| Mari Gas Company Limited |
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| Annual
Report 2001 |
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| CONTENTS |
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| Company
Information |
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| Financial
Highlights |
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| Notice
of Meeting |
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| Board
of Directors |
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| Directors' Report |
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|
| Key Personnel |
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| Auditors'
Report to the Members |
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| Balance Sheet |
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| Profit
& Loss Account |
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|
| Cash
Flow Statement |
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| Statement
of Changes in Equity |
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|
| Notes
to the Accounts |
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| Ten
Years at a Glance |
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| Pattern
of Shareholding |
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|
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| Company
Information |
|
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| Legal Advisors |
|
| Orr
Dignam & Company |
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| Khan & Piracha |
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| Auditors |
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| A.F.
Ferguson & Company |
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| Chartered
Accountants |
|
|
| Bankers |
|
| ABN
AMRO Bank N.V. |
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| Allied
Bank of Pakistan Limited |
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| Askari
Commercial Bank Limited |
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| Citibank N.A. |
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| Habib
Bank Limited |
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| National
Bank of Pakistan |
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| Emirates
Bank International |
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| Registered
Office |
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| 21-Mauve
Area, 3rd Road, |
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| Sector G-10/4, |
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| Islamabad. |
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| Financial
Highlights |
|
|
| Revenue |
|
Rs Million |
10,505.13 |
9,094.20 |
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| Government
Levies |
|
Rs Million |
9,820.34 |
8,421.77 |
|
| Profit before tax |
|
Rs Million |
282.14 |
284.85 |
|
| Profit after tax |
|
Rs Million |
191.59 |
198.73 |
|
| Dividend
per share |
|
Rs |
2.25 |
2.25 |
|
| Tangible
Fixed Assets (at Cost) |
|
.Rs Million |
3,137.55 |
2,188.96 |
|
| Number
of shares issued and subscribed |
Million |
36.75 |
36.75 |
|
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| Notice
of Annual General Meeting |
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| Notice
is hereby given that the Seventeenth Annual General Meeting of the
Shareholders of Mari Gas Company |
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| Limited
will be held on Thursday, December 27, 2001 at 09:00 a.m. at 21-Mauve Area,
3rd Road, Sector G-10/4, |
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| Islamabad
to transact the following business: |
|
|
| Ordinary
Business |
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| 1.
To receive, consider and adopt the audited accounts of the Company for the
year ended June 30, 2001 |
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| together
with the Directors and Auditors' reports thereon. |
|
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| 2.
To appoint auditors for the year 2001-2002 and fix their remuneration. |
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| Special
Business |
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| To
consider and adopt the following Special Resolutions: |
|
|
| 1.
INCREASE IN AUTHOR1SED CAPITAL OF THE COMPANY |
|
| "RESOLVED
that the authorized share capital of the Company be and is hereby increased
from Rs 500, |
|
| 000,000
(Rupees Five Hundred Million Only) to Rs 2,500,000,000 (Rupees Two Thousand
Five Hundred |
|
| Million
Only) divided into 250,000,000 (Two Hundred Fifty Million Only) Shares of Rs
10/- each by the |
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| creation
of 200,000,000 (Two Hundred Million Only) new shares of the nominal value of
Rs 10/- each to rank |
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| pari
passu in every respect with the existing shares of the Company." |
|
|
| FURTHER
RESOLVED that Clause V of the Memorandum of Association of the Company be and
is hereby |
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| amended
to read as follows: |
|
|
| "The
authorized share capital of the Company is Rs 2,500,000,000 (Rupees Two
Thousand Five Hundred |
|
| Million
Only) divided into 250,000,000 (Two Hundred Fifty Million Only) Shares of Rs
10/- each, with the |
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| rights
and privileges and conditions attaching thereto as are provided or
contemplated by the Articles of |
|
| Association
of the Company for the time being, with power to increase and reduce the
capital of the Company |
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| and
to divide the shares into several classes." |
|
|
| FURTHER
RESOLVED that Article 5 of the Articles of Association of the Company be and
is hereby amended |
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| to
read as follows: |
|
|
| "The
authorized share capital of the Company is Rs 2,500,000,000 (Rupees Two
Thousand Five Hundred |
|
| Million
Only) divided into 250,000,000 (Two Hundred Fifty Million Only) Shares of Rs
10/-each." |
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| 2.
