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Sui Northern Gas Pipelines Ltd
INTRODUCTION
DISCOVERY:
The nature gas was discovered in 1952 at Sui in Baluchistan. The gas
transmission is started in 1954.
ESTABLISHMENT OF SNGPL:
Sui northern gas pipelines limited (SNGPL) is the largest integrated gas
company in the country established in 1963 as a gas transmission and distribution
company. The company has expanded its activities to include construction and
operation of pipelines, both for itself and other organization as well as marketing of
LPG.
SNGPL transmission system extends from Sui in Baluchistan to Peshawar in
North West Frontier province (NWFP) comprising over 4540 km of high-pressure
pipelines ranging from 6 to 30 in diameter. The distribution activities covering 125
towns and 135 villages in the Punjab and NWFP are recognized through its original
commercial and domestic consumers are being through a distribution network of
over 26550 km.
OWNERSHIP:
The company has an authorized capital of Rs.15000 million of which Rs.4992
million is issued and fully and up. The Govt. owns the majority of the shares (60%).
SNGPL is Govt. controlled institutions. The remaining 40% are owned by the private
sector. The shareholding pattern as on 30 th June 2000 was as follows.
1. President Islamic Republic of Pakistan 36.00 %
2. Individuals 14.84 %
3. Investment Companies 3.61 %
4. Insurance Companies 4.93 %
5. Joint Stock Comapanies 10.50 %
6. Financial Institutions 27.73 %
7. Modaraba Companies 1.66 %
8. Foreign Comapanies 30 %
9. Others 43 %
TOTAL 100
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OTHERS:
(i) The deputy commissioner abandoned propertied Govt. 0.2 %
of Pakistan.
(ii) Corporations, foundations institutions and societies 0.41 %
TOTAL 0.43 %
HISTORY:
SNGPL was incorporated as a private limited company in june 1963 and was
converted to a public limited company in January 1964 under the companies Act,
1913, now companies ordinance 1984, with the object of transmission and
distribution of natural gas in the provinces of Punjab and North West Frontier. For
this purpose the company took over the existing Sui Multan pipeline system (217
miles of 16 and 80 miles of 10 diameter pipelines) from PIDC and the Rawalpindi
Wah system (82 miles of 6 diameter pipeline from the Attock Oil Company Ltd., the
companys commercial operations commenced by selling an average of 47 million
cubic feet per day (MMCFD) of gas to 67 consumers in two regions, namely Multan
and Rawalpindi.
SNGPL, undertook five major expansion projects from 1964 to 1990 with the
World Bank financing as a result of which the system capacity increased
progressively from 90 MMCFD of gas to 450 MMCFD from Sui region. These
projects are as follows with their features.
PROJECT 1 (1964 1969):
This project was comprised on 5 years and was undertaken to extend Sui
Multan to Faislabad and Lahore and then link it with Dhulian Rawalpindi Wah
system. It involved laying of 440 miles of pipeline and installation of 13200 Brake
Horsepower (BHP) compression at four stations. The flow capacity thus increased
from 90 MMCFD to 172 MMCFD at a cost of Rs.249 million.
PROJECT 2 (1970 1971):
The project was completed with 2 years. It was launched in 1970 to expand
the system capacity, from 172 MMDFD to 207 MMCFD< to cater for the
requirements of Dawood Hercules fertilizer plant s well as the additional demand of
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commissioned by March 1991. Simultaneously, SNGPL also connected Adhi and
Hkhni associated gas field with its pipeline system and extended gas supplies to new
towns in NWFP such as Abbottabad and Mansehra. It involved construction of about
92 miles of pipelines through very difficult terrain.
PROJECT 6-Phase 1 (1989-1990):
Project 6 was conceived to induct a total of 300 MMCFD gas from pirkoh and
Loti gas fields situated in the Sui region. This project was planned to be undertaken
in two phases and it was consists of two phases as phase I and phase II. In phase I
construction of 51 miles of 18/24 pipelines and installation of 2400 BHP
compressor units at a new compressor station at Sui was envisaged to link Pirkoh
and Loti fields with the Sui system and compression facilities were completed in
January 1990 at a cost of Rs.527 million.
In addition to construction of its pipelines more than 800 miles of transmission
system and 7000 miles of distribution network. SNGPL has also acted as a
contractor for outside agencies such as oil and Gas Development, Pakistan Saudi
Fertilizers, Fauji Fertilizers and Pakistan Arab Refinery Company (PARCO).SNGPL
also construction a substantial and one of the most different portion of Quetta natural
Gas Pipeline. The construction of about 310 miles of PARCO and 105 miles of
Quetta Pipeline was a tremendous challenges as these pipelines traversed all sorts
of terrain which can be encountered during the construction of cross country
pipelines, including long stretches of water lagged areas and steep rocky inclines.
PROJECTS-PRESENT AND FUTURE:
PRESENT PROJECTS
i) Augmenting of System Capacity in NWFP
In order to augment the gas supply system to overcome the problem of low
pressure during winter in NWFP, 97 Km length of pipeline of various dia,
comprising transmission spurs and distribution mains was laid and
commissioned in the fiscal year 1999 2000.
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ii) Construction of Distribution Mains
To improve the distribution network and to cater for the demands of various
consumers, 70 Km of distribution mains of various diameters ranging form 8
to 24 were laid in different regions.
iii) River Crossings
Two under construction Major River crossing (i) 30 diameter jhelum river
crossing near Malakwal and (ii) 16 diameter Kabul River crossing near
Khairabad were completed and commissioned.
iv) Replacement of Pipelines
To ensure safe pipeline operations, the company has currently undertaken
maintenance project on Sui-Guddu section, which includes:
i. Uplifting and re-laying of 10 kilometers, 24 diameter pipeline and
ii. Uplifting of 60 kilometers, 18 diameter pipeline.
v) Gas Supply to New Towns
To extend gas supply network to new cities, following new pipelines are being
laid:
a. 68 Km, 8 Dia Swat Pipeline
Starting from Sakhakot, this line would terminate at Mingora from
where gas would be supplied to major towns of Swat valley. 20 Km of
pipelines has been laid so far and project scheduled completion is
March 2002.
b. 18 Dia Crossing Chenab at Chiniot
Pipeline crossing over Chenab, which could not be constructed due to
absence of permission from NGA, is now under construction.
Completion of this crossing would substantially improve gas flow to the
north.
c. Laying of 18 diameter loopline between rahwali and Gujranwala has
been planned with a view to shift high pressure gas transmission lines
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away from city limits. This would also help improve pressure at the
gag-ends of Jhelum, Sialkot in winter season.
d. 36 dia Indus crossing at Guddu.
e. 108 Kms of 36 dia loopline between Bhong and Multan.
f. 37 Km of 8 dia transmission pipeline between Sarai Alamgir to Mirpur.
FUTURE PROJECTS:
Optimal Utilization of New Gas Fields
For optimal utilization of recently discovered gas in Sindh and displace
imported fuels specially in the power sector, the Company has undertaken a study to
determine optimum combination of looping and compression to expand its
transmission system to supply gas to power plants in Multan Region.
It has been identified to carry a total of 420 MMCFD additional gas from Sui
and Qadirpur to power plants of Multan, Muzzafargarh, Kot Addu and Abdu Hakeem.
The project has been approved in principle by the Cabinet at the total cost of Rs.
16,252 million with a mobilizing physical and financial resources for implementing
this project.
SNGPL plans to expand its system in two phases. Under phase-I the system
capacity would be enhanced to flow 100 MMCFD swapped gas from Sui to Multan
by December 2001 by laying 32 miles of 36 dia loopline between the repeater
stations A3 (Thul Hamza) and A4 (Rukanpur) in Sui-Multan section. This is expected
to be completed by December 2001 at estimated cost of Rs.1, 382 million. Under
phase II, the capacity will enhanced further to transport 320 MMCFD of gas from Sui
and Qadirpur to Multan Region with construction of 130 miles of pipelines of various
diameters ranging from 16 to 36 inches in diameter and installation of 15,000
additional horsepower of compression.
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FUTURE OUTLOOK:
Since the return to the company is asset based, the additional investment in gas
infrastructure development plan as stated above would increase the rate base and
add to the revenues of the company in the years to come. Also that with the active
support of the Ministry of Petroleum and Natural Resources and Ministry of Finance,
the company has initiated various steps to improve the liquidity and profitability of the
company. It is hoped that your company would maintain the momentum of
improvements in operating efficiencies, consumer services and profitability.
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COMPANY INFORMATION
BOARD OF DIRECTORS Lt. Gen (Retd) Ghulam Safdar Butt Chairman
Abdul Rashid Lone M D
M. Jahangir Bashar
M. Iqbal Awan
Mukhtar Ahmed
M. Khalil Mian
Javed Hussain
Zahid Hussain
Muhammad Arshad
Mian Raza Mansha
Abdul Latif Uqaili
Arif Habib
Anjum M. Saleem
Tariq Iqbal Khan
COMPANY SECRETARY Mahboob Elahi
JOINT AUDITORS A.F Ferguson & Co.Chartered Accountants
Taseer Hadi Khalid & Co.
Chartered Accountants
SHARE REGISTRARS Hameed Majeed Associates (Pvt) Ltd.
H.M. House, 7-Bank Square, Lahore
Ph:92-42-7235081-82
Ph:92-42-7358817
LEGAL ADVISORS M/s Surridge &Beecheno
Mr. Abdul Hayee Khan, Advocate
REGISTERED OFFICE Gas House,
21-Kashmir Road, P.O Box No.56
Lahore (Pakistan)
Ph: 92-42-9201451-60, 9201319
Fax: 92-42-9201229, 9201302
E-mail: [email protected]
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Policy guidelines and overall control is rested in the elected board of Directors
which includes representatives of shareholders as well as of creditors, as provided
for in the companies ordinance 1984. Presently, SNGPL Board companies 14
members, 10 of whom are nominees of Govt. and Govt. controlled institutions and 4
from private sector.
There have been a few changes in the composition of your Board of Directors
since the last Annual General Meeting held on May 22, 2001. Mr. Abdul Rashid
Lone, former Deputy Managing Director has been elevated to the position of
Managing Director and Chief Executive of the Company w.e.f July 9, 2001 in place of
Mr. Javed Hussain, Director, who was assigned the duties of the Managing Director
and Chief Executive of the Company with effect from February 3, 2001. Mr. Tariq
Iqbal Khan, Chairman and Managing Director, National Investment Trust Ltd., has
been appointed as Director of the company in place of Mr. Istaqbal Mehdi w.e.f.
November 14, 2001.
Please join me to express our appreciation and thanks for the valuable
services rendered by Mr. Javed Hussain as Managing Director and Chief Executive
of the Company and Mr. Istaqbal Mehdi. We also welcome Mr. Abdul Rashid Lone,
the newly apponted Managing Director and Chief Executive of the company and trust
that he would do his utmost in the realization of corporate objectives and the
company would substantially benefit from his vast and varied experience in the gas
sector.
In accordance with the provisions of Section 178 of the Companies
Ordinance, 1984, thirteen Directors were elected at the 35th Annual General Meeting
held on June 23, 1999 for a period of 3 years, effective June 26, 1999.
