Year Book 2015 Contents
1 Vision, Mission, Our Values & Core Objective 2 2 International & Regional Leasing Associations 4 3 Association’s Secretariat 5 4 Executive Committee Members 8 5 Messages Ÿ Mr. Mohammad Ishaq Dar 12 Ÿ Mr. Zafar Ul Haq Hijazi 13 Ÿ Mian Muhammad Adrees 15 Ÿ Mr. Shahid Mahmood 16 6 Messages - NBFI & MAP Ÿ Mr. Mahfuz-ur-Rehman Pasha 18 Ÿ Mr. Shuja Malik 20 Ÿ Ms. Effat Assad 21 7 Secretary General’s Report 22 8 Articles Ÿ Anti-money Laundering & Counter Financing of Terrorism 28 Ÿ Ijarah; Practical Issues and their solutions- Shariah Perspective 30 Ÿ Role of Central Bank in Supporting NBFCs for Growth & Progress of SMEs 35 Ÿ A snap-shot of Islamic Banking & Finance in Sri Lanka 39 Ÿ Takaful 42 9 Events and Activities Ÿ Launching Ceremony of Year Book 2014 46 Ÿ Best Performance Awards - 2014 47 Ÿ Fifth Annual General Meeting (AGM) 48 Ÿ MoU Signing Ceremony Between Pak Qatar General Takaful Ltd. & the Association 49 Ÿ Half Day Workshop On “Anti Money Laundering” 51 Ÿ Workshop on “Islamic Finance” For Directors & Senior Executives 52 Ÿ Interview on Business Plus TV Channel 53 Ÿ IBA – Centre for Excellence in Islamic Finance (CEIF) 53 Ÿ The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) 54 Ÿ Meeting with World Bank Group Mission 55 Ÿ SECP’s Three Days Conference On “Non-Bank Financial Sector & Capital Market 56 Ÿ Achievements of Members 57 Ÿ New Entrants in the NBFI & Modaraba Sector 59 10 Macro Perspective Ÿ Sectors Performance 62 Ÿ Statistical Overview 69 11 Top ten members 72 12 Members at a Glance Ÿ Financial Overview 76 Ÿ Comparative position of payout 77 Ÿ Market Capitalization 78 13 Company Profiles 80 14 Glossary 120 15 Members’ Directory 126 16 Advertisements 131
1 Year Book 2015 NBFI & Modaraba Association of Pakistan
Vision To serve as an effective platform for the members of NBFI and Modaraba sector, to facilitate the growth, profiling and competitive power of NBFI & Modaraba Association members through collective and coordinated efforts.
MISSION STATEMENT
To provide effective forum to address common and/or relevant issues, make available necessary support, facilitate to succeed through effective liaison, appropriate counselling, product innovation, research, capacity building and create conducive working environment based on trust, integrity and reliability.
2 Year Book 2015 NBFI & Modaraba Association of Pakistan
Our Values
Collaboration Integrity Fairness Excellence Responsiveness Core Objective
Ÿ To represent, profile and promote NBFI and Modaraba industry and protect the interest of Members. Ÿ To encourage Islamic trade and finance through Modaraba venture and provide innovative Shariah compliant financial solutions for further progress and growth of the Modaraba sector. Ÿ To maintain an active coordination and a relationship of trust with the regulatory authorities to achieve a consultative and supportive regulatory environment. Ÿ To support environment where members work together to solve common challenges by sharing ideas and helping & supporting each other. Ÿ To migrate best international practices and make information and analysis available on the profile and performance of individual members and the sector. Ÿ To broaden the base of association through induction of new members from different segments within the NBFIs sector. Ÿ To promote good governance, encourage performance based culture within members. Ÿ To enhance professional capacity of members through workshops, seminars and interactive sessions.
3 Year Book 2015 International & Regional Leasing Associations
INTERNATIONAL FINANCE & FELALEASE - FEDERACION LEASING ASSOCIATION LATINOAMERICANA DE LEASING Na Pankraci 310/60, 140 00 Praha 4, Rua Diogo Moreira, 132 8º andar conj. 806 São Czech Republic Paulo, Brazil Tel: +420 602231495 Tel: +55 11 3095 9100, Fax: +420 222 012 363 Fax +55 11 3095 9105 E-mail: [email protected] E-mail: [email protected] Website: www.ifla.com Website: www.felalease.org
ASIAN FINANCIAL SERVICES NBFI & MODARABA ASSOCIATION OF ASSOCIATION (AFSA) PAKISTAN EightyEight@Kasablanka, Tower A, 7th Floor, 602, Progressive Centre, 30-A, Block-6, PECHS, Unit D, JI. Casablanca Kavling 88, Shahrah-e-Faisal, Karachi-75400, Jakarta Selatan 12870, Pakistan Indonesia Tel: 92-21-34389774, 34322440 Tel: +62 21 2982 0180 Fax: 92-21-34389775 Fax: +62 21 2982 0191 E-mail: [email protected] E-mail: [email protected] Website: www.nbfi-modaraba.com.pk Website: www.afsaworld.org
LEASEUROPE, THE EUROPEAN FEDERATION OF LEASING COMPANY ASSOCIATIONS Boulevard Louis Schmidt 87, B - 1040 Brussels, Belgium Tel: +32 2 778 05 60 Fax: +32 2 778 05 78 E-mail: [email protected] Website: www.leaseurope.org 4 Year Book 2015 Association’s Secretariat
Muhammad Samiullah Secretary General
Mr. Muhammad Samiullah, Secretary General, holds a master degree in Economics, L.L.B, DAIBP, PGD in Islamic Finance & Banking having a vast experience of banking and financial sector. Prior to joining Modaraba Association of Pakistan in 2001, he was Company Secretary, First Habib Bank Modaraba. He also officiated as Chief Executive of First Habib Bank Modaraba for quite some time. He has been appointed as Chairman, FPCCI Standing Committee on NBFI & Modaraba for the year 2016. He was an active Member of FPCCI, Standing Committee for Islamic Banking & Takaful during the year 2015 and will continue the position for the year 2016 as well. He is also a Member of Arbitration Panel of Pakistan Stock Exchange Limited.
Registered Office 602, Progressive Centre, 30-A, Block-6, P.E.C.H.S., Shahrah-e-Faisal, Karachi-75400, Pakistan Phone: (92-21) 34389774, 34322440 Fax: (92-21) 34389775 E-mail: [email protected] Website: www.nbfi-modaraba.com.pk Auditors Baker Tilly Mehmood Idrees Qamar Chartered Accountants
Tax Advisor Shekha & Mufti Chartered Accountants Legal Advisor Mohsin Tayebaly & Co. Advocates & Legal Consultants Bankers BankIslami Pakistan Limited
5 Year Book 2015 6 Year Book 2015 Executive Committee Members
7 Year Book 2015 Executive Committee 2015-2016
Mr. Pasha posseses B.Sc. (Electrical Engineering) Degree from, Peshawar University. He is an Associate Member of the Institute of Engineers in Pakistan and holds Diploma in German Language.
He has served in the communication & work Department of KPK province as Assistant Executive Engineer from 1973-1981. In September 1981 he joined the Civil Services of Pakistan (Initially Income Tax group later renamed as Inland Revenue Service). Mr. Pasha served as Deputy Commissioner, Additional Commissioner & Commissioner in various branches of the service i.e. Audit, Enforcement, Legal, Tax Facilitation & Human Resource Development. In 2011 he retired in BS-21 after having served the Department for 30 years.
As Secretary International Taxes in the Federal Board of Revenue and Deputy Secretary, Economic Affairs Division, Ministry of Finance, Government of Pakistan, he actively interfaced with DFIs of Pakistan and their respective foreign investment agencies, besides various international multilateral financial institutions. Presently he is working as CEO of Pak-Gulf Leasing Company Limited
Mahfuz-ur-Rehman Pasha Chairman
Mr. Shuja Malik is an Accounting and Finance graduate from the University of East London. He has experience of over 17 years in banking, sales and marketing of agro chemicals, stock market trading, pharmaceuticals, etc. He had previously been on the boards of two public limited companies, namely Searle Pakistan Limited and United Brands Limited. Currently he is on the board of First UDL Modaraba.
Shuja Malik Senior Vice Chairman
Ms. Effat Assad is a Fellow Member of The Institute of Chartered Accountants of Pakistan. She joined the Finance Department of ORIX Leasing Pakistan Limited (OLP) in 1990 and served in various positions until 1999. Ms. Assad left the Company in April 1999 and was associated with the Institute of Chartered Accountants of Pakistan as a free lancer until September, 2005 when she rejoined OLP’s Finance Department. She assumed the charge of Company Secretary in September 2011.
Effat Assad Vice Chairperson
8 Year Book 2015 Executive Committee 2015-2016
Mr. Jalaluddin Ahmed holds degree in B.A. Economics Statistics and has over 30 years of experience in Commercial Banking and Islamic Financial Products. His Commercial Banking experience including 10 years of International exposure by serving United Bank Limited in various countries in the Middle East. Mr. Jalal is CEO of First Al-Noor Modaraba.
Jalaluddin Ahmed Member
Syed Wajih Hassan is Fellow of Chartered Accountant. He holds 20+ years of professional experience serving in MNC’s including leading Financial Institutions and IT companies at middle to senior level positions, before joining as CEO of First Paramount Modaraba. Having vast experience in the field of business and finance, Wajih has been instrumental in introducing new ventures to the Modaraba using Musharika and Modaraba modes of investments.
Syed Wajih Hassan Member
Mr. Shiraz Butt holds Master Degree in Business Administration and has an experience of over 15 years in the Modaraba / Leasing and Investment Banking Sectors. Currently he is working as Chief Operating Officer of First IBL Modaraba. Mr. Shiraz started his professional carrier back in 1996 with a leasing company, and in 1999 he moved to Modaraba sector.
He initially worked on corporate financing side and in 2005 he switched over Micro and Small Enterprise (MSE) financing division in a Modaraba for extending Ijarah / Lease / Musharakah / Murabahah facilities to lower income/poor communities in order to enhance/ improve their income stream in collaboration with Swiss Agency for Development and Cooperation (SDC).
Shiraz Butt Member
9 Year Book 2015 Executive Committee 2015-2016
Mrs. Hamida Aqeel is working as Chief Operating Officer / Company Secretary of Trust Modaraba is an MBA from Institute of Business Administration, Karachi, having over 15 years of experience of credit and corporate affairs. She also holds a Diploma in "Management for General Manager" from Netherlands. She has previously worked in Pak-Libya Holding Co. (Pvt) Ltd. and was on the Board of AI-Zamin Leasing Modaraba as their nominee till 1995. She has been with Al Zamin Modaraba Management (Pvt) Limited since year 2000.
Hamida Aqeel Member
Qazi Obaid Ullah is a MBA-Banking & Finance and CA Intermediate, having more than 24 years of experience of Finance and Accounts, Audit, Fund Management Corporate & Legal Affairs, Capital Market Operations, having a diversified experience of IT and Financial Sector. Presently he is working as CFO, First Equity Modaraba.
Qazi Obaid Ullah Ansari Member
Muhammad Siddique is working as CFO and Company Secretary of Standard Chartered Modaraba. He is an associate member of Institute of Chartered Accountants of Pakistan. He has over 14 years of experience in Audit, Finance, Company Sectretary and Treasury. Prior to joining SCM, he worked as CFO and Company Secretary of Standard Chartered Leasing Limited and Head of Finance Standard Chartered Bank (Pakistan) Limited – Islamic Banking Division.
Muhammad Siddique Member
Mr. Sajjad Haider Khan is Associate member of Cost & Management Accountants of Pakistan (ICMAP). He has vast experience in handling accounts and finance. He joined the Company in 1997. Presently he is serving to First Treet Manufacturing Modaraba as Chief Accountants.
Sajjad Haider Khan Member
10 Year Book 2015 Messages
11 Year Book 2015 Message
I am pleased to learn about the initiative taken by the NBFI & Modarabas Association of Pakistan for publishing its Year Book for the financial year 2014-2015 which represents a comprehensive collation and analysis of all Leasing Companies, Investment Banks and Modarabas operating in Pakistan.
Mr. Mohammad Ishaq Dar The NBFIs (non-bank financial institutions), whether conventionally Minister for Finance, operating, or on a Shariah-compliant basis, are meant to fulfil the Revenue, Economic Affairs, credit requirements and investment management needs, in Statistics and Privatization particular, of the individual entrepreneur and those of association of persons (AoPs), falling under the category of Small & Medium Enterprises (SMEs). Together, both constitute the primary level for capital formation, which gradually evolves into larger manufacturing and services providing enterprises, contributing to the overall development and growth of the country’s economy. There is still a great need for strengthening, expanding and promoting the NBFIs Sector in Pakistan and our Government is prepared to play her part in this matter, in consultation with NBFIs & Modarabas Association of Pakistan and the Securities & Exchange Commission of Pakistan (SECP).
Modaraba is an effective vehicle for undertaking an array of financial services for the benefit of business and industrial enterprises choosing to operate on Shariah-compliant basis. Modaraba Sector has great potential for expansion and our Government is fully cognizant of this sector’s immense utility in the years to come.
I wish the NBFI & Modarabas Association of Pakistan and all its Member Institutions every success in their respective business undertakings, while promising them my full support on behalf of our Government.
12 Year Book 2015 Message
The Year Book of the NBFI and Modaraba Association has been an important publication providing information for reviewing and assessing the performance of the sector on a regular basis. I congratulate the Association for launching the Year book for 2015.
Non-Banking Financial Institutions (NBFIs) have been an integral Mr. Zafar Ul Haq Hijazi part of the country’s regulated financial sector for the last more than Chairman, SECP two decades. However, these institutions have not been able to make the desired contribution to the overall financial system and the assets of these institutions account for around 6% of the banking sector assets only.
With the objective of nurturing Non-Bank Financial (NBF) Sector, the Securities and Exchange Commission of Pakistan (SECP) has revamped the entire regulatory framework.
The concept of small and mid-sized non-deposit taking Non-Banking Finance Companies (NBFCs) with significantly reduced equity and other requirements has been introduced. Contrary to the former regime, the companies not incorporated as NBFCs but fulfill the prescribed eligibility criteria may also obtain license for lending activities.
A new class of NBFCs i.e. Non-Bank Micro Finance Companies has been introduced along with a comprehensive framework for providing finance to low income individuals and micro enterprises. In order to regulate the non-bank micro finance institutions under NBFC regime, appropriate amendments have also been incorporated.
Considering the interest of depositors, the concept of Capital Adequacy Ratio (CAR) has been introduced and deposit raising ability of NBFCs has been linked with equity, credit rating and CAR along with introduction of various other risk management measures.
Instead of following a one-size-fits-all strategy, different eligibility criteria encompassing various aspects such as type of company, number of directors, rating requirements etc. have been prescribed in view of the unique and diversified characteristics of each business activity of NBFCs.
13 Year Book 2015 Although, leasing companies have shown 11% growth in their assets over the last year, however only one company out of nine leasing companies has distributed dividend in the year 2015. Despite the fact that Modaraba can undertake a wide range of business activities and also enjoy tax free status, only six Modarabas out of twenty five have distributed dividend above 10% for the financial year ended June 30, 2015.
The industry players must strive to explore relatively untapped markets such as SMEs and microfinance sector in order to generate better returns for their shareholders. There is a strong need for majority players of industry to assess their business operations’ viability in order to provide some reasonable return to their investors.
Modarabas through increased focus on product innovation and customer service, can play a vital role in promoting Islamic mode of financing which has an immense growth potential.
The role of the Association is commendable as it has always contributed positively and provided the support needed by the sectors in distressful times. However, the Association needs to be more vibrant and should lead the way by crystallizing the future road map for the industries it represents. The NBFI and Modaraba association has to critically review the performance of its members and shall help them in improving corporate governance, risk management and Shariah compliance by imparting regular trainings. Although support and facilitation from SECP shall always be available, nevertheless, we would expect the Association to make further efforts towards development of a vibrant and progressive financial sector of the country.
In the end, I wish to emphasize that SECP is fully committed to support the NBFI and Modaraba sector.
14 Year Book 2015 Message
I congratulate the members of NBFI & Modaraba Association of Pakistan for publishing their sixth Year Book for the year ended 30th June 2015. The sustained efforts of the Association to document the performance of NBFI & Modaraba sector is indeed commendable. I am confident that this will serve as a useful tool for information on NBFI & Modaraba sectors for all the stakeholders including potential Mian Muhammad Adrees investors, research analysts & others. President, FPCCI NBFI & Modaraba sectors which include Leasing Companies, Modarabas and Investment Banks, owing to their unique nature have immense potential to support the overall financial system of the country. The Modarabas have a great potential to grow through covering the untapped markets i.e. SMEs, Microfinance and Agriculture.
The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) is playing a very important role in the promotion of Islamic Banking in the business community. The federation has constituted a FPCCI Standing Committee on Islamic Banking and Takaful which is organizing workshops / seminars with the help of other chambers in the country to give awareness about the Islamic Products not only to the business community but general public as well.
FPCCI fully support NBFI & Modaraba Association of Pakistan and wish that the Association continues to play its due role in the growth of the Islamic Finance Industry in Pakistan.
15 Year Book 2015 Message
I am pleased to note that the NBFI & Modaraba Association of Pakistan is publishing its sixth year book - 2015. The year book has been a source of information for the stakeholders, investors and research analysts. Regular publication of the yearbook is creating general awareness about the activities of NBFIs and Modaraba Sector. Mr. Shahid Mahmood Registrar Modaraba, During the period 2014-15, 4 new companies were registered as SECP Modaraba companies under the Modaraba Ordinance, 1980. One modaraba company floated a Modaraba. The remaining 3 Modaraba Companies are expected to float Modarabas in near future. As per the financial statements of 25 operational Modarabas as of June 30, 2015, the aggregate equity of the Modaraba was Rs.15.89 billion and total assets of the Modaraba sector stood at Rs. 30.74 billion.
Out of 25 operational Modarabas, 21 modarabas declared cash dividend. However, a critical analysis of the financial figures for the year 2015 has revealed that except a few, dividend declared by the bigger chunk is not up to the mark. The meagre returns being offered by Modarabas cannot be considered competitive with the returns offered by similar players in the financial sector. All the modaraba companies need to review their performance and come up with new business plans and strategies to boost the business, profitability and returns of modarabas managed by them. I assure you that the SECP would facilitate the modaraba sector in this drive.
Modarabas have great potential to grow as the appetite for Islamic finance and products are increasing day-by-day. Modaraba sector needs to tap the opportunity by offering unique and diversified services and products to the customers. Securities and Exchange Commission of Pakistan is committed to provide every help in achieving this goal.
16 Year Book 2015 Messages - NBFI & MAP
17 Year Book 2015 Chairman’s Message
It gives me immense pleasure to present the 6th Year Book of the NBFI & Modaraba Association of Pakistan covering the performance, activities, analysis and other related data and information of not only the individual members of the Association, but also of the entire NBFI & Modaraba Sectors (excluding Mutual Funds), during the year ended 30th June, 2015. Mr. Mahfuz-ur-Rehman Pasha Chairman NBFI & Modaraba Association is presently a representative body for a total of 38 Member Institutions, comprising of 10 Leasing Companies, 25 Modarabas and 3 Investment Banks. The expected addition, as a member, of Awwal Modaraba, sponsored by Pak Brunei Investment Company Limited with a Paid-up Capital of Rs. One billion, following completion of post-floatation formalities, shall strengthen the Modaraba Sector’s position within the Association.
During the year under review, Securities & Exchange Commission of Pakistan has registered four Modaraba Management Companies under the Modaraba Ordinance, 1980, out of which one modaraba management company has floated its Modaraba, while the remaining three are expected to issue IPO’s in the near future. Despite low economic growth, the Modaraba Sector has positioned itself as a stable provider of a wide spectrum of Shariah compliant financial products for its customers and has continued to perform reasonably well. As per audited financial statements of 25 operational modarabas as on 30th June, 2015, the aggregate equity of all modarabas stood at Rs.15,897 million with total assets of Rs.30,739 million.
Likewise, the Leasing Sector consisting of 10 companies has also performed well by booking a total profit of Rs.655 million against total assets of Rs.40,624 million and total equity Rs.6,887 million.
In order to give a better environment to the Leasing & Modaraba Sectors, SECP took various measures such as amending the NBFC Regulations, 2008 and the NBFC Rules, 2003, besides issuing Draft Modaraba Regulations, 2015 for comments and professional input of the stakeholders.
18 Year Book 2015 In order for the Modarabas to be strictly Sharia-compliant, Insurance of assets has been switched from the conventional to the Takaful (Islamic) mode. The Association, following discussions on the subject with various Takaful companies, has finally entered into a MoU with Pak Qatar General Takaful Limited, under which the latter shall provide better and competitive rates to all members of the Association. This would encourage the members to promote Sharia-compliant insurance cover to assets financed by them on account of their clients.
The Association has also supported SECP in its Investor Education Program, under the brand name of “Jama Punji”. All member institutions have published advertisements for this brand in their respective annual reports for making the investors more aware of the products offered by NBFIs and Modarabas and of the inherent risks and rewards for making use of them. The Association is also contributing advertisements in the prominent newspapers, on behalf of the SECP, for making the latter’s print media campaign for this purpose.
NBFI & Modaraba Association is playing an important role in promoting the sectors it represents by enhancing its activities, with a view to making it an active and professionally vibrant representative body for its constituents. This proactive involvement of the Association for the benefit of its Member Institutions shall continue to be enlarged and expanded in the time to come.
On behalf of the NBFI & Modaraba Association, I thank Mr. Muhammad Ishaq Dar, Federal Minister for Finance, Mr. Zafarul Haq Hijazi, Chairman, SECP, Mr. Zafar Abdullah, Commissioner (SCD), SECP, Mr. Asif Jalal Bhatti, Executive Director, Mr. Shahid Naseem, Executive Director, Mr. Shahid Mahmood, Registrar Modaraba and other officials of SECP for their continued support and guidance.
I also express my gratitude to the members of NBFI & Modaraba Association and members of the Executive Committee for their confidence reposed in me for electing me as Chairman of the Association.
I also wish to place on record my appreciation of the consistent hard work undertaken by Mr. Muhammad Samiullah, Secretary General of the Association and the contribution of other staff, towards making the Association’s position, efforts and output more meaningful for our Members.
19 Year Book 2015 Message
It is a matter of immense pride that NBFI & Modaraba Association is publishing its Sixth Year Book. Over a period of time the year book has attained the status of a useful document which provides comprehensive details about the NBFI & Modaraba Sectors to its stakeholders, investors and analysts.
Mr. Shuja Malik Since 1980, when the Modaraba Ordinance was promulgated, the Senior Vice Chairman Modaraba Sector has witnessed ups and downs. The number of modarabas at one time, rose to 52 and thereafter, due to many factors have reduced to 25, however, the performance of the Sector is on an improving trend which is evident from the statistics. Moreover, the Modaraba sector over the years is now not limited to financial activities but a few have also entered into manufacturing and Trading as well.
During the year 2014-15 the modaraba sector booked a profit of Rs.1,353 million, whereas, the total assets were Rs.30,738 million and the total equity was Rs.15,894 million. The modarabas declared cash dividend to its certificate holders between the range of 0.90% to 90% and the payout was Rs.1,049 million.
The leading modarabas in terms of profit declared during the year were Allied Rental Modaraba Rs.403 million, First Habib Modaraba Rs.306 million, Standard Chartered Modaraba Rs.195 million, First UDL Modaraba Rs.150 million and Treet Manufacturing Modaraba Rs.136 million. The dividend declared by the modarabas are 90% by First Imrooz Modaraba, 45% by First UDL Modaraba, 33% by Standard Chartered Modaraba, 23% by First paramount modaraba, 22% by First Habib modaraba and 20% By Allied Rental Modaraba.
One of the milestones achieved by the Modaraba Sector is that Proper Shariah Guidelines for the sector are now in place and the activities are now monitored by a shariah advisor. Therefore, when making investment decisions, the investors are now more confident of the Modaraba sector regarding Shariah compliance. The association is also working very hard for the improvement in the shariah compliance and shariah audit mechanism and other aspects of shariah to strengthen the modarabas as a true Islamic sector.
I wish NBFI & Modaraba Association, every success in its endeavors.
20 Year Book 2015 Message
I would like to congratulate NBFI & Modaraba Association of Pakistan on bringing out its sixth year book for the year ended 30th June, 2015.
Leasing sector is an important segment of Pakistan’s financial sector which played a vital role in the development of SME Sector.
Ms. Effat Assad In Pakistan leasing started, as an organized sector, in the mid- Vice Chairperson eighties with the establishment of the first leasing company in 1984. Over the period the number of leasing companies in the Country rose to 41 until it was hit by liquidity crisis in 2008 – 2009. Non-availability of long-term funds and withdrawal of credit lines by the banks after the financial crisis of 2008-2009 resulted in closure / merger of a number of leasing companies. Over a decade, only one new leasing company has acquired the leasing license which has revived the overall market sentiments. At present, number of active leasing companies stands at 10.
The Securities & Exchange Commission of Pakistan amended NBFC Regulations, 2008 and NBFC Rules, 2003. According to new regulations, NBFCs have been segregated between deposit-taking and non-deposit taking entities. Minimum capital requirement for non-deposit taking entity is reduced drastically in order to encourage such companies. This is likely to facilitate new companies to enter into leasing business and encourage informal players to register as leasing companies.
Leasing Sector during the year under review has performed well and booked a profit of Rs.655 million as compared to a profit of Rs.585 million in the corresponding period. The Asset base of the leasing sector was Rs.40,624 million while the total equity was Rs.6,887 million. The payout to its shareholders was Rs.369 million. ORIX Leasing Pakistan Limited is the major player of the leasing sector whose assets alone were Rs.28,449 million and equity was Rs.3,548 million and profit of Rs.671 million.
I congratulate all the Chief Executives and concerned CFOs and their teams for providing the data enabling the Association to compile a valuable information. The General Secretary of the Association and his team also deserve appreciation for their effort to publish the Year Book for years so regularly.
21 Year Book 2015 Secretary General’s Report
The NBFI & Modaraba Association of Pakistan undertook following Mr. Muhammad Samiullah activities during the year ended 30th June, 2015: Secretary General LAUNCHING OF YEAR BOOK – 2014:
Launching of 5th Year Book of NBFI & Modaraba Association of Pakistan was held on 26th February, 2015 at Pearl Continental Hotel, Karachi. Mr. Fida Hussain Samoo, Commissioner (Insurance), SECP presided over the ceremony while Mr. Shahid Nasim, Executive Director and Mr. Tariq Soomro, Director, SECP also attended the ceremony. BEST PERFORMANCE AWARDS FOR 2014:
In order to acknowledge the performance, the Association every year gives Best Performance Awards to the outstanding performers of the NBFI & Modaraba Sectors.
Based on the results of 30th June, 2014, the following members were adjudged best performers for the year 2014 in accordance with the criteria approved by the Executive Committee:
1st Position - Allied Rental Modaraba
2nd Position - ORIX Leasing Pakistan Limited
3rd Position - First Habib Modaraba & Standard Chartered Modaraba (jointly) both the members acquired equal marks as such they were declared joint winners of third position. 5TH ANNUAL GENERAL MEETING:
Fifth Annual General Meeting of NBFI & Modaraba Association of Pakistan was held on 17th September, 2015 at the Conference Hall of
22 Year Book 2015 the Association. In the said meeting Annual Accounts of the Association for the period ended 30th June, 2015 were approved by the General Body and Auditors for the year 2015-16 were re-appointed. The Election Commission announced the results of the Office Bearers and Executive Committee Members for the year 2015- 16. The outgoing Chairman highlighted the performance of the NBFI & Modaraba Sector and activities of the Association during his tenure. The incoming Chairman appreciated the work done by the Executive Committee and assured that he will continue the pace of the work and make more efforts to complete some of the goals which could not be achieved during the last tenure such as Tax Refund of the Association etc. TAX REFUND OF THE ASSOCIATION:
Due to the persistent efforts of the Association, tax refund amounting to Rs.522,852 for the three years have been received by the Income Tax Authorities. Refund of Tax for the period 2014 and a portion of refund for other years could not be issued due to certain IT problems which were being faced by the Department however, the Department has assured that as soon as the problems are resolved balance refund would also be issued. The Association is following up the matter vigorously. INTERACTION WITH THE REGULATORS:
Ÿ Amendments in NBFC Regulations, 2008 & NBFC Rules, 2003:
Securities & Exchange Commission of Pakistan (SECP) issued Draft Amendments in NBFC Regulations, 2008 and Draft Amendments in NBFC Rules, 2003 and invited comments/input from all the stakeholders. The NBFI & Modaraba Association undertook an in-depth discussion with the members and after getting feedback from them, forwarded comprehensive recommendations to SECP. Thereafter, a delegation from the Association went to Islamabad for detailed discussion with the SECP Officials. Now the final amendments in the NBFC Regulations, 2008 & NBFC Rules, 2003 have been received from SECP.
Ÿ Amendments in Modaraba Regulations, 2015:
The Registrar Modaraba issued Draft Modaraba Regulations, 2015 and invited comments/input from the Association. The Association held various discussions with the members and after their concurrence finalized the recommendations to the Registrar Modaraba for consideration, which is still pending with the SECP.
Ÿ Companies Act, 2015
SECP issued Draft Companies Bill, 2015 wherein amendments and consolidation of law relating to Companies, Non-Banking Finance Companies for the purpose of regulation of the entire corporate sector and for protection of investors and creditors, promotion of investments and development of economy and other matters connected have been made. SECP also invited comments/input of the stakeholders on the above. TRAINING & WORKSHOPS:
Ÿ WORKSHOP ON ANTI-MONEY LAUNDERING
Half day Workshop on “Anti-Money Laundering, Counter Terrorist Financing & Sanctions” was organized on
23 Year Book 2015 16th June, 2015 at the Conference Hall of the Association. Ms. Farhat Ansari, Head of Legal, Compliance & HR, Standard Chartered Leasing Limited conducted the workshop. Employees from Leasing and Modaraba Sector attended the workshop.
Ÿ WORKSHOP ON ISLAMIC FINANCE FOR DIRECTORS & SENIOR EXECUTIVES
The Association organized a workshop on “Islamic Finance” for Directors and Senior Executives of the NBFI & Modaraba Sector on 19th November, 2015 at Pearl Continental Hotel, Karachi. The workshop was conducted by Mufti Irshad Ahmed Aijaz, Chairman, Shariah Board, Bank Islami Pakistan and Mufti Zeeshan Abdul Aziz, Shariah Advisor, Sindh Modaraba. The workshop was attended by a large number of Directors and Senior Executives particularly six directors from Sindh Modaraba attended the workshop.
Mr. Mahfuz-ur Rehman Pasha, Chairman, NBFI & Modaraba Association inaugurated the workshop and emphasized the importance of seminars and workshops in the development of Islamic financial industry in the country. On conclusion of the workshop participants were given certificates by Mr. Mahfuz-ur Rehman Pasha, Mr. Basheer A. Chowdry and Mr. Muhammad Shoaib Ibrahim.
Ÿ THREE DAYS CONFERENCE ON NON-BANKING FINANCE SECTOR & CAPITAL MARKET
Securities & Exchange Commission of Pakistan (SECP) in collaboration with USAID organized three days Conference on Non-Banking Finance Sector & Capital Market from 13th to 15th January, 2016 at Marriot Hotel, Karachi. There were eight sessions in the Conference which included two sessions on (i) Leasing Sector and (ii) Modaraba Sector.
In the first session the Speakers were Mr. Mahfuz-ur Rehman Pasha, Chairman, NBFI & Modaraba Association & CEO, Pak Gulf Leasing Limited, Mr. Teizoon Kisat, CEO, ORIX Leasing Pakistan Limited, Mrs. Arjumand A. Qazi, Group Head, Pak Brunei Investment Limited and Mr. Ravi Tessera, Chief Executive – LOLC Sri Lanka, while in the Panel discussion Mr. Basheer A. Chowdry was the Moderator and the Panel was comprised of Mr. Mahfuz-ur Rehman Pasha, Mr. Teizoon Kisat, Mrs. Arjumand A. Qazi and Mr. Ravi Tessera and Mr. Raja Hassanein Jawed, Provincial Chief, SMEDA, Punjab.
In the second session the Speakers were Mr. Saeed Ahmed, Deputy Governor, State Bank of Pakistan, Mr. Raheel Q. Ahmad, CEO, Standard Chartered Modaraba, Mr. Zamir Iqbal, Head – World Bank Global Islamic Finance Development Centre and Mr. Muhammad Tahir Mansoori. Member, Shariah Advisory Board, SECP and Mr. Zamir Iqbal was the Moderator while in the Panel discussion Mr. Saeed Ahmed, Mr. Raheel Q. Ahmad, Mr. Tahir Mansoori, Dr. Muhammad Imran Usmani and Mr. Khaleel Ahmed, CIO – Global Financial Institutions Group – IFC participated.
Both the sessions were very useful and informative and the participants discussed various aspects of the Leasing and Modaraba Sectors and recommended a number of suggestions for the improvement of both the sectors. MoU SIGNING CEREMONY:
NBFI & Modaraba Association of Pakistan signed an MoU with Pak Qatar General Takaful Limited on 30th September, 2015 to launch a powerful program for promoting Shariah Compliant Takaful Products for the members of the modarabas. Mian Muhammad Adrees, President, FPCCI the Chief Guest appreciated this joint
24 Year Book 2015 initiative and said that this is a significant event in the history of both the institutions and this collaboration is a big milestone for the promotion of Islamic financial system. Mr. Muhammad Shoaib Ibrahim, the then Chairman, NBFI & Modaraba Association and Mr. Javed Muslim, Chief Executive Officer, Pak Qatar General Takaful Limited addressed the participants. In conclusion Mr. Basheer A. Chowdry, CEO, Trust modaraba thanked the Chief Guest for sharing his thoughts with the participants. MEDIA PARTICIPATION:
Ÿ Business Recorder celebrated its golden Jubilee on 27th April, 2015. On this occasion, Business Recorder published a special supplement in which NBFI & Modaraba Association of Pakistan also participated and a half page advertisement was extended to them depicting names and logos of all the members of the Association.
Ÿ In order to give awareness to the general public about the Modaraba, an interview was arranged on Business Plus TV Channel in a program “Aap aur Karobar” in which Mr. Muhammad Shoaib Ibrahim, Chairman and Mr. Muhammad Samiullah, Secretary General participated. FLEET OPERATORS ASSOCIATION OF PAKISTAN:
During the year under review the NBFI & Modaraba Association of Pakistan continued to provide corporate services to the Fleet Operators Association of Pakistan and completed various tasks. The Association earned an amount of Rs.600,000/- during the year on account of rendering services to FOAP. FUTURE OUTLOOK:
In order to make the Association a fully active, vibrant and profit making entity, various measures have been planned during the year 2015-16. Moreover to give awareness and highlight the existence & importance of NBFI & Modaraba sectors in the financial industry of Pakistan interaction with various institutions such as FPCCI, IBA Centre of Excellence in Islamic Banking, Islamic Banks and Pakistan Stock Exchange Limited etc. have been enhanced. CONCLUSION:
In the month of October, 2015, the new Executive Committee took over the charge under the Chairmanship of Mr. Mahfuz-ur Rehman Pasha and took various measures to improve the working of the Association. I assure the Executive Committee that the Secretarial staff will extend its full support and facilitate all the members in all the aspects of NBFI & Modaraba Sector.
I wish NBFI & Modaraba Association, every success in its endeavors.
