FEROZSONS TANKS TERMINAL (PVT) LTD

ADJUSTED TRAIL BALANCE

AS ON 30 JUNE 2019
F.NO. PARTICULARS DEBIT
CAPITAL AND RESERVES
Share Capital
Accumulated Profit
-
NON CURRENT LIABILITIES
Director & Share Holder Loan A/c
Waheed Hafeez Ghee Ind (Pvt) Ltd.( Due to Asso Lo)
-
CURRENT LIABILITIES
Accrued Expenses
Creditors
A.S Engineering (Creditor)
Terminal One Ltd.
Bulk Oil Terminal
Universal Traders (M.S Steel)
Provision for Taxation
Current Turnover Tax
Other Liabilities
Saleem Moorad Loan A/c
MECHANICAL CONTRACTOR
CIVIL CONTRACTOR
Sales Tax Payable
Staff Income tax payable
Withholding Income Tax

NON CURRENT ASSETS

Accumulated Depreciation
Fixed Assets
Lease Hold Land Plot No. 50 2,100,000.00
Air Conditioner 58,150.00
Tank Equipment 18,530,475.00
Computer 38,315.00
Electrical Equipment 232,031.00
Pipe Line 7,279,738.00
Terminal Building 1,471,993.00
Weighbridge 771,267.00
Furniture & Fixture 258,220.00
Office Equipment 61,357.00
Motor Vehiecle 699,075.00
Hiace Van 1,533,679.00
Diesel Generator 3,381,265.00
Boiler 1,491,267.00
Pumps & Pumps Room 1,020,275.00
Trolly 83,000.00
Honda Motor cycle 50,490.00
K Electric Connection 7,011,304.00
46,071,901.00

Capital Work in Progress

Tank No-5 (Under Construction) 4,814,441.00
Longterm Deposit
Security Deposit 535,877.00
CURRENT ASSETS
Trade Debtors
WAHEED HAFEEZ GHEE IND (PVT) LTD (2,642,581.00)
KHADIJA EDIBLE OIL REFINERY (PVT) LTD (1,578,855.00)
FAHAD HAMMAD OIL & GHEE INDUSTRIES (PVT) L 1,342,005.00
LAL GHEE & OIL INDUSTRIES (PVT) LTD 706,734.00
MIRPUR OIL & GHEE INDUSTRIES (PVT) LTD 519,601.00
SHAHKARGANJ FOODS PRODUCTS (PVT) LTD 118,950.00
K K OIL & GHEE INDUSRIES (PVT) LTD 223,459.00
MALAKAND OIL & GHEE MILLS (PVT) LTD 169,224.00
MAQBOOL OIL INDUSTRIES 85,336.00
HAMEEDA INDUSTRIES (PVT) LTD 76,634.00
PUNJAB OIL PRODUCTS (PVT) LTD 56,164.00
FAHAD ENTERPRISES 178,856.00
ABDULLAH OIL INDUSTRIES (PVT) LTD 38,333.00
SWAT CORPORATION 24,865.00
AAYAN INDUSTRIES 21,463.00
FAROOQ OIL INDUSTIES 20,182.00
A.U.OLEO CHEMICALS (PVT) LTD 12,343.00
AA FOODS (PVT.) LTD. 551,605.00
SHAMIM GHEE INDUSTRIES (PRIVATE) LIMITED 21,209.00
AK OIL AND GHEE INDUSTRY (PVT.) LIMITED 657,706.00
AL REHMAN EDIBLE OIL INDUSTRIES PRIVATE LIM 1.00
HM EXTRACTION GHEE & OIL INDUSTRIES (PVT.) L (1.00)
WR EDIBLE OIL REFINERY -
KASHMIR OIL & GHEE MILLS (PRIVATE) LIMITED 1,281,518.00
BILOUR INDUSTRIES (PRIVATE) LIMITED 62,491.00
1,947,242.00
Advances,Prepayments and Other Receivables
Advance Income Tax 2,231,299.55
Income Tax - Refunable 591,725.00
Sales Tax - Refunable
Rashid Bhai - suspense 12,132.00
Staff Loan -
Khan Engineering Work 20,000.00
Zaheer Hafeez Terminal services Pvt. Ltd. 99,297,629.00
102,152,785.55
Bank and Cash Balances
MCB Current A/c Rawalpindi 5.00
Habib Bank AG Zurich 7,641.91
Cash in Hand 6,255.00
MCB Current A/c Karachi 1,265,158.71
Cash at Terminal 741.00
1,279,801.62
Income
Tanks Handling Income
Tanks Storage Income
Sales Tax Arrers Demand -
Sales Tax 2,249,077.00
2,249,077.00