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MANAGEMENT AT HEAD OFFICE
Managing Director Abdul Rashid Lone
General Managers
Stores Zafar Iqbal
Purchases Tahir Ikram
Civil and Project Javed HussainComputer Masum Ahmad
Sales Aftab A. Khan
Accounts Amin Chaudhry
Finance Mehboob Elahi
Audit Ghulam Qadir
Admin Nasrullah Khan
Personnel Pervez Aziz Khan
Legal and Shares Shahid Hamid
Distribution Muhammad Ilyas
Billing Azam Khan
Chief Engineer Abbas Naqvi
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Management Structure of Finance/Account Department
Senior General Manager Finance/Account
General Manager Finance General Manager Account
Chief Accountant Finance Chief Accountant Revenue/Accounts
1. Deputy Chief Assist
2. Deputy Chief Cost & Planning
1. Deputy Chief Accountant H/o2. Deputy Chief Accountant Finance3. Deputy Chief Accountant Payroll(Exec)
4. Deputy Chief Accountant Payroll(Staff)
Senior Accountant
Accountant
Assistant Accountant
Subordinate Staff
Senior Accountant
Accountant
Assistant Accountant
Subordinate Staff
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Sui Northern Gas Pipelines Ltd
COMPANY OBJECTIVES
I. The name of the company is SUI NORTHERN GAS PIPELINES LIMITED.
II. The Registered office of the Company will be situated in the Province of
Punjab Pakistan.
III. The objects for which the company is established are:
1. To acquire and take over the existing natual gas pipeline running from Sui to
Multan owned by the Government of Pakistan and presently operated on their
behalf by the West Pakistan Industrial Development Corporation, together
with all distribution, sukpply and feeder mains and other distribution facilities
already installed, or in the process of installation and the natural gas pipelines
running from Dhuliaan to Wah and Rawalpindi owned by the Attock Oil
Company Limited and to extend the said pipe lines with such branch and
distribution facilities as may be decided upon be the Company from time to
time.
2. To carry on all or any of the business of storing, transporting, transmitting,
distributing, supplying and exporting natural gas for lighting, heating, motive
power, generation of electricity, or any other purpose whatsoever.
3. To carry on in all or any of the branches of the Company all or any of the
business of dealers in natural gas and any component, constituent, product or
bye-product thereof, harbingers, merchants, carriers, ship owners andchatterers, lighter men, barge owners, factors and brokers and all other
kindred business usually carried on y gas companies and to treat and turn to
account in any manner whatsoever natural gas or any component,
constituent, product or bye-product thereof.
4. TO manufacture, sell, deal in, let for hire, fix, repair and remove natural gas
apparatus, appliances and fittings, engines, meters, indices, apparatus for
testing and measurement, stoves, cookers, gas rings, ranges, pipes, mains
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for lighting, heating, motive power, ventilating, cooking, refrigerating or any
other purposes.
5. To carry on the business of natural gas engineers, contractors, agents,
manufactures of plant, machinery, gas apparatus and works for the sale,
supply, distribution, storage, use, regulation and measurement of gas.
6. To manufacture, construct, equip, maintain, erect, lay repair, alter and remove
pressure control, metering stations, gas works and works connected
therewith, with all necessary machinery and apparatus, pipes, mains, meters,
conduits, services pipes, posts, and other materials and apparatus fro
supplying gas for heating, lighting, motive power, industrial, commercial
domestic and any other purpose whatsoever.
7. To construct, erect, equip, maintain, improve and work or auk in, contribute or
subscribe to the construction, erection, equipment, maintenance improvement
and working of any railways, tramways, piers, jetties, wharves, docks, roads,
canals, waterways, waterworks, reservoir tanks, storage installations,
pipelines, mills, factories, refineries, laboratories, electric work, gas works,
hydraulic and other works, telegraphs, telephones, plant, machinery,
appliances, dwelling houses and other buildings.
8. To acquire work and disposes of and deal in any mines, metals, minerals, clay
and other like substances and to acquire, refine, prepare for market, produce,
manufacture, del in or otherwise turn to account any mineral, animal or
vegetable substance or products.
9. To carry on any other business, whether manufacturing or otherwise, which
may seem to be company capable of being conveniently carried on in
connection with any of the objects specified herein, or calculated directly or
indirectly to enhance the value or, or render profitable, any of the companys
property or rights.
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10. To buy, sell, manufacture, repair, alter, improve, ot otherwise treat, exchange,
hire, let-out on hire, import, export and deal in all works, plant, machinery,
tools, utensils appliances, equipment, apparatus, products, materials,
substances articles and things capable of being used in any such business as
aforesaid or required by any customers of, or persons having dealing with the
company, or any such other company or body as herein mentioned, or
commonly dealt in by persons engaged in any such business, or which may
seem capable of being profitably dealt with in connection with any of the said
business and to manufacture, experiment with, render marketable and
otherwise treat and deal in all products and residual and bye-products
incidental to, or obtained, or capable of being made use of, in any of the
business carried on by the company or any such other company or body
herein mentioned.
11. To enter into any arrangements or agreements with the government of
Pakistan or any Provincial Government, or with any authorities, supreme,
national municipal, local or otherwise, or with any company, bank firm body or
persons whatsoever for the purpose of, or in connection with any of the
objects of the company.
11(A) To enter into any agreements of arrangements necessary or useful for
the company with any government, municipality of local government or
authority or any firm, company, corporation or association in Pakisatan
or elsewhere and enter into any arrangement for share in profits, union
of interest, cooperation, equity participation, joint venture, reciprocal
concession or otherwise and any business or transaction, which is
directly or indirectly likely to benefit this company and to amalgamate
with any company or companies having objects altogether or in part
similar to those or of this company and to promote, incorporate and
float any company or companies for any other purpose which my seem
directly or indirectly calculated to benefit this company or its members.
12. To expend money in experimenting on, testing, improving or seeking to
improve, any inventions, discoveries, processes or information which the
company may acquire or propose to acquire, and to finance inventors or
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alleged inventors for the purpose of enabling them to test or perfect their
inventions.
12(A) To apply for and take out, purchase or otherwise acquire and protect,
prolong and renew ny patents, patent rights, brevets d invention,
letters patent, trade marks, designs, licenses, concessions and the like
in Pakistan and abroad conferring any exclusive or non-exclusive or
limited right to use, or any secret or other information as to any
invention, processes or privilege, which may seem capable of being
used for any of the purposes of the company, or the acquisition of
which may seem calculated directly to benefit the company, and to use,
exercise, develop or grant licenses or privileges in respect of, or
otherwise turn to account the property, rights or information so
acquired and to finance inventors or research workers for the purpose
of enabling them to carry on research work, investigations, inventions,
processes and to test or perfect their inventions.
