Analysis of Different Sectors of Economy

Subject: Analysis of Financial Statement
ASSIGNMENT NO 1
GROUP MEMBERS:
SANA QAZI
081-51311024
TAHREEM JAMIL 081-51311022

SIDDIQA AJMAL 081-51311001
MBA II (2 YEARS)
INSTRUCTOR: Sir Burhan Shah
Quaid-i-Azam University
Quaid-i-Azam School of Management Sciences
Table of Contents
Mari gas...........................................................................................................................................7
year...................................................................................................................................................7
Audit firm.........................................................................................................................................7
Qualification....................................................................................................................................7
2013..................................................................................................................................................7
qualified...........................................................................................................................................7
2012..................................................................................................................................................7
unqualified.......................................................................................................................................7
2011..................................................................................................................................................7
unqualified.......................................................................................................................................7
2010..................................................................................................................................................7
unqualified.......................................................................................................................................7
2009..................................................................................................................................................7
unqualified.......................................................................................................................................7
Pso ...................................................................................................................................................7
2013..................................................................................................................................................7
M. Yousuf Adil Saleem & Co. & ..................................................................................................7
KPMG Taseer Hadi & Co................................................................................................................7
unqualified.......................................................................................................................................7
2012..................................................................................................................................................7
unqualified.......................................................................................................................................7
2011..................................................................................................................................................7
unqualified.......................................................................................................................................7
2010..................................................................................................................................................7

unqualified.......................................................................................................................................7
2009..................................................................................................................................................7
A F. Ferguson & Co. & ..................................................................................................................7
unqualified.......................................................................................................................................7
Ogdcl ...............................................................................................................................................7
2013..................................................................................................................................................7
KPMG Taseer Hadi & Co. & Yousuf Adil Saleem & Co..............................................................7
2012..................................................................................................................................................7
2011..................................................................................................................................................7
2010..................................................................................................................................................7
2009..................................................................................................................................................7
Attock petroleoum...........................................................................................................................7
2013..................................................................................................................................................7
A.F. Ferguson & Co.&
M. Imtiaz Aslam & Co....................................................................................................................7
unqualified.......................................................................................................................................7
2012..................................................................................................................................................7
unqualified.......................................................................................................................................7
2011..................................................................................................................................................7
unqualified.......................................................................................................................................7
2010..................................................................................................................................................7
unqualified.......................................................................................................................................7
2009..................................................................................................................................................7
unqualified.......................................................................................................................................7
Shell ................................................................................................................................................7
2013..................................................................................................................................................7
qualified...........................................................................................................................................7
2012..................................................................................................................................................7
qualified...........................................................................................................................................7
2010..................................................................................................................................................7
qualified...........................................................................................................................................7
2009..................................................................................................................................................7
qualified...........................................................................................................................................7
2008..................................................................................................................................................7
Analysis of Auditors Report...........................................................................................................9
Industry: Oil and Gas.......................................................................................................................9
Company: Mari Petroleum Company Limited................................................................................9
Year 2013................................................................................................................................. 9
Year 2012............................................................................................................................... 10
Year 2011............................................................................................................................... 10
Year 2010............................................................................................................................... 10
Year 2009............................................................................................................................... 11
Company: PSO (Pakistan State Oil)..............................................................................................11

Year 2013............................................................................................................................... 11
Year 2012............................................................................................................................... 12
Year 2011............................................................................................................................... 13
Year 2010............................................................................................................................... 14
Year 2009............................................................................................................................... 15
Company: OGDCL (Oil and Gas Development Company Limited).............................................15

Year 2013............................................................................................................................... 16
Year 2011............................................................................................................................... 16
Year 2009............................................................................................................................... 17
Company: Attock Petroleum Limited............................................................................................19