25 Year Book 2015 26 Year Book 2015 Articles
27 Year Book 2015 Anti-money Laundering & Counter Financing Of Terrorism
What scares a criminal most is that his criminal activities are discovered and the criminal proceeds that he has hard earned are confiscated by the authorities. Such rational fears have given rise to different techniques which are used by the criminals to a) disguise the criminal proceeds into legal money and b) getting rid of the incriminating evidences that can lead back to their crimes. For years, criminals have sought to launder dirty money, for example, by converting illicit money into gold, as gold can be melted and converted into different forms or through investments in art work.
But those were the days when laws did not reflect money laundering trends much and often criminal proceeds went undetected. In today’s age and era, globalization has lent a hand in both, combating money laundering and terrorist financing, as well as providing criminals with more opportunities, what with the reduced travel barriers and ability of wiring amounts to different jurisdictions.
But what is money laundering and how exactly do criminals achieve it? It is the process a criminal adopts to disguise the true origin of criminal proceeds, in anticipation of utilizing those proceeds for legal and illegal activities.
For starters, criminal, or someone hired by the criminal, invests the ill-gotten money into financial institutions and different businesses. Then the money is re-invested, moved through different jurisdictions, funnelled into off- shore accounts and bought-with luxury items; creating a complex trail of transactions to obscure the true origin of the criminal proceeds. Finally, the money is re-introduced into the financial system by means of normal or personal transactions. This gives off the perception of a legal source and so by this stage, it is increasingly difficult for law agencies to separate illegal money from legal source and indict criminals.
Here, the criminal and the person involved in managing the criminal proceeds, both are punishable under laws of many countries. Aiding, facilitating, commissioning and participating in money laundering are considered as offences of money laundering. Tipping-off the criminal of investigation, confiscation of criminal proceeds/property or of arrest is also included in the offenses. Though there still are many countries with high- levels of corruption that have not included such acts as money laundering offenses and deemed as punishable.
Criminalisation of money laundering serves to take the profit out of the crime, as money laundering encourages criminals and serves to stifle the economy and growth of legitimate businesses, leading to demoralization, corruption, organized crimes, bribery and terrorist funding.
However, Terrorist Financing (TF) does not need to be conducted using illicit money only. Whereas, funds used for money laundering are derived from criminal activities, terrorist financing may include funds from perfectly legitimate sources used to finance acts of terrorism. Unlike money laundering, terrorists seek to disguise the “purpose” of the funds rather than the source. They structure their transactions in such ways to avoid reporting and often use financial systems that offer secrecy and immediate access to funds. Terrorist organisations smartly disguise themselves behind entities such as NGOs, charities etc. The money collected for charities and such causes is used to fund terrorism instead.
Money Laundering and Terrorist Financing are both, global and national issues. At global level, an inter- governmental body, Financial Action Task Force (FATF) is present, with 36 members currently and two main objectives: To set standards & to promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing (TF) and other related threats to the integrity of the international financial system. Countries are encouraged to strengthen their AML/CFT laws, using FATF recommendations as guidelines. Countries with weak AML/CFT controls pose high risks to global economy and may become subject to sanctions.
28 Year Book 2015 Since money laundering can serve to destabilize the soundness of financial system and adversely impact the economy, many countries are taking steps toward strengthening their AML/CFT laws. Even though ML can be conducted using different mediums, but due to the high number of products provided by financial institutions, they are also the most vulnerable.
Since aiding criminals by providing financial services to them is a money laundering offence and one that can lead to heavy penalties, imprisonment of involved parties and reputational damage, it has become imperative for Financial Institutions (FIs) to form policies and procedures that can help prevent criminals from using their organization for siphoning criminal proceeds out of the country.
Strict Know Your Client (KYC) and Customer Due Diligence (CDD) procedures at institution’s level can help prevent from entering into business with criminal or sanctioned individuals/entities. Identification and verification of customer, business, source of income/funds/wealth, purpose of account opening or investment etc can help in knowing the client better. FIs should monitor clients’ account activity and should report suspicions to authorities with evidence. Failure to report suspicion in certain countries is also considered offense and can result in heavy penalties.
Pakistan is a member state of Asian Pacific Group on Money Laundering (APG), which is one of the observing associate members of FATF. Pakistan has been actively involved in mitigating AML / CFT risks being faced at national level. It established its Financial Intelligence Unit in December 2007. For prevention of ML and forfeiture of property derived from ML and other incidental matters, Government of Pakistan (GoP) enacted Anti Money Laundering Ordinance (AMLO) in 2007. After it lost its legal authority in 2009, Anti-Money Laundering Act (AMLA), 2010 was passed by the parliament as measure to provide for prevention of money laundering, financing of terrorism and forfeiture of property derived from, or involved in money laundering and financing of terrorism and for matters connected and incidental thereto.
From time to time Financial Monitoring Unit (FMU) issues AML Regulations, providing further guidelines to FIs on AML/CFT related issues and also format of reports that can be filed to FMU in case of suspicious transactions and activities. Recently, parliament has also passed Anti-Money Laundering Act (amendment) bill, 2015, in its attempt to strengthen Pakistan’s AML/CFT laws.
Countries all over the world are working toward combating money laundering and counter financing of terrorism, policies are being revised to reflect the latest trends and techniques being used by money launderers and terrorist financers. Though with each money laundering/terrorist financing case we lose the battle, but with our continuous endeavours at strengthening legal system, we can win the war against criminals.
This Article has been written by Ms. Farhat Ansari, Head of Legal Compliance & HR, Standard Chartered Leasing Company Ltd
29 Year Book 2015 Ijarah; Practical Issues and their solutions- Shariah Perspective
Ijarah Muntahiya Bit Tamlik is a product that has widely been used by Islamic Financial Institutions and Modarabas, about which much has been written so far and Shari’ah Scholars have extensively explained Shari’ah Principles of Ijarah Muntahiya Bit Tamlik thereupon. AAOIFI has a complete set of Standard dedicated to Shari’ah Rulings of Ijarah. These Principles and Shari’ah Rulings are not intended to discuss in this Article, rather it is my intention to discuss the practical issues being faced by most of the Islamic Financial Institutions and Modarabas in today’s dynamical environment of Islamic Finance Industry. In fact, I had an opportunity to work with an institution whose core business is Ijarah, where I experienced several practical forms of Ijarah with their distinct Process Flows, without applying the correct Process Flow, sometimes resulting a transaction impermissible/unlawful.
In the following paras, these issues are being discussed which are generally found in Ijarah:-
1. Direct Ijarah:
What I mean from Direct Ijarah is, an Islamic Financial Institution upon request of its client, purchases the required asset directly from supplier, upon purchase and physical possession thereof, leases out to the client. For example, a client requests an Islamic Financial Institution to purchase Honda City Car, Model 2015 and to lease him out, the Islamic Financial Institution issues a Purchase Order to Honda Atlas Cars (Pakistan) Limited and makes payment of the Car and after some period,the Car reaches the Showroom.
In this matter it is essential to understand that unless the car reaches the showroom, Ijarah Agreement can’t be executed, however; “Undertaking to take the asset on Ijarah” can be signed. Here, at this stage sometimes, Ijarah Agreement is signed alongwith Undertaking, whereas the Car is still under booking, therefore; it is evident that this contract is impermissible in the light of Shari’ah Principles, hence; this must be avoided. Ijarah transaction should only be processed upon physical delivery of Car by the Company.
In this matter, there is yet another drawback that comes up while paying for Registration Expenses and Takaful of the Car, which are as per Shari’ah Principles, the prime responsibility of the Car Owner who is in this case the Islamic Financial Institution.
In this situation, permissible way is the Islamic Financial Institution to pay for these charges by itself and may recover the same through lease installments in the light of Shari’ah Guidelines, but; sometimes it so happens that Islamic Financial Institution upheld its clients liable to pay Registration and Takaful Charges of the Car and doesn’t pay these charges at its end, nor include the same in lease installments which is impermissible as per Shari’ah Guidelines. Nevertheless, the right way is that Islamic Financial Institution to pay for these expenses from its sources directly or else through appointing the client as its Agent for the payment of these charges, however; such payments can be recovered by including in lease installments.
30 Year Book 2015 2. Car Ijarah thru Dealers’ Quota:
It has been a routine practice that Cars’ Manufacturers appoint Authorized Dealers of their cars in various cities for the convenience of general public who prefer to purchase cars ex-stock for ready delivery instead of booking with the manufacturer and wait. The manufacturing companies allocate quota to dealers per their capacity. Once the car has been delivered to the Authorized Dealers, now it’s their risk and responsibility in all respects being the owners of the cars. Now that any client requests an Islamic Financial Institution that he intends to take a car on Ijarah from Authorized Dealer’s quota, in this case the appropriate way is that the Islamic Financial Institution will purchase car from the Authorized Dealer, take the physical possession and then lease out to the client on Ijarah. In this kind of matter, usually there occurs a mistake that Islamic Financial Institution issues Purchase Order to the Car Manufacturing Company him whereas the Car already exists in the Dealer’s Showroom and Ijarah Transaction is executed with the customer directly without execution of sale agreement between Car Dealer and Islamic Financial Institution. According to Shari’ah Principles it is incorrect because in this situation Islamic Financial Institution leased out to its Customer the Car which is not owned by them, rather the Car is owned by the Authorized Dealer and Purchase Order has been issued to the Car Manufacturing Company.
The right way of doing transaction is to purchase from the Authorized Dealer whose property is the Car by execution of sale deed between Car dealer and Islamic Financial Institution, then after; Ijara agreement could be signed with the customer, not merely issuing Purchase Order to the Car Manufacturing Company for the permissibility of the Lease Contract.
3. Sale and Lease Back:
Sometimes, it so happen that Sale and Lease Back transaction is done on a vehicle or any Asset, which means the Islamic Financial Institution purchases the asset from a seller and leases back the same asset to him, in this case transaction is processed in the following two ways:
1. The asset is property of the Client from whom the Islamic Financial Institution purchases then leases out the same asset to its Client.
2. The asset is not a property of the Client rather he intends to purchase from the market/unauthorized dealer, in this situation, the Client is appointed as its agent as there being no authorized dealer from whom the Islamic Financial Institution could purchase the asset directly, therefore; the Client acting as the agent of Islamic Financial Institution purchases the asset and the Islamic Financial Institution pays the price to the Client who ultimately pays to the Supplier and subsequently, the asset is leased out to the Client.
There are some practical issues in the both above mentioned cases of the Sale and Lease Back Transaction. Insufficient knowledge of the transaction sometimes causes to making mistakes which are very critical and need to be rectified and their solutions are being discussed in the following paras:
a In the first kind of the Sale and Lease Back Transaction, it is essential that Sale and Lease must be separate in two contracts one after another.
Here, it happens sometimes that Lease Agreement is signed first by the Customer, then after Sale Transaction is completed, that means the Islamic Financial Institution has leased out an asset which is not in its ownership, in other words, Islamic Financial Institution has leased out an asset before having it in its ownership. The reason why this problem is faced that Sale and Lease Agreements are signed in the same meetings instead of separate meetings for each subject.
31 Year Book 2015 To overcome this problem it is necessary that Sale and Lease are contracted after one by one, Sale Contract should be executed first and then Ijarah (Lease Agreement) be executed in the second phase. It is recommended to execute these two contracts in two separate meetings with the gap of at least one day.
b According to Shari’ah Principles Sale does not held completed unless the Sale Contract is signed by both, Seller and Buyer. Therefore; in case Sale is thru written agreement and only one party has signed, it does not held a complete Sale until the other party signs too.
In first kind of Sale and Lease Back Transaction, it so happens sometimes that Sale and Lease Agreement both are given to the Client together for his signature whereas the Islamic Financial Institution has not yet signed any one of them, however; the Client first signed the Sale Agreement and then Lease Agreement, after signing by the Client, Islamic Financial Institution first signs Sale Agreement then Lease Agreement. It is evident that in this situation the Client has signed Lease Agreement prior to completion of Sale Agreement which is absolutely wrong in the light of Shari’ah Rulings. Therefore; appropriate way is both the parties first complete the Sale Agreement then proceed to Lease Agreement.
Keeping in view the above theoretical situation, there are some practical issues which need to be addressed as well. Often, it happens that the Islamic Financial Institution and Client are not located in the same place, in this case; if Sale Agreement is signed first by both the parties, then the official of the Islamic Financial Institution will have to go to the Client once again for getting his signature on Ijarah Agreement which may be difficult practically. Although we prefer that there should be a gap of one day in signing Sale and Ijarah Agreements means one day Sale Agreement is signed and the other day Lease Agreement is signed which is as per the spirit of Shari’ah Principles but where it is really difficult to overcome this issue, in this case; when Sale and Lease Agreements are given to the Client then the Islamic Financial Institution would sign the Sale Agreement first and handover both the agreements to the Client advising him to first sign the Sale Agreement then the Lease Agreement to fulfill the Shari’ah requirement in true sense.
c There is yet another issue which needs to be described here necessarily that sometimes officials of the Islamic Financial Institutions don’t reach to the Customer’s place for signing the Agreements, instead, dispatch the same to him by post or TCS. In this case, there are doubtless possibilities that the Customer signs Lease Agreement first and then the Sale Agreement. Evidently, it is not correct according to the Shari’ah Principles. In such a situation, it is mandatory to advise the Customer either by telephone or by an email to follow the Shari’ah Principles by signing first the Sale Agreement and then Lease Agreement. Further, it is mandatory for the Islamic Financial Institution to sign the Sale Agreement before sending both the Agreements to the Client as described earlier.
Some Issues related to 2nd kind of Sale and Lease Back:
In this situation, the asset is not a property of the Client rather he intends to purchase from the market. Since the Supplier of the asset is not an Authorized Dealer, therefore; the Islamic Financial Institution can’t purchase the asset from the suppliers directly. In this situation, usually the Client is appointed as the Agent and he purchases the asset from the Supplier on behalf of the Islamic Financial Institution and thereafter, such asset is given to the Client on Ijarah. In this case, price of the Leased asset can’t be paid directly to Supplier, therefore; the Islamic Financial Institution pays the amount to the Client who ultimately pays to the Supplier.
32 Year Book 2015 In this kind of Sale and Lease, yet there are certain issues being faced by the Islamic Financial Institutions which are elaborated hereinbelow:-
1. Sometimes the Client had purchased asset but full price of the asset has not been paid instead only token money has been paid. Since the Client doesn’t have the balance amount to be paid to the Supplier, he approaches the Islamic Financial Institution for leasing the same. In this case the Client is the owner of the asset but he doesn’t have the physical possession, therefore; it is un-Islamic for the Islamic Financial Institution to purchase such asset from the Client and lease out to him because he (client) does not has its physical possession due to non-payment of full price to supplier. Further, Islamic Financial Institution can’t purchase that asset from an Unauthorized Dealer because the asset is not owned by him, in fact, it is owned by the Client.
In this case, Ijarah is only possible when:-
a The Customer cancels his previous deal,
b Thereafter, Islamic Financial Institution appoints its Client as Agent to purchase that asset from the Supplier,
c After purchasing the asset, Lease Agreement can be signed with the Client.
In case the deal is not cancelled as explained above, then it will become un-Islamic, therefore; it is the responsibility of the Islamic Financial Institution to ensure while dealing with an Unauthorized Dealer that the Client has not concluded deal of the asset with Unauthorized Dealer and in case if the Client has done so that must be cancelled before proceeding to Agency, Sale and Lease as described in above paras.
2. In some cases it happens that the Islamic Financial Institutions appoint its Clients as their agents to purchase assets from the Unauthorized Dealers whereas the asset is lying ex-stock and is ready or in finished form, the Customer issues a Purchase Order instead signing the Sale Agreement with the Unauthorized Dealer then after, Islamic Financial Institution signs Ijarah with its Customer. Here, it must be remembered that this transaction is impermissible because the property is not owned by Islamic financial Institution and the basic principle behind this is the Purchase Order simply is an order for supply of asset and Sale Agreement can only be completed upon having the physical possession of the asset or by execution sale agreement (offer and acceptance), therefore; in this situation Ijarah Contract prior to having physical possession of the asset is incorrect as per Shari’ah Principles. As for solution, the Client should not only issue the Purchase Order but also executes the Sale Agreement with the Supplier, after signing the Sale Agreement, the asset will become the property of the Islamic Financial Institution. Thereafter, the Islamic Financial Institution is at liberty to sign the Lease Agreement with its customer.
4. General Issues:
Now hereunder, following issues are described which are being generally faced in Ijarah Transaction:-
1. As per Shari’ah Ruling under Ijarah, the Islamic Financial Institution is responsible for loss of asset related to ownership. To cover themselves from such losses, the Islamic Financial Institutions opt for Takaful, hence; in case of any loss, Takaful Companies reimburse the amount of loss but Takaful Companies don’t bear the amount of depreciation on that asset e.g. a car was on lease with a customer, in an accident the door of the car was severally damaged, whereas cost of the door is
33 Year Book 2015 approx. Rs. 50,000/- while against the claim, Takaful Company will reimburse Rs. 40,000/- considering the depreciation factor. In this case who will be responsible for the balance Rs. 10,000/- ? In case of Ijarah this becomes the responsibility of the Islamic Financial Institution subject to such loss is occurred not due to negligence of the Customer. Most of times the Islamic Financial Institutions didn’t pay such claims even on demand of the Customers which is against the Shari’ah Principles. Therefore; in such matters, Islamic Financial Institutions should bear these kinds of losses to fulfill their Shari’ah Obligations.
2. In Ijarah, asset is the property of the Islamic Financial Institutions but they opt for general insurance instead Takaful, this is against Shari’ah in the situations where the facility of Takaful is available. Keeping in view the prevailing situation, most of the Insurance Companies have also started Takaful windows, therefore; it has become so easy to avail Takaful facility for the coverage of the assets, hence; it is mandatory for the Islamic Financial Institutions to adopt Takaful instead of general insurance, particularly for Modarabas whose value of the assets is not high in volume that Takaful or Window Takaful Companies can’t cover.
3. Registration charges of cars are responsibility of the Islamic Financial Institutions, likewise; Takaful Contribution is also responsibility of the Islamic Financial Institutions, however; it is permissible to include these expenses in the Lease Rentals.
Sometimes the Islamic Financial Institutions appoint their Client as their agents to pay registration and Takaful charges who pays off on their behalf and the Islamic Financial Institutions don’t bear this burden. As per Shari’ah Principles, it is wrong, such expenses are the responsibility of the Islamic Financial Institutions even in case the Islamic Financial Institutions have appointed their Client and the Client has paid off such expenses then it is responsibility of the Islamic Financial Institutions to reimburse these expenses to the Client. There is yet another possibility that the Client pays off for these expenses and deduct the same amount from Lease Rentals.
According to the ruling of the SECP, it is mandatory to appoint Shari’ah Advisor at the Islamic Financial Institutions and Modaraba Companies and Al Hamdo Lillah, Shari’ah Advisors are now working at all Mudaraha Companies, therefore; it is compulsory for all Islamic Financial Institutions to abide by their Shari’ah Advisors’ guidelines while doing transactions and by way of this, Islamic Financial Institutions will safeguard them of doing anything un-Islamic.
Mufti Ibrahim Essa December 05, 2015
This article has been written by mufti Ibrabim Essa, Shariah Advisor
34 Year Book 2015 Role of Central Bank in Supporting NBFCs for Growth & Progress of SMEs
Demographic Dividend
The ‘demographic transition’ in Pakistan, which may lead to high fertility rates; longer spans of life due to decreasing mortality rates; increasing urbanization; and lower utilization of labor in agrarian activities, is at a nascent stage: yet too far from a position to distribute any demographic dividend to the National Income. But we can see around us changes in our demographic complexion, which if duly harnessed, could reduce the usual transition period from 5 decades to a lesser period.
We have a huge population of around 189 million, growing at the rate of 1.64% per annum; the Median Age is at 23.2 years; average life span has grown to around 67.73 years, and the high fertility rate of 3.22 has given rise to one of the highest number of potential work force (39%), which is aged between 15 to 39 years. Not only is there an increased inflow of population to the cities, with the Urban Population standing at 38%, but rural areas are continuously getting urbanized at a fast pace due to advancement, among other things, in electronic communication.
Contribution of Small & Medium Enterprises (SMEs) to National Economy
According to SMEDA’s assessment, 80% of Pakistan’s non-agricultural workforce is employed with Small & Medium Enterprises (SMEs), which constitute 90% of all the enterprises of the country contributing 40% to the country’s GDP.
Most SMEs in Pakistan are carrying out the very important job of being the Vendor Industry for most Large Scale Manufacturing entities (LSMs). The continuing escalation in the sale of Motor Vehicles, for instance, would not be possible without the support of a huge number of SMEs producing smaller automobile parts and accessories. Same is true for electronic and electrical vendor industry servicing the needs of so many varieties of locally manufactured and finished consumer products, such as televisions, refrigerators, air conditioners, fans, washing machines, generators and motorized pumps of various specification, not to mention the active contribution of such vendors in heavier mechanical products, some of which are also used by the Defense Production Industry. Construction, transportation and real estate development industries also benefit from services provided by SMEs.
Fulfilling Funding Requirements of SMEs
The foregoing preamble is necessary to highlight the importance of the non-traditional borrowers comprising mainly of SMEs, which tend to remain disenfranchised from the usual credit facilities offered by Commercial Banks and Development Financial Institutions (DFIs) falling under the regulatory umbrella of the State Bank of Pakistan (Central Bank).
All of us are aware of the reluctance of Banks & DFIs in Pakistan to undertake high credit risk and the cost of administration thereof, when interest arbitrage options are available by channeling funds in gilt-edged securities. The fringe borrowers, chiefly the SMEs, are therefore left to approach Non-Banking Finance Companies (NBFCs) including Modarabas, which are more inclined, if only for the sake of their own survival, to find ways of fulfilling the credit needs of such SMEs.
Securities & Exchange Commission of Pakistan (SECP) versus State Bank of Pakistan (SBP)
The Securities & Exchange Commission of Pakistan (SECP), not differently from SEC’s role in the U.S., ensures administration of Laws governing NBFCs, albeit those primarily associated with the Securities
35 Year Book 2015 Market. In contradiction, however, to the extensive and all-inclusive role assumed by the Federal Reserve Board of the U.S. in ensuring the financial viability and liquidity profile not only of Commercial Banks, but also the Shadow Banking System (including NBFCs), the State Bank of Pakistan (SBP) has chosen since the end of year 2002 , not to have anything to do with the aforesaid key issues relating to NBFCs. SBP has left the entire regulatory control of NBFCs to SECP, without the latter having the fiduciary wherewithal to monetarily manage, support or bail out NBFCs in financial distress.
Adverse Impact on NBFCs Arising from Delinking with SBP
Most NBFCs, excluding those carrying out Securities Operations, are quasi-banking institutions, in as much as they are required to channelize their Financial Resources (Equity+ Certificates of Deposits+ Bank Borrowings) into Lending Operations in the form usually of Medium Term commitments. Consequently, their core assets comprise of term financing, requiring prudential credit risk management. Funding by NBFCs, for such operations is arranged by leveraging their Equity by creating a liabilities portfolio comprising of funds borrowed from the Public and/or other Financial Institutions. The quality of their fund management determines their ability to keep their cost of funds low and ensuring that there are no mismatches between the funds advanced and borrowed and that any surplus between the sources/uses remains profitably and securely invested. More importantly, such NBFCs must ensure that there are no hiccups in recovery of their advances from their borrowers on due dates.
A Central Bank has the wherewithal, by the very nature of its regulatory experience and access to both macro as well as micro aspects of the Economy of the country, to ensure that all the foregoing norms are duly fulfilled and wholeheartedly complied with, in the prescribed manner, by the NBFCs. Backing of a Central Bank is also important to provide security and psychological comfort to investors and lenders of any NBFC. The presence of a Lender of Last Resort, access to the Central Bank’s Discount Window and, if available, the fall back on a Depositors’ Insurance Fund, all taken together, ensure liquidity and competent risk management for NBFCs. Hence, despite their limited scope of activities, NBFCs attain the ability to enjoy a respectable place among Financial Intermediaries, including Commercial Banks and DFIs, enabling them, as a result, to also become an active participant in the Inter-bank Money Market operations.
When the entire regulatory control of NBFCs was transferred in late 2002, by SBP to SECP, it was perhaps inadvertently overlooked that SECP would have no fiduciary powers, as opposed to SBP. Moreover, an administrative control alone by the SECP would not, like the SBP, have the capacity to devise policies for NBFCs, based on fiscal management comprising of money supply, credit expansion, interest rates and sector-wise distribution of NBFCs collective credit portfolio.
Law Makers also failed to perceive that NBFCs, under SECP’s sole Regulatory umbrella, would be deprived of the multifarious and lucrative Refinancing and Long Term Specialized Financing Schemes offered by SBP (including those reserved for SMEs, in particular), to only those Banks and Financial Institutions which functioned under SBP’s direct regulatory control.
Competition from Commercial Banks
A rather unexpected phenomenon, resulting from withdrawal of SBP’s control over NBFCs, was the sudden increase in the propensity of commercial banks to offer those very services, which had hitherto been the domain exclusively of NBFCs. Not that commercial banks were previously debarred from carrying out “NBFCs-specific” functions. However, they were earlier reluctant to get into the field as they did not possess the professionally competent Human Resource to manage those functions. They had been eyeing the feasibility of undertaking transactions carried out by the NBFCs, in the backdrop of the significant growth of NBFCs from 1985 to 2002, but were shy of taking a plunge in the field. With the SBP having withdrawn as a Regulator of NBFCs, at the end of 2002, an immediate decline was witnessed in the growth and profitability
36 Year Book 2015 of NBFCs. As a consequence thereof, adequate Human Resource from NBFCs was willing to switch sides by joining commercial banks to contribute in terms of its expertise in enabling banks to competently carry out NBFCs-specific functions.
Banks already had sufficient supply of low cost liquidity available for diversification into high yielding transactions, which NBFCs were exclusively assigned and accustomed to undertake. With the availability of former NBFCs employees guaranteed, they availed of the opportunity by sponsoring their own subsidiaries and/or by creating specialized intra-institutional Divisions, for initiating NBFCs functions within the banks. Consequently, banks were able to undercut NBFCs on Interest Rates, besides withdrawing credit lines which they were earlier prepared to offer to NBFCs.
Devoid of Bank Borrowings at reasonable terms and unable to compete with Banks on cost of funds, besides the additional facilities and services offered by the banks to their erstwhile customers, NBFCs began to lose both their qualified and experienced HR, as well as established clients, both the parties getting better terms. As a result, the decline and fall of NBFCs set in and the process could never be reversed. The result is reflected in the diminishing number of operational Discount Houses, Housing Finance Companies, Venture Capital Finance Companies, Investment Banks, Leasing Companies and Modarabas as per the following Chart : Type of Institution No as on 30-06-2000 No as on 31-12- 2002 No as on 31-12- 2013
Investment Banks 16 14 07 Leasing Companies 33 25 08 Modarabas 46 40 23 Housing Finance Cos. 04 04 Nil Discount Houses 04 04 Nil Venture Capital Cos. 02 04 Nil
Central Bank’s Function as a Liquidity Provider & Lender of Last Resort
Any Central Bank is privy to a whole lot of information about the financial markets, as a matter of policy and privilege, which enables it to preempt and rectify aberrations arising in those markets as a result of illiquidity and credit demands, in addition to undue risk undertaken by individual financial institutions leading to wholesale delinquencies. Under such circumstances, a Central Bank does not differentiate between Banks and the Shadow Banking System, including NBFCs.
From mid-2007 until early 2009, central banks extended the equivalent of about US$4 trillion in liquidity support to banks and non-banks. In particular, the loan to Bear Stearns was the first time the Federal Reserve had used its authority to lend to non-banks since the 1930’s.
Conclusion
The NBF Sector Reform Committee of SECP did acknowledge (and indeed recommended) for SBP to reassume its fiduciary disciplining powers over at least all “Deposit Taking” NBFCs, with only the administrative control, relating to the underlying legislation, remaining with SECP. However, this proposition failed to make a comeback when the Amended Non-Banking Entities Regulations 2008 were recently notified.
37 Year Book 2015 The only recipe for the revival of NBFCs in Pakistan is for the SBP to re-assume its Lender of Last Resort (LOLR) position, if not the full Regulator’s role, for the entire NBFCs Sector. While doing so, SBP must undertake an intensive exercise to independently assess the underlying difficulties faced by the Sector, with regard to protecting the interest of all concerned stakeholders. SECP may continue with the Corporate Affairs and Administrative Compliance issues relating to NBFCs. Once the NBFCs regain their protective umbrella from the SBP, all issues relating to Liquidity and Credit Risk Management would automatically be resolved and the NBFCs Sector would be in a position to contribute to the growth and wellbeing of the SMEs, which by some estimates represent an Asset Base of around US$ 65 billion and have an immense capacity of creating job opportunities for millions of unemployed Pakistanis, besides adding to Tax Revenue for the National Exchequer.
The writer Mr. Khalil Anwer Hassan is an Investment & Commercial Banker with an International experience in the fields extending over 50 years. He is presently employed as Chief Manager with Pak-Gulf Leasing Company Limited (PGL), Karachi, Pakistan
38 Year Book 2015 A snap-shot of Islamic Banking & Finance in Sri Lanka
Sri Lanka is a multi-ethnic island-nation with a population estimate of 21 million, of which composite comprises of a majority of 70.2% Buddhists and other minorities of 12.6% Hindus, 6.1% of Roman Catholics, 9.7% Muslims and 1.4% of other religions. The origin of the Muslim community comprises domiciled traders of Moors of Arab origin, Malays from South-east Asian descent and of Indian origin Tamil Muslims, Memons, Bohras and Khojas (www.statistics.gov.lk, 2012).
Islamic Finance (IF) practice in Sri Lanka dates back to the origins of the Muslims in Sri Lanka and stems through informal sources, where fellow tradesmen transacted within a closed group to facilitate basic financial needs for routine trade & commerce within the business community. To date, this informal practice exists in the common market-place.
Muslims that make an approximate 10% of the Sri Lankan population and that is believed to contribute an estimated 15% to the GDP is significant. With this status, the demand for Islamic Financial Services (IFS) was evident, where there was a vacuum to be filled, both to facilitate and accommodate the entirety of this community to the banking & finance sector. Deliberations of business leaders and religious scholars over 20 years ago, focused on this growing need of the 2 million Muslims, paved way for the formalization of IFS in Sri Lanka.
As per the Sri Lanka Islamic Finance Country Report (2011), in an attempt to formalize the practice of IFS in the Sri Lankan banking & finance industry, with the influence and deliberations of industry practitioners and stakeholders collective lobbying, the Banking Act No. 30 of 1988 was amended in 2005 to permit licensed commercial banks (LCB) and licensed specialized banks (LSB) to offer deposit instruments under Islamic finance precepts. Further, the Central Bank of Sri Lanka (CBSL) also made proposals to the Finance Companies act no. 78 of 1988 for Non-Bank Financial Institutes (NBFI) to enter the foray of deposit instruments based on Islamic Finance methodology.
Key legislative amendments on the Revised Banking (Amendment) Act No.2 of 2005 permits LCB’s and Specialized banks to offer Islamic financial instruments provided on schedule II and IV of the Banking Act that allows banks to participate in IFS concepts such as Mudharabah, Murabahah, Musharakah and Ijarah etc. According to the Sri Lanka Islamic Finance Country Report (2011), the two legislative amendments are;
1.“Acceptance of a sum of money in any manner or form from any person for a fixed period of time for investment in a business venture of the bank on the basis that profits or losses of the venture will be shared with the person from whom such money is accepted in a manner determined at the time the money is accepted” and
2.“The purchase of goods, to be sold immediately upon purchase to a buyer on deferred payment terms provided that the goods and their suppliers are specified by such buyer and the price at which such goods are sold to the buyer and the deferred payment terms are determined at the time the bank agrees with the buyer to purchase the said goods for sale to the buyer”.
Financial services sector comprises of 22 LCB’s, 14 LSB’s, 36 registered NBFIs and 18 Insurance companies with a gamut of other stakeholders and ancillary service providers of IFS in the country. To cater to the demands of offering IFS by majority, regulators and authorities such as the Ministry of Finance, Inland Revenue & Tax policy makers, The Insurance Board of Sri Lanka, The Securities & Exchange Commission, Chartered Accountants of Sri Lanka on International Financial Reporting Standards (IFRS) by issuing Sri Lanka Financial Reporting Standards (SLFRS) and Sri Lanka Accounting Standards (SLAS) and also the Legal system enacted statutes and are keenly accommodating proposals related to commercial areas of banking, finance leasing, exchange control, bills of exchange, treasury bills & bonds insurance, consumer credit & protection, sale of goods, partnerships & company law to welcome IFS to its foray. The deliberations and recommendations by these
39 Year Book 2015 bodies to take required measures to promote & create a level playing field for Islamic Financial Instruments as against Conventional Financial Instruments are encouraging (Sri Lanka Islamic Finance Country Report, 2011 ; INSTITUTIONS AUTHORISED TO ACCEPT DEPOSITS FROM THE PUBLIC, 2006).
Limited & closed sources of funding and matters arising relating to specific regulation, accounting standards, taxation & legal framework are hurdles that the IFS industry practitioners are collectively lobbying to overcome with standard-setting bodies at present.
The practitioners formed an Islamic Finance Focus Group (IFFG) comprising Islamic finance industry experts and interest groups under the guidance of KPMG of Sri Lanka several years ago. This focus group continued to play a pivotal role in the development of new tax legislation and regulations in Sri Lanka to facilitate Shari’ah based financing. The inauguration of the Association of Alternate Financial Institutions (AAFI) in 29th October 2015 is an outcome of this deliberation. The main objective of AAFI is to lobby the regulatory bodies to permit alternate financing with Shari’ah precepts and compete on a level playing field with conventional financial services.
A listing of IFS industry practitioners & stakeholders are as follows; Name Status Islamic Financial Services Amana Bank Ltd. Private Commercial Bank Islamic Bank Bank Of Ceylon State Commercial Bank Islamic Banking Window - An Noor Commercial Bank PLC Listed Commercial Bank Islamic Banking Window - Al Adalah Hatton National Bank PLC Listed Commercial Bank Islamic Banking Window - Al Najah MCB Bank Foreign Commercial Bank Islamic Banking Window - Al Makhraj LOLC Finance PLC Non-Bank Financial Inst. Islamic Banking Window - Al Falaah LB Finance PLC Non-Bank Financial Inst. Islamic Banking Window - Al Salamah Peoples Leasing PLC Non-Bank Financial Inst. Islamic Banking Window - Al Safa CDB Finance PLC Non-Bank Financial Inst. Islamic Banking Window - Meezan Muslim Aid Micro Credit Guarantee Ltd. Micro Finance Islamic Micro Finance Amana Takaful PLC (LIFE) Insurance Company Islamic Insurance (Life Takaful) Amana Takaful PLC (General) Insurance Company Islamic Insurance (General Takaful) HNB Assurance PLC (General) Insurance Company Islamic Insurance (General Takaful) LOLC Insurance PLC (General) Insurance Company Islamic Insurance (General Takaful) ADL Capital Pvt. Ltd. Financial Advisory Islamic Finance Consultants Amana Global Ltd. Financial Advisory Islamic Capital Markets Amana Asset Mgt. Ltd. Financial Advisory Islamic Capital Markets Comtrust Asset Mgt. Ltd. Financial Advisory Islamic Capital Markets KPMG F, R, T & Co. Financial Advisory Islamic Fin. Advisory & Tax Consultants Ernst & Young Financial Advisory Islamic Fin. Advisory & Tax Consultants RAM Ratings (Lanka) Ltd. Rating Agency Islamic Financial Rating Research Intelligence Unit Research Agency Islamic Finance Research First Global Academy Educational Services Islamic Finance Training Institute of Bankers of SL Educational Services Islamic Finance Training Institute of Business Studies Educational Services Islamic Finance Training UTO Educonsult Pvt. Ltd. Educational Services Islamic Finance Training Zailan Educonsultants Educational Services Islamic Finance Training Cosmopolitan College of B&T Educational Services Islamic Finance Training (Source: Azharseylan.wordpress.com, 2014 ; Respective Company websites)
40 Year Book 2015 A listing of Top IFS providers and its estimated market share are as follows; Instituition Market Share Assets Portfolio Liabilities Portfolio (Assets/Rs.Mn) (Rs.Mn) (Rs.Mn)
Amana Bank 49.23% 25,600 30,100 LOLC Finance PLC 13.74% 7,147 5,259 People’s Leasing 11.35% 5,900 2,000 Hatton Nat. Bank 7.50% 3,900 4,100 Muslim Com. Bank 5.04% 2,620 3,450 Commercial Bank 4.04% 2,100 2,000 LB Finance 2.92% 1,520 180 Arpico Finance 2.11% 1,100 100 Bank Of Ceylon 1.61% 840 1,900 Nat. Dev. Bank 1.35% 700 150 Richard Pieris 0.30% 158 0 Others including Capital Markets (Approx.) 0.81% 415 2,761
(Source: Information from available market sources as at 31.03.2015.)
