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Dawood Islamic Fund March 2013.FH10 DAWOOD ISLAMIC FUND DAWOOD ISLAMIC FUND FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED MARCH 31, 2013 (Un-Audited) DAWOOD ISLAMIC FUND CONTENTS Corporate Information 2 Directors' Report 3 Statement of Assets & Liabilities 4 Income Statement 5 Statement of Comprehensive Income 6 Distribution Statement 7 Cash Flow Statement 8 Statement of Movements in Unit Holders' Fund 9 Notes to the Financial Statements 10 1 DAWOOD ISLAMIC FUND CORPORATE INFORMATION Management Company Dawood Capital Management Limited 5B Lakson Square Building #1 Sarwar Shaheed Road Karachi - 74200 Tel: (92-21) 3562-1002-7 Fax: (92-21) 3562-1010 E-mail: [email protected] Website: www.edawood.com Board of Directors Ms. Shafqat Sultana Chairperson Miss Tara Uzra Dawood Chief Executive Officer Ms. Charmaine Hidayatullah Director Mr. Mohammad Izqar khan Director Mr. Ansar Hussain Director Mr. Tahir Mehmood Director Syed Farhan Abbas Director Chief Financial Officer & Company Secretary Mr. Waris Jamil Audit Committee Mr. Ansar Hussain Chairman Mr. Tahir Mehmood Member Syed Farhan Abbas Member Trustee Central Depository Company of Pakistan Limited CDC House, 99-B, Block-B, S.M.C.H.S. Main Shahra-e-Faisal, Karachi-74400 Ph: (92-21) 111-111-500 Fax: (92-21) 34326020-23 Auditors Ernst & Young Ford Rhodes Sidat Hyder Chartered Accountants Tax advisor Mazher Associates A-1/E-3, Faiza Avenue, Karachi Legal Advisor Bawaney & Partners 404, 4th Floor, Beaumont Plaza 6-cl-10 Beamount Road, Karachi 75530 Telephone: (92-21) 3565-7658/9, 3565-7674 Fax: (92-21) 35657673 Email: [email protected] Registrars F.D. Registrar Services (SMC-Pvt.) Ltd. Office# 1705, 17th Floor Saima Trade Tower. A, I.I. Chundrigar Road, Karachi. 74000 Banker: AlBaraka Bank Pakistan Limited Habib Metropolitan Bank Limited 32 DAWOOD ISLAMIC FUND DIRECTORS' REPORT FOR THE NINE MONTHS ENDED MARCH 31, 2013 It gives me immense pleasure to present on behalf of the Board of Directors of Dawood Capital Management Limited ("DCM"/"the Company"), the Management Company of Dawood Islamic Fund ("DIF-S"/"the Fund"), the financial statements for the Quarter ended March 31, 2013. Economic Outlook During the period July-March 2013 the country's economic indicators witnessed continuous improvement especially on the monetary front. The inflation figure during the third quarter of FY13 continued to decline to a nine month average of 8.0%. While the State Bank of Pakistan continued to reduce the policy rate in the first half of the year to 9.50% from 12%, status quo prevailed during the third quarter. With the decline in the policy rate the T-bills and PIBs auction cut offs naturally declined. The T-Bill cut off rates declined by a total of 2.46%, 2.49% and 2.51% for 3, 6 and 12 months respectively. The current cut off rates for 3, 6 and 12 month stand at 9.38%, 9.41% and 9.42% respectively. Cut off rates of PIBs also declined from 12.66%, 13.07% and 13.32% in 3 years, 5 years and 10 years PIBs respectively in July 2012 to 10.39%, 10.93% and 11.42% in December 2012 which was last successful auction during the period under review. On the external account front foreign exchange continued depleting due to repayment of IMF loans and widening trade deficit. Trading frequency in Corporate Debt Instruments and Sukuks during the period under review remained limited. The overall float of debt securities also declined due to maturity of certain corporate debt instruments. During the period July-March 2013, the stock market remained bullish. The KMI-30 Index increased from 23,776 points at the beginning of the period to as high as 31,644 points on February 28, 2013 before closing slight lower at 31,599 points as on March 31, 2013 showing an increase of 32.90% during the period under review. On quarterly basis, the KMI-30 Index increased by 8.49% during the last quarter as compared to 15.48% and 6.07% increase in first and second quarter of the current year respectively. The average daily volume during the period under review was 170.64 million shares which increased by 59.5% as compared to the average trading volume of 106.92 million shares in the same period last year. Fund Strategy The investment strategy devised for the Fund seeks to provide investors with balanced exposure to Shariah based securities including stocks, debt securities and government securities. The Fund's strategy aims to not only preserve investors' capital but also to maximize the value of their investments while providing a stable stream of income. The portfolio management team selects investments using various analytical disciplines such as top-down fundamental research and quantitative screens in the light of the country's macro indicators. In particular, the team seeks to include in its portfolios fundamentally strong sectors and companies, while dynamically rebalancing