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The Karachi Stock Exchange (Guarantee) Limited’s projected balance sheets

Karachi: First National Equities Limited

The Proposal

The First National Equities Limited (ENEL) intends to offer the =80,500,00 = Right Shares to its existing Ordinary Shareholders @  140 % (i.e. 1.40 shares for every one share hold). The Right Shares are proposed to be offered at Es. 2.50 per share at a discount of Rs. 7.50 per share. The proposed Right Issue will increase the paid up capital to Rs 1,380.00 million- from the existing paid up capital of Its, 575 million and will inject a fresh equity of Its, 201.25 million.

Purpose OF Right Issue

To purpose of the Right Issue is to improve the liquidity position of the company and compliance of the SECP requirement for the injection of fresh equity, Benefits to the Company:

The proposed Right issue will

Improve liquidity position of the company.

Streamline the day to day operations.

Enhance the clients, creditors and lenders confidence.

Enhance business capacity of the company.

Enhance repayment capacity towards creditors and lenders.

Increase the profitability mid improve the financial health of the company.

Use of Funds:

The proceeds from the Right Issue will be used to meet the working capital requirements and explore the investment opportunities for the capital gains and dividends.

Financial Protections:

The Financial Projection for five years is attached.

First National Equities Limited Projected Profit and Loss Account For the year ending on June 2012 to June 2016

Years

2012 2013 2014 2015 2016
Revenue 1,300 1,600 1,700 1,800 1,900
Operating Revenue 312,000 384,000 408,000 432,000 456,000
Dividend Income 90,000 98,000 95,000 100,000 100,000
Capital Gains on investments 150,000 200,000 210,000 225,000 250,000
Other operating income 30,000 35,000 40,000 45,000 50,000
——— ——— ——— ——– ———
582,000 714,000 753,000 802,000 855,000
Administrative Expenses
Administrative Expenses 158,015 182,963 196,924 211,742 227,511
——— ——— ——— ——— ———
Net Operating Profit 423,985 531,037 556,076 590,258 628,489
Other Cost
Financial Cost 128,642 146,652 124,466 99,174 70,341
Amortization of Discount 120,750 120,750 120,750 120,750 120,750
———  ——— ——— ——— ———
249,392 267,402 245,216 219,924 191,091
———  ——— ——— ——— ———
Profit before tax 174,593 263,635 310,860 370,334 437,398
Taxation 76,108 107,272 123,801 144,617 158,963
Profit after tax 98,485 156,363 187,059 225,727 278,435
Accumulated Losses brought forward (1,278,000) (1,179,515) (1,023,152) (836,093) (610,375)
——— ——— ——— ——— ———
Unappropriated Profit/ (Accumulated loss) (1,179,515) (1,023,152) (836,093)  (610,375) (331,941)
——— ———  ——— ——— ———
Earnings per Shares  0.79 1.26 1.51 1.82  2.24

 

First National Equities Limited Projected Balance Sheets As on June 2012 to June 2016

 

2012  2013 2014 2015 2016
Rupees Rupees Rupees Rupees Rupees
 (000)  (000) (000) (000) (000)
Non-currents assets
Fixed assets 205,680 196,680 137,680 178,680 169,680
Long-term Investments 35,000 35,000  35,000 35,000 35,000
Receivable From Associates 150,411 100,411 50,411  –  –
Long-term deposits 2,865 2,865 2,865 2,865 2,865
Deferred Tax assets 50,874 35,874 20,874 5,874
——— ——— ——— ——— ———
444,830  370,830 296,830 222,419 207,545
Current assets
Short-term investments 419,796 439,484 606,218 720,442 882,533
Trade debts 175,000 148,750 126,438 107,472 91,351
Loans and advances 5,000 5,263 5,551 5,869 6,218
Trade deposits and short-term prepayments 1,000 1,088 1,184 1,290 1,406
Other receivables 40,000 34,000 28,000 24,565 20,880
Cash and bank balances 280,127  422,769 443,921 558,849 588,126
——— ———  ——— ——— ———
920,924 1,051,352 1,212,211 1,418,487 1,590,514
Current liabilities
Trade and other payables 200,000 193,438 187,859 183,118 179,088
Short-term borrowings 360,000 310,000 280,000 280,000 280,000
 ——— ——— ——— ——— ———
560,000 503,438 467,859 463,118 459,088
Net current assets 360,924 547,915 744,352 955,369 1,131,426
Non-current liabilities
Long-term Loans- Other Basis 1,047,513 889,042 708,384 502,435 267,652
Loan from Director 15,000 15,000 15,000 15,000 15,000
Deferred liabilities-net 3,500 3,850 4,235 4,659 5,124
——— ———  ——— ——— ———
1,066,013 907,892 727,619 522,093 287,777
——— ——— ——— ——— ———
Net assets (260,259)  10,853 313,563 655,695 1,051,195
——— ———  ———  ——— ———
Represented by
Authorised Capital 1,500,000 1,500,000 1,500,000 1,500,000 1,500,000
——— ——— ——— ——— ———
Issued, Subscribed and paid-up capital 1,380,000 1,380,000 1,380,000 1,380,000 1,380,000
Discount of Right Shares  (483,000) (362,250) (241,500) (120,750)  –
Unappropriated Profit/ (loss) (1,179,515) (1,023,152) (836,093) (510,375)  (331,941)
Unrealized (loss) gain on remeasurement of

Investment classified – available for sale

22,255 16,255 11,155 6,820 3,135
———  ——— ——— ——— ———
(260,260) 10,853 313,562  655,695 1,051,194

 

For more information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136
Email: info@kse.com.pk
Web: www.kse.com.pk

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