INNOVATIVE ENERGY SOLUTIONS (PRIVATE) LIMITED

STATEMENT OF FINANCIAL POSITION

AS AT JUNE 30, 2014

2014 2013
Note Rupees

ASSETS

Non-Current Assets
Property, plant & equipment 3 437,323,199 192,893,808

Current Assets
Advances, deposits, prepayments and other receivables 4 520,202 4,421,705
Trade Receivables - Considered good 37,227,981 -
Cash and bank balance 5 916,865 2,059,229
38,665,048 6,480,934
Total Assets 475,988,247 199,374,742

EQUITY AND LIABILITIES

Share Capital and Reserves

Authorized Capital
10,000,000 Ordinary shares of Rs.10 each (2012 : 100,000 shares) 100,000,000 100,000,000

Issued, subscribed and paid-up capital

Ordinary shares of Rs.10 each fully paid in cash 6 50,000,000 50,000,000
Accumulated Profit/(Loss) 9,810,530 (3,005,342)
Total Shareholder's Equity 59,810,530 46,994,658

Non-Current Liabilities
Long term financing - Unsecured 7 272,693,281 116,216,670

Current Liabilities
Current and overdue portion of long term loan 88,523,812 13,833,330
Trade and other payables 8 54,960,624 22,330,084
143,484,436 152,380,084
Contingencies and commitment 9 - -
Total Equity and Liabilities 475,988,247 199,374,742

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

_________________ ________________
Chief Executive Director
 INNOVATIVE ENERGY SOLUTIONS (PRIVATE) LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED JUNE 30, 2014

2014 2013
Note Rupees Rupees

Sales 196,799,855 -

Cost of Sales (149,530,691) -

Gross Profit / (Loss) 47,269,164 -

Operating Expenses

Administrative Expenses 10 (6,665,208) (1,573,282)

Operating (loss) 40,603,956 (1,573,282)

Other Income 11 - 14,606

Finance Cost 12 (26,843,757) (1,089,503)

Other Charges 13 (944,327) -

(Loss) / Profit before Taxation 12,815,872 (2,648,179)

Provision for Taxation - -

(Loss) / Profit after Taxation 12,815,872 (2,648,179)

(Loss) / Earning per Share - Basic and Diluted 2.56 (0.53)

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

_________________ ________________
Chief Executive Director
 INNOVATIVE ENERGY SOLUTIONS (PRIVATE) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED JUNE 30, 2014

Share Capital Accumulated loss Total

- - - - - - - - - - - - Rupees - - - - - - - - - - - -

Balance as at June 30, 2012 300,000 (357,163) (57,163)

Increase in share capital 49,700,000 - 49,700,000

Loss for the year - (2,648,179) (2,648,179)

Balance as at June 30, 2013 50,000,000 (3,005,342) 46,994,658

Increase in share capital - - -

Profit for the year - 12,815,872 12,815,872

Balance as at June 30, 2014 50,000,000 9,810,530 59,810,531

The annexed notes form an integral part of these financial statements

__________________ __________________
Chief Executive Director
 INNOVATIVE ENERGY SOLUTIONS (PRIVATE) LIMITED
CASH FLOW STATEMENT
FOR THE YEAR ENDED JUNE 30, 2014

2014 2013
Rupees Rupees
A CASH FLOWS FROM OPERATING ACTIVITIES

Profit/(Loss) before tax 12,815,872 (2,648,179)

Adjustment for non cash charges and other Items :

Depreciation 31,709,118 151,399
Loss/(Gain) on disposal of fixed assets - (14,606)
Cash flow from/(used in) operating activities before
working capital changes 44,524,990 (2,511,386)

Working Capital changes

Decrease / (increase) in current assets
Trade Receivables (37,227,981)
Advances, deposits & prepayments 3,901,503 (4,421,705)
(33,326,478) (4,421,705)
Increase / (Decrease) in current liabilities
Current maturity of long term loan 74,690,482 13,833,330
Trade and other payables 32,630,540 22,270,084
73,994,544 31,681,709
Net cash generated from / (used in) operating activities 118,519,534 29,170,323

B CASH FLOW FROM INVESTING ACTIVITIES

Fixed capital expenditure (276,138,509) (181,141,781)

Proceeds from disposal of fixed assets - 1,400,000
Net cash used in investing activities (276,138,509) (179,741,781)

C CASH FLOW FROM FINANCING ACTIVITIES

Proceeds from issue of share capital - 49,700,000

Proceeds from long term financing 156,476,611 102,916,670
Net cash generated from financing activities 156,476,611 152,616,670

Net increase / (decrease) in cash and cash equivalent (A+B+C) (1,142,364) 2,045,212
Cash and cash equivalent at the beginning of the year 2,059,229 14,017
Cash and cash equivalents at the end of the year 916,865 2,059,229

The annexed notes form an integral part of these financial statements

_______________ _________________
Chief Executive Director
INNOVATIVE ENERGY SOLUTIONS (PRIVATE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2014

1 NATURE AND STATUS OF BUSINESS

Innovative Energy Solutions (Private) Limited ("the company") was incorporated on 08 July 2010 in
Pakistan under the Companies Ordinance, 1984. The Registered Office of the Company is located at plot
No. 495, 501 & 504, DEH Landhi Main National Highway, Karachi, Sindh. The Principle activity of the
company is to provide power generation solutions including manufacturing, assembling import, purchase
and sell of turbines, generators and allied equipments based on natural gas, solar, thermal and wind power
energy.

