Leasing Companies: CRESCENT LEASING CORPORATION LIMITED - Nine Months Ended March 31, 2005
The leasing company is a Non-Banking Finance Company (NBFC) and regulated by Securities and Exchange Commission of Pakistan (SECP). The company was incorporated as a public limited company in April 1987 and commenced commercial operations in August 1989 and is listed on all stock exchanges in Pakistan. Its prime business is leasing and investment banking activities.
In the field of leasing its operations comprise corporate leasing, micro leasing, auto leasing, consumer leasing and SME leasing. Subsequent to obtaining IFS licence, SECP also granted approval to the company for issuance of certificate of deposits (CoDs).
JCR-VIS Credit Rating has reaffirmed the medium to long-term entity rating of the company at A+ (Single A plus) the short term entity rating at A-1 (A one) and the medium to long-term rating of both the TFC and TFC-1 at AA- (Double A Minus). Outlook of the rating is stable.
At present the CresLease shares are trading at Rs 13.50 per share carrying 35% premium over the par value. During the last one year the market value of the share doubled from Rs 13.15 to Rs 27.80.
On 31st March 2005, its lease plus instalment loan portfolio amounted to Rs 2.889 billion as against nine months before on 30th June 2004 at Rs 2.099 billion. The company generated total income at Rs 284.18 million during the nine months ended March 31 2005 and showed 31% increase over total income booked at Rs 217.07 million in the same period last year.
The contribution of lease substantially increased as it was 65.41% during the period under review as against 61.77% in the SPLY. Profit after taxation marginally increased by rupees one million to Rs 55.72 million from Rs 54.72 million in the SPLY.
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Performance Statistics (Million Rupees)
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Balance sheet -As At-
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March 31 June 30
2005 2004
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Share Capital Paid-up: 403.47 265.66
Reserves: 262.08 187.27
Shareholders Equity: 665.55 459.53
(Deficit)/Surplus on Revaluation
of Investments: (9.37) 6.61
L.T. Debts: 930.57 1,008.04
Certificate of Investments: 15.20 28.87
Security Deposits on Finance
Lease & Instalment Loans: 744.20 466.61
Deferred Taxation: 55.59 55.59
Current Liabilities: 1,909.21 1,456.94
Fixed Assets-Tangible: 123.06 105.54
Deposits: 6.37 3.18
L.T. Finances: 122.93 4.30
Net Investments in Finance Lease
& Instalment Leases: 1,940.81 1,432.02
L.T. Investments: 180.10 294.98
Current Assets: 1,937.68 1,635.57
Total Assets: 4,310.95 3,475.59
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Profit & Loss A/c For Nine Months Ended
March 31 2005 2004
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Income From Finance Lease: 168.79 124.25
Operating Leases: 17.10 9.83
Investments & Finances: 85.53 74.75
Fee, Commission, etc: 9.06 7.28
Other Income: 3.70 0.96
Total Income: 284.18 217.07
Total Expenses & Provisions: (225.31) (159.20)
Profit Before Taxation: 58.87 57.87
Profit After Taxation: 55.72 54.72
Earnings Per Share (Rs): 2.26 2.38
Share Price (Rs) on 24.05.05: 13.50 -
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Financial Ratios
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Price/Earnings Ratio: 5.97 -
Book/Value Per Share (Rs): 16.50 17.29
Debt/Equity Ratio: 59:41 68:32
Current Ratio: 1.01 1.12
Lease Income/Total Profit (%): 65.41 61.77
Net Profit/Total Income: 19.61 25.21
R.O.E.(%): 8.37 11.91
R.O.A. (%): 1.29 1.57
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COMPANY INFORMATION: Chairman: Aftab Ahmad Khan; Chief Executive: Javed A Callea; Company Secretary: Not Reported; Registered Office: Crescent Standard Tower, 4th Floor, 10-B, Block E-2, Gulberg III Lahore Head Office: Lakson Sq. Building No 3 Sarwar Shaheed Road Karachi-74200.
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