Refinery: BOSICOR PAKISTAN LIMITED - Nine Months Ended 31-3-2005

The company was incorporated as a public limited company in the province of Sindh on January 09, 1995 having its registered and corporate offices located in Business Plaza Mumtaz Hassan Road Karachi. The principal business of the company is refining and selling of the petroleum products. Its plant is located at Mouza Kund Sub Tehsil Gadani, Lasbella, Balochistan.
The company started commercial operations from July 01, 2004. This crude oil refinery is located 60 km West of Karachi. Its line of business include chemicals, including petroleum and petrochemicals and energy, LPG, HOBC, Motor Sperils, Naptha, Kerosene, Aviation fuels etc.
The authorised capital of the company is Rs 3,600 million and paid-up capital is Rs 2.451 million and it has issued TFC for Rs 750 million.
PSO is the largest oil marketing company of the country has added another supply source Bosicor Refinery and started lifting its 100 percent production. Bosicor Pakistan has entered into agreement with Siemens Pakistan to implement the state of the art SAP R/3 solution. This Enterprise Resource Planning Solution (ERP) will be Bosicor's financials, plant maintenance, material management and human resource management systems.
The affiliates of the company are Premier Agglo, Premier Shipping, Premier Systems, Premier Logistics and Tudor Pakistan.
During the period under review, the company generated net sales at Rs 7,152.60 million and gross profit at Rs 321.6 million. Gross margin works out to 4.5% of net sales and net profit at 1.51% of net sales.
This shows encouraging operating result considering its short period of operation. These performances may not be comparable to other refineries in the country but being profitable in the very first nine months of operations the performance can be termed creditable. Other refineries do have many advantages viz. Lower depreciation, very little financial charges, no additional costs of jetty charges, storage and transportation of crude oil.
Bosicor is negotiating with Asia Petroleum Limited and Pakistan State Oil Company to lay down pipe line for transportation of petroleum products.

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Performance Statistics                (Million Rupees)

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Balance sheet                                  -As At-

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                                 March 31      June 30

                                     2005         2004

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Share Capital-Paid-up:           2,450.65     1,750.47

Unappropriated Profit:             107.78            -

Shareholders Equity:             2,558.43     1,750.47

Loan from Sponsors & Associated

Undertakings-Interest Free:         77.05       600.09

Other L.T. Debts:                  833.41       817.40

Deferred Taxation:                  39.82            -

Current Liabilities:             3,163.51     1,995.46

Tangible Fixed Assets:           3,357.17     3,148.34

L.T. Deposits & Deferred Cost:      98.20        13.88

Current Assets:                  3,216.85     2,001.20

Total Assets:                    6,672.22     5,163.42

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Profit & Loss For the Nine Months Ended

March 31                                          2005

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Sales-Net:                       7,152.60            -

Gross Profit:                      321.26            -

Operating Profit:                  257.69            -

Other Income:                        2.32            -

Financial & Other (Charges):      (76.65)            -

Profit Before Taxation:            183.36            -

Profit After Taxation:             107.78            -

Earnings Per Share (Rs):             0.48            -

Share Price (Rs) on 6-6-2005:       12.95            -

Price/Earning Ratio:                26.98            -

Book Value of Share (Rs):           10.43            -

Debt/Equity Ratio:                  24:76            -

Current Ratio:                       1.02            -

Gross Profit Margin (%):             4.49            -

Net Profit Margin (%):               1.51            -

R.O.A. (%):                          1.61            -

R.O.E. (%):                          4.21            -

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