evwl©K

2017-2018
ANNUAL REPORT
2017-2018

Your Satisfaction
is our achievement
 PRODUCT FLOW DIAGRAM

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GODENAIL
Condensate
Other POL Products

CHILMARI

FATULLAH

EPOL DEPOT

BHAIRAB

MPL CHANDPUR

MPL RANGPUR
MPL

Main Installation (MI) BARISHAL

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JHALAKATHI

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Imported Crude Oil HARIAN

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05 n¯ÍvšÍi cÎ
25 Transmittal Letter
CONTENTS 07
26
40Zg evwl©K mvaviY mfvi weÁwß
Notice of the 40th AGM
08 †Pqvig¨v‡bi e³e¨
31 Chairman’s Message
09-16 †kqvi‡nvìvi‡`i cÖwZ cwiPvjKgÛjxi cÖwZ‡e`b
32-39 Directors Report to the Shareholders
17-22 Av‡jvKwPÎ
23 †Kv¤úvwbi fwel¨r cwiKíbv
24 Membership of Bangladesh Association of
Publicly Listed Companies (BAPLC)
27 Board of Directors
28 Corporate Management
29 Company Profile

30 Offices, Auditors and Bankers

40 Value Added Statement
41-54 Performance Profile
55 Report of the Audit Committee
56 Certificate on Compliance with
Conditions of Corporate Governance Code
57 Statement of GM (A&F) and MD on
Financial Statements
58-59 Auditors’ Report to the Shareholders
60 Statement of Financial Position
61 Statement of Profit or Loss and
Other Comprehensive Income
62 Statement of Changes in Equity
63 Statement of Cash Flows
64-91 Notes to the Financial Statements
92 MPL at a glance
Proxy Form

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 Annual
2017-2018

24
 Annual
2017-2018

2018

2018

(Reza Md. Riazuddin)

25
 Annual
2017-2018

40
Notice is hereby given that the 40th Annual General Meeting of the Company will be held on 29
Poush 1425, 12 January 2019, Saturday at 11:30 am at “City Hall Convention Center”, Agrabad
Access Road, Chattogram for the purpose of transacting the following business :

To confirm the minutes of the 39th Annual General Meeting held on 06 Magh 1424, 20 January 2018;
To receive and adopt the Report of the Directors and the Audited Accounts of the Company for
the year ended 30th June, 2018;
To approve the declaration of Dividend for the year ended 30th June 2018;
To re-elect Directors of the company in the vacancies caused by one-third Board of Directors
retirement as per Articles 140, 141, 142 & 143 of the Articles of Association of the Company;
To appoint Joint Auditors for the year 2018-2019 and fix their remuneration;

To transact any other business with the permission of the Chair;

04 Poush, 1425
18 December, 2018
(Reza Md. Riazuddin)

1. 02 December, 2018 is the RECORD DATE. Shareholders whose name will appear in the share
register of the company or in the depository register on that date will be eligible to attend the
AGM and receive dividend approved.
2. The Board of Directors have recommended for Cash Dividend of Tk. 14.00 (i.e. 140%) per
10.00 Taka share for the year ended 30th June 2018 to be considered in the AGM.
3. A Member entitled to attend the Annual General Meeting may appoint a proxy to attend on
his/her behalf. In order to be effective, proxies duly signed and stamped (Tk. 20/-) must be
received at the Company’s Registered Office, 58 Agrabad C/A, Chattogram-4100 not later than
SEVENTY TWO HOURS before the meeting.
4. Entrance in the meeting room will be strictly maintained on producing the attendance slip.
5. Annual report, attendance slip and proxy form along with the notice are being sent to the
members by post or courier service. The Shareholder may also collect the annual report or proxy
form from the registered office of the company and may download those from the company’s
website (www.mpl.gov.bd).
No gift or benefit in cash or kind shall be paid to the shareholders in terms of
BSEC Notification No. SEC/SRMI/2000-953/1950 dated 24 October, 2000
for attending this AGM of the Company.

26
 Annual
2017-2018

ABU HENA MD. RAHMATUL MUNEEM

Secretary, Energy & Mineral Resources Division
Chairman, BAPEX Board
Chairman, BGFCL Board
Chairman, TGTDCL Board
Chairman, GTCL Board
Chairman, KGDCL Board
Chairman, MPL Board
Chairman, SAOCL Board
Chairman, Bangladesh Petroleum Institute
Chairman, MJL Bangladesh Limited

TAHMINA BEGUM PARVEEN AKHTER MD. SARWAR ALAM

Additional Secretary Additional Secretary Joint Secretary
Finance Division Energy & Mineral Resources Division Director (Marketing), BPC
Ministry of Finance Director, MPL Board Director, MPL Board
Director, JOCL
Director, MPL Board Director, BGDCL Board
Director, ELBL
Director, British American Tobacco Director, GTCL Board Director, LPG Limited
Director, RPGCL

MD. EIDTAZUL ISLAM A K M JASHIM UDDIN, FCMA ISTAK AHMMED (SHIMUL)

Deputy Secretary Independent Director, MPL Board Chairman, Water Aid Limited
Energy & Mineral Resourches Division Director, MPL Board
Director, MPL Board
Director, SGFL Board

MD. MASUDUR RAHMAN MIR SAIFULLAH-AL-KHALED REZA MD. RIAZUDDIN

CEO, TSI Limited Managing Director, MPL Asst. General Manager (HR), MPL
Shareholder Director, MPL Board Director, MPL Board & Company Secretary

27
 Annual
2017-2018

Md. Shahin Reza Khan Md. Tipu Sultan Md. Mafizur Rahman
Deputy General Manager (Dhaka) Deputy General Manager (HR) Deputy General Manager (A&F)

28
 Annual
2017-2018

436

29
 Annual
2017-2018

Chattogram-4100, Bangladesh.

Bogura Region : Chattogram Region :

Chattogram-4100.
Bogura Sadar
Bogura.

Chattogram
Chattogram
Chattogram

Chattogram.
M/s. Hoda Vasi Chowdhury & Co., Chartered Accountants, Delwar Bhaban (4th Floor), 104, Agrabad C/A, Chattogram.

Bangladesh Krishi Bank

Investment Corporation of Bangladesh (ICB)

BRAC Bank Limited
Al Arafah Islami Bank Limited

30
 Annual
2017-2018

Dear Shareholders,
I welcome you all on the occasion of 40th Annual General Meeting of Meghna Petroleum Limited. It gives me immense
pleasure to present before you the Company’s 40th Annual Report for the year 2017-2018. In this occasion I like to take
the opportunity to share you the achievement as well as highlight of the business performance of the Company.
With your support and trust, MPL has concluded the financial year 2017-2018. During the year Country’s total
consumption of petroleum products was 62.57 Lac Metric Ton which was 53.44 Lac Metric Ton in 2016-2017. Out of
that Company’s sale of petroleum products was 24.71 Lac M.Ton which was 20.78 Lac M. Ton in 2016-2017 i.e sale
increase 18.91% from Previous year. Market share of the Company in the industry (without Jet Fuel) was 39.39% which
is 1.36% higher compared to the previous year and Lubricants market share was 54.04% within three oil marketing
companies. In terms of market share and profit the Company’s position is top in the financial year 2017-2018.
During the year, the financial performance of MPL is excellent. The turnover of MPL increased in value by 17.01% of
Tk. 18085 crores in 2017-2018 which was 15457 crores in 2016-2017. The Company has earned profit before tax of Tk.
491.83 crores in the year 2017-2018 which was Tk. 313.08 crores in 2016-2017. Profit after tax increased to 360.41
crores in the year 2017-2018 from Tk. 219.48 crores in the year 2016-2017. This is mainly due to increase of sales
volume, operating & non-operating income and decrease of administrative, selling and distribution expenses.
We have completed significant development works during this year. The project with software firm M/s. Flora Limited
for design, develop, installation, testing and commissioning of integrated web based application software (ERP)
solution is carrying on smoothly. Company has another project of “Meghna Bhaban” a 19 (Nineteen) storied with 3
(Three) basement floor Head Office Building at 72, Agrabad Commercial Area, Chattogram. Inauguration of
construction work had been done on 04-11-2017. Now the construction works is continuing and hope that it will be
completed within 2 years. To expedite the business, MPL has taken initiative to set up a power plant at Company’s own
land Maheshwar Pasha, Khulna as a part of business divercification.
Having the right team is a key to success in our business. It is the commitment and dedication of our employees that has
helped MPL to achieve its goals. We would like to take this opportunity to thank each and every one of our employees
whose commitment, enthusiasm and hard work made 2017-2018 yet another successful year for the company.
MPL has a glorious history in meeting the petroleum demand of the country. We have a responsibility to cater to the
national demand. We are focusing on making MPL financially safe and secure by making effective future plan and
balancing the business portfolio to ensure the company from any future detrimental impact.
Returns to shareholders is always a key priority for the Board and the management team. You will be delighted to know
that the Board of Directors has recommended high rate of dividend i.e. 140% cash dividend for the year 2017-2018
which 110% in 2016-2017.

In 2017-2018 MPL has contributed 309.99 crore to the National Exchequer.

Lastly I would like to express my gratitude to our honorable customers, business associates and shareholders for their
continued support and confidence that they have placed on us. We are always committed to them and working hard to
boost up the long term profitability by our diligence and continuous effort. Bangladesh Petroleum Corporation (BPC)
and above all Energy and Mineral Resources Division has guided and supported us in all our efforts. We strongly
believe that we will continue to impress you by achieving our goal for the financial year 2018-2019.

Thank You,

(Abu Hena Md. Rahmatul Muneem)

Chairman

31
 Annual
2017-2018

DIRECTORS REPORT TO THE SHAREHOLDERS

Bismillahir Rahmanir Rahim
Respected Shareholders,
Aassalamu Alaikum
On behalf of the Board of Directors, I welcome you all to the 40th Annual General Meeting (AGM) of
Meghna Petroleum Limited. I have immense pleasure in presenting you the Company’s 40th Annual
Report on the activities of the company, together with the Audited Accounts for the year ended 30
June, 2018 for your valued consideration, approval and adoption.
HIGHLIGHTS :
Financial Results and Appropriations :
Figure in lac Taka
Description 2017-2018 2016-2017
Sales /Income from operations 61561.88 45286.40
Selling, Distribution and Administrative Expenses (10262.18) (12057.97)

Interest /Financing Charges (2116.76) (1920.45)

Profit before Contribution to WPF & Tax 49182.94 31307.98

Workers’ Profit Participation Fund (2459.15) (1565.40)
Provision for Tax :
 Current Tax (11638.72) (7363.32)
 Deferred Tax 955.93 (431.17)
Profit after Tax 36041.00 21948.09
Balance brought forward from previous years 583.46 539.14
Appropriations :
 General Reserve (21000.00) (10000.00)
 Proposed Dividend (Cash) (15150.25) (11903.77)
Balance carried forward 474.21 583.46

SHAREHOLDERS FUND (Lac Taka) : 122496.08 98358.84

 Earning Per Share (Tk.) 33.30 20.28
 Dividend Per Share - Cash (Tk.) 14.00 11.00
 Net Asset Value Per Share (Tk.) 113.20 90.89

Sales and Income :

During 2017-2018 Company’s net sale of Petroleum Products (including Lubricating oils) was 24.71 Lac
Metric Tons with a sale value of taka 1808540.98 Lac. In the year 2016-2017 it was 20.78 Lac Metric Tons
and sale value of which was taka 1545660.23 Lac. Sales showed an increase of 3.93 Lac Metric Tons i.e.

32
 Annual
2017-2018

18.91% in volume, sales value resulted in increase of 17.01%. It may be mentioned that during the financial
year 2017-2018 country’s overall demand of petroleum products was 62.57 Lac M Tons (without Jet Fuel)
which was 53.44 Lac M Tons in 2016-2017.
Market share of the company was 39.39% in Fuel, LPG & Bitumen and 54.04% in Lubricants (among the 3
oil marketing companies). During the said period, company sold 10668 Metric Tons of Lubricating oils
which was 9543 Metric Tons in previous year. Sales of Lubricants showed an increase of 1125 Metric Tons
in comparison with previous year. In terms of profit and market share the Company’s position is top during
the reporting year.
Operating Cost :
Total operational expenses stood at taka 12378.94 Lac as against taka 13978.42 Lac in the previous year.
There has been an decrease in Administrative, Selling and Distribution expenses by taka 1795.79 Lac as
against the previous year. Working/operational gain in the previous year was taka 894.50 Lac and in the
reporting year it stood at taka 1051.60 Lac. Working/Operational gain has been increased by taka 157.10
Lac as compared to previous year.
Proposed Dividend :
I am glad to declare that considering the interest of shareholders, Company’s performance of current year,
the Board of Directors of the Company at its board meeting held on 07 November, 2018 has proposed to
pay cash dividend of taka 14.00 (Taka Fourteen) per 10 (Ten) taka share (140%). Board has proposed to pay
the dividend on the basis of paid up capital of Tk. 10821.61 Lac on the record date of 02 December 2018
taka 15150.25 lac @ 140% of total amount of paid up capital of taka 10821.61 Lac will be payable as
dividend subject to approval of the shareholders in this Annual General Meeting.
Contribution to National Exchequer :
During the said year the company has contributed taka 30999 Lac to the National Exchequer in the form of
VAT, Customs Duty, Income Tax, River Dues, Dividend (BPC) and others as against Taka 22839 Lac in the
previous year.
Debt – Equity :
Long term borrowing represent fund from Government of Bangladesh (GOB) for the construction of 02
(Two) nos. 10,000 M. Ton capacity HSD Storage Tank at Main Installation, Chattogram. Total project value
is Tk. 1456.96 Lac out of which Meghna Petroleum Limited pays 15% and GOB pays 85%. GOB is
providing the 60% of the fund as loan at the rate of 5% interest and balance 40% as equity. The loan has
been repayable in 20 years with a grace period of 5 years. Equity portion will be converted to share capital
subject to approval of relevant regulatory authorities. The equity portion of Tk. 495.37 Lac is shown under
share money deposit account.
During the year, the company has a deferred liability of taka 706.51 Lac being provision for Employees
Gratuity out of the capital employed of Taka 124718.16 Lac.
Return on Capital Employed :
Company’s Return on capital employed is 39.44% as against 29.98% in the previous year resulting in an
increase of 31.55%.
Debtors and Creditors:
Debtors/Accounts receivable balances as on 30th June 2018 were Taka 399387.71 Lac as against Taka
340790.48 Lac on 30th June 2017. Debtors/Accounts receivable balances were due from BPC, Government
& Semi-Government Organizations. Creditors’ balances on 30th June 2018 were taka 869913.75 Lac out of
which taka 220956.38 Lac was due to BPC against product cost which have already been paid in the
following months. Creditors balance was taka 671530.96 Lac as on 30th June 2017. Stock as on 30th June,
2018 was Taka 138181.03 Lac and Cash & Bank balances were taka 438163.81 Lac. Therefore, Company’s
liabilities are fully covered by sufficient stock, Cash & Bank balances and debtor/receivable balances.

