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Condensed Interim Financial Information for the Nine Months & Quarter EndedMarch 31, 2016
Fund Information
Mission Statement
Report of the Directors of the Management Company
Condensed Interim Statement of Assets and Liabilities
Condensed Interim Income Statement
Condensed Interim Distribution Statement
Condensed Interim Cash Flow Statement
Condensed Interim Statement of Movement in Unit Holders’ Fund
Notes to the Condensed Interim Financial Information
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Askari Bank LimitedAllied Bank LimitedBank Al-Falah LimitedFaysal Bank LimitedNIB Bank LimitedThe Bank of PunjabHabib Bank LimitedSoneri Bank Limited Summit Bank LimitedHabib Metropolitan Bank Ltd.UBL Ameen - Islamic BankingBank of Punjab
Central Depository Company of Pakistan Limited,CDC House, 99B, Block B, S.M.C.H.S.,Main Shahrah-e-Faisal, Karachi.
Chief Financial Officer & Company Secretary of the Management Company
Mr. Nauman Ansari, ChairmanMr. Razi-ur-Rahman Khan, DirectorMr. Osman Khan, DirectorSyed Ibad-ur-Rehman Chishti, DirectorMr. Mohammad Zahid Ahmed, DirectorMr. Enamullah Khan, Chief Executive Officer
Mr. Umairullah Khan
HR CommitteeMr. Osman Khan, ChairmanMr. Razi-ur-Rahman Khan, MemberMr. Enamullah Khan, Member
Mr. Razi-ur-Rahman Khan, ChairmanMr. Osman Khan, MemberSyed Ibad-ur-Rehman Chishti, Member
such as restructuring or privatization of loss-making public sector enterprises remain fundamental to address long term vulnerabilities of the economy. Moreover, further improvements in areas such as business climate, transparency, and governance were vital to generate high and more inclusive growth.
The State Bank of Pakistan (SBP), in its monetary policies released during the third quarter of fiscal year 2016, kept the policy rate unchanged at 6.0%. The decisions came mainly on the back of rising inflationary concerns along with challenges on external account position. According to the Bank, better value addition and diversification of products was essential for sustainable growth in export. In this regard, favorable economic indicators coupled with all time low interest rates provide necessary ground to implement these growth oriented strategies.
According to the figures of State Bank of Pakistan (SBP), current account deficit (CAD) for the period of 8MFY16 contracted by 4.5% to USD 1.86bn as compared to USD 1.95bn in the same period last year. According to Pakistan Bureau of Statistics (PBS), overall Large Scale Manufacturing (LSM) sector has shown growth of 4.1% during July-January 2015-16 when compared with the same period of last year.
Going forward, restructuring or privatization of loss-making public sector enterprises, despite recent setbacks, would be crucial to address fiscal vulnerabilities. In addition to this, the mid-to-long term economic growth prospects would largely hinge upon the realization of investment inflows stemming from the China-Pakistan Economic Corridor (CPEC) project.
MONEY MARKET REVIEW
SBP announced two MPS – Monetary Policy Statement in 3QFY16, where discount rate was held status quo at 6.5% on the back of macroeconomic stability, improved law and order situation and China Pakistan Economic Corridor bodes well for future prospects of foreign inflows in the country.
During the period Jan’16 – Mar’16 money market mostly remained illiquid and SBP conducted various OMO – Injections where the total injected amount was PKR 14,031.90bn and the total participation amount was PKR 15,350.55bn. The weighted average rate of the injected amount during the quarter was 6.04%. During the month of Mar’16 2 OMO-Mop ups were witnessed where the mopped up amount was PKR 95.05bn at weighted average rate of 5.88%.
SBP conducted 7 T bill auctions in the 3QFY16 where the total accepted amount was PKR 1,470.15bn where the total stipulated target of SBP was PKR 1,650bn and the cuts offs were lowered by max 13bps for 3M and 6M. Cut-offs for the last auction of the quarter under discussion were; 3M – 6.1697%, 6M – 6.1812% and 12M – 6.2079%.
Similarly, during the quarter under review three PIB auctions were held where SBP accepted
bids worth PKR 396.25bn against total target of PKR 175bn. It has been observed during the quarter under review that the market concentration is now more towards 5yr PIB followed by 3yr PIB and 10yr PIB.
FUND PERFORMANCE
Faysal Saving Growth Fund generated a net return of 7.18% in the third quarter of the current fiscal year. On YTD basis, your fund generated a return of 8.44%, outperforming the benchmark by 185bps. By the end of nine months of fiscal year 2016, your fund allocated investments in cash (31.18%), Margin Trading System (23.15%), PIB’s (41.27%), TFCs (1.49%) and T-Bills (1.88%). Going forward your fund would continue to strategize in accordance with macroeconomic landscape while capitalizing on trading opportunities to yield superior returns.
FUND RATING
The Pakistan Credit Rating Agency Limited has awarded the fund stability rating of “AA-(f)” for Faysal Savings Growth Fund (FSGF). This rating denotes High degree of stability in Net Asset Value.
ACKNOWLEDGEMENT
The Board of Directors of the Management Company thanks the unit holders for their confidence in the Management, the Securities and Exchange Commission of Pakistan for its valuable support, assistance and guidance. The Board also thanks the employees of the Management Company and the Trustee for their dedication and hard work.
For and on behalf of the Board
Enamullah KhanKarachi: April 22, 2016 Chief Executive Officer
The Board of Directors of the Faysal Asset Management Limited, the management company of the Faysal Savings Growth Fund (FSGF), is pleased to present the un-audited condensed interim financial information of FSGF for the nine months and quarter ended March 31, 2016.
FINANCIAL HIGHLIGHTS
ECONOMIC REVIEW:
The overall economic activity continues to exhibit substantial progress and stability. Steady improvements are becoming more visible as construction activity picks up, demand for consumer durables rises and credit to private sector soars. Consequently, mild pressure on the headline inflation, which remained below 2%, is quite visible now amid strong aggregate demand. Despite all the positives, challenges on the external front amid declining exports need to be addressed.
During the period between Jul-15 to Mar-16, average CPI inflation declined to 2.64% against 5.12% in the same period last year. Lately, all time low inflationary trend is somewhat reversing with CPI index reaching to 4.02% and 3.94% for the months of February and March respectively. Going forward, upward pressures on the inflation index would likely be visible on account of a) uptick in aggregate demand, b) forthcoming Ramadan season and c) stability in oil prices. Nonetheless, the overall inflation index is expected to remain well-anchored by the fiscal year end. On March 25, 2016, the Executive Board of the International Monetary Fund (IMF) completed the tenth review of Pakistan’s economic performance under a three-year program supported by an Extended Fund Facility (EFF) arrangement. This enabled the immediate disbursement of USD 502.6 million, bringing total disbursements to USD 5.53 billion.
