| 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 |
|
|
|
|
------------------ |
|
|
|