33
 Annual
2017-2018

Capital Structure : Amount

A) Authorized Capital:
40,00,00,000 equity Shares of taka 10- each 400,00,00,000
B) Issued, Subscribed and Paid –up Capital:
i) 3 Ordinary shares of taka 10/-each fully paid –up in cash 30
ii) 50,00,000 Ordinary shares of taka 10/- each issued for
consideration other than cash 5,00,00,000
iii) 54,50,002 Ordinary shares of taka 10/- each issued as bonus share 5,45,00,020
iv) 2,95,49,995 Ordinary shares of taka 10/- each issued bonus share 29,54,99,950
v) 40,00,000 Ordinary shares of taka 10/- each issued as bonus share 4,00,00,000
vi) 22,00,000 Ordinary shares of taka 10/- each issued as bonus share 2,20,00,000
vii) 23,10,000 Ordinary shares of taka 10/-each issued as bonus share 2,31,00,000
viii) 1,45,53,000 Ordinary shares of taka 10/- each issued as bonus share 14,55,30,000
ix) 1,89,18,900 Ordinary share of taka 10/- each issued as bonus share 18,91,89,000
x) 1,63,96,380 Ordinary shares of taka 10/- each issued as bonus share 16,39,63,800
xi) 98,37,828 Ordinary shares of taka 10/- each issued as bonus share 9,83,78,280
Total : 10,82,16,108 Shares 108,21,61,080

Reserve Fund :
During the year, transfer of Tk. 21000 Lac has been proposed to General Reserve Fund from Profit &
Loss Appropriation Account. As a result, total General Reserve stands to Tk. 96050 Lac as on 30 June,
2018.
The reason of transfer of amount to reserve fund is to meet the increasing demand of petroleum products
in the country, the company has taken steps to construct 19 storied building at plot no. 72 Agrabad C/A,
Chattogram and 40 storied building 131,132 & 133 Motijheel C/A Dhaka, new storage tanks for Products,
Lube Blending Plant & other related construction works at Main Installation, Chattogram and other up
country depots.
The Shareholders equity /funds as on 30th June 2018 was taka 122496.08 Lac which was taka 98358.84
Lac on 30th June 2017 during the year shareholders fund increased by taka 24137.24 Lac. There is no
outside financing which points to a risk free capital structure.

Explanation of Auditors Observations on Financial Statements:

Clarification on behalf of Board of Directors regarding Joint Auditors observation on two issues of
financial statements as on 30th June, 2018 is presented below on the subject for kind perusal of the
honorable shareholders:

34
 Annual
2017-2018

Auditors’ Opinion / Observation Clarification of Board of Directors’

4.01 : As stated ( Property , plant and 4.01 : The fixed assets of Meghna Petroleum
equipment ) the legal titles of the immovable Limited actually registered under the name of ESSO
properties acquired from erstwhile Meghna and Dawood Petroleum Limited. As per Government
Petroleum Marketing Company Limited decision, all movable and immovable property
(MPMCL) and Padma Petroleum Limited vested to MPL on 31-03-1978. The registration /
(PPL) have not yet been transferred in favour mutation procedure of all fixed assets of MPL all
of the company which may attract any future over the country is very expensive. However, as per
legal complicacy decision of the shareholders’ in the company’s
39thAGM, registration / mutation of all fixed assets
are under process and maximum mutation of the
assets has already been completed.

8.03 : The company has been showing Tk. 8.03 : A system of borrowing as well as issuing of
3,17,19,810 in stock (with corresponding products on loan to various BPC units (here-in
provision of Tk. 2,59,81,162 for possible after Oil Exchange) pending since long. After
recoverability) being the net value of products initiative of BPC the reconciliation between BPC and
at current price given on loan to other units of other subsidiary companies have been completed
BPC which is outstanding since 2003 upto June 2017. MPL already provided for in the
although the possibility of its recovery is very accounts an amount of Taka 2,59,81,162 as against
bleak. receivable of Taka 3,17,19,810. Management of the
Company tried to reconcile with all the Units by the
guidance of BPC for finalization of unadjusted
quantity of products. It is to be mentioned here that
BPC has taken steps for upto date of reconciliation
between BPC & inter company transaction with the
help of appointing the Chartered Accountants firm
and reconciliation has already been completed as of
June 2017 and reconciliation is continuing 30 June
2018. So we hope the issue will be resolved and
proper adjustment to be shown in 2018-2019
Company’s financial statements.
Audit Committee :
The Audit Committee conducted five meeting to scrutinize Annual Financial Accounts and Statement for
the year ended 30 June, 2018. 1st Quarter accounts ended 30 September 2017, Half Yearly account for the
period ended 31 December, 2017, third Quarter Report for the period ended 31 March, 2018 and Revised
Budget 2017-2018 & Proposed Budget 2018-2019. The purpose of the Audit Committee is to ensure and
to improve the adequacy of internal control system and provides the update information to the Board of
Directors. The committee is empowered to examine the matter relating to the financial and other affairs of
the Company.
Business Development :
MPL has 806 nos. Filling Stations, 180 Nos. Packed Point Dealers, 902 Nos. Agents, 1249 Nos. LPG
dealers and 13 Nos. Consumers Outlets. They are playing vital role for the development of our market.
Company has established business relationship with some direct customers/ industries/power plants.
Company has also supplied POL product through floating pump to the river transports. We have taken
initiative to extend supply of fuel to the related projects. Supplies of Lube oil to the power stations in
our country are continuing through LUKOIL brand. The company is supplying bunker to Bangladesh
Shipping Corporation International Vessels and trying to supply foreign and foreign going vessels to
earn more profit.

35
 Annual
2017-2018

Project Development and Implementation:

To expand and improve our operational network & to develop additional infrastructure the following
development work has been completed during the year 2017-2018:
1. Renovation of Boundary Fencing (River Side) at Main Installation, Chattogram.
2. Construction of RCC Pavement at Main Installation, Chattogram.
3. Construction of RCC Pavement , (Main gate to Jetty & yard of filling gantry) and other related works
at Fatullah Depot, Narayangonj.
4. Construction of Filling gantry and other related works at Fatullah Depot, Narayangonj.
5. Repair of existing Horizontal Steel Tank, Construction of MTT receiving Horizontal Steel Tank,
Prover Tank & Installation the same including Pipe line and other related works at Fatullah Depot,
Narayangonj.
6. Design, Engineering, Supply, Installation, Testing & Commission of fire hydrant type fire fighting
system at Godenail Depot, Narayangonj.
7. Extension of Furnance Oil Filling Point and other related works at Godenail Depot, Narayangonj.
8. Construction of Rcc Pavement (Back side of Filling Gantry) and other related works at Godenail
Depot, Narayangonj.
9. Design, Engineering, Supply, Installation, Testing & Commission of fire hydrant type fire fighting
system at. Daulatpur Depot, Khulna
10. Extension & Repair of Jetty and Construction of Fire Pump House at Daulatpur Depot, Khulna.

The following Development Works are under progress :

1. Construction of 19 Storied Meghna Bhaban with 03 Basement Floors At 72, Agrabad C/A,
Chattogram.
2. Design, Develop, Installation, Testing and Commissioning of Integrated Web Based Application
Software (ERP) Solution on Turnkey Basis and Supply of Related Hardware with Data Center, LAN
and WAN Connectivity with its Head Office at Agrabad, Chattogram and it’s Four Regional Offices
and all the Depots.
3. Supply, Installation, Testing and Commissioning Of 500+10 KVA, Diesel Generator at Main
Installation, Chattogram.
4. Construction of 03-Storied office Building with 04-Storied Foundation and other related work at
Godenail Depot, Narayangonj.
5. Construction of RCC Retaining Wall (River Side) & Carpeting Road and Roofing Sheet replacement
of Filling Gantry at Godenail Depot, Narayangonj.
6. Design, Engineering, Supply, Installation, Testing & Commission of fire hydrant type fire fighting
system at Fatullah Depot, Narayangonj.
7. Construction of 1300 M. Ton Capacity POL Storage Vertical Steel Tank including Pipe line at
Jhalakathi Depot, Jhalakathi.
8. Construction of 700 M.Ton Capacity POL Storage Vertical Steel Tank including Pipe line and Supply
& Installation of internal floating roof for the Constructed Tank at Barisal Depot, Barisal.
9. Construction of 1300 M. Ton Capacity POL Storage Vertical Steel Tank including Pipe line at
Bhairab Bazar Depot, Kishoregonj.
10. Construction of RCC Pavement & Overhead Water Tank, Supply Fitting Fixing Roof Tiles on the
office Building roof and other Renovation/Repair work at MMSC, Dhaka.

36
 Annual
2017-2018

Human Resources Development :

Skilled and efficient human resources are an essential precondition for success and consistent progress of
any organization. As a human resources development endeavor, company regularly arranges proper
training for its work force. During the year, a good number of employees of the company got training in
Australia, Thailand, Russia, Austria, Singapore, India and other relevant fields from Bangladesh
Petroleum Institute, Dhaka, Dhaka Stock Exchange Ltd and Chattogram Stock Exchange Ltd, Industrial
Relations Institute, Ctg, Institute of Engineers, Engineering Staff College, The Institute of Cost &
Management Accountants of Bangladesh, The Institute of Chartered Accountants of Bangladesh and
Society for Advancement of Computer Technology.

Management Employee Relationship :

Industrial relations in the company have traditionally been very good and during the year under review
harmonious relationship prevailed. Harmony in the management employee relationship is essential for
sustainable development, progress and stability of every organization. The management has always been
committed to this end. Any industrial dispute on the issues of salaries and other financial benefits is settled
through bilateral-agreement between management and Collective Bargaining Agent (CBA) after every
two years under provision of Labour Law. Company’s motto is to promote friendly and harmonious
relationship between management and employees and through this to strengthen the company’s
commercial standing as well as fulfill social goals.

Welfare Activities and Environment Protection Programme :

As a part of environment protection programmes, company has carried out tree plantation programme on
a regular basis. During the said year no accident happened at our main installation and up-country depots.
As a part of welfare activities, company arranged picnic, sports, indoor games for its workforce and
winter cloth to the poor people.

Appointment of Auditors:
Company’s external Joint Auditors M/S. Hoda Vasi Chowdhury & Co., Chartered Accountants and M/S.
Hussain Farhad & Co., Chartered Accountants have retired at this Annual General Meeting. As per
directives of Bangladesh Securities and Exchange Commission, the existing auditor M/S. Hoda Vasi
Chowdhury & Co., Chartered Accountants will not be eligible for re-appointment since they have
completed the tenure of 3 (three) consecutive years as auditor of the company. But M/S. Hussain Farhad
& Co., Chartered Accountants is eligible as the auditor of the Company for the year 2018-2019 as they
have completed the tenure of 2 (two) consecutive years as auditor of the company. Company Board and
BPC have nominated M/S. Hussain Farhad & Co., Chartered Accountants and M/s. Rahman Mostafa
Alam & Co., Chartered Accountants and Company Board recommended to place before it to AGM for
final approval of them as Joint Auditors for the year 2018-2019. The Board of Directors has recommended
audit fee of Tk 1,80,000 (In place of Tk. 1,60,000) equally devisable between two firms.

37
 Annual
2017-2018

Retirement & Re-nomination of Directors :

In accordance with Section 140,141,142 and 143 of Articles of Association of the Company, one third of
the Directors’ of the Board shall retire on seniority basis by rotation at the Annual General Meeting.
Accordingly, Mrs. Parveen Akhter, Mr. Md. Eidtazul Islam and Mr. Istak Ahmed (Shimul) shall retire
from the Board at this Annual General Meeting and they are eligible for re-appointment.

As per directives of Bangladesh Securities and Exchange Commission regarding Corporate Governance
Code, Section 129 of Articles of Association of the Company to be revised to increase number of
Independent Directors to 02 (Two) nos and maximum number of directors to 10 (Ten) Nos. Proposal is
put forward for appointment of one Independent Director at 8th Extra Ordinary General Meeting.

Corporate Governance :
The company is determined to ensure good governance abiding by all applicable rules and regulations and
to discharge its obligation to the valued shareholders, customers as well as the society. MPL has taken
necessary steps to maintain standard corporate management. As the Company is enlisted with the Dhaka
Stock Exchange Limited and the Chattogram Stock Exchange Limited, the rules, regulations and
guidelines of the Bangladesh Securities and Exchange Commission have been followed and disclosed in
this report as Annexure-3 in respect of financial statements and Compliance Report as per the BSEC
Notification No. SEC/CMRRCD/2006-158/134/Admin/44 dated 07-08-2012.

Business Expansion and Future Prospects:

The project with software firm M/s. Flora Limited for design, develop, installation, testing and
commissioning of integrated web based application software (ERP) solution is carrying on smoothly.
Depotwise automation work will be completed within short period of time. After completion of the
project, company will enjoy the very soothing working atmosphere by solving its various day to day
manual accounting work and operational activities within shortest time. Moreover, it will ensure the
saving of time, energy and money.

Company has another project of “Meghna Bhaban” a 19 (Nineteen) storied with 3 (Three) basement floor
Head Office Building at 72, Agrabad Commercial Area, Chittagong. Inauguration of construction work
had been done on 04-11-2017. Now the construction works is continuing and hope that it will be
completed within 2 years.

Company has taken a decision to set up a power plant in company’s own land at Maheshwar Pasha,
Khulna as a part of business divercification.

Company has a plot of 22.50 kathas land at 131, 132 & 133 Motijheel Commercial Area, Dhaka. To
ensure the best utilization of the land, Consultant for preparing Feasibility Study Report has been
appointed. But mutation of the land has not yet been completed. Hope the mutation work will be
completed within quickest possible time.