13. To sell any patent rights or privileges belonging to the company or which may
be acquired by it, or any interest in the same and to grant licenses for the use
and practice of the same or any of them, and to let or allow to be used or
otherwise deal with any inventions, patents or privileges in which the company
may be interested, and to do all such acts ands things as may be deemed
expedite for turning to account any such inventions, patents and privileges.
14. To acquire and take over the whole or any part of, or any interest in, the
business, property and liabilities of any person or persons, firm or corporation,
carrying on any business which the company is authorized to carry on, or
possessed of any property or rights suitable for the purposes of the company.
15. To promote other companies or bodies for the purpose of acquiring or
carrying on any business in which the company is engaged at any time, or is
entitled to engage, and to subscribe for shares, debentures and other
securities issued by such companies and to finance the same and to perform
any services or undertake any duties for are on behalf of the same and in any
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other manner to assist any such company on such terms as may be agreed
and either with or without remuneration.
16. To promote and form any other company for the purpose of acquiring all or
any of the property, business, rights and liabilities of the company, or for any
other purpose which may seem directly or indirectly calculated to assist or to
benefit the company, and underwrite, subscribe for or otherwise acquire all or
any part of the shares, stock, debentures or other securities of any such
company.
17. To purchase, take on lease or in exchange, hire or otherwise acquire, turn to
account and deal with, any movable or immovable property, patents, brevet d
invention, licenses, concessions, right of way, easements and like rights or
privileges which the company may think suitable or convenient for any
purposes of its business.
18. To extend the business of the company by purchasing, acquiring, getting
transferred, adding to, altering, enlarging, all or any of the buildings, mills,
factories, premises, places being the property of the of the company or on all
or any of the lands which shall for the time being be the property or in
possession of the company and to sell or mortgage or let out on hire all or any
portion of the same as may be thought desirable.
19. To pay for any properties, assets, rights or privileges acquired by the
company either in case or in fully paid up shares of the company or by the
issue of securities or partly in one mode and partly in another and generally
on such terms as may be determined.
20. To accept, as consideration for or in lieu of the hole or any part of the
companys property, other land or cash or government security or securities
guaranteed by the government or shares in joint stock companies or partly the
one and partly the other and such other properties or securities as may be
determined by the company.
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21. To enter into partnership or into any arrangement for sharing profits, union of
interest, cooperation, joint-venture or reciprocal concessions, with any person
or company carrying on or engaged in, or about to carry on or engage in, or
any business or transaction capable of being conducted so as directly or
indirectly to benefit the company. And to take or otherwise acquire shares and
securities of any such company, and to sell, hold, reissue with or without
guarantee, or otherwise del with the same.
22. To enter into an arrangements or agreements with the government of
Pakistan or any local government or any other government or state which has
acceded to Pakistan, or with any authorities, public, quasi-public, municipal,
local, railway or otherwise or with any other person or to obtain from any such
government, authority or person any right, privileges and concessions which
the company may think it desirable to obtain, and to carry out, exercise, and
comply with any such arrangements, rights, privileges and concessions, and
dispose of or turn to account the same.
23. To establish, maintain, support and subscribe to any national, charitable,
benevolent, public, general or useful object or fund or institution, society or
club which may be for the benefit or the company or its employees or ex-
employees or may be connected with any town or place where the company
carries on business; and ti give pension bonuses, gratuities or charitable aid
or relief of all kinds to any person or persons who have served the company
or to the wives, widows, children, relatives or dependents of such person or
persons or of any ex-directors of the company that may appears to the
Directors just or proper whether any such person or the wife, widow, children,
relatives or have not a legal claim upon the company; and to establish
maintain, support and subscribe to any provident or other Fund or Trust for
the benefit of any of the employees or ex-employees or ex-directors of any
company or their relatives or dependents, and to build or otherwise acquire or
take on lease or hire and to repair, alter, equip and maintain dwelling houses
or chawls, places of instruction or recreation, hospitals, dispensaries or other
institutions for providing amenities.
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24. To pay all the costs, charges, and expenses of all incidental to the promotion,
formation, registration and establishment of the company and the issue of its
capital including any underwriting or other commission, brokers fees and
charges in connection therewith, and the remunerate or make donations (by
cash or other assets or by the allotment of fully paid shares, debentures,
debenture stock or securities of this or any company, or in any other manner,
whether out of the companys capitals or profits or otherwise) to any person,
firm or company for services rendered or to be rendered in introducing any
property or business to the company or in placing or assisting to place or
guaranteeing the subscription of shares, debentures, debenture-stock or other
securities of the company, or in or about the formation or promotion of the
company or for any other reason which the company may think proper.
25. The liability of the members is limited.
26. The share capital of the company Is Rs. 15,000,000,000 (Rupees Fifteen
billion) divided in 1,500,000,000 (One billion and five hundred million) ordinary
shares of Rs. 10/- each with power to increase, reduce, modify, subdivide,
consolidate or reorganize the capital of the company for the time being and to
divide the shares into several classes in accordance with the provisions of
law.
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PERFORMANCE OF THE COMPANY
SALES AND DEVELOPMENT:
The total gas sales for the year under report were 86,806704 hundred cubic
meters (HM3) (308,111 MMCF) showing an increase of 8% over the previous year.
The sector-wise break-up of gas sales indicates that 26% gas was sold to Power,
13% to Fertilizer, 1% to Cement, 25% to General Industries and 35% to Domestic
and Commercial Sectors.
The gas distribution system during the year increased by 1,348 KMs and
113,860 new customers were added, raising the total to 1,86,583. The company is
committed to make natural gas available to more prospective consumers subject to
its financial position and technical capabilities. Rather than extending gas network to
far flung subsidized domestic sector, the policy is now to increase consumers
density, optimize utilization of existing infrastructure and restricting mains laying to
system augmentation and removal of anomalies.
