Skip to Content

Tuesday, December 12th, 2017

The Mirpurkhas Sugar Mills Limited’s financial results for the year ended September 30, 2012

Be First!

Karachi, December 14, 2012 (PPI-OT): We have to inform you that the Board of Directors of the company in its meeting held on Friday, December 14, 2012 at 11:00 a.m. at the Registered Office of the Company at Modern Motors House, Beaumont Road, Karachi, has recommended the following:

(i) Cash Dividend :         Nil

(ii) Bonus Shares :

Issuance of Bonus Shares in proportion of 15 shares for every 100 shares held i.e. 15%

(iii) Right Shares :        Nil

The financial results of the company for the year ended September 30, 2012 are annexed herewith. The auditors’ certificate in respect of bonus shares is attached.

The Annual General Meeting of the Company will be held on Thursday, January 31, 2013 at 10:00 a.m. at the Registered Office of the Company at Modern Motors House, Beaumont Road, Karachi.

The share transfer books of the Company will be closed from Thursday, January 17, 2013 to Thursday, January 31, 2013 (both days inclusive). Transfers received at the office of the Share Registrar of the company M/s. Central Depository Company of Pakistan, CDC House, 99-B, Block ‘B’, S.M.C.H.S. Main Shahrah-e-Faisal, Karachi at the close of business on Wednesday, January 16, 2013 will be treated in time for the purpose of above entitlement.

We will be sending you 300 copies of printed accounts for distribution amongst the members of the Exchange.

Profit and Loss Account for the Year Ended September 30, 2012

2012

2011

(Rupees in ‘000)

Turnover-net

2,641,537

2,739,671

Cost of sales

(2,368,501)

(2,375,297)

———

———

Gross profit

173,036

364,374

Distribution cost

(27,267)

(5,940)

Administrative expenses

(76,083)

(79,833)

Other operating expenses

(859)

(12,806)

———

———

(104,199)

(98,579)

Other operating income

5,723

4,983

———

———

Operating profit

74,560

270,778

Finance cost

(133,720)

(145,310)

———

———

(59,160)

125,468

Shares of profit in an associate

168,856

42,826

———

———

Profit before taxation

109,696

168,294

Taxation

(15,568)

(30,194)

Current

(386)

Prior

7,000

———

———

Deferred

(8,568)

(30,580)

———

———

Profit after taxation

101,128

137,714

———

———

(Restated)

Earnings per share-basic (Rupees)

10.43

14.20

Free Reserves Certificate

This is to certify that free reserves based on the Company’s audited financial statements for the year ended September 30, 2012 of Mirpurkhas Sugar Mills Limited after the proposed issue of Bonus Shares of face value of Rs. 14.547 Million would be arrived at as follows:-

Issued, Subscribed and Paid Up Capital

(Rs.000)
9,698,197 ordinary shares of Rs. 10 each

96,982

Proposed issue of bonus shares

14,547

——-

Increased Share Capital

111,529

——-

Free Reserves
General Reserves

34,250

Un-appropriated Profit

424,461

Less:
Un-Provided contingent liabilities as per financial statements

(82,621)

——-

Available Free Reserves

376,090

Free reserves proposed to be appropriated
Proposed Bonus Shares (Face Value)

(14,547)

——-

(14,547)

——-

Total Free Reserves

361,543

We have ascertained that after the proposed issue of Bonus Shares, the balance of free reserve totalling Rs. 361.543 million would not be less than 25% of the increased capital of the company.

The term “Free Reserves” has been deemed to have the meaning given to it in the Rule 5 of the Companies (Issue of Capital) Rule 1996.

Free reserves are required to be calculated after consideration of any dividend/ bonus issue recommended by the Board of Directors. The above free reserve has been determined after deducting 15% bonus shares as proposed by directors.

No upward revaluation of assets since the inception of the company is included in the above figures of “Free Reserves” and to the best of our information there were no intangible or fictitious assets not written off in the books of the company as at 30th September, 2012.

For more information, contact:
Mirpurkhas Sugar Mills Limited
Modern Motors House, Beaumont Road,
P.O. Box 5379 Karachi-75530, Pakistan
UAN: 111-354-111
Tel: (92-021) 35682565-67- 35682569-70
Fax: (92-021) 35682839- 35688036
E-mail: msm@gfg.com.pk

Previous
Next

Leave a Reply