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Trust Auditors' Report on Review of Condensed Interim Financial Information to the Unit Holders Na

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Trust Auditors' Report on Review of Condensed Interim Financial Information to the Unit Holders Na NATIONAL INVESTMENT (UNIT) TRUST NATIONAL INVESTMENT (UNIT) TRUST AUDITORS’ REPORT ON REVIEW OF CONDENSED INTERIM CONDENSED INTERIM STATEMENT OF ASSETS AND LIABILITIES FINANCIAL INFORMATION TO THE UNIT HOLDERS AS AT DECEMBER 31, 2015 INTRODUCTION 31 December 30 June 2015 2015 We have reviewed the accompanying condensed interim statement of assets and liabilities of National Investment (Unit) Trust (“the Unaudited Audited Note (Rupees in '000) Fund”) as at 31 December 2015 and the related condensed interim income statement, condensed interim statement of comprehensive Assets income, condensed interim distribution statement, condensed interim statement of movement in unit holders’ fund, condensed Bank balances 6 926,512 4,272,389 interim cash flow statement and notes to the accounts for the six months period then ended (here-in-after referred to as the “interim Investments 7 64,530,750 70,699,317 financial information”). Management Company is responsible for the preparation and presentation of this interim financial information Receivable against sale of investments 16,707 15,457 Dividend and other receivables 8 141,786 71,752 in accordance with approved accounting standards as applicable in Pakistan for Interim Financial Reporting. Our responsibility is to Security deposits 2,600 2,600 express a conclusion on this interim financial information based on our review. Total assets 65,618,355 75,061,515 Liabilities Payable to National Investment Trust Limited - Management Company 9 134,842 69,734 SCOPE OF REVIEW Payable to Central Depository Company of Pakistan Limited - Trustee 10 2,637 2,365 Payable to Securities and Exchange Commission of Pakistan 31,693 65,580 We conducted our review in accordance with International Standard on Review Engagements 2410, “Review of Interim Financial Payable against redemption of units 17,937 15,281 Information Performed by the Independent Auditor of the Entity.” A review of interim financial information consists of making inquiries, Payable against purchase of investments - 39,413 Accrued expenses and other liabilities 11 805,841 1,113,662 primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is Dividend payable and unclaimed distribution 12 547,989 2,903,455 substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not Total liabilities 1,540,939 4,209,490 enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Net assets 64,077,416 70,852,025 Unit holders' fund (as per statement attached) 64,077,416 70,852,025 CONCLUSION Contingencies and commitments 13 Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial (Number of units in '000) information is not prepared, in all material respects, in accordance with approved accounting standards as applicable in Pakistan for Number of units in issue 14 1,013,160 1,111,490 Interim Financial Reporting. (Rupees) OTHER MATTERS Net assets value per unit 63.24 63.75 The annexed notes 1 to 21 form an integral part of this condensed interim financial information. The figures for the three months period ended 31 December 2015 in the condensed interim financial information have not been reviewed and we do not express a conclusion on them. For National Investment Trust Limited KPMG Taseer Hadi & Co. (Management Company) Chartered Accountants Muhammad Nadeem Sd/- Sd/- Sd/- th Dated: 29 February, 2016 Managing Director Director Director Karachi 08 Six-month period Three-month period ended ended 2015 2014 2015 2014 -------------------------------Note (Rupees in '000) --------------------------------- Income Dividend income 1,203,106 1,020,210 619,407 606,883 Gain on sale of investments - net 3,634,087 2,478,746 1,375,021 1,264,247 Net unrealised appreciation on re-measurement of investments classified as 'financial assets at fair value through profit or loss' 7.8 123,941 1,053,617 29,756 405,660 Income from government securities 6,164 74,594 - 44,861 Profit on bank deposits 39,021 75,798 15,327 26,090 Income on issue of units 2,276 28,741 360 11,857 Other Income - 1,960 - - Total income 5,008,595 4,733,666 2,039,871 2,359,598 Expenses Impairment loss on equity securities classified as 'available for sale' 7.9.1 1,768 20,017 1,768 5,243 Remuneration of National Investment Trust Limited - Management Company 9.1 334,729 334,055 162,457 176,843 Sindh Sales Tax on remuneration of Management Company 9.2 54,360 58,126 26,391 30,772 Federal Excise Duty on remuneration of Management Company 11.2 53,557 53,449 26,024 28,295 Remuneration of Central Depository Company of