Transactions with related parties
Transactions with related parties are stated at arm's length prices based on methods prescribed in the Companies Ordinance, 1984, computed on the basis of comparable uncontrolled prices.
The mark-up@ 15% p.a. has been charged from Associated Companies, which is not less than the borrowing cost of the company in accordance with the provisions of section 208 of Companies Ordinance, 1984. Details of transactions with related parties and balances outstanding with them at the period end are as follows.
Balance Outstanding |
242,508 |
Payments made on behalf of the associated companies |
17,613 |
Mark –up earned |
30,480 |
Material Changes
There have been no material changes since June 30, 2006 and the Company has not entered into any commitment which would affect its financial position at the date.
Statement of Ethics and Business Practices
The Board has adopted the statement of Ethics and Business Practices. All employees have been informed of this statement and are required to observe these rules of conduct in relation to customers, suppliers and regulations.
Earnings Per Share
Basic Earnings per Share works out to Rs. 6.30 (2005 : 4.53).
Appropriations
|
Rupees in Thousands |
|---|---|
Amount available for appropriation |
1,245,783 |
Dividend on preference shares @ 9.50% |
57,475 |
Proposed bonus shares @ 25% |
152,718 |
Un-appropriated profit carried forward |
1,035,590 |
Group: