JS Investments Limited. (Formerly JS ABAMCO Limited)

Transcription

1 (Formerly JS ABAMCO Limited) Quarterly Report for the period ended

2

3 Vision To be Industry Leaders in Financial Services Mission Pursuit of Professional Excellence Core Values Shareholder Value Integrity Commitment 01

4 Contents Organization Directors Report to the Shareholders Condensed Interim Balance Sheet Condensed Interim Profit and Loss Account Condensed Interim Cash Flow Statement Condensed Interim Statement of Changes in Equity Notes to the Condensed Interim Financial Statements Branch Network

5 ORGANIZATION Board of Directors Munawar Alam Siddiqui Chairman Muhammad Najam Ali Chief Executive Officer Ali Raza Siddiqui Executive Director Nazar Mohammad Shaikh Non-Executive Director Sher Afgan Zuhair Siddiqui Non-Executive Director Lt. Gen. (Retd.) Masood Parwaiz Non-Executive Director Sadeq Sayeed Non-Executive Director Chief Financial Officer & Company Secretary Suleman Lalani Auditors M/s A.F. Ferguson & Co. Chartered Accountants Legal Adviser Bawaney & Partners Bankers Bank Al-Falah Limited Faysal Bank Limited Habib Metropolitan Bank Limited JS Bank Limited MCB Bank Limited Soneri Bank Limited Standard Chartered Bank (Pakistan) Limited The Bank of Punjab Share Registrar Technology Trade (Private) Limited 241-C, Block 2, P.E.C.H.S, Karachi Tel: (92-21) Fax: (92-21) Regsitered Office 7th Floor, The Forum, G-20 Khayaban-e-Jami, Block-9, Clifton Karachi Tel: (92-21) Fax: (92-21) Website: 03

6 REPORT OF DIRECTORS TO THE SHAREHOLDERS The Board of Directors of (formerly JS ABAMCO Limited), is pleased to present its financial statements, for the first quarter ended. Market Outlook During the quarter under review, the KSE-100 index fell from 13, at June 30, to 13, on, down by 3.1%. The decline was mainly attributed to the political uncertainties during the outgoing quarter. Foreign investors remained active and continued to set the tone of the local equity market. The SCRA showed high interest of foreign investors. During FY SCRA received foreign investment inflow of USD 1 billion. However, the outgoing quarter saw the net outflows of over USD 150 million with the advent of political uncertainty. On the regulatory front, SECP removed the CFS limit of Rs. 55 billion during the quarter, which was well received by the market. On the other hand, SBP maintained its monetary tightening policy and raised the discount rate from 9.5% to 10%, on the backdrop of higher than targeted inflation of 7.8% and M2 growth. Treasury bill cut-off rose as a direct result of the monetary tightening, on average by 25 basis points. However secondary market yields on PIB s have not risen by much, as there is ample liquidity in the system. Furthermore, average CFS rate fell to 11% in the first quarter of FY 2008 from 13.7% in FY. This was primarily due to greater liquidity as a result of increase of fixed income funds in the market. Ready future spreads have also contracted in the first quarter of FY 2008 to 4.2% as compared to 6.52% last year. The decline in yields of these two high yielding categories has reduced yields of the income funds. Despite political uncertainty, foreign and local investors have re-iterated their confidence in Pakistan s economic growth potential. We remain optimistic on the growth of economic cycle and look forward to provide the best investment solutions to the investors. Results of Operations In the first quarter of the FY 2008, the funds under management increased by Rs. 2,560 million to Rs billion as at, despite a decline in the KSE 100 index by 3.1% to the level of 13, as at. During the quarter, the company has added JS Capital protected Fund III to its capital protection fund series, which contributed over Rs. 1 billion to the funds under management. In addition, the Company has achieved another milestone during the quarter where its JS Income Fund (formerly UTP-Income Fund) crossed Rs. 10 billion mark. Moreover, the Company has started its Investment Finance service business. The Company posted the profit after taxation of Rs million (EPS of Rs. 0.31, : Rs. 0.41), showing a decline of 24% over the corresponding period of last year, mainly due to increase in operating expenses by 41% to Rs million as a result of company s focus on inducting quality human resource, state of the art infrastructure and brand building to foster its future growth momentum. Whereas remuneration from funds under management increased from Rs million to Rs million, showing an increase of around 15%. Further, the Company was able to make a net gain of Rs million on sale of investments. We remain optimistic that the company will be able to achieve higher return in the future on the backdrop of solid economic and market outlook and dedication and diligence of its staff in offering wide range of products to suit the diverse needs of its investors. Acknowledgement The Board of Directors thanks SECP for its valuable support, assistance and guidance. The Board also thanks the employees of the Company for their hard work and the shareholders for their confidence in the management. Karachi: October 24, Muhammad Najam Ali Chief Executive Officer 04

