Grays Leasing : Quarterly accounts for the period ended 31-03-2023

31 March 2023

COMPANY INFORMATION

BOARD OF DIRECTORS	Mr. Khawar Anwar Khawaja	Chairman
	Mr. Muhammad Tahir Butt	Chief Executive
	Mr. Khurram Anwar Khawaja
	Mr. Iftikhar Ahmad Butt
	Mr. Omer Khawar Khawaja
	Mr. Muhammad Arshad
	Mrs. Nuzhat Khawar Khawaja
AUDIT COMMITTEE	Mr. Iftikhar Ahmad Butt
	Mr. Khurram Anwar Khawaja
	Mr. Omer Khawar Khawaja
AUDITORS	Riaz Ahmad & Company
	Chartered Accountants
	10-B Saint Mary Park
	Main Boulevard, Gulberg III Lahore 54660, Pakistan
	Phone: [phone]
	E-mail: [e-mail]
COMPANY SECRETARY	Muhammad Adil Munir
CHIEF FINANCIAL OFFICER	Muhmmad Faisal Azam
HEAD OF INTERNAL AUDIT	Saeed Ahmad Shaheen
HUMAN RESOURCE AND	Mr. Omer Khawar Khawaja	Chairman
REMUNERATION COMMITTEE
	Mr. Muhammad Tahir Butt
	Mr. Khurram Anwar Khawaja
LEGAL ADVISOR	Lexicon Law Firm
REGISTERED AND HEAD OFFICE	701-A, 7th Floor, City Towers
	6-K, Main Boulevard, Gulberg - II, Lahore
	Tel: [phone] - 2
	Fax: [phone]
	E-mail:[e-mail]
	Website: www.graysleasing.com
BANKERS	Meezan Bank Limited
	The Bank of Punjab
	Askari Bank Limited
	National Bank of Pakistan
	Habib Bank Limited
	State Bank of Pakistan
	First Women Bank Limited
	Bank Al-Habib Limited
SHARE REGISTRAR	CorpTec Associates (Pvt) Ltd.
	503-E, Johar Town, Lahore.

We are pleased to present the condensed interim financial information for the period ended 31 March 2023, together with report of the Board of Directors of the company.

During the period ended 31 March 2023, the company transacted business worth Rupees 25.114 million as compared to Rupees 40.215 million on 31 March 2022. During the period ended 31 March 2023, the company earned a profit before and after tax of Rupees 8.458 million and Rupees 6.946 million respectively as compared to profit before and after tax of Rupees 3.111 million and Rupees 0.591 million during the corresponding period of 2022. Net investment stands at Rupees 417.802 million as on 31 March 2023 as compared to Rupees 460.1914 million as on June 30, 2022. During the period ended 31 March 2023, there is reversal in provision of Rupees 2.985 million against potential lease losses, resultantly the equity of the company comes to Rupees 64.881 million.

In our country there is a huge demand of financing in SME sector which are still undiscovered, but the leasing sector is unable to cater the needs of the potential customers due to non availability of the funds from commercial banks. However, the company has emphasized on the recoveries from the stuckup clients and the proceeds from stuckups are directed to new leases.

Since Grays Leasing Limited is a non-deposit taking NBFI therefore its credit rating is not mandatory.

At the end, we would like to thank our clients who provided us the opportunity to serve them. We also extend lot of appreciation to the company employees at all levels for their efforts..

For and on behalf of the board

	Muhammad Tahir Butt
Sialkot: 20 April 2023	Chief Executive

202320

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2023

ASSETS	NOTE
Current assets
Cash and bank balances
Advances and prepayments
Sales tax recoverable
Current maturity of non-current assets	4
Non-current assets
Net investment in lease finance	4
Long term security deposits and prepayments
Fixed assets	5
TOTAL ASSETS
LIABILITIES
Current liabilities
Loans from related parties	6
Accrued and other liabilities
Current maturity of non-current liabilities
Unclaimed dividend
Provision for taxation
Non-current liabilities
Deposits on lease contracts
Deferred income tax liability
Employees' retirement benefit
TOTAL LIABILITIES
NET ASSETS
REPRESENTED BY:
Authorized share capital
35,000,000 (30 June 2022: 35,000,000) ordinary shares of Rupees 10 each
Issued, subscribed and paid-up share capital
21,500,000 (30 June 2022: 21,500,000) ordinary shares of Rupees 10 each
Statutory reserve
Accumulated loss
Shareholders' equity
CONTINGENCIES AND COMMITMENTS	7

UN-AUDITED

31 MARCH 2023

Rupees

17,470,304

993,268

446,170

135,717,010

154,626,752

127,637,547

2,500

466,453

128,106,500

282,733,252

25,000,000

4,080,403

128,893,747

777,785

2,342,409

161,094,344

53,160,409

2,955,419

641,819

56,757,647

217,851,991

64,881,261

350,000,000

215,000,000

59,256,615

(209,375,354)

64,881,261

64,881,261

AUDITED

30 JUNE 2022

Rupees

14,649,145

514,054

386,594

177,249,602

192,799,395

125,509,256

2,500

536,581

126,048,337

318,847,732

50,000,000

4,478,405

128,649,346

777,785

4,341,562

188,247,098

66,699,920

4,247,082

1,718,642

72,665,644

260,912,742

57,934,990

350,000,000

215,000,000

59,256,615

(216,321,625)

57,934,990

57,934,990

The annexed notes form an integral part of these condensed interim financial statements.

MUHAMMAD TAHIR BUTT	MUHAMMAD FAISAL AZAM
CHIEF EXECUTIVE OFFICER	CHIEF FINANCIAL OFFICER