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 Certificates33,340,479 59,815,089
Placements7,960,43124,602,477
Treasury Bills10,029,219789,295
Term Deposit Receipts -349,315
Bank Balances3,008,3761,789,800
Capital Gain on Sale of Securities – net72,054,50613,287,785
Unrealized Diminution in Value of Investments
At Fair Value through Profit or Loss Account6.1 (6,971) -
———–  ———–
Total Income 126,386,037100,633,761
Expenses
Impairment Loss on Investments6.537,374,441130,917,940
Remuneration of Management Company83,870,854  5,835,514
Remuneration of Trustee9762,091958,552
Annual Fee of Securities and Exchange Commission of Pakistan10290,314437,687
Securities Transaction Cost75,914186,007
Auditors’ Remuneration13 318,500295,000
Legal and Professional250,000200,000
Financial Charges1424,954439,389
Workers’ Welfare Fund151,350,5721,540,781
Listing Fee40,00040,000
Printing Charges70,63152,150
 ———– ———–
Total Expenses44,428,271 140,903,020
———– ———–
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 Taxation66,178,024 75,498,280
Taxation16- -
 ———–———–
Net Income/(Loss) for the year Carried to
Distribution Statement66,178,024 75,498,280
———– ———–
Earnings Per Unit17

 

 

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

 

 Note20112010
RupeesRupees
Assets
Bank Balances 518,302,76443,584,085
Receivable from the Sale of Investments55,471,133-
Investments6376,581,775327,064,662
Advance, Deposit and Profit Receivable76,333,475 16,385,707
 ———–———–
Total Assets456,689,147 387,034,454
Liabilities
Remuneration Payable to Management Company8 380,271293,429
Remuneration Payable to Trustee9204,078178,698
Annual Fee Payable to Securities and Exchange
Commission of Pakistan10290,314437,687
Payable to Unit holders Against Redemption
Accrued and other Liabilities11 3,687,1591,995,515
———– ———–
Total Liabilities4,561,8222,930,231
———–———–
Net Assets452,127,325384,104,223
———–———–
Unit Holder Fund (as per statement attached)452,127,325384,104,223
 ———– ———–
Contingencies and Commitments12

Number of Units

Number of Units in Issue 5,384,6824,829,179
———– ———–

(Rupees)

Net Asset Value per Certificate (face value per certificate Rs. 100/-) 83.9779.54

 

 

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