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CONTENTS
D.G. Khan Cement Company Limited Corporate Profile Directors Report Condensed Interim Balance Sheet Condensed Interim Profit and Loss Account Condensed Interim Cash Flow Statement Condensed Interim Statement of Changes in Equity Selected Notes to the Condensed Interim Financial Statements 2 3 6 8 9 10 11
Directors Report Condensed Interim Consolidated Balance Sheet Condensed Interim Consolidated Profit and Loss Account Condensed Interim Consolidated Cash Flow Statement Condensed Interim Consolidated Statement of Changes in Equity
19 20 22 23 24
Audit Committee
Factory
2.
Clinker production during Jan-March 2009 witnessed a decline on account of planned shut down of plants due to rising inventory levels of clinker and cement, which effected Clinker Production the capacity utilization compared with the Utilization same period last year.
Cement Production
SALES Adverse economic conditions both in the country and in regional countries affected the cement demand. Total cement sales during July-March and in the 3rd quarter i.e. Jan-Mar 2009 witnessed a decline of 9% and 12% respectively. OPERATING RESULTS
January-March 2009
Cement Sales Clinker Sales
2008
Allthough sales volume during the period under report declined but stable cement prices in the local markets yielded breathe to the revenues of the company. Sale revenue surged by nearly 58%, which helped mitigating rising production and finance costs. Rising coal and fuel prices affected the production cost badly, specially during the first half of the current financial year. Coal Net Sales and fuel prices slashed during the 3rd quarter which bodes well for the cement sector Gross Profit and its impact would be evident in the Net Profit periods to come.
EPS January-March 2009 1,139,655 194,069 0.77 2008 July - March 2009 2008
4,514,053 3,514,909 13,166,445 8,337,618 316,526 3,733,220 1,077,462 157,767 0.62 321,117 1.27 487,428 1.92
EQUITY AND LIABILITIES CAPITAL AND RESERVES Authorised capital 950,000,000 (30 June 2008: 950,000,000) ordinary shares of Rs 10 each 50,000,000 (30 June 2008: 50,000,000) preference shares of Rs 10 each Issued, subscribed and paid up capital 253,541,157 (30 June 2008: 253,541,157) ordinary shares of Rs 10 each Reserves Accumulated profit / (loss) NON-CURRENT LIABILITIES Long term finances Long term deposits Retirement and other benefits Deferred taxation CURRENT LIABILITIES Trade and other payables Accrued markup Short term borrowing - secured Current portion of non-current liabilities Provision for taxation
39,526,439
51,992,934
The annexed notes 1 to 14 form an integral part of these condensed interim financial statements. The details of valuation of investments, impairment and impact on profit and loss account are given in note 8.3 Chief Executive
6
ASSETS NON-CURRENT ASSETS Property, plant and equipment Assets subject to finance lease Capital work in progress Investments Long term loans, advances and deposits
7 8.1
CURRENT ASSETS Stores, spares and loose tools Stock-in-trade Trade debts Investments Advances, deposits, prepayments and other receivables Cash and bank balances 1,810,998 793,504 520,023 7,157,414 1,107,031 177,174 11,566,144 2,299,250 445,856 366,173 15,082,582 782,358 226,372 19,202,591
8.2
39,526,439
51,992,934
Director
7
Note Sales - net Cost of goods sold Gross profit Administrative and general expenses Selling and distribution expenses Impairment loss Other operating expenses Other operating income
(9,433,225) (3,374,398) (7,260,156) (3,198,383) 3,733,220 (99,759) (1,370,419) (154,723) (712,315) 590,152 (1,747,064) 1,139,655 (33,889) (280,254) (154,723) (53,866) 157,752 (364,980) 774,675 (609,606) (609,606) 165,069 29,000 194,069 0.77 1,077,462 (76,392) (246,488) (200,544) 662,682 139,258 1,216,720 (1,171,437) (2,600) (1,174,037) 42,683 444,745 487,428 1.92 316,526 (23,687) (127,339) (119,602) 294,928 24,300 340,826 (386,220) (1,798) (388,018) (47,192) 204,959 157,767 0.62
(Loss) / profit before taxation Taxation Profit after taxation Earnings per share basic and diluted
Appropriations have been reflected in the statement of changes in equity. The annexed notes 1 to 14 form an integral part of these condensed interim financial statements. The details of valuation of investments, impairment and impact on profit and loss account are given in note 8.3
