equifax report on engro pakistan

8/3/2019 Equifax Report on ENGRO Pakistan

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CO NAME : ENGRO CHEMICAL PAKISTAN LTD

ADDRESS :

Building : PNSC Building, 7th

& 8 the Floors

Street : Moulvi Tamizuddin Khan Road

PO Box : 5736Town : KarachiPost Code: 7400Country : Pakistan

Telephone: (92 21) 111 411 / 561 10 1060 (10 lines)Fax : (92 21) 561 0688

SENIOR COMPANY PERSONNEL

Name Position1. Nisar A. Memon Chairman2. Zaffar A Kan President3. Pervaiz Ghias Director/Vice President4. Asad Umar Director/Senior Vice President Fertilizer operations5. Pervaiz Kausar Director/President Business Development6. S Naseem Ahamd Director7. Raymond Chiu Director8. Javed Akbar Director9. Asif Qadir Director10. Istagbal Mehdi Director11. Shabbir Hashmi Director12. Andalib Alavi Company Secretary

Total Empoyees: 761

PAYMENTS

No complaints have been heard regarding payments from local suppliers or banks.

This is a well established company operating since 1965.

We consider it is acceptable to deal with subject for LARGE amounts, although it is normalaccepted practice for international suppliers to deal on secured terms with Pakistani importers.

Opinion on maximum credit: eight figure credits (PAK Rs) would not

be considered unusual for this company

Trade risk assessment: Normal

PRINCIPAL BANKERS

Name : ABN AMRO BANK

Branch: Avari Tower






Town : Karachi

The company also has an account with the following banks:

1. Citibank NA, State Life Building Branch, Karachi2. Faysal Bank Ltd, Karachi3. Habib Bank Ltd, Karachi

4. Muslim Commercial Bank Ltd, Karachi5. National Bank of Pakistan, Karachi6. Standard Chartered Bank, Karachi7. Standard Chartered Grindlays Bank, Chartered House Barnch, Karachi8. United Bank Ltd, Karachi9. Union Bank Ltd, Karachi

AUDITORS

A.F. Ferguson & Co., State Life Bldg No. 1-COff: I.I Chundrigar Road, P.O Box 4716, KarachiTel: (92-21) 242-6711 to 242-6715 242-6682 to 242-6685

Fax: 242-7938/241-5007

FINANCIAL INFORMATION

Comparative figures of the company’s annual accounts for the last three years ended on 31December 2001 is given hereunder:

AMOUNT IN MILLION OF PAK RUPPEES31.12.2001 31.12.200 31.12.1999

Paid up capital 1390.364 1209.012 1209.012Reserves & surplus 3849.523 4009.589 3729.568

Redeemable capital loans 2463.173 2325.343 1760.118Long term Loans 528.925 745.224 1147.668Deferred Liabilities 776.955 703.133 696.031Retirement and other servicesBenefits 155.981 123.892 -Current maturity of longTerm loans 539.300 600.015 785.627Short term running financesSecured 582.270 87.319 448.727Trade creditors 1042.235 721.058 455.955Other current liabilities 1094.986 1038.125 853.717

--------- --------- ----------TOTAL CPAITAL & LIABILITIES 12423.712 11562.710 11086.423

--------- --------- ----------

--------- --------- ----------Operating fixed assets 6584.723 6367.857 6690.387Capital work in progress 276.853 531.366 78.810Long term investment 1340.000 1341.475 1341.475Long terms loan and advances 151.988 150.744 166.395Deferred costs 59.689 65.376 9.625Trade debts 424.045 233.345 235.619Cash & bank balances 937.412 508.084 565.947Other current assets 2224.132 1995.711 1654.027

--------- --------- ----------

TOTAL PROPERTIES AND ASSETS 12423.712 11562.710 11086.423--------- --------- ----------






--------- --------- ----------

Sales 8220.158 8393.880 8628.367Gross Profit 2741.965 2933.879 3364.338Operating profit 1735.968 1913.729 1980.118Other income 198.588 218.886 142.115Financial charges (645.795) (683.525) (574.490)

Other charges (97.500) (99.233) (105.922)Pretax profit 1191.261 1349.857 1341.821Taxation (127.201) (223.528) (294.239) Net Profit 1064.060 1126.329 1047.582Unappropriated profit B/F 3.997 5.328 3.152Transfer to general reserves (20.000) (100.000) (320.000)Cash dividend (1042.774) (846.308) (725.406)Stock divided - (181.352) -Unappropriated profit C/o toB/sheet 5.283 3.977 5.328

Sales increase/(decrease) inPercentage (2.07%) (2.72%) 3.14%Gross profit margin 33.36% 34.95% 38.99%Operating profit margin 21.12% 22.80% 22.95%Pretax profit margin 14.49% 16.08% 15.55% Net profit margin 12.94% 13.42% 12.14%

Book value per 10-Rupees share 37.69 43.16 40.85Earning per 10-Rupees share 7.65 9.32 8.66

Sales Turnover :PAK Rs 8,628,367,000 – 1999 – exact:PAK Rs 8,393,880,000 – 2000 – exact:PAK Rs 8,220,158,000 – 2001 – exact

Pre Tax Profit :PAK Rs 1,341,821,000 – 1999 – exact:PAK Rs 1,349,857,000 – 2000 – exact:PAK Rs 1,191,261,000 – 2001 – exact

Subject worth worked out at PAK Rs 5,240,000,000.

REDEEMABLE CAPITAL:

Redeemable capital loans fro Pak Libya Holding Co. Pvt Ltd, ABN Amro Bank, NBP, MCB Habib BankLtd, United Bank Ltd and Crescent Investment Bank Ltd and long terms loans from InternationalFinance Corporation, Washington, U.S.A., Commonwealth Development Corporation, UK, and NBP former NDFC) are secured by an equitable mortgage of immovable property; hypothecation of current and future movable property and a floating charge on all the business undertaking, goodwill of thecompany, its properties, assets and rights current and future.

SHORT TERMS FINANCES:

Short terms bank finances from carious banks are secured byHypothecation and floating charge on all current and future movable property of the company. Theaggregate limits of credit from commercial banks are Pkr 1.783 billion (2000: Pkr 1735 billionand 1999: Pkr 1.303 billion)

TERM FINANCE CERTIFICATES (TFCs)

The company has issued Term Finance Certificates worth Pkr 1.5 billion (Pkr 0.5 billion pn November 26/27, 2001 and Pkr 1 billion on July 04 05, 2002 with the aims to finance capitalexpenditure and investment program including two energy and gas project and modification in ureaand amonnia plants as well as to improve the environmental performance.






The company has offered Pkr 1.2 billion TFCs to the institutional investors and Pkr 0.3 billionto the general public. The public offer of Pkr times respectively.

The TFCs carries a variable profit plan with minim of 11% and maximum of 15% , based on theauction results of the five years PIB Bonds. TFCs are traded on all the three stock exchanges ofPakistan.

The TFCs are redeemable in five years repayable in semi – annual instalments after a grace period of 36 months from the date of issue. The TFCs are secure by first pari passu floating chargeover all present and future assets of the company; first pari passu equitable mortgage over urea plant at Dharki site and all fixed assets of the company thereon.

The TFCs has been assigned a rating AA- (AA minus) by Paksitan Credit Rating Agency Ltd whichdenotes high credit quality.

COMMENTS

The company’s sales and production was on the lower side. During the year under review, thecompany registered sales at Pkr 8.220 billion and gross profit at Pkr 2.741 billion reflection2.07% and 6.54% decline respectively as compared to the preceding year’s figures. The gross margin worked out at 33.36% slightly lower than last year’s 34.95%.

Engro Urea sales in 2001 were 795,000 toness, marginally lower compared to 8000,000 tonnesachieved last year. The sales volume included a limited quantity of 16,000 tons of purchased urea which was import and sold in the beginning of the year to meet the market demand. Thecompany held its overall market share of 20%. The production of Engro Urea at 790,000 tonnes wasdown 2% from the preceding year’s output. The shortfall was due to equipment malfunction problems which were significantly smoothened towards the end of the year.

In 2001, the industry demand of DAP fertilizers (phosphate) declined by 5% due to droughtconditions and relatively high price of DAP. The company arranged DAP imports to promote balanced fertilization and sold 161,000 tonnes compared to 194,000 tonnes.

The company completed its first year of entry into seeds business by marketing high qualityhybrid seeds of corn, sunflower and sorghum and was able to achieve a modest market share ofabout 4%.