From the IMF’s perspective, overall economic landscape remains vibrant whereas short-term vulnerabilities have receded. Nonetheless, swift progress on structural reforms was essential in order to achieve economic resilience and inclusive growth. According to the Fund, matters
Quarter Ended March 31
2016 2015
Total Income
Operating Expenses
Profit Before Tax
Taxation
Profit After Tax
NAV per unit (Rs. Per unit)
147.77(29.24)118.53
-118.53108.05
147.27
(15.85)
131.42
-
131.42
112.96
Nine Months Ended March 31
2016 2015
378.99(72.54)306.45
-306.45108.05
278.03
(38.34)
239.69
-
239.69
112.96
such as restructuring or privatization of loss-making public sector enterprises remain fundamental to address long term vulnerabilities of the economy. Moreover, further improvements in areas such as business climate, transparency, and governance were vital to generate high and more inclusive growth.
The State Bank of Pakistan (SBP), in its monetary policies released during the third quarter of fiscal year 2016, kept the policy rate unchanged at 6.0%. The decisions came mainly on the back of rising inflationary concerns along with challenges on external account position. According to the Bank, better value addition and diversification of products was essential for sustainable growth in export. In this regard, favorable economic indicators coupled with all time low interest rates provide necessary ground to implement these growth oriented strategies.
According to the figures of State Bank of Pakistan (SBP), current account deficit (CAD) for the period of 8MFY16 contracted by 4.5% to USD 1.86bn as compared to USD 1.95bn in the same period last year. According to Pakistan Bureau of Statistics (PBS), overall Large Scale Manufacturing (LSM) sector has shown growth of 4.1% during July-January 2015-16 when compared with the same period of last year.
Going forward, restructuring or privatization of loss-making public sector enterprises, despite recent setbacks, would be crucial to address fiscal vulnerabilities. In addition to this, the mid-to-long term economic growth prospects would largely hinge upon the realization of investment inflows stemming from the China-Pakistan Economic Corridor (CPEC) project.
MONEY MARKET REVIEW
SBP announced two MPS – Monetary Policy Statement in 3QFY16, where discount rate was held status quo at 6.5% on the back of macroeconomic stability, improved law and order situation and China Pakistan Economic Corridor bodes well for future prospects of foreign inflows in the country.
During the period Jan’16 – Mar’16 money market mostly remained illiquid and SBP conducted various OMO – Injections where the total injected amount was PKR 14,031.90bn and the total participation amount was PKR 15,350.55bn. The weighted average rate of the injected amount during the quarter was 6.04%. During the month of Mar’16 2 OMO-Mop ups were witnessed where the mopped up amount was PKR 95.05bn at weighted average rate of 5.88%.
SBP conducted 7 T bill auctions in the 3QFY16 where the total accepted amount was PKR 1,470.15bn where the total stipulated target of SBP was PKR 1,650bn and the cuts offs were lowered by max 13bps for 3M and 6M. Cut-offs for the last auction of the quarter under discussion were; 3M – 6.1697%, 6M – 6.1812% and 12M – 6.2079%.
Similarly, during the quarter under review three PIB auctions were held where SBP accepted
bids worth PKR 396.25bn against total target of PKR 175bn. It has been observed during the quarter under review that the market concentration is now more towards 5yr PIB followed by 3yr PIB and 10yr PIB.
FUND PERFORMANCE
Faysal Saving Growth Fund generated a net return of 7.18% in the third quarter of the current fiscal year. On YTD basis, your fund generated a return of 8.44%, outperforming the benchmark by 185bps. By the end of nine months of fiscal year 2016, your fund allocated investments in cash (31.18%), Margin Trading System (23.15%), PIB’s (41.27%), TFCs (1.49%) and T-Bills (1.88%). Going forward your fund would continue to strategize in accordance with macroeconomic landscape while capitalizing on trading opportunities to yield superior returns.
FUND RATING
The Pakistan Credit Rating Agency Limited has awarded the fund stability rating of “AA-(f)” for Faysal Savings Growth Fund (FSGF). This rating denotes High degree of stability in Net Asset Value.
ACKNOWLEDGEMENT
The Board of Directors of the Management Company thanks the unit holders for their confidence in the Management, the Securities and Exchange Commission of Pakistan for its valuable support, assistance and guidance. The Board also thanks the employees of the Management Company and the Trustee for their dedication and hard work.
For and on behalf of the Board
Enamullah KhanKarachi: April 22, 2016 Chief Executive Officer
The Board of Directors of the Faysal Asset Management Limited, the management company of the Faysal Savings Growth Fund (FSGF), is pleased to present the un-audited condensed interim financial information of FSGF for the nine months and quarter ended March 31, 2016.
FINANCIAL HIGHLIGHTS
ECONOMIC REVIEW:
The overall economic activity continues to exhibit substantial progress and stability. Steady improvements are becoming more visible as construction activity picks up, demand for consumer durables rises and credit to private sector soars. Consequently, mild pressure on the headline inflation, which remained below 2%, is quite visible now amid strong aggregate demand. Despite all the positives, challenges on the external front amid declining exports need to be addressed.
During the period between Jul-15 to Mar-16, average CPI inflation declined to 2.64% against 5.12% in the same period last year. Lately, all time low inflationary trend is somewhat reversing with CPI index reaching to 4.02% and 3.94% for the months of February and March respectively. Going forward, upward pressures on the inflation index would likely be visible on account of a) uptick in aggregate demand, b) forthcoming Ramadan season and c) stability in oil prices. Nonetheless, the overall inflation index is expected to remain well-anchored by the fiscal year end. On March 25, 2016, the Executive Board of the International Monetary Fund (IMF) completed the tenth review of Pakistan’s economic performance under a three-year program supported by an Extended Fund Facility (EFF) arrangement. This enabled the immediate disbursement of USD 502.6 million, bringing total disbursements to USD 5.53 billion.
From the IMF’s perspective, overall economic landscape remains vibrant whereas short-term vulnerabilities have receded. Nonetheless, swift progress on structural reforms was essential in order to achieve economic resilience and inclusive growth. According to the Fund, matters
such as restructuring or privatization of loss-making public sector enterprises remain fundamental to address long term vulnerabilities of the economy. Moreover, further improvements in areas such as business climate, transparency, and governance were vital to generate high and more inclusive growth.
The State Bank of Pakistan (SBP), in its monetary policies released during the third quarter of fiscal year 2016, kept the policy rate unchanged at 6.0%. The decisions came mainly on the back of rising inflationary concerns along with challenges on external account position. According to the Bank, better value addition and diversification of products was essential for sustainable growth in export. In this regard, favorable economic indicators coupled with all time low interest rates provide necessary ground to implement these growth oriented strategies.
According to the figures of State Bank of Pakistan (SBP), current account deficit (CAD) for the period of 8MFY16 contracted by 4.5% to USD 1.86bn as compared to USD 1.95bn in the same period last year. According to Pakistan Bureau of Statistics (PBS), overall Large Scale Manufacturing (LSM) sector has shown growth of 4.1% during July-January 2015-16 when compared with the same period of last year.
Going forward, restructuring or privatization of loss-making public sector enterprises, despite recent setbacks, would be crucial to address fiscal vulnerabilities. In addition to this, the mid-to-long term economic growth prospects would largely hinge upon the realization of investment inflows stemming from the China-Pakistan Economic Corridor (CPEC) project.
MONEY MARKET REVIEW
SBP announced two MPS – Monetary Policy Statement in 3QFY16, where discount rate was held status quo at 6.5% on the back of macroeconomic stability, improved law and order situation and China Pakistan Economic Corridor bodes well for future prospects of foreign inflows in the country.
During the period Jan’16 – Mar’16 money market mostly remained illiquid and SBP conducted various OMO – Injections where the total injected amount was PKR 14,031.90bn and the total participation amount was PKR 15,350.55bn. The weighted average rate of the injected amount during the quarter was 6.04%. During the month of Mar’16 2 OMO-Mop ups were witnessed where the mopped up amount was PKR 95.05bn at weighted average rate of 5.88%.
SBP conducted 7 T bill auctions in the 3QFY16 where the total accepted amount was PKR 1,470.15bn where the total stipulated target of SBP was PKR 1,650bn and the cuts offs were lowered by max 13bps for 3M and 6M. Cut-offs for the last auction of the quarter under discussion were; 3M – 6.1697%, 6M – 6.1812% and 12M – 6.2079%.
Similarly, during the quarter under review three PIB auctions were held where SBP accepted
8
bids worth PKR 396.25bn against total target of PKR 175bn. It has been observed during the quarter under review that the market concentration is now more towards 5yr PIB followed by 3yr PIB and 10yr PIB.
FUND PERFORMANCE
Faysal Saving Growth Fund generated a net return of 7.18% in the third quarter of the current fiscal year. On YTD basis, your fund generated a return of 8.44%, outperforming the benchmark by 185bps. By the end of nine months of fiscal year 2016, your fund allocated investments in cash (31.18%), Margin Trading System (23.15%), PIB’s (41.27%), TFCs (1.49%) and T-Bills (1.88%). Going forward your fund would continue to strategize in accordance with macroeconomic landscape while capitalizing on trading opportunities to yield superior returns.
FUND RATING
The Pakistan Credit Rating Agency Limited has awarded the fund stability rating of “AA-(f)” for Faysal Savings Growth Fund (FSGF). This rating denotes High degree of stability in Net Asset Value.
ACKNOWLEDGEMENT
The Board of Directors of the Management Company thanks the unit holders for their confidence in the Management, the Securities and Exchange Commission of Pakistan for its valuable support, assistance and guidance. The Board also thanks the employees of the Management Company and the Trustee for their dedication and hard work.
For and on behalf of the Board
Enamullah KhanKarachi: April 22, 2016 Chief Executive Officer
The Board of Directors of the Faysal Asset Management Limited, the management company of the Faysal Savings Growth Fund (FSGF), is pleased to present the un-audited condensed interim financial information of FSGF for the nine months and quarter ended March 31, 2016.
FINANCIAL HIGHLIGHTS
ECONOMIC REVIEW:
The overall economic activity continues to exhibit substantial progress and stability. Steady improvements are becoming more visible as construction activity picks up, demand for consumer durables rises and credit to private sector soars. Consequently, mild pressure on the headline inflation, which remained below 2%, is quite visible now amid strong aggregate demand. Despite all the positives, challenges on the external front amid declining exports need to be addressed.
During the period between Jul-15 to Mar-16, average CPI inflation declined to 2.64% against 5.12% in the same period last year. Lately, all time low inflationary trend is somewhat reversing with CPI index reaching to 4.02% and 3.94% for the months of February and March respectively. Going forward, upward pressures on the inflation index would likely be visible on account of a) uptick in aggregate demand, b) forthcoming Ramadan season and c) stability in oil prices. Nonetheless, the overall inflation index is expected to remain well-anchored by the fiscal year end. On March 25, 2016, the Executive Board of the International Monetary Fund (IMF) completed the tenth review of Pakistan’s economic performance under a three-year program supported by an Extended Fund Facility (EFF) arrangement. This enabled the immediate disbursement of USD 502.6 million, bringing total disbursements to USD 5.53 billion.
From the IMF’s perspective, overall economic landscape remains vibrant whereas short-term vulnerabilities have receded. Nonetheless, swift progress on structural reforms was essential in order to achieve economic resilience and inclusive growth. According to the Fund, matters
Condensed Interim Statement of Assets and LiabilitiesAs at March 31, 2015
091
(Un-Audited) (Audited)March 31, June 30,
2016 2015Note
Assets
4stpiecer tisoped mret dna secnalab knaB 1,623,964,625 952,655,6005stnemtsevnI 2,325,276,004 668,527,169
Receivable against Margin Trading System (MTS) 1,205,692,792 431,364,401Prepayments, deposits and other receivables 54,437,229 23,724,515
056,073,902,5stessa latoT 2,076,271,685
Liabilities
Payable to the Management Company 7,473,165 569,800 Remuneration payable to the Trustee 526,762 219,132
6seitilibail rehto dna deurccA 73,358,800 71,226,227 727,853,18seitilibail latoT 72,015,159
329,110,821,5stessa teN 2,004,256,526
329,110,821,5)dehcatta tnemetats rep sa( dnuf 'sredloh tinU 2,004,256,526
Commitments 7
879,064,74eussi ni stinu fo rebmuN 19,728,893
50.801tinu rep eulav stessa teN 101.59
The annexed notes from 1 to 12 form an integral part of this condensed interim financial information.
_____________________________________________rotceriDrotceriDreciffO evitucexE feihC
FAYSAL SAVINGS GROWTH FUNDCONDENSED INTERIM STATEMENT OF ASSETS AND LIABILITIES
AS AT MARCH 31, 2016
(Management Company)For Faysal Asset Management Limited
-------------- (Rupees) --------------
--------- (Number of units) ---------
-------------- (Rupees) --------------
Condensed Interim Income StatementFor the Nine Months & Quarter Ended March 31, 2016 (Un-Audited)
102
March 31, March 31, March 31, March 31,2016 2015 2016 2015
-------------- )seepuR( --------------etoNIncomeProfit earned on debt and government
securities classified as 'at fair value through profit or loss' - held-for-trading 99,191,610 86,535,685 34,383,433 35,009,143
Mark-up earned on clean placements and certificatesof investment - classified as 'held to maturity' - 1,511,376 - -
Income from Margin Trading System (MTS) 60,542,160 31,639,032 21,034,526 9,782,968Return on bank balances and term deposit receipts 66,407,248 24,636,435 29,433,893 8,619,805Net gain / (loss) on investments classified as 'at
fair value through profit or loss' - held-for-trading- Net capital gain on sale of investments 46,710,830 71,406,851 24,230,658 55,332,977- Net unrealised gain / (loss) on
revaluation of investments 12,620,489 11,704,855 3,468,618 (7,588,426)59,331,319 83,111,706 27,699,276 47,744,551
733,274,582emocni latoT 227,434,234 112,551,128 101,156,467
ExpensesRemuneration of the Management Company 43,518,675 19,532,618 17,653,872 7,811,633Provision for indirect taxes and duties 6.2 7,937,806 3,594,001 3,220,066 1,437,341Sales tax on management fee 6,092,615 2,929,893 2,471,543 1,171,744Remuneration of the Trustee 3,108,202 1,744,983 1,213,676 652,269Sales tax on Trustee fee 462,207 - 196,975 -Brokerage charges 1,068,541 656,921 717,690 476,054Bank charges 151,855 145,011 60,056 62,050Auditors' remuneration 479,331 492,114 136,844 152,219SECP annual fee non-refundable 2,176,709 976,631 882,694 390,582Fees and subscription 232,814 213,618 76,465 70,274Settlement charges and federal excise duty 6,894,061 2,905,387 2,536,565 857,885Printing charges and other expenses 413,041 253,670 71,914 83,330Provision for Workers' Welfare Fund 6.1 - 4,891,686 - 2,682,018
758,535,27sesnepxe latoT 38,336,533 29,238,360 15,847,399Net income from operating activities 212,936,480 189,097,701 83,312,768 85,309,068
Element of income and capital gains included in prices of units sold less
904,615,39ten - demeeder stinu ni esoht 50,594,926 35,214,782 46,109,832
Net income for the period before taxation 306,452,889 239,692,627 118,527,550 131,418,900
8noitaxaT - - - -
Net income for the period after taxation 306,452,889 239,692,627 118,527,550 131,418,900
Other comprehensive income for the period - - - -
Total comprehensive income for the period 306,452,889 239,692,627 118,527,550 131,418,900
The annexed notes from 1 to 12 form an integral part of this condensed interim financial information.
