| Attock Refinery Limited |
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| Annual
Report 1999 |
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In the name of Allah, Most Gracious, Most Merciful |
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| KNOWLEDGE
VISION |
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| Our
Knowledge Vision is to facilitate learning and knowledge |
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| creation
to capture collective insight of entire workforce and |
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| other
stakeholders for getting the right knowledge to the right |
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| people
at the right time and helping people share and put |
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| information
into action in ways that strive to improve |
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| organisational
performance by leaping across organisations, |
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| time and space. |
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| SAFETY
POLICY STATEMENT |
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| Every
employee is entitled to work under the safest possible |
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| conditions.
To this end, every effort will be made to avoid |
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| accident
and towards fire prevention, protection of the |
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| environment
and health preservation. It is our firm belief that |
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| accidents
which injure people, damage machinery and destroy |
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| materials
cause needless personal suffering, inconvenience and |
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| expense.
We believe that practically all accidents can be prevented |
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| by
taking common-sense precautions. |
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| ARL
will endeavour to maintain a safe and healthful work |
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| place.
It will provide safe working equipment and necessary |
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| personal
protection and in the case of injury, promptest and |
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| the
best first aid and medical service available. |
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| QUALITY
POLICY STATEMENT |
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| Strive
for excellence in the quality of our products. The adoption |
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| of
ISO 9002 System of Quality Management for Quality Control |
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| Laboratory
shall ensure product integrity which in turn would |
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| enhance
customers' confidence in our ability to meet their |
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| requirements. |
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| The
implementation of ISO 9002 Quality Management Standard |
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| is
also aimed to highlight the deficiencies in our processes, |
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| prevent
recurrence of non-conformities and provide its employees |
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| with
opportunity and means to improve upon existing work |
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| practices. |
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| With
this vision we aim to create a culture of continuous quality |
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| improvement
at ARL. |
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| OUR SLOGAN |
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| Think,
plan and share to realize quality |
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| CONTENTS |
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| Attock
Refinery Limited |
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| Notice
of Annual General Meeting |
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| Chairman's
Review |
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| Financial
Statistical summary |
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| Directors'
Report |
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| Statement
under Section 237 |
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| Auditors'
Report to the Members |
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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 |
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| Pattern
of Shareholding |
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| Attock
Hospital (Pvt) Limited |
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| Company
Information |
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| Directors'
Report |
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| Auditors'
Report |
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| Balance Sheet |
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| Profit
and Loss Account |
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| Notes
to the Accounts |
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| Consolidated
Financial Statements |
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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 |
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| Company
Information |
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| Board
of Directors |
Dr. Gulfaraz Ahmed |
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Chairman |
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Dr. Ghaith R. Pharaon |
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Abdus Sattar |
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G. A. Sabri |
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Iftikhar Alam |
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Shuaib Anwer Malik |
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Laith Ghaith Pharaon |
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Mofarreh Said AI Ghamdi |
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(Alternate Director Babar
Bashir Nawaz) |
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Arif Kemal |
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Mohammad Raziuddin |
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Chief Executive Officer |
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| Company
Secretary |
S. Ahmed Abid |
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F.C.A. |
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| Auditors |
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A. E Ferguson & Co. |
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Chartered Accountants |
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| Legal Advisors |
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Zafar Law Associates |
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Advocates &
Solicitors |
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| Registered
Office |
The Refinery, |
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Morgah, Rawalpindi. |
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Tel: (051) 487041-5 Fax:
(051)487254 |
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E-Mail:
arl@comsats.net.pk |
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| Board
of Directors |
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| Dr.
Gulfaraz Ahmed |
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| Chairman |
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| Dr.
Ghaith R. Pharaon |
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| Abdus Sattar |
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| G.A. Sabri |
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| Iftikhar Alam |
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| Shuaib
Anwer Malik |
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| Laith
Ghaith Pharaon |
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| Mofarreh
Said Al Ghamdi |
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| Babar
Bashir Nawaz |
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| Arif Kemal |
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| Mohammad
Raziuddin |
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| Chief
Executive Officer |
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| NOTICE
OF ANNUAL GENERAL MEETING |
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| Notice
is hereby given that the 21st Annual General Meeting of the Company will be
held at the |
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| Registered
Office of the Company at Morgah, Rawalpindi on Tuesday, 7th December, 1999 at
3.00 |
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| p.m.
to transact the following business: |
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| ORDINARY
BUSINESS |
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| 1.
To confirm the minutes of 20th Annual General Meeting of the Company held on |
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| December
30, 1998. |
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| 2.
To receive, consider and approve the Audited Accounts of the Company together
with the |
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| Directors'
and Auditors' Reports for the year ended 30 June, 1999. |
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| 3.
To appoint Auditors for the next year and fix their remuneration. |
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| 4.
To transact such other business as may be placed before the meeting with the
permission of |
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| the Chairman. |
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| SPECIAL
BUSINESS |
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| 5.
To consider and, if thought fit, to pass the following Resolution as an
ordinary resolution: |
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| "Resolved: |
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| a.
that a sum of Rs 21,600,000 out of the profits of the Company available for |
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| appropriation
as at 30 June, 1999 be capitalised and applied for issue of 2,160,000 |
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| ordinary
shares of Rs 10 each allotted as fully paid Bonus Shares to the members of
the |
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| Company
whose names appear on the register of members as at close of business on |
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| 30
November, 1999, in the proportion of two new shares for every twenty five
shares |
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| held. |
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| b.
that the Bonus Shares so allotted shall rank pari passu in all respects with
the existing |
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| shares. |
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| c.
that the members entitled to fractions of a share shall be given sale
proceeds of their |
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| fractional
entitlement for which purpose the fractions shall be consolidated into whole |
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| shares
and sold in the stock market. |
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| d.
that the Secretary of the Company be authorised and empowered to give effect
to this |
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| resolution
and to do or cause to do all acts, deeds and things that may be necessary |
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| or
required for issue, allotment and distribution of Bonus Shares. In the case
of |
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| non-resident
shareholders the Secretary is further authorised to issue/export the Bonus |
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| Shares
after fulfilling the statutory requirements". |
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| 6.
To consider and, if thought fit, to pass the following resolution, pursuant
to section 208 of |
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| the
Companies Ordinance, 1984 in respect of the Company's investment. |
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| "Resolved
that the Company be and is hereby authorised to invest an amount not |
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| exceeding
Rs 4,000,000 in the form of long-term loan to its wholly owned subsidiary |
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| company
Attock Hospital (Private) Limited to be repaid after a grace period of two
years in |
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| five
equal annual installments (or such other period as may be determined by the
Board of |
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| Directors
of the Company) with a return not less than the borrowing cost to the
Company. |
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| Further,
resolved that the Chief Executive be and is hereby authorised to sign such |
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| documents
and take such steps from time to time as and when may be necessary in |
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| connection
with this loan facility." |
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By Order of the Board |
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| The Refinery |
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| Morgah,
Rawalpindi |
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(S. AHMED ABID) |
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| November
16, 1999. |
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Company Secretary |
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| Notes: |
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| i.
A member entitled to vote at this meeting may appoint another member as
his/her proxy |
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| to
attend and vote. Proxies in order to be effective must be received by the
Company |
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| 48
hours before the meeting. |
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| ii.
Share Transfer Books of the Company will remain closed and no transfer of
shares will be |
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| accepted
for registration from 1 December to 7 December, 1999 (both days inclusive). |
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| Transfers
received in order at the registered office of the Company by the close of
business |
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| on
30 November, 1999 will be treated in time for the purposes of eligibility of
Bonus |
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| Shares,
if declared. |
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| iii.
Members are requested to promptly notify the Company of any change in their
addresses. |
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| iv.
Statements of material facts under Section 160 (I) (b) of the Companies
Ordinance, 1984 |
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| pertaining
to the Special Business referred above under agenda item 5 and 6 are annexed |
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| to
this Notice of Meeting being sent to members. |
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| STATEMENT
UNDER SECTION 160 (1) (b) OF THE COMPANIES ORDINANCE, 1984 |
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| 1.
ISSUE OF BONUS SHARES |
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| The
Directors are of the view that with existing profitability, the Company's
financial position |
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| justifies
capitalisation of Rs 21,600,000 out of profit by issuing fully paid Bonus
Shares in the |
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| ratio
of 2:25 i.e. two Bonus Shares for every twenty five ordinary issued shares. |
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| 2.
INVESTMENT IN ATTOCK HOSPITAL (PVT) LIMITED |
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| a.
The Directors are of the view that the investment in Attock Hospital (Pvt)
Limited (AHL) in |
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| the
form of a term loan would help the subsidiary company in expanding its base
of |
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| medical
services and in achieving the Company's objectives of providing medical |
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| services
to the employees of the Company and its associated companies as well as |
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| providing
community services to the residents of adjoining areas. |
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| b.
The Directors have no vested interest in the above investment except that the
Chief |
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| Executive
is also Chief Executive and Director of AHL and two of the Directors are |
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| common
directors. |
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| CHAIRMAN'S
REVIEW |
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| It
gives me great pleasure to welcome you all to the 21st Annual General Meeting
and to present a |
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| review
of the operations, audited accounts and annual report of the Company for the
financial year |
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| ended
30 June, 1999. |
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| REFINERY
UPGRADATION AND EXPANSION PROJECT |
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| Work
on the construction and erection of two new plants namely Naphtha
Hydrotreating/Reforming |
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| Plant
and Heavy Crude Unit under the Refinery Upgradation and Expansion Project has
Alhamdolillah |
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| been
completed within the scheduled time and budget. Both the plants have been put
into operation |
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| and
are running smoothly. The successful and timely completion of the project was
achieved through |
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| the
dedicated efforts of the Company's management, its employees and the
contractors. |
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| With
the completion of the Project, your Company has become the first Refinery in
Pakistan to |
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| directly
produce 87 RON Premium Motor Gasoline and the supply of this product to the
market has |
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| already
commenced. |
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| PROFITABILITY |
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| The
operations of your Company continued during the year efficiently and without
interruption. Tile |
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| financial
results of the Company's operations for the year ended 30 June, 1999 are
given in the |
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| annexed
Directors' Report and financial statements. As the prices of petroleum
products declined |
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| in
the international market, the refiner's margin was considerably reduced which
affected the |
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| profitability
of the Company. There was a shortfall of Rs 458 million receivable from the
Government |
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| to
make-up the profit of Rs 27 million being 10% guaranteed minimum profit on
the paid-up capital |
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| from
the refinery operations under the approved import parity pricing formula. |
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| FUTURE
OUTLOOK |
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| The
Company is going through a phase of total turnaround in its operations and
has chalked out |
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| well-defined
plans for the future. These include enhancement of refining capacity,
initially through a |
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| Pre-flash
unit, product pipelines, remote crude oil decanting facility to reduce
congestion at the |
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| Refinery,
land optimisation and specialty oil products. The Company is also continuing
to collaborate |
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| with
various international agencies for the refinery optimisation, production of
environment friendly |
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| products
and energy conservation. |
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| The
Company has also signed a contract for a 7.5 MW integrated power plant to
meet its operational |
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| requirements
for an uninterrupted supply of electricity. This project is estimated to cost
approximately |
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| Rs
250 million and is expected to be completed by November, 2000. |
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| In
the face of reduced crude oil availability from the depleting crude oil
fields in the Northern region |
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| of
the country, the Company's management has secured progressively increasing
supplies of crude |
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| from
the Southern oil fields after obtaining necessary Governmental approvals
based on national |
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| economics.
Efforts are being made to secure further supplies from the South to operate
the refinery at |
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| full
capacity and to further develop arrangements for more reliable
transportation. |
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| The
Company is confident of taking new initiatives and ventures to prepare itself
for the future |
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| challenges
and step into the new millennium with renewed confidence and vigour. |
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| TRAINING
AND DEVELOPMENT |
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| The
training and development of Human Resource of the Company received top
priority during the |
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| year
for smooth operations and safety of the new plants set-up under the Refinery
Upgradation and |
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| Expansion
Project. The technical staff went through several overseas training
programmes during the |
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| year
which included a free hands-on training at the ARAMCO Refinery in Saudi
Arabia for which we |
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| are
thankful to the ARAMCO Refinery and the Saudi Arabian Government. Needless to
say, it would |
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| have
not been possible without the support of Government of Pakistan. |
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| The
Company also continued other on-the-job training programmes for the
management |
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| staff
and workers specifically directed towards information technology, safety,
quality and |
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| maintenance
of equipments. |
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| Efforts
are also being made to maximise the use of information technology through
increased |
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| availability
of computer hardware and software, access to internet facilities and
setting-up the local |
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| area
network and dial-up facilities. |
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| QUALITY
AND KNOWLEDGE MANAGEMENT |
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| Your
Company became the first refinery of Pakistan to receive ISO 9002
Certification for its Quality |
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| Control
Laboratory. Instead of hiring consultants the Company achieved it through an
in-house |
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| effort.