ACCOUNTS AND FINANCE:
The company earned net profit before to of Rs. 2,329.323 million which showsan increase of 71% over that earned in the previous year. The increase in profit is
attributable to substantial reduction in the financial charges mainly due to limited
borrowings at lower bank rate, repayment of GOP medium term loan amounting to
Rs. 2,800 million and larger internal cash generation enabling the company to effect
timely payments of gas producers invoices. After allowing for taxation of Rs. 992.754
million, the company has earned after tax profit of Rs. 1,336.569 million which is
higher by 154% over the previous year. The accompanying report of the Directors
recommends appropriations.
With the active support of the Ministry of Petroleum and Natural Resources
and Ministry of Finance, the balance sheet the company has been restructured by
deferring current liabilities into medium to long term liabilities thereby enabling your
company to achieve the financial ratios.
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LIQUEFIED PERTOLEUM GAS (LPG):
The transfer of LPG assets to M/s. Shell gas LPG (Pakistan) Limited was
effectuated on October 15, 2001, subsequent to the balance sheet date. The net
proceeds of Rs. 139.530 million have been received from the privatization
commission on basis of the auction conducted by tem as authorized by the
shareholders at their 36th Annual General Meeting held on December 30, 1999.
CUSTOMER SERVICES:
In order to facilitate consumers in payment of bills, following steps have been
taken by the company.
Timely delivery of bills
Installation of facilities to issue computerized duplicate bills
Rounding off bills to the nearest Rs. 10/-
Collection of bills through the Post Office
The company is presently in the process of introducing on lines processing
of new connections by computerizing the entire process from receipt of new
application to issue of the first bill which will ensure that all connections are
processed on merit and that the bill is sent to the consumer master record for
immediate rectification and future reference. Through this mechanism, the company
will be able to respond in time and take appropriate action for redressing the
consumers complaints. Model consumer service centers are being set up to provide
services to the consumers regarding new application, billing problems, leakage
complaints and payment of bills. The performance of emergency complaint team is
being monitored so that companys image becomes more consumers friendly.
Universal Access No. (UAN 119) is functioning in all regions of the company, through
which consumers can readily contact the companys office on round the clock basis.
OPERATIONAL EFFICIENCY:
As a result of the concerted efforts made by undertaking a well-planned
leakage rectification project, gas losses have reduced. The company has also
undertaken system rehabilitation and pipeline integrity project to improve flow of gas
and optimize the system capacity utilization.
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TELECOMMUNICATIONS:
A state of the art transmission SCADA system has been installed and
commissioned. The system covers all the gas sources; compressor stations,
repeater stations and major sales meter stations. The system will help to operate the
pipelines in optimum condition. Pneumatic controlled actuators are also being
installed on repeater stations and block Valve Stations. In case of any emergency,
this will enable the Gas Control Center to operate any valve remotely.
PROFIT DISTRIBUTION:
In 2001 company declared a dividend of Rs. 1.70 per share of Rs. 10 each i.e.
17% for the year ended June 30, 2001 as recommended by board of director.
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DEPARTMENTS AT HEAD OFFICE
The following are the departments in head office of Sui Northern Gas pipeline
Limited.
1. Finance Department
2. Account and Audit Department
3. Personnel Department
4. Project Department
5. Purchase Department
6. Sales Department
7. Inventory Department
8. Billing Department
1. FINANCE DEPARTMENT:
As we know that the finance is the lifeblood of the business. Without finance
there is no concept of business. Hence for this purpose there should be one
finance department to arrange and control all finance activities of thebusiness.
In this organization there is a finance department, which control and arrange
the financial and capital circumstances. The finance department of the Sui
Northern gas pipeline Limited has engaged with the following.
Tax Affairs:
As we know that tax is the compulsory duty imposed on every
body/person under tax laws. So for this purpose the finance
department provides the services to over come the tax affairs of the
company.
Financial Institution:
In modern business world not only every large but also medium scale
businesses are engaged to solve the financial or capital problems with
the financial institutions. These institutions provide funds to run and to
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start. The business. These institutions also give the amount for the
purpose projects of different natures of the different business
organizations
So SNGPL also joint the various financial institutions in respect of
managing and arranging the funds. All it is done by the financial
department of SNGPL. This department control by the finance
manager of the company.
The following are some financial institutions from which company
borrow the funds viz.
I. PICIC
II. ICP
III. NIT
IV. BEL
V. ABN Amro
VI. IDCP
VII. Standard Bank ets.
2. ACCOUNTS AND AUDIT DEPARTMENT:
It is second most important and significant department of every organization.
Without Account and Audit Department any organization cannot move and
without it is very much difficult to now. The exact position of the business
organization. Because all business transactions are recorded in the books of
account which are kept by the accounts and audit department. The most
important function of Account department to prepare income statement and
balance sheet at the end of every financial year.
In SNGPL there is account department, which segregate into different
sections. Say, ledger section, payroll section, cash section, etc.
Without the attach of this, there is a audit department which basically known
as internal audit department. By virtue of this department there are very little
chances to make any mistake because there is a very stick and logical audit
process. Both are control and manage by the account manager and audit
manager.
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3. PERSONNEL DEPARTMENT:
Personnel department plays an important role in the functioning of any
business organization and especially in those, which deal in manufacturing,
generally speaking, personnel department deals in personnel. Specifically
speaking, the main function of personnel department of the company under
review is to manage and supervise the overall functioning of personnel
community and to check that either they contributions are satisfactory and in
accordance with the overall goals of the company to achieved.
The personnel department performs the functions like the recruitment of the
employees. It determine the wages and salaries for this companys
employees either working on plant or corporate office. It also arrange for their
transfers in different sections. It arrange for the medical facilities to them. It
also take every chance to provide to them are also supervised by the
personnel department. Transportation facilities are also provided to company
employees by this department on behalf of the company.
It negotiates with the representatives of the workers union to settle down a
number of matters conduct during ordinary course of business. It is also
responsible to create land maintain cordial relations between the employers
and employees, it functions to maintain the desired air of confidence in order to
have such an atmosphere in which team spirit will be there a need whole.
4. PROJECT DEPARTMENT:
As it is mention in the report various projects, which were completed, the
company has completed or/and. All these projects are/were managed and
controlled by the project department. It is very much important department of
the company because this department is making all the developing plans. It is
control and organization by project manager.
5. PURCHASE DEPARTMENT:
Purchase department is playing a vital role in every manufacturing concern.
SNGPL is up-to an extent a manufacturing concern. It manufactured its own
pipes of different diameter. Like 8, 10, 12 and so on. It is function of this
department to purchase higher-pressure compressors, pipes LPG etc. This
department also managed by the purchase manager.
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6. SALES DEPARTMENT:
SNGPL engaged in selling of natural gas and liquefied petroleum gas (LPG)
and to control selling activities of the company. It is very much necessary to
that in every organization. There must be a sales department. In SNGPL there
is a sales department, which manage all selling activities and also establish the
estimates for the next financial year, is a most important function of sales
department. All these activities are watched by sales manage.
7. INVENTORY DEPARTMENT:
This department is very important in every organization. In SNGPL this
department checks and maintain a necessary inventory level, which is required
by the company. This department is supervised by inventory manger.
8. BILLING DEPARTMENT
It has also great importance because all the collection o customer is recorded
and received by this department. The meter reader checks the reading of every
gas meter, then these readings are compared to previous ones and the
difference is changed a rate which is different for domestic and commercial
users of gas. This department also maintains up-to-date record of each and
every client and headed by billing manager.
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Sui Northern Gas Pipelines Ltd
SIGNIFICANT POLICIES
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1.1 Compliance with International Accounting Standards (IAS)
These accounts comply with international Accounting Standards as
applicable, in Pakistan, in all material respects and requirements of the
companies Ordinance, 1984.
1.2 Accounting Convention
These accounts have been prepared under the historical cost convention,
modified by capitalization of exchange differences referred in Note 2.5.
1.3 Employee Benefits
The main features of the schemes operated by the company for its employees
are as follows:
a) The company operates an approved funded pension scheme for all
employees and an approved funded gratuity scheme for employees
with a qualifying service period of five years. Contribution to the foundsare payable on the basis of actuarial valuation. The future contribution
rates of the scheme include allowance for deficit and surplus.
Under the companys service rules, executives retiring from service are
to surrender th of the pension entitlement. The sum surrendered is
paid as gratuity after deducting their form the amount of gratuity pay
able under the companys gratuity scheme.
The company provides free gas and reimbursement of medical
expenditure to the employees after retirement on payment basis.
Consequential to revision in salary packages of executive, post
retirement free gas facility has been discontinued, with effect from
January 1,2001.Provisions are maid annually to cover the obligation on
the basis of actuarial valuation and are charged to income currently.
The most recent valuations were carried out as of June 30,2001 using
the projected unit credit method.
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The actuarial valuations for the above plans determined a transitional
liability for post employment benefits amounting to Rs.568.648 million
attributable to medical benefits and free gas facility and Rs.44.941
million for pension and gratuity for non-executive staff. Under the
transition provision of IAS 19, the transitional liability is bringing
amortized over a period of five years.
The principal actuarial assumptions used in the valuation of these
schemes as of June 30, 2001 are:
Gratuity Fund Pension Fund
Executive Non-Executives Executives Non-Executives
Contribution rates (% ofbasic Salaries)
8.33% 6.50% 16.37% 15.80%
Expected rate of growthper annum in futuresalaries
10% 10% 10% 10%
Expected rate of returnper annum of fund foractive member
13% 13% 13% 13%
Expected rate of returnper annum for retiredmembers under the
pension fund scheme
14% 14% 14% 14%
Actual return on planassets during this years
- - 8% 8%
(Rupees in thousand) 8,183 60,791 45761 58,491
Medical Free Gas
Executive Non-Executives Executive Non-Executives
Discount rate 13% 13% 13% 13%
Expected rate of growthper annum in average costof facility
10% 10% 10% 10%
Increase in average costof medical facility peremployee due to increasein age of recipient
2% 2% - -
Rate of utilization of facilityby future entitled
employees
- - - 100%
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The companys policy with regard to actuarial gains and losses is to follow the
minimum recommended approach under ISA 19 (revised 1998)
b) The company provides annually for the expected cost of accumulated
absences and leave far assistance on the basis of actuarial valuations.
As at June 30, 2000 the change in counting policy resulted in a
transitional liability, which is being recognized over a period of three
years as permitted by Securities and Exchange Commission of
Pakistan through circular 17 dated Nov 21, 2000. The portion of the
transitional liability unrecognized as at June 30, 2001 is Rs. 53.0027
million (2000: Rs. 110.634 millions).
c) The company operates and improved defined contribution provident
funds for all permanent employees. During the year Rs. 64.922 millions
(2000: Rs. 43.240 millions) has been charged as n expense by the
company.
2.4 Taxation
The charge for current taxation is based on taxable income at the current
rates of tax after taking into account tax credits available, it any.
The company accounts for deferred tax using the liability method all
significant timing difference, if these are lightly to reverse in the foreseeable
future and will not be replaced.
2.5 Fixed Capital Expenditure and Deprecation
Operating fixed assets except freehold and leasehold land are stated at cost
less accumulated depression.
Freehold and leasehold land and capital work in progress are stated at
cost. Cost in relation to certain assets signifies historical cost and exchange
difference referred to in Note 2.10 and borrowing cost refereed to in Note
2.11.
Depreciation is charged to income on he straight line method so as to write off
the cost of an asset over rates estimated useful life at the rates give in Notes
14. Transmission and distributions system, matter and compressor stations
and equipment are depreciated at annual rated in accordance with the term of
loan agreement (3252-PAK) with the World Bank. This agreement requires
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that depreciation the charged at rates not less than 6% per annum of the
average cost of such assets in operation.
Half years depreciation is charged on additions during the year. No
depreciation is charged on assets deleted during the year, except for assets
transferred t executive under service rules where depreciation is charged you
until the date of executives retirement.
Pipelines uplifted during the year are deleted from operating fixed assets.
60% - 65% are the written down value of the uplifted pipelines representing
cost of pipelines and fittings is transferred to capital work in progress after
considering it reuse capability. The balance of the written down value
representing construction overheads is charged to income.
Major renewals and improvements are capitalized. Minor replacements,
repairs and maintenance are charges to income.
2.6 Assets Subject to Finance Lease
These are stated at the lower of present value of minimum lease payment
under the lese agreement and the fair value of the assets acquired all lease.
The aggregate amount of obligation relating to assets subject to finance lease
is accounted for at the net present value of liabilities. Value of the leased
assets is depreciated over the useful lives of assets using the straight-line
method at the rates given in Note 15. Depreciation of the leased assets is
charged to income. The related obligations of the lease are accounted for as
liabilities.
2.7 Deferred Credit
Amounts received from consumers and the governments contributions and
grants toward the cost of supplying and laying transmission lines, service lines
and mains are deferred for amortization over the estimated useful lives of
related assets.
2.8 Stores and Spares
These are valuated at monthly moving average cost, while items considered
obsolete are carried at nil value. Items in transit are valued at cost comprising
invoice value plus other charges paid thereon.
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2.9 Stock-in-Trade
Stock of gas in pipelines and LPG in containers are values at the lower of cost
determined on an average basis and net realizable value. Net realizable value
signifies the estimated selling price in the ordinary course of business less
costs necessary to be incurred in order to make the sale.
2.10 Foreign Currencies
Foreign currency transactions are recorded using the rate of conversion
applicable on the date of transaction except where foreign exchange contracts
has been entered into, the rates contracted for are used. All assets and
liabilities in foreign currencies are translate at exchange rates prevailing at the
year and except for foreign currency borrowing covered by the State Bank of
Pakistans exchange risk coverage scheme, which are translated at the rate
provided under the scheme.
Exchange difference on foreign currency loans used for acquisition of fixed
assets are capitalized as part of the of the cost of assets. All others exchange
differences are included in income.
2.11 Borrowing Cost
Mark-up, interest, profit and other charges on non-participatory redeemable
capital and long terms loans are capitalized for the period, up to the date of
commissioning of the respective assets acquired of the proceeds of such
borrowings. All other mark up, interest, profit and other charges are charged
to income during the year
2.12 Long Term Investments
These are started at cost less any permanent diminution in the value of
investments.
2.13 Revenue Recognition
Revenue from gas sales in recognized on the basis of gas supplied to
consumer at the rate fixed by the Government of Pakistan.
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2.14 Gas Development Surcharge
Under the provisions of World Bank loan 3252-PAK, the company is operating
on an annual return of not less than 17.50% on the value of its average fixed
assets in operation (net of referred credit), before corporate income taxes,
interest and other charge on debt and after excluding interest, dividends and
others non-operating income. Any deficit or surplus on account of this is
recoverable from or payable to the Government of Pakistan as differential
margin or gas development surcharge.
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MY ASSIGNMENT
On the behalf of the Head office SNGPL I am directed to perform internship in
their WAH CANTT station. As I am living in WAH CANTT so I am requested the
higher management to allow me to do my internship braining from WAH station. At
WAH CANTT there are three main departments namely.
i) Accounts department
ii) Audit department
iii) Billing department
I mainly work in accounts department. The head of this functioning
department is Mr. Asif and my supervisor was Mr. Asim. The work I had done there
is.
i) Payment to constructors.
ii) Preparation of income tax returns.
iii) Preparation of voucher of overtime.
iv) Preparation of imprest book.
v) Preparation of banking reconciliation statement.
i) PAYMENT TO CONTRACTORS:
Sui Northern gas pipelines limited performs many activities. After the
completion of the work the contractors are paid the required amount contractors may
engage in kind of activates as: -
a. Ditching of pipelines
b. Transportation of pipelines
c. Civil work and construction
d. Welding inspection
e. Consultancy contracts
a. Ditching of pipelines:
The contractors perform all the ditches of pipelines. Before such type of
work a tender is called by various contractors and most appropriate
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contractor on the basis of rate and prestige is selected and work is
issued to it.
b. Transportation of pipelines:
Contractors perform all the transportation of pipelines. They transport
the pipes from the harbor or factories to the required places.
c. Civil work and construction:
Contractors also perform the work of construction like some building
etc.
d. Welding inspection:
The contractors later on inspect welding procedure of pipes to check
and detect the faults in the welding process.
e. Consultancy contracts:
The contractors also perform the consultancy services, as they are
experts in their field so they are also contracted to perform such duty.
Procedure of payments:
The contractors are paid after they perform their work or completed their
contracts after the inspection of their work done the concerned department
approves the payment then vouchers and necessary documents is prepares
and check and verified by the audit department and after necessary initials
cheque is given to the contractor.
ii) Preparation of income tax returns:
All contractors have to pay the income tax on the payment received by
SNGPL. They do not pay income tax directly to the authorities but income tax is
dedicated out of the payments and deposited into the bank by SNGPL.
A pink colour vouchers is prepared for payment and a white colour voucher is
used for the deduction of income tax. Normally tax is deducted @ 5% of the whole
payment and the contractors having National Tax Number (NTN) required to pay the
tax @ 3%.
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Procedure of preparation:
First of all amounts and fees claimed by the contractors are verified. Then a
pink colour voucher is prepared for the payment on which income tax
deduction is mentioned. Then the voucher is verified and initialized by the
head of audit department. Then a white colour voucher of deduction of income
tax is prepared. All these vouchers has three copies one for the contractor
one for the tax office and one is submitted to the head office. At the end of the
year yearly return is prepared and the copy is sent to income tax department I
personally perform the above-mentioned activities.
iii) Preparation of voucher of overtime:
I have also performed the work of preparation of overtime payment vouchers.