7 CONDENSED INTERIM BALANCE SHEET AS AT SEPTEMBER 30, (Unaudited) (Audited) Note September 30, June 30, Amount in Rupees Non-current assets Fixed assets Tangible fixed assets 4 280,333, ,145,931 Capital work-in-progress 4 6,908,223 14,594,179 Intangible assets 4 122,560, ,530,689 Long-term receivable from related parties - unsecured, considered good 6,975,750 6,975,750 Long-term loans and advances - considered good 22,136,998 21,754,867 Current assets Investments - available for sale 5 2,354,911,900 1,590,112,873 Loans and advances - considered good 4,420,396 4,730,487 Deposits, prepayments and other receivables 43,645, ,237,186 Balance due from Funds under management 84,097, ,014,275 Taxation recoverable 45,048,811 29,519,210 Cash and bank balances 6 44,956,559 80,595,932 Current liabilities 2,577,081,584 2,084,209,963 Current maturity of long-term financing 25,000,000 62,499,996 Money market borrowings 530,000,000 - Accrued expenses and other liabilities 67,682,909 68,450,528 Accrued mark-up 6,219,617 4,595, ,902, ,546,459 Net current assets 1,948,179,058 1,948,663,504 Total assets less current liabilities 2,387,093,774 2,411,664,920 Represented by: Share capital 7 1,000,000,000 1,000,000,000 Unrealised loss on remeasurement of available for sale investments to fair value - net 5 (158,785,800) (131,055,123) Accumulated profit 757,341, ,826,274 Shareholders' equity 1,598,556,142 1,594,771,151 Long-term financing - 25,000,000 Securitisation of management fee receivables - debt 688,872, ,886,080 Deferred taxation 55,420,603 57,104,968 Surplus on revaluation of fixed assets - net of tax 44,244,775 44,902,721 Commitments 8 2,387,093,774 2,411,664,920 The annexed notes 1 to 12 form an integral part of these condensed interim financial statements. For (Formerly JS ABAMCO Limited) Muhammad Najam Ali Chief Executive Munawar Alam Siddiqui Director 05

8 CONDENSED INTERIM PROFIT AND LOSS ACCOUNT FOR THE QUARTER ENDED SEPTEMBER 30, INCOME Remuneration from funds under management 133,731, ,575,199 Commission from open ended funds under management 2,390,466 3,004,478 Mark-up on Term Finance Certificates 291,661 12,232,397 Gain / (loss) on sale of investments - net 10,198,910 2,541,637 Mark-up on lendings against securities purchased under resale arrangements - 2,042,539 Underwriting commission 687, ,941 Return on bank deposits 1,376,195 3,852,755 Rental income 3,346,818 3,198,975 Liabilities no longer required written back 4,438,965 10,792,929 OPERATING EXPENSES Note (Unaudited) (Audited) 2006 Amount in Rupees 156,461, ,975,850 Administrative expenses 96,544,638 68,310,887 OPERATING PROFIT 59,917,190 86,664,963 Financial charges 28,007,481 27,174,386 31,909,709 59,490,577 Other operating income 1,063,649 1,805,069 Profit before tax 32,973,358 61,295,646 Taxation - Current 3,800,000 21,828,537 Taxation - Deferred (1,684,364) (1,207,680) 2,115,636 20,620,857 Profit after taxation 30,857,722 40,674,789 Earnings per share - basic and diluted The annexed notes 1 to 12 form an integral part of these condensed interim financial statements. For (Formerly JS ABAMCO Limited) Muhammad Najam Ali Chief Executive Munawar Alam Siddiqui Director 06