References
Azharseylan.wordpress.com, (2014). Islamic Finance Directory Sri Lanka | Islamic Finance in Sri Lanka. [online] Available at: https://azharseylan.wordpress.com/category/islamic-finance-directory-sri-lanka/ [Accessed 10 Feb. 2015].
INSTITUTIONS AUTHORISED TO ACCEPT DEPOSITS FROM THE PUBLIC. (2006). Pamphlet series 5. Colombo: Central Bank Of Sri Lanka. Available at: http://www.cbsl.gov.lk/pics_n_docs/10_pub/_docs/pa/pamphlet/pl_5.pdf [Accessed 10 Feb. 2015].
Sri Lanka Islamic Finance Country Report. (2011). 1st ed. [ebook] Colombo: KPMG Ford, Rhodes, Thornton & Co., Sri Lanka. Available at: https://www.kpmg.com/LK/en/Documents/SriLankaIslamicFinanceCountryReport.pdf [Accessed 10 Feb. 2015]. www.statistics.gov.lk, (2012). Population by religion according to districts, 2012. [online] Available at: http://www.statistics.gov.lk/PopHouSat/CPH2011/Pages/Activities/Reports/cph2011Pub/pop43.pdf [Accessed 10 Feb. 2015].
Æ By Shiraz Refai MBA(UK), MCMI(UK), MABE(UK) Asst. General Manager - Al-Falaah, Islamic Business Unit, LOLC Finance PLC. No: 100/1, Sri Jayawardenapura Mawatha, Rajagiriya, Sri Lanka. Dir: +94 11 5 880867 Mob: +94 77 3 476565 Fax: +94 11 2 861616 E-mail: [email protected] Web: www.lankaorix.com
41 Year Book 2015 Takaful
The year 2015 has been marked as another year of growth of Takaful in the world. In Pakistan, introduction of window Takaful has also resulted in the increased reach of Takaful in consumer and corporate markets. But despite major initiatives taken by stakeholders, there is still need of more efforts to promote awareness about Takaful in the market. There are plenty of questions that come to mind when we consider Takaful as an alternative to conventional insurance. The question is.
How is it different from conventional insurance?
Before we start to explore the different complexities of Takaful, it will be prudent to first understand what Takaful means and how it works. Takaful is a community pooling system whereby individuals in the community jointly mitigate their risk against loss or damage by sharing a small portion of their incomes or savings. For example, individuals can make contributions to a common fund from which they may each draw in the event that they suffer loss to their assets or lives. Takaful is free from the three factors of conventional insurance that deem it un-islamic. These are Al-Gharar (uncertainty), Al-Maisir (gambling) and Riba (usury). Most importantly Takaful is a contract of risk sharing instead of the risk sale or risk transfer contract which is used in insurance.
In terms of how it works, on the functional side, it is very similar to Conventional Insurance. With the client making the payment to an entity to safeguard his interest by protecting himself from any unforeseen future harm.
But the difference and essentially the essence of Takaful is found in the fact that it is based on the Basis of Co-operation and on the Basis of Mutual Protection. Takaful applies the co-operative and mutual model that is accepted under Islamic law.
Takaful can therefore be described as a co-operative system of reimbursement or repayment in case of loss, paid to people and companies concer ned about hazards, compensated out of a fund to which they agree to donate small regular contributions managed on behalf by a Takaful operator or the guardian of the Fund. It is defined as an Islamic insurance concept which is grounded in Islamic muamalat (Islamic banking), observing the rules and regulations of Islamic law. This concept has been practiced in various forms since 622 AD. Muslim jurists acknowledge that the basis of shared responsibility (in the system of aquila as practiced between Muslims of Mecca and Medina) laid the World excluding Iran GCC countries included are Bahrain, Kuwait, Qatar and UAE, excluding Saudi Arabia Data for Bahrain, Indonesia, Malaysia, Qatar and Saudi Arabia has been cross- foundation of mutual insurance. checked with other secondary sources. Data for Malaysia is net takaful contributions. Sources: World Islamic Insurance Directory 2013, Middle East Insurance Review; EY analysis
42 Year Book 2015 Inception and Growth
Introduced first in 1979 in Sudan, the modern form of Takaful experienced exceptional growth over the last three decades. The growth in demand for Islamic insurance over recent years largely stemmed from the ASEAN region and the GCC countries. More recently there has been a proliferation of new companies offering Islamic insurance products in these markets. The majority of these firms are full-fledged takaful operators, but conventional insurance companies have also entered the market offering Takaful window operations.
Although it has only been introduced relatively recently in Pakistan, Takaful has been making significant strides in Pakistan. Strong and consistent growth of Islamic Banking in the country has also resulted in the promotion of Takaful at different levels of society.
Government is also taking serious majors to lay down foundations for a strong Islamic financial regulatory system that is sure to catalyze the awareness of Takaful in the country. As the awareness of Islamic financing takes root in the country, people from the country’s majority Muslim population are beginning to be more acceptable towards solutions that offer them relief from Riba and other elements of modern finance that are severely prohibited in Islam.
This article has been written by Mr. Mehmood Arshad, EVT, Pak Qatar Takaful Limited
43 Year Book 2015 44 Year Book 2015 Events and Activities
45 Year Book 2015 Launching Ceremony of Year Book 2014
Launching Ceremony of 5th Year Book – 2014 of NBFI & Modaraba Association of Pakistan was held on 26th February, 2015 at Pearl Continental Hotel, Karachi. Mr. Fida Hussain Samoo, Commissioner (Insurance), SECP presided over the ceremony while Mr. Shahid Nasim, Executive Director and Mr. Tariq Soomro, Director, SECP also attended the ceremony. The ceremony was also attended by the Chief Executives of Modarabas, Leasing Companies, Investment Banks and senior executives from other financial institutions.
Mr. Muhammad Shoaib Ibrahim, Chairman, NBFI & Modaraba Mr. Muhammad Shoaib Ibrahim, Chairman, NBFI & Modaraba Association of Pakistan addressing the participants Association of Pakistan presenting the Year Book 2014 to the Chief Guest Mr. Fida Hussain Samoo
Participants of Launching Ceremony of Year Book 2014
46 Year Book 2015 Best Performance Awards - 2014
In order to acknowledge the performance, the Association every year gives Best Performance Awards to the outstanding performers of NBFI & Modaraba Sectors.
Based on the results of 30th June, 2014, the following members were adjudged best performers for the year 2014 in accordance with the criteria approved by the Executive Committee:
1st Position - Allied Rental Modaraba
2nd Position - ORIX Leasing Pakistan Limited
3rd Position - First Habib Modaraba & Standard Chartered Modaraba (Jointly). Both the members acquired equal marks as such were declared joint winners of third position.
Mr. Murtaza Ahmed Ali, CEO, Allied Rental Modaraba is receiving the Mr. Teizoon Kisat, CEO, ORIX Leasing Pakistan Limited is receiving the Best Performance Award 2014 (1st Position) from Mr. Fida Hussain Best Performance Award 2014 (2nd Position) from Mr. Fida Hussain Samoo, Commissioner (Insurance), SECP. Samoo, Commissioner (Insurance), SECP.
Mr. Muhammad Shoaib Ibrahim, CEO, First Habib Modaraba is Mr. Raheel Q. Ahmad, CEO, Standard Chartered Modaraba is receiving receiving the Best Performance Award 2014 (3rd Position) from Mr. Fida the Best Performance Award 2014 (3rd Position) from Mr. Fida Hussain Hussain Samoo, Commissioner (Insurance), SECP. Samoo, Commissioner (Insurance), SECP.
47 Year Book 2015 Fifth Annual General Meeting (AGM)
Fifth Annual General Meeting of NBFI & Modaraba Association of Pakistan was held on 17th September, 2015 at the Conference Hall of the Association for approval of accounts and other matters.
Mr. Muhammad Shoaib Ibrahim addressing the participants of 5th AGM
Mr. Mahfuz-ur-Rehman Pasha, Incoming Chairman is presenting Mr. Raheel Q. Ahmad is presenting Memento to Mr. Rashid K. Siddiqui, Memento to Mr. Muhammad Shoaib Ibrahim, Outgoing Chairman Outgoing Vice Chairman.
Group Photo of Participants of 5th AGM
48 Year Book 2015 MoU Signing Ceremony Between Pak Qatar General Takaful Limited & the Association
NBFI & Modaraba Association of Pakistan (NBFI & MAP) & Pak Qatar General Takaful Limited (PQGTL) joined hands for the promotion of Takaful Products. MoU was singed between the two institutions in a ceremony held on 30th September, 2015 for providing Takaful products to the members of NBFI & MAP. Mian Muhammad Adress, President of FPCCI was Chief Guest of said ceremony.
Mian Muhammad Adrees, while addressing the ceremony, said that it is a significant event in the history of both the institutions and it is a milestone of collaboration for promotion of Islamic financial system and hopefully have its visible impact soon. Mian Muhammed Adrees, President, FPCCI addressing the MoU Signing Ceremony
Earlier Mr. Javed Muslim, Chief Executive Pak Qatar Takaful Limited addressed the participants and said that the signing of this MoU will develop the mutually beneficial relationship between Takaful Companies and Members of NBFI & Modaraba Association of Pakistan.
Mr. Muhammad Shoaib Ibrahim, Chairman, NBFI & MAP and Mr. Javed Muslim, CEO, Pak-Qatar General Takaful Limited exchanging the MoU
Mr. Muhammad Shoaib Ibrahim Chairman NBFI & Modaraba Association of Pakistan highlighted the p e r f o r m a n c e o f t h e Modaraba Sector and hoped that with the signing o f t h i s M o U Ta k a f u l products in the financial sector would grow and Takaful companies shall Group Photo of participants of MoU signing ceremony provide risk coverage on the basis of Islamic modes to the members of the Association. He appreciated the contribution of the Chief Guest Mian Muhammad Adrees towards the growth of Islamic finance in the country. He suggested that Mian Saheb to consider and explore the possibility to establish a new Modaraba under the Sitara Group of Companies.
49 Year Book 2015 MoU Signing Ceremony Between Pak Qatar General Takaful Limited & the Association
Mr. Muhammad Shoaib Ibrahim, Chairman, NBFI & Modaraba Association of Pakistan and Mr. Javed Muslim, CEO, Pak-Qatar General Takaful Limited presenting the memento to the Chief Guest Mian Muhammad Adrees, President, FPCCI
Mr. Basheer A. Chowdry while thanking the Chief Guest for devoting his time to this event reminded the participants that first Term Finance Certificates (TFCs) on Musharaka basis were introduced by the Sitara Group which was the beginning of the Islamic financial activities in the Country.
Mr. Basheer A. Chowdry offering vote of thanking to the Chief Guest
The ceremony was largely attended by the Chief Executives and senior officials of NBFI & Modaraba Sectors and Pak Qatar General Takaful Limited. Dr. Syed Arif Hussain, CEO Takaful Pakistan Limited and senior officials of Pak Kuwait Takaful Company Limited also attended the ceremony.
In conclusion Mr. Muhammad Shoaib Ibrahim and Mr. Javed Muslim presented a Shield and souvenir to the Chief Guest.
50 Year Book 2015 Half Day Workshop on “Anti Money Laundering”
The Association organized a half day workshop on “Anti-Money Laundering, Counter Terrorist Financing & Sanctions” on 16th July, 2015. Ms. Farhat Ansari, Head of Legal, Compliance & HR, Standard Chartered Leasing Limited conducted the workshop. The workshop was attended by the staff of Modarabas and leasing companies.
Group Photo of Workshop Participants
51 Year Book 2015 Workshop on “islamic Finance” for Directors & Senior Executives
NBFI & Modaraba Association of Pakistan organized a workshop on “Islamic Finance” for Directors and Senior Executives on 19th November, 2015 at Pearl Continental Hotel, Karachi. Eminent Shariah Scholar Mufti Irshad Ahmed Aijaz, Chairman, Shariah Board, Bank Islamic Pakistan and Mufti Zeeshan Abdul Aziz, Shariah Advisor, Sindh Modaraba conducted the workshop. The participants were included Directors, Chief Executives and CFOs/Company Secretaries of NBFI & Modaraba Sectors. Mr. Mahfuz ur Rehman Pasha, Chairman, NBFI & Modaraba Association inaugurated the workshop. In his speech, he highlighted the growth of Islamic finance industry in the country and achievements of the modaraba sector during the year ended 30th June, 2015.
Mr. Basheer A. Chowdry giving concluding remarks appreciated the Mr. Mehfoz ur Rehman Pasha, Chairman NBFI & MAP inaugurating the interest shown by the Directors and Senior Executive in attending this workshop workshop.
Group Photo of Workshop
Mr. Mahfuz ur Rehman Pasha, Mr. Basheer A. Chowdry and Mr. Muhammad Shoaib Ibrahim distributed the certificates to the participants.
52 Year Book 2015 Interview on Business Plus TV Channel
The Association arranged an interview on Business Plus TV Channel with Mr. Muhammad Shoaib Ibrahim, Chairman and Mr. Muhammad Samiullah, Secretary General, NBFI & Modaraba Association of Pakistan on 27th October 2015.
The focus of the discussion was various aspects of Modaraba sector including Modaraba Regulations, 2015
IBA – Centre for Excellence in Islamic Finance (CEIF)
The Centre for Excellence in Islamic Finance (CEIF) was inaugurated y Federal Finance Minister Mr. Muhammad Ishaq Dar on Friday 27th November 2015 at IBA City Campus. Also present on the occasion was Governor, SBP Mr. Ashraf Wathra. From NBFI & Modaraba sector Mr. Muhammad Shoaib Ibrahim, CEO, First Habib Modaraba and Mr. Muhammad Samiullah, Secretary General, NBFI & Modaraba Association of Pakistan attended the ceremony.
Mr. MuhammadA Group Ishaq Photo Dar, ofFinance the participants Minister addressing of the meeting the participants
53 Year Book 2015 The Federation of Pakistan Chambers of Commerce & Industry (FPCCI)
The Federation of Pakistan Chambers of Commerce & Industry (FPCCI) has selected/appointed the following from NBFI & Modaraba sector for the year 2016:
1. Mr. Basheer A. Chowdry, Chief Executive, Trust Modaraba elected as Member Executive Committee & General Body Member, FPCCI
2. Mr. Murtaza Ahmed Ali, Chief Executive, Allied Rental Modaraba elected as Member of the General Body, FPCCI
3. Mr. Muhammad Samiullah, Secretary General NBFI & Modaraba Association of Pakistan appointed as Chairman, FPCCI Standing Committee on “NBFI & Modaraba” .
54 Year Book 2015 Meeting with World Bank Group Mission
A meeting was held on 8th December, 2015 at the office of SECP with World Bank Group (WBG) mission co-led by Mr. Gabi George Afram, Program Leader, Private Sector Development and Mr. Marius Vismantas, Lead Financial Sector Specialist to conduct a scoping exercise for the Financial Sector Assessment Program (FSAP) Development Module.
The focus of the FSAP Development Module was on the non-bank-financial institutions (NBFI) sector and capital markets. The overall objective is to deepen the analysis on the financial sector’s capabilities in serving underserved market segments such as micro, small and medium enterprises. The objective of the scoping mission will be to finalize with the relevant authorities the areas to be covered under diagnostic, which will be communicated formally through the Aide Memoire of the mission.
Mr. Mahfuz-ur-Rehman Pasha, Chairman, NBFI & MAP, Mr. Basheer A. Chowdry, Mr. Muhammad Shoaib Ibrahim, Ms. Effat Assad and Mr. Muhammad Samiullah attended the meeting and gave a brief presentation to the mission on the performance and achievements, issues and constraints of the NBFI & Modaraba Sector in Pakistan.
A Group Photo of the participants of the meeting
55 Year Book 2015 Secp’s Three Days Conference On “Non-Bank Financial Sector & Capital Market
Securities & Exchange Commission of Pakistan (SECP) in collaboration with USAID organized a three days’ Conference on “Non-Bank Financial Sector & Capital Market” from 13th to 15th January, 2016 at Karachi. The first two days were dedicated to NBF & Modaraba Sector whereas on the last day dynamics and outlook of Capital Markets were deliberated. The first session was on “Leasing Sector” and the Speakers were Mr. Mahfuz-ur Rehman Pasha, Chairman, NBFI & Modaraba Association of Pakistan, Mr. Teizoon Kisat, CEO, ORIX Leasing Pakistan Limited, Ms. Arjumand A. Qazi, Group Head – SME Banking, Pak Brunei Investment Company Limited, Mr. Ravi Tissera, CEO, LOLC, Sri Lanka. Thereafter a Panel discussion was arranged. Mr. Basheer A. Chowdry, CEO, Trust Modaraba was the Moderator for the session and the Panel members were Mr. Mahfuz-ur Rehman Pasha, Mr. Teizoon Kisat, Ms. Arjumand Qazi, Mr. Raja Hassanein Jawed and Mr. Ravi Tissera. The major recommendations for leasing sector included (i) access to SBP’s SME Schemes to NBFCs (ii) financing by Commercial Banks to NBFCs for onward lending to SME Sector etc.
Mr. Mahfuz-ur Rehman Pasha, Chairman, NBFI & MAP & CEO, Pak-Gulf Mr. Teizoon Kisat, CEO, ORIX Leasing Pakistan Limited addressing the Leasing Company Ltd. addressing the conference participants conference participants
Session on “Modarabas & Islamic Finance Sector” was held on the second day of the Conference. In this session the Speakers were Mr. Saeed Ahmed, Deputy Governor, SBP, Mr. Raheel Q. Ahmad, CEO, Standard Chartered Modaraba, Mr. Muhammad Tahir Mansoori, Member Shariah Advisory Board, SECP, Mr. Zamir Iqbal, Head-World Bank Global Islamic Finance Development Centre, Turkey. Mr. Zamir Iqbal was the Moderator of the Session while Mr. Raheel Q. Ahmad, Mr. Tahir Mansoori, Dr. Muhammad Imran Ashraf Usmani, were included in the panel discussion. The major recommendations for Modaraba Sector included (i) Islamic Banks’ financing to modarabas for onward lending to SME Sector and (ii) It was also suggested that regulatory framework may be reviewed.
Mr. Basheer A. Chowdry, CEO, Trust Modaraba addressing the Mr. Raheel Q. Ahmad, CEO, Standard Chartered Modaraba addressing conference participants the conference participants
56 Year Book 2015 Achievements of Members
Allied Rental Modaraba
Allied rental modaraba has been awarded the 2015 Verified Leasder Award in the power rental market in Pakistan.
Mr. Murtaza Ahmed Ali, CEO, Allied Rental Modaraba is receiving 5-Star Award in a ceremony held during “2015 Caterpillar Rental Power Dealer Meeting” in Atlanta, USA.
57 Year Book 2015 Achievements of Members
First Habib Modaraba
Mr. Muhammad Shoaib Ibrahim, CEO, First Habib Modaraba, is receiving “1st Position”, 3rd FPCCI Achievement Award on 1st October 2015 from Mamnoon Hussain Honourable President of Islamic Republic of Pakistan for promotion of Islamic Finance within NBFI & Modaraba sector
Mr. Muhammad Shoaib Ibrahim, CEO, First Habib Modaraba, is receiving SAFA BPA “Certificate of Merit” award on 30th January 2016 from the Federal Minister of Finance, Mr. Mohammad Ishaq Dar from the category of “Financial Services Sector” for “Best Presented Accounts” for the Year 2014.FHM has been receiving this award since last six five consecutive years.
Mr. Muhammad Shoaib Ibrahim, CEO, First Habib Modaraba, is receiving “1st Position”, Best Corporate and Sustainability Report Award 2014 from the President of ICAP and ICMAP within the NBFI sector
58 Year Book 2015 New Entrants in the NBFI & Modaraba Sector
The membership threshold of the NBFI & Modaraba Association of Pakistan enhanced by two new entrants, a Modaraba and a NBFC and now the total number of Members have been increased to 40 i.e. 26 Modarabas, 11 Leasing Companies and 3 Investment Banks.
Recently SECP has registered four Modaraba Management Companies out of which one MMC have floated the Modaraba while the remaining three MMC will float the Modarabas in the near future.
The Association has also invited memberships to REIT & Takaful Companies, which are in process.
AWWAL MODARABA
Awwal Modaraba is a multi-purpose and perpetual Modaraba having a Paid-up Capital of Rs.1 billion. Awwal Modaraba Management Limited, the Management Company, is a wholly owned subsidiary of Pak Brunei Investment Company Limited. It is an unlisted public limited company incorporated under Companies Ordinance, 1984.
The authorized capital of Awwal Modaraba Management Company Limited is Rs.300 million whereas the Paid- up Capital is Rs.105 million. The Paid-up Capital of the Modaraba is Rs.1 billion.
The Modaraba is floated with a view to support start up, growth and financially distressed companies engaged in Shariah Compliant businesses. It would include equity investments in new and existing companies, Musharaka, Murabahah, Mudarabah, Istisna, Salam and / or other Shariah compliant modes of financing. The Modaraba aims to provide an opportunity to certificate holders to earn Shariah compliant returns on their investments.
LSE FINANCIAL SERVICES LIMITED (Formerly: Lahore Stock Exchange Limited)
LSE Financial Services Ltd. (formerly: Lahore Stock Exchange Ltd.) has been emerged as a NBFC, after integration of exchange's business of former Lahore Stock Exchange Ltd. with former Karachi Stock Exchange Ltd., to form Pakistan Stock Exchange on January 11, 2016. The Company has been licensed by SECP to carry out Investment Finance Services.
The Company has a paid up capital of Rs.1.282 billion. With the change of name, almost all the inherited shareholders of the Company are brokers or their representatives. There is no majority shareholder of the Company. There are two independent directors including the Chairman on the Board of Directors of the Company. Mr. Aftab Ahmad Ch. is the Managing Director/CEO of the Company.
59 Year Book 2015 60 Year Book 2015 Macro Perspective
61 Year Book 2015 Sectors Performance
The following sections contain a description of the overall size of leasing companies, investment banks and modaraba sectors in Pakistan and its performance during the years.
Trends of Aggregate Indicators
The number of companies and the paid up capital are Industry’s input parameters whereas revenues, profits, financial charges and investments are the output parameters indicating the extent of the benefits provided by the industry to the lessors, shareholders etc.
The trends of sector aggregate indicators for the years are given below: -
(Rs. in Million) Leasing Companies 2015 2014 No of Companies 10 10 Paid-up Capital 5,613 5,613 Reserves 1,314 916 Total Equity 6,927 6,529 Investment in Lease Finance 29,404 25,964 Investments 4,195 3,293 Borrowings 21,088 15,321 Revenues 5,273 4,891 Operating Expenditure 1,921 2,022 Financial Charges 2,135 2,073 Taxation 266 212 Net Profit 655 584 Cash Dividend 369 365 Total Assets 40,595 36,558
TOTAL EQUITY INVESTMENT IN LEASE FINANCE INVESTMENTS
7,000 30,000 5,000
6,500 27,000 3,000
6,000 24,000 1,000 2015 2014 2015 2014 2015 2014
62 Year Book 2015 BORROWINGS REVENUES OPERATING EXPENSES
30,000 5,400 2,100
1,950 20,000 5,050
1,800 10,000 4,700 2015 2014 2015 2014 2015 2014
FINANCIAL CHARGES TAXATION NET PROFIT
300 700 2,150
2,000 200 600
1,850 100 500 2015 2014 2015 2014 2015 2014
CASH DIVIDEND TOTAL ASSETS
370 41,000
38,500 367
36,000 364 2015 2014 2015 2014
63 Year Book 2015 (Rs. in Million) Investment Banks 2015 2014 No of Companies 3 3 Paid-up Capital 5,155 5,083 Reserves (3,655) (3,586) Total Equity 1,500 1,497 Investment in Lease Finance 1,483 1,844 Investments 431 1,535 Borrowings 3,755 1,870 Revenues 189 409 Operating Expenditure 208 356 Financial Charges 40 88 Taxation 2 3 Net Profit 27 (38) Cash Dividend - - Total Assets 6,588 7,016
TOTAL EQUITY INVESTMENT IN LEASE FINANCE INVESTMENTS
1,505 2,000 1,900
1,500 1,500 950
1,495 1,000 300 2015 2014 2015 2014 2015 2014
BORROWINGS REVENUES OPERATING EXPENSES
4,000 400 450
2,000 200 300
0 0 150 2015 2014 2015 2014 2015 2014
64 Year Book 2015 FINANCIAL CHARGES TAXATION NET PROFIT
40 100 4 20
50 2 0
-20
0 0 -40 2015 2014 2015 2014 2015 2014
TOTAL ASSETS
7,500
7,000
6,500 2015 2014
(Rs. in Million) Modarabas 2015 2014 No of Companies 24 * 25 Paid up Capital 10,112 9,718 Reserves 5,782 5,378 Total Equity 15,894 15,096 Investment in Lease Finance 14,375 13,737 Investments 3,041 3,537 Borrowings 10,231 9,224 Revenues 6,442 9,023 Operating Expenditure 4,035 6,433 Financial Charges 979 1,119 Taxation 38 13 Net Profit 1,353 1,458 Cash Dividend 1,052 1,023 Total Assets 30,736 30,896 * Figures of Unicap Modaraba not available
65 Year Book 2015 TOTAL EQUITY INVESTMENT IN LEASE FINANCE INVESTMENTS
20,000 15,000 3,800
10,000 11,000 3,300
0 7,000 2,800 2015 2014 2015 2014 2015 2014
BORROWINGS REVENUES OPERATING EXPENDITURE
10,400 9,800 6,500
5,000 8,950 6,400
3,500 7,500 3,000 2015 2014 2015 2014 2015 2014
FINANCIAL CHARGES TAXATION NET PROFIT
1200 40 1,500
1050 25 1,350
900 10 1,250 2015 2014 2015 2014 2015 2014
CASH DIVIDEND TOTAL ASSETS
1,100 30,900
30,750 950
30,600 800 2015 2014 2015 2014
66 Year Book 2015 (Rs. in Million) Consolidated Trends of Aggregate Indicators 2015 2014 No of Companies 37 38 Paid up Capital 20,880 20,414 Reserves 3,441 2,708 Total Equity 24,321 23,122 Investment in Lease Finance 45,262 41,545 Investments 7,668 8,365 Borrowings 35,073 26,415 Revenues 11,904 14,323 Operating Expenditure 6,165 8,810 Financial Charges 3,154 3,280 Taxation 305 228 Net Profit 2,035 2,004 Cash Dividend 1,421 1,388 Total Assets 77,919 74,470
Trends of Key Ratios
The following tables show the key ratios of the Leasing Companies, Investment Banks and Modarabas:
Leasing Companies 2015 2014 Earning per Share (Rs.) 1.17 1.04 Return on Equity (%) 9.74 10.55 Return on Assets (%) 1.70 1.64 Current Ratio (X) 1.29 1.24 Investment in lease finance (%) 72.43 71.02 Book value per Share (Rs.) 12.34 11.63 Time Interest Earned (X) 1.43 1.49 Total Assets / Net Worth (X) 5.86 5.60 Financial Charges / Total Expanses (%) 49.06 50.63 Dividend per share (Rs.) 0.66 0.65
67 Year Book 2015 Investment Banks 2015 2014 Earning per Share (Rs.) 0.05 (0.08) Return on Equity (%) 1.78 (2.52) Return on Assets (%) 0.39 (0.55) Current Ratio (X) 0.64 0.76 Investment in lease finance (%) 22.51 26.28 Book value per Share (Rs.) 2.91 2.94 Time Interest Earned (X) 1.72 0.64 Total Assets / Net Worth (X) 4.39 4.69 Financial Charges / Total Expanses (%) 24.68 19.72 Dividend per share (Rs.) - -
Modarabas 2015 2014 Earning per Certificate (Rs.) 1.34 1.50 Return on Equity (%) 8.73 10.08 Return on Assets (%) 4.39 4.68 Current Ratio (X) 1.18 1.18 Investment in lease finance (%) 46.77 44.46 Book value per Share (Rs.) 15.72 15.53 Time Interest Earned (X) 2.42 2.33 Total Assets / Net Worth (X) 1.93 2.05 Financial Charges / Total Expanses (%) 19.39 14.82 Dividend per certificate (Rs.) 1.04 1.05
Consolidated Trends of Key Ratios 2015 2014 Earning per Share/Certificate (Rs.) 0.97 0.98 Return on Equity (%) 8.58 9.32 Return on Assets (%) 2.67 2.72 Current Ratio (X) 1.15 1.13 Investment in lease finance (%) 58.09 55.79 Book value per Share/Certificate (Rs.) 11.65 11.33 Time Interest Earned (X) 1.74 1.75 Total Assets / Net Worth (X) 3.20 3.22 Financial Charges / Total Expanses (%) 32.98 27.13 Dividend per certificate / share (Rs.) 0.68 0.68
68 Year Book 2015 Statistical Overview
Year wise Lease Disbursement
30,000.00
25,000.00
2015 2014 27,251 10,973 19,592 6,045
Investment in Lease (Assets Wise) 2014-2015
Plant & Machinery 18,664.73 38.94 Vehicles Private 14,115.10 29.45 Vehicles Commercial 10,631.47 22.18 Equipments 2,987.67 6.23 Others 1,530.86 3.19 Total 47,929.84 100.00
Sector wise Exposure 2014-2015
Transport & Communication 7,532.92 15.20 Auto & Allied 5,522.69 11.14 Textile 4,361.08 8.80 Services 4,298.82 8.67 Chemical, Fertilizers & Pharma 3,380.80 6.82 Petroleum, Energy, Fuel, Oil & Gas 2,545.67 5.14 Food, Tobacco & Beverages 2,380.88 4.80 Individuals 2,177.91 4.39 Engineering & Allied 1,664.92 3.36 Sugar 1,412.30 2.85 Others 14,287.20 28.83 Total 49,565.17 100.00
69 Year Book 2015 70 Year Book 2015 Top Ten Members
71 Year Book 2015 Top Ten Members
(Rs. in Million)
S. NO NAME PROFIT
1 ORIX Leasing Pakistan Limited 670.90 2 Allied Rental Modaraba 403.53 3 First Habib Modaraba 306.50 4 Standard Chartered Modaraba 195.47 5 First UDL Modaraba 149.74 6 First Treet Manufacturing Modaraba 136.32 7 First Punjab Modaraba 94.53 8 Standard Chartered Leasing Limited 82.69 9 B.R.R. Guardian Modaraba 70.23 10 Pak-Gulf Leasing Company Limited 50.28
S. NO NAME ASSETS
1 ORIX Leasing Pakistan Limited 28,317.65 2 First Habib Modaraba 6,393.29 3 Allied Rental Modaraba 5,933.98 4 Standard Chartered Leasing Limited 5,224.94 5 Standard Chartered Modaraba 5,180.25 6 Trust Investment Bank Limited 4,409.07 7 B.R.R. Guardian Modaraba 2,206.42 8 First Treet Manufacturing Modaraba 2,052.77 9 Pak-Gulf Leasing Company Limited 1,500.76 10 NBP Leasing Limited 1,326.68
S. NO NAME EQUITY
1 Allied Rental Modaraba 3,703.87 2 ORIX Leasing Pakistan Limited 3,549.03 3 First Habib Modaraba 3,256.86 4 First Treet Manufacturing Modaraba 1,692.44 5 Standard Chartered Modaraba 1,152.82 6 Trust Investment Bank Limited 1,134.70 7 Sindh Leasing Company Limited 1,059.75 8 B.R.R. Guardian Modaraba 991.13 9 Standard Chartered Leasing Limited 963.98 10 NBP Leasing Limited 787.22
72 Year Book 2015 S. NO NAME EPC/EPS
