Dawood Capital Management Limited’s financial result of Dawood Islamic 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 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

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