9 CONDENSED INTERIM CASH FLOW STATEMENT FOR THE QUARTER ENDED SEPTEMBER 30, CASH FLOW FROM OPERATING ACTIVITIES Profit for the period before taxation Adjustment for non-cash and other items: Remuneration income Commission income Depreciation Amortisation of intangible assets Amortisation of issue cost for securitisation of management fee receivable Financial charges Interest / mark-up income Liabilities no longer required written back Gain on sale of fixed assets (Increase) / decrease in assets Long term loans and advances Long term receivable from related parties Lendings against securities purchased under resale arrangements Loans and advances Deposits, prepayments and other receivables Increase in liabilities Accrued expenses and other liabilities Net cash used in operating activities Taxes paid Bonus paid Financial charges paid Remuneration and commission received Net cash inflow from operating activities CASH FLOW FROM INVESTING ACTIVITIES Investments - net Fixed capital expenditure incurred Proceeds from sale of fixed assets Return on TFCs Dividend received Return on bank deposits received Net cash (outflow) from investing activities CASH FLOW FROM FINANCING ACTIVITIES Short-term borrowings Repayments against long term financing Net cash inflow/(outflow) from financing activities Net decrease in cash and cash equivalents Cash and cash equivalents at beginning of the period Cash and cash equivalents at end of the period (Unaudited) (Audited) September September 30, 30, 2006 Amount in Rupees 32,973,358 61,295,646 (133,731,313) (116,575,199) (2,390,466) (3,004,478) 12,135,086 8,413,915 1,591,505 5,168,396 (1,013,826) - 28,007,481 27,174,386 (1,376,195) (16,085,152) (4,438,965) (10,792,929) (166,618) (64,167) (68,409,953) (44,469,582) (382,131) (6,195) - 1,000,000 - (87,921,798) 310,091 (899,397) 8,860,830 (511,237) 43,232,457 2,631,261 52,021,247 (85,707,366) (16,388,705) (130,176,948) (19,329,602) (16,097,141) (39,561,035) (49,207,071) (26,383,799) (30,110,745) 302,037, ,706, ,374,857 29,114,629 (792,529,705) (573,494,120) (7,026,792) (8,804,091) 17,935, ,000-2,951,712 76,447,826-1,658,786 3,596,029 (703,514,234) (575,430,470) 530,000,000 83,175,010 (62,499,996) (133,333,333) 467,500,004 (50,158,323) (35,639,373) (596,474,164) 80,595, ,183,393 44,956,559 5,709,229 The annexed notes 1 to 12 form an integral part of these condensed interim financial statements. For (Formerly JS ABAMCO Limited) Muhammad Najam Ali Chief Executive Munawar Alam Siddiqui Director 07

