of fixed assets
Leased out (1,026,155) (1,638,334)
In own use (34,755) -
(1,060,910) (1,638,334)
Depreciation - fixed assets leased out 252,358,480 245,414,905
fixed assets in own use 1,454,257 404,511
Provision for gratuity 314,765 214,265
Profit on PLS term deposit account (145,720) (8,987)
Dividend income (579,360) (34,097)
Financial charges on:
Musharaka 19,173,031 20,474,507
Short-term redeemable capital 1,422,623 -
Morabaha - 843,904
20,595,654 21,318,411
Operating profit before changes in operating assets 344,207,525 332,384,598
Movement in working capital:
(Increase)/decrease in current assets:
Short term investments (8,051,966) (4,880,178)
Advances, prepayments and other receivables (552,150) (424,892)
Rentals receivable 507,917 (1,385,966)
(8,096,199) (6,691,036)
Increase/(decrease) in current liabilities 58,532,773 (6,193,164)
50,436,574 (12,884,200)
Cash generated from operations 394,644,099 319,500,398
Income-tax paid (1,042,501) (5,947,206)
Financial charges paid (19,990,556) (21,442,309)
Net cash generated from operating activities (A) 373,611,042 292,110,883
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets in own use (5,902,185) (123,825)
Purchase of fixed assets leased out (361,885,353) (303,290,054)
Proceeds from disposal of fixed assets leased out 40,300,039 21,759,309
Proceeds from disposal of fixed assets in own use 62,060 -
Long-term advances and deposit 284,021 (602,188)
Dividend received 592,860 52,908
Profit on PLS term deposit account 145,720 8,987
Net cash outflow from investing activities (B) (326,402,838) (282,194,863)
CASH FLOWS FROM FINANCING ACTIVITIES
Dividend paid (49,194,048) (18,327,196)
Lessees' security deposits:
Received 26,436,254 17,776,189
Refunded (19,264,280) (8,708,087)
Net lessees' security deposits 7,171,974 9,068,102
Net cash (outflow) from financing activities (C) (42,022,074) (9,259,094)
NET INCREASE/(DECREASE) IN CASH AND 5,186,130 656,926
CASH EQUIVALENTS (A+B+C)
CASH AND CASH EQUIVALENTS 1,467,716 810,790
AT THE BEGINNING OF THE YEAR
CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 6,653,846 1,467,716
====================================================================================NOTES TO THE ACCOUNTS FOR THE YEAR ENDED JUNE 30, 20003. TANGIBLE FIXED ASSETS 3.1. FIXED ASSETS LEASED OUT ==============================================================================================================================================================
COST D E PR E CI AT I ON Written
As at Additions Disposals As at As at As at down value
July 1, during during June 30, Rate July 1, For the On June 30, as at
Particulars 1999 the year the year 2000 % 1999 year disposals 2000 June 30,
Rupees Rupees Rupees Rupees Rupees Rupees Rupees Rupees 2000
==============================================================================================================================================================
Machinery
and equipment 572,369,377 174,087,881 (193,465,092) 552,992,166 20 to 33.33 277,159,248 134,130,927 (176,193,511) 235,096,664 317,895,502
Furniture and Fixtures 65,843,974 1,537,471 (58,215,800) 9,165,645 20 to 33.33 52,994,964 4,771,136 (52,459,484) 5,306,616 3,859,029
Vehicles 424,161,297 186,260,001 (119,913,632) 490,507,666 20 to 33.33 167,577,665 113,456,417 (103,667,645) 177,366,437 313,141,229
1,062,374,648 361,885,353 (371,594,524) 1,052,665,477 497,731,877 252,358,480 (332,320,640) 417,769,717 634,895,760
1999: 881,659,799 303,290,054 (122,575,205) 1,062,374,648 354,771,202 245,414,905 (102,454,230) 497,731,877 564,642,771
==============================================================================================================================================================3.2. FIXED ASSETS IN OWN USE==============================================================================================================================================================
COST D E PR E CI AT I ON Written
As at Additions Disposals As at As at As at down value
July 1, during during June 30, Rate July 1, For the On June 30, as at
Particulars 1999 the year the year 2000 % 1999 year disposals 2000 June 30,
Rupees Rupees Rupees Rupees Rupees Rupees Rupees Rupees 2000
==============================================================================================================================================================
Office equipment 763,447 1,395,597 (447,450) 1,681,594 20 to 33.33 650,929 505,956 (477,445) 679,440 1,002,154
Furniture & Fixture - 3,913,588 - 3,913,588 20 - 782,718 - 782,718 3,130,870
Vehicle 446,000 593,000 (45,500) 993,500 20 322,580 165,583 (18,200) 469,963 523,537
1,209,447 5,902,185 (522,950) 6,588,682 973,509 1,454,257 (495,645) 1,932,121 4,656,561
1999: 1,085,622 123,825 - 1,209,447 568,998 404,511 - 973,509 235,938
==============================================================================================================================================================4. LONG TERM ADVANCES AND DEPOSIT====================================================================================