During the period June – December 2001, the company produced 31,000 tons NPK Fertilizer and sold 24,000 tons of it. The NPK business recorded a loss of Pkr 109 million. The plant is nowoperating in excess of 80% of its design capacity of 100,000 tons.

During the year, the compnay’s net profit declined so the earnings per share declined in 2001 toPkr 7.65 form Pkr 8.10 in 2000 but dividend improved to Pkr 7.50 per share from Pkr 7 per sharein 2000. A number of factor contributed in the decline of profit the cost of GST absorption,loss of production and sales volume, high maintenance costs and start up losses of NPK and seedsoperation. However, the company could trim selling and distribution expenses to Pkr 1,006 million from Pkr 1,091 million. Financial and other charges also stood down to Pkr 743 millionfrom 783 million. Other income contributed Pkr 199 million, compared with Pkr 219 million theearlier year,

The financial backbone of the balance sheet remained robust as evidenced by long term debt to

equity ration and current ratio.

DETAILS OF SEMI ANNUAL FINANCIAL STATEMENT:

AMOUNT IN MIILION OF PAK RUPPES

30.06.2002

Paid up capital 1390.364Reserves & surplus 3837.441Redeemable capital loans 227.672Long terms loans 637.832






Retirement and other services benefits 128.698Current maturity of long terms loans 485.941Short term running finances – secured 1209.330Other current liabilities 1187.712

---------TOTAL CAPTIAL & LIABILITIES 11813.272

---------

---------

Operating fixed assets 6710.726Capital work in progress 249.597Long term investment 1341.475Long term loans and advances 150.441Deferred costs 81.207Inventories 790.788Trade debts 149.500Cash & bank balances 276.312Other current assets 2063.226

---------TOTAL PROPERTIES AND ASSETS 11813.272

PROFIT AND LOSS ACCOUNT: 30.06.2002 30.06.2001

Sales 2522.785 2505.280Gross profit 865.921 843.234Operating profit 536.166 414.839Other Income 126.422 55.125Financial charges (325.928) (370.254)Other charges (16.885) (4.986)Pretax profit 319.775 94.724Taxation (32.498) (21.918) Net Profit 287.277 72.806

The company’s profit in six months up to June 30, 2002, amounted to Pkr 287.277 Million on salesof Pkr 2522.785 million as compared to Pkr 72.806 million on sales of Pkr 2505.280 million ofsames period a year ago. The company declared a cash interim dividend of 20 per cent.

THIRD QUARTER/NINE MONTHS REPORT AS OF SEPTEMBER 30, 2002.

The company has released its third quarter/nine months results on October 22, 2002 showing itsthird quarter sales at Pkr 3.1 billion with profit after tax at Pkr 439.941 million as compared to sales of Pkr 2.360 million and profit of Pkr 419.292 million in the similar period of lastyear.

The company also reported that the its cumulative sales for the nine months ended on September30, 2002 has jumped by 35.8% to Pkr 6.634 billion from Pkr 4.883 million and profit after taxincreased by 20.79% to Pkr 853.622 million from Pkr 706.569 million in the corresponding period of last year.

The total sales volume of the company increased by 12% to 579,000 tonnes in the nine monthscompared to the corresponding period a year ago.

Higher sales, reduced NPK fertilizer losses and higher dividend income from a joint ventureaccounted for the improved profit.

Based on these results, the board of directors have declared a second interim dividend of Pkr 2 per share making total dividend payouts to date to Pkr 4 per share.

LEAGAL STATUS AND HISTORY

Date Started : 29 September 1965






History: Incorporated on 29 September 1965 under Companies Ordinance 1984 (formerly Companies Act1913) in the name of Esso Pakistan Fertilizer Co. Ltd as subsidiary of Esso Group of USA ( presently known Exxon Corporation). Offered shares of PAK Rs 7.2 million for publicsubscription, PAK Rs 1.8 million on NIT Ltd and 4 million to Finance. The company changed itsname to Exxon Chemicals Pakistan Ltd on 8 August 1978 and to Engro Chemicals Pakistan ltd in August, 1991 after the parent company, Exxon Corporation of USA (holding 75% interest)

disinvested its holding in June 1991, to employees’ group, nation and international financialinstitutions including mutual funds. Its present major shareholders are Employees Trust,International Finance Corp, USA Commonwealth Development Corp, UK; Asia Finance & InvestmentCorp. Other local shareholders are National Development Finance Corp (merged into Nation al Bankof Pakistan; Pakistan Kuwait Investment Co. Ltd and general public.

