Condensed Interim Financial Information for the Nine ... · PDF fileCondensed Interim Financial Information for the ... Soneri Bank Limited ... condensed interim financial information

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





MONEY MARKET REVIEW






FUND PERFORMANCE


FUND RATING


ACKNOWLEDGEMENT






ECONOMIC REVIEW:








MONEY MARKET REVIEW





8


FUND PERFORMANCE


FUND RATING


ACKNOWLEDGEMENT






ECONOMIC REVIEW:




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.

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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


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-------------- (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


_____________________ _____________ ______________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


_____________________ _____________ ______________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


_____________________ _____________ _____________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.


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


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.


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k ce

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00

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77,

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7,50

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ch 3

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016

20,5

00

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77,4

37,5

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3.

33%

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%3.

87%

June

30,

201

510

5,18

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10

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2

1,

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1S

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ms

and

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ition

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t sec

uriti

es a

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k ce

rtifi

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s - l

iste

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l Pet

role

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imite

d

15,0

00

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OR

Jan

uary

, 202

2S

ecur

edA

A-

Rat

ing

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e of

sec

urity

Secu

red

/ un

secu

red

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ket

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e as

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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

------

------

------

------

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ees

------

------

------

------

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-----

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umbe

r of c

ertif

icat

e ---

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ance

as

at M

arch

31,

201

6 ---

------

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Nam

e of

inve

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pany

Num

ber o

f ce

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upee

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ark-

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(per

ann

um)

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urity

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00


17

1.

91%

DN

UF H

TW

OR

G S

GNI

VA

S LA

SY

AF9

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ernm

ent s

ecur

ities

- 'a

t fai

r val

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roug

h pr

ofit

or lo

ss' -

hel

d-fo

r-tr

adin

g

As

at J

uly

01,

2015

Purc

hase

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ring

the

perio

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ld d

urin

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e pe

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Mat

ured

durin

g th

e eulav gniyrra

Cdoirep

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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

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80

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M

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100,

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98,1

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2,65

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10

0,00

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98

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98

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(9

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)

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%

June

30,

201

599

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99

,450

,500

41

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Paki

stan

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stm

ent B

onds

Pak

ista

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vest

men

t Bon

ds -

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2,

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000

1,

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000,

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-

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 -

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ars

400,

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80

0,00

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-

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-

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%P

akis

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ent B

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738

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6,50

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139,

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10

,194

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30,

201

547

6,13

9,98

7

46

1,99

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7

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9,89

0)

Gov

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ecur

ities

'a

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r val

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ld-fo

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7,65

3,85

3

2,24

7,83

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84,6

51

June

30,

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557

5,54

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56

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7

(1

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ket

valu

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geof

net

as

sets

------

------

------

------

------

------

------

------

------

------

------

------

------

------

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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.


18



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.


19


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


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

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-

77,4

37,5

00G

over

nmen

t sec

uriti

es-

Mar

ket t

reas

ury

bills

98,1

49,4

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98,1

49,4

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98

,149

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-

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

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2,14

9,68

9,10

4

Fina

ncia

l ass

ets

not

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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-

-

-

-

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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

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l 3To

tal

Fina

ncia

l ass

ets

mea

sure

d at

fair

valu

e

Inve

stm

ents

cla

ssifi

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s 'a

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thro

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prof

it or

loss

' -

held

-for-

trad

ing

Deb

t sec

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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

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668,

527,

169

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l---

------

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------

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and

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her

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-- (R

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June

30,

201

5eulav riaF

tnuoma gniyrra

C


12FA

YS

AL

SA

VIN

GS

GR

OW

TH

FU

ND

Leve

l 1Le

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tal

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l ass

ets

mea

sure

d at

fair

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e

Inve

stm

ents

cla

ssifi

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held

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t sec

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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


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

Condensed Interim Financial Information for the Nine ... · PDF fileCondensed Interim Financial Information for the ... Soneri Bank Limited ... condensed interim financial information

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