Balanced Growth Fund · 2019-10-12 · The Faysal Balanced Growth Fund (FBGF) is an open- ended...

Condensed Interim Financial Information for the Nine Months & Quarter EndedMarch 31, 2016

Balanced Growth Fund

The Faysal Balanced Growth Fund (FBGF) is an open- ended mutual fund. The units of FBGF are listed on the Pakistan Stock Exchange Limited (Formerly Karachi Stock Exchange Limited) and were initially offered to the public on April 19, 2004. FBGF seeks to provide long-term capital appreciation with a conservative risk profile and a medium to long-term investment horizon. FBGF’s investing in a philosophy is to provide stable returns by investing in a portfolio balanced between equities and fixed income instruments.

Fund Information

Mission Statement

Report of the Directors of the Management Company

Condensed Interim Statement of Assets and Liabilities

Condensed Interim Income Statement

Condensed Interim Distribution Statement

Condensed Interim Cash Flow Statement

Condensed Interim Statement of Movement in Unit Holders’ Fund

Notes to the Condensed Interim Financial Information

04

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27

NIB Bank LimitedAskari Bank LimitedBank of Punjab

Central Depository Company of Pakistan Limited,CDC House, 99B, Block B, S.M.C.H.S.,Main Shahrah-e-Faisal, Karachi.

Chief Financial Officer & Company Secretary of the Management Company

Mr. Nauman Ansari, ChairmanMr. Razi-ur-Rahman Khan, DirectorMr. Osman Khan, DirectorSyed Ibad-ur-Rehman Chishti, DirectorMr. Mohammad Zahid Ahmed, DirectorMr. Enamullah Khan, Chief Executive Officer

Mr. Umairullah Khan

HR CommitteeMr. Osman Khan, ChairmanMr. Razi-ur-Rahman Khan, MemberMr. Enamullah Khan, Member

Mr. Razi-ur-Rahman Khan, ChairmanMr. Osman Khan, MemberSyed Ibad-ur-Rehman Chishti, Member

The Board of Directors of the Faysal Asset Management Limited, the management company of the Faysal Balanced Growth Fund (FBGF), is pleased to present the un-audited condensed interim financial information of FBGF for the nine months and quarter ended March 31, 2016.

FINANCIAL HIGHLIGHTS

ECONOMIC REVIEW:

The overall economic activity continues to exhibit substantial progress and stability. Steady improvements are becoming more visible as construction activity picks up, demand for consumer durables rises and credit to private sector soars. Consequently, mild pressure on the headline inflation, which remained below 2%, is quite visible now amid strong aggregate demand. Despite all the positives, challenges on the external front amid declining exports need to be addressed.

During the period between Jul-15 to Mar-16, average CPI inflation declined to 2.64% against 5.12% in the same period last year. Lately, all time low inflationary trend is somewhat reversing with CPI index reaching to 4.02% and 3.94% for the months of February and March respectively. Going forward, upward pressures on the inflation index would likely be visible on account of a) uptick in aggregate demand, b) forthcoming Ramadan season and c) stability in oil prices. Nonetheless, the overall inflation index is expected to remain well-anchored by the fiscal year end.

On March 25, 2016, the Executive Board of the International Monetary Fund (IMF) completed the tenth review of Pakistan’s economic performance under a three-year program supported by an Extended Fund Facility (EFF) arrangement. This enabled the immediate disbursement of USD 502.6 million, bringing total disbursements to USD 5.53 billion.

From the IMF’s perspective, overall economic landscape remains vibrant whereas short-term vulnerabilities have receded. Nonetheless, swift progress on structural reforms was essential in order to achieve economic resilience and inclusive growth. According to the Fund, matters such as restructuring or privatization of loss-making public sector enterprises remain fundamental to address long term vulnerabilities of the economy. Moreover, further

Quarter Ended March 31

2016 2015

Total Income

Operating Expenses

Profit / (loss) Before Tax

Taxation

Profit / (loss) After Tax

NAV per unit (Rs. Per unit)

(7.11)(1.75)(8.86)

-(8.86)65.67

2.15

(1.84)

0.31

-

0.31

67.26

Nine Months Ended March 31

2016 2015

10.82(7.02)3.80

-3.8065.67

15.71

(5.30)

10.41

-

10.41

67.26

improvements in areas such as business climate, transparency, and governance were vital to generate high and more inclusive growth.

