| Maple Leaf Cement Factory Limited |
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| Annual
Report 2000 |
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| Contents |
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| Company
Information |
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| Notice
of Meeting |
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| Directors'
Report |
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| Five
Years Summary |
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| Pattern
of Shareholding |
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| Auditors'
Report |
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| Balance
Sheet |
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| Profit
and Loss Account |
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| Cash
Flow Statement |
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| Statement
of Equity |
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| Notes
To The Accounts |
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| COMPANY
INFORMATION |
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| Board
of Directors |
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| Mr.
Tariq Sayeed Saigol |
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| Chairman/Chief
Executive |
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| Mr.
Taufique Sayeed Saigol |
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| Mr.
Usman Said |
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| Mr.
Aamir Fayyaz Sheikh |
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| Mr.
Sarmad Amin |
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| Mr.
Mansur Aly Malik |
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| Mr.
Henrik Starup |
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| (Representing
FLS & IFU) |
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| Mr.
Mahmood Ahmad |
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| (Rep.
Crescent Investment Bank Ltd.) |
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| Company
Secretary |
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| Mr.
Mohammad Sharif |
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| Bankers
of the Company |
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| Allied
Bank of Pakistan Limited |
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| The
Bank of Punjab |
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| Habib
Bank Limited |
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| Muslim
Commercial Bank Limited |
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| Soneri
Bank Limited |
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| United
Bank Limited |
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| National
Bank of Pakistan |
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| Gulf
Commercial Bank Limited |
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| Auditors |
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| Ford,
Rhodes, Robson, Morrow |
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| Chartered
Accountants |
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| Legal
Advisors |
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| 1.
Cornelius Lane and Mufti |
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| Advocates
& Solicitors, |
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| Lahore. |
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| 2.
Mr. Nomaan Akram Raja |
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| Barrister-At-Law |
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| Raja
Mohammad Akram & Co. |
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| Advocates
and Legal Consultants, |
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| Lahore. |
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| Registered
Office |
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| 42-Lawrence
Road, Lahore. |
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| Phone:
6278904-5 |
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| Fax:
(042) 6363184 |
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| E-mail:
cement@maple.lcci.org.pk |
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| Factory |
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| Iskanderabad
Distt. Mianwali. |
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| Phones:
(0459) 392237-8 |
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| NOTICE
OF THE ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the 40th Annual General Meeting of the members of Maple
Leaf Cement Factory |
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| Limited
will be held at its registered office, 42-Lawrence Road, Lahore on Saturday,
30th December, 2000 at |
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| 10:30
A.M. to transact the following business: |
|
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| 1)
To confirm the minutes of Extra-ordinary General Meeting held on March 29,
2000. |
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| 2)
To receive and adopt Audited Accounts of the company for the year ended June
30, 2000 together with |
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| Auditors'
and Directors' Reports thereon. |
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| 3)
To appoint Auditors and fix their remuneration. |
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| The
present auditors, M/s Ford, Rhodes, Robson, Morrow, Chartered Accountants,
retire and being eligible, |
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| offer
themselves for re-appointment. |
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| 4)
SPECIAL BUSINESS |
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| (i)
To pass with or without modification(s) the following resolution as Special
Resolution: |
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| "WHEREAS
the merger of Part 1 of Maple Leaf Electric Company Limited into the |
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| Company
has been proposed by the Board of Directors in view of benefits to the |
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| merged
companies and as a consequence to the shareholders. |
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| IT
IS HEREBY RESOLVED that the Scheme of Arrangement put before the meeting |
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| for
the merger of Part 1 of Maple Leaf Electric Company Limited into Maple Leaf |
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| Cement
Factory Limited be and is hereby approved subject to completion of
formalities |
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| and
approval by the Honourable High Court. |
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| FURTHER
RESOLVED that the Chief Executive of the company and/or Mr. Usman |