10 CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UNAUDITED) FOR THE QUARTER ENDED SEPTEMBER 30, Share capital Accumulated profit Unrealised gain / (loss) on remeasurement of available for sale investments to fair value - net Total (Amount in Rupees) Balance as at June 30, ,000, ,034,158 (17,085,136) 1,183,949,022 Unrealised loss on revaluation of available for sale investments - net - - (43,664,372) (43,664,372) Incremental depreciation - net of deferred tax - 681, ,492 Profit after taxation for the period ended ,674,789-40,674,789 Balance as at ,000, ,390,439 (60,749,508) 1,181,640,391 Balance as at June 30, 1,000,000, ,826,274 (131,055,123) 1,594,771,151 Unrealised loss on revaluation of available for sale investments - net - - (22,378,557) (22,378,557) Loss/ gain realized on disposal of investments (5,352,120) (5,352,120) Incremental depreciation - net of deferred tax - 657, ,946 Profit after taxation for the period ended - 30,857,722-30,857,722 Balance as at 1,000,000, ,341,942 (158,785,800) 1,598,556,142 The annexed notes 1 to 12 form an integral part of these condensed interim financial statements. For (Formerly JS ABAMCO Limited) Muhammad Najam Ali Chief Executive Munawar Alam Siddiqui Director 08

11 NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UNAUDITED) FOR THE QUARTER ENDED SEPTEMBER 30, 1 STATUS AND NATURE OF BUSINESS (formerly JS ABAMCO Limited) is a public limited company incorporated in Pakistan on February 22, 1995 under the Companies Ordinance, The registered office of the company is situated at 7th floor, 'The Forum', Khayaban-e-Jami, Clifton, Karachi. The company is a subsidiary of Jahangir Siddiqui and Company Limited (which has percent direct holding in the company). The company is an investment adviser, asset management company and pension fund manager for the following: Investment adviser of the following closed-end funds: - BSJS Balanced Fund Limited - UTP Large Cap Fund - UTP Growth Fund Asset management company of the following open-ended funds: - Unit Trust of Pakistan - JS Income Fund (Formerly UTP-Income Fund) - UTP - Islamic Fund - UTP - Aggressive Asset Allocation Fund - UTP - Fund of Funds - UTP - A-30+ Fund - UTP - Capital Protected Fund - UTP - Capital Protected Fund II - JS Capital Protected Fund III Pension fund manager of the following fund: - JS Pension Savings Fund 2 STATEMENT OF COMPLIANCE These condensed interim financial statements have been prepared in accordance with approved accounting standards as applicable in Pakistan, the requirements of the Companies Ordinance, 1984 and the Non-Banking Finance Companies (Establishment and Regulation) Rules, Approved accounting standards comprise of such International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS) as are notified under the provisions of the Companies Ordinance, Wherever the requirements of the Companies Ordinance 1984, Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 or directives issued by the Securities and Exchange Commission of Pakistan differ with the requirements of these standards, the requirements of the Companies Ordinance 1984, Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003 or the requirements of the said directives take precedence. The disclosures made in these condensed interim financial statements have, however, been limited based on the requirements of International Accounting Standard (IAS) 34: "Interim Financial Reporting". 3 ACCOUNTING POLICIES The accounting policies adopted in the preparation of these financial statements are same as those applied in the preparation of the annual financial statements of the company for the year ended June 30,. 09