_____________________________________________rotceriDrotceriDreciffO evitucexE feihC
-------------- (Rupees) --------------
For Faysal Asset Management Limited(Management Company)
FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2016 (UN-AUDITED)CONDENSED INTERIM INCOME STATEMENT
FAYSAL SAVINGS GROWTH FUND
Quarter endedNine Months ended
Condensed Interim Distribution StatementFor the Nine Months Ended March 31, 2016 (Un-Audited)
113
March 31, March 31,2016 2015
615,786,73drawrof thguorb emocni detubirtsidnU 35,084,073 [includes unrealised loss on investments of Rs.12,207,089(2014: unrealised loss of Rs.142,267)]
Net income for the period after taxation 306,452,889 239,692,627
Undistributed income carried forward[includes unrealised gain on investments of Rs.12,622,149(2015: unrealised gain of Rs.11,924,774)] 344,140,405 274,776,700
The annexed notes from 1 to 12 form an integral part of this condensed interim financial information.
_____________________ _____________ ______________rotceriDrotceriDreciffO evitucexE feihC
FAYSAL SAVINGS GROWTH FUNDCONDENSED INTERIM DISTRIBUTION STATEMENT
FOR THE NINE MONTHS ENDED MARCH 31, 2016 (UN-AUDITED)
-------------- (Rupees) --------------
(Management Company)For Faysal Asset Management Limited
Condensed Interim Cash Flow StatementFor the Nine Months Ended March 31, 2016 (Un-Audited)
124
March 31, March 31,2016 2015
NoteCASH FLOWS FROM OPERATING ACTIVITIESNet income for the period before taxation 306,452,889 239,692,627
Adjustments for non-cash and other items:Net capital gain on sale of investments classified
as 'at fair value through profit or loss' - held-for-trading (46,710,830) (71,406,851) Net unrealised gain on revaluation of investments classified
as 'at fair value through profit or loss' - held-for-trading (12,620,489) (11,704,855) Profit earned on debt and government securities classified
as 'at fair value through profit or loss' - held-for-trading (99,191,610) (86,535,685) Mark-up earned on clean placements and certificates
of investment - classified as 'held to maturity' - (1,511,376) Income from Margin Trading System (MTS) (60,542,160) (31,639,032) Return on bank balances and term deposit receipts (66,407,248) (24,636,435) Element of income and capital gains included in prices of
units sold less those in units redeemed - net (93,516,409) (50,594,926) (72,535,857) (38,336,533)
(Increase) / decrease in assetsPrepayments, deposits and other receivables (854,399) 4,169,754
(854,399) 4,169,754 Increase in liabilitiesPayable to the Management Company 6,903,365 1,537,813 Remuneration payable to the Trustee 307,630 78,895 Accrued and other liabilities 2,132,573 9,337,391
9,343,568 10,954,099 (64,046,688) (23,212,680)
Proceeds from sale / redemption of investments 8,783,090,221 5,597,246,432 Payments made against purchase of investments (10,380,507,737) (6,662,366,595) Payments made against Margin Trading System (MTS) (774,328,391) (253,749,420) Profits and returns received 196,282,703 155,290,225
)298,905,932,2(seitivitca gnitarepo ni desu hsac teN (1,186,792,038)
CASH FLOWS FROM FINANCING ACTIVITIESAmounts received against issue of units 7,209,121,018 2,906,048,649 Payments made against redemption of units (4,298,302,101) (2,159,780,235) Dividend paid - (2,278,083)
719,818,019,2seitivitca gnicnanif morf detareneg hsac teN 743,990,331
Net increase / (decrease) in cash and cash equivalents during the period 671,309,025 (442,801,707) Cash and cash equivalents at the beginning of the period 952,655,600 505,730,319 Cash and cash equivalents at the end of the period 4 1,623,964,625 62,928,612
The annexed notes from 1 to 12 form an integral part of this condensed interim financial information.
_____________________ _____________ ______________rotceriDrotceriDreciffO evitucexE feihC
(Management Company)
-------------- (Rupees) --------------
For Faysal Asset Management Limited
FAYSAL SAVINGS GROWTH FUND
FOR THE NINE MONTHS ENDED MARCH 31, 2016 (UN-AUDITED)CONDENSED INTERIM CASH FLOW STATEMENT
13
Condensed Interim Statement of Movement in Unit Holders’ Fund For the Nine Months Ended March 31, 2016 (Un-Audited)
5
March 31, March 31,2016 2015
Net asset value per unit at beginning of the period 101.59 101.46
Net asset value per unit at end of the period 108.05 112.96
625,652,400,2doirep eht fo gninnigeb ta stessa teN 1,418,355,854
Amounts received on issue of units * 7,209,121,018 2,906,048,649
Amounts paid on redemption of units ** (4,298,302,101) (2,159,780,235)2,910,818,917 746,268,414
Element of income and capital gains included in prices of units sold less those in units redeemed - net (93,516,409) (50,594,926)
Net capital gain on sale of investments 46,710,830 71,406,851 Net unrealised gain on revaluation of investments 12,620,489 11,704,855 Other net income for the period 247,121,570 156,580,921 Other comprehensive income for the period - -
988,254,603doirep eht rof emocni evisneherpmoc latoT 239,692,627
329,110,821,5doirep eht fo dne ta stessa teN 2,353,721,969
* Number of units issued (including Nil bonus units issued during the period ended March 31, 2016 and Nil bonus units issued during the period ended March 31, 2015) 68,534,276 26,801,249
** Number of units redeemed 40,802,191 19,944,651
The annexed notes from 1 to 12 form an integral part of this condensed interim financial information.
