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Karachi: We have to inform you that the Board of Directors of KASB Funds Limited (KFL) (Management Company of KASB Asset Allocation Fund (formerly KASB Balanced Fund) in its meeting held on Thursday, September 15, 2011 at 04:00 pm (PST) at the Board Room, 5th Floor Trade Centre I.I. Chundrigar Road, Karachi, approved the Condensed Financial Statements (Audited) of KASB Asset Allocation Fund (formerly KASB Balanced Fund) for the year ended June 30, 2011.
The financial results of KASB Asset Allocation Fund (formerly KASB Balanced Fund) for the year ended June 30, 2011 are enclosed as Annexure A to this letter.
Annexure – A
KASB Asset Allocation Fund (formerly KASB Balanced Fund)
Income Statement
for the year ended June 30, 2011
|
2011 |
2010 |
|
|
(Rupees in ‘000’) |
||
| Income | ||
| Income from term finance and sukuk certificates: | 10,148 | 36,998 |
| Income from government securities | – | 1,667 |
| Dividend Income | 10,299 | 7,077 |
| Income from placements | – | 4,091 |
| Income from certificates of investment | 3,744 | 5,455 |
| Profit on bank and other deposits | 7,200 | 9,269 |
| Capital gain on sale of investments | 23,557 | 64,664 |
| Unrealised appreciation / (diminution) in Fair value of investments classified | ||
| as at fait value through profit or loss | 7,572 | (20,571) |
| —— | ——- | |
| Total income | 62,520 | 108,650 |
| Expenses | ||
| Remuneration of KASB Funds Limited Management Company | 8,292 | 10,452 |
| Remuneration of Central Depository Company of Pakistan limited -Trustee | 829 | 1,045 |
| Annual fee -The Securities and Exchange Commission of Pakistan | 382 | 444 |
| Transaction cost on securities | 3,737 | 2,517 |
| Settlement and bank charges | 351 | 264 |
| Legal and professional charges | 521 | 572 |
| Fees and subscription | 168 | 40 |
| Auditors’ remuneration | 449 | 506 |
| Amortisation of preliminary expenses and floatation costs | 640 | 640 |
| Printing and other expenses | 130 | 139 |
| Provision for Workers’ Welfare Fund | – | 627 |
| Provision against non-performing investments | 41,016 | 50,000 |
| Provision against non-performing placements | 21,550 | 9,450 |
| Provision against non-performing certificates of investment | 7,922 | – |
| Provision for doubtful income receivable | 5,941 | 12,864 |
| —— | ——- | |
| Total expenses | 91,928 | 89,660 |
| —— | ——- | |
| (29,408) | 18,990 | |
| Net realised element of income/ (loss) and capital gains / losses) included in prices of units issued less those in units redeemed | (1,852) | 12,388 |
| —— | ——- | |
| Net (loss) / income for the year | (31,260) | 31,378 |
|
—— |
——- |
|
|
As at |
||
|
June 30 |
||
|
2011 |
2010 |
|
|
(Rupees) |
||
| Net asset value per unit | 38.07 | 43.13 |
Note:
I. (Loss) Earring per unit has not been disclosed as in the opinion of management, determination of weighted average number of units for calculating (Loss) / Earning per unit is not practicable, However, net asset value per unit has been disclosed above.
For more information, contact:
KASB Funds Limited
5th Floor, Trade Centre
I.I. Chundrigar Road
Karachi – 74200, Pakistan
UAN: +92-21-11535-535
Fax: +92-21-3262-4635