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Financial Page 2016 Other Matters We would like to draw your attention to the ■ There are no significant doubts upon the following notes in the financial statements which Associated Companies Corporate and Financial Company’s ability to continue as a going concern. contain the information and explanations to Reporting Framework matters highlighted by External Auditors in their Asia Petroleum Limited (APL) ■ There has been no material departure from the best practices of corporate governance, as Audit Report: PSO’s Board is fully cognizant of its responsibility APL was incorporated in Pakistan as an unlisted detailed in the listing regulations and Public public limited company on July 17, 1994. The as recognized by Code of Corporate Governance, ■ Note 12.2 – Non provisioning of past due Sector Code of Corporate Governance. Company has been principally established to detailed in listing regulation and Public Sector receivable from Power Generation Companies Companies (Corporate Governance) Rules, 2013 transport “Residual Fuel Oil” (RFO) to the Hub ■ Key operating and financial data of last six years aggregating to Rs. 101,407 million (net of issued by Securities & Exchange Commission of Power Company Limited (HUBCO) at Hub, in a summarized form is annexed. provision of Rs. 532 million); inclusive of Pakistan (SECP). Rs.11,890 million received subsequent to the Balochistan. For this purpose, the Company laid an underground oil pipeline starting from Pakistan ■ The following is the value of investment of balance sheet date. Following are the comments on acknowledgement State Oil Company Limited’s (PSO) Zulfiqarabad provident and pension funds based on their of PSO’s commitment towards high standards of terminal at Pipri to HUBCO at Hub. PSO holds a respective un-audited accounts as on June 30, ■ Note 15.1 – Receivable from GoP on account of Corporate Governance and continuous improvement: import price differential on motor gasoline 49% equity stake in APL. 2016: aggregating to Rs. 1,351 million. ■ Rs. in million Pak Grease Manufacturing Company (Private) Compliance has been made with the relevant PSOCL Management Limited (PGMCL) principles of Corporate Governance, and the ■ Note 15.2 – Receivable from GoP on account of rules that have not been complied with, have Employees’ Pension Fund 6,786 price differential on local High Speed Diesel PGMCL was incorporated in Pakistan on March 10, been identified alongwith the period in which aggregating to Rs. 603 million. PSOCL Workers’ 1965 as a private company. The principal activity of such non- compliance is made and reasons for Staff Pension Fund 2,676 the Company is to manufacture and sell petroleum such non-compliance. ■ Note 15.3 – Receivable from GoP on account of grease products. PSO holds a 22% equity stake in price differential on account of supply of furnace ■ PSOCL Staff Provident Fund 2,764 PGMCL. The financial statements, prepared by the oil to KESC at Natural Gas prices aggregating to management of the Company, present fairly its Rs. 3,909 million. PSOCL Employees’ Pakistan Refinery Limited (PRL) state of affairs, the result of its operations, cash flows, statement of comprehensive income and Provident Fund 1,378 ■ Note 15.4 – Receivable from GoP on account of PRL was incorporated in Pakistan as a public changes in equity. price differential between the products Low PSOCL Employees’ limited company in May 1960 and is quoted on the Sulphur Furnace Oil (LSFO) and High Sulphur ■ Gratuity Fund 4,816 Pakistan Stock Exchange. The Refinery is situated Proper books of account of the Company have Furnace Oil (HSFO) aggregating to Rs. 3,407 been maintained. million. on the coastal belt of Karachi, Pakistan and is designed to process various imported and local ■ During the year, nine meetings of the Board of crude oil to meet the strategic and domestic fuel ■ Appropriate accounting policies have been ■ Note 24.1.1 – Non accrual of markup on delayed Management were held and the attendance by requirements of the country. PSO holds a 22.5% consistently applied in preparation of financial payments for reasons given in the each member is given on Page 186. equity stake in PRL. statements and accounting estimates are aforementioned note. based on reasonable and prudent judgment. ■ The pattern of shareholding is annexed. ■ Note 24.1.2 – Tax implication of Rs. 958 million ■ International Accounting Standards, as on the Company for the assessment years applicable in Pakistan, have been followed in 1996-97 and 1997- 98. the preparation of financial statements and departure, if any, has been adequately disclosed. Auditors ■ The system of internal controls is sound in The Board of Management have endorsed the design and has been effectively implemented appointment of M/s. A. F. Ferguson & Co. and monitored. Chartered Accountants and M/s EY Ford Rhodes Chartered Accountants as joint auditors of the ■ The non-executive BOM members do not have Company for the year ending June 30, 2017. fixed remuneration and are being paid a fixed fee for each meeting attended. The said fees are decided upon by the entire BoM collectively. 