Other Income
Income from Sell of LAND PLOT 72

Tank Handling Expenses

Salaries Allowance & Over Time. 5,738,460.00
E.O.B.I. Contribution 112,320.00
S.E.S.S.I. Contribution 88,752.00
Petrol, Diesel & Other Lubricants -
Terminal Maintenance 65,108.00
Water Bills - PQA 200,779.00
Entertainment Expenses 139,872.00
Printing & Posting 60,102.00
Depreciation 1,180,663.00
Conveyence & Cartage 84,000.00
Insurance 825,600.00
Electricity Bills 1,696,286.00
Surveyor Charges 416,351.00
Port Rent - PQA 1,945,804.00
12,554,097.00
Administrative and General Expenses
Telephone & Mobile Expense 71,813.00
Motor Car Running Expense 53,300.00
Professional Tax 25,100.00
Property Tax 37,008.00
Fees & Subscription 32,590.00
Depreciation 68,487.00
Office Maintenance 18,064.00
Electric Duty 1,900.00
Audit Fees -
Education Cess -

308,262.00

Other Charges
-

Financial Expenses
Bank Charges 11,111.05
11,111.05
Prior Years Adjustments
Prior Year Advance Income Tax adjustment (293,372.00)
(293,372.00)

Provision for Taxation

Current Turnover Tax 1,372,434.00

173,003,657.22

6.22
CREDIT

34,100,000.00 3
4,287,605.00
38,387,605.00 ok

1,972,000.00 4
50,392,564.00 5
52,364,564.00 ok

2,644,627.00

103,541.00 since 2007

2,685.00 since 2007
5,691.00 since 2007
1,750.00 since 2007

1,372,434.00

445,549.00 since 2007

14,872,230.00
9,874,069.00
-

-
29,322,576.00 6

33,379,151.00
33,379,151.00 7 ###

since 2015
since 2015
since 2007
since 2007
since 2007

since 2007
since 2008
since 2007
since 2008
since 2008

8
 since 2007

10

19,549,755.00
-

19,549,755.00 11 ###

12
 13

15

14

15

173,003,651.00
 FEROZSONS TANKS TERMINAL (PVT) LTD
ADJUSTED TRAIL BALANCE
AS ON 30 JUNE 2018
F.NO. PARTICULARS DEBIT CREDIT
CAPITAL AND RESERVES
Share Capital 34,100,000.00
Accumulated Loss 1,938,030.00
1,938,030.00 34,100,000.00
NON CURRENT LIABILITIES
Director & Share Holder Loan A/c 1,972,000.00
Waheed Hafeez Ghee Ind (Pvt) Ltd.( Due to Asso Lo) 42,092,564.00
- 44,064,564.00
CURRENT LIABILITIES
Accrued Expenses 2,145,130.00
Creditors
A.S Engineering (Creditor) 103,541.00
Terminal One Ltd. 2,685.00
Bulk Oil Terminal 5,691.00
Universal Traders (M.S Steel) 1,750.00
Provision for Taxation
Current Tax 2,711,390.00
Other Liabilities
Saleem Moorad Loan A/c 445,549.00
MECHANICAL CONTRACTOR 18,005,600.00
CIVIL CONTRACTOR 11,050,540.00
Staff Income tax payable -
Withholding Income Tax -
34,471,876.00
NON CURRENT ASSETS
Accumulated Depreciation 32,130,002.00
Fixed Assets
Land 2,100,000.00
Air Conditioner 58,150.00
Tank Equipment 18,530,475.00
Computer 38,315.00
Electrical Equipment 7,243,335.00
Pipe Line 7,279,738.00
Terminal Building 1,471,993.00
Weighbridge 771,267.00
Furniture & Fixture 258,220.00
Office Equipment 61,357.00
Motor Vehiecle 699,075.00
Hiace Van 1,533,679.00
Diesel Generator 3,381,265.00
Boiler 1,491,267.00
Pumps & Pumps Room 1,020,275.00
Trolly 83,000.00
Honda Motor cycle 50,490.00
46,071,901.00 32,130,002.00
Capital Work in Progress
FTT (Tank No-5 (Under Construction)) 4,814,441.00
4,814,441.00

