Karachi, June 03, 2013 (PPI-OT): In pursuance of the Bonus shares Announced by the Board of Directors of the Company, we are submitting herewith the Auditors’ Certificate in compliance of Rule 6 (iii) of the Companies (Issue of Capital) Rules 1996.
Following is the working of free reserves, you are requested to issue Certificate of Free Reserve accordingly to issue Bonus Shares as required under Rule 6 (iii) of Companies (Issue of Capital) Rules 1996.
Share Capital A 230,192,210 Proposed Bonus Share issued @ 10% B 23,019,221 ------------- Enhanced Capital C=A+B 263,211,431 ------------- 25% of Enhanced Capital D=C*25% 63,302,858 ------------- Capital Reserve 63,281,250 Revenue Reserve 85,000,000 Accumulated Profit 882,468,428 ------------- E 1,030,749,678 Less: Proposed Bonus Issue F 23,019,221 Less: Contingencies G 65,893,875 ------------- Free Reserve H=E-F-G 941,836,782 -------------
Ernst and Young Ford Rhodes Sidat Hyder
Free Reserves
As requested, we have examined the annexed computation of residual free reserves for the issue of bonus shares prepared by the Company on the basis of reviewed financial statements for the half year ended 31 March 2013. Based on our examination, we confirm that the residual “free reserves” of the Company, 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 face value of Rs. 23,019,221/- would be higher than twenty five percent of the enhanced paid-up capital of Rs. 253,211,431/-.
This certificate is being issued at the request of the Company for the purpose of issue of bonus shares in accordance with Rule 6 of the companies (Issue of Capital) Rules, 1996.
For more information, contact:
Muhammad Hanif Aziz
Company Secretary
Mehran Sugar Mills Limited
Adamjee House, 8th Floor
I. I. Chundrigar Road,
Karachi-74000, Pakistan.
Tel: 92-(21) 3241-7131, 92-(21) 3242-3881
Fax: 92-(21) 3241-6477
E-mail: msm@mehransugar.com
URL: www.mehransugar.com