Dun &Bradstreet

Table of Contents

PREFACE

TRIBUTE

REASON FOR SELECTION OF THIS INSTITUTION

DUN & BRADSTREET

INTERNATIONAL CREDIT INFORMATION

BOARD OF DIRECTORS

MANAGEMENT

WHAT IS ICIL’S CORE BUSINESS?

PRODUCTS AND SERVICES OF ICIL

o EXPORT FACILITATION SERVICES

o BANKING SERVICES

o WHAT IS DUNS NO

o BUSINESS INFORMATION REPORT

CLIENTELE

o FINANCIAL SECTOR

o EXPORT SECTOR

COMPETITORS

o CURRENT MARKET SITUATION

BUSINESS PLA YEAR 2000 AND BEYOND

WORK DONE BY ME IN ICIL

o CUSTOMER SERVICES

International Credit Information Ltd

Dun & Bradstreeto OPERATIONS

o SALES & MARKETING

o ACCOUNTS

CONCLUSION

RECOMMENDATIONS

FINANCIAL ANALYSIS

o VERTICAL ANALYSIS

o HORIZONTAL ANALYSIS

o RATIO ANALYSIS

o CONCLUSION

ANNEXURE

o X-BIR REPROT (SAMPLE)

o LOCAL REPORT (SAMPLE)

o SEARCH REPORT (SAMPLE)

o INCOMEESTIMATION REPORT (SAMPLE)

FEW WORDS FROM Mr. AWAIS KHAN

BIBLIOGRAPHY

PREPARED BY ___________________MBA Registration No: ____________ of 47


Dun & Bradstreet

I acknowledge the patronage of my respected teacher Prof. ___________________ and it is not to exaggerate that due to such an assignment I became able to handle a project at such an initial stage. This is all due to the conceptual ground which is very strong in my perception as taught us in the classes of the operational & production management. I am the lucky one to get such a professional touch from my teacher regarding the operation & production methodology.

I have tried to use the latest techniques of the production & management on a very different style, hence making the report unique. I am sure that I am on a very different subject and again I would like to say that only the help of my teacher could handle such a big problem.

In case of any misconception I regretful to say that It is just the beginning and many things are to come next.

Regards

__________________



Dun & Bradstreet

I pay my tribute to Mr. Mirza Asad Ahmad, who not only assisted me in my project but also like a

teacher he taught me many things in the normal conversation.

Although he is a very busy person but he made spare some time for mine and I became able to get the

information in a consequent way.

I also thank him to have a very nice company with me.



Dun & Bradstreet

Why Dun &Bradstreet (International Credit Information Ltd.) is selected for Internship:

I met a Banker who is from my family, told me about ICIL and its services. It looked very different due to its

different and versatile line of products. When I showed interest about the co. then the same banker referred

us to Mr. Mirza Asad Ahmad who is Regional Sales Coordinator in the same company.

Before going into the problem I should have the knowledge about the company and its products.



Dun & Bradstreet

Dun & Bradstreet

Dun & Bradstreet is more than 163 years old US based multinational which has its head office in USA

and has its working offices in more than 213 countries which have been serving well in them. From our

humble beginning as a credit rating agency, set up by Lewis Tappen in 1841 we have become a global

organization. In many of the markets we serve, we are unique in our ability to provide dedicated local

services backed by the global capabilities and resources of a worldwide corporation.

Today, the Dun & Bradstreet Corporation Joined by long-term partners....

Dun & Bradstreet-- The world's largest source of business-to-business Credit, Marketing and Receivable

Management Information. Moody's Investors Service-A global leader in Rating Debt over 130,000

Corporate and Public Finance Ratings.

...Is a company more keenly focused on our core business areas? We have grown to become the world's

largest provider of business information and related services, with annual revenue of more than US$2

Billion.



Dun & Bradstreet

Dun & Bradstreet has the world's largest commercial database with more than 70 Million business

records. Serving your information needs around the clock, we have more than 18,000 professionals working

in more than 40 countries ensuring the quality & timelines of our information with over 1.5 million updates

completed each business day. Maintaining the most comprehensive commercial databases gives Dun &

Bradstreet a unique advantage of providing quality credit & marketing information services. In Asia Pacific

it is headed by DUN & BRADSTREET SINGAPORE.

Dun & Bradstreet in Pakistan D&B entered in the Pakistani Market with the concept of Risk Management

Services through its distributor International Credit Information Ltd. in February 1998.



Dun & Bradstreet

INTERNATIONAL CREDIT INFORMATION LIMITED (ICIL)

ICIL is an unlisted public limited company: Registration No. K-07137 NTN Number: 13-07-

1017382

ICIL is distributor / Local affiliate of Dun & Bradstreet in Pakistan (visit website:

www.dnb.com.sg)

ICIL is co-operation partner of Gerling credit insurance company of Germany (visit website:

www.gerling.com)

ICIL has a marketing agreement with Schober Direct Marketing Company of Germany. (Visit

website: www.schober-international.com)

ICIL's Board of Director comprises of Commercial, Investment Bankers, Chartered Accountants,

Corporate large and Industrial Managers of proven performance in Pakistan. Its management

team is academically qualified and has been trained by Dun & Bradstreet in different discipline.

As a part of Dun & Bradstreet Asia Pacific Region, ICIL Pakistan has access to D&B

technologies, its world databases, its global network & resources. It is engaged in the

development of database of Pakistan's business universe and is providing global as well as local

business-to-business credit, marketing, purchasing and receivable management service.

The Co. has started its activities in February 1998 as a sole and authorized distributor of Dun & Bradstreet’s

Services in Pakistan.



Dun & Bradstreet

BOARD OF DIRECTORS Mr. M R Khan

-Ex Central Banker. -Ex Chairman Pakistan Banking Council

Mr. Abdul Azeem Shammali

-Investment banker -Chairman Pakistan Kuwait Investment Bank Ltd.

Mr. Humayun Mufti

-Chartered Accountant-Entrepreneur with Industrial management background

Dr. Adil S. Mufti

-Ph.D. -Entrepreneur with industrial management background

Mr. Jamil Hamdani

-Banker -Managing Director Canadian Imperial Bank of Commerce, Liaison office in Pakistan

Mr. Kazim Hassan

-Corporate Lawyer

Mr. Ar if Mufti

-Chartered accountant -Chairman American Life Insurance Company Limited ( ALICO)

Mr. David Emery

-Senior Vice President Dun & Bradstreet Asia Pacific

Mr. Babar Mufti - Economist



Dun & Bradstreet

MANAGEMENT

A team of professional and qualified individuals manages the company. Company has a total strength of

more than 53 personnel.

