Karachi: We are enclosing herewith a copy of the Auditors Certificate No. 19-44/0548 dated 29 September 2011 issued by Messrs M. Yousuf Adil Saleem and Co., Chartered Accountants in respect of Issue of Bonus Shares to the existing shareholders of the Company.
As requested in your email, dated September 28, 2011, we have reviewed the computation of residual free reserves for the issue of bonus shares prepared by the Company and have ascertained from the Company’s audited financial statements for the year ended June 30, 2011 that the residual “free reserves” in terms of the meeting given to “free reserves” in the Companies (Issue of Capital) Rules, 1996 after the proposed issue of bonus shares of face value of Rs.419.484 million would be higher than twenty five percent of the enhanced paid-Up capital of Rs. 8,809.163 million.
We have reviewed the contingent liabilities outstanding as at June 30, 2011 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 there are no `such liabilities that have not been recognized in the financial statements and would need to be deducted from aforementioned “free reserves” of the Company.
This certificate is being issued on 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:
Sui Southern Gas Company Limited
SSGC House, Sir Shah Suleman Road,