The State Bank of Pakistan (SBP), in its monetary policies released during the third quarter of fiscal year 2016, kept the policy rate unchanged at 6.0%. The decisions came mainly on the back of rising inflationary concerns along with challenges on external account position. According to the Bank, better value addition and diversification of products was essential for sustainable growth in export. In this regard, favorable economic indicators coupled with all time low interest rates provide necessary ground to implement these growth oriented strategies.

According to the figures of State Bank of Pakistan (SBP), current account deficit (CAD) for the period of 8MFY16 contracted by 4.5% to USD 1.86bn as compared to USD 1.95bn in the same period last year. According to Pakistan Bureau of Statistics (PBS), overall Large Scale Manufacturing (LSM) sector has shown growth of 4.1% during July-January 2015-16 when compared with the same period of last year.

Going forward, restructuring or privatization of loss-making public sector enterprises, despite recent setbacks, would be crucial to address fiscal vulnerabilities. In addition to this, the mid-to-long term economic growth prospects would largely hinge upon the realization of investment inflows stemming from the China-Pakistan Economic Corridor (CPEC) project.

EQUITY REVIEW

The PSX – 100 ended the 3QFY16 at 33,139 points generating a quarterly return of 0.98% on the back of strong recovery observed in March where the Stock Market posted a monthly return of 5.64% compared to (4.62%) in January & 0.23% in February 2016 . On an YTD basis the bourse was down by 3.66%. During the 3QFY16 the Government took steps for PIA privatization which resulted in serious protest and led to a halt in flight operations, the multibillion LNG deal with Qatar was eventually signed, IMF disbursed USD 500mn under the EFF and the political tension peaked as the Federal Capital came under siege by a religious group. Also during the quarter the Crude Oil rallied near USD 40/bbl mark owing to a possibility of a production freeze between OPEC and Non-OPEC members after the prices went below USD 30/bbl in January.

During the quarter under review the foreign selling witnessed a substantial slow down and were net sellers with USD 50.80mn compared to net selling of USD 135.42mn in the previous quarter. Banks/DFI’s ended the quarter as net buyers with USD 11.57mn and Mutual Funds booked gains during March and were net sellers with USD 23.90mn.

The Construction & Material was up by 11.74% QoQ (ACPL +21.61%, CHCC +19.66% DGKC +17.77% QoQ) on the back of strong export dispatches up by 17.35% during the 3rd quarter. Pharma & Bio tech posted a quarterly return of 5.92% (Searl +11.06% QoQ, GSK +10.19% QoQ). The Oil & Gas was up by 4.72% QoQ owing to a sharp reversal in oil prices and Government looking to increase OMC margins kept the investors interested in the sector. Almost all the other major sectors generated negative returns with Commercial Banks (-7.12% QoQ), Chemicals (-7.38%) and the new auto policy which did not go down well with existing OEM’s the sector was down by 7.75 QoQ primarily led by PSMC (-16.87% QoQ) on

the back of lower than expected earnings, conclusion of the apna rozgar scheme creating worries over the future sales volume & the company is expected to suffer most from the new policy.

Going forward, the events to follow will determine the future direction of the market. The most prominent are the possible inclusion of Pakistan in the MSCI Emerging Market index which may be the conceivable rationale behind the significant decrease in foreign selling, monetary policy in May and the as the budget season draws closer we may see volumes to reduce as investors will prefer a wait and see approach.

FUND PERFORMANCE

Faysal Balanced Growth fund generated an YTD return of 2.61% outperforming the benchmark by 305bps. During the period under review your fund reduced its equity exposure from 64.45% in December to 59.07% in March 2016 as gains were booked and portfolio was realigned to benefit from the current market rally. Going forward your fund will invest in fundamentally strong stocks and will generate competitive returns.

FUND RANKING

The Pakistan Credit Rating Agency Limited (PACRA) has assigned fund performance raking of “MFR 2- Star” (3 years ranking), “Below Average” to FBGF.

ACKNOWLEDGEMENT

The Board of Directors of the Management Company thanks the unit holders for their confidence in the Management, the Securities and Exchange Commission of Pakistan for its valuable support, assistance and guidance. The Board also thanks the employees of the Management Company and the Trustee for their dedication and hard work.

