| Pakistan National Shipping Corporation |
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| Annual Report 1998 |
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| CONTENTS |
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| MANAGEMENT,
AUDITORS AND BANKERS |
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| NOTICE
FOR MEETING |
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| REPORT
OF THE BOARD OF DIRECTORS |
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| AUDITORS'
REPORT |
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| BALANCE
SHEET |
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| PROFIT
AND LOSS ACCOUNT |
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| CASH
FLOW STATEMENT |
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| NOTES
TO THE ACCOUNTS |
|
| PATTERN
OF SHAREHOLDING |
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| STATEMENT
UNDER SECTION 237 OF THE COMPANIES ORDINANCE 1984 |
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| PAKISTAN
CO-OPERATIVE SHIP STORES (PRIVATE) LTD. |
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| (SUBSIDIARY
COMPANY OF PAKISTAN NATIONAL SHIPPING CORPORATION) |
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| CHAIRMAN
& CHIEF EXECUTIVE REPORT |
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| AUDITORS'
REPORT |
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| BALANCE
SHEET |
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| PROFIT
& LOSS ACCOUNT |
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| NOTES
TO THE ACCOUNTS |
|
| SHAREHOLDERS
STATISTICS |
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| MANAGEMENT, AUDITORS |
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| AND
BANKERS |
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| Board: |
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Vice Admiral Abaid Ullah
Khan |
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HI (M), SJ., S.Bt. |
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Chairman |
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Mr. Mohsin Manzoor |
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Vice Chairman/Director
(Admin) |
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Mr. Fazal-ur-Rehman |
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Director
(Finance)/(Commercial) |
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Maj. Gen. Mohsin Ahmed
Vahidy |
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Director (Special Project
& Planning) |
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Rear Admiral Azhar
Hussain |
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S.I. (M), |
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Director (Ship
Management) |
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Mr. Jahangir Siddiqui |
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Director |
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Mr. Muhammad Khusrow
Khowaja |
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|
Director |
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| Secretary: |
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Mr. K. Daud Shams |
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| Registered
Office: |
PNSC Building, Moulvi
Tamizuddin Khan Road, |
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|
Karachi-74000. |
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| Auditors: |
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A.F. Ferguson & Co. |
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Chartered Accountants |
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Taseer Hadi Khalid &
Co. |
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Chartered Accountants |
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| Bankers: |
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National Bank of Pakistan |
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Habib Bank Limited |
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Muslim Commercial Bank
Limited |
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United Bank Limited |
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Industrial Development
Bank of Pakistan |
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| NOTICE
FOR MEETING |
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| Notice
is hereby given that the 20th Annual General Meeting of the shareholders of
the Pakistan |
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| National
Shipping Corporation will be held at Navy Welfare Centre (Pakistan Navy Fleet
Club) |
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| near
Lucky Star Hotel, Saddar, Karachi on Friday the 18th December, 1998 at 10.30
a.m. to |
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| transact
the following business: |
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| 1.
To confirm the Minutes of the 19th Annual General Meeting of the Shareholders
of PNSC |
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| held
on 24th December, 1997. |
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| 2.
To consider and adopt the Balance Sheet, the Profit and Loss Account and the
Reports of |
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| Auditors
and Directors for the year ended 30th June, 1998. |
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| 3.
To appoint auditors for the year 1998-99 and to fix their remuneration. |
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| 4.
To do any other business that may be placed before the meeting with
permission of the Chairman. |
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By order of the Board |
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Sd/- |
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| Dated:
12th November, 1998 |
|
K. DAUD SHAMS |
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|
Secretary |
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| Note: |
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| 1.
A Shareholder entitled to attend and vote at this meeting is also entitled to
appoint his/her |
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| proxy
to attend the meeting. |
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| 2.
Proxy must be received at the Registered Office of the Corporation not less
than 48 hours |
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| before
the time for holding the meeting. |
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| 3.
Shareholders are requested to notify any change in their address immediately. |
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| 4.
The share transfer books of the Corporation will remain closed from 12th
December to |
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| 18th
December, 1998 (both days inclusive). |
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| ANNUAL
REPORT |
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| FOR
THE YEAR ENDED 30TH JUNE, 1998 |
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| The
Board of Directors of Pakistan National Shipping Corporation is pleased to
present the |
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| Twentieth
Annual Report together with the Audited Accounts of the Corporation for the
year |
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| ended
30th June, 1998. |
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| The
year 1997-98 again was a difficult year for business, industry, trade and
shipping. The |
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| year
witnessed a very unstable and adverse economic situation in the country.
