| D.G. Khan Electric Company Limited |
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| Annual
Report 1999 |
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| CONTENTS |
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| COMPANY
INFORMATION |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| DIRECTORS
REPORT |
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| AUDITORS
REPORT |
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| BALANCE
SHEET |
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| PROFIT
AND LOSS ACCOUNT |
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| STATEMENT
OF CHANGES IN FINANCIAL POSITION |
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| NOTES
TO THE ACCOUNTS |
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| PATTERN
OF SHAREHOLDING |
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| COMPANY
INFORMATION |
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| Registered
Office |
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| 53-A,
Lawrence Road, Lahore- Pakistan |
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| Phone:
92 - 42 - 6367812 |
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| Fax:
92 - 42 - 6367414 |
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| Board
of Directors |
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| Mr.
Raza Mansha |
Chief Executive /
Director |
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| Mst.
Akhtar Jehan Begum |
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| Mrs.
Farhat Saleem |
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| Mr. Zaka-ud-Din |
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| Mr.
Khalid Qadeer Qureshi |
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| Mr.
Muhammad Azam |
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| Mr.
Aftab Ahmad Khan |
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| Company
Secretary |
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| Mr.
Khalid Mahmood Chohan |
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| Auditors |
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| M/s
Riaz Ahmad & Company |
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| Chartered
Accountants Lahore. |
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| Bankers |
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| ABN
Amro Bank |
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| Faysal Bank Ltd, |
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| Gulf
Commercial Bank, |
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| Mashreq
Bank Psc, |
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| Muslim
Commercial Bank Ltd, |
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| National
Bank of Pakistan |
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| United
Bank Ltd. |
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| Legal Advisor |
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| Mr.
Imtiaz Rasheed Siddiqui |
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| Nawa-i-Waqt
Building, |
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| Fatima
Jinnah Road, Lahore. |
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| Power
Generation Project |
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| KHOFLI
SATTAI |
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| Distt,
Dera Ghazi Khan - Pakistan |
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| Ph:
92-641 - 60025-7 |
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| Fax:
92-641 - 69063 |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| Notice
is hereby given that Annual General Meeting of the Shareholders of D.G. Khan
Electric Company |
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| Limited
("the Company") will be held on Friday the 31st December, 1999 at
2: 30 p.m-at Nishat House, |
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| 53-A,
Lawrence Road, Lahore to transact the following business: |
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| 1.
To confirm minutes of the last meeting. |
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| 2.
To receive and adopt the audited accounts of the Company for the financial
year ended |
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| June
30, 1999 together with the Directors' and Auditors' reports thereon. |
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| 3.
To approve payment of Cash Dividend. The Directors have recommended the Cash
Dividend |
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| at
the rate of Rs. 2.50 per share (i.e. 25%). |
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| 4.
To appoint Auditors for the year 1999 - 2000 and fix their remuneration, The
present Auditors M/s |
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| Riaz
Ahmed & company, Chartered Accountants, Lahore retire and being eligible
offer themselves |
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| for
re-appointment, |
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| 5.
SPECIAL BUSINESS: |
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| To
pass with or without modification(s) the following resolutions under section
284 read with |
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| section
287 of the companies Ordinance 1984, regarding merger of D.G. Khan Electric
Company |
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| Limited
(the Company) into D.G. Khan Cement company Limited. Whereas the merger of
the |
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| company
into D.G. Khan Cement Company Limited has been proposed by the Board of
Directors |
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| in
view of benefits to the merged companies and as a consequence to the
shareholders, |
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| RESOLVED that Scheme of Arrangement put before the meeting for the merger
of D.G. Khan |
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| Electric
Company Limited into D.G. Khan Cement company Limited be and is hereby
approved |
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| subject
to completion of formalities and approval by the honorable High Court, |
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| FURTHER
RESOLVED that the Chief Executive of the Company and / or
Mr. Khalid Qadeer Qureshi, |
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| Director
of the Company be and is / are hereby authorised to take all such steps as
may be |
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| necessary
or incidental for the purpose of implementing the aforesaid scheme of the |
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| merger/amalgamation
of the above named companies. |
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| 6.