Head of Marketing & Business Development Mr. Abid Ajmal

Head of Operations & Risk Management Services Mr. Babar Mufti ( BSC London, MSC London School of Economics)

Information Resources Manager Mr. Mobashhar Alam (BBA Management, MBA Marketing (Hamdard))

Senior Relationship Manager Mr. Hussein Javed

Global Services Manager - Trading sector Mr. Salman Farooqui (B.Com (Hon's), M. COM (Management))

Customer Services Team Leader Mr. Jawad Rasheed (BBA Management & MBA Marketing)

Regional Sales CoordinatorMr. Mirza Asad Ahmad

Coordinator Global Risk Mgt. Services Mr. Faisal N. Tanoli (BBA Management & MBA Marketing)

Manager - Information Technology Mr. Yasser Mufti (B. Eng. University of London, M.Sc. Information Technology, London)

Operation Manager Mr. Salman Raza (BBA Finance, MBA Finance)



Dun & Bradstreet

DETAILS OF BRACHES

Head Office Karachi

D-90, Block 2, Scheme # 5, Kehkashan, Clifton, Karachi. Telephone # 021- 5877451-5Fax # 5877345

Lahore Office

112-B, Sunshine Embroidery Retail House, Main Gulberg II, Lahore Telephone # 042-5717581- 82, 5711070- 71 Fax # 042-5710276

Sialkot Office

Warraich Mansion, Office # 22,2nd Floor, Paris Road, Sialkot.Telephone # 0432- 292435

Islamabad Office 6 Agha Khan Road, F-6/4, Islamabad.Telephone # 051- 2820829

Faisalabad Office

B 13, 18-A/3, Faisal Plaza, Bilal Road,Civil Lines, Faisalabad.Telephone # 041- 623411

Multan Office

Trust Plaza, Multan.

COMPANY'’S BANKS: ANZ Grindlays Bank, Clifton Branch, Karachi.

Bank Al- Habib, Karachi.

Bank Al - Falah, Karachi.

COMPANY AUDITORS:

KPMG (Taseer Hadi & Company)



Dun & Bradstreet

WHAT IS ICIL'S CORE BUSINESS:

Being Local partner of Dun & Bradstreet in Pakistan, ICIL is primarily engaged in:

Providing D&B's cross border credit, marketing and purchase and Receivable Management Services

to Pakistani companies.

Development of database of Pakistani companies and putting it on D&B World base.

Providing Credit reports on Pakistani companies to D&B customers worldwide and to Pakistani

businesses.

Registered Charges Search Report and Registration of charges.

D&B International Receivable Management / Debt Collection Services to Pakistani exporters.

Gerling Export Credit insurance.



Dun & Bradstreet

PRODUCTS AND SERVICES OF ICIL:

ICIL has been serving the business sector of Pakistan since its incorporation and is unique due to its professional touch and quality of the services. Following is a brief description of the products that are being offered by the Co.

Marketing Services DUNS Number Business Marketing Services Direct Marketing Service Business Marketing Services T.R.A.D.E Report

Risk Management Services Business Information Report Cross Border Receivable Management/ Debt Collection Gerling Export Credit Insurance

Banking Services Credit Services

Marketing Services:



Dun & Bradstreet

Following is a brief description of the Marketing related services

A) D-U-N-S Number

The Data Universal Numbering System (D-U-N-S) is maintained solely by Dun & Bradstreet. We assign each business location with a distinct, unique and separate operation its own DUNS No. when the business first enters into D&B Business Information Database. DUNS No. is assigned once and if a business decides to shut its operation, its DUNS No. is retired and will not be assigned to any other business concern. This specific DUNS No. will only become alive if the same concern becomes operational again.

The DUNS Number and its Value:

Access the world's most premier database of more than 60 million business records worldwide customized to meet your business objectives and uniquely identified through the D&B DUNS No. The D&B DUNS No.'s distinctive nine digit identification sequence links you to a wealth of quality information products and services originally exclusively from D&B. As an internationally recognized common company identifier in EDI and e-commerce transactions, the DUNS No. is in use by the world's most influenced standard organizations. And more than 50 global industrial and trade associations and the US Federal Government recognize, recommend or require the D&B DUNS No.

The D&B DUNS No. can help you; Enhance your customer and vendor files. Locate and identify potential buyers and suppliers all over the world. Streamline your credit, billing and collection systems. Take advantage of new automated transactions technologies (including D&B EDI) Gather business and credit information quickly and easily.

DUNS No. May be Assigned to any business entity including: Public Limited Companies Private Limited Companies Partnerships


ICIL, in collaboration with DnB provides the services for Pakistani Exporters not to introduce them in the International Market but also to explore new markets, and the ways how to enter into them with available resources.


Dun & Bradstreet Trade Associations

Single Owner type like

1. Clinics 2. Law Firms 3. CA Firms

The DUNS No.s are not assigned to: Different Departments of the same company located at the same location, such as a single company's

marketing and finance departments will not have different DUNS No.

Un-staffed operations or locations, such as automated teller machines. Trade styles or additional names used by the company for buying and/or advertising purposes.

Post Office Box No. used only for general mailing purposes.

How to register your co. on D&B's World Database by Getting your own DUNS No.

Contact International Credit Information Ltd.- Dun & Bradstreet to get your own DUNS NO.Only a one time processing cost of US$ 7.50 applies (equivalent to Pak Rs. 395/-)

B) Business Marketing Services

Business Marketing Services use the power of Dun & Bradstreet's database to provide specialized business-to-business marketing solution.

As an exporter /importer, you are always in search of buyers/suppliers.

Who can give data beyond some basic information?

Who can provide you only current information?

What is most credible source of information?



Dun & BradstreetDatabase Development of Pakistani Exporters/ Importers

Not only in Pakistan but also all over the world there is no reliable database especially of commercial exporters and importers who are partnerships and proprietorships. D&B only put reliable information on their database. Once a company is on D&B database foreign buyers can have online access to ICIL. This database is actually the raw material for the business-to-business dealings and reliability. The edge of the Co. is that the commercial database maintained by the Co. is updated day by day so the customer can get timely updated and fresh data. So according to the needs of the day it is very important to get such type of data.

At D&B we have Total Marketing Solution to help your business in finding out the right buyers/suppliers. Through our Business Marketing Services (BMS), you can explore potential markets around the world for your products/services. Just specify the region you want to explore potential and we will come up with a list of your potential buyers/suppliers with brief corporate profiles. Information on each buyer/supplier will be provided to you in the shape of PROSPEST CARD.

