| BURSHANE (PAKISTAN) LIMITED) |
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| Annual
Report 1998 |
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| (Member
of the Royal Dutch-Shell Group of Companies) |
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| CONTENTS |
|
| Board
of Directors |
|
| Notice
of Meeting |
|
| Chairman's
Review |
|
| Report
of the Directors |
|
| Auditors'
Report |
|
| Performance
Indicators |
|
| Balance Sheet |
|
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| Profit
& Loss Account |
|
| Cash
Flow Statement |
|
| Notes
to the Accounts |
|
| Pattern
of Holding of Shares |
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|
|
| BOARD
OF DIRECTORS |
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|
| T.V.
Higgins -- Chairman |
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| Saleemuddin
Ahmed |
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| Khurshid
Bhaimia |
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| C. B. Christian |
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| A.M. Devine |
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| Razi-ur-Rahman
Khan |
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| G.L. Lezaun |
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| G.R. Memon |
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| A.G. Swanson |
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| Trudy Taylor |
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| GENERAL
MANAGER |
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| Saleemuddin
Ahmed |
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| SECRETARY |
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| Majid
A. Jhumra |
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| AUDITORS |
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| A.F.
Ferguson & Co. |
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| Chartered
Accountants |
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| BANKERS |
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| Standard
Chartered Bank |
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| Deutsche
Bank Limited |
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| ANZ
Grindlays Bank p.l.c. |
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| Muslim
Commercial Bank Limited |
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| Habib
Bank Limited |
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| Allied
Bank of Pakistan Limited |
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| REGISTERED
OFFICE |
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| Burshane
(Pakistan) Limited |
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| Prime
Point Building, |
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| Main
Khayaban-e-lttehad, Phase VII, |
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| Defence
Housing Authority, |
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| Karachi-75500. |
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| NOTICE
OF MEETING |
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| NOTICE
IS HEREBY given that the Thirty-Second Annual General Meeting of the Company
will be held at 10.00 a.m. on Friday |
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| 27th
November, 1998 at Sheraton Hotel, Karachi to transact the following business: |
|
|
| 1. To receive and |
of the Directors and
Auditors together with the Audited Accounts for the year ended 30th June,
1998. |
|
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| 2.
To approve, the payment of final dividend as recommended by the Directors, of
Rs. 5.00 per share making a total dividend |
|
| of
Rs. 9.00 per share for the year ended 30th June, 1998. |
|
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| 3.
To appoint Auditors and fix their remuneration. |
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| NOTES: |
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| i)
The Share Transfer Books of the Company will be closed from 18th November to
27th November 1998 (both days inclusive) |
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| when
no transfer of shares will be accepted for registration. |
|
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| ii)
A member entitled to attend and vote at the meeting may appoint a proxy to
attend, speak and vote on his/her behalf. |
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|
| iii)
Proxies must be received at the Registered Office of the Company not less
than 48 hours before the time of the meeting. |
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| iv)
Shareholders are requested to notify any change in their address immediately. |
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|
| CHAIRMAN'S
REVIEW |
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|
| Welcome
to the thirty-second Annual General Meeting of the Company. I am pleased to
present to you the Audited Accounts for the year ended |
|
| 30th
June, 1998. |
|
|
| The
supply of indigenous gas increased to 173,000 tonnes, up from 161,000 tonnes
last year, because of three new indigenous gas fields coming on stream. |
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| LPG
imports were also higher at 32,500 tonnes vs. 27,000 tonnes imported during
the financial year 1996-97. However, the overall increase of 9% in the |
|
| supplies
was not enough to meet the growing demand in the country which remained
unsatisfied. |
|
|
| Burshane's
sales volume of 19,700 tonnes was 10% higher than the sales of last year
which was made possible by increased LPG production from the two |
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| refineries
in Karachi. No action has been taken by the government on our representation
for a price revision made through the LPG Advisory Committee |
|
| following
the rise in the base stock price and in the exchange parity of the dollar.
