Grays Leasing : Transmission of Quarterly Report for the Period Ended 31 March 2022 Grays Leasing Limited

31 March 2022

COMPANY INFORMATION

BOARD OF DIRECTORS

AUDIT COMMITTEEAUDITORSCOMPANY SECRETARY CHIEF FINANCIAL OFFICER

HEAD OF INTERNAL AUDIT

HUMAN RESOURCE AND REMUNERATION COMMITTEELEGAL ADVISOR

REGISTERED AND HEAD OFFICEBANKERSSHARE REGISTRAR

Mr. Khawar Anwar Khawaja Mr. Muhammad Tahir Butt Mr. Khurram Anwar Khawaja Mr. Iftikhar Ahmad Butt

Mr. Omer Khawar Khawaja Mr. Abdul Qayum Malik Mr. Muhammad Arshad

Mrs. Nuzhat Khawar Khawaja

Mr. Iftikhar Ahmad Butt

Mr. Khurram Anwar Khawaja Mr. Omer Khawar KhawajaRiaz Ahmad & Company Chartered Accountants 10-B Saint Mary ParkChairman Chief Executive

Main Boulevard, Gulberg III Lahore 54660, Pakistan Phone: [phone]

E-mail:[e-mail]

Muhammad Adil Munir Waqas Ali

Saeed Ahmad Shaheen

Mr. Omer Khawar Khawaja Mr. Muhammad Tahir Butt Mr. Khurram Anwar Khawaja

Lexicon Law Firm

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.comMeezan 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 CorpTec Associates (Pvt) Ltd. 503-E, Johar Town, Lahore.

Chairman

We are pleased to present the condensed interim financial information for the period ended 31 March 2022, together with report of the Board of Directors of the company.

During the period ended 31 March 2022, the company transacted business worth Rupees 40.215 million as compared to Rupees 14.996 million on 31 March 2021. During the period ended 31 March 2022, the company earned a profit before and after tax of Rupees 3.111 million and Rupees 0.591 million respectively as compared to profit before and after tax of Rupees 2.921 million and Rupees 2.015 million during the corresponding period of 2021. Net investment stands at Rupees 460.122 million as on 31 March 2022 as compared to Rupees 464.488 million as on June 30, 2021. During the period ended 31 March 2022, there is reversal in provision of Rupees 0.297 million against potential lease losses, resultantly the equity of the company comes to Rupees 62.690 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 stuck up clients and the proceeds from stuck ups are directed to new leases.

JCR-VIS Credit Rating Company Limited (JCR-VIS) has reaffirmed the entity ratings of Grays Leasing Limited (GLL) at 'BB-/B' (Double B Minus/Single B). Outlook on the assigned rating is 'Stable'.

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: 26 April 2022

Chief Executive

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2022

UN-AUDITED	AUDITED
31 MARCH	30 JUNE
2022	2021
NOTE	Rupees	Rupees
ASSETS
Current assets
Cash and bank balances	7,499,824	12,910,945
Advances and prepayments	1,522,708	1,119,777
Sales tax recoverable	1,054,161	934,792
Current maturity of non-current assets	4	148,321,294	179,778,116
158,397,986	194,743,630
Non-current assets
Net investment in lease finance	4	153,909,381	126,522,006
Long term security deposits and prepayments	2,500	373,500
Fixed assets	5	567,353	615,137
Right-of-use asset	-	1,236,996
154,479,234	128,747,639
TOTAL ASSETS	312,877,220	323,491,269
LIABILITIES
Current liabilities
Loans from related parties	6	50,000,000	60,000,000
Accrued and other liabilities	4,360,420	4,276,185
Current maturity of non-current liabilities	121,113,907	119,560,973
Unclaimed dividend	777,785	777,785
Provision for taxation	2,686,239	4,472,328
178,938,351	189,087,271
Non-current liabilities
Deposits on lease contracts	66,344,354	69,021,115
Lease liabilities	-	519,907
Deferred income tax liability	2,697,391	841,685
Employees' retirement benefit	2,207,500	1,922,719
71,249,245	72,305,426
TOTAL LIABILITIES	250,187,596	261,392,697
NET ASSETS	62,689,624	62,098,572
REPRESENTED BY:
Authorized share capital
35,000,000 (30 June 2021: 35,000,000) ordinary shares of Rupees 10 each	350,000,000	350,000,000
Issued, subscribed and paid-up share capital
21,500,000 (30 June 2021: 21,500,000) ordinary shares of Rupees 10 each	215,000,000	215,000,000
Statutory reserve	59,256,615	59,256,615
Accumulated loss	(211,566,991)	(212,158,043)
Shareholders' equity	62,689,624	62,098,572
CONTINGENCIES AND COMMITMENTS	7
62,689,624	62,098,572

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

MUHAMMAD TAHIR BUTT CHIEF EXECUTIVE OFFICER

_______________________

(KHAWAR ANWAR KHUWAJA)

WAQAS ALI

CHIEF FINANCIAL OFFICER