Pakistan Limited - Trustee 10 14,003 13,992 6,901 7,192 Sindh Sales Tax on remuneration of Trustee 10.1 1,960 - 966 - Annual fee - Securities and Exchange Commission of Pakistan 31,693 31,709 15,361 16,784 Allocation of expenses related to registrar services, accounting, operation and valuation services 15 5,513 - 5,513 - Custodian charges of Central Depository Company of Pakistan Limited 379 192 133 105 Securities transaction costs 155 410 - 55 Settlement and bank charges 897 1,077 703 790 Financial charges 16 24,548 8,998 5,954 - Auditors' remunaration 557 549 310 433 SECP registration fee - 1,000 - 1,000 Printing charges 1,500 1,175 500 175 NATIONAL INVESTMENT (UNIT) TRUST NATIONALMutual fund rating INVESTMENT fee (UNIT) TRUST 232 211 232 211 Other expenses 2,122 192 1,321 192 CONDENSED INTERIM INCOME STATEMENT (UNAUDITED) CONDENSEDTotal expenses INTERIM INCOME STATEMENT (UNAUDITED) 527,973 525,152 254,534 268,090 FOR THE SIX AND THREE MONTHS PERIOD ENDED DECEMBER 31, 2015 FOR THE SIX AND THREE MONTHS PERIOD ENDED DECEMBER 31, 2015 Net income from operating activities 4,480,622 4,208,514 1,785,337 2,091,508 Element of income / (loss) and capital gains / (losses) included Six-month period Three-month period in prices of units issued less those in units redeemed - net Six-month 34,618 period (21,958) Three-month 5,587 period (64,320) ended ended ended ended 2015 2014 2015 2014 Provision for Workers' Welfare Fund 11.1 2015 - (83,733)2014 2015 - (40,616)2014 -------------------------------Note (Rupees in '000) --------------------------------- -------------------------------Note (Rupees in '000) --------------------------------- Net income for the period before taxation 4,515,240 4,102,823 1,790,924 1,986,572 Income Income Dividend income 1,203,106 1,020,210 619,407 606,883 DividendTaxation income 17 1,203,106 - 1,020,210 - 619,407 - 606,883 - Gain on sale of investments - net 3,634,087 2,478,746 1,375,021 1,264,247 Gain on sale of investments - net 3,634,087 2,478,746 1,375,021 1,264,247 Net unrealised appreciation on re-measurement of investments classified as Net unrealisedincome for appreciation the period on re-measurement of investments classified as 4,515,240 4,102,823 1,790,924 1,986,572 'financial assets at fair value through profit or loss' 7.8 123,941 1,053,617 29,756 405,660 'financial assets at fair value through profit or loss' 7.8 123,941 1,053,617 29,756 405,660 Income from government securities 6,164 74,594 - 44,861 Income from government securities -------------------------- 6,164 74,594 (Rupees) --------------------------- - 44,861 Profit on bank deposits 39,021 75,798 15,327 26,090 Profit on bank deposits 39,021 75,798 15,327 26,090 Income on issue of units 2,276 28,741 360 11,857 EarningsIncome on perissue unit of units- basic and diluted Rupees 18 2,276 4.46 28,741 3.73 1.77 360 11,857 1.81 Other Income - 1,960 - - Other Income - 1,960 - - Total income 5,008,595 4,733,666 2,039,871 2,359,598 TheTotal annexed income notes 1 to 21 form an integral part of this condensed interim financial information. 5,008,595 4,733,666 2,039,871 2,359,598 Expenses Expenses Impairment loss on equity securities classified as 'available for sale' 7.9.1 1,768 20,017 1,768 5,243 Impairment loss on equity securities classified as 'available for sale' 7.9.1 1,768 20,017 1,768 5,243 Remuneration of National Investment Trust Limited - Management Company 9.1 334,729 334,055 162,457 176,843 Remuneration of National Investment Trust Limited - Management Company 9.1 334,729 334,055 162,457 176,843 Sindh Sales Tax on remuneration of Management Company 9.2 54,360 58,126 26,391 30,772 Sindh Sales Tax on remuneration of Management Company 9.2 54,360 58,126 26,391 30,772 Federal Excise Duty on remuneration of Management Company 11.2 53,557 53,449 26,024 28,295 Federal Excise Duty on remuneration of Management Company 11.2 53,557 53,449 26,024 28,295 Remuneration of Central Depository Company of Pakistan Limited - Trustee 10 14,003 13,992 6,901 7,192 Remuneration of Central Depository Company of Pakistan Limited - Trustee 10 14,003 13,992 6,901 7,192 Sindh Sales Tax on remuneration of Trustee 10.1 1,960 - 966 - Sindh Sales Tax on remuneration of Trustee For National Investment Trust10.1 Limited 1,960 - 966 - Annual fee - Securities and Exchange Commission of Pakistan 31,693 31,709 15,361 16,784 Annual fee - Securities and Exchange Commission of Pakistan(Management Company) 31,693 31,709 15,361 16,784 Allocation of expenses related to registrar services, accounting, operation Allocation of expenses related to registrar services, accounting, operation and valuation services 15 5,513 - 5,513 - and valuation services 15 5,513 - 5,513 - Custodian charges of Central Depository Company of Pakistan
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