Term Report PAIR

ADVANCE FINANCIAL MANAGEMENT SUMMER 2015
PAKISTAN IRAN INVESTMENT COMPANY LIMITED
(PAR)
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ADEEL JAVED - 16714
Letter of Transmittal
July 27, 2015
Dear Mr. Sohail Sawani,

Enclosed is the project report on financial analysis of PAR Investment Company
Limited that has been based on the learning from the course Advance Financial
Management.
I would like to thank you for the insight that was provided based on your academic and
professional experience.
I hope the report will meet your standards and look forward to receive your kind
feedback and continuous support regardless of our future affiliation through other
course.
Thank you once again.
Sincerely,
Adeel Javed
(16714)
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ADEEL JAVED - 16714
Table of Contents:
Company Introduction
Chapter 1: Company Organogram
Chapter 2: Finance Department Organogram
Chapter 3: Job highlights of Key Positions in Finance
Chapter 4: Reports Submitted to State Bank of Pakistan
10
Chapter 5: Companys Internal Reports
12
Chapter 6: Analysis of Liabilities and Equity
15
Conclusion
23
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ADEEL JAVED - 16714

COMPANY INTRODUCTION
PAR Investment Company Limited (PICL) is a Joint Venture Investment Company
which has been formed as a result of an agreement between the Governments of
Pakistan and Iran. PICL came into existence in 2007 as a company operating in
Pakistan and registered under the Companies Ordinance, 1984. It is classified as a
"Development Finance Institution" (DFI) under the regulatory control of the State Bank
of Pakistan.
PICL has an authorized capital of Rs. 10 billion and currently has a paid-up capital of
Rs. 6 billion.
Shareholder
Government of Pakistan
through the Ministry of
Finance
Government of Iran through
Iran Foreign Investments
Company
Number of
Shares Owned
Paid-up Capital
Percentage
Ownership
300 million
Rs. 3,000 million
50%
300 million
Rs. 3,000 million
50%
Total Paid-up Capital
Rs. 6,000 million
Presently, PICLs main objective is to strengthen its team of professionals and this teambuilding effort is moving along at a satisfactory rate. Furthermore, its business plan
approved by the Board requires a two-pronged approach to the business:
Establishing PICL as a viable and sustainable financial institution in Pakistan offering a
range of financial services and products equivalent to its peer group of joint venture
investment companies. In this regard, its Board has approved the establishment of three
lines of business which are in line with standard financial institutional lines of business:
- Treasury and Investments
- Credit and Trade Finance Marketing
- Investment Banking
Positioning itself as an intermediary which enables and promotes the flow of
investments from Iran into Pakistan. Within the ambit of this plan is Project Finance.
PICL would like to focus its efforts on promoting such investments which fully exploit the
fact that Iran and Pakistan share a common physical border as well as any
infrastructure projects related to promoting the PakistanIran relationship.
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CHAPTER 1 COMPANY ORGANOGRAM
Chairperson
(BOD)
Managing
Director
Company
Secretary
Investment
Strategic
Committee
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Chief
Financial
Officer
Human
Resource
Committee
Audit
Committee
Risk
Management
Committee
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CHAPTER 2 FINANCE DEPARTMENT ORGANOGRAM
Chairperson
(BOD)
Managing
Director
Chief Financial
Officer
Sr. Associate
Finance
Finance &
Accounts
Executive Officer
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Associate
Fianance
Finance &
Accounts
Executive Officer
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CHAPTER 3 JOB HIGHLIGHTS OF KEY POSITIONS IN FINANCE

1. Chief Financial Officer
Reporting
Managing Director / CEO
Roles and
responsibilities
Chief Financial Officer will have following responsibilities:
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Supervise and coordinate the preparation of comprehensive

annual financial report, which includes responding technical.
questions and issues form external auditors and SBP auditors.
Supervise preparation of organization budget, budget
implementation and consolidation.
Recommend goals and objectives and assist in development of
policies and procedures of Finance and Accounts department.
Supervise cash management and investment activities.
Supervise, maintain and reconcile a variety of ledgers and
accounts; examine accounting transactions to ensure accuracy
and correct and rectify the financial record as necessary.
Advise departments, divisions and sections on accounting
problems, policies and procedures; assist in maintenance of
proper internal controls.
ADEEL JAVED - 16714
2. Senior Associate Finance