_____________________ _____________ _____________rotceriDrotceriDreciffO evitucexE feihC
(Management Company)
------------ (Rupees) ------------
------- (Number of units) -------
FAYSAL SAVINGS GROWTH FUNDCONDENSED INTERIM STATEMENT OF MOVEMENT IN UNIT HOLDERS' FUND
FOR THE NINE MONTHS ENDED MARCH 31, 2016 (UN-AUDITED)
For Faysal Asset Management Limited
Notes to the Condensed Interim Financial Information For the Nine Months Ended March 31, 2016 (Un-Audited)
146
1. LEGAL STATUS AND NATURE OF BUSINESS
2. BASIS OF PREPARATION
2.1
2.2
2.3
FAYSAL SAVINGS GROWTH FUNDNOTES TO THE CONDENSED INTERIM FINANCIAL INFORMATIONFOR THE NINE MONTHS ENDED MARCH 31, 2016 (UN-AUDITED)
Faysal Savings Growth Fund (the Fund) has been established under the Non-Banking Finance Companies(Establishment and Regulation) Rules, 2003 (the NBFC Rules) and has been authorised as a unit trust schemeby the Securities and Exchange Commission of Pakistan (SECP) on February 27, 2007. It has been constitutedunder a Trust Deed, dated December 28, 2006 between Faysal Asset Management Limited (the ManagementCompany), a company incorporated under the Companies Ordinance, 1984 and Central Depository Company ofPakistan Limited (CDC) as the Trustee, also a company incorporated under the Companies Ordinance, 1984.
The Fund is categorised as an "Income Scheme" as per the Circular No. 7 of 2009 issued by SECP.
The Pakistan Credit Rating Agency Limited (PACRA) has assigned a "AA-(f)" fund stability rating to FaysalSavings Growth Fund as of December 31, 2015.
The objective of the Fund is to provide a competitive rate of return to its investors by investing in money marketand debt instruments with major exposure in financial sector.
The Fund is an open-ended income fund and is listed on the Pakistan Stock Exchange Limited (formerlyKarachi Stock Exchange Limited). Units are offered for public subscription on a continuous basis and the unitsare transferable and can be redeemed by surrendering them to the Fund. The Fund was launched on May 07,
JCR - VIS Credit Rating Company limited has awarded an "AM3+" asset manager rating to the ManagementCompany as of March 25, 2016.
This condensed interim financial information of the Fund for the nine months ended March 31, 2016 havebeen prepared in accordance with the requirements of the International Accounting Standard 34: ‘InterimFinancial Reporting’, the Trust Deed, the NBFC Rules, the Non-Banking Finance Companies and NotifiedEntities Regulations, 2008 (the NBFC Regulations) and directives issued by SECP. In case whererequirements differ, the requirements of the Trust Deed, the NBFC Rules, the NBFC Regulations or thedirectives issued by the SECP prevail.
This condensed interim financial information does not include all the information and disclosures requiredin the annual financial statements, and should be read in conjunction with the annual financial statementsof the Fund for the year ended June 30, 2015.
The condensed interim financial information is presented in Pakistani Rupees which is the Fund'sfunctional and presentation currency.
Notes to the Condensed Interim Financial Information For the Nine Months Ended March 31, 2016 (Un-Audited)
15
7 FAYSAL SAVINGS GROWTH FUND
3. SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND FINANCIAL RISK MANAGEMENT POLICIES
3.1 New and amended standards and interpretations
IFRS 10 – Consolidated Financial Statements
IFRS 11 – Joint Arrangements
IFRS 12 – Disclosure of Interests in Other Entities
IFRS 13 – Fair Value Measurement
3.2
(Un-Audited) (Audited)March 31, June 30,
2016 2015Note
4. BANK BALANCES AND TERM DEPOSIT RECEIPTS
Cash at bank - PLS savings accounts 4.1 1,623,964,625 752,655,600Term deposit receipt - 200,000,000
1,623,964,625 952,655,600
4.1
5. INVESTMENTS
'At fair value through profit or loss' - held-for-trading
1.5seitiruces tbeD 77,437,500 107,086,5722.5seitiruces tnemnrevoG 2,247,838,504 561,440,597
2,325,276,004 668,527,169
The accounting policies, basis of accounting estimates applied and methods of computation adopted in thepreparation of this condensed interim financial information are consistent with those followed in the preparationof the financial statements of the Fund for the year ended June 30, 2015 except for the following amendedIFRS and IFRIC interpretations which became effective during the period as mentioned in note 3.1 below:
---------------- (Rupees) -----------------
These carry mark-up ranging between 4.00% to 6.75% per annum (June 30, 2015: 4.50% to 6.70% perannum) and include balance of Rs.1.87 million (June 30, 2015: Rs.3.21 million) held with Faysal BankLimited, a related party.
The Fund has adopted the following revised standards, amendments and interpretations of IFRSs whichbecame effective for the current period:
The adoption of the above amendments to accounting standards did not have any effect on thecondensed interim financial information, except for IFRS 13, which requires additional disclosure (seenote 10).
The financial risk management objectives and policies are consistent with those disclosed in the annualfinancial statements of the Fund for the year ended June 30, 2015.
Notes to the Condensed Interim Financial Information For the Nine Months Ended March 31, 2016 (Un-Audited)
16
75,0
00,0
00
DN
UF H
TW
OR
G S
GNI
VA
S LA
SY
AF8
5.1
Deb
t sec
uriti
es -
'at f
air v
alue
thro
ugh
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it or
loss
' - h
eld-
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As
at J
uly
01,
2015
Purc
hase
ddu
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the
perio
d
Dis
pose
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rede
emed
durin
g th
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riod
As
at M
arch
31
, 201
6C
arry
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arke
t v
alue
Unr
ealis
ed g
ain
on re
valu
atio
n
Term
fina
nce
cert
ifica
tes
- unl
iste
d
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mer
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ksB
ank
Alfa
lah
Lim
ited
- IV
- Fi
xed
5,60
0
-
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-
-
-
-
-
-
-
-deti
miL knaB biba
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50
0
500
-
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Che
mic
als
Eng
ro F
ertil
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s Li
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-
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,900
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-
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77,
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2,43
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3.
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1.51
%3.
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Mar
ch 3
1, 2
016
20,5
00
26,0
00
15,0
00
77,4
37,5
00
2,43
7,50
0
3.
33%
1.51
%3.
87%
June
30,
201
510
5,18
5,35
6
10
7,08
6,57
2
1,
901,
216
5.1.
1S
igni
fican
t ter
ms
and
cond
ition
s of
deb
t sec
uriti
es a
re a
s fo
llow
s:
Suku
k ce
rtifi
cate
s - l
iste
dH
asco
l Pet
role
um L
imite
d
15,0
00
5,00
0
1.
