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
RupeesRupees
Income
Profit/Return on16,073,52623,009,237
Sukuks/ Term Finance Certificates3,506,082 8,514,974
Musharika Placements 10,146,3074,531,651
Bank Balances7,655,3605,443,415
Capital Gain on Sale of Securities2,815,4294,366,030
Dividend Income
Unrealized Appreciation / (Diminution) on Remeasurement of Investments3,897,920 (3,610,823)
At Fair Value through Profit or Loss ———– ———–
 44,094,62442,254,484
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

 5,094,4035,149,879
Remuneration of Trustee

11

704,355 736,067
Annual Fee of Securities and Exchange Commission of Pakistan

12

322,643326,159
Securities Transaction Cost

16

112,601 600,318
Auditors’ Remuneration

17

 330,000315,000
Amortization of Preliminary Expenses and Floatation Cost

9

500,000500,000
Fee and Subscription384,465392,921
Printing Charges67,75635,784
Bank Charges9,87319,158
Workers’ Welfare Fund

18

807,428437,583
Charity

19

585,184 483,432
 ———– ———–
Total Expenses(3,504,649)58,540,617
 ———– ———–
Net Income/ (Loss) from Operating Activities47,599,273(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 Statement39,563,978 (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

 

Note20112010
RupeesRupees
Assets
Bank Balances5 69,829,055 81,502,715
Investments 6264,858,635 202,927,494
Dividend and Profit Receivable 78,270,69111,774,825
Security Deposit85,500,0002,500,000
Preliminary Expenses and Floatation Cost9500,0001,000,000
———– ———–
Total Assets 348,958,381299,705,034
Liabilities
Remuneration Payable to Management Company 101,511,6141,269,448
Remuneration Payable to Trustee1159,69357,534
Annual Fee Payable to Securities and Exchange
Commission of Pakistan12322,643326,159
Payable to Unit holders Against Redemption13-65,244,775
Accrued and other Liabilities142,768,740 1,315,656
 ———–———–
Total Liabilities 4,662,69068,213,572
 ———– ———–
Net Assets344,295,691231,491,462
———–———–
Unit Holder Fund (as per statement attached)344,295,691231,491,462
 ———– ———–
Contingencies and Commitments 15
Number of Units in Issue 3,066,9842,339,554
———–  ———–
Net Asset Value per Certificate (face value per certificate Rs. 100/-)112.2698.95

 

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