Dawood Capital Management Limited’s financial result of Dawood Income Fund (formerly Dawood Money Market Fund) for the year ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of Dawood Capital Management Limited (DCM) Manager of Dawood Income Fund (formerly Dawood Money Market Fund) in their meeting held on Wednesday September 7, 2011 at 11:30 a.m. at 5-B, 5th Floor, Lakson Square Building # 1, Sarwar Shaheed Road, Karachi, recommended the following:

(i) Cash Dividend                               NIL

And/or

(ii) Bonus Issue

The Board of Directors of DCM Manager of Dawood Income Fund (formerly Dawood Money Market Fund) in their meeting held on July 06, 2011 has already declared and approved bonus dividend to unit holders of Rs. 11.10 per unit on NAV of June 30, 2011 of Rs. 15.2335 bonus units per 100 units held.

And/or

(iii) Right Shares                              NIL

And/or

(iv) Any other Entitlement/ Corporate Action    NIL

And/or

(v) Any other price – Sensitive Information     NIL

The financial result of the Fund is enclosed.

Dawood Income Fund (formerly Dawood Money Market Fund)

Income Statement

For the Year Ended June 30, 2011

 

Note

2011

2010

Rupees

Rupees

Income
Profit/Return on
Term Finance Certificates 33,340,479  59,815,089
Placements 7,960,431 24,602,477
Treasury Bills 10,029,219 789,295
Term Deposit Receipts  – 349,315
Bank Balances 3,008,376 1,789,800
Capital Gain on Sale of Securities – net 72,054,506 13,287,785
Unrealized Diminution in Value of Investments
At Fair Value through Profit or Loss Account 6.1  (6,971)  –
———–   ———–
Total Income  126,386,037 100,633,761
Expenses
Impairment Loss on Investments 6.5 37,374,441 130,917,940
Remuneration of Management Company 8 3,870,854   5,835,514
Remuneration of Trustee 9 762,091 958,552
Annual Fee of Securities and Exchange Commission of Pakistan 10 290,314 437,687
Securities Transaction Cost 75,914 186,007
Auditors’ Remuneration 13  318,500 295,000
Legal and Professional 250,000 200,000
Financial Charges 14 24,954 439,389
Workers’ Welfare Fund 15 1,350,572 1,540,781
Listing Fee 40,000 40,000
Printing Charges 70,631 52,150
 ———–  ———–
Total Expenses 44,428,271  140,903,020
———–  ———–
Net Income/ (Loss) from Operating Activities  81,957,766  (40,269,259)
Element of (Loss)/ Income and Capital (Loss)/ Gain in Prices
Of Units Sold Loss Those in Units Redeemed – Net  (15,779,742) 115,767,539
 ———–  ———–
Net Income for the year Before Taxation 66,178,024  75,498,280
Taxation 16  –
 ———– ———–
Net Income/(Loss) for the year Carried to
Distribution Statement 66,178,024  75,498,280
———–  ———–
Earnings Per Unit 17

 

 

The annexed notes from 1 to 30 form an integral part of these financial statements.

Dawood Income Fund (formerly Dawood Money Market Fund)

Statement of Assets and Liabilities

As at June 30, 2011

 

 Note 2011 2010
Rupees Rupees
Assets
Bank Balances  5 18,302,764 43,584,085
Receivable from the Sale of Investments 55,471,133
Investments 6 376,581,775 327,064,662
Advance, Deposit and Profit Receivable 7 6,333,475  16,385,707
 ———– ———–
Total Assets 456,689,147  387,034,454
Liabilities
Remuneration Payable to Management Company 8  380,271 293,429
Remuneration Payable to Trustee 9 204,078 178,698
Annual Fee Payable to Securities and Exchange
Commission of Pakistan 10 290,314 437,687
Payable to Unit holders Against Redemption
Accrued and other Liabilities 11  3,687,159 1,995,515
———–  ———–
Total Liabilities 4,561,822 2,930,231
———– ———–
Net Assets 452,127,325 384,104,223
———– ———–
Unit Holder Fund (as per statement attached) 452,127,325 384,104,223
 ———–  ———–
Contingencies and Commitments 12

Number of Units

Number of Units in Issue  5,384,682 4,829,179
———–  ———–

(Rupees)

Net Asset Value per Certificate (face value per certificate Rs. 100/-)  83.97 79.54

 

 

The annexed notes from 1 to 30 form an integral part of these financial statements.

For more information, contact:
Dawood Capital Management Limited
5B Lakson Square Building # 1, Sarwar Shaheed Road,
Karachi – 74200,
Pakistan.
UAN: 111-DAWOOD (111-329-663)
Tel: (92-21) 3562-1001-06
Fax: (92-21) 3562-1010
Email: dcm@edawood.com
Web: www.edawood.com

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