The Operating Profit shows an increase of Rs. 11.3 million. |
|
|
| As
indicated in last year's Review, your Company has negotiated a deal to obtain
supplies of 35,000 tonnes of LPG in collaboration with Lifeline (Pvt) Ltd. |
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| through
a new LPG Terminal facility being built by Engro Pak Tank Ltd. next to their
Chemical Terminal at Port Qasim. The entire fixed investment in this |
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| facility
will be made by EPTL. Burshane alongwith Lifeline will be entitled to use the
terminal under a Terminal Service Agreement on payment of agreed |
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| tariff.
Burshane will be investing in the primary transportation arrangement for bulk
transfer of LPG to its filling plants and also in acquiring additional |
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| marketing
equipment necessary to handle higher volumes of gas. |
|
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| The
Change Process initiated at the corporate level last year, is in progress.
Some new appointments have been made in the middle management to |
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| strengthen
and support the management team in carrying out the onerous responsibilities
that lie ahead. The business processes are being |
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| re-engineered,
and the management structure is being modified to match the ensuing demands
of the business. The sales and marketing staff are being |
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| trained
and developed to meet the challenges of new market segments. |
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| We
are striving to improve the business, health and safety environment in
Burshane through the platform of the LPG Advisory Committee. We have |
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| offered
to support the government effort in redrafting and making suitable changes in
the outdated LPG (Production & Distribution) Rules 1971 as well |
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| as
those prescribed under the Petroleum Rules 1985 to cater for the changed
needs and demands of the international safety standards. We are also |
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| continuing
our efforts to achieve total de-regulation of LPG industry in the best
interest of the country and community. |
|
|
| There
has been a change at the Board level; Mr. F. D. de Koning retired during the
year. His valuable contribution to the Company's business is much |
|
| appreciated.
He is replaced by Mr. C. Balmes. I would also like to put on record my
appreciation of the efforts made by all the staff and the management |
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| team
in meeting the challenges of the Change Process and in achieving the
excellent financial results. I am confident that they will continue with
their |
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| commitment
and good performance in the future as well. |
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|
|
| REPORT
OF THE DIRECTORS |
|
|
| Your
directors are pleased to present their Annual Report on the Audited Accounts
of the Company and the Auditors' Report thereon for |
|
| the
year ended 30th June, 1998. |
|
|
| SALES |
|
|
| Your
company's sales during the year were 19,700 tonnes vs. 18,450 tonnes in the
previous year. The marginal increase was due to improved |
|
| product
availability from the local refineries. |
|
|
| PROFIT
AFTER TAXATION |
|
| Profit
after tax increased over last year, mainly due to selective procurement of
imported product to optimise the supply of LPG. |
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|
| APPROPRIATIONS |
|
|
|
Rupees |
|
|
|
|
| As
per Audited Accounts, |
|
|
65,805,629 |
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| profit
for the year before taxation was |
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|
(17,757,764) |
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| Less:
Taxation for the year |
|
--------------- |
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| Profit
after taxation |
|
|
|
48,047,865 |
