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June 30, 2015 Together with Directors' and Auditors' Reports Thereon

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June 30, 2015 Together with Directors' and Auditors' Reports Thereon A N N U A L R DAWOOD EQUITIES LIMITED E P O R T 2015 DAWOOD EQUITIES LIMITED Contents Page Corporate Objective............................................................................................ 2 Our Vision........................................................................................ 2 Our Mission...................................................................................... 2 Company information....................................................................................... 3 Notice of Annual General Meeting (AGM-X).................................................. 4 Directors Report............................................................................................. 5 Pattern of Share Holding................................................................................... 9 Financial Highlights.......................................................................................... 12 Statement of Compliance With the Code Of Corporate Governance................... 13 Auditors Report................................................................................................ 15 Review Report To The Member On Statement Of Compliance With Best Practice Of Code Of Corporate Governance...................................... 16 Financial Statement Balance Sheet......................................................................................... 17 Profit & Loss Account............................................................................ 18 Statement of Comprehensive Income .................................................... 19 Statement of Cash Flow.......................................................................... 22 Statement of Changes in Equity............................................................. 21 Notes to the Financial Statement............................................................ 22 Proxy Form ....................................................................................................... 49 DAWOOD EQUITIES LIMITED CORPORATE OBJECTIVE 2 DAWOOD EQUITIES LIMITED Company Infornation 3 DAWOOD EQUITIES LIMITED Notice of Annual General Meeting (AGM-X) Notice is hereby given that the AGM X of Dawood Equities Limited will be held at its Registered Office, 1900-B, Saima Trade Towers, I. I. Chundrigar Road, Karachi on Saturday October 31, 2015 at 08:45 a.m. to transact the following business: Ordinary Businesses 1. To confirm the minutes of IX Annual General Meeting held on October 30, 2014. 2. To receive, consider and adopt the Audited Financial Statements of the Company for the year ended June 30, 2015 together with Directors' and Auditors' Reports thereon. 3. To consider the appointment of Auditors for the year ending June 30, 2016 and to fix their remuneration. The Board of Directors have recommended for reappointment of M/s Haroon Zakaria & Company Chartered Accountants as external auditors. 4. To elect seven directors of the company as fixed by board of directors. The following are retiring directors and are eligible to offer themselves for re-election: i. Junaid Dada v Muhammad Abbas ii. Abdul Aziz Habib vi. Khalid Yousuf iii. Asim Iftekhar Yaqoob vii. Syed Ijlal Haider (Subject to approval of KSE) iv. Rubina Khannum 5. Any other Business with the permission of the Chair. By Order of the Board October 08, 2015 Salman Yaqoob Karachi CFO & Company Secretary Notes: 1. The share transfer books of the Company shall remain closed from October 23, 2015 to October 31, 2015 (both days inclusive). Shareholders are requested to notify to our Share Registrar FD Registrar Services (SMC- Pvt.) Ltd at 1705, 17th Floor, Saima Trade Tower A, I.I.Chundrigar Road, Karachi, if any change of address immediately. 2. A member entitled to attend and vote at this meeting may appoint a proxy to attend and vote on his/her behalf. No person other than a member shall act as proxy. Proxy forms, in order to be effective, must be received at the Registered Office, duly stamped and signed not less than 48 hours before the meeting. 3. The CDC account/sub-account holders are requested to bring with them their computerized National ID Cards (CNIC) along with Participant(s) ID number and their account numbers at the time of attending this meeting in order to facilitate identification of the respective shareholder(s). In respect of corporate entity, the Board of Directors Resolution/Power of Attorney with specimen signatures be produced at the time of meeting. 4. Any person who seeks to contest an election to the office of director shall, whether he is a retiring director or otherwise, file with the company, not later than fourteen days before the date of the meeting at which elections are to be held, a notice of his intention to offer himself/herself for election as a director in terms of section 178(3) of the Companies Ordinance 1984. 