Chief Executive
8
Director
Cash flows from operating activities Cash generated from operations Finance cost paid Retirement and other benefits paid Taxes paid Long term deposits - net Net cash used in operating activities Cash flows from investing activities Purchase of property, plant and equipment Purchase of investments Long term loans, advances and deposits-net Sales proceeds of property, plant and equipment Dividend received Interest received Net cash used in investing activities Cash flows from financing activities Proceeds from long term finances Repayment of long term finances Repayment of liabilities against assets subject to finance lease Dividend paid Net cash (used in)/generated from financing activities Net decrease in cash and cash equivalents
Note 11
July to July to March March 2009 2008 (Rupees in thousand) 3,195,576 (1,845,524) (6,374) (144,855) 520 1,199,343 1,105,307 (1,156,863) (7,762) (96,266) (704) (156,288)
Cash and cash equivalents at the beginning of period Cash and cash equivalents at the end of period
The annexed notes 1 to 14 form an integral part of these condensed interim financial statements. Chief Executive
9
Director
INTERIM CONDENSED STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED MARCH 31, 2009 (UN-AUDITED)
CAPITAL RESERVE
Fair value reserve General reserve Accumulated profit
REVENUE RESERVE
Share capital
Share premium
Total
Rupees in thousand
Balance as at 30 June 2007 2,535,412 2,535,412 2,535,412 2,535,412 2,711,384 2,711,384 19,458,977 (4,983,488) 2,711,384 24,442,465 353,510 353,510 7,914,392 353,510 1,574,102 2,711,384 22,868,363 353,510 3,696,827
1,757,689
10 - (11,544,585) -
Final dividend for the year ended 30 June 2007 - Rs 1.5 per share Transfer from profit and loss account Net change in available for sale financial asset Profit for the period
35,446,636 - (4,983,488) (382,891) (382,891) (50,853) 30,080,257 - (11,544,585) 321,117 321,117 270,264 18,856,789
Net change in available for sale financial asset Loss for the period
Net change in available for sale financial asset Profit for the period
The annexed notes 1 to 14 form an integral part of these condensed interim financial statements.
Chief Executive
Director
1. D. G. Khan Cement Company Limited ("the Company") is a public limited company incorporated in Pakistan and is listed on Karachi, Lahore and Islamabad Stock Exchanges. It is principally engaged in production and sale of Ordinary Portland and Sulphate Resistant Cement. The registered office of the Company is situated at 53-A Lawrence Road, Lahore. 2. These condensed interim financial information are un-audited and are being submitted to the shareholders as required by Section 245 of the Companies Ordinance, 1984. 3. The accounting policies and methods of computation adopted in the preparation of these condensed interim financial statements are the same as those for the preceding annual financial statements for the year ended 30 June, 2008. 4. The preparation of these condensed interim financial information requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. In preparing these condensed interim financial information, the significant judgments made by the management in applying accounting policies, key estimates and uncertainty includes: Residual value and useful life estimation of fixed assets Taxation Retirements and other benefits Provisions and Contingencies Fair value of derivatives March 31, June 30, 2009 2008 Note (Rupees in thousand)
Long term finances These are composed of: Long term finances 5.1 Less: Current portion shown under current liabilities 5.1 Long term finances Opening balance Add: Disbursement during the period/year Foreign currency exchange loss adjustment Less: Repayment during the period/year Less: Current portion shown under current liabilities 9,405,223 3,497,111 5,908,112 11,094,112 705,963 11,800,075 2,394,852 9,405,223 3,497,111 5,908,112 11,094,112 2,683,061 8,411,051 10,705,016 3,000,000 567,179 14,272,195 3,178,083 11,094,112 2,683,061 8,411,051
11
Contingencies and commitments 6.1 Contingencies There is no material change in contingencies from the preceding annual published financial statements of the Company for the year ended 30 June 2008.
6.2 Commitments in respect of: (i) (ii) Contracts for capital expenditure Rs 130.827 million (30 June 2008: Rs 113.987 million) Letter of credit for capital expenditure Rs 1,044.978 million (30 June 2008: Rs 857.570 million)
(iii) Letter of credit other than capital expenditure Rs 1,455.667 million (30 June 2008: Rs 275.746 million) March 31, June 30, 2009 2008 (Rupees in thousand) Property, plant and equipment Opening book value Additions (Cost) Freehold land Leasehold land Factory buildings Office Buildings and housing colony Roads Plant and machinery Quarry equipment Furniture, fixtures and office equipment Vehicles Power and water supply lines Disposals (at book value) Plant and machinery Office equipment Vehicles Written off (at book value) Factory buildings Plant and machinery Quarry equipment Furniture, fixtures and office equipment Vehicles Power and water supply lines Depreciation charge for the period/year 22,977,894 55,359 223,484 46,418 53,199 1,922,191 94,932 12,397 9,421 33,250 2,450,651 (730) (1,024) (1,754) (1,004,767) 24,422,024
12
22,117,551 69,261 63,000 107,273 38,085 5,401 1,770,166 69,905 39,077 27,689 61,802 2,251,659 (19,060) (2,927) (21,987) (1,473) (1,158) (187) (6,385) (125) (406) (9,734) (1,359,595) 22,977,894
7.1 Assets subject to finance lease at book value amounting to Rs 5.048 million (30 June 2008: Rs 5.135 million) transferred to property, plant and equipment during the period. Note 8 Investments Long term investments Short term investments March 31, June 30, 2009 2008 (Rupees in thousand) 3,021,821 7,157,414 203,629 2,818,192 3,021,821 6,795,961 15,082,582 203,629 6,592,332 6,795,961
8.1 Long term investments Investment in subsidiary company Available for sale 8.1.1
Investment in subsidiary company Unquoted Nishat Paper Products Company Limited (Formerly Nishat Shuaiba Paper Products Company Limited) 23,268,398 (30 June 2008: 23,268,398) fully paid ordinary shares of Rs 10 each Equity held: 50% (30 June 2008: 50%) 203,629 Available for sale Related parties Others Impairment Loss Revaluation surplus
8.1.2
8.2
Short term investments Available for sale Related parties Impairment Loss Revaluation surplus
1,552,937 1,334 (123,434) 1,430,837 1,387,355 2,818,192 661,666 (31,289) 6,527,037 7,157,414
8.3
Impairment loss on investment of Rs 154.723 million has been charged to profit & loss account as per the directives issued by SECP vide its SRO No. 150(1)2009 dated February 13, 2009 allowing therein the impairment loss on account of investment held as available for sale to be charged to profit & loss account on quarterly basis till December 31, 2009 the impairment loss on investment is determined on the basis of quoted market prices as at March 31, 2009. Had the complete impairment loss been recognized through profit & loss account, the figures recognized in interim financial information for the period ended March 31, 2009 would have been different as follows: Rs. in thousands Deacrease in profit for the period 527,170 Decrease in deficit of fair value reserve 527,170 Decrease in profit per share
13
Rupees 2.08
2009 July to January to March March (Rupees in thousand) 9 Cost of goods sold Raw and packing materials consumed 1,107,829 Salaries, wages and other benefits 466,731 Electricity and gas 985,213 Furnace oil/coal 5,258,583 Stores and spares consumed 667,544 Repair and maintenance 92,712 Insurance 32,166 Depreciation on property, plant and equipment 994,793 Depreciation on assets subject to finance lease 80 Royalty 54,649 Excise duty 21,100 Vehicle running 13,809 Postage, telephone and telegram 3,177 Printing and stationery 2,882 Legal and professional charges 2,420 Estate development 6,703 Rent, rates and taxes 5,045 Freight charges 4,266 Other expenses 18,607 9,738,309 Opening work-in-process Closing work-in-process Cost of goods manufactured Opening stock of finished goods Closing stock of finished goods Less: Own consumption capitalized 118,292 (230,530) (112,238) 9,626,071 78,369 (263,229) (184,860) 7,986 9,433,225 388,883 151,435 245,822 883,491 282,236 32,213 10,057 338,789 12,745 4,819 4,096 1,011 1,058 748 2,567 1,694 1,389 4,804 2,367,857 1,240,801 (230,530) 1,010,271 3,378,128 262,309 (263,229) (920) 2,810 3,374,398