Reporting
Chief Financial Officer
Roles and
responsibilities
Senior Associate Finance will perform the following duties:
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Prepared asset, liability, and capital account entries by compiling

and analyzing account information.
Documents financial transactions by entering account
information.
Summarizes current financial status by collecting information;
preparing balance sheet, profit and loss statement, and other
reports.
Substantiates financial transactions by auditing documents
Guides accounting clerical staff by coordinating activities and
answering questions.
Reconcile financial discrepancies by collecting and analyzing
account information.
Supervise payments by verifying documentation, and requesting
disbursements.
Supervise account executive officers and provide guidance in
performance of their responsibilities and duties.
Answers accounting procedure questions by researching and
interpreting accounting policy and regulations.
Complies with federal, province and local financial legal
requirements by studying existing and new legislation, enforcing
adherence to requirements, and advising management on
needed actions.
Prepares special financial reports by collecting, analyzing, and
summarizing account information and trends.
Timely submission and computation of taxes.
Ensure timely submission of Weekly, Monthly and Quarterly Data
online SBP Dap Portal.
Perform other related duties as required by Chief Financial
Officer.
Timely submission of SBP reports.
Liaison with compliance officer, internal and external auditors.
ADEEL JAVED - 16714
3. Executive Officer Finance

Reporting
Senior Associate and Associate
Roles and
responsibilities
Executive Officer will perform the following duties:
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Independently handle such as review of official trips and staff

trips and utility bills, official bills for hotel, accommodation,
monthly medical and fuel bills and other expenses audit and
reconciliation.
Interact with all employees, external and internal auditors for all
queries related to vouchers.
Record all Admin related vouchers and ensure that all expenses
are posted in correct GL accounts.
Primary review of transactions to be reviewed by Finance
Manager.
Interaction with staff for collecting evidences for payments such
as interest redemptions, and expenses.
Post all types of treasury vouchers in the GL application from
IPAM. And ensure that complete data is readily available with
supports for auditors and managers.
Prepare all types of disbursements / payment cheques except
those relating to treasury activities.
Weekly report to SBP on SBP Dap portal.
Prepare Bank Reconciliation Statements of all the Bank
Accounts of the Company on a monthly basis.
Prepare tax challans of tax deducted by the Company at source
as required
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CHAPTER 4 REPORTS SUBMITTED TO STATE BANK OF PAKISTAN (SBP)
Name of
Statements/Returns
Annual Audited
Financial Statements
Circular
Reference
BSD Circular
No. 04, dated
17 Feb 2006
Frequency
Due Date
Yearly
Within three
months of the
close of the period
to which they
relate
Submitted
Online or
in hard
form
Hard copy
Form
Responsibility
Relevant SBP
Department
CFO
Banking
Surveillance
Department
Management letters
Yearly
Within one week

of issuance of
these letters by
external auditors.
Format not
specified
(Hard copy
form)
CFO
Banking
Surveillance
Department
Half yearly financial

statements
BSD CL No.
02, dated 12
May 2004
Half Yearly
Within two months

of the close of the
half year
Hard copy
form
CFO
Banking
Surveillance
Department
1st and 3rd quarterly

unaudited financial
statements
-do-
Quarterly
Within 30 days of
the close of the
quarter to which
they relate
Hard copy
form
CFO
Banking
Surveillance
Department
Quarterly statement of
fraud / forgeries /
dacoities
BSD Circular
No. 01, dated
19 Jan 20015
Quarterly
Within 15 days of
the close of each
calendar quarter
Hard / Soft
copy form
CFO
Banking
Surveillance
Department
List of officers
authorized to sign
returns of SBP
Under BCR
1963, under
section 92, rule
4(1)(i)
Quarterly
Within 15 days of
quarter end
No specific
form
CFO / CS
Off-site
Supervision &
Enforcement
Department
BSD DAP
Portal
Quarterly
5 working days of
quarter end
Associate
Off-site
Supervision &
Enforcement
Department
Weekly statement of
position
BSD Cicular #
4, dated 16
July 2005
Weekly
Two working days
DAP Portal
Executive
Officer
Off-site
Supervision &
Enforcement
Department
Monthly statement of
position
BSD Letter no
BSD/BPRP/
1405/2008,
dated 3 Dec
2008
Monthly
5 working days of
month end.
DAP Portal
Executive
Officer
Off-site
Supervision &
Enforcement
Department
Quarterly report of
conditions
OSED Circular
letter no. 1
dated 27 Jan
2009
Quarterly
30 days of quarter
end
DAP Portal
Associate
Off-site
Supervision &
Enforcement
Department
Flow of funds monthly

