Dost Steels Limited’s financial results for the year ended June 30, 2011
Karachi: We are pleased to inform you that the Board of Directors of our company in their meeting held on 21st September 2011 at 11:00 a.m. at the Registered Office of the company situated at Plot # 222, Sector – 39, Korangi Creek Industrial Area, Karachi – 74900 to consider and approved the financial statement for the year ended June 30, 2011 and has recommended the following:
| Cash Dividend | Nil |
| Bonus Shares | Nil |
| Right Shares | Nil |
| Any other Entitlement/Corporate Action | Nil |
| Any other Price-Sensitive Information | Nil |
The financial results enclosed herewith.
The Annual General Meeting of Dost Steels Limited (DSL) will be held on 27th October 2011 at 09:00 (a.m.) at Plot # 222, Sector – 39, Korangi Creek Industrial Area, Karachi 74900.
The Share Transfer Books of the Company will be closed from 20-10-2011 to 27-10-2011 (both days inclusive). Transfer received at the Shares Registrar M/s. Your Secretary (Pvt.) Ltd., Suit no. 1020, 10th Floor, Uni Plaza, I. I. Chundrigar Road, Karachi-74200, at the close of business on 19-10-2011 will be treated in time for the purpose of above entitlement to the transferees.
Profit and Loss Account for the Year Ended June 30, 2011
2011 | 2010 | ||
| Note | Rupees | Rupees | |
| Property and equity | 2,014,249,653 | 2,011,228,819 | |
| Long term deposits | 21,673,345 | 22,807,345 | |
| ————– | ————- | ||
| 2,035,922,998 | 2,034,036,164 | ||
| Current assets | |||
| Advances | 7 | 638,094 | 563,415 |
| Short term prepayment | - | 165,000 | |
| Tax refund due from government | 8 | 442,998 | 369,130 |
| Other receivable | 9 | 66,547 | 78,975 |
| Cash and bank balances | 10 | 129,421 | 175,376 |
| ————– | ————- | ||
| 1,277,060 | 1,351,896 | ||
| ————– | ————- | ||
| Total assets | 2,037,200,058 | 2,035,388,060 | |
| ————– | ————- | ||
| Equity and Liabilities | |||
| Share capital and reserves | |||
| Authorized share capital | |||
| 70,000,000 ordinary shares of Rs. 10 each | 700,000,000 | 700,000,000 | |
| ————– | ————- | ||
| Issued, subscribed and paid up capital | 11 | 674,645,000 | 674,645,000 |
| Reserves | (74,182,488) | (63,674,856) | |
| ————– | ————- | ||
| Shareholders’ Equity | 600,462,512 | 610,970,144 | |
| Non-current liabilities | |||
| Provision for Gratuity | 4,550,902 | - | |
| Long term loans | 12 | 5,555,553 | 166,972,721 |
| ————– | ————- | ||
| 10,106,455 | 166,972,721 | ||
| Current liabilities | |||
| Current and overdue portion of long term loans | 12 | 925,752,684 | 764,335,516 |
| Short term borrowings | 13 | 255,973,012 | 249,061,508 |
| Trade and other payables | 14 | 41,055,375 | 40,198,151 |
| Markup accrued | 15 | 203,850,020 | 202,850,020 |
| ————– | ————- | ||
| 1,426,631,091 | 1,257,445,195 | ||
| Contingencies and Commitments | 16 | ||
| ————– | ————- | ||
| Total equity and liabilities | 2,037,200,058 | 2,035,388,060 | |
| Administrative expenses | 17 | (10,654,102) | (10,954,800) |
| Other operating income | 18 | 146,470 | 168,034 |
| ————– | ————- | ||
| Loss before taxation | (10,507,632) | (10,786,766) | |
| Taxation | 19 | - | - |
| ————– | ————- | ||
| Loss after taxation | (10,507,632) | (10,786,766) | |
| ————– | ————- | ||
| Loss per share | 20 | (0.16) | (0.16) |
The annexed notes form an integral part of these financial statements
For more information, contact:
Dost Steels Limited
Plot No. 222, Sector 39,
Korangi Creek Industrial,
Area Karachi – 74900
Web: www.doststeels.com
E: ho@doststeels.com
