KASB Funds Limited’s financial results for the year ended June 30, 2011, for KASB Asset allocation fund (Formerly KASB Balanced Fund) under the management

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:10,14836,998
Income from government securities-1,667
Dividend Income10,2997,077
Income from placements-4,091
Income from certificates of investment3,7445,455
Profit on bank and other deposits7,2009,269
Capital gain on sale of investments23,55764,664
Unrealised appreciation / (diminution) in Fair value of investments classified
as at fait value through profit or loss7,572(20,571)
————-
Total income62,520108,650
Expenses
Remuneration of KASB Funds Limited Management Company8,29210,452
Remuneration of Central Depository Company of Pakistan limited -Trustee8291,045
Annual fee -The Securities and Exchange Commission of Pakistan382444
Transaction cost on securities 3,7372,517
Settlement and bank charges351264
Legal and professional charges521572
Fees and subscription16840
Auditors’ remuneration 449506
Amortisation of preliminary expenses and floatation costs640640
Printing and other expenses130139
Provision for Workers’ Welfare Fund -627
Provision against non-performing investments41,01650,000
Provision against non-performing placements21,5509,450
Provision against non-performing certificates of investment7,922-
Provision for doubtful income receivable 5,94112,864
 —— ——-
Total expenses91,92889,660
 ————-
(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

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As at

June 30

2011

2010

(Rupees)

Net asset value per unit38.0743.13

 

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