CAR POLICY

Objective:

Provide vehicles to those employees who are eligible as per Company policy through Islamic Ijara
Financing.

Eligibility:

Title(Management Category) Vehicle in cc Brand and Make

Asst/ Dy. Manager 800 Mehran VXR
Manager 1000 Cultus VXR
DGM / Sr. Manager 1300 Corolla XLI
GM / CFO 1800 Civic VTI Pros Oriel
Directors 2000 Corolla /Civic

Details:

a. All new cars will be purchased through cash.

b. New cars will be financed at control price determined by the manufacturing company.

c. For Sales Staff (RSM and ZSM) CNG cars will be booked.

d. The cars will be provided to the employees on sharing basis based on the following:

Company Contribution: (60 % of the cost + insurance and registration)

Employee Contribution: (40% of the cost)

e. All the new cars will be purchased on 4 years plan.

f. The Company will add its monthly contribution in employees’ salaries in 48 equal
installments.

g. Registration Charges for the new cars will be paid by the employeer in the first
installment.

h. The employees will become full owner of the cars after the completion of stipulated
time. However the employee will be entitled for new car after 5years i.e. 1 year after
the completion of installments.

i. If the company books a car for an employee which will be delivered to the employee
after certain period of time, the employee will be entitled to get the 40% of the cost of
the vehicle / 48 as allowance (as per entitlement) for that period of time.

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Artistic Milliners (Pvt) Ltd.
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j. The cars will be registered in the name of the employees according to the terms and
condition as defined.

k. Company will not be responsible/liable for any penalty charged by the Bank for
whatsoever reason.

l. The terms and conditions are only applicable as long as the employee is working with
Artistic Milliners. In the case of resignation or leaving the Company before he/she has
fully paid the installments of his/her car (i.e. before 4 years), the employee will be
completely responsible to renegotiate the new term and conditions with the company.

m. In case of any major or minor accident/theft/snatching, the employee is responsible to

inform the Administration Division as soon as possible. The Administration Division
will be responsible for getting the claim from the Insurance Company.

n. The employee will be responsible to pay all the depreciation charges claimed by the
insurance company in case of any accident.

o. All previous deductions will be adjusted against 10% security deposit and excess
amount if any will be refunded. If employee deduction is less than 10% security
deposits then the difference will be adjusted against gratuity payment of SFI and in
case of new employee, loan form should be required for the differential amount.

p. This policy is effective from ____________________..

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Artistic Milliners (Pvt) Ltd.
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Procedure:

Responsibility Action
Employee 1 Obtains Car Form from Representative of
HR Division.
2 Completes form and submits it along with
documents required to the Representative
of HR Division for processing.
Representative of HR Division 3 Receives form with required document
and forward it to the representative of
Accounts Division for further processing.

Prepared By:

HR Division

Reviewed By Reviewed By: Approved By:

HR Manager Director Operations Managing Director

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