On your behalf I extend congratulations to the management and staff on this
achievement. |
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| Development
of quality management is receiving maximum attention of the Company's
management |
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| with
special emphasis on productivity performance, rationalisation of activities
towards cost savings/ |
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| profit
optimisation and efficient operations. Special incentives have been offered
to the employees to |
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| encourage
employees' commitment to Total Quality Management. |
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| The
Company also recognises the importance of Knowledge Management. In order to
develop the |
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| knowledge
and skills of employees concerted efforts are being made to develop the
knowledge |
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| base
through assessment of information needs, developing knowledge seeking modes
and promoting |
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| knowledge
information use. Special awareness and training sessions are being conducted
for the |
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| successful
implementation of the Knowledge Management Strategy. |
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| HUMAN
RESOURCE |
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| I
would like to record my appreciation for the efforts and dedication of the
Human Resource of the |
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| Company
which includes its officers, staff and workers that has enabled the
management to run the |
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| Company
smoothly and efficiently during the year under difficult circumstances when
the Refinery |
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| Upgradation
and Expansion Project was under implementation and required extra efforts for
its timely |
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| completion. |
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| I
am pleased to report that the management continued to have cordial relations
with the workers and |
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| the
Collective Bargaining Agent (CBA). The previous Labour Settlement expired in
June, 1999 and a |
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| fresh
Charter of Demands has been received from the CBA and negotiations thereon
are in progress in |
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| a
cordial atmosphere. |
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| ACKNOWLEDGMENT |
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| Finally,
I take this opportunity to express my thanks to all my colleagues on the
Board, the |
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| Government,
crude oil suppliers and customers for their continuing cooperation. All banks
and |
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| financial
institutions who have shown their confidence in the Company and extended
various |
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| financial
facilities also deserve our acknowledgment. I sincerely hope that your
Company will |
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| continue
to enjoy full confidence and cooperation from all concerned for the
development and progress |
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| of
the Company to achieve even better results and to meet the future challenges
in the years ahead. |
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| Before
concluding, I also wish to express my thanks for the continued interest and
support of our |
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| shareholders. |
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|
Dr. Gulfaraz Ahmed |
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| 06
November, 1999 |
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Chairman |
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| FINANCIAL
STATISTICAL SUMMARY |
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|
30 June (Rupees in Million) |
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|
1999 |
1998 |
1997 |
1996 |
1995 |
1994 |
1993 |
1992 |
1991 |
1990 |
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| PROFIT
& LOSS SUMMARY |
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|
| Sales
(Net of Govt. Levies) |
6,422.7 |
6,582.6 |
6,528.6 |
5,112.5 |
3,834.4 |
4,746.2 |
5,165.8 |
5,179.9 |
4,750.7 |
3,810.2 |
| Reimbursement
from/(to) |
|
|
|
| Government |
|
758.9 |
(96.6) |
67.8 |
17.4 |
692.80 |
(69.4) |
(9.5) |
(22.7) |
856.2 |
22.6 |
| Other income |
|
74.8 |
111.2 |
98.2 |
99.9 |
59.5 |
88.3 |
57.4 |
47.6 |
32.6 |
19.6 |
| Income
from non-refinery |
|
|
|
|
|
| operations
after tax |
14.7 |
1.8 |
2.8 |
1.2 |
2.8 |
3.6 |
3.1 |
3.2 |
5.2 |
2.6 |
|
|
|
|
|
|
|
| Total Revenue |
|
7,271.1 |
6599.0 |
6697.4 |
5231.0 |
4,589.5 |
4,768.7 |
5,216.8 |
5,208.0 |
5,644.7 |
3,855.0 |
| Cost
of Sales, Administration |
|
|
|
|
|
|
|
| and
Selling Expenses etc. |
(7,188.7) |
(6,453.4) |
(6,492.8) |
(4,918.8) |
(4,486.8) |
(4,695.0) |
(5,126.5) |
(5,183,5) |
(5,603.6) |
(3,806.0) |
|
|
|
|
|
|
|
| Workers' Funds |
|
(4.6) |
(10.0) |
(13.8) |
(21.9) |
(6.4) |
(4.8) |
(6.6) |
(1.5) |
(2.5) |
(3.6) |
| Taxation |
|
(36.1) |
(43.8) |
(61.8) |
(106.8) |
(43.5) |
(25.3) |
(48.6) |
(5.4) |
(19.0) |
(28.4) |
|
|
|
|
|
|
| Net
Profit after Tax |
41.7 |
91.8 |
129.0 |
183.5 |
183.5 |
52.8 |
35.1 |
17.6 |
19.6 |
17.0 |
| Adjustment
in net profit |
|
|
|
|
|
|
| for prior years |
|
-- |
27.8 |
(21.1) |
-- |
-- |
-- |
32.9 |
-- |
-- |
-- |
|
|
|
|
|
| Unappropriated
profit |
|
|
|
|
|
| brought forward |
|
7.99 |
6.2 |
3.3 |
9.6 |
6.8 |
3.2 |
0.9 |
0.8 |
0.4 |
0.8 |
| Dividend |
|
27.0 |
(45.0) |
(37.5) |
(30.0) |
(25.0) |
(19.0) |
(12.8) |
(17.6) |
(19.2) |
(14.4) |
| Transfer
to Reserves |
21.6 |
(72.8) |
(67.5) |
(159.8) |
(25.0) |
(25.0) |
(52.9) |
-- |
-- |
(3.0) |
| Transfer
from Reserves |
-- |
-- |
-- |
-- |
-- |
4.0 |
-- |
-- |
-- |
-- |
|
|
|
|
|
| BALANCE
SHEET SUMMARY |
|
|
|
|
| Paid-up Capital |
270.0 |
225.0 |
187.5 |
150.0 |
125.0 |
100.0 |
80.0 |
80.0 |
80.0 |
80.0 |
| Reserves |
|
241.8 |
272.1 |
228.8 |
198.7 |
63.9 |
63.9 |
62.9 |
10.0 |
10.0 |
10.0 |
| Unappropriated
Profit |
1.1 |
8.0 |
6.2 |
3.3 |
9.6 |
6.8 |
3.2 |
0.9 |
0.8 |
0.4 |
| Financing
facilities |
|
|
|
|
| (Long Term) |
|
1,887.7 |
175.5 |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
-- |
| Fixed
Assets (Less depreciation) |
2,332.8 |
1,092.6 |
352.4 |
180.3 |
146.8 |
117.6 |
109.1 |
95.9 |
90.3 |
100.9 |
|
|
|
|
|
| SHARES
AND EARNINGS |
|
|
|
|
| Earning
(Rs per share) |
1.55 |
4.08 |
6.88 |
12.2 |
4.2 |
4.4 |
8.5 |
2.2 |
2.4 |
2.1 |
| (on
shares outstanding at 30 June) |
|
|
|
| Break-
Up Value (Rs per share) |
19.0 |
22.1 |
22.5 |
23.5 |
15.9 |
17.1 |
18.3 |
11.4 |
11.4 |
11.3 |
| Dividend |
|
10% |
20% |
20% |
20% |
20% |
19% |
16% |
22% |
24% |
18% |
| Bonus
Shares Issue |
8% |
20% |
20% |
25% |
20% |
25% |
25% |
-- |
-- |
-- |
|
|
| THE
DIRECTORS' REPORT |
|
|
| The
Board of Directors of Attock Refinery Limited have pleasure in presenting the
21st Annual Report |
|
| and
Audited Financial Statements of the Company together with Auditors' Report
thereon for the year |
|
| ended
30 June, 1999. |
|
|
|
|
| 1.
FINANCIAL RESULTS |
|
|
|
|
| The
Company continues to operate under the import parity pricing formula under
which |
|
| the
Company is entitled to a minimum of 10% and maximum of 40% return net of tax
on its |
|
| paid-up
capital in respect of its refinery operations and further allowed to retain
surplus profits, |
|
| if
any, over 40%, as per agreed parameters, for utilisation in the development
plans for Refinery |
|
| Upgradation
and Expansion Projects. |
|
|
| In
the current year the Company's profitability was seriously affected by the
continuous decline |
|
| in
the prices of petroleum products in the international market during the
financial year |
|
| 1998-99.
Consequently, there was a shortfall of Rs 458 million receivable from the
Government |
|
| under
the approved import parity pricing formula to make-up the profit of Rs 27
million being |
|
| minimum,
net of tax, return of 10% on paid-up capital. In addition the Company has
also |
|
| earned
other income of Rs 14.7 million (net of tax and workers' funds) from
non-refinery |
|
| operations
outside the pricing formula. |
|
|
| The
Company is making all out efforts to improve the profitability of the Company
by |
|
| increasing
the utilisation of refining capacity, production of value added products and
through |
|
| various
cost savings and optimisation measures. |
|
|
| The
Company has also made several representations to the Government to review the
import |
|
| parity
pricing formula to make it more realistic and to allow sufficient profits to
the refineries to |
|
| enable
them to invest in their various upgradation and expansion projects which
would favourably |
|
| contribute
towards national economics and save valuable foreign exchange. Various
proposals |
|
| are
being formulated in this connection for the consideration and review by the
Government. |
|
| The
Company's proposal for treating the net profit from the sale of asphalt
outside the import |
|
| parity
pricing formula and import parity price for 87 RON Premium Motor Gasoline is
already |
|
| under
the consideration by the Ministry of Petroleum & Natural Resources. |
|
|
| The
financial results for the year ended 30 June, 1999 are summarised below: |
|
|
|
|
1999 |
|
|
|
Rupees |
|
|
|
(000) |
|
|
|
|
| Profit
before tax from refinery operations |
|
63,108 |
|
| Less:
Provision for taxation |
|
36,108 |
|
|
|
|
------------------ |
|
| Profit
after taxation from refinery operations |
|
27,000 |
|
| Income
from non-refinery operations after tax |
|
14,733 |
|
|
|
|
------------------ |
|
| Net
profit for the year after taxation |
|
41,733 |
|
| Unappropriated
profit brought forward |
|
7,990 |
|
|
|
|
------------------ |
|
| Profit
available for appropriation |
|
49,723 |
|
|
| APPROPRIATIONS: |
|
|
| The
Directors propose that this should be utilized in providing for: |
|
|
| -
Interim dividend at the rate of 10% (equivalent to Re 1.00 |
|
| per
share of Rs10/- each) paid in April, 1999 |
|
27,000 |
|
| -
Transfer to Reserve for issue of bonus shares |
|
21,600 |
|
|
|
|
------------------ |
|
|
|
|
48,600 |
|
| Leaving
unappropriated profit to be |
|
------------------ |
|
| carried
forward to next year |
|
1,123 |
|
|
|
|
========== |
|
|
| As
the average prices of petroleum products in the international market were
substantially |
|
| lower
in the year, the ex-refinery prices allowed to the Company for its petroleum
products were |
|
| revised
downwards as a result of which there was a deficit of Rs 758.937 million in
the sales |
|
| revenue
required to make-up the minimum profit of 10%. The products and crude oil
prices |
|
| continued
to be priced on the principles of import parity as per parameters defined by
the |
|
| Government. |
|
|
| 2.
PAID-UP CAPITAL |
|
| The
Company's paid-up capital was increased from Rs 225 million to Rs 270 million
through |
|
| capitalisation
of an amount of Rs 45 million, out of the profits of the Company, by way of
issue |
|
| of
fully paid bonus shares to the Members of the Company in the proportion of
one new share for |
|
| every
five shares held. |
|
|
|
| 3. DIVIDEND |
|
| Interim
cash dividend already paid at the rate of Re 1/- per share (10%) is to be
treated as final |
|
| dividend
for the year ended June 30, 1999. |
|
|
| 4.
BONUS SHARES |
|
| The
Directors are pleased to recommend capitalisation of an amount of Rs 21.6
million out of |
|
| the
profits for the issue of fully paid bonus shares to the Members of the
Company in the |
|
| proportion
of two new shares for every twenty five shares held. |
|
|
| 5.