38
 Annual
2017-2018

Corporate Social Responsibility (CSR) :

As a responsible corporate citizen, MPL acknowledges it’s role in contributing to the development of
communities in Bangladesh. During the financial year Meghna Petroleum Limited has
contributed/donated Tk. 24.80 Lac to different institutions like Prime Minister’s Relief Fund, Hogolpatia
Puraton Jame Mosque, Edil-Kadil Islahul Ummah Hafijia Kaomee Madrasa, Amra Korbo Joy, Naoree
Ahmmodia High School, Naoree Ideal Degree College, Taleemul Quran Nuranee, Abdur Rajjak (Medical
Help), Haji Muhammad Mohsin Hall etc. under its CSR activities.
Acknowledgements :
The Directors gratefully acknowledge the valuable guidance and support extended by Energy and Mineral
Resources Division of the Ministry of Power, Energy and Mineral Resources, Other Ministries,
Bangladesh Petroleum Corporation (BPC) and its subsidiaries, Bangladesh Security and Exchange
Commission, Dhaka Stock Exchange Limited, Chattogram Stock Exchange Limited, CDBL, British
Petroleum, Lukoil Marine Lubricants, Bankers and other government, semi-government and autonomous
organizations.

The Directors also acknowledge the contribution made by the large number of dealers, agents and
distributors spread all over the country towards improving the service to our valued customers and users
as well as for the overall performance of the company.

The employees of the company have continued to display their total commitment towards the pursuit of
excellence. Your Directors take this opportunity to place on record their appreciation for the valuable
contribution made by the employees and look forward to their services with zeal and dedications in the
years ahead to enable the company to scale even greater heights.

Directors are thankful to the shareholders for their faith and continued support in endeavors of the
company.

For and on behalf of the Board of Directors.

(Abu Hena Md. Rahmatul Muneem)

Chairman

39
 Annual
2017-2018

2017-2018 2016-2017

1846010.32 1569621.58

(1762902.38) (1508371.18)
83107.94 100.00 61250.40 100.00

22110.04 26.60 15855.00 25.89

7736.83 9.31 9659.76 15.77

15150.26 18.23 11903.77 19.43

38110.81 45.86 23831.87 38.91

83107.94 100.00 61250.40 100.00

2017-2018
2016-2017

38,110.81
40,000.00

35,000.00

30,000.00
23,831.87
25,000.00 22,110.04

20,000.00 15,855.00
15,150.26
15,000.00 11,903.77
9,659.76
10,000.00 7,736.83

5,000.00

0.00
Depreciation,
Amortization
& Retained
Earnings

40
 Annual
2017-2018

2017-2018 2016-2017 2015-2016

61561.89 45286.40 36006.61

23040.95 20430.55 13484.87
1486.34 1344.65 1184.15
2116.76 1920.45 1782.28
36041.01 21948.09 18502.24
15150.26 11903.77 11362.69
36624.46 22487.23 18901.83 20762.28 23744.20

25640.32 23102.05 20192.31

(12194.59) (10823.82) (9562.26) (8461.20) (7526.76)
13445.73 12278.23 10630.05
760.44 559.53 1060.38
14372.34 13087.01 12022.77
277.16 1233.09 801.91

122991.44 98854.21 88268.81

10821.61 10821.61 10821.61
96050.00 75050.00 65050.00
474.21 583.46 539.14

36041.01 21948.09 18502.24

1486.34 1344.65 1184.15
10821.61 10821.61 10821.61
277.16 1233.09 801.91
706.51 3588.08 818.12

41
 Annual
2017-2018

2017-2018 2016-2017 2015-2016

4862 3381 3215

4023 3762 3595
11639 7363 6396
8889 6984 6666
1586 1349 1211
30999 22839 21083

1.27 1.32 0.95

1.99 1.42 1.30
33.30 20.28 17.10
14.00 11.00 10.50
- - -
4148.03 3382.19 3114.64
82.66 48.03 40.58
7.20 6.94 7.02
436 457 456

88625 72449 55785

94918 73585 41107
56515 70247 91410
1807023 1528362 1331350
6473 6336 5859
380710 295662 244291
MTT & SBPS 2229 473 - - -
4357 4755 4394
19684 16625 12685
10668 9543 8611
2471202 2078037 1795492

4 4 4
18 18 18
806 735 699
180 156 156
902 876 876
1249 1253 1253

424267 316929 303237

672337 636399 567574
425927 350688 320780
286010 241644 228686
1808541 1545660 1420277

42
 Annual
2017-2018

As per section 1.5(x) & 1.5(xxii) of Corporat Governance Code the number of Board Meetings, the
attendance of Directors and their remuneration paid during the year 2017-2018 were as follows:

Remuneration
Paid (Tk)

Mr. Abu Hena Md. Rahmatul Muneem 22 22 1,89,750/-

Sayed Mohammad Mozammel Haque 22 17 1,43,750/-

Mr. Shankar Prasad Dev 22 11 88,550/-

Mrs. Tahmina Begum 22 05 46,000/-

Mrs. Parveen Akhter 22 20 1,73,650/-

Mr. Md. Eidtazul Islam 22 19 1,64,450/-

Independent
Mr. A K M Jashim Uddin 22 10 92,000/-
Director
Ex-Independent
22 01 8,050/-
Director

22 20 1,73,650/-

22 19 1,64,450/-

Mir Saifullah-Al-Khaled 22 22 1,89,750/-

43
 Annual
2017-2018

ANNEXURE-3
Status of compliance with the conditions imposed by the Commission’s Notification No. BSEC/CMR-
RCD/2006-158/207/Admin/80 dated 3 June 2018 issued under section 2CC of the Securities and Exchange
Ordinance, 1969:

Compliance Status
Condition Remarks
Title Not
No. Complied Complied (if any)
1. Board of Director
Size of the Board of Directors :
1.1
Board size : members should not be less than 5 (five) and more than 20 (twenty)

1.2 Independent Director :
1.2(a) At least one-fifth (1/5) of the total number of directors in the company’s Board; 
Not hold any share in the company or holds less than one percent (1%) shares of the
1.2(b)(i)
total paid-up shares of the company;

Not a sponsor of the company or is not connected with the company’s any sponsor or director
or nominated director or shareholder of the company or any of its associates, sister
1.2(b)(ii) concerns, subsidiaries and parents or holding entities who holds one percent (1%) or more 
shares of the total paid-up shares of the company on the basis of family relationship and
his or her family members also shall not hold above mentioned shares in the company
1.2(b)(iii) Not been an executive of the company in immediately preceding 2 (two) financial years; 
Not have any other relationship, whether pecuniary or otherwise, with the company or its
1.2(b)(iv)
subsidiary or associated companies;

Not a member or TREC (Trading Right Entitlement Certificate) holder, director or officer of
1.2(b)(v)
any stock exchange;

Not a shareholder, director excepting independent director or officer of any member or
1.2(b)(vi)
TREC holder of stock exchange or an intermediary of the capital market;

Not a partner or an executive or was not a partner or an executive during the preceding
3 (three) years of the concerned company’s statutory audit firm or audit firm engaged in
1.2(b)(vii)
internal audit services or audit firm conducting special audit or professional certifying

compliance of this Code;
1.2(b)(viii) Who is not independent director in more than 5 (five) listed companies; 
Who has not been convicted by a court of competent jurisdiction as a defaulter in payment of
1.2(b)(ix)
any loan or any advance to a bank or a Non-Bank Financial Institution (NBFI);

1.2(b)(x) Who has not been convicted for a criminal offence involving moral turpitude; 
The independent director(s) shall be appointed by the Board and approved by the shareholders
1.2(c)
in the Annual General Meeting (AGM);

1.2(d) The post of independent director(s) cannot remain vacant for more than 90 (Ninety) days; 
The tenure of office of an independent director shall be for a period of 3 (three)
1.2(e)
years, which may be extended for 1 (one) tenure only:

1.3 Qualification of Independent Director :
Independent director shall be a knowledgeable individual with integrity who is able to ensure
1.3(a) compliance with financial laws, regulatory requirements and corporate laws and can make 
meaningful contribution to the business;
Who is or was a promoter or director of an unlisted company having minimum paid-up
1.3(b)(i) capital of Tk. 100.00 million or any listed company or a member of any national or 
international chamber of commerce or business association; or
Who is or was a top level executive not lower than Chief Executive Officer or Managing
Director or Deputy Managing Director or Chief Financial Officer or Head of Finance or
1.3(b)(ii) Accounts or Company Secretary or Head of Internal Audit and Compliance or Head of Legal 
Service or a candidate with equivalent position of an unlisted company having minimum
paid up capital of Tk. 100.00 million or of a listed company; or
Former official of government or statutory or autonomous or regulatory body in the position
1.3(b)(iii) not below 5th Grade of the national pay scale, who has at least educational 
background of bachelor degree in economics or commerce or business or law; or
University Teacher who has educational background in Economics or Commerce or Business
1.3(b)(iv)
Studies or Law; or

Who is or was an advocate practicing at least in the High Court Division of
Bangladesh Supreme Court or a Chartered Accountant or Cost and Management
1.3(b)(v) Accountant or Chartered Financial Analyst or Chartered Certified Accountant or Certified 
Public Accountant or Chartered Management Accountant or Chartered Secretary or equivalent
qualification;

44
 Annual
2017-2018

The independent director shall have at least 10 (ten) years of experiences in any field
1.3(c)
mentioned in clause (b);

In special cases, the above qualifications or experiences may be relaxed subject to prior
1.3(d)
approval of the Commission.

1.4 Duality of Chairperson of the Board of Directors and Managing Director or Chief Executive Officer :
The positions of the Chairperson of the Board and the Managing Director (MD) and/or Chief
1.4(a)
Executive Officer (CEO) of the company shall be filled by different individuals;

The Managing Director (MD) and/or Chief Executive Officer (CEO) of a listed company shall
1.4(b)
not hold the same position in another listed company;

The Chairperson of the Board shall be elected from among the non-executive directors
1.4(c)
of the company;

The Board shall clearly define respective roles and responsibilities of the
1.4(d)
Chairperson and the Managing Director and/or Chief Executive Officer;

In the absence of the Chairperson of the Board, the remaining members may elect one of
1.4(e) themselves from non-executive directors as Chairperson for that particular Board’s meeting; 
the reason of absence of the regular Chairperson shall be duly recorded in the minutes.
1.5 The Directors’ Report to Shareholders :
1.5(i) An industry outlook and possible future developments in the industry; 
1.5(ii) The segment-wise or product-wise performance; 
1.5(iii) Risks and concerns including internal and external risk factors, threat to
sustainability and negative impact on environment, if any;

1.5(iv) A discussion on Cost of Goods sold, Gross Profit Margin and Net Profit Margin, where
applicable;

1.5(v) Discussion on continuity of any extraordinary activities and their implications (gain or loss); 
1.5(vi) A detailed discussion on related party transactions along with a statement showing
amount, nature of related party, nature of transactions and basis of transactions of all 
related party transactions;
1.5(vii) A statement of utilization of proceeds raised through public issues, rights issues and/or any Not
other instruments; Applicable
1.5(viii) An explanation if the financial results deteriorate after the company goes for Initial Not
Public Offering (IPO), Repeat Public Offering (RPO), Rights Share Offer, Direct Listing, etc.; Applicable
1.5(ix) An explanation on any significant variance that occurs between Quarterly
Financial performances and Annual Financial Statements;

1.5(x) A statement of remuneration paid to the directors including independent directors; 
1.5(xi) A statement that the financial statements prepared by the management of the issuer
company present fairly its state of affairs, the result of its operations, cash flows and changes in 
equity;
1.5(xii) A statement that proper books of account of the issuer company have been maintained; 
1.5(xiii) A statement that appropriate accounting policies have been consistently applied in preparation
of the financial statements and that the accounting estimates are based on reasonable and 
prudent judgment;
1.5(xiv) A statement that International Accounting Standards (IAS) or International Financial
Reporting Standards (IFRS), as applicable in Bangladesh, have been followed in
preparation of the financial statements and any departure there from has been adequately

disclosed;
1.5(xv) A statement that the system of internal control is sound in design and has been effectively
implemented and monitored;

1.5(xvi) A statement that minority shareholders have been protected from abusive actions by, or in the
interest of, controlling shareholders acting either directly or indirectly and have effective means 
of redress;
1.5(xvii) A statement that there is no significant doubt upon the issuer company’s ability to continue as a going
concern, if the issuer company is not considered to be a going concern, the fact along with reasons there of 
shall be disclosed;
1.5(xviii) An explanation that significant deviations from the last year’s operating results of the issuer company 
shall be highlighted and the reasons thereof shall be explained;
1.5(xix) A statement where key operating and financial data of at least preceding 5 (five)

years shall be summarized;
1.5(xx) An explanation on the reasons if the issuer company has not declared dividend Not
(cash or stock) for the year; Applicable
1.5(xxi) Board’s statement to the effect that no bonus share or stock dividend has been or shall be declared as Not
interim dividend; Applicable
1.5(xxii) The total number of Board meetings held during the year and attendance by each director; 
1.5(xxiii)a Parent or Subsidiary or Associated Companies and other related parties(name-wise details); 
Directors, Chief Executive Officer, Company Secretary, Chief Financial Officer, Head of Internal
1.5(xxiii)b Audit and Compliance and their spouses and minor children (name-wise details); 
1.5(xxiii)c Executives; and 

45
 Annual
2017-2018

1.5(xxiii)d Shareholders holding ten percent (10%) or more voting interest in the company (name-wise details); 
1.5(xxiv)a A brief resume of the director; 
1.5(xxiv)b Nature of his or her expertise in specific functional areas; and 
Names of companies in which the person also holds the directorship and the membership of
1.5(xxiv)c committees of the Board; 
1.5(xxv)a Accounting policies and estimation for preparation of financial statements; 
Changes in accounting policies and estimation, if any, clearly describing the effect on financial
1.5(xxv)b performance or results and financial position as well as cash flows in absolute figure for such 
changes;
Comparative analysis (including effects of inflation) of financial performance or results and
1.5(xxv)c financial position as well as cash flows for current financial year with immediate preceding five 
years explaining reasons thereof;
Compare such financial performance or results and financial position as well as cash flows with the peer
1.5(xxv)d industry scenario;

1.5(xxv)e Briefly explain the financial and economic scenario of the country and the globe; 
Risks and concerns issues related to the financial statements, explaining such risk and concerns mitigation
1.5(xxv)f plan of the company; and

Future plan or projection or forecast for company’s operation, performance and financial position,
1.5(xxv)g with justification thereof, i.e., actual position shall be explained to the shareholders in the next AGM;

Declaration or certification by the CEO and the CFO to the Board as required under condition No. 3(3)
1.5(xxvi) shall be disclosed as per Annexure-A; and

The report as well as certificate regarding compliance of conditions of this Code as required under
1.5(xxvii) condition No. 9 shall be disclosed as per Annexure-B and Annexure-C.

