| Pakistan Refinery Limited |
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| Annual
Report 2001 |
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| Contents |
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| Company
Information |
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| Notice
of Meeting |
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| Chairman's
Review |
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| Directors'
Report |
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| Policy
on Health, Safety & Environment |
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| Graphs |
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| Ten
Years at a Glance |
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| Auditors' Report |
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| Balance
Sheet |
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| Profit and Loss Account |
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| Statement
of Changes in Equity |
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| Cash
Flow Statement |
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| Notes
to the Accounts |
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| Pattern
of Holding of Shares |
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| Company
Information |
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| Board
of Directors |
Mr. Salahuddin Qureshi |
Chairman |
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Mr. T J. Coombs
(Alternate: Mr. Arshad Nasar) |
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Mr. Ardeshir Cowasjee |
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Mr. Ahmed Dawood |
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Mr. Tariq Kirmani |
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Mr. Farooq Rahmatullah |
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Mr. S. Ali Raza |
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Mr. G.A. Sabri |
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Mr. D.M. Sadler |
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Mr. G. C. Wilson |
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| General
Manager & Chief Executive |
Mr. S. Viqar Salahuddin |
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| Company
Secretary |
Mr. Javed P. Agrawala |
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| Auditors |
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A. F. Ferguson & Co. |
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| Registered
Office |
Korangi Creek Road,
Karachi. |
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| Registrar and |
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| Share
Registration |
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| Office |
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Ferguson Associates (Pvt)
Ltd. |
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P.O. Box 4716 |
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State Life Building I-A, |
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Off I.I. Chundrigar Road, |
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Karachi - 74000. |
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| Notice |
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| Notice
is hereby given that the Forty First Annual General Meeting of the Company
will be held |
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| on
Tuesday, November 6, 2001 at 10.00 a.m. at Karachi Sheraton Hotel &
Towers, Club Road, |
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| Karachi
to transact the following business' |
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| ORDINARY
BUSINESS |
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| 1.
To receive and consider the Balance Sheet and Profit and Loss Account
together with the |
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| Directors'
Report for the year ended June 30, 2001. |
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| 2.
To approve the payment of final dividend. |
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| 3.
To appoint Auditors for the next accounting period and to fix their
remuneration. |
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| SPECIAL
BUSINESS |
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| 4.
To approve an increase in the borrowing powers of the Company from Rs. 1,300
million |
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| to
Rs. 2,600 million. |
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| A
statement under Section 160 of the Companies Ordinance is appended hereunder. |
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| The
Share Transfer Books of the Company will remain closed from October 24, 2001
to November |
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| 6,
2001 (both days inclusive) when no transfer of shares will be accepted for
registration. |
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By Order of the Board |
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JAVED P. AGRAWALA |
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| Karachi:
October 02, 2001 |
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Secretary |
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| Notes: |
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| 1.
A member of the Company entitled to attend and vote may appoint another
member as his/ |
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| her
proxy to attend and vote instead of him/her. Proxies must be received at the
Registered |
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| Office
of the Company not less than 48 hours before the time of holding the meeting. |
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| CDC
Account Holders will further have to follow the undermentioned guidelines as
laid |
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| down
by the Securities and Exchange Commission of Pakistan: |
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| A.
For Attending the Meeting: |
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| (i)
In case of individuals, the account holder or sub-account holder and/or the
person whose |
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| securities
are in group account and their registration details are uploaded as per the |
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| Regulations,
shall authenticate his identity by showing his original National Identity |
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| Card
(NIC) or original passport at the time of attending the meeting. |
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| (ii)
in case of corporate entity, the Board of Directors' resolution/power of
attorney with |
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| specimen
signature of the nominee shall be produced (unless it has been provided
earlier) |
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| at
the time of the meeting. |
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| B.