12 4 FIXED ASSETS 4.1 Tangible fixed assets The following additions were made to tangible fixed assets during the period: Branch set-up Furniture and fixtures Office equipment Vehicles The following disposals of tangible fixed assets were made during the period: Vehicles - Cost 4.2 Intangible assets The following additions were made to intangible assets during the period: Computer software 4.3 Capital work-in-progress - at cost Advance to suppliers against Civil works Acquisition of vehicles Acquisition of office and computer equipment Acquisition of software Advance against membership of National Commodity Exchange Limited (NCEL) 5 INVESTMENTS - available for sale Note (Unaudited) September 30, (Audited) Amount in Rupees ,043,964 49, , ,970 2,748,615-7,783,495 1,758,000 12,091,248 2,364,030 22,629, ,000 2,621,500 3,292,497 (Unaudited) (Audited) June 30, Amount in Rupees 2,499,920 3,866,020-4,753,000 2,662,657 3,714, ,646 1,260,646 1,000,000 1,000,000 6,908,223 14,594,179 Investments in certificates / shares / units - at fair value In related parties: BSJS Balanced Fund Limited UTP-Large Cap Fund UTP-Growth Fund UTP-Income Fund JS Pension Savings Fund Equity JS Pension Savings Fund Debt JS Pension Savings Fund Money Market UTP-Fund of Funds UTP-Capital Protected Fund UTP-Capital Protected Fund II JS Capital Protected Fund III UTP-Aggressive Asset Allocation Fund UTP-Islamic Fund Others: Azgard Nine Limited Escort Investment Bank Limited D.G. Khan Cement Limited Engro Chemical Pakistan Limited Pakistan International Container Limited Fauji Fertilizer Bin Qasim Limited Packages Limited MCB Dynamic Cash Fund HBL Income Fund ,873, ,879, ,470, ,312, ,481, ,736, ,455, ,632, ,065,000 30,000, ,189,000 30,000, ,189,000 30,000, ,773,526 12,679, ,218,360 14,078, ,272,660 25,323, ,343, ,742, ,330,602-1,948,406,050 1,574,643, ,848, ,200, ,750, ,497, ,600, ,860, ,750, ,335, ,134, ,505,850 15,469,570 Investments in unlisted Term Finance Certificates - at cost Optimus Limited Pak Elektron Limited 150,000,000-99,000, ,000,000-2,354,911,900 1,590,112,873 10

13 11

14 (Unaudited) (Audited) June 30, 6 CASH AND BANK BALANCES Cash in hand Balance with banks: In current account In savings accounts Amount in Rupees 143,953 77,119 3,605,469 6,384,211 41,207,137 74,134,602 44,812,606 80,518,813 44,956,559 80,595,932 7 SHARE CAPITAL (Unaudited) (Audited) June 30, June 30, Number of shares Authorised Amount in Rupees 200,000, ,000,000 Ordinary shares of Rs. 10 each 50,000,000 50,000,000 Convertible Preference Shares 250,000, ,000,000 2,000,000,000 1,000,000, ,000, ,000,000 2,500,000,000 1,500,000,000 Issued, subscribed and paid-up 21,250,000 21,250,000 Ordinary shares of Rs. 10 each issued as fully paid in cash 700, ,000 Fully paid ordinary shares of Rs. 10 each issued on amalgamation with CFSL 78,050,000 78,050,000 Ordinary shares of Rs. 10 each issued as fully paid bonus shares 100,000, ,000, ,500, ,500,000 7,000,000 7,000, ,500, ,500,000 1,000,000,000 1,000,000,000 At Jahangir Siddiqui & Company Limited, the holding company, held 52,023,622 (June 30, : 52,023,622) ordinary shares of Rs. 10/- each of the company. 12

15 8 COMMITMENTS 8.1 Commitments in respect of: (Unaudited) (Audited) June 30, Capital expenditure - 963,818 Royalty and advisory payment 2,500,000 10,000,000 Asset acquired under operating lease 450,000 1,800,000 Period ended EARNINGS PER SHARE - basic and diluted Amount in Rupees Net profit for the period after taxation 30,857,722 40,674,789 Weighted average number of ordinary shares outstanding during the period 100,000, ,000,000 Earning per share - basic and diluted (Unaudited) (Audited) Period ended 10 TRANSACTIONS AND BALANCES WITH RELATED PARTIES The details of transactions with related parties during the period are as follows: Transactions with BSJS Balanced Fund Limited Remuneration income 10,786,475 9,185,134 Transactions with UTP Growth Fund Remuneration income 27,964,439 28,847,142 Transactions with UTP-Large Cap Fund Remuneration income 18,715,164 17,714,652 Transactions with UTP-Islamic Fund Remuneration income 6,783,495 6,529,075 Commission income 452,817 91,969 Transactions with UTP-Income Fund Remuneration income 33,531,730 13,171,995 Commission income 85, ,108 Transactions with Unit Trust of Pakistan Remuneration income 19,052,616 17,352,470 Commission income 1,333,429 1,202,787 Transactions with UTP Aggressive Asset Allocation Fund Remuneration income 5,546,760 21,710,158 Commission income 128,006 1,294,998 Other expenses - reimbursed 16,483 - Transactions with UTP - Fund of Funds Remuneration income 287, ,327 Commission income Other expenses incurred on behalf of the fund 50,000 - Other expenses reimbursed 1,922 - Transactions with UTP - A 30+ Fund Remuneration income 1,624,116 1,618,246 Commission income 201,435 54,139 Other expenses incurred on behalf of the fund 50,000 - Preliminary expenses incurred on behalf of the fund -reimbursed - 1,000,000 Other expenses reimbursed - 87,500 13

16 (Unaudited) (Audited) Period ended 2006 Transaction with UTP - Capital Protected Fund Remuneration income 3,425,851 - Other expenses - reimbursed 1,868 - Transaction with UTP - Capital Protected Fund-II Remuneration income 5,655,295 - Commission income 189,662 - Preliminary expenses incurred on behalf of the fund -reimbursed 1,062,500 - Other expenses -reimursed 135,000 - Transaction with JS Capital Protected Fund-III Preliminary expenses incurred on behalf of the fund 1,000,000 - Other expenses incurred on behalf of the fund 262,500 - Transaction with JS Pension Savings Fund Remuneration income 357,849 - Preliminary expenses incurred on behalf of the fund 50,000 Preliminary expenses incurred on behalf of the fund -reimbursed 50,000 - Transaction with JS Aggressive Income Fund Preliminary expenses incurred on behalf of the fund 1,000,000 - Other expenses incurred on behalf of the fund 167,000 - Transactions with Mr. Jahangir Siddiqui Royalty and advisory fee 2,500,000 2,500,000 Transactions with Jahangir Siddiqui & Company Limited (JSCL) - holding company Rental Income 1,560,093 1,451,250 Mark-up expense on borrowing - 1,726,901 Expenses incurred on behalf of JSCL 763, ,201 Expenses incurred on behalf of JSCL -reimbursed 247, ,873 Transactions with JS Global Capital Limited (JSGCL) formerly Jahangir Siddiqui Capital Markets Limited - associate of JSCL Rental Income 429,000 1,747,725 Rent expense 1,580,250 1,470,000 Expenses incurred on behalf of JSGCL 227, ,463 Expenses incurred on behalf of JSGCL -reimbursed 19, ,089 Transactions with Mr. Ali Jehangir Siddiqui - major share holder* Consultancy fees paid 525, ,000 Transactions with JS Bank Limited (JSBL) - subsidiary of JSCL Expenses incurred on behalf of JSBL - 17,506 Expenses incurred on behalf of JSBL -reimbursed - 17,901 Transactions with JSPE Management Limited - associate of JSCL Rental Income 1,357,725 - Expenses incurred on behalf of JSPE 682, ,620 Expenses incurred on behalf of JSPE -reimbursed 444,640 - Transactions with Mr. Najam Ali - CEO Mark-up on loan capitalized 674, ,487 Transactions with key management personnel Remuneration 31,802,418 36,200,326 Rent expense - 300,000 Transactions with Siddiqui Foundation Donations made - 3,500,000 Transactions with Staff Provident Fund Contributions during the period 1,520,158 1,160,092 * Consequent to offer for sale of shares to the general public, Mr. Ali Jehangir Siddiqui's shareholding reduced from 13,000,000 to 7,000,000 and therefore he is no longer a major shareholder of the Company. 14

17 (Unaudited) (Audited) The details of balances due from / due to related parties are as follows: Balance due from BSJS Balanced Fund Limited 10,784,413 9,185,134 Balance due from UTP Growth Fund 27,964,439 28,847,142 Preliminary expenses receivable from UTP Growth Fund 1,301,000 1,625,000 Balance due from UTP - Large Cap Fund 18,715,186 17,714,652 Preliminary expenses receivable from UTP - Large Cap Fund 12,000,000 18,000,000 Balance due from UTP - Islamic Fund 2,219,861 2,111,333 Balance due from UTP - Income Fund 12,101,379 4,426,967 Balance due from Unit Trust of Pakistan 6,957,698 5,728,450 Balance due from UTP - Aggressive Asset Allocation Fund 2,041,710 7,509,445 Balance due from UTP - Fund of Funds 308, ,201 Balance due from UTP - A 30+Fund 517, ,074 Balance due from UTP - Capital Protected Fund 1,115,565 - Balance due from UTP - Capital Protected Fund II 1,842,428 - Balance due from JS Capital Protected Fund III 262,500 - Preliminary expenses receivable from JS Capital Protected Fund III 1,000,000 - Balance due from JS Pension Savings Fund 110,209 - Balance due from JS Aggressive Income Fund 167,000 - Preliminary expenses receivable from JS Aggressive Income Fund 1,000,000 - Preliminary expenses receivable from Private Equity Fund - 4,460,123 Balance due from Jahangir Siddiqui & Company Limited (JSCL) 652, ,299 - holding company Balance due from JSPE Management Limited - associate of JSCL 266,576 - Balance due from JSBL - subsidiary of JSCL 6,002 9,488 Loan to Mr. Najam Ali - CEO 20,000,000 20,000,000 Mark-up on loan to Mr. Najam Ali - CEO 674, ,487 Balance due from JS Global Capital Limited - associate of JSCL 248, ,087 Balance due to Mr. Jahangir Siddiqui 2,500,000 2,500, CORRESPONDING FIGURES Corresponding figures have been rearranged and reclassified, wherever necessary, for the purpose of comparison. 12 GENERAL These condensed interim financial statements were authorised for issue on October 24, by the Board of Directors of the company. For (Formerly JS ABAMCO Limited) Muhammad Najam Ali Chief Executive Munawar Alam Siddiqui Director 15

18 BRANCH NETWORK JS Investments (Head Office) 7th Floor, The Forum, G-20 Khayaban-e-Jami, Block-9, Clifton Karachi Tel: (92-21) Fax: (92-21) JS Investments (Shahra-e-Faisal branch) Shop No. 8, Ground Floor, Plot No 26-A, Business Avenue, PECHS, Block 6, Main Shahra - e -Faisal, Karachi Ph: Fax: JS Investments (Park Tower branch) Office No. 209, 2nd Floor Park Tower, Shahrah-e-Firdusi Clifton Karachi. Ph: Fax: JS Investments (Hyderabad branch) Property No 41/97, Ground Floor, Saddar, Hydrabad Cantonment, Hyderabad Ph: , 277, Fax: JS Investments (Islamabad branch) 65-W, Ground Floor # 6, Chaudhary Plaza, Fazal-e-Haq Road, Blue Area - Islamabad UAN: Fax: JS Investments (Gujranwala branch) Shop No. 40, Ground Floor Trust Plaza, GT, Road, Gujranwala Ph: Fax: JS Investments (Multan branch) 1st & 2nd Floor, 185-Quaid-e-Azam Road, Multan Cantt. Ph: JS Investments (Sialkot branch) 27th Paris Road, Sialkot Ph: Fax: JS Investments (Peshawar branch) 1st Floor State Life Building, 34-The Mall, Peshawar Ph: Fax: JS Investments (Mirpur branch) Azad Kashmir, Jarral Plaza Building No. 63/F, Sector F-1, Kotli Road, Mirpur AJK Ph: ( ) ( ) Fax: ( )39668 JS Investments (Lahore branch) Ground Floor, 307-Upper Mall, Lahore UAN: Fax:

19

20 (Formerly JS ABAMCO Limited) 7th Floor, The Forum, G-20 Khayaban-e-Jami, Block-9, Clifton Karachi Phone: Fax: Website: