Vision and Mission Statement Organization Directors' Report to the Unit Holders Condensed Interim Income Statement...

Transcription

1 Quarterly Report for the period ended September 30, 2014

2 CONTENTS Vision and Mission Statement...02 Organization...03 Directors' Report to the Unit Holders...04 Condensed Interim Statement of Assets and Liabilities...05 Condensed Interim Income Statement...06 Condensed Interim Statement of Comprehensive Income...07 Condensed Interim Cash Flow Statement...08 Condensed Interim Statement of Movement in Unit Holders' Fund...09 Condensed Interim Distribution Statement...10 Notes to the Condensed Interim Financial Statements

3 VISION To be recognized as a responsible asset manager respected for continuingly realizing goals of its investors. MISSION To build JS Investments into a top ranking Asset Management Company; founded on sound values; powered by refined knowhow; supported by a committed team operating within an accountable framework of social, ethical and corporate responsibility - a strong and reliable institution for its shareholders to own; an efficient service provider and value creator for clients; an exciting and fulfilling work place for employees; and a participant worth reckoning for competitors. BROAD POLICY OBJECTIVES Value creation for clients on a sustainable basis Maintain high standards of ethical behaviors and fiduciary responsibility Manage Investments with Prudence and with the aim of providing consistent returns better than that of peers Take Products and Services to the People; Create awareness on understanding financial goals, risks and rewards Professional Excellence - Adapt, Evolve and Continuously Improve Maintain highly effective controls through strong compliance and risk management A talented, diligent and diverse HR 02

4 ORGANIZATION Management Company JS Investments Limited 7th Floor, The Forum, G-20 Khayaban-e-Jami, Block-9, Clifton Karachi Tel: (92-21) Fax: (92-21) Website: Board of Directors Nazar Mohammad Shaikh Chairman Ali Akhtar Ali Chief Executive Officer Suleman Lalani Asif Reza Sana Ahsen Ahmed Kamran Jafar Muhammad Khalil Ur Rehman Muhammad Raza Dyer Audit Committee Asif Reza Sana Chairman Muhammad Khalil Ur Rehman Member Suleman Lalani Member Chief Financial Officer & Company Secretary Trustee Auditors Muhammad Khawar Iqbal Central Depository Company of Pakistan Limited CDC House, 99-B, Block 'B', S.M.C.H.S., Main Sharah-e-Faisal, Karachi Pakistan. Tel: (92-21) Fax: (92-21) KPMG Taseer Hadi & Co Chartered Accountants Legal Adviser Transfer Agent Bawaney & Partners Technology Trade (Private) Limited 241-C, Block 2, P.E.C.H.S, Karachi Tel: (92-21) Fax: (92-21)

5 DIRECTORS' REPORT TO THE UNIT HOLDERS The Board of Directors of JS Investments Limited has pleasure in presenting to you the un-audited financial statements of Unit Trust of Pakistan for the quarter ended September 30, Equity Market Review Looking at performance for 1QFY15, the KSE 30 Index posted a negative return of 1.00% in the quarter against a return of 2.30% in the same period last year. With increasing political uncertainty in the light of the long march announced by PTI and PAT, delay in release of IMF tranche along with the recent floods, investors reduced their risk profile for equities in 1QFY15. On the other hand, foreigners' interest in the local equity market remained strong. Foreign inflows for 1QCY15 clocked in at USD million, even in the face of this uncertainty. With market closing slightly down QoQ, the smaller sectors (Autos & Pharmaceuticals) rallied in 1QFY15 while the other key heavy weight sectors dipped. Money Market Review During 1QFY15, the State Bank of Pakistan (SBP) kept its discount rate unchanged at 10.00%. The GoP had already reprofiled its debt structure towards the end of FY14 which continued in the outgoing quarter. Financial institutions aggressively participated in PIB auctions where the government raised Rs billion in the PIB auction against the target amount of Rs billion for the quarter. The need to reprofile the debt was due to the IMF agreement whereby the GoP had to reduce its Net Domestic Assets (NDA) which was evident from the special outright sale of T- bills conducted by the SBP at the end of the quarter. With benign outlook on inflation, banks participation towards longer tenure security was evident. During the quarter, the SBP borrowed funds worth Rs billion through T-bill auctions against a target of Rs billion where the cut off yield for 3 month, 6 month and 12 month T-bill averaged at 9.95%, 9.97% and 9.98% respectively. In the last T-bill auction, SBP rejected bids in 6 month T-bill tenure while no bids were received in the 12 month T-bill tenure. The average 3M,6M and 12M KIBOR clocked in at 10.17%, 10.18% and 10.47% for 1QFY15 increasing by 109bps, 102bps and 93bps YoY respectively, as against 9.08%, 9.16% and 9.54% during the same period last year. Fund Performance The Net Asset Value ("NAV") per unit has decreased by 0.54% from beginning NAV of Rs per unit as on June 30, 2014 as compare to NAV of Rs as on September 30, The Fund underperformed its benchmark by 1.37%. The net assets of the fund were 1, million as on September 30, 2014 compared to 1, million on June 30, Fund and Asset Manager Rating The Pakistan Credit Rating Agency (PACRA) assigned the star ranking of 5 Star (Short Term) and 3 Star (Long Term) to the Fund. JCR-VIS Credit Rating Company Limited has reaffirmed Management Quality Rating of "AM2-"(AM-Two Minus) to JS Investments Limited through a press release dated August 20, The rating denotes high management quality of the Management Company. Acknowledgment We wish to express our gratitude to the employees of the Management Company and the Trustee for their dedication and hard work and the certificate holders for their confidence in the Management. On behalf of the Board Karachi: October 23, 2014 Ali Akhtar Ali Chief Executive Officer 04

6 CONDENSED INTERIM STATEMENT OF ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2014 Assets Note Bank balances 4 51,680, ,644,376 Investments 5 1,685,140,138 1,133,811,901 Dividend receivables 3,799, ,500 Receivable against sale of securities - 26,252,917 Accrued markup / interest 6 11,308,820 14,414,471 Deposits, prepayments and other receivables 7 3,450,161 3,420,242 Total assets 1,755,379,258 1,399,926,407 Liabilities 30 September 30 June Rupees... (Un-audited) (Audited) Remuneration payable to the Management Company 2,773, ,114 Sales Tax payable on Management Company's remuneration 1,200, ,769 Federal Excise Duty(FED) paybale on management Company's remuneration 4,977,693 3,763,438 Remuneration payable to the trustee 220, ,817 Payable against purchase of securities 8,962,437 16,418 Payable against Worker's Welfare Fund(WWF) 28,296,389 28,296,389 Accrued and other liabilities 8 3,054,045 3,983,782 Total liabilities 49,485,331 37,190,727 Net assets 1,705,893,929 1,362,735,680 Unit holders' fund 1,705,893,929 1,362,735,680 (Number) Number of units in issue 12,974,455 10,308,057 (Rupees) Net asset value per unit The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements. For JS Investments Limited (Management Company) Ali Akhtar Ali Chief Executive Officer Nazar Mohammad Shaikh Director 05

7 CONDENSED INTERIM INCOME STATEMENT (UN-AUDITED) FOR THE QUARTER ENDED 30 SEPTEMBER 2014 Income Note Quarter ended 30 September 30 September Rupees... Markup / interest income on bank balances and investments 9 18,040,976 11,920,106 Dividend income 3,799,800 11,238,400 Net loss on investments at fair value through income statement -(held for trading) 10 (5,861,805) (27,961,376) Net loss on available for sale investments - (1,817,676) Element of Income/loss and capital gain/loss included in prices of units issued less those of units redeemed-net (11,273,996) 57,991,337 4,704,975 51,370,791 Expenses Remuneration of the Management Company 7,589,091 7,022,570 Sales Tax on Management Companys' Remuneration 1,320,503 1,303,390 Federal Excise Duty (FED)on Management Companys' Remuneration 1,214,255 1,123,612 Remuneration to the trustee 631, ,199 Securities transaction cost 1,028,272 1,643,530 Annual fee to Securities & Exchange Commission of Pakistan 322, ,208 Fee to National Clearing Company of Pakistan Limited 103,900 85,172 Listing fee 10,081 10,081 Bank and Settlement Charges 49,504 63,844 Auditors' remuneration 173, ,802 Printing and stationery 33,488 21,804 Workers' Welfare Fund Provision ,528 12,476,930 13,123,740 Net loss/income for the period (7,771,955) 38,247,051 The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements. For JS Investments Limited (Management Company) Ali Akhtar Ali Chief Executive Officer Nazar Mohammad Shaikh Director 06

8 CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED) FOR THE QUARTER ENDED 30 SEPTEMBER 2014 Quarter ended 30 September 30 September Rupees... Net loss /income for the period (7,771,955) 38,247,051 Other comprehensive income Net unrealised loss/ gain on revaluation of available for sale investments (1,567,674) (499,840) Transferred to income statement upon disposal of available for sale investments - 27,217 (1,567,674) (472,623) Total comprehensive loss/ income for the period (9,339,629) 37,774,428 The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements. statements For JS Investments Limited (Management Company) Ali Akhtar Ali Chief Executive Officer Nazar Mohammad Shaikh Director 07

9 CONDENSED INTERIM CASH FLOW STATEMENT (UN-AUDITED) FOR THE QUARTER ENDED 30 SEPTEMBER 2014 Cash Flow from Operating activities Quarter ended 30 September 30 September Rupees... Net loss/ income for the period (7,771,955) 38,247,051 Adjustments for: Net loss on investments at fair value through income statement-held for trading 5,861,805 27,961,376 Net loss on available-for-sale investments - 1,817,676 Element of income/loss and capital gain / loss in prices of units issued less those of units redeemed - net 11,273,996 (57,991,337) Operating profit before working capital changes 9,363,846 10,034,766 (Increase) / Decrease in current assets Accrued markup / interest 3,105,651 1,641,212 Receivables against sale of securities 26,252,917 - Dividend receivables (3,417,300) (8,189,500) Deposits, prepayments and other receivables (29,919) (29,919) 25,911,349 (6,578,207) Increase / (Decrease) in current liabilities Remuneration payable to the Management Company 2,488, ,651 Remuneration payable to the trustee 23,058 8,633 Sales Tax payable on Management Company's remuneration 552,556 53,594 Federal Excise Duty paybale on Management Company's remuneration 1,214, ,316 Payable against Purchase of securities 8,946,019 (7,297,376) WWF payable - 780,528 Creditors, accrued and other liabilities (929,737) (603,667) 12,294,604 (6,723,321) 47,569,799 (3,266,762) Sale of investments 868,940,948 1,371,271,409 Purchase of investments (1,427,698,665) (1,516,963,612) (558,757,717) (145,692,203) Net Cash flow from operating activities (511,187,918) (148,958,966) Cash flow from financing activities Proceed from issue of units 350,734, ,972,228 Amount paid on redemption of units (9,510,150) (40,886,279) Net cash used in financing activities 341,223,881 89,085,951 Net decrease in cash and cash equivalents during the period (169,964,037) (59,873,015) Cash and cash equivalent at the beginning of the period 221,644, ,898,328 Cash and cash equivalents at end of the period 51,680, ,025,313 The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements. For JS Investments Limited (Management Company) Ali Akhtar Ali Chief Executive Officer Nazar Mohammad Shaikh Director 08

10 CONDENSED INTERIM STATEMENT OF MOVEMENT IN UNIT HOLDERS' FUNDS) (UN-AUDITED) FOR THE QUARTER ENDED 30 SEPTEMBER 2014 Quarter ended 30 September 30 September Rupees... Net assets at the beginning of the period 1,362,735,681 1,270,460,359 Issue of 2,739,329 units. (2013: 2,853,567 units ) 350,734, ,972,228 Redemption of 72,930 units. ( 2013: 307,485 units ) (9,510,150) (38,835,958) Payment of cash dividend - (2,050,321) Element of income/loss and capital gain/loss in prices of units issued less those of units redeemed - net 11,273,996 (57,991,337) Total comprehensive loss/income for the period (9,339,629) 37,774,428 Net assets as at the end of the period 1,705,893,929 1,339,329,399 Net Assets value per unit at the beginning of the period Ex-Net Assets Value per unit at the beginning of the period Net assets value per unit at the end of the period The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements. For JS Investments Limited (Management Company) Ali Akhtar Ali Chief Executive Officer Nazar Mohammad Shaikh Director 09

11 CONDENSED INTERIM DISTRIBUTION STATEMENT (UN-AUDITED) FOR THE QUARTER ENDED 30 SEPTEMBER 2014 Quarter ended 30 September 30 September Rupees... Accumulated loss brought forward (132,432,194) (17,947,003) Final Distribution for the period ended June is Nil (2013: 22.5 per unit ) - (196,513,611) (132,432,194) (214,460,614) Net loss/ income for the period (7,771,955) 38,247,051 Accumulated loss carried forward (140,204,149) (176,213,563) The annexed notes from 1 to 14 form an integral part of these condensed interim financial statements. For JS Investments Limited (Management Company) Ali Akhtar Ali Chief Executive Officer Nazar Mohammad Shaikh Director 10

12 NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (UN-AUDITED) FOR THE QUARTER ENDED 30 SEPTEMBER LEGAL STATUS AND NATURE OF BUSINESS Unit Trust of Pakistan (the Fund) was established under the Trust Deed executed on 26 April 1997 between JS Investments Limited as its management company and MCB Financial Services Limited as its trustee. The Fund was approved as an investment scheme by the Securities and Exchange Commission of Pakistan (SECP) on 09 June 1997 in accordance with the Asset Management Companies Rules, 1995 [subsequently repealed and replaced by the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003]. Central Depository Company of Pakistan Limited was appointed as trustee of the Fund on 11 June 2005 after voluntary resignation of MCB Financial Services Limited. The management company of the fund(js Investments Limited) has obtained license to act as an Asset Management Company under the Rules from SECP. The registered office of the management company is located at 7th Floor, The Forum, Clifton, Karachi, Pakistan. The Fund is an open ended mutual fund categorized as Balanced Fund and offers units for public subscription on a continuous basis. The units are transferable and can also be redeemed by surrendering them to the Fund. The units are listed on the Lahore Stock Exchange. As per offering document, the Fund shall invest in equity securities as well as debt securities including government securities, commercial papers and various other money market instruments. Title to the assets of the Fund is held in the name of Central Depository Company of Pakistan Limited as a Trustee of the fund. 2. BASIS OF PREPARATION These unaudited condensed interim financial statements for the quarter ended 30 September 2014 submitted to the unit holders as required under Regulation 38(g) of NBFC Regulation, has been prepared in accordance with the requirements of the International Accounting Standard 34 - Interim Financial Reporting and provisions of and directives issued under the Companies Ordinance, 1984, the Non-Banking Finance Companies (Establishment and Regulations) Rules, 2003 (the NBFC Rules), the Non-Banking Finance Companies and Notified Entities Regulations, 2008 (the NBFC Regulations) and in complaince with the Listing Regulations of the Lahore Stock Exchange. In case where requirements differ, the provisions of / or directives issued under the Companies Ordinance, 1984, the NBFC Rules and the NBFC Regulations have been followed. These condensed interim financial statements do not include all the information required for full annual financial statements, and should be read in conjunction with the financial statements of the fund as at and for the year ended June 30, These condensed interim financial information are presented in Pak Rupees which is the functional and presentation currency of the Fund. 3. ACCOUNTING POLICIES The accounting policies adopted for the preparation of these condensed interim financial statements are consistent with those followed in the preparation of Fund's annual financial statements for the year ended June 30, September 30 June Rupees... (Un-audited) (Audited) 4 BANK BALANCES Profit and loss sharing accounts ,680,339 96,644,376 Term Deposit Receipt - 125,000,000 51,680, ,644, These accounts carry profit rates ranging from 7.5% to 8.25%( % to 8.25%) 5 INVESTMENTS At fair value through income statement Held-for-trading Listed shares ,911, ,300,011 Government securities ,849, ,565,406 Available-for-Sale Listed shares 5.1 (a) 6,378,810 7,946,483 Un-listed term finance certificates Government securities ,378,810 7,946,483 Carrying value of investments 1,685,140,138 1,133,811,901 Cost of investments 1,814,074,188 1,233,851,040 11