DIRECTOR'S REMUNERATION |
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| RESOLVED
that Article 69 of the Articles of Association of the Company be and is
hereby amended to read |
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| as under: |
|
|
| "69.
The remuneration of a director for attending meetings of the Board shall from
time to time be determined |
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| by
the Directors, provided that neither the Chief Executive nor any Director
employed in whole time |
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| remunerated
service with the Company shall be entitled to any payment for attending any
meetings of the |
|
| Board.
A director may also be paid traveling, hotel and other expenses properly
incurred by him in attending |
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| and
returning from Meetings of the Directors or any Committee of Directors or
General Meetings of the |
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| Company
or in connection with the business of the Company." |
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|
| Statement
under Section 160(1)(b) of the Companies Ordinance, 1984: |
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| (i)
The Directors have recommended an increase in the authorized capital of the
Company from Rupees Five |
|
| Hundred
Million to Rupees Two Thousand Five Hundred Million in order to facilitate
the issue of further |
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| capital
for the reasons specified herewith. |
|
|
| (ii)
The Company is planning to undertake the development of new Gas discovery of
Goru B reservoir as well |
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| as
the development of Phase VI of existing Habib Rahi reservoir in Mari Gas
Field. The execution of these |
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| proposed
plans would involve investment of substantial funds. |
|
|
| (iii)
Under the provisions of our Gas Price Agreement (GPA), the planned projects
would be finance through commercial loans |
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| and
equity contribution in the debt-equity ratios of 70:30. The present level of
Authorized Capital at Rs 500 million (with the |
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| remaining
margin for paid up capital of only Rs 132.5 million) would not be adequate to
raise the equity contribution and secure |
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| commercial
loans to the extent required for the projects. |
|
|
| (iv)
It is imperative that Company's Capital be increased to maintain the
debt-equity ratio at 70:30 for securing commercial loans |
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| for
the completion of development of proposed projects, which will increase the
substantial Gas Production. |
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|
|
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| (v)
At time of incorporation of the Company a ceiling of Rs 500 was fixed by way
of remuneration to directors for attending meetings |
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| in
accordance with corporate practice at the time. However, the ceiling fixed in
the Articles of Association is no longer reasonable |
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| in
view of growing inflation. Consequently, amendment in Article 69 is required
to allow the Board to fix the remuneration of |
|
| directors
for attending meetings in accordance with practice prevalent from time to
time. |
|
|
|
| (vi)
There is no personal interest of directors & their relatives in
increasing the authorized capital of Company. However the directors |
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| other
than chief executive who is employed in whole time, have the interest in
increasing the remuneration of a director for |
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| attending
the meeting of Board. |
|
|
| (vii)
Material information related to the affairs of the Company is given in the
Annual Report-2001. |
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By order of the Board |
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| Islamabad, |
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|
Khurram Khan |
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| November
16, 2001 |
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Company Secretary |
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| NOTES: |
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| 1.
A member entitled to attend and vote at the meeting is entitled to appoint a
proxy. The instrument of proxy duly executed in accordance |
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| with
the Articles of Association of the Company must be deposited at the
Registered Office of the Company at Islamabad, at least 48 hours |
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| before
the time of holding the meeting. |
|
|
| 2.
Shareholders are requested to promptly notify the Company of any change in
their addresses. |
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| Beneficial
Owners in Central Depository Company of Pakistan Limited |
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|
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| 3.
In case of individuals, the account holders/sub account holders and/or the
persons whose securities are in group account shall authenticate |
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| their
identity by showing original National Identity Card (NIC) at the time of
attending the meeting. |
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| 4.
In case of corporate entity, the Board of Directors' resolution/power of
attorney with specimen signature of the nominee shall be produced |
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| at
the time of the meeting. |
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| 5.
