.~ :) OLL W:c JOe «z::> (/):50 >:«a: ~ en (IJ Management Company FaysalAssetManagementLimited. Board of Directors of the Management Company Mr. FarookBengali,Chairman Mr.Ahsan RazaDurrani,Chief ExecutiveOfficer Mr.HassanMohamedMahmood,Director Mr.MohammadKhan Hoti, Director Mr.Ajaz Rahim,Director Mr. FerazRizvi,Director Mr.IqbalAlimohamed,Director Mf.Aqeel KarimDhedhi,Director CFOoftheManagement Company Mr.MuhammadShakeelMusani Company Secretary oftheManagement Company Mr. M. SiddiqueMemon Audit Committee Mr.IqbalAlimohamed,Chairman Mr.MohammadKhan Hoti, Member Mr.Ajaz Rahim,Member Mr. FerazRizvi,Member '" .! _I I r T - . FBGFendeavorstoprovideinvestors withan opportunity to earnincomeand long-termcapitalappreciationby investing in a largepool of funds representingequity / nonequity investments in a broadrange ofsectorsandfinancial instruments. Trustee MuslimCommercialFinancialServices(Pvt.)Limited 9th Floor,SheikhSultanTrust Building BeaumontRoad Karachi. Bankers totheFund . Faysal BankLimited . MuslimCommercial BankLimited Auditors FordRhodesSidatHyder&Co.,Chartered Accountants legal Advisor Bawa~fiY andPartners 404,4 floor Beaumont Plaza Beaumont Road Karachi Registrars GangjeesRegistrarServices(Pvt) Limited. Room# 506, 5th Floor,Clifton Center, KehkashanClifton- Karachi. Distributors .Faysal AssetManagement Limited . Faysal BankLimited . AKDSecurities PrivateLtd. . PICICCommercial BankLimited . Invest Capital &Securities . BolanBankLimited .~ :) OLL W:c JOt- «ZS (/):50 ~«a: u.:cnCJ
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Mr. Iqbal Alimohamed, Director Mf. Aqeel Karim Dhedhi ... · Mr. Ahsan Raza Durrani, Chief Executive Officer Mr. Hassan Mohamed Mahmood, Director Mr. Mohammad Khan Hoti, Director
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Quarterly & Nine Months Accounts March 2005 (Un-audited)FAYSALBALANCED.GROWTH FUND
REPORT OF THE DIRECTORS OF THE MANAGEMENT COMPANY
The Board of Directors of the Faysal Asset Management Limited, the management &mpany
of the Faysal Balanced Growth Fund (FBGF), is pleased to present accounts of FBGF for the
quarter and nine months period ended March 31, 2005. Since the Fund was launched in April
2004, no comparative data for the relevant quarter and nine months period of last year has
been published.
PERFORMANCE REVIEW
Quarter
ended
March
2005
Quarter
ended
December
Nine Months
ended ~March'" i
2004 2005
The profit after tax for the quarter amounted to Rs. 179 million showing an increase of 64% over
last quarter profit of Rs. 109 million. This significant surge is attributable to the increased net
realized and unrealized capital gains of Rs. 100 million earned during the quarter, of which
Rs. 19 million have already been distributed to the unit holders at the time of redemption.
The profit after tax for the nine months period ended March 31, 2005 amounted to Rs 307.23
million. Major contributors to income included Capital Gains (Rs. 424.76 million), Income from
Carry Over Transactions (COT) (Rs. 82.36 million) and Dividends (Rs. 28.53 million).
The operating expenses of the Fund have slightly increased mainly owing to an increase41 j"
Rs. 3 million in the brokerage and settlement charges due to an increase in trading activities.
The cumulative operating expenses for the nine months period of Rs. 56.47 million comprised
- mainly of remuneration of the Management Company of Rs. 32.72 million and brokerage and
settlement charges of Rs. 19.35 million.
The Fund has increased its equity allocation to 57% during the period. Being a balanced fund,
the Fund's NAV does not directly correlate to the KSE Index as the results are reflected below:
,~'i:',;~~~*,S~k!~~c~\~Z~1;);j;,,;~iij:'il~~!f~~~"'-i,,;~~;r::;:t:i1:iI<I;!ilJ!ltf:jf:riIi'i~J;.:~11~fc'i~if.!tiiNt~;<'>{ij~tt';'f~:KSE-100 Index
FBGF NAV7,770.52
116.46
5,280.96
98.43
47.14%
18.32%
4
Quarterly & Nine Months Accounts March 2005 (Un-audited)FAYSALBALANCED.GROWTH FUND
INVESTMENTS
As of 31 December, 2005, the total assets of the Fund were invested as below:
Cash& Cash
EquivalentsAdvancefor 14%
listedsecurities
8%
. Fixed Income20%
COT5%
ACKNOWLEDGEMENT
Equity53%
The Board of Directors of the Management Company thanks the Securities and ExchangeCommission of Pakistan for its valuable support, assistance and guidance. The Board alsothanks the employees of the Management Company and the Trustee for their dedication andhard word and the unit holders for their confidence in the Management.
Karachi: April 14, 2005
T (-1
For and on behalf of the Board
Ahsan Raza DurraniChief Executive Officer
'"
5
- Rupeesinmillions-iTotal Income 199.656 123.485 360.419
Theannexednotesform an integralpart of thesefinancialstatements.
f)1Ti -
.J..
For Faysal Asset Management Limited(Management Company)
Ahsan Raza DurraniChief Executive Officer
For Muslim Com';'ercial Financial Services (Private) Limited(Trustee)
Farook BengaliChainman
Abdul Razzak H. AdamChief Executive
6
3,997,478 3,714,774262,589 247,282
3,260,353 4,316,6247,520,420 8,278,680
1,948,220,641 1,998,296,419
1,948,220,641 1,998,296,419
16,729,119 20,302,136
116.46 98.43
Quarterly, & Nine Months Accounts March 2005 (Un-audited)
FAYSALBALANCED ..GROWTH FUN0
DISTRIBUTION STATEMENT(UNAUDITED)FOR THE PERIOD ENDED MARCH 31, 2005
,"2005
Rupees
Accumulated loss as at July 1, 2004 (31,917,211)
Profit for the period ended March 31,2005 307,225,922
Accumulated income carried forward 275,308,711
The annexed notes form an integral part of these financial statements.
tJ"
4;,
-:For Faysal Asset Management Limited
(Management Company)
Ahsan Raza DurraniChief Executive Officer
Farook BengaliChairman
For Muslim Commercial Financial Services (Private) Limited(Trustee)
Abdul Razzak H, AdamChief Executive
8
Quarterly & Nine Months Accounts March 2005 (Un-audited)FAYSALBALANCED.GROWTH FUND
STATEMENT OF MOVEMENT IN UNIT HOLDERS' FUNDS (UNAUDITED)FOR THE PERIOD ENDED MARCH 31, 2005
July. March2005
Rupees
Net assets as the beginning of the period. July 01, 2004 1,998,296,419
Amount received on issue of 288,860.8688 Units
Amount paid on redemption of 3,861 ,877.8688 Units31,667,422
(409,622,321 )
(377,954,899)
20,653,199
~
J
Element of income and capital gains in prices of units sold
,.ess those in units redeemedNet profit for the period
Net assets as at the end of the period
307,225,922
1,948,220,641
Net assets as at the end of the period. March 31, 2005 consist of:
Capital account 1,672,911,930
Undistributed profit carried forward 275,308,711
1,948,220,641
The annexed notes form an integral part of these financial statements.
)
}.