For and on behalf of the Board

Enamullah KhanKarachi: April 22, 2016 Chief Executive Officer



ECONOMIC REVIEW:









EQUITY REVIEW






FUND PERFORMANCE


FUND RANKING


ACKNOWLEDGEMENT






ECONOMIC REVIEW:









EQUITY REVIEW




8



FUND PERFORMANCE


FUND RANKING


ACKNOWLEDGEMENT




Condensed Interim Statement of Assets and LiabilitiesAs at March 31, 2016

091

(Un-Audited) (Audited)March 31, June 30,

2016 2015Note

Assets

4secnalab knaB 59,502,679 15,063,231 5stnemtsevnI 90,156,245 115,142,200

Prepayments, deposits and other receivables 3,561,146 4,939,4336ynapmoC tnemeganaM eht morf elbavieceR 3,230,314 3,230,314

Receivable against sale of investments 2,113,475 - 958,365,851stessa latoT 138,375,178

Liabilities

Payable against purchase of investments 801,948 - Payable to the Management Company 289,087 245,322Remuneration payable to the Trustee 62,683 55,619

7seitilibail rehto dna deurccA 7,586,973 7,921,543196,047,8seitilibail latoT 8,222,484

861,328,941stessa teN 130,152,694

861,328,941)dehcatta tnemetats rep sa( dnuf 'sredloh tinU 130,152,694

343,182,2eussi ni stinu fo rebmuN 2,033,484

76.56tinu rep eulav stessa teN 64.00

The annexed notes from 1 to 13 form an integral part of this condensed interim financial information.

_______________________________________________rotceriDrotceriDreciffO evitucexE feihC

FAYSAL BALANCED GROWTH FUNDCONDENSED INTERIM STATEMENT OF ASSETS AND LIABILITIES

AS AT MARCH 31, 2016

(Management Company)For Faysal Asset Management Limited

-------------- (Rupees) --------------

--------- (Number of units) ---------

-------------- (Rupees) --------------

Condensed Interim Income StatementFor the Nine Months & Quarter Ended March 31, 2016 (Un-Audited)

102

March 31, March 31, March 31, March 31,2016 2015 2016 2015

NoteIncomeIncome on preference shares 5.2.1 17,821,142 - - -Dividend income from investments 'at fair value through

profit or loss' - held-for-trading 537,944 2,300,000 148,000 898,000Return on bank balances 1,836,569 1,551,156 841,311 474,280Net (loss) / gain on investments 'at fair value through profit

or loss' - held-for-trading- Net capital (loss) / gain on sale of investments (3,473,210) 11,897,381 (9,942,997) 5,704,437- Net unrealised (loss) / gain on revaluation of investments (7,451,515) 336,145 361,559 (4,524,092)

(10,924,725) 12,233,526 (9,581,438) 1,180,345

039,072,9emocni latoT 16,084,682 (8,592,127) 2,552,625

ExpensesRemuneration of the Management Company 2,143,226 1,883,359 747,832 671,848

2.7seitud dna sexat tceridni rof noisivorP 390,924 346,538 136,404 123,620Sales tax on management fee 300,052 282,504 104,697 100,777Remuneration of the Trustee 525,482 523,562 174,521 172,603Sales tax on Trustee fee 73,567 - 24,432 -Brokerage charges 555,929 561,902 161,769 261,017Bank charges 12,976 40,714 3,575 12,761Auditors' remuneration 421,491 425,721 119,210 129,468SECP annual fee non-refundable 91,089 79,778 31,783 28,289Fees and subscription 159,031 158,874 50,971 51,780Settlement charges, federal excise duty

and capital value tax 512,854 553,523 146,722 206,121Printing charges and other expenses 154,281 235,857 51,143 75,665

1.7dnuF erafleW 'srekroW rof noisivorP - 212,335 - 6,3518elbadnufer xat emocni rof noisivorP 1,674,452 - - -

453,510,7sesnepxe latoT 5,304,667 1,753,059 1,840,300

675,552,2seitivitca gnitarepo morf )ssol( / emocni teN 10,780,015 (10,345,186) 712,325

Element of income / (loss) and capital gains /(losses) included in prices of units sold less

219,155,1ten - demeeder stinu ni esoht (375,581) 1,483,926 (401,116)

Net income / (loss) for the period before taxation 3,807,488 10,404,434 (8,861,260) 311,209