2000 1999
Note Rupees Rupees
====================================================================================
Advances to staff
Officers 382,483 685,234
Other employees 136,982 198,925
519,465 884,159
Less: Current portion 6 380,127 460,800
139,338 423,359
Long-term deposit
Modaraba Certificate inducted into 400,000 400,000
Central Depository Company of Pakistan Ltd. 539,338 823,359
====================================================================================5. SHORT TERM INVESTMENTS5.1. NATIONAL INVESTMENT (UNIT) TRUST ===========================================================================================
2000 2000
Number of Unit Company Rupees Rupees
2000 1999 Book Value Market Value
===========================================================================================
National Investment (Unit) Trust
32,000 32,000 216,000 339,200
===========================================================================================5.2. SHARE OF LISTED COMPANIES===========================================================================================
2000 2000
Number of Shares Company Rupees Rupees
2000 1999 Book Value Market Value
===========================================================================================
115 115 Rupali Polyester Limited 1,984 3,105
110 110 Gatron Industries Limited 1,595 1,865
205 205 Gul Ahmed Textile Mills Limited 1,978 5,330
2,291,561 1,479,916 Metropolitan Bank Limited 34,323,635 37,237,866
543 453 Pakistan State Oil Company Limited 14,300 83,319
100 100 Parke Davis & Company Limited 9,675 38,000
400,334 400,334 Dyno Pakistan Limited 2,201,837 3,102,588
320 320 Engro Chemical Pakistan Limited 10,575 18,816
249 249 Abbott Laboratories Pakistan Limited 10,400 11,703
165 165 Reckitt Benckiser Pakistan Limited 3,960 3,960
200 200 Pak Suzuki Motor Company Limited 2,500 2,500
60 60 Rafhan Maize Products Limited 6,000 12,300
40 40 Rafhan Best Foods Limited 2,900 9,924
36,591,339 40,536,276
Total of 5.1 & 5.2 36,807,339 40,875,476
1999: 28,755,373 28,958,527
===========================================================================================* All the shares have a value of Rs. 10/- each except those marked with an asterick which have a face value of Rs. 5/- each.6. ADVANCES, PREPAYMENTS AND OTHER RECEIVABLES ====================================================================================
2000 1999
Note Rupees Rupees
====================================================================================
Considered good -
Advances to staff - secured 4 380,127 460,800
Prepayments 253,521 165,560
Utility Deposits 6,050 -
Advance to Supplier 600,000 -
Dividend receivable 2,094 15,594
Other receivable - 61,188
1,241,792 703,142
====================================================================================Maximum amount due from the officers and other employees of the modaraba at the end of any month during the year was Rs. 659,791 and Rs. 191,977 (1999: Rs. 710,475 and Rs. 206,134) respectively.7. CASH AND BANK BALANCES ====================================================================================
2000 1999
Rupees Rupees
====================================================================================
Stamp in hand 10,100 8,100
Cash with Banks
State Bank of Pakistan
Cash reserve account 40,000 40,000
Current account 250,120 259,950
290,120 299,950
On Current account 753,626 1,159,666
On Deposit account 5,600,000 -
6,653,846 1,467,716
====================================================================================8. ISSUED, SUBSCRIBED AND PAID-UP CAPITAL====================================================================================
2000 1999
Rupees Rupees
====================================================================================
42,700,000 (1999: 42,700,000) certificates of
Rs. 5/- each fully paid in cash 213,500,000 213,500,000
7,700,000 (1999:7,700,000) certificates of
Rs. 5/- each issued as bonus certificates 38,500,000 38,500,000
252,000,000 252,000,000
====================================================================================9. RESERVES=======================================================================================================
Capital Revenue Unappropriated 2000 1999
statutory general profit Total Total
Rupees Rupees Rupees
=======================================================================================================
Balance July 1 49,656,290 40,000,000 3,571,593 93,227,883 76,641,548
Transfer from profit
and loss account 6,847,856 - 4,930,703 11,778,559 16,586,335
56,504,146 40,000,000 8,502,296 105,006,442 93,227,883
=======================================================================================================Statutory reserve represents profit set aside to comply with the Prudential Regulation for Modaraba issued by Securities and Exchange Commission of Pakistan.10. DEFERRED LIABILITIES ====================================================================================
2000 1999
Rupees Rupees
====================================================================================