1 First Imrooz Modaraba 9.05 2 ORIX Leasing Pakistan Limited 8.18 3 First UDL Modaraba 5.67 4 Standard Chartered Modaraba 4.31 5 Allied Rental Modaraba 2.89 6 First Punjab Modaraba 2.78 7 Pak-Gulf Leasing Company Limited 1.98 8 First Habib Modaraba 1.52 9 Capital Assets Leasing Corporation Ltd. 1.30 10 B.F. Modaraba 1.21
S. No Name Dividend % Rs. (Million)
1 First Imrooz Modaraba 90.00 27.00 3 First UDL Modaraba 45.00 118.74 2 ORIX Leasing Pakistan Limited 45.00 369.24 4 Standard Chartered Modaraba 33.00 149.77 5 First Paramount Modaraba 23.00 27.58 6 First Habib Modaraba 22.00 221.76 7 Allied Rental Modaraba 20.00 292.50 8 B. F. Modaraba 7.00 5.26 9 First Treet Manufacturing Modaraba 6.20 80.85 10 First Elite Capital Modaraba 5.50 6.24
S. No. Name Credit Rating Agency
1(a) First Habib Modaraba AA+ PACRA 1(b) ORIX Leasing Pakistan Limited AA+ PACRA 1(c) Standard Chartered Leasing Limited AA+ PACRA 1(d) Standard Chartered Modaraba AA+ PACRA 2(a) Allied Rental Modaraba A+ JCR-VIS 2(b) NBP Leasing Limited A+ JCR-VIS 3(a) First National Bank Modaraba A JCR-VIS 3(b) Sindh Leasing Company Limited A JCR-VIS 4(a) Modaraba Al-Mali A- PACRA 4(b) Pak-Gulf Leasing Company Limited A- JCR-VIS 5(a) First Fidelity Leasing Modaraba BBB+ PACRA 5(b) First Punjab Modaraba BBB+ PACRA 5(c) KASB Modaraba BBB+ PACRA 6(a) First Paramount Modaraba BBB JCR-VIS 7 SME Leasing Limited BB+ JCR-VIS 8 Grays Leasing Limited BB- JCR-VIS
73 Year Book 2015 74 Year Book 2015 Members at a Glance
75 Year Book 2015 Financial Overview
(Rs. in Million)
Total Assets Total Equity Net Profit/(Loss) Financing/ S. Name of the Company Profit / EPS Trading/ No. Assets % Equity % % (Loss) Mfg.Assets MODARABAS 1 Allied Rental Modaraba 5,933.98 19.31 3,703.87 23.30 403.53 29.83 2.89 5,584.13 1,462.50 20.00 292.50 2 B. F. Modaraba 151.72 0.49 148.53 0.93 9.12 0.67 1.21 43.03 75.15 7.00 5.26 3 B.R.R. Guardian Modaraba 2,206.42 7.18 991.13 6.24 70.23 5.19 0.90 233.43 780.46 4.05 31.61 4 Crescent Standard Modaraba 138.98 0.45 117.63 0.74 (7.14) (0.53) (0.36) 64.88 200.00 - - 5 First Al-Noor Modaraba 359.03 1.17 305.54 1.92 (14.53) (1.07) (0.69) 116.88 210.00 5.00 10.50 6 First Elite Capital Modaraba 203.34 0.66 142.19 0.89 8.58 0.63 0.76 156.31 113.40 5.50 6.24 7 First Equity Modaraba 685.60 2.23 630.75 3.97 11.40 0.84 0.22 159.32 524.40 1.70 8.91 8 First Fidelity Leasing Modaraba 367.18 1.19 341.61 2.15 (7.30) (0.54) (0.28) 105.08 264.14 - - 9 First Habib Modaraba 6,393.29 20.80 3,256.86 20.49 306.50 22.66 1.52 4,805.03 1,008.00 22.00 221.76 10 First IBL Modaraba 212.44 0.69 176.12 1.11 5.33 0.39 0.26 71.12 201.88 2.00 4.04 11 First Imrooz Modaraba 292.24 0.95 129.63 0.82 27.15 2.01 9.05 270.04 30.00 90.00 27.00 12 First National Bank Modaraba 1,248.35 4.06 141.53 0.89 (122.18) (9.03) (4.89) 805.55 250.00 - - 13 First Pak Modaraba 66.69 0.22 60.74 0.38 1.56 0.12 0.12 9.59 125.40 0.90 1.13 14 First Paramount Modaraba 439.85 1.43 206.41 1.30 10.15 0.75 1.02 228.13 119.90 23.00 27.58 15 First Prudential Modaraba 511.97 1.67 450.95 2.84 27.17 2.01 0.31 102.79 872.18 2.30 20.06 16 First Punjab Modaraba 1,205.74 3.92 170.72 1.07 94.53 6.99 2.78 574.81 340.20 5.00 17.01 17 First Treet Manufacturing Modaraba 2,052.77 6.68 1,692.44 10.65 136.32 10.08 1.05 889.03 1,304.00 6.20 80.85 18 First UDL Modaraba 867.46 2.82 630.73 3.97 149.74 11.07 5.67 210.17 263.87 45.00 118.74 19 KASB Modaraba 982.73 3.20 385.23 2.42 11.15 0.82 0.23 772.75 480.66 1.10 5.29 20 Modaraba Al-Mali 205.71 0.67 158.77 1.00 4.70 0.35 0.26 85.94 184.24 2.00 3.68 21 Popular Islamic Modaraba 140.47 0.46 130.31 0.82 4.11 0.30 0.41 111.69 100.00 - - 22 Sindh Modaraba 478.41 1.56 459.59 2.89 9.59 0.71 0.21 163.22 450.00 1.60 7.20 23 Standard Chartered Modaraba 5,180.25 16.85 1,152.82 7.25 195.47 14.45 4.31 4,705.66 453.83 33.00 149.76 24 Trust Modaraba 411.44 1.34 310.06 1.95 17.41 1.29 0.58 183.61 298.00 4.25 12.67 25 Unicap Modaraba - - - - TOTAL (A) 30,736.09 100.00 15,894.16 100.00 1,352.60 100.00 20,452.20 10,112.21 1,051.78 - LEASING COMPANIES 1 Capital Assets Leasing Corporation Ltd. 212.58 0.52 148.15 2.14 13.99 2.14 1.30 9.29 107.44 - - 2 Grays Leasing Limited 234.46 0.58 75.25 1.09 0.10 0.02 0.01 219.67 215.00 - - 3 NBP Leasing Limited 1,326.68 3.27 787.22 11.36 37.16 5.67 0.74 1,268.57 500.00 - - 4 ORIX Leasing Pakistan Limited 28,317.65 69.76 3,549.03 51.24 670.90 102.37 8.18 11,763.22 820.53 45.00 369.24 5 Pak-Gulf Leasing Company Limited 1,500.76 3.70 547.45 7.90 50.28 7.67 1.98 1,289.56 253.70 - - 6 Saudi Pak Leasing Company Limited 1,013.68 2.50 (530.99) (7.67) (192.93) (29.44) (4.27) 770.11 979.81 - - 7 Security Leasing Corporation Limited 863.64 2.13 136.51 1.97 (28.52) (4.35) (0.79) 232.65 438.03 - - 8 Sindh Leasing Company Limited 1,242.44 3.06 1,059.75 15.30 32.71 4.99 0.33 357.05 1,000.00 - - 9 SME Leasing Limited 658.38 1.62 190.47 2.75 (11.05) (1.69) (0.35) 519.17 320.00 - - 10 Standard Chartered Leasing Limited 5,224.94 12.87 963.98 13.92 82.69 12.62 0.85 2,720.49 978.35 - - TOTAL (B) 40,595.20 100.00 6,926.82 100.00 655.35 100.00 19,149.78 5,612.86 369.24 - INVESTMENT BANKS 1 First Dawood Investment Bank Limited 965.86 14.66 182.03 12.14 6.51 24.44 0.09 559.29 1,483.90 - - 2 Invest Capital Investment Bank Limited 1,212.83 18.41 183.23 12.22 6.16 23.12 0.02 631.44 2,848.67 - - 3 Trust Investment Bank Limited 4,409.07 66.93 1,134.70 75.65 13.96 52.44 0.17 1,014.04 822.03 - - TOTAL (C) 6,587.76 100.00 1,499.96 100.00 26.63 100.00 2,204.77 5,154.60 -
GRAND TOTAL 77,919.05 24,320.95 2,034.57 41,806.76 20,879.67 1,421.02
76 Year Book 2015 Comparative Position of Payout AS ON JUNE 30, 2015
June 30, 2015 June 30, 2014 S. Name No. of Paid-up No. of Paid-up NO Share- Dividend Payout Share- Dividend Payout holders Capital % holders Capital % Modarabas 1 Allied Rental Modaraba 382 1462.50 20.00 292.50 334 1218.75 30.00 365.63 2 B.F. Modaraba 1171 75.15 7.00 5.26 1135 75.15 - - 3 B.R.R. Guardian Modaraba 6821 780.46 4.05 31.61 7062 780.46 2.40 18.73 4 Crescent Standard Modaraba 1704 200.00 - - 1812 200.00 1.50 3.00 5 First Al-Noor Modaraba 652 210.00 5.00 10.50 575 210.00 7.50 15.75 6 First Elite Capital Modaraba 4442 113.40 5.50 6.24 4463 113.40 5.50 6.24 7 First Equity Modaraba 5208 524.40 1.70 8.91 5333 524.40 3.75 19.67 8 First Fidelity Leasing Modaraba 8081 264.14 - - 8196 264.14 - - 9 First Habib Bank Modaraba N/A - - - 3879 397.07 14.00 55.59 10 First Habib Modaraba 4780 1008.00 22.00 221.76 4880 1008.00 22.00 221.76 11 First IBL Modaraba 1206 201.88 2.00 4.04 1238 201.88 3.31 6.68 12 First Imrooz Modaraba 358 30.00 90.00 27.00 364 30.00 50.00 15.00 13 First National Bank Modaraba 1118 250.00 - - 1138 250.00 - - 14 First Pak Modaraba 4026 125.40 0.90 1.13 4070 125.40 - - 15 First Paramount Modaraba 1255 119.90 23.00 27.58 1209 83.85 23.00 19.28 16 First Prudential Modaraba 10843 872.18 2.30 20.06 10867 872.18 - - 17 First Punjab Modaraba 4470 340.20 5.00 17.01 4553 340.20 5.00 17.01 18 First Treet Manufacturing Modaraba 39 1304.00 6.20 80.85 39 1304.00 3.45 44.99 19 First UDL Modaraba 3316 263.87 45.00 118.74 3244 263.87 21.00 55.41 20 KASB Modaraba 1120 480.66 1.10 5.29 1124 282.74 2.40 6.79 21 Modaraba Al-Mali 3695 184.24 2.00 3.68 3793 184.24 - - 22 Popular Islamic Modaraba 988 100.00 - - 1021 100.00 - - 23 Sindh Modaraba 739 450.00 1.60 7.20 - - - - 24 Standard Chartered Modaraba 8536 453.84 33.00 149.77 8647 453.84 30.00 136.15 25 Trust Modaraba 2522 298.00 4.25 12.67 2595 298.00 5.00 14.90 26 Unicap Modaraba N/A - - - 4879 136.40 - - Total "A" 77,472 10,112.21 1,051.79 86,450 9,717.95 1,022.57
Leasing Companies 27 Capital Assets Leasing Corporation Ltd. 717 107.44 - - 744 107.44 - - 28 Grays Leasing Limited 362 215.00 - - 375 215.00 - - 29 NBP Leasing Limited 3 500.00 - - 3 500.00 - - 30 ORIX Leasing Pakistan Limited 3,397 820.53 45.00 369.24 3,680 820.53 35.00 287.19 31 Pak-Gulf Leasing Company Limited 157 253.70 - - 154 253.70 - - 32 Saudi Pak Leasing Company Limited N/A 979.81 - - 1,858 979.81 - - 33 Security Leasing Corporation Limited 345 438.03 - - 308 438.03 - - 34 Sindh Leasing Company Limited 8 1,000.00 - - 6 1,000.00 - - 35 SME Leasing Limited 314 320.00 - - 313 320.00 - - 36 Standard Chartered Leasing Limited 3,000 978.35 - - 3,065 978.35 8.00 78.27 Total "B" 8,303 5,612.87 369.24 10,506 5,612.87 365.45
Investment Banks 37 First Dawood Investment Bank Ltd 2,901 1,483.90 - - 2,834 1,342.33 - - 38 Invest Capital Investment Bank Ltd 8,834 2,848.67 - - 8,939 2,848.67 - - 39 Trust Investment Bank Limited 2,284 822.03 - - 2,289 892.03 - - Total "C" 14,019 5,154.60 - 14,062 5,083.02 - Total (A+B+C) 99,794 20,879.67 1,421.03 111,018 20,413.85 1,388.02
77 Year Book 2015 Market Capitalization
2015 2014 S. Name NO Paid-up Market Market Paid-up Market Market Capital Rate Capitalization Capital Rate Capitalization
Modarabas 1 Allied Rental Modaraba 1,462,500,000 40.90 5,981,625,000 1,218,750,000 56.70 6,910,312,500 2 B.F. Modaraba 75,151,587 7.56 56,814,600 75,151,587 4.95 37,200,036 3 B.R.R. Guardian Modaraba 780,462,550 7.73 603,297,551 780,462,550 6.00 468,277,530 4 Crescent Standard Modaraba 200,000,000 1.80 36,000,000 200,000,000 1.87 37,400,000 5 First Al-Noor Modaraba 210,000,000 4.30 90,300,000 210,000,000 6.00 126,000,000 6 First Elite Capital Modaraba 113,400,000 4.18 47,401,200 113,400,000 4.45 50,463,000 7 First Equity Modaraba 524,400,000 4.30 225,492,000 524,400,000 4.25 222,870,000 8 First Fidelity Leasing Modaraba 264,138,040 2.98 78,713,136 264,138,040 3.06 80,826,240 9 First Habib Bank Modaraba N/A - 397,072,000 - 10 First Habib Modaraba 1,008,000,000 10.40 2,096,640,000 1,008,000,000 9.75 1,965,600,000 11 First IBL Modaraba 201,875,000 2.61 52,689,375 201,875,000 2.70 54,506,250 12 First Imrooz Modaraba 30,000,000 53.00 159,000,000 30,000,000 53.72 161,160,000 13 First National Bank Modaraba 250,000,000 3.99 99,750,000 250,000,000 3.67 91,750,000 14 First Pak Modaraba 125,400,000 1.80 22,572,000 125,400,000 2.15 26,961,000 15 First Paramount Modaraba 119,899,298 14.35 172,055,493 83,845,663 13.50 113,191,645 16 First Prudential Modaraba 872,176,600 1.90 165,713,554 872,176,600 1.92 167,457,907 17 First Punjab Modaraba 340,200,000 5.37 182,687,400 340,200,000 3.78 128,595,600 18 First Treet Manufacturing Modaraba 1,304,000,000 - 1,304,000,000 - 19 First UDL Modaraba 263,865,890 24.78 653,859,675 263,865,890 18.78 495,540,141 20 KASB Modaraba 480,664,800 3.29 1,581,387,192 282,744,000 3.75 106,029,000 21 Modaraba Al-Mali 184,239,450 2.60 47,902,257 184,239,450 2.38 43,848,989 22 Popular Islamic Modaraba 100,000,000 - 100,000,000 - 23 Sindh Modaraba 450,000,000 6.99 314,550,000 - - 24 Standard Chartered Modaraba 453,835,300 30.00 1,361,505,900 453,835,300 22.00 998,437,660 25 Trust Modaraba 298,000,000 10.01 298,298,000 298,000,000 4.50 134,100,000 26 Unicap Modaraba N/A - - 136,400,000 2.20 30,008,000 Total "A" 10,112,208,515 12,905,005,860 9,717,956,080 12,450,535,499
Leasing Companies - 27 Capital Assets Leasing Corporation Ltd. 107,444,130 10.00 107,444,130 107,444,130 6.00 64,466,478 28 Grays Leasing Limited 215,000,000 5.22 112,230,000 215,000,000 5.74 123,410,000 29 NBP Leasing Limited 500,000,000 - 500,000,000 - 30 ORIX Leasing Pakistan Limited 820,529,300 61.72 5,064,306,840 820,529,300 33.94 2,784,876,444 31 Pak-Gulf Leasing Company Limited 253,698,000 18.70 474,415,260 253,698,000 14.90 378,010,020 32 Saudi Pak Leasing Company Limited 979,813,500 1.90 186,164,565 979,813,500 2.91 285,125,729 33 Security Leasing Corporation Limited 438,027,750 2.99 130,970,297 438,027,750 3.98 174,335,045 34 Sindh Leasing Company Limited 1,000,000,000 - 1,000,000,000 - 35 SME Leasing Limited 320,000,000 - 320,000,000 - 36 Standard Chartered Leasing Limited 978,354,800 8.70 851,168,676 978,354,800 7.35 719,090,778 Total "B" 5,612,867,480 6,926,699,768 5,612,867,480 4,529,314,493
Investment Banks - 37 First Dawood Investment Bank Ltd 1,483,900,230 1.80 267,102,041 1,342,326,440 1.50 201,348,966 38 Invest Capital Investment Bank Ltd 2,848,668,960 1.45 413,056,999 2,848,668,960 2.00 569,733,792 39 Trust Investment Bank Limited 822,028,729 1.50 123,304,309 892,028,729 1.41 125,776,051 Total "C" 5,154,597,919 803,463,350 5,083,024,129 896,858,809
Total (A+B+C) 20,879,673,914 20,635,168,978 20,413,847,689 17,876,708,801
78 Year Book 2015 Profile
79 Year Book 2015 ALLIED RENTAL MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 6,000
5,000
4,000
3,000 % Income from financing assets 98.62 2,000 Capital Gain on Investment 0.43 2015 2014 Other Income 0.96 Equity Growth Cost Analysis (2014-15) Rs. In Million 4,000
3,500 Mr. Murtaza Ahmed Ali Chief Executive 3,000
2,500 % BOARD OF DIRECTORS Operating expenses 90.33 2,000 Financial expenses 8.93 Provision for bad debts / Impairments 0.38 2015 2014 Khawaja Asif Rahman Chairman WWF 0.35 Mr. Murtaza Ahmed Ali Chief Executive Syed Feisal Ali Non Executive Director PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Raees A. Khan Non-Executive Director Mr. Ali Akbar Non-Executive Director BALANCE SHEET Jun-15 Jun-14 Mr. Hassan Shehzad Abidi Non-Executive Director EQUITY (Rupees in Million) Mr. Abdul Rahim Suriya Non-Executive Director (Independent) Issued, Subscribed & Paid up Capital 1,462.50 1,218.75 COMPANY INFORMATION Reserves & Retained Earning 2,241.37 1,899.94 Total Equity 3,703.87 3,118.69 Allied Rental Modaraba was formed under the Modaraba Companies and Modaraba LIABILITIES (Floatation and Control) Ordinance, 1980 and the rules framed thereunder and is Total Borrowings 1,702.00 1,729.19 managed by the Allied Engineering Management Company (Private) Limited (the ‘Modaraba Management Company'), which is a wholly owned subsidiary of Allied Deposits (COI/COD/COM) - - Engineering and Services (Private) Limited. The Modaraba Management company is Other Liabilities 528.11 508.75 incorporated in Pakistan under the Companies Ordinance, 1984 and is registered Total Liabilities 2,230.11 2,237.94 with the Registrar of Modaraba Companies and Modarabas under the Modaraba TOTAL EQUITY & LIABILITIES 5,933.98 5,356.64 Companies and Modaraba (Floatation and Control) Ordinance,1980. ASSETS Fixed Assets 76.08 65.03 The Modaraba is a perpetual Modaraba and is primarily engaged in Financing Assets 5,102.14 4,644.85 rental/Ijaraha/leasing and operation and maintenance of Caterpillar and other Investments - - equipment (i.e. generators, forklifts, compactors etc.).The registered office of the Other Assets 755.77 646.75 Modaraba is located at 21/3, Sector 22, Korangi Industrial Area, Karachi. The Modaraba is listed on the Pakistan Stock Exchange Limited. The Modaraba Total Assets 5,933.98 5,356.64 commenced its operations on January 10, 2007 CORPORATE INFORMATION SIGNIFICANT RATIOS Gearing (x) 0.59 0.70 Commenced Business on : January 10, 2007 Current Ratio (x) 0.48 0.38 Head Office : 21/3, Sector-22, Korangi Industrial Area, Karachi Break-up Value (Rs.) 25.33 25.59 Tel : (92-21) 111-250-250, 35066901-13 Fax : (92-21) 35066915-16 PROFIT & LOSS Jun-15 Jun-14 Email : [email protected] INCOME (Rupees in Million) Website : www.arm.com.pk Income from financing assets 2,699.43 2,542.21 Offices at : Lahore, Islamabad, Multan, Peshawar, Quetta & Capital Gain on Investment 11.74 14.32 Faisalabad Dividend Income - - Listed at : Pakistan Stock Exchange Limited Other Income 26.27 59.96 Auditors : A.F. Ferguson & Co. Total Income 2,737.43 2,616.50 Legal Advisors : Mr. Khalil Ahmed Siddiqui, Advocate EXPENSES Shariah Advisor : Mufti Irshad Ahmad Aijaz Operating expenses 2,107.54 1,767.80 KEY PERSONS Financial expenses 209.24 165.75 Provision for bad debts / Impairments 8.89 18.19 Mr. Murtaza Ahmed Ali Chief Executive Officer Provision for impairment on investment - - Mr. Naveed Shaheen Chief Financial Officer WWF 8.24 13.30 Mr. Muhammad Saad Company Secretary Total Expenses 2,333.90 1,965.04 Mr. Abid Altaf Head of Internal Audit Profit Before Tax 403.53 651.46 Mr. Rashid Jehangiri Head of Operations - North Taxation - - Mr. Ali Ahsan Head of Operations - South 403.53 651.46 Mr. Hammad Iftikhar Business Manager - Logistics & MHE Net Profit Syed Zulqarnian Jafri National Sales Manager - Rental Power Dividend Payment (Rs.) 292.50 365.63 Mr. Ali Ammar Business Administrator CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 2.89 5.52 Short Term A-1 Rating Agency Long Term A+ JCR-VIS Credit Rating Company Ltd. Dividend per Share (%) 20.00 30.00
80 Year Book 2015 B.F MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 200
150
100
% Income from financing assets/Trading profit 16.35 50 Capital Gain on Investment 62.71 2015 2014 Dividend Income 20.94 Equity Growth Cost Analysis (2014-15) Rs. In Million 200
Mr. Muhammad Omar Amin Bawany 150 Chief Executive 100
BOARD OF DIRECTORS % 50 Operating expenses 96.86 2015 2014 WWF 3.14 Mr. Ahmed Ali Muhammad Amin Bawany Chairman Mr. Muhammad Omar Amin Bawany Chief Executive PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Hamza Omar Bawany Director BALANCE SHEET Jun-15 Jun-14 (Rupees in Million) Mr. Abdul Ghaffar Umer Director EQUITY Issued, Subscribed & Paid up Capital 75.15 75.15 Reserves & Retained Earning 73.38 59.17 COMPANY INFORMATION Total Equity 148.53 134.32 LIABILITIES B. F. Modaraba (The Modaraba) was formed under the Modaraba Companies and Total Borrowings - - Modaraba (Floatation and Control) Ordinance, 1980 and the rules framed Deposits - - thereunder. The Modaraba is managed by E. A. Management (Pvt.) Limited. The Other Liabilities 3.19 2.22 registered office of the Modaraba is situated at Habib Square, M. A. Jinnah Road, Total Liabilities 3.19 2.22 Karachi. The Modaraba is listed on the Pakistan Stock Exchange Limited. TOTAL EQUITY & LIABILITIES 151.72 136.54 ASSETS It is a perpetual multi-purpose Modaraba and is primarily engaged in leasing, Fixed Assets 0.13 0.16 investments, trading, musharika and morabaha transactions. Financing Assets - - Investments 83.26 57.68 CORPORATE INFORMATION Other Assets 68.33 78.69 Commenced Business on : June 11, 1989 Total Assets 151.72 136.54
Head Office : 4th Floor, Bank House No.1, Habib Square, M.A. SIGNIFICANT RATIOS Jinnah Road, Karachi. Gearing (x) 0.02 0.02 Tel : (92-21) 111 786 878, 32413240 Current Ratio (x) 47.51 61.46 Break-up Value (Rs.) 19.76 17.87 Fax : (92-21) 32421010 Email : [email protected] PROFIT & LOSS Jun-15 Jun-14 Website : www.bfmodaraba.com.pk INCOME (Rupees in Million) Income from financing assets/Trading profit 2.51 5.39 Offices at : Karachi Capital Gain on Investment 9.64 4.28 Listed at : Pakistan Stock Exchange Limited Dividend Income 3.22 2.56 Auditors : Avais Hyder Liaquat Nauman, Chartered Other Income - - Accountants Total Income 15.38 12.22 EXPENSES Legal Advisors : Mr. Ghullam Rasool Korai Operating expenses 5.87 6.91 Shari'ah Advisor : Mufti Zubair Usmani Financial expenses - - Provision for bad debts / Impairments - - KEY PERSONS Provision for impairment on investment - - WWF 0.19 0.11 Mr. Muhammad Ayub C.F.O & Company Secretary Total Expenses 6.06 7.02 Profit Before Tax 9.32 5.20 Mr. Jhangir Adam Internal & Shariah Auditor Taxation 0.20 0.77 Mufti Zubair Usmani Shariah Advisor Net Profit 9.12 4.44 Dividend Payment (Rs.) 5.26 - Mr. Muhammad Bilal Asst Manager Finance & Corporate
CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 1.21 0.59 Short Term - Rating Agency Long Term - - Dividend per Share (%) 7.00 -
81 Year Book 2015 B.R.R. GUARDIAN MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 1,000
800
600
400 % Income from financing assets 42.68 200 Capital Gain on Investment 5.52 Dividend Income 3.06 2015 2014 Other Income 48.74 Equity Growth Cost Analysis (2014-15) Rs. In Million 2,500
2,000 Mr. Ayaz Dawood Chief Executive Officer 1500
1,000 BOARD OF DIRECTORS % Operating expenses 61.89 500 Financial expenses 27.34 2015 2014 Provision for bad debts / Impairments 10.28 Mr. Rafique Dawood Chairman WWF 0.49 Mr. Ayaz Dawood Chief Executive PERFORMANCE HIGHLIGHTS 2014-2015 Syed Ali Raza Director BALANCE SHEET Jun-15 Jun-14 Mr. Waqas Anwar Qureshi Director EQUITY (Rupees in Million) COMPANY INFORMATION Issued, Subscribed & Paid up Capital 780.46 780.46 Reserves & Retained Earning 210.67 73.84 B.R.R. Guardian Modaraba (the Modaraba) is a multipurpose, perpetual Modaraba Total Equity 991.13 854.30 floated under the Modaraba Companies and Modaraba (Floatation and Control) LIABILITIES Ordinance, 1980 and the Rules framed there under and is managed by B.R.R. Total Borrowings 699.71 949.22 Investments (Private) Limited, having its registered office at 18th Floor, BRR Tower, Deposits (COI/COD/COM) - - Hassan Ali Street, of I.I. Chundrigar Road, Karachi. Other Liabilities 515.58 502.29 Total Liabilities 1,215.29 1,451.51 The Modaraba is listed on the Pakistan Stock Exchange Limited. The Modaraba's TOTAL EQUITY & LIABILITIES 2,206.42 2,305.81 principal activity is leasing (Ijarah) of assets, deployment of funds in musharakas, ASSETS murabahas and investment in properties, equity and debt securities. The Modaraba Fixed Assets 95.64 97.76 also provides custodial and management services in the name of B.R.R. Security Financing Assets 232.21 378.20 Vault. Investments 546.31 455.54 CORPORATE INFORMATION Other Assets 1,332.27 1,374.32 Total Assets 2,206.42 2,305.81 Commenced Business on : November 1985 Head Office : 18th Floor, BRR Tower, Hassan Ali Street, of I.I. SIGNIFICANT RATIOS Chundrigar Road, Karachi. Gearing (x) Current Ratio (x) 0.81 0.72 Tel : (92-21) 32602401-06 Break-up Value (Rs.) 12.70 10.95 Fax : (92-21) 32271912 PROFIT & LOSS Jun-15 Jun-14 Email : [email protected] INCOME (Rupees in Million) Website : www.firstdawood.com/brr Income from financing assets 153.99 174.18 Offices at : Karachi, Lahore and Islamabad Capital Gain on Investment 19.93 22.33 Dividend Income 11.05 7.12 Listed at : Pakistan Stock Exchange Limited Other Income 175.86 124.12 Auditors : BDO Ebrahim & Co., Chartered Accountants Total Income 360.83 327.75 EXPENSES Legal Advisors : S.&B Durrani Law Associate Operating expenses 179.85 136.53 Rauf and Ghaffar Law Associates Financial expenses 79.44 135.56 Provision for bad debts / Impairments 29.87 13.37 Malik & Malik Law Associates Provision for impairment on investment - - Shari'ah Advisor : Mufti Syed Sabir Hussain WWF 1.43 0.85 Total Expenses 290.60 286.30 KEY PERSONS Profit Before Tax 70.23 41.45 Taxation - - Mr. Ayaz Dawood Chief Executive Net Profit 70.23 41.45 Syed Tariq Masood Chief Financial Officer Dividend Payment (Rs.) 31.61 18.73 Mr. Tahir Mehmood Company Secretary CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 0.90 0.53 Short Term Rating Agency Long Term Dividend per Share (%) 4.05 2.40
82 Year Book 2015 CAPITAL ASSETS LEASING CORPORATION LIMITED
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 250
200
150
100 % Income from renting of vehicles 96.18 50 Other Income 3.82 2015 2014 Equity Growth Cost Analysis (2014-15) Rs. In Million 200
Mr. Saad Saeed Faruqui 150 Chief Executive Officer 100 % BOARD OF DIRECTORS Operating expenses 62.89 50 Financial expenses 44.31 2015 2014 Provision for bad debts / Impairments -10.26 Mr. Asad Nasir Chairman WWF 3.06 Mr. Saad Saeed Faruqui Chief Executive PERFORMANCE HIGHLIGHTS 2014-2015 Syed Hasan Akbar Kazmi Director Mr. Shahrukh Saeed Faruqui Director BALANCE SHEET Jun-15 Jun-14 Mr. Brig (R) Yasub Ali Dogar Director EQUITY (Rupees in Million) Mr. Junaid Imran Director Issued, Subscribed & Paid up Capital 107.44 107.44 Mr. Sarfaraz Anis Director Reserves & Retained Earning 40.71 26.71 COMPANY INFORMATION Total Equity 148.15 134.16 LIABILITIES The company and its business CAPITAL ASSETS LEASING CORPORATION LIMITED Total Borrowings 46.65 37.36 was incorporated on April 1, 1992 in Pakistan as a public limited company and its Deposits (COI/COD/COM) - - shares are quoted on the Pakistan Stock Exchange Limited. The principal activity of Other Liabilities 17.78 17.33 the Company is to carry on leasing business. In addition, the company is also Total Liabilities 64.43 54.69 engaged in renting out of vehicles through its holding company. TOTAL EQUITY & LIABILITIES 212.58 188.85 ASSETS The registered office of the company is situated at 14th Floor, Chapal Plaza, Hasrat Fixed Assets 86.54 89.79 Mohani Road, Karachi. The company is a subsidiary of M/s. Optimus Limited which Financing Assets 9.29 9.53 holds 83.96% ordinary share capital of the company Investments - - Other Assets 116.74 89.53 CORPORATE INFORMATION Total Assets 212.58 188.85 Commenced Business on : April 01, 1992 SIGNIFICANT RATIOS Gearing (x) 0.43 0.41 Head Office : 14th Floor, Chapal Plaza, Hasrat Mohani Road, Karachi. Current Ratio (x) 2.53 2.36 Break-up Value (Rs.) 13.79 12.49 Tel : (92+21) 32431181 - 88
Fax : (92+21) 32465703 PROFIT & LOSS Jun-15 Jun-14 (Rupees in Million) Emai : [email protected] INCOME Income from renting of vehicles 34.04 34.83 Website : www.calcorp.com.pk Capital Gain on Investment - - Dividend Income - - Offices at : Karachi Other Income 1.35 0.65 Total Income 35.39 35.48 Listed at : Pakistan Stock Exchange Limited EXPENSES Auditors : Baker Tilly Mehmood Idrees Qamar Operating expenses 8.90 8.46 Financial expenses 6.27 5.83 Legal Advisors : Mohsin Tayebaly & Co. Advocates Provision for bad debts / Impairments (1.45) - Hosain & Rahim, Advocates & Corporate Counsel Provision for impairment on investment - - WWF 0.43 0.42 KEY PERSONS Total Expenses 14.16 14.72 Profit Before Tax 21.23 20.76 Mr. Saad Saeed Faruqui Chief Executive Officer Taxation 7.24 7.63 Mr. Moiz Ali Chief Financial Officer & Company Secretary Net Profit 13.99 13.13 Dividend Payment (Rs.) - - Ms. Summia Shah Head of Internal Audit SIGNIFICANT RATIOS CREDIT RATING Earning per Share (Rs.) 1.30 1.22 Short Term - Rating Agency Dividend per Share (%) - - Long Term - -
83 Year Book 2015 CRESCENT STANDARD MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 200
150
100
% Income from financing assets 59.94 50 Capital Gain on Investment 36.47 2015 2014 Dividend Income 2.71 Equity Growth Cost Analysis (2014-15) Rs. In Million 200
Mr. Ayaz Dawood 150 Chief Executive 100
BOARD OF DIRECTORS % 50 Operating expenses 57.60 2015 2014 Financial expenses 0.01 Provision for bad debts / Impairments 42.40 Mr. Rafique Dawood Chairman Mr. Ayaz Dawood Chief Executive PERFORMANCE HIGHLIGHTS 2014-2015 Syed Ali Raza Director BALANCE SHEET Jun-15 Jun-14 (Rupees in Million) Mr. Waqas Anwar Qureshi Director EQUITY Issued, Subscribed & Paid up Capital 200.00 200.00 COMPANY INFORMATION Reserves & Retained Earning (82.37) (72.22) Total Equity 117.63 127.78 Crescent Standard Modaraba (the Modaraba) was formed under the Modaraba LIABILITIES Companies and Modaraba (Floatation and Control) Ordinance, 1980 (XXXI of 1980) Total Borrowings - - and the Rules framed thereunder. Modaraba was managed by Financial Link Limited Deposits (COI/COD/COM) - - upto January 19, 2007, however, the Deputy Registrar, Modaraba Wing, SECP, vide Other Liabilities 21.34 16.31 order No. SC/M/RW/CSM2006-32 dated January 19, 2007 transferred management Total Liabilities 21.34 16.31 of Modaraba to Providence Modaraba Limited. During the year 2008, Providence TOTAL EQUITY & LIABILITIES 138.98 144.09 Modaraba Limited merged with and into B.R.R. Investments (Private) Limited, and ASSETS since then the Modaraba is under management of B.R.R. Investments (Private) Limited. Fixed Assets 0.68 1.03 Financing Assets 64.88 49.92 It is a perpetual and multipurpose Modaraba. It is engaged in investments in making Investments 52.56 35.60 equity and debt securities, musharaka and murabaha finance, etc. The certificates of Other Assets 20.87 57.54 the Modaraba are quoted on Pakistan Stock Exchange Limited. Total Assets 138.98 144.09 CORPORATE INFORMATION SIGNIFICANT RATIOS Commenced Business on : July 04, 1992 Gearing (x) - - Head Office : 18th Floor, BRR Tower, Hassan Ali Street, of I.I. Current Ratio (x) 13.20 9.77 Chundrigar Road, Karachi. Break-up Value (Rs.) 5.88 6.39 Tel : (92-21) 322602401-06 PROFIT & LOSS Jun-15 Jun-14 Fax : (92-21) 32271912 INCOME (Rupees in Million) Email : [email protected] Income from financing assets 18.39 13.40 Website : www.firstdawood.com/csm Capital Gain on Investment 11.19 12.02 Dividend Income 0.83 0.84 Offices at : Karachi Other Income 0.27 22.88 Listed at : Pakistan Stock Exchange Limited Total Income 30.68 49.14 Auditors : BDO Ebrahim & Co., Chartered Accountants EXPENSES Operating expenses 21.79 18.06 Legal Advisors : Malik & Malik Law Associates Financial expenses 0.00 0.00 S. & B. Durrani Law Associate Provision for bad debts / Impairments 16.04 25.04 Shari'ah Advisor : Mufti Syed Sabir Hussain Provision for impairment on investment - - WWF - 0.12 KEY PERSONS Total Expenses 37.83 43.21 Profit Before Tax (7.14) 5.93 Mr. Ayaz Dawood Chief Executive Taxation - - Syed Tariq Masood Chief Financial Officer Net Profit (7.14) 5.93 Mr. Tahir Mehmood Company Secretary Dividend Payment (Rs.) - 3.00
CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) (0.36) 0.30 Short Term - Rating Agency Long Term - - Dividend per Share (%) - 1.50
84 Year Book 2015 FIRST AL-NOOR MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 400
350
300
% Income from financing assets/trading -9.25 250 Income from Investment 79.38 2015 2014 Other Income 29.87 Equity Growth Cost Analysis (2014-15) Rs. In Million 350
