Sana Industries Limited’s auditors certificate for free reserves
Karachi, October 01, 2013 (PPI-OT): We are pleased to forward herewith a copy of the Certificate from our Auditors M/s. Muniff Ziauddin and Co., Chartered Accountants, for Free Reserves and Surplus, for Issue of Bonus Shares.
Muniff Ziauddin and Co.
This is to certify that free reserves and surplus of Sana Industries Limited as at June 30, 2013 will not be less than 25% of the increased capital after issue of bonus shares of the value of Rs. 17,187,500 divided into 1,718,750 Ordinary Shares of Rs. 10 each. After the issue of bonus shares the following position will emerge:-
Unappropriated profit Rs. 95,385,433 General Reserves Rs. 132,500,000 --------------- Rs. 227,885,433 Less: Amount of issue of Bonus Shares. Rs. 17,187,500 --------------- Rs. 210,697,933 ---------------
The paid up capital of the Company as at the June 30, 2013 was Rs. 68,750,000 which increased to Rs. 85,937,500 after issue of bonus shares of Rs. 17,187,500. The amount of free reserves as required by the Companies (Issue of Capital ) Rules 1996 works out to Rs.21,484,375 i.e. 25% of the increased capital. Therefore, as against the required reserve of Rs. 21,484,375 the Company will have a surplus on account of free reserves amounting to Rs. 210,697,933 after issue of Bonus shares.
We further certify that;
i) There is no upward revaluation of the assets;
ii) The stocks have been valued according to the method indicated in the accompanying balance sheet.
For more information, contact:
Abdul Hussain Antaria
Sana Industries Limited
P. O. Box 10651, SF-96,
Sindh Industries Trading Estate,
Karachi- 75700 Pakistan.
The post Sana Industries Limited’s auditors certificate for free reserves appeared first on AsiaNet-Pakistan.