account
DS MFS 5(18) /
2008-1556
Monthly
DAP Portal
Associate
Off-site
Supervision &
Quarterly statement of
position
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Enforcement
Department
Weekly GAP report
IRAF Questionnaires
Annex-I Prudential
Regulations
Weekly
Submitted on
every Thursday
DAP Portal
Associate
Off-site
Supervision &
Enforcement
Department
Refer BID
Circular
1/2004, revised
IRAF format
Half yearly
Within 45 days of
half year end
Hard copy
form
CFO & Risk

Head
Off-site
Supervision &
Enforcement
Department
For Annexure
A, B, C & D: No
IHFD/900
(HF) / 63/2008,
dated 11 Feb
2008
Quarterly
By 10th of the
following month of
quarter end
Online and
in hard form
CAD & Senior

Associate
Infrastructure &
Housing
Finance
Department
Annex-V Guidelines
for Risk Management
Annex-VI Corporate
Governance
Annex-VII Internal
Control Guidelines
Quarterly housing and
infrastructure project
finance
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CHAPTER 5 INTERNAL REPORTS

Following reports are prepared on monthly basis:
1. Management account
Actual Turnover, Gross Margin, Overhead, and Operating Profit for the last 3
months, broken out by service lines with % growth to give a view to what is
performing well or not
Aged Debtors PKR and % a summary of how the ageing looks. A high % of
old debt is a cause for concern
Headcount A summary of numbers by department for the last 3 months to see
at a glance movement in heads
Cash at bank show the bank balance for the last 3 months and include any
overdraft facility as headroom
Capex any material asset purchases in the period
KPIs for the last 3 months show the breakeven turnover, the burn or cash
generation rate, sales per head, overhead per head
For all of the above shows the forecast and variance so its easy to see if youre
on track.
2. Budget comparison
Company prepares an annual business plan that includes a financial forecast
(budget), which provides strategic direction. It shows what steps are required to
implement the strategies that have been chosen and how much these steps or
actions will cost and forecasts the revenues and profit that are expected to result
from their implementation. At the end of each month, the actual results are
compared to the budgeted figures in budget comparison reports.
Variances between budgeted and actual figures reveal important information to
company management about how the business is performing. Budget is carefully
prepared so it could be as accurate as possible a prediction of what the company
will be able to achieve in the upcoming year. When the budget comparison reports
show significant variances, it means either the assumptions used to prepare the
budget were in error, or the business environment changed from what had been
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expected. The budget comparison reports allow the management team to quickly
identify where the problems are occurring.
3. Asset liability management

a. Maturity mismatch report
The tendency to mismatch companys balance sheet by possessing more shortterm liabilities than short-term assets and having more assets than liabilities for
medium- and long-term obligations is presented in this monthly report. The report
shows how the maturity of companys assets and liabilities are being organized
and liquidity of its position.
b. Projected cash flows
Cash flow forecast report indicates the likely future movement of cash in and out
of the company. It's an estimate of the amount of money the company expects to
flow in (receipts) and out (payments) of its business and includes all projected
income and expenses.
Cash flow forecasts help predict upcoming cash surpluses or shortages and help
to make the right decisions. It can help in tax preparation, planning new
equipment purchases or identifying need to secure a small business loan.
By including every case scenario in cash flow forecast, company sees how the
business will cope if it is hit with tough times or does better than expected. Prior
warning allows to work out solutions to anticipated temporary cash shortfalls, or
arrange short-term investments for temporary cash flow surpluses.
c. Asset composition
Report covers portfolio strategy involving target allocations for various asset
classes, and periodically rebalancing the portfolio back to the original allocations
when they deviate significantly from the initial settings due to differing returns
from various assets. In strategic asset allocation, the target allocations depend
on a number of factors such as the investors risk tolerance, time horizon and
investment objectives and may change over time as these parameters change.
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4. Investment management
Investment management report covers asset management of various securities
(shares, bonds and other securities) and other assets (e.g., real estate, projects) in
order to meet specified investment goals for the benefit of the investors.
a. Treasury performance
Measuring treasury performance is worth the efforts due to:
Need for control: The treasury function is responsible for high-value, timecritical transactions that can be complex in nature.
Risk reduction: The function is often responsible for managing financial risks
(foreign exchange, interest rates and liquidity risk), counterparty and
operational risks. Established metrics are used for market risks whereas the
operational and credit risk are still hard to measure.
b. Equity performance
Performance Attribution or Investment Performance Attribution is used to explain
why a portfolio's performance differed from the benchmark. This difference
between the portfolio return and the benchmark return is known as the active
return. The active return is the component of a portfolio's performance that arises
from the fact that the portfolio is actively managed.
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CHAPTER 6 ANALYSIS OF LIABILITIES & EQUITY
Liabilities in 000
2014
2013
2012
2011
Borrowing from
financial institutions
9,221,225
8,489,171
6,721,178
3,695,484
Deposits and other