REFINERY MANAGEMENT AND OPERATIONS |
|
| The
entire indigenous crude production from the Northern Region was processed at
the Refin- |
|
| ery.
However, as the crude availability from the Northern Region was not
sufficient for the |
|
| Company's
refining capacity, the Company accelerated its efforts to secure increased
supplies |
|
| from
the Southern Region. The Company has already secured supplies of 11,500 bpd
after |
|
| obtaining
necessary Governmental approvals and efforts are now being made to secure
further |
|
| supplies
to ensure full utilisation of the enhanced refining capacity of 35,000 bpd
caused after' |
|
| the
commissioning of the new Heavy Crude Unit. |
|
|
| The
total throughput of the Refinery during the year was 9,680,912 barrels (1.279
million |
|
| M.
Tons) as compared to its original nameplate capacity of 10,065,000 barrels
(1.330 million |
|
| M.
Tons) subsequently enhanced to 11,550,000 barrels (1.526 million M. Tons). A
total of 9.751 |
|
| million
barrels of crude oil (1998:8.234 million barrels) were received by the
Company from 43 |
|
| different
oilfields which was 18% higher than the receipts of last year. Crude receipts
from the |
|
| Northern
Region declined but this decrease was offset by additional crude received
from the |
|
| Southern
Region. The net increase in crude receipts was 1.51 6 million barrels for the
financial |
|
| year
under report. |
|
|
|
|
| The
total crude receipts averaged 26,715 bpcd of which 19,740 bpcd (74%) was
received |
|
| through
road transportation and the balance of 6,975 bpcd (26%) was received through |
|
| pipeline. |
|
|
|
| With
the commissioning of Catalytic Reformer/Naphtha Hydrotreating Unit, the
Company |
|
| commenced
the production of 87 RON Premium Motor Gasoline and thus became the first |
|
| Refinery
in Pakistan to achieve this landmark. To increase its profitability, the
Company also |
|
| continued
with its endeavours to improve the products slate to increase the production
of high |
|
| value
products and consequently the refiner's margin. This included enhancement of
production |
|
| of
Jet fuels and introduction of speciality asphalt. |
|
|
| The
Company continues to maintain its plant and machinery in a reliable operable
condition. |
|
| Regular
and planned maintenance of the plants and facilities was undertaken during
the year as |
|
| per schedule. |
|
|
| The
Company completed during the year the upgradation of its offsite facilities
to meet the |
|
| operational
requirements for full capacity operations upon commissioning of two new units |
|
| under
Refinery Upgradation and Expansion Project. |
|
|
|
| 6.
REFINERY UPGRADATION AND EXPANSION PLAN |
|
| The
work on the implementation of the US$ 55 million Refinery Upgradation and
Expansion |
|
| Project,
initiated in 1997, which included setting-up of a Catalytic Reformer Plant
and Heavy |
|
| Crude
Unit was completed during the year and both the Units were commissioned in
May/June, 1999. The |
|
| plant
operations have stabilised and are on-stream production. With the
commissioning of these plants the |
|
| Company
has achieved the capability to upgrade low octane naphtha into high octane
premium grade gasoline |
|
| and
operational flexibility. |
|
|
| Simultaneously,
the development of facilities which included two new Naphtha tanks, cooling
tower, flare |
|
| system,
pumps and piping for tie-in connections for new plants and centralised air
system has been |
|
| completed
to allow smooth commissioning of new plants. This included the acquisition of
a 40 M. |
|
| Tons
mobile crane to facilitate maintenance work on the new plants and to cater
for other operational |
|
| requirements. |
|
|
| 7. FUTURE PROJECTS |
|
| To
ensure 100% reliability for continued electricity supplies to the Refinery
and more |
|
| particularly
to the new Catalytic Reformer Unit, the Company has signed a contract for the |
|
| supply
and setting-up of 7.5 MW capacity integrated power plant. This project is
estimated to |
|
| cost
around Rs 250 million and is likely to be completed in November, 2000. |
|
|
|
|
| As
part of its automation policy, the Company has initiated work on a phased
plan for auto tank |
|
| gauging
system in order to determine more accurate levels of storage tanks for the
operation of |
|
| the
main plants and to provide effective usage of existing tank storage capacity. |
|
|
|
| Future
plans include further expansion of the refinery, upgradation of existing
facilities, |
|
| products
slate improvement, oil movement logistics and setting-up a remote crude
decanting |
|
| facility
to overcome traffic congestion in the refinery area and eliminate
safety/security |
|
| hazards
due to crude bowzers. |
|
|
|
|
| The
Company is presently optimising the production on a fortnightly basis. It has
recently |
|
| acquired
a specifically designed LP software for process industry which shall aid in
the |
|
| evaluation
of crudes and products, planning of unit modes, capacity utilisation,
blending of |
|
| different
streams economically and ensuring strict specification controls. This would
result in |
|
| optimisation
of crude yields on a daily basis which would improve profitability and
achieve |
|
| cost
savings. This project is likely to be implemented before the end of this
year. |
|
|
| 8. SAFETY,
ENVIRONMENTAL PROTECTION, ISO
9002 AND REFINERY OPTIMISATION |
|
| Concerted
efforts continue to conform with the National Environmental Quality Standards |
|
| (NEQS)
by reducing both effluents and emissions and producing environment friendly |
|
| petroleum
products. The Company is committed to achieve high environmental standards
and |
|
| is
participating in activities of National Cleaner Production Centre (NCPC) to
be set-up in |
|
| collaboration
with UNIDO/UNDP, the Government and other refineries. |
|
|
| The
Company's Quality Control Laboratory received ISO 9002 certification during
the year by |
|
| virtue
of which it became the first Refinery in Pakistan to achieve this honour. The
Company is |
|
| working
in other areas also to raise its standards and quality to obtain further ISO
certifications. |
|
|
| Safety
received highest consideration and strict compliance to safety standards was
observed. |
|
| The
Safety Committee continues to review and upgrade the safety standards to meet
the ever |
|
| changing
challenges. The safety performance during the year was excellent and the
refinery |
|
| operations
continued without any safety lapses. The Refinery Upgradation and Expansion
Project |
|
| which
was implemented over a period of under two years was completed without any
major |
|
| accident
or Loss Time Injury (LTI) which reflected the high level of safety standards
practiced. |
|
|
| The
upgradation of the Fire Water Networks also continued through a phased
programme |
|
| initiated
in 1995. Work on the installation of LPG Deluge System, Sprinkler System and
Fire |
|
| Water
Network has been completed and in order to provide adequate coverage in
certain other |
|
| areas
a state of the art fire fighting equipment is being acquired to enhance the
coverage. |
|
| A
modern fully equipped fire fighting truck has been purchased and another one
is being |
|
| acquired
to replace the existing fire fighting fleet. |
|
|
| 9. INFORMATION TECHNOLOGY AND YEAR 2000
COMPLIANCE |
|
| To
meet the challenges of the next millennium the Company is continuing to
vigorously pursue |
|
| its
policy to provide maximum computerised facilities to its staff alongwith
increased spread of |
|
| local
area network and access to Internet facilities. Simultaneously all out
efforts are being |
|
| made
to develop the knowledge data base for retrieval of information required for
effective |
|
| decision
making process. |
|
|
| The
Directors are also pleased to announce that all the computer applications,
operating |
|
| facilities
and hardware systems are free of millennium bug and all necessary tests for
ensuring |
|
| Year
2000 compliance have already been completed. The Company is confident that no |
|
| business
disruption is expected in crossing over the second millennium. |
|
|
|
|
| The
Company believes that all its major suppliers and customers and associated
companies |
|
| have
already taken adequate measures to make their systems Year 2000 compliant. |
|
|
| 10.
DIRECTORS |
|
| Dr.
Gulfaraz Ahmed was nominated by the Government as Director and elected as the |
|
| Chairman
of Board of Directors in place of Ch. Nisar All Khan. Mr. Khalid Atiq Ghazi |
|
| representing
the majority shareholders resigned during the year. There was no other change
in |
|
| the
elected and Government nominee Director. The three years term of office of
six (6) elected |
|
| directors
expire on 1 7 July, 2000. |
|
|
| 11. AUDITORS |
|
|
| The
Auditors Messrs A.F. Ferguson & Co. Chartered Accountants retire and
offer themselves |
|
| for
reappointment. |
|
|
|
|
| 12. SHAREHOLDING |
|
| The
pattern of shareholding as at 30 June, 1999 is annexed. |
|
|
|
|
| 13. EARNING PER SHARE |
|
| Based
on the net profit for the current year the earning per share was Rs 1.55
(1998: Rs 4.08). |
|
|
|
|
| 14. HOLDING COMPANY |
|
| The
Attock Oil Company Limited, incorporated in England, is the Holding Company
of Attock |
|
| Refinery
Limited. |
|
|
| 15. CONSOLIDATED FINANCIAL STATEMENTS |
|
| Consolidated
financial statements of the Company and its wholly owned subsidiary, Attock |
|
| Hospital
(Pvt) Limited, are annexed. |
|
|
|
|
On behalf of the Board |
|
|
|
|
|
|
| 06
November, 1999 |
|
Dr. Gulfaraz Ahmed |
|
|
|
Chairman |
|
|
|
| STATEMENT
UNDER SECTION 237 OF THE COMPANIES ORDINANCE, 1984 |
|
|
| STATEMENT
UNDER SUB-SECTION (1) (e) |
|
|
|
| a)
Extent of the interest of Attock Refinery Limited |
|
| (the
holding company) in the equity of Attock |
|
| Hospital
(Private) Limited as at June 30, 1999 |
|
100% |
|
|
| b)
The net aggregate amount of revenue loss of the |
|
| subsidiary
companies so far as these concern |
|
| members
of the holding company and have not |
|
| been
dealt within the accounts of the holding |
|
| company
for the year ended June 30, 1999 |
|
Rs 312,043 |
|
|
| c)
The net aggregate amount of profits less losses of |
|
| the
subsidiary companies so far as these have |
|
| been
dealt with or provision made for losses in |
|
| the
accounts of the holding company for the year |
|
| ended
June 30, 1999 |
|
|
Nil |
|
|
| STATEMENT
UNDER SUB-SECTION (1) (f) & (g) |
|
N/A |
|
|
|
M. Raziuddin |
|
Abdus Sattar |
|
|
Chief Executive |
|
Director |
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of Attock Refinery Limited as at June
30, 1999 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 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 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 Company's affairs as at June 30, 1999 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 Zakat Fund established |
|
| under
section 7 of that Ordinance. |
|
|
|
|
A. F. Ferguson & Co. |
|
| Islamabad,
08 November, 1999 |
|
Chartered Accountants |
|
|
|
|
| BALANCE
SHEET |
|
| As
at June 30, 1999 |
|
|
|
|
|
1999 |
1998 |
|
|
|
Note |
Rupees |
Rupees |
|
|
|
|
|
| SHARE
CAPITAL AND RESERVES |
|
|
| Authorised
capital |
|
|
|
| 35,000,000
ordinary shares of Rs 10 each |
|
|
350,000,000 |
350,000,000 |
|
|
|
|
========== |
========== |
|
| Issued,
subscribed and paid-up capital |
|
3 |
270,000,000 |
225,000,000 |
|
| Reserves
and surplus |
|
4 |
241,816,965 |
272,084,388 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
511,816,965 |
497,084,388 |
|
|
|
|
|
| LONG-TERM
AND DEFERRED LIABILITIES |
|
|
|
| Long term loans |
|
5 |
1,498,432,470 |
175,487,814 |
|
| Obligations
under finance leases |
|
6 |
389,260,457 |
-- |
|
| Provision
for staff gratuity |
|
|
31,257,000 |
17,651,000 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,918,949,927 |