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| Add:
Unappropriated profit brought forward |
|
|
3,793,762 |
|
|
|
|
--------------- |
|
| Profit
available for appropriation |
|
|
51,841,627 |
|
| Out of which: |
|
|
|
| Interim
dividend @ Rs. 4.00 per share was declared in |
|
(10,780,972) |
|
| February
1998 absorbing Your directors now recommend |
|
|
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| that
the balance available be utilized in providing for: |
|
|
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| Final
dividend @ Rs. 5.00 per share (1997 Rs. 15,000,000) |
|
(13,476,215) |
|
|
|
|
| Transfer
to General Reserve (1997 Rs. 15,000,000) |
|
(25,000,000) |
|
|
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|
--------------- |
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| Unappropriated
profit to be carried forward |
|
|
2,584,440 |
|
|
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|
========== |
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| DIRECTORS |
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| The
Board places on record its appreciation to the contribution made by the
retiring Director Mr. F.D. de Koning. Mr. Christian Balmes has |
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| been
co-opted in his place. |
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|
| PATTERN
OF SHAREHOlDING |
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| The
pattern of shareholding as on 30th June, 1998 is shown on page 23. |
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| EARNING
PER SHARE |
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| The
earning per share is Rs. 17.96. |
|
|
| AUDITORS |
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| The
present Auditors, Messrs. A.F. Ferguson & Co., retire and being eligible
for election offer themselves for re-appointment. |
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|
|
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| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed Balance Sheet of Burshane
(Pakistan) Limited as at June 30, 1998 and the
related Profit and Loss Account and Cash |
|
| Flow
Statement, together with the notes forming part thereof, for the year then
ended and we state that we have obtained all the information and |
|
| explanations
which to the best of our knowledge and belief were necessary for the purposes
of our audit and, after due verification thereof, we report |
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| that: |
|
|
| a)
in our opinion, proper books of account have been kept by the Company as
required by the Companies Ordinance, 1984: |
|
|
| b)
in our opinion: |
|
|
| i)
the Balance Sheet and Profit and Loss Account together with the notes thereon
have been drawn up in conformity with the Companies |
|
| Ordinance,
1984 and are in agreement with the books of account and are further in
accordance with accounting policies consistently applied; |
|
|
| ii)
the expenditure incurred during the year was for the purpose of the Company's
business; and |
|
|
| iii)
the business conducted, investments made and the expenditure incurred during
the year were in accordance with the objects of the Company; |
|
|
| c)
in our opinion and to the best of our information and according to the
explanations given to us, the Balance Sheet, Profit and Loss Account and |
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| Cash
Flow Statement, together with the notes forming part thereof, give the
information required by the Companies Ordinance, 1984 in the |
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| manner
so required and respectively give a true and fair view of the state of the
Company's affairs as at June 30, 1998 and of the profit and cash |
|
| flows
for the year then ended; and |
|
|
| d)
in our opinion, Zakat deductible at source under the Zakat and Ushr
Ordinance, 1980 was deducted by the company and deposited in the Central |
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| Zakat
Fund established under section 7 of that Ordinance. |
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|
|
| BALANCE
SHEET |
|
| As
at June 30, 1998 |
|
|
|
|
Note |
1998 |
1997 |
|
|
|
|
Rupees |
Rupees |
|
| TANGIBLE
FIXED ASSETS |
|
|
|