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| Said,
Director of the Company be and is/are hereby authorised to take all such
steps |
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| as
may be necessary or incidental for the purpose of implementing the aforesaid |
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| scheme
of the merge/amalgamation of the above named companies". |
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| (ii)
To approve the remuneration of the Chief Executive and full time working
Director of the Company |
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| and
pass the following two resolutions as Ordinary Resolutions with or without
amendment:- |
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| (a)
"RESOLVED that a sum of Rs. 100,000 (Rupees one hundred thousand only)
be and |
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| is
hereby approved towards monthly remuneration inclusive of house rent
allowance |
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| of
Chief Executive of the Company for term of his office ending December
31,2001. |
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| In
addition to the above, a company maintained chauffeur driven car for official
and |
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| private
use, private security guards at his residence, hard and soft furniture, and
all |
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| other
benefits incidental or relating to his office plus bonus in accordance with
the |
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| rules
and policy of the company shall also be provided to him". |
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| (b)
"RESOLVED that a sum of Rs. 85,250 (Rupees eighty five thousand two
hundred |
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| fifty
only) be and is hereby approved towards monthly remuneration inclusive of
house |
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| rent
allowance of the full time working Director of the Company as General Manager |
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| (Marketing)
for term of his office ending December 31,2001. In addition to the above, |
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| a
company maintained car with driver's and security guard's salaries, LFA,
medical |
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| facilities
and with annual increment and all other benefits incidental or relating to
his |
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| office
plus bonus and provident fund in accordance with the rules and policy of the |
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| Company
shall also be provided to him". |
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| 5)
To transact any other business with the permission of the Chair. |
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By order of the Board |
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|
Mohammad Sharif |
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| Lahore:
December 09, 2000. |
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Company Secretary |
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| STATEMENT
U/S 160 (1) (b) OF THE COMPANIES ORDINANCE, 1984. |
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| (i)
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 experts |
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| in
the field, has reached to the conclusion that Part 1 of Maple Leaf Electric
Company Limited comprising |
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| of
the power project installed at the premises of the Company and supplying
electricity to the Company |
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| be
merged with the Company. |
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| Maple
Leaf Electric Company Limited is a public limited company quoted on Karachi
& Lahore Stock |
|
| Exchanges.
Its Authorised Capital is Rupees 750,000,000/- (Rupees Seven Hundred Fifty
Million Only) |
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| divided
into 75,000,000 ordinary shares of Rs. 10/- each and its paid up capital is
Rupees 520,000,000/- |
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| (Rupees
Five Hundred Twenty Million Only) divided into 52,000,000 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 or by |
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| the
Companies in which they are Directors. |
|
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| (ii)
The Shareholder's approval will be sought for the remuneration payable to the
Chief Executive and the |
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| full
time working Director of the Company in accordance with the terms and
conditions of their service with |
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| the
Company. The Authorised Capital of the company is Rs. two billion with
subscribed and paid-up capital |
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| of
Rs. 1.546 billion. The production facilities are located at Iskanderabad,
Mianwali and annual gross |
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| sales
revenue is Rs. 4,353 million for the year ended June 30, 2000. |
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| Notes: |
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| 1.
The scheme of arrangement for merger of Part 1 of Maple Leaf Electric Company
Limited into the |
|
| Company
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 23rd December,
2000 to 30th |
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| December,
2000 (both days inclusive). Transfers received in order at Company's Shares
Department, |
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| 42-Lawrence
Road, Lahore upto 12:00 noon on 22nd December, 2000 will be considered in
time. |
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| 3.
A member eligible to attend and vote at this meeting may appoint another
member as his/her proxy |
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| to
attend and vote instead of him/her. Proxies in order to be effective must
reach at the Company's |
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| registered
office not less than 48 hours before the time for holding the meeting. |
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| 4.
The Beneficial Owners of the company through Central Depository Company,
entitled to attend |
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| and
vote at this meeting, must bring his/her NIC or Passport to prove his/her
identity, and in case |
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| of
Proxy, must enclose an attested copy of his/her NIC or Passport.
Representatives of corporate |
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| members
should bring the usual documents required for such purpose. |
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| 5.