193,138,814 |
|
|
|
|
|
| CURRENT
LIABILITIES AND PROVISIONS |
|
|
| Current
maturity of long term loans |
|
5 |
137,108,035 |
-- |
|
| Current
maturity of obligations under finance leases |
6 |
5,739,543 |
-- |
|
| Short-term
finance |
|
7 |
-- |
-- |
|
| Creditors,
accrued and other liabilities |
|
8 |
2,500,632,930 |
1,662,160,118 |
|
| Provision
for taxation |
|
|
43,503,747 |
36,437,742 |
|
| Due
to the Government under pricing formula |
|
|
-- |
133,675,030 |
|
| Proposed
dividend |
|
|
-- |
22,500,000 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,686,984,255 |
1,854,772,890 |
|
| CONTINGENCIES
AND COMMITMENTS |
|
9 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
5,117,751,147 |
2,544,996,092 |
|
|
|
|
========== |
========== |
|
|
| FIXED ASSETS |
|
|
|
| Operating
assets |
|
10 |
2,324,129,139 |
145,030,954 |
|
| Capital
work-in-progress |
|
11 |
3,230,409 |
925,650,007 |
|
| Stores
and spares held for capital expenditure |
|
|
5,394,534 |
21,871,243 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,332,754,082 |
1,092,552,204 |
|
| LONG-TERM
INVESTMENTS |
|
12 |
7,000,000 |
8,500,000 |
|
| LONG-TERM
LOANS AND DEPOSITS |
|
13 |
2,655,418 |
1,735,748 |
|
|
|
|
|
|
|
| CURRENT
ASSETS |
|
|
|
|
| Stores,
spares and loose tools |
|
14 |
317,562,390 |
245,113,143 |
|
| Stock-in-trade |
|
15 |
320,070,327 |
299,263,035 |
|
| Trade debtors |
|
16 |
420,917,660 |
351,171,018 |
|
| Loans,
advances, deposits, prepayments |
|
|
|
| and
other receivables |
|
17 |
354,030,497 |
46,366,646 |
|
|
|
|
|
| Due
from the Government under pricing formula |
|
|
695,085,988 |
-- |
|
| Short-term
investment |
|
18 |
25,000,000 |
25,000,000 |
|
| Cash
and bank balances |
|
19 |
642,674,785 |
475,294,298 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,775,341,647 |
1,442,208,140 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
5,117,751,147 |
2,544,996,092 |
|
|
|
|
|
========== |
========== |
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
M. Raziuddin |
|
Abdus Sattar |
|
|
Chief Executive |
|
Director |
|
|
|
| PROFIT
AND LOSS ACCOUNT |
|
| For
the year ended June 30, 1999 |
|
|
|
|
|
1999 |
1998 |
|
|
|
Note |
Rupees |
Rupees |
|
|
|
|
|
| Sales |
|
|
20 |
7,181,586,988 |
6,485,995,617 |
|
| Less:
Cost of sales |
|
21 |
7,066,472,414 |
6,383,670,954 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
115,114,574 |
102,324,663 |
|
|
|
|
|
|
| Less:
Administration expenses |
|
22 |
59,964,693 |
52,266,478 |
|
| Selling expenses |
|
23 |
11,082,670 |
8,447,032 |
|
| Financial
expenses |
|
24 |
29,951,852 |
1,578,888 |
|
| Other charges |
|
25 |
25,795,932 |
17,457,606 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
126,795,147 |
79,750,004 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
(11,680,573) |
22,574,659 |
|
| Other income |
|
|
26 |
74,788,929 |
111,222,129 |
|
|
|
|
------------------ |
------------------ |
|
| Profit
before taxation from refinery operations |
|
|
63,108,356 |
133,796,788 |
|
| Provision
for taxation |
|
|
36,108,356 |
43,796,788 |
|
|
|
|
------------------ |
------------------ |
|
| Profit
after taxation from refinery operations |
|
|
27,000,000 |
90,000,000 |
|
| Income
from non-refinery operations less |
|
|
| applicable
charges and taxation |
|
27 |
14,732,577 |
1,829,581 |
|
|
|
|
------------------ |
------------------ |
|
| Profit
for the year after taxation |
|
|
41,732,577 |
91,829,581 |
|
| Prior
years' adjustment less applicable |
|
|
|
|
| charges
and taxation |
|
28 |
-- |
27,798,058 |
|
|
|
|
------------------ |
------------------ |
|
|
|
41,732,577 |
119,627,639 |
|
| Unappropriated
profit brought forward |
|
7,989,967 |
6,160,386 |
|
|
|
------------------ |
------------------ |
|
|
|
49,722,544 |
125,788,025 |
|
|
|
|
| Less:
Appropriations: |
|
|
|
| Transfer
to reserve for expansion/modernisation |
|
-- |
27,798,058 |
|
| Interim
dividend paid 10% (1998: 10%) |
|
27,000,000 |
22,500,000 |
|
| Proposed
final dividend Nil (1998: 10%) |
|
-- |
22,500,000 |
|
| Transfer
to reserve for issue of bonus shares |
|
21,600,000 |
45,000,000 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
48,600,000 |
117,798,058 |
|
|
|
------------------ |
------------------ |
|
| Unappropriated
profit carried forward |
|
1,122,544 |
7,989,967 |
|
|
|
========== |
========== |
|
| Earning
per share |
|
1.55 |
3.40 |
|
|
|
|
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
M. Raziuddin |
|
Abdus Sattar |
|
|
Chief Executive |
|
Director |
|
|
|
| CASH
FLOW STATEMENT |
|
| For
the year ended June 30, 1999 |
|
|
|
|
|
1999 |
1998 |
|
|
|
|
Rupees |
Rupees |
|
|
|
|
| CASH
FLOW FROM OPERATING ACTIVITIES |
|
|
| Cash
receipts from - customers |
|
7,768,061,697 |
8,266,515,109 |
|
|
- others |
|
|
55,726,785 |
52,224,469 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
7,823,788,482 |
8,318,739,578 |
|
| Government
levies paid |
|
|
(1,761,475,736) |
(1,385,683,864) |
|
| Cash
paid for operating costs |
|
|
(6,243,107,639) |
(6,508,321,186) |
|
| Income
taxes paid |
|
|
(51,021,647) |
(59,769,374) |
|
|
|
|
------------------ |
------------------ |
|
| Net
cash flow from operating activities |
|
|
(231,81 6,540) |
364,965,154 |
|
|
|
|
| CASH
FLOW FROM INVESTING ACTIVITIES |
|
|
| Fixed
capital expenditure |
|
(1,292,390,349) |
(680,615,431) |
|
| Proceeds
from sale of fixed assets |
|
2,082,633 |
1,147,898 |
|
| Long-term
investment |
|
1,500,000 |
(7,500,000) |
|
| Long-term
loans and deposits |
|
(919,670) |
114,858 |
|
| Income
on bank deposits |
|
41,677,812 |
97,682,732 |
|
|
|
------------------ |
------------------ |
|
| Net
cash flow from investing activities |
|
(1,248,049,574) |
(589,169,943) |
|
|
|
|
| CASH
FLOW FROM FINANCING ACTIVITIES |
|
|
| Long-term loans |
|
|
1,460,052,691 |
175,487,814 |
|
| Obligations
under finance leases |
|
|
395,000,000 |
-- |
|
| Financial
charges paid |
|
|
(174,252,965) |
(1,578,888) |
|
| Dividends paid |
|
|
(33,553,125) |
(41,250,000) |
|
|
|
|
------------------ |
------------------ |
|
| Net
cash flow from financing activities |
|
|
1,647,246,601 |
132,658,926 |
|
|
|
|
------------------ |
------------------ |
|
| INCREASE/(DECREASE)
IN CASH AND CASH EQUIVALENTS |
|
167,380,487 |
(91,545,863) |
|
| CASH
AND CASH EQUIVALENTS AT THE BEGINNING OF THE YEAR |
500,294,298 |
591,840,161 |
|
|
|
|
------------------ |
------------------ |
|
| CASH
AND CASH EQUIVALENTS AT THE END OF THE YEAR |
|
667,674,785 |
500,294,298 |
|
|
|
|
========== |
========== |
|
| CASH
AND CASH EQUIVALENTS COMPRISE: |
|
| Cash
and bank balances |
|
|
|
642,674,785 |
475,294,298 |
|
| Short-term
investments |
|
|
|
25,000,000 |
25,000,000 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
667,674,785 |
500,294,298 |
|
|
|
|
|
========== |
========== |
|
|
|
M. Raziuddin |
|
Abdus Sattar |
|
|
Chief Executive |
|
Director |
|
|
|
| NOTES
TO THE ACCOUNTS |
|
| For
the year ended June 30, 1999 |
|
|
| 1.
Legal status and operations |
|
| The
Company was incorporated in Pakistan on November 8, 1978 as a private limited
company |
|
| and
was converted into a public limited company on June 26, 1979. Its shares are
quoted on the |
|
| Karachi,
Lahore and Islamabad Stock Exchanges in Pakistan. It is principally engaged
in the |
|
| refining
of crude oil. |
|
|
|
|
|
| 2.
Summary of significant accounting policies |
|
|
|
|
| 2.1
Accounting convention |
|
|
| These
accounts have been prepared under the historical cost convention modified by
capitalisation |
|
| of
certain exchange differences referred to in note 2.9. |
|
|
| 2.2
Staff retirement benefits |
|
|
| The
Company operates: |
|
|
|
|
|
| (i)
approved funded pension scheme for its management staff for which the Company
makes |
|
| contribution
based on actuarial estimates. The actuarial valuation is made using the |
|
| Attained
Age Normal Method with an expected increase in salary level of 6% per annum |
|
| alongwith
a 8% per annum expected rate of interest and contributions are determined by |
|
| using
a projected benefit valuation basis. Actuarial valuation is undertaken once
in three |
|
| years
or earlier if required and as per the latest valuation as at December 31,
1997, the |
|
| fair
value for the scheme's assets was Rs 66.61 8 million against a past service
liability of |
|
| Rs
64.121 million. Company's contribution which is adjusted to cover the deficit
for past |
|
| services
is charged to income currently. |
|
|
|
| (ii)
unfunded gratuity scheme for its non-management staff whose period of service
with the |
|
| Company
is 5 years or more. Provision is made annually based on management estimates |
|
| which
are adjusted periodically to agree with the actuarial estimates made on the
basis |
|
| of
projected unit credit method of valuation. The annual provision and gratuity
payments |
|
| during
the year are charged to income currently. The actuarial valuation is made |
|
| periodically
and the latest valuation was undertaken as at June 30, 1999. |
|
|
|
|
| (iii)
approved contributory provident fund for all employees. |
|
|
| 2.3 Taxation |
|
|
|
| Provision
for current taxation in the accounts is based on taxable income at the
current rate of |
|
| tax
or half percent of turnover, whichever is higher. The Company recognizes
deferred |
|
| tax
arising on accelerated tax depreciation allowances and other provisions not
currently |
|
| deductible
for tax purposes using the liability method at the rates currently in force
at the |
|
| balance
sheet date but does not account for net deferred tax debit balances. The
amount not so |
|
| accounted
for is disclosed in note 30.2. |
|
|
| 2.4
Finance leases |
|
|
| Assets
subject to finance leases are stated at the lower of present value of minimum
lease |
|
| payments
under the lease agreement and the fair value of the asset. The outstanding
obligations |
|
| under
the lease less finance charges allocated to future periods are shown as a
liability. |
|
|
| 2.5
Fixed assets and depreciation |
|
|
| Operating
fixed assets except freehold land are stated at cost less accumulated
depreciation. |
|
| Freehold
land, capital work-in-progress and stores held for capital expenditure are
stated at |
|
| cost.
Cost in relation to certain plant and machinery items include capitalised
exchange |
|
| differences
related to foreign currency loans obtained for acquisition of plant and
machinery |
|
| and
borrowing cost of related loans during construction phase of relevant capital
project. |
|
|
|
|
| Depreciation
is charged to income on straight line method to write off the cost of an
asset over |
|
| its
estimated useful life at the rates specified in note 10. Capitalised exchange
differences are |
|
| depreciated
in annual installments so as to write them off over the remaining estimated
useful |
|
| life of the asset. |
|
|
|
|
|
|
| Maintenance
and normal repairs, including minor alterations, are charged to income as and |
|
| when
incurred. Renewals and improvements are capitalised and the assets so
replaced, if any, |
|
| are retired. |
|
|
| Gains
and losses on deletion of assets are included in income currently. |
|
|
| 2.6 Investments |
|
| These
are stated at cost. |
|
|
| 2.7
Stores, spares and loose tools |
|
| These
are valued at moving average cost except items in transit which are stated at
invoice |
|
| value
plus other charges paid thereon. |
|
|
| 2.8
Stock-in-trade |
|
| Stock-in-trade
is valued at the lower of cost and net realisable value. Cost in relation to
crude |
|
| oil
is determined on the basis of annual average cost of purchases on the
principles of import |
|
| parity
during the year and in relation to semi-finished and finished products it
represents the cost |
|
| of
crude oil and refining charges consisting of direct expenses and appropriate
production |
|
| overheads.