2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of Preparation

a) Statement of compliance

These financial statements have been prepared in accordance with approved accounting
standards, as applicable in Pakistan. Approved accounting standards comprise of Accounting and
Financial Reporting Standard for Medium Sized Entities issued by the Institute of Chartered
Accountants of Pakistan and provisions of and directives issued under the Companies' Ordinance,
1984. In case requirements differ, the provisions or directives of the Companies Ordinance, 1984
shall prevail.

b) Basis of Measurement

These financial statements have been prepared under the historical cost convention, except as
otherwise mentioned in these financial statements. Further, accrual basis of accounting is
followed except for cash flow statement.

c) Functional and presentation currency

These financial statements are presented in Pak Rupees, which is the functional and presentation
currency of the Company and rounded off to the nearest rupee.

d) Use of estimates and judgments

The preparation of financial statements in conformity with approved accounting standards, as

applicable in Pakistan, requires management to make judgments, estimates and assumptions that
affect the application of policies and the reported amounts of assets, liabilities, income and
expenses.

The estimates and associated assumptions are based on historical experience and various other
factors that are believed to be reasonable under the circumstances, the results of which form the
basis of making judgments about the carrying values of assets and liabilities that are not readily
apparent from other sources. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimate is revised if the revision
affects only that period, or in the period of the revision and future periods if the revision affects
both current and future periods.
 The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period in which the estimate is revised if the revision
affects only that period, or in the period of the revision and future periods if the revision affects
both current and future periods.

Information about significant areas of estimation, uncertainty and critical judgments in applying
accounting policies that have the most significant effect on amounts recognized in the financial
statements are described as follows: -

Property, plant and equipment

The Company’s management determines the estimated useful lives and related depreciation
charge for its property and equipment. This also includes estimating the residual values and
depreciable lives. Further, the Company reviews the value of the assets for possible impairment
on an annual basis. Any change in the estimates in future years might affect the carrying amounts
of the respective items of property and equipments with a corresponding affect on the
depreciation charge and impairment.

e) Property, plant and Equipment

These are initially recognized at cost. Subsequent to initial recognition these are measured at cost
less accumulated depreciation and impairment losses, if any. Cost includes expenditures that are
directly attributable to the acquisition of the asset.

Depreciation is calculated on Reducing Balance Method over the estimated useful life of the
assets. Depreciation on additions is charged from the month in which they are available for use
and no depreciation is charged in the month of disposal.

Subsequent costs are included in the asset's carrying amount or recognized as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will
flow to the entity and its cost can be reliably measured. Cost incurred to replace an item of
property and equipment is capitalized and the asset so replaced is retired from use and its carrying
amount is derecognized. Normal repairs and maintenance are charged to the profit and loss
account during the period in which they are incurred.

An item of Property, Plant and Equipment is derecognoised upon disposal or when no future
economic benefits are expected from its use or disposal. Any gains and losses arising on
derecognisation of the asset is included in profit or loss account in the year the asset is
derecognised.

f) Borrowing Costs

The Borrowing Cost directly attributable to the acquisition , construction or production of

Qualifying Assets is capitalized as part of cost of all assets. All other interests, mark-up and other
charges are recognized in profit and loss account.

g) Share Capital

Ordinary Shares are classified as equity.

h) Trade and other payables

These are carried at cost which is the fair value of the consideration received up to the year end
for which payment is pending, whether or not billed to the Company.
i) Borrowings

Borrowings are recognized initially at fair value and are subsequently stated at amortization cost.
Any difference between proceeds and redemption value in recognized in the profit and loss
accounts over the period of borrowing s using effective interest method.

j) Provisions

Provisions, if any, are recognized when the Company has a present legal or constructive
obligation as a result of past events and it is probable that an outflow of resources embodying
economic benefits will be required to settle the obligation and a reliable estimate can be made of
the amount of the provision.

k) Impairment

The carrying amount of the Company's assets are reviewed at each balance sheet date to
determine whether there is any indication of impairment. If such indication exists, the recoverable
amount of such asset is estimated. An impairment loss is recognised wherever the carrying
amount of the asset exceeds its recoverable amount. impairment losses are recogniosed in profit
and loss account. a previously recognised impairment loss is reversed only if there has been a
change in the estimates used to determine the asset's recoverable amount since the last
impairment loss was recognised. if that is the case, the carrying amount of the asset is increased
to its recoverable amount. That in creased amount cannot exceed the carrying amount that would
have been determined, net of depreciation, had no impairment loss been recognised for the asset
in prior years. such reversal is recognised in profit and loss account.

l) Cash and cash equivalents

Cash and cash equivalents are carried in the balance sheet at cost. For the purposes of cash flow
statement cash and cash equivalents comprise of cash in hand and bank balances.

m) Related party transactions

All transactions with related parties are priced on an arm's length basis. Prices for these
transactions are determined on the basis of admissible valuation methods. However, loan
transactions with the directors are interest free.

n) Taxation

Income of the Company is exempt under Clause 132 of the Second Schedule of the Income tax
Ordinance, 2001.

o) Capital work in progress

Capital work in progress is stated at cost less impairment, if any. Assets are transferred to
operating fixed assets when they are available for intended use.

p) Loans, advances, prepayments and other receivable

 These are stated at the amounts originally disbursed, provision is made for the amounts
considered doubtful, if any, and those considered irrecoverable are written off.

q) Financial instruments

All financial assets and liabilities are recognized at the time when the company becomes the party
to the contractual provisions of the instruments. These are initially measured at cost which is the
fair value of the consideration agreed upon and subsequently measured at fair value or amortized
cost as the case may be. The Company derecognizes the financial assets and financial liabilities
when it ceases to be a party to such contractual provisions of the instruments. Any gain or loss on
the recognition or de-recognition of financial assets and liabilities is taken to the profit and loss
account.

r) Offsetting of financial assets and financial liabilities

Financial assets and financial liabilities are set off and the net amount is reported in the balance
sheet if the Company has a legal right to set off the transaction and also intends either to settle on
a net basis or to realize the asset and settle the liability simultaneously. Corresponding income on
assets and charge on liability are also set off.

t) Foreign currency translations

All the monetary assets and liabilities in foreign currencies are translated into Pak Rupees at
exchange rate ruling at the balance sheet date. Foreign currency transaction are converted into
Pak Rupees at exchange rate at the date of transaction. Gain / loss on re-measurement of
monetary assets / liabilities and on foreign currency transactions is charged to profit and loss
account.
 2013 2012
Note Rupees Rupees

3 PROPERTY, PLANT AND EQUIPMENT

Operating fixed assets - tangible 3.1 332,960 -

Capital work in progress
CWIP-P/House Civil & General 37,824,812 13,288,820
CWIP-P/House Machineries 154,736,036 -
192,893,808 13,288,820

3.1 Operating fixed assets - tangible

2013
Opening Addition/ Depreciation Accumulated Closing
Description Closing WDV Cost Rate
WDV Disposal Charge Depreciation WDV
- - - - - - - - - - - - - - - - - - - - - - - - - - - Rupees - - - - - - - - - - - - - - - - - - - - - - - - - - -

Power House

Plant & machineries - - - - - - - 10%

Building - - - - - - - 5%

Office equipment - 199,000 3,783 195,217 199,000 3,783 195,217 10%

Furniture - 46,200 1,540 44,660 46,200 1,540 44,660 10%

Motor vehicle - 1,566,018 2,986 44,792 1,566,018 2,986 44,792 15%

(1,385,394) 132,846 (1,518,240) 15%

Computer equipment - 58,535 10,244 48,291 58,535 10,244 48,291 30%

Rupees 2013 - 1,869,753 151,399 332,960 351,513 18,553 332,960
(1,385,394) -
Rupees 2012
 2014 2013
Note Rupees Rupees

3 PROPERTY, PLANT AND EQUIPMENT

Operating fixed assets - tangible 3.1 437,323,199 332,960

Capital work in progress
CWIP-P/House Civil & General - 37,824,812
CWIP-P/House Machineries - 154,736,036
437,323,199 192,893,808

3.1 Operating fixed assets - tangible

2014
Opening Addition/ Transfer from Depreciation Accumulated
Description Closing WDV Cost Closing WDV Rate
WDV Disposal CWIP Charge Depreciation
- - - - - - - - - - - - - - - - - - - - - - - - - - - Rupees - - - - - - - - - - - - - - - - - - - - - - - - - - -

Power House -

Plant & Machineries - 264,827,000 172,408,659 30,503,470 406,732,189 437,235,659 30,503,470 406,732,189 10%

Building & Civil Works - 10,150,314 20,152,189 1,084,292 29,218,211 30,302,503 1,084,292 29,218,211 5%

Office equipment 195,217 554,911 - 33,650 716,478 753,911 37,433 716,478 10%

Furniture 44,660 244,609 - 17,238 272,031 290,809 18,778 272,031 10%

Motor vehicle 44,792 48,500 - 10,357 82,935 96,278 13,343 82,935 15%

Computer equipment 48,291 313,175 - 60,111 301,355 371,710 70,355 301,355 30%
Rupees 2014 332,960 276,138,509 192,560,848 31,709,118 437,323,199 469,050,870 31,727,671 437,323,199
- -
Rupees 2013 - 1,869,753 - 151,399 332,960 351,513 18,553 332,960
(1,385,394)
 2014 2013
Note Rupees Rupees

3.1 The depreciation charge for the year has been allocated as follows:
Cost of Sales 31,587,762 -
Administrative expenses 121,356 151,399
31,709,118 151,399

4 ADVANCES, DEPOSITS AND OTHER RECEIVABLES

Loans to staff - Considered good 190,406 98,000

Deposits against L/C - 256,789
Advance tax 16,900
Sales tax receivable 312,896 4,066,916
520,202 4,421,705

5 CASH AND BANK BALANCES

Cash in hand 48,855 42,156

Cash at banks - in current accounts 868,010 2,017,073
916,865 2,059,229

6 ISSUED, SUBSCRIBED AND PAID UP CAPITAL

2014 2013 2014 2013

Number of Shares Amount

5,000,000 30,000 Opening balance 50,000,000 300,000

- 4,970,000 Ordinary shares of Rs.10 each issued
during the year - 49,700,000
5,000,000 5,000,000 50,000,000 50,000,000

7 LONG TERM FINANCING

Secured
Bank loan 7.1 175,493,281 69,166,670
Unsecured -Non-interest bearing
From related parties
From directors 7.2 97,200,000 47,050,000
272,693,281 116,216,670

7.1 Mark up is payable @ six month KIBOR plus 2.5% repayable on quarterly basis.

Details of combined collateral

Registered charge over various plant and machinery item amounting Rs.396 million and mortgage of
farm house owned by director as well as first charge over receivables to the extent of Rs.350 million
and guarantee of associated concerns and directors.