9noitaxaT - - - -

Net income / (loss) for the period after taxation 3,807,488 10,404,434 (8,861,260) 311,209

Other comprehensive income for the period - - - -

Total comprehensive income / (loss) for the period 3,807,488 10,404,434 (8,861,260) 311,209


_______________________________________________rotceriDrotceriDreciffO evitucexE feihC

(Management Company)For Faysal Asset Management Limited

CONDENSED INTERIM INCOME STATEMENTFAYSAL BALANCED GROWTH FUND

FOR THE NINE MONTHS AND QUARTER ENDED MARCH 31, 2016 (UN-AUDITED)

Quarter endedNine Months ended

---------- (Rupees) ----------- ---------- (Rupees) -----------

Condensed Interim Distribution StatementFor the Nine Months Ended March 31, 2016 (Un-Audited)

113

March 31, March 31,2016 2015

Accumulated loss brought forward[includes unrealised gain on investments of Rs.6,623,828

(2014: unrealised gain of Rs.5,517,119)] (187,978,827) (192,489,842)

Net income for the period after taxation 3,807,488 10,404,434

Accumulated loss carried forward[includes unrealised loss on investments of Rs.4,837,082

(2015: unrealised gain of Rs.3,519,205)] (184,171,339) (182,085,408)


_____________________ _____________ ______________rotceriDrotceriDreciffO evitucexE feihC

For Faysal Asset Management Limited(Management Company)

-------------- (Rupees) --------------

FAYSAL BALANCED GROWTH FUNDCONDESNED INTERIM DISTRIBUTION STATEMENT

FOR THE NINE MONTHS ENDED MARCH 31, 2016 (UN-AUDITED)

Condensed Interim Cash Flow StatementFor the Nine Months Ended March 31, 2016 (Un-Audited)

12 4

March 31, March 31,2016 2015

NoteCASH FLOWS FROM OPERATING ACTIVITIESNet income for the period before taxation 3,807,488 10,404,434

Adjustments for non-cash and other items:Net loss / (gain) on investments 'at fair value through profit

or loss' - held-for-trading- Net capital gain / (loss) on sale of investments 3,473,210 (11,897,381) - Net unrealised loss / (gain) on revaluation of investments 7,451,515 (336,145)

Income on preference shares (17,821,142) - Dividend income from investments 'at fair value through

profit or loss' - held-for-trading (537,944) (2,300,000) Return on bank balances (1,836,569) (1,551,156) Element of (income) / loss and capital (gains) / losses included

in prices of units sold less those in units redeemed - net (1,551,912) 375,581 Provision for income tax refundable 1,674,452 -

(5,340,902) (5,304,667)

(Increase) in assetsPrepayments, deposits and other receivables (1,660) (196,157)

(Decrease) / increase in liabilitiesPayable to the Management Company 43,765 28,331 Remuneration payable to the Trustee 7,064 1 Accrued and other liabilities (334,570) 483,361

(283,741) 511,693

Proceeds from sale of investments 214,332,125 322,196,431 Proceeds from redemption of Preference shares 37,490,000 - Payments made against purchase of investments (239,072,422) (310,781,522)Dividend received 389,944 1,761,500 Income received on preference shares 17,857,574 - Return received on bank balances 1,653,632 1,490,085

055,420,72seitivitca gnitarepo morf detareneg hsac teN 9,677,363

CASH FLOWS FROM FINANCING ACTIVITIESAmounts received against issue of units 18,485,535 400,000 Payments made against redemption of units (1,070,637) (3,235,850) Dividend paid - (1,525,300)

898,414,71seitivitca gnicnanif )ni desu( / morf detareneg hsac teN (4,361,150)

Net increase in cash and cash equivalents during the period 44,439,448 5,316,213 Cash and cash equivalents at the beginning of the period 15,063,231 12,041,711 Cash and cash equivalents at the end of the period 4 59,502,679 17,357,924



For Faysal Asset Management Limited(Management Company)

-------------- (Rupees) --------------

FAYSAL BALANCED GROWTH FUNDCONDENSED INTERIM CASH FLOW STATEMENT


13

Condensed Interim Statement of Movement in Unit Holders’ Fund For the Nine Months Ended March 31, 2016 (Un-Audited)