For Appointing Proxies: |
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| (i)
In case of individuals, the account holder or sub-account holder and/or the
person whose |
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| securities
are in group account and their registration details are uploaded as per the |
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| Regulations,
shall submit the proxy form as per the above requirement. |
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| (ii)
The proxy form shall be witnessed by two persons whose names, addresses and
NIC |
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| numbers
shall be mentioned on the form. |
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| (iii)
Attested copies of NIC or the passport of the beneficial owners and the proxy
shall |
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| be
furnished with the proxy form. |
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| (iv)
The proxy shall produce his original NIC or original passport at the time of
the meeting. |
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| (v)
in case of corporate entity, the Board of Directors' resolution/power of
attorney with |
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| specimen
signature shall be submitted (unless it has been provided earlier) alongwith |
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| proxy
form to the Company. |
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| 2.
Statement under Section 160 of the Companies Ordinance 1984. |
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| ITEM 4 |
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| The
borrowing powers were increased from Rs. 900 million to Rs. 1,300 million in
the |
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| 39th
Annual General Meeting of the Company held on December 16, 1999. With the
increase |
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| in
the exchange rate which currently stands at around Rupees 64.30 per dollar
and the low |
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| margins,
the Company is unable to manage within the existing borrowing limits. An
increase |
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| in
borrowing power has therefore become necessary to enable the refinery to
operate with |
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| uninterrupted
supplies of crude oil. The Directors recommend to consider and pass the
following |
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| resolution: |
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| RESOLVED
THAT |
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| Pursuant
to Article 50 of the Company's Articles of Association, the amount for the
time |
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| being
remaining undischarged of moneys borrowed or raised by the directors for the
purposes |
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| of
the Company (otherwise than by the issue of share capital) shall not exceed
Rs. 2,600 |
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| million
(Rupees two thousand six hundred million only). Save that for all amounts
borrowed |
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| in
excess of Rs. 2,000 million management shall seek the Board of Directors'
specific approval. |
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| 3.
The minutes of the previous meeting are available at the Registered Office of
the Company. |
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| Chairman's
Review |
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| It
gives me great pleasure to welcome you to the 41st Annual General Meeting of
the Company |
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| to
present the audited accounts for the year ended June 30, 2001. |
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| I
had mentioned in my last year's review that prices of crude oil and petroleum
products had registered |
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| a
tremendous increase due to strict adherence of production quotas by the OPEC
member states. |
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| This
trend of high oil prices continued during the current year also and at times
crossed the target |
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| of
$ 28 per barrel set by OPEC. Prices of crude oil imported during the year
ranged from $ 22 |
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| to
$ 30.50 per barrel, with an average of $ 26.24 per barrel. The average during
the preceding |
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| year
was $ 23.50 per barrel. Prices of finished products also remained high, but
as in the recent |
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| past,
margins continued to remain weak, particularly during the second half of the
financial year. |
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| During
the year, the Government took some bold decisions towards deregulating the
petroleum |
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| sector.
As a first step, the Government deregulated the fuel oil business with effect
from July 2000. |
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| Fuel
oil accounts for over 40% of the refinery's product slate, and this enabled
the Company to |
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| realize
market related price for its product. Another step taken by the Government
was to rationalize |
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| the
"Import Parity Pricing Formula" which was a long-standing demand of
the refining sector, |
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| bringing
the prices of the refined products closer to the landed cost concept.
Ex-refinery prices |
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| of
products, which were fixed by the Government, however did not remain in line
with the parameters |
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| of
the above formula as a result of which large sums of money appear as
receivable from the Government. |
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| Another
step taken by the Government was the introduction of mono-grade gasoline in
the country |
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| from
October 2000 while lead free gasoline was introduced from July 2001. |
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| The
year under review also witnessed a drastic decline in the value of the Rupee
vis-a-vis the |
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| Dollar.
