| Pakistan Refinery Limited |
|
|
|
|
|
|
|
|
|
| Annual
Report 2000 |
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|
| Contents |
|
|
| Company
Information |
|
| Notice of Meeting |
|
| Chairman's Review |
|
| Directors' Report |
|
| Pattern of Holding of Shares |
|
| Graphs |
|
|
| Ten Years at a Glance |
|
| Auditors'
Report |
|
| Balance
Sheet |
|
| Profit and Loss Account |
|
| Statement of Changes in Equity |
|
| Cash Flow Statement |
|
| Notes to the Accounts |
|
|
|
|
| Company
Information |
|
|
| Board
of Directors |
|
Mr. Salahuddin Qureshi |
|
Chairman |
|
|
Mr. Shaukat Mirza |
|
|
Mr. T.J. Coombs
(Alternate: Mr. Arshad Nasar) |
|
|
Mr. Ardeshir Cowasjee |
|
|
Mr. Ahmed Dawood |
|
|
Mr. Farooq Rahmatullah |
|
|
Mr. G.A. Sabri |
|
|
Mr. DM. Sadler |
|
|
Mr. S. Ali Raza |
|
|
Mr. David Weston |
|
|
|
| General Manager & Chief
Executive |
Mr. S Viqar Salahuddin |
|
|
| Company
Secretary |
|
Mr. Feroze J. Cawasji |
|
|
| Auditors |
|
A.F. Ferguson & Co. |
|
|
| Registered
Office |
|
Korangi Creek Road,
Karachi, |
|
|
| Registrar and |
|
| Share
Registration |
|
| Office |
|
Ferguson Associates
(Pvt) Ltd. |
|
|
P.O. Box 4716, |
|
|
State Life Building I A, |
|
|
Off I.I. Chundrigar Road, |
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|
Karachi-74000. |
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|
| Notice |
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| Notice
is hereby given that the Fortieth Annual General Meeting of the Company will
be held on Friday, |
|
| November
17, 2000 at 10.00 a.m. at Karachi Sheraton Hotel & Towers, Club Road,
Karachi to transact |
|
| the
following business: |
|
|
| ORDINARY
BUSINESS |
|
| 1.
To receive and consider the Balance Sheet and Profit and Loss Account
together with the |
|
| Directors'
Report for the year ended June 30, 2000. |
|
|
| 2.
To approve the payment of final dividend. |
|
|
| 3.
To appoint Auditors for the next accounting period and to fix their
remuneration. |
|
|
| The
Share Transfer Books of the Company will remain closed from November 4, 2000
to November 17, |
|
| 2000
(both days inclusive) when no transfer of shares will be accepted for
registration. |
|
|
|
By Order of the Board |
|
|
|
FEROZE J. CAWASJI |
|
| Karachi:
October 5, 2000. |
|
Secretary |
|
|
| Notes |
|
|
| 1.
A member of the Company entitled to attend and vote may appoint another
member as his/her |
|
| proxy
to attend and vote instead of him/her. Proxies must be received at the
Registered Office of |
|
| the
Company not less than 48 hours before the time of holding the meeting. |
|
|
| CDC
Account Holders will further have to follow the undermentioned guidelines as
laid down by |
|
| the
Securities and Exchange Commission of Pakistan; |
|
|
| A.
For Attending the Meeting: |
|
| i)
In case of individuals, the account holder or sub-account holder and/or the
person whose |
|
| securities
are in group account and their registration details are uploaded as per the |
|
| Regulations,
shall authenticate his identity by showing his original National Identity
Card |
|
| (NIC)
or original passport at the time of attending the meeting. |
|
|
| ii)
In case of corporate entity, the Board of Directors' resolution/power of
attorney with |
|
| specimen
signature of the nominee shall be produced (unless it has been provided
earlier) at |
|
| the
time of the meeting. |
|
|
| B.