300 Mr. Jalaluddin Ahmed Chief Executive Officer 250
200 BOARD OF DIRECTORS % Operating expenses 119.93 150 Financial expenses 0.55 Mr. Ismail H. Zakaria Chairman 2015 2014 Provision for impairment on investment -20.48 Mr. Yusuf Ayoob Director Mr. Suleman Ayoob Director PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Aziz Ayoob Director BALANCE SHEET Jun-15 Jun-14 Mr. Mansoor Alam (Independent) Director Mr. Zia Zakaria Director EQUITY (Rupees in Million) Mr. Jalaluddin Ahmed Chief Executive Issued, Subscribed & Paid up Capital 210.00 210.00 Mr. Zain Ayoob Director Reserves & Retained Earning 95.54 123.40 COMPANY INFORMATION Total Equity 305.54 333.40 LIABILITIES The First Al-Noor Modaraba was formed under the Modaraba Companies and Total Borrowings - - Modaraba (Floatation and Control) Ordinance, 1980 and the rules framed thereunder Deposits (COI/COD/COM) - - and is managed by Al Noor Modaraba Management (Private) Limited, a company Other Liabilities 53.51 42.69 incorporated in Pakistan. The address of its registered office is 96-A, Sindhi Muslim Total Liabilities 53.51 42.69 Cooperative Housing Society, Karachi. The Modaraba was floated on October 19, TOTAL EQUITY & LIABILITIES 359.05 376.09 1992 and commenced its business on November 02, 1992. ASSETS Fixed Assets 2.75 4.24 The Modaraba is a multipurpose perpetual modaraba and is primarily engaged in Financing Assets 116.88 93.04 ijarah financing, musharikah, murabaha, musawamah, modaraba, equity investment, Investments 82.86 58.42 Ijarah and trading activities. The Modaraba is listed on the Pakistan Stock Exchange Other Assets 156.54 220.38 Limited. Total Assets 359.03 376.09 CORPORATE INFORMATION SIGNIFICANT RATIOS Commenced Business on : November 02, 1992 Gearing (x) 53.49 42.68 Head Office : 96-A, Sindhi Muslim Cooperative Housing Current Ratio (x) 8.73 12.60 Society, Karachi. Break-up Value (Rs.) 14.55 15.88
Tel : (92-21) 34558268, 34552943, 34553067 PROFIT & LOSS Jun-15 Jun-14 Fax : (92-21) 34553137 INCOME (Rupees in Million) Email : [email protected] Income from financing assets/trading (0.84) 34.31 Income from Investment 7.20 7.76 Website : www.fanm.co Dividend Income - - Offices at : Karachi Other Income 2.71 4.57 Listed at : Pakistan Stock Exchange Limited Total Income 9.08 46.65 EXPENSES Auditors : Rehman Sarfaraz Rahim Iqbal Rafiq, Chartered Operating expenses 28.11 27.87 Accountants Financial expenses 0.13 0.15 Legal Advisors : Muhammad Jamshid Malik, Barrister-at-Law Provision for bad debts / Impairments - - Shari'ah Advisor : Mufti Muhammad Ibrahim Essa Provision for impairment on investment (4.80) (3.26) WWF - 0.44 KEY PERSONS Total Expenses 23.44 25.20 Profit Before Tax (14.36) 21.45 Mr. Jalaluddin Ahmed Chief Executive Taxation 0.17 0.05 Net Profit (14.53) 21.40 Mr. Roofi Abdul Razzak Company Secretary Dividend Payment (Rs.) 10.50 15.75
CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) (0.69) 1.02 Short Term - Rating Agency Long Term - - Dividend per Share (%) 5.00 7.50
85 Year Book 2015 FIRST DAWOOD INVESTMENT BANK LIMITED
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 1,100
900
700
500 % Income from financing assets 68.09 300 Capital Gain on Investment 17.29 Dividend Income 2.62 2015 2014 Other Income 12.00 Equity Growth Cost Analysis (2014-15) Rs. In Million 200
150
100 % BOARD OF DIRECTORS Operating expenses 106.96 50 Financial expenses 116.38 Provision for bad debts / Impairments -136.34 2015 2014 Provision for impairment on investment 13.00 Mr. Rafique Dawood Chairman Mr. Abu Khursheed M. Arif Director & CEO PERFORMANCE HIGHLIGHTS 2014-2015 (Not assumed charge as CEO) BALANCE SHEET Jun-15 Jun-14 Mr. Ayaz Dawood Director (Rupees in Million) Mr. Asad Hussain Bokhari Director EQUITY Issued, Subscribed & Paid up Capital 1,483.90 1,342.33 Mr. Khurshid A. Khair Director Reserves & Retained Earning (1,301.87) (1,286.73) COMPANY INFORMATION Total Equity 182.03 55.60 LIABILITIES First Dawood Investment Bank Limited ("the Company") was incorporated on June Total Borrowings 513.99 524.87 22, 1994 as a public limited company in Pakistan under the Companies Ordinance, Deposits 0.00 88.50 1984 and is listed on the Pakistan Stock Exchange Limited. The registered office of Other Liabilities 269.84 333.92 the Company is situated in Karachi, Pakistan. The Company had obtained the Total Liabilities 783.83 947.29 licenses of Leasing Business and Investment and Finance Services under the Non TOTAL EQUITY & LIABILITIES 965.86 1,002.89 Banking Finance Companies (Establishment and Regulation) Rules, 2003 ("the ASSETS Rules") and Non Banking Finance Companies and Notified Entities Regulation,2008 Fixed Assets 2.29 5.52 ("the Regulation") from the Securities and Exchange Commission of Pakistan(SECP) Financing Assets 316.42 330.63 which has been expired and awaiting renewal. Investments 244.66 245.88 CORPORATE INFORMATION Other Assets 402.49 420.85 Commenced Business on : June 22, 1994 Total Assets 965.86 1,002.89 Head Office : 18th Floor, BRR Tower, Hassan Ali Street, off. I..I. SIGNIFICANT RATIOS Chundrigar Road, Karachi Gearing (x) 4.31 17.04 Tel : (92-21) 32602401-06 Current Ratio (x) 0.61 0.56 Fax : (92-21) 32271912 Break-up Value (Rs.) 12.27 4.14 Email : [email protected] Website : www.firstdawood.com PROFIT & LOSS Jun-15 Jun-14 Offices at : Karachi INCOME (Rupees in Million) Listed at : Pakistan Stock Exchange Limited Income from financing assets 31.25 8.45 Auditors : Haroon Zakaria & Co., Chartered Accountants Capital Gain on Investment 7.93 12.42 Dividend Income 1.20 0.54 Legal Advisors : A.Q. Abbasi & Associates Other Income 5.51 6.41 Kabraji & Talibuddin Total Income 45.90 27.83 Kamal Azfar & Associates EXPENSES Khalil Asif Ejaz & Co. Operating expenses 41.85 66.02 Mohsin Tayebaly & Co. Financial expenses 45.53 49.48 Minto & Mirza Provision for bad debts / Impairments (53.34) 37.05 Provision for impairment on investment 5.09 16.18 Nishtar & Zafar WWF - - S & B Durrani Law Associates Total Expenses 39.12 168.73 Profit Before Tax 6.78 (140.91) Mr. Ayaz Dawood KEY PERSONSDirector Taxation 0.27 0.04 Syed Musharaf Ali Chief Financial Officer Net Profit 6.51 (140.95) Dividend Payment (Rs.) - - Mr. Naveed Ahmed Company Secretary CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 0.09 (0.97) Short Term Rating Agency Long Term Dividend per Share (%) - -
86 Year Book 2015 FIRST ELITE CAPITAL MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 250
200
150
100 % Income from financing assets 93.44 50 Capital Gain on Investment 1.26 Dividend Income 1.95 2015 2014 Other Income 3.35 Equity Growth Cost Analysis (2014-15) Rs. In Million 200
Mr. Aamir Iftikhar Khan 150 Chief Executive Officer 100
BOARD OF DIRECTORS % 50 Operating expenses 99.98 2015 2014 Financial expenses 0.02 Mr. Muneeb Ahmed Dar Chairman Mr. Aamir Iftikhar Khan Chief Executive PERFORMANCE HIGHLIGHTS 2014-2015 Dr. Sardar Ahmad Khan Director Mr. Ghazanfar Farrokh Director BALANCE SHEET Jun-15 Jun-14 Mr. Muhammad Javed Amin Director EQUITY (Rupees in Million) Mrs. Rukhsana Javed Amin Director Issued, Subscribed & Paid up Capital 113.40 113.40 Mrs. Shahana Javed Amin Director Reserves & Retained Earning 28.79 24.76 COMPANY INFORMATION Total Equity 142.19 138.16 LIABILITIES First Elite Capital Modaraba ("the Modaraba") is a perpetual, multi-purpose and Total Borrowings - - multi-dimensional non-trading modaraba formed under the Modraba Companies Deposits (COI/COD/COM) - - and Modaraba (Floatation and Control) Ordiance, 1980 and the Rules framed there Other Liabilities 61.16 57.96 under and is managed by Crescent Modaraba Management Company Limited )"the Total Liabilities 61.16 57.96 Management Company"), a company incorporated in Pakistan under the Companies TOTAL EQUITY & LIABILITIES 203.34 196.11 Ordiance, 1984. The registered office of the Modaraba is situated at 31/10-A, Abu ASSETS Baker Block, New Garden Town, Lahore. The Modaraba was floated on September Fixed Assets 1.84 2.07 Financing Assets 154.17 114.18 26, 1991 and is listed on the Pakistan Stock Exchange Limited. The Modaraba is primarly engaged in the business of ijarah, musharakah and murabahah financing, Investments 22.39 19.07 Other Assets 24.94 60.80 investment in marketable secruities and other related business. Total Assets 203.34 196.11 CORPORATE INFORMATION SIGNIFICANT RATIOS Commenced Business on : September 26, 1991 Gearing (x) 0.43 0.42 Head Office : 31/10-A, Abu Baker Block, New Garden Town, Current Ratio (x) 3.62 3.96 Break-up Value (Rs.) 12.54 12.18 Lahore. Tel : (92-42) 35913701-02 PROFIT & LOSS Jun-15 Jun-14 Fax : (92-42) 35913703 INCOME (Rupees in Million) Email : [email protected] Income from financing assets 54.72 57.25 Capital Gain on Investment 0.74 0.81 Website : www.fecm.com.pk Dividend Income 1.14 1.24 Offices at : Lahore Other Income 1.96 3.24 Total Income 58.55 62.54 Listed at : Pakistan Stock Exchange Limited EXPENSES Auditors : Ilyas Saeed & Co., Chartered Accountants Operating expenses 49.96 53.45 Legal Advisors : Mr. Haq Nawaz Chattha Financial expenses 0.01 0.01 International Legal Services Provision for bad debts / Impairments - - Provision for impairment on investment - - Shari'ah Advisor : Mufti Tayyab Amin WWF - - KEY PERSONS Total Expenses 49.97 53.46 Profit Before Tax 8.58 9.07 Taxation - - Mr. Aamir Iftikhar Khan Chief Executive Net Profit 8.58 9.07 Mr. Muhammad Arif Hilal Company Secretary Dividend Payment (Rs.) 6.24 6.24
CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 0.76 0.80 Short Term - Rating Agency Long Term - - Dividend per Share (%) 5.50 5.50
87 Year Book 2015 FIRST EQUITY MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 700
600
500
400 % Income from financing assets/Brokerage Comm. 66.42 300 Capital Gain on Investment 16.81 Dividend Income 12.07 2015 2014 Other Income 4.71 Equity Growth Cost Analysis (2014-15) Rs. In Million 650
600
Mr. Adil A. Ghaffar 550 Chief Executive/Director 500
450 BOARD OF DIRECTORS % 400 Operating expenses 98.99 2015 2014 WWF 1.01 Mr. Zahid Bashir Director Mr. Nadeem Maqbool Director PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Adil A. Ghaffar Chief Executive BALANCE SHEET Jun-15 Jun-14 EQUITY (Rupees in Million) COMPANY INFORMATION Issued, Subscribed & Paid up Capital 524.40 524.40 Reserves & Retained Earning 106.35 122.36 First Equity Modaraba (the Modaraba) was formed in 1991 under the Modaraba Total Equity 630.75 646.76 Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Rules LIABILITIES framed there under and is managed by Premier Financial Services (Private) Limited Total Borrowings - - (the Modaraba Management Company), a Company incorporated in Pakistan. The Deposits (COI/COD/COM) - - Modaraba is a perpetual, multipurpose modaraba able to undertake a variety of fund Other Liabilities 54.85 39.58 and fee based activities. These include trading, manufacturing, equity investment Total Liabilities 54.85 39.58 and their financing and facilitation. The Modaraba is a trading right entitlement TOTAL EQUITY & LIABILITIES 685.60 686.34 certificate holder of the Pakistan Stock Exchange Limited and is currently operating ASSETS its brokerage activities in Karachi Stock Exchange. The Modaraba is listed on Fixed Assets 17.38 17.85 Pakistan Stock Exchange Limited. The registered office of the Modaraba is situated Financing Assets 153.00 159.32 at B-1004, 10th Floor, Lakson Square Building No.3, Sarwar Shaheed Road, Karachi. Investments 423.89 431.78 The modaraba is holding Equity Textiles Limited as a wholly owned subsidiary Other Assets 91.33 77.39 company. Total Assets 685.60 686.34
SIGNIFICANT RATIOS CORPORATE INFORMATION Gearing (x) 0.09 0.06 Current Ratio (x) 6.15 8.50 Commenced Business on : January 1992 Break-up Value (Rs.) 12.03 12.33 Head Office : B-1004, 10th Floor, Lakson Square Building No.3, Sarwar Shaheed Road, Karachi PROFIT & LOSS Jun-15 Jun-14 Tel : (92-21) 35672815-8 INCOME (Rupees in Million) Income from financing assets/Brokerage Commission 23.04 20.64 Fax : (92-21) 35686116 Capital Gain on Investment 5.83 21.80 Email : [email protected] Dividend Income 4.19 3.79 Website : www.firstequitymodaraba.com.pk Other Income 1.63 0.71 Total Income 34.68 46.94 Offices at : Karachi EXPENSES Listed at : Pakistan Stock Exchange Limited Operating expenses 23.05 21.73 Auditors : Avais Hyder Liaquat Nauman, Chartered Accountants Financial expenses 0.00 0.01 Provision for bad debts / Impairments - - Legal Advisors : Mohsin M. Tayebaly & Co., Advocates & Provision for impairment on investment - - Legal Consultants WWF 0.23 0.50 Shari'ah Advisor : Mufti Abdul Qadir Total Expenses 23.29 22.24 Profit Before Tax 11.40 24.70 KEY PERSONS Taxation - - Net Profit 11.40 24.70 Mr. Adil A. Ghaffar Chief Executive Dividend Payment (Rs.) 8.91 19.67 Qazi Obaid Ullah Ansari CFO & Company Secretary CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 0.22 0.47 Short Term - Rating Agency Long Term - - Dividend per Share (%) 1.70 3.75
88 Year Book 2015 FIRST FIDELITY LEASING MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 400
300
200 % Income from financing assets 99.47 100 Capital Gain on Investment 0.23 Other Income 0.30 2015 2014 Equity Growth Cost Analysis (2014-15) Rs. In Million 350
Mr. Wasim-ul-Haq Osmani 300 CEO / Director
250
BOARD OF DIRECTORS % 200 Operating expenses 113.59 2015 2014 Financial expenses 0.10 Provision for bad debts / Impairments -13.70 Siyyid Tahir Nawazish Chairman Mr. Wasim-ul-Haq Osmani Chief Executive PERFORMANCE HIGHLIGHTS 2014-2015 Sheikh Muhammad Nasim Director BALANCE SHEET Jun-15 Jun-14 (Rupees in Million) Mr. Abdul Hameed Kiayani Director EQUITY Issued, Subscribed & Paid up Capital 264.14 264.14 Reserves & Retained Earning 77.47 84.71 COMPANY INFORMATION Total Equity 341.61 348.84 LIABILITIES First Fidelity Leasing Modaraba ('the Modaraba') is a perpetual, multi-purpose and Total Borrowings - - multi-dimensional modaraba formed under the Modaraba Companies and Modaraba Deposits - - (Floatation and Control) Ordinance, 1980 and the Rules framed there under and is Other Liabilities 25.57 26.96 Total Liabilities 25.57 26.96 managed by Fidelity Capital Management (Private) Limited ('the Management TOTAL EQUITY & LIABILITIES 367.18 375.80 Company'), a company incorporated in Pakistan under the Companies Ordinance ASSETS 1984. The registered office of the Modaraba is situated at Ground Floor 90, A-1 Fixed Assets 226.21 227.47 Canal Bank, Gulberg-II, Lahore. The Modaraba was floated on December 05, 1991 Financing Assets 104.24 105.46 and is listed on all stock exchanges in Pakistan. The Modaraba is primarily engaged Investments 5.75 5.78 in the business of ijarah, musharakah and murabahah financing, equity investment, Other Assets 30.99 37.10 brokerage and other related business. The Modaraba is a member of the Pakistan Total Assets 367.18 375.80 Stock Exchange Limited and Pakistan Mercantile Exchange Limited SIGNIFICANT RATIOS CORPORATE INFORMATION Gearing (x) 0.07 0.08 Current Ratio (x) 5.54 5.76 Commenced Business on : December 05, 1991 Break-up Value (Rs.) 12.93 13.21 Head Office : Ground Floor, 90, A-1, Canal Bank, Gulberg-II, Lahore PROFIT & LOSS Jun-15 Jun-14 Tel : (92-42) 35713461-64 INCOME (Rupees in Million) Fax : (92-42) 35759122 Income from financing assets 11.51 26.36 Email : [email protected] Capital Gain on Investment 0.03 14.24 Dividend Income - - Website : www.fidelitymodaraba.com Other Income 0.04 0.12 Offices at : Lahore Total Income 11.57 40.72 EXPENSES Listed at : Pakistan Stock Exchange Limited Operating expenses 21.44 23.44 Auditors : Rahman Sarfaraz Rahim Iqbal Rafiq, Chartered Financial expenses 0.02 0.03 Accountants Provision for bad debts / Impairments (2.59) 13.46 Legal Advisors : Salim & Baig (Advocates) Provision for impairment on investment - - WWF - - Shari'ah Advisor : Mufti Muhammad Umar Ashraf Total Expenses 18.88 36.93 Profit Before Tax (7.30) 3.79 KEY PERSONS Taxation - 0.02 Net Profit (7.30) 3.76 Mr. Wasim-ul-Haq Osmani Chief Executive Dividend Payment (Rs.) - - Mr. Mohammed Waheed Company Secretary / CFO CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) (0.28) 0.14 Short Term A2 Rating Agency Dividend per Share (%) - - Long Term BBB+ Pakistan Credit Rating Agency Ltd.
89 Year Book 2015 FIRST HABIB MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 6,500
5,000
3,500
% Income from financing assets 77.57 2,000 Capital Gain on Investment 0.13 2015 2014 Dividend Income 1.43 Equity Growth Cost Analysis (2014-15) Rs. In Million 3,500
Mr. Muhammad Shoaib Ibrahim 3,000 Managing Director / CEO 2,500
BOARD OF DIRECTORS % 2,000 Operating expenses 44.40 2015 2014 Financial expenses 53.21 Mr. Wazir Mumtaz Ahmed Chairman (Non-Executive Director) WWF 2.39 Mr. Muhammad Shoaib Ibrahim Chief Executive Officer PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Abbas Ali Muhammad Non-Executive Director BALANCE SHEET Jun-15 Jun-14 Mr. Mohammad Hashim Non-Executive Director EQUITY (Rupees in Million) Syed Rasheed Akhtar Non-Executive Independent Director Issued, Subscribed & Paid up Capital 1,008.00 1,008.00 Reserves 2,248.86 2,200.62 COMPANY INFORMATION Total Equity 3,256.86 3,208.62 LIABILITIES First Habib Modaraba (the Modaraba) is a perpetual, multi-purpose modaraba Total Borrowings - - floated and managed by Habib Modaraba Management (Private) Limited (the Deposits (COI/COD/COM) 2,360.08 1,533.67 Modaraba Management Company) having its registered office at 5th Floor, HBZ Other Liabilities 776.36 650.71 Plaza, I.I. Chundrigar Road, Karachi. The Modaraba is listed on the Pakistan Stock Total Liabilities 3,136.43 2,184.38 Exchange Limited. The Modaraba is engaged in the business of leasing (Ijarah), TOTAL EQUITY & LIABILITIES 6,393.29 5,393.00 Musharaka, Murabaha financing and other related business ASSETS Fixed Assets 8.64 11.20 CORPORATE INFORMATION Financing Assets 4,801.43 3,929.74 Investments 985.22 975.23 Commenced Business on : March 1985 Other Assets 598.00 476.82 Head Office : 5th Floor, HBZ Plaza, I.I. Chundrigar Road, Total Assets 6,393.29 5,392.99 Karachi. Tel : (92-21) 32635949-51 UAN: 111-346-346 SIGNIFICANT RATIOS Gearing (x) 0.72 0.48 Fax : (92-21) 32627373 Current Ratio (x) 0.82 1.00 Email : [email protected] Break-up Value (Rs.) 16.16 15.92
Website : www.habibmodaraba.com PROFIT & LOSS Jun-15 Jun-14 Offices at : Karachi, Lahore, Islamabad & Multan INCOME (Rupees in Million) Listed at : Pakistan Stock Exchange Limited Income from financing assets 440.34 391.51 Auditors : Muniff Ziauddin & Co. Chartered Accountants Capital Gain on Investment 0.73 0.02 Dividend Income 8.09 5.78 Legal Advisors : Mohsin Tayebaly & Company Other Income 118.52 118.36 Ahmed & Qazi Advocate & Legal Consultants Total Income 567.68 515.66 Shariah Advisor : Mufti Abdul Sattar Laghari EXPENSES Operating expenses 115.95 109.62
KEY PERSONS Financial expenses 138.97 114.77 Provision for bad debts / Impairments - - Mr. Muhammad Shoaib Ibrahim Chief Executive Officer Provision for impairment on investment - - WWF 6.26 5.83 Mr. Adnan Thanwey Company Secretary Total Expenses 261.18 230.22 Mr. Tehsin Abbas Chief Financial Officer Profit Before Tax 306.50 285.44 Mr. Amir Kaleem Head of Marketing Taxation - - Mr. Intisar Muhammad Usmani Head of Credit Net Profit 306.50 285.44 Dividend Payment (Rs.) 221.76 221.76 Mr. Zahid Hassan Head of I.T.
CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 1.52 1.42 Short Term A1+ Rating Agency Dividend per Share (%) 22.00 22.00 Long Term AA+ Pakistan Credit Rating Agency Ltd.
90 Year Book 2015 FIRST IBL MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 250
200
150
100 % Income from financing assets 43.14 50 Capital Gain on Investment 11.07 2015 2014 Other Income 45.79 Equity Growth Cost Analysis (2014-15) Rs. In Million 200
Mr. Hasan Sohaib Murad 150 Chairman 100
BOARD OF DIRECTORS % 50 Operating expenses 100.00 2015 2014 Dr. Hasan Sohaib Murad Chairman & CEO Mr. Shaheen Rashid Director PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Arslan Khan Khakwani Director BALANCE SHEET Jun-15 Jun-14 (Rupees in Million) Mr. Naveed Amin Director EQUITY Issued, Subscribed & Paid up Capital 201.88 201.88 COMPANY INFORMATION Reserves & Retained Earning (25.75) (22.09) Total Equity 176.12 179.79 First IBL Modaraba ("the Modaraba") is a multi purpose, perpetual and dimensional LIABILITIES Modaraba formed under the Modaraba Companies & Modaraba (Floatation & Total Borrowings 8.20 11.20 Control) Ordinance, 1980 and rules framed thereunder, having its registered office at Deposits (COI/COD/COM) - - Suite # 105, 1st Floor, Fortune Center, 45-A, Block-6, PECHS, Shahrah-e-Faisal, Other Liabilities 28.12 32.72 Karachi. The Modaraba is managed by IBL Modaraba Management (Pvt.) Limited Total Liabilities 36.32 43.92 (Modaraba Management Company) incorporated in Pakistan under the Companies TOTAL EQUITY & LIABILITIES 212.44 223.71 Ordinance, 1984 and registered with the Registrar of Modaraba Companies. ASSETS The Modaraba is listed on Pakistan Stock Exchange Limited. It commenced its Fixed Assets 1.28 1.74 operations on October 19, 1989 and is currently engaged in various Islamic modes Financing Assets 70.59 54.93 of financing and operations including Ijarah, Musharaka and Murabaha Investments 11.87 7.77 arrangements. Other Assets 128.70 159.27 Total Assets 212.44 223.71 CORPORATE INFORMATION SIGNIFICANT RATIOS Commenced Business on : October 19, 1989 Gearing (x) 0.21 0.24 Head Office : 87-Aurangzaib Block, New Garden Town, Lahore. Current Ratio (x) 3.43 2.37 Tel : (92-42) 35952148-9 Break-up Value (Rs.) 8.72 8.91
Fax : (92-42) 35952150 PROFIT & LOSS Jun-15 Jun-14 Email : [email protected] INCOME (Rupees in Million) Website : www.firstibl.com Income from financing assets 15.43 10.28 Capital Gain on Investment 3.96 0.17 Offices at : Lahore and Karachi Dividend Income - - Listed at : Pakistan Stock Exchange Limited Other Income 16.38 25.62 Auditors : Horwath Hussain Chaudhury & Co., Chartered Total Income 35.77 36.07 Accountants EXPENSES Operating expenses 30.44 26.80 Legal Advisors : Holscott International [Legal Services] Financial expenses - - Shari'ah Advisor : Dr. Mufti Salman Ahmad Khan Provision for bad debts / Impairments - - Provision for impairment on investment - - KEY PERSONS WWF - - Total Expenses 30.44 26.80 Mr. Shiraz Butt Chief Operatoing Officer Profit Before Tax 5.33 9.27 Mr. M. Sohail A. Sheikh Company Secretary Taxation - - Net Profit 5.33 9.27 Mr. Zeeshan Ahmed Chief Financial Officer Dividend Payment (Rs.) 4.04 6.68 Mr. Muhammad Ilyas Internal Auditor CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 0.26 0.46 Short Term - Rating Agency Long Term - - Dividend per Share (%) 2.00 3.31
91 Year Book 2015 FIRST IMROOZ MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 300
250
200
150
100 % Income from Trading 99.34 50 Other Income 0.66 2015 2014 Equity Growth Cost Analysis (2014-15) Rs. In Million 200
Mr. Naveed Riaz 150 Chief Executive 100
BOARD OF DIRECTORS % 50 Operating expenses 87.34 2015 2014 Financial expenses 8.06 Provision for bad debts / Impairments 4.60 Mr. Naveed Riaz Chief Executive Mrs. Saadat Ikram Director PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Ameed Riaz Director BALANCE SHEET Jun-15 Jun-14 (Rupees in Million) Mr. Omar Mohammad Khan Director EQUITY Issued, Subscribed & Paid up Capital 30.00 30.00 Reserves & Retained Earning 99.63 87.48 COMPANY INFORMATION Total Equity 129.63 117.48 LIABILITIES First Imrooz Modaraba was formed on 27 September 1993 under the Modaraba Total Borrowings 26.89 29.31 Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Rules Deposits (COI/COD/COM) - - framed thereunder and is managed by A R Management Services (Pvt.) Limited. The Other Liabilities 135.73 126.76 Modaraba issued its certificate capital to the general public on February 01, 1994 Total Liabilities 162.62 156.07 and commenced operations from March 01, 1994, the date on which the minimum TOTAL EQUITY & LIABILITIES 292.24 273.54 subscription certificate was issued by the Registrar Modaraba. ASSETS Fixed Assets 6.98 7.41 It is a multi purpose, perpetual Modaraba and is mainly engaged in domestic and Financing Assets - - international trading activities. Investments - - CORPORATE INFORMATION Other Assets 285.26 266.13 Commenced Business on : March 01, 1994 Total Assets 292.24 273.54
Head Office : 405, 4th Floor, Beaumont Plaza, Beaumont Road, SIGNIFICANT RATIOS Civil Lines Quarters, Karachi. Gearing (x) 3.00 2.63 Current Ratio (x) 1.95 1.89 Tel : (92-21) 35222743-5 Break-up Value (Rs.) 43.21 39.16 Fax : (92-21) 35222668 Email : [email protected] PROFIT & LOSS Jun-15 Jun-14 (Rupees in Million) Website : www.firstimrooz.com INCOME Income from Trading 106.03 80.36 Offices at : Karachi & Lahore Capital Gain on Investment - - Listed at : Pakistan Stock Exchange Limited Dividend Income - - Auditors : BDO Ebrahim & Co. Chartered Accountants Other Income 0.70 2.97 Total Income 106.73 83.33 Legal Advisors : Mr. Altaf Hussain, Advocate EXPENSES M. Akram Zuberi & Company Advocates Operating expenses 40.93 36.29 Shariah Advisor : Mufti Abdul Qadir Financial expenses 3.78 2.60 Provision for bad debts / Impairments 2.16 1.38 KEY PERSONS Provision for impairment on investment - - WWF - - Mr. Naveed Riaz Chief Executive Total Expenses 46.87 40.27 Profit Before Tax 59.87 43.06 Mr. Ateed Riaz Chief Financial Officer Taxation 32.72 26.55 Mr. Shabbir Ahmed Jamsa Company Secretary Net Profit 27.15 16.52 Dividend Payment (Rs.) 27.00 15.00 Mr. Abbas Kerani Chief Internal Auditor
CREDIT RATING SIGNIFICANT RATIOS Short Term - Rating Agency Earning per Share (Rs.) 9.05 5.51 Long Term - - Dividend per Share (%) 90.00 50.00
92 Year Book 2015 FIRST NATIONAL BANK MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 1,800
1,500
1,200
900 % Income from financing assets 94.88 600 Capital Gain on Investment 2.96 Other Income 2.17 2015 2014 Equity Growth Cost Analysis (2014-15) Rs. In Million 300
250 Mr. Khaqan Hasnain Ibrahim Chief Executive Officer 200
150 BOARD OF DIRECTORS % 100 Operating expenses 64.57 2015 2014 Financial expenses 15.71 Mr. Wajahat A. Baqai Chairman Provision for bad debts / Impairments 19.72 Mr. Khawaja Muhammad Amin-ul-Azam Director Mr. Khawaja Waheed Raza Director PERFORMANCE HIGHLIGHTS 2014-2015 Syed Mustafa Kamal Director Mr. Jamal Nasim Director BALANCE SHEET Jun-15 Jun-14 Mr. Muhammad Iqbal Hussain Director EQUITY (Rupees in Million) Mr. Khaqan Hasnain Ibrahim Chief Executive Officer Issued, Subscribed & Paid up Capital 250.00 250.00 COMPANY INFORMATION Reserves & Retained Earning (108.47) 13.70 Total Equity 141.53 263.70 First National Bank Modaraba ("the Modaraba") is a multi-purpose, perpetual and LIABILITIES multi-dimensional Modaraba formed under the Modaraba Companies and Modaraba Total Borrowings 436.68 779.96 (Floatation and Control) Ordinance, 1980 and Rules framed thereunder. The Deposits 295.60 258.58 Modaraba is managed by National Bank Modaraba Management Company Limited Other Liabilities 374.55 398.33 (a wholly owned subsidiary of National Bank of Pakistan), incorporated in Pakistan Total Liabilities 1,106.82 1,436.87 under the Companies Ordinance, 1984 and registered with the Registrar of TOTAL EQUITY & LIABILITIES 1,248.35 1,700.57 Modaraba Companies. The registered office of the Modaraba is situated at 5th Floor, ASSETS National Bank of Pakistan, Regional Headquarters Building, 26-McLagon Road, Lahore. Fixed Assets 0.51 1.09 Financing Assets 791.09 1,068.43 The Modaraba is listed on Pakistan Stock Exchange Limited. It commenced its Investments 271.66 463.00 operations on 04 December, 2003 and is currently engaged in various Islamic Other Assets 185.09 168.05 modes of financing and operations including ijarah, musharaka and murabaha Total Assets 1,248.35 1,700.57 arrangements. SIGNIFICANT RATIOS CORPORATE INFORMATION Gearing (x) 7.82 5.45 Commenced Business on : December 03, 2003 Current Ratio (x) 0.47 0.69 Break-up Value (Rs.) 5.66 10.55 Head Office : 5th Floor, NBP RHQs Building, 26-McLagon Road, Lahore. PROFIT & LOSS Jun-15 Jun-14 Tel : (92-42) 99211200 INCOME (Rupees in Million) Fax : (92-42) 99213247 Income from financing assets 428.27 510.18 Email : [email protected] Capital Gain on Investment 13.36 43.31 Dividend Income - - Website : www.nbmodaraba.com Other Income 9.77 4.63 Offices at : Lahore Total Income 451.40 558.12 EXPENSES Listed at : Pakistan Stock Exchange Limited Operating expenses 370.34 439.09 Auditors : Riaz Ahmad & Co., Chartered Accountants Financial expenses 90.11 120.72 Legal Advisors : Provision for bad debts / Impairments 113.13 32.53 Provision for impairment on investment - - Shari'ah Advisor : Mufti Abdul Sattar Laghari WWF - - Total Expenses 573.58 592.34 KEY PERSONS Profit Before Tax (122.18) (34.21) Taxation - - Mr. Khaqan Hasnain Ibrahim Chief Executive Officer Net Profit (122.18) (34.21) Mr. Abbas Azam CFO / Company Secretary Dividend Payment (Rs.) - - Mr. Ali Abbass Head of Internal Audit CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) (4.89) (1.37) Short Term A-1 Rating Agency Dividend per Share (%) - - Long Term A JCR-VIS Credit Rating Company Ltd.
