Sui Northern Gas Pipelines Limited’s financial results for the year ended June 30, 2012
Karachi, February 20, 2013 (PPI-OT): Please refer to your letter No. KSE/C-190-717 dated February 13, 2013.
We enclose herewith a copy of Auditors Certificate dated February 15, 2013 as required under rule 6 (iii) of the Companies (Issue of Capital) Rules 1996.
Furthermore, the rest of the requirements in respect of issuance of dividend and bonus shares will be ensured after approval by the shareholders at their Annual General Meeting (AGM) to be held on Wednesday, March 20, 2013.
This is for your information and record please.
Certificate on Residual Free Reserves for the Issue of Bonus Shares
We have ascertained from the company’s financial statements for the year ended June 30, 2012 that the residual “free reserves” in terms of the meaning given to “free reserves’ in the Companies (Issue of Capital) Rules, 1996 after the proposed issue of bonus shares of a face value of Rs. 576,561 would be higher than twenty five percent of the enhanced paid up capital of Rs. 6,342,167 thousand.
2. We have reviewed the contingent liabilities outstanding as at June 30, 2012 as referred to in the aforementioned financial statements for the year ended on that date to determine the contingent loss, if any, falling within the scope of paragraph 14 of the international Accounting Standard 37 ‘Provisions, Contingent Liabilities, and Contingent Assets’ and confirm that no such liabilities are deductible from the aforementioned ‘free reserves’ of the company.
3. The company’s “free reserves” retained after the issue of bonus shares do not include any reserves created as a result of revaluation of property, plant and equipment or any intangible or fictitious assets such as preliminary expenses, goodwill, brokerage or commission.
Computation of Reserves Available after Issue of Bonus Shares
|Reserves as per balance sheet|
|Less: Reserve for issue of bonus shares|
|Reserves available after Issue|
|Ordinary paid up capital as per balance sheet|
|Add: Proposed bonus issue|
|Increased share capital “A”|
|Minimum retained earnings required being 25% of “A”|
For more information, contact:
Sui Northern Gas Pipelines Limited
Gas House, 31- Kashmir Road,
P.O. Box: 56, Lahore (Pakistan)
Tel: 99080000, 99082000
Fax: 99201369, 99201302