For Appointing Proxies: |
|
| i)
In case of individuals, the account holder or sub-account holder ,and/or the
person whose |
|
| securities
are in group account and their registration details are uploaded as per the |
|
| Regulations,
shall submit the proxy form as per the above requirement. |
|
|
| ii)
The proxy form shall be witnessed by two persons whose names, addresses and
NIC |
|
| numbers
shall be mentioned on the form. |
|
|
| iii)
Attested copies of NIC or the passport of the beneficial owners and the proxy
shall be |
|
| furnished
with the proxy form. |
|
|
| iv)
The proxy shall produce his original NIC or original passport at the time of
the meeting. |
|
|
| v)
In case of corporate entity, the Board of Directors' resolution/power of
attorney with |
|
| specimen
signature shall be submitted (unless it has been provided earlier) alongwith
proxy |
|
| form
to the Company. |
|
|
| 2. The minutes of the previous meeting arc
available at the Registered Office of the Company. |
|
|
|
| Chairman's
Review |
|
| On
behalf of the Board of Directors, I welcome you to the 40th. Annual General
Meeting of the company |
|
| to
present the annual accounts for the year ended June 30, 2000 and the
Auditors' report thereon. |
|
|
| The
year under review has seen a tremendous increase in the prices of crude oil
and petroleum products. |
|
| Prices
of crude oil increased from around $ 16.00 per barrel in June 1999 to over $
28.00 per barrel in |
|
| June
2000. This unprecedented increase has occurred due to strict adherence of
production quotas by |
|
| OPEC
member states, as well as high economic growth of United States and European
economies |
|
| thereby
increasing demand. This has further been accentuated by the low product
inventories in USA |
|
| and
Europe as most refineries were operating at low throughputs earlier in the
year due to low refinery |
|
| margins.
These refineries have now started operating at peak levels in order to build
heating oil stocks |
|
| in
advance of the winter season. Prices of the imported crude oil purchased by
us during the year ranged |
|
| from
$18 to $ 28 per barrel, with an average of $ 23.50 per barrel. Compared to
this, the average .in the |
|
| preceding
year was $ 12.52 per barrel. The increase in crude oil prices was followed by
an increase in |
|
| the
prices of products, but as in the recent past, margin of refined products
failed to improve and |
|
| generally
the product prices trailed behind crude oil prices. |
|
|
| The
increase in the prices of crude oil resulted in a heavy outflow of funds for
the company. |
|
| Unfortunately,
the ex-refinery prices of our products, which are fixed by the Government,
were not |
|
| increased
to appropriate levels to counter this increase in the cost of crude oil. This
resulted in substantial |
|
| increase
in our borrowings required to meet our operating needs thereby increasing our
financial |
|
| charges.
This coupled with weak margins mentioned earlier resulted in a loss from
refinery operations |
|
| of
Rs. 1,035 million (1998-99: Rs. 663.5 million). As a result, the Government
had to reimburse a sum |
|
| of
Rs. 1,079.6 million (1998-99: Rs. 695.9 million) in terms of the applicable
Import Parity Formula to |
|
| enable
the company to make a profit after tax from refinery operations of 10% on its
paid-up capital. |
|
|
| With
effect from August 16, 1999 the Government introduced Sales Tax on petroleum
products. With |
|
| the
increase in the crude oil prices and low ex-refinery prices the sales tax on
our raw materials was |
|
| substantially
higher than the sales tax on the sale of our products. This further
deteriorated our cash flow |
|
| position
and at year-end, an amount of Rs. 342.5 million is shown as recoverable from
the Sales Tax |
|
| Authorities
(Note 19). |
|
|
| The
crude throughput achieved during the year was 2.378 million tons compared to
2.288 million tons |
|
| in
the previous year. Throughput during the year included 16.4% of local crude
oil. During the year, the |
|
| refinery
was shut down for planned maintenance for a duration of 16 days. |
|
|
| In
my last year's review, I had mentioned about the excellent safety record of
the refinery. After |
|
| achieving
7.3 million man-hours without Lost Time Injury (LTI), the company suffered an
injury to one |
|
| of
its contractor's staff. Efforts continue on the part of the company to
inculcate the concept of safe |