50%
+3M
KIB
OR
Jan
uary
, 202
2S
ecur
edA
A-
Rat
ing
Nam
e of
sec
urity
Secu
red
/ un
secu
red
Mar
ket
valu
e as
pe
rcen
tage
of s
ize
of
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e
Mar
ket v
alue
as
perc
enta
ge o
f to
tal
inve
stm
ents
Mar
ket
valu
e as
pe
rcen
tag
e of
net
as
sets
------
------
------
------
- Rup
ees
------
------
------
------
-
-----
------
------
------
--- N
umbe
r of c
ertif
icat
e ---
------
------
------
------
-----
-----
Bal
ance
as
at M
arch
31,
201
6 ---
------
-
Nam
e of
inve
stee
com
pany
Num
ber o
f ce
rtifi
cate
s F
ace
valu
e (R
upee
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ark-
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te
(per
ann
um)
Mat
urity
20,5
00
75,0
00,0
00
DN
UF H
TW
OR
G S
GNI
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S LA
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5.1
Deb
t sec
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es -
'at f
air v
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it or
loss
' - h
eld-
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As
at J
uly
01,
2015
Purc
hase
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ring
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perio
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Dis
pose
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rede
emed
durin
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at M
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, 201
6C
arry
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eM
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t v
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Unr
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ain
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ank
Alfa
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- IV
- Fi
xed
5,60
0
-
5,60
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-
-
-
-
-
-
-
-deti
miL knaB biba
H
50
0
500
-
-
-
-
-
-
-
Che
mic
als
Eng
ro F
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izer
s Li
mite
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PTF
C-1
14,9
00
-
14
,900
-
-
-
-
-
-
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Suku
k ce
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cate
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Mar
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20,0
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15,
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75,0
00,0
00
77,
437,
500
2,43
7,50
0
3.
33%
1.51
%3.
87%
Mar
ch 3
1, 2
016
20,5
00
26,0
00
15,0
00
77,4
37,5
00
2,43
7,50
0
3.
33%
1.51
%3.
87%
June
30,
201
510
5,18
5,35
6
10
7,08
6,57
2
1,
901,
216
5.1.
1S
igni
fican
t ter
ms
and
cond
ition
s of
deb
t sec
uriti
es a
re a
s fo
llow
s:
Suku
k ce
rtifi
cate
s - l
iste
dH
asco
l Pet
role
um L
imite
d
15,0
00
5,00
0
1.
50%
+3M
KIB
OR
Jan
uary
, 202
2S
ecur
edA
A-
Rat
ing
Nam
e of
sec
urity
Secu
red
/ un
secu
red
Mar
ket
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e as
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rcen
tage
of s
ize
of
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e
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ket v
alue
as
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enta
ge o
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tal
inve
stm
ents
Mar
ket
valu
e as
pe
rcen
tag
e of
net
as
sets
------
------
------
------
- Rup
ees
------
------
------
------
-
-----
------
------
------
--- N
umbe
r of c
ertif
icat
e ---
------
------
------
------
-----
-----
Bal
ance
as
at M
arch
31,
201
6 ---
------
-
Nam
e of
inve
stee
com
pany
Num
ber o
f ce
rtifi
cate
s F
ace
valu
e (R
upee
s)M
ark-
up ra
te
(per
ann
um)
Mat
urity
20,5
00
Notes to the Condensed Interim Financial Information For the Nine Months Ended March 31, 2016 (Un-Audited)
17
1.
91%
DN
UF H
TW
OR
G S
GNI
VA
S LA
SY
AF9
5.2
Gov
ernm
ent s
ecur
ities
- 'a
t fai
r val
ue th
roug
h pr
ofit
or lo
ss' -
hel
d-fo
r-tr
adin
g
As
at J
uly
01,
2015
Purc
hase
ddu
ring
the
perio
dSo
ld d
urin
g th
e pe
riod
Mat
ured
durin
g th
e eulav gniyrra
Cdoirep
Mar
ket
val
ue
Unr
ealis
edga
in /
(loss
) on
reva
luat
ion
Mar
ket t
reas
ury
bills
Mar
ket t
reas
ury
bills
- 3
mon
ths
-
80
0,00
0,00
0
80
0,00
0,00
0-
-
-
-
-
-
-
M
arke
t tre
asur
y bi
lls -
6 m
onth
s(n
ote
5.2.
1)10
0,00
0,00
0
1,85
0,00
0,00
0
1,35
0,00
0,00
0
500,
000,
000
100,
000,
000
98,1
58,9
63
98,1
49,4
00
(9,5
63)
4.
22%
1.91
%
000,000,0016102 ,13 hcra
M
2,65
0,00
0,00
0
2,15
0,00
0,00
0
500,
000,
000
10
0,00
0,00
0
98
,158
,963
98
,149
,400
(9
,563
)
4.22
%
June
30,
201
599
,408
,915
99
,450
,500
41
,585
Paki
stan
Inve
stm
ent B
onds
Pak
ista
n In
vest
men
t Bon
ds -
3 ye
ars
-
2,
200,
000,
000
1,
200,
000,
000
-
1,00
0,00
0,00
0
1,01
3,93
7,26
6
1,01
4,43
5,36
6
498,
100
43.6
3%19
.78%
Pak
ista
n In
vest
men
t Bon
ds -
5 ye
ars
400,
000,
000
80
0,00
0,00
0
1,
200,
000,
000
-
-
-
-
-
0.
00%
0.00
%P
akis
tan
Inve
stm
ent B
onds
- 10
yea
rs50
,000
,000
3,50
0,00
0,00
0
2,60
0,00
0,00
0-
95
0,00
0,00
0
1,
125,
557,
624
1,
135,
253,
738
9,
696,
114
48
.82%
22.1
4%
000,000,0546102 ,13 hcra
M
6,50
0,00
0,00
0
5,00
0,00
0,00
0-
1,
950,
000,
000
2,
139,
494,
890
2,
149,
689,
104
10
,194
,214
92.4
5%41
.92%
June
30,
201
547
6,13
9,98
7
46
1,99
0,09
7
(1
4,14
9,89
0)
Gov
ernm
ent s
ecur
ities
'a
t fai
r val
ue th
roug
h pr
ofit
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ss' -
he
ld-fo
r-tr
adin
g - t
otal
000,000,0556102 ,1 3 hcra
M
9,15
0,00
0,00
07,
150,
000,
000
500,
000,
000
2,05
0,00
0,00
0
2,23
7,65
3,85
3
2,24
7,83
8,50
4
10,1
84,6
51
June
30,
201
557
5,54
8,90
2
56
1,44
0,59
7
(1
4,10
8,30
5)
5.2.
1
Mar
ket
valu
eas
perc
enta
geof
net
as
sets
------
------
------
------
------
------
------
------
------
------
------
------
------
------
Rup
ees
------
------
------
------
------
------
------
------
------
------
------
------
----
Mar
ket
valu
eas
perc
enta
geof
tota
l in
vest
men
ts
-----
------
------
------
------
-- Fa
ce v
alue
-----
------
------
------
------
--
As
at M
arch
31,
20
16
-----
-- B
alan
ce a
s at
Mar
ch 3
1, 2
016
------
-
Nam
e of
sec
urity
This
inve
stm
enti
nclu
des
secu
ritie
sw
ithfa
ceva
lue
aggr
egat
ing
toR
s.10
0m
illio
nw
hich
have
been
pled
ged
with
Nat
iona
lCle
arin
gC
ompa
nyof
Pak
ista
nLi
mite
das
secu
rity
agai
nsts
ettle
men
toft
heFu
nd's
trade
s in
term
s of
Circ
ular
No.