13 5.1 Listed shares (Ordinary shares have a face value of Rs. 10/- each unless stated otherwise.) Sectors / Companies At the beginning of the period Acquired during the period Number of shares Bonus shares received during the period Disposed during the period Holding at end of the Market/ Carrying Value (Rupees) % of net assets % of investee capital Oil & Gas Pakistan State Oil Co. Ltd. 281,000 38,800-99, ,000 79,299, Attock Refinery Ltd 102, , , ,299, Construction & Materials (Cement) D.G. Khan Cement Company Ltd. 1,300, , ,500 1,100,000 87,670, Maple Leaf Cement Factory 1,800, ,800,000 48,942, ,612, GENERAL INDUSTRIALS Cherat Paper & Packaging Ltd 606,000 8, ,000 44,508, Pharma & Bio Technology Abbot Laboratories (Pakistan) Ltd 132,300 35,000-19, ,200 89,871, AUTOMOBILE AND PARTS Pak Suzuki Motor Company 200,000 50, , Indus Motors Company Ltd - 145,000-22, ,900 90,475, ,475, Personal Goods(Textile) Nishat Mills Ltd. 818, , , ,500 81,931, Fixed Line Telecommunication Pakistan Telecommunication 3,700, ,000-1,390,000 2,760,000 64,335, Company Ltd. Food Producers Nestle Pakistan 3, ,360 24,864, Non-Life Insuarnce IGI Insurance Ltd 509, , ,000 67,248, Adamjee Insurance Company Limited 1,996, , ,500 1,500,000 71,730, ,978, Banks Askari Commercial Bank Ltd (Related Party) - 574, ,500 12,380, Bank AL-Falah Ltd. 2,450, , ,050,000 86,559, Faysal bank Ltd 3,100, ,000 2,800,000 50,344, Habib bank Ltd - 261,800-62, ,600 41,752, ,035, ,911, (a) Avialable for sale Chemicals Agritech Ltd. Note(5.5.5) 772, ,253 6,378,

14 Sectors / Companies Note Number of shares At the beginning of the period Acquired during the period Disposed Matured during the period At the end of the period Market/ Value (Rupees) % of net assets 5.2 Un-listed term finance certificates (Face value Rs. 5,000/- each) Azgard Nine Limited 4th issue (related Party) ,000 10, Agritech Ltd ,733-3, Azgard Nine Limited 5th issue (related party) , , Governments securities (Face value of Rs. 100,000/- each) Market Treasury Bills - 7,750 4,750 3, ,752, Pakistan Investment Bonds 2,550 1,850-4, ,097, ,849, Unlisted Sukuks (Face value of Rs. 5,000/- each) Agritech Ltd , , Detail of non-compliant investments The Securities & Exchange Commission of Pakistan (SECP), vide its circular No. 16 dated July 07, 2010, prescribed certain disclosures for the schemes holding investments that are non-compliant either with the minimum investment criteria specified for the category assigned to such schemes or with the investment requirement of their constitutive documents. Following are the details of non-compliant investments having rating lower than A-. Name of non-compliant investments Note Type of investment Value of investment before provision provision held if any Value of investment after provisioning % of net assets % of gross assets Agritech Ltd Sukuks 117,601, ,601, Azgard Nine Ltd 4th issue (related party) PPTFC 31,980,766 31,980, Agritech Limited PPTFC ANL PPTFC 5th Issue (related party) PPTFC The Fund has made a full provision against the principal amount of Agritech Limited Sukuks in accordance with requirements of Circular 1 of 2009 issued by the SECP and the provisioning policy of the Fund ,000 Privately Placed Term Finance Certificates (PPTFCs) at a face value of Rs. 5,000 each has been issued in lieu of settlement of commercial papers. The said PPTFCs were restructured and ANL provided 772,253 shares of Agritech Limited at the rate of Rs. 35 each which reduced our provision accordingly.out of 15,000 PPTFCs 5,000 PPTFCs were sold in Januray The Fund has received Agritech PPTFCs against interest receivable of Agritech Sukuk which is valued at zero, but cost is carried at Rs.18,665, The Fund has received 3,853 zero coupon PPTFCs against interest receivable on unlisted TFCs. Since these PPTFCs are received against already defaulted securities and have non-performing status in MUFAP, therefore the management, as a matter of prudence maintained the provision against the said PPTFCs. These PPTFCs are valued at zero but cost is carried at Rs.19,265, On 12 April 2012, a share transfer and debt swap agreement was entered into between the Financial Institutions and Azgard Nine Limited (the issuer),whereby the issuer agreed to transfer its entire holding in Agritech Limited to the existing lenders / creditors, including the Term Finance Certificate (TFC)holders at the agreed settlement price of Rs. 35 per share, in partial settlement of the outstanding principal / redemption obligations. As part of the above stated arrangement, the Fund had received 772,253 ordinary shares of Agritech Limited against the partial settlement of its outstanding exposure.this represents shares received in partial settlement against TFC of Azgard Nine limited. These shares have been marked to market at prevailing market price as of 30 September 2014 after obtaining approval from Securities and Exchange Commission of Pakistan. The lock in period end will expire in

