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Annual Report 2010
Askari Income Fund

Invest with AIM

A Wholly Owned Subsidary of

Title Inside

vision

The leading quality
investment advisor providing
excellent returns in a dynamic
market place, based on the
superior expertise of a
committed team of
professionals who value

“service to the customer”
Askari Investment
Management Limited

Good people.
Sound advice.
Great returns.

contents

Fund’s Information

01

Directors’ Report

03

Fund Managers
Report 08

Trustee Report to the Unit Holders 13

Income Statement 19

Statement of Compliance with the Code of

Statement Of Comprehensive Income 20

Corporate Governance 14

Review Report to the Unit Holders on The
Statement of Compliance with The Best
Practices of The Code of Corporate
Governance 16

Independent Auditor’s Report to the Unit

Distribution Statement 21
Cash Flow Statement 22
Statement Of Movement In
Unit Holders' Fund 23

Holders 17

Notes to the Financial Statements 24

Statement of Assets and Liabilities 18

Annexure 44

information about the
management company

fund's
information

Registered Office
Askari Investment Management Ltd.
Suit # 501, 5th Floor, Green Trust Tower, Blue Area,
Jinnah Avenue, Islamabad

Registrar
Technology Trade (Pvt.) Ltd.
Dagia House: 241-C, P.E.C.H.S Block-2,
Shahrah-e-Quaideen, Karachi

Head Office
Askari Investment Management Ltd.
Mezzanine floor, Bahria Complex III
M.T.Khan Road,
Karachi
UAN: 111-246-111
Email: info@askariinvestments.com

Bankers
l
Askari Bank Limited
l
Bank Al-Falah Limited
l
Royal Bank of Scotland Limited
l
Bank Al-Baraka Limited
l
Summit Bank Limited (Formerly: Arif Habib Bank
Limited)

Board of Directors
l Lt. Gen. (R.) Imtiaz Hussain – Chairman
l Mr. Shahid Hafeez Azmi
l Mr. Muhammad Naseem- FCA
l Mr. Mohammad Rafiquddin Mekhari
l Maj Gen (R) Saeed Ahmed Khan
l Mr. Sufian Mazhar
l Mr. Tahir Aziz
l Mr. Adnan Ahmed Siddiqui – CEO

Trustee
l
CDC House, 99-B, Block B, S.M.C.H.S.,
Main Shahrah-e-Faisal, Karachi
Tel: (92-021) 111-111-500

Executive Committee
Mr. Mohammad Rafiquddin Mehkari - Chairman
l Mr. Shahid Hafeez Azmi
l Mr. Tahir Aziz
l Mr. Adnan Ahmed Siddiqui – CEO

Auditors
l
Ernst & Young Ford Rhodes Sidat Hyder
Chartered Accountants
Progressive Plaza, Beaumont Road
P.O.Box 15541, Karachi
Tel: (92-021) 3565-0007

l

Audit Committee
Mr. Muhammad Naseem- FCA (Chairman)
l Mr. Shahid Hafeez Azmi
l Mr. Mohammad Rafiquddin Mekhari
l Mr. Tahir Aziz
l

Chief Financial Officer:
Mr. Irfan Saleem Awan, ACA
Company Secretary:
Syed Shoaib Jaffery

Legal Advisor
l
Haidermota & Company
Barristers-at-Law & Corporate Counselors
D-79, Block-5, Clifton
KDA Scheme no.5, Karachi

directors’ report

03

ANNUAL REPORT 2010

DIRECTORS’ REPORT TO THE UNITHOLDERS
On behalf of the Board of Directors of Askari Investment Management Limited (“the Management Company” or “the Company”), we are pleased to present the annual report of Askari Income Fund (“the Fund” or “AIF”) along with the Audited financial Statements and Auditors’ report thereon for the year ended June 30, 2010.

Economic Overview

Commodity prices have rebounded strongly from their lows of late 2008 and early 2009, driven by strong recoveries of industrial production especially in emerging-market economies. Recently, world oil prices again pierced $80 per barrel mark before coming back to just under $78. The rise in commodity prices has contributed to moderate acceleration of overall consumer price inflation in a number of emergingmarket economies and perhaps also to the modest pickup in core inflation in many of these countries. Monetary policies have been tightened in several countries (including China and India) to contain the rise of inflationary pressures. This will likely slow the pace of economic expansion somewhat but is not a major threat to continued global recovery. The world...
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