988,196 348,529 1,168,375 3,095,685 484,641 59,920 32,505 1,002,954 3,103 61,260 18,006 10,654 3,934 2,420 804 7,603 5,085 4,602 15,966 7,314,242 142,686 (214,267) (71,581) 7,242,661 69,728 (34,781) 34,947 17,452 7,260,156
377,224 112,673 330,390 1,206,567 234,315 17,408 10,544 339,574 228 17,023 4,009 3,442 717 889 136 1,906 2,094 1,927 5,258 2,666,324 673,971 (214,267) 459,704 3,126,028 110,967 (34,781) 76,186 3,831 3,198,383
14
10 Related Party Transactions Subsidary Company Purchase of goods and services Rental income Interest income Other related parties Purchase of goo Insurance premium Sale of goods Mark-up income on balance with related parties Insurance claim received Key Management personnel compensation Expenses charged in respect of staff retirement benefits plans 11 Cash flow from operating activities
653,755 114 31,822 498,567 40,468 30,022 3,529 417 50,836 24,565
(Loss)/ profit before tax (80,883) Adjustment for: Depreciation on property, plant and equipment 1,004,767 Depreciation on assets subject to finance lease 89 Profit on disposal of property, plant and equipment (1,521) Dividend income (545,531) Impairment Loss 154,723 Share of loss of associate Retirement and other benefits accrued 20,411 Markup Income (35,447) Exchange loss-net 705,963 Finance cost 2,067,039 Profit before working capital changes Effect on cash flow due to working capital changes: Decrease/(Increase) in stores, spares and loose tools Increase in stock-in-trade Increase in trade debts Increase in advances, deposits, prepayments and other receivables Increase in trade and other payables Cash generated from operations 3,289,610
42,683 1,011,919 3,185 (4,273) (642,842) 2,600 10,196 (2,654) 192,136 1,171,437 1,784,387
15
March 31, March 31, 2009 2008 (Rupees in thousand) 12 Cash and cash equivalents Short term borrowing - secured Cash and bank balances (8,110,403) 177,174 (7,933,229) 13 Date of authorization for issue These un-audited condensed interim financial statements were authorized for issue by the Board of Directors of the Company on April 27, 2009. 14 General Figures have been rounded off to the nearest thousand of Rupees. (6,624,777) 266,819 (6,357,958)
Chief Executive
16
Director
17
D.G. Khan Cement Company Limited and its Subsidiary Directors Report on Interim Condensed Consolidated Financial Statements
I am pleased to present before you the consolidated financial statements of D.G. Khan Cement Company Ltd. and its subsidiary Nishat Paper Products Company Ltd. Consolidated financial performance of the both companies is as follows: July-March 2009 (Rupees in thousand) Sale revenue Gross profit (Loss) before tax Profit after tax 13,467,917 3,844,724 (167,762) 249,238
A review on affairs of D.G. Khan Cement Company Ltd has been separately appended.
19
Note SHARE CAPITAL AND RESERVES Authorised capital 950,000,000 (June 30, 2008: 950,000,000) ordinary shares of Rs 10 each 50,000,000 (June 30, 2008: 50,000,000) preference shares of Rs 10 each Issued, subscribed and paid up capital 253,541,157 (June 30, 2008: 253,541,157) ordinary shares of Rs 10 each Reserves Accumulated profit/(loss) Minority Interest
NON CURRENT LIABILITIES Long term finances Liabilities against assets subject to finance lease Long term deposits Retirement and other benefits Deferred taxation
CURRENT LIABILITIES Trade and other payables Accrued markup Short term borrowing - secured Current portion of non-current liabilities Provision for taxation
Chief Executive
20
NON-CURRENT ASSETS Property, plant and equipment Assets subject to finance lease Capital work in progress Investments Long term loans, advances and deposits
Note 7 8
CURRENT ASSETS Stores, spares and loose tools Stock-in-trade Trade debts Investments Advances, deposits, prepayments and other receivables Cash and bank balances
Director
21
Administrative and general expenses Selling and distribution expenses Impairment Loss Other operating expenses Other operating income Profit from operations Finance cost Share of loss of associated companies (Loss)/Profit before taxation Taxation Profit for the period Attributable to: Equity holders of the parent Minority inerest Earnings per share basic and diluted