Lessees' security deposits 68,307,961 61,135,987
Less: Current portion shown under current liabilities 13,422,625 18,626,728
54,885,336 42,509,259
Staff gratuity 1,185,815 871,050
56,071,151 43,380,309
====================================================================================11. FINANCE ARRANGEMENTS====================================================================================
2000 1999
Note Rupees Rupees
====================================================================================
From a financial institution and other
Corporate bodies 11.1 30,000,000 71,000,000
From banks 11.2
Musharaka facility 41,000,000 48,000,000
Morabaha facility - 5,000,000
41,000,000 53,000,000
71,000,000 124,000,000
====================================================================================11.1. This represents finance obtained under Musharika investment agreement and is secured by hypothecation of fixed assets leased out. The profit and loss is to be shared in the agreed ratio.The principal amount is repayable within one year of the draw-down whereas profit is payable monthly/quarterly. 11.2. The above finance as obtained from the banks under Musharaka and Morabaha investment agreements and is secured by hypothecation of fixed assets leased out. The profit and loss is to be shared in the agreed ratio. This facility is available upto Rs. 200 million (1999: Rs. 155 million). 12. SHORT-TERM REDEEMABLE CAPITAL - UNSECURED ====================================================================================
2000 1999
Rupees Rupees
====================================================================================
Certificate of Musharaka 112,000,000 -
====================================================================================The estimated share of profit payable on the above unsecured finance ranges between Rs. 0.3287 to Rs. 0.3698 per thousand per day.13. CREDITORS AND ACCRUED LIABILITIES ====================================================================================
2000 1999
Rupees Rupees
====================================================================================
Advance lease rentals received 5,535,420 6,321,291
Accrued expenses 975,000 1,112,000
Profit payable on:
Musharaka finance
Short-term redeemable capital 61,722 -
Morabaha finance 931,116 -
- 387,740
992,838 387,740
Management fee payable 7,127,036 6,671,392
14,630,294 14,492,423
====================================================================================14. OTHER INCOME====================================================================================
2000 1999
Rupees Rupees
====================================================================================
Dividend income 579,360 34,097
Profit on disposal of fixed assets
Leased out 1,026,155 1,638,334
In own use 34,755 -
1,060,910 1,638,334
Gain on sale of share - 4,020
Processing fee 712,889 976,144
Profit on PLS - term deposit account 145,720 8,987
Miscellaneous income 106,983 165,534
2,605,862 2,827,116
====================================================================================15. FINANCIAL CHARGES====================================================================================
2000 1999
Rupees Rupees
====================================================================================
Profit on:
Musharaka finance
Short-term redeemable capital 19,173,031 20,474,507
Morabaha finance 1,422,623 -
- 843,904
20,595,654 21,318,411
Bank commission and charges 50,313 56,038
20,645,967 21,374,449
====================================================================================16. OTHER EXPENSES====================================================================================
2000 1999
Note Rupees Rupees
====================================================================================
Salaries, allowances and other benefits 3,621,538 3,652,932
Lightening 300,000 480,000
Rent, rates and taxes 153,961 807,000
Insurance expenses 114,779 83,677
Postage 150,076 55,111
Travelling and conveyance 75,252 93,651
Entertainment 59,041 164,656
Share registrar expenses 1,211,520 1,240,431
Printing, stationery and advertising 1,825,445 1,786,535
Subscriptions and fees 762,783 255,572
Telephone Charges 174,186 146,640
Motor car expenses 103,426 135,622
Repairs and maintenance 2,059,200 869,722
Legal and professional charges 189,613 117,442
Auditors remuneration 16.1 137,997 138,885
Donation 1,798,500 909,500
Depreciation on fixed assets in own use 1,454,257 404,511
Miscellaneous 193,826 70,562
14,385,400 11,412,449
====================================================================================16.1. AUDITORS' REMUNERATION====================================================================================
2000 1999
Rupees Rupees
====================================================================================
Audit fee 75,000 55,000
Tax and other services 58,061 80,000
Out of pocket expenses 4,936 3,885
137,997 138,885
==================================================================================== |