93 Year Book 2015 FIRST PAK MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 80
60
40 % Income from financing assets 23.42 20 Capital Gain on Investment 23.04 Dividend Income 4.35 2015 2014 Other Income 49.19 Equity Growth Cost Analysis (2014-15) Rs. In Million 80
Mr. Rashid K. Siddiqui 60 Chief Executive 40
BOARD OF DIRECTORS % 20 Operating expenses 101.94 Provision for impairment on investment -2.53 2015 2014 Syed Waseem-ul-Haq Haqqie Chairman WWF 0.59 Syed Muhammad Rehmanullah Director PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Farrukh S. Ansari Director Mr. Rashid K. Siddiqui Chief Executive Officer BALANCE SHEET Jun-15 Jun-14 (Rupees in Million) COMPANY INFORMATION EQUITY Issued, Subscribed & Paid up Capital 125.40 125.40 First Pak Modaraba (the Modaraba) is a multipurpose, perpetual Modaraba. The Reserves & Retained Earning (64.66) (66.22) Modaraba is registered under the Modaraba Companies and Modaraba (Floatation Total Equity 60.74 59.18 and Control) Ordinance, 1980 and the Modaraba Companies and Modaraba Rules, LIABILITIES 1981 and was managed by Royal Management Services (Pvt) Limited. In pursuance Total Borrowings - - of instructions received from Securities and Exchange Commission of Pakistan Deposits (COI/COD/COM) - - (SECP), KASB Invest (Private) Limited has taken over the management and Other Liabilities 5.96 8.03 administrative control of First Pak Modaraba effective from November 13, 2014. Total Liabilities 5.96 8.03 TOTAL EQUITY & LIABILITIES 66.69 67.21 The registered office of First Pak Modaraba is situated at 8-C, Block-6, PECHS, Off. ASSETS Shahrah-e-Faisal, Karachi. The Modaraba is listed on Pakistan Stock Exchange Fixed Assets 0.07 0.11 Limited. The Modaraba is currently engaged in various modes of Islamic fundings Financing Assets 9.59 12.14 and businesses which include ijarah financing, deployment of fund in Musharaka, Investments 2.22 14.45 morabaha and investment in securities. Other Assets 54.81 40.51 CORPORATE INFORMATION Total Assets 66.69 67.21
Commenced Business on : August 15, 1991 SIGNIFICANT RATIOS Gearing (x) - - Head Office : 8-C, Block-6, PECHS, Off. Shahrah-e-Faisal, Current Ratio (x) 10.26 7.11 Karachi. Break-up Value (Rs.) 4.84 4.72 Tel : (92-21) 34398852-5, 34370143 Fax : (92-21) 34398858 PROFIT & LOSS Jun-15 Jun-14 (Rupees in Million) Email : [email protected] INCOME Income from financing assets 1.59 0.98 Website : www.firstpakmodaraba.com Capital Gain on Investment 1.57 2.27 Offices at : Karachi, Lahore and Islamabad Dividend Income 0.30 0.42 Listed at : Pakistan Stock Exchange Limited Other Income 3.34 3.20 Total Income 6.80 6.87 Auditors : RSM Avais Hyder Liaquat Nauman, Chartered EXPENSES Accountants Operating expenses 5.35 3.70 Legal Advisors : Ahmed & Qazi Advocates Financial expenses - - Provision for bad debts / Impairments - 13.36 Shari'ah Advisor : Mufti Muhammad Ibrahim Essa Provision for impairment on investment (0.13) 5.47 WWF 0.03 - KEY PERSONS Total Expenses 5.25 22.53 Profit Before Tax 1.56 (15.66) Mr. Rashid K. Siddiqui Chief Executive Officer Taxation - - Mr. Aftab Afroz Mahmoodi Chief Financial Officer Net Profit 1.56 (15.66) Mr. Zia-ul-Haq Company Secretary Dividend Payment (Rs.) 1.13 - Syed Shahid Owais Head of Internal Audit
CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 0.12 (1.25) Short Term - Rating Agency Dividend per Share (%) 0.90 - Long Term - -
94 Year Book 2015 FIRST PARAMOUNT MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 500
400
300
200 % 100 Income from financing assets 95.99 Non Interest Income 1.80 2015 2014 Other Income 2.21 Equity Growth Cost Analysis (2014-15) Rs. In Million 250
200 Syed Wajih Hassan CEO 150
100 % BOARD OF DIRECTORS Operating expenses 81.31 50 Financial expenses 18.01 Provision for bad debts / Impairments 0.36 2015 2014 Mr. Tanveer Ahmed Magoon Chairman WWF 0.32 Syed Wajih Hassan Chief Executive Pir Muhammad Kalia Director PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Abdul Razzak Jandga Director BALANCE SHEET Jun-15 Jun-14 Mr. Nadeem Iqbal Independent Director EQUITY (Rupees in Million) Mr. Humayun Mazhar Qureshi Director Issued, Subscribed & Paid up Capital 119.90 83.85 Mr. Khalid Rehman Director Reserves & Retained Earning 86.52 95.65 COMPANY INFORMATION Total Equity 206.41 179.49 LIABILITIES First Paramount Modaraba (the Modaraba) is a multi purpose, perpetual and Total Borrowings - - multidimensional Modaraba floated under the Modaraba Companies and Modaraba Deposits 175.38 93.88 (Floatation and Control) Ordinance, 1980 and the rules framed there under and is Other Liabilities 58.06 47.69 managed by Paramount Investments Limited (the Management Company), a Total Liabilities 233.44 141.58 company incorporated in Pakistan. The Modaraba is listed on the Pakistan Stock TOTAL EQUITY & LIABILITIES 439.85 321.07 Exchange Limited. The registered office of the Modaraba is situated at Karachi. ASSETS Modaraba's principal activities include deployment of funds on murabaha and Fixed Assets 55.64 60.19 musharaka arrangements and its in-house venture are (A) Generator rental and sale Financing Assets 278.66 192.54 project under the name "AL-BURQ Associates", (B) Weaving business under the Investments - - name of "FPM Weaving" (C) Electrical maintenance and troubleshooting services' Other Assets 105.55 68.34 business under the name of "FPM Solutions" and (D) Chemical business under the Total Assets 439.85 321.07 name of "FPM Petro Services" CORPORATE INFORMATION SIGNIFICANT RATIOS Gearing (x) 1.13 0.79 Commenced Business on : January 19, 1995 Current Ratio (x) 2.98 2.98 Head Office : Suit # 107, 108, 1st Floor, P.E.C.H.S. Break-up Value (Rs.) 17.22 21.41 Community Office Complex, Block-2, PECHS, PROFIT & LOSS Jun-15 Jun-14 Shahrah-e-Quaiden, Karachi. INCOME (Rupees in Million) Tel : (92-21) 34381037-38-52 Income from financing assets 80.14 55.20 Fax : (92-21) 34534410 Capital Gain on Investment - 0.23 Email : [email protected] Non Interest Income 1.50 0.50 Website : www.fpm.com.pk Other Income 1.85 0.73 Total Income 83.49 56.67 Offices at : Karachi & Lahore EXPENSES Listed at : Pakistan Stock Exchange Limited Operating expenses 59.63 37.27 Auditors : Ernst & Young Ford Rhodes Sidat Hyder Financial expenses 13.21 6.45 Provision for bad debts / Impairments 0.26 0.29 Legal Advisors : Raja Qasit Nawaz Provision for impairment on investment - - Shariah Advisor : Mufti Muhammad Najeeb Khan WWF 0.23 0.29 Total Expenses 73.34 44.29 KEY PERSONS Profit Before Tax 10.15 12.38 Taxation - - Syed Wajih Hassan Chief Executive Officer Net Profit 10.15 12.38 Mr. Abdullah Khan Chief Financial Officer & Dividend / Bonus Payment (Rs.) 27.58 19.28 Company Secretary CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 1.02 1.30 Short Term A-3 Rating Agency Long Term BBB JCR-VIS Credit Rating Company Ltd. Dividend / Bonus per Share (%) 23.00 23.00
95 Year Book 2015 FIRST PRUDENTIAL MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 600
500
400
300
200 % Income from financing assets 38.62 100 Capital Gain on Investment 23.40 Dividend Income 5.46 2015 2014 Other Income 32.52 Equity Growth Cost Analysis (2014-15) Rs. In Million 500
400 Mr. Rashid K. Siddiqui Chief Executive 300
200 % Operating expenses 117.16 BOARD OF DIRECTORS Financial expenses 0.27 100 Provision for bad debts / Impairments -10.56 Provision for impairment on investment -8.77 2015 2014 Syed Waseem-ul-Haq Haqqie Chairman WWF 1.89 Syed Muhammad Rehmanullah Director Mr. Farrukh S. Ansari Director PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Rashid K. Siddiqui Chief Executive Officer BALANCE SHEET Jun-15 Jun-14 COMPANY INFORMATION EQUITY (Rupees in Million) Issued, Subscribed & Paid up Capital 872.18 872.18 First Prudential Modaraba (the Modaraba) is a multipurpose, perpetual Modaraba. The Modaraba is Reserves & Retained Earning (421.23) (449.19) registered under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Modaraba Companies and Modaraba Rules, 1981 and was managed by Prudential Capital Total Equity 450.95 422.99 Management Limited (PCML) a company incorporated in Pakistan under the Companies Ordinance, 1984. LIABILITIES In pursuance of a show cause notice dated June 9, 2010 issued to the PCML and after taking approval Total Borrowings 0.00 0.00 from the Securities and Exchange Commission of Pakistan (SECP) under 20(2) of the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980, the Registrar Modarabas passed an Deposits (COI/COD/COM) 0.00 0.00 order dated October 28, 2010 under section 20(1)(a)(iii) to remove the Modaraba Company, PCML and Other Liabilities 61.02 61.57 appointed another Modaraba Management Company as Administrator to takeover and manage the affairs Total Liabilities 61.02 61.57 of the Modaraba in place of PCML.PCML had challenged the order in the Sindh High Court (SHC) and SHC gave a verdict against the appeal dated May 22, 2014. PCML instituted a case against this order of TOTAL EQUITY & LIABILITIES 511.97 484.56 SHC in the Supreme Court of Pakistan. On October 23, 2014, the Supreme Court of Pakistan upheld the ASSETS verdict of the Sindh High Court on removal of the existing management of Prudential Capital Fixed Assets 21.12 22.53 Management Limited. Accordingly, the orders of the Registrar Modaraba dated October 28, 2010 stood Financing Assets 101.78 125.53 restored and effective on the basis of which KASB Invest (Private) Limited (formerly KASB Modaraba Management (Private) Limited took over the management and control of First Prudential Modaraba from Investments 30.45 95.01 November 13, 2014. Other Assets 358.63 241.50 Total Assets 511.97 484.56 The registered office of KASB Invest (Private) Limited is situated at 8-C, Block-6, PECHS, Off. Shahrah-e- Faisal, Karachi. The Modaraba is listed on Pakistan Stock Exchange Limited. The Modaraba is currently engaged in various modes of Islamic fundings and businesses which includes ijarah financing, SIGNIFICANT RATIOS deployment of fund in musharaka, morabaha and investment in securities. Gearing (x) - - CORPORATE INFORMATION Current Ratio (x) 6.77 5.67 Break-up Value (Rs.) 5.17 4.85 Commenced Business on : December 04, 1989 Head Office : 8-C, Block-6, PECHS, Off. Shahrah-e-Faisal, PROFIT & LOSS Jun-15 Jun-14 Karachi. (Rupees in Million) Tel : (92-21) 34398852-5, 34370141 INCOME Fax : (92-21) 34398858 Income from financing assets 21.58 32.69 Capital Gain on Investment 13.08 12.14 Email : [email protected] Dividend Income 3.05 2.94 Website : www.firstprudentialmodaraba.com Other Income 18.18 16.67 Offices at : Karachi, Lahore and Islamabad Total Income 55.90 64.44 Listed at : Pakistan Stock Exchange Limited EXPENSES Auditors : RSM Avais Hyder Liaquat Nauman, Chartered Operating expenses 33.66 43.05 Accountants Financial expenses 0.08 0.04 Legal Advisors : Ahmed & Qazi Provision for bad debts / Impairments (3.03) 90.35 Shari'ah Advisor : Mufti Muhammad Ibrahim Essa Provision for impairment on investment (2.52) 3.26 WWF 0.54 - KEY PERSONS Total Expenses 28.73 136.70 Profit Before Tax 27.17 (72.26) Mr. Rashid K. Siddiqui Chief Executive Officer Taxation - - Mr. Aftab Afroz Mahmoodi Chief Financial Officer Net Profit 27.17 (72.26) Mr. Zia-ul-Haq Company Secretary Dividend Payment (Rs.) Syed Shahid Owais Head of Internal Audit CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 0.31 (0.83) Short Term - Rating Agency Dividend per Share (%) 2.30 - Long Term - -
96 Year Book 2015 FIRST PUNJAB MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 1,500
1,200
900
600 % Income from financing assets 51.80 300 Capital Gain on fixed assets 44.32 2015 2014 Other Income 3.87 Equity Growth Cost Analysis (2014-15) Rs. In Million 200
Aamir Malik 150 CEO 100
BOARD OF DIRECTORS % 50 Operating expenses 66.07 2015 2014 Financial expenses 24.80 Provision for bad debts / Impairments 9.14 Mr. Khalid Siddiq Tirmizey Chairman Mr. Aamir Malik Chief Executive PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Khawaja Farooq Saeed Director BALANCE SHEET Jun-15 Jun-14 (Rupees in Million) Mr. Nadeem Amir Director EQUITY Issued, Subscribed & Paid up Capital 340.20 340.20 Mr. Mahboob-ul-Hassan Director Reserves & Retained Earning (169.48) (247.47) Total Equity 170.72 92.73 LIABILITIES COMPANY INFORMATION Total Borrowings 734.13 896.95 Deposits 100.00 100.00 First Punjab Modaraba (the Modaraba) was formed under the Modaraba Companies Other Liabilities 200.89 234.74 and Modaraba (Flotation and Control) Ordinance, 1980 and rules framed there under Total Liabilities 1,035.02 1,231.69 and is managed by Punjab Modaraba Services (Private) Limited (wholly owned TOTAL EQUITY & LIABILITIES 1,205.74 1,324.42 subsidiary of The Bank of Punjab), a company incorporated in Pakistan. The ASSETS registered office of the Modaraba is situated at 1st Floor, 10-B, Block-E-II, Main Fixed Assets 0.91 1.32 Boulevard, Gulberg-III, Lahore. The Modaraba commenced its operations from 23 Financing Assets 695.53 861.61 December 1992. The Modaraba is listed on Pakistan Stock Exchange Limited. Investments 18.82 18.61 Other Assets 490.48 442.88 The Modaraba is a perpetual and multi-=dimensional Modaraba and is primearily Total Assets 1,205.74 1,324.42 engaged in the business of Ijarah, Musharikah and Morabaha financing, equity investment and other releated businesses in accordance with the injunctions of SIGNIFICANT RATIOS Islam. Gearing (x) CORPORATE INFORMATION Current Ratio (x) 3.93 3.89 Break-up Value (Rs.) 5.02 2.73 Commenced Business on : December 23, 1992 Head Office : BOP Tower, 1st Floor, 10-B, Block-E-II, Main PROFIT & LOSS Jun-15 Jun-14 : Boulevard, Gulberg-III, Lahore. INCOME (Rupees in Million) Tel : (92-42) 35783676 Income from financing assets 182.97 263.24 156.55 Fax : (92-42) 35784068 Capital Gain on fixed assets 22.79 Dividend Income Email : [email protected] Other Income 13.69 11.50 Website : www.punjabmodaraba.com.pk Total Income 353.21 297.53 Offices at : Lahore EXPENSES Operating expenses 168.29 207.55 Listed at : Pakistan Stock Exchange Limited Financial expenses 63.17 86.97 Auditors : Ernst & Young Ford Rhodes Sidat Hyder Provision for bad debts / Impairments 23.27 (55.93) Legal Advisors : Mr. Nadeem Saeed, Advocate Supreme Court Provision for impairment on investment - - Shariah Advisor : Mufti Tayyab Amin WWF - - Total Expenses 254.74 238.59 KEY PERSONS Profit Before Tax 98.47 58.94 Taxation 3.94 (15.35) Mr. Aamir Malik Chief Executive Officer Net Profit 94.53 74.30 Dividend Payment (Rs.) 17.01 17.01 Mr. Mudassar Kaiser Pal Chief Financial Officer & Company Secretary
CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 2.78 2.18 Short Term A2 Rating Agency Dividend per Share (%) 5.00 5.00 Long Term BBB+ Pakistan Credit Rating Agency Limited
97 Year Book 2015 FIRST TREET MANUFACTURING MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 2,100
1,750
1,400
1,050 % Income from sales 104.99 700 Other Income -4.99 2015 2014 Equity Growth Cost Analysis (2014-15) Rs. In Million 1,700
1,400 Syed Shahid Ali Chief Executive Officer 1,100
800
BOARD OF DIRECTORS % 500 Operating expenses 98.51 2015 2014 Financial expenses 1.49 Dr. Mrs. Niloufer Qasim Mahdi Chairperson Syed Shahid Ali Shah Chief Executive Officer PERFORMANCE HIGHLIGHTS 2014-2015 Syed Sheharyar Ali Director BALANCE SHEET Jun-15 Jun-14 Dr. Salman Faridi Director Mr. Imran Azim Director EQUITY (Rupees in Million) Mr. Munir Karim Bana Director Issued, Subscribed & Paid up Capital 1,304.00 1,304.00 Mr. Saulat Said Director Reserves & Retained Earning 388.44 297.10 Mr. Muhammad Shafique Anjum Director Total Equity 1,692.44 1,601.10 LIABILITIES Total Borrowings - - COMPANY INFORMATION Deposits - - Other Liabilities 360.34 128.22 First Treet Manufacturing Modaraba ("the Modaraba" is amultipurpose, perpetual and Total Liabilities 360.34 128.22 multi-dimensional Modaraba formed on July 27, 2005 under the Modaraba Companies and Modaraba (Floatation and Contrl) Ordinance, 1980 and rules framed TOTAL EQUITY & LIABILITIES 2,052.77 1,729.32 ther-under and is managed by Treet Holdings Limited (formerly Global Econo Trade ASSETS Limited (a wholly owned subsidiary of Treet Corporation Limited), incorporated in Fixed Assets 665.12 461.57 Pakistan under the Companies Ordinance, 1984 and registered with the Rergistrar of Financing Assets/Stores & spares, stock-in-trade 524.02 507.42 Modaraba Companies. The registered offfice of the Modaraba is situated at 72-B, Investments 200.00 - Kot Lakhpat, Industrial Area, Lahore. The Modaraba is engaged in the manufacture Other Assets 663.63 760.34 and sale of corrugated boxes, paper board and soaps. Total Assets 2,052.77 1,729.32
CORPORATE INFORMATION SIGNIFICANT RATIOS Gearing (x) 0.21 0.08 Commenced Business on : July 27, 2005 Current Ratio (x) 7.10 9.59 Head Office : 72-B, Industrial Area, Kot Lakhpat, Lahore. Break-up Value (Rs.) 12.98 12.28 Tel : (92-42) 35830881, 35156567 PROFIT & LOSS Jun-15 Jun-14 Fax : (92-42) 35114127, 35117650 INCOME (Rupees in Million) Email : [email protected] Income from sales 295.44 187.49 Website : www.treetgroup.com Capital Gain on Investment - - Dividend Income - - Offices at : Lahore Other Income (14.03) 19.03 Listed at : Pakistan Stock Exchange Limited Total Income 281.41 206.53 EXPENSES Auditors : KPMG Taseer Hadi & Co., Chartered Accountants Operating expenses 142.92 117.47 Legal Advisors : Saleem & Baig Advocates Financial expenses 2.17 3.15 Shari'ah Advisor : Mufti Muhammad Iftikhar Baig Provision for bad debts / Impairments - - Provision for impairment on investment - - WWF KEY PERSONS Total Expenses 145.09 120.62 Profit Before Tax 136.32 85.91 Syed Shahid Ali Shah Chief Executive Officer Taxation - - Mr. Sohail Habib Chief Accountants Modaraba Company Net Profit 136.32 85.91 Mr. Sajjad Haider Khan Chief Accountants Modaraba Dividend Payment (Rs.) 80.85 44.99 Rana Shakeel Shaukat Company Secretary CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 1.05 0.66 Short Term Rating Agency Long Term N/A Dividend per Share (%) 6.20 3.45
98 Year Book 2015 FIRST UDL MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 1000
800
600
400 % Income from financing assets 58.56 200 Capital Gain on Investment 26.97 Pharma Business 9.89 2015 2014 Other Income 4.58 Equity Growth Cost Analysis (2014-15) Rs. In Million 700
600 Mr. Ather Naqi 500 CEO 400 300 % 200 BOARD OF DIRECTORS Operating expenses 310.65 Financial expenses 0.13 100 Provision for impairment on investment -214.64 Mr. Majid Hasan Chairman (Non Executive Director) 2015 2014 WWF 3.86 Mr. Ather Naqi Chief Executive PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Shuja Malik Executive Director BALANCE SHEET Jun-15 Jun-14 Mr. S.M. Nasr Raza Non-Executive Director EQUITY (Rupees in Million) 263.87 263.87 Mr. Abdul Rahim Suriya Non-Executive Director Issued, Subscribed & Paid up Capital Reserves 366.86 314.02 COMPANY INFORMATION Total Equity 630.73 577.89 LIABILITIES First UDL Modaraba (the Modaraba) was formed in 1991 under the Modaraba Total Borrowings - - Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Rules Deposits - - framed there under, having its registered office at C-117/1, KDA Scheme No. 1, Tipu Other Liabilities 236.73 250.86 Sultan Road, Karachi and is managed by UDL Modaraba Management (Private) Total Liabilities 236.73 250.86 Limited, a company incorporated in Pakistan. It is a perpetual, multipurpose and TOTAL EQUITY & LIABILITIES 867.46 828.75 multidimensional Modaraba engaged in providing finance under Murabaha and ASSETS Musharaka arrangements, Ijarah, commodity trading, manufacturing and trading of Fixed Assets 187.18 193.24 pharmaceutical products, and trading in listed and non-interest bearing securities. Financing Assets 207.79 282.46 The Modaraba is listed on Pakistan Stock Exchange Limited. Investments 273.88 185.28 Other Assets 198.60 167.76 CORPORATE INFORMATION Total Assets 867.46 828.75
SIGNIFICANT RATIOS Commenced Business on : May 1991 Gearing (x) 0.38 0.43 Head Office : C-117/1, KDA Scheme No.1, Tipu Sultan Current Ratio (x) 2.65 2.61 Road, Karachi Break-up Value (Rs.) 23.90 21.90 Factory : E-44/45, North Western Industrial Zone, Port Qasim, Karachi PROFIT & LOSS Jun-15 Jun-14 Tel : (92-21) 34315591-5 INCOME (Rupees in Million) Fax : (92-21) 34315596 Income from financing assets 134.09 158.39 Email : [email protected] Capital Gain on Investment 61.77 72.35 Pharma Business 22.65 17.95 Website : www.udlmodaraba.com Other Income 10.48 8.08 Offices at : Karachi Total Income 228.99 256.77 Listed at : Pakistan Stock Exchange Limited EXPENSES Auditors : Avais Hyder Liaquat Nauman & Co. Operating expenses 246.19 218.42 Financial expenses 0.11 0.03 Legal Advisors : Mohsin Tayebaly & Co. Provision for bad debts / Impairments - - Shariah Advisor : Mufti Abdul Qadir Provision for impairment on investment (170.11) (31.52) WWF 3.06 1.40 KEY PERSONS Total Expenses 79.25 188.33 Mr. Ather Naqi Chief Executive Officer Profit Before Tax 149.74 68.44 Taxation - - Mr. Shuja Malik Executive Director Net Profit 149.74 68.44 Syed Aamir Hussain Chief Financial Officer & Company Secretary Dividend Payment (Rs.) 118.74 55.41
CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 5.67 2.59 Short Term - Rating Agency Long Term - - Dividend per Share (%) 45.00 21.00
99 Year Book 2015 GRAYS LEASING LIMITED
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 250
200
150
100 % Income from financing assets 97.10 50 Capital Gain on Investment 1.39 Other Income 1.51 2015 2014 Equity Growth Cost Analysis (2014-15) Rs. In Million 100
80 Mr. Muhammad Tahir But Chief Executive Officer 60
40 % BOARD OF DIRECTORS Operating expenses 94.85 Financial expenses 16.76 20 Provision for bad debts / Impairments -11.61 Mr. Khawar Anwar Khawaja Chairman 2015 2014 Mr. Muhammad Tahir Butt Chief Executive PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Neil Douglas James Gray Director BALANCE SHEET Jun-15 Jun-14 Mr. Khurram Anwar Khawaja Director EQUITY (Rupees in Million) Khawaja Zaka-ud-Din Director Issued, Subscribed & Paid up Capital 215.00 215.00 Mr. Iftikhar Ahmad Butt Director Reserves & Retained Earning (139.75) (139.86) Mr. Omer Khawar Khawaja Director Total Equity 75.25 75.14 LIABILITIES COMPANY INFORMATION Total Borrowings 25.00 15.00 Deposits - - Grays Leasing Limited ("the company") is a public Limited Company incorporated in Other Liabilities 134.21 133.69 Pakistan under the Companies Ordinance ,1984 on 31 August 1995. The company's Total Liabilities 159.21 148.69 shares are listed on Pakistan Stock Exchange Limited. The company is engaged in TOTAL EQUITY & LIABILITIES 234.46 223.83 leasing business. It has been classified as a Non-Banking Finance Company (NBFC). ASSETS Its registered office is situated at 701-A, 7th Floor, City Towers, 6-K, Main Boulevard, Fixed Assets 1.76 2.11 Gulberg-II, Lahore. Financing Assets 219.67 217.62 CORPORATE INFORMATION Investments - - Other Assets 13.04 4.11 Commenced Business on : August 31, 1995 Total Assets 234.46 223.83
Head Office : 701-A, 7th Floor, City Towers, 6-K, Main SIGNIFICANT RATIOS Boulevard, Gulberg-II, Lahore Gearing (x) 0.44 0.25 Current Ratio (x) 0.47 0.23 Tel : (92-42) 35770381-2 Break-up Value (Rs.) 3.49 3.50 Fax : (92-42) 35770389 PROFIT & LOSS Jun-15 Jun-14 Email : [email protected] INCOME (Rupees in Million) Website : www.graysleasing.com Income from financing assets 10.67 9.54 Capital Gain on Investment 0.15 0.23 Offices at : Lahore, Sialkot, Karachi, Faisalabad & Islamabad Dividend Income - - Listed at : Pakistan Stock Exchange Limited Other Income 0.17 0.47 Total Income 10.99 10.25 Auditors : Riaz Ahmad & Co., Chartered Accountants EXPENSES Legal Advisors : Lexicon Law Firm Operating expenses 12.04 11.21 Financial expenses 2.13 1.10 KEY PERSONS Provision for bad debts / Impairments (1.47) (6.65) Provision for impairment on investment - 5.26 Mr. Muhammad Tahir Butt Chief Executive WWF - - Total Expenses 12.69 10.92 Mr. Muhammad Adil Munir Company Secretary Profit Before Tax (1.71) (0.68) Mr. Avais Ibrahim Chief Financial Officer Taxation (1.81) 0.40 Mr. Bilal Arsalan Mir Head of Internal Audit Net Profit 0.10 (1.08) Dividend Payment (Rs.) - -
CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 0.01 (0.05) Short Term B Rating Agency Long Term BB- JCR-VIS Credit Rating Company Ltd. Dividend per Share (%) - -
100 Year Book 2015 INVEST CAPITAL INVESTMENT BANK LIMITED
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 1,400
1,200
1,000
800 % Income from financing assets 49.93 Capital Gain on Investment 27.64 600 Dividend Income 2.68 2015 2014 Other Income 19.75 Equity Growth Cost Analysis (2014-15) Rs. In Million 200
Mr. Muhammad Asif 150 CEO 100
BOARD OF DIRECTORS % 50 Operating expenses 78.58 2015 2014 Financial expenses (11.96) Provision for bad debts / Impairments 33.37 Ms. Fiza Zahid Chairperson Mr. Muhammad Asif Chief Executive PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Shahab Ud Din Khan Director BALANCE SHEET Jun-15 Jun-14 Mr. Muhammad Qasim Director EQUITY (Rupees in Million) Issued, Subscribed & Paid up Capital 2,848.67 2,848.67 Ms. Ayesha Zahid Director Reserves & Retained Earning (2,665.44) (2,666.69) Mr. Shahbaz Haider Agha Director Total Equity 183.23 181.98 LIABILITIES Mr. Hasan Ahmed Director Total Borrowings 375.84 453.53 COMPANY INFORMATION Deposits 31.20 68.33 Other Liabilities 622.56 648.82 Invest Capital Investment Bank Limited ("the Company") is a public limited company Total Liabilities 1,029.60 1,170.68 incorporated in Pakistan under the Companies Ordinance, 1984. The Company is TOTAL EQUITY & LIABILITIES 1,212.83 1,352.65 engaged in the business of leasing and investment finance activities as Non- ASSETS Banking Finance Company (NBFC) and is regulated by the Securities and Exchange Fixed Assets 153.99 70.49 Commission of Pakistan (SECP). The Company is listed on the Pakistan Stock Financing Assets 526.80 631.44 Exchange Limited. The registered office of the Company is situated at A-603, 604, Investments 132.26 129.18 6th Floor, Lakson Square Building No.3, Sarwar Shaheed Road, Karachi in the Other Assets 399.79 521.54 provice of Sindh Total Assets 1,212.83 1,352.65
CORPORATE INFORMATION SIGNIFICANT RATIOS Commenced Business on : March 27, 2007 Gearing (x) 5.62 6.43 Current Ratio (x) 0.80 0.83 Head Office : 703-C, City Tower,6-K, Main Boulevard, Break-up Value (Rs.) 0.64 0.64 Gulberg-II, Lahore Tel : (92-42) 35770383-4 PROFIT & LOSS Jun-15 Jun-14 (Rupees in Million) Fax : (92-42) 35788711 INCOME Income from financing assets 40.04 62.15 Email : [email protected] Capital Gain on Investment 22.16 11.59 Website : www.icibl.com Dividend Income 2.15 2.42 Other Income 15.83 96.69 Offices at : Karachi, Lahore, Islamabad, Peshawar, Faisalabad Total Income 80.18 172.85 and Gujranwala EXPENSES Listed at : Pakistan Stock Exchange Limited Operating expenses 57.63 51.78 Financial expenses (8.77) 24.65 Auditors : Awais Haider Liaquat Nauman, Chartered Provision for bad debts / Impairments 24.48 (4.16) Accountants Provision for impairment on investment - - Legal Advisors : Ahmad & Qazi WWF - - Total Expenses 73.34 72.28 KEY PERSONS Profit Before Tax 6.84 100.57 Taxation 0.69 1.84 Mr. Muhammad Asif Chief Executive Net Profit 6.16 98.72 Dividend Payment (Rs.) - - Mr. M. Naim Ashraf CFO & Company Secretary
CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 0.02 0.35 Short Term A-1 Rating Agency Dividend per Share (%) - - Long Term A+ JCR-VIS Credit Rating Company Ltd.
101 Year Book 2015 KASB MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 1,400
1,200
1,000
800 % Income from financing assets 87.59 600 Capital Gain on Investment 7.50 2015 2014 Other Income 4.91 Equity Growth Cost Analysis (2014-15) Rs. In Million 400
Mr. Rashid K. Siddiqui 300 Chief Executive 200
BOARD OF DIRECTORS % 100 Operating expenses 64.18 Financial expenses 35.70 2015 2014 WWF 0.12 Syed Waseem-ul-Haq Haqqie Chairman Mr. Rashid K. Siddiqui Chief Executive Officer PERFORMANCE HIGHLIGHTS 2014-2015 Syed Muhammad Rehmanullah Director BALANCE SHEET Jun-15 Jun-14 (Rupees in Million) Mr. Farrukh S. Ansari Director EQUITY Issued, Subscribed & Paid up Capital 480.66 282.74 Reserves & Retained Earning (95.43) 6.93 COMPANY INFORMATION Total Equity 385.23 289.67 LIABILITIES KASB Modaraba (the Modaraba) was formed under the Modaraba Companies and Total Borrowings - - Modaraba (Floatation and Control) Ordinance, 1980 and the rules framed thereunder Deposits (COI/COD/COM) 529.92 925.49 and is managed by KASB Invest (Private) Limited (the Management Company), a Other Liabilities 67.57 90.40 company incorporated in Pakistan. The registered office of the Modaraba is located Total Liabilities 597.49 1,015.89 at 8-C, Block-6, PECHS, Off. Shahrah-e-Faisal, Karachi. TOTAL EQUITY & LIABILITIES 982.73 1,305.56 ASSETS The Modaraba is a multipurpose perpetual modaraba and is primarily engaged in Fixed Assets 14.32 6.93 ijarah financing, musharaka financing, morabaha financing, modaraba financing, Financing Assets 770.12 997.42 diminishing musharaka and investing in sukuk bonds and mutual funds. The Investments 3.61 64.49 Modaraba is listed on Pakistan Stock Exchange Limited. Other Assets 194.68 236.71 CORPORATE INFORMATION Total Assets 982.73 1,305.56
Commenced Business on : October 22, 1990 SIGNIFICANT RATIOS Head Office : 8-C, Block-6, PECHS, Off. Shahrah-e-Faisal, Gearing (x) 1.55 3.51 Karachi. Current Ratio (x) 1.97 1.19 Break-up Value (Rs.) 8.01 10.25 Tel : (92-21) 34398852-5 Fax : (92-21) 34398858 PROFIT & LOSS Jun-15 Jun-14 Email : [email protected] INCOME (Rupees in Million) Website : www.kasbmodaraba.com Income from financing assets 171.49 171.98 Offices at : Karachi, Lahore and Islamabad Capital Gain on Investment 2.07 - Dividend Income - - Listed at : Pakistan Stock Exchange Limited Other Income 21.63 21.55 Auditors : Ernst & Young Ford Rhodes Sidat Hyder, Total Income 195.19 193.53 Chartered Accountants EXPENSES Legal Advisors : Ahmed & Qazi Operating expenses 118.11 72.34 Financial expenses 65.70 96.76 : S&B Durrani Law Associates Provision for bad debts / Impairments - - Shari'ah Advisor : Mufti Abdul Sattar Laghari Provision for impairment on investment - - WWF 0.22 0.44 KEY PERSONS Total Expenses 184.03 169.53 Profit Before Tax 11.15 23.99 Mr. Rashid K. Siddiqui Chief Executive Officer Taxation - - Mr. Aftab Afroz Mahmoodi Chief Financial Officer Net Profit 11.15 23.99 Mr. Zia-ul-Haq Company Secretary Dividend Payment (Rs.) 5.29 11.53 Syed Shahid Owais Head of Internal Audit CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 0.23 0.85 Short Term A2 Rating Agency Dividend per Share (%) 1.10 2.40 Long Term BBB+ Pakistan Credit Rating Agency Limited
102 Year Book 2015 MODARABA AL-MALI
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 250
200
150
% Income from financing assets 66.10 100 Capital Gain on disposal of property & equipment 9.47 2015 2014 Other Income 24.44 Equity Growth Cost Analysis (2014-15) Rs. In Million 200
Aziz Adil 150 Chief Executive 100
BOARD OF DIRECTORS % 50 Operating expenses 119.77 2015 2014 Provision for bad debts / Impairments (20.08) Mr. Muhammad Hamid Chairman WWF 0.30 Mr. Muhammad Faisal Shaikh Director Mr. Rehan Shuja Zaidi Director PERFORMANCE HIGHLIGHTS 2014-2015 Syed Mujtaba Hussain Kazmi Director BALANCE SHEET Jun-15 Jun-14 Syed Akhtar Ausaf Director Mr. Tariq Usman Bhatti Director EQUITY (Rupees in Million) Mr. Zahid Ali H. Jamall Director Issued, Subscribed & Paid up Capital 184.24 184.24 Mr. Aziz Adil Chief Executive Reserves & Retained Earning (25.47) (30.30) COMPANY INFORMATION Total Equity 158.77 153.94 LIABILITIES Modaraba Al-Mali (the "Modaraba") is a multipurpose and perpetual Modaraba Total Borrowings - - floated in Pakistan on July 8, 1987 under the Modaraba Companies and Modaraba Deposits (COI/COD/COM) - - (Floatation and Control) Ordinance, 1980 ("Modaraba Ordinance, 1980"), and Other Liabilities 46.95 54.31 Modaraba Companies and Modaraba Rules, 1981 (Modaraba Rules, 1981) and is Total Liabilities 46.95 54.31 managed by BankIslami Modaraba Investments Limited (the "Management TOTAL EQUITY & LIABILITIES 205.71 208.26 Company", a company registered under the Companies Ordinance, 1984. The ASSETS Modaraba is listed on the Pakistan Stock Exchange Limited. Registered office is Fixed Assets 73.56 77.41 situated at Progressive Square, Shahrae Faisal, Karachi, in the province of Sindh. Financing Assets 85.94 38.61 Investments - - The Modaraba is engaged in the business of leasing, murabaha, musharaka Other Assets 46.21 92.24 financing, operation of petrol and diesel filling / service station. Total Assets 205.71 208.26
SIGNIFICANT RATIOS CORPORATE INFORMATION Gearing (x) 0.30 0.35 Commenced Business on : July 08, 1987 Current Ratio (x) 1.44 2.42 Break-up Value (Rs.) 8.62 8.36 Head Office : 10th Floor, Progressive Square, Sharea Faisal, Karachi. PROFIT & LOSS Jun-15 Jun-14 Tel : (92-21) 34547521-25 INCOME (Rupees in Million) Fax : (92-21) 34547526 Income from financing assets 26.40 11.49 Email : [email protected] Capital Gain on disposal of property & equipment 3.78 0.47 Website : www.modarabaalmali.com Dividend Income - - Other Income 9.76 5.51 Offices at : Karachi Total Income 39.94 17.47 Listed at : Pakistan Stock Exchange Limited EXPENSES Auditors : Ernst & Young Ford Rhodes Siddat Haider, Operating expenses 41.65 42.22 Chartered Accountants Financial expenses - - Legal Advisors : Mohsin Tayebali & Co. Provision for bad debts / Impairments (6.98) (0.37) Provision for impairment on investment - - Shari'ah Advisor : Mufti Irshad Ahmed Aijaz WWF 0.11 - KEY PERSONS Total Expenses 34.78 41.85 Profit Before Tax 5.17 (24.38) Mr. Aziz Adil Chief Executive Taxation 0.46 0.34 Mr. Zafar Ahmed Khan CFO & Company Secretary Net Profit 4.70 (24.72) Mr. Zeeshan Bin Farrukh Head of I.T / Admin Dividend Payment (Rs.) 3.68 - Mr. Shah Muhammad Abdullah Head of CAD CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 0.26 (1.34) Short Term A2 Rating Agency Dividend per Share (%) 2.00 - Long Term A- Pakistan Credit Rating Agency Limited
103 Year Book 2015 NBP LEASING LIMITED
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 1,400
1,200
1,000
800 % 600 Income from financing assets 98.69 Capital Gain on Investment 0.40 2015 2014 Other Income 0.91 Equity Growth Cost Analysis (2014-15) Rs. In Million 800
Mr. Mohammad Rizwan Masood 600 CEO / MD
400 BOARD OF DIRECTORS Operating expenses 74.51 Financial expenses 24.29% 200 Provision for bad debts / Impairments -1.76 2015 2014 Provision for impairment on investment 1.65 Mr. Tariq Jamali Chairman WWF 1.31 Mr. Mohammad Rizwan Masood CEO / MD Mr. Nasir Husain Director PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Muhammad Naeemuddin Director BALANCE SHEET Jun-15 Jun-14 Mr. Hamid Husain Director EQUITY (Rupees in Million) Mr. Rehman Ghani Director Issued, Subscribed & Paid up Capital 500.00 500.00 Syed Altaf Hussain Mashadi Director Reserves & Retained Earning 287.22 251.05 COMPANY INFORMATION Total Equity 787.22 751.05 LIABILITIES NBP Leasing Limited (the Company) was incorporated in Pakistan on 7 November Total Borrowings 174.88 187.40 1994 as an unlisted public Company under the Companies Ordinance, 1984. The Deposits - - registered office of the Company is situated 4th Floor, PRC Towers, 32/A, Lalazar Other Liabilities 364.58 325.93 Drive, M.T. Khan Road, Karachi. The Company is a wholly owned subsidiary of Total Liabilities 539.46 513.33 National Bank of Pakistan (the Holding Company). The Company is principally TOTAL EQUITY & LIABILITIES 1,326.68 1,264.38 engaged in the business of leasing as licensed under the Non-Banking Finance ASSETS Companies Rules, 2003 (the NBFC Rules). The Company was also engaged Fixed Assets 6.59 7.16 previously in the business of discounting / trade of negotiable instruments which Financing Assets 1,268.57 1,203.48 has been discontinued since 15 May 2008, due to changes in Non-Banking Finance Investments 13.11 24.99 Companies and Notified Entities Regulations, 2008. Other Assets 38.41 28.75 CORPORATE INFORMATION Total Assets 1,326.68 1,264.38 Commenced Business on : November 07, 1995 SIGNIFICANT RATIOS Head Office : 4th Floor, PRC Towers, 32/A, Lalazar Drive, M.T. Gearing (x) 0.22 0.25 Khan Road, Karachi Current Ratio (x) 1.76 2.13 Break-up Value (Rs.) 15.74 15.02 Tel : (92-21) 99210601-5 Fax : (92-21) 99210600 PROFIT & LOSS Jun-15 Jun-14 (Rupees in Million) Email : [email protected] INCOME Income from financing assets 120.19 111.77 Website : www.nbpleasing.com Capital Gain on Investment - (0.07) Dividend Income - - Offices at : Karachi Other Income 2.66 2.66 Listed at : N/A Total Income 122.85 114.36 EXPENSES Auditors : Ernst & Young Ford Rhodes Sidat Hyder, Operating expenses 55.00 51.49 Chartered Accountants Financial expenses 16.27 23.77 Legal Advisors : Sofia Saeed & Associates Provision for bad debts / Impairments (21.66) 7.68 Provision for impairment on investment 9.93 1.83 KEY PERSONS WWF 1.27 1.63 Total Expenses 60.81 86.40 Mr. Mohammad Rizwan Masood CEO / MD Profit Before Tax 62.04 27.96 Syed Muhammad Nasrullah CFO & Company Secretary Taxation 24.88 4.76 Mr. S. M. Faraz Naseem Sr. Manager Credit & Marketing Net Profit 37.16 23.20 Syed Hasnain Ali Zaidi Head Credit Administration Dividend Payment (Rs.) - - Mr. Muhammad Samad Ilyas Head of Internal Audit CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 0.74 0.46 Short Term A-1 Rating Agency Dividend per Share (%) - - Long Term A+ JCR-VIS Credit Rating Company Ltd.