(659,296) (1,171,437) (2,600) (659,296) (1,174,037) 149,531 29,000 178,531 193,074 (14,543) 178,531 1.15 42,683 444,745 487,428 487,428 487,428 1.92
Chief Executive
22
Director
Cash flows from operating activities Cash (used in)/generated from operations Finance cost paid Retirement and other benefits paid Taxes paid Net increase in long term deposits Net cash (used in)/generated from operating activities Cash flows from investing activities Purchase of property, plant and equipment Purchase of investments Long term loans, advances and deposits-net Sales proceeds of property, plant and equipment Dividend received Interest received Net cash used in investing activities Cash flows from financing activities Proceeds from long term finances Repayment of long term finances Repayment of liabilities against assets subject to finance lease Dividend paid
Note 11
Net cash generated from financing activities Net (decrease)/increase in cash and cash equivalents Cash and cash equivalents at the beginning of period Cash and cash equivalents at the end of period 12
Chief Executive
23
Director
CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED MARCH 31, 2009 (UN-AUDITED)
CAPITAL RESERVE REVENUE RESERVE
Share capital Total Balance as at 30 June 2007 Final dividend for the year ended 30 June 2007 - Rs 1.5 per share Transfer from profit and loss account Fair value gain during the period Profit for the period Balance as at 31 December 2007 2,535,412 Post acquisition Reserve Fair value gain during the period Minority Interest arising on business combination Loss for the period Balance as at 30 June 2008 Fair value loss during the period Profit for the period Balance as at 31 March 2009 2,535,412 2,711,384 2,535,412 2,711,384 19,458,977 353,510 7,914,392 353,510 5,110,851 5,110,851 (299,639) 32,399 (4,983,488) 2,711,384 24,442,465 353,510 1,574,102 5,071,827 39,024 1,375,000 (1,375,000) 329,661 332,038 (380,312) 2,535,412 2,711,384 22,868,363 353,510 3,696,827 1,757,689
Share premium
Capital Fair redemption value reserve General reserve fund reserve Rupees in thousand Accumulated profit/(Loss) 33,923,185 (380,312) 1,574,102 329,661 35,446,636 39,024 (4,983,488) (299,639) 30,202,533 - (11,544,585) 285,177 317,576 285,177 18,943,125
24
- (11,544,585) The attached notes 1 to 14 form an integral part of these accounts.
Chief Executive
Director
25
The accounting policies adopted for the preparation of these quarterly accounts are the same as those applied in the preparartion of preceding annual published accounts of the company for the year ended June 30, 2008. 4. These financial statements were authorized for issue on by the Board of the Company. March 31, June 30, 2009 2008 (Rupees in thousand) 9,935,223 3,647,111 6,288,112 11,694,112 705,963 12,400,075 2,464,852 9,935,223 11,694,112 2,823,061 8,871,051 10,705,016 3,600,000 567,179 14,872,195 3,178,083 11,694,112
5. Long term finances These are composed of: Long term finances Less: Current portion shown under current liabilities 5.1 Long term finances Opening balance Add: Disbursement during the period/year Exchange Adjustment Less: Repayment during the period/year 6. Contingencies and commitments
Note 5.1
6.1 Contingencies There is no material change in contingencies from the preceding annual published financial statements of the Company for the year ended June 30, 2008. 6.2 Commitments in respect of: (i) Contracts for capital expenditure Rs 130.827 million (June 30,2008: Rs 113.987 million) (ii) Letter of credit for capital expenditure Rs 1,044.978 million (June 30,2008: Rs 857.570 million) (iii) Letter of credit other than capital expenditure Rs 1,479.214 million (June 30,2008: Rs 374.078 million) 7. Property, plant and equipment Opening book value Add: Addition during the period 7.1 24,224,273 2,452,911 26,677,184 1,754 1,037,436 1,039,190 25,637,994 22,117,551 3,514,807 25,632,358 30,861 9,734 1,367,490 1,408,085 24,224,273
Less: Disposal during the period(at book value) Written off(book value) Depreciation charged during the period
26
