PART V

5.     FINANCIAL INFORMATION

5.1   REPORT UNDER SECTION 53 OF THE COMPANIES ORDINANCE
        1984 READ WITH CLAUSE 28 (1) OF SECTION 2 OF PART I OF THE
        SECOND SCHEDULE TO ORDINANCE.

        The Board of Directors                                                                  Ref: 1-208-96
        Southern Electric Power Company Limited
        Islamabad

        03 April 1996

        Dear Sirs,

        AUDITORS' CERTIFICATE UNDER SECTION 53(1) READ WITH CLAUSE
        28 (1) OF SECTION 2 OF PART-I OF THE SECOND SCHEDULE TO THE
        COMPANIES ORDINANCE 1984

       We have examined the accounts of Southern Electric Power Company Limited for
       the period 20 December 1994 to 31 December 1995 and report that in accordance
       with section 53(1) read with clause 28(1) of section 2 of Part-1 of Second Schedule
       to the Companies Ordinance, 1984 the assets and liabilities and shareholders' equity
       of the company as at 31 December 1995 were as follows:

	1995
	(RUPEES)
FIXED ASSETS	38,765,023
DEVELOPMENT EXPENDITURE	131,689,069
	170,454,092
PRELIMINARY EXPENSES	141,650
CURRENT ASSETS
Advances, deposits, prepayments and other receivables	273,480,274
Cash and bank balances	102,400,988
	375,881,262
	546,477,004
	========
SHARE CAPITAL	500,000
SHARE DEPOSIT MONEY	526,437,900
CURRENT LIABILITIES	19,539,104
Creditors' accrued and other liabilities	546,477,004
	========

We further report that:

a)  Contingent liabilities were Rs. 96,786,645 as at31 December 1995.

b)  No profit and loss account has been prepared as the company has not
     commenced commercial operations.

c)  No dividends have been declared by the company during the aforesaid
     period.

d)  No accounts have been prepared by the company subsequent to
     31 December 1995.

     Yours faithfully

 

      Sd/
      Taseer Hadi Khalid & Co.
      Chartered Accountants

5.2   AUDITORS' CERTIFICATE ON SPONSORS SHARE CAPITAL

 

The Board of Directors Ref: 1-209-96
Southern Electric Power Company Limited
Islamabad

03 April 1996

Dear Sirs,

AUDITORS' CERTIFICATE ON SHARE CAPITAL

We have verified from the books of account and other record of Southern Electric Power Company Limited that the issued, subscribed and paid up capital of the company as on February 29, 1996 was Rs. 826,880,130 divided into 82,688,013 ordinary shares of Rs. 10 each fully paid up as follows:

	No. of shares	Amount (Rupees)
SPONSORS
Forgien
BCHIL Southern Company Limited P. O. 309, Grand Cayman Cayman Islands British West Indies	40,178,346	401,783,460
Local
Sponsors, directors and associates	7,346,986	73,469,860
	47,525,332	475,253,320
	=======	========
OTHERS
Asea Brown Boveri Kraftwerke A. G. Kallstadter Strasse 1 P. O. Box 100351 D-6800 Mannheim 31 Germany	6,859,140	68,591,400
SEP Holding Corporation Cayman Islands British West Indies	7,630,121	76,301,210
Crescent Investment Bank Limited	15,505,020	155,050,200
First Capital Securities Corporation Limited	5,168,400	51,684,000
	35,162,681	351,626,810
	82,688,013	826,880,130
	=======	========

 

Yours faithfully

Sd/
Taseer Hadi Khalid & Co.
Chartered Accountants

 

 

5.3   AUDITOR'S CERTIFICATE FOR BREAK-UP VALUE OF SHARES

The Board of Directors                                                          Ref: 1-210-96
Southern Electric Power Company Limited
Islamabad

03 April 1996

Dear Sirs,

AUDITORS' CERTIFICATE ON THE BREAK-UP VALUE OF SHARES

Based on the proceeds of issue of share capital received upto 29 February 1996 and shares issued upto that date the break-up value of one ordinary share of a nominal value of Rs. 10 each of the company is Rs. 10 each.

Yours faithfully

Sd/
Taseer Hadi Khalid & Co.
Chartered Accountants

 

5.4   FINANCIAL YEAR

The financial year of the Company is from 1 July to 30 June.

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