Paid up capital of PAK Rs 374 million in 1993 was increased to PAK Rs 584.064 million in 1995 byissue stock dividend and right issue of 1994 95 to PAK Rs 700.877 million in 1996 by issue of 20%stock dividend to PAK Rs 876.096 million in 1997 by issue of 25% stock dividend; 1007.610 millionin 1998 by 15% sockt dividend in 1997 and to PAK Rs 1.209 billion in 1999 by 20% stock dividend of 1998.

C.R. No. :1879

Authorised Capital: PAK Rs 2,000,000,000 divided into200,000,000 shares of PAK Rs 10

Paid up Capital : PAK Rs 1,390,000,000

Public Limited Liability Company with the following directors and shareholders:

Directors

1. Nisar A Memon2. Zaffar A Khan3. Pervaiz Chias4. Asad Umar5. Pervaiz Kausar6. S Naseem Ahmad

7. Raymond Chiu8. Javed Akbar9. Asif Qadir10. Istaqbal Mehdi11. Shabbir Hashmi

Shareholders Percentage

1. Individuals 30.43%2. Financial Institutions 29.16%3. Joint stock companies 24.25%4. Insurance companies 10.16%5. Cooperative society, trade associates, 5.61%

Securities & Exchange

Commission of Pakistan and others.6. Investment companies 0.29%7. Modarabas funds companies 0.10%

the major share holders of the company are its employees, annuitants and ECPL Employees Trust;CDC Group Plc, International Finance Ltd. Other shareholders are local and foreign institutionsand individuals.

The shares of the company are traded on all the three stock exchanges of Pakistan.






The company has filed a lawsuit against certain Dawood Group companies is pending decision in theHigh Court of Sindh. Dawood Group of companies managed to acquire majority stakes of the companywhich is according to the company’s management is in violation of provisions of law.

Personal Profiles:

Zaffar A Kahn. He graduated as a mechanical engineer in 1967 and joined the subject in the sameyear. His career progressed through all the major divisions of the company.

Pervaiz Ghias. He is a qualified chartered accountant, joined the Engro Chemicals Pakistan Ltd in 1980. He has worked in human resources and finance department and now responsible for financeand accounting; administration services and legal functions.

Asad Umar. He is a qualified engineer from U.E.T., Lahore.

Shabbir Hashmi – Represents Commonwealth Development Corporation, UK

Affiliated companies of Engro Chemicals Pakistan Ltd:

JOINT VENTURES/AFFLILATES:

The ECPL is a major fertilizer company of Pakistan and in recent years has taken step todiversify its business into petro-chemical in joint venture with Mitsubishi Corporation of Japan(the largest producer of Chlor alkali in Asia with strong presence in EDC, VCM and PVC business.

1. Engro Vopak Terminal Ltd. Incorporated on 07.11.1995. It is a 50:50 joint venture betweenEngro Chemical Pakistan ltd and Paktank Asia Pacific Ltd. (A subsidiary of Dutch Royal Rakhoed N.V, of Netherlands). The EPT has completed an integrated bulk liquid chemical terminal cum jetty and storage tank-farm at Port Qasim, in October 1997 at the cost of US 65 million on build,operate and transfer basis (BOT basis). Commenced commercial operation on 25-11-1997. Thecompany provided a complete solution for the handling and storage of liquefied petroleum gas.

Paid up capital Pkr 9000 million. 50% equity of the company is held by Engro Chemicals Pakistanltd.

The company has acquired 100 acres land at Port Qasim. In the first phase, it has constructed terminal/jetty on 15 acres of land. The jetty will handle two million tons liquid chemicals.

The EVTL has signed a 15 years user agreement with Engro Asahi Polymer and Chemicals Ltd; ICIPakistan; Crescent Industrial Chemicals Ltd and an upcoming polypropylene plant to proved handling and storage facilities for imported bulk chemical raw material.

The company has completed and commissioned specilized storage tanks for handling liquefied petroleum gas and VCM (vinly chloride monomeny) in the fourth quarter of 1999 at an estimated cost of us 16.5 million. VCM and CAN facilities has already been put into service. The LPGstorage facility started in December 2001 to handle imported PLG after remaining idle for 20 months. The company is now negotiating to establish import of Monethylene Glyco through the EVTLterminal. This would b the seventh product on EVTL’s slate.