82 ENERGIZING PAKISTAN’S FUTURE We would like to draw your attention to the ■ There are no significant doubts upon the following notes in the financial statements which Associated Companies Corporate and Financial Company’s ability to continue as a going concern. contain the information and explanations to Reporting Framework matters highlighted by External Auditors in their Asia Petroleum Limited (APL) ■ There has been no material departure from the best practices of corporate governance, as Audit Report: PSO’s Board is fully cognizant of its responsibility APL was incorporated in Pakistan as an unlisted detailed in the listing regulations and Public public limited company on July 17, 1994. The as recognized by Code of Corporate Governance, ■ Note 12.2 – Non provisioning of past due Sector Code of Corporate Governance. Company has been principally established to detailed in listing regulation and Public Sector receivable from Power Generation Companies Companies (Corporate Governance) Rules, 2013 transport “Residual Fuel Oil” (RFO) to the Hub ■ Key operating and financial data of last six years aggregating to Rs. 101,407 million (net of issued by Securities & Exchange Commission of Power Company Limited (HUBCO) at Hub, in a summarized form is annexed. provision of Rs. 532 million); inclusive of Pakistan (SECP). Rs.11,890 million received subsequent to the Balochistan. For this purpose, the Company laid an underground oil pipeline starting from Pakistan ■ The following is the value of investment of balance sheet date. Following are the comments on acknowledgement State Oil Company Limited’s (PSO) Zulfiqarabad provident and pension funds based on their of PSO’s commitment towards high standards of terminal at Pipri to HUBCO at Hub. PSO holds a respective un-audited accounts as on June 30, ■ Note 15.1 – Receivable from GoP on account of Corporate Governance and continuous improvement: import price differential on motor gasoline 49% equity stake in APL. 2016: aggregating to Rs. 1,351 million. ■ Rs. in million Pak Grease Manufacturing Company (Private) Compliance has been made with the relevant PSOCL Management Limited (PGMCL) principles of Corporate Governance, and the ■ Note 15.2 – Receivable from GoP on account of rules that have not been complied with, have Employees’ Pension Fund 6,786 price differential on local High Speed Diesel PGMCL was incorporated in Pakistan on March 10, been identified alongwith the period in which aggregating to Rs. 603 million. PSOCL Workers’ 1965 as a private company. The principal activity of such non- compliance is made and reasons for Staff Pension Fund 2,676 the Company is to manufacture and sell petroleum such non-compliance. ■ Note 15.3 – Receivable from GoP on account of grease products. PSO holds a 22% equity stake in price differential on account of supply of furnace ■ PSOCL Staff Provident Fund 2,764 PGMCL. The financial statements, prepared by the oil to KESC at Natural Gas prices aggregating to management of the Company, present fairly its Rs. 3,909 million. PSOCL Employees’ Pakistan Refinery Limited (PRL) state of affairs, the result of its operations, cash flows, statement of comprehensive income and Provident Fund 1,378 ■ Note 15.4 – Receivable from GoP on account of PRL was incorporated in Pakistan as a public changes in equity. price differential between the products Low PSOCL Employees’ limited company in May 1960 and is quoted on the Sulphur Furnace Oil (LSFO) and High Sulphur ■ Gratuity Fund 4,816 Pakistan Stock Exchange. The Refinery is situated Proper books of account of the Company have Furnace Oil (HSFO) aggregating to Rs. 3,407 been maintained. million. on the coastal belt of Karachi, Pakistan and is designed to process various imported and local ■ During the year, nine meetings of the Board of crude oil to meet the strategic and domestic fuel ■ Appropriate accounting policies have been ■ Note 24.1.1 – Non accrual of markup on delayed Management were held and the attendance by requirements of the country. PSO holds a 22.5% consistently applied in preparation of financial payments for reasons given in the each member is given on Page 186. equity stake in PRL. statements and accounting estimates are aforementioned note. based on reasonable and prudent judgment. ■ The pattern of shareholding is annexed. ■ Note 24.1.2 – Tax implication of Rs. 958 million ■ International Accounting Standards, as on the Company for the assessment years applicable in Pakistan, have been followed in 1996-97 and 1997- 98. the preparation of financial statements and departure, if any, has been adequately disclosed. Auditors ■ The system of internal controls is sound in The Board of Management have endorsed the design and has been effectively implemented appointment of M/s. A. F. Ferguson & Co. and monitored. Chartered Accountants and M/s EY Ford Rhodes Chartered Accountants as joint auditors of the ■ The non-executive BOM members do not have Company for the year ending June 30, 2017.
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