Each Prospect Card contains information such as:

Prospect Buyer's/Supplier's name Full Address Telephone Number Fax Number Year Business Started Sales Turnover SIC Code Name of Contact Person Title of Contact Person Import/Export Indicator Number of Employees

C) Cross Border Direct Marketing Services

Direct marketing or Database Marketing is very rapidly replacing all the convention tools of marketing i.e. advertisement, promotion or actual selling of a product. Now a days database are so precise that one can reach a customer belonging to any income/age group or of any ethnic background. Similarly database of wholesaler/retailer of any products are available. If one Pakistani exporter wishes to sell Pakistani Masalas to the Pakistani community in New York, he can do so while sitting in Pakistan.

As a model we have taken a Direct Marketing Assignment of a Pakistani leather garment manufacturer who wanted us to reach 250 wholesalers in USA. Results recently received from our Direct Marketing Associates



Dun & Bradstreethave been so encouraging that our customers want us to take similar assignment of Direct Marketing in Spain and in other country.

The results have also encouraged us to consider cross border Direct Marketing Services as a profitable product.

D) Local Direct Marketing Services:

ICIL has been using its Direct Marketing Capabilities to sell its export related services to the exporters community and to develop its database/sale of DUNS Number. However, in the new strategy, company is considering to use its Direct Marketing Services as a product to market other companies products.

E) T.R.A.D.E Report

A T.R.A.D.E Report provides details of worldwide

imports of all commodities into USA through all US

seaports. The Report helps to determine which US

buyer is importing which commodity and from

which US buyer is importing which commodity and

from which country. The report helps exporters in

Pakistan to know who are its local competitors and the quantity they are exporting to US buyers

Risk Management Services



Dun & BradstreetA) Cross Border Business Information Report:

Our worldwide information base can help you answer such questions:

1. Will my customer pay & when? 2. What is the level of risk associated with the customer? 3. Is the customer well established? 4. How does the customer compare with the others in the same industry in terms of financial

condition and payment habits? 5. Can I depend on the supplier to deliver as promised? 6. Has the financial condition and stability of a customer or supplier changed?

Business Information Report (BIR) is a comprehensive Credit Report, covering areas such as; 1. Company Summary: A quick overview of the Co., D&B rating Duns numbers, year started, sales,

worth etc.2. Credit Risk Index: A DnB Credit opinion. 3. Payment Experience: Payment history from trade suppliers 4. Court Information: High court or similar information 5. Registered Charges: Secured loans, debentures etc. 6. Finance: Balance sheet, Income Statement, & Financial Commentary 7. Banking Information: Principal Bankers 8. History: Company registry information, shareholding, name of officers and principals, experience

& background of key personnel 9. Operations: Nature of Business & how it is conducted 10. Corporate Structure: Listing of parent/subsidiaries/branches/affiliates 11. Special Event: Latest media/ credit significant updates


D&B's BIR is the most widely used & trusted report of its kind. The BIR can enhance the accuracy of your decision making process by providing you the vital facts & figures that reflects a firm's overall condition & ability to meet its credit obligations.


Dun & BradstreetB) Cross-border Receivable Management / Debt Collection.

D&b's professional experience, physical presence and comprehensive information on Companies allow our local offices to know the business climate and legal implications in our major centers of global commerce around the world. 70% of all accounts placed with D&B are collected before legal action is necessary. In fact all accounts placed us that are less than 150 old could be settled within a month.

Membership Privileges

On signing the D&b RMS subscription form, our customer is entitled to certain privileges that include:

1. D&B Global Membership: The client can ask for advice and consultancy on international trade problems, UCP Laws and L/C terms etc. free of cost.

2. DUNS Number: A RMS subscriber is issued a DUNS No. (Free of cost) that makes his company globally recognized and makes it eligible for e-commerce facility.

3. Complementary BMS Cards: A member is also entitled to receive 5-10 free BMS Cards of Buyers in USA for their product.

4. Free BIR: As a member you are given one free BIR of your Customer in category A & B. 5. Special DUNS Letter: This Letter is specifically tailored to be sent along with the shipping

documents, stating that D&B is the Collection Management against a particular consignment as a precautionary letter.

6. Coverage for 9 Years: RMS subscription covers all the cases that are stuck up for the last 8 years in addition to providing cover the one year in future.

7. Unlimited No. of Claims: A RMS member can lodge unlimited no. of stuck up invoices with D&B for collection. D&B will not charge any commission unless the amount is recovered.

D&B has a Policy of "No Collection no Commission"


Dun & Bradstreet is the world's largest Receivable Management and Debt Collection Agency. D&B has been collecting Cross Border accounts for more than 150 Years, handling around 500,000 claims per Year. We are specialist in helping you to get paid in time, on your terms.

Receivable Management Service (RMS) provides you a set of tool; practices and services that will help you manage your receivable professionally and efficiently. We have more than 600 professionals working in over 40 countries ensuring careful handling of your claims and information.


Dun & BradstreetCollection Procedure

I. On expiry of a credit term, the customer can ask for "D&B Fast Collection Service." This service constitutes a set of three letters that are sent to the debtor at 10 days intervals. If the amount is recovered through this service, the ICIL/D&B will charge a flat commission of 5% on the amount collected.

II. In case the D&B Fast collection service does not bring about the positive result, the client will then give D&B a Final Clearance to collect on its own behalf. The under-mentioned structure will be applicable then.

International Commission Schedule

Amount Collected Age of invoice Under 120 Days 121-210 Days 211-365 Days

US $ 800-49,999 21% 24% 27%

US $ 50,000-99,999 18% 21% 25%

US $ 100,000 and over 16% 19% 23%

US $ 2.5 billion (30%) of Pakistani exports are on consignment basis (unsecured credit). Every year unpaid export bills remain stuck-up. D&B's global receivable management and debt collection network service is already available on

Pakistani exporters and the banking industry. D&B RMS and debt collection service is again an essential tool for increasing export profitably. D&B have a collection network in 40 countries around the world. D&B Receivable managers and debt collectors have the knowledge of local languages, laws, cultures,

business practices etc. of 40 different countries. In additions to local presence, D&B collectors and receivable managers have in-depth know-how of

international laws, which enables D&B to provide excellent Receivable management services throughout the world.