EVTL’s revenue generated by handling bulk chemicals increased by 20% in 2001. The after tax profit of EVTL was Pkr 297 million fo r the year 2001, versus Pkr 206 million in year 2000. EVTLdeclared a dividend of 25% for the year 2001 versus 10% in 2000. Engro’s share of the dividend payout amounts to Pkr 112.5 million.

2. Engro Asahi Polymer and Chemical Ltd – Port Qasim, Karachi. President and Chief executivefrom june 2001. Mr Asif Qadir. He is a chemical engineer from Columbia University, New York.

Incorporated in October 1997. Set up the first in Pakistan world class 100,000 tons a year PVCResin plant at Port Qasim on plot of land measuring 30 acres in joint venture with Asahi Glass CoLtd, Japan and Mitsubishi Corporation of Japan. According to the joint venture agreement signed on 10.10.1996, the Engro Chemical, Asahi and Mitsubishi subscribed 50%, 30% and 20% respectively,






in the equity stake of the company. The plant was completed at a cost of US $73.5 million well below the budgeted cost of US $83 million and commenced production in November 1999, six weeksahead of planned schedule.The plant achieved 69% capacity utilization from 65% in 2000.

The Engro Chemical has contributed Pkr 890 million as its 50% share in the equity.

The vinyl chloride monomeny (VCM) is the principal raw material for manufacturing PVC is imported and utilized the facilities of Engro Vopak Terminal Ltd.

The company commenced marketing activities ahead of the plant start up by selling imported PVC.

Present consumption of PVC in Pakistan is accounted 70,000 tons with an average growth rate of 8% per annum. The government has assured the company to maintain a minimum 20% import duty tariffdifferential between VCM and PVC.

During the financial year 2001, the EAPCL incurred a loss of PAK Rs 181 million which issignigicantly lower than previous year’s loss of PAK Rsr 342 million. The company productionincreased to 69,000 tons from 65,000 tons in 2000 and domestic sales increased by almost 60% to58,000 tons from 36,500 tons in 2000. Export were curtailted to 12,400 tons primarily due to thelow margins available in the international market.

The company also obtained ISO 14001 certification making its one of the few companies in Pakistanto achieve this distinction.

3. POLYPROPYELEN RESIN PROJECT:

ECPL has completed a feasibility study to set up a 100,000 ton per year PP resin manufacturing project at a cost of US$90 million which would be located at Port Qasim, Karachi. The regionaleconomic turmoil has slowed down the development of the proposed project.

4. PVC PIPES AND FITTING PROJECT:

The Engro Chemical board of directors has approved an investment of US 6 million in a PVC pipesand fitting project.

The company plan to set up the proposed pant at Engro’s site in Port Qasim, to produce 3500 tons pvc popes and fittings. The project has been put on hold in view of the unfavourable businessenvironment.

6. Arabian Sea Country Club Ltd (unquoted).

The company holds equity of PAK Rs 5,00,000 (500,000 shares of PAK Rs 100 each). Provision fordiminution in value investment amounted PAK Rs 5,000,000. Break up value NIL.

ACTIVITIES

The company is involved in the following activities:

Manufacturing, purchasing and marketing of urea and NPK fertilizers. In addition, the companyhas diversified its business portfolio by investing in joint venture companies engage in chemicalrelated businesses and looking other business opportunities.

The company entered into the seeds business in the 2001 by marketing achieve 4% market share.

Plant at Daharki Distt. Sukkur-65020 Sindh has a capacity of 850,000 metric tons raised from 750,000 metric tons in October, 1998 at a cost of PAK Rs 72 million.

ECPL Started production in December, 1968 with initial capacity of 173 000 metric tons a year.In 1978 plant capacity was debottlenecked which raised capacity to 268,000 metric tons a year.Capacity expanded to 600,000 tons on 01.10.1993 at a cost of US $130 million, to 750,000 tons in






May 1995 at a cost of US $22.6 million (PAK Rs 770 million) and to 850,000 metric tons in November 1998 at a cost of PAK Rs 72 million (under financial assistance of US $11 million from CDC and US$15 million funded by Islamic Investment Company of Gulf, Bahrain through PakistanKuwait Investment Co Ltd, Karachi arranged by ABN Amro Bank under agreement signed on 18 August1997.