104 Year Book 2015 ORIX LEASING PAKISTAN LIMITED
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 30,000
25,000
20,000
15,000
10,000 % Income from financing assets 86.08 5000 Capital Gain on Investment 1.80 Dividend Income 0.01 2015 2014 Other Income 12.11 Equity Growth Cost Analysis (2014-15) Rs. In Million 4,000
3,500 Mr. Teizoon Kisat CEO 3,000
2,500 % BOARD OF DIRECTORS Operating expenses 43.41 Financial expenses 51.59 2,000 Provision for bad debts / Impairments 3.63 2015 2014 Provision for impairment on investment 0.85 Mr. Kunwar Idris Chairman WWF 0.52 Mr. Harukazu Yamaguchi Non Executive Director PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Humayun Murad SI Non Executive Director BALANCE SHEET Jun-15 Jun-14 Ms. Nargis Ghaloo Non Executive Director (Rupees in Million) Mr. Shahid Usman Independent Non Executive Director EQUITY Mr. Shaheen Amin Non Executive Director Issued, Subscribed & Paid up Capital 820.53 820.53 Reserves & Retained Earning 2,728.50 2,243.40 Mr. Kazuhito Inoue Non Executive Director Total Equity 3,549.03 3,063.93 Mr. Teizoon Kisat Executive Director/Chief Executive LIABILITIES Total Borrowings 9,297.12 7,627.71 COMPANY INFORMATION Deposits (COD/COI/COM) 6,983.26 6,312.17 Other Liabilities 8,488.23 7,444.91 ORIX Leasing Pakistan Limited (“the Company”) was incorporated in Pakistan as a Total Liabilities 24,768.62 21,384.78 private limited company on July 1,1986 under the Companies Ordinance, 1984 and TOTAL EQUITY & LIABILITIES 28,317.65 24,448.71 was converted into a public limited company on December 23, 1987. The Company ASSETS is listed on the Pakistan Stock Exchange Limited. The registered office of the Fixed Assets 1,770.44 1,777.60 Company is situated at Islamic Chamber of Commerce Building, Clifton, Karachi. Financing Assets 22,608.57 19,294.43 The Company is licensed to carry out leasing business as a Non-Banking Finance Investments 3,296.70 2,802.99 Company (NBFC) under the Non-Banking Finance Companies (Establishment and Other Assets 641.93 573.70 Regulations) Rules, 2003 (NBFC Rules) issued by the Securities and Exchange Total Assets 28,317.65 24,448.71 Commission of Pakistan (SECP).
CORPORATE INFORMATION SIGNIFICANT RATIOS Commenced Business on : January 01, 1987 Gearing (x) 4.59 4.55 Current Ratio (x) 1.35 1.18 Head Office : ORIX Building, Plot No.16, Sector-24, Korangi Break-up Value (Rs.) 41.89 36.35 Industrial Area, Karachi. Tel : (92-21) 35144029-40 UAN: 111242424 PROFIT & LOSS Jun-15 Jun-14 Fax : (92-21) 35144002, 35144020 INCOME (Rupees in Million) Email : [email protected] Income from financing assets 3,623.10 3,372.60 Website : www.orixpakistan.com Capital Gain on Investment 75.69 68.94 Offices at : Karachi, Lahore, Islamabad, Peshawar, 26 other Dividend Income 0.57 3.04 cities & towns Other Income 509.62 375.28 Total Income 4,208.97 3,819.87 Listed at : Pakistan Stock Exchange Limited EXPENSES Auditors : A.F. Ferguson & Company, Chartered Operating expenses 1,453.82 1,337.58 Accountants Financial expenses 1,727.69 1,658.38 Legal Advisors : Mansoor Ahmad Khan & Co., Walker Martineau & Provision for bad debts / Impairments 121.67 136.88 Saleem Provision for impairment on investment 28.39 33.43 Shari'ah Advisor : Mufti Ibrahim Essa WWF 17.50 13.50 Total Expenses 3,349.07 3,179.76 KEY PERSONS Profit Before Tax 859.90 640.10 Mr. Teizoon Kisat Chief Executive Taxation 189.00 123.99 Mr. Ramon Alfrey Chief Financial Officer Net Profit 670.90 516.11 Ms. Effat Assad Company Secretary Dividend Payment (Rs.) 369.24 287.19 Ms. Maryam Aziz Head of Internal Audit CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 8.18 6.29 Short Term A1+ Rating Agency Dividend per Share (%) 45.00 35.00 Long Term AA+ Pakistan Credit Rating Agency Limited
105 Year Book 2015 PAK-GULF LEASING COMPANY LIMITED
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 1,600
1,200
800
% Income from financing assets 96.98 400 Capital Gain on Investment 3.00 2015 2014 Other Income 0.02 Equity Growth Cost Analysis (2014-15) Rs. In Million 600
500
Mr. Mahfuz-ur-Rehman Pasha 400 Chief Executive Officer 300
200 BOARD OF DIRECTORS % 100 Operating expenses 69.54 2015 2014 Financial expenses 30.54 Mr. Sohail Inam Ellahi Chairman Provision for bad debts / Impairments -0.08 Air Marshal Syed Masood Hatif (Retd.) Vice Chairman Mr. Pervez Inam Non-Executive Director PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Fawad Salim Malik Non-Executive Director BALANCE SHEET Jun-15 Jun-14 Mr. Shaheed H. Gaylani Non-Executive Director EQUITY (Rupees in Million) Brig. Naveed Nasar Khan (Retd.) Non-Executive Director Issued, Subscribed & Paid up Capital 253.70 253.70 Mr. Rizwan Humayun Non-Executive Director Reserves and Retained Earning 293.75 241.12 Lt. Col. Saleem Ahmed Zafar (Retd.) Executive Director Total Equity 547.45 494.82 Mr. Mahfuz-ur-Rehman Pasha Chief Executive Officer LIABILITIES Total Borrowings 232.86 121.92 COMPANY INFORMATION Deposits (COI/COD/COM) 156.47 137.11 Other Liabilities 563.98 455.28 PGL, a privately-sponsored Leasing Company, has been profitably operating for the Total Liabilities 953.31 714.31 past 19 years. It is listed on Pakistan Stock Exchange Limited. PGL follows a highly TOTAL EQUITY & LIABILITIES 1,500.76 1,209.13 prudent and consistent policy for undertaking risk, which has kept its Rental ASSETS Recovery Rate to over 95%. PGL also offers Shariah-compliant Ijarah Leases to its Fixed Assets 73.91 77.75 customers. For larger exposures in Plant/Equipment/Machinery leases, the Company Financing Assets 1,341.41 1,075.85 safeguards itself by obtaining additional collateral securities. PGL manages its tax Investments 28.21 23.94 liabilities well and is frugal in increasing its fixed costs. Other Assets 57.23 31.59 Total Assets 1,500.76 1,209.13 CORPORATE INFORMATION SIGNIFICANT RATIOS Commenced Business on : September 16, 1996 Gearing (x) 0.71 0.52 Head Office : The FORUM, 125-127, First Floor, G-20, Block-9, Current Ratio (x) 1.07 1.22 Main Khayaban-e-Jami, Clifton, Karachi. Break-up Value (Rs.) 21.58 19.50 Tel : (92-21) 35820301, 35820965-6. 35824401, 35375986-7 PROFIT & LOSS Jun-15 Jun-14 Fax : (92-21) 35820302, 35375985 INCOME (Rupees in Million) Email : [email protected] Income from financing assets 117.15 89.27 Website : www.pakgulfleasing.com Profit on Investment and bank accounts 3.41 5.13 Dividend Income 0.22 0.20 Offices at : Karachi, Pakistan Other Income 0.02 0.05 Listed at : Pakistan Stock Exchange Limited Total Income 120.80 94.65 Auditors : BDO Ebrahim & Co. Chartered Accountants EXPENSES Legal Advisors : Mohsin Tayebaly & Co. Operating expenses 45.12 36.21 Financial expenses 20.31 8.37 Shari'ah Advisor : Mufti Muhammad Ibrahim Essa Provision for bad debts / Impairments (0.05) 1.42 KEY PERSONS Provision for impairment on investment - - WWF 1.11 0.97 Mr. Mahfuz-ur-Rehman Pasha Chief Executive Officer Total Expenses 66.49 46.97 Mr. Khalil Anwer Hassan Chief Manager Profit Before Tax 54.31 47.68 Lt. Col. Saleem Ahmed Zafar (Retd.) Chief Operating Officer Mr. Afzal-ul-Haque DCOO & Senior Manager Risk Taxation 4.03 18.46 Ms. Mehreen Usama Company Secretary / CFO Net Profit 50.28 29.22 Ms. Farah Farooq Head of Audit Dividend Payment (Rs.) - - Major Arifullah Lodhi (Retd.) Manager HR & Administration Mr. Ayaz Latif Manager IT CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 1.98 1.15 Rating Agency Short Term A-2 Dividend per Share (%) - - Long Term A- JCR-VIS Credit Rating Company Ltd.
106 Year Book 2015 POPULAR ISLAMIC MODARABA (FORMERLY FIRST ISLAMIC MODARABA)
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 200
150
100
% Income from financing assets 96.11 50 Capital Gain on Investment 3.64 2015 2014 Other Income 0.25 Equity Growth Cost Analysis (2014-15) Rs. In Million 200
S. Faiq Husain 150 Chief Executive Officer 100
BOARD OF DIRECTORS % 50 Operating expenses 133.69 2015 2014 Provision for impairment on investment (34.48) Mr. Imamuddin Shouqeen Chairman WWF 0.80 Mr. Shahbaz Ali Malik Director PERFORMANCE HIGHLIGHTS 2014-2015 Saiyed Faiq Hussain Director / Chief Executive BALANCE SHEET Jun-15 Jun-14 Mr. Malik Junaid Emam Director Mr. Kamran Hussain Mughal Director / Company Secretary EQUITY (Rupees in Million) Issued, Subscribed & Paid up Capital 100.00 100.00 COMPANY INFORMATION Reserves & Retained Earning 30.31 26.20 Total Equity 130.31 126.20 Popular Islamic Modaraba (Formerly First Islamic Modaraba) is a multipurpose, LIABILITIES perpetual Modaraba formed under the Modaraba and Modaraba (floatation and control) Ordinance, 1980 and the rules framed there under and is managed by the Total Borrowings - - Popular Islamic Modaraba Management Company (Private) Limited (formerly by Deposits - - Islamic Investment Bank Limited - under liquidation), a company incorporated in Other Liabilities 10.16 6.19 Pakistan under the Companies Ordinance, 1984 and registered with Registrar of Total Liabilities 10.16 6.19 Modaraba Companies. The registered office of the modaraba is situated at 813, 8th TOTAL EQUITY & LIABILITIES 140.47 132.38 Floor, Chappal Plaza, Hasrat Mohani Road, Off I.I.Chundrigar Road, Karachi. The ASSETS Modaraba is listed on Pakistan Stock Exchange Limited. Fixed Assets 0.03 0.06 Financing Assets 105.85 106.36 The Modaraba is engaged in various Islamic modes of financing and business Investments 14.32 7.31 including ijarah, musharaka, murabaha arrangements, trading in listed securities Other Assets 20.26 18.66 and other commodities. Total Assets 140.47 132.38 CORPORATE INFORMATION SIGNIFICANT RATIOS Commenced Business on : August 6, 2013 Gearing (x) 0.02 0.04 Head Office : 813, 8th Floor, Chappal Plaza, Hasrat Mohani Current Ratio (x) 41.94 25.24 Road, Off. I.I. Chundrigar Road, Karachi. Break-up Value (Rs.) 13.03 12.62
Tel : (92-21) 32471892 PROFIT & LOSS Jun-15 Jun-14 Fax : INCOME (Rupees in Million) Email : [email protected] Income from financing assets 15.48 3.38 Capital Gain on Investment 0.59 3.13 Website : www.popularislamicmodaraba.com Dividend Income - 0.70 Offices at : Karachi Other Income 0.04 0.03 Total Income 16.10 7.24 Listed at : Pakistan Stock Exchange Limited EXPENSES Auditors : Avais Hyder Liaquat Nauman, Chartered Operating expenses 15.48 5.09 Accountants Financial expenses - - Legal Advisors : Zafar Ali Shah Advocate, Bukhari Law Associates Provision for bad debts / Impairments - - Provision for impairment on investment (3.99) 0.65 Shari'ah Advisor : Mufti Muhammad Ibrahim Essa WWF 0.09 0.00 KEY PERSONS Total Expenses 11.58 5.74 Profit Before Tax 4.52 1.50 Saiyed Faiq Hussain Chief Executive Taxation 0.41 0.07 Mr. Kamran Hussain Mughal Company Secretary Net Profit 4.11 1.43 Mr. Ali Hasan Kalroo Chief Financial Officer Dividend Payment (Rs.) Mr. Adnan Ali Manager Operation CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 0.41 0.14 Short Term - Rating Agency Dividend per Share (%) - - Long Term - -
107 Year Book 2015 SAUDI PAK LEASING COMPANY LIMITED
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 1,250
1,100
950
800 % Income from financing assets 30.80 650 Other Income 69.20 2015 2014 Equity Growth Cost Analysis (2014-15) Rs. In Million (250)
Mr. Muhammad Tariq Masud (350) Chief Executive Officer / Managing Director (450) % BOARD OF DIRECTORS Operating expenses 27.49 (550) Financial expenses 20.32 Provision for bad debts / Impairments 52.48 Mr. Niaz Ahmed Khan Chairman 2015 2014 Provision for impairment on investment -0.29 Mr. Muhammad Tariq Masud Chief Executive Officer Ms. Parveen A. Malik Director PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Arsalan Iftikhar Khan Director BALANCE SHEET Jun-15 Jun-14 Mr. Hazrat Wali Director EQUITY (Rupees in Million) COMPANY INFORMATION Issued, Subscribed & Paid up Capital 979.81 979.81 Reserves & Retained Earning (1,510.81) (1,317.52) Saudi Pak Leasing Company Limited ("the Company") was incorporated in Pakistan Total Equity (530.99) (337.70) on 08 January 1991 and is listed on all the three stock exchanges in Pakistan. the LIABILITIES registered office of the Company is situated at 6th Floor, Lakson Square Building Total Borrowings 610.69 649.66 No.1, Sarwar Shaheed Road, Saddar, Karachi. The main business activity of the Deposits (COI/COD/COM) 122.74 124.74 Company is leasing of assets. The Company's license to carry out the business of Other Liabilities 811.23 785.81 leasing had expired on 18 May 2010 and its renewal is pending with the Securities Total Liabilities 1,544.67 1,560.21 and Exchange Commission of Pakistan (SECP). The Company has not been doing TOTAL EQUITY & LIABILITIES 1,013.68 1,222.50 business of new leases since 2008. ASSETS Fixed Assets 64.67 21.64 Saudi Pak Industrial & Agricultural Investment Company Limited (SAPICO) is the Financing Assets 770.11 967.91 parent company (by virtue of management rights) and as of 30 June 2015 holds 35.06% (30 June 2014; 35.06%) of issued ordinary share capital of the Company Investments 88.41 38.72 and 63% (30 June 2014; 63%) of issued preference share capital of the Company. Other Assets 90.49 194.23 Total Assets 1,013.68 1,222.50 CORPORATE INFORMATION Commenced Business on : January 1991 SIGNIFICANT RATIOS Gearing (x) (2.16) (4.62) Head Office : 6th Floor, Lakson Square Building #1, Sarwar Current Ratio (x) 0.61 0.73 Shaheed Road, Karachi Break-up Value (Rs.) (11.61) (7.48) Tel : (92-21) 35655181-85 PROFIT & LOSS Jun-15 Jun-14 Fax : (92-21) 35210607-9 INCOME (Rupees in Million) Email : [email protected] Income from financing assets 18.75 49.81 Capital Gain on Investment - 0.14 Website : www.saudipakleasing.com Dividend Income - 0.02 Offices at : Karachi, Lahore & Islamabad Other Income 42.13 157.85 Total Income 60.88 207.82 Listed at : Pakistan Stock Exchange Limited EXPENSES Auditors : KPMG Taseer Hadi & Co., Chartered Accountants Operating expenses 69.20 76.11 Financial expenses 51.14 56.28 Legal Advisors : Zafar & Zafar Law Associates Provision for bad debts / Impairments 132.10 66.48 Provision for impairment on investment (0.72) 4.09 WWF - - KEY PERSONS Total Expenses 251.71 202.96 Profit Before Tax (190.83) 4.86 Mr. Muhammad Tariq Masud Chief Executive Officer Taxation 2.10 (2.36) Mr. Zahirudin Kazi CFO & Company Secretary Net Profit (192.93) 7.22 Mr. Yousuf H. Makhdum General Manager Dividend Payment (Rs.) - - Mr. Faisal Shiraz Sr. Manager Finance & Accounts Deparment CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) (4.27) 0.03 Short Term - Rating Agency Long Term - - Dividend per Share (%) - -
108 Year Book 2015 SECURITY LEASING CORPORATION LIMITED
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 1,000
800
600
% Income from financing assets 100.00 400 2015 2014 Equity Growth Cost Analysis (2014-15) Rs. In Million 200
Syed Nauman Akhtar 150 Chief Executive Officer 100
BOARD OF DIRECTORS % 50 Operating expenses 123.65 2015 2014 Financial expenses 7.09 Mr. M R Khan Chairman Provision for bad debts / Impairments -30.74 Mr. S M Nadim Shafiqullah Vice Chairman Syed Nauman Akhtar Chief Executive Officer PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Mohammed Khalid Ali Director BALANCE SHEET Jun-15 Jun-14 Mr. Azim Azfar Director EQUITY (Rupees in Million) Mr. Shafiq-ur-Rehman Director Issued, Subscribed & Paid up Capital 438.03 438.03 Mr. Abdul Ghafoor Director Reserves & Retained Earning (301.52) (275.69) Mr. Naeem Shafi Director Total Equity 136.51 162.34 LIABILITIES COMPANY INFORMATION Total Borrowings 466.39 479.97 Deposits (COI/COD/COM) - - Security Leasing Corporation Limited ("the Company") was incorporated in Pakistan on December 6, 1993 and commenced its operations on May 21, 1995. The Other Liabilities 260.74 276.64 Company is a Non-Banking Finance Company (NBFC) under Non-Banking Finance Total Liabilities 727.13 756.61 Companies (Establishment and Regulation) Rules, 2003 and engaged in the TOTAL EQUITY & LIABILITIES 863.64 918.95 business of leasing. ASSETS Fixed Assets 93.42 12.69 The registered office of the Company is situated at Block-B, 5th Floor, Lakson Financing Assets 390.41 232.65 Square Building No.3, Sarwar Shaheed Road, Karachi. The Company is listed on Investments - - Pakistan Stock Exchange Limited. Other Assets 379.80 673.61 CORPORATE INFORMATION Total Assets 863.64 918.95
Commenced Business on : May 21, 1995 SIGNIFICANT RATIOS Head Office : Block-B, 5th Floor, Lakson Square Building No.3, Gearing (x) 5.33 4.66 Current Ratio (x) 0.84 0.73 Sarwar Shaheed Road, Karachi Break-up Value (Rs.) 3.12 3.71 Tel : (92-21) 35205379, UAN: 111-111-902 PROFIT & LOSS Jun-15 Jun-14 Fax : (92-21) 35689854 INCOME (Rupees in Million) Email : [email protected] Income from financing assets 17.55 36.06 Website : www.seclease.com Capital Gain on Investment - - Dividend Income - - Offices at : Karachi and Lahore Other Income - (69.79) Total Income 17.55 (33.73) Listed at : Pakistan Stock Exchange Limited EXPENSES Auditors : Avais Hyder Liaquat Nauman, Chartered Operating expenses 79.89 80.08 Accountants Financial expenses 4.58 3.38 Provision for bad debts / Impairments (19.86) 16.42 Legal Advisors : Ali Raza Habb & Co., Advocates, Solicitors & Provision for impairment on investment - - Legal Advisor WWF - - Total Expenses 64.62 99.87 KEY PERSONS Profit Before Tax (47.07) (133.60) Taxation (18.54) 1.33 Syed Nauman Akhtar Chief Executive Officer Net Profit (28.52) (134.93) Ms. Farah Azeem Company Secretary Dividend Payment (Rs.) - -
CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) (0.79) (3.72) Short Term - Rating Agency Dividend per Share (%) - - Long Term - -
109 Year Book 2015 SINDH LEASING COMPANY LIMITED
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 1,400
1,200
1,000
800
600 % 400 Income from financing assets 19.43 EASING Capital Gain on Investment 68.31 INDHL 200 S Dividend Income 12.00 2015 2014 Other Income 0.26 Equity Growth Cost Analysis (2014-15) Rs. In Million 1,200
1,000
Mr. Naim Farooqui 800 Chief Executive Officer 600
400 BOARD OF DIRECTORS Operating expenses 88.18 Financial expenses 1.56 200 Provision for bad debts / Impairments 7.02 2015 2014 WWF 3.24 Mr. Muhammad Bilal Sheikh Chairman (Non Executive Director) Mr. Sohail Khan Rajput Non-Executive Director PERFORMANCE HIGHLIGHTS 2014-2015 Syed Shahnawaz Nadir Shah Non-Executive Director BALANCE SHEET Jun-15 Jun-14 Syed Saeed Reza Independent Non-Executive Director EQUITY (Rupees in Million) Issued, Subscribed & Paid up Capital 1,000.00 1,000.00 Mr. Muhammad Imran Malik Independent Non-Executive Director Reserves & Retained Earning 59.75 27.04 Mr. Ali Murtaza Kazmi Independent Non-Executive Director Total Equity 1,059.75 1,027.04 Mr. Naim Farooqui Chief Executive - Executive Director LIABILITIES Total Borrowings 95.00 - COMPANY INFORMATION Deposits (COI/COD/COM) - - Other Liabilities 87.69 23.93 Sindh Leasing Company Limited (the Company) was incorporated in Pakistan on Total Liabilities 182.69 23.93 December 16, 2013 as an unlisted public company under the Companies Ordinance, TOTAL EQUITY & LIABILITIES 1,242.44 1,050.97 1984. The Company was granted licence on March 27, 2014 to carry out leasing ASSETS business as a Non-Banking Finance Company (NBFC) under the Non-Banking Fixed Assets 32.37 34.10 Finance Companies (Established and Regulations) Rules, 2003. The registered office Financing Assets 440.38 29.69 of the Company is situated at 3rd Floor, Imperial Court Building, Dr. Ziauddin Ahmad Investments 347.67 900.00 Road, Karachi. Other Assets 422.02 87.18 Total Assets 1,242.44 1,050.97 100% shares of the Company are held by the Government of Sindh CORPORATE INFORMATION SIGNIFICANT RATIOS Gearing (x) 0.17 0.02 Commenced Business on : March 27, 2014 Current Ratio (x) 7.89 60.61 Head Office : 3rd Floor, Imperial Court, Dr. Ziauddin Ahmed Break-up Value (Rs.) 10.60 10.27 Road, Karachi. PROFIT & LOSS Jun-15 Jun-14 Tel : (92-21) 35640701-3 INCOME (Rupees in Million) Fax : (92-21) 35640704 Income from financing assets 19.55 0.63 Capital Gain on Investment 68.73 49.68 Email : [email protected] Dividend Income 12.08 - Other Income 0.26 0.01 Website : www.sindhleasingltd.com Total Income 100.62 50.32 Offices at : Karachi, Larkana/Naudero & Hyderabad EXPENSES Operating expenses 47.83 10.55 Auditors : BDO Ebrahim & Co., Chartered Accountants Financial expenses 0.85 0.00 Legal Advisors : Muhammad Nadeem Khan Provision for bad debts / Impairments 3.81 - Provision for impairment on investment - - KEY PERSONS WWF 1.76 - Mr. Naim Farooqui Chief Executive Officer Total Expenses 54.24 10.56 Profit Before Tax 46.38 39.76 Mr. Rehan Anjum Chief Financial Officer & Company Secretary Taxation 13.67 12.73 Mr. Hasnain Raza Head of CAD Net Profit 32.71 27.04 Syed Farrukh Hussain Head of IT Dividend Payment (Rs.) - - Syed Atta Abbas Naqvi Manager Credit and Marketing CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 0.33 0.27 Short Term A-2 Rating Agency Long Term A JCR-VIS Credit Rating Company Ltd. Dividend per Share (%) - -
110 Year Book 2015 SINDH MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 500
400
300
200 % Income from financing assets 16.06 INDH Capital Gain on Investment 1.97 S 100 Dividend Income/income on bank deposit 81.64 2015 2014 Other Income 0.34 Equity Growth Cost Analysis (2014-15) Rs. In Million 500
400 Javed Iqbal C.E.O. 300
200 BOARD OF DIRECTORS % 100 Operating expenses 98.58 2015 2014 WWF 1.42 Mr. Muhammad Bilal Shaikh Chairman (Non Executive Director) Mr. Muhammad Sohail Khan Rajput Non-Executive Director PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Muhammad Naimuddin Farooqui Non-Executive Director BALANCE SHEET Jun-15 Jun-14 Syed Shahnawaz Nadir Shah Non-Executive Director EQUITY (Rupees in Million) Mr. Muhammad Shahid Murtaza Independent Director Issued, Subscribed & Paid up Capital 450.00 Mr. Asif Haider Mirza Independent Director Reserves & Retained Earning 9.59 Mr. Moin Mohajir Independent Director Total Equity 459.59 - LIABILITIES Mr. Javed Iqbal Chief Executive Total Borrowings - Deposits (COI/COD/COM) - COMPANY INFORMATION Other Liabilities 18.82 Total Liabilities 18.82 - Sindh Modaraba, listed on Karachi Stock Exchange, commenced its business TOTAL EQUITY & LIABILITIES 478.41 - operation since 9th February, 2015 and is managed by Sindh Modaraba ASSETS Management Limited having paid-up capital of Rs. 500 million. The registered office Fixed Assets 0.27 of Sindh Modaraba is 1st Floor, Imperial Courts, Dr. Ziauddin Ahmed Road, Karachi Financing Assets 163.96 Investments - Sindh Modaraba is a perpetual, multi-purpose and multi-dimensional Modaraba and Other Assets 314.18 is primarily engaged in providing Shariah compliant financing facilities to credit Total Assets 478.41 - worthy customers. SIGNIFICANT RATIOS Gearing (x) 0.04 - CORPORATE INFORMATION Current Ratio (x) 34.15 Commenced Business on : February 09, 2015 Break-up Value (Rs.) 10.22 Head Office : 1st Floor, Imperial Court, Dr. Ziauddin Ahmed PROFIT & LOSS Jun-15 Jun-14 Road, Karachi. INCOME (Rupees in Million) Tel : (92-21) 35640708-9 Income from financing assets 3.75 Fax : (92-21) 35640711 Capital Gain on Investment 0.46 Email : [email protected] Dividend Income/income on bank deposit 19.09 Website : www.sindhmodarabaltd.com Other Income 0.08 Total Income 23.38 - Offices at : Karachi EXPENSES Listed at : Pakistan Stock Exchange Limited Operating expenses 13.60 Auditors : Grant Thornton Anjum Rahman, Chartered Financial expenses - Accountants Provision for bad debts / Impairments - Legal Advisors : Mohsin Tayebaly & Co. Provision for impairment on investment WWF 0.19 Shariah Advisor : Mufti Zeeshan Abdul Aziz Total Expenses 13.79 - Profit Before Tax 9.59 - KEY PERSONS Taxation - - Mr. Javed Iqbal Chief Executive Officer Net Profit 9.59 - Dividend Payment (Rs.) 7.20 Mr. Zulfiqar Ali Chief Financial Officer & Company Secretary CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 0.21 Short Term - Rating Agency Long Term - - Dividend per Share (%) 1.60
111 Year Book 2015 SME LEASING LIMITED
Balance Sheet Growth Revenue Analysis (2013-14) Rs. In Million 700
600
500
% Income from financing assets 99.66 400 Capital Gain on Investment 0.16 2014 2013 Other Income 0.18 Equity Growth Cost Analysis (2013-14) Rs. In Million 250
Mir Javed Hashmat 200 Chief Executive Officer 150
BOARD OF DIRECTORS % 100 Operating expenses 66.80 2014 2013 Financial expenses 29.11 Ms. Mehnaz Kaludi Chairperson Provision for bad debts / Impairments 4.09 Mr. Ihsan ul Haq Khan Director Mr. Ali A. Rahim Director PERFORMANCE HIGHLIGHTS 2013-2014 Mr. Dilshad Ali Ahmad Director BALANCE SHEET Dec-14 Dec-13 Mian Tahir Bashir Director EQUITY (Rupees in Million) Mr. Ateeq Ur Rehman Director Issued, Subscribed & Paid up Capital 320.00 320.00 Reserves & Retained Earning (129.53) (119.67) COMPANY INFORMATION Total Equity 190.47 200.33 LIABILITIES SME Leasing Limited (the Company) was incorporated in Pakistan on July 12, 2002 Total Borrowings 155.32 37.53 as an unlisted public company and acquired the status of a listed company on Deposits (COI/COD/COM) - 0.20 December 13, 2006. The company is a subsidiary of SME Bank Limited holding Other Liabilities 312.59 304.02 company), which holds 73.14% (31 December 2013: 73.14%) of the Company's share. At the time of incorporation, the company was a wholly owned subsidiary of Total Liabilities 467.91 341.75 SME Bank Limited, whereby under an arrangement the assets and liabilities of the TOTAL EQUITY & LIABILITIES 658.38 542.08 leasing division of SME Bank Limited were transferred to the Company on 28 ASSETS January 2003. The company is listed on Pakistan Stock Exchange Limited and its Fixed Assets 10.47 14.21 registered office is situated at 56-F Nizam-ul-Din Road, Blue Area, Islamabad. The Financing Assets 629.07 512.74 core objective of the company is to extend lease and working capital financing Investments 3.21 3.99 facilities to small and medium enterprises of the country. Other Assets 15.63 11.14 CORPORATE INFORMATION Total Assets 658.38 542.08 Commenced Business on : January 28, 2003 SIGNIFICANT RATIOS Gearing (x) 2.46 1.71 Head Office : 304, 3rd Floor, Business Arcade, Shahrah-e- Current Ratio (x) 1.08 1.51 Faisal, Karachi. Break-up Value (Rs.) 5.95 6.26 Tel : (92-21) 34322128-129-137 PROFIT & LOSS Dec-14 Dec-13 Fax : (92-21) 34322082 INCOME (Rupees in Million) Email : [email protected] Income from financing assets 46.06 26.20 Website : www.smelease.com Capital Gain on Investment 0.08 0.42 Dividend Income - - Offices at : Karachi, Hyderabad, Lahore, Islamabad, Sialkot Other Income 0.08 1.76 and Peshawar Total Income 46.22 28.39 Listed at : Pakistan Stock Exchange Limited EXPENSES Operating expenses 37.95 29.42 Auditors : KPMG Taseer Hadi & Co., Chartered Accountants Financial expenses 16.54 7.36 Legal Advisors : Mohsin Tayebaly & Company, Advocate & Legal Provision for bad debts / Impairments 2.32 (0.95) Consultant Provision for impairment on investment - - WWF - - Total Expenses 56.80 35.83 Profit Before Tax (10.58) (7.43) KEY PERSONS Taxation 0.46 0.28 Mir Javed Hashmat Chief Executive Officer Net Profit (11.05) (7.72) Mr. Osama Iqbal Company Secretary & CFO Dividend Payment (Rs.) - - Ms. Shafque Akhter Internal Auditor CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) (0.35) (0.24) Short Term B Rating Agency Dividend per Share (%) - - Long Term BB+ JCR-VIS Credit Rating Company Ltd.
