Pakistan PVC Limited’s financial results for the year ended June 30, 2011

Karachi: We have to inform you that the Board of Directors of our company in their meeting held on September 24, 2011 at 9.30 A.M. at Plot No. 31 – A, 1-9 Industrial Area, Islamabad, Pakistan, recommended the following:

Cash Dividend

An Interim Cash Dividend for the year ended June 30, 2011 at Rs. NIL per share i.e. NIL%. This is in addition to Interim Dividend(s) already paid at Rs. Nil per share is NIL%.

And/ Or

Bonus Shares

It has been recommended by the Board of Directors to issue Interim Bonus shares in proportion of NIL share(s) for every NIL share(s) held i.e. NIL%. This is in addition to the Interim Bonus Shares already issued @ NIL%.

And/ Or

(iii) Right Shares

The Board has recommended to issue NIL% Right Shares at par/at a discount / premium of Rs. NIL per share in proportion of NIL share(s) for every NIL share(s). The entitlement of right shares being declared simultaneously will be/will not be applicable on Bonus Shares as declared above.

And/ Or

(iv) Any Other Entitlement/Corporate Action

And/ Or

(v) Any Other Price-Sensitive Information

The financial results of the company are as follows:

Financial Results are Enclosed:

Annual General Body Meeting will be held on October 31, 2011 at 9.00 a.m. at Shaffiabad, Gharo, District Thatta, Registered Office of the Company.

The Share Transfer Books of the Company will remain closed from October 25, 2011 to October 31, 2011 (both days inclusive). Transfers received at Shaffiabad, Gharo, District Thatta at the close of business on September 24, 2011 will be treated in time for the purpose of above entitlement to the transferees.

Pakistan PVC Limited Profit and Loss Account for the Year Ended June 30, 2011

 

Note

2011

2010

Rupees

Sates – net256,509,6725,748,269
Cost of sales26(26,910,004)(25,221,291)
————————
Gross Loss(20,400,332)(19,473,022)
Other operating income2711,741,91710,964,168
Distribution cost28 (2,488,022)(1,760,386)
Administrative expenses29(3,408,305)(3,363,688)
Finance costs30(7,277,101)(7,276,898)
————————
Loss before taxation(21,831,824) (20,909,826)
Taxation31 (1,143,311)(1,139,283)
————————
Loss for the year (22,975,135)(22,049,110)
———— ————
Loss per share – basic and diluted32(1.54)(1.47)

 

The annexed notes form an integral part of these financial statements.

Pakistan PVC Limited Balance Sheet as at June 30, 2011

 

Note

2011

2010

Rupees

Share Capital and Reserves
Authorized capital
15,000,000  (June 30, 2010: 15,000,000)
Ordinary Shares of Rs.10/- each150,000,000150,000,000
————————
issued, subscribed and paid up capital5149,580,000149,580,000
Accumulated loss(390,008,702)(378,391,031)
————————
240,428,702(228,811,031)
Surplus on revaluation of fixed assets6143,742,399155,099,864
Non Current Liabilities
Long term financing7--
Deferred liabilities8166,415161,993
Current Liabilities
Trade and other payables979,914,53676,209,604
Accrued interest / markup10133,988,203126,749,226
Short term borrowings1117,947,49617,751,745
Current portion of Long term financing732,991,00032,991,000
Provision for taxation – net1299,884189,653
———— ————
264,941,119253,891,227
Contingencies and Commitments13
————————
168,421,231180,342,052

 

 

Note

2011

2010

Rupees

Non Current Assets
Property, plant and equipment’14162,469,609173,442,133
Lone term investments1550,000-
Long term advances and deposits16160,315160,315
Current Assets
Stores spare parts and loose tools171,6521,660
Stocks in trade18525,973 958,503
Trade debts193,545,7003,302,500
trade and advances20865,574879,972
Trade deposits21206,150206,150
Other receivables22191,455 675,805
Tax refunds from Government23270,385490,235
Cash and bank balances24134,419224,779
————————
5,741,3076,739,604
————————
168,421,231180,342,052

 

The annexed notes from an integral financial statements.

For more information, contact:
Pakistan PVC Limited
Shaffiabad, Gharo District Thatta,
Pakistan,
Voice: (92-21) 452-6871,
Fax: (92-51) 452-6871
Email: info@shavyl.com
Web: www.shavyl.com