portfolios to benefit from predicted macro trends. Investments are diversified across a mix of sectors and investors are offered an optimized risk/return profile. Fund Performance As at March 31, 2013, net assets were Rs. 123.28 million as compared to Rs. 253.97 million as at June 30, 2012. The Fund's total income during the period stands Rs. 1.06 million as opposed to income of Rs. 29,88 million in the same period last year. Total income reduced by Rs. 28.81 million mainly due to impairment loss in respect of Invest Capital Investment Bank Limited by Rs. 17.6 million for the nine months period ended March 31, 2013. Total expenses were Rs. 3.47 million as compared to Rs. 6.89 million in the same period last year. Element of Income was Rs. 15.61 million as compared to Rs. 0.19 million in the same period last year. The net income for the nine months period ended March 31, 2013 was Rs. 13.20 million, as compared to Rs. 23.19 million in the same period last year. The Net Assets Value (NAV) of DIF-S per unit increased from Rs.93.96 to Rs.98.84. Acknowledgement The Directors wish to express their gratitude to the Securities & Exchange Commission of Pakistan and other regulatory bodies for their valuable support, assistance and guidance during these times of recovery. The Board also thanks the employees of the Asset Management Company, the Trustee and Shariah Advisor for their dedication and hard work and the unit holders for their confidence in the Management. These condensed interim financial statements are unaudited. Accordingly, the Directors of the Management Company declare that these condensed interim financial statements give a true and fair view of the Fund. For and on behalf of the Board of Directors January 29, 2016 Chairperson Karachi 3 DAWOOD ISLAMIC FUND CONDENSED INTERIM STATEMENT OF ASSETS AND LIABILITIES AS AT MARCH 31, 2013 31 March 30 June 2013 2012 Note ----------------Rupees---------------- (Un-Audited) (Audited) Assets Bank Balances 4 121,414,030 52,891,628 Investments 5 - 195,961,922 Dividend and Profit Receivable 2,632,403 8,907,041 Security Deposit & Prepayments 2,510,000 2,500,000 Total Assets 126,556,433 260,260,591 Liabilities Payable to Management Company 745,941 917,910 Payable to Trustee 59,458 57,313 Annual Fee Payable to Securities and Exchange Commission of Pakistan 108,960 303,692 Accrued Expenses and Other Liabilities 6 2,359,531 5,001,700 Total Liabilities 3,273,890 6,280,615 NET ASSETS 123,282,543 253,979,976 UNIT HOLDERS' FUND (as per statement attached) 123,282,543 253,979,976 -------------- Number -------------- Number of Units in Issue 1,247,244 2,703,061 -------------- Rupees -------------- Net Asset Value per Unit (Face Value per Unit Rs. 100/-) 98.84 93.96 Contingencies and Commitments 7 The annexed notes from 1 to 12 form an integral part of these condensed interim financial statements. For Dawood Capital Management Limited (Management Company) Director Chief Executive Officer Director 4 DAWOOD ISLAMIC FUND CONDENSED INTERIM INCOME STATEMENT (UN-AUDITED) FOR THE NINE MONTHS AND QUARTER ENDED 31 MARCH 2013 Nine Months Ended Quarter Ended 31 March, 31 March, Note 2013 2012 2013 2012 ---------------------------------------Rupees--------------------------------------- Income Profit on Sukuks, Musharika and Bank Balances 8 15,307,463 24,327,167 4,267,370 8,099,417 (Loss)/Gain on Sale of Securities - Net (272,627) 410,398 - 199,021 Dividend Income - 1,552,500 - 725,000 (Charge of)/Reversal of Impairment in the Value of Investments Classified as Available for Sale - Net 5.5 (13,967,230) 8,483,318 2,044,654 (760,145) Unrealised Diminution in Value of Investments at Fair Value through Profit or Loss - (4,890,545) - 2,617,615 Total Income 1,067,606 29,882,838 6,312,024 10,880,908 Expenses Remuneration of Management Company 1,720,443 3,787,631 442,574 1,274,895 Sales Tax on Management Fee 275,270 606,017 70,811 203,980 Remuneration of Trustee 525,497 525,996 172,620 174,083 Annual Fee of Securities and Exchange Commission of Pakistan 108,960 239,888 28,029 80,747 Securities Transaction Cost 84,054 201,772 - 82,484 Auditors' Remuneration 322,500 313,750 87,500 76,250 Amortization of Preliminary Expenses and Floatation Cost - 375,000 - 125,000 Bank Charges 4,199 11,323 174 2,980 Printing Charges 16,000 38,800 - 14,300 Worker's Welfare Fund 269,909 473,275 117,142 173,378 Fee and Subscription 150,684 318,657 86,000 102,160 Total Expenses 3,477,516 6,892,109 1,004,850 2,310,257 Net (Loss)/Income from Operating Activities (2,409,910) 22,990,729 5,307,174 8,570,651 Element of Income/(Loss) and Capital Gain/(Loss) Included in Prices of Units Sold Less those in Units Redeemed - Net 15,619,893 199,769 417,214 (75,117) NET INCOME 13,209,98323,190,498 5,724,388 8,495,534 The annexed notes from 1 to 12 form an integral part of these condensed interim financial statements.
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