Direct expenses are arrived at on the basis of average cost for the year per
barrel |
|
| of
throughput. Production overheads, including depreciation, are allocated to
throughput |
|
| proportionately
on the basis of nameplate capacity. |
|
|
| Net
realisable value in relation to finished product represents ex-refinery
selling prices in the |
|
| ordinary
course of business less costs necessarily to be incurred for its sale, as
applicable, and in |
|
| relation
to crude oil represents replacement cost at the balance sheet date. |
|
|
| 2.9
Foreign currency transactions |
|
| Transactions
in foreign currencies are converted into rupees at the rates of exchange
ruling on |
|
| the
date of the transaction except where such funds are committed for capital
expenditure, in |
|
| which
case these transactions are converted at the rate applicable to funds so
committed for |
|
| such
transactions. All assets and liabilities denominated in foreign currencies at
the year end |
|
| are
translated at exchange rate prevailing at the balance sheet date or at the
rate applicable to |
|
| funds
so committed. Exchange differences are accounted for as follows: |
|
|
| (a)
Exchange differences on translation and repayment of foreign currency loans
utilised for |
|
| acquisition
of fixed assets are capitalised and incorporated in the cost of asset. |
|
|
| (b)
All other exchange differences are dealt with through the profit and loss
account. |
|
|
|
|
| 2.10
Revenue recognition |
|
| Revenue
from sales is recognised on delivery of products ex-refinery to the
customers. |
|
| The
Company is operating under the import parity pricing formula whereby it is
charged the |
|
| cost
of crude on 'import parity' basis and is allowed product prices equivalent to
the 'import |
|
| parity'
price, calculated under agreed parameters. Under the pricing formula the
Company is |
|
| entitled
to a net of tax return on its paid-up capital with a guaranteed minimum of
10% and |
|
| allowable
maximum of 40% in respect of its refinery operations. However, as per
modifications |
|
| agreed
with the Government, from July 1, 1995, the Company is allowed to retain
surplus |
|
| profits
over the maximum limit of 40% (after refunding the element of $ 4.30 per
metric ton |
|
| allowed
in product prices as per the agreed parameters), for financing of Refinery
Upgradation |
|
| and
Expansion Project. Any deficit or refund as a result is on account of the
Government and |
|
| adjusted
against revenue for the year. The retention of surplus profits over the
maximum limit of |
|
| 40%
will be allowed untill Rs 1,500 million is generated to repay the supplier
credit and local |
|
| loans
obtained for Refinery Upgradation and Expansion Project. |
|
|
| 2.11
Borrowing cost |
|
| Borrowing
cost related to the financing of major projects during construction phase is |
|
| capitalised.
All other borrowing costs are expensed as incurred. |
|
|
| 2.12
Subsidiary companies |
|
| The
profits and losses of subsidiary are carried forward in the accounts of the
subsidiary and not |
|
| dealt
with in or for the purpose of the accounts of the Company except to the
extent of dividend, |
|
| if
any/received from the subsidiary. |
|
|
| 3.
Issued, subscribed and paid-up capital |
|
|
|
|
|
1999 |
1998 |
|
|
|
|
Rupees |
Rupees |
|
| Shares
issued for cash |
|
|
|
| 8,000,000
ordinary shares of Rs 10 each |
|
|
80,000,000 |
80,000,000 |
|
| Shares
issued as fully paid bonus shares |
|
|
| Balance
at the beginning of the year |
|
|
145,000,000 |
107,500,000 |
|
| Shares
issued during the year |
|
|
|
45,000,000 |
37,500,000 |
|
|
|
|
|
|
------------------ |
------------------ |
|
| Balance
at the end of the year 1 9,000,000 |
|
|
190,000,000 |
145,000,000 |
|
| (1
998:14,500,000) ordinary shares of Rs 10 each |
|
|
------------------ |
------------------ |
|
|
|
|
|
|
270,000,000 |
225,000,000 |
|
|
|
|
|
|
========== |
========== |
|
| The
Attock Oil Company Limited held 14,1 75,000 (1998: |
|
| 11,81
2,500) ordinary shares at the year end. |
|
|
|
|
|
| 4.
Reserves and surplus |
|
|
|
| Capital reserve |
|
|
|
|
| Liabilities
taken over from The Attock Oil Company |
|
|
| Limited
no longer required |
|
|
4,799,955 |
4,799,955 |
|
| Capital
gain on sale of building |
|
|
653,906 |
653,906 |
|
| Insurance
and other claims realised relating |
|
|
| to
pre-incorporation period |
|
|
494,645 |
494,645 |
|
| Reserve
for issue of bonus shares |
|
|
| At
beginning of the year |
|
|
45,000,000 |
37,500,000 |
|
| Less:
Utilised for issue of bonus shares |
|
45,000,000 |
37,500,000 |
|
|
|
------------------ |
------------------ |
|
|
|
-- |
-- |
|
| Add:
Transfer from profit and loss account |
|
21,600,000 |
45,000,000 |
|
|
|
------------------ |
------------------ |
|
|
|
|
21,600,000 |
45,000,000 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
27,548,506 |
50,948,506 |
|
| Revenue
reserve |
|
|
|
| Reserve
for expansion/modernisation* |
|
|
| Additional
revenue under processing fee |
|
|
| formula
related to 1990-91 and 1 991-92 |
|
|
32,929,000 |
32,929,000 |
|
|
|
|
| Surplus
profits under the import parity pricing formula |
|
|
| At
beginning of the year |
|
|
180,161,915 |
152,363,857 |
|
| Transfer
from profit and loss account |
|
|
-- |
27,798,058 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
180,161,915 |
180,161,915 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
213,090,915 |
213,090,915 |
|
| General reserve |
|
|
|
55,000 |
55,000 |
|
| Surplus
- unappropriated profit |
|
|
1,122,544 |
7,989,967 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
214,268,459 |
221,135,882 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
241,816,965 |
272,084,388 |
|
|
|
|
========== |
========== |
|
|
| *Represents
amounts retained for investment in expansion and modernisation of the
refinery as |
|
| stipulated
by the Government and is not available for distribution to shareholders. |
|
|
|
|
|
1999 |
1998 |
|
|
|
|
Note |
Rupees |
Rupees |
|
|
|
|
| 5.
Long term loans secured |
|
|
|
|
|
|
| Foreign
currency |
|
|
|
| Supplier's
credit (Japanese Yen 1,795.585 million; |
|
|
| 1998:
Japanese Yen 531.238 million) |
|
5.1 |
685,540,505 |
175,487,814 |
|
|
|
|
| Local currency |
|
|
|
| Syndicate loan |
|
|
|
| AI
Faysal Investment Bank Limited |
|
|
300,000,000 |
-- |
|
| Askari
Commercial Bank Limited |
|
|
100,000,000 |
-- |
|
| Gulf
Commercial Bank Limited |
|
|
50,000,000 |
-- |
|
| Pak
Libya Holding Company (Pvt) Limited |
|
|
50,000,000 |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
5.2 |
500,000,000 |
-- |
|
|
|
|
|
| Pak
Kuwait Investment Company Limited |
|
5.3 |
150,000,000 |
-- |
|
| (Through
credit line of Asian Development Bank) |
|
|
|
| Allied
Bank of Pakistan Limited |
|
5.4 |
300,000,000 |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
950,000,000 |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,635,540,505 |
175,487,814 |
|
| Less:
current maturity shown under current liabilities |
|
137,108,035 |
-- |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,498,432,470 |
175,487,814 |
|
|
|
|
========== |
========== |
|
|
| 5.1
The loan represents deferred payment portion of supplier's invoices under the
contract with |
|
| Consortium
of Mitsui Engineering and Shipbuilding Company Limited, Tokyo, Japan and
Itochu |
|
| Corporation,
Tokyo, Japan for supply of machinery and equipment for Refinery Upgradation
and |
|
| Expansion
Project. The loan is repayable in 10 equal semi-annual installments
commencing |
|
| November
16, 1999. The facility carries interest @ 3% per annum and is secured by a
bank |
|
| guarantee,
which in turn is secured by a first charge by way of equitable mortgage on
land and |
|
| major
part of the plant and machinery imported for the Project ranking pari passu
with charge |
|
| created
against local currency loans. |
|
|
| 5.2
The syndicate loan carries mark-up at 2.5% over the State Bank of Pakistan
(SBP) Discount Rate |
|
| subject
to a minimum of 20% per annum; or 3.5% over the SBP Discount Rate if the SBP |
|
| Discount
Rate falls below 16.5%. The loan is repayable in 10 equal semi-annual
installments |
|
| commencing
April 19, 2001. |
|
|
|
|
| 5.3
The loan carries mark-up @ 19.45% per annum and is repayable in 10 equal
semi-annual |
|
| installments
commencing August 26, 2001. |
|
|
| 5.4
The loan carries mark-up @ 16% per annum and is repayable in 1 2 equal
semi-annual installments |
|
| commencing
December 29, 2000. |
|
|
| 5.5
All the facilities against local currency loans are fully disbursed and are
secured against |
|
| first
pari passu charge by way of hypothecation of fixed assets and equitable
mortgage by way |
|
| of
deposit of title deeds of immovable property. |
|
|
|
|
| 6.
Obligations under finance leases |
|
| These
represent plant and machinery acquired under lease and Ijara financing from
Saudi Pak |
|
| Leasing
Company Limited (SPLCL) and Faysal Bank Limited (FBL) respectively. SPLCL
lease |
|
| carries
a finance charge of 18.86% per annum. FBL Ijara financing carries a finance
charge of |
|
| State
Bank of Pakistan (SBP) Discount Rate plus 2.5% subject to a minimum of 20%
per annum; |
|
| or
SBP Discount Rate plus 3.5% per annum if the SBP Discount Rate falls below
16.5%. The |
|
| financing
rates used as the discounting factor are 1 8.86% and 20% respectively. The
ownership |
|
| of
the leased assets will be transferred to the Company at the end of the lease
term. |
|
|
|
| The
amounts of future payments and the periods in which they will become due are: |
|
|
|
|
Saudi Pak |
Faysal Bank |
|
|
|
|
Leasing |
Limited |
Total |
|
|
|
Company |
|
|
|
|
Limited |
|
|
|
|
Rupees |
Rupees |
Rupees |
|
|
| Year
ending June 30, 2000 |
|
23,525,680 |
60,000,000 |
83,525,680 |
|
| Year
ending June 30, 2001 |
|
29,132,600 |
63,823,619 |
92,956,219 |
|
| Year
ending June 30, 2002 |
|
38,000,000 |
97,647,237 |
135,647,237 |
|
| Year
ending June 30, 2003 |
|
29,132,600 |
97,647,237 |
126,779,837 |
|
| Year
ending June 30, 2004 |
|
20,315,000 |
97,647,237 |
117,962,237 |
|
| Year
ending June 30, 2005 |
|
15,236,250 |
97,647,237 |
112,883,487 |
|
| Year
ending June 30, 2006 |
|
-- |
48,823,618 |
48,823,618 |
|
|
|
------------------ |
------------------ |
------------------ |
|
|
|
155,342,130 |
563,236,185 |
718,578,315 |
|
| Less:
Financial charges not due |
|
60,342,130 |
263,236,185 |
323,578,315 |
|
|
|
------------------ |
------------------ |
------------------ |
|
|
|
95,000,000 |
300,000,000 |
395,000,000 |
|
| Less:
Current maturity shown under current |
|
| liabilities |
|
5,739,543 |
-- |
5,739,543 |
|
|
|
------------------ |
------------------ |
------------------ |
|
|
|
89,260,457 |
300,000,000 |
389,260,457 |
|
|
========== |
========== |
========== |
|
|
| 7.