11
date
d O
ctob
er 2
3, 2
007
issu
ed b
y S
EC
P.
Notes to the Condensed Interim Financial Information For the Nine Months Ended March 31, 2016 (Un-Audited)
18
10 FAYSAL SAVINGS GROWTH FUND
(Un-Audited) (Audited)March 31, June 30,
2016 2015Note
6. ACCRUED AND OTHER LIABILITIES
SECP annual fee payable 2,176,709 1,443,749 Accrued liabilities 3,657,563 3,395,067 With holding tax payable - 6,962,345 Zakat payable 33,331 33,331
1.6 dnuF erafleW 'srekroW rof noisivorP 52,554,556 52,554,556 Provision for indirect taxes and duties 6.2 14,936,641 6,837,179
73,358,800 71,226,227
6.1
6.2
7. COMMITMENTS
Margin Trading System (MTS) transactions entered into by theFund which have not been settled as at period / year end
Purchase transactions 126,999,365 106,189,436Sale transactions 155,184,104 64,090,088
8. TAXATION - -
9. TRANSACTIONS WITH CONNECTED PERSONS / RELATED PARTIES
Details of transactions with the related parties and balances with them at the period end are as follows:
March 31, March 31,2016 2015
Transactions during the period
Faysal Asset Management Limited (Management Company)Remuneration of the Management Company 43,518,675 19,532,618 Sales tax on management fee 6,092,615 2,929,893 Bonus issue of 89 units in lieu of 5% payment
of withholding tax (2015: Nil units) 9,075 - Redemption of 33,481 units (2015: 283,678 units) 3,405,042 30,500,000
(Un-Audited)
------------- (Rupees) -------------
The Fund's income is exempt from income tax as per clause (99) of part I of the Second Schedule to the Income TaxOrdinance, 2001 subject to the condition that not less than 90% of the accounting income for the year as reduced bycapital gains whether realized or unrealized is distributed in cash amongst the unit holders. The Management Companyintends to distribute not less than 90% of its annual accounting income in cash, if any, to comply with the above clauseat year end. Accordingly, no tax provision has been made in these condensed interim financial information for the ninemonths ended March 31, 2016.
----------------- (Rupees) --------------
There is no change in the status of the petition pending with the Honourable Sindh High Court (SHC) in respect ofWWF as reported in note 12.2 to the annual financial statements of the Fund for the year ended June 30, 2015.
The Fund maintained a provision for WWF as on March 31, 2016 amounting to Rs.52.55 million (June 30, 2015:Rs.52.55 million). Had the provision not been made, the net assets value per unit of the Fund would have beenhigher by Rs.1.11 (1.02%) per unit (June 30, 2015: Rs.2.66 (2.62%) per unit).
There is no change in the status of petition pending with SHC in respect of the Federal Excise Duty as reported innote 12.3 to the annual financial statements of the Fund for the year ended June 30, 2015.
Notes to the Condensed Interim Financial Information For the Nine Months Ended March 31, 2016 (Un-Audited)
19
11 FAYSAL SAVINGS GROWTH FUND
March 31, March 31,2016 2015
Transactions during the period
Faysal Bank Limited (Group / Associated Company)Issue of 3,809,161 units (2015: Nil units) 400,000,000 -Redemption of 1,672,405 units (2015: Nil units) 170,000,000 -Return on PLS savings accounts 581,019 394,164Bank charges 20,483 14,069Cash dividend paid - 2,274,329
Directors and Key Management Personnel of the Management CompanyIssue of 19,174 units (2015: 439,395 units) 2,002,921 47,146,980Redemption of 29,316 units (2015: 274,561 units) 2,000,000 29,300,000
Central Depository Company of Pakistan Limited - (Trustee of the Fund)Remuneration of the Trustee 3,108,202 1,744,983Sales tax on Trustee fee 462,207 -Settlement charges 695,324 320,160
(Un-Audited) (Audited)March 31, June 30,
2016 2015Outstanding balances
Faysal Asset Management Limited (Management Company)Remuneration payable to the Management Company 6,555,408 523,701Sales tax payable on Management fee 917,757 46,099Units in issue 89 (June 30, 2015: 33,481) 9,691 3,401,359
* Faysal Bank Limited (Group / Associated Company)Balance in PLS savings accounts 1,867,482 3,209,542Return receivable on PLS savings accounts 53,693 14,778Units in issue 6,493,782 (June 30, 2015: 4,357,026) 701,653,167 442,630,288
Central Depository Company of Pakistan Limited - (Trustee of the Fund)Remuneration payable to the Trustee 439,630 219,132Sales tax payable on Trustee fee 87,132 -Security deposit 100,000 100,000
Directors and Key Management Personnel of the Management CompanyUnits in issue 53,305 (June 30, 2015: 22,049) 5,759,559 2,239,898
* Faysal Bank Limited also holds more than 10% units in the Fund.
10. FAIR VALUE OF FINANCIAL INSTRUMENTS
The following table shows financial instruments recognized at fair value, analyzed between those whose fair value is based on:
Level 1: Quoted prices in active markets for identical assets or liabilities;
Level 2:
Level 3:
(Un-Audited)
Financial assets which are tradable in an open market are revalued at the market prices prevailing on the statement of assets andliabilities date. The estimated fair value of all other financial assets and financial liabilities is considered not significantly differentfrom book value.
Those involving inputs other than quoted prices included in Level 1 that are observable for the asset or liability, eitherdirectly (as prices) or indirectly (derived from prices); and
Those with inputs for the asset or liability that are not based on observable market data (unobservable inputs).
------------- (Rupees) -------------
------------- (Rupees) -------------
IFRS 13 establishes a single source of guidance under IFRS for all fair value measurements and disclosures about fair valuemeasurement where such measurements are required as permitted by other IFRSs. It defines fair value as the price that wouldbe received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurementdate (i.e. an exit price). Adoption of IFRS 13 has not affected the condensed interim financial information.