5

March 31, March 31,2016 2015

Net assets value per unit at beginning of the period 64.00 61.79

Net assets value per unit at end of the period 65.67 67.26

496,251,031doirep eht fo gninnigeb ta stessa teN 119,802,027

Amounts received on issue of units * 18,485,535 400,000

Amounts paid on redemption of units ** (1,070,637) (3,235,850) 17,414,898 (2,835,850)

Element of (income) / loss and capital (gains) / losses includedin prices of units sold less those in units redeemed - net (1,551,912) 185,573

Net capital (loss) / gain on sale of investments (3,473,210) 11,897,381 Net unrealised (loss) / gain on revaluation of investments (7,451,515) 541,633 Other net income / (loss) for the period 14,732,213 (1,829,092) Other comprehensive income for the period - -

884,708,3doirep eht rof emocni evisneherpmoc latoT 10,404,434

861,328,941doirep eht fo dne ta stessa teN 127,746,192

* Number of units issued (including Nil bonus units issued during the period ended March 31, 2016 and Nil bonus units issued during the period ended March 31, 2015) 262,725 6,074

** Number of units redeemed 14,866 45,891



--------- (Rupees) ----------

FAYSAL BALANCED GROWTH FUND

(Management Company)

-------- (Number of units) --------

CONDENSED INTERIM STATEMENT OF MOVEMENT IN UNIT HOLDERS' FUNDFOR THE NINE MONTHS ENDED MARCH 31, 2016 (UN-AUDITED)

For Faysal Asset Management Limited

Notes to the Condensed Interim Financial Information For the Nine Months Ended March 31, 2016 (Un-Audited)

14 6

1. LEGAL STATUS AND NATURE OF BUSINESS

1.1

1.2

1.3

1.4

2. BASIS OF PREPARATION

2.1

2.2

FAYSAL BALANCED GROWTH FUNDNOTES TO THE FINANCIAL STATEMENTS


Faysal Balanced Growth Fund (the Fund) has been established under the Non-Banking FinanceCompanies (Establishment and Regulation) Rules, 2003 (the NBFC Rules) and has been authorized as aunit trust scheme by the Securities and Exchange Commission of Pakistan (SECP) on February 18, 2004.It has been constituted under a Trust Deed, dated January 29, 2004, between Faysal Asset ManagementLimited (the Management Company), a company incorporated under the Companies Ordinance, 1984 andMuslim Commercial Financial Services (Private) Limited as the Trustee till June 04, 2005 and thereafterbetween Faysal Asset Management Limited as Management Company and Central Depository Companyof Pakistan Limited (CDC) as the Trustee, also incorporated under the Companies Ordinance, 1984.

The Fund is an open ended balanced mutual fund and offers units for public subscription on a continuousbasis. The units are transferable and can also be redeemed by surrendering to the Fund. The units arelisted on the Pakistan Stock Exchange Limited (formerly Karachi Stock Exchange Limited). The Fund waslaunched on April 19, 2004.

This condensed interim financial information of the Fund for the nine months ended March 31, 2016 havebeen prepared in accordance with the requirements of the International Accounting Standard 34: ‘InterimFinancial Reporting’, the Trust Deed, the NBFC Rules, the Non-Banking Finance Companies and NotifiedEntities Regulations, 2008 (the NBFC Regulations) and directives issued by SECP. In case whererequirements differ, the requirements of the Trust Deed, the NBFC Rules, the NBFC Regulations or thedirectives issued by the SECP prevail.

This condensed interim financial information does not include all the information and disclosures requiredin the annual financial statements, and should be read in conjunction with the annual financial statementsof the Fund for the year ended June 30, 2015.

The principal activity of the Fund is to make investments in equity market and fixed income securitiesincluding money market instruments.

The Fund is categorized as a "Balanced Scheme" as per the Circular No. 7 of 2009 issued by SECP.

The Pakistan Credit Rating Agency Limited (PACRA) has assigned a "2-Star" (3 years) fund performanceranking to Faysal Balanced Growth Fund as of January 11, 2016.

JCR - VIS Credit Rating Company limited has awarded an "AM3+" asset manager rating to theManagement Company as of March 25, 2016.

As at March 31, 2016, the Management Company held 1,052,193 units representing 46.12% of the totalunits in issue of the Fund as at that date. The Management Company has confirmed in September 2015that it will not redeem its investment within the next twelve months to the extent whereby the Fund's netassets fall below the minimum requirement of Rs.100 million.