1.6 Meetings of the Board of Directors :
The company shall conduct its Board meetings and record the minutes of the meetings as well as keep
required books and records in line with the provisions of the relevant Bangladesh Secretarial
1.6 Standards (BSS) as adopted by the Institute of Chartered Secretaries of Bangladesh (ICSB) in so

far as those standards are not inconsistent with any condition of this Code.
1.7 Code of Conduct for the Chairperson, other Board members and Chief Executive Officer:
The Board shall lay down a code of conduct, based on the recommendation of the Nomination and
1.7(a) Remuneration Committee (NRC) at condition No. 6, for the Chairperson of the Board, other board 
members and Chief Executive Officer of the company;
The code of conduct as determined by the NRC shall be posted on the website of the company including,
among others, prudent conduct and behavior; confidentiality; conflict of interest; compliance with laws,
1.7(b) rules and regulations; prohibition of insider trading; relationship with environment, employees,

customers and suppliers; and independency.
2. Governance of Board of Directors of Subsidiary Company :
Provisions relating to the composition of the Board of the holding company shall be made applicable to the Not
2(a) composition of the Board of the subsidiary company; Applicable
At least 1 (one) independent director on the Board of the holding company shall be a director on the Board Not
2(b) of the subsidiary company; Applicable
The minutes of the Board meeting of the subsidiary company shall be placed for review at the following Not
2(c) Board meeting of the holding company; Applicable
The minutes of the respective Board meeting of the holding company shall state that they have Not
2(d) reviewed the affairs of the subsidiary company also; Applicable
The Audit Committee of the holding company shall also review the financial statements, in Not
2(e) particular the investments made by the subsidiary company. Applicable
Managing Director (MD) or Chief Executive Officer (CEO), Chief Financial Officer (CFO),
3.
Head of Internal Audit and Compliance (HIAC) and Company Secretary (CS) :
Appointment
The Board shall appoint a Managing Director (MD) or Chief Executive Officer
3(1)(a) (CEO), a Company Secretary (CS), a Chief Financial Officer (CFO) and a Head of

Internal Audit and Compliance (HIAC);
The positions of the Managing Director (MD) or Chief Executive Officer (CEO), Company
3(1)(b) Secretary (CS), Chief Financial Officer (CFO) and Head of Internal Audit and Compliance (HIAC) shall 
be filled by different individuals;
The MD or CEO, CS, CFO and HIAC of a listed company shall not hold any executive position
3(1)(c) in any other company at the same time;

The Board shall clearly define respective roles, responsibilities and duties of the CFO, the HIAC and the
3(1)(d) CS;

The MD or CEO, CS, CFO and HIAC shall not be removed from their position without approval
3(1)(e) of the Board as well as immediate dissemination to the Commission and stock exchange(s).

Requirement to attend Board of Directors’ Meetings
3(2) The MD or CEO, CS, CFO and HIAC of the company shall attend the meetings of the Board:

Duties of Managing Director (MD) or Chief Executive Officer (CEO) and Chief Financial
Officer (CFO)
3(3)(a)(i) These statements do not contain any materially untrue statement or omit any material fact or contain

statements that might be misleading; and
These statements together present a true and fair view of the company’s affairs and are in compliance with
3(3)(a)(ii) existing accounting standards and applicable laws;

The MD or CEO and CFO shall also certify that there are, to the best of knowledge and belief, no
3(3)(b) transactions entered into by the company during the year which are fraudulent, illegal or in violation 
of the code of conduct for the company’s Board or its members;
3(3)(c) The certification of the MD or CEO and CFO shall be disclosed in the Annual Report. 

46
 Annual
2017-2018

4 Board of Directors’ Committee :

4(i) Audit Committee; and 
NRC was
4(ii) Nomination and Remuneration Committee.  formed on
18-11-2018
5 Audit Committee :
Responsibility to the Board of Directors
5(1)(a) The company shall have an Audit Committee as a sub-committee of the Board;

The Audit Committee shall assist the Board in ensuring that the financial statements reflect true and fair
5(1)(b) view of the state of affairs of the company and in ensuring a good monitoring system within the business;

The Audit Committee shall be responsible to the Board; the duties of the Audit
5(1)(c) Committee shall be clearly set forth in writing.

5.2 Constitution of the Audit Committee
5(2)(a) The Audit Committee shall be composed of at least 3 (three) members; 
The Board shall appoint members of the Audit Committee who shall be non- executive directors of
5(2)(b) the company excepting Chairperson of the Board and shall include at least 1 (one) independent director;

All members of the audit committee should be “financially literate” and at least 1 (one) member shall have
5(2)(c) accounting or related financial management background and 10 (ten) years of such experience;

When the term of service of any Committee member expires or there is any circumstance causing
any Committee member to be unable to hold office before expiration of the term of service, thus
making the number of the Committee members to be lower than the prescribed number of 3 (three)
5(2)(d) persons, the Board shall appoint the new Committee member to fill up the vacancy immediately or not

later than 1 (one) month from the date of vacancy in the Committee to ensure continuity of the
performance of work of the Audit Committee;
5(2)(e) The company secretary shall act as the secretary of the Committee; 
The quorum of the Audit Committee meeting shall not constitute without at least 1 (one) independent
5(2)(f) director.

5.3 Chairperson of the Audit Committee
The Board shall select 1 (one) member of the Audit Committee to be Chairperson of the
5(3)(a) Audit Committee, who shall be an independent director;

In the absence of the Chairperson of the Audit Committee, the remaining members may elect one of
themselves as Chairperson for that particular meeting, in that case there shall be no problem of
5(3)(b) constituting a quorum as required under condition No. 5(4)(b) and the reason of absence of the regular

Chairperson shall be duly recorded in the minutes.
Chairperson of the Audit Committee shall remain present in the Annual General
5(3)(c) Meeting (AGM):

5.4 Meeting of the Audit Committee
The Audit Committee shall conduct at least its four meetings in a financial year: Provided that any
5(4)(a) emergency meeting in addition to regular meeting may be convened at the request of any one of the 
members of the Committee;
The quorum of the meeting of the Audit Committee shall be constituted in presence of either two
5(4)(b) members or two third of the members of the Audit Committee, whichever is higher, where presence 
of an independent director is a must.
5.5 Role of Audit Committee
5(5)(a) Oversee the financial reporting process; 
5(5)(b) Monitor choice of accounting policies and principles; 
5(5)(c) Monitor Internal Audit and Compliance process to ensure that it is adequately resourced, including
approval of the Internal Audit and Compliance Plan and review of the Internal Audit and Compliance 
Report;
5(5)(d) Oversee hiring and performance of external auditors; 
5(5)(e) Hold meeting with the external or statutory auditors for review of the annual financial statements

before submission to the Board for approval or adoption;
5(5)(f) Review along with the management, the annual financial statements before submission to the

Board for approval;
5(5)(g) Review along with the management, the quarterly and half yearly financial statements before

submission to the Board for approval;
5(5)(h) Review the adequacy of internal audit function; 
5(5)(i) Review the Management’s Discussion and Analysis before disclosing in the

Annual Report;
5(5)(j) Review statement of all related party transactions submitted by the management; 
5(5)(k) Review Management Letters or Letter of Internal Control weakness issued by statutory auditors; 
5(5)(l) Oversee the determination of audit fees based on scope and magnitude, level of expertise deployed

and time required for effective audit and evaluate the performance of external auditors; and
5(5)(m) Oversee whether the proceeds raised through Initial Public Offering (IPO) or Repeat Public Offering
Not
(RPO) or Rights Share Offer have been utilized as per the purposes stated in relevant offer document
Applicable
or prospectus approved by the Commission:
5.6.a Reporting to the Board of Directors
5(6)(a)(i) The Audit Committee shall report on its activities to the Board. 

47
 Annual
2017-2018

5(6)(a)(ii)a Report on conflicts of interests; None

5(6)(a)(ii)b Suspected or presumed fraud or irregularity or material defect identified in the internal audit and None
compliance process or in the financial statements;
5(6)(a)(ii)c Suspected infringement of laws, regulatory compliances including securities related laws, rules and None
regulations; and
5(6)(a)(ii)d Any other matter which the Audit Committee deems necessary shall be disclosed to the Board None
immediately;
5(6)(b) Reporting to the Authorities
If the Audit Committee has reported to the Board about anything which has material impact on the
financial condition and results of operation and has discussed with the Board and the management that
any rectification is necessary and if the Audit Committee finds that such rectification has been 
unreasonably ignored, the Audit Committee shall report such finding to the Commission, upon
reporting of such matters to the Board for three times or completion of a period of 6 (six) months from the
date of first reporting to the Board, whichever is earlier.
5(7) Reporting to the shareholders and General Investors
Report on activities carried out by the Audit Committee, including any report made to the Board under
condition No. 5(6)(a)(ii) above during the year, shall be signed by the Chairperson of the Audit

Committee and disclosed in the annual report of the issuer company.
6 Nomination and Remuneration Committee (NRC)
6(1)(a) NRC was
Constituted at
Responsibility to the Board of Directors
559th Board
The company shall have a Nomination and Remuneration Committee (NRC) as a sub- committee of the  Meeting held on
Board;
18-11-2018 as per
BSEC rules.
6(1)(b) The NRC shall assist the Board in formulation of the nomination criteria or policy for determining All requirements
qualifications, positive attributes, experiences and independence of directors and top level executive will be complied
as well as a policy for formal process of considering remuneration of directors, top level executive; within due course
6(1)(c) The Terms of Reference (ToR) of the NRC shall be clearly set forth in writing covering the areas

stated at the condition No. 6(5)(b).
6.2 Constitution of the NRC
6(2)(a) The Committee shall comprise of at least three members including an independent director; 
6(2)(b) All members of the Committee shall be non-executive directors; 
6(2)(c) Members of the Committee shall be nominated and appointed by the Board; 
6(2)(d) The Board shall have authority to remove and appoint any member of the

Committee;
6(2)(e) In case of death, resignation, disqualification, or removal of any member of the
Committee or in any other cases of vacancies, the board shall fill the vacancy within 
180 (one hundred eighty) days of occurring such vacancy in the Committee;
The Chairperson of the Committee may appoint or co-opt any external expert and/or member(s) of staff to
the Committee as advisor who shall be non-voting member, if the Chairperson feels that advice or
6(2)(f) suggestion from such external expert and/or member(s) of staff shall be required or valuable for the

Committee;
6(2)(g) The company secretary shall act as the secretary of the Committee; 
The quorum will
be determined in
6(2)(h) The quorum of the NRC meeting shall not constitute without attendance of at least an independent director;
the first meeting of
the NRC.
All requirements
No member of the NRC shall receive, either directly or indirectly, any remuneration for any advisory or
6(2)(i) consultancy role or otherwise, other than Director’s fees or honorarium from the company.
will be complied
within due course
6.3 Chairperson of the NRC
The Board shall select 1 (one) member of the NRC to be Chairperson of the
6(3)(a) Committee, who shall be an independent director;

In the absence of the Chairperson of the NRC, the remaining members may elect one of themselves as
6(3)(b) Chairperson for that particular meeting, the reason of absence of the regular Chairperson shall be duly 
recorded in the minutes;
This will be
The Chairperson of the NRC shall attend the annual general meeting (AGM) to answer the queries effective from 40th
6(3)(c) of the shareholders: AGM of the
Company.
6.4 Meeting of the NRC
The first meeting
of the NRC will be
6(4)(a) The NRC shall conduct at least one meeting in a financial year; conducted in the
financial year
2018-19
The Chairperson of the NRC may convene any emergency meeting upon request by any member of the
6(4)(b) NRC;
Not applicable
The quorum of the meeting of the NRC shall be constituted in presence of either two members or two third The quorum will
of the members of the Committee, whichever is higher, where presence of an independent director is must be determined in
6(4)(c) as required under condition No. the first meeting of
6(2)(h); the NRC.
All requirements
The proceedings of each meeting of the NRC shall duly be recorded in the minutes and such minutes shall
6(4)(d) be confirmed in the next meeting of the NRC.
will be complied
within due course.

48
 Annual
2017-2018

6.5 Role of the NRC

6(5)(a) NRC shall be independent and responsible or accountable to the Board and to the shareholders; -do-
The level and composition of remuneration is reasonable and sufficient to attract, retain and motivate
6(5)(b)(i)a suitable directors to run the company successfully; -do-
The relationship of remuneration to performance is clear and meets appropriate performance
6(5)(b)(i)b benchmarks; and -do-
Remuneration to directors, top level executive involves a balance between fixed and incentive pay
6(5)(b)(i)c reflecting short and long-term performance objectives appropriate to the working of the company and its -do-
goals;
Devising a policy on Board’s diversity taking into consideration age, gender, experience, ethnicity,
6(5)(b)(ii) educational background and nationality; -do-
Identifying persons who are qualified to become directors and who may be appointed in top level
6(5)(b)(iii) executive position in accordance with the criteria laid down, and recommend their appointment and -do-
removal to the Board;
6(5)(b)(iv) Formulating the criteria for evaluation of performance of independent directors and the Board; -do-
Identifying the company’s needs for employees at different levels and determine their selection,
6(5)(b)(v) transfer or replacement and promotion criteria; and -do-
Developing, recommending and reviewing annually the company’s human resources and training
6(5)(b)(vi) policies; -do-
The company shall disclose the nomination and remuneration policy and the evaluation criteria and
6(5)(c) activities of NRC during the year at a glance in its annual report. -do-
7 External or Statutory Auditors
7(1)(i) Appraisal or valuation services or fairness opinions; 
7(1)(ii) Financial information systems design and implementation; 
7(1)(iii) Book-keeping or other services related to the accounting records or financial statements; 
7(1)(iv) Broker-dealer services; 
7(1)(v) Actuarial services; 
7(1)(vi) Internal audit services or special audit services; 
7(1)(vii) Any service that the Audit Committee determines; 
Audit or certification services on compliance of corporate governance as required under condition
7(1)(viii) No. 9(1); and

7(1)(ix) Any other service that creates conflict of interest. 
No partner or employees of the external audit firms shall possess any share of the company they
7(2) audit at least during the tenure of their audit assignment of that company; his or her family members also 
shall not hold any shares in the said company:
Representative of external or statutory auditors shall remain present in the Shareholders’ Meeting (Annual
7(3) General Meeting or Extraordinary General Meeting) to answer the queries of the shareholders.