|
|
|
|
| Operating
assets |
|
3 |
96,897,778 |
89,889,811 |
|
| Capital
work-in-progress |
|
4 |
8,148,708 |
-- |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
105,046,486 |
89,889,811 |
|
|
|
|
| LONG-TERM
INVESTMENTS |
5 |
49,000,000 |
40,000,000 |
|
| LONG-TERM
LOANS |
|
6 |
809,392 |
953,825 |
|
| LONG-TERM
DEPOSITS AND PREPAYMENTS |
7 |
231,216 |
2,511,654 |
|
|
|
|
--------------- |
--------------- |
|
| TOTAL
LONG-TERM ASSETS |
|
|
155,087,094 |
133,355,290 |
|
|
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
|
|
|
| Stores
and spares |
|
8 |
14,823,031 |
14,868,770 |
|
| Stock-in-trade |
|
|
9 |
3,605,051 |
3,617,212 |
|
| Trade debts |
|
|
|
569,498 |
435,359 |
|
| Loans,
advances, short-term prepayments and other receivables |
10 |
23,775,023 |
18,290,350 |
|
| Taxation |
|
|
-- |
2,537,312 |
|
| Short-term
investment |
|
2,000,000 |
72,500,000 |
|
| Cash
and bank balances |
|
80,103,499 |
25,010,966 |
|
|
|
|
--------------- |
--------------- |
|
| TOTAL,
CURRENT ASSETS |
|
|
124,876,102 |
137,259,969 |
|
|
|
|
| CURRENT
LIABILITIES |
|
|
|
| Creditors,
accrued and other liabilities |
|
13 |
33,841,512 |
46,328,566 |
|
| Taxation |
|
|
6,319,854 |
-- |
|
| Proposed
dividend |
|
|
13,476,215 |
21,561,944 |
|
|
|
|
--------------- |
--------------- |
|
| TOTAL
CURRENT LIABILITIES |
|
|
53,637,581 |
67,890,510 |
|
|
|
|
--------------- |
--------------- |
|
| NET
CURRENT ASSETS |
|
|
71,238,521 |
69,369,459 |
|
|
|
|
--------------- |
--------------- |
|
| TOTAL
ASSETS LESS CURRENT LIABILITIES |
|
226,325,615 |
202,724,749 |
|
| LONG-TERM
AND DEFERRED LIABILITIES |
|
|
|
|
| Deferred
Taxation |
|
14 |
2,643,506 |
2,885,418 |
|
| Cylinder
and regulator deposits |
|
|
104,145,239 |
104,093,139 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
106,788,745 |
106,978,557 |
|
| CAPITAL
COMMITMENTS |
|
15 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
119,536,870 |
95,746,192 |
|
|
|
|
|
========== |
========== |
|
| NET ASSETS |
|
|
|
|
|
|
|
|
|
|
|
| REPRESENTED
BY: |
|
|
|
| SHARE
CAPITAL |
|
16 |
26,952,430 |
26,952,430 |
|
| GENERAL
RESERVE |
|
17 |
90,000,000 |
65,000,000 |
|
| UNAPPROPRIATED
PROFIT |
|
|
2,584,440 |
3,793,762 |
|
|
|
|
--------------- |
--------------- |
|
| SHAREHOLDERS
EQUITY |
|
|
119,536,870 |
95,746,192 |
|
|
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| For
the year ended June 30, 1998 |
|
|
|
Note |
1998 |
1997 |
|
|
|
Rupees |
Rupees |
|
|
|
|
| Sakes |
|
|
292,097,424 |
259,369,317 |
|
| Cost of |
|
18 |
189,926,180 |
165,980,646 |
|
|
|
|
--------------- |
--------------- |
|
| Gross Profit |
|
|
102,171,244 |
93,388,671 |
|
| Administrative |
|
19 |
49,154,698 |
51,687,273 |
|
|
|
|
--------------- |
--------------- |
|
| Operating
profit |
|
|
53,016,546 |
41,701,398 |
|
| Other Income |
|
20 |
18,704,886 |
20,888,610 |
|
|
|
|
--------------- |
--------------- |
|
|
|
71,721,432 |
62,590,008 |
|
|
|
|
--------------- |
--------------- |
|
| Less: |
Financial charges |
|
21 |
948,860 |
394,553 |
|
|
Other charges |
|
22 |
4,966,943 |
4,221,746 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
5,915,803 |
4,616,299 |
|
|
|
|
--------------- |
--------------- |
|
| PROFIT
BEFORE TAXATION |
|
|
65,805,629 |
57,973,709 |
|
| Taxation |
|
23 |
17,757,764 |
14,043,636 |
|
|
|
|
--------------- |
--------------- |
|
| PROFIT
AFTER TAXATION |
|
|
48,047,865 |
43,930,073 |
|
| UNAPPROPRIATED
PROFIT BROUGHT FORWARD |
|
3,793,762 |
7,206,605 |
|
|
|
|
--------------- |
--------------- |
|
| AVAILABLE
FOR APPROPRIATION |
|
|
51,841,627 |
51,136,678 |
|
|
|
|
| APPROPRIATIONS |
|
|
|
|
|
|
| DIVIDENDS |
|
|
|
|
|
|
| Interim-
Rs. 4.00 (1997: Rs. 4.00 ) per share |
|
|
10,780,972 |
10,780,972 |
|
| Final-
Proposed Rs. 5.00 (1997: Rs. 8.00 ) per share |
|
13,476,215 |
21,561,944 |
|
|
|
|
| TRANSFER
TO GENERAL RESERVE |
|
|
25,000,000 |
15,000,000 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
49,257,187 |
47,342,916 |
|
|
|
|
|
--------------- |
--------------- |
|
| UNAPPROPRIATED
PROFIT CARRIED FORWARD |
|
2,584,440 |
3,793,762 |
|
|
|
|
|
========== |
========== |
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
| CASH
FLOW STATEMENT |
|
| For
the year ended June 30, 1998 |
|
|
|
Note |
1998 |
1997 |
|
|
|
Rupees |
Rupees |