This coupled with low ex-refinery prices seriously impacted our liquidity
position resulting |
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| in
the Company having to resort to borrowing in order to meet its operating
needs, which in turn |
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| resulted
in an increase in the financing cost. The above factors resulted in the
Company suffering |
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| a
loss from its refining operations of Rs. 468.9 million (2000: Rs. 1,040
million). As a consequence, |
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| the
Government has to reimburse a sum of Rs. 504.4 million (2000: Rs. 1,079.6
million) in terms |
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| of
the Import Parity Formula to enable the Company to make a profit after tax of
10% on its |
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| paid-up
capital from its refining operation. |
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| Crude
throughput during the year was 2.123 million metric tons compared to 2.378
million metric |
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| tons
last year. Throughput for the year included 17.7% (2000: 16.4%) of local
crude. Throughput |
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| was
kept lower than previous year at the behest of the Government in view of the
start up of the |
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| PARCO
mid country refinery in order to keep a balance between supply and demand
within the |
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| country. |
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| The
relations between management and workers and their union remained cordial.
The agreement |
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| with
the employees union expired in June 2001 and afresh charter of demands have
been exchanged. |
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| Formal
negations on the charter will commence shortly. Efforts continue on the part
of the Company |
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| to
inculcate the concept of safe working practices amongst the employees and
contractors staff |
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| working
at the Refinery. I regret to inform that after achieving 2.3 million
man-hours without any |
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| lost
time injury an accident occurred resulting in injury to an employee. |
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| The
fuel oil loading gantry was commissioned during the year to enable the
Refinery to load fuel |
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| oil
into tank lorries on behalf of our customers directly at the Refinery instead
of pumping the |
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| product
to Keamari. Due to this operation, the Company's existing fuel oil line
linking Korangi |
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| with
Keamari was converted into transporting imported diesel from Keamari port
area to Korangi |
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| and
into the PARCO pipeline system for onward pumping to upcountry locations.
This has provided |
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| a
vital link between the oil terminal at Keamari and the PARCO system in the
absence of which, |
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| product
movement upcountry would have posed a serious problem for the industry. These
operations |
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| have
resulted in a significant increase in the non-refinery income of the Company. |
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| A
revamp of the existing platformer unit is currently in progress and will be
completed by mid |
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| November.
This will enable the Company to increase its capability to produce unleaded
motor |
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| gasoline.
Due to continuous trend of low margins and the supply/demand scenario within
the Country, |
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| there
is no economic justification to expand the capacity of the Refinery at this
stage. This will |
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| only
lead to the burden on the Government for providing the necessary support.
Efforts however |
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| continue
to identify projects that are economically viable. |
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| Finally,
on behalf of the Board I would like to thank the management and all employees
of the |
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| Company
for running and maintaining the Refinery efficiently. |
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|
SALAHUDDIN QURESHI |
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| Dated:
September 28, 2001 |
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Chairman |
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|
|
| Directors'
Report |
|
|
| The
Directors of your company are pleased to present their Annual Report together
with the Audited |
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| Accounts
for the year ended June 30, 2001. |
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2001 |
2000 |
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|
|
Rupees |
Rupees |
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|
('000) |
('000) |
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|
| 1.
FINANCIAL RESULTS |
|
| These
are summarised below: |
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| Profit
after tax from refinery operations |
|
20,000 |
20,000 |
|
| Income
net of tax from non-refinery operations |
|
55,558 |
27,459 |
|
| Unappropriated
profit brought forward |
|
140 |
181 |
|
| Transfer
from General Reserves |
|
-- |
2.50 |
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|
------------------ |
------------------ |
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|
75,698 |
50,140 |
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|
========== |
========== |
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| APPROPRIATIONS |
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| Proposed
Final Dividend of 35% |
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| (equivalent
to Rs. 3.50 Per Share) |
|
|
70,000 |
50,000 |
|
|
|
|
| Leaving
a carry over to next year |
|
|
------------------ |
------------------ |
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| an
unappropriated profit of |
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|
5,698 |
140 |
|
|
|
|
|
========== |
========== |
|
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| The
earnings per share for the year amounted to Rs. 3.78 (2000: Rs. 2.37) |
|
|
| During
the year under review, the Government made improvements in the "Import
Parity |
|
| Pricing
Formula" by changing it from the CIF concept to the landed cost concept.
This was |
|
| a
long-standing demand of the refining industry and we are grateful to the
Government for |
|
| finally
accepting the industry's demand. The rate of return however continued to
remain within |
|
| the
range of 10% to 40% of the paid-up capital. During the year prices of
imported crude |
|
| oil
continued to remain high and ranged between $ 22 and $30.50 per barrel. High
crude |
|
| oil
prices were coupled with a significant slide of the Rupee to the Dollar
resulting in a significant |
|
| increase
in the cost of crude oil consumed. The product prices applicable to the
Company, |
|
| which
are based on Arab Gulf Mean, also remained high but margins in most cases
remained |
|
| low
and at times even negative. This resulted in the Refinery suffering a loss
after tax of |
|
| Rs.
468.9 million from its refinery operations (2000: Rs. 1,040 million). To
enable the Refinery |
|
| to
make the minimum profit of 10% on its paid-up capital, the Government has to
reimburse |
|
| a
sum of Rs. 504.4 million (2000: Rs. 1,079.6 million) to the Company. |
|
|
|
|
| Non-refinery
income increased by Rs. 28.1 million due to the start of fuel oil loading
gantry |
|
| and
the use of the Company's facilities by the oil industry for transporting
imported diesel |
|
| into
the PARCO pipeline system. |
|
|
|
| 2.
RECEIVABLE FROM GOVERNMENT |
|
| The
receivable from Government at the end of the previous year was Rs. 3,358.5
million. |
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| Out
of this amount, the Government made adjustments amounting to Rs. 2,751.5
million leaving |
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| a
balance of Rs. 607.5 million. During the year also the selling prices of our
products fixed |
|
| by
the Government lagged behind our entitled prices based on the Import Parity
Formula. |
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| At
year-end an amount of Rs. 2,516.7 million was receivable from the Government,
which |
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| includes
Rs. 1,909.7 million for the year under review. |
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| The
receivable from the Government is partly offset by an amount of Rs. 1,341.2
million, |
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| which
the Company owes to the Government in respect of local crude. Efforts
continue to |
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| recover
the balance amount from the Government. |
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|
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| 3. DIRECTORS |
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| Mr.
Shaukat Mirza who was co-opted as director on the Board last year was
brutally murdered |
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| in
July this year. In a short span as director, Mr. Mirza has left a lasting
impression and will |
|
| be
long remembered. May Allah rest his soul in eternal peace. Mr. Tariq Kirmani
has replaced |
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| Mr.
Mirza on the Board of PRL. |
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|
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| 4. AUDITORS |
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| The
present auditors, Messrs A. F. Ferguson & Co. retire and being eligible,
offer themselves |
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| for
reappointment. |
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|
|
| 5.