8 Maintaining a website by the Company
8(1) The company shall have an official website linked with the website of the stock exchange. 
8 (2) The company shall keep the website functional from the date of listing. 
The company shall make available the detailed disclosures on its website as required under the
8(3) listing regulations of the concerned stock exchange(s).

9 Reporting and Compliance of Corporate Governance
The company shall obtain a certificate from a practicing Professional Accountant or Secretary (Chartered
Accountant or Cost and Management Accountant or Chartered Secretary) other than its statutory
9(1) auditors or audit firm on yearly basis regarding compliance of conditions of Corporate Governance

Code of the Commission and shall such certificate shall be disclosed in the Annual Report.
This will be
effective from
The professional who will provide the certificate on compliance of this Corporate Governance Code
9(2) shall be appointed by the shareholders in the annual general meeting.
the 40th AGM
of the
Company
The directors of the company shall state, in accordance with the Annexure-C attached, in the
9(3) directors’ report whether the company has complied with these conditions or not.


49
 Annual
2017-2018

3,52,76,212 32.60
94,53,114 8.73
10,82,16,108

Mrs. Tahmina Begum

Mr. Md. Sarwar Alam

Mr. A K M Jashim Uddin FCMA

500 0.0002%

Mr. Reza Md. Riazuddin

Head of Internal Audit

Mr. Oli Ahmed Bhuiyan

1. Mr. Ahmed Shahidul Hoque - General Manager (Marketing)

2. Mr. Md. Akhter Hossain - General Manager (HR)
3. Mr. Golam Haider - Deputy General Manager (Dhaka)
4. Mr. Md. Jasim Uddin - Deputy General Manager (Sales)
5. Mr. Sk. Abdul Motleb - Deputy General Manager (Operation)

2017-2018 2016-2017 2015-2016

1.12:1 1.13:1 1.13:1

0.97:1 1.01:1 1.01:1

4.53 times 4.54 times 4.34 times

13.09 times 18.37 times 13.63 times 12.49 times 16.17 times
1.79 times 1.97 times 2.02 times

1.27% 1.32% 0.95%

Operating Profit Ratio 0.85% 0.62% 0.31% 0.57% 0.41%
1.99% 1.42% 1.30% 1.41% 1.55%
4.88% 3.99% 3.75%
29.30% 22.20% 21.08%
33.30 20.28 17.10

7.20 6.94 7.02

50
 Annual
2017-2018

2017-2018 2016-2017 2015-2016

40000.00 40000.00 40000.00
10821.61 10821.61 10821.61
122991.44 98854.21 88268.81
1808540.98 1545660.23 1420276.99
23041.01 20430.55 13484.87
12378.95 13978.42 9587.63
Operating 15298.29 9567.56 4375.98
33884.66 21740.42 22043.00
49182.95 31307.98 26418.97
2459.15 1565.40 1320.95
46723.80 29742.58 25098.03
10682.79 7794.49 6595.78
36041.01 21948.09 18502.24
36624.46 22487.23 18901.83
15150.26 11903.77 11362.69
Basic (*Restated) 30.30 20.28 17.10 *21.81
140% 110% 105%

Basic (*Restated) 113.20 91.35 81.57 *64.35

122496.08 98358.84 87773.44
29.42 22.31 21.08

139 146 135

297 311 321
436 457 456

51
 Annual
2017-2018

2,471,202
2,500,000 2,078,037
1,948,615
1,808,735 1,795,492
2,000,000

1,500,000

1,000,000

500,000

0
2013-2014 2014-2015 2015-2016 2016-2017 2017-2018

2,000,000.00 1,808,540.98

1,525,881.49 1,545,660.23
1,439,642.24 1,420,276.99
1,500,000.00 2013-2014
2014-2015

1,000.000.00 2015-2016
2016-2017
2017-2018
500,000.00

0.00 2013-2014 2014-2015 2015-2016 2016-2017 2017-2018

2016-2017 2,078,037 1,545,660.23

2017-2018 2,471,202 1,808,540.98

52
 Annual
2017-2018

12000 11639

10000 8889

8000 6987 7363

6785 6666 6666 6984
6396
5483
6000 4862
4384
3843 3762 4023
3665 3595
4000 3215 3381
3449
1260 1582 1349 1586
2000 1211

0
2013-2014 2014-2015 2015-2016 2016-2017 2017-2018

2016-2017 2017-2018
3381 4862
3762 4023
7363 11639
6984 8889
1349 1586
22839 30999

2000000 1808541
1525881 1545660
1439642 1420277
1500000

1000000

500000

0 2013-2014 2014-2015 2015-2016 2016-2017 2017-2018

Chattogram Bogura

2016-2017 2017-2018
Chattogram 316929 424267
636399 672337
350688 425927
Bogura 241644 286010
1545660 1808541

53
 Annual
2017-2018

2017-2018
BITUMEN. 0.80%
MTT & SBPS. 0.09%
LUBRICANTS.
JBO. 0.26% 0.43%
OTHERS (LPG &
B. WATER). 0.18% 1807023
HOBC.
56515
FO. 15.41%
3.59% 94918
MS.
3.84% 88625
380710
SKO.
2.29%
6473
HSD. 73.12%
MTT & SBP 2229
19684
10668
4357
2471202

40,000.00 36,041.01
35,000.00

30,000.00

25,000.00 23,598.30 21,948.09

20,347.80
20,000.00 18,502.24

15,000.00

10,000.00 2016-2017 21,948.09

5,000.00
2017-2018 36,041.01
0.00
2016-2017 2017-2018

DIVIDEND PER SHARE IN LAST 5 YEARS

140%
140%

120% 110%
105% 105%
95% Financial Year Cash Dividend Stock Dividend
100%
2013-2014 95% 10%
80%
2014-2015 105% 0%

60% 2015-2016 105% 0%

2016-2017 110% 0%
40% 2017-2018 140% (Proposed) 0%

20% 10%
0% 0% 0% 0%

0% 2017-2018
2013-2014 2014-2015 2015-2016 2016-2017
(Proposed)
Financial Year
Bonus Cash

54
Annual
2017-2018

55
 Annual
2017-2018

Report to the Shareholders of Meghna Petroleum Limited on

compliance on the Corporate Governance Code

We have examined the compliance status of the Corporate Governance Code by Meghna
Petroleum Limited for the year ended on June 30, 2018. This Code relates to the Notification
No BSEC/CMRRCD/2006-158/207/Admin/80 dated June 3, 2018 of the Bangladesh Securities
and Exchange Commission.
Such compliance with the Corporate Governance Code is the responsibility of the Company.
Our examination was limited to the procedures and implementation thereof as adopted by
the Management in ensuring compliance with the conditions of the Corporate Governance
Code.
This is a scrutiny and verification and an independent audit on compliance of the conditions
of the Corporate Governance Code as well as the provisions of relevant Bangladesh
Secretarial Standards (BSS) as adopted by the Institute of Chartered Secretaries of
Bangladesh (ICSB) in so far as those standards are not inconsistent with any condition of this
Corporate Governance Code.
We state that we have obtained all the information and explanations, which we have
required, and after due scrutiny and verification thereof, we report that, in our opinion:

a) The Company has complied with the conditions of the Corporate Governance
Code as stipulated in the above mentioned Corporate Governance Code
issued by the Commission except the compliance matters which are under
process and those to be complied with from next time due to time Gap this
year as mentioned in the attached checklist (Annexure-C) thereof;

b) The Company has complied with the provisions of the relevant Bangladesh
Secretarial Standards (BSS) as adopted by the Institute of Chartered
Secretaries of Bangladesh (ICSB) as required by this Code;

c) Proper books and records have been kept by the company as required under
the Companies Act, 1994, the securities laws and other relevant laws; and

d) The Governance of the company appeared to be satisfactory.

For MRH DEY & CO,

Chartered Accountants

Dated, Chattogram
26 November, 2018
Haradhan Dey, FCA
Partner

56
 Annual
2017-2018

12 November, 2018

Chattogram.

2018

Kazi Manowar Dilder Mir Saifullah-Al-Khaled

57
 Annual
2017-2018

AUDITORS’ REPORT
TO THE SHAREHOLDERS OF
MEGHNA PETROLEUM LIMITED

We have audited the accompanying financial statements of MEGHNA PETROLEUM LIMITED (MPL),
which comprise of the Statement of Financial Position as at 30 June 2018, Statement of Profit or Loss and
Other Comprehensive Income, Statement of Changes in Equity and Statement of Cash Flows for the year
then ended, and a summary of significant accounting policies and other explanatory information.
Management Responsibility for the Financial Statements
Management is responsible for the preparation and fair presentation of these financial statements in
accordance with International Financial Reporting Standards (IFRS), the Companies Act, 1994 and other
applicable laws and regulations and for such internal control as management determines is necessary to
enable the preparation of financial statements that are free from material misstatement, whether due to fraud
or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted
our audit in accordance with Bangladesh Standards on Auditing (BSA). Those standards require that we
comply with ethical requirement and plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor's judgment, including the assessment
of the risks of material misstatement of the financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair
presentation of the financial statements in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal
control. An audit also includes evaluating the appropriateness of the accounting policies used and the
reasonableness of accounting estimates made by management, as well as evaluating the overall presentation
of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
qualified audit opinion.
Basis for qualified opinion
i) As stated in note 4.01 (Property, plant and equipment) the legal titles of the immovable properties
acquired from erstwhile Meghna Petroleum Marketing Company Limited (MPMCL) and Padma Petroleum
Limited (PPL) have not yet been transferred in favour of the Company which may attract any future legal
complicacy.
ii) The Company has been showing Tk. 31,719,810 in stock (with corresponding provision of Tk.

58
 Annual
2017-2018

25,981,162 for possible recoverability) being the net value of products at current price given on loan to
other units of Bangladesh Petroleum Corporation (BPC) which is outstanding since 2003 although the
possibility of its recovery is very bleak (note 8.03).
Qualified Opinion
In our opinion, except for the possible effect of the matters described in the Basis of Qualified Opinion
paragraph, the financial statements, prepared in accordance with International Accounting Standards (IAS)
and International Financial Reporting Standard (IFRS), give a true and fair view of the Statement of
Financial Position as at 30 June 2018 and its financial performance and its cash flows for the year then
ended and comply with the Companies Act 1994, Bangladesh Securities and Exchange Rules 1987 and
other applicable laws and regulations.
Report on Other Legal and Regulatory Requirements
In accordance with the Companies Act 1994 and Securities and Exchange Rules 1987, we also report the
following:
(a) we have obtained all the information and explanations which to the best of our knowledge and belief
were necessary for the purposes of our audit and made due verification thereof,
(b) in our opinion, proper books of account as required by law have been kept by the Company so far as
it appeared from our examination of those books,
(c) the Company’s statement of financial position and statement of profit or loss and other comprehensive
income dealt with by the report are in agreement with the books of account and returns; and
(d) the expenditure incurred was for the purpose of the Company’s business.

Chattogram Hussain Farhad & Co. Hoda Vasi Chowdhury & Co

7 November 2018 Chartered Accountants Chartered Accountants

59
 Annual
2017-2018

MEGHNA PETROLEUM LIMITED

Statement of Financial Position
As at 30 June 2018

30 June 2018 30 June 2017

Note (s)
Taka Taka
ASSETS
Non-Current Assets
Property, Plant and Equipment 4 1,344,573,030 1,227,822,607
Capital Work-in-Progress 5 76,043,662 55,953,347
Goodwill 6 16,616,941 24,925,412
Total Non-Current Assets 1,437,233,633 1,308,701,366

Current Assets
Short Term Investments (FDR) 7 13,918,455,549 7,634,708,826
Inventories 8 13,818,103,299 8,414,104,242
Trade and Other Receivables 9 39,938,770,970 34,079,048,126
Advances, Deposits and Pre-payments 10 1,813,478,320 1,518,954,025
Cash and Cash Equivalents 11 29,897,925,691 25,550,831,619
Total Current Assets 99,386,733,829 77,197,646,838
TOTAL ASSETS 100,823,967,462 78,506,348,204

EQUITY AND LIABILITIES

Equity
Share Capital 12 1,082,161,080 1,082,161,080
Share Money Deposit 12.03 49,536,510 49,536,510
General Reserve 13 7,505,000,048 6,505,000,048
Retained Earnings 3,662,446,392 2,248,722,894
Equity attributable to owners of the Company 12,299,144,030 9,885,420,532

Non-Current Liabilities
Defined Benefit Obligations - Gratuity 14 70,651,076 358,808,149
Deferred Tax Liabilities 15 27,716,018 123,308,765
Long Term Borrowing 16 74,304,766 74,304,766
Total Non-Current Liabilities 172,671,860 556,421,680

Current Liabilities
Creditors and Accruals 17 86,991,374,816 67,153,095,863
Provision for WPPF and Welfare Fund 18 245,914,731 156,539,915
Unclaimed Dividend 19 72,335,916 69,463,870
Income Tax Payable 20 1,042,526,109 685,406,344
Total Current Liabilities 88,352,151,572 68,064,505,992
Total Liabilities 88,524,823,432 68,620,927,672
TOTAL EQUITY AND LIABILITIES 100,823,967,462 78,506,348,204
Net Assets Value (NAV) Per Share - (Basic) 27 113.20 90.89
The annexed notes 1 to 37 form integral part of these financial statements.

Company Secretary General Manager (A & F) Managing Director Director Chairman

As per our annexed report of same date.