Year 2013............................................................................................................................... 19
Year 2012............................................................................................................................... 19
Year 2011............................................................................................................................... 19
Year 2010............................................................................................................................... 20
Year 2009............................................................................................................................... 20
SHELL PAKISTAN......................................................................................................................21
ANALYSIS OF AUDITORS' REPORT TO THE MEMBERS 2012...........................................21
Year 2013............................................................................................................................... 21
Year 2012............................................................................................................................... 21
Year 2010............................................................................................................................... 22
Year 2009............................................................................................................................... 22
Year 2008............................................................................................................................... 23
Mari gas
year
2013
2012
2011
2010
2009
Audit firm
2013
M. Yousuf Adil Saleem & Co. &

KPMG Taseer Hadi & Co.
A F. Ferguson & Co. &
Qualification
qualified
unqualified
unqualified
unqualified
unqualified
Pso
2012
2011
2010
2009
unqualified
unqualified
unqualified
unqualified
unqualified
Ogdcl
2013
2012
2011
2010
2009
KPMG Taseer Hadi & Co. &

Yousuf Adil Saleem & Co.
unqualified
unqualified
unqualified
unqualified
unqualified
Attock petroleoum
2013
2012
2011
2010
2009

M. Imtiaz Aslam & Co.
M. Imtiaz Aslam & Co
unqualified
unqualified
unqualified
unqualified
unqualified
Shell
2013
2012
2010
2009
2008

qualified
qualified
qualified
qualified
Analysis of Auditors Report

Industry: Oil and Gas
Company: Mari Petroleum Company Limited
Year 2013
Auditor: Chartered Accountants
Engagement Partner
Sohail M. Khan
Islamabad
Date: September 10, 2013
Analysis:
In the opinion of auditor the balance sheet, profit and loss account, statement of comprehensive
income, cash flow statement and statement of changes in equity together with the notes forming
part thereof conform with approved accounting standards as applicable in Pakistan and give the
information required by the Companies Ordinance, 1984. Furthermore these financials also give
a true and fair view of the state of the Companys affairs as at 30 June 2010 and of the profit. In
our opinion, Zakat deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of
1980), was deducted by the Company.
This is a qualified auditor report having an except for statement that as explained in note
11.3 to the nancial statements, the Oil and Gas Regulatory Authority (Price Determining
Authority) has not yet conrmed the adjustment required under the Mari Gas Well Head Price
Agreement in the revenue generated through the gas price xed for the year ended June 30, 2013.
According to the report regardless of the effect of above except for statement, the balance
sheet, prot and loss account, statement of comprehensive income, cash ow statement and
statement of changes in equity together with the notes forming part thereof conform with the
approved accounting standards as applicable in Pakistan.
Year 2012
Engagement Partner
Sohail M. Khan
Islamabad
Analysis:
The first paragraph of this report tells us about the areas of the financial statements that were
considered for auditing. It tells that balance sheet of Mari Gas Company Limited as at June 30,
2012 and the related profit and loss account, statement of comprehensive income, cash flow
statement and statement of changes in equity together with the notes were audited in this report.
The second paragraph indicates that all the financial statements are prepared according to the
approved accounting standards and the requirements of the Companies Ordinance, 1984.
The third paragraph gives the auditor's opinion on the financial statements of the company being
audited. This is simply an opinion, not a guarantee of accuracy. Based on the auditors opinion
we can analyze that it is an unqualified auditor report.
The financial statements of Mari Gas Company Limited for the year ended June 30, 2011 were
audited by another auditor who expressed an unmodified opinion on those statements on
September 26, 2011.
Year 2011
Engagement Partner
Mohammad Saleem
Islamabad
Analysis:
This is an unqualified audit report which states that in our opinion, the balance sheet, prot
and loss account, statement of comprehensive income, cash ow statement and statement of
changes in equity together with the notes forming part thereof conform to the Companies
Ordinance, 1984. In Our opinion, the expenditure incurred during the year was for the purpose
of the Companys business. In Our opinion, Zakat deductible at source under the Zakat and
Ushr Ordinance, 1980 (XVIII of 1980), was deducted by the Company and deposited in the
Central Zakat Fund established under section 7 of that Ordinance.
Year 2010
Audit Engagement Partner
Mohammad Saleem
Islamabad
Analysis:
It is analyzed that it is an unqualified audit report. According to the auditors opinion, the
balance sheet, prot and loss account, statement of comprehensive income, cash ow statement
and statement of changes in equity together with the notes forming part thereof conform to the
Companies Ordinance, 1984. It also give a true and fair view of the state of the Companys affair
as at of June 30, 2010.According to the auditors opinion the expenditure incurred during the
year was for the purpose of the Companys business and Zakat deductible at source under the
Zakat and Ushr Ordinance, 1980 (XVIII of 1980), was deducted by the Company and deposited
in the Central Zakat Fund established under section 7 of that Ordinance.
Year 2009
Audit Engagement Partner
Mohammad Saleem
Islamabad
Analysis:
This is an unqualified audit report which states that in our opinion, the balance sheet, prot
and loss account, statement of comprehensive income, cash ow statement and statement of
changes in equity together with the notes forming part thereof conform to the Companies
Ordinance, 1984, in the manner so required and respectively give a true and fair view of the state
of the Companys affairs as at June 30, 2009 and of the profit, its cash flows and changes in
equity for the year then ended. In Our opinion, the expenditure incurred during the year was for
the purpose of the Companys business. In Our opinion, Zakat deductible at source under the
Zakat and Ushr Ordinance, 1980 (XVIII of 1980), was deducted by the Company and deposited
in the Central Zakat Fund established under section 7 of that Ordinance.
Company: PSO (Pakistan State Oil)

