Shariah Compliance Screening Report
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1 Formerly Fortune Islamic Services Shariah Compliance Screening Report March 2016 INSIDE Key Highlights... 3 Shariah Compliant Companies... 5 Shariah Non Compliant Companies... 6 Screening Guidelines for Equity Securities... 7 Purification Guidelines... 7 Three Months News Review... 9
2 Page 2
3 27 June, 2016 KEY HIGHLIGHTS We have conducted Shariah compliance screening of 304 select companies listed on the Pakistan Stock Exchange as per their latest financial statements (Mar 16), on the basis of the Shariah compliance screening mechanism approved by our Shariah Advisory Board headed by Mufti Irshad Ahmad Aijaz Sahab. Following are the results for the 304 companies under consideration. Shariah Compliant Companies 171 MARCH'16 ShariahNon Compliant Companies 133 Total Companies % 56% 16% Compliant Non Compliant Non Compliant Business Incoming Mar 2016 (Compliant) Century Paper (CEBP) Thatta Cement (THCCL) Emco Industries (EMCO) Outgoing Mar 2016 ( Non Compliant) Shahtaj Sugar Mills (SHJS) Cyclical Compliance* Al Noor Sugar Mills (ALNRS) Indus Motors (INDU) Moreover, based on their latest financials, companies that became Shariah Compliant during this exercise are: 1. Century Paper (CEBP) (Debt to Assets: 32.77%) Short term borrowings have shrunk down from PKR 2,177mn to 638mn in its March Quarter which is the key reason to change the status of company. 2. Thatta Cement (THCCL) (Debt to Assets: 36.86%) Thatta Cement s long term financing in its 3QFY16 fell by PKR 88 mn (5.42%) from PKR 1,621 mn to PKR 1,533 mn,this coupled with a reduction in its short term borrowing in the same quarter of PKR 324 mn (87.1%)from PKR 372mn to PKR 48 mn, have led to a change in the Shariah status of the company. Long term finances as well as short term borrowings are availed from commercial banks. The following companies have become non compliant due to breaching the threshold levels. Pag e 3
4 1. Indus Motors (INDU) (Non Compliant Investment to Total Assets: 35.58%) Hefty jump in short term investments which are mainly invested in Market Treasury bills and Term Deposit Receipts (TDRs) from PKR 2,389mn to PKR 14,431mn in its nine months fueled enough to change status of company. 2. Shahtaj Sugar Mills (SHJS) (Debt to Assets: 48%) Shahtaj Sugar Mills s short term borrowings rose sharply in its 2QFY16 by 187% from PKR 456 mn to PKR 1,309mn, and its running finance of PKR 165 mn have been completely paid off, which are the key reasons behind the change in their Shariah status. 3. Al Noor Sugar (ALNRS) (Debt to Assets: 50.8%) A steep increase in the short term borrowings of Al Noor Sugar in its 2QFY16 from PKR 50mn to PKR 2,980mn is the driving factor behind the change in their current Shariah status. *These companies change status is based on sugar season and business cycle. The financial statements of Sui Northern Gas Pipelines (SNGP) andsui Southern Gas (SSGC)for March 16 are unavailable. Therefore, the status for the aforementioned companies is assigned according to their last published financial statements. The status of these companies is: 1. Sui Northern Gas Pipelines (Compliant) 2. Sui Southern Gas Company (Non Compliant) Thecriterion for screening is enclosed. The Comprehensive list of companies is as follows. Page 4 Izhar Abbas Assistant Manager Shariah Advisory izhar.abbas@fortuneislamic.com (Ext.139)
5 Shariah Compliant Companies Abbott Lab Engro Foods Mari Petroleum Sitara Energy Adam Sugar Mills Equity Modaraba Meezan Bank Sitara Peroxide Ados Pakistan Exide (PAK) Mehran Sugar Stand.Char. Modaraba Agriautos Industries Faran Sugar Millat Tractors Sui North Gas Pipelines Al Khair Gadoon Ltd Fatima Fertilizer Mirpurkhas Sugar Mills Systems Limited Akzo Nobel Pak Fauji Cement Modaraba Al Mali Synthetic Products Enterprises Ltd AlShaheer Corp Fauji Fertilizer Company Mughal Iron and Steel Tariq Glass Ind. AL Ghazi Tractor Fecto Cement National Bank Modaraba Telecard Limited Allied Rental Modaraba Ferozsons (Lab) National Foods Thal Limited AL Noor Modaraba Flying Cement National Refinery The Searle Company Altern Energy Gatron Ind. Nestle