Hussain Farhad & Co. Hoda Vasi Chowdhury & Co

Chattogram Chartered Accountants Chartered Accountants

60
 Annual
2017-2018

MEGHNA PETROLEUM LIMITED

Statement of Profit or Loss and Other Comprehensive Income
For the year ended 30 June 2018

01 July 2017 to 01 July 2016 to

Note (s) 30 June 2018 30 June 2017
Taka Taka

Gross Earnings on Petroleum Products 21 2,304,094,924 2,043,055,434

Net Operational Gain / (Loss) 21.03 105,160,671 89,449,851
Net Earnings on Petroleum Products 2,409,255,595 2,132,505,285
Other Operating Income 21.05 358,467,961 222,093,125
Total Income 2,767,723,556 2,354,598,410
Operating Expenses
Administrative, Selling and Distribution Expenses 22 (1,026,218,294) (1,205,797,271)
Financial Expenses 23 (65,619,778) (68,829,688)
Interest Expenses through BPC 24 (146,056,454) (123,215,144)
(1,237,894,526) (1,397,842,103)
Total Operating Profit 1,529,829,030 956,756,307
Non-operating Income 25 3,388,465,587 2,174,041,991
Net Profit Before WPP&WF 4,918,294,617 3,130,798,298
Contribution to Workers' Profit Participation and Welfare
Fund @ 5% on net profit 18 (245,914,731) (156,539,915)
Net Profit Before Income Tax 4,672,379,886 2,974,258,383
Income tax (expenses)/benefits:
Current Tax 20 (1,163,871,947) (736,331,896)
Deferred Tax 15 95,592,747 (43,117,567)
(1,068,279,200) (779,449,463)
Net Profit After Tax Transferred to Retained Earnings 3,604,100,686 2,194,808,920

Other Comprehensive Income

Items that will never be reclassified to profit or loss - -
Items that are or may be reclassified to profit or loss - -
Total Comprehensive Income 3,604,100,686 2,194,808,920

Earnings per share (EPS) - Basic 26 33.30 20.28

The annexed notes 1 to 37 form integral part of these financial statements.

Company Secretary General Manager (A & F) Managing Director Director Chairman

As per our annexed report of same date.

Hussain Farhad & Co. Hoda Vasi Chowdhury & Co

Chattogram Chartered Accountants Chartered Accountants

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62
MEGHNA PETROLEUM LIMITED
Statement of Changes in Equity
Annual

For the year ended 30 June 2018

2017-2018

Amount in Taka

Share Capital General Reserve Retained Earnings Total Equity

Balance as on 1 July 2016 1,082,161,080 5,805,000,048 1,890,183,109 8,777,344,237

Bonus Shares Issued during the Year - - - -
Cash Dividend Paid during the Year - - (1,136,269,134) (1,136,269,134)
Transferred to General Reserve - 700,000,000 (700,000,000) -
Net Profit after Tax for the Year 2016-2017 - - 2,194,808,919 2,194,808,919
Balance as at 30 June 2017 1,082,161,080 6,505,000,048 2,248,722,894 9,835,884,022

Balance as on 1 July 2017 1,082,161,080 6,505,000,048 2,248,722,894 9,835,884,022

Cash Dividend Paid during the Year - - (1,190,377,188) (1,190,377,188)
Transferred to General Reserve - 1,000,000,000 (1,000,000,000) -
Net Profit after Tax for the Year 2017-2018 - - 3,604,100,686 3,604,100,686
Balance as at 30 June 2018 1,082,161,080 7,505,000,048 3,662,446,392 12,249,607,520

Company Secretary General Manager (A & F) Managing Director Director Chairman

 Annual
2017-2018

MEGHNA PETROLEUM LIMITED

Statement of Cash Flows
For the year ended 30 June 2018

30 June 2018 30 June 2017

Taka Taka
A. Cash Flows from Operating Activities
Cash Received from Customers 195,358,621,354 153,186,604,990
Cash Received from Non-Operating Income 3,388,465,587 2,174,041,990
Cash Paid to Suppliers, Employees and Others (185,449,638,822) (148,511,797,747)
Cash Payment for Financial Expenses (211,676,232) (192,044,832)
Income Tax Paid (990,259,338) (771,133,277)
Net Cash Generated by Operating Activities 12,095,512,549 5,885,671,124

B. Cash Flows from Investing Activities

Capital Expenditures (277,166,613) (240,889,185)
Short Term Investments (6,283,746,722) (3,267,602,677)
Net Cash Used in Investing Activities (6,560,913,335) (3,508,491,862)

C. Cash Flows from Financing Activities

Share Money Deposit - -
(Repayment) / Receipt of Long term loan - -
Dividend Paid (1,187,505,142) (1,156,159,441)
Net Cash Used in Financing Activities (1,187,505,142) (1,156,159,441)

D. Net Increase of Cash and Cash Equivalents during the year (A+B+C) 4,347,094,072 1,221,019,821
E. Opening Cash and Cash Equivalents 25,550,831,619 24,329,811,798
F. Closing Cash and Cash Equivalents (D+E) 29,897,925,691 25,550,831,619

Operating Cash Flow Per Share - Basic 111.77 54.39

Company Secretary General Manager (A & F) Managing Director Director Chairman

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MEGHNA PETROLEUM LIMITED

Notes to the Financial Statements
As at and for the year ended 30 June 2018

1.00 THE REPORTING ENTITY

1.01 Legal Form of Enterprise
Meghna Petroleum Limited (hereinafter referred to as the company) was incorporated in
Bangladesh on 27 December, 1977 as a Private Limited Company. All but six shares of the
Company are held by the Bangladesh Petroleum Corporation (hereinafter referred to as BPC).
Subsequently it converted into a Public Limited Company on 29 May 2007 vide special resolution
dated 29 May 2007 under the Companies Act 1994. As resolved in the Board of BPC, the present
owner of the shares, and also as per resolution taken in the EGM, the Company shall off load
12,000,000 ordinary shares of Tk 10 each to the general public / institutions at market price in
accordance with regulation 5 of Stock Exchange (direct listing) regulations 2006, the Depository
Act 1999 and regulations issued there under. The shares were floated for public offering on 14
January 2008.
The registered office and principal place of business of the company is located at 58-59, Agrabad
Commercial Area, Chattogram, Bangladesh.

1.02 Nature of the Business

The activities of the Company comprise the procurement, storage and marketing of Petroleum
products and Lubricants, Bitumen, Liquefied Petroleum Gas (LPG) and Battery Water in
Bangladesh.
2.00 BASIS OF PREPARATION AND PRESENTATION OF THE FINANCIAL STATEMENTS
2.01 Statement of Compliance
The Financial Statements have been prepared on a going concern basis following accrual basis of
accounting except for Cash Flows Statement in accordance with the International Accounting
Standards (IASs) and International Financial Reporting Standards (IFRSs) as adopted in
Bangladesh by the Institute of Chartered Accountants of Bangladesh (ICAB).
2.02 Basis of Reporting
The financial statements are prepared and presented for external users by the company in
accordance with identified financial reporting framework. Presentation has been made in
compliance with the requirements of IAS 1 – “Presentation of Financial Statements”. The financial
statements comprise of:

a) A statement of financial position as at 30 June 2018.

b) A statement of profit or loss and other comprehensive income for the year ended 30 June 2018.
c) A statement of changes in equity for the year ended 30 June 2018.
d) A statement of cash flows for the year ended 30 June 2018.
e) Notes, comprising a summary of significant accounting policies and explanatory information.

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2.03 Other Regulatory Compliances

The Company is also required to comply with the following major laws and regulations along with
the Companies Act, 1994:
The Income Tax Ordinance, 1984
The Income Tax Rules, 1984
The Value Added Tax Act, 1991
The Value Added Tax Rules, 1991
The Customs Act, 1969
Bangladesh Labour Law, 2006
The Securities and Exchange Ordinance, 1969
The Securities and Exchange Rules, 1987
Securities and Exchange Commission Act, 1993
2.04 Authorization for Issue
The financial statements were authorized for issue by the Board of Directors on 07 November 2018.

2.05 Basis of Measurement

The Financial Statements have been prepared on going concern basis under the historical cost
convention.
2.06 Functional and Presentation Currency
The financial statements are presented in Bangladesh Taka which is the Company's functional
currency. All financial information presented in Taka has been rounded off to the nearest integer.
2.07 Going Concern
The company has adequate resources to continue its operation in foreseeable future. For this reason
the directors continue to adopt going concern basis in preparing the financial statements. The
current revenue generations and resources of the company provide sufficient fund to meet the
present requirements of its existing business and operation.
2.08 Reporting Period
These financial statements of the company cover one year from 1 July 2017 to 30 June 2018 and is
followed consistently.
2.09 Applicable Accounting Standards
The following IASs and IFRSs are applicable for preparation and reporting of the Financial
Statements for the period under review:
IAS - 1 Presentation of Financial Statements
IAS - 2 Inventories
IAS - 7 Statements of Cash Flows
IAS - 8 Accounting Policies, Changes in Accounting Estimates and Errors
IAS - 10 Events after the reporting Period
IAS - 12 Income Taxes
IAS - 16 Property, Plant and Equipment
IAS - 17 Leases
IAS - 18 Revenue

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IAS - 19 Employee Benefits

IAS - 21 The Effects of Changes in Foreign Exchange Rates
IAS - 24 Related Party Disclosures
IAS - 33 Earnings Per Share
IAS - 36 Impairment of Assets
IAS - 37 Provisions, Contingent Liabilities and Contingent Assets
IAS - 39 Financial Instruments: Recognition and Measurement
IFRS - 7 Financial Instruments: Disclosures
2.10 Use of Estimates and Judgments
The preparation of the Financial Statements in conformity with IAS and IFRS requires
management to make judgments, estimates and assumptions that affect the application of
accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual
results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing IAS is. Revisions to accounting
estimates are recognized in the period in which the estimates are revised and in any future periods
affected.
In particular, information about significant areas of estimation, uncertainty and critical judgments
in applying accounting policies that have the most significant effect on the amounts recognized in
the financial statements is included in the following notes:
Note 4 : Property, Plant and Equipment
Note 8 : Inventories
Note 9 : Trade and Other Receivables
Note 14 : Defined Benefit Obligations - Gratuity
Note 15 : Deferred Tax Liabilities
Note 20 : Income Tax Payable
2.11 Comparative Information
Comparative information has been disclosed in respect of the year ended on 30 June 2018 in
accordance with IAS-1: Presentation of Financial Statements, for all numeric information in the
financial statements and also the narrative and descriptive information where it is relevant for
understanding of the current year's Financial Statements.
3.00 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The specific accounting policies selected and applied by the Company’s management for
significant transactions and events that have material effect within the framework of IAS-1
“Presentation of Financial Statements”, in preparation and presentation of financial statements
have been consistently applied throughout the year and were also consistent with those used in
earlier years.
For a proper understanding of the financial statements, these accounting policies are set out below
in one place as prescribed by the IAS-1 “Presentation of Financial Statements”. The recommenda-
tions of IAS-1 relating the format of financial statements were also taken into full consideration for
fair presentation.
3.01 Consistency
Unless otherwise stated, the accounting policies and methods of computation used in preparation
of Financial Statements for the year ended 30 June 2018 are consistent with those policies and
methods adopted in preparing the Financial Statements for the year ended 30 June 2017.

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3.02 Property, Plant and Equipment

3.02.01 Recognition and Measurement
Property, plant and equipment are stated at cost less accumulated depreciation except freehold land
which are stated at cost.
Cost includes expenditures that are directly attributable to the acquisition of the assets. The cost of
self constructed /installed assets includes the cost of materials and direct labour and any other costs
directly attributable to bringing the assets to the working condition for its intended use and the cost
of dismantling and removing the items and restoring the site on which they are located.
When parts of an item of property, plant and equipment have different useful lives, they are
accounted for as separate items (major components) of property, plant and equipment.
3.02.02 Subsequent Costs
The cost of replacing part of an item of property, plant and equipment is recognized in the carrying
amount of the item if it is probable that the future benefit embodied within the part will flow to the
company and its cost can be measured reliably. The costs of the day to day servicing of property,
plant and equipment are recognized in profit or loss as incurred.
3.02.03 Depreciation
No depreciation is charged on freehold considering the unlimited life. Leasehold land is amortized
according to the amortization schedule. In respect of all other property, plant and equipment,
depreciation is recognized in statement of profit or loss and other comprehensive income on
straight-line method over the estimated useful lives of property, plant and equipment.
Depreciation is charged on addition from the month (date of service) of acquisition/addition and no
depreciation is charged in the month of disposal. The depreciation method used reflects the pattern
in which the asset's economic benefits are consumed by the entity. The depreciation charge for each
period is recognized as an expense unless it is included in the carrying amount of another asset.
The principal annual rates are as follows:
Category of Assets Rates of Depreciation (%)
Leasehold Land 1.01-3.33
Buildings 6.6
Plant & Machinery 6.6
Vehicle 6.6-20
Computer & Accessories 20
Furniture and Fixture 6.6
Filling and Service Station Facilities 6.6
Oil Tanker & Floating Equipment 6.6
Storage Tanks 6.6
Equipment and Fittings 6.6
Sundry Plants 6.6
Upon retirement of assets, the cost and related accumulated depreciation are eliminated from the
accounts and resulting gain or loss is charged or credited to statement of profit or loss and other
comprehensive income.
3.03 Capital Work-In-Progress
Property, plant and equipment under construction/acquisition is accounted for as capital
work-in-progress until construction/acquisition is completed and measured at cost.

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3.04 Inventories
Nature of Inventories
Inventories comprise petroleum products, lubricants, LPG, bitumen, receptacles and stores and
spares etc.
Valuation of Inventories
Inventories are measured at lower of cost and net realizable value in accordance with IAS-2
“Inventories”. Net realizable value is Based on estimated selling price in the ordinary course of
business less any further costs expected to be incurred to make the sale.

Basis of valuation are as follows:

Category Basis of Valuation
Petroleum Products : Weighted Average Cost or ERL Transfer Price or
net realizable value whichever is lower.
Other Products and Store & Spares : Weighted Average Cost
3.05 Financial Assets
The company initially recognizes receivables and deposits on the date that they are originated. All
other financial assets are recognized initially on the trade date, which is the date the company
becomes a party to the contractual provisions of the instrument.
The company derecognizes a financial asset when the contractual rights to the cash flows from the
asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in
a transaction in which substantially all the risks and rewards of ownership of the financial asset are
transferred.
Financial assets include Short Term Investments, Trade and Other Receivables, Advances, Deposits
and Prepayments and Cash and cash equivalents.
3.05.01 Trade and Other Receivables
Accounts and other receivables are initially recognized at cost which is the fair value of the
consideration given in return. After initial recognition, these are carried at cost less impairment
losses, if any, due to un-collectability of any amount so recognized.
Provision for doubtful debts is made based on the company policy. Bad debts are written off on
consideration of the status of individual debtors.
3.05.02 Short Term Investments
Short term investments include Fixed Deposits (FDR) which are held with various banks and
Investment Corporation of Bangladesh in the name of the Company for more than three months.
These FDRs are renewed upon maturity at the option of the company.