The proxy form shall be witnessed by two persons whose names, addresses and
NIC numbers shall be mentioned on the form. |
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|
|
| Directors'
Report |
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|
| CHAIRMAN |
|
CHIEF EXECUTIVE |
|
| Lt
Gen Muhammad Maqbool (Retd) |
Lt Gen Khalid Nawaz
Mallik (Retd) |
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| Managing
Director |
|
Managing Director |
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| Fauji
Foundation |
|
Mari Gas Company Limited |
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| DIRECTOR |
|
DIRECTOR |
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| Brig
Muhammad Saeed Baig (Retd) |
Brig Muhammad Akram Ali
Khan (Retd) |
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| Director P&D |
|
Director Sugar |
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|
| Fauji
Foundation |
|
Fauji Foundation |
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|
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|
| DIRECTOR |
|
DIRECTOR |
|
| Brig
Karam Dad (Retd) |
|
Mr. Qaiser Javed |
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| Director P&A |
|
Director Finance |
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| Fauji
Foundation |
|
Fauji Foundation |
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| DIRECTOR |
|
DIRECTOR |
|
| Mr.
M. Jehangir Bashar |
|
Mr. Muhammad Iqbal Awan |
|
| Joint
Secretary development |
|
Financial Advisor, |
|
| Government
of Pakistan |
|
Government of Pakistan |
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|
| DIRECTOR |
|
|
DIRECTOR |
|
| Mr.
Khalid Nasim |
|
Major General Parvez
Akmal |
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| Director
General Gas, |
|
Managing Director |
|
| Government
of Pakistan |
|
OGDCL |
|
|
| DIRECTOR |
|
DIRECTOR |
|
|
| Mr.
Najam K. Hyder |
|
Mr. Shamim Ahmad Bhatti |
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| Executive
Director Corporate |
|
Acting GM (Production /
Projects) |
|
| OGDCL |
|
OGDCL |
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| DIRECTOR |
|
DIRECTOR |
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|
| Mr.
Tariq Iqbal Khan |
|
Mr. Abdul Rehman |
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| Chief Executive |
|
Businessman |
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| NIT |
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| COMPANY
SECRETARY |
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|
| Mr.
Khurram Khan |
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| The
Directors take pleasure in presenting their report together with the audited
accounts of the Company |
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| and
the Auditors' report thereon for the year ended June 30, 2001. |
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|
| Operations |
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| The
Company continued un-interrupted gas supply throughout the year under review
to all its customers |
|
| namely,
Engro Chemical Pakistan Ltd, Fauji Fertilizer Company Ltd, Pak Saudi
Fertilizers Limited, Sui |
|
| Southern
Gas Company Limited and Water and Power Development Authority (WAPDA). The
cumulative |
|
| gas
produced during the year ended June 30, 2001 was 147,647.195 million standard
cubic feet (MMSCF) |
|
| as
against 146,938.927 (MMSCF) during the corresponding period of 1999-2000. The
daily average gas |
|
| production
for the year was 404.512 MMSCF as compared to 401.472 MMSCF of last year. |
|
|
| The
gas allocation to fertilizer companies for producing fertilizer and to WAPDA
for power generation |
|
| remained
the same during the year at 336 MMSCF per day and 90 MMSCF per day
respectively. |
|
|
| Regular
maintenance of production facilities was carried out as per good gas field
practices through out |
|
| the
year and special care was taken to prevent water conning and loss in
production through effective |
|
| reservoir
management. |
|
|
| Future
Challenges |
|
| With
the discovery of gas established through exploratory drilling in the deeper
horizon (Goru B Sands) |
|
| the
Company undertook an appraisal programme to assess the extent of the deep gas
reservoir. Based on |
|
| the
processing and interpretation of seismic data six deep appraisal wells were
drilled. Four of the six wells |
|
| drilled
are gas producers. The two dry deep wells will be used as Habib Rahi
producers. Although the |
|
| commerciality
of the discovery has been approved by the Government yet due to
unsatisfactory results |
|
| of
the last two appraisal wells, Company's plan to produce gas on EWT (extended
well testing) basis has |
|
| been
temporarily deferred. A 3D Seismic Survey and drilling of few more appraisal
wells will be required |
|
| before
full development of the deep reservoir can be undertaken. Phase-I of the 3D
Seismic Survey is |
|
| expected
to commence shortly. |
|
|
| For
effective reservoir management, the Company is initiating Development Phase
VI of the Shallow Habib |
|
| Rahi
Reservoir. The project has been approved by Company's Board of Directors.