Longterm Deposit
Security Deposit 535,877.00

CURRENT ASSETS
Trade Debtors
WAHEED HAFEEZ GHEE IND (PVT) LTD 996,163.00
KHADIJA EDIBLE OIL REFINERY (PVT) LTD (401,697.00)
FAHAD HAMMAD OIL & GHEE INDUSTRIES (PV 1,719,426.00
LAL GHEE & OIL INDUSTRIES (PVT) LTD 483,957.00
MIRPUR OIL & GHEE INDUSTRIES (PVT) LTD 383,611.00
SHAHKARGANJ FOODS PRODUCTS (PVT) LTD 118,950.00
K K OIL & GHEE INDUSRIES (PVT) LTD 223,459.00
MALAKAND OIL & GHEE MILLS (PVT) LTD 169,224.00
MAQBOOL OIL INDUSTRIES 85,336.00
HAMEEDA INDUSTRIES (PVT) LTD 76,634.00
PUNJAB OIL PRODUCTS (PVT) LTD 56,164.00
FAHAD ENTERPRISES 178,856.00
ABDULLAH OIL INDUSTRIES (PVT) LTD 38,333.00
SWAT CORPORATION 24,865.00
AAYAN INDUSTRIES 21,463.00
FAROOQ OIL INDUSTIES 20,182.00
A.U.OLEO CHEMICALS (PVT) LTD 12,343.00
AA FOODS (PVT.) LTD. 116,009.00
SHAMIM GHEE INDUSTRIES (PRIVATE) LIMIT 21,209.00
4,344,487.00
Advances,Prepayments and Other Receivables
Advance Income Tax 2,181,524.40
Income Tax - Refunable
Sales Tax - Refunable 1,008,134.00
Rashid Bhai - suspense 12,132.00
Staff Loan -
Khan Engineering Work 20,000.00
Zaheer Hafeez Terminal services Pvt. Ltd. 90,138,986.00
93,360,776.40
Bank and Cash Balances
MCB Current A/c Rawalpindi 5.00
Habib Bank AG Zurich 7,641.91
Cash in Hand 1,875.00
MCB Current A/c Karachi (83,014.09)
Cash at Terminal 57.00
(73,435.18)
Income
Tanks Handling Income 23,995,952.00
Sales Tax Arrers Demand 716,788.00 -
Sales Tax 2,760,590.00
3,477,378.00 23,995,952.00
Other Income
Income from Sell of PLOT 72 120,000.00

- 120,000.00

Tank Handling Expenses

Salaries Allowance & Over Time. 4,749,352
E.O.B.I. Contribution 161,392
S.E.S.S.I. Contribution 86,742
Petrol, Diesel & Other Lubricants -
Terminal Maintenance 59,885
Water Bills - PQA 208,885
Entertainment Expenses 171,424
Printing & Posting 45,240
Depreciation 1,321,980
Conveyence & Cartage 81,000
Insurance 1,848,791
Electricity Bills 2,214,036
Surveyor Charges 526,627
Port Rent - PQA -
11,475,354.07
Administrative and General Expenses
Telephone & Mobile Expense 59,989.00
Motor Car Running Expense 86,330.00
Professional Tax 25,100.00
Property Tax 37,008.00
Fees & Subscription 33,610.00
Depreciation 84,078.00
Office Maintenance 13,988.00
Electric Duty 1,830.00
Audit Fees 57,500.00
Education Cess 4,000.00

