Al-Noor Sugar Mills Limited’s corrigendum

Karachi, June 10, 2013 (PPI-OT): Please refer to the Half-yearly Condensed Interim Financial Statements of the company for the period ended 31st March 2013 wherein Note No.11 has inadvertently been misprinted.

We enclose a copy of the Corrigendum which may kindly be circulated amongst the shareholders.

Inconvenience caused to everyone is highly regretted.

Corrigendum

Note No 11 “General” on the page No 15 of the printed half yearly condensed interim financial information please be read as under:

11. General
11.1 Change in accounting estimate

Nature of the change in estimate

During the period the estimated useful life of the plant and machinery of the MDF Board Division and rate of depreciation rate have been revised to fairly allocate the depreciable amount of the items of the plant and machinery of the division over their revised estimated useful life as follows;

- From 10 % to 5% in case of machinery relating to Sunds Line and Mende Line.
- From 10 % to 20% in case of machinery relating to lamination process.

Effect of change in estimate

The effect of the change in the estimate has been recognized prospectively by including it in the profit and loss account in the current period the following impact


                                                                           (Rs.'000)

- Decrease in depreciation expense for the period                           (17,439)
- Decrease in incremental depreciation on revaluation                       (11,706)
- Increase in profit before tax                                              17,439
- Effect on equity-Increase due to increase in net profit                    17,439
- Decrease due to decrease in net incremental depreciation                   (7,609)

11.2 Amounts have been rounded off to the nearest thousand rupees unless otherwise stated.

For more information, contact:
M. Yasin Mughal
Company Secretary
Al-Noor Sugar Mills Limited
96-A Sindhi Muslim Housing Society,
Karachi- 74400, Pakistan
Tel: 34550161-63, 34550030-31
Fax: (92-21) 34556675
E-mail: alnoor@dslplus.net.pk

Leave a Reply