Short-term finance |
|
|
|
|
| 7.1
The Company had short term finance facilities under mark-up arrangements
aggregating |
|
| Rs
200 million (1 998: Rs 1 30 million) available from various banks which were
unutilised at the |
|
| year
end. These facilities are secured by a joint hypothecation by way of first
floating charge |
|
| over
accounts receivable and book debts and stores and stocks. The mark-up
applicable to the |
|
| facilities
are at varying rates upto Re 0.49 per Rs 1,000 per day and the purchase price
covered |
|
| by
the arrangements is payable on various dates by September 30, 1999. |
|
|
| 7.2
The Company has obtained short term finance facilities from commercial banks
to |
|
| purchase
US Dollars for hedging of exchange risk against foreign currency liabilities
related to |
|
| Refinery
Upgradation and Expansion Project. These facilities carry mark-up calculated
with |
|
| financial
spread at varying rates upto 2.3% above the aggregate of State Bank of
Pakistan |
|
| forward
cover rate and return on foreign currency deposits applicable from time to
time. These |
|
| are
secured by lien on foreign currency deposits to the extent of 75% and
remaining amount is |
|
| secured
by way of charge on inventory of stores and stocks of the Company. These
facilities are |
|
| repayable
upto May 22, 2000 and renewable upon maturity. |
|
|
| Short
term finance against lien of foreign currency deposits has been netted off
against Cash and |
|
| bank
balances in note 19. |
|
|
|
|
| 8.
Creditors, accrued and other liabilities |
|
|
|
|
1999 |
1998 |
|
|
|
Rupees |
Rupees |
|
|
|
|
| Creditors |
|
1,663,394,242 |
1,139,789,004 |
|
| Advance
payments from customers |
|
|
11,399,516 |
44,858,230 |
|
| Sales
tax payable |
|
|
2,757,119 |
2,272,995 |
|
| Accrued
mark-up/interest on long term loans |
|
|
| and
finance lease obligations |
|
|
42,108,371 |
939,256 |
|
| Accrued
mark-up on short term finance |
|
|
43,205,936 |
19,066,111 |
|
| Royalty
payable for crude oil |
|
|
496,206,391 |
297,457,027 |
|
| Workers'
profit participation fund - note 8.1 |
|
|
4,090,954 |
8,924,957 |
|
| Workers'
welfare fund |
|
|
1,962,506 |
3,871,139 |
|
| Trustees
of general staff provident fund |
|
|
380,846 |
380,832 |
|
| Trustees
of staff provident fund |
|
|
465,398 |
395,354 |
|
| Trustees
of pension fund |
|
|
581,663 |
281,671 |
|
| Deposits
from customers adjustable against freight |
|
|
|
|
| and
Government levies payable on their behalf |
|
|
23,374,300 |
45,763,460 |
|
| Security
deposits |
|
|
24,391,900 |
8,716,900 |
|
| Dividend
payable |
|
|
15,946,875 |
-- |
|
| Unclaimed
dividends |
|
|
274,472 |
226,516 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
2,500,632,930 |
1,662,160,118 |
|
|
|
|
|
========== |
========== |
|
|
| Creditors,
accrued and other liabilities include Rs 230,066,563 (1998: Rs 188,516,033)
and |
|
| Rs
39,399,303 (1998: Rs 34,576,257) payable to associated companies and -the
holding |
|
| company
respectively. |
|
|
|
|
|
|
|
|
|
| 8.1
Workers' profit participation fund |
|
|
|
|
1999 |
1998 |
|
|
|
Rupees |
Rupees |
|
|
|
|
| Balance
at the beginning of the year |
|
8,924,957 |
8,572,983 |
|
| Add:
Interest on fund utilised in |
|
|
|
| Company's
business-note 24 |
|
492,844 |
536,016 |
|
|
|
------------------ |
------------------ |
|
|
|
9,417,801 |
9,108,999 |
|
| Less:
Amount paid to fund's trustees |
|
9,507,583 |
8,984,328 |
|
|
|
------------------ |
------------------ |
|
|
|
(89,782) |
124,671 |
|
|
|
|
| Add:
Amount allocated for the |
|
|
|
| year
- notes 25, 27 and 28 |
|
4,180,736 |
8,800,286 |
|
|
|
------------------ |
------------------ |
|
|
|
4,090,954 |
8,924,957 |
|
|
|
|
========== |
========== |
|
|
|
|
| 9.
Contingencies and commitments |
|
|
|
|
Rupees |
Rupees |
|
|
|
(000) |
(000) |
|
|
|
|
| Contingencies: |
|
|
|
|
|
|
| (i)
Claims for which the Company |
|
|
|
| may
be contingently liable |
|
10,780 |
10,223 |
|
|
|
|
| (ii)
Price adjustment related to crude oil |
|
|
| purchases
as referred to in note 21.1, |
|
|
| the
amount of which cannot be |
|
|
|
| presently
quantified |
|
|
|
|
|
|
| Commitments
outstanding: |
|
|
|
| (i)
Capital expenditure |
|
|
25,416 |
987,094 |
|
|
|
|
|
|
| (ii)
Rentals due under operating lease |
|
|
|
|
| agreements
in respect of vehicles |
|
|
|
| and
computer equipments |
|
|
|
|
|
|
| 1998-1999 |
|
-- |
5,975 |
|
| 1999-2000 |
|
5,295 |
4,202 |
|
| 2000-2001 |
|
2,350 |
1,257 |
|
| 2001-2002 |
|
696 |
161 |
|
|
| 10.
Operating assets |
|
|
| (a)
The following is a statement of operating assets: |
|
|
|
|
|
Cost |
|
|
Depreciation |
|
Book |
Annual |
|
|
|
|
|
|
|
|
|
|
|
|
|
At July 1, |
Additions/ |
At June 30, |
At July 1, |
Charge |
At June 30, |
value at |
rate of |
|
|
|
|
1998 |
(deletions) |
1999 |
1998 |
for the year/ |
1999 |
June 30, |
depreciation |
|
|
|
|
(on deletions) |
|
1999 |
% |
|
|
|
| Freehold land |
|
2,161,409 |
-- |
2,161,409 |
-- |
-- |
-- |
2,161,409 |
-- |
|
| Buildings
on freehold land |
19,902,092 |
113,159 |
20,015,251 |
9,274,741 |
877,516 |
10,152,257 |
9,862,994 |
5 |
|
|
|
|
|
|
|
|
|
| Plant
and machinery |
587,460,733 |
2,035,562,831 |
2,622,474,601 |
462,683,880 |
226,777,919 |
689,027,461 |
1,933,447,140 |
10 |
|
|
|
|
(548,963) |
|
|
(434,338) |
|
|
|
|
|
|
|
|
|
|
|
|
| Computers |
|
8,653,847 |
3,470,561 |
12,124,408 |
7,130,535 |
920,858 |
8,051,393 |
4,073,015 |
14.3 |
|
|
|
|
|
|
|
|
|
|
| Furniture,
fixtures and |
|
|
|
|
|
|
|
| equipment |
|
15,373,996 |
8,400,052 |
23,624,476 |
9,504,732 |
1,454,798 |
10,884,956 |
12,739,520 |
10 |
|
|
|
|
(149,572) |
|
|
(74,574) |
|
|
|
|
|
|
|
|
|
|
| Vehicles |
|
5,053,440 |
2,305,089 |
7,352,539 |
4,980,675 |
526,803 |
5,507,478 |
1,845,061 |
20 |
|
|
|
|
(5,990) |
|
|
|
|
|
|
|
|
|
|
|
|
|
| Plant
and machinery |
|
|
|
|
|
|
| under
finance lease |
-- |
400,000,000 |
400,000,000 |
-- |
40,000,000 |
40,000,000 |
360,000,000 |
10 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
------------------ |
|
|
| 1999 Rupees |
|
638,605,517 |
2,449,851,692 |
3,087,752,684 |
493,574,563 |
270,557,894 |
763,623,545 |
2,324,129,139 |
|
|
|
|
|
(704,525) |
|
|
(508,912) |
|
|
|
|
|
========== |
========== |
========== |
========== |
========== |
========== |
========== |
|
|
| 1998 Rupees |
|
599,336,285 |
40,427,901 |
638,605,517 |
468,066,870 |
26,427,483 |
493,574,563 |
145,030,954 |
|
|
|
(1,158,669) |
|
(919,790) |
|
|
|
|
========== |
========== |
========== |
========== |
========== |
========== |
========== |
|
|
| Additions
during the year include borrowing cost capitalised amounting to Rs 224.438
million (1998: Nil) and exchange gain capitalised |
|
| amounting
to Rs 24.548 million (1998: Nil). |
|
|
| (b)
Fixed assets deleted during the year include the following: |
|
|
|
|
Original |
Book |
Sale |
Mode |
|
|
|
|
cost |
value |
proceeds |
of |
Purchaser |
|
|
|
Rupees |
Rupees |
Rupees |
disposal |
|
|
|
| Plant
and Machinery |
257,400 |
-- |
1,845,000 |
Negotiation |
Attock Petroleum Limited |
Associated Co. |
|
|
|
263,795 |
86,857 |
86,857 |
Negotiation |
Attock Hospital (Pvt)
Ltd. |
Subsidiary Co. |
|
|
|
|
|
|
| Furniture,
fixtures and equipment |
16,455 |
6,160 |
6,160 |
Company policy |
Mr. Muhammad Hanif |
ex-employee |
|
|
|
10,715 |
6,762 |
6,762 |
Company policy |
Mr. Aziz-ud-Din Mughal |
ex-employee |
|
|
|
17,410 |
10,053 |
9,974 |
Company policy |
Mr. S. Murtaza Shah |
ex-employee |
|
|
|
17,360 |
10,890 |
9,218 |
Company policy |
Raja Abdul Qaddus Khan |
ex-employee |
|
|
|
17,170 |
8,485 |
7,587 |
Company policy |
Mr. Muhammd Iqbal |
ex-employee |
|
|
|
10,860 |
6,912 |
6,735 |
Company policy |
Mr. M. Younus Darogha |
ex-employee |
|
|
|
11,922 |
8,106 |
6,024 |
Company policy |
Mr. Nazir Hussain |
ex-employee |
|
|
|
|
|
|
| Vehicles |
|
5,990 |
5,990 |
59,900 |
Company policy |
Mr. Javed Fahim Amin |
ex-employee |
|
|
|
| (c) The depreciation charge for the |
year has been allocated
as follows: |
|
|
|
|
|
1999 |
1998 |
|
|
|
|
Rupees |
Rupees |
|
|
|
|
| Cost of sales |
|
|
268,662,870 |
24,959,409 |
|
| Administration
expenses |
|
|
1,883,047 |
1,445,968 |
|
| Selling expenses |
|
|
11,977 |
22,106 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
270,557,894 |
26,427,483 |
|
|
|
|
========== |
========== |
|
|
| 11.
Capital work-in-progress |
|
|
|
|
|
1999 |
1998 |
|
|
|
Rupees |
Rupees |
|
| Refinery
upgradation and expansion |
|
|
| project
- plant and machinery |
|
-- |
891,908,862 |
|
| Other
projects - plant and machinery |
|
3,230,409 |
33,741,145 |
|
|
|
------------------ |
------------------ |
|
|
|
3,230,409 |
925,650,007 |
|
|
|
|
|
========== |
========== |
|
|
| 12.
Long-term investments |
|
|
|
|
1999 |
1998 |
|
|
Percentage |
Amount |
Percentage |
Amount |
|
|
Holding |
Rupees |
Holding |
Rupees |
|
|
|
|
| Investment
in unquoted subsidiary/ |
|
| associated
company |
|
|
|
|
|
| Attock
Hospital (Private) Limited |
|
100 |
2,000,000 |
-- |
-- |
|
| 200,000
(1998: Nil) fully paid ordinary |
|
|
| shares
of Rs 10 each (value based on |
|
|
| net
assets as at June 30, 1999 |
|
|
|
| Rs
1.7 million; 1998: Rs Nil) |
|
|
|
|
|
|
|
| Attock
Petroleum Limited |
|
10 |
5,000,000 |
10 |
8,500,000 |
|
| 500,000
(1998: 850,000) fully paid ordinary |
|
| shares
of Rs 10 each (value based on net |
|
| assets
as at June 30, 1999 Rs. 15.5 million; |
|
| 1998:
Rs 9.3 million) |
|
|
------------------ |
|
------------------ |
|
|
|
7,000,000 |
|
8,500,000 |
|
|
|
========== |
|
========== |
|
|
| 13.
Long-term loans and deposits |
|
|
|
|
1999 |
1998 |
|
|
|
|
Rupees |
Rupees |
|
|
|
|
| Loans
to employees - considered good |
|
|
1,016,205 |
385,376 |
|
| Security
deposits |
|
|
|
1,639,213 |
1,350,372 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,655,418 |
1,735,748 |
|
|
|
========== |
========== |
|
|
| Loans
to employees are for purchase of car and refrigerator which are recoverable
in 36 and 24 |
|
| equal
monthly installments respectively and are secured by a charge on the asset
purchased |
|
| and/or
amount due to the employee against provident fund or a third party guarantee. |
|
|
| The
above includes an amount of Rs 270,390 (1998: Rs 102,055) receivable from
Executives |
|
| of
the Company and does not include any amount receivable from Directors or
Chief Executive. |
|
|
| 14.
Stores, spares and loose tools |
|
|
|
1999 |
1998 |
|
|
|
Rupees |
Rupees |
|
|
|
|
|
| Stores |
|
|
260,830,854 |
192,711,040 |
|
| (including
items in transit |
|
|
| Rs
107.1 million; 1998: Rs 53.9 million) |
|
|
| Spares |
|
|
58,236,986 |
53,486,584 |
|
| Loose tools |
|
|
494,550 |
665,519 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
319,562,390 |
246,863,143 |
|
| Less:
Provision for obsolete items |
|
|
2,000,000 |
1,750,000 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
317,562,390 |
245,113,143 |
|
|
|
|
|
========== |
========== |
|
|
|
|
| 15.
Stock-in-trade |
|
|
|
| Crude
oil -in stock |
|
|
135,001,865 |
85,979,754 |
|
| - in transit |
|
31,721,435 |
3,717,873 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
166,723,300 |
89,697,627 |
|
|
|
|
|
|
| Semi-finished
products |
|
|
3,736,111 |
2,725,671 |
|
| Finished
products |
|
|
149,610,916 |
206,839,737 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
320,070,327 |
299,263,035 |
|
|
|
|
========== |
========== |
|
|
|
|
| 16.
Trade debtors |
|
|
|
| All
debtors are unsecured and considered good. |
|
|
|
|
|
| Aggregate
amount receivable from associated companies at June 30, 1999 was Rs
289,066,831 |
|
| (1998:
Rs 274,425,912). The maximum amount due from associated companies at the end
of |
|
| any
month during the year was Rs 385,530,114 (1998: Rs 520,115,079). |
|
|
|
|
| 17.
Loans, advances, deposits, prepayments |
|
|
| and
other receivables |
|
1999 |
1998 |
|
|
|
Rupees |
Rupees |
|
| Current
portion of long-term loans to |
|
|
| employees,
considered good |
|
1,358,378 |
1,087,572 |
|
| Advances
to suppliers, considered good |
|
8,294,664 |
5,965,614 |
|
| Trade deposits |
|
|
307,388 |
305,033 |
|
| Short-term
prepayments |
|
4,031,621 |
2,489,187 |
|
| Current
account balances with statutory |
|
|
| authorities
in respect of development surcharge, |
|
|
| excise
duty and sales tax |
|
312,870,999 |
16,917,302 |
|
| Income
accrued on bank deposits |
|
11,887,747 |
4,419,418 |
|
| Other
receivables |
|
|
|
| Employees |
|
4,281,896 |
5,360,923 |
|
| Miscellaneous |
|
10,997,804 |
9,821,597 |
|
|
|
------------------ |
------------------ |
|
|
|
354,030,497 |
46,366,646 |
|
|
|
|
========== |
========== |
|
|
| Loans
to employees and other receivables include Rs 1,098,51 5 (1998: Rs 879,113)
due from the |
|
| Executives
of the Company. The maximum amount due from the Executives of the Company at |
|
| the
end of any month during the year was Rs 1,098,51 5 (1998: Rs 939,1 88). |
|
|
|
|
| 18.
Short-term investment |
|
|
|
| This
represents investment in WAPDA Bearer Bonds, third issue, of nominal value of |
|
| Rs
25,000,000 (1998: Rs 25,000,000) carrying an annual profit of 12.5% (1998:
12.5%). The |
|
| market
value of the investment at June 30, 1999 was Rs 25,000,000 (1998: Rs
25,000,000). |
|
|
|
|
| 19.
Cash and bank balances |
|
|
|
|
|
1999 |
1998 |
|
|
|
Rupees |
Rupees |
|
|
|
|
|
| Cash in hand |
|
380,949 |
232,281 |
|
|
|
|
|
| With banks: |
|
|
|
|
|
|
|
|
|
| On
current accounts |
|
146,584,714 |
16,983,721 |
|
| On
deposit accounts including US$ 2,622,372 |
|
|
| (1998:
US$ 4,432,321 ) and Japanese Yen Nil |
|
|
| (1998:
Japanese Yen 31 7,329,832) |
|
429,472,156 |
423,459,848 |
|
|
|
|
| On
foreign currency accounts (US$ 15,694,484 |
|
|
| 1998:
US$ 15,036,477) financed through |
|
|
| short
term borrowings |
|
722,581,966 |
690,963,448 |
|
| Less:
Short term borrowings - note 7.2 |
|
656,345,000 |
656,345,000 |
|
|
|
------------------ |
------------------ |
|
|
|
66,236,966 |
34,618,448 |
|
|
|
------------------ |
------------------ |
|
|
|
642,674,785 |
475,294,298 |
|
|
|
|
========== |
========== |
|
|
| 19.1
Balances on deposits with banks include Rs 24,391,900 (1998: Rs 8,716,900) in
respect of |
|
| security
deposits received and Rs 315,851 (1998: Rs 29,700) to secure guarantees
issued on |
|
| behalf
of the Company. |
|
|
| 19.2
Under directive of the Government of Pakistan, withdrawal in foreign currency
from foreign |
|
| currency
accounts aggregating US $1 8,216,213 is not allowed till further directive.
However, |
|
| these
balances are convertible into Rupees at the prevailing rate of exchange. |
|
|
|
|
| 20. Sales |
|
|
|
|
|
|
1999 |
1998 |
|
|
|
Rupees |
Rupees |
|
| Sales
less Government levies Rs 1,471,006,1 63 |
|
|
|
| (1998:
Rs 1,373,744,140) |
|
6,422,650,050 |
6,582,577,005 |
|
| Sales
price differential due from/(to) the |
|
|
|
| Government
under the pricing formula - note 2.10 |
|
758,936,938 |
(96,581,388) |
|
|
|
------------------ |
------------------ |
|
|
|
7,181,586,988 |
6,485,995,617 |
|
|
|
========== |
========== |
|
|
| The
above sales include revenue from sale of asphalt the price of which was
deregulated by the |
|
| Government
effective June 13, 1996. The Company has sought the approval of the
Government |
|
| to
treat the net profit from sale of asphalt outside the import parity pricing
formula, which |
|
| matter
is under consideration by the Government. Pending approval of the Government, |
|
| revenue
from sale of asphalt has been accounted. for under the import parity pricing
formula and |
|
| any
adjustment arising therefrom relating to the current year or prior years
shall be incorporated |
|
| in
the accounts of the ensuing period. |
|
|
| 21.
Cost of sales |
|
|
|
|
|
1999 |
1998 |
|
|
|
|
|
Rupees |
Rupees |
|
|
|
|
| Opening
stock of semi-finished products |
|
|
2,725,671 |
7,001,296 |
|
| Crude
oil consumed - note 21.1 |
|
|
6,095,756,890 |
5,792,355,821 |
|
| Salaries,
wages and other employees' benefits |
|
|
86,891,853 |
70,051,112 |
|
| Printing,
stationery and computer software |
|
|
1,570,526 |
956,542 |
|
| Chemicals
consumed |
|
|
298,603,332 |
260,845,980 |
|
| Fuel and power |
|
|
163,184,999 |
171,759,855 |
|
| Rent,
rates and taxes |
|
|
2,462,191 |
2,453,657 |
|
| Telephone
and telex charges |
|
|
1,389,546 |
1,333,753 |
|
| Professional
charges for technical services |
|
|
4,310,769 |
2,817,085 |
|
| Insurance |
|
|
3,551,620 |
3,422,801 |
|
| Repairs
and maintenance (including stores and spares |
|
| consumed
Rs 34,114,871; 1998: Rs 21,727,221 ) |
|
|
70,084,787 |
41,959,590 |
|
| Staff
transport and travelling - note 21.2 |
|
|
4,770,888 |
4,234,768 |
|
| Cost
of receptacles |
|
|
8,893,262 |
13,014,209 |
|
| Research
and development |
|
|
120,500 |
-- |
|
| Depreciation |
|
|
268,662,870 |
24,959,409 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
7,012,979,704 |
6,397,165,878 |
|
| Closing
stock of semi-finished products |
|
|
(3,736,111) |
(2,725,671) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
7,009,243,593 |
6,394,440,207 |
|
|
|
|
|
|
| Opening
stock of finished products |
|
|
206,839,737 |
196,070,484 |
|
| Closing
stock of finished products |
|
|
(149,610,916) |
(206,839,737) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
57,228,821 |
(10,769,253) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
7,066,472,414 |
6,383,670,954 |
|
|
|
|
========== |
========== |
|
|
|
|
|
| 21.1
Crude oil consumed |
|
|
|
| Stock
at the beginning of the year |
|
|
89,697,627 |
130,090,102 |
|
| Purchases |
|
|
6,172,782,563 |
5,751,963,346 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
6,262,480,190 |
588,205,344.80 |
|
| Stock
at the end of the year |
|
|
(166,723,300) |
(89,697,627) |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
6,095,756,890 |
5,792,355,821 |
|
|
|
|
========== |
========== |
|
|
| Certain
crude purchases have been incorporated in the accounts based on provisional
prices |
|
| notified
by the Government and may require subsequent adjustment. |
|
|
| 21.2
Staff transport and travelling |
|
| Staff
transport and travelling under cost of sales, administration expenses and
selling expenses |
|
| includes
rental related to 25 (1998: 31) motor vehicles rented under terminable lease |
|
| agreements.
An option to purchase the motor vehicle or renew the lease exists on its |
|
| termination. |
|
|
| 22.
Administration expenses |
|
|
|
1999 |
1998 |
|
|
|
Rupees |
Rupees |
|
|
|
|
| Salaries,
wages and other employees' benefits |
|
29,527,035 |
25,865,215 |
|
| Directors' fees |
|
5,000 |
4,000 |
|
| Staff
transport, travelling and entertainment - note 21.2 |
|
7,209,689 |
7,020,272 |
|
| Telephone
and telex charges |
|
1,570,948 |
1,163,363 |
|
| Electricity,
gas and water |
|
2,458,036 |
2,129,910 |
|
| Printing,
stationery and computer software |
|
1,283,334 |
1,073,847 |
|
|
|
|
| Auditors'
remuneration and expenses: |
|
|
| Audit fee |
|
180,000 |
160,000 |
|
| Special
certifications and audit of staff funds |
|
405,000 |
260,000 |
|
| Out
of pocket expenses |
|
99,825 |
78,815 |
|
|
|
------------------ |
------------------ |
|
|
|
684,825 |
498,815 |
|
|
|
|
| Legal
and professional charges |
|
1,093,715 |
1,160,746 |
|
| Repairs
and maintenance |
|
6,159,996 |
3,988,393 |
|
| Subscription |
|
1,772,410 |
990,771 |
|
| Publicity |
|
1,442,658 |
1,277,076 |
|
| Scholarship
scheme |
|
63,800 |
30,330 |
|
| Rent,
rates, taxes and equipment lease rental |
|
2,558,082 |
1,638,049 |
|
| Insurance |
|
227,975 |
429,750 |
|
| Donations* |
|
373,725 |
246,800 |
|
| Training
expenses |
|
1,615,038 |
3,257,795 |
|
| Other expenses |
|
35,380 |
45,378 |
|
| Depreciation |
|
1,883,047 |
1,445,968 |
|
|
|
------------------ |
------------------ |
|
|
|
59,964,693 |
52,266,478 |
|
|
|
|
========== |
========== |
|
|
|
|
| *No
director or his spouse had any interest in |
|
|
| the
donee institutions. |
|
|
|
|
|
|
| 23.
Selling expenses |
|
|
|
| Salaries,
wages and other employees' benefits |
|
5,590,213 |
4,499,530 |
|
| Staff
transport, travelling and entertainment - note 21.2 |
|
644,551 |
688,943 |
|
| Telephone
and telex charges |
|
252,607 |
224,027 |
|
| Electricity,
gas, fuel and water |
|
965,198 |
812,414 |
|
| Printing
and stationery |
|
380,385 |
215,248 |
|
| Repairs
and maintenance including |
|
|
| packing
and other stores consumed |
|
2,039,371 |
1,019,160 |
|
| Rent,
rates and taxes |
|
153,827 |
151,253 |
|
| Insurance |
|
27,583 |
37,028 |
|
| Subscription |
|
578,794 |
666,485 |
|
| Legal
and professional charges |
|
409,088 |
51,100 |
|
| Cost of samples |
|
29,076 |
59,738 |
|
| Depreciation |
|
11,977 |
22,106 |
|
|
|
------------------ |
------------------ |
|
|
|
11,082,670 |
8,447,032 |
|
|
|
|
|
========== |
========== |
|
|
| 24.
Financial expenses |
|
|
|
|
|
|
|
|
1999 |
1998 |
|
|
|
|
Rupees |
Rupees |
|
| Interest/mark-u
p on: |
|
|
|
| Long term loans |
|
|
11,637,249 |
-- |
|
| Short term loans |
|
|
8,500,575 |
-- |
|
| Workers'
Profit Participation Fund |
|
492,844 |
536,016 |
|
| Financial
charges on obligations under finance leases |
|
6,404,137 |
-- |
|
| Bank
and other charges |
|
2,917,047 |
1,042,872 |
|
|
|
------------------ |
------------------ |
|
|
|
29,951,852 |
1,578,888 |
|
|
|
|
========== |
========== |
|
|
|
|
| 25.
Other charges |
|
|
|
| Employees'
retirement benefits |
|
|
|
| Staff
gratuity/retirement benefits |
|
16,180,226 |
3,014,778 |
|
| Contribution
to staff pension fund |
|
3,431,732 |
3,142,674 |
|
| Contribution
to employees old age benefits scheme |
|
1,287,644 |
1,316,430 |
|
|
|
------------------ |
------------------ |
|
|
|
20,899,602 |
7,473,882 |
|
| Stores
written off |
|
|
48,479 |
1,140 |
|
| Provision
for obsolete stores |
|
|
250,000 |
-- |
|
| Workers'
profit participation fund |
|
|
3,385,310 |
7,188,969 |
|
| Workers'
welfare fund |
|
|
1,212,541 |
2,793,615 |
|
|
|
------------------ |
------------------ |
|
|
|
25,795,932 |
17,457,606 |
|
|
|
|
========== |
========== |
|
|
|
|
|
|
|
| 26.
Other income |
|
|
|
| Income on: |
|
|
|
|
| Bank deposits |
|
|
49,146,141 |
78,167,692 |
|
| Other balances |
|
|
286,921 |
2,526,434 |
|
|
|
------------------ |
------------------ |
|
|
|
|
|
49,433,062 |
80,694,126 |
|
|
|
|
|
|
| Income
from crude decanting |
|
|
7,369,658 |
8,377,140 |
|
| Income
from crude desalter operations-note 26.1 |
|
16,652,001 |
20,724,725 |
|
| Insurance
agency and profit commission |
|
1,109,101 |
1,426,138 |
|
| Exchange gain |
|
|
|
225,107 |
-- |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
74,788,929 |
111,222,129 |
|
|
|
|
|
========== |
========== |
|
|
|
|
| 26.1
Income from crude desalter operations |
|
|
| Income |
|
|
|
32,714,493 |
38,095,848 |
|
|
|
|
|
|
| Less:
Operating costs |
|
|
|
| Salaries,
wages and other employees' benefits |
|
344,890 |
349,154 |
|
| Chemicals
consumed |
|
783,814 |
1,567,746 |
|
| Fuel and power |
|
|
11,928,886 |
13,950,142 |
|
| Repairs
and maintenance |
|
3,004,902 |
1,504,081 |
|
|
|
------------------ |
------------------ |
|
|
|
16,062,492 |
17,371,123 |
|
|
|
------------------ |
------------------ |
|
|
|
16,652,001 |
20,724,725 |
|
|
|
|
========== |
========== |
|
|
| 27.
Income from non-refinery operations less applicable charges and taxation |
|
|
|
|
1999 |
1998 |
|
|
|
Rupees |
Rupees |
|
|
|
|
| Rental income |
|
860,183 |
120,905 |
|
| Sale of scrap |
|
8,610,055 |
8,570 |
|
| Profit
on sale of fixed assets |
|
1,887,020 |
909,019 |
|
| Miscellaneous |
|
4,551,267 |
1,669,433 |
|
|
|
------------------ |
------------------ |
|
|
|
15,908,525 |
2,707,927 |
|
|
|
|
| Workers'
profit participation fund |
|
795,426 |
135,396 |
|
| Workers'
welfare fund |
|
300,522 |
43,270 |
|
| Provision
for taxation |
|
80,000 |
699,680 |
|
|
|
------------------ |
------------------ |
|
|
|
1,175,948 |
878,346 |
|
|
|
------------------ |
------------------ |
|
|
|
14,732,577 |
1,829,581 |
|
|
|
|
========== |
========== |
|
|
|
|
| 28.
Prior years' adjustment less applicable charges and taxation |
|
|
|
|
|
|
| Net
differential for crude oil prices and sales revenue |
|
| under
the import parity pricing formula |
|
|
-- |
29,518,426 |
|
|
|
|
| Workers'
profit participation fund |
|
|
-- |
1,475,921 |
|
| Workers'
welfare fund |
|
|
-- |
560,850 |
|
| Provision
for taxation |
|
|
-- |
9,068,946 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
-- |
11,105,717 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
-- |
18,412,709 |
|
| Provision
for taxation for prior year written back |
|
|
-- |
9,385,349 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
-- |
27,798,058 |
|
|
|
|
========== |
========== |
|
|
| 29.
Payments to directors and other specified personnel |
|
| The
aggregate amounts charged in the accounts of the year for remuneration
including |
|
| benefits
and perquisites were as follows: |
|
|
|
|
|
|
Chief
Executive |
Executives |
|
|
|
|
|
|
1999 |
1998 |
1999 |
1998 |
|
|
|
Rs |
Rs |
Rs |
Rs |
|
|
|
|
| Managerial
remuneration |
|
1,436,413 |
1,023,542 |
17,184,086 |
13,163,511 |
|
| Company's
contribution to |
|
|
| provident
and pension funds |
|
370,159 |
286,258 |
4,204,559 |
3,002,946 |
|
| Housing
and utilities |
|
464,179 |
424,417 |
10,756,762 |
6,659,879 |
|
| Leave passage |
|
471,010 |
52,000 |
5,150,452 |
3,037,902 |
|
|
|
------------------ |
------------------ |
------------------ |
------------------ |
|
|
|
2,741,761 |
1,786,217 |
37,295,859 |
25,864,238 |
|
|
|
========== |
========== |
========== |
========== |
|
| No of persons |
|
1 |
1 |
74 |
54 |
|
|
|
| In
addition, the Chief Executive and twenty six Executives (1998: twenty four)
were provided |
|
| with
limited free use of the Company's cars. The Chief Executive and all
Executives were |
|
| provided
with free medical facilities and thirty seven (1998: thirty) Executives were
provided |
|
| with
unfurnished accommodation in Company owned bungalows. Limited free
residential |
|
| telephone
facility was also provided to the Chief Executive and thirty three Executives
(1998: |
|
| thirty three). |
|
|
| Directors'
fees of Rs 5,000 (1998: Rs 4,000) were in respect of 4 (1998: 4) directors. |
|
|
| 30. General |
|
|
| 30.1
Transactions with associated companies |
|
| Aggregate
transactions with the associated companies during the year were as follows: |
|
|
|
|
|
|
1999 |
1998 |
|
|
|
|
|
Rupees |
Rupees |
|
|
|
|
|
(000) |
(000) |
|
|
|
|
| Purchase
of goods and services |
|
|
|
971,499 |
1,111,577 |
|
| Sale
of goods and services |
|
|
|
5,224,340 |
3,673,026 |
|
|
| 30.2
Deferred taxation |
|
| The
deferred tax net debit balance arising from major timing differences,
computed at the |
|
| current
rates of tax, not accounted for, amounts to approximately Rs 21.90 million at
June 30, |
|
| 1999
(1998: Rs 33.44 million), with decrease during the year of Rs 11.54 million
(1 998: |
|
| Rs 8.61 million). |
|
|
| 30.3
Capacity and production |
|
| The
designed annual refining capacity was enhanced to 11,550,000 US barrels from
10,065,000 |
|
| US
barrels after the commissioning of new Heavy Crude Unit in May, 1999. The
actual |
|
| throughput
during the year was 9,680,91 2 (1998: 8,248,779) US barrels. |
|
|
| 30.4
Comparative figures |
|
| Previous
year's figures have been re-arranged, wherever necessary, for the purposes of |
|
| comparison. |
|
|
|
M. Raziuddin |
|
Abdus Sattar |
|
|
Chief Executive |
|
Director |
|
|
|
| FORM
34 (Section 236) |
|
| PATTERN
OF HOLDING OF THE SHARES HELD |
|
| BY
THE SHAREHOLDERS AS AT 30 JUNE, 1999 |
|
|
| No. of |
|
Shareholding |
|
|
Total Shares |
|
| Shareholders |
|
|
|
|
held |
|
| 55 |
From |
1 |
to |
100 |
shares |
1,987 |
|
| 270 |
From |
101 |
to |
500 |
shares |
83,130 |
|
| 24 |
From |
501 |
to |
1000 |
shares |
16,165 |
|
| 47 |
From |
1001 |
to |
5000 |
shares |
85,130 |
|
| 3 |
From |
5001 |
to |
10000 |
shares |
20,538 |
|
| Nil |
From |
10001 |
to |
25000 |
shares |
-- |
|
| 1 |
From |
25001 |
to |
30000 |
shares |
28,124 |
|
| Nil |
From |
30001 |
to |
90000 |
shares |
-- |
|
| 1 |
From |
90001 |
to |
100000 |
shares |
92,224 |
|
| Nil |
From |
100001 |
to |
590000 |
shares |
-- |
|
| 1 |
From |
590001 |
to |
600000 |
shares |
593,532 |
|
| Nil |
From |
600001 |
to |
2400000 |
shares |
-- |
|
| 1 |
From |
2400001 |
to |
2500000 |
shares |
2,454,170 |
|
| Nil |
From |
2500001 |
to |
9400000 |
shares |
-- |
|
| 1 |
From |
9400001 |
to |
9500000 |
shares |
9,450,000 |
|
| Nil |
From |
9500001 |
to |
14000000 |
shares |
-- |
|
| 1 |
From |
14000001 |
to |
14175000 |
shares |
14,175,000 |
|
| ------------------ |
|
|
|
|
------------------ |
|
| 405 |
Total |
|
|
|
27,000,000 |
|
| ========== |
|
========== |
|
|
| Categories
of Shareholders |
|
Number |
Shares held |
Percentage |
|
|
| Joint
Stock Companies |
|
7 |
14,816,026 |
54.87 |
|
| Investment
Companies |
|
2 |
2,470,999 |
9.15 |
|
| The
President, Islamic Republic of Pakistan |
1 |
9,450,000 |
35.00 |
|
| Insurance
Companies |
|
2 |
33,982 |
0.13 |
|
| Individuals |
|
393 |
228,993 |
0.85 |
|
|
|
------------------ |
------------------ |
------------------ |
|
| TOTAL |
|
405 |
27,000,000 |
100.00 |
|
|
========== |
========== |
========== |
|
|
|
|
| Attock
Hospital (Pvt) Limited |
|
|
|
| Company
Information |
|
|
| Board
of Directors |
Shuaib Anwer Malik |
|
|
|
Chairman |
|
|
|
|
Arif Kemal |
|
|
|
|
|
|
|
Iqbal A Khwaja |
|
|
|
|
|
|
|
Mohammad Raziuddin |
|
|
|
Chief Executive Officer |
|
|
| Company
Secretary |
Mohammad Naeem Khan |
|
|
|
A.C.A. |
|
|
| Auditors |
|
A.F. Ferguson & Co. |
|
|
|
Chartered Accountants |
|
|
| Registered
Office |
The Refinery, |
|
|
|
Morgah, Rawalpindi. |
|
|
|
Tel: (051)487041-5 Fax:
(051)487254 |
|
|
|
| THE
DIRECTORS' REPORT |
|
|
| REPORT
OF THE DIRECTORS |
|
|
| The
Directors of the company have pleasure in presenting their Annual Report and
Audited |
|
| Financial
Statements of the Company together with Auditors' Report thereon for the
period ended |
|
| 30th June, 1999. |
|
|
| 1.
FINANCIAL RESULTS |
|
|
|
Rupees |
|
|
| Revenue
for the year |
|
|
8,515,801 |