5. As per directives of SECP, All Shareholders are requested to submit their copy of CNIC to the Registrar for updating of record. Otherwise, future dividend warrants could be withheld by the Company that may be caused inconvenience. 4 DAWOOD EQUITIES LIMITED DIRECTORS' REPORT TO THE MEMBERS On the behalf of Board of Directors of Dawood Equities Limited (the "Company"), I am pleased to present herewith Annual Report of the company and Audited Financial Statements of for the financial year ended June 30, 2015, together with the Auditor's Report thereon. NATURE OF BUSINESS Dawood Equities Limited is a Public Limited Company listed on Karachi Stock Exchange Limited. The Company is engaged in Equity Trading, Corporate Finance and Securities Research. ECONOMIC REVIEW Pakistan's economy has emerged from turbulent times with significant improvement on major fronts. The country experienced most of the challenges prevalent last year, including energy shortages, dismal law and order situation, low private sector investment, and persisting floods damaging agricultural activity. Moreover, political sit-ins during the earlier part of the year also hampered economic performance. Despite challenges, improving macros and sound policies enabled the country to churn out a respectable GDP growth figure of 4.2% YoY during FY15. The biggest stimulus during the year was on the global front, as oil prices underwent a massive decline, with Brent Crude falling 33% YoY during FY15. Having a major impact on the country's import bill as well as inflation, sliding oil prices came as a welcome boost for the economy, resulting in 11year low CPI inflation of 4.6% YoY. This provided the SBP with sufficient room to slash the Policy Rate by 300bps during the year to 7.0%. On the external front, the Current Account Balance was negative USD 2.28bn, (-0.8% of GDP) compared to negative USD 3.13bn, (-1.3% of GDP) last year. A surge in remittances to USD 18.5 bn aided considerably in reducing the overall deficit. Foreign exchange reserves reached USD 18.7bn, an all-time high, up by 32% YoY. Privatization proceeds, continued support from the IMF and the Coalition Support Fund inflows alongside Eurobond issue all contributed towards shoring up FX reserves. On the fiscal side, overall deficit as a percentage of GDP fell to 5.0% during FY15 (FY14: 5.5%). This was achieved through increase in tax revenues, rising 15.8% YoY, while expenditures were kept relatively constant, increasing marginally by 0.8% YoY. STOCK MARKET REVIEW FY15 turned out to be yet another outstanding year for the KSE-100 Index, which rose 16% YoY. The market exhibited an impressive performance due to improving macros (fall in oil and commodity prices) with additional impetus from other key factors, such as CPEC and improved sovereign credit ratings. Going forward, with an improving law and order situation, increased investment in the energy sector, and expected improvement on the fiscal front through increased taxation and reduction in overall subsidies. FINANCIAL PERFORMANCE Our financial results reflect better performance fuelled by growth in market volumes and values. The Company earned operating revenue of Rs.17.7 million as compare to Rs.13.5 million in last year. During the year under review, your Company's year - end profit after tax was PKR 46.6 million as compared to PKR 10.93 million in FY14. This translates to earnings per share of PKR 1.87 compared to PKR 0.44 in the previous year. 5 DAWOOD EQUITIES LIMITED The current assets are Rs. 161.58 million during the year as compared to Rs. 123.46 million as of June 30, 2013, where as the current liability is Rs.41.03 million as compare to Rs. 21.82 million in previous year. The summary of Financial Results is as follows: June 30, June 30, % 2015 2014 Change Rupees Rupees Net Revenue 17,716,575 13,565,521 30.6 Capital Gain on disposal of investments 2,936,657 347,496 745 Gain/(Loss) on re-measurement of investments at fair value through profit & loss (568,478) 53,137 -1170 Administrative Expenses (10,367,520) (10,017,906) 3.48 Financial Charges (64,227) (74,871) -14.2 Other Operating Income 4,210,716 9,091,369 -53.68 Other Operating Charges (563,850) (971,832) -41.9 Profit before tax 13,299,873 11,994,914 10.9 Taxation 33,319,263 (1,064,585) -3229 Profit after tax 46,619,136 10,930,329 326.5 Earnings per share basic and diluted 1.87 0.44 325 Average Daily Volume Traded 2,459,586 2,383,787 3.18 STATEMENT OF COMPLIANCE Your company has implemented provisions of the Code of Corporate Governance, since listing at Karachi Stock Exchange Limited. The external auditors has reviewed our report on the statement of compliance with the Code of Corporate Governance,
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