Scope of the project |
|
| includes
drilling of seventeen shallow gas production wells and conducting a
Compression Study. The |
|
| additional
wells and installation of compression are essential for enhanced gas
recovery, maintenance of |
|
| desired
pressure for fertilizer plants without which urea production can not be
sustained and for |
|
| homogeneous
depletion of the field. |
|
|
| Exploration
Activities |
|
| The
Board of Directors are pleased to inform that the Company has been allowed to
enter into exploration |
|
| activities
outside Mari Gas Field. The company is authorized to incur expenditure not
exceeding the Rupee |
|
| equivalent
of US $ 20,000,000 (United States Dollars Twenty Million) per annum or 30% of
the Company's |
|
| annual
gross sales revenue as disclosed in the last Audited Accounts, whichever is
less in connection with |
|
| exploration
and development in any Concession Area other than Mari Field, either
independently or as |
|
| joint
ventures provided, that if such exploration and development result in
additional oil and gas production, |
|
| the
revenues generated from such additional oil or gas production shall be
credited to GPA. |
|
|
| Return
to the Shareholders |
|
|
|
| It
is also a great pleasure to inform that the guaranteed return to the
shareholders of the Company has |
|
| been
increased from 22.5% per annum to 30% per annum with effect from July 01,
2001. The shareholders |
|
| are
also entitled to further increase in return on incremental gas production
from the present level of 425 |
|
| MMSCFD
(at the rate of 1% for every 20 MMSCFD of gas or equivalent oil produced,
prorated for part |
|
| thereof
on annual basis) subject to maximum of 45% per annum. |
|
|
| Financial
Results |
|
| The
profit and appropriations for the year are as follows: |
|
|
|
|
Rs'000 |
|
| Profit |
|
|
| -
Profit for the year under review after taxation |
|
191,587 |
|
| -
Unappropriated profit brought forward |
|
593,027 |
|
|
|
|
|
------------------ |
|
|
|
784,614 |
|
| Appropriation |
|
|
| -
First Interim Dividend @ 15% per share declared in February 2001 |
55,125 |
|
| -
Second Interim Dividend @ 7.5% per share declared in June 2001 |
27,563 |
|
|
|
------------------ |
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| Total
Dividend for the year |
|
|
82,688 |
|
| -
Transferred to Undistributed Percentage Return Reserve |
13,326 |
|
|
|
------------------ |
|
| Un-appropriated
profit carried forward |
|
688,600 |
|
|
|
========== |
|
|
| Directors |
|
| The
following persons were elected as directors for a three-year term, under the
provisions of the Companies |
|
| Ordinance,
1984, at the Extraordinary General Meeting held on June 21, 2001: |
|
|
| 1.
Lt Gen Muhammad Maqbool (Retd) |
|
|
| 2.
Lt Gen Khalid Nawaz Mallik (Retd) |
|
|
| 3.
Brig Muhammad Saeed Baig (Retd) |
|
|
| 4.
Brig Muhammad Akram Ali Khan (Retd) |
|
|
| 5.
Brig Karam Dad (Retd) |
|
|
|
| 6.
Mr. Qaiser Javed |
|
| 7.
Mr. Abdul Rahman |
|
|
|
| 8.
Mr. Istaqbal Mehdi |
|
|
|
|
|
|
| The
three nominee directors of each the Government of Pakistan and Oil & Gas
Development Company Limited, not being |
|
| subject
to election, continued to be the members of the Board. Mr. Munir Ahmad and
Mr. Abdus Sattar resigned from the |
|
| directorship
with effect from November 02, 2000. These vacancies were filled by Mr.
Muhammad Jehangir Bashar and Mr. |
|
| Muhammad
Iqbal Awan as nominees of Government of Pakistan. Subsequent to the election
of directors, following directors |
|
| resigned
from the Company's Board of Directors: |
|
|
| 1.
Mr. Shahid Ahmad |
|
| 2.
Mr. F.Q. Usmani |
|
| 3.
Mr. Istaqbal Mehdi |
|
|
| These
vacancies were filled by |
|
|
| 1.
Mr. Khalid Nasim |
|
| 2.
Mr. Shamim Ahmad Bhatti |
|
| 3.