403,433.00
Financial Expenses
Bank Charges 13,368.75
13,368.75
Prior Years Adjustments
Prior Year Advance Income Tax adjustment (190,606.00)
(190,606.00)

Other Charges

Provision for Taxation

Current Tax 2,711,390.00

168,882,395.04 168,882,394.00
1.04
FEROZSONS TANKS TERMINAL (PRIVATE) LTD.
STATEMENT OF FINANCIAL POSITION
AS AT JUNE 30, 2019

2019 2018
Note Rupees Rupees

ASSETS

Non-current assets
Property, plant and equipments 4 17,507,191 18,756,341
Long term deposit 535,877 535,877
Total non-current assets 18,043,068 19,292,218

Current assets
Trade debts 5 6,168,678 4,746,184
Advances, prepayments and other receivables 6 2,855,157 3,221,790
Due from associated company 7 99,297,629 90,138,986
Bank & Cash balances 8 1,279,803 9,579
Total current assets 109,601,266 98,116,539

TOTAL ASSETS 127,644,334 117,408,757

EQUITY AND LIABILITIES

EQUITY
Share capital and reserves
Authorized capital
600,000 ordinary shares of Rs. 100 each 60,000,000 60,000,000

Issued, subscribed & paid-up capital 9 34,100,000 34,100,000

Revenue reserves 10 7,583,591 4,287,606
Total Equity 41,683,591 38,387,606

LIABILITIES
Non-current liabilities
Due to directors 11 1,972,000 1,972,000
Due to associated company 12 50,392,564 42,092,564
Total non-current liabilities 52,364,564 44,064,564

Current liabilities
Creditors, accrued expenses and other laibilities 13 32,247,178 32,162,183
Bank overdraft 83,014
Provision for taxation 14 1,349,000 2,711,390
Total current liabilities 33,596,178 34,956,587
TOTAL LIABILITIES 85,960,742 79,021,151
TOTAL EQUITY AND LIABILITIES 127,644,334 117,408,757

CONTINGENCIES & COMMITMENTS 15 - -

The annexed notes 1 to 22 form an integral part of these financial statements.

_____________________
Chief Executive Director
FEROZSONS TANKS TERMINAL (PRIVATE) LTD.
STATEMENT OF PROFIT AND LOSS
FOR THE YEAR ENDED JUNE 30, 2019

Restated
2019 2018
Note Rupees Rupees
Operating Revenue
Tank Handling Income 16 17,300,678 20,518,574
Storage Income - -
Net Revenue 17,300,678 20,518,574

Operating Expenses
Tank Handling 17 12,554,090 11,475,352
Administrative & general 18 383,863 403,433
12,937,953 11,878,785
Operating profit for the year 4,362,725 8,639,789

Financial charges 19 (11,111) (13,369)

Net profit for the year 4,351,614 8,626,420
Other charges -
Other income 120,000
Net profit before taxation 4,351,614 8,746,420
Taxation
Current (1,349,000) (2,711,390)
Prior year 293,372 190,606
(1,055,628) (2,520,784)
Net profit after taxation 3,295,986 6,225,636

The annexed notes 1 to 22 form an integral part of these financial statements.