Any other matter with the permission of the Chair. |
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By order of the Board |
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| Lahore: |
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(KHALID MAHMOOD CHOHAN) |
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| December
06, 1999 |
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Company Secretary |
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| STATEMENT
UNDER SECTION 160(1)(b) OF THE COMPANIES ORDINANCE 1984 |
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| The
management of the Company has considered various options for consolidating
its activities and |
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| thereby
effecting economies for the benefit of the Company and ultimately for the
shareholders. |
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| It
is with this goal before it, that the management of the Company, in
consultation with technical |
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| experts
in the field, has reached to the conclusion that D.G. Khan Electric Company
Limited, a power |
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| generation
company, supplying electricity only to D.G. Khan Cement Company Limited be
merged |
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| into
D.G. Khan Cement Company Limited. |
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| D.G.
Khan Cement Company Limited is a public limited company quoted on all Stock
Exchanges in |
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| the
Country. Its Authorised Capital is Rs. 3,000,000,000/- (Rupees three Billion
Only) divided into 300,000,000 |
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| ordinary
shares of Rs. 10/- each and its Paid-up-Capital is Rs. 1,323,913,800/-
(Rupees One Billion three |
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| Hundred
Twenty Three Million Nine Hundred Thirteen Thousand Eight Hundred Only)
divided into |
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| 132,391,380
ordinary shares of Rs. 10/- each. |
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| The
Directors of the Company may be deemed to be interested to the extent of
their shareholding |
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| or
by the Companies in which they are Directors. |
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| NOTES: |
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| 1.
The scheme of arrangement for merger of the Company into D.G. Khan Cement
Company |
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| Limited
is appended herewith and may also be inspected during business hours in the
registered |
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| office
of the Company. |
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| 2.
Share transfer books of the company will remain closed from 30-12-1999 to
06-01-2000 (both days |
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| inclusive)
for entitlement of dividend, Transfers received in order (including deposit
requests under |
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| CDS)
at Nishat House, 53-A, Lawrence Road, Lahore upto 1:00 p.m. on December 29,
1999 will |
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| be
considered in time. |
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| 3.
A member eligible to attend and vote at this meeting may appoint another
member his / her |
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| proxy
to attend and vote instead of him/her. Proxies in order to be effective must
reach the |
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| Company's
Registered office not less than 48 hours before the time for holding the
meeting. |
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| 4.
Shareholders are requested to immediately notify the change in address, if
any. |
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| SCHEME
OF ARRANGEMENT |
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| UNDER
SECTIONS 284 TO 288 OF THE COMPANIES ORDINANCE, 1984 |
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| FOR
MERGER BETWEEN |
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| D.G.
KHAN CEMENT COMPANY LIMITED |
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| and |
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| D.G.