For Faysal Asset Management Limited(Management Company)
Ahsan Raza DurraniChief Executive Officer
Farook BengaiiChairman
For Muslim Commercial Financial Services (Private) Limited(Trustee)
Abdul Razzak H. AdamChief Executive
9
Quarterly & Nine Months Accounts March 2005 (Un-audited)FAYSALBALANCED .-GROWTH FUt)lD
CASH FLOW STATEMENT (UNAUDITED)FOR THE PERIOD ENDED MARCH 31, 2005
Cash Flow from Operating ActivitiesNet profitfromoperations before taxation
AdjustmentsUnrealized loss on "Held for trading" investmentsTransferred from unrealized loss to capital gainElement of income and capital gains in prices of units
sold less those in units redeemedRemuneration of Management CompanyRemuneration of TrusteeAmortization of preliminary expenses and floatation costs
(Increase)/Decrease in AssetsReceivables (excluding advance taxation)Advance against purchase of Term Finance CertificatesAdvance against purchase of Preference SharesAdvance against purchase of Ordinary Shares
Increase/(Decrease) in LiabilitiesCreditors, accrued and other liabilities (excluding taxation)
Investment in marketable securitiesAdvance tax paid
Remuneration paid to the Management CompanyRemuneration paid to the TrusteeNet cash inflow from operating activities
Cash Flow from Financing ActivitiesNet receipts/(payments) made against sale/(redemption) of unitsNet increase in balance with banks during the periodBalance with banks at the beginning of the periodBalance with banks at the end of the period
The annexed notes form an integral part of these financial statements.
For Faysal Asset Management Limited(Management Company)
Ahsan Raza DurraniChief Executive Officer
For Muslim Commercial Financial Services (Private) Limited(Trustee)
Abdul Razzak H. AdamChief Executive
'"July -March
2005Rupees
303,946,271
174,915,587
(28,783,319)
20,653,199
32, 715,65~\2,204,65'V
375,342506,027,381
2,223,380
(1,224,503,992)(2,423,301 )
(32,432,946)(2,189,344 )
352,205,098
(377,954,899)(25,749,801 )114,734,05088,984,249
f)
Farook BengaliChairman
10
Quarterly &Nine Months Accounts March 2005 (Un-audited)FAYSALBALANCED.GROWTH FUND
NOTES TO THE FINANCIAL STATEMENTS(UNAUDITED)FOR THE PERIOD ENDED MARCH 31, 2005
1. LEGAL STATUS AND NATURE OF BUSINESS
Faysal Balanced Growth Fund (the Fund) has been established under the Non-BankingFinance Companies (Establishment and Regulation) Rules, 2003 (the NBFC Rules) andhas been authorized as a unit trust scheme by the Securities and Exchange Commissionof Pakistan (SECP) on February 18, 2004. It has been co.n~uted under a Trust Deed,dated January 29, 2004, between Faysal Asset Management Limited, a company incorporatedunder the Companies Ordinance, 1984 and Muslim Commercial Financial Services (Private)Limited (MCFSL) as the Trustee, also incorporated under the Companies Ordinance,1984 and a wholly owned subsidiary of Muslim Commercial Bank Limited.
'8(The Fund is an open ended balanced mutual fund and offers units for public subscriptionon a continuous basis. The units are transferable and can also be redeemed by surrenderingto the Fund. The units are listed on the Karachi Stock Exchange.
The principal activity of the Fund is to make investments in equity market and fixed incomesecurities including money market instruments.
2. BASIS OF PRESENTATION
These financial statements have been prepared in accordance with the requirements ofthe International Accounting Standard - 34: Interim Financial Reporting as applicable inPakistan, Trust Deed and the Non-Banking Finance Companies (Establishment andRegulation) Rules, 2003.
3. ACCOUNTING POLICIES
The accounting policies and methods of computation followed for the preparation of thesefinancial statements are the same as those applied in preparing the financial statementsof the Fund for the period ended June 30, 2004.
FAYSAL FAYSALQuarterly & Nine Months Accounts March 2005 (Un-audited) BALANCED ... Quarterly & Nine Months Accounts March 2005 (Un-audited) BALANCED.
GROWTH FUND GROWTH FUND
No. of holding Acquired Bonus I right Disposed No of holding Markel value No. of holding Acquired Bonus I right Disposed No of holding Marketvalue
at the beginning during the shares received during the at the end of (Rupeesr % of at the beginning during the shares received during the attheend of (Rupees) % of
of period period during the period period the period net assets of period period during the period period the period net assets
No. of holdings . . No. of holdings
4.1 Listed equity securities' Oil and Gas Development Corporation 14,566.500 (13,928,800) 637,700 71,135,435 3.65%