Mr. Tariq Iqbal Khan |
|
|
| I
wish to record the Board's appreciation for the valuable contributions and
services rendered by all the outgoing directors |
|
| during
their tenure. I also extend warm welcome to the incoming directors. |
|
|
| Auditors |
|
| The
present auditors, Messers A.F. Ferguson & Company, Chartered Accountants,
retire and being eligible offer themselves |
|
| for
re-appointment as auditors of the Company. |
|
|
| Human
Resources |
|
| Relations
between the Management and the workers continued to be cordial and are
expected to remain so in the future. |
|
|
| Welfare
Activities |
|
| The
Company continues to maintain its regular welfare activities for the local
community in the vicinity of Mari Gas Field. |
|
|
| Pattern
of Shareholding |
|
| A
statement showing the pattern of shareholding in the Company as at June 30,
2001 is attached. |
|
|
| Acknowledgement |
|
| The
board of directors would like to express their appreciation for the efforts
and dedication of all officers and staff of the |
|
| Company
which enabled the management to run the Company efficiently during the year.
The board also wish to express |
|
| their
appreciation for continued assistance and cooperation received from the local
administration at Daharki, various |
|
| departments
of Federal Government particularly the Ministry of Petroleum and Natural
Resources and the Ministry of Finance |
|
| in
respect of matters relating to Company's operations, and cooperation extended
by Fauji Foundation and Oil & Gas |
|
| Development
Company Ltd. |
|
|
|
|
|
For and on behalf of the Board |
|
|
|
|
|
|
|
Lt Gen Muhammad Maqbool (Retd) |
|
|
|
Chairman |
|
|
| Key
Personnel |
|
|
| Brig
Tariq Masood Khan Niazi (Retd) |
|
|
| General
Manager Admin & Human Resources |
|
|
|
|
|
| Parveiz Usman |
|
|
| General
Manager Finance |
|
|
|
|
| Dr.
Syed M. Ahmad |
|
| General
Manager Exploration |
|
|
|
|
| Muhammad
Ali Mughal |
|
|
|
|
| M.
Liaquat Ali Khan |
|
|
| Asif
Ali Rangoonwala |
|
|
|
|
| Muhammad
Ajmal Abbasi |
|
|
|
|
|
| Tariq
Z. Kitchlew |
|
|
|
|
|
|
| Muhammad Asif |
|
|
|
|
|
|
| Muhammad
Aqib Anwer |
|
|
|
|
|
| Lt
Col Manzoor Iqbal Awan (Retd) |
|
|
|
|
|
|
| Lt
Col M. Shahid Abbas (Retd) |
|
|
|
|
|
|
|
| Muhammad
Ali Mughal |
|
|
|
| Manager
Operations |
|
|
|
|
|
|
| Muhammad
Liaquat Ali Khan |
|
|
|
| Mari
Field Manager Daharki |
|
|
|
|
|
|
| Asif
Ali Rangoonwala |
|
|
|
| Resident
Manager Karachi |
|
|
|
|
|
| Khurram Khan |
|
|
|
| Company
Secretary |
|
|
|
|
|
|
| Muhammad
Ajmal Abbasi |
|
|
|
| Manager
Reservoir |
|
|
|
|
|
|
| Tariq
Z. Kitchlew |
|
|
|
| Manager
Planning & Development |
|
|
|
|
|
|
| Muhammad Asif |
|
|
|
| Manager
Accounts |
|
|
|
|
| Muhammad
Aqib Anwer |
|
|
| Manager Audit |
|
|
|
|
|
|
| Lt
Col Manzoor Iqbal Awan (Retd) |
|
|
| Manager
Human Resources |
|
|
|
|
|
| Lt
Col M. Shahid Abbas (Retd) |
|
|
| Acting
Manager Administration |
|
|
|
|
|
| Col
Amjad Javed (Retd) |
|
|
| Manager
Procurement |
|
|
|
|
|
|
| Auditors'
Report to the Members |
|
|
|
| We
have audited the annexed balance sheet of Mari Gas Company Limited as at June
30, 2001 and the related |
|
| profit
and loss account, cash flow statement and statement of changes in equity
together with the notes |
|
| forming
part thereof, for the year then ended. and we state that we have obtained all
the information and |
|
| explanations
which, to the best of our knowledge and belief, were necessary for the
purposes of our audit. |
|
|
| It
is the responsibility of the Company's management to establish and maintain a
system of internal control, |
|
| and
prepare and present the above said statements in conformity with the approved
accounting standards |
|
| and