3.05.03 Advances, Deposits and Prepayments

Advances are initially measured at cost. After initial recognition, advances are carried at cost less
deductions, adjustments or charges to other account heads such as property, plant and equipment,
Inventory or Expenses.
Deposits are measured at payment value.
Prepayments are initially measured at cost. After initial recognition, prepayments are carried at cost
less charges to profit or loss.

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3.05.04 Cash and Cash Equivalents

Cash and cash equivalents comprise cash in hand and demand deposits, together with short-term,
highly liquid investments that are readily convertible to a known amount of cash, and that are
subject to an insignificant risk of changes in value.
3.06 Financial Liabilities
The company recognizes all financial liabilities on the trade date which is the date the company
becomes a party to the contractual obligations of the instrument. The company derecognizes a
financial liability when its contractual obligations are discharged, cancelled or expired. Financial
liabilities comprise Trade Creditors and other financial obligations.
3.06.01 Creditors and Accruals
The company recognizes a financial liability when its contractual obligations arising from past
events are certain and the settlement of which is expected to result in an outflow from the company
of resources embodying economic benefits.
3.07 Impairment
3.07.01 Financial Assets
Financial assets not carried at fair value through profit or loss are assessed at each reporting date to
determine whether there is objective evidence that it is impaired. A financial asset is impaired if
objective evidence indicates that a loss event has occurred after the initial recognition of the asset
and that the loss event had a negative effect on the estimated future cash flows of that asset that can
be estimated reliably.
3.07.02 Non-Financial Assets
The carrying amounts of the company's non-financial assets, other than inventories and deferred
tax assets are reviewed at each reporting date to determine whether there is any indication of
impairment. If any such indication exists then the recoverable amount of the asset is estimated. An
impairment loss is recognized if the carrying amount of an asset or its related cash-generating unit
(CGU) exceeds its estimated recoverable amount.
3.08 Cash Flows Statement
Statement of Cash Flows is prepared principally in accordance with IAS 7 (Statement of Cash
Flow) and the cash flow from operating activities have been presented under direct method.
3.09 Share Capital
Paid-up-capital represents total amount contributed by the shareholders and bonus shares issued by
the company to the ordinary shareholders. Incremental costs directly attributable to the issue of
ordinary shares are recognized as expenses as and when incurred. Holders of ordinary shares are
entitled to receive dividends as declared from time to time and are entitled to vote at shareholders'
meetings. In the event of a winding up of the company, ordinary shareholders rank after all other
shareholders. Creditors are fully entitled to any proceeds of liquidation before all shareholders.

3.10 General Reserve

The general reserve is created from time to time by transferring profits from retained earnings to
meet future known or unknown requirements. As the general reserve is created by a transfer from
one component of equity to another and is not an item of other comprehensive income, items
included in the general reserve will not be reclassified subsequently to profit or loss.

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3.11 Employee Benefits

The Company maintains both defined contribution plan and defined benefit plan for its eligible
permanent employees. Employees are covered under the Group Insurance Scheme.
3.11.01 Defined Contribution Plan
The Company maintains a recognized provident fund @ 10% of basic pay (Equally contributed by
employee & employer) for all eligible permanent employees. The said fund is managed by the
Board of Trustees.
3.11.02 Defined Benefit Plan
The Company operates an recognized funded gratuity scheme for its permanents employees. The
said fund is managed by the Board of Trustees.

Service Length Payment Basis

Less than Five (5) years Nil

For 5 years and above but below 10 Two (2) times of last month basic salary multiplied by year of services.
years
For 10 years and above As per terms of Employees Gratuity Fund Scheme

3.11.03 Workers' Profit Participation and Welfare Funds

The company also recognizes a provision for Workers' profit participation and welfare funds @ 5%
of net profit before tax in accordance with the provision of Section 234 (Kha), Chapter 15 of
Bangladesh Labour Law 2006.
3.12 Taxation
3.12.01 Current Tax
The company has been maintaining provision for taxation using rates enacted at the reporting date
as per Income Tax Ordinance, 1984. The applicable rate is 25% for the year.
3.12.02 Deferred Tax
Deferred tax liabilities are the amount of income taxes payable in the future periods in respect of
taxable temporary differences. Deferred tax assets are the amount of income taxes recoverable in
future periods in respect of deductible temporary differences. Deferred tax assets and liabilities are
recognized for the future tax consequences of timing differences arising between the carrying
values of assets, liabilities, income and expenditure and their respective tax IASes. Deferred tax
assets and liabilities are measured using tax rates and tax laws that have been enacted or
substantially enacted at the statement of financial position date. The impact of changes on the
account in the deferred tax assets and liabilities has also been recognized in the statement of profit
or loss and other comprehensive income as per IAS-12 ''Income Taxes''.
The deferred tax asset/income or liability/expenses does not create a legal liability/recoverability to
and from the income tax authority.

3.13 Provisions, Contingent Liabilities and Contingent Assets

A provision is recognized in the statement of financial position when the company has a legal or
contractual obligation as a result of a past event, it is probable that an outflow of economic benefits
will be required to settle the obligation and a reliable estimate can be made of the amount of the
obligation. Contingencies arising from claims, litigations, assessments, fine, penalties etc. are

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recorded when it is probable that a liability has been incurred and the amount can be reasonably
estimated. In accordance with IAS-37 "Provisions, Contingent Liabilities and Contingent Assets",
contingent liabilities and commitments are disclosed in the financial statements.
3.14 Revenue
In compliance with the requirements of IAS 18: Commission earnings from sales of petroleum
products are measured at fair value of the consideration received or receivable. Commission on
petroleum products are determined by Government through official gazette notification issued from
time to time.
Revenue is recognized when the significant risks and rewards of ownership have been transferred
to the buyer, recovery of the consideration is probable, the associated costs and possible return of
goods can be estimated reliably, there is no continuing management involvement with the goods,
and the amount of revenue can be measured reliably.
3.15 Other Income - Non-Operating
Other non-operating income includes land rent, service charges, filling & power station rent, MPL
products handling, interest income on delayed payment, interest income from SND and FDR, profit
on disposal of assets, commission & service charges and sale of scrap. Other non-operating income
are recognized as revenue income as and when accrued / realized.
3.16 Earnings Per Share (EPS)
The company calculates Earnings per share (EPS) in accordance with IAS 33 “Earnings per share”
which has been shown on the face of Statement of profit or loss and other Comprehensive Income.
3.16.01 Basis of Earnings
The Company calculates earnings for the year attributable of the ordinary shareholders. As there no
preference dividend, minority interest or extra ordinary items, the net profit after tax for the year
has been considered as fully attributable to ordinary shareholders.
3.16.02 Basic Earnings Per Share
This has been calculated by dividing the basic earnings by the number of ordinary shares
outstanding during the year.
3.16.03 Diluted Earnings Per Share
Diluted earnings per share is required to be calculated for the year when there is scope for dilution
exists.
3.16.04 Re-stated Earnings Per Share
Issue of bonus share in any year requires re-stating the EPS of the prior year. In such a case, the EPS
calculation for those and any prior financial statements presented are based on the new number of
shares.
3.17 Foreign Currency Transactions
Transactions in foreign currencies are translated into Taka at the rates prevailing on the dates of the
transactions. Monetary assets and liabilities in foreign currencies at the date of statement of
financial position are retranslated into Bangladesh taka at the exchange rate prevailing on that date.
All exchange differences if any, are recognized in the statement of profit or loss and other
comprehensive income.
The company is exposed to currency risk on certain revenues and purchases of raw materials and
equipment. Company's foreign currency transactions are denominated in USD and relate to import
of capital machinery and raw materials.

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3.18 Events After the Reporting Period

Events after the reporting period that provide additional information about the company's position
at the date of statement of financial position or those that indicate the going concern assumption is
not appropriate are reflected in the Financial Statements. Events after the reporting period that are
not adjusting events are disclosed in the notes when material.
3.19 General
i) Prior year's figures have been rearranged wherever considered necessary to ensure
comparability with the current year.
ii) Bracket figures denote negative.
iii) Figures appearing in these accounts have been rounded off to the nearest taka.

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 4. Property, Plant and Equipment - at Cost Less Accumulated Depreciation Amount in Taka
Filling & Oil Tanker Computer
Freehold Leasehold Plant & Furniture Storage Equipment Sundry
Building Vehicle Service Station & Floating & Total
Land Land Machinery & Fixture Tanks & Fittings Plants
Facilities Equipment Accessories
At Cost
Balance as on 1 July 2016 9,868,682 8,776,206 457,754,689 1,377,300 75,549,542 10,839,750 427,867,483 21,968,451 748,027,849 26,669,308 53,311,331 177,220,611 2,019,231,202
Additions during 2016-2017 - - 50,637,766 - 3,573,050 1,970,576 29,599,989 - 164,415,760 2,034,700 6,653,758 32,088,052 290,973,651
Balance as at 30 June 2017 9,868,682 8,776,206 508,392,455 1,377,300 79,122,592 12,810,326 457,467,472 21,968,451 912,443,609 28,704,008 59,965,089 209,308,663 2,310,204,853

Balance as on 1 July 2017 9,868,682 8,776,206 508,392,455 1,377,300 79,122,592 12,810,326 457,467,472 21,968,451 912,443,609 28,704,008 59,965,089 209,308,663 2,310,204,853
Additions during 2017-2018 - - 83,039,588 - 31,289,000 2,326,645 40,159,537 16,285,345 11,791,898 1,035,250 4,518,484 66,630,551 257,076,298
Adjustment made during 2017-2018 - - - - (3,249,000) - - - - - - - (3,249,000)
Balance as at 30 June 2018 9,868,682 8,776,206 591,432,043 1,377,300 107,162,592 15,136,971 497,627,009 38,253,796 924,235,507 29,739,258 64,483,573 275,939,214 2,564,032,151

Accumulated Depreciation
Balance as on 1 July 2016 - 2,252,990 196,189,889 1,374,425 67,603,306 6,146,171 240,353,661 14,788,822 311,551,825 23,438,897 30,937,905 61,588,172 956,226,063
Charge for the year 2016-2017 - 137,650 26,931,081 2,875 5,567,652 619,619 20,994,596 562,314 55,018,105 1,645,600 2,511,701 12,164,990 126,156,183
Balance as at 30 June 2017 - 2,390,640 223,120,970 1,377,300 73,170,958 6,765,790 261,348,257 15,351,136 366,569,930 25,084,497 33,449,606 73,753,162 1,082,382,246

Balance as on 1 July 2017 - 2,390,640 223,120,970 1,377,300 73,170,958 6,765,790 261,348,257 15,351,136 366,569,930 25,084,497 33,449,606 73,753,162 1,082,382,246
Depreciation Rate - 1.01% - 3.33% 6.60% 6.60% 6.6-20% 6.60% 6.60% 6.60% 6.60% 20.00% 6.60% 6.60%
Charge for the year 2017-2018 - 137,650 31,939,668 - 7,219,646 752,606 23,480,602 1,619,400 53,652,220 1,820,941 3,124,617 16,578,525 140,325,875
Adjustment made during 2017-2018 - - - - (3,249,000) - - - - - - - (3,249,000)
Balance as at 30 June 2018 - 2,528,290 255,060,638 1,377,300 77,141,604 7,518,396 284,828,859 16,970,536 420,222,150 26,905,438 36,574,223 90,331,687 1,219,459,121

Carrying Amounts
As at 30 June 2017 9,868,682 6,385,566 285,271,485 - 5,951,634 6,044,536 196,119,215 6,617,315 545,873,679 3,619,511 26,515,483 135,555,501 1,227,822,607
As at 30 June 2018 9,868,682 6,247,916 336,371,405 - 30,020,988 7,618,575 212,798,150 21,283,260 504,013,357 2,833,820 27,909,350 185,607,527 1,344,573,030

4.01 The transfer of the legal titles relating to the immovable properties acquired on 31 March 1978, from Meghna Petroleum Marketing Company Limited (MPMCL) and the Padma Petroleum Limited (PPL) is still pending. Such immovable properties
continue to remain registered in the name of "ESSO, MPMCL or PPL" as the case may be. However the physical possession of the immovable properties of the MPMCL and PPL which were acquire by the Company on 31 March 1978 continues to
remain with the Company. BPC in whom the aforesaid properties were originally vested under section 31(C) of the Ordinance No. LXXXVIII of 1976 has undertaken to execute and register the transfer on demand by the Company of the immovable
properties described in schedule "C" of the Agreement for sale executed on February 29,1984 between BPC and the Company.

4.02 Depreciation Appropriated to: 30 June 2018

Note 30 June 2017
Administrative, selling and distribution expenses 22.00 140,325,875 126,156,183
140,325,875 126,156,183

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30 June 2018 30 June 2017

Note (s)
Taka Taka
5.00 Capital Work-in-Progress
Opening balance 55,953,347 106,037,813
Add: Addition during the year 5.01 277,166,613 240,889,185
333,119,960 346,926,998
Less: Capitalized during the year 5.01 (257,076,298) (290,973,651)
Closing Balance 76,043,662 55,953,347

5.01 Details of Capital Work in Progress

Opening Capitalized during Closing

Particulars Addition
Balance the year Balance
Buildings 50,547,724 81,158,986 (83,039,588) 48,667,122
Furniture & Fixtures - 2,326,645 (2,326,645) -
Filling & Service Station Facilities 3,388,160 45,300,817 (40,159,537) 8,529,440
Oil Tanker & Floating Equipment - 16,285,345 (16,285,345) -
Storage Tanks 2,017,463 15,728,419 (11,791,898) 5,953,984
Computer & Accessories - 1,035,250 (1,035,250) -
Equipment & Fittings - 4,518,485 (4,518,484) 1
Sundry Plant - 79,523,666 (66,630,551) 12,893,115
Vehicles - 31,289,000 (31,289,000) -
55,953,347 277,166,613 (257,076,298) 76,043,662

These costs include costs incurred initially to construct property, plant and equipment (PPE). Construction costs are
transferred to PPE when the construction is completed.