Pakistan Thatta Cement Amreli Steels Limited General Tyre Nimir Ind.Chemicals Tri Star 1st. Modaraba Archroma Pak Ghandhara Ind. Nishat Mills Ltd Trust Modaraba Artistic Denim Ghandhara Nissan Fauji Foods Limited Unicap Modaraba Atlas Battery Ghani Automobile Oil & Gas Development Company Unilever Foods Atlas Honda Ltd Ghani Gases Ltd P.N.S.C. United Distributors Attock Cement Ghani Glass Limited P.T.C.L. Wah Noble Chemicals Attock Petroleum Ghani Value Glass Packages Ltd. Wyeth Pakistan Attock Refinery Gharibwal Cement Pak Datacom ZIL Limited Avanceon Ltd GlaxoSmithKline Pak Elektron DOLMEN CITY REIT B.F.Modaraba Habib Modaraba Pak Int.Bulk Terminal Hi Tech Lubricants Ltd B.R.R.Guardian Modaraba Habib Sugar Pak Modaraba Babri Cotton Mills Habib ADM Ltd Pak Oilfields BankIslami Pak Hascol Petroleum Pak Paper Products Bannu Woollen Highnoon (Lab) Pakistan Petroleum Limited Bata (Pak) Hinopak Motor Pak Suzuki Berger Paints Honda Atlas Cars Pak Synthetics Bestway Cement Hub Power Company Pak.Int.Cont Terminal Bhanero Textile Huffaz Seamless Pakgen Power Biafo Industries Limited I.B.L.Modaraba Pakistan Cables Burshane LPG (Pakistan) IBL HealthCare Pakistan State Oil Co. Buxly Paints ICI Pakistan Paramount Modaraba Byco Petroleum Imrooz Modaraba Pioneer Cement Century Paper Ittehad Chemicals Ltd Power Cement Ltd Cherat Cement Janana De Malucho Prudential Modaraba. Cherat Packaging K.S.B.Pumps Punjab Modaraba Colony Sugar Javedan Corporation Limited Quice Food Industries Cres. Stand.Mod KASB Mod Rafhan Maize Products Crescent Steel K Electric Ltd Safe Mix Con. D.G. Khan Cement Kohat Cement Sanofi Aventis Dawood Hercules Kohinoor Energy Sazgar Engineering Works Dawood Lawrencepur Kohinoor Textile Mills Service Industries Dewan Cement Kot Addu Power Company Shabbir Tiles and Ceramics Dewan Farooque Spinning Mills PakCement Shakarganj Limited Dynea Pakistan Lalpir Power Shell Pakistan Elite Cap.Modaraba Linde Pakistan Shezan International Ellcot Spinning Lotte Chemical Shield Corporation Emco Industries Lucky Cement Shifa Int.Hospital Engro Corp MACPAC Films Siemens Pakistan Engro Fertilizers Maple Leaf Cement Sitara Chemical Page 5
6 Shariah Non Compliant Companies Agritech Limited AKD Capital Limited Next Capital Aisha Steel Allied Bank Ltd NIB Bank Limited AL Noor Sugar American Life Insurance Co Ltd Orix Leasing Pakistan Azgard Nine Arif Habib Corp Pak Gulf Leasing Company Ltd Chashma Sugar Arif Habib Ltd. Pakistan Reinsurance Co.Ltd Clover Pakistan Arpak International Investments Ltd Pakistan Tobacco Company Colgate Palmolive Asia Insurance Company Ltd Pervez Ahmed Securities Ltd Descon Oxychem Askari Bank Philip Morris Pak Ltd Dewan Farooque Motors Askari General Insurance Co.Ltd PICIC Energy Fund Dewan Sugar Atlas Insurance PICIC Growth Fund Dost Steels Ltd. Bank Al Falah PICIC Insurance Ltd ECOPACK Ltd Bank Al Habib PICIC Investment Fund Engro Polymer & Chemicals Bank of Punjab Premier Insurance Engro Powergen Bank of Khyber Reliance Insurance Co.Ltd Fauji Fert Bin Qasim Capital Assets Leasing Corp Ltd Samba Bank Gadoon Textile Century Insurance Saudi Pak Leasing Gul Ahmed Textile Cyan Limited Security Leasing Corp.Ltd Ibrahim Fibres Dawood Equities Ltd Silk Bank Indus Motor Company East West Life Assurance Company Ltd Silver Star Insurance Company Limited International Industries EFU General Insurance Ltd Soneri Bank Ltd International Steels Ltd EFU Life Assurance Ltd Standard Chartered Bank Ismail Industries ESCORTS Bank Stand.Chartered Leasing J.D.W.Sugar Faysal Bank Standard Insurance Japan Power Generation First Credit and Investment Bank Ltd Summit Bank Karam Ceramics First Dawood Mutual Fund Pakistan General Insurance Co.Ltd Kohinoor Spinning Mills First National Equities Ltd United Insurance Co.Ltd Kohinoor Mills Limited Gillete Pakistan Ltd Universal Insurance Co.Ltd Masood Textile Grays leasing Ltd TPL Direct Insurance Merit Packaging Habib Bank TPL Trakker Ltd Mithchells Fruit Habib Metropolitan Treet Corp Nishat (Chunian) Textile Habib Insurance Co Ltd Trust Investment Bank Ltd Nishat Chunian Power HallMark Insurance Co.Ltd United Bank Nishat Power IGI Insurance WorldCall Telecom Ltd Noon Sugar IGI Investment