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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|
MAPLE LEAF ELECTRIC COMPANY LIMITED |
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AND |
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|
MAPLE LEAF CEMENT FACTORY LIMITED |
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AND |
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KOHINOOR TEXTILE MILLS 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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| "MLECL" |
|
means Maple Leaf 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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| "MLCFL" |
|
means Maple Leaf Cement
Factory 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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| "KTM" |
|
means Kohinoor Textile
Mills Limited, a company, limited by shares |
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|
incorporated as a public
limited company having its registered office |
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at Lahore. |
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| "the Court" |
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means Lahore High Court,
Lahore. |
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| "this
Scheme" |
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 4.0 of this
Scheme. |
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| "Undertaking
of MLECL" |
means the two Power
Projects of Maple Leaf Electric Company Limited |
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|
installed at the premises
of Maple Leaf Cement Factory Limited, |
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|
Iskanderabad and Kohinoor
Textile Mills Limited, Rawalpindi |
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|
respectively as divided
into two separate parts namely Part 1 and |
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|
Part 2 and as contained
specifically in Annex "A" and Annex "B" to |
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|
this scheme. |
|
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| The
headings and marginal notes are inserted for convenience and shall not affect
the construction of this |
|
| Scheme. |
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| Capital |
|
| The
authorised share capital of Maple Leaf Electric Company Limited (MLECL) is
Rupees 750,000,000 divided |
|
| into
75,000,000 ordinary shares of Rupees 10 each and its paid up capital is
Rupees 520,000,000 divided into |
|
| 52,000,000
ordinary shares of Rupees 10 each. |
|
|
| The
authorized share capital of Maple Leaf Cement Factory Limited (MLCFL) is
Rupees 2,000,000,000 divided |
|
| into
200,000,000 ordinary shares of Rupees 10 each and its paid up capital is
Rupees 1,546,473,240 divided |
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| into
154,647,324 ordinary shares of Rupees 10 each. |
|
|
| The
authorised share capital of Kohinoor Textile Mills Limited (KTM) is Rupees
700,000,000 divided into |
|
| 70,000,000
ordinary shares of Rupees 10 each and its paid up capital is Rupees
271,648,380 divided into |
|
| 27,164,838
ordinary shares of Rupees 10 each. |
|
|
| THE
SCHEME |
|
| OBJECT
OF THIS SCHEME' |
|
| 1.0
The principal object of this scheme is to reorganize/reconstruct Maple Leaf
Electric Company Limited |
|
| (MLECL)
and bifurcate/divide the assets and liabilities of the Maple Leaf Electric
Company Limited (MLECL) |
|
| into
two parts namely Part 1 and Part 2, as contained specifically in Annexes
"A" and "B" to the Scheme |
|
| and
effect merger of Part 1 of the Maple Leaf Electric Company Limited (MLECL)
with Maple Leaf Cement |
|
| Factory
Limited (MLCFL) and Part 2 of Maple Leaf Electric Company Limited (MLECL)
with Kohinoor |
|
| Textile
Mills Limited (KTM), through the transfer and vesting in MLCFL and KTM of the
two parts mentioned |
|
| above. |
|
|
| WHEREBY
IT IS PROPOSED THAT: |
|
| 1.1
The undertakings of MLECL comprising of Part 1 and Part 2 (as contained
specifically in Annexes |
|
| "A"
and "B" to this scheme), as at the transfer date (as hereinafter
defined) including all assets, |
|
| properties,
rights, privileges, powers, bank accounts, trade marks, title deeds, patents,
leave and |
|
| licences
and all or any other assets, properties, rights, privileges, powers,
contracts, bank accounts, |
|
| trade
marks, title deeds, patents and licences of MLECL as may reasonably be
allocatable to each |
|
| part
as at the transfer date (as hereinafter defined) shall, without further act
or deed, stand transferred |
|
| to
and be vested in MLCFL and KTM as per Annexes "A" and
"B", respectively, as from the |
|
| commencement
of business on 01 July 2000 (hereinafter referred to as the "transfer
date"). |
|
|