During the year |
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| lack
luster performance by the large scale manufacturing sector, reduced liquidity
in the market |
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| high
mark-up rates and continued depreciation of Pak Rupee against major world
currencies and |
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| law
and order situation in the country in general and Karachi in particular have
contributed to |
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| deep
recession in the economy. The IMF conditionalities and extreme recession in
the South |
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| East
Asian countries aggravated the situation further. |
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| Scarcity
of cargo has created cut throat competition among the operating lines in the |
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| region.
The freight rates have touched their lowest ebb. Too many ships chasing too
little cargo. |
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| The
ageing fleet and continued depreciation of rupee have resulted in increased
operational |
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| cost
and has affected our debt servicing. Lack of flexibility in the fleet has
been the greatest |
|
| impediment
in diversifying the Corporation's trade. |
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| Despite
the above unfavourable environments your Corporation has been able to achieve |
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| an
operating profit of Rs. 203.778 million and after tax profit of Rs. 101.811
million as against |
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| those
of Rs. 282.046 million and Rs. 71.599 million respectively in the
corresponding period of |
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| the
previous year |
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|
| BORROWINGS |
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| The
Corporation did not contract any fresh long term loan during the year under
review. Of |
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| the
US$ 50.00 million loan obtained by the Corporation during the year 1995,96,
from the |
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| National
Bank of Pakistan, Bahrain Branch, for the purchase of three container
vessels, 5 half |
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| yearly
installments alongwith the accrued interests have so far been repaid and the
outstanding |
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| balance
against this loan, as on 30th June, 1998 stood at US$ 25.00 million only. |
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| COMMERCIAL
OPERATIONS |
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| During
the year under review the Corporation performed a total of 467 voyages
(including |
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| foreign
chartered vessels) and lifted 3.277 million freight tons of cargo as compared
to 489 voy- |
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| ages
and 5.982 million freight tons respectively, in the corresponding period of
the previous |
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| year.
The sharp decline in the cargo liftings is mainly attributed to the reduction
in the bulk com- |
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| modities.
Due to the withdrawal of THE FIRST RIGHT OF REFUSAL by the Government, the |
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| carriage
of wheat and iron ore dropped from 3.776 million tons during 1996-97 to 0.894
million |
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| tons
in 1997-98 - a decrease of over 76 percent. Consequently the total freight
revenue during |
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| the
year reduced to Rs. 4,597 million as against Rs. 7,761 million in the
previous year - a decline |
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| of
about 41 percent. |
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| The
sector wise cargo liftings are as follows: |
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| SECTOR |
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|
1997-98 |
1996-97 |
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|
FRT/TONS |
FRT/TONS |
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| DRY BULK |
|
2.122 million |
4.754 million |
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| ASIA LINE |
|
0.773" |
0.694" |
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| EUROPE
LINE |
|
0.266" |
0.367" |
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| AMERICA
LINE |
|
0.116" |
0.167" |
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| The
break-up of DRY BULK cargo is as under: |
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| CARGO |
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|
1997-98 |
1996-97 |
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|
FRT/TONS |
FRT/TONS |
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| WHEAT |
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|
0.297 million |
2.433 million |
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| IRON ORE |
|
0.597" |
1.343" |
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| COAL |
|
1.043" |
0.793" |
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| PHOSPHATE |
|
0.161" |
0.185" |
|
| OTHERS |
|
0.024" |
-- |
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| During
the year 11,230 TEUs of containers were lifted as against 14,030 TEUs in the
pre- |
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| vious year. |
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| Since
there was no Bulk Carrier in the PNSC fleet bulk cargo was handled through
char- |
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| tered
vessels. The three container vessels acquired by PNSC remained deployed on
time charter |
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| outside
Pakistan as they could not call Pakistani ports prior to resolving the custom
duty issue |
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| with
the Government Now that the custom duty on ship has been resolved PNSC has
recently |
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| started
a full container service between Pakistan and Singapore. The commercial
performance of |
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| this
service will be reflected in the next Annual Report. |
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| INSURANCE
& CLAIMS |
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| Due
to improved performance of PNSC Fleet the Corporation could negotiate better
terms |
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| with
the Underwriters for its insurance coverage. The Corporation obtained a 22.5
percent |
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| reduction
in the premium on Hull & Machinery Insurance Policy from M/s. National
Insurance |
|
| Corporation
of Pakistan. A reasonable reduction in the premium for P&I cover for the
year |
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| 1998-99
from M/s. Steamship Mutual Underwriting Association, London was also
achieved. |
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| Effective
operational controls were exercised to keep the incidence of cargo claims to
its |
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| minimum. |
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| STORES
& SUPPLIES |
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| In
order to remain cost effective major and costly items of stores were either
imported |
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| from
abroad or purchased directly from the manufacturers. |
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| Self
catering scheme has been very effective and continued to accrue financial
benefits to |
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| the
Corporation. The ship laundry expenses in the foreign ports have nearly been
eliminated and |
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| the
alternative arrangement is working satisfactorily. |
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|
| BUNKER
AND SPARES |
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| The
average prices of bunker in the international market showed a decline of
about six per- |
|
| cent.