accounts
386,060
25,080
545,080
260,000
Other liabilities
344,186
326,705
273,446
161,760
6,000,000
6,000,000
6,000,000
6,000,000
553,966
483,592
415,746
327,714
2,062,742
1,781,247
1,611,197
1,309,028
176,037
175,891
170,767
92,121
Equity in 000
Share capital
Reserves
Unappropriated profit
Surplus / (deficit) on
revaluation of assets
net of tax
Year on Year Comparison
1. 2014 vs 2013
a. Borrowing from financial institutions have increased by 8.6% because of the
following:
i. Borrowings form SBP: The company has entered into agreement with
SBP for extending financing facility for storage of agricultural products
to a customer. This borrowing carry mark-up rate of 6.5% per annum
(2013: 6.5%). The borrowing will mature in November 2019.
ii. Repurchase agreement borrowings: These carry mark-up at the rates
ranging from 9.65% to 10.25% per annum (2013: 9.55% to 10.05%)
and are secured against government securities having carrying amount
of Rs. 7,516 million (2013: Rs. 5,875 million). These borrowings will
mature up to February 2015 (2013: January 2014).
iii. Term borrowings: This represent finance obtained from Allied Bank
Limited to finance the regular business operations of the Company.
The finance is secured by pledge of listed TFCs and open end mutual
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funds. It carries mark up at the rate of 6 months KIBOR + 0.5% per
annum. It is repayable in semi annual installments and shall be repaid
by 2017.
b. Deposits and other accounts have increased by 1539% because of the
following:
i. Customers: This includes non-markup Certificate of Investments
(COIs) issued to employees.
This includes non-markup COIs issued to employee amounting to
Rs.0.06 million (2013: Rs. 0.08 million) maturing up to October 2015
(2013: October 2014).
ii. Financial institutions: COIs.
The mark-up rates on these COIs range between 0% to 10.3% per
annum (2013:0% to 9.5% per amount These COIs will mature up to
October 2015 (2013 October 2014).
c. Other liabilities have increased by 5.4% due to increase in:
i.
ii.
iii.
iv.
v.
vi.
vii.
viii.
ix.
x.
Mark-up / return / interest payable

Accrued expenses
Provision of taxation net
Dividend payable
Unrealized loss on derivative financial instruments
Payable to defined benefit plan
Payable to an associated undertaking
Government levies payable
Provision for compensated absences
Provision for staff reward
d. Reserves have increased by 14.6% due to net profit after tax of Rs.
351,860,000.
e. Unappropriated profit is increased by 15.8%.
f. Surplus on revaluation of assets is increased by 0.08% due to:
i.
ii.
iii.
iv.
v.
vi.
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Surplus arising on revaluation of quoted equity shares

Surplus arising on revaluation of mutual funds
Surplus arising on revaluation of market treasure bills
Surplus arising on revaluation of TFCs
Surplus arising on revaluation of PIB
Related deferred tax liability
ADEEL JAVED - 16714