| 1.2
Without prejudice to the generality of paragraph 1.1 above, undertakings of
MLECL shall include all |
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| rights,
powers, authorities, privileges, contracts, benefits of Government consents,
sanctions and |
|
| authorisations,
trade marks, patents, licences, liberties and all properties, immovable and
movable, |
|
| real,
corporeal or incorporeal, in possession or reversion, present or contingent
of whatsoever nature |
|
| and
where so ever situate, including in particular reserves, revenue balances,
leasehold properties, |
|
| investments,
deposits, deferred costs, stores and spares, advances, deposits, prepayments,
other |
|
| receivables,
cash and bank balances, telephones, faxes, e-mail and telexes and trade debts
owing |
|
| to
MLECL and all other authorities, rights or interests in or arising out of
such property as may belong |
|
| to
or be in the possession or claim of MLECL on the transfer date and all books
of account and |
|
| documents
relating thereto, and shall be deemed to include all debts, borrowings,
liabilities, duties |
|
| and
obligations of MLECL of whatever kind, including liabilities for payment of
gratuity, pension, |
|
| benefits,
provident fund or compensation in the event of retrenchment, PROVIDED ALWAYS
that |
|
| this
Scheme shall not operate to enlarge the security for any loan, deposit or
facility created by or |
|
| available
to MLECL which shall vest in MLCFL and KTM on approval of this Scheme by the
Honourable |
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| Lahore
High Court, Lahore and MLCFL and KTM as the case may be shall not be obliged
to create |
|
| any
further or additional security therefor after the approval of this Scheme as
aforesaid or otherwise. |
|
|
| 1.3
The transfer and vesting of the undertakings of MLECL under Clauses 1.1 and
1.2 hereof and the |
|
| continuance
of proceedings by MLCFL and KTM under Clause 1.7 hereof shall not affect any |
|
| transactions
or proceedings already concluded by MLECL in the ordinary course of business
and |
|
| after
the transfer date to the end and intent that MLCFL and KTM respectively
accept on behalf of |
|
| themselves
all acts, deeds and things done and executed by MLECL in relation to the part
being |
|
| merged
with either, as the case may be. |
|
|
| 1.4
As from the transfer date, MLECL shall be deemed to have carried on and to
carry on its business |
|
| on
behalf of and on account of MLCFL and KTM until such time as this Scheme
becomes fully |
|
| effective. |
|
|
| 1.5
MLCFL shall in respect of the assets and liabilities mentioned in Annex
"A" undertake, pay, satisfy, |
|
| discharge,
perform and fulfill all debts, liabilities, contracts, engagements and
obligations whatsoever |
|
| of
MLECL as at the transfer date, and all contracts, deeds, bonds, agreements,
powers of attorney, |
|
| grants
of legal representation and all other instruments of whatever kind subsisting
or having effect |
|
| immediately
before the transfer date to which MLECL may be a party or which shall be in
favour of |
|
| MLECL
as they were before the transfer date and may be enforced or acted upon as
fully and |
|
| effectively
as if instead of MLECL, MLCFL had been a party thereto or as if the same had
been issued |
|
| by
or in favour of MLCFL, PROVIDED ALWAYS the existing creditors of MLCFL and
MLECL |
|
| respectively
having charges over the land, building, machinery and other fixed assets of
the respective |
|
| companies
shall continue to retain their security interests over the land, building,
machinery and other |
|
| fixed
assets respectively charged in their favour; the existing creditors of MLCFL
having charges over |
|
| the
current assets of MLCFL shall retain their respective charges over the
current assets as on the |
|
| transfer
date of MLCFL and shall have a first charge ranking, pari passu inter se, on
the future current |
|
| assets
which are kept at the MLCFL premises; and the existing creditors of MLECL
having charges |
|
| over
the current assets of MLECL shall retain their respective charges over the
existing current assets |
|
| of
MLECL as on the transfer date and shall have a first charge ranking pari
passu inter se, on the |
|
| future
current assets which are kept at the MLECL premises after the transfer date. |
|
|
| 1.6
KTM shall in respect of the assets and liabilities mentioned in Annex
"B" undertake, pay, satisfy, |
|
| discharge,
perform and fulfill all debts, liabilities, contracts, engagements and
obligations whatsoever |
|
| of
MLECL as at the transfer date, and all contracts, deeds, bonds, agreements,
powers of attorney, |
|
| grants
of legal representation and all other instruments of whatever kind subsisting
or having effect |
|
| immediately