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
|
|
|
| Cash
generated from operations |
|
27 |
51,195,562 |
63,882,782 |
|
| Interest paid |
|
|
|
|
(439,761 |
(192,757) |
|
| Taxes paid |
|
|
|
|
(9,142,510) |
(16,606,038) |
|
| Long-term
loans and advances |
|
|
|
144,433 |
517,746 |
|
| Long-term
deposits and prepayments |
|
|
2,280,438 |
(2,420,507) |
|
| Cylinder
and regulator deposits |
|
|
|
52,100 |
551,450 |
|
|
|
|
|
|
--------------- |
--------------- |
|
| Net
cash inflow from operating activities |
|
|
44,090,262 |
45,732,676 |
|
|
|
|
|
|
|
|
| CASH
FLOW FROM INVESTING ACTIVITIES |
|
| Fixed
capital expenditure |
|
|
|
(32,841,063) |
(29,082,562) |
|
| Proceeds
from sale of fixed assets |
|
|
1,085,150 |
2,762,868 |
|
| Interest
received |
|
|
12,798,613 |
23,578,417 |
|
| Purchase
of long-term investments |
|
|
(9,000,000) |
(12,000,000) |
|
|
|
|
--------------- |
--------------- |
|
| Net
cash outflow from investing activities |
|
|
(27,957,300) |
(14,741,277) |
|
|
|
|
|
|
| CASH
FLOW FROM FINANCING ACTIVITIES |
|
| Dividends paid |
|
|
|
|
(31,540,429) |
(21,277,740) |
|
|
|
|
|
|
--------------- |
--------------- |
|
| Net
increase / (decrease) in cash and cash equivalents |
|
(15,407,467) |
9,713,659 |
|
| Cash
and cash equivalents at beginning of the year |
|
97,510,966 |
87,797,307 |
|
|
|
|
|
|
--------------- |
--------------- |
|
| Cash
and cash equivalents at end of the year |
|
28 |
82,103,499 |
97,510,966 |
|
|
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
| NOTES
TO THE ACCOUNTS |
|
| For
the year ended June 30, 1998 |
|
|
| 1.
LEGAL STATUS AND NATURE OF BUSINESS |
|
| The
Company is incorporated in Pakistan and is listed on the Karachi and Lahore
Stock Exchanges. The principal activity of the Company is |
|
| storing
and marketing liquefied petroleum gas throughout Pakistan. |
|
|
| 2.
SIGNIFICANT ACCOUNTING POLICIES |
|
|
| 2.1
Accounting convention |
|
| These
accounts have been prepared under the historical cost convention. |
|
|
| 2.2
Staff retirement benefits |
|
| Staff
retirements benefits include: |
|
|
| a)
approved funded pension scheme for its management staff and approved funded
gratuity scheme for all its employees. Contributions are |
|
| made
annually to these schemes on the basis of actuarial recommendation at the
rate of 20% per annum of basic salary for pension and 8.33% |
|
| per
annum of basic salary for gratuity. Actuarial valuations of the schemes are
carried out annually and the latest valuations were carried out |
|
| as
at June 30, 1998. The fair value of the scheme's assets and liabilities for
past services of the employees at the latest valuation date were |
|
| Rs.
28.298 million and Rs. 25.783 million respectively for the pension scheme and
Rs. 9.278 million and Rs. 8.343 million respectively for the |
|
| gratuity
scheme. Projected Entry Age Normal method, using the following significant
assumptions, is used for valuation of the schemes: |
|
|
|
|
| --
Expected rate of increase in salaries for management and other employees 14%
per annum. |
|
| --
Expected rate of interest on investment 14% per annum. |
|
|
| b)
approved contribution provident fund for all employees. |
|
|
| Retirement
benefits are payable to staff on completion of prescribed qualifying period
of service under these schemes. |
|
|
| 2.3
Staff leave benefits |
|
| Annual
provision is made in the accounts for the monetary value of accumulated
annual leave of all staff members. |
|
|
| 2.4 Taxation |
|
| Current |
|
| Provision
for current taxation is based on taxable income at the current rate of
taxation, after taking into account tax credits and rebates available, |
|
| if
any, or one-half percent of turnover, whichever is higher. |
|
|
| Deferred |
|
| The
Company accounts for deferred taxation, on all material differences using the
liability method. However, deferred tax is not provided if it |
|
| can
be established with reasonable probability that these timing differences will
not reverse in the foreseeable future. |
|
|
| 2.5
Tangible fixed assets |
|
| Operating
fixed assets are stated at cost less accumulated depreciation. Depreciation
is charged to income applying the straight line method |
|
| whereby
the cost of an asset is written off over its estimated useful life.