C) Gerling Export Credit Insurance:

As a part of its Export facilitation services, ICIL now offers "Export Credit Insurance" by Gerling. Namur is 100% owned subsidiary of Gerling Insurance Group of Germany. It is the world's third largest credit insurance company. Today Export Credit Insurance facilities are not available to the Pakistani exporters. 30% of Pakistani exports is going on consignment basis / open accounts which is major global



Dun & Bradstreetcredit risk. ICIL has entered into co-operation / marketing agreement with Gerling Namur.By arranging export credit insurance it is expected that Pakistani exports can increase. Gerling will cover 85% of invoice value against protracted default and insolvency of overseas buyer. Gerling Credit Insurance policy ahs been scrutinized an international bank for use as a collateral therefore it is considered as financial guarantee for discounting purposes.

Credit Services:

The company provides many corporate/credit services to the banking as well as business sector for the enhancement of the confidence for their decision making.

Cross - border Business information / Credit Reports:

Due to business failures / bankruptcies, doing business globally is becoming riskier day by day. D&B's Credit Reports act as a global credit risk alert.

Will this company pay on time? Is the company well established? How does the company compare with others in the same industry in terms of financial condition and

payment habits? Has the financial condition and stability of a customer changed?



Dun & Bradstreet

Local Credit Reports:

ICIL provides Credit Reports on Pakistani businesses. These reports are prepared after thorough investigation and contain vital information such as Company contact details, Financial figures, Trade references, management background, etc.

Registered Charges Search Reports:

ICIL provides search reports including registered charges at the Securities & Exchange Commission. ICIL Search reports are developed covering of bank-wise, security-wise and date-wise charges.

Registration of Charge:For the convenience of our banking customers ICIL provides registration of charge documents, creation of charge, and modification of charges and also satisfaction of charges.

CLIENTELE

FINANCIAL SECTOR United Bank Limited

National Bank of Pakistan

Habib Bank Limited

Bank Al-Habib Limited

Askari Commercial Bank Limited

Hong Kong & Shanghai Banking Corporation


http://www.pakbizinfo.com/local.htm


Dun & Bradstreet The Bank of Punjab

Muslim Commercial Bank Limited

Allied Bank Limited

Soneri Bank Limited

Bolan Bank Limited

Faysal Bank Limited

Union Bank Limited

EXPORT SECTOR Hamid Garments

Zahur Sancho Pvt Ltd.

Buksh Industries Pvt Ltd

Noor Foods

Kamal Fabrics

Comfort Knitwear Pvt Ltd

Pak Leather

English Boot House Pvt Ltd

Naveena Industries Ltd

Kalsoft Pvt Ltd

COMPETITORS:ICIL has been facing a lot of competitors for the corporate services that are as follows:

Projects

Observers

Aslam Associates

Spelvision

Cosmos Corporate Services

Ale Imran


National Foods

King Apparel

Mohammad Shafi Tanneries

Mohammad Farooq Textile Mills

Trade Links

Mian Sons Textiles

Royal Garments

Ammar Textiles Pvt. Ltd.


Dun & Bradstreet Others

CURRENT MARKET SITUATION:

It is observed from the current market analysis that ICIL is having the major market share of the search

reports because of its effective marketing and product services. Following is the current market share of the

companies;

Name of the Co. Market Share in %ageInternational Credit Information Ltd. 27Projects 15Observers 10Aslam Associates 13Spelvision 8Cosmso Corporate Services 12Ale Imran 4Others 11



Dun & Bradstreet



Dun & Bradstreet

Fuji Fertilizer Company LimitedBalance SheetVertical Analysis

As on December, 2000 to December 2002Particulars 2002 Trend 2001 Trend 2000 Trend

Fixed Capital Expenditure

Fixed assets 9,378,161 33.30 1,511,310 10.82 2,307,489 14.90Capital work in progress 138,313 0.49 15,917 0.11 12,207 0.08TOTAL 9,516,474 1,527,227 2,319,696Goodwill 1,987,694 7.06 0 0.00 0 0.00Long Term Investment 7,007,892 24.88 2,491,364 17.83 3,406,301 22.00Long Term Loans & Advances 50,137 0.18 45,369 0.32 34,038 0.22Long Term Deposits, Prepayments & advances 128,495 0.46 161,881 1.16 161,530 1.04Curent Assetsstores & Spares 1,618,373 5.75 1,229,557 8.80 1,242,718 8.03Stock in Trade 630,808 2.24 614,327 4.40 67,916 0.44Trade debts 1,400,893 4.97 880,298 6.30 769,120 4.97Loans, advances, deposits, prepayments & receivables 1,068,419 3.79 1,025,100 7.34 989,997 6.39Short Term Investments 2,792,279 9.91 3,726,744 26.67 4,825,040 31.16Cash & bank balances 1,894,680 6.73 2,270,358 16.25 1,666,593 10.76TOTAL 9,405,452 9,746,384 9,561,384GRAND TOTAL 28,166,144 99.75 13,972,225 100.00 15,482,949 100.00



Dun & Bradstreet

SHARE CAPITAL & RESERVESShare Capital Authorized 3,000,000 3,000,000 3,000,000Issued, subscribed & paidup 2,564,959 9.11 2,564,959 18.36 2,564,959 16.57Capital reserve 160,000 0.57 160,000 1.15 160,000 1.03Revenue reserves 8,038,098 28.54 6,776,673 48.50 6,144,086 39.68Total Shareholders Equity 10,763,057 9,501,632 8,869,045Redeemable Capital 4,420,014 15.69 0 0.00 0 0.00Long Term Loans 1,283,481 4.56 223,867 1.60 744,199 4.81Deferred Taxation 2,690,000 9.55 86,000 0.62 299,000 1.93Current Liabilities & ProvisionsCurrent maturity:Redeemable capital 379,946 1.35 0 0.00 0 0.00Long term loans 538,045 1.91 503,151 3.60 536,123 3.46Short term finances 3,383,897 12.01 800,000 5.73 1,650,000 10.66Creditors, accrued & other Liabilities 2,829,008 10.04 1,561,004 11.17 1,846,740 11.93Taxation 975,960 3.47 527,083 3.77 511,858 3.31Dividend payable 641,240 2.28 512,992 3.67 512,992 3.31Proposed dividend 256,496 0.91 256,496 1.84 512,992 3.31TOTAL CURRENT LIABILITIES 9,009,592 4,160,726 5,570,705Contingencies & Commitments 0 0 0GRAND TOTAL 28,166,144 99.98 13,972,225 100.00 15,482,949 100.00



Dun & Bradstreet

M/S FAUJI FERTILIZER COMPANY LIMITEDPROFIT & LOSS

VERTICAL ANALYSISFOR THE PERIOD ENEDED 31, DECEMBER, 2000-2002

(RUPEES’000)