112 Year Book 2015 STANDARD CHARTERED LEASING LIMITED
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 5,600
4,500
3,400
2,200 % Income from financing assets 88.39 1,200 Capital Gain on Investment 9.39 2015 2014 Other Income 2.22 Equity Growth Cost Analysis (2014-15) Rs. In Million 1,000
800 Mr. Arjumand Ahmed Minai Chief Executive 600
400 BOARD OF DIRECTORS % 200 Operating expenses 26.51 2015 2014 Financial expenses 68.65 Mr. Khurram Shahzad Khan Chairman - Non Executive Director Provision for bad debts / Impairments 4.84 Mr. Arjumand Ahmed Minai Chief Executive - Executive Director Mr. Najam I. Chaudhri Independent Non-Executive Director PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Moin Mohajir Independent Non-Executive Director BALANCE SHEET Jun-15 Jun-14 Mr. Najam Siddiqi Non-Executive Director EQUITY (Rupees in Million) Syed Naseer ul Hasan Non-Executive Director Issued, Subscribed & Paid up Capital 978.35 978.35 Mr. Shahid Mustafa Non-Executive Director Reserves & Retained Earning (14.37) (18.79) COMPANY INFORMATION Total Equity 963.98 959.56 LIABILITIES Standard Chartered Leasing Limited (‘the Company’) was incorporated in Pakistan on 02 October 1993 under the Companies Ordinance, 1984. The Company is a subsidiary of Standard Chartered Bank Total Borrowings 660.11 824.48 (Pakistan) Limited, ('the Bank'). The Company is principally engaged in business of leasing. The Company Deposits 2,184.00 2,387.60 is listed on the Pakistan Stock Exchange Limited. The Holding Company, Standard Chartered Bank Other Liabilities 1,416.84 1,353.44 (Pakistan) Limited, owns 84,579,276 ordinary shares which constitutes 86.45 percent of the total issued, subscribed and paid-up capital. The registered and the principal office of the Company is situated at First Total Liabilities 4,260.95 4,565.52 Floor, Plot # SC-7, Street-17, Sector-15, Korangi Industrial Area, Korangi, Karachi. The Company also has TOTAL EQUITY & LIABILITIES 5,224.94 5,525.09 branch offices located at Lahore, Faisalabad and Islamabad. ASSETS Fixed Assets 2.70 4.27 Standard Chartered Bank (Pakistan) Limited (SCBPL), has entered into a non-binding Memorandum of Understanding with ORIX Leasing Pakistan Limited (OLPL) with regard to prospective divestment of its Financing Assets 4,663.60 4,955.97 stake in the Company. This transaction is subject to execution of a sale and purchase agreement between Investments 418.05 417.31 SCBPL & OLPL and applicable regulatory approvals. Other Assets 140.59 147.54 CORPORATE INFORMATION Total Assets 5,224.94 5,525.09 Commenced Business on : May 1994 SIGNIFICANT RATIOS Head Office : 1st Floor, Plot # SC-7, Street-17, Sector-15, Gearing (x) 2.95 3.35 Korangi Industrial Area, Karachi Current Ratio (x) 1.27 1.31 Tel : (92-21) 38183333 Break-up Value (Rs.) 9.85 9.81 Fax : (92-21) 35114210 Email : [email protected] PROFIT & LOSS Jun-15 Jun-14 (Rupees in Million) Website : www.standardcharteredleasing.com INCOME Income from financing assets 484.74 509.34 Offices at : Karachi, Lahore, Islamabad and Faisalabad Capital Gain on Investment 51.52 40.92 Listed at : Pakistan Stock Exchange Limited Dividend Income - - Auditors : KPMG Taseer Hadi & Co., Chartered Other Income 12.15 14.15 Accountants Total Income 548.41 564.40 Legal Advisors : Mansoor Ahmad Khan & Company EXPENSES Operating expenses 111.63 117.94 KEY PERSONS Financial expenses 289.00 303.04 Provision for bad debts / Impairments 20.37 (14.52) Mr. Arjumand Ahmad Minai Chief Executive Officer Provision for impairment on investment - - Mr. Mahmood Ghafoor CFO / Company Secretary WWF Mr. Ahmed Haroon Head of Recovery/Collection & CRC Total Expenses 421.00 406.46 Syed Haris Ali Head of Credit & Risk Management Profit Before Tax 127.41 157.94 Ms. Farhat Ansari Head of Legal & Compliance/HR Taxation 44.72 48.12 Mr. Sarmad Aman Regional Manager - North and Central Net Profit 82.69 109.82 Mr. Muhammad Essa Regional Manager - South Dividend Payment (Rs.) - 78.27 Mr. Asif Muhammad Head of Information Technology CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 0.85 1.12 Short Term A1+ Rating Agency Dividend per Share (%) - 8.00 Long Term AA+ Pakistan Credit Rating Agency Limited
113 Year Book 2015 STANDARD CHARTERED MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 7,000
6,000
5,000
4,000
3,000 % 2,000 Income from financing assets 84.97 Other Income 15.03 1,000 2015 2014 Equity Growth Cost Analysis (2014-15) Rs. In Million 1200
1000
Mr. Raheel Qamar Ahmad 800 CEO 6000
400 % BOARD OF DIRECTORS Operating expenses 26.63 200 Financial expenses 68.52 Provision for bad debts / Impairments 3.98 2015 2014 Mr. Khurram Shahzad Khan Chairman WWF 0.87 Mr. Raheel Qamar Ahmad MD/Chief Executive Syed Zaheer Mehdi Director PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Salar Hasan Khan Director BALANCE SHEET Jun-15 Jun-14 Mr. Najam Siddiqi Director Mr. Shezad Arif Director EQUITY (Rupees in Million) COMPANY INFORMATION Issued, Subscribed & Paid up Capital 453.84 453.84 Reserves 698.99 639.67 Standard Chartered Modaraba (the Modaraba) was formed under the Modaraba Companies and Total Equity 1,152.82 1,093.50 Modaraba (Floatation and Control) Ordinance, 1980 and the Rules framed thereunder and is LIABILITIES managed by Standard Chartered Services of Pakistan (Private) Limited. The Management Company is a wholly owned subsidiary of Standard Chartered Bank (Pakistan) Limited. The registered office Total Borrowings 478.16 1,041.04 is situated at Standard Chartered Bank Building, I.I. Chundrigar Road, Karachi, Pakistan. Deposits (COI/COD/COM) 2,683.95 2,774.41 Other Liabilities 865.32 1,126.36 The Modaraba is a perpetual Modaraba and is primarily engaged in leasing / Ijarah of plant, Total Liabilities 4,027.42 4,941.81 machinery, motor vehicles (both commercial and private) and computer equipment, etc. The Modaraba may also invest in commercial and industrial ventures suitable for the Modaraba. The TOTAL EQUITY & LIABILITIES 5,180.25 6,035.32 Modaraba is listed on the Pakistan Stock Exchange Limited. ASSETS Fixed Assets 14.51 23.07 On 2 September 2015, Standard Chartered Bank (Pakistan) Limited has entered into a share and Financing Assets 4,705.29 5,547.40 certificate purchase agreement with Orix Leasing Pakistan Limited with regard to proposed Investments divestment of its 100% stake in Standard Chartered Services of Pakistan (Private) Limited - - (Modaraba's Management Company) and 20% stake (10% directly and 10% through Standard Other Assets 460.44 464.84 Chartered Services of Pakistan (Private) Limited) in Standard Chartered Modaraba. This Total Assets 5,180.25 6,035.32 transaction and its implementation is subject to satisfaction of various conditions including regulatory approvals contained in the agreements. SIGNIFICANT RATIOS CORPORATE INFORMATION Gearing (x) 3.49 4.52 Current Ratio (x) 0.44 0.33 Commenced Business on : August 1987 Break-up Value (Rs.) 25.40 24.09 Head Office : Standard Chartered Bank, Main Building, I.I. Chundrigar Road, Karachi. Tel : (92-21) 342450000 PROFIT & LOSS Jun-15 Jun-14 Fax : (92-21) 32400200, 38140801-803 INCOME (Rupees in Million) Email : [email protected] Income from financing assets 554.60 635.96 Website : www.modaraba.standardchartered.com Capital Gain on Investment - - Offices at : Karachi, Lahore & Islamabad Dividend Income - - Listed at : Pakistan Stock Exchange Limited Other Income 98.08 53.62 Auditors : KPMG Taseer Hadi & Co. Total Income 652.68 689.58 Legal Advisors : Fazle Ghani Adocates EXPENSES Izhar Law Associates Operating expenses 121.74 112.09 Sirajul Haque & Co. Financial expenses 313.30 385.70 Orr Dignam & Co. Provision for bad debts / Impairments 18.19 0.42 Mohsin Tayebaly & Co. Provision for impairment on investment - 5.96 Liaquat Marchant Associates WWF 3.99 3.71 Shariah Advisor : Mufti Abdul Sattar Laghari Total Expenses 457.21 507.87 Profit Before Tax KEY PERSONS 195.47 181.70 Taxation - - Mr. Raheel Qamar Ahmad MD/Chief Executive Officer Net Profit 195.47 181.70 Dividend Payment (Rs.) 149.77 Mr. Muhammad Siddique Chief Financial Officer & 136.15 Company Secretary CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 4.31 4.00 Short Term A1+ Rating Agency Dividend per Share (%) 33.00 Long Term AA+ Pakistan Credit Rating Agency 30.00
114 Year Book 2015 TRUST INVESTMENT BANK LIMITED
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 4,500
3,500
2,500
% Income from financing assets 67.91 1,500 Capital Gain on Investment 15.70 2015 2014 Other Income 16.39 Equity Growth Cost Analysis (2014-15) Rs. In Million 1,200
1,000 Mr. Ahsan Rafique 800
600 BOARD OF DIRECTORS % 400 Operating expenses 225.11 2015 2014 Financial expenses 6.08 Mr. Asif Kamal Director Provision for bad debts / Impairments -131.21 Mr. Tariq Husain Director Syed Sajjad Hussain Rizvi Director PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Mamoon-ur-Rashid Qureishi Director BALANCE SHEET Jun-15 Jun-14 Mr. Abdul Shakeel Director EQUITY (Rupees in Million) Mr. Asad Ali Kazmie Director Issued, Subscribed & Paid up Capital 822.03 892.03 Mr. Ahsan Rafique Director/Chief Executive Officer Reserves & Retained Earning 312.68 (130.36) COMPANY INFORMATION Total Equity 1,134.70 761.67 LIABILITIES Total Borrowings 1,181.11 950.53 Trust Investment Bank Limited and its subsidiary company ("the Group") comprises of holding company Trust Investment Bank Limited ("TIBL") and a wholly owned Deposits 1,652.82 1,560.49 subsidiary company Trust Capital (Private) Limited ("TCPL"). Trust Investment Bank Other Liabilities 440.43 898.07 Limited ("the Company") was incorporated in 1992 as a public limited Company Total Liabilities 3,274.37 3,409.08 under the Companies Ordinance, 1984 and is listed on Pakistan Stock Exchange TOTAL EQUITY & LIABILITIES 4,409.07 4,170.75 Limited. The registered office of the Company is situated at 6th Floor, M M Tower, 28 ASSETS - A/ K, Gulberg II, Lahore. The Company is mainly engaged in the business of Fixed Assets 2,956.33 1,462.58 investment finance services. It is classified as a Non-Banking Finance Company Financing Assets 1,162.51 1,015.88 (NBFC) and is regulated by the Securities and Exchange Commission of Pakistan Investments 54.16 1,190.02 (SECP). Other Assets 236.07 502.27 CORPORATE INFORMATION Total Assets 4,409.07 4,170.75
Commenced Business on : February 23, 1992 SIGNIFICANT RATIOS Gearing (x) 2.89 4.48 Head Office : 6th Floor, M.M. Tower, 28-A/K, Gulberg-II, Lahore Current Ratio (x) 0.44 0.78 Tel : (92-42) 35817601-05 Break-up Value (Rs.) 13.80 8.54 Fax : (92-42) 35817600 PROFIT & LOSS Jun-15 Jun-14 Email : [email protected] INCOME (Rupees in Million) Website : www.trustbank.com.pk Income from financing assets 42.94 53.45 Capital Gain on Investment 9.93 62.17 Offices at : Lahore, Faisalabad, Multan & Islamabad Dividend Income - - Listed at : Pakistan Stock Exchange Limited Other Income 10.36 92.69 Total Income 63.22 208.31 Auditors : Tariq Abdul Ghani Maqbool and Co. Chartered EXPENSES Accountants Operating expenses 109.01 97.64 Legal Advisors : Chaudhry Mahmood-ur-Rehman Financial expenses 2.94 13.44 Provision for bad debts / Impairments (63.53) 90.98 Provision for impairment on investment - - WWF - - KEY PERSONS Total Expenses 48.42 202.06 Profit Before Tax 14.80 6.25 Mr. Ahsan Rafique Chief Executive Officer Taxation 0.83 1.43 Ms. Zahra Khalid CFO & Company Secretary Net Profit 13.97 4.82 Dividend Payment (Rs.) - -
CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 0.17 0.05 Short Term - Rating Agency Dividend per Share (%) - - Long Term - -
115 Year Book 2015 TRUST MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 500
400
300
200 % Income from financing assets 91.64 100 Capital Gain on Investment 0.97 Dividend Income 0.09 2015 2014 Other Income 7.31 Equity Growth Cost Analysis (2014-15) Rs. In Million 350
300
Mr. Basheer A. Chowdry 250 Chief Executive 200
150 BOARD OF DIRECTORS % 100 Operating expenses 107.65 Provision for bad debts / Impairments -7.65 Syed Manzoor Hussain Shah Kazmi Chairman 2015 2014 Mr. Basheer Ahmed Chowdry Chief Executive Shaikh Arshad Farooq Director PERFORMANCE HIGHLIGHTS 2014-2015 Mr. Muhammad Imranul Haque Director BALANCE SHEET Jun-15 Jun-14 Mr. Sohail Ansar Director EQUITY (Rupees in Million) Dr. Namoos Baquar Director Issued, Subscribed & Paid up Capital 298.00 298.00 Syed Shahnawaz A. Rizvi Director Reserves & Retained Earning 12.06 8.68 COMPANY INFORMATION Total Equity 310.06 306.68 LIABILITIES Trust Modaraba was formed in Pakistan under the Modaraba Companies and Total Borrowings - - Modaraba (Floatation and Control) Ordinance, 1980 and the rules framed thereunder Deposits - - and being managed by Al-Zamin Modaraba Management (Private) Limited Other Liabilities 101.38 111.55 (AZMML). The Modaraba is perpetual, multi-purpose and multi-dimensional, Total Liabilities 101.38 111.55 engaged in the business of Murabahah , Musharakah, Leasing (Ijarah), investment TOTAL EQUITY & LIABILITIES 411.44 418.23 in marketable securities, tradings and other permissible businesses. The Modaraba ASSETS commenced its business operations in November 1991. The principal place of Fixed Assets 13.63 13.69 business and registered office is located at 104-106, Kassam Court, BC- 9, Block-5, Financing Assets 312.01 341.34 Clifton, Karachi - 75600 while regional office is located at 301-302, 3rd Floor, Investments 12.26 6.31 Garden Heights, 8- Aibak Block, New Garden Town, Lahore. It is listed on the Other Assets 73.54 56.89 Pakistan Stock Exchange Limited. Total Assets 411.44 418.23 CORPORATE INFORMATION SIGNIFICANT RATIOS Commenced Business on : November 12, 1991 Gearing (x) 0.33 0.36 Head Office : 104-106, Kassam Court, BC-9, Block-5, Clifton, Current Ratio (x) 4.37 4.05 Karachi Break-up Value (Rs.) 10.40 10.29 Tel : (92-21) 35876651-2 PROFIT & LOSS Jun-15 Jun-14 Fax : (92-21) 35870408 INCOME (Rupees in Million) Email : [email protected] Income from financing assets 78.45 98.35 Website : www.trustmodaraba.com Capital Gain on Investment 0.83 2.20 Dividend Income 0.07 0.07 Offices at : Karachi, Lahore and Gujranwala Other Income 6.26 3.37 Listed at : Pakistan Stock Exchange Limited Total Income 85.61 103.99 Auditors : Deloitte Yousuf Adil, Chartered Accountants EXPENSES Operating expenses 73.42 82.81 Legal Advisors : Shakeel Ahmed Awan, Advocate, Supreme Court Financial expenses - - of Pakistan Provision for bad debts / Impairments (5.22) 0.95 Shari'ah Advisor : Mufti Muhammad Zubair Usmani Provision for impairment on investment - - WWF - - KEY PERSONS Total Expenses 68.20 83.76 Profit Before Tax 17.41 20.23 Mr. Basheer Ahmed Chowdry Chief Executive Taxation - - Ms. Hamida Aqeel Chief Operating Officer/Company Secretary Net Profit 17.41 20.23 Mr. Ijaz Ahmed Khan Chief Financial Officer/Regional Head Dividend Payment (Rs.) 12.67 14.90 Ms. Roomana Nasir Head of Human Resources CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 0.58 0.68 Short Term - Rating Agency Long Term - - Dividend per Share (%) 4.25 5.00
116 Year Book 2015 UNICAP MODARABA
Balance Sheet Growth Revenue Analysis (2014-15) Rs. In Million 4
3
2 2015 2014 Equity Growth Cost Analysis (2014-15) Rs. In Million -
BOARD OF DIRECTORS 1 Mr. Muhammad Kamran Shehzad Chief Executive Officer 2015 2014 Mr. Junaid Iqbal Director Mr. Muhammad Iqtidar Ahmed Director PERFORMANCE HIGHLIGHTS 2014-2015 BALANCE SHEET Jun-15 Jun-14 EQUITY (Rupees in Million) Issued, Subscribed & Paid up Capital 136.40 Reserves & Retained Earning (136.91) COMPANY INFORMATION Total Equity (0.51) LIABILITIES Unicap Modaraba (the Modaraba) is a multipurpose, perpetual Modaraba floatd in Total Borrowings - Pakistan in the year 1991 under the Modaraba Companies and Modaraba (Floatation Deposits (COI/COD/COM) - and Control) Ordinance, 1980 and the rules framed there under, having its registered Other Liabilities 4.16 office at 6-M/2, Block-H, Gulberg-II, Lahore. The Modaraba is listed on Pakistan Total Liabilities 4.16 Stock Exchange Limited. TOTAL EQUITY & LIABILITIES 3.65 ASSETS Fixed Assets - Financing Assets 1.72 Investments 1.17 Other Assets 0.76 Total Assets 3.65 CORPORATE INFORMATION SIGNIFICANT RATIOS Commenced Business on : 1991 Gearing (x) (8.15) Head Office : 6-M/2, Block-H, Gulberg-II, Lahore. Current Ratio (x) 0.67 Break-up Value (Rs.) (0.04) Tel : (92-42) UAN: 03 000 434 434, 35761574-5 PROFIT & LOSS Jun-15 Jun-14 Fax : (92-42) 35716665 INCOME (Rupees in Million) Email : [email protected] Income from financing assets 1.02 Website : Capital Gain on Investment 0.34 Dividend Income - Offices at : Lahore Other Income 0.89 Listed at : Pakistan Stock Exchange Limited Total Income 2.25 EXPENSES Auditors : Operating expenses 1.73 Financial expenses - Legal Advisors : Provision for bad debts / Impairments - Shari'ah Advisor : Provision for impairment on investment 0.05 WWF - KEY PERSONS Total Expenses 1.78 Profit Before Tax 0.47 Taxation 0.02 Net Profit 0.45 Dividend Payment (Rs.) -
CREDIT RATING SIGNIFICANT RATIOS Earning per Share (Rs.) 0.68 Short Term - Rating Agency Long Term - - Dividend per Share (%) -
117 Year Book 2015 118 Year Book 2015 Glossary
119 Year Book 2015 Glossary – Islamic Modes of Financing
Bay Stands for sale. It is often used as a prefix in referring to different sales-based modes of Islamic finance, such as murabahah, istisna' and salam.
Bay -al- arbun A sales contract, in which a down payment is given and the parties commit themselves to the agreed conditions. The final contract is concluded upon full payment. The buyer has the right to cancel the sale, but then he loses the down payment.
Bay-al-ayan Sale of tangible objects such as goods (as against sale of services or rights).
Bay 'al-dayn Sale of debt. According to a large majority of fuqaha', debt cannot be sold for money except at its face value, but it can be sold for goods and services.
Bay al-madum Sale of a commodity which does not exist. Such a contract of sale is prohibited.
Bay al- innah Selling of something to someone at a given price (usually on credit) and then buying it back from him at the same time at a different price (usually for a lower price, but cash). This kind of sale and buy-back is prohibited because it effectively means exchanging a given amount of money for a different amount of money, which amounts to riba. It can be used as a subterfuge for riba dealings.
Bay al-salam A sale in which payment is made in advance by the buyer and the delivery of the goods is deferred by the seller.
Bay mu ajjal Sale on credit (i.e. a sale in which goods are delivered' immediately but payment is deferred).
Fiqh Refers to the whole corpus of Islamic jurisprudence. In contrast to conventional law, fiqh covers all aspects of life, religious, political, social, commercial or eco- nomic. The whole corpus of fiqh is based primarily on interpretations of the Our'an and the Sunnah and secondarily on ijma (consensus) and ijtihad (individ ual judgement). While the Our'an and the Sunnah are immutable, fiqhi verdicts may change due to changing circumstances.
120 Year Book 2015 Gharar Literally, it means deception, danger, risk and uncertainty. Technically it means exposing oneself to excessive risk and danger in a business transaction as a result of uncertainty about the price, the quality and the quantity of the counter-value, the date of delivery, the ability of either the buyer or the seller to fulfill his commitment, or ambiguity in the terms of the deal, thus exposing either of the two parties to unnecessary risks.
Gharar Fahish Gharar (for definition, see above) is of two kinds.Gharar yasir and Gharar fahish.
Gharar yasir A little bit of gharar. This is tolerable because it may be unavoidable.
Hadith Sayings, deeds and endorsements of the Prophet Muhammad (peace be upon him) narrated by his Companions.
Halal Things or activities permitted by the Shariah,
Hanafi A school of Islamic jurisprudence named after Imam Abu Hanifa.
Hanbali A school of Islamic jurisprudence named after Imam Ahmed bin Hanbal.
Haram Things or activities prohibited by the Shariah.
Hilah(Plural hiyal) Legal trick or device to avoid imposition of a law in a particular case.
Ijarah Leasing. Sale of usufruct of an asset. The lessor retains the ownership of the asset with all the rights and the responsibilities that go with ownership.
Ijarah muntahiyyah bil-tamlik Lease ending in ownership.
Ijma A consensus (of fuqaha). Ijma is one of the sources of Islamic law.
Ijtihad In technical terms, it refers to the endeavor of a jurist to derive a rule or reach a judgment based on evidence found in the Islamic sources of Law, predominantly the Quran and the Sunnah
121 Year Book 2015 Illah Reason/characteristic behind a Shariah ruling such that if a particular reason/ characteristic is found in other instances, the same ruling will apply.Istisna (used as a short form for bay al-istisna) Refers to a contract whereby a manufacturer (contractor) agrees to produce (build) and deliver a well-described good (or premise) at a given price on a given date in the future. As against salam, in istisna the price need not be paid in advance. It may be paid in installments in step with the preferences of the parties or partly at the front end and the balance later on as agreed.
Khiyar Option
Khiyar al-ayb Option to rescind a sales contract if a defect is discovered in the object of sale.
Khiyar al-shart The option to rescind a sales contract based on some conditions. One of the parties to a sales contract may stipulate certain conditions which, if not met, would grant a right to the stipulating party to rescind the contract.
Mal Asset, property.
Maqasid al-Shariah Basic objectives of the Shariah. These are protection of faith, life, progeny, property and reason.
Maysir Literally, it refers to an ancient Arabian game of chance with arrows used for stakes of slaughtered animals. Technically, gambling or any game of chance.
Muamalat Relationships/contracts among human beings (as against 'ibadat, which define relationship between God and His creatures).
Mudarabah A contract between two parties, \ capital owner(s) or financiers (called rabb at-mal; and an investment manager (called mudarib. Profit is distributed between the two parties in accordance with the ratio upon which they agree at the time of the contract. Financial loss is borne only by the financier(s). The entrepreneur's loss lies in not getting any reward for his services.
Mudarib An investment manager in a mudarabah contract.
122 Year Book 2015 Murabahah Sale at a specified profit margin. The term, however, is now used to refer to a sale agreement whereby the seller purchases the goods desired by the buyer and sells them at an agreed marked-up price, the payment being settled within an agreed time frame, either in installments or in a lump sum. The seller bears the risk for the goods until they have been delivered to the buyer. Murabahah is also referred to as bay Muajjal.
Musharakah Partnership. A musharakah contract is similar to a mudarabah contract, the difference being that in the former both the partners participate in the management and the provision of capital, and share in the profit and loss. Profits are distributed between the partners in accordance with the ratios initially set, whereas loss is distributed in proportion to each one' share in the capital.
Nas Text from Qur' an or Sunnah.
Qimar Gambling
123 Year Book 2015 124 Year Book 2015 Members Directory
125 Year Book 2015 Members’ Directory
1 Allied Rental Modaraba 5 Crescent Standard Modaraba Murtaza Ahmed Ali Ayaz Dawood Chief Executive Chief Executive 21/3, Sector-22, Korangi Industrial Area, 18th Floor, BRR Tower, Hassan Ali Street, Karachi. I. I. Chundrigar Road, Karachi. Tel : 35066901-13, 111-250-250 Tel : 322602401-06 Fax : 35066915-16 Fax : 32271912 Email : [email protected] Email : [email protected] Website : www.arm.com.pk Website : www.firstdawood.com/csm
2 B. F. Modaraba 6 First Al-Noor Modaraba Muhammad Omar Amin Bawany Jalaluddin Ahmed Chief Executive Chief Executive 4th Floor, Bank House # 1, Habib Square, 96-A, SMCH Society, Karachi. M.A. Jinnah Road, Karachi. Tel : 34558268 Tel : 32413240, 111-786-878 Fax : 34553137 Fax : 32421010 Email : [email protected] Email : [email protected] Website : www.fanm.co Website : www.bfmodaraba.com.pk 7 First Dawood Investment Bank Ltd. 3 B.R.R. Guardian Modaraba Abu Khursheed M. Arif Ayaz Dawood Chief Executive (Not assumed charge as CEO) Chief Executive 18th Floor, BRR Tower, Hassan Ali Street, 18th Floor, BRR Tower, Hassan Ali Street, I.I. Chundrigar Road, Karachi. I. I. Chundrigar Road, Karachi. Tel : 32602401-06 Tel : 32602401-06 Fax : 32271912 Fax : 32271912 Email : [email protected] Email : [email protected] Website : www.firstdawood.com Website : www.firstdawood.com/brr 8 First Elite Capital Modaraba 4 Capital Assets Leasing Corporation Ltd. Aamir Iftikhar Khan Saad Saeed Farooqui Chief Executive Chief Executive 31/10-A, Abu Bakar Block, New Garden Town, 14th Floor, Chapal Plaza, Hasrat Mohani Lahore. Road, Karachi. Tel : 35913701-02 Tel : 32431181-88 Fax : 35913703 Fax : 32465703 Email : [email protected] Email : [email protected] Website : www.fecm.com.pk website : www.calcorp.com.pk
126 Year Book 2015 9 First Equity Modaraba 13 First Imrooz Modaraba M. Adil Ghaffar Naveed Riaz Chief Executive Chief Executive B-1004, 10th Floor, Lakson Square Building 405, 4th Floor, Beaumont Plaza, Beaumount No.3, Sarwar Shaheed Road, Karachi. Road, Civil Line Quarter, Karachi. Tel : 35672815-8 Tel : 35222743-5 Fax : 35686116 Fax : 35222668 Email : [email protected] Email : [email protected] Website : www.firstequitymodaraba.com.pk Website : www.firstimrooz.com
10 First Fidelity Leasing Modaraba 14 First National Bank Modaraba Wasim-ul-Haq Osmani Khaqan Hasnain Ibrahim Chief Executive Chief Executive Ground Floor, 90-A-1, Canal Bank, Gulberg-II, 5th Floor, NBP RHQs Building, Lahore. 26-Mclagon Road, Lahore. Tel : 35713461-64 Tel : 99211200 Fax : 35759122 Fax : 99213247 Email : [email protected] Email : [email protected] Website : www.fidelitymodaraba.com website : www.nbmodaraba.com
11 First Habib Modaraba 15 First Pak Modaraba Muhammad Shoaib Ibrahim Rashid K. Siddiqui Chief Executive Chief Executive, 5th Floor, HBZ Plaza, (Hirani Centre) 8-C, Block-6, PECHS, Off. Shahrah-e-Faisal, I.I. Chundrigar Road, Karachi. Karachi. Tel : 32635949-51, 111-346-346 Tel : 34398852-5, 34370143 Fax : 32627373 Fax : 34398858 Email : [email protected] Email : [email protected] website : www.habibmodaraba.com Website : www.firstpakmodaraba.com
12 First IBL Modaraba 16 First Paramount Modaraba Hasan Sohaib Murad Syed Wajih Hassan Chairman & CEO, Chief Executive 87-Aurangzeb Block, New Garden Town, 107-108, PECHS Community Hall, Block-2, Lahore. PECHS, Shahrah-e-Quaideen, Karachi. Tel : 35952148-9 Tel : 34381037-38 Fax : 35952150 Fax : 34534410 Email : [email protected] Email : [email protected] Website : www.firstibl.com Website : www.fpm.com.pk
127 Year Book 2015 17 First Prudential Modaraba 21 Grays Leasing Limited Rashid K. Siddiqui Muhammad Tahir Butt Chief Executive, Chief Executive 8-C, Block-6, PECHS, Off. Shahrah-e-Faisal, 701-A, 7th Floor, City Towers, 6-K, Karachi. Main Boulevard, Gulberg-II, Lahore. Tel : 34398852-5, 34370141 Tel : 35770381-2 Fax : 34398858 Fax : 35770389 Email : [email protected] Email : [email protected] Website : www.firstprudentialmodaraba.com Website : www.graysleasing.com
18 First Punjab Modaraba 22 Invest Capital Investment Bank Limited Aamir Malik Muhammad Asif Chief Executive Chief Executive 1st Floor, BOP Tower, 10-B Block E-II, 701-A, 7th Floor, City Towers, 6-K, Gulberg III, Lahore. Main Boulevard, Gulberg-II, Lahore. Tel : 35783676 Tel : 35770383-4 Fax : 35784068 Fax : 35788711 Email : info@[email protected] Email : [email protected] Website : www.punjabmodaraba.com.pk Website : www.icibl.com
19 First Treet Manufacturing Modaraba 23 KASB Modaraba Syed Shahid Ali Rashid Kamal Siddiqui Chief Executive Chief Executive 72-B, Kotlakhpat Industrial Area, Lahore. 8-C, Block-6, PECHS, Off. Shahrah-e-Faisal, Tel : 35830881, 35156567 Karachi. Fax : 35114127, 35117650 Tel : 34398852-5 Email : [email protected] Fax : 34398858 Website : www.treetgroup.com Email : [email protected] Website : www.kasbmodaraba.com 20 First UDL Modaraba Ather Naqi 24 LSE Financial Services Limited Chief Executive Aftab Ahmad Ch. C-117/1, KDA Scheme No.1, Managing Director/CEO Tipu Sultan Road, Karachi. LSE Plaza, 19-Khayaban-e-Aiwan-e-Iqbal, Tel : 34315591-5 Lahore. Fax : 34315596 Tel : 36368000-4, 36375452 Email : [email protected] Fax : 36368484-5 Website : www.udlmodaraba.com Email : [email protected] Website : Under construction
128 Year Book 2015 25 Modaraba Al-Mali 29 Popular Islamic Modaraba Adil Aziz S. Faiq Husain Chief Executive Chief Executive 10th Floor, Progressive Square, Block-6, 813, 8th Floor, Chapal Plaza, Hasrat Mohani PECHS, Shahrah-e-Faisal, Karachi. Road, Off. I.I. Chundrigar Road, Karachi. Tel : 34547521-5 Tel : (92-21) 32471892 Fax : 34547526 Fax : (92-21) 32471895 Email : [email protected] Email : [email protected] Website : www.modarabaalmali.com Website : [email protected]
26 NBP Leasing Limited 30 Saudi Pak Leasing Company Limited Mohammad Rizwan Masood Muhammad Tariq Masud Chief Executive Chief Executive 4th Floor, PRC Towers, 32/A, Lalazar Drive, 6th Floor, Lakson Square Building No.1, M. T. Khan Road, Karachi. Sarwar Shaheed Road, Karachi. Tel : 99210601-5 Tel : 35655181-85 Fax : 99210600 Fax : 35210607-9 Email : [email protected] Email : [email protected] website : www.nbpleasing.com Website : www.saudipakleasing.com
27 ORIX Leasing Pakistan Limited 31 Security Leasing Corporation Limited Teizoon Kisat Syed Nauman Akhtar Chief Executive Chief Executive ORIX Building, Plot No.16, Sector-24, 5th Floor, Lakson Square Building No.3, Korangi Industrial Area, Karachi. Sarwar Shaheed Road, Karachi. Tel : 35144029-40, 111-242-424 Tel : 111-111-902, 35205379 Fax : 35144002, 35144020 Fax : 35689854 Email : [email protected] Email : [email protected] Website : www.orixpakistan.com Website : www.seclease.com
28 Pak-Gulf Leasing Company Limited 32 Sindh Leasing Company Limited Mahfuz-ur-Rehman Pasha Naim Farooqui Chief Executive Chief Executive THE FORUM: 125-127, G-20, Block-9, 3rd Floor, Imperial Court Building Dr. Ziauddin Khayaban-e-Jami, Clifton, Karachi. Road, Karachi. Tel : 35820301, 35820965-6, Tel : 35640701-03 35824401, 35375986-7 Fax : 35640704 Fax : 35820302, 35375985 Email : [email protected] Email : [email protected] Website : www.sindhleasingltd.com website : www.pakgulfleasing.com
129 Year Book 2015 33 37 Sindh Modaraba Trust Investment Bank Limited Javed Iqbal Ahsan Rafique Chief Executive Chief Executive 1st Floor, Imperial Court, 6th Floor, M. M. Towers, 28-A/K, Dr. Ziauddin Ahmed Road, Karachi. M. M. Alam Road, Gulberg-II, Lahore. Tel : 35640708-9 Tel : 35817601-05 Fax : 35640711 Fax : 35817600 Email : [email protected] Email : [email protected] Website : www.sindhmodaraba.com Website : www.trustbank.com.pk 34 38 SME Leasing Limited Trust Modaraba Mir Javed Hashmat Basheer A. Chowdry Chief Executive Chief Executive 304, 3rd Floor, Business Arcade, 101-106, Kassam Court, BC-9, Block-5, Shahrah-e-Faisal, Karachi. Clifton, Karachi. Tel : 34322128-129-137 Tel : 35876651-2 Fax : 34322082 Fax : 35870408 Email : [email protected] Email : [email protected] Website : www.smelease.com Website : www.trustmodaraba.com 35 39 Standard Chartered Leasing Limited Unicap Modaraba Arjumand A. Minai Muhammad Kamran Shehzad Chief Executive Chief Executive Plot No.SC-7, Street-17, Sector-15, 6-M/2, Block-H, Gulberg-II, Lahore. Korangi Industrial Area, Karachi. Tel : 35761574-5 Tel : 38183333 Fax : 35716665 Fax : 35114210 Email : [email protected] Email : [email protected] Website : www.standardcharteredleasing.com 36 Standard Chartered Modaraba Raheel Q. Ahmad Chief Executive 4th Floor, Standard Chartered Bank, I. I. Chundrigar Road, Karachi. Tel : 32450000, 32412671 Fax : 32400200, 38140801-803 Email : [email protected] Website : www.modaraba.standardchartered.com
130 Year Book 2015