Bank Otsuka Pakistan IGI Life Insurance Pace (Pak) Ltd. Invest and Finance Securities Ltd Pak Int.Airlines JS Bank Pak Refinery JS Investments Rupali Polyester Jubilee General Insurance Co.Ltd Sapphire Textile Mills Jubilee Life Insurance Saif Power KASB Bank Shahmurad Sugar KASB Securities Shahtaj Sugar Mills Khyber Tobacco Co.Ltd Southern Electric Power Co. MCB Bank Sui Southern Gas Company MCB ARIF Habib Thal Industries Limited Media Times Ltd Tandlianwala Suger Mills Murree Brewery Company Ltd TRG Pak Ltd National Asset Management Company Ltd Tri Pack Films National Bank Ltd Adamjee Insurance NetSol Technologies Ltd Page 6
7 SCREENING GUIDELINES FOR EQUITY SECURITIES 1. The following is the screening criteria for investments in equity scrip in the local market. A. Business of the investee company The business of the investee company should be Halal. Accordingly, investment in shares of conventional banks, insurance companies, leasing companies, companies dealing in alcohol and any other non compliant activities is not permissible. B. Interest bearing debt to total assets The total interest based debt of the investee company should not exceed 40% of the total assets. The debt here includes all interest based debt & interest based financing. C. Investment in non Shariah compliant activities and income from non Shariah compliant investments The following two conditions must be observed for share screening purposes: A Investment in Shariahnon compliant activities should not exceed 33% of the total assets. B Income from Shariahnon compliant investment should not exceed 5% of the gross revenue. (Gross revenue means gross sales plus other income). Subsequently, giving the proportionate portion of noncompliant income to charity is required to purify earnings from investee companies. D. Illiquid Assets to Total Assets The total illiquid assets as a percentage of the total assets should at least be 20% where illiquid assets are defined as those assets which can be traded at price different from their par value. E. Net liquid assets versus share price The net liquid assets [Net Liquid Assets = Total Assets Illiquid Assets Total Liabilities] pershare should be less than the market price of the share. PURIFICATION GUIDELINES A charity rate should be computed to purify earnings from investment in shares i.e. non compliant income (after tax) divided by net income (after tax) and it should be applied to the entire dividend received from the investee company and the calculated amount shall be paid in charity. Page 7
8 Fortune Islamic Services FarazYounusBandukda Chief Executive ( ) Izhar Abbas Assistant Manager ( ) Shariah Advisory Board Mufti Irshad Ahmad Aijaz Member Shariah Council Mufti Hassan Kaleem MemberShariah Council Mufti Dr.Khalil Azami Member Shariah Council Mufti Ehsan Waqar Ahmed Member Shariah Council This report has been prepared by Fortune Islamic Services Pvt. Ltd [FIS] subsidiary of Fortune Securities Ltd. [FSL] and is provided for information purposes only. Under no circumstances, this is to be used or considered as an offer to sell or solicitation or any offer to buy. While reasonable care has been taken to ensure that the information contained in this report is not untrue or misleading at the time of its publication, FIS makes no representation as to its accuracy or completeness. From time to time, FIS and/or any of its officers or directors may, as permitted by applicable laws, have a position, or otherwise be interested in any transaction, in any securities directly or indirectly subject of this report. FIS as a firm may have business relationships, including investment banking relationships with the companies referred to in this report. This report is provided only for the information of professional advisers who are expected to make their own investment decisions without undue reliance on this report and the company accepts no responsibility whatsoever for any direct or indirect consequential loss arising from any use of this report or its contents. This report may not be reproduced, distributed or published by any recipient for any purpose. Page 8
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