|
| working
practices in employees as well as contractors and their staff who work at the
refinery. Periodic |
|
| safety
training is also provided to staff at all levels. As a result, the company
has once again achieved |
|
| 1.7
million man-hours without any LTI since the last injury mentioned above. |
|
|
| The
relations of the Management with the workers and their union remained peace
fill and cordial. The |
|
| last
agreement with the employees union, which expired on June 30, 1999, was
renegotiated and an |
|
| agreement
for a further period of two years has been reached. In order to improve
quality of staff, |
|
| continuous
training is provided both on job and outside. |
|
|
| With
the recent commencement of production by the PARCO mid-country refinery, the
demand / supply |
|
| scenario
in the country will undergo a drastic change. While diesel and furnace oil
will continue to |
|
| remain
in deficit, motor gasoline and kerosene will become surplus to the
requirements of the country. |
|
| Under
these circumstances, the two southern refineries have been asked by the
Government to cut their |
|
| refinery
runs in order to meet the least cost option for the Government. This however
should not have |
|
| any
negative impact on the profit from refinery operations. Another change that
has taken place is that |
|
| with
effect from July 2000, your company has again been assigned the Iranian crude
oil contract, due to |
|
| which
the crude slate of the refinery will undergo a change in the coming year. |
|
|
| In
view of weak product margins, your company is continuously looking towards
ways of improving its |
|
| income
from its non-refinery operations. With this objective, a filling gantry has
recently been |
|
| commissioned
which will enable the refinery to load fuel oil into tank lorries directly at
the refinery |
|
| premises
on behalf of oil marketing companies, instead of pumping it to Keamari. This
will not only help |
|
| in
reducing congestion at Keamari but will also supplement the non-refinery
income for the company. |
|
| Efforts
are also continuing in having the present Import Parity Pricing Formula
revised by the |
|
| Government,
as the present formula has various shortcomings. |
|
|
| Finally,
on behalf of the Board I would like to express my sincere thanks to the
Management Team and |
|
| all
other employees of the company for their efforts in running and maintaining
the refinery efficiently. |
|
|
|
SALAHUDDIN QURESHI |
|
| Dated:
October 5, 2000 |
|
CHAIRMAN |
|
|
|
| Directors'
Report |
|
|
| The
Directors of your company are pleased to present their Report along with the
Accounts and |
|
| Auditors'
Report for the year ended June 30, 2000. |
|
|
|
2000 |
1999 |
|
|
Rupees |
Rupees |
|
|
('000) |
('000) |
|
|
| 1.
FINANCIAL RESULTS |
|
| These
are summarized below: |
|
|
| Profit
after tax from refinery operations |
|
20,000 |
20,000 |
|
| Income
net of tax from non-refinery operations |
|
27,459 |
29,967 |
|
| Unappropriated
profit brought forward |
|
181 |
214 |
|
| Transfer
from General Reserves |
|
2,500 |
-- |
|
|
---------- |
---------- |
|
|
50,140 |
50,181 |
|
|
---------- |
---------- |
|
| APPROPRIATIONS |
|
| Proposed
Final Dividend of 25 % |
|
| (equivalent
to Rs. 2.50 Per Share) |
|
50,000 |
50,000 |
|
|
| Leaving
a carry over to next year |
|
---------- |
---------- |
|
| an
unappropriated profit of |
|
140 |
181 |
|
|
========== |
========== |
|
|
| The
earnings per share for the year amounted to Rs. 2.37 (1999: Rs. 2.50) |
|
|
|
| As
in the previous years, the company continued to operate under the import
parity pricing formula. |
|
| According
to the parameters of this formula, the rate of return from refinery
operations is fixed in the |
|
| range
of 10% to 40% of the paid-up capital. During the year oil prices registered a
phenomenal increase. |
|
| The
financial year started with crude oil prices at around $ 16 per barrel and
ended at $ 28.50 per barrel |
|
| in
June 2000. The product prices applicable to the company, which are based on
Arab Gulf Mean, also |
|
| followed
suit but m most cases trailed behind the crude oil prices. This resulted in
the refinery suffering |
|
| a
loss after tax of Rs. 1,035 million from its refinery operations. To enable
the refinery to make the |
|
| minimum
profit of 10% on its paid-up capital, the Government has to reimburse a sum
of Rs. 1,079.6 |
|
| million
to the company. |
|
|
| 2.