Year 2013
Auditors:M. Yousuf Adil Saleem & Co.
Chartered Accountants
Nadeem Yousuf Adil

Amyn Pirani
Karachi: August 28, 2013
Analysis:
In the opinion of the auditors companys Profit and Loss A/C, Balance Sheet and Notes forming
part thereof give a true and fair view of the state of the companys affairs for the FY ended June
2013 and furthermore these documents are in accordance with the laws and regulations laid
down by the Companies Ordinance 1984 and other accounting laws and regulations applicable in
Pakistan.
By analyzing the auditor report we can say that it is an unqualified auditor report. There are
few points highlighted in the report but on the basis of those points this report is not become
qualified. Those points are:
Notes 15.1 to 15.4 to the financial statements. The company considers the aggregate
amount of Rs. 9,456.66 million due from Govt. of Pakistan respectively as good debts for
reasons given in the notes.
Note 25.1.1 to the financial statements regarding non- accrual of mark-up on delayed
payments for reasons given in the aforementioned note.
Note 25.1.2 to the financial statements regarding tax implication of Rs. 958 million on
the company for the assessments years 1996-97 and 1997-98 for which the case is
pending in the Supreme Court of Pakistan.
Year 2012
Auditors: M. Yousuf Adil Saleem & Co.
Mushtaq Ali Hirani
Amyn Pirani
Analysis:
By analyzing the auditor report it can be concluded that it is an unqualified auditor report.
In auditors opinion the balance sheet, profit and loss account, statement of comprehensive
income, cash flow statement and statement of changes in equity together with the notes forming
part thereof conform with approved accounting standards as applicable in Pakistan and give the
information required by the Companies Ordinance, 1984.
There are few points highlighted in the report but on the basis of those points this report is not
become qualified. Those points are:
Notes 12.2, 12.3 15.1 to 15.4 to the financial statements. The company considers the
aggregate amount of Rs. 56,277 million and Rs. 9,669 million due from certain power
generation companies and the Government of Pakistan respectively as good debts for
reasons given in the notes.
Note 25.1.1 to the financial statements regarding non- accrual of mark-up on delayed
payments for reasons given in the aforementioned note.
the company for the assessments years 1996-97 and 1997-98 for which the case is
pending in the Supreme Court of Pakistan.
Year 2011
Mushtaq Ali Hirani
Amyn Pirani
Analysis:
This is an unqualified audit report. In their opinion, proper books of account, the balance sheet
and profit and loss account, cash flow statement and statement of changes in equity together with
the notes forming part thereon have been drawn up in conformity with the Companies
Ordinance, 1984 and also conform with approved accounting standards as applicable in Pakistan.
Furthermore these financial statements give a true and fair view of the state of the Company's
affairs as at 30 June 2011 and of the profit, total comprehensive income, cash flows and changes
in equity for the year then ended.
However the auditors have drawn attention on few notes but due to these points the auditors
opinion is not become qualified.
Notes 15.1 to 15.4 to the financial statements. The Company considers the aggregate
amount of Rs. 14,553 million due from the Government of Pakistan as good debts for the
reasons given in the aforementioned notes. The ultimate outcome of the matters cannot
presently be determined
Note 25.1.1 to the financial statements. The Company has not accrued mark-up on
delayed payments for reasons given in the aforementioned note. The ultimate outcome of
the matter cannot presently be determined
the Company for the assessment years 1996-97 and 1997-98. The ultimate outcome of the
matter cannot presently be determined
Year 2010
Mushtaq Ali Hirani
Mohammad Mahmood Hussain
Analysis:
This is an unqualified audit report which states that in our opinion, the balance sheet, profit
and loss account, statement of comprehensive income, cash flow statement and statement of
changes in equity together with the notes forming part thereof conform with approved
accounting standards as applicable in Pakistan and give the information required by the
Companies Ordinance, 1984. Furthermore these financials also give a true and fair view of the
state of the Companys affairs as at 30 June 2010 and of the profit. In our opinion, no Zakat was
deductible at source under the Zakat and Ushr Ordinance, 1980 (XVIII of 1980).
Few points on which the auditors draw attention are:
Note 12.2 to the financial statements. The Company considers the overdue balance of Rs.
22,676 million from certain power generation companies as good debts for the reasons
given in the aforementioned note. Accordingly, no provision for impairment has been
made there against in the financial statements. The ultimate outcome of the matter cannot
presently be determined.
Notes 15.1, 15.2 and 15.5 to the financial statements. The Company considers the
aggregate amount of Rs. 7,419 million due from the Government of Pakistan as good
debts for the reasons given in the aforementioned notes. The ultimate outcome of the
matters cannot presently be determined.
Note 25.1.2 to the financial statements. The High Court of Sindh decided the pending
appeals of the Income Tax Department for assessment years 1996-97 and 1997-98 against
the Company, resulting in a tax liability of Rs. 958 million on the Company. The
Company filed a petition for leave to appeal with the Supreme Court of Pakistan against
the aforementioned decision, which was granted by the Supreme Court of Pakistan and
suspended the operation of the impugned judgment of the High Court of Sindh. The
ultimate outcome of the matter cannot presently be determined and no provision for the
liability has been made in the financial statements.
Year 2009
Auditor: A F. Ferguson & Co.
Engagement Partner: Imtiaz A. H. Laliwala
Engagement Partner: Mohammad Mahmood Hussain
Analysis:
This is an unqualified audit report. In the opinion of auditors, companys Profit and Loss A/C,
Balance Sheet and Notes forming part thereof give a true and fair view of the state of the
companys affairs for the FY ended June 2009 and furthermore these documents are in
accordance with the laws and regulations laid down by the Companies Ordinance 1984 and other
accounting laws and regulations applicable in Pakistan. Furthermore in the auditors opinion,
Zakat was deducted at source under the Zakat and Usher Ordinance, 1980 (XVIII of 1980).
However the auditors have drawn attention on the following notes without qualifying report.
Note 12.2 to the financial statements. The Company considers the overdue balance of Rs.
8,766 million from a generation company as good debts for the reasons given in the
aforementioned note. Accordingly, no provision for impairment has been made there
against in the financial statements. The ultimate outcome of the matter cannot presently
be determined.
Notes 14.1, 14.2 and 14.4 to the financial statements. The company considers the
aggregate amount of Rs. 5,415 million due from Government of Pakistan as good debts
for reasons given in the notes.
Note 24.1.2 to the financial statements. The High Court of Sindh decided the pending
appeals of the Income Tax Department for assessment years 1996-97 and 1997-98 against
the Company, resulting in a tax liability of Rs. 958 million on the Company. The
Company filed a petition for leave to appeal with the Supreme Court of Pakistan against
the aforementioned decision, which was granted by the Supreme Court of Pakistan
through its order dated March 7, 2007. Through this order the Supreme Court of Pakistan
also suspended the operation of the impugned judgment of the High Court of Sindh. The
ultimate outcome of the matter cannot presently be determined and no provision for the
liability has been made in the financial statements.
Company: OGDCL (Oil and Gas Development Company Limited)
Year 2013
Auditor: KPMG Taseer Hadi &Co.
Analysis:
In their opinion companys Profit and Loss A/C, Balance Sheet and Notes forming part thereof
give a true and fair view of the state of the companys affairs for the FY ended June 2013 and
furthermore these documents are in accordance with the laws and regulations laid down by the
Companies Ordinance 1984 and other accounting laws and regulations applicable in Pakistan.
However the auditors have drawn attention to Note 19.1 to the Financial statements wherein it is
stated that company has paid Rs.3180 million to FBR under protest on account of sales tax
demand raised in respect of capacity invoices from Uch Gas Field for the period from July 2004
to March 2011. The Supreme Court of Pakistan has finally decided the issue against the company
on 15 April 2013. The FBR has granted time relaxation to the company for issuance of Debit
note amounting to Rs.750 million which has been challenged by the consumer of gas. The
company based on its legal counsel advice, believes that relaxation for issuance of debit note for
the remainder amount shall also be granted and the matter will be decided in favor of the
company and the burden of sales tax will be passed on to the consumer.
Year 2012