30 June 2018 30 June 2017

Note (s)
Taka Taka

6.00 Goodwill
Opening balance 24,925,412 33,233,883
Amortization during the year 22.00 (8,308,471) (8,308,471)
Closing balance 16,616,941 24,925,412

6.01 The Company purchased 4,000 shares of Tk.100 each (80% of the issued shares) of Salateen Syndicate Limited
(herein after referred to as SSL) for Tk. 5,000,000 only in 1982 - 1983 accounting year from the Government of
Bangladesh through tender. Out of the aforesaid price, the Government granted relief of Tk. 487,000 to the
Company for occupancy by a tenant of certain properties of SSL. The Company paid Tk. 68,800 on account
stamp duty and a further sum of Tk. 3,000 as legal fee.
Again the Company purchased rest 20% i.e. 1,000 shares and Tk: 42,837,500 was paid on 11 May 2010 as
purchase consideration. Thus the total investment stood of Tk. 47,422,300.
The Company nominated 04 (four) officials in the board of Salateen Syndicate Limited by transferring 500
shares free of cost in the name of those officials. The honorable High Court Division of the Supreme Court of
Bangladesh in their order dated 12 November 2012 directed the company to issue 110.95 share of Tk.10 each of
Meghna Petroleum Limited against 01 share of Tk.100 each of Salateen Syndicate Limited. This decision was
apparently given by the honorable High Court Division of The Supreme Court of Bangladesh due to
misrepresentation of fact by the company's legal advisor.
Company management decided to go back to the High Court Division of The Supreme Court of Bangladesh for
a correction in the verdict which was approved by the Board of Directors in their meeting # 468 held on 23 July
2014. Under the situation the Company management considered the difference between purchase price and net
book value of asset being net loss as goodwill. It may be mentioned here that the land and building owned by
SSL located at Motijheel C/A, Dhaka has also been considered at book value. By obtaining a professional
opinion about impairment of Goodwill the Company's Board by their resolution dated 27 July 2016 decided to
impair the Goodwill by five years equally i.e. Tk. 8,308,471 per year totalling Tk. 41,542,354 effective from the
year ended 30 June 2016.

74
 Annual
2017-2018

30 June 2018 30 June 2017

Note (s)
Taka Taka
7.00 Short Term Investments (FDR)
Name of the Banks Rate of Interest
Agrani Bank Limited 5.50% 20,991,507 250,281,250
Bangladesh Commerce Bank Limited 7.5-10.5% 678,956,164 104,219,178
Bank Asia Limited 9.00% 50,061,644 -
Basic Bank Limited 5.50% 791,250,000 1813284519
First Security Islami Bank Limited 7-9% 2,138,753,425 1,060,821,918
Farmers Bank Limited 7.5-10% 160,936,644 -
Investment Corporation of Bangladesh 0.00% - 825,195,928
NRB Global Bank Limited 7.5-10.5% 5,040,762,329 2,076,845,086
Sonali Bank Limited 5.5-6% 153,202,055 -
Union Bank Limited 7.5-10.25% 4,883,541,781 1,504,060,947
13,918,455,549 7,634,708,826

8.00 Inventories
Stores & Spares 8.01 77,678,435 80,540,133
Product and Receptacles 8.02 13,740,424,864 8,333,564,109
13,818,103,299 8,414,104,242

8.01 Stores & Spares

Terminal South-1 77,414,429 78,675,549
Terminal South-2 58,514 1,495,450
Terminal North 205,492 369,134
77,678,435 80,540,133

8.02 Product and Receptacles

Refined Products 21.04 12,935,133,997 7,441,710,044
LPG 21.04 2,164,280 612,440
Bitumen 21.04 6,687,931 5,804,399
Lubricants 705,936,097 714,364,854
Receptacles 8,146,679 14,303,031
13,658,068,984 8,176,794,768
In - Transit 82,355,880 156,769,341
13,740,424,864 8,333,564,109

8.03 There was reportedly a system of borrowing as well as issuing of products on loan to various BPC units. This system was
discontinued since 2003. The Company's account shows 464,502 Liter Petroleum Products and 13,772 Liter additives
receivables from others and 164,246 Liter Petroleum Products due to others. Exchanges / Borrowings took place during
1979 to 2003 and at current cost price the net value of product receivable is Tk. 31,719,810 which is doubtful of recovery
and Tk. 25,981,162 has been provided for in the accounts.

30 June 2018 30 June 2017

Note (s)
Taka Taka
9.00 Trade and Other Receivables
Trade Receivables 9.01 1,544,204,777 1,712,274,122
Other Receivables 9.02 38,394,566,193 32,366,774,004
39,938,770,970 34,079,048,126

75
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30 June 2018 30 June 2017

Note (s)
Taka Taka
9.01 Trade Receivables
Bangladesh Shipping Corporation 491,316 491,316
Bangladesh Railway 923,808,585 793,594,171
Defence Service 338,532,486 488,217,937
Power Development Board 111,294,728 110,543,662
Chattogram Port Authority 39,221,196 107,490,519
Chemical Industries Corporation 51,913,907 51,916,364
Bangladesh Ordinance Factories 2,095,875 8,376,652
Bangladesh Coast Guard (Chattogram) 54,332,441 52,360,883
Bangladesh Coast Guard (Khulna) 76,498 63,552
Bangladesh Inland Water Transport Authority 2,579 1,198
Bangladesh Inland Water Transport Corporation 4,030,758 4,030,758
Bangladesh Oil Gas Minerals Corporation (Petrobangla) 207,285 207,285
Bangladesh Biman 81,095 81,095
Bangladesh Road Transport Corporation 75,320 75,320
Adamji Jute Mills Limited 53,153 53,153
Agent and Dealer 103,504,426 95,452,875
Other Consumers 1,859,000 3,187,910
1,631,580,648 1,716,144,650
Provision for doubtful debts held as such since 1980 (87,375,871) (3,870,528)
1,544,204,777 1,712,274,122

9.02 Other Receivables

Government Institutions 1,522,519 1,522,519
Oil Sector 9.03 38,314,598,125 32,351,794,311
Others 80,816,698 15,828,323
Provision for doubtful debts held as such since 1980 (2,371,149) (2,371,149)
38,394,566,193 32,366,774,004

9.03 Oil Sector

BPC Current Account 34,266,791,502 27,722,109,265
BPC Freight Pool Account 4,045,468,192 4,508,474,976
Other Companies 2,338,430 121,210,070
38,314,598,124 32,351,794,311

9.04 Ageing of Trade Receivable

Less than 6 months 954,096,789 1,202,881,434
Over 6 months but less than 12 months 296,686,769 282,380,801
Over 12 months 380,797,091 230,882,415
1,631,580,649 1,716,144,650

10.00 Advances, Deposits and Pre-Payments

Advances 10.01 1,702,123,143 1,403,395,135
Security Deposits 10.02 99,157,365 99,730,464
Pre-payments 10.03 12,197,812 15,828,426
1,813,478,320 1,518,954,025

10.01 Advances
Advance to Employees 10.01.01 69,604,218 65,413,563
Advance Income Tax 10.01.02 831,140,866 647,633,710
Chattogram Custom Authority 31,519,080 -
Against Expense 64,159,148 64,405,178
Mongla Oil Installation 692,958,250 621,254,406
Lube Blending Plant 1,014,800 1,015,520
Chattogram Port Authority 11,726,781 3,672,758
1,702,123,143 1,403,395,135

76
 Annual
2017-2018

30 June 2018 30 June 2017

Note (s)
Taka Taka
10.01.01 Advance to Employees
House Building & Land Purchase Finance Scheme 42,878,191 47,333,520
Against Salaries and Festivals 198,824 4,109,674
Auto Purchase 5,977,502 5,965,002
Company's Business 6,284,703 8,005,367
Advance against Employee Taxes ( U/S 64) 14,264,998 -
69,604,218 65,413,563

Advance to employees represents amount of advances recoverable in cash or adjustment against salary of employees of the
Company.

10.01.02 Advance Income Tax

Opening balance 647,633,710 506,403,247
Add: Paid/deducted during the year 10.01.03 830,918,717 647,364,561
Less: Adjusted during the year (647,411,561) (506,134,098)
Closing balance 831,140,866 647,633,710

10.01.03 Paid/Deducted During the Year

Tax deducted at source for supplying petroleum product (U/S 52) & 82C
281,760,140 245,279,558
(Final Tax Liability)
Tax deducted at source on FDR (U/S 53F) 120,192,081 95,751,394
Tax deducted at source on SND (U/S 53F) 158,414,690 102,206,665
Tax deducted at source on Import (U/S 53) 100,343,306 93,880,944
Advance tax (U/S 64) 170,000,000 110,000,000
Advance tax U/S 44 sub-section (4) clause(B) 208,500 246,000
830,918,717 647,364,561

10.02 Security Deposits

Eastern Lubricants Blenders Limited 2,500,000 2,500,000
Standard Asiatic Oil Company Limited 5,000,000 5,000,000
LPG Plant 90,279,141 91,226,240
Electricity & Telephone 439,319 439,319
Bangladesh Railway 199,781 199,781
Karnafuly Gas Distribution Company 61,920 61,920
Others 677,204 303,204
99,157,365 99,730,464

10.03 Pre-Payments
Insurance Premium - 4,706,107
Rent & Rates 12,197,812 11,122,319
12,197,812 15,828,426

11.00 Cash and Cash Equivalents

Cash in Hand 11.01 3,525,000 2,390,000
Cash at Banks 11.02 25,117,963,517 25,455,932,372
Fixed Deposits Receipts (FDR) 11.03 4,776,437,174 92,509,247
29,897,925,691 25,550,831,619

11.01 Cash in Hand

Head Office 300,000 300,000
Main Installation 300,000 200,000
Aligonj Depot 20,000 20,000
Baghabari Depot 125,000 100,000
Barishal Burge 100,000 75,000
Bhairab Bazar Depot 125,000 75,000
Bogura LPG Supply Point 70,000 70,000
Chandpur Depot 100,000 75,000

77
 Annual
2017-2018

30 June 2018 30 June 2017

Note (s)
Taka Taka
Chilmari Burge 20,000 15,000
Daulatpur Depot 320,000 220,000
Dhaka Office 500,000 300,000
Emergency POL Depot 125,000 75,000
Fatullah Depot 200,000 150,000
Godnail Depot 300,000 200,000
Harian Depot 50,000 50,000
Jhalakati Depot 125,000 75,000
Khulna Depot 20,000 20,000
MMSC Dhaka 300,000 20,000
Moglabazar Depot 100,000 75,000
Natore Depot 50,000 50,000
Parbotipur Depot 125,000 75,000
Rangpur Depot 75,000 75,000
Sreemongal Depot 75,000 75,000
3,525,000 2,390,000

11.02 Cash at Banks

AB Bank Limited 1,367,703,902 288,191,540
Agrani Bank Limited 214,150,301 72,199,465
Bank Asia Limited 28,987,628 81,344,440
CITI Bank N.A. Limited 88,281,515 285,840,837
Dutch Bangla Bank Limited 5,033,147 5,211,064
Eastern Bank Limited 1,357,210,139 1,645,060,609
First Security Islami Bank Limited 6,941,179,515 4,698,837,044
IFIC Bank Limited 2,532,519,336 1,029,075,380
Janata Bank Limited 151,892,768 183,428,368
Mercantile Bank Limited 831,546,638 1,333,413,448
National Bank Limited 4,828,934,030 2,148,392,187
NRB Commercial Bank Limited 65,674,295 297,753,983
NCC Bank Limited 1,465,529,813 1,339,428,146
One Bank Limited 1,014,561,048 5,137,913,615
Pubali Bank Limited 427,436,056 3,390,908,629
Sonali Bank Limited 8,010,785 7,758,552
Southeast Bank Limited 1,773,830,861 2,701,775,126
Standard Chartered Bank Limited 77,886,143 242,795,999
The City Bank Limited 447,775,127 126,980,526
United Commercial Bank Limited 1,126,705,925 105,584,347
Uttara Bank Limited 312,594,741 334,039,067
Prime Bank Limited 50,519,804 -
25,117,963,517 25,455,932,372

11.03 Fixed Deposits Receipts (FDR)

Name of the Banks Rate of

Purpose Interest
Agrani Bank Limited Investment 5.75% 1,106,978,818 -
Bangladesh Krishi Bank Limited Investment 5.50% 21,100,000 21,100,000
Basic Bank Limited Investment 6.25% 1,509,246,575 -
EXIM Bank Limited Investment 0.00% - 21,300,000
Janata Bank Limited Investment 6.00% 502,301,370 -
NRB Global Bank Limited Investment 10.90% 1,028,369,863 -
Rupali Bank Limited Investment 6.50% 402,528,767 -
Standard Bank Limited Investment 10.60% 102,410,411 -
SBAC Bank Limited Investment 0.00% - 50,109,247
Union Bank Limited Investment 10.50% 103,501,370 -
4,776,437,174 92,509,247

78
 Annual
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30 June 2018 30 June 2017

Taka Taka
12.00 Share Capital
No. of Shares
Authorised Capital:
400,000,000 Ordinary shares of Tk 10 each 4,000,000,000 4,000,000,000

Issued, Subscribed and Paid-Up Capital

3 Ordinary Shares of Tk. 10 each fully paid-up in cash 30 30
5,000,000 Ordinary Shares of Tk. 10 each issued for consideration other than 50,000,000 50,000,000
cash on 29 February 1984
4,500,002 Ordinary Shares of Tk. 10 each issued as bonus share on 25 June 45,000,020 45,000,020
2005
950,000 Ordinary Shares of Tk. 10 each issued as bonus share on 28 June 9,500,000 9,500,000
2007
29,549,995 Ordinary Shares of Tk. 10 each issued as bonus share on 27 August 295,499,950 295,499,950
2007
4,000,000 Ordinary Shares of Tk. 10 each issued as bonus (10% stock 40,000,000 40,000,000
dividend) share on 27 June 2009
2,200,000 Ordinary Shares of Tk. 10 each issued as bonus (5% stock dividend) 22,000,000 22,000,000
share on 26 June 2010
2,310,000 Ordinary Shares of Tk. 10 each issued as bonus (5% stock dividend) 23,100,000 23,100,000
share on 7 May 2011
14,553,000 Ordinary Shares of Tk. 10 each issued as bonus (30% stock 145,530,000 145,530,000
dividend) share on 25 February 2012
18,918,900 Ordinