Condensed Interim Financial information For The Period ended 31 MARCH 2017 (Un-Audited)

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1 Condensed Interim Financial information For The Period ended 31 MARCH 2017 (Un-Audited) GRAYS LEASING LIMITED

2 COMPANY INFORMATION BOARD OF DIRECTORS AUDIT COMMITTEE AUDITORS COMPANY SECRETARY CHIEF FINANCIAL OFFICER HEAD OF INTERNAL AUDIT Mr. Khawar Anwar Khawaja Mr. Muhammad Tahir Butt Mr. Khurram Anwar Khawaja Mr. Iftikhar Ahmad Butt Mr. Omer Khawar Khawaja Mr. Abdul Qayum Malik Mr. Muhammad Khalid Butt Mr. Iftikhar Ahmad Butt Mr. Khurram Anwar Khawaja Mr. Omer Khawar Khawaja Riaz Ahmad & Company Chartered Accountants 10-B Saint Mary Park Main Boulevard, Gulberg III Lahore. Muhammad Adil Munir M. Avais Ibrahim Mr. Bilal Arsalan Mir Chairman Chief Executive (Subject to approval from SECP) HUMAN RESOURCE AND REMUNERATION COMMITTEE Mr. Omer Khawar Khawaja Chairman Mr. Muhammad Tahir Butt Mr. Khurram Anwar Khawaja LEGAL ADVISOR REGISTERED AND HEAD OFFICE BANKERS SHARE REGISTRAR Lexicon Law Firm 701-A, 7th Floor, City Towers 6-K, Main Boulevard, Gulberg - II, Lahore Tel: (042) Fax: (042) info@graysleasing.com Website: Standard Chartered Bank (Pakistan) Limited The Bank of Punjab Askari Bank Limited National Bank of Pakistan Habib Bank Limited State Bank of Pakistan First Women Bank Limited Bank Al-Habib Limited CorpTec Associates (Pvt) Ltd. 503-E, Johar Town, Lahore.

3 We are pleased to present the condensed interim financial information for the period ended 31 March 2017, together with report of the Board of Directors of the company and review report by the statutory auditors of the company. During the period ended 31 March 2017, the company transacted business worth Rupees million as compared to Rupees million on 31 March During the period ended 31 March 2017, the company earned a loss before and after tax of Rupees million and Rupees million respectively as compared to profit before and loss after tax of Rupees million and Rupees million during the corresponding period of Net investment stands at Rupees million as on 31 March 2017 as compared to Rupees million as on June 30, During the period ended 31 March 2017, there is net reversal of Rupees million against potential lease losses, resultantly the equity of the company comes to Rupees million. In our country there is a huge demand of financing in SME sector which are still undiscovered, but the leasing sector is unable to cater the needs of the potential customers due to non availability of the funds from commercial banks. However, the company has emphasized on the recoveries from the stuck up clients and the proceeds from stuck ups are directed to new leases. JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the entity ratings of Grays Leasing Limited (GLL) at 'BB-/B' (Double B Minus/Single B). Outlook on the assigned rating is 'Stable'. At the end, we would like to thank our clients who provided us the opportunity to serve them. We also extend lot of appreciation to the company employees at all levels for their efforts. For and on behalf of the board Muhammad Tahir Butt Sialkot: 24 March 2017 Chief Executive

4

5 ASSETS Current assets UN-AUDITED AUDITED 31 MARCH 30 JUNE NOTE Rupees Rupees Cash and bank balances 3,694,995 4,244,979 Advances and prepayments 1,126, ,673 Sales tax recoverable 225, ,981 Other receivables 373, ,360 Current maturity of non-current assets 185,790, ,904, ,211, ,056,612 Non-current assets Net investment in lease finance 3 67,379,560 54,319,704 Long term security deposits, advance and prepayments 472, ,308 Property, plant and equipment 4 1,854,960 2,125,562 69,707,020 56,975,574 TOTAL ASSETS 260,918, ,032,186 LIABILITIES Current liabilities Loan from related parties 5 35,500,000 25,000,000 Accrued and other liabilities 2,777,609 7,417,858 Accrued mark-up 656, ,723 Current maturity of non-current liabilities 113,879, ,754,205 Provision for taxation 571, , ,384, ,153,336 Non-current liabilities Deposits on lease contracts 32,365,715 26,882,615 Employees' retirement benefit 1,362,145 1,370,063 33,727,860 28,252,678 TOTAL LIABILITIES 187,112, ,406,014 NET ASSETS 73,805,933 74,626,172 REPRESENTED BY: Authorized share capital 35,000,000 (30 June 2016: 35,000,000) ordinary shares of Rupees 10 each 350,000, ,000,000 Issued, subscribed and paid-up share capital CONDENSED INTERIM BALANCE SHEET AS AT 31 MARCH ,500,000 (30 June 2016: 21,500,000) ordinary shares of Rupees 10 each 215,000, ,000,000 Statutory reserve 59,256,615 59,256,615 Accumulated loss (200,450,682) (199,630,443) Shareholders' equity 73,805,933 74,626,172 CONTINGENCIES AND COMMITMENTS 7 The annexed notes form an integral part of this condensed interim financial information. 73,805,933 74,626,172

6 CONDENSED INTERIM PROFIT AND LOSS ACCOUNT (UN-AUDITED) FOR THE PERIOD ENDED 31 MARCH 2017 PERIOD ENDED QUARTER ENDED 31 MARCH 31 MARCH 31 MARCH 31 MARCH NOTE Rupees Rupees Rupees Rupees REVENUE Income from lease operations Other income 7,313,542 7,149,143 2,605,182 2,387, , , , ,228 7,935,028 7,644,299 2,826,252 2,693,773 EXPENDITURE Administrative and other operating expenses Financial and other charges Reversal / (allowance) for potential lease losses PROFIT / (LOSS) BEFORE TAXATION Taxation PROFIT / (LOSS) AFTER TAXATION Earning / (loss) per share - basic and diluted (7,574,737) (7,756,179) (2,248,167) (2,314,537) (1,644,949) (1,457,936) (535,296) (406,130) ,311 1,591, ,331 1,020,928 (8,338,375) (7,622,226) (2,531,132) (1,699,739) (403,347) 22, , ,034 (416,892) (311,359) (190,581) (136,950) (820,239) (289,286) 104, ,084 (0.04) (0.01) The annexed notes form an integral part of this condensed interim financial information.

7 CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE PERIOD ENDED 31 MARCH 2017 PERIOD ENDED QUARTER ENDED 31 MARCH 31 MARCH 31 MARCH 31 MARCH Rupees Rupees Rupees Rupees LOSS AFTER TAXATION (820,239) (289,286) 104, ,084 OTHER COMPREHENSIVE INCOME : Items that will not be reclassified to profit or loss Items that may be reclassified subsequently to profit or loss TOTAL COMPREHENSIVE LOSS FOR THE PERIOD (820,239) (289,286) 104, ,084 The annexed notes form an integral part of this condensed interim financial information.

8 CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED) FOR THE PERIOD ENDED 31 MARCH 2017 CASH FLOWS FROM OPERATING ACTIVITIES Loss profit before taxation Adjustments for non-cash charges and other items: Depreciation Provision for gratuity Financial charges Reversal for potential lease losses - net Profit on bank deposits Operating loss before working capital changes PERIOD ENDED 31 MARCH 31 MARCH Rupees Rupees (403,347) 22, , , , ,915 1,644,949 1,457,936 (881,311) (1,591,889) (53,197) (188,832) 1,161,483 77, ,136 99,080 Increase in advances and prepayments Increase in sales tax recoverable Decrease in accrued and other liabilities Cash generated from / (used in) operations Financial charges paid Gratuity paid Income tax paid Net cash used in operating activities CASH FLOWS FROM INVESTING ACTIVITIES Net Investment in lease finance Property, plant and equipment - acquired Security deposits, advance and prepayments Profit on bank deposits Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES Deposits on lease contracts - net Lease rentals paid Loan from related parties Net cash from financing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period (803,444) (63,542) (110,865) - (4,640,249) (229,175) (4,796,422) (193,637) (1,381,600) (1,367,421) (162,858) - (338,835) (288,190) (6,679,715) (1,849,248) (12,064,066) (11,558,257) (25,500) (703,000) 57,808-53, ,832 (11,978,561) (12,072,425) 7,608,292 7,635,420 - (231,356) 10,500,000-18,108,292 7,404,064 (549,984) (6,517,609) 4,244,979 11,466,600 3,694,995 4,948,991 The annexed notes form an integral part of this condensed interim financial information. 8

9 CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED) FOR THE PERIOD ENDED 31 MARCH 2017 ISSUED, SUBSCRIBED AND PAID-UP SHARE CAPITAL CAPITAL RESERVE STATUTORY RESERVE ACCUMULATED LOSS SHAREHOLDERS' EQUITY Rupees Rupees Rupees Rupees Balance as at 30 June 2015 (Audited ) 215,000,000 59,256,615 (199,008,163) 75,248,452 Loss for the period ended 31 March (289,286) (289,286) Other comprehensive income for the period ended 31 March Total comprehensive loss for the period ended 31 March (289,286) (289,286) Balance as at 31 March 2015 (Un-Audited) 215,000,000 59,256,615 (199,297,449) 74,959,166 Loss for the year ended 30 June (424,723) (424,723) Other comprehensive income for the year ended 30 June ,729 91,729 Total comprehensive income for the year ended 30 June (332,994) (332,994) Balance as at 30 June 2016 (Audited) 215,000,000 59,256,615 (199,630,443) 74,626,172 Loss for the period ended 31 March (820,239) (820,239) Other comprehensive income for the period ended 31 March Other comprehensive income for the period ended 31 March (820,239) (820,239) Balance as at 31 March 2017 (Un-Audited) 215,000,000 59,256,615 (200,450,682) 73,805,933 The annexed notes form an integral part of this condensed interim financial information. 9

10 SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) FOR THE PERIOD ENDED 31 MARCH LEGAL STATUS AND NATURE OF BUSINESS Grays Leasing Limited ("the Company") is a public limited Company incorporated in Pakistan under the Companies Ordinance, 1984 on 31 August The Company's shares are listed on Pakistan Stock Exchange Limited. The Company is engaged in leasing business. It has been classified as a Non-Banking Finance Company (NBFC). Its registered office is situated at 701-A, 7th Floor, City Towers, 6-K, Main Boulevard, Gulberg- II, Lahore. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The accounting policies and methods of computations adopted for the preparation of this condensed interim financial information are the same as applied in the preparation of the preceding audited annual published financial statements of the Company for the year ended 30 June Basis of preparation Statement of compliance This condensed interim financial information is un-audited but subject to limited scope review by the statutory auditors and is being submitted to shareholders as required by section 245 of the Companies Ordinance, 1984.This condensed interim financial information of the Company for the period ended 31 March 2017 has been prepared in accordance with the requirements of International Accounting Standard 34 "Interim Financial Reporting" and provisions of and directives issued under the Companies Ordinance, In case where requirements differ, the provisions of or directives issued under the Companies Ordinance, 1984 have been followed. This condensed interim financial information should be read in conjunction with audited annual published financial statements of the Company for the year ended 30 June Accounting convention These financial statements have been prepared under historical cost convention except for employee benefit liability at present value and certain financial instruments carried at fair value Critical accounting estimates and judgments The preparation of this condensed interim financial information in conformity with the approved accounting standards requires the use of certain critical accounting estimates. It also requires the management to exercise its judgment in the process of applying the Company's accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. During preparation of this condensed interim financial information, the significant judgments made by the management in applying the Company's accounting policies and the key sources of estimation and uncertainty were the same as those that applied in the preceding audited annual published financial statements of the Company for the year ended 30 June