before the transfer date to which MLECL may be a party or which shall be in
favour of |
|
| MLECL
as they were before the transfer date and may be enforced or acted upon as
fully and |
|
| effectively
as if instead of MLECL, KTM had been a party thereto or as if the same had
been issued |
|
| by
or in favour of KTM, PROVIDED ALWAYS the existing creditors of KTM and MLECL
respectively |
|
| having
charges over the land, building, machinery and other fixed assets of the
respective companies |
|
| shall
continue to retain their security interests over the land, building,
machinery and other fixed |
|
| assets
respectively charged in their favour; the existing creditors of KTM having
charges over the |
|
| current
assets of KTM shall retain their respective charges over the current assets
as on the transfer |
|
| date
of KTM and shall have a first charge ranking, pari passu inter se, on the
future current assets |
|
| which
are kept at the KTM premises; and the existing creditors of MLECL having
charges over the |
|
| current
assets of MLECL shall retain their respective charges over the existing
current assets of |
|
| MLECL
as on the transfer date and shall have a first charge ranking pari passu
inter se, on the future |
|
| current
assets which are kept at the MLECL premises after the transfer date. |
|
|
| 1.7
All causes, suits, appeals, petitions/revisions or other judicial, quasi
judicial and/or administrative |
|
| proceedings
of whatever nature by or against MLECL which shall be pending on the transfer
date |
|
| in
or before any court, tribunal forum or other authority will be continued,
prosecuted and enforced |
|
| in
the same manner and to the same extent as they would or might have been
continued, prosecuted |
|
| and
enforced by or against MLECL as if this Scheme had not been made, by or
against MLCFL and |
|
| KTM
to the extent and relating to the part being merged with each and the same
shall not abate, be |
|
| discontinued
or be in any way prejudiced or affected by the provisions of this Scheme. |
|
|
| 1.8
Every officer, workman or other employee of MLECL engaged directly on the
project forming Part 1 |
|
| of
MLECL shall, on the transfer date, become an officer, workman or employee, as
the case may be, |
|
| of
MLCFL on the basis that his services have not been interrupted by the vesting
of the Part 1 of |
|
| MLECL,
in MLCFL under this Scheme and on the same remunerations and other conditions
of service, |
|
| rights
and privileges as to pension, provident fund and gratuity, if any, and other
matters as were |
|
| applicable
to him before the transfer date. |
|
|
| 1.9
Every officer, workman or other employee of MLECL engaged directly on the
project forming Part 2 |
|
| of
MLECL and/or the head office of MLECL shall, on the transfer date, become an
officer, workman |
|
| or
employee, as the case may be, of KTM on the basis that his services have not
been interrupted |
|
| by
the vesting of the Part 2 of MLECL, in KTM under this Scheme and on the same
remunerations |
|
| and
other conditions of service, rights and privileges as to pension, provident
fund and gratuity, if |
|
| any,
and other matters as were applicable to him before the transfer date. |
|
|
| 2.0
As consideration for the said transfers, the individual members of MLECL
shall get "X" numbers of fully |
|
| paid-up
ordinary share of the par value of Rupees 10 each in the capital of MLCFL and
"Y" numbers of |
|
| fully
paid-up ordinary share of the par value of Rupees 10 each in the capital of
KTM for every One fully |
|
| paid-up
share of the par value of Rupees 10 each held by them in the capital of
MLECL, as on a day to |
|
| be
fixed by the board of Directors of MLCFL and KTM following the transfer date.
The value of "X" and |
|
| "Y"
will be determined on the basis of ratio resulting from the average of the
undermentioned two figures |
|
| for
the three companies: |
|
|
| a)
Break-up value of the shares as per audited accounts for the year ended 30
June 2000. |
|
|
| b)
Average of weekly quotation of the shares on the Karachi Stock Exchange from
01 July 1999 |
|
| to
30 June 2000. |
|
|
| All
costs, charges and expenses of carrying this scheme into effect shall be
borne and paid by MLCFL |
|
| and
KTM proportionately. |
|
|
| 2.1
The said fully paid-up ordinary shares in MLCFL and KTM to be issued and
allotted to the members |
|
| of
MLECL shall rank pari passu in all respects with the existing fully paid-up
ordinary shares in MLCFL |
|
| and
KTM respectively. |
|
|
| 2.2
All members whose names shall appear in the Register of Members of MLECL on
such date (after |
|
| the
transfer date) as the Board of Directors of MLCFL and KTM may determine,
shall surrender their |
|
| share
certificates for cancellation thereof to the shares department of KTM who
shall coordinate for |
|
| the