By adding Ammonia plant with a capacity of 1350 tons per day has made it the largest Ammonia

plant in Pakistan.

The ammonia expansion project has made significant spare capacity of ammonia which at a modestcost can be converted into additional urea production of 400,000 per annum.

NPK Fertilizer Plant:

In April 2001, the company completed installation of a 100,000 metric tons capacity NPK fertilizer plant at Port Qasim at a cost 10 million US dollars which commissioned commercial production in June-2001.

MARKET SHARE: Engro Urea 20% (2000: 20% 1999:21%)Seed Business: 4% (200:Nil)

EXPANSION OF UREA PLANT:

ECPL has completed basic design for urea capacity expansion to 1.2 million metric tons. As afirst step debottlenecks of the plant to raise capacity to 950,000 tons a year will be carried out by the year 2002.

The company is pursuing its request to the government for supply of additional gas to fullyutilize the potential to debottleneck the existing plant capacity to 1.2 million tons per year.

ISO CERTIFICATION:

The company’s Daharki manufacturing site obtained ISO certification in 2001.

Imports from USA, UK, Japan and European countries

UREA PLANT PRODUCTION CAPACITY: 2001 2000 1999

Capacity (in metric tons) 850,000 850,000 850,000Production (in metric tons) 790,119 807,646 807,420Production efficiency 90.95% 95.02% 94.99%

Sold Engro Urea 795,000 800,000 806,000Sold imported/purchased Urea - - 46,000Sold purchased Phosphatic/Potassic 161,000 194,000 218,000

Total sale of fertilizers in Metric tons 984,000 1023,000 1070,000

Market share 20% 20% 21%

NPK PLANT PRODUCTION CAPACITY:

Capacity (in metric tons) 100,000 - -Production (in metric tons) 31,169 - -Production efficiency 31.17% - -

FACILITIES






Rented office measuring 15,000 square feet in a multi-storey office plaza located at the headingaddress.

A factory is at Daharki Distt. Sukkur-65020 Sindh over an area of 500 acre of land. Another 100acres are occupied by employees housing colony. Total areas 600 acres.

GENERAL INFORAMTION

Shaukay Raza Mirza Chairman of the board of directors died on July 26, 2001. He began his carrerwith Exxon Chemicals Pakistan in 1962. Later he was appointed as technical manager at ExxonChemical’s urea plant at Daharki near Sukkur. In 1979 he became president and general manager,Exxon Chemical Intl Supply Co, Hong Kong. In 1988 he was appointed president and chief executiveof Exxon Chemical Pakistan ltd (now Engro Chemical Pakistan Ltd).

He was selected as a member of Commonwealth Business Council in April, 1998.

Engro Chemical is the second largest urea producers in the country with production capacity of850,000 tons a year and market share of 20% 2000: 20%) of the country’s total fertilizer market.Its major share holders are employees, the Employees Trust, International Finance Corporation,

Commonwealth Development Corporation and Asian Finance & Investment Co. Ltd (an affiliate of Asian Development Bank). Other shareholders are financial institutions – National DevelopmentFinance Corp )now merged with National Bank of Pakistan) Pak Kuwait Investment Co ltd and general public.

The company made a sizeable investment of 250 million US dollars in urea business expansion and in joint ventures of Engro Vopak Terminal Ltd and Engro Asahi Polymer & Chemicals Ltd. Inaddition, the company has broadened its fertilizer product slate b setting a new plant at PortQasim to produce 100,000 tons granulated NPK fertilizers with different crop specific grades and entered into marketing of hybrid and open pollinated seeds under the brand name of Bemisal.Recently, Engro has signed a memorandum of understanding with Oman Oil Company to build and operated a 850,000 tons a year ammonia urea complex in the Sultanate of Oman. The project is premised on utilizing Omani gas and Engro’s expertise to build and operate cost effective plant.The partners are targeting to complete its feasibility study by middle of 2003.

Oman Oil Company, is commercial entrepreneur, 100% owned by government of Oman, created in 1992to provide the government with a vehicle to pursue investment opportunities both inside and outside Oman.

The company won the 8 Corporate Excellence Awards since the year 1998 given by the Management Association of Pakistan 1993. The company also won the 29 Safety Awards and 19 Stock Exchange25-Top Companies Awards. The company holds this distinction of being the most frequent winneramongst all companies.

END OF REPORT

equifax report on engro pakistan

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