7.2
The loan from directors of the company is subordinated in favour of bank (M/s HBL FTC Br. Karachi)
to the extent so as to maintain a minimum debt (borrowings from bank) to equity ratio of 65:35 at any
given time.

8 TRADE AND OTHER PAYABLES

Trade Creditors 6,858,043 22,002,848

Accrued Charges & Other Payables 8.1 48,102,581 327,236
54,960,624 22,330,084
 2014 2013
Note Rupees Rupees
8.1 Accrued Charges & Other Payables
Gas Bill Payable 37,730,700 54,300
Salary & Wages Payable 454,316 141,586
Markup Payable 8,519,417 -
WWF Payable 256,317 -
WPPF Payable 688,010 -
Other Payables 453,821 131,350
48,102,581 327,236

9 CONTINGENCIES AND COMMITMENT

9.1 Contingencies

There is no contingency as of the date of financial statements.

10 SALES - NET

Sales - gross 230,414,764 -

Sales Tax (33,614,909) -
Sales - net 196,799,855 -

11 COST OF SALES

Gas Consumed 103,965,293 -

Salary andWages 3,758,395 -
Repairs and Mantenance 3,279,204 -
Insurance Charges 970,723 -
Depriciation 31,587,762 -
Oil & Lubricant 4,839,284 -
Chemical Consumed 695,852 -
Electricity Duty 434,178 -
149,530,691 -

10 SELLING AND ADMINISTRATIVE EXPENSES

Salary, wages and benefits 1,038,648 540,569

Legal and professional expenses 324,490 307,500
Entertainment expenses 1,353,840 53,145
Auditors remuneration 105,000 31,200
Depreciation 3.1 121,356 151,399
Printing and stationery 50,912 12,590
Conveyance, vehicle and travelling expenses 627,227 18,800
Repair and maintenance - 33,855
Fees & Subscription 118,696 333,150
Postage and Telegram 281,184 25,600
Computer Expense 14,900 -
Misc. Expense 157,540 10,280
Donation Expenses 830,000 -
Marketing Expenses 769,800 -
Rent, Rates & Taxes 862,962 -
Insurance Charges 8,653 55,194
6,665,208 1,573,282

11 OTHER INCOME

This represent gain on sale of motor vehicle.

Opening WDV - -

Add: Purchase of Vehicle & capital expenditure incurred - 1,518,240

Less: Depreciation charge upto the month of disposal - (132,846)
Closing WDV before disposal - 1,385,394
Proceeds from sale of vehicle - 1,400,000
 2014 2013
Note Rupees Rupees
Gain / (Loss) on disposal of vehicle - 14,606
 2014 2013
Note Rupees Rupees

12 FINANCIAL CHARGES

Markup on HBL Demand Finance 12.1 30,554,037 272,195

Profit on Meezan Bank Ijarah - 6,128,889
Bank charges and commission 134,697 1,089,503
30,688,733 7,490,587
Less: Markup / Profit Capital (3,844,976) (6,401,084)
26,843,757 1,089,503

12.1 Markup is charged at 6 months KIBOR + 2.5% payable on quarterly basis.

13 OTHER CHARGES
Workers Welfare Fund (WWF) 256,317 -
Workers Profit Participation Fund (WPPF) 688,010 -
944,327 -

14 RELATED PARTY TRANSACTIONS

Related parties comprises associated companies, directors, key management personnel of member companies
and various other related parties that have an interest in the Company that gives it significant influence over
the Company. PN Dockyard is considered as such whereas remuneration to chief executive and directors' are
disclosed in note 13. Other transactions with related parties are as follows:

2014 2013
Rupees Rupees
Long Term Finance
acquired 232,000,000 202,597,079
repaid (50,982,907) (119,597,079)
Loan from Director
acquired 77,650,000 90,950,000
repaid / transferred to share capital (27,500,000) (57,200,000)
PN Dockyard
Sales 230,255,831 -
Receipts 193,027,850 -

15 REMUNERATION OF CHIEF EXECUTIVE OFFICER AND DIRECTORS

Remuneration charged in financial statements NIL (2013 : Nil).

16 DATE OF AUTHORIZATION FOR ISSUE

These financial statements have been authorized for issue by the Board of Directors of the Company on
____________________.

_________________ _________________
Chief Executive Director
 OPENING BALANCE
CODE NAME
DEBIT CREDIT
001 PAID UP CAPITAL
0010001 PAID-UP SHARE CAPITAL - 50,000,000.00
- 50,000,000.00
002 UN-APPROPRIATED PROFIT/(LOSS)
0020001 UN-APPROPRIATED PROFIT / (LOSS) 3,005,341.63 -
3,005,341.63 -
003 LOAN FROM DIRECTORS
0030001 KHALID MAJEED (LOAN A/C) - 3,433,330.00
0030002 ASHRAF MAJEED (LOAN A/C) - 16,883,330.00
0030003 SHOAIB MAJEED (LOAN A/C) - 26,733,340.00
- 47,050,000.00
005 LOAN FROM ASSOCIATED CONCERN
0050001 AQUAGEN (PVT) LTD-LOAN A/C - -
- -
006 LONG TERM LOAN
0060002 HBL DF-I (GENSET-1) 3.2 MW (SWAPPING) - 83,000,000.00
0060003 HBL DF-II (2ND GENERATOR $1135000) - -
0060004 HBL DF-III (3RD GENERATOR $ 1135000) - -
- 83,000,000.00
009 TRADE CREDITORS
0090001 CREDITORS FOR STORES & OTHERS - 22,002,848.00
- 22,002,848.00
100 ACCRUED CHARGES
0100001 ACCRUED EXPENSE - 347,977.52
0100002 ACCRUED PAYROLL - 114,233.00
0100003 EFU GENERAL INSURANCE (IMPORT) - -
0100004 EFU GENERAL INSURANCE (GENERAL) - 1,394.00
0100006 EARNED LEAVE PAYABLE - 5,870.00
0100007 GRATUITY PAYABLE - -
0100008 LABOUR CHGS PAYABLE - -
- 469,474.52
012 WITHHOLDING TAX
0120001 WHT-SUPPLIERS - 187,209.00
0120003 WHT-SALARIES - -
0120004 WHT. SALES TAX REGISTERED SUPPLIERS 329,448.00 -
0120005 WHT-SALES TAX UNREGISTERED SUPPLIERS - -
329,448.00 187,209.00
013 SALES TAX
0130001 SALES TAX PAYABLE 4,066,916.00 -
4,066,916.00 -
021 P/HOUSE BUILDING
0210001 P/HOUSE BUILDING - -
0210002 P/HOUSE CIVIL - -
- -
022 P/HOUSE MACHINERIES
0220001 1ST GENERATOR 3.2MW JGS-620 - -
0220002 FREIGHT CHGS (CAP.) - -
0220003 P/HOUSE-PANELS & ALLIED ACCESORIES - -
0220004 P/HOUSE-CABLES - -
0220005 P/HOUSE-PUMPS - -
0220006 P/HOUSE-COOLING TOWER - -
0220007 P/HOUSE-ELECTRIC FIXTURES & FITTINGS - -
0220008 P/HOUSE-TOOLS & GENERAL - -
0220009 P/House Machinery-Air Ventilation Plant - -
0220010 2ND GENERATOR 3.2 MW JGS-620F - -
0220011 3RD GENERATOR 3.2 MW JGS-620F - -
- -
023 SPARES & LOOSE TOOLS
0230001 STORES, SPARES & LOOSE TOOLS - -
- -
024 OFFICE EQUIPMENTS
0240001 OFFICE EQUIPMENTS - P/HOUSE 199,000.00 -
199,000.00 -
025 FURNITURE & FIXTURES
0250001 FURNITURE & FIXTURES-P/HOUSE 46,200.00 -
46,200.00 -
026 MOTOR VEHICLES
0260002 KGJ-0785 (MOTOR CYCLE M. RAFIQ /TANVEER) 47,778.00 -
0260003 KGY-9078 (UNIQUE M/CYCLE) - -
47,778.00 -
027 COMPUTERS
0270001 COMPUTERS-ADMIN 58,535.00 -
58,535.00 -
031 CWIP-POWER HOUSE
0310001 CWIP-P/HOUSE GENERAL 17,672,623.00 -
17,672,623.00 -
032 CWIP-MACHINERIES
0320001 CWIP-P/HOUSE MACHINERIES 154,736,036.02 -
154,736,036.02 -
033 CWIP-CIVIL
0330001 CWIP- P/HOUSE CIVIL 20,152,189.00 -
20,152,189.00 -
036 ALLOWANCE FOR DEPRICIATION
0360001 ALLOWANCE FOR DEPRECIATION - 18,553.00
 - 18,553.00
040 BANKS
0400001 NATIONAL BANK-SADDAR BR. 2,531.00 -
0400002 HABIB BANK LTD FTC BR. 1,116,258.53 -
0400003 Meezan Bank Landhi-0123-0100906531 898,283.60 -
2,017,073.13 -
041 CASH
0410001 CASH IN HAND 42,156.00 -
0410002 CASH IN FOREIGN CURRENCY ACCOUNT - -
