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