The actual consumption of bunker also dropped due to reduced number of
voyages. But the |
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| continued
depreciation of Pakistan Rupee against major currencies proved to be the main
imped- |
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| iment
in achieving proportionate reduction in the actual cost of bunker. However,
to contain the |
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| cost,
maximum bunker was procured from the cheapest source. |
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| All
out efforts were made to keep the actual consumption of spares and supplies
at its |
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| barest
minimum level and to purchase them from the cheapest source. |
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|
| MAINTENANCE
AND REPAIRS |
|
| Despite
the constraint of the ageing fleet and the imposition of new rules and
regulations |
|
| by
the international monitoring agencies and the ever increasing demands for
improving stan- |
|
| dards
by the classification societies, strict vigilance were kept on the repair
and' maintenance |
|
| expenses
without jeopardizing the safety of ships and maintenance of reliable
schedule. |
|
|
| Indigenous
resources were put to full use for the repair and maintenance work. PNSC |
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| Workshop
undertook most of the burden of this task. |
|
|
| INTERNATIONAL
SAFETY MANAGEMENT (ISM) |
|
| CODE
CELL. |
|
| In
order to keep abreast with the International Standard for the safe management
and |
|
| operation
of the ship and pollution prevention a Cell, namely, ISM Code Cell has been
created. |
|
| The
main functions of the Cell are to interpret and document the requirements of
various con- |
|
| vention
for its effective implementation and maintenance by the concerned departments
of the |
|
| Corporation
and to monitor their progress. |
|
|
| COMPUTERISATION |
|
| The
computerisation process in PNSC was started in early seventies. In 1983, an
in house |
|
| main
frame computer ME 29 was installed and as workload increased in 1988 another
computer |
|
| of
IBM i.e. AS400 B 10 was added to the system. Both the computers gave
satisfactory service |
|
| and
completed their normal useful lives. Due to rapid progress in the field of
computers they |
|
| were
not fulfilling present day requirements and their breakdowns were frequent.
Taking due |
|
| notice
of this state, the Management decided to replace both the computers with
modern and |
|
| state
of the art technology. For this replacement an agreement has been signed
between PNSC |
|
| and
PICL (Pakistan International Computers Limited). After installation of this
modern |
|
| computer
system within the current year PNSC will enter into new era and will be able
to devel- |
|
| op
many other applications. |
|
|
| Nowadays
the whole IT world is facing millennium bug i.e. Year 2000 problem. It is |
|
| informed
with much pleasure that PNSC undertook this challenge and completed it using
our in |
|
| house
resources. |
|
|
| In
order to cut the cost and achieve self-reliance, Personal Computer have been
installed in |
|
| the
Shares Department to maintain and update Corporation's Shareholders' Register
and Share |
|
| Transfer
records. These jobs previously were being performed by the computer division
of the |
|
| Muslim
Commercial Bank at a considerable cost. |
|
|
| CENTRAL
DEPOSITORY COMPANY (CDC) |
|
| PNSC
has entered into an agreement with the Central Depository Company for the
mainte- |
|
| nance
and transfer of its shares which will now be traded through them. PNSC Shares
have |
|
| become
eligible scrip into the Depository with effect from 28th October 1998 and our
valued |
|
| Shareholders
will benefit from it as it will reduce risk, cost and time. |
|
|
| PLANNING
AND DEVELOPMENT |
|
| PNSC
plans to acquire a second hand oil tanker of about 85,000 tons Deadweight
during |
|
| the
year 1998-99. The project envisages annual transportation of about 2.0
million tons of Crude |
|
| Oil
imports for Karachi based refineries. |
|
|
| MANAGEMENT |
|
| Mr.
Jahangir Siddiqui and Mr. Muhammad Khusrow Khowaja retired from the |
|
| Directorship
of PNSC on the expiry of their tenure on 25-9-98 and were re-elected on
30-9-98 |
|
| for
another term of 3 years. |
|
|
| AUDITORS |
|
| The
Auditors M/s. A.F. Ferguson & Co., Chartered Accountants and M/s. Taseer
Hadi |
|
| Khalid
& Co., Chartered Accountants retired and offered themselves for
re-appointment. |
|
|
| ACKNOWLEDGEMENT |
|
| The
Board wishes to place on record its appreciation of the efforts and services
rendered |
|
| by
the officers and staff of the Corporation, both ashore and afloat. |
|
|
| The
Directors also thank the agents, the bankers and the auditors for their
cooperation and |
|
| support.
Our gratitude is also due to the Director General Ports & Shipping
Ministry of |
|
| Communications
and the Govt. of Pakistan for their guidance and support. |
|
|
|
VICE ADMIRAL ABAID ULLAH
KHAN |
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| Karachi:
12th November 1998 |
|
H.I(M). SJ. S.Bt |
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|
Chairman |
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|
|
| FLEET
AS ON JUNE 30, 1998 |
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| ----------------------------------------------------------------------------------------------------------------------------------- |
|
| S. No. |
Vessel Name |
|
Year of |
Dead |
G.R.T |
N.R.T |
|
|
|
|
Built |
Weight |
|
|
|
|
|
|
in Tons |
|
|
| ----------------------------------------------------------------------------------------------------------------------------------- |
|
| 1. |
m.v. Lalazar |
|
1985 |
13,346 |
10,246 |
4,664 |
|
| 2. |
m.v. Swat |
|
1983 |
14,355 |
10,917 |
5,758 |
|
| 3. |
m.v. Shalamar |
|
1983 |
14,170 |
10,544 |
5,643 |
|
| 4. |
m.v. Islamabad |
|
1983 |
18,257 |
12,395 |
6,747 |
|
| 5. |
m.v. Khairpur |
|
1981 |
16,414 |
13,402 |
7,693 |
|
| 6. |
m.v. Sibi |
|
1981 |
16,436 |
13,402 |
7,693 |
|
| 7. |
my. Kaghan |
|
1981 |
18,050 |
12,030 |
6,686 |
|
| 8. |
m.v. Ayubia |
|
1981 |
18,050 |
12,030 |
6,686 |
|
| 9. |
m.v. Sargodha |
|
1980 |
18,242 |
12,395 |
6,747 |
|
| 10. |
m.v. Malakand |
|
1980 |
18,224 |
12,395 |
6,747 |
|
| 11. |
m.v. Multan |
|
1980 |
18,257 |
12,395 |
6,747 |
|
| 12. |
m.v. Bolan |
|
1980 |
18,144 |
12,395 |
6,747 |
|
| 13. |
m.v. Hyderabad |
1980 |
18,257 |
12,395 |
6,747 |
|
| 14. |
m.v. Chitral |
|
1980 |
18,144 |
12,395 |
6,747 |
|
| 15. |
m.v. Makran |
|
1979 |
23,490 |
16,199 |
8,184 |
|
|
|
|
|
--------------- |
--------------- |
--------------- |
|
|
TOTAL |
261,836 |
185,535 |
100,236 |
|
|
|
|
========== |
========== |
========== |
|
|
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed Balance Sheet of Pakistan National Shipping
Corporation |
|
| 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
that: |
|
|
| (a)
in our opinion, proper books of account have been kept by the Corporation 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 |
|
| Corporation's
business; and |
|
|
| (iii)
the business conducted, investments made and the expenditure incurred during |
|
| the
year were in accordance with the objects of the Corporation; |
|
|
| (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 Cash Flow Statement, |
|
| together
with the notes forming part thereof, give the information required by the |
|
| Companies
Ordinance, 1984 in the manner so required and respectively give a true |
|
| and
fair view of the state of the Corporation's affairs as at June 30, 1998 and
of the |
|
| profit
and cash flows for the year then ended; and |
|
|
|
|
| (d)
in our opinion no zakat was deductible at source under the Zakat and Ushr |
|
| Ordinance,
1980. |
|
|
| A.F.