2002 % AGE 2001 % AGE 2000 % AGESales 16,786,699 95.54 11,982,414 91.86 10,201,319 90.35les: Cost of goods sold 10,109,117 57.53 6,362,616 48.78 5,574,858 49.37GROSS PROFIT 6,677,582 38.00 5,619,798 43.08 4,626,461 40.97Less: Selling & distribution expenses 1,457,797 8.30 1,022,139 7.84 869370 7.70 Financial expenses 668,213 3.80 275,271 2.11 333,124 2.95Other Income 783,922 4.46 1,061,844 8.14 1,089,623 9.65other charges 496,073 2.82 390,520 2.99 323,677 2.87NET PROFIT BEFORE TAX 4,839,421 27.54 4,993,712 38.28 4,189,913 37.11Provision for taxation 1,766,000 10.05 1,790,000 13.72 1,546,000 13.69NET PROFIT AFTER TAXATION 3,073,421 17.49 3,203,712 24.56 2,643,913 23.42Unappropriated profit b/f 253,246 1.44 229,750 1.76 337,805 2.99Profit available for appropriations 3,326,667 18.93 3,433,462 26.32 2,981,718 26.41APPROPRITIONS:Transfer to general reserve 800,000 4.55 1,000,000 7.67 700,000 6.20Dividends:First interim 641,240 3.65 769,488 5.90 512,992 4.54Second interim 769,488 4.38 641,240 4.92 512,992 4.54Third interim 641,240 3.65 512,992 3.93 512,992 4.54Proposed final 256,496 1.46 256,496 1.97 512,992 4.54UNAPPROPRIATED PROFIT c/f 218,203 1.24 253,246 1.94 229,750 2.03Earning per share 11.98 12.49 10.31



Dun & Bradstreet

COMMENTS ON VERTICAL ANALYSIS

BALANCE SHEET

Fixed assets:

There is a subsequent increase in the fixed assets of the company in 2002 (33.30%) with reference to 2001

(10.82%) and 2000 (14.90%). However, it decreases in 2001 as compared to 2000 but it regains its position.

Capital work in progress:

Is continuously increasing from 2000-2002 which shows that the conversion of capital work in progress

into fixed assets is very slow. It should be avoided in order to increase the fixed assets of the company.

Long term investment of the company shows a decline in 2001 as compared to 2000 but in 2002 it shows

an increase which is more then in 2000. This is the result of co’s long term planning; it also states that co is

mush conscious about their prosperity in the future.

Long term advances of the co, is increased in amount from 2000-2002 but its proportion in total this year

is reduced as compared to last year. Advances are major source of earnings so, it should be improved.

Long term deposits of the co is lower in current year with reference to previous two years which shows

that company has not enough deposits to meet any long term liabilities.

Current Assets:

As a whole there is decrease in current assets of the company in 2002 with reference to previous years.

Especially cash and bank balance of the co is decreasing in 2002 which is not a good sign and shows that co

has not adequate funds to meet the short tem liabilities of the bank. Decrease in trade debts is a good sign in

current year However; in 2001 the position of current assets is better then 2000. So, instead of maintaining

and improving its position the bank loses its position. In order to earn more profits the co has to overcome

all these difficulties.

Share capital:



Dun & BradstreetShare capital of the company is increased in amount due to increase in revenue reserves maintained by the

co, shows the increase in worth of the co. also a good sign for the business of the company.

Current liabilities of the company especially creditors and other liabilities are decreasing in 2002 as

compared to 2001 and 2000. Which is a good sign for the co, the company also declare dividend which is an

attractive sign for the investors to invest. The amount of dividend increasing but its proportion is more in

2001 as compare to 2002.

Over all 2001 is good as compare to 2002 &2000

PROFIT AND LOSS ACCOUNTS:

Sales of the co is continuously increasing from 2000-2002 which is positive sign towards the prosperity of

the company.

Cost of good sold of the company is decreasing in 2001 with reference to 2000 but it is more in current year

due to increase in sales, its proportion is less then in sale so, we can’t said as bad.

Gross profit of the company is more in 2001 due to decrease in cost of goods sold of the company as

compared to 2002 and 2000 coz in both the years expenses increases in spite of the fact that sales increases.

Financial selling and admin expenses of the company increases in current year as in previous years. Due

to increased cost of facilities provided to the employees. It is not good for the company, so the co should

control these expenses in order to increase its profit.

Other charges of the co are lower in current year. Which is good for the co, .

Net profit before tax of the company is less in 2002 coz it absorbs increase in expenses where as it is more

in 2001 shows the strength of the company.

Provision for taxation is statuary requirement however; it increases with the increase in net profit before

taxation.

Unappropriated profit b/f of the co, increased in amount then the last year but in proportion to the total it

decreases from 1.76% to 1.44% it’s an alarming situation because the base is strong now so the profits must

increase at a higher % age.

Total income of the co, is more in 2001 as compared to 2002 and 2000



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Fuji Fertilizer Company LimitedBalance Sheet

Horizontal AnalysisAs on December, 2000 to December 2002

Particulars 2002 2001 2000 Trend%Change(2002-2001)

%Change(2001-2000)

Fixed Capital ExpenditureFixed assets 9,378,161 1,511,310 2,307,489 520.5 -34.5Capital work in progress 138,313 15,917 12,207 769.0 30.4TOTAL 9,516,474 1,527,227 2,319,696 523.1 -34.2Goodwill 1,987,694 0 0Long Term Investment 7,007,892 2,491,364 3,406,301 181.3 -26.9Long Term Loans & Advances 50,137 45,369 34,038 10.5 33.3Long Term Deposits, Prepayments & advances 128,495 161,881 161,530 -20.6 0.2Current Assetsstores & Spares 1,618,373 1,229,557 1,242,718 31.6 -1.1Stock in Trade 630,808 614,327 67,916 2.7 804.5Trade debts 1,400,893 880,298 769,120 59.1 14.5Loans, advances, deposits, prepayments & receivables 1,068,419 1,025,100 989,997 4.2 3.5Short Term Investments 2,792,279 3,726,744 4,825,040 -25.1 -22.8Cash & bank balances 1,894,680 2,270,358 1,666,593 -16.5 36.2TOTAL 9,405,452 9,746,384 9,561,384 -3.5 1.9GRAND TOTAL 28,166,144 13,972,225 15,482,949 101.6 -9.8