KHAN ELECTRIC COMPANY LIMITED |
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| and |
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| THEIR
RESPECTIVE MEMBERS |
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| PRELIMINARY |
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| Definitions |
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| In
this Scheme of Arrangement, unless the subject or context otherwise requires,
the following expressions |
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| shall
bear the meanings specified against them below: |
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| "DGKCC" |
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means D. G. Khan Cement
Company Limited, a company, limited by |
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shares incorporated as a
public limited company having its registered |
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office at Lahore. |
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| "DGKEC" |
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means D. G. Khan Electric
Company Limited, a company, limited by |
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shares incorporated as a
public limited company having its registered |
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office at Lahore, |
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| "the Court" |
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means Lahore High Court,
Lahore, |
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| "this Scheme" |
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means this Scheme of
Arrangement in its present form with any |
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modification thereof or
addition thereto approved or condition imposed |
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by the court. |
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| "the
Effective Date" |
means the day on which
the Scheme becomes operative in accordance |
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with clause 4 of this
Scheme, |
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| "Undertaking
of DGKEC" |
means the Power Project
of D. G. Khan Electric Company Limited, |
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| The
headings and marginal notes are inserted for convenience and shall not affect
the construction |
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| of this Scheme. |
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| Capital |
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| The
authorised share capital of D. G. Khan Cement Company Limited is Rupees
3,000,000,000 divided |
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| into
300,000,000 ordinary shares of Rupees 10 each and its paid up capital is
Rupees 1,323,913,800 |
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| divided
into 132,391,380 ordinary shares of rupees 10 each, |
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| The
authorised share capital of D. G. Khan Electric Company Limited is Rupees
300,000,000 divided |
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| into
30,000,000 ordinary shares of Rupees 10 each and its paid up capital is
Rupees 200,000,000 divided |
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| 'into
20,000,000 ordinary shares of Rupees 10 each, |
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| Object
of this Scheme |
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| The
principal object of this scheme is to effect merger between D. G. Khan
Electric Company Limited |
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| and
D. G. Khan Cement Company Limited through the transfer and vesting in D. G.
Khan Cement |
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| Company
Limited of the whole undertaking of D. G. Khan Electric Company Limited, |
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| THE SCHEME |
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| WHEREBY
IT IS PROPOSED THAT: |
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| 1.1
The entire undertakings of DGKEC as at the transfer date (as hereinafter
defined) including all |
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| assets,
properties, rights, privileges, powers, bank accounts, trade marks, patents,
leave and |
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| licences
and all or any other assets, properties, rights, privileges, powers,
contracts, bank accounts, |
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| trade
marks, patents and licences of DGKEC as at the transfer date (as hereinafter
defined) |
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| shall,
without further act or deed, stand transferred to and be vested in DGKCC, as
from the |
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| commencement
of business on 01 July 1999 (hereinafter referred to as the "transfer
date"). |
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| 1.2
Without prejudice to the generality of paragraph 1.1 above, undertakings of
DGKEC shall include |
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| all
rights, powers, authorities, privileges, contracts, benefits of Government
consents, sanctions |
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| and
authorisations, trade marks, patents, Iicences, liberties and all properties,
immovable and |
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| movable,
real, corporeal or incorporeal, in possession or reversion, present or
contingent of |
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| whatsoever
nature and wheresoever situate; including in particular reserves, revenue
balances, |
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| leasehold
properties, investments, deposits, deferred costs, stores and spares,
advances, deposits, |
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| prepayments,
other receivables, cash balances, telephones and telexes and trade debts
owing |
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| to
DGKEC and all other authorities, rights or interests in or arising out of
such property as may |
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| belong
to or be in the possession or claim of DGKEC on the transfer date and all
books of account |
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| and
documents relating thereto, and shall be deemed to include all debts,
borrowings, liabilities, |
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| duties
and obligations of DGKEC of whatever kind, including liabilities for payment
of gratuity, |
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| pension,
benefits, provident fund or compensation in the event of retrenchment,
PROVIDED |
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| ALWAYS
that this Scheme shall not operate to enlarge the security for any loan,
deposit or facility |
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| created
by or available to DGKEC which shall vest in DGKCC on approval of this Scheme
by the |
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| Honourable
Lahore High Court, Lahore and DGKCC shall not be obliged to create any
further |
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| or
additional security therefor after the approval of this Scheme as aforesaid
or otherwise. |
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| 1.3
The transfer and vesting of the undertakings of DGKEC under Clauses 1.1 and
1.2 hereof and the |
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| continuance
of proceedings by DGKCC under Clause 1.6 hereof shall not affect any
transactions |
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| or
proceedings already concluded by DGKEC in the ordinary course of business and
after the |
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| transfer
date to the end and intent that DGKCC accepts on behalf of itself all acts,
deeds and |
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| things
done and executed by DGKEC. |
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| 1.4
As from the transfer date, DGKEC shall be deemed to have carried on and to
carry on its business |
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| on
behalf of and on account of DGKCC until such time as this Scheme becomes
fully effective. |
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| 1.5
DGKCC shall. undertake, pay, satisfy, discharge, perform and fulfill all
debts, liabilities, contracts, |
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| engagements
and obligations whatsoever of DGKEC as at the transfer date, and all
contracts, |
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| deeds,
