Attachment 1
|
Report
Update On |
12th May, 1998 |
|
|
|
|
Report on |
DUTY FREE SHOPS LIMITED |
|
|
|
|
Registered Office |
PIA Building, Karachi Airport, Karachi, Pakistan |
|
|
|
|
Tel. No. |
92-21-453 8391 / 453 8395 |
|
Fax No. |
92-21-455 4426 |
|
E-Mail |
-- |
|
Telex |
-- |
Attachment 2
S U M M A R Y
|
Incorporated |
1976 |
Status |
Moderate |
|
|
|
|
|
|
|
|
Registration No. |
-- |
Chief Executive |
Mr. Masood Aziz |
|
|
|
|
|
|
|
|
Capital (Pak Rs.) |
32.472 millions |
Payments |
Slow |
|
|
|
|
|
|
|
|
Sales (Pak Rs.) |
695.006 millions |
Litigation |
-- |
|
|
|
|
|
|
|
|
Net Worth (Pak Rs.) |
(-) 26.132 millions |
Banking Reputation |
Satisfactory |
|
|
|
|
|
|
|
|
No. of Employees |
120 |
Auditors |
|
|
|
|
|
|
|
|
|
Credit Rating |
B (See attachment 3) |
|
||
PRINCIPAL / HEAD OFFICE
9A/1, Fatima Jinnah Road, Mohammed Ali Housing Society, Karachi, Pakistan
BRANCH
Egerton Road, Lahore, Pakistan
HISTORY
The company was incorporated in the year 1976 at Karachi in Pakistan.
LEGAL FORM
It is a Closely Held Public Limited Liability company.
DIRECTORS
|
Mr. Masood Aziz |
C/o. Custom House, Karachi, Pakistan |
|
Mr. Muhammad Razman |
C/o. Custom House, Karachi, Pakistan |
|
Mr. Shuja Shah |
C/o. Custom House, Karachi, Pakistan |
|
Mr. Muhammad Yar Bhuttor |
C/o. Overseas Pakistan’s Foundation |
|
Mr. Mustaq Ahmed |
C/o. Overseas Pakistan’s Foundation |
|
Mr. Zafar Iqbal |
C/o. Overseas Pakistan’s Foundation |
|
Mr. Modh. Zubair Kidwai |
C/o. Overseas Pakistan’s Foundation |
|
Mr. Ismail Patel |
C/o. Overseas Pakistan’s Foundation |
|
Mr. Nawaz Tiwana |
C/o. PIAC, PIA Head Office, Karachi |
|
Mr. Arshad Mahmood |
C/o. PIAC, PIA Head Office, Karachi |
|
Mr. Mustjab Haider |
Marine Apartment Clifton, Karachi |
|
Mr. Saleh Mahmood Tarin |
C/o. Duty Free Shop Limited, Mohd. Ali Housing
Society, Karachi |
|
Mr. Shahid M. Islam |
PIAC, PIA Head Office, Karachi |
|
Mr. Wasim Bari |
PIAC, PIA Head Office, Karachi |
MAJOR SHAREHOLDERS
|
Name of Shareholder |
No. of Shares |
Percentage |
|
PIA Holding (Private) Limited, Airport Hotel,
Karachi, Pakistan |
178,596 |
55.00% |
|
Custom Welfare Fund, Custom House, Karachi, Pakistan |
73,062 |
22.50% |
|
Overseas Pakistan Foundation, G-5/2 Shahreh
Jamhuriat, Islamabad, Pakistan |
73,062 |
22.50% |
|
TOTAL |
324,720 |
100.00% |
BUSINESS
The company is engaged to provide duty free shopping facilities for imported goods to Pakistani nationals returning home from abroad.
The company does not export its products.
The company employs 120 persons.
ASSOCIATES
K Custom Welfare Fund
K Overseas Pakistan Foundation
SUBSIDIARIES
K PIA Holding (Private) Limited
BANKERS
K Muslim Commercial Bank
K United Bank Limited
K Bank of Credit & Commerce International (Overseas) Limited
K National Bank of Pakistan
FINANCIAL INFORMATION
The company's last available financial information for the period ended 30th June, 1997 is enclosed herewith.