11 SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) FOR THEPERIOD ENDED 31 MARCH NET INVESTMENT IN LEASE FINANCE Un-Audited Audited 31 March 30 June Rupees Rupees Lease rentals receivable 328,607, ,510,412 Add: Guaranteed residual value of leased assets 146,245, ,636,820 Gross investment in lease finance 474,852, ,147,232 Less: Unearned finance income (61,545,887) (60,154,607) 413,306, ,992,625 Less: Allowance for potential lease losses (Note 3.1) (160,136,991) (161,018,302) Net investment in lease finance - net off provision 253,169, ,974,323 Less: Current maturity shown under current assets (185,790,140) (185,654,619) 67,379,560 54,319, Allowance for potential lease losses Balance as at 01 July 161,018, ,539,752 Net reversal of potential lease losses during the period / year (881,311) (3,407,612) Net investment in lease finance written off against provision - (113,838) Balance as at 31 March 160,136, ,018, PROPERTY, PLANT AND EQUIPMENT Un-Audited Audited 31 March 30 June Rupees Rupees Owned Assets (4.1) 1,854,960 2,125,562 Leased Asset (4.2) - - 1,854,960 2,125, Owned Assets Opening book value 2,125,562 1,099,707 Add: Cost of additions during the period / year (Note 4.1.1) 25, ,300 Transferred from leased assets : Cost - 1,040,800 Accumulated depreciation - (489,256) - 551,544 2,151,062 2,372,551 Less: Depreciation charged during the period / year 296, ,989 Closing book value 1,854,960 2,125, Cost of additions Furniture and fixtures - 31,000 Vehicles - 648,300 Office equipment 14,000 42,000 Computer equipment 11,500-25, ,300 11

12 SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) FOR THE PERIOD ENDED 31 MARCH Leased assets Un-Audited Audited 31 March 30 June Rupees Rupees Opening book value - 656,258 Transferred to own assets : Cost - (1,040,800) Accumulated depreciation - 489,256 - (551,544) - 104,714 Less: Depreciation charged during the period / year - 104,714 Closing book value LOAN FROM RELATED PARTIES Loan from director (Note 5.1) 5,500,000 - Loan from Anwar Khawaja Industries (Private) Limited-associated company (Note 5.2) 30,000,000 25,000,000 35,500,000 25,000, This unsecured loan carries mark-up at the rate of 3 months KIBOR per annum. This loan is repayable till 28 August This unsecured loan carries mark-up at the rate of 3 months KIBOR (30 June 2016: 3 months KIBOR) per annum. This loan is repayable till 04 November CONTINGENCIES AND COMMITMENTS There are no reportable contingencies and commitments as at 31 March 2017 (30 June 2016: NIL). 7. TRANSACTIONS WITH RELATED PARTIES The related parties comprise associated undertakings, other related group companies, directors of the Company and key management personnel. The Company in the normal course of business carries out transactions with various related parties. Detail of transactions with related parties is as follows: i) Transactions Un-Audited PERIOD ENDED QUARTER ENDED 31 March 31 March 31 March 31 March Rupees Rupees Rupees Rupees Associated company Loan obtained 5,000,000-5,000,000 - Mark up on loan 1,253,274 1,263, , ,686 Rent of office building 225, ,000 75,000 75,000 Lease rentals received - 679, ,006 Key management personnel Loan obtained 5,500, Mark up on loan 207, ,155 - Lease rentals received 539,

13 SELECTED NOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATION (UN-AUDITED) FOR THE PERIOD ENDED 31 MARCH 2017 ii) Period end balances Associated company Un-Audited Audited 31 March 30 June Rupees Rupees Loan 30,000,000 25,000,000 Accrued mark-up 449, ,723 Key management personnel Loan 5,500,000 - Accrued mark-up 207,018 - Lease rentals receivable 6,585, FINANCIAL RISK MANAGEMENT The Company's financial risk management objectives and policies are consistent with those disclosed in the preceding audited annual published financial statements of the Company for the year ended 30 June DATE OF AUTHORIZATION FOR ISSUE This condensed interim financial information was approved by the Board of Directors and authorized for issue on 24 March CORRESPONDING FIGURES In order to comply with the requirements of International Accounting Standard (IAS) 34 "Interim Financial Reporting", the condensed interim balance sheet and condensed interim statement of changes in equity have been compared with the balances of annual audited financial statements of preceding financial year, whereas, the condensed interim profit and loss account, condensed interim statement of comprehensive income and condensed interim cash flow statement have been compared with the balances of comparable period of immediately preceding financial year. Corresponding figures have been rearranged or reclassified wherever necessary for the purpose of comparison. However, no significant rearrangements or reclassifications have been made. 11. GENERAL Figures have been rounded off to nearest of Rupee. 13

14 14

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