Analysis:
stated that trade debts include an amount of Rs.92, 878 million receivable from oil refineries and
gas companies and they have also drawn attention to Note 16.3 to the Financial statements
wherein it is stated that long term receivable amounting to Rs.606.937 million has not been paid
by KESC Limited in accordance with settlement plan though recovery of these debts have been
slow due to circular debt issue the company considers the amount as fully recoverable.
Year 2011
Analysis:
gas companies and they have also drawn attention to Note 16.2 to the Financial statements
wherein it is stated that long term receivable has not been paid by KESC Limited in accordance
with settlement plan though recovery of these debts have been slow due to circular debt issue the
company considers the amount as fully recoverable.
Year 2010

Analysis:
gas companies though recovery of these debts have been slow due to circular debt issue the
company considers the amount as fully recoverable.
Year 2009
Analysis:
The comparative figures in the financial statements include balances of Pirkoh Gas Company
(Pvt) Ltd formerly wholly owned subsidiary of the company which were audited by M/s KPMG
Taseer Hadi and Co. Chartered Accountants as sole auditors whose report dated 19 Aug 2008
expresses an unqualified opinion.
Company: Attock Petroleum Limited

Year 2013
Auditor: A.F. Ferguson & Co.
Analysis:
In this report companys Profit and Loss A/C, Balance Sheet and Notes forming part thereof give
a true and fair view of the state of the companys affairs and furthermore these documents are in
accounting laws and regulations applicable in Pakistan
Year 2012
Analysis:
In this report companys Profit and Loss A/C, Balance Sheet and Notes forming part thereof give
a true and fair view of the state of the companys affairs and furthermore these documents are in
accounting laws and regulations applicable in Pakistan
Year 2011
Analysis:
This is an unqualified report.
Year 2010
Analysis:
This is a qualified report with statement expect for the changes as stated in note 3.1 with which
they concur.
Year 2009
Analysis:
This is an unqualified report.
.
SHELL PAKISTAN
ANALYSIS OF AUDITORS' REPORT TO THE MEMBERS 2012
Year 2013
This is a qualified report with statement expect for the changes as stated in note 3.1 with which
they concur. The balance sheet and statement of comprehensive income together with the notes
thereon have been drawn up in conformity with the Companies Ordinance, 1984, and are in
agreement with the books of accounts and are further in accordance with accounting policies
consistently applied except for changes as stated in note 2.1.4 (a) to the financial statements with
which we concur
Year 2012
Analysis:
My analysis on these statements based on our audit report by A. F. Ferguson & Co. Chartered
Accountants belong to Karachi, Date: March 19, 2013 with engagement Partner: Imtiaz A. H.
Laliwala is that audit report belongs to balance sheet, statement of income, statement of changes
in equity and statement of cash flows together with the of Shell Pakistan Limited as at December
31, 2012. This audit includes assessing the accounting policies and significant estimates made
by management and they report that:
proper books of accounts have been kept by the Company as required and the expenditure
incurred during the year was for the purpose of the Company's business; and the business
conducted, investments made and the expenditure incurred during the year were in
accordance with the objects of the Company
all the financial statement give a true and fair view of the state of the Company's affairs
as at December 31, 2012 and of the total comprehensive loss, changes in equity and its
cash flows for the year
The Company has recognized deferred tax asset on unutilized tax losses. The reliability of this
asset is dependent on the underlying assumptions and business drivers materializing as projected.
The Company considers the amount due from the Government of Pakistan in respect of
petroleum development levy and price differential on imported purchases and high speed diesel,
respectively, as current assets. The Company considers this aggregate amount receivable from
the Government of Pakistan in respect of price differential on imported motor gasoline as a good
debt for reasons given in the note hence the ultimate outcome of the matter cannot presently be
determined.
Year 2010
In this report the auditor said that, proper books of account have been kept by the Company as
required by the Companies Ordinance, 1984, and all financial statement are in agreement with
the books of account in accordance with accounting policies consistently applied
The expected timing of the recoverability of these receivables and its consequential impact on
their classification in the balance sheet cannot presently be determined. The reliability of this
Year 2009
Sohail Hasan.
Analysis:
My analysis is based on audit report by A. F. Ferguson & Co. Chartered Accountants belong to
Karachi, Date: March 16, 201 with engagement Partner: Sohail Hasan. The report is about
balance sheet of Shell Pakistan Limited as at December 31, 2010 and the related profit and loss
account, statement of changes in equity and statement of cash flows together with the notes
necessary for the purposes of our audit.
Without qualifying the Note 16.4, 16.1 and 16.2 to the financial statements says that the
Company considers the aggregate amount, receivable from the Government of Pakistan. The
expected timing of the recoverability of these receivables and its consequential impact on their
classification in the balance sheet cannot presently be determined. The reliability of this asset is
dependent on the underlying assumptions and business drivers materializing as projected.
Year 2008
Analysis
The expected timing of the recoverability of these receivables and its consequential impact on
their classification in the balance sheet cannot presently be determined. The reliability of this

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Subject: Analysis of Financial Statement

TAHREEM JAMIL 081-51311022

M. Yousuf Adil Saleem & Co. & ..................................................................................................7

Company: PSO (Pakistan State Oil)..............................................................................................11

Company: OGDCL (Oil and Gas Development Company Limited).............................................15

Company: Attock Petroleum Limited............................................................................................19

M. Yousuf Adil Saleem & Co. &

KPMG Taseer Hadi & Co. &

A.F. Ferguson & Co.&

A.F. Ferguson & Co.&

Analysis of Auditors Report

Company: PSO (Pakistan State Oil)

KPMG Taseer Hadi & Co.

Company: OGDCL (Oil and Gas Development Company Limited)

Auditor: KPMG Taseer Hadi &Co.

Auditor: KPMG Taseer Hadi &Co.

Company: Attock Petroleum Limited

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