12FA
YS
AL
SA
VIN
GS
GR
OW
TH
FU
ND
Leve
l 1Le
vel 2
Leve
l 3To
tal
Fina
ncia
l ass
ets
mea
sure
d at
fair
valu
e
Inve
stm
ents
cla
ssifi
ed a
s 'a
t fai
r va
lue
thro
ugh
prof
it or
loss
' -
held
-for-
trad
ing
Deb
t sec
uriti
es-
Term
Fin
ance
cer
tific
ates
77,4
37,5
00-
-
77,4
37,5
00-
77
,437
,500
-
77,4
37,5
00G
over
nmen
t sec
uriti
es-
Mar
ket t
reas
ury
bills
98,1
49,4
00-
-
98,1
49,4
00-
98
,149
,400
-
98,1
49,4
00-
Pak
ista
n In
vest
men
t Bon
ds2,
149,
689,
104
-
-
2,
149,
689,
104
-
2,14
9,68
9,10
4-
2,14
9,68
9,10
4
Fina
ncia
l ass
ets
not
mea
sure
d at
fair
valu
eB
ank
bala
nces
and
TD
R-
-
1,62
3,96
4,62
5
1,62
3,96
4,62
5-
-
-
-
Dep
osits
and
oth
er re
ceiv
able
-
1,
259,
106,
443
-
1,25
9,10
6,44
3-
-
-
-
2,32
5,27
6,00
4
1,25
9,10
6,44
31,
623,
964,
625
5,
208,
347,
072
-
2,32
5,27
6,00
4-
2,32
5,27
6,00
4
Leve
l 1Le
vel 2
Leve
l 3To
tal
Fina
ncia
l ass
ets
mea
sure
d at
fair
valu
e
Inve
stm
ents
cla
ssifi
ed a
s 'a
t fai
r va
lue
thro
ugh
prof
it or
loss
' -
held
-for-
trad
ing
Deb
t sec
uriti
es-
Term
Fin
ance
cer
tific
ates
107,
086,
572
-
-
107,
086,
572
-
10
7,08
6,57
2-
107,
086,
572
Gov
ernm
ent s
ecur
ities
- M
arke
t tre
asur
y bi
lls99
,450
,500
-
-
99,4
50,5
00-
99,4
50,5
00-
99,4
50,5
00
-
Pak
ista
n In
vest
men
t Bon
ds46
1,99
0,09
7-
-
46
1,99
0,09
7-
461,
990,
097
-
46
1,99
0,09
7
Fina
ncia
l ass
ets
not
mea
sure
d at
fair
valu
eB
ank
bala
nces
and
TD
R-
-
95
2,65
5,60
0
95
2,65
5,60
0-
-
-
-
Dep
osits
and
oth
er re
ceiv
able
-
454,
919,
737
-
454,
919,
737
-
-
-
-
66
8,52
7,16
9
45
4,91
9,73
7
95
2,65
5,60
0
2,
076,
102,
506
-
66
8,52
7,16
9-
668,
527,
169
Tota
l---
------
------
------
------
-- (R
upee
s) --
------
------
------
------
------
------
------
------
------
-- (R
upee
s) --
------
------
------
------
--- In
vest
men
ts
Dep
osits
and
ot
her
rece
ivab
les
Cas
h an
d ca
sh
equi
vale
nts
Mar
ch 3
1, 2
016
eulav riaFtnuo
ma gniyrraC
Inve
stm
ents
Dep
osits
and
ot
her
rece
ivab
les
Cas
h an
d ca
sh
equi
vale
nts
Tota
l---
------
------
------
------
-- (R
upee
s) --
------
------
------
------
------
------
------
------
------
-- (R
upee
s) --
------
------
------
------
---
June
30,
201
5eulav riaF
tnuoma gniyrra
C
Notes to the Condensed Interim Financial Information For the Nine Months Ended March 31, 2016 (Un-Audited)
12FA
YS
AL
SA
VIN
GS
GR
OW
TH
FU
ND
Leve
l 1Le
vel 2
Leve
l 3To
tal
Fina
ncia
l ass
ets
mea
sure
d at
fair
valu
e
Inve
stm
ents
cla
ssifi
ed a
s 'a
t fai
r va
lue
thro
ugh
prof
it or
loss
' -
held
-for-
trad
ing
Deb
t sec
uriti
es-
Term
Fin
ance
cer
tific
ates
77,4
37,5
00-
-
77,4
37,5
00-
77
,437
,500
-
77,4
37,5
00G
over
nmen
t sec
uriti
es-
Mar
ket t
reas
ury
bills
98,1
49,4
00-
-
98,1
49,4
00-
98
,149
,400
-
98,1
49,4
00-
Pak
ista
n In
vest
men
t Bon
ds2,
149,
689,
104
-
-
2,
149,
689,
104
-
2,14
9,68
9,10
4-
2,14
9,68
9,10
4
Fina
ncia
l ass
ets
not
mea
sure
d at
fair
valu
eB
ank
bala
nces
and
TD
R-
-
1,62
3,96
4,62
5
1,62
3,96
4,62
5-
-
-
-
Dep
osits
and
oth
er re
ceiv
able
-
1,
259,
106,
443
-
1,25
9,10
6,44
3-
-
-
-
2,32
5,27
6,00
4
1,25
9,10
6,44
31,
623,
964,
625
5,
208,
347,
072
-
2,32
5,27
6,00
4-
2,32
5,27
6,00
4
Leve
l 1Le
vel 2
Leve
l 3To
tal
Fina
ncia
l ass
ets
mea
sure
d at
fair
valu
e
Inve
stm
ents
cla
ssifi
ed a
s 'a
t fai
r va
lue
thro
ugh
prof
it or
loss
' -
held
-for-
trad
ing
Deb
t sec
uriti
es-
Term
Fin
ance
cer
tific
ates
107,
086,
572
-
-
107,
086,
572
-
10
7,08
6,57
2-
107,
086,
572
Gov
ernm
ent s
ecur
ities
- M
arke
t tre
asur
y bi
lls99
,450
,500
-
-
99,4
50,5
00-
99,4
50,5
00-
99,4
50,5
00
-
Pak
ista
n In
vest
men
t Bon
ds46
1,99
0,09
7-
-
46
1,99
0,09
7-
461,
990,
097
-
46
1,99
0,09
7
Fina
ncia
l ass
ets
not
mea
sure
d at
fair
valu
eB
ank
bala
nces
and
TD
R-
-
95
2,65
5,60
0
95
2,65
5,60
0-
-
-
-
Dep
osits
and
oth
er re
ceiv
able
-
454,
919,
737
-
454,
919,
737
-
-
-
-
66
8,52
7,16
9
45
4,91
9,73
7
95
2,65
5,60
0
2,
076,
102,
506
-
66
8,52
7,16
9-
668,
527,
169
Tota
l---
------
------
------
------
-- (R
upee
s) --
------
------
------
------
------
------
------
------
------
-- (R
upee
s) --
------
------
------
------
--- In
vest
men
ts
Dep
osits
and
ot
her
rece
ivab
les
Cas
h an
d ca
sh
equi
vale
nts
Mar
ch 3
1, 2
016
eulav riaFtnuo
ma gniyrraC
Inve
stm
ents
Dep
osits
and
ot
her
rece
ivab
les
Cas
h an
d ca
sh
equi
vale
nts
Tota
l---
------
------
------
------
-- (R
upee
s) --
------
------
------
------
------
------
------
------
------
-- (R
upee
s) --
------
------
------
------
---
June
30,
201
5eulav riaF
tnuoma gniyrra
C
20
Notes to the Condensed Interim Financial Information For the Nine Months Ended March 31, 2016 (Un-Audited)
11. GENERAL
Figures have been rounded off to the nearest rupee.
12. DATE OF AUTHORISATION FOR ISSUE
This condensed interim financial information was authorised for issue on April 22, 2016 by the Board of Directors
of the Management Company.
_______________________________________________Chief Executive Officer rotceriDrotceriD
For Faysal Asset Management Limited(Management Company)
21
22
23
24
25
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