______________________ _________________
Chief Executive Director
FEROZSONS TANKS TERMINAL (PRIVATE) LIMITED
CASH FLOW STATEMENT
FOR THE YEAR ENDED JUNE 30, 2019

2019 2018
Note Rupees Rupees
CASH FLOW FROM OPERATING ACITIVITIES

Profit before taxation 4,351,614 8,746,420

Adjustment for non cash items
Depreciation 1,249,150 1,406,058
Operating profit before working capital changes 5,600,764 10,152,478

Working capital changes

Creditor, accrued & other liabilities 84,995 25,710,263

Trade debtors (1,422,494) (1,801,486)
Advances, prepayments & other receivables 366,633 1,179,766
(970,866) 25,088,543
Net cash generated / (used in) operation 4,629,898 35,241,021
Taxes paid (2,418,018) (1,865,905)
Net cash flow from operating activities 2,211,880 33,375,116

CASH FLOW FROM INVESTING ACTIVITIES

Capital Work in Progress - 34,391,786

Sale of Lease hold land - 6,500,000
Longterm Deposit - Security Deposit - -
Net cash flow from investing activities - 40,891,786

CASH FLOW FROM FINANCING ACTIVITIES

Due to directors - -
Issuance of share capital - -
Bank overdraft (83,014) 83,014
Due from associated companies (9,158,643) (90,138,986)
Due to associated companies 8,300,000 15,400,000
Net cash flow from financing activities (941,657) (74,655,972)
Net cash (decrease)/increase in cash & bank balances 1,270,223 (389,070)
Cash & bank balances at the beginning of the year 9,581 398,651
Cash & bank balances at the end of the year 8 1,279,804 9,581

The annexed notes 1 to 22 form an integral part of these financial statements.

_____________ ________
Chief Executive Director
FEROZSONS TANKS TERMINAL (PRIVATE) LTD.
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED JUNE 30, 2019

Restated
2018 2019
Rupees Rupees

Profit for the year 3,295,986 6,225,636

Other comprehensive income:

Items that will not be subsequently reclassified in profit or loss: - -

Total comprehensive income for the year 3,295,986 6,225,636

Chief Executive Director

FEROZSONS TANKS TERMINAL (PRIVATE) LIMITED.
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED JUNE 30, 2019

Revenue
Reserve

Unappropriated Total
Share Capital Profit Shareholder
Equity

------------------------------Rupees ------------------------------

Balance as at July 01, 2017 34,100,000 (1,938,030) 32,161,970

Comprehensive income for the year

Profit for the year - 6,225,636 6,225,636

Total comprehensive income for the year 34,100,000 4,287,606 38,387,606

Transfer to general reserve - - -

Balance as at June 30, 2018 34,100,000 4,287,606 38,387,606

Balance as at July 01, 2018 34,100,000 4,287,606 38,387,606

Comprehensive income for the year

Profit for the year - 3,295,986 3,295,986

Total comprehensive income for the year 34,100,000 7,583,591 41,683,591

Transfer to general reserve - - -

Balance as at June 30, 2019 34,100,000 7,583,591 41,683,591

The annexed notes 1 to 22 form an integral part of these financial statements.

______________ ____________
Chief Executive Director
FEROZSONS TANKS TERMINAL (PRIVATE) LIMITED.
NOTES TO THE FINANCIAL STATEMENT
FOR THE YEAR ENDED JUNE 30, 2019

1 CORPORATE AND GENERAL INFORMATION

LEGAL STATUS AND OPERATIONS

The Company was incorporated in Pakistan on November 14, 1998 as a private limited company established
under the Companies Ordinance,1984. The present principal activity of the company is storage of edible, cooking
and soyabean oil in the terminal tanks installed at Port Qasim, Karachi.

2 STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with the accounting and reporting standards as
applicable in Pakistan. The accounting and reporting standards applicable in Pakistan comprise of:

International Financial Reporting Standard for Small and Medium Sized Entities (IFRS for SMEs) issued by the
- International Accounting Standards Board (IASB) as notified under the Companies Act, 2017; and

- Provisions of and directives issued under the Companies Act, 2017.

Where provisions of and directives issued under the Companies Act, 2017 differ from the IFRS for SMEs, the
provisions of and directives issued under the Companies Act, 2017 have been followed.

