OST 786/1/2015

Revenue Officer
Peshawar Electric Supply Company (PESCO),
Subject: 9262 Notice of recovery of Outstanding Electricity dues of Rs.
2,222,985 against Reference
no 24264420002330 Tariff 12.
Reference to the captioned subject and in response to the notice received from
PESCO therein, please be informed that Olympics Socks & Textiles Pvt Ltd has
been temporarily shut since the February 2014 due to financial difficulties. Due
to the same reason , Olympics Socks has not been able to clear the outstanding
electricity dues till date.
However, this does not mean at all that it has defaulted on its payment wilfully.
You should be aware that due to increased electricity tariff, hyper inflation & poor
economic conditions, Olympics Socks had to close its production as it had turned
into a loss making entity from a profit making venture which had been operating
successfully since year 1997 when it never defaulted on any of its liabilities for
once. In view of the same you should be rest assured that the captioned amount
outstands till date due to incapacity caused by the above mentioned reasons.
Nonetheless, you are hereby assured that we are making efforts for the
resolution of the same and shall settle all outstanding amount with PESCO on top
priority at the earliest.
Cases are referred to NAB where the enterprise has the capacity for settling the
outstanding dues but are not paid wilfully. In our case, the picture is completely
the opposite where the payment outstands due to lack of financial capacity to
settle the amount which can be verified from your end as Olympics Socks &
Textiles Pvt Ltd is not producing anything since the period mentioned above.
We are striving to revive our firm and thereby clear all our outstanding dues with
PESCO at the earliest and come out of the circumstantial delay in the payment.
Regards,
Malik Muhammad Fareed

Chief Executive.
Former President H.C.C.I
Chairman HIA