Dawood Capital Management Limited’s financial result of Dawood Islamic Fund for the year ended June 30, 2011
2 min readKarachi: We have to inform you that the Board of Directors of Dawood Capital Management Limited (DCM) Manager of Dawood Islamic 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 NIL
The Board of Directors of DCM Manager of Dawood Islamic Fund in their meeting held on July 06, 2011 has already declared and approved dividend (50% Bonus Dividend and 50% Cash Dividend) to unit holders of Rs. 10.50 per unit on NAV of June 30, 2011 of Rs. 112.2587. Which comes out to be 10.61% of the opening Ex-NAV of Rs. 98.9468. Unit holders will get 5.1593 Bonus units per 100 units held and Cash Dividend of Rs. 5.25 per Unit.
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 Islamic Fund
Income Statement for the Year Ended June 30, 2011
|
Note |
2011 | 2010 | |
| Rupees | Rupees | ||
| Income | |||
| Profit/Return on | 16,073,526 | 23,009,237 | |
| Sukuks/ Term Finance Certificates | 3,506,082 | 8,514,974 | |
| Musharika Placements | 10,146,307 | 4,531,651 | |
| Bank Balances | 7,655,360 | 5,443,415 | |
| Capital Gain on Sale of Securities | 2,815,429 | 4,366,030 | |
| Dividend Income | |||
| Unrealized Appreciation / (Diminution) on Remeasurement of Investments | 3,897,920 | (3,610,823) | |
| At Fair Value through Profit or Loss | ———– | ———– | |
| 44,094,624 | 42,254,484 | ||
| Total Income | |||
| Expenses | |||
| (Reversal of Impairment Loss)/ Impairment Loss on Investments- net |
6.5 |
(12,423,357) | 49,542,316 |
| Remuneration of Management Company |
10.1 |
5,094,403 | 5,149,879 |
| Remuneration of Trustee |
11 |
704,355 | 736,067 |
| Annual Fee of Securities and Exchange Commission of Pakistan |
12 |
322,643 | 326,159 |
| Securities Transaction Cost |
16 |
112,601 | 600,318 |
| Auditors’ Remuneration |
17 |
330,000 | 315,000 |
| Amortization of Preliminary Expenses and Floatation Cost |
9 |
500,000 | 500,000 |
| Fee and Subscription | 384,465 | 392,921 | |
| Printing Charges | 67,756 | 35,784 | |
| Bank Charges | 9,873 | 19,158 | |
| Workers’ Welfare Fund |
18 |
807,428 | 437,583 |
| Charity |
19 |
585,184 | 483,432 |
| ———– | ———– | ||
| Total Expenses | (3,504,649) | 58,540,617 | |
| ———– | ———– | ||
| Net Income/ (Loss) from Operating Activities | 47,599,273 | (16,286,133) | |
| Element of (Loss)/ Income and Capital (Loss)/ Gain in Prices | |||
| Of Units Sold Loss Those in Units Redeemed – Net | (8,035,295) | 12,648,723 | |
| ———– | ———– | ||
| 39,563,978 | (3,637,410) | ||
| Taxation |
20 |
– | – |
| ———– | ———– | ||
| Net Income/(Loss) for the year Carried to | |||
| Distribution Statement | 39,563,978 | (3,637,410) | |
| ———– | ———– | ||
| Earnings Per Unit |
21 |
||
The annexed notes from 1 to 34 form an integral part of these financial statements.
Dawood Islamic Fund
Statement of Assets and Liabilities As at June 30, 2011
| Note | 2011 | 2010 | |
| Rupees | Rupees | ||
| Assets | |||
| Bank Balances | 5 | 69,829,055 | 81,502,715 |
| Investments | 6 | 264,858,635 | 202,927,494 |
| Dividend and Profit Receivable | 7 | 8,270,691 | 11,774,825 |
| Security Deposit | 8 | 5,500,000 | 2,500,000 |
| Preliminary Expenses and Floatation Cost | 9 | 500,000 | 1,000,000 |
| ———– | ———– | ||
| Total Assets | 348,958,381 | 299,705,034 | |
| Liabilities | |||
| Remuneration Payable to Management Company | 10 | 1,511,614 | 1,269,448 |
| Remuneration Payable to Trustee | 11 | 59,693 | 57,534 |
| Annual Fee Payable to Securities and Exchange | |||
| Commission of Pakistan | 12 | 322,643 | 326,159 |
| Payable to Unit holders Against Redemption | 13 | – | 65,244,775 |
| Accrued and other Liabilities | 14 | 2,768,740 | 1,315,656 |
| ———– | ———– | ||
| Total Liabilities | 4,662,690 | 68,213,572 | |
| ———– | ———– | ||
| Net Assets | 344,295,691 | 231,491,462 | |
| ———– | ———– | ||
| Unit Holder Fund (as per statement attached) | 344,295,691 | 231,491,462 | |
| ———– | ———– | ||
| Contingencies and Commitments | 15 | ||
| Number of Units in Issue | 3,066,984 | 2,339,554 | |
| ———– | ———– | ||
| Net Asset Value per Certificate (face value per certificate Rs. 100/-) | 112.26 | 98.95 | |
The annexed notes from 1 to 34 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