MS AR 2018 (1)
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16.3 Government of Pakistan (GoP) imposed regulatory duty on export of scrap and steel products with the objective<br />
to protect the local steel industry. This duty was not applicable in respect of goods manufactured and exported<br />
from raw material imported under the Duty and Tax Remission Scheme (DTRE) or in manufacturing bonded<br />
warehouses. However, the Company under protest deposited the regulatory duty to clear the export consignments<br />
at that time. This fact is also evident from the subsequent withdrawal of duty by Federal Board of Revenue (FBR)<br />
from exports made out of finished goods manufactured from raw material imported in manufacturing bonded<br />
warehouses or under DTRE regime. The matter is currently pending before the Customs Appellate Tribunal. The<br />
management is rigorously contesting the case. The management and legal advisor are of the opinion that the<br />
matter would be decided in the favour of the Company.<br />
Rupees Note <strong>2018</strong> 2017<br />
17. CASH AND BANK BALANCES<br />
Balances with banks in:<br />
- Current accounts 1,088,147,726 1,740,293,243<br />
- Saving accounts 17.1 116,392,717 292,606,408<br />
- Term deposit receipts 17.2 44,112,146 305,663,782<br />
1,248,652,589 2,338,563,433<br />
Cash in hand 2,518,883 328,562<br />
1,251,171,472 2,338,891,995<br />
17.1 These carry profit up to 5.50% (2017: 3.75%) per annum.<br />
17.2 These carry profit up to 6.50% (2017: 6.50%) per annum.<br />
18. AUTHORIZED SH<strong>AR</strong>E CAPITAL<br />
This represents 300,000,000 (2017: 300,000,000) ordinary shares of Rs. 10/- each.<br />
19. ISSUED, SUBSCRIBED AND PAID-UP CAPITAL<br />
This represents 251,599,650 (2017: 251,599,650) ordinary shares of Rs. 10/- each. Break-up of issued, subscribed<br />
and paid-up capital is as follows:<br />
<strong>2018</strong> 2017 Note <strong>2018</strong> 2017<br />
Number of shares<br />
Rupees<br />
Shares allotted for consideration<br />
161,951,535 161,951,535 paid in cash 1,619,515,350 1,619,515,350<br />
Shares allotted for consideration<br />
58,579,553 58,579,553 other than cash 19.1 585,795,530 585,795,530<br />
31,068,562 31,068,562 Shares allotted as bonus shares 310,685,620 310,685,620<br />
251,599,650 251,599,650 2,515,996,500 2,515,996,500<br />
19.1 These represent shares issued against purchase of business comprising of net assets of Mughal Steel (AoP).<br />
Annual Report <strong>2018</strong><br />
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