2.3 The condensed interim financial information is presented in Pakistani Rupees which is the Fund's functionaland presentation currency.


15

7 FAYSAL BALANCED GROWTH FUND

3. SIGNIFICANT ACCOUNTING POLICIES, ESTIMATES AND FINANCIAL RISK MANAGEMENT POLICIES

3.1 New and amended standards and interpretations

IFRS 10 – Consolidated Financial Statements

IFRS 11 – Joint Arrangements

IFRS 12 – Disclosure of Interests in Other Entities

IFRS 13 – Fair Value Measurement

3.2


2016 2015Note

4. BANK BALANCES

1.4stnuocca sgnivas SLP - knab ta hsaC 59,502,679 15,063,231

4.1

5. INVESTMENTS

At fair value through profit or loss

Held-for-trading1.5seitiruces ytiuqe detsiL 90,156,245 76,106,488

Designated 'at fair value through profit or loss'2.5serahs ecnereferP - 39,035,712

90,156,245 115,142,200

These carry mark-up ranging between 4.00% to 6.65% (June 30, 2015: 4.50% to 6.70%) per annum andinclude a balance of Rs.108,221 (June 30, 2015: Rs.127,312) held with Faysal Bank Limited (a related party).

The accounting policies, basis of accounting estimates applied and methods of computation adopted in thepreparation of this condensed interim financial information are consistent with those followed in the preparation ofthe financial statements of the Fund for the year ended June 30, 2015 except for the following amended IFRS andIFRIC interpretations which became effective during the period as mentioned in note 3.1 below:

The Fund has adopted the following revised standards, amendments and interpretations of IFRSs whichbecame effective for the current period:

The adoption of the above amendments to accounting standards did not have any effect on the condensedinterim financial information, except for IFRS 13, which requires additional disclosure (see note 11).

The financial risk management objectives and policies are consistent with those disclosed in the annualfinancial statements of the Fund for the year ended June 30, 2015.

----------- (Rupees) -----------


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19

11 FAYSAL BALANCED GROWTH FUND


2016 2015Note

413,032,3YNAPMOC TNEMEGANAM EHT MORF ELBAVIECER.6 3,230,314

7. ACCRUED AND OTHER LIABILITIES

SECP annual fee payable 91,089 107,582 Brokerage payable 133,248 93,221 Withholding tax payable 644 762,462 Accrued liabilities 839,984 808,409 Zakat payable 588 588 Provision for Workers' Welfare Fund 7.1 5,443,878 5,443,878 Provision for indirect taxes and duties 7.2 1,077,542 705,403

7,586,973 7,921,543

7.1

7.2

8. PROVISION FOR INCOME TAX REFUNDABLE

9. TAXATION - -

This represents provision against tax withheld till September 30, 2004 under Section 233(A) of the Income TaxOrdinance, 2001. The tax amount had been claimed as refundable in the return of income for the year endedJune 30, 2005 and efforts were being made through tax advisor of the Fund to recover the same. However, asa matter of abundant caution, during the period, the Management Company has decided to make a provisionagainst this amount.

The Fund's income is exempt from income tax as per clause (99) of part I of the Second Schedule to theIncome Tax Ordinance, 2001 subject to the condition that not less than 90% of the accounting income for theyear as reduced by capital gains whether realized or unrealized is distributed in cash amongst the unit holders.The Management Company intends to distribute not less than 90% of its annual accounting income in cash, ifany, to comply with the above clause at year end. Accordingly, no tax provision has been made in thesecondensed interim financial information for the nine months ended March 31, 2016.

There is no change in the status of petition pending with SHC in respect of the Federal Excise Duty asreported in note 13.3 to the annual financial statements of the Fund for the year ended June 30, 2015.

There is no change in the status of the petition pending with the Honourable Sindh High Court (SHC) inrespect of WWF as reported in note 13.2 to the annual financial statements of the Fund for the yearended June 30, 2015.

The Fund maintained a provision for WWF as on March 31, 2016 amounting to Rs.5.44 million (June 30,2015: Rs.5.44 million). Had the provision not been made, the net assets value per unit of the Fund wouldhave been higher by Re.0.97 (1.48%) per unit (June 30, 2015: Rs.1.09 (1.70%) per unit).

-------------- (Rupees) --------------

In the matter involving the levy of Workers' Welfare Fund (WWF) on mutual funds (as fully explained in note10.2), the Fund, as a matter of abundant caution, created a provision for WWF since July 2008. Further, inorder to compensate the unit holders of the Fund, the Board of Directors of the Management Company in theirmeeting held on October 02, 2010 decided to reduce their management fee for the year ended June 30, 2010by Rs.3,230,314 i.e. the amount of provision for WWF as on June 30, 2010. Accordingly, this amount has beenrecorded as receivable from the Management Company and will be settled by the Management Company onlyupon payment of WWF to the relevant authorities otherwise it will be reversed in case decision regarding theapplicability of WWF on Collective Investment Schemes is in favour of the Fund.


20

March 31, March 31,2016 2015

Transactions during the period

Faysal Asset Management Limited (Management Company)Remuneration of the Management Company 2,143,226 1,883,359 Sales tax on management fee 300,052 282,504 Bonus issue of 7,134 units in lieu of 5% payment

of with holding tax (2014: Nil units) 454,752 -

Faysal Bank Limited (Group / Associated Company)Return on PLS savings accounts 5,311 7,027 Cash dividend paid - 1,525,300 Bank Charges 5,725 -

Central Depository Company of Pakistan Limited - (Trustee of the Fund)

Remuneration of the Trustee 525,482 523,562 Sales tax on Trustee fee 73,567 - Settlement charges 43,633 42,622


2016 2015Outstanding balances

* Faysal Asset Management Limited (Management Company)Receivable from the Management Company 3,230,314 3,230,314 Remuneration payable to the Management Company 253,585 214,135 Sales tax payable on Management fee 35,502 31,187Units in issue 1,052,193 (June 30, 2015: 1,045,059) 69,097,515 61,173,200

Faysal Bank Limited (Group / Associated Company)Units in issue 203,373 (June 30, 2015: 203,373) 13,355,523 13,015,889 Balance in PLS savings accounts 108,221 127,312 Return receivable on PLS savings accounts 635 1,640

Central Depository Company of Pakistan Limited - (Trustee of the Fund)

Remuneration payable to the Trustee 55,077 55,619 Sales tax payable on Trustee fee 7,606 - Security deposit 107,500 107,500

11. FAIR VALUE OF FINANCIAL INSTRUMENTS

Financial assets which are tradable in an open market are revalued at the market prices prevailing on thestatement of assets and liabilities date. The estimated fair value of all other financial assets and financialliabilities is considered not significantly different from book value.

(Un-Audited)

------------- (Rupees) -------------

* Faysal Asset Management Limited also holds more than 10% units in the Fund.

------------- (Rupees) -------------

IFRS 13 establishes a single source of guidance under IFRS for all fair value measurements and disclosuresabout fair value measurement where such measurements are required as permitted by other IFRSs. It definesfair value as the price that would be received to sell an asset or paid to transfer a liability in an orderlytransaction between market participants at the measurement date (i.e. an exit price). Adoption of IFRS 13 hasnot affected the condensed interim financial information.

10. TRANSACTIONS WITH CONNECTED PERSONS / RELATED PARTIES

Details of transactions with the related parties and balances with them at the period end are as follows:


DN

UF H

TW

OR

G D

EC

NAL

AB L

AS

YAF

31

The

follo

win

g ta

ble

show

s fin

anci

al in

stru

men

ts re

cogn

ized

at f

air v

alue

, ana

lyze

d be

twee

n th

ose

who

se fa

ir va

lue

is b

ased

on:

Leve

l 1:

Quo

ted

pric

es in

act

ive

mar

kets

for i

dent

ical

ass

ets

or li

abili

ties;

Leve

l 2:

Thos

e in

volv

ing

inpu

ts o

ther

than

quo

ted

pric

es in

clud

ed in

Lev

el 1

that

are

obs

erva

ble

for t

he a

sset

or l

iabi

lity,

eith

er d

irect

ly (a

s pr

ices

) or i

ndire

ctly

(der

ived

from

pric

es);

and

Leve

l 3:

Thos

e w

ith in

puts

for t

he a

sset

or l

iabi

lity

that

are

not

bas

ed o

n ob

serv

able

mar

ket d

ata

(uno

bser

vabl

e in

puts

).

