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

NOTES TOWARDS THE REPORTS FOR THE ENDED JUNE 30, 2003
3 year. MONEY AND BANK BALANCES 3.1. RETURN ON THESE SAVINGS REPORTS IS RECEIVED AT RATES WHICH RANGE FROM 2 per cent TO 5 percent
4. SHORT-TERM LOANS 4.1. These loans that are represent clients for a time period of as much as a year 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. 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 13percent.
5. ASSETS through the year that is current the organization offered four federal federal government securities for Rs 182.288 million. The cost that is amortised of government securities had been Rs 159.394 million therefore the profit in the disposal among these securities amounted to Rs 22.894 million.

The administration chose to offer these securities to be able to realise the gain arising on these securities underneath the reduced rate of interest environment.

As at June 30, 2003 the staying investment associated with business 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 towards the loss and profit account in respect with this investment. There are not any assets that are financial 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 by the end 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. SUPPLY FOR ANY OTHER RECEIVABLES 8. LOANS that are LONG-TERM CONSIDERED GOOD The above loans consist of a quantity 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 employees to buy of cars and buy of household and therefore are repayable between three to a decade. Mark-up on these loans is charged at prices which range from 2 percent to 6 percent per year.

The utmost aggregate amount due through the executive that is chief professionals by the end of any month through the 12 months 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 above mentioned 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 by the company: 9.2. THE INTERIOR 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 different 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 about 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 season end amounted to Rs 3,940 (2002: Rs 514,783).
13. LONG-TERM DEPOSITS These security that is represent gotten from lessees under lease agreements installment loans consequently they are adjustable on expiry regarding the particular lease durations.
14. REDEEMABLE CAPITAL – (NON-PARTICIPATORY) *The mark-up prices on these funds depend on the yield on treasury bills/SBP discount rates and generally are modified on half annual foundation.

The mark-up prices on these funds depend on the average that is weighted of final three cut-off prices of this five 12 months Pakistan Investment Bonds (PIBs), and tend to be modified on half-yearly foundation.

14.1. The facilities are guaranteed by hypothecation of particular leased assets and related rent rentals. The facilities had been utilised for disbursement against leasing contracts executed by the business.

14.2. LIABILITY ACCORDING OF TERM FINANCE Transaction expense incurred on problem of Term Finance Certificates II happens to be adjusted through the associated liability according to the criteria 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 an initial and charge that is exclusive certain current and future leased assets and their associated receivables.
15. CERTIFICATES OF INVESTMENT

The organization has granted certificates of investment beneath the authorization provided because of the authorities.

These certificates of investment are for durations which range from three months to five years and return on these certificates ranges 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 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 of this need raised by the riches Tax Officer for business resource Tax of Rs 2,000,000 combined with extra taxation of Rs 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 produced depending on the requirements regarding the Circular No. 16 granted 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. INCOME 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) IN RESPECT OF STAFF RETIREMENT ADVANTAGES
24. DIRECT PRICE OF WORKING LEASES 25. TAXATION

The taxation fee for the present year represents minimal 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 fair worth associated with the fund’s assets and liabilities during the valuation date that is latest had been the following: Projected Unit Credit Method using the next significant assumptions ended up being employed for the valuation regarding the Fund: 26.1. The expense of opportunities created by the employees your your your retirement funds operated by the organization according to their audited accounts as at June 30, 2003 can be 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, to your Chief Executive and Executives is really as follows: Certain professionals are given with free utilization of business maintained automobiles.

The above mentioned remuneration of leader relates to the Executive Officer that is ex-Chief of business whom ceased to put on workplace w.e.f. 30, 2003 april.

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 CASH EQUIVALENTS

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