bonds, agreements, powers of attorney, grants of legal representation and all
other |
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| instruments
of whatever kind subsisting or having effect immediately before the transfer
date |
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| to
which DGKEC may be a party or which shall be in favour of DGKEC as they were
before the |
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| transfer
date and may be enforced or acted upon as fully and effectively as if instead
of DGKEC, |
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| DGKCC
had been a party thereto or as if the same had been issued by or in favour of
DGKCC. |
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| 1.6
All causes, suits, appeals, petitions/revisions or other judicial, quasi
judicial and/or administrative |
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| proceedings
of whatever nature by or against DGKEC which shall be pending on the transfer |
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| date
in or before any court, tribunal, forum or other authority will be continued,
prosecuted and |
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| enforced
in the same manner and to the same extent as they would or might have been |
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| continued,
prosecuted and enforced by or against DGKEC as if this Scheme had not been |
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| made,
by or against DGKCC and the same shall not abate, be discontinued or be in
any way |
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| prejudiced
or affected by the provisions of this Scheme. |
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| 1.7
Every officer, workman or other employee of DGKEC shall, on the transfer
date, become an |
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| officer,
workman or employee, as the case may be, of DGKCC on the basis that his
services |
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| have
not been interrupted by the vesting of the undertakings of DGKEC, in DGKCC
under this |
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| Scheme
and on the same remunerations and other conditions of service, rights and
privileges |
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| as
to pension, provident fund and gratuity, if any, and other matters as were
applicable to him |
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| before
the transfer date. |
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| 2.1
As consideration for the said transfers, DGKCC shall issue at par and allot
to the individual |
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| members
of DGKEC "X" fully paid-up ordinary share of the par value of
Rupees 10 each in the |
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| capital
of DGKCC for every One fully paid-up share of the par value of Rupees 10 each
held |
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| by
them in the capital of DGKEC, as on a day to be fixed by the board of
Directors of DGKCC |
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| following
the transfer date. The value of "X" will be determined on the basis
of ratio resulting |
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| from
the average of the undermentioned two figures for both companies: |
|
|
| a)
Break-up of value of the share as per audited accounts for the year ended 30
June |
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| 1999. |
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| b)
Average of weekly quotation of the share on the Karachi Stock Exchange from
01 July |
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| 1998
to 30 June 1999. |
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| All
costs, charges and expenses of carrying this scheme into effect shall be
borne and paid by |
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| DGKCC. |
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| 2.2
The said fully paid-up ordinary shares in DGKCC to be issued and allotted to
the members of |
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| DGKEC
shall rank pari passu in all respects with the existing fully paid-up
ordinary shares in DGKCC. |
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| 2.3
All members whose names shall appear in the Register of Members of DGKEC on
such date |
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| (after
the transfer date) as the Board of Directors of DGKCC may determine, shall
surrender their |
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| share
certificates for cancellation thereof to DGKCC. In default, upon the new
shares in DGKCC |
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| being
issued and allotted by it to the members of DGKEC whose name shall appear on
the |
|
| Register
of Members of DGKEC on such date, as aforesaid, the share certificates in
relation to |
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| the
shares held by them in DGKEC shall be deemed to have been cancelled. |
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| 2.4
The excess value of the net assets of DGKEC as at 30 June 1999 over the
paid-up value of shares |
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| issued
and allotted pursuant to the terms of Clause 2.1 hereof shall be accounted
for in the |
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| books
of DGKCC as at the transfer date, as follows: |
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| The
Capital Reserves, Revenue Reserves and the unappropriated profit of DGKEC, as
at |
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| 30
June 1999 shall constitute Reserves of a corresponding nature of DGKCC and
the balance, |
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| if
any, transferred to the General Reserves in DGKCC. |
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| 3.0
The Chief Executives of DGKCC and DGKEC acting jointly or any person or
persons duly authorised |
|
| by
the respective boards of DGKCC and DGKEC shall be authorised to take all such
further |
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| supplemental,
incidental and consequential actions and steps as may be requisite for giving
full |
|
| effect
to this Scheme and may consent on behalf of all concerned to any modification
of or |
|
| addition
to this Scheme or to any condition which the Honourable Lahore High Court may
deem |
|
| fit to impose. |
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| 4.0
Subject to an order being made by the Honourable Lahore High Court under
Section 287 of the |
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| Companies
Ordinance 1984, DGKEC shall, without winding up, stand dissolved from such
date |
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| on
which all shares to be allotted by DGKCC under Clause 2 above to the
member(s) of DGKEC |
|
| shall
have been so allotted. |
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|
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| 5.0
The approvals and/or confirmations and/or directions to the proposed transfer
of undertakings |
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| as
set out in Clauses 1.1 and 1.2 of this Scheme have been received from the
share holders of |
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| DGKEC
and DGKCC. |
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|
|
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| 6.0
This Scheme shall be subject to such modifications or conditions as the
Honourable Lahore High |
|
| Court
may approve or impose. |
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|
| 7.0
In case this Scheme is not finally sanctioned by the Honourable Lahore High
Court for any reason |
|
| whatsoever
OR if for any other reason this Scheme cannot be implemented before 30 June
2000 |
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| or
within such further period or periods as may be agreed upon by DGKEC and
DGKCC (by the |
|
| authorized
persons(s) as approved under clause 3.0 above) this Scheme shall become null
and |
|
| void
and in that event no rights and liabilities shall accrue to or be incurred
inter se by the parties |
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| in
terms of this Scheme. |
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|
|
|
|
| DIRECTORS'
REPORT |
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|
| The
Directors of the Company welcome you to this 5th Annual General Meeting. They
take pleasure |
|
| in
placing their report along with audited accounts and Auditors' report thereon
for the year ended |
|
| June 30, 1999. |
|
|
| 1.
OPERATING RESULTS AND APPROPRIATIONS |
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| By
the grace of Almighty, your Company has earned a net profit of Rs 115,626
million in the year |
|
| under
report. This is 57% more than the net profit of Rs 73,788 million for the
pervious year. The |
|
| significant
increase in net profit is mainly due to more capacity utilization of 54% in
comparison |
|
| to
47% in the preceding year. |
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|
|
|
|
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| During
the year under report, the sales revenue has registered an improvement of 13%
i.e. from |
|
| Rs
341.633 million in the last year to Rs 386.743 million. The debt equity and
current ratios reflect |
|
| better
financial health of the Company. |
|
|
|
|
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| The
tabulated position of various results is as under. |
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|
|
|
|
1999 |
1998 |
|
|
|
|
(Million
Rupees) |
|
|
|
|
| Sales |
|
|
386,743 |
341,633 |
|
| Cost of sales |
|
|
247,420 |
226,336 |
|
| Net Profit |
|
|
115,626 |
73,788 |
|
|
|
|
| APPROPRIATION
OF PROFIT. |
|
|
|
| Profit
for year ended June 30, |
|
|
115,626 |
73,788 |
|
| Unappropriated
profit brought forward |
|
|
.758 |
.970 |
|
|
|
|
------------------ |
------------------ |
|
| Profit
available for appropriation |
|
|
116,384 |
74,758 |
|
| Transferred
to General Reserve |
|
|
66,000 |
74,000 |
|
| Proposed
Dividend @ 25% |
|
|
50,000 |
-- |
|
|
|
|
------------------ |
------------------ |
|
| Unappropriated
profit |
|
.384 |
.758 |
|
|
|
------------------ |
------------------ |
|
|
|
|
| The
cost of furnace oil was increased by 10.37% in the last month of the
financial year. It therefore |
|
| had
no visible negative impact on the profitability of the Company but it will
definitely have |
|
| adverse
financial burden in the current year. |
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|
|
|
|
| 2.
GENERATION AND DISTRIBUTION |
|
|
|
|
| The
figures of generation and distribution of electricity are as under. |
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|
|
|
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|
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|
1999 |
1998 |
|
|
|
|
|
(KWh 000) |
|
|
|
|
| Generation |
|
112,781 |
97,423 |
|
| Aux. Load |
|
2,538 |
2,107 |
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|
|
------------------ |
------------------ |
|
| Distribution |
|
110,243 |
95,316 |
|
| Increase
to previous year |
|
15.66% |
|
|
|
|
|
|
|
| 3. PAYMENTS |
|
| The
Company has been discharging its financial obligations promptly, Contingent
liabilities |
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| however
are subjudice, |
|
|
|
| 4.
FUTURE OUTLOOK |
|
|
|
| The
D.G. Khan Cement Company Limited, the sole consumer, could only utilize 54
percent of |
|
| the
generation capacity of the power project due to depressed market, economic
instability |
|
| and
worst recessionary conditions in the country, |
|
|
|
|
|
|
| The
chances of sale of surplus electric power are also remote in view of the fact
that WAPDA |
|
| has
surplus power and has reduced and may further reduce electricity tariff,
There is also no |
|
| other
industrial undertaking in the vicinity of the power project to attract the
purchase of electricity |
|
| from
the Company. |
|
|
|
|
| 5.
MERGER OF THE COMPANY WITH D.G. KHAN CEMENT COMPANY LIMITED |
|
| In
view of the above facts coupled with changes made in power policy from time
to time, lack |
|
| of
further incentives for private power projects, inconsistent fiscal policies,
and the location |
|
| constraints
of the project, the Directors have decided to merge the Company with D.G,
Khan |
|
| Cement
company Limited. |
|
|
|
|
|
|
| This
decision has been taken after joint consensus of the Board of Directors of
the respective |
|
| companies. |
|
|
|
|
|
|
| D.G.
Khan Cement Company Limited is the largest cement manufacturing plant, having |
|
| production
capacity of 5500 tons clinker per day. Its total assets as per latest
financial statements |
|
| are
of Rs 8800 million and is ISO 9002 certificate holder. |
|
|
| The
proposed merger is subject to the approval from the shareholders, completion
of legal |
|
| formalities
and the approval of the Honourable Lahore High Court Lahore. |
|
|
| 6.