Overtime is claimed by various employees of SNGPL and after certain verification at
a specific rate overtime payment is made to them.
Procedure of payment:
An overtime claimed vouchers which is filled by the workers is dent to the
accounts department first of all we have to see that whether the overtime
hours are initialized by the supervisor of the department usually the out station
employees are paid at double rate like meter readers, chowkidars etc. and
eternal workers like sub engineers, cashiers etc. are paid on single hour rate
system. And at lat at the end of the month the amount of overtime is added in
the salary of the employee and paid to him.
iv) Maintenance of imprest book:
An imprest book is prepared in which each and every entry is recorded. After
the payment to contractors a voucher is prepared and processed and is entered in
the imprest book in which every work has a different code no. to be identified easily.
After imprest book monthly trial balance is prepared and at the end of year yearly
trial balance is prepared.
Writing the imprest book is quire a difficult task because all the work done is
manual son chances of errors are many.
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v) Preparation of banking reconciliation statements:
At the end of each month banking reconciliation statement is prepared to
check and confirm the bank balance and the cash balance of the company. It is a
difficult job, but now a days it is ordered that decimal discrepancy can be rounded
off.
At the end of the each month banking reconciliation statement is prepared by
checking the entries made in the imprest book and also by checking the list of
payment and receipts of bank which is issued by the banks to checked at the office
level. Suppose a contractor s paid a cheque which no. is say 563241 now we have
to see that whether that cheque is cleared by the bank with the same amount or not.
The Wah Cantt office deals with National Bank of Pakistan and Muslim Commercial
Bank of Pakistan, both banks provide their bank statements at the end of each
month for reconciliation purpose.
So these are some works, which I have performed during my internship-
training programme in Sui Northern Gas Pipelines Limited (SNGPL). I observed that
I have gained some kind of practical experience through this organization, which
helps me in my near future.
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FINANCIAL STATEMENT ANALYSIS
Financial statement like as income tax statement and balance sheet provide
the more significant information about he provision of the business and the results of
its operation. The parties that are more interested to know the results and financial
operations of the companies are: -
i) Stock holder of the company.
ii) The management of the company.
iii) The creditor such as banks and other financial institution from those company
has borrowed short, medium or long term funds.
iv) Govt. agencies, such as income tax department.
v) Employees of the company.
vi) General public including students and researchers.
Generally, above mentioned parties are interested to know,
i) Solvency position of the company.
ii) Stability of the company.
iii) Profitability of the company.
Comparison and analysis can be made on a number of different basis. I have
analyzed the financial statement of the company by using the following methods.
1. Horizontal Analysis
2. Vertical Analysis
3. Ratio Analysis
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FINANCIAL STATEMENTSSUI NORTHERN GAS PIPELINES LTD
BALANCE SHEETAs at 30th June 2001
(Rupees in thousands)
LIABILITIES 2001 2000 1999
SHARE CAPITAL AND RESERVES
Authorized capital
Ordinary shares of Rs. 10 each 15,000,000 5,000,000 5,000,000
Issued, Subscribed and paid up capital 4,991,866 4,340,753 37,741,568
Reserves 1,758,682 1,921,795 1,961,867
Unappropriated profit 1,803 1,851 1,264
6,752,351 6,264,399 5,737,699NON-PARTICIPATORY REDEEMABLE
CAPITAL SECURED 2,211,682 2,898,603 2,395,092
DEFERRED CREDIT 3,820,602 3,194,350 2,783,107
LONG TERM & DEFERRED LIABILITIES
Long term loans Unsecured 9,365,083 6,755,368 9,895,717
Security deposits 3,040,623 1,670,921 1,338,108
Liabilities against assets subject to finance lease 54,967 124,592 404,797
Deferred Taxation 4,128,560 3,326,809 2,625,629Employee benefits 744,190 387,290 -
177,333,423 12,264,980 14,264,251
CURRENT LIABILITIES
Current portion of non-participatory
Redeemable capital-Secured 1,457,755 1,167,708 1,326,480
Current portion of long term loans-Unsecured 1,209,464 2,814,154 818,670
Current portion of liabilities against assetssubject to finance lease
69,625 284,200 401,014
Short term finances-Secured - 245,000 320,000Propose dividend 848,617 - -
Creditors, Accrued & other liabilities 9,533,703 10,598,222 11,939,108
13,119,164 15,111,284 14,805,272
CONTINGENCIES & COMMITMENTS - - -
43,237,222 39,733,616 39,985,421
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FINANCIAL STATEMENTSSUI NORTHERN GAS PIPELINES LTD
BALANCE SHEETAs at 30th June 2001
(Rupees in thousand)
ASSETS 2001 2000 1999
FIXED CAPITAL EXPENDITURE
Operating fixed assets 24,718,532 24,835,541 23,028,203
Assets subject to finance lease 224,600 907,950 1,375,100
Capital work-in progress 3,889,060 3,226,027 4,721,773
Advance for land 101,674 100,777 141,587
28,933,866 290,702,905 29,266,663
LONG TERM LOANS 181,510 195,512 212,917
LONG TERM DEPOSITS & PREPAYMENTS 15,760 10,159 15,734
LONG TERM INVESTMENTS 85,001 85,001 85,001
CURRENTS ASSETS
Stores and spares 647,083 567,373 654,853
Stock-in-trade 131,895 94,156 67,126
Trade debts 8,798,261 5,877,823 5,207,580
Loans, advances, deposits, prepayments& other receivables
1,220,833 2,013,396 3,192,980
Income tax recoverable 636,362 403,936 504,962
Cash and bank balance 2,586,601 1,515,965 777,605
14,021,085 10,372,649 10,405,106
43,237,222 39,733,616 39,985,425