CAPITAL STRUCTURE
|
Authorised Capital : |
||
|
750,000 |
Shares of Rs.100/- each |
Pak Rs.75.000 millions |
|
|
|
|
|
Issued, Subscribed &
Paid-up Capital : |
||
|
324,720 |
Shares of Rs.100/- each |
Pak Rs.32.472 millions |
COMMENTS
Subject is an old company having moderate track. Directors are reported as experienced, respectable and having satisfactory means of their own. Financial position of the company is moderate. The company’s profitability is under severe pressure. Payments are reported as slow and delayed.
The company can be considered normal for business dealings with some caution.
ABRIDGED BALANCE SHEET AS ON 30TH JUNE, 1997
[figures are in Pakistan Rupees Millions]
|
SOURCES OF FUNDS |
|
30.06.1997 |
30.06.1996 |
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Share Capital |
|
32.472 |
32.472 |
|
2] Reserves & Surplus |
|
0.000 |
10.223 |
|
|
|
|
|
|
LOAN FUNDS |
|
|
|
|
1] Secured Loans |
|
42.303 |
0.000 |
|
2] Unsecured Loans |
|
165.076 |
172.748 |
|
|
|
|
|
GRAND TOTAL
|
|
239.851 |
215.443 |
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
67.561 |
12.587 |
|
Capital work-in-progress |
|
8.174 |
24.153 |
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
Total Current Assets |
|
290.664 |
261.154 |
|
Loans & Advances |
|
2.801 |
7.292 |
|
Total Current Assets |
|
293.465 |
268.446 |
|
Less : |
|
|
|
|
Current Liabilities & Provisions |
|
187.953 |
89.743 |
|
Net Current Assets |
|
105.512 |
178.703 |
|
|
|
|
|
|
PROFIT & LOSS ACCOUNT |
|
58.604 |
0.000 |
|
|
|
|
|
GRAND TOTAL
|
|
239.851 |
215.443 |
IMPORTANT FINANCIAL INFORMATION FOR TWO PERIODS
[figures are in Pakistan Rupees Millions]
|
PARTICULARS |
|
30.06.1997 |
30.06.1996 |
|
Sales Turnover |
|
695.006 |
655.596 |
|
[including other income] |
|
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
(29.511) |
4.891 |
|
Provision for Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss) After Tax |
|
(29.511) |
4.891 |
|
|
|
|
|
Expenditures :
|
|
|
|
Administrative & Selling
Expenses
|
|
185.336 |
175.207 |
Management Fee
|
|
10.425 |
9.834 |
Total Expenditures
|
|
195.761 |
185.041 |
Attachment 3
|
SCORE SHEET |
|
SCORE |
CREDIT RATING |
STATUS |
PROPOSED CREDIT LINE |
|
>86 |
Aaa |
Possesses an extremely sound financial base with the
strongest capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed
for credit transaction. It has above average (strong) capability for payment
of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded
healthy. General unfavourable factors will not cause fatal effect. Satisfactory
capability for payment of interest and principal sums |
Fairly
Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to
meet normal commitments. Maybe drawn to slightly difficult position as unfavourable
conditions arise. Minimal assurance for timely payment on interest and
principal sums |
Moderate |
|
26-40 |
B |
Unfavourable & favourable factors carry similar
weight in credit consideration. Capability to overcome financial difficulties
seems comparatively limited or considered not known. Capability to pay both
interest and principal sums is doubtful |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and
principal sums in default or expected to be in default upon maturity |
Limited
with full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be
exercised |
Credit
not recommended |
Attachment 4
ACKNOWLEDGEMENT
Dear Sir/Madam,
As part of our control
system, please fax/email us this note
upon receipt of this report. If we do not receive the acknowledgement within 24
hours, we will assume that our report meets your requirement. If you have any
suggestion to help us improve our reports and services, please do not hesitate
to let us know.
Thank you.
________________________________________________________________________
To : MIRA INFORM PRIVATE
LIMITED
From :
To :
Feedback – Please tick
the appropriate box.
------------------------------------------------------------
|
|
GOOD |
FAIR |
POOR |
|
|
|
|
|
|
Content |
[
] |
[
] |
[
] |
|
Layout and
Presentation |
[
] |
[
] |
[
] |
|
Speed of Delivery |
[
] |
[
] |
[ ] |
|
Overall Impression |
[
] |
[
] |
[
] |
Further Comments/Suggestion :
________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
_____________________________
Company’s Stamp &
Signature