RECEIVABLE FROM GOVERNMENT |
|
| The
selling prices of our products fixed by the Government did not keep pace with
the tremendous |
|
| increase
in the oil prices as mentioned earlier. This resulted in cash flow problems
for the |
|
| company,
and the company had to borrow large sums to manage its operations. At
year-end an |
|
| amount
of Rs. 3,358.5 million was receivable from the Government, which includes Rs.
3,249.1 |
|
| million
for the year under review. |
|
|
| The
receivable from the Government is partly offset by an amount of Rs. 1,351
million, which the |
|
| company
owes to the government in respect of local crude. Efforts continue to recover
the balance |
|
| amount
from the Government through the ex-refinery pricing mechanism. |
|
|
| 3.
DIRECTORS |
|
| Mr.
Shaukat Mirza was co-opted as director on the Board in place of Mr. Iftikhar
Alam. The Board |
|
| places
on record its appreciation for the valuable services rendered by Mr. Alam
during his tenure |
|
| as director. |
|
|
| 4. AUDITORS |
|
| The
present auditors, Messrs. A. F. Ferguson & Co., retire and being
eligible, offer themselves for |
|
| reappointment. |
|
|
| 5.
PATTERN OF SHAREHOLDING |
|
| The
pattern of shareholding in the company as at June 30, 2000 is shown on page 9
of the Annual |
|
| Report. |
|
|
|
By Order of the Board of
Directors |
|
|
|
FAROOQ RAHMATULLAH |
|
| Karachi:
October 5, 2000 |
|
DIRECTOR |
|
|
|
| Pattern
of Holding of Shares held by |
|
| Shareholders
as at June 30, 2000 |
|
|
| NO.
OF SHAREHOLDERS |
|
SHAREHOLDING |
|
TOTAL SHARES HELD |
|
|
| 576 |
|
FROM |
1 |
TO |
100 |
SHARES |
20,957 |
|
| 685 |
|
FROM |
101 |
TO |
500 |
SHARES |
198,564 |
|
| 300 |
|
FROM |
501 |
TO |
1000 |
SHARES |
228,017 |
|
| 453 |
|
FROM |
1001 |
TO |
5000 |
SHARES |
956,136 |
|
| 33 |
|
FROM |
5001 |
TO |
10000 |
SHARES |
230,702 |
|
| 14 |
|
FROM |
10001 |
TO |
15000 |
SHARES |
161,612 |
|
| 4 |
|
FROM |
15001 |
TO |
20000 |
SHARES |
71,113 |
|
| 4 |
|
FROM |
20001 |
TO |
25000 |
SHARES |
85,727 |
|
| 1 |
|
FROM |
25001 |
TO |
30000 |
SHARES |
29,766 |
|
| 4 |
|
FROM |
30001 |
TO |
35000 |
SHARES |
127,663 |
|
| 1 |
|
FROM |
35001 |
TO |
40000 |
SHARES |
37,866 |
|
| 4 |
|
FROM |
40001 |
TO |
45000 |
SHARES |
165,097 |
|
| 2 |
|
FROM |
45001 |
TO |
50000 |
SHARES |
951 |
|
| 1 |
|
FROM |
50001 |
TO |
55000 |
SHARES |
53,748 |
|
| 1 |
|
FROM |
55001 |
TO |
60000 |
SHARES |
57,400 |
|
| -- |
|
FROM |
60001 |
TO |
80000 |
SHARES |
-- |
|
| 1 |
|
FROM |
80001 |
TO |
85000 |
SHARES |
84,933 |
|
| -- |
|
FROM |
85001 |
TO |
90000 |
SHARES |
-- |
|
| 1 |
|
FROM |
90001 |
TO |
95000 |
SHARES |
90,733 |
|
| -- |
|
FROM |
95001 |
TO |
125000 |
SHARES |
-- |
|
| 1 |
|
FROM |
125001 |
TO |
130000 |
SHARES |
127,400 |
|
| -- |
|
FROM |
130001 |
TO |
165001 |
SHARES |
-- |
|
| 1 |
|
FROM |
165001 |
TO |
170000 |
SHARES |
165,200 |
|
| -- |
|
FROM |
170001 |
TO |
195000 |
SHARES |
-- |
|
| 1 |
|
FROM |
195001 |
TO |
200000 |
SHARES |
200,000 |
|
| -- |
|
FROM |
200001 |
TO |
205000 |