7.1 Additions (Cost) Freehold land Leasehold land Factory buildings Office buildings and housing colony Roads Plant and machinery Quarry equipment Furniture, fixtures and office equipment Vehicles Power and water supply lines 8. Investments Cost Impairment Loss Fair value surplus Less: Investment classified in current assets
Note
March 31, June 30, 2009 2008 (Rupees in thousand) 55,359 223,484 46,418 53,199 1,924,433 94,932 12,397 9,421 33,268 2,452,911 2,215,960 (154,723) 7,914,392 9,975,629 7,157,437 2,818,192 81,261 63,000 357,798 49,167 14,579 2,734,774 69,905 42,928 28,275 73,120 3,514,807 2,215,960 19,458,977 21,674,937 15,082,605 6,592,332
27
2009 July to January to March March (Rupees in thousand) 9. Cost of goods sold Raw and packing materials consumed 1,220,695 Salaries, wages and other benefits 475,194 Electricity and gas 994,923 Furnace oil/coal 5,258,583 Stores and spares consumed 675,341 Repair and maintenance 92,785 Insurance 35,841 Depreciation on property, plant and equipment 1,027,050 Depreciation on assets subject to finance lease 133 Royalty 54,649 Excise duty 21,100 Vehicle running 14,231 Postage, telephone and telegram 3,194 Printing and stationery 2,910 Legal and professional charges 2,520 Estate development 6,703 Rent, rates and taxes 5,065 Freight charges 4,311 Other expenses 19,168 9,914,396 Opening work-in-process 118,292 Closing work-in-process (230,530) (112,238) Cost of goods manufactured 9,802,158 Opening stock of finished goods Closing stock of finished goods 435,261 154,296 247,120 883,491 284,784 32,235 11,187 349,544 18 12,745 4,819 4,251 1,017 1,071 748 2,567 1,694 1,413 5,188 2,433,449 1,240,801 (230,530) 1,010,271 3,443,720
2008 July to January to March March (Rupees in thousand) 988,196 348,529 1,168,375 3,095,685 484,641 59,920 32,505 1,002,954 3,103 61,260 18,006 10,654 3,934 2,420 804 7,603 5,085 4,602 15,966 7,314,242 142,686 (214,267) (71,581) 7,242,661 69,728 (34,781) 34,947 17,452 7,260,156 377,224 112,673 330,390 1,206,567 234,315 17,408 10,544 339,574 228 17,023 4,009 3,442 717 889 136 1,906 2,094 1,927 5,258 2,666,324 673,971 (214,267) 459,704 3,126,028 110,967 (34,781) 76,186 3,831 3,198,383
118,864 283,696 (289,843) (289,843) (170,979) (6,147) Less: Own consumption capitalised 7,986 2,810 9,623,193 3,434,763
28
Note 10. Related party transactions Purchase of goods and services Insurance premium Sale of goods Make-up income on balances with related parties Insurance claim received Key Managment personnel compensation Expenses charged in respect of staff retirment benefits plans 11. Cash flow from operating activities (Loss)/profit before tax Adjustment for: Depreciation on property, plant and equipment Depreciation on assets subject to finance lease Profit on disposal of property, plant and equipment Dividend income Impairment Loss Share of loss of associates Retirement and other benefits accrued Markup Income Exchange loss-net Finance cost Profit before working capital changes Effect on cash flow due to working capital changes: (Increase)/decrease in stores, spares and loose tools (Increase)/decrease in stock-in-trade (Increase)/decrease in trade debts Increase in advances, deposits, prepayments and other receivables (Decrease)/increase in trade and other payables Cash generated from operations 12. Cash and cash equivalents Short term borrowing - secured Cash and bank balances
July to March, July to March, 2009 2008 (Rupees in thousand) 498,567 40,468 30,022 3,529 417 50,836 24,565 (167,762) 1,035,861 1,778 (1,521) (545,531) 154,723 20,411 (3,625) 705,963 2,226,809 3,427,106 486,529 115,590 (185,984) (483,992) 193,455 125,598 3,552,704 (8,658,336) 197,032 (8,461,304) 663,937 43,506 12,536 2,540 2,367 43,695 20,864 42,683 1,011,919 3,185 (4,273) (642,842) 2,600 10,196 (2,654) 192,136 1,171,437 1,784,387 (808,773) (132,928) (252,444) (15,470) 530,535 (679,080) 1,105,307 (6,624,777) 266,819 (6,357,958)
13. Date of authorization for issue These un-audited condensed interim financial statements were authorized for issue by the Board of Directors of the Company on April 27,2009 14. Corresponding figures Corresponding figures have been rearranged, wherever necessary for the purposes of comparison. However, no significant rearrangements have been made. Chief Executive
29
Director