Main Shahra-e-Faisal, Karachi - Pakistan Tel: +92-21-35657000 Fax: +92-21-35631523 E-mail: [email protected]Web: www.rphcc.com www.phdl.com.pk Owners & Operators of PAKISTAN HOTELS DEVELOPERS LTD. Condensed Interim Financial Information Six Mont Period Ended December 31, 201 hs 6 (Un-audited)
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· FAHAD IQBAL KHAN M Director MR. MOHSIN BAWEJA MR. ZAHEER BAWEJA R. S.MAHMOOD BAWEJA Director MR. MASROOR F. BAWEJA Director Director MR. NAVED ALAM BAWEJA Director Executive Directors:
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It is our cherished goal to be the Industry leader in hotel business byestablishing a complete, unique, distinctive and truly a five star deluxe
hotel complex.
To achieve the above objective and to provide the highest level ofsatisfaction to our valued customers, we are constantly engaged andworking with a missionary zeal to bring necessary improvements in ourexisting facilities and to excel in offering efficient and quality servicesto them.
We are also committed to maintain the highest level of Internationalhotel standards, which will add to the glory and prestige of the Country
and promote tourism.
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Pakistan Hotels Developers Ltd.
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COMPANY INFORMATION
Six-Months Ended December 2015
BOARD OF DIRECTORS:
MR. MANSOOR F.BAWEJA
Chairman
MR. MUZAFFAR F. BAWEJA
Chief Executive Officer
COMPANY SECRETARY:
MR. FAHAD IQBAL KHANNon-executive Directors:
MDirectorMR. MOHSIN BAWEJA
MR. ZAHEER BAWEJA
R. S.MAHMOOD BAWEJA
DirectorMR. MASROOR F. BAWEJADirector
DirectorMR. NAVED ALAM BAWEJADirector
Executive Directors:
MR. ZUBAIR BAWEJAManaging Director
Independent Director:
MR. M.A. MAJEED
HR & R COMMITTEE:
MR. MASROOR F. BAWEJAChairman
MR. ZAHEER BAWEJAMember
MR.NAVED ALAM BAWEJAMember
AUDIT COMMITTEE:
MR. M.A. MAJEEDChairman
MR. MOHSIN BAWEJA
Member
Member
BANKERS:
BANK AL-HABIB LTD.FAYSAL BANK LTD.HABIB BANK LTD.MCB BANK LTD.MEEZAN BANK LTD.NATIONAL BANK OF PAKISTANSILK BANK LTD.SUMMIT BANK LTD.
AUDITORS:
TANWIR ARIF & CO.Chartered Accountants
LEGAL ADVISOR:
SOFIA SAEED SHAH
REGISTERED OFFICE:
REGENT PLAZA HOTEL,MEZZANINE FLOOR195/2, SHAHRAH-E-FAISAL,KARACHI.
The six month period under review witnessed a sad incident in the history of
your company. On 5th December 2016, a serious fire was broke out in late night.
In this tragic incident precious lives of 12 persons including one of the staff
member were lost beside several were injured. We want to convey heartiest
condolence to the families of all those who lost their lives. May Almighty Allah
Bless all the departed souls and place them in Jannatul Firdous, Ameen. We
also pray for the injured people for their early recovery.
It is to mention that management with the help of related authorities taken
immediate steps to handle the situation arisen as a result of fire. More then
four hundred guests and hotel staff were successfully evacuated. Every possible
efforts were made to provide medical facilities to injured persons. Besides
families of departed souls were also taken care of. However, the incident cause
severe damage to various service areas. As a result the business operations were
suspended and steps were initiated to revamp the facilities.
Despite the great shock and loss, we are presenting the financial statement well
in time which shows our determination and strength to overcome on the situation
and success in our rehabilitation work.
Alham-do-lillah we have started with soft opening banqueting & health club
facilities for valuable guests.
During the six months period under review, excellent performance shown by
the management and earned a pre-tax profit of Rs. 90 million although one month
revenue (December-2016) lost due to fire incident.
Mr. Naved Alam Baweja - Director on Board have given resignation from the
Directorship and his resignation accepted by the Board on 12th January, 2017
and Board appreciated the services rendered during his tenure.