2. 2013 vs 2012
following:
to a customer. This borrowing carry mark-up rate of 6.5% per annum
(2012: 6.5%). The borrowing will mature in November 2019.
ii. Repurchase agreement borrowings: these carry mark-up at the rates
ranging from 9.55% to 10.05% per annum (2012: 9.3% to 9.4%) and
are secured against government securities having carrying amount of
Rs. 5,875 Million (2012: 4,654 Million). These borrowings will mature
up to January 2014 (2012: January 2012).
iii. Term borrowings: Finance obtained from Allied Bank Limited to finance
the regular business operation of the company. This is secured by
pledge of listed TFCs and open end mutual funds. It carries mark-up at
the rate of 6 months KIBOR + 0.5% per annum. It is repayable in semi
annual installments and shall be repaid by 2017.
b. Deposits and other accounts have decreased by 95.4% because of the
following:
i. Customers: This includes non-markup COIs issued to employees.
This includes non mark-up COIs issued to employees including
MD/CEO amounting to Rs. 0.08 Million (2012: Rs. 0.08 Million)
maturing up to October 2014 (2012: October 2013).
The mark-up rates on these COIs range between 0% to 9.15% per
annum (2012: 0% to 12% per annum). These COIs will mature up to
October 2014 (2012: July 2013).
c. Other liabilities have increased by 19.5% due to increase in:
i.
ii.
iii.
iv.
v.
vi.
vii.
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Accrued expenses
Dividend payable
Unrealized loss on derivative financial instruments
Payable to defined benefit plan
ADEEL JAVED - 16714

viii. Government levies payable
ix. Provision for compensated absences
x. Provision for staff reward
339,230,000.
f. Surplus on revaluation of assets is increased by 3% due to:
i.
ii.
iii.
iv.
Surplus arising on revaluation of quoted equity shares

Deficit arising on revaluation of market treasure bills
g. Related deferred tax liability

3. 2012 vs 2011
following:
to a customer. This borrowing carry mark-up rate of 6.5%per annum
(2011:6.5%). The borrowing will mature in November 2019.
ii. Repurchase agreement borrowings: these carry mark-up at the rates
ranging from 9.3% to 9.4% per annum (2011: 11.9% to 12%) and are
secured against government securities having carrying amount of
Rs.4,654 Million (2011: Rs. 3,779 Million). These borrowings will
mature up to January 2013 (2011: February 2012).
iii. Term borrowings: Finance obtained from Allied Bank Limited to finance
the regular business operation of the company. This is secured by
pledge of listed TFCs. It carries mark-up at the rate of 6 months KIBOR
+ 0.5% per annum. It is repayable in semi annual installments and
shall be repaid by 2017.
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b. Deposits and other accounts have decreased by 210% because of the
following:
i. Customers: This includes non-markup COIs issued to employees.
The mark-up rates on these COIs range between 0% to 12% per
annum (2011: 11.6% TO 12.4% per annum). These COIs will mature
up to July 2013 (2011: January 2012).
c. Other liabilities have increased by 69% due to increase in:
i.
ii.
iii.
iv.
v.
vi.
vii.
viii.
ix.

Accrued expenses
Dividend payable
Provision for gratuity
Government levies payable
Provision for compensated absences
Provision for staff reward
440,024,000.
f. Surplus on revaluation of assets is increased by 85.4% due to:
i.
ii.
iii.
iv.
Deficit arising on revaluation of quoted equity shares

Surplus arising on revaluation of market treasure bills
g. Related deferred tax liability
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GRAPHICAL REPRESENTATION OF LIABILITIES AND EQUITY
Borrowing from Financial Institutions
Borrowing in '000
10000000
9000000
8000000
7000000
6000000
5000000
4000000
3000000
2000000
1000000
0
2011
2012
2013
2014
Year
Deposits and Other Liabilities

600,000
500,000
400,000
Rs. in '000
300,000
200,000
100,000
0
2011
2012
2013
2014
Year
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Share capital
7,000,000
6,000,000
5,000,000
4,000,000
Rs. in '000
3,000,000
2,000,000
1,000,000
0
2011
2012
2013
2014
Year
Reserves
600,000
500,000
400,000
Rs.in '000
300,000
200,000
100,000
0
2011
2012
2013
2014
Year
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Unappropriated Profit
2,500,000
2,000,000
1,500,000
Rs. in '000
1,000,000
500,000
0
2011
2012
2013
2014
Year
Surplus/(Deficit) on Revaluation of Assets