PATTERN OF SHAREHOLDING |
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| The
pattern of shareholding in the Company as at June 30, 2001 is shown on page
35 of |
|
| the
Annual Report |
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|
|
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|
By Order of the Board of Directors |
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|
|
|
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|
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|
SALAHUDDIN QURESHI |
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| Karachi:
September 28, 2001 |
|
Chairman |
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|
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| POLICY
ON HEALTH, SAFETY AND ENVIRONMENT |
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| PRL
is committed to the protection of environment and to ensure health and safety
of its employees, |
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| customers,
contractors and communities where it operates and to work for continual
improvement |
|
| of
health, safety and environment. |
|
|
| This
policy shall be used to demonstrate this commitment through: |
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|
| HEALTH |
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| *
PRL seeks to conduct its activities in such a way as to avoid harm to the
health of it's employees |
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| and
others, and to promote the health of it's employees; as appropriate. |
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| SAFETY |
|
|
|
| *
PRL works on the principle that all injuries can be prevented and actively
promotes, a high |
|
| standard
of safety consciousness and discipline that the principle demands. |
|
|
| *
PRL seeks to dedicate itself to providing a safe working environment through
effective |
|
| leadership,
supporting safety, fire prevention, security programmes and protecting the
physical |
|
| assets
of the company. |
|
|
|
|
|
|
| *
PRL develops contingency procedures in cooperation with authorities and
emergency services |
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| in
order to minimize harm from any accident. |
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|
|
| ENVIRONMENT |
|
|
| *
PRL is committed to prevent pollution through progressive reduction of
emissions, effluents |
|
| and
disposal of waste materials that are known to have a negative impact on the
environment |
|
| with
an ultimate aim of eliminating them, and to ensure an effective and efficient
use of |
|
| natural
resources and other inputs. |
|
|
| *
PRL is also committed to comply with the applicable laws and regulations and
work with the |
|
| government and others in their development
and implementation. |
|
|
| *
PRL conducts periodic audits to provide feedback, assurance, to improve
environmental |
|
| performance
and control loss. |
|
|
|
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| PRL
requires it's contractors working on its behalf to apply health, safety and
environmental standards |
|
| fully
compatible with its own. |
|
|
|
|
SYED VIQAR SALAHUDDIN |
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|
|
GENERAL MANAGER & CEO |
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|
|
| Ten
Years at a Glance |
|
|
|
2001 |
2000 |
1999 |
1998 |
1997 |
1996 |
1995 |
1994 |
1993 |
1992 |
|
|
| Share Capital |
Rs/mn |
200.00 |
200.00 |
200.00 |
200.00 |
200.00 |
150.00 |
150.00 |
150.00 |
150.00 |
150.00 |
| Reserves |
Rs/mn |
66.65 |
61.09 |
63.63 |
63.66 |
62.53 |
108.48 |
86.68 |
71.64 |
76.58 |
84.08 |
|
|
|
| Shareholders' |
|
|
| equity |
Rs/mn |
266.65 |
261.09 |
263.63 |
263.66 |
262.53 |
258.48 |
236.68 |
221.64 |
226.58 |
234.08 |
| Break up value |
Rs. |
13.33 |
13.05 |
13.18 |
13.18 |