42,156.00 -
042 TRADE RECEIVABLES
0420001 TRADE DEBTORS - -
- -
043 OTHER RECEIVABLES
0430001 ADVANCE I.TAX-CASH WITHDRAWL - -
- -
044 ADVANCES & PREPAYMENTS
0440002 ADVANCE TO MR. SAJJAD - -
0440003 ADVANCE TO MR. OWAIS/M. NOOR 3,000.00 -
0440004 ADVANCE TO MR. AHSAN SAMAD - -
0440005 ADVANCE TO MR. TARIQ ZAFAR - -
0440006 ADVANCE TO MR. CDR. KHALID MEHMOOD - -
0440007 ADVANCE TO MR. AZIZ AHMAD - -
3,000.00 -
045 SECURITY DEPOSITS
0450001 SECURITY DEPOSIT AGST IMPORTS - -
- -
046 ADVANCES TO EMPLOYEES
0460001 STAFF LOAN 95,000.00 -
0460002 STAFF ADVANCE SALARY - -
95,000.00 -
050 LETTER OF CREDITS
0500002 L/C# ILC121600200913ISS001 GENERATOR 256,788.74 -
0500003 L/C#0117/13/0549 (3RD GENSET $1135000) - -
256,788.74 -
100 SALES
1,000,001 SALES-P/HOUSE - -
- -
110 GAS CHARGES
1100001 GAS CONSUMED-P/HOUSE - -
1100002 LATE PAYMENT SURCHARGE (SSGC BILL) - -
- -
112 ADMINISTRATION EXPENSES
1120001 LEGAL & PROFESSIONAL CHGS - -
1120002 FEES & SUBSCRIPTION - -
1120003 CONVEYANCE CHGS - -
1120004 ENTERTAINMENT EXPENSE - -
1120005 TRAVELLING EXPENSE-ADMIN - -
1120006 PRINTING & STATIONERY-ADMIN - -
1120008 MISC. EXPENSE - -
1120009 TELEPHONE EXPENSE - -
1120010 DONATION EXPENSE - -
1120011 COMPUTER EXPENSE-ADMIN - -
1120012 AUDITORS REMUNERATION - -
1120014 MOTOR VEHICLE EXPENSE - -
1120015 PENALTIES & ADDITIONAL TAX - -
1120016 NON CREDITABLE SALES TAX - -
1,120,017 MARKETING EXPENSES - -
- -
113 FINANCIAL ASSETS-LEASED ASSETS
1130002 MARKUP HBL DF-I (SWAPPING 3.2MW GENSET) - -
1130003 MARKUP HBL DF-II (2ND GENSET $1135000) - -
1130004 MARKUP HBL DF-III (3RD GENSET $ 1135000) - -
- -
114 FINANCIAL CHARGES
1140001 BANK CHARGES & COMMISSION - -
- -
115 INSURANCE CHARGES
1150001 INSURANCE CHARGES-VEHICLES - -
1150002 INSURANCE CHARGES-MACHINERIES - -
1150003 INSURANCE CHARGES-CASH IN TRANSIT - -
- -
116 Salaries and Benefits-Admin
1160001 PAYROLL-ADMIN - -
1160003 STAFF WELFARE-ADMIN - -
1160004 FULL & FINAL ( ADMIN DEPT. ) - -
1160005 EARNED LEAVES-ADMIN - -
1160006 GRATUITY-ADMIN - -
- -
119 REPAIR & MAINTENANCE-P/HOUSE
1190001 FREIGHT CHARGES - -
1190002 REP. & MAINT. POWER HOUSE - -
1190003 LOADING / UNLOADING CHARGES-P/HOUSE - -
1190004 WATER CHARGES-P/HOUSE - -
1190005 OIL & LUBRICANTS-P/HOUSE - -
1190006 CHEMICAL CONSUMED P/H-STORE CONSUMED - -
1190007 ELECTRICITY DUTY - P/H - -
- -
120 SALARY & WAGES-P/HOUSE
1200001 PAYROLL-P/HOUSE - -
1200002 OVERTIME-P/HOUSE - -
1200003 STAFF WELFARE-P/HOUSE - -
1200004 EARNED LEAVES-P/HOUSE - -
1200005 GRATUITY-P/HOUSE - -
1200006 LABOUR CHARGES-P/HOUSE - -
1200007 FULL & FINAL NOTICE-P/HOUSE - -
- -
121 PRINTING & STATIONERY-P/HOUSE
1210001 PRINTING & STATIONERY-P/HOUSE - -
- -
122 VEHICLE RUNNING & MAINTENANCE
1220001 AQF-500 (FUEL & MAINT) KHALID MEHMOOD - -
1220002 RNU-5449 (FUEL & MAINT) AZIZ OUTDOOR - -
1220003 KGY-9078 (FUEL & MAINT.) HARIS / UMAIR - -
- -
202,728,084.52 202,728,084.52
-
 DURING THE PERIOD CLOSING BALANCE
DEBIT CREDIT DEBIT CREDIT

- - - 50,000,000.00
- - - 50,000,000.00

- - 3,005,341.63 -
- - 3,005,341.63 -

- 1,130,000.00 - 4,563,330.00
10,000,000.00 19,800,000.00 - 26,683,330.00
17,500,000.00 56,720,000.00 - 65,953,340.00
27,500,000.00 77,650,000.00 - 97,200,000.00

19,500,000.00 19,500,000.00 - -
19,500,000.00 19,500,000.00 - -

9,880,950.00 - - 73,119,050.00
21,917,565.00 116,893,650.00 - 94,976,085.00
19,184,392.00 115,106,350.00 - 95,921,958.00
50,982,907.00 232,000,000.00 - 264,017,093.00

56,208,130.00 41,063,325.00 - 6,858,043.00

56,208,130.00 41,063,325.00 - 6,858,043.00

106,972,171.71 153,385,699.50 - 46,761,505.31

2,453,374.00 2,579,706.00 - 240,565.00
295,394.00 295,394.00 - -
980,770.00 979,376.00 - -
5,870.00 41,080.00 - 41,080.00
51,889.00 119,412.00 - 67,523.00
687,328.00 715,266.00 - 27,938.00
111,446,796.71 158,115,933.50 - 47,138,611.31

2,136,760.00 1,969,831.00 - 20,280.00

10,215.00 10,215.00 - -
538,296.00 864,726.00 3,018.00 -
22,642.00 25,023.00 - 2,381.00
2,707,913.00 2,869,795.00 3,018.00 22,661.00

29,870,342.00 33,624,362.00 312,896.00 -

29,870,342.00 33,624,362.00 312,896.00 -
 5,176,402.00 - 5,176,402.00 -
25,126,101.00 - 25,126,101.00 -
30,302,503.00 - 30,302,503.00 -

129,374,561.53 - 129,374,561.53 -
560,193.00 - 560,193.00 -
10,745,685.00 - 10,745,685.00 -
5,664,178.00 - 5,664,178.00 -
2,908,980.00 - 2,908,980.00 -
5,672,850.00 - 5,672,850.00 -
1,260,478.00 - 1,260,478.00 -
32,765,262.00 - 32,765,262.00 -
3,348,910.00 - 3,348,910.00 -
121,404,588.59 - 121,404,588.59 -
123,529,973.24 - 123,529,973.24 -
437,235,659.36 - 437,235,659.36 -

24,664,440.00 24,664,440.00 - -
24,664,440.00 24,664,440.00 - -

554,911.00 - 753,911.00 -
554,911.00 - 753,911.00 -

244,609.00 - 290,809.00 -
244,609.00 - 290,809.00 -

- - 47,778.00 -
48,500.00 - 48,500.00 -
48,500.00 - 96,278.00 -

313,175.00 - 371,710.00 -
313,175.00 - 371,710.00 -

1,420,284.64 19,092,907.64 - -
1,420,284.64 19,092,907.64 - -

- 154,736,036.02 - -
- 154,736,036.02 - -

- 20,152,189.00 - -
- 20,152,189.00 - -

- - - 18,553.00
 - - - 18,553.00

- 1,499.50 1,031.50 -
522,837,261.00 523,094,053.33 859,466.20 -
- 890,771.00 7,512.60 -
522,837,261.00 523,986,323.83 868,010.30 -

1,150,150.00 1,143,451.00 48,855.00 -

1,137,150.00 1,137,150.00 - -
2,287,300.00 2,280,601.00 48,855.00 -

230,255,831.00 193,027,850.00 37,227,981.00 -

230,255,831.00 193,027,850.00 37,227,981.00 -

16,900.17 - 16,900.17 -
16,900.17 - 16,900.17 -

15,000.00 15,000.00 - -
10,000.00 13,000.00 - -
250,000.00 250,000.00 - -
50,000.00 50,000.00 - -
151,000.00 95,094.00 55,906.00 -
15,000.00 - 15,000.00 -
491,000.00 423,094.00 70,906.00 -

565,000.00 565,000.00 - -
565,000.00 565,000.00 - -

206,500.00 182,000.00 119,500.00 -

309,000.00 309,000.00 - -
515,500.00 491,000.00 119,500.00 -

119,866,973.45 120,123,762.19 - -
123,303,315.00 123,303,315.00 - -
243,170,288.45 243,427,077.19 - -

- 196,799,855.00 - 196,799,855.00
- 196,799,855.00 - 196,799,855.00

103,653,093.00 - 103,653,093.00 -
312,200.00 - 312,200.00 -
103,965,293.00 - 103,965,293.00 -
 324,490.00 - 324,490.00 -
118,696.00 - 118,696.00 -
107,040.00 - 107,040.00 -
1,353,840.00 - 1,353,840.00 -
3,322,680.00 2,999,295.00 323,385.00 -
1,566.00 - 1,566.00 -
157,540.00 - 157,540.00 -
281,184.00 - 281,184.00 -
830,000.00 - 830,000.00 -
14,900.00 - 14,900.00 -
105,000.00 - 105,000.00 -
11,200.00 - 11,200.00 -
703,136.00 - 703,136.00 -
159,826.00 - 159,826.00 -
769,800.00 - 769,800.00 -
8,260,898.00 2,999,295.00 5,261,603.00 -

9,713,535.83 2,424,691.51 7,288,844.32 -

10,872,730.07 1,231,226.40 9,641,503.67 -
9,967,770.60 189,058.24 9,778,712.36 -
30,554,036.50 3,844,976.15 26,709,060.35 -

135,392.07 695.57 134,696.50 -

135,392.07 695.57 134,696.50 -

3,719.00 - 3,719.00 -
970,723.00 - 970,723.00 -
4,934.00 - 4,934.00 -
979,376.00 - 979,376.00 -

883,369.00 - 883,369.00 -
50,885.00 - 50,885.00 -
36,500.00 - 36,500.00 -
5,550.00 - 5,550.00 -
62,344.00 - 62,344.00 -
1,038,648.00 - 1,038,648.00 -

287,350.00 - 287,350.00 -
3,005,854.00 64,000.00 2,941,854.00 -
26,000.00 - 26,000.00 -
24,000.00 - 24,000.00 -
4,839,284.00 - 4,839,284.00 -
695,852.00 - 695,852.00 -
 434,178.00 - 434,178.00 -
9,312,518.00 64,000.00 9,248,518.00 -

2,104,552.00 - 2,104,552.00 -
735,115.00 - 735,115.00 -
6,930.00 - 6,930.00 -
40,581.00 - 40,581.00 -
57,068.00 - 57,068.00 -
789,149.00 - 789,149.00 -
25,000.00 - 25,000.00 -
3,758,395.00 - 3,758,395.00 -

49,346.00 - 49,346.00 -
49,346.00 - 49,346.00 -

94,204.00 - 94,204.00 -
55,188.00 - 55,188.00 -
36,210.00 - 36,210.00 -
185,602.00 - 185,602.00 -
1,951,378,755.90 1,951,378,755.90 667,316,419.31 662,054,816.31
- 5,261,603.00
Current Maturity of Long term Loan

NO of
Installmen
Name Amount Arrears t Total
DF 1 1,976,190 1 12 25,690,470
DF 2 2,435,285 1 12 31,658,705
DF 3 2,398,049 1 12 31,174,637

Total 88,523,812
Bank Loan
Loan Amount 175,493,281
Current Maturity 88,523,812
Total 264,017,093

From Related Party

From Director 97,200,000
Holding Company -
Total(Long Term Loan) 272,693,281
1120012 Auditors remuneration 105,000 JV PASSED
0090001 Creditors for Stores & Others 105,000
(To record Auditors Remuneration)

1120016 Non Creditable Sales Tax 150,373 JV PASSED

1190005 Oil & Lubricants-P/House 8,560
0130001 Sales Tax Payable 158,933
(To record Non Creditable Sales Tax)
JV PASSED

JV PASSED
 Motor Vehilces Cost Month Depreciation
Opening WDV 44,792 12 6,719
AdditJuly - 12 -
Aug - 11 -
Sept - 10 -
Oct - 9 -
Nov - 8 -
Dec - 7 -
Jan 48,500 6 3,638
Feb - 5 -
Mar - 4 -
Apr - 3 -
May - 2 -
Jun - 1 -
48,500 10,357.00

Furniture & Fixture Cost Month Depreciation

Opening WDV 44,660 12 4,466
AdditJuly - 12 -
Aug - 11 -
Sept - 10 -
Oct 18,000 9 1,350
Nov 30,000 8 2,000
Dec 50,002 7 2,917
Jan 97,792 6 4,890
Feb 10,500 5 438
Mar 26,315 4 877
Apr 12,000 3 300
May - 2 -
Jun - 1 -
244,609 17,238

Computers Cost Month Depreciation

Opening WDV 48,291 12 14,487
AdditJuly - 12 -
Aug - 11 -
Sept - 10 -
Oct 87,000 9 19,575
Nov - 8 -
Dec 15,550 7 2,721
Jan - 6 -
Feb 150,625 5 18,828
Mar - 4 -
Apr 60,000 3 4,500
May - 2 -
Jun - 1 -
313,175 60,111

Office Equipments Cost Month Depreciation

Opening WDV 195,217 12 19,522
AdditJuly - 12 -
Aug - 11 -
Sept - 10 -
Oct - 9 -
Nov - 8 -
Dec - 7 -
Jan - 6 -
Feb 71,578 5 2,982
Mar 118,070 4 3,936
Apr 134,737 3 3,368
May 230,526 2 3,842
Jun - 1 -
554,911 33,650

Building - P/House Cost Month Depreciation

Opening WDV - 9 -
AdditJuly 1,312,150.00 9 49,206
Aug - 9 -
Sept 888,025.00 9 33,301
Oct 21,947,026.00 9 823,013
Nov 3,301,174.00 8 110,039
Dec 1,693,129.00 7 49,383
Jan - 6 -
Feb - 5 -
Mar 1,160,999.00 4 19,350
Apr - 3 -
May - 2 -
Jun - 1 -
30,302,503 1,084,292

Plant & Machineries - P/House Cost Month Depreciation

Opening WDV - 9 -
AdditJuly 422,289 9 31,672
Aug - 9 -
Sept 7,704,625 9 577,847
Oct 297,388,924 9 22,304,169
Nov 2,451,657 8 163,444
Dec 124,666,415 7 7,272,208
Jan 2,406,750 6 120,338
Feb - 5 -
Mar 620,000 4 20,667
Apr - 3 -
May - 2 -
Jun 1,575,000 1 13,125
437,235,660 30,503,470
Innovative Energy Solutions (Pvt) Ltd
Sales Tax Reconciliation
For the year 2013-14

Closing Balance of Sales Tax Receivable as per the ledger 312,896

Adjustment for provisional sales tax for un-billed sales units 684,059
Closing Balance of Sales Tax Receivable as per the ledger after adjustment 996,955

Less: Input Sales Tax claimed in subsequent period in monthly sales tax return(s)
Sui Gas Bill for the m/o June-14 claimed in July-14 2,412,732
2,412,732
Closing Balance of Sales Tax Receivable/(Payable) (1,415,777)
Sales Tax Payable as per June-14 Sales Tax Return (1,415,347)
Difference (430)
HBL DF-I (Swapping of 1st Genset)
Loan Amount 83,000,000

Installment Month Installment Amount

Jul-13 -
Aug-13 -
Sep-13 -
Oct-13 -
Nov-13 -
Dec-13 1,976,190
Jan-14 1,976,190
Feb-14 1,976,190
Mar-14 1,976,190
Apr-14 1,976,190
May-14 1,976,190
Jun-14 1,976,190
13,833,330