200,000
180,000
160,000
140,000
120,000
Rs. in '000
100,000
80,000
60,000
40,000
20,000
0
2011
2012
2013
2014
Year
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CONCLUSION
PAR is a stable company as can be seen from table below showing net profit after tax
and earning per share.
2014
2013
2012
2011
Net profit after tax Rs.
351,869,000
339,230,000
440,024,000
242,549,000
Earning Per Share %
0.59
0.57
0.73
0.40
Return on Average Assets

(ROA) %
4.36
4.61
2.76
2.58
Return on Average Equity

(ROE) %
6.42
7.98
5.49
5.38
Earning Growth %
1.15
1.2
0.87
1.11
Profit Growth %
0.55
1.31
0.72
1.02
Break-up Value per Share %
12.88
13.66
14.07
14.65
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Net Profit After Tax

500,000,000
400,000,000
300,000,000
Rs.
200,000,000
100,000,000
0
2011
2012
2013
2014
Year
Earning Per Share
Rs./Share
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
2011
2012
2013
2014
Year
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Return on Average Assets (ROA)

5
4
3
%age
2
1
0
2011
2012
2013
2014
Year
Return on Average Equity (ROE)

10
8
6
%age
4
2
0
2011
2012
2013
2014
Year
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Earning Growth
1.4
1.2
1
0.8
%age
0.6
0.4
0.2
0
2011
2012
2013
2014
2013
2014
Year
Profit Growth
1.4
1.2
1
0.8
%age
0.6
0.4
0.2
0
2011
2012
Year
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Break-up Value per Share

15
14.5
14
13.5
%age
13
12.5
12
11.5
Year
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ADVANCE FINANCIAL MANAGEMENT SUMMER 2015

PAKISTAN IRAN INVESTMENT COMPANY LIMITED

ADEEL JAVED - 16714

ADVANCE FINANCIAL MANAGEMENT SUMMER 2015

July 27, 2015

Dear Mr. Sohail Sawani,

ADEEL JAVED - 16714

ADVANCE FINANCIAL MANAGEMENT SUMMER 2015

Chapter 1: Company Organogram

Chapter 2: Finance Department Organogram

Chapter 3: Job highlights of Key Positions in Finance

Chapter 4: Reports Submitted to State Bank of Pakistan

Chapter 5: Companys Internal Reports

Chapter 6: Analysis of Liabilities and Equity

ADEEL JAVED - 16714

ADVANCE FINANCIAL MANAGEMENT SUMMER 2015

Rs. 3,000 million

Rs. 3,000 million

Total Paid-up Capital

Rs. 6,000 million

ADEEL JAVED - 16714

ADVANCE FINANCIAL MANAGEMENT SUMMER 2015

ADEEL JAVED - 16714

ADVANCE FINANCIAL MANAGEMENT SUMMER 2015

ADEEL JAVED - 16714

ADVANCE FINANCIAL MANAGEMENT SUMMER 2015

CHAPTER 3 JOB HIGHLIGHTS OF KEY POSITIONS IN FINANCE

Managing Director / CEO

Chief Financial Officer will have following responsibilities:

Supervise and coordinate the preparation of comprehensive

ADEEL JAVED - 16714

ADVANCE FINANCIAL MANAGEMENT SUMMER 2015

2. Senior Associate Finance

Chief Financial Officer

Senior Associate Finance will perform the following duties:

Prepared asset, liability, and capital account entries by compiling

ADEEL JAVED - 16714

ADVANCE FINANCIAL MANAGEMENT SUMMER 2015

3. Executive Officer Finance

Senior Associate and Associate

Executive Officer will perform the following duties:

Independently handle such as review of official trips and staff

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ADVANCE FINANCIAL MANAGEMENT SUMMER 2015

CHAPTER 4 REPORTS SUBMITTED TO STATE BANK OF PAKISTAN (SBP)

Within one week

Half yearly financial

Within two months

1st and 3rd quarterly

Two working days

Flow of funds monthly

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CFO & Risk

CAD & Senior

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CHAPTER 5 INTERNAL REPORTS

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3. Asset liability management

ADEEL JAVED - 16714

ADVANCE FINANCIAL MANAGEMENT SUMMER 2015