15 30 September 30 June Rupees... (Unaudited) (Audited) 6 ACCRUED MARKUP / INTEREST Interest income on bank balances 1,224,936 1,524,707 Interest income on Government Securities 10,083,884 12,889,764-11,308,820 14,414,471 7 DEPOSITS, PREPAYMENTS AND OTHER RECEIVABLE Security deposit with Central Depository Company of Pakistan Limited 100, ,000 Security deposit with National Clearing Company of Pakistan Limited 2,500,000 2,500,000 Prepaid Listing fee 29,919 - Income tax recoverable 820, ,242 3,450,161 3,420,242 8 ACCRUED AND OTHER LIABILITIES SECP annual fee payable 322,530 1,200,162 Sales load payable 323,870 - Accrued expenses 2,304,037 2,680,012 Unclaimed dividend 103, ,608 3,054,045 3,983,782 Quarter ended 30 September 30 September Rupees... (Unaudited) (Unaudited) 9 MARKUP/ INTEREST INCOME ON BANK BALANCES AND INVESTMENTS Bank balances & Term Deposits 4,436,829 3,155,303 Mark up on Government securities 13,604,147 8,764,803 18,040,976 11,920, NET GAIN/(LOSS) ON INVESTMENTS AT FAIR VALUE THROUGH INCOME STATEMENT Held-for-trading Net gain on sale of investments (8,350,623) 24,708,952 Net unrealised gain on revaluation of investments(govt securities) 3,308,449 (336,744) Net unrealised gain on revaluation of investments(equity) (819,631) (52,333,584) (5,861,805) (27,961,376) 14

16 11 The Finance Act 2008 introduced an amendment to the Workers' Welfare Fund Ordinance, 1971 (WWF Ordinance). As a result of this amendment it may be construed that all Collective Investment Schemes / mutual funds (CISs) whose income exceeds Rs 0.5 million in a tax year, have been brought within the scope of the WWF Ordinance, thus rendering them liable to pay contribution to WWF at the rate of two percent of their accounting or taxable income, whichever is higher. In this regard, a constitutional petition has been filed by certain CISs through their trustees in the Honourable High Court of Sindh (the Court), challenging the applicability of WWF to the CISs which is pending for adjudication. During the year 2011, a single bench of the Lahore High Court (LHC) in a constitutional petition relating to the amendments brought in the WWF Ordinance, 1971 through the Finance Act, 2006, and the Finance Act 2008, has declared the said amendments as unlawful and unconstitutional and struck them down. However, in the month of March 2013, a larger bench of the Sindh High Court (SHC) in various constitutional petitions declared that amendments brought in the WWF Ordinance,1971 through the Finance Act, 2006, and the Finance Act 2008, do not suffer from any constitutional or legal infirmity and overruled a single-member LHC bench judgement issued in August However, as per the advice of legal counsel of MUFAP, the stay granted to CIS (as mentioned in the first paragraph) remains intact and the constitution petitions filed by the CIS to challenge the Workers Welfare Fund contribution have not been affected by the SHC judgment. As the matter relating to levy of WWF is currently pending in the Court, the Management Company, as a matter of prudence and abundant caution, has decided to recognize the entire liability of Rs million (June 2014 Rs million) 12 TRANSACTIONS WITH RELATED PARTIES / CONNECTED PERSONS Related parties / connected persons include JS Investments Limited being the Management Company, Central Depository Company of Pakistan Limited being the Trustee, JS Bank Limited being the holding company of the Management Company, associates of the Management Company and its holding company, other funds being managed by the Management Company and Key Management Personnel. Quarter ended 30 September September Rupees Transactions for the period JS Investments Limited Remuneration of the Management Company 7,589,091 7,022,570 Sales tax on Management Company's Remuneration 1,320,503 1,303,390 FED on Management Companys' Remuneration 1,214,255 1,123,612 Sales Load 80,968 48,727 Expenses incurred - 25,670 Units issued 2,616,987 (2013: Nil) 334,660,300 - Central Depository Company of Pakistan Limited Remuneration of the Trustee 631, ,199 Settlement charges 40,650 56,624 JS Global Capital Limited Brokerage commission , ,780 Unit Holders Holding 10% or more of the units in issue Bonus Units Issued - 57,463,875 EFU Life Assurance Limited Bonus units issued - 7,289,054 Key Management Personel & Directors Redemption of units - 2,139,157 Bonus units issued - 355,781 Issue of Units

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