issuance of shares by MLCFL and KTM in the determined proportion. In default,
upon the new |
|
| shares
in MLCFL and KTM being issued and allotted by it to the members of MLECL
whose name |
|
| shall
appear on the Register of Members of MLECL on such date, as aforesaid, the
share certificates |
|
| in
relation to the shares held by them in MLECL shall be deemed to have been
cancelled. |
|
|
| 2.3
The excess value of the net assets of Part 1 of MLECL as at 30 June 2000 over
the paid-up value |
|
| of
shares issued and allotted pursuant to the terms of Clause 2.0 hereof shall
be accounted for in |
|
| the
books of MLCFL, as at the transfer date that the Capital Reserves, Revenue
Reserves and the |
|
| unappropriated
profit of Part 1 of MLECL, as at 30 June 2000 shall constitute Reserves of a |
|
| corresponding
nature of MLCFL and the balance, if any, transferred to the General Reserves
in |
|
| MLCFL. |
|
|
| 2.4
The excess value of the net assets of Part 2 of MLECL as at 30 June 2000 over
the paid-up value |
|
| of
shares issued and allotted pursuant to the terms of Clause 2.0 hereof shall
be accounted for in |
|
| the
books of KTM, as at the transfer date, that the Capital Reserves, Revenue
Reserves and the |
|
| unappropriated
profit of Part 2 of MLECL, as at 30 June 2000 shall constitute Reserves of a |
|
| corresponding
nature of KTM and the balance, if any, transferred to the General Reserves in
KTM. |
|
|
| 3.0
The Chief Executives of MLCFL, KTM and MLECL acting jointly or any person or
persons duly authorised |
|
| by
the respective boards of MLCFL, KTM and MLECL shall be authorised to take all
such further |
|
| 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, Lahore may deem fit
to impose. |
|
|
| 4.0
Subject to an order being made by the Honourable Lahore High Court, Lahore
under Section 287 of the |
|
| Companies
Ordinance 1984, MLECL shall, without winding up, stand dissolved from such
date on which |
|
| all
shares to be allotted by MLCFL and KTM under Clause 2.0 above to the
member(s) of MLECL shall |
|
| have
been so allotted. |
|
|
| 5.0
The approvals and/or confirmations and/or directions to the proposed transfer
of undertakings as set out |
|
| in
Clauses 1.1 and 1.2 of this Scheme have been received from the share holders
of MLCFL, KTM and |
|
| MLECL. |
|
|
| 6.0
This Scheme shall be subject to such modifications or conditions as the
Honourable Lahore High Court, |
|
| Lahore
may approve or impose. |
|
|
| 7.0
In case this Scheme is not finally sanctioned by the Honourable Lahore High
Court, Lahore for any reason |
|
| whatsoever
OR if for any other reason this Scheme cannot be implemented before 30 June
2001 or within |
|
| such
further period or periods as may be agreed upon by MLCFL, KTM and MLECL (by
the authorized |
|
| person(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
in terms of this Scheme. |
|
|
| MAPLE
LEAF ELECTRIC COMPANY LIMITED |
|
| PART 1 |
|
| DETAILS
OF ASSETS AND RELATED LIABILITIES AS ON 31) JUNE 2000 |
|
| OF
POWER PROJECT INSTALLED AT PREMISES OF |
|
| MAPLE
LEAF CEMENT FACTORY LIMITED |
|
|
|
RUPEES |
|
| ASSETS |
|
| Fixed Assets |
|
| Building
on leasehold land |
|
39,583,215 |
|
| Plant
and machinery |
|
374,838,902 |
|
| Electric
equipment and installation |
|
5,579,582 |
|
| Furniture
and fixtures |
|
635,889 |
|
| Office
equipment |
|
275,734 |
|
| Fire
fighting equipment |
|
137,627 |
|
| Vehicles |
|
365,262 |
|
|
------------ |
|
|
421,416,211 |
|
|
| Assets
subject to finance lease |
|
227,328 |
|
| Long
Term Deposit and Deferred Costs |
|
4,900 |
|
| Current
Assets |
|
| Stores,
spares and loose tools |
|
42,623,899 |
|
| Trade debts |
|
77,235,936 |
|
| Advances,
deposits, prepayments and other receivables |
|
16,438,717 |
|
| Cash
and bank balances |
|
119,947 |
|
|
------------ |
|
|
136,418,499 |
|
|
------------ |
|
| TOTAL
ASSETS |
|
558,066,938 |
|
|
========== |
|
| LIABILITIES |
|
| Share
Capital and Reserves |
|
| Authorized
Capital (37,764,675 Ordinary shares of Rs. 10/- each) |
377,646,750 |
|
|
========== |
|
| Issued,
subscribed and paid-up capital |
|
261,835,080 |
|
| Reserves |
|
186,305,730 |
|
| Unappropriated
profit |
|
2,044,254 |
|
|
------------ |
|
|
450,185,064 |
|
| Long
Term Loans and Deferred Liabilities |
|
| Supplier's
credit |
|
-- |
|
| Liability
against assets subject to finance lease |
|
-- |
|
| Provision
for gratuity |
|
490,225 |
|
|
------------ |
|
|
490,225 |
|
| Current
Liabilities |
|
|
|
| Current
portion of long term liabilities |
|
156,498 |
|
| Short
term finance |
|
63,150,000 |
|
| Creditors,
accrued and other liabilities |
|
11,355,766 |
|
| Unclaimed
dividend |
|
-- |
|
| Proposed
dividend |
|
32,729,385 |
|
| Provision
for taxation |
|
-- |
|
|
------------ |
|
|
107,391,649 |
|
|
------------ |
|
| TOTAL
CAPITAL AND LIABILITIES |
|
558,066,938 |
|