On behalf of the Board of Directors, we thankful to our Shareholders, Clients,
Banks, Vendors for their support and stand with us in difficult time.
Pakistan Hotels Developers Ltd.
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Six-Months Ended December 2016
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MUZAFFAR F. BAWEJAChief Executive Officer
Karachi: February , 20123 7
DIRECTORS’ REPORT
The Board of Directors of Pakistan Hotels Developers Limited (PHDL) have
honor to present the performance of the Company for first half of the financial year
2016-17 along with review report of the statutory Auditor.
Pakistan Hotels Developers Ltd.
Despites of shut down of our operation in almost whole December 2016,gross profit increasedby 1.3%. However sales and services were decreased by 10%. Net profit before taxation wasalso increased by Rs. 3,553 thousand which was 4% increased as compared to correspondingperiod of previous year.
Directors have not declared any interim dividend for the quarter ended 31st December, 2016
The Board of Directors wish to express their appreciation to the entire team of Pakistan
Hotels Developers Limited, the esteemed guests, the valuable shareholders as well as all the
other stakeholders for their confidence and support in such difficult days.
Financial results of six months period are summarized as follows
For the six-months period ended31st December
Sales and services-net
Gross Profit
Profit before Taxation
Profit after Taxation
Earning Per Share (Rupees)
2016 2015(Rupees in '000)
321,494
175,491
89,969
64,904
3.61
The Directors regret to report that a serious fire broke out on 5th December, 2016
and damaged several areas of the Hotel. Most of the guest and employees were
safely evacuated. But twelve people including one of the Hotel employee had lost
their precious lives and several were injured. Hotel operation had been temporally
suspended but Management are confident that all the operations will resume shortly
We express profound grief and sorrow for the loss of valuable lives and extend
heartfelt condolence to bereaved families and sympathies to the injured.
355,842
173,136
86,416
60,344
3.35
For and on behalf of the Board of Directors
AUDITOR'S REVIEW REPORT TO THE MEMBERS
TANWIR ARIFTANWIR ARIF & CO.Chartered Accountants.
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We conducted our review in accordance with International Standard onReview Engagements 2410, “Review of Interim Financial InformationPerformed by the Independent Auditors of the Entity”. A review of interimfinancial information consists of making inquiries, primarily of personsresponsible for financial and accounting matters, and applying analyticaland other review procedures. A review is substantially less in scope than anaudit conducted in accordance with International Standards on Auditingand consequently does not enable us to obtain assurance that we wouldbecome aware of all significant matters that might be identified in an audit.Accordingly, we do not express an audit opinion.
We have reviewed the accompanying condensed balance sheet ofas at December 31, 201 and the
related condensed interim profit and loss account, condensed interim statementof comprehensive income, condensed interim cash flow statement, condensedinterim statement of changes in equity and notes to the accounts for the six-months period then ended (here-in-after referred to as the “interim financialinformation”) Management is responsible for the preparation and presentationof this interim financial information in accordance with approved accountingstandards as applicable in Pakistan for interim financial reporting Ourresponsibility is to express a conclusion on this interim financial informationbased on our review. The figures of the condensed statement of comprehensiveincome for the quarters ended December 31, 201 and quarter ended December31, 201 have not been reviewed as we are required to review only the cumulativefigures for six months period ended December 31, 201 .
Pakistan Hotels Developers Limited 6
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Introduction
Scope of Review
Based on our review, nothing has come to our attention that causes us to believethat the accompanying interim financial information is not prepared, in allmaterial respects, in accordance with approved accounting standards asapplicable in Pakistan for interim financial reporting.
Conclusion
Haydrabad: February 23, 2017
We draw attention to Note No. 8 to the financial information which describes theserious breakout of fire in the hotel. Our opinion is not qualified in respect of this matter.
Pakistan Hotels Developers Ltd.
LEFTBLA
NK
"The annexed notes form an integral part of this statement""See Auditors’ Review Report"
Pakistan Hotels Developers Ltd.
CONDENSED INTERIM BALANCE SHEETAS AT DECEMBER 31, 2016