FERGUSON & CO. |
|
|
TASEER HADI KHALID & CO. |
|
| Chartered
Accountants |
|
|
Chartered Accountants |
|
|
| Karachi:
13th November 1998 |
|
|
|
| BALANCE
SHEET AS AT JUNE 30, 1998 |
|
|
|
|
|
Note |
1998 |
1997 |
|
|
|
|
|
(Rupees '000) |
|
| SHARE
CAPITAL AND RESERVES |
|
|
|
|
|
| Authorised
Capital |
|
|
|
|
|
|
| 200,000,000
( 1997: 200,000,000) |
|
|
| ordinary
shares of Rs. 10 each |
|
|
2,000,000 |
2,000,000 |
|
|
|
|
========== |
========== |
|
| Issued,
subscribed and paid-up capital |
|
2 |
1,143,406 |
1,143,406 |
|
| Capital
reserves |
|
3 |
126,843 |
126,843 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
1,270,249 |
1,270,249 |
|
| ACCUMULATED
LOSS |
|
|
(353,077) |
(454,888) |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
917,172 |
815,361 |
|
| LONG-TERM
LOAN |
|
4 |
696,750 |
1,017,570 |
|
| LONG-TERM
LIABILITY |
|
|
-- |
356 |
|
|
|
|
|
|
|
| DEFERRED
LIABILITY |
|
|
|
|
| Retirement
gratuity |
|
5 |
232,917 |
202,612 |
|
|
|
|
|
|
| CURRENT
LIABILITIES AND PROVISIONS |
|
| Current
portion of: |
|
|
|
| --
long-term loan |
|
4 |
464,500 |
407,028 |
|
| -- long-term liability |
|
|
406 |
1,619 |
|
| Creditors,
provisions and accruals |
|
7 |
765,390 |
1,206,575 |
|
| Unclaimed
dividends |
|
|
9,874 |
9,881 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
1,240,170 |
1,625,103 |
|
| CONTINGENCIES |
|
8 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
3,087,009 |
3,661,002 |
|
|
|
|
========== |
========== |
|
|
|
|
|
|
| FIXED
ASSETS - TANGIBLE |
|
9 |
2,046,037 |
2,081,523 |
|
| LONG-TERM
INVESTMENTS |
|
10 |
4,711 |
4,682 |
|
| LONG-TERM
LOANS |
|
11 |
44,435 |
54,629 |
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
| Stores
and spares |
|
12 |
137,804 |
142,077 |
|
| Freight
receivable |
|
13 |
171,231 |
538,689 |
|
| Agents'
and owners' balances |
|
14 |
119,513 |
80,880 |
|
| Other debtors |
|
15 |
85,199 |
117,362 |
|
| Loans
and advances |
|
16 |
31,047 |
36,088 |
|
| Deposits
and prepayments |
|
17 |
19,501 |
19,552 |
|
| Incomplete
voyages |
|
18 |
70,191 |
73,498 |
|
| Income
taxes refundable |
|
|
170,804 |
92,081 |
|
| Insurance
claims |
|
19 |
60,273 |
41,620 |
|
| Certificates
of deposits with financial institutions |
|
3,000 |
107,310 |
|
| Cash
and bank balances |
|
20 |
123,263 |
271,011 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
991,826 |
1,520,168 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
3,087,009 |
3,661,002 |
|
|
|
|
|
========== |
========== |
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
|
| For
the year ended June 30, 1998 |
|
|
|
|
Note |
1998 |
1997 |
|
|
|
|
(Rupees '000) |
|
|
|
|
| OPERATING
REVENUES |
|
|
|
|
|
|
| Freight (Net) |
|
|
2,467,793 |
2,786,567 |
|
| Chartering
revenues |
|
21 |
2,129,422 |
4,974,951 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
4,597,215 |
7,761,518 |
|
|
|
|
| OPERATING
EXPENSES |
|
|
|
| Fleet
expenses - direct |
|
22 |
4,084,987 |
7,205,804 |
|
|
- indirect |
|
23 |
29,439 |
37,972 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
4,114,426 |
7,243,776 |
|
| Administration
and general expenses |
|
24 |
279,011 |
235,696 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
4,393,437 |
7,479,472 |
|
|
|
|
--------------- |
--------------- |
|
| OPERATING
PROFIT |
|
|
203,778 |
282,046 |
|
| INSURANCE
CLAIMS |
|
25 |
24,974 |
8,374 |
|
| OTHER
INCOME |
|
26 |
127,385 |
159,698 |
|
|
|
|
--------------- |
--------------- |
|
|
|
|
|
356,137 |
450,118 |
|
| OTHER
EXPENSES |
|
27 |
230,747 |
263,109 |
|
|
|
|
--------------- |
--------------- |
|
| PROFIT
BEFORE TAXATION |
|
|
125,390 |
187,009 |
|
| TAXATION |
|
28 |
23,579 |
115,410 |
|
|
|
|
--------------- |
--------------- |
|
| PROFIT
AFTER TAXATION |
|
|
101,811 |
71,599 |
|
| ACCUMULATED
LOSS BROUGHT FORWARD |
|
(454,888) |
(526,487) |
|
|
|
|
--------------- |
--------------- |
|