EARNING PER SHARE |
|
|
|
| The
Company has earned a handsome net profit in the year under review, which in
turn yielded |
|
| earning
per share of Rs 5.78 as compared to Rs 3.69 of the last year. |
|
|
|
| 7. DIVIDEND |
|
|
|
| The
Directors are pleased to recommend a cash dividend of 25%. This is Rs 2.50
per share of |
|
| Rs 10.00. |
|
|
|
|
| 8.
SHAREHOLDING |
|
| The
pattern of holding of shares in the prescribed form 34 is annexed to this
report. |
|
|
| 9. AUDITORS |
|
| The
retiring Auditors M/s Riaz Ahmad and Company Chartered Accountants Lahore
being |
|
| eligible,
have offered for reappointment for the year 1999-2000. |
|
|
| 10.
MILLENNIUM BUG |
|
| The
Management confirms that all the computers and soft ware in the use of the
company are |
|
| Y2K compliant. |
|
|
| 11.
ACKNOWLEDGMENT |
|
| The
Directors place their appreciation on record for the dedicated efforts of the
employees of |
|
| the
Company in maintaining harmony in operations and hope that same spirit and
devotion will |
|
| continue
in future also. |
|
|
|
KHALID QADEER QURESHI |
|
AFTAB AHMAD KHAN |
|
|
Director |
|
Director |
|
|
| Lahore: |
|
| December
06, 1999 |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of D.G. KHAN ELECTRIC COMPANY LIMITED
as at 30 June |
|
| 1999
and the related profit and loss account and statement of changes in financial
position, together |
|
| with
the notes forming part thereof, for the year then ended and we state that we
have obtained all |
|
| the
information and explanations which to the best of our knowledge and belief
were necessary for |
|
| the
purpose of our audit and, after due verification thereof, we report that: |
|
|
|
|
| (a)
in our opinion, proper books of account have been kept by the Company as
required by the |
|
| Companies
Ordinance, 1984; |
|
|
|
|
|
|
| (b)
in our opinion: |
|
|
|
|
|
| i)
the balance sheet and profit and loss account together with the notes thereon
have been |
|
| drawn
up in conformity with the Companies Ordinance, 1984, and are in agreement
with |
|
| the
books of account and are further in accordance with accounting policies
consistently |
|
| applied; |
|
|
|
|
| ii)
the expenditure incurred during the year was for the purpose of the Company's
business; and |
|
|
| iii)
the business conducted, investments made and the expenditure incurred during
the year |
|
| were
in accordance with objects of the Company; |
|
|
|
| (c)
in our opinion and to the best of our information and according to the
explanations given to us, |
|
| the
balance sheet, profit and loss account and the statement of changes in
financial position, |
|
| together
with the notes forming part thereof, give the information required by the
Companies |
|
| Ordinance,
1984, in the manner so required and respectively give a true and fair view of
the |
|
| state
of the Company's affairs as at 30 June 1999 and of the profit and the changes
in financial |
|
| position
for the year then ended; and |
|
|
| (d)
in our opinion, no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980. |
|
|
| Lahore: |
|
|
Riaz Ahmad and Company |
|
| December
04,1999 |
|
Chartered Accountants |
|
|
|
| BALANCE
SHEET AS AT 30 JUNE 1999 |
|
|
|
|
Note |
1999 |
1998 |
|
| EQUITY
AND LIABILITIES |
|
|
Rupees |
Rupees |
|
|
|
|
|
| SHARE
CAPITAL AND RESERVES |
|
|
|
|
|
| Authorized
Share Capital |
|
|
|
| 30,000,000
ordinary shares of |
|
|
|
| Rs. 10 each |
|
|
300,000,000 |
300,000,000 |
|
|
|
|
========== |
========== |
|
| Issued,
subscribed and paid up |
|
|
|
| share capital |
|
|
|
| 20,000,000
ordinary shares of |
|
|
|
| Rupees
10 each fully paid up in cash |
|
|
200,000,000 |
200,000,000 |
|
|
|
|
| Capital
reserve - Premium on issue of shares |
|
|
120,000,000 |
120,000,000 |
|
| Revenue
reserve-General |
|
3 |
172,527,000 |
106,527,000 |
|