Depreciation on additions during the year is charged at half the applicable |
|
| rates,
while no depreciation is charged on assets in the year of disposal. |
|
|
| Maintenance
and normal repairs are charged to income as and when incurred. Major renewals
and improvements are capitalized and the assets |
|
| so
replaced, if any, are retired. |
|
|
| Gains
and losses on disposal of assets are taken to profit and loss accounts. |
|
|
| 2.6
Stores and spares |
|
| Stores
and spares are valued at cost arrived at using the first-in-first-out method
except those in transit which are stated at invoice values plus |
|
| other
charges incurred thereon. |
|
|
| 2.7
Stock-in-trade |
|
| Liquefied
petroleum gas is valued at the lower of cost and net realisable value, Cost
is determined on the basis of first-in. first-out method. |
|
|
| Stock
of appliances and accessories are stated at cost. |
|
|
| 2.8
Investment |
|
| Investments
are stated at cost less provision for diminution in value, In arriving at the
provision in respect of any diminution in long-term |
|
| investment
consideration is given only if there is a permanent impairment in the value
of the investment. |
|
|
| 2.9
Foreign currency translation |
|
| Assets
and liabilities in foreign currencies are translated into rupees at the rates
of exchange which approximate those prevailing at the balance |
|
| sheet
date except for the liabilities covered under forward exchange contracts
which are translated at the contracted rates. Exchange gains or |
|
| losses
are taken to income currently. |
|
|
| 2.10
Revenue recognition |
|
| Sales
are recorded at the time of delivery to the distributors and direct
customers. Profit on Investments is accounted for on accrual basis. |
|
|
|
| 3.
OPERATING ASSETS |
|
|
| 3.1
The following is a statement of the operating assets: |
|
|
|
Cost at |
Additions/ |
Transfers |
Cost at |
Accumulated |
Charge for |
Transfers |
Accumulated |
Book |
Annual |
|
|
July 1, |
(deletions) |
(out) |
June 30, |
depreciation |
the year/ |
(out) |
depreciation |
value at |
rate of |
|
1997 |
|
1998 |
at July 1, |
(depreciation |
|
at June 30, |
June 30, |
depreciation |
|
|
|
|
1997 |
on deletions) |
|
1998 |
1998 |
% |
|
|
(Rupees) |
|
|
|
|
| Building
on lease hold land |
|
9,565,819 |
796,571 |
-- |
10,362,390 |
4,904,926 |
635,385 |
-- |
5540311 |
4,822,079 |
7.5 |
| Building
on land under license |
|
5,172,028 |
393,887 |
-- |
5,565,915 |
4,159,965 |
144,256 |
-- |
4,304,221 |
1,261,694 |
7.5 |
| Plant
and machinery |
|
22,314,803 |
1,084,530 |
-- |
23,399,333 |
15,929,639 |
956,089 |
-- |
16,885,728 |
6,513,605 |
10 |
| Tanks,
pipelines and fittings |
|
19,731,634 |
-- |
-- |
19,731,634 |
18,994,129 |
260,790 |
-- |
19,254,919 |
476,715 |
10 |
| Fire
fighting equipment |
|
7,961,943 |
277,700 |
-- |
8,239,643 |
5,108,269 |
312,326 |
-- |
5,420,595 |
2819048.00 |
7 |
|
|
* |
|
* |
|
|
|
| Cylinders
and regulators |
|
173,843,290 |
-- |
(2,193,620) |
171,604,183 |
110,842,774 |
8,434,409.00 |
(109,681) |
119,122,015 |
52,482,168 |
10 |
|
|
(45,487) |
|
(45,487) |
|
| Vehicles |
|
|
13,612,806 |
2,411,263 |
-- |
15,088,034 |
8,568,326 |
2,162,324 |
-- |
9,794,615 |
5293419.00 |
25 |
|
|
(936,035) |
|
(936,035) |
|
| Furniture,
fittings and electric |