3 SIGNIFICANT ACCOUNTING POLICIES

3.1 Accounting convention

These accounts have been prepared under the historical cost convention

3.2 Staff retirement benefits

The company operates an unfunded gratuity scheme for which no provision is made to cover the obligations
under the scheme. Payments during the period are charged to income directly.

3.3 Operating fixed assets

Property, plant & equipment are stated at cost less accumulated depreciation.
Depreciation is charged to income applying the diminishing balance method. Full year’s depreciation is
charged on additions. while no depreciation is charged on items disposed off during the year.

Maintenance and normal repairs are charged to income as and when incurred. Major renewals and
improvements are capitalized. Gains and losses on disposal of property, plant & equipement, if any, are
included in income currently.

3.4 Capital work -in-progress (CWIP)

CWIP are stated at cost less accumulated impairment losses, if any. All expenditure in connection with
specific assets incurred during construction / installation period are caried to CWIP. These expenditure are
transferred to operating fixed assets as & when these are available for intended use.
FEROZSONS TANKS TERMINAL (PRIVATE) LIMITED.
NOTES TO THE FINANCIAL STATEMENT
FOR THE YEAR ENDED JUNE 30, 2019

3.5 Income Tax

Current tax is the expected tax payable on the taxable income for the year; calculated using rates enacted or
substantively enacted by the end of the reporting period. The calculation of current tax takes into account tax
credit and tax rebates, if any, and is inclusive of any adjustment to income tax payable or recoverable in
respect of previous years.

The company does not account for deferred taxation.

3.6 Revenue recognition

Income is recorded on accrual basis.

3.7 GENERAL

Prior year's figures have been re-arranged, wherever necessary, for the purpose of comparison.
Figures have been rounded off to the nearest rupees.

Restated
Note 2019 2018
Rupees Rupees
4 PROPERTY, PLANT & EQUIPMENT

Operating assets 4.1 12,692,750 13,941,900

Capital work-in-progress 4.2 4,814,441 4,814,441
17,507,191 18,756,341
FEROZSONS TANKS TERMINAL (PRIVATE) LIMITED.
NOTES TO THE FINANCIAL STATEMENT
FOR THE YEAR ENDED JUNE 30, 2019

Restated
2019 2018
Note Rupees Rupees
5 TRADE DEBTS

Considered good
Secured - -
Unsecured 6,168,678 4,746,184
6,168,678 4,746,184
Considered doubtful - -
6,168,678 4,746,184.00
Provision for impairment - -
6,168,678 4,746,184.00

2019 2018
Note Rupees Rupees
6 ADVANCES, PREPAYMENTS AND OTHER RECEIVABLES

Advances
-income tax 2,231,300 2,181,524
-income tax refundable 591,725
-Sales Tax - Refunable 1,008,134
staff advances - -
others 32,132 32,132
2,855,157 3,221,790
- -
2,855,157 3,221,790

2019 2018
Note Rupees Rupees

7 DUE FROM ASSOCIATED COMPANY

Zaheer Hafeez Terminal services Pvt. Ltd. 7.1 99,297,629 90,138,986.00

7.1 This amount is un-secured and non interest bearing

2019 2018
Note Rupees Rupees
8 BANK AND CASH BALANCES

Cash at Bank-current accounts 1,272,806 7,647

Cash in hand 6,997 1,932
1,279,803 9,579
FEROZSONS TANKS TERMINAL (PRIVATE) LIMITED.
NOTES TO THE FINANCIAL STATEMENT
FOR THE YEAR ENDED JUNE 30, 2019