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SHARE CAPITAL & RESERVESShare Capital Authorized 3,000,000 3,000,000 3,000,000 0.0 0.0Issued, subscribed & paidup 2,564,959 2,564,959 2,564,959 0.0 0.0Capital reserve 160,000 160,000 160,000 0.0 0.0Revenue reserves 8,038,098 6,776,673 6,144,086 18.6 10.3Total Shareholders Equity 10,763,057 9,501,632 8,869,045 13.3 7.1Redeemable Capital 4,420,014 0 0Long Term Loans 1,283,481 223,867 744,199 473.3 -69.9Deferred Taxation 2,690,000 86,000 299,000 3027.9 -71.2Current Liabilities & ProvisionsCurrent maturity:Redeemable capital 379,946 0 0Long term loans 538,045 503,151 536,123 6.9 -6.2Short term finances 3,383,897 800,000 1,650,000 323.0 -51.5Creditors, accrued & other Liabilities 2,829,008 1,561,004 1,846,740 81.2 -15.5Taxation 975,960 527,083 511,858 85.2 3.0Dividend payable 641,240 512,992 512,992 25.0 0.0Proposed dividend 256,496 256,496 512,992 0.0 -50.0TOTAL CURRENT LIABILITIES 9,009,592 4,160,726 5,570,705 116.5 -25.3Contingencies & Commitments 0 0 0GRAND TOTAL 28,166,144 13,972,225 15,482,949 101.6 -9.8



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M/S FAUJI FERTILIZER COMPANY LIMITEDPROFIT & LOSS

VERTICAL ANALYSISFOR THE PERIOD ENEDED 31, DECEMBER, 2000-2002

(RUPEES’000)

2002 Trend 2001 Trend 2000 Trend

Sales 16,786,699 95.54 11,982,414 91.86 10,201,319 90.35les: Cost of goods sold 10,109,117 57.53 6,362,616 48.78 5,574,858 49.37GROSS PROFIT 6,677,582 38.00 5,619,798 43.08 4,626,461 40.97Less: Selling & distributionexpenses 1,457,797 8.30 1,022,139 7.84 869370 7.70 Fiancial expenses 668,213 3.80 275,271 2.11 333,124 2.95Other Income 783,922 4.46 1,061,844 8.14 1,089,623 9.65other charges 496,073 2.82 390,520 2.99 323,677 2.87NET PROFIT BEFORE TAX 4,839,421 27.54 4,993,712 38.28 4,189,913 37.11Provision for taxation 1,766,000 10.05 1,790,000 13.72 1,546,000 13.69NET PROFIT AFTER TAXATION 3,073,421 17.49 3,203,712 24.56 2,643,913 23.42Unappropriated profit b/f 253,246 1.44 229,750 1.76 337,805 2.99Profit available for appropriations 3,326,667 18.93 3,433,462 26.32 2,981,718 26.41APPROPRITIONS:Transfer to general reserve 800,000 4.55 1,000,000 7.67 700,000 6.20Dividends:First interim 641,240 3.65 769,488 5.90 512,992 4.54Second interim 769,488 4.38 641,240 4.92 512,992 4.54Third interim 641,240 3.65 512,992 3.93 512,992 4.54Proposed final 256,496 1.46 256,496 1.97 512,992 4.54UNAPPROPRIATED PROFIT c/f 218,203 1.24 253,246 1.94 229,750 2.03total income 17570621 304.85 13,044,258 335.77 11290942 333.89



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COMMENTS ON HORIZONTAL ANALYSIS

BALANCE SHEET

Fixed assets of the company are decreasing in 2001 but in 2002 due to addition, there is a substantial

increase in the value of the fixed assets of the company. Capital work in progress is considerably

increasing which means that the company is not only exercising good managerial efforts to convert it into

fixed assets but also acquiring more assets that will ultimately convert into fixed.

Long-term investment shows a negative trend in 2001 but in 2002 there is a significant increase in long

term investment, which means that the company is utilizing its idle cash/ resources in efficient manner.

Overall the company’s long term and fixed assets are showing a mixed trend.

The current assets of the company are decreasing due to decrease in short term investment and cash and

bank balance which is not a positive sign for the company.

There is a significant increase in current liabilities of the company in financial year 2002 due to increase in

the creditors and retiring a portion of redeemable capital. The increase in creditors means that the company

has made purchases on credit basis due to its good will in the market. However, there is a decreasing trend in

current liabilities due to decrease in current maturity of the debts.

Capital reserves is constant and revenue reserve showing an increasing trend which become a cause of

increase in equity base of the company and this is positive sign for shareholders and investors as the

company raised more funds from the financial institutions.

The company has consistent dividend policy, which shows that it is not holding the benefits but also passing

it to the shareholders.



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PROFIT AND LOSS ACCOUNT:

Sales are increasing in both the financial year (2001-2002) due to increase in production capacity of the

company. The cost of goods sold is increasing in proportion with the sales of 2001 but in 2002 it is increase

more than the proportion of sales, which is not a favorable sign as it shows that the company is not

implementing good cost control policies. No doubt the gross profit of the company is increasing but less

then the previous year because most of its portion is consumed in meeting the direct cost of the company.

Selling and administrative expenses are showing an increasing trend because such kind of expenses can’t

remain static. So, this increase will be compare with the net profit of the company. The financial charges are

increasing due to increase in the lending of the company. As the long & short term investments of the

company are decreasing so the other incomes of the company are showing decreasing trend.

Profit before taxation is increasing in 2001 due to effective cost controlling policy but in 2002 it is showing

a negative trend due to loose cost controlling policy of the company as the major portion of the profit is

consume in meeting these expenses. Provision for taxation is decreasing due to decrease in profits. As

taxation is related to pre-tax profit and it is a statuary requirement so it can’t be commented.

The company has a good dividend policy. However, its proportion is decreasing due to decrease in

profitability of the company.

In short the overall profitability of the company is satisfactory but it should implement and adopt good cost

control policies in order to keep equilibrium between expenses and revenues, otherwise it will have an

adverse effect over the profits. The equity base is increasing which is a positive sign for the investors.

Similarly, the fixed assets of the company are increasing which will effects its productivity in near future and

the company will enter in a more progressive era. So, the pulse feeling, on the basis of this analysis,

indicate that co, is developing.



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RATIO ANALYSIS

FINANCIAL PERFORMANCE ANALYSIS

The analysis of financial situation will focus on the following broad categories:

Operating and Performance

Leverage

Efficiency

Market/Share holder analysis

Valuation

Operating and PerformanceYearly

1998 1999 2000 2001 2002GP Margin % 46.73 50.47 44.35 46.90 39.78NP Margin % 27.72 29.51 25.92 26.74 18.31ROE % 49.95 36.05 29.81 33.72 28.55ROCE % - - - 52 32

Profitibility Analysis

0

10

20

30

40

50

60

1998 1999 2000 2001 2002

Year

Pe

rce

nta

ge

GP Margin NP Margin ROE



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Gross profit margin has shown seven percent decrease from last year, a significant decrease in the

percentage being the lowest percentage since last five years. Although the increase in sales was more than

40% in year 2002, but the increase in cost of sales is excessive than the increase in sales, that resulted in

decline of GP Margin in year 2002. Reduction in GP margin is caused mainly by the acquisition of PSFL.

PSFL was operating in a loss. Compilation of accounts of PSFL with FFC has thus resulted in decline of GP

ratio of FFC.

The decrease in NP margin is mainly caused by the reasons of decrease in GP margin. Additional reason for

decrease in financial charges is inclusion of financial charges in Year 2002 accounts. Financial charges have

increased from 2.3% (2001) to 4% (2002). This increase in financial charges has hit the NP margin

adversely.

FFC’s operating income, augmented by treasury operations, which returned investment income of Rs. 709m

this year compared to Rs. 882m last year, was marginally higher than in 2001. The investment income was

lower mainly due to lowering of interest rates and strengthening of Pak Rupee against foreign currencies,

impacting negatively on exchange earnings with significant depreciation of the dollar during the year and

outflow of funds due to additionally equity investment of Rs. 3bn in FGFC.

Pre-tax profits of company this year decreased by 3% due to non-cash impairment charges of goodwill.

Correspondingly, the net profit at Rs. 3.07m was lower by 4% and the EPS at Rs. 11.98 also declined

proportionately compared to last year.

Significant reduction in ROCE has been observed. This is due the drastic increase in capital employed.

Similarly a decrease in earnings has been observed due the increase in depreciation. So ROCE has been hit

twice.

The company follows a strategy of earning through less risky, high yielding investments to cushion the

impact on profitability and arrest declining margins due to incremental costs.



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Performance of the company is also affected by economic conditions. The economic conditions improved in

2002, making business more favourable. Interest rates fell, reducing the interest expenditure. This fall in

interests has benefited FFC in borrowing loan for the acquisition of PSFL. There has been significant

reduction in the interest payments.

The performance of agriculture sector has also shown a decline in year 2002. Shortage of water resources

adversely affected summer crops. The output of cotton, on the major corps of Pakistan, observed a decline.

This decline in agriculture sector resulted in the consumption of fertilizers to decrease, consequently

affecting the sales revenue of the company.

CompetitiveReturn on Assets 1998 1999 2000 2001 2002FFC % 37.58 34.19 27.06 35.74 17.18

FFC has been more efficient on use of its assets as it has yielded more return on assets from 1998 to 2001.

The significant fall in ROA of FFC is evident of the fact that it has taken over FJFC. FJFC has operated it

loss previously. The combination has resulted in the over all utilization of assets to decrease.

Efficiency

Stock Turnover Ratio 2001 2002FFC 10 16

The efficiency of the company in terms of stock turnover shows the FFC has reduced its investment in stock.

Although there is nominal increase in stock, but the amount has not increased inline with increase in cost of

capital. This is a good sign as it shows that the investment tied up in stock has decreased.

Leverage

Short Term LiquidityYearly

1998 1999 2000 2001 2002Quick Ratio % 1.31 1.76 1.48 1.90 0.79Current Ratio % 1.47 2.14 1.72 2.34 1.04



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There has been significant reduction in both current and quick ratios. Main reason for the reduction seems to

be the decrease in short term investments. These investments were used to finance the acquisition of FJFC.

Current maturity in respect of redeemable capital has also significantly increased current liabilities. Keeping

in view the nature of production of Fertilizers companies, the quick ratio seems highly unsatisfactory.

Long term solvencyYearly

1998 1999 2000 2001 2002Debt/Equity Ratio 19:81 13:87 08:92 02:98 35:65

Interest Cover Times - - - 35 9

Company’s debt equity ratio is constantly decreasing from 28:72 (1997) to 02:98 (2001). The sudden

increase in debt/equity ratio is also because of the acquisition of PSFL. Acquisition was financed through

medium tem loans from Citibank and ABN Amro bank.

The company has strong financial position that enabled it to raise timely funding of over Rs. 8bn, being the

largest ever private syndicated local currency financing arrangements in the history of the country, for the

acquisition of PSFL.

Company’s interest cover before the issue of loan explains the reason of company’s strength that enabled it

to raise loan of such a big amount. Even after borrowing has been made, the interest cover has not dropped to

dangerous level. This show the security investors have regarding their returns.

Market Ratios

1998 1999 2000 2001 2002EPS Rs/Share 14.66 12.04 10.31 12.49 11.98Payout Ratio Ratio 65.14 66.47 77.61 68.05 75.11P/E Ratio Times 3.12 4.42 3.99 3.27 6.10Dividend Yield % 14.72 16.46 15.19 21.61 17.51Market Price of shares (Avg)

Rs/Share 60.27 48.3 52 39.2 66.5



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Dividend and Payout Ratio

55

60

65

70

75

80

85

90

95

1998 1999 2000 2001 2002

Years

Div

ide

nd

50

60

70

80

90

Pa

yo

ut

Ra

tio

Divident Payout Payout Ratio

Company’s P/E ratio has increased. This represents the perception of market regarding the future of the

company. Investors are now willing to pay more for the company’s shares. This shows that the market has

perceived the acquisition of PSFL as a positive sign. P/E ratio has increased also because of the decrease of

the EPS because of reasons already discussed.

The company’s dividend in absolute terms has increased from previous year. Dividend yield however has

decreased. This is mainly because of the increase in share price of FFC. Company has distributed more

earnings as dividend to its owners in current financial year. This is because to maintain the dividend yield to

the investors. The increase in market price of the shares because of acquisition of PSFL forced the company

to increase the dividends, in order to maintain the dividend yield to acceptable level.



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Dividend Yield & Market Price

0

10

20

30

40

50

60

70

1998 1999 2000 2001 2002

Year

Am

ou

nt

(Rs/

Sh

are

)

0

5

10

15

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25

Pe

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Market Price of shares (Avg) Dividend Yield

The company continues to maintain the policy of higher dividend distribution. It has been recommended a

final dividend of 10% over and above interim dividend declaration of 80% already paid to the share holders.

The cumulative dividend distribution for the year 2002 at 90% amounts to Rs. 2.3 billion and represents a

payout of 75% of the net profit after tax for the period as opposed to 68% paid last year.

As a result of operational and financial strategies, the company has continued to make excellent progress

over the years in delivering shareholder value which has been reflected in strong growth in earning per share

and high dividend payout. Net of tax profits of the company for the year 2002 crossed Rs. 3bn mark, yet

again this year, for the fifth time, the highest amount ever returned by any company in the fertilizer sector.

FFC yet again is the winner of the top 20 companies’ award, presented by Karachi Stock Exchange.

Company has secured third position. This reflects investor’s confidence over companies’ management and

its policies.



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Valuation

1998 1999 2000 2001 2002Market Capitalization Rs

millions 11748 13646 10542 10478 18750

Break-up Value Ratio 29.35 33.38 34.58 37.04 41.69MP to break-up value Times 2.08 1.46 1.52 1.06 1.22

One theory of financial performance states that there is no need to measure financial performance of

managers using any model. It states that what ever company does, should make it public as soon as possible.

The market in itself could perceive the benefit of company’s policies. Keeping in view this theory in mind,

the study of market capitalisation shows that the market has taken company’s decision of acquiring PSFL

positively and immediately responded to it by increasing its value.

Company’s break up value has increased, representing that the investment in the company has become more

secured. This pattern could be related to the return offered by the company. As the risk of the company has

decreased, the return has also decreased. Market has not reacted to the break up values as it had in 1998.

Market price to break up has decreased from 2.08 to 1.22.

0

5

10

15

Amou

nt

(Rs/

shar

e)

1998 1999 2000 2001 2002

Year

Earning Per Share



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C O N C L U S I O N

Conclusion of the report will be discussed with reference to its aim objectives.

Company’s performance with respect to each category is discussed in brief below:

Another reason of the low profitability and high gearing is the acquisition of 100% management control of

PSFL a wholly owned subsidiary of NFC ”National Fertiliser Company Limited”

The company has achieved 40% growth in turnover as well as 19% growth in its gross profit during 2002.

During the year under review, company gained increased market shares in both urea and DAP sales, more

than the industry growth. FFC is continuing to maintain fundamentally strong competitive edge in the

dynamic and complex market place.

Short-term solvency also decreased significantly in both current and quick ratios. Liquid funds, net of short-

term borrowings dropped by 2.9 billion due to equity investment in FJFC and stood at Rs. 4.5 billion at the

close of the year. Although the company has very low percentage of short term liquidity which is normally

threatened but company’s track record and it’s financial worth is still very strong and lead in the sector

Company made a heavy investment in the year 2002 to acquire the PSFL , which resulted in the highest

gearing of both short and long term.

Although company’s performance has been decreased as compared to the previous years but company still

hold the market due to the strong position

Company’s market capitalisation has increased significantly from past years. This is mainly because of the

acquisition of PSFL. The perception of market as to the impact of acquisition of PSFL is included in the

share price, resulting in increases in overall market capitalisation.



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Effects of the acquisition of PSFL

The integration of PSFL with FFC can create an opportunity to further boost the intangible assets, such as

human resources, organisational strength, accumulated experience and brand image. To achieve synergies

FFC is structuring its systems for consolidated business management to improve capital efficiency, reduce

costs, enhance sharing of assets and administrative services, eliminating duplication of resources and focus

on measures that would result in improved efficiencies for the company and increase value for the

shareholders in the long term.

It has been assessed that investment in PSFL will further improve efficiencies, and enhance returns to our

shareholders in the years to come while improving skills and of people and retaining customer loyalty.

Higher quantities of phosphatic sales are also planned to diversify and bridge the gap to maintain existing

margins and counter reduction of income on deposits due to decline in rates and higher financial charges on

the acquisition of PSFL.

The impact of acquisition of PSFL on company/s short-term indicators is mainly negative. This is because of

the additional depreciation and non-cash goodwill amortisation charge to profit and loss account, having a

negative impact on profits. However, market has conceived future benefits of acquisition and has thus

included this effect in the share price of the company. With the passage of time, the company will enjoy the

benefits of the acquisition. This will later on be revealed in the accounts of the company. So the future

financial situation of the company will be improved.

Future Prospects

The company aims to sell and market over three million tonnes of urea phosphatic fertilizers during the year

2003 and maintain the lead in the market share, which presently stands at 54% in the urea sales.

Company’s current financial situation is better than previous year. It is expected to further improve as the

economies are achieved through joint operation of FFC and PSFL. Inefficiencies will be remover and

significant reduction in cost is expected. This all will add value to company’s share price. Company’s

financial indicators predict that the company will experience better situation in the coming year. However,

you cannot be certain about the future of fertilizers companies. Products of these companies are highly



Dun & Bradstreetdependent on the agricultural situation in the country. Agriculture is unpredictable industry and performance

of it is dependent on certain factors. Some of which are:

Weather

Planted Acreage

Agricultural Policies of Government

Grain stocks

Crop failures

Changes in agriculture production methods

Seasonal usage of fertilizers

Economic Survey of Pakistan for current year predicts that the plan Acreage is not expected to increase. So

likely benefit to the company from increase of plant acreage and thus increase in urea consumption is

unlikely to happen.

Fertilizer policy was announced shows that the prices of fertilizer products expected to increase gradually.

The prices should nevertheless remain less than that of imported fertilizers, to discourage imports.

Fertilizers are a key input in agriculture contributing 30-70% increase in crop yield. Pakistan being the

agrarian country cannot survive without fertilizers. So the demand side of the market is relatively favorable

for the company. The competition in the market is not very high. The company’s previous performance is

evident of its management capabilities. Keeping the past and present in mind, future of FFC seems bright.



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B I B L I O G R A P H Y

S.NO REFERENCE

1BPP (2000), Success in your Research & Analysis Project, London BPP

2Government of Pakistan (1999-2000), ‘Economic Survey of Pakistan’

Finance Division, Islamabad, Pakistan

3 J. Harold Janis, Howard R Dressner (1993), Business Writing , 4th Edition,

Harper & Row Publishers, New York

4 Joseph A Davito (1996), The Inter Personal Communication Book, 4th

Edition, Harper & Row Publishers, New York

5FFC Financial Statements (2002), ‘Annual Report’

6Engro Ltd Financial Statements (2002), ‘Annual Report’

7 www.ffc.com.pk

8www.engro.com

9www.finance.gov.pk

10www.kse.com.pk


http://www.kse.com.pk/

http://www.finance.gov.pk/

http://www.engro.com/

http://www.ffc.com.pk/


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11www.pakboi.gov.pk


http://www.pakboi.gov.pk/

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