13.13 |
17.23 |
15.78 |
14.78 |
15.11 |
15.61 |
|
|
|
| Dividend per |
|
|
| share |
Rs. |
3.50 |
2.50 |
2.50 |
2.30 |
2.00 |
4.00 |
2.00 |
4.00 |
4.50 |
3.50 |
|
|
|
| Bonus shares |
|
-- |
-- |
-- |
-- |
-- |
1:03 |
-- |
-- |
-- |
-- |
|
|
|
| Earnings per |
|
|
| share |
Rs. |
3.78 |
2.37 |
2.51 |
2.36 |
2.20 |
5.45 |
3.00 |
3.67 |
4.00 |
3.61 |
|
|
|
| Sales |
Rs/mn |
26,754.13 |
23,573.51 |
12,039.70 |
15,294.82 |
15,937.16 |
12,276.98 |
12,233.61 |
10,733.15 |
10,488.67 |
9,558.53 |
| Cost of Sales |
Rs/mn |
26,539.42 |
23,115.46 |
11,778.01 |
15,038.71 |
15,693.73 |
12,041.20 |
11,986.84 |
10,532.51 |
10,322.87 |
9,329.96 |
| Profit
after tax and |
|
| extraordinary |
|
|
| items |
Rs/mn |
75.56 |
47.46 |
49.97 |
47.13 |
44.04 |
81.81 |
45.03 |
55.06 |
60.00 |
54.19 |
|
|
|
| Cost
of sales as % |
|
| of sales |
|
99.19 |
98.06 |
97.83 |
98.33 |
98.47 |
98.08 |
97.98 |
98.13 |
98.42 |
97.61 |
|
|
|
| Profit after tax |
|
| as % of sales |
|
0.28 |
0.20 |
0.42 |
0.31 |
0.28 |
0.67 |
0.37 |
0.51 |
0.57 |
0.57 |
|
| Profit after tax as |
|
| % of average |
|
| shareholders |
|
| equity |
|
28.69 |
18.16 |
19.03 |
17.91 |
16.91 |
33.04 |
19.65 |
24.57 |
26.05 |
23.23 |
|
|
|
|
| AUDITORS'
REPORT TO THE MEMBERS |
|
|
| We
have audited the annexed balance sheet of Pakistan Refinery Limited as at
June 30, 2001 and the |
|
| related
profit and loss account, statement of changes in equity 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. |
|
|
| 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 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, statement of changes in equity and
cash flow |
|
| statement
together with the notes forming part thereof conform with approved accounting |
|
| standards
as applicable in Pakistan, and, give the information required by the
Companies |
|
| Ordinance,
1984, in the manner so required and respectively give a true and fair view of
the |
|
| state
of the Company's affairs as at June 30, 2001 and of the profit, changes in
equity and its |
|
| cash
flows for the year then ended; and |
|
|
| (d)
in our opinion, no Zakat was deductible at source under the Zakat and Ushr
Ordinance, 1980 |
|
| (XVIII of 1980). |
|
|
|
|
| October 2, 2001 |
|
Chartered Accountants |
|
|
|
|
|
| ACCOUNTS |
|
| FOR
THE YEAR ENDED JUNE 30, 2001 |
|
|
|
|
| Balance
Sheet as at June 30, 2001 |
|
|
|
Note |
2001 |
2000 |
|
|
|
Rupees |
Rupees |
|
|
|
('000) |
('000) |
|
|
| SHARE
CAPITAL AND RESERVES |
|
|
|
|
| Share Capital |
|
|
|
| Authorised |
|
3 |
1,000,000 |
1,000,000 |
|
|
|
|
========== |
========== |
|
| Issued,
subscribed and paid-up |
|
3 |
200,000 |
200,000 |
|
| Reserves |
|
|
4 |
60,947 |
60,947 |
|
| Unappropriated
profit |
|
|
5,698 |
140 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
|
266,645 |
261,087 |
|
| LONG-TERM
LOANS |
|
5 |
175,000 |
150,000 |
|
|
|
| CURRENT
LIABILITIES |
|
| Short-term
finance |
|
|
-- |
100,000 |
|
| Current
maturity of long-term loans |
|
150,000 |
-- |
|
| Running
finance under mark-up arrangements |
6 |
871,433 |
690,726 |
|
| Creditors,
accrued and other liabilities |
7 |
5,334,244 |
5,763,140 |
|
| .Workers'
profits participation fund |
8 |
11,974 |
9,473 |
|
| Workers'
welfare fund |
|
|
5,596 |
6,752 |
|
| Taxation |
|
|
-- |
187 |
|
| Proposed
dividend |
|
|
70,000 |
50,000 |
|
|
|
|
------------------ |
------------------ |
|
|
|
|
6,443,247 |
6,620,278 |
|
| COMMITMENTS |
|
9 |
|
|
|
|
|
------------------ |
------------------ |
|
|
|
6,884,892 |
7,031,365 |
|
|
|
========== |
========== |
|
|
| The
annexed notes form an integral part of these accounts. |
|
|
|
|
|
SALAHUDDIN QURESHI |
|
|
|
|
Chairman |
|
|
|
| FIXED ASSETS |
|
|
|
| Operating
assets |
|
10 |
300,313 |
233,708 |
|
| Capital
work-in-progress - at cost |
|
11 |
187,715 |
100,223 |
|
|
|
|
------------------ |
------------------ |
|