SHARES |
-- |
|
| 1 |
|
FROM |
205001 |
TO |
210000 |
SHARES |
206,600 |
|
| -- |
|
FROM |
210001 |
TO |
280000 |
SHARES |
-- |
|
| 1 |
|
FROM |
280001 |
TO |
285000 |
SHARES |
283,501 |
|
| -- |
|
FROM |
285001 |
TO |
295000 |
SHARES |
-- |
|
| 2 |
|
FROM |
295001 |
TO |
300000 |
SHARES |
596,810 |
|
| -- |
|
FROM |
300001 |
TO |
1850000 |
SHARES |
-- |
|
| 1 |
|
FROM |
1850001 |
TO |
1855000 |
SHARES |
1,852,401 |
|
| -- |
|
FROM |
1855001 |
TO |
1870000 |
SHARES |
-- |
|
| 1 |
|
FROM |
1870001 |
TO |
1875000 |
SHARES |
1,872,954 |
|
| -- |
|
FROM |
1875001 |
TO |
2395000 |
SHARES |
-- |
|
| 1 |
|
FROM |
2395001 |
TO |
2400000 |
SHARES |
2,400,000 |
|
| -- |
|
FROM |
2400001 |
TO |
3595000 |
SHARES |
-- |
|
| 1 |
|
FROM |
3595001 |
TO |
3600000 |
SHARES |
3,600,000 |
|
| -- |
|
FROM |
3600001 |
TO |
5995000 |
SHARES |
-- |
|
| 1 |
|
FROM |
5995001 |
TO |
6000000 |
SHARES |
6,000,000 |
|
| ---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
---------- |
|
| 2097 |
|
20,000,000 |
|
| ========== |
========== |
========== |
========== |
========== |
========== |
========== |
========== |
|
|
| SHAREHOLDERS
CATEGORY |
NO. OF |
NO. OF SHARES |
PERCENTAGE OF |
|
|
SHAREHOLDERS |
ISSUED CAPITAL |
|
|
| Individuals |
|
2,044 |
2,621,024 |
1,311 |
|
| investment
Companies |
|
4 |
301.88 |
1.51 |
|
| Insurance
Companies |
|
10 |
2,798,511 |
13.99 |
|
| Financial
Institutions |
|
14 |
1,982,219 |
9.91 |
|
| Joint
Stock Companies - Local |
14 |
3,825,448 |
19.13 |
|
| Joint
Stock Companies - Foreign |
2 |
8,400,000 |
42.00 |
|
| Foreign
Investors |
|
2 |
426 |
0.00 |
|
| Others |
|
7 |
70,489 |
0.35 |
|
|
---------- |
---------- |
---------- |
|
| Total |
|
2,097 |
20,000,000 |
100.00 |
|
|
========== |
========== |
========== |
|
|
|
|
|
|
|
| Ten
Years at a Glance |
|
|
|
2000 |
1999 |
1998 |
1997 |
1996 |
1995 |
1994 |
1993 |
1992 |
1991 |
|
| Share
Capital |
Rs/mn |
200.00 |
200.00 |
200.00 |
200.00 |
15.000 |
15.000 |
15.000 |
15.000 |
15.000 |
120.00 |
|
|
|
|
| Reserves |
Rs/mn |
61.09 |
6,363 |
6,366 |
6,253 |
108.48 |
8,668 |
71.64 |
76.58 |
84.08 |
112.40 |
|
|
|
|
| Shareholders' |
|
|
|
| equity |
Rs/mn |
26.109 |
263.63 |
263.66 |
262.53 |
25.848 |
236.68 |
221.64 |
226.58 |
234.08 |
232.40 |
|
|
|
|
| Break
up value |
Rs. |
13.05 |
13.18 |
13.18 |
13.13 |
1,723 |
1,578 |
1,478 |
1,511 |
1,561 |
1,937 |
|
|
|
| Dividend per |
|
|
|
| share |
Rs. |
2.5 |
2.5 |
2.3 |
2.0 |
4.00 |
2.0 |
4.00 |
4.50 |
3.50 |
3.00 |
|
|
|
| Bonus shares |
|
-- |
-- |
-- |
-- |
1:3 |
-- |
-- |
-- |
-- |
1:4 |
|
|
|
| Earnings per |
|
|
|
| share |
Rs. |
2.37 |
2.50 |
2.36 |
2.20 |
5.45 |
3.00 |
3.67 |
4.00 |
3.61 |
5.92 |
|
|
|
| Sales |
Rs/mn |
23,573.51 |
12,039.70 |
15,294.82 |
15,937.16 |
12,276.98 |
12,233.61 |
10,733.15 |
10,488.67 |
9,558.53 |
10,856.32 |
|
|
|
|
| Cost
of sales |
Rs/mn |
23,115.46 |
11,778.01 |
15,038.71 |
15,693.73 |
12,041.20 |
11,986.84 |
10,532.51 |
10,322.87 |
9,329.96 |
10,673.71 |
|
|
|
| Profit
after tax and |
|
|
| extraordinary |
|
|
|
