Omni Group says it has impeccable record with NBP

KARACHI:

Omni Group has said that it has an impeccable business finance record with NBP since about two decades.

We have obtained finances from NBP and have made repayments of Principal and mark-ups and interest on time and have never been defaulted, nor have we ever applied for any waiver or any sort of concession.

The Credit Information Bureau of SBP has been keeping records of all the entities and business enterprises of all the banks and financial institutions of Pakistan reporting to SBP. We have dealings with about 10 to 12 of these banks and financial institutions and never has there been a single instance of default or late payment on part of our Group.

Ansari Sugar Mills Limited (ASML) is a listed entity, SECP has very stringent rules and regulations governing a listed entity as public interest in their ownership is overseen by SECP through the regulation of quarterly accounts, Audit of Corporate Governance and Statements of Ethics and Good Business Practice, with adherence to IFACs compliance into accounting entries.

ASML made operating profits of Rs77 million in 2013 and met all its financial obligations towards its creditors and bankers. The company made operating profit of Rs162 million in 2014 and Rs134 million in 2015.

The audited report of ASML is posted on SECP website for each year and that of all our other entities which are declared ‘Significant Economic Entitiy’ because of their size, all the companies are required by law to even have their accounts audited by a cost auditor apart from the statuary audit.

Finally, it should be noted that the Omni Group has repaid over Rs23.5 billion in principal, pledge settlements and mark-ups to the banks and government taxes of approximately Rs3 billion over the past three years.

Published in The Express Tribune, December 19^th, 2015.

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