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  • Resolution For Approval of Accounts

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    Muhammad Burair
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    1) The minutes summarize a meeting of the Board of Directors of Shaheen Foundation PAF held on January 25, 2018 in Islamabad to approve the audited accounts for the fiscal year ended June 30, 2017. 2) The Board resolved to approve the audited accounts and financial statements for the year ended June 30, 2017, including notes to the accounts. 3) The Board also granted specific approval for transactions and adjustments requested by the external auditors relating to additions and deletions to property, plant and equipment, revaluations, provisions, capital works, inter-project transfers, write-offs, borrowings and related party transactions as disclosed in the financial statements.

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    Resolution for Approval of Accounts

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    Resolution for Approval of Accounts

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    1) The minutes summarize a meeting of the Board of Directors of Shaheen Foundation PAF held on January 25, 2018 in Islamabad to approve the audited accounts for the fiscal year ended June 30, 2017. 2) The Board resolved to approve the audited accounts and financial statements for the year ended June 30, 2017, including notes to the accounts. 3) The Board also granted specific approval for transactions and adjustments requested by the external auditors relating to additions and deletions to property, plant and equipment, revaluations, provisions, capital works, inter-project transfers, write-offs, borrowings and related party transactions as disclosed in the financial statements.

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    © All Rights Reserved
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    77 views2 pages

    Resolution For Approval of Accounts

    Uploaded by

    Muhammad Burair
    1) The minutes summarize a meeting of the Board of Directors of Shaheen Foundation PAF held on January 25, 2018 in Islamabad to approve the audited accounts for the fiscal year ended June 30, 2017. 2) The Board resolved to approve the audited accounts and financial statements for the year ended June 30, 2017, including notes to the accounts. 3) The Board also granted specific approval for transactions and adjustments requested by the external auditors relating to additions and deletions to property, plant and equipment, revaluations, provisions, capital works, inter-project transfers, write-offs, borrowings and related party transactions as disclosed in the financial statements.

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    © All Rights Reserved
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    of 2

    ~~ -

    SHAHEEN
    SHAHEEN FOUNDATION PAF
    PO B,,,. ??75 f 9/1 PAF Compl e,:
    FOUNDATION I \ lr1mr1hr1d Po •,ton
    PAF T,,I () ff • 9 7 5 I 8 1 5'1 3 I I 20
    f r 1I' • 'I? S I 8 1 5 '1 11 ()
    f rn r11I -.fpqfl(J)•,hri h,!~nf0w1dot10n com
    www.shaheenfoundation .com

    MINUTES OF MEETING OF BOARD OF DIRECTORS OF SHAHEEN


    FOUNDATION PAF HELD ON 25 JANUARY , 2018 AT 10:00 AM AT HEAD
    OFFICE E-9/1, PAF COMPLEX ISLAMABAD.

    PRESENT

    ( 1) Air Marshal Muhammad Jamshed Khan (Reid )


    (2) Air Commodore Mahmood Ahmad (Reid.)
    (3) Mr. Aamir Shahzad Mughal
    (4 ) Air Commodore Jamshed Iqbal (Reid.)
    (5) Gp Captain lrshad Hussain (Retd.)
    (6) Gp Captain Javed Akhter Khan (Reid.)

    Agenda item
    To consider and approve Audited Accounts of the Foundation for the year
    ended 30 June, 2017.

    After considering the Consolidated Financial Statements of Shaheen Foundation for


    the year ended 30 June, 2017, the board has passed the following resolutions

    Resolved that "audited accounts Shaheen Foundation PAF for the year ended 30
    June, 2017, together with notes to accounts are hereby approved ."

    Further Resolved that "Specific approval on request of external auditors 1s also


    hereby granted regarding the followings".

    a. The Board of Directors approved the change in policy as disclosed in Note


    2.1 to the consolidated financial statements of Foundation.

    b. Board of Directors granted specific approval for the following transactions /


    adjustments mentioned in the consolidated financial statements:

    Rupees

    Property, plant and equipment - cost of addition 195,779,7-t4


    Property, plant and equipment - cost of deletion 54,580,652
    Revaluation of Land 7,133,325
    Revaluation of investment property 264,523,91 7
    Provision for other receivables • ,899,631
    Capital wor1< in progress • cost of additions 337,169,243
    Inter project transfer in • NBV 49,080,-t 18

    71:___, ~ -
    <-r Page1 of2
    - ~ •I I i-' I',
    SHA~~~~:I i I - - - - - - - - - - - - -~S~H~A~H~E~E~N~F~O~U~ N~D~AIT~IO~N~ PA~IF
    FOUNDATION P.O . Box 2225 E 9/ 1 PAF -
    PAF lslamabad-Pa ki~tan ' Complex,
    Tel Off: +92-5 1-835431 l -20
    Fax: +92-5 l -8354330
    E-mail:sfpaf@shaheenfoundation.com
    www.shaheenfoundation.com

    Inter project transfer out - NBV 43,611,893


    Long outstanding receivables written off 30,000
    Short term borrowing 98,195,263
    Investment in joint ventures written off 550,662
    Related party transactions as disclosed in consolidated financial
    statements

    ~~
    Air Marshal M. Jamshed Khan (Retd.)
    Managing Director
    ~
    Air Cdf€'°MatJ;,ood Ahmad (Retd .)
    Director Admin & HR

    AamirSh Air Cdre Jamshed Iqbal (Retd.)


    Director Director Project II

    ~ ~ Gp Captain lrsha!Hussain (Retd.) Captain Javed Akhter Khan (Retd.)


    Director Internal Audit Director Legal & Corporate Affairs

    Page 2 of 2

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