Restated
2019 2018
Note Rupees Rupees
9 ISSUED, SUBSCRIBED AND PAID-UP CAPITAL

341,000 (2017: 341,000) ordinary shares of Rs. 100 each

fully paid in cash 34,100,000 34,100,000

2019 2018
Note Rupees Rupees
10 REVENUE RESERVES

Accumulated Profit/(Loss) 7,583,591 4,287,606

2019 2018
Note Rupees Rupees
11 DUE TO DIRECTORS

Unsecured and interest free 11.1 1,972,000 1,972,000

11.1 These are repayable at the discretion of management

2019 2018
Note Rupees Rupees
12 DUE TO ASSOCIATED COMPANY

Waheed Hafeez Ghee Industries (Pvt) Ltd 12.1 50,392,564 42,092,564

12.1 Unsecured, non intrest bearing

2019 2018
Note Rupees Rupees
13 CREDITORS, ACCRUED EXPENSES AND OTHER LIABILITIES

Creditors 113,667 515,364

Accrued expenses 2,720,227 2,145,130
Advances from Trade debtors 4,221,436
Other liabilities 25,191,848 29,501,689
- -

32,247,178 32,162,183
FEROZSONS TANKS TERMINAL (PRIVATE) LIMITED.
NOTES TO THE FINANCIAL STATEMENT
FOR THE YEAR ENDED JUNE 30, 2019

Restated
2019 2018
Note Rupees Rupees
14 PROVISION FOR TAXATION

Provision is charged @ 31% of profit. 1,349,000 2,711,390

15 CONTINGENCIES & COMMITMENTS

There are no contingencies and commitments as at June 30,2018.

2019 2018
Note Rupees Rupees
16 TANK HANDLING AND STORAGE INCOME

Tank Handling 19,549,755 23,995,952

Storage - -
19,549,755 23,995,952
Less: Sales Tax (2,249,077) (3,477,378)
17,300,678 20,518,574

2019 2018
Note Rupees Rupees
17 TANK HANDLING EXPENSES

Salaries & wages 5,738,460 4,749,352

E.O.B.I. 112,320 161,392
S.E.S.S.I. 88,752 86,742
Furnace oil & diesel -
Surveyor charges 416,351 526,627
Terminal maintenance 65,108 59,885
Entertainment 139,865 171,422
Printing & Stationery 60,102 45,240
Conveyance 84,000 81,000
Water Bills - PQA 200,779 208,885
Insurance 825,600 1,848,791
Rent 1,945,804 -
Electricity Bills 1,696,286 2,214,036
Depreciation 4.3 1,180,663 1,321,980
12,554,090 11,475,352
FEROZSONS TANKS TERMINAL (PRIVATE) LIMITED.
NOTES TO THE FINANCIAL STATEMENT
FOR THE YEAR ENDED JUNE 30, 2019

Restated
2019 2018
Note Rupees Rupees
18 ADMINISTRATIVE AND GENERAL EXPENSES

Telephone 71,813 59,989

Motor car running 53,300 86,330
Legal and professional 32,590 33,610
Electricity Duty 1,900 1,830
Professional tax 25,101 25,100
Audit fee 75,600 57,500
Property Tax - Current year 37,008 37,008
Property Tax - Prior years - -
Depreciation 4.3 68,487 84,078
Office Maintenance 18,064 13,988
Education cess 4,000
383,863 403,433

2019 2018
Note Rupees Rupees
19 FINANCIAL EXPENSES

Bank charges and commission 11,111 (13,369)

11,111 (13,369)

2019 2018
Note Rupees Rupees
20 OTHER CHARGES

PQA Industrial Management Department -

- -

21 NUMBER OF EMPLOYEES

At June 30, 2018 the company has 21 (2017 :12) permanent employees.