| items |
Rs/mn |
47.64 |
50.18 |
47.13 |
44.04 |
81.81 |
45.03 |
55.06 |
60.00 |
54.19 |
71.02 |
|
|
|
| Cost
of sales as % |
|
|
| of sales |
|
98.06 |
97.83 |
98.33 |
98.47 |
98.08 |
97.98 |
98.13 |
98.42 |
97.61 |
98.32 |
|
|
|
| Profit after tax |
|
|
|
| as % of sales |
|
0.20 |
0.42 |
{).31 |
0.28 |
0.67 |
0.37 |
0.51 |
0.57 |
0.57 |
0.65 |
|
|
|
| Profit after tax |
|
|
|
| as
% of average |
|
|
| shareholders |
|
|
|
| equity |
|
18.16 |
19.03 |
17.91 |
16.91 |
33.04 |
19.65 |
24.57 |
26.05 |
23.23 |
33.05 |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of Pakistan Refinery Limited as at
June 30, 2000 and the |
|
| related
profit and loss account, cash flow statement and statement of changes in
equity 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. |
|
|
| It
is the responsibility of the company's management to establish and maintain a
system of internal |
|
| control,
and prepare and present the above said statements in conformity with the
approved accounting |
|
| standards
and the requirements of the Companies Ordinance, 1984. Our responsibility is
to express an |
|
| opinion
on these statements based on our audit. |
|
|
| We
conducted our audit in accordance with the auditing standards as applicable
in Pakistan. These |
|
| standards
require that we plan and perform the audit to obtain reasonable assurance
about whether the |
|
| above
said statements are free of any material misstatement. An audit includes
examining, on a test |
|
| basis,
evidence supporting the amounts and disclosures in the above said statements.
An audit also |
|
| includes
assessing the accounting policies and significant estimates made by
management, as well as, |
|
| evaluating
the overall presentation of the above said statements. We believe that our
audit provides a |
|
| reasonable
basis for our opinion and, after due verification, we report that: |
|
|
| (a)
in our opinion, proper books of accounts 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, cash flow statement and statement of
changes in |
|
| equity
together with the notes forming part thereof conform with approved accounting |
|
| standards
as applicable in Pakistan, and, 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 Company's affairs as at June 30, 2000 and of the profit, its cash
flows and changes |
|
| in
equity for the year then ended; and |
|
|
| (d)
in our opinion Zakat deductible at source under the Zakat and Ushr Ordinance,
1980 (XVIII |
|
| of
1980), was deducted by the Company and deposited in the Central Zakat Fund
established |
|
| under
section 7 of that Ordinance. |
|
|
| Chartered
Accountants |
|
| October
6, 2000 |
|
|
|
| Balance
Sheet as at June 30, 2000 |
|
|
|
Note |
2000 |
1999 |
|
|
|
Rupees |
Rupees |
|
|
|
('000) |
('000) |
|
| SHARE
CAPITAL AND RESERVES |
|
|
| Share Capital |
|
| Authorised |
|
2 |
1,000,000 |
1,000,000 |
|
|
|
========= |
========= |
|
| Issued,
subscribed and. paid-up |
|
2 |
200,000 |
200,000 |
|
| Reserves |
|
3 |
60,947 |
63,447 |