the requirements of the Companies Ordinance, 1984. Our responsibility is to
express an opinion on |
|
| these
statements based on our audit. |
|
|
| We
conducted our audit in accordance with the auditing standards as applicable
in Pakistan. These standards |
|
| require
that we plan and perform the audit to obtain reasonable assurance about
whether the above said |
|
| statements
are free of any material misstatement. An audit includes examining on a test
basis, evidence |
|
| supporting
the amounts and disclosures in the above said statements. An audit also
includes assessing the |
|
| accounting
policies and significant estimates made by management, as well as, evaluating
the overall |
|
| presentation
of the above said statements. We believe that our audit provides a reasonable
basis for our |
|
| opinion
and, after due verification, we report that: |
|
|
| (a)
in our opinion, proper books of 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 the requirements of |
|
| Mari
Gas Well Head Price Agreement dated December 22, 1985 where its requirements |
|
| are
not consistent with the requirements of the Companies Ordinance, 1984, and
are in |
|
| agreement
with the books of account and are further in accordance with accounting |
|
| policies
consistently applied; |
|
|
| (ii)
the expenditure incurred during the year was for the purpose of the Company's
business; and |
|
|
| (iii)
the business conducted, investments made and the expenditure incurred during
the year |
|
| were
in accordance with the objects of the Company; |
|
|
| (c)
in our opinion and to the best of our information and according to the
explanations given to |
|
| us,
the balance sheet, profit and loss account, cash flow statement and statement
of changes |
|
| in
equity together with the notes forming part thereof conform with approved
accounting |
|
| standards
as applicable in Pakistan, and, give the information required by the
Companies |
|
| Ordinance,
1984, and the Agreement referred to in (b)(i) above 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, 2001 |
|
| and
of the profit, its cash flows and changes in equity for the year then ended;
and |
|
|
| (d)
in our opinion Zakat deductible at source under the Zakat and Ushr Ordinance,
1980 (XVIII |
|
| of
1980), was deducted by the Company and deposited in the Central Zakat Fund
established |
|
| under
section 7 of that Ordinance. |
|
|
| Islamabad |
|
A. F. Ferguson & Co. |
|
| November
14, 2001 |
|
Chartered Accountants |
|
|
|
|
| Balance
Sheet as at June 30, 2001 |
|
|
|
|
Note |
2001 |
2000 |
|
|
|
(Rupees in
thousand) |
|
|
| SHARE
CAPITAL, RESERVES AND SURPLUS |
|
| Authorized
capital |
|
| 50,000,000
ordinary shares of Rs 10 each |
|
500,000 |
500,000 |
|
|
|
|
========== |
========== |
|
|
|
|
|
| Issued,
subscribed and paid-up capital |
3 |
367,500 |
367,500 |
|
| General reserve |
|
|
2,046 |
2,046 |
|
| Undistributed
percentage return reserve |
4 |
70,507 |
57,181 |
|
| Profit
and loss account |
|
5 |
688,600 |
593,027 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
1,128,653 |
1,019,754 |
|
|
|
|
| REDEEMABLE
CAPITAL AND ACCRUED MARK-UP |
6 |
-- |
50,027 |
|
|
|
|
|
| LONG
TERM LOANS AND DEFERRED LIABILITIES |
|
| Long term loans |
|
7 |
847,546 |
41,296 |
|
| Employees'
retirement benefits |
|
|
3,098 |
2,387 |
|
| Deferred credits |
|
8 |
114,066 |
74,717 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
964,710 |
118,400 |
|
|
| CURRENT
LIABILITIES |
|
|
|
| Current
maturity of - redeemable capital |
|
|
| and
accrued mark-up |
|
6 |
50,027 |
88,907 |
|
|
- long term loans |
|
7 |
41,296 |
82,588 |
|
| Accrued
and other liabilities |
|
9 |
2,721,225 |
1,770,497 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
2,812,548 |