Leve

l 1Le

vel 2

Leve

l 3To

tal

Fina

ncia

l ass

ets

mea

sure

d at

fair

valu

e

Inve

stm

ents

'at f

air v

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thro

ugh

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loss

'

Hel

d-fo

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sted

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ity s

ecur

ities

90,

156,

245

-

-

90,1

56,2

45

90,

156,

245

-

-

90,1

56,2

45

Fina

ncia

l ass

ets

not m

easu

red

at fa

ir va

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Ban

k ba

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es

-

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59,5

02,6

79

59,5

02,6

79

-

-

-

-

D

epos

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nd o

ther

rece

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-

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838

-

-

-

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Rec

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the

Man

agem

ent C

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3,23

0,31

4

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0,31

4

-

-

-

-

R

ecei

vabl

e ag

ains

t sal

e of

inve

stm

ents

-

2,

113,

475

-

2,

113,

475

-

-

-

-

90,1

56,2

45

8,

618,

627

59

,502

,679

158,

277,

551

90,1

56,2

45-

-

90,1

56,2

45

Leve

l 1Le

vel 2

Leve

l 3To

tal

Fina

ncia

l ass

ets

mea

sure

d at

fair

valu

e

Inve

stm

ents

'at f

air v

alue

thro

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prof

it or

loss

'

Hel

d-fo

r-tr

adin

g884,601,67

seitiruces ytiuqe detsiL-

-

76,1

06,4

88

76,1

06,4

88-

-

76,1

06,4

88

Des

igna

ted

'at f

air v

alue

thro

ugh

prof

it or

loss

'000,094,73

serahs ecnereferp detsiL-

-

37,4

90,0

00-

-

37,4

90,0

00

37,4

90,0

00

217,545,1serahs ecner eferp detsiln

U-

-

1,54

5,71

2-

-

1,54

5,71

2

1,54

5,71

2

Fina

ncia

l ass

ets

not m

easu

red

at fa

ir va

lue

-secnalab kna

B

-

15,0

63,2

31

15,0

63,2

31-

-

-

-

-selbaviecer rehto dna stisope

D

2,98

0,33

3-

2,98

0,33

3-

-

-

-

Rec

eiva

ble

from

the

Man

agem

ent C

ompa

ny-

3,

230,

314

-

3,

230,

314

-

-

-

-

115,

142,

200

6,21

0,64

7

15,0

63,2

31

136,

416,

078

76,1

06,4

88-

39,0

35,7

12

115,

142,

200

------

------

------

------

-----

(Rup

ees)

-----

------

------

------

------

June

30,

201

5eulav riaF

tnuoma gniyrra

C

Inve

stm

ents

Dep

osits

and

ot

her

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les

Cas

h an

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Tota

l---

------

------

------

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-- (R

upee

s) --

------

------

------

------

---

Mar

ch 3

1, 2

016

Fair

valu

e

------

------

------

------

-----

(Rup

ees)

-----

------

------

------

------

Car

ryin

g am

ount

------

------

------

------

-----

(Rup

ees)

-----

------

------

------

------

Inve

stm

ents

Dep

osits

and

ot

her

rece

ivab

les

Cas

h an

d ca

sh

equi

vale

nts

Tota

l

21

Notes to the Condensed Interim Financial Information For the Nine Months Ended March 31, 2016 (Un-Audited)14 FAYSAL BALANCED GROWTH FUND

March 31, June 30,2016 2015

Balance as at July 01 39,035,712 37,490,000Preference shares received during the period / year - 2,060,950 Purchased during the period / year 220 - Redemption during the period / year (1,545,932) - Sold during the period / year (37,490,000) - Provision made during the period / year - (515,238) Balance as at March 31 / June 30 - 39,035,712

12. GENERAL

Figures are rounded off to the nearest rupee.

13. DATE OF AUTHORISATION FOR ISSUE

________________________________________________rotceriDrotceriDreciffO evitucexE feihC

(Management Company)

This condensed interim financial information was authorised for issue on April 22, 2016 by theBoard of Directors of the Management Company.

The following table shows a reconciliation from the beginning balances to the ending balances for fair valuemeasurements in level 3 of the fair value hierarchy.

-------- (Rupees) --------

For Faysal Asset Management Limited

22

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