22 DATE OF AUTHORIZATION FOR ISSUE

The financial statements were approved and authorized for issue on ________________________by the board of directors

Chief Executive Director

FEROZSONS TANKS TERMINAL (PRIVATE) LIMITED.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED JUNE 30, 2019

4.1 Property & equipment

Leasehold Air Conditioner Terminal tank Computer Electrical O.P.V. Terminal Weigh bridge Furniture Office Motor Diesel Fire tube Pumps and Trolly Motor Total
Land equipments equipments pipeline building and fixtures equipment vehicle generator boiler pump room cycle

----------------------------------------------------------------------------------------------------------------------------- Rupees -----------------------------------------------------------------------------------------------------------------

Net carrying value basis
year ended June 30, 2019
Opening net book value (NBV) 2,100,000 19,183 3,675,252 1,754 5,154,964 1,348,950 272,763 142,917 83,666 14,111 276,986 364,765 276,335 188,829 17,087 4,338 13,941,900
Addition (At cost) - - - - - - - - - - - - - - - - -
Disposal - - - - - - - - - - - - - - - -
Depreciation charge - (1,918) (367,525) (526) (515,496) (134,895) (27,276) (14,292) (8,367) (1,411) (55,397) (72,953) (27,634) (18,883) (1,709) (868) (1,249,150)
Closing net book value 2,100,000 17,265 3,307,727 1,228 4,639,468 1,214,055 245,487 128,625 75,299 12,700 221,589 291,812 248,701 169,946 15,378 3,470 12,692,750

Gross carrying value basis

as at June 30, 2019
Cost 2,100,000 58,150 18,530,475 38,315 7,243,335 7,279,738 1,471,993 771,267 258,220 61,357 2,232,754 3,381,265 1,491,267 1,020,275 83,000 50,490 46,071,901
Accumulated depreciation - (40,885) (15,222,748) (37,087) (2,603,867) (6,065,683) (1,226,506) (642,642) (182,921) (48,657) (2,011,165) (3,089,453) (1,242,566) (850,329) (67,622) (47,020) (33,379,151)
Net book value 2,100,000 17,265 3,307,727 1,228 4,639,468 1,214,055 245,487 128,625 75,299 12,700 221,589 291,812 248,701 169,946 15,378 3,470 12,692,750

Net carrying value basis

year ended June 30, 2018
Opening net book value (NBV) 8,600,000 21,315 4,083,613 2,506 5,727,738 1,498,833 303,070 158,797 92,962 15,679 346,232 455,956 307,039 209,810 18,986 5,422 21,847,958
Addition (At cost) - - - - - - - - - - - - - - - - -
Disposal (6,500,000) - - - - - - - - - - - - - - - (6,500,000)
Depreciation charge - (2,132) (408,361) (752) (572,774) (149,883) (30,307) (15,880) (9,296) (1,568) (69,246) (91,191) (30,704) (20,981) (1,899) (1,084) (1,406,058)
Closing net book value 2,100,000 19,183 3,675,252 1,754 5,154,964 1,348,950 272,763 142,917 83,666 14,111 276,986 364,765 276,335 188,829 17,087 4,338 13,941,900

Gross carrying value basis

as at June 30, 2018
Cost 2,100,000 58,150 18,530,475 38,315 7,243,335 7,279,738 1,471,993 771,267 258,220 61,357 2,232,754 3,381,265 1,491,267 1,020,275 83,000 50,490 46,071,901
Accumulated depreciation - (38,967) (14,855,223) (36,561) (2,088,371) (5,930,788) (1,199,230) (628,350) (174,554) (47,246) (1,955,768) (3,016,500) (1,214,932) (831,446) (65,913) (46,152) (32,130,001)
Net book value 2,100,000 19,183 3,675,252 1,754 5,154,964 1,348,950 272,763 142,917 83,666 14,111 276,986 364,765 276,335 188,829 17,087 4,338 13,941,900

Depreciation rate P.A. (%) 10 10 10 30 10 10 10 10 10 10 20 20 10 10 10 20

2019 2018
Note Rupees Rupees
4.2 Capital work in progress

Construction of storage tank at Port Qasim Terminal 4,814,441 4,814,441

4,814,441 4,814,441

2019 2018
Note Rupees Rupees
4.3 Depreciation has been allocated as follows:

Tank handling 17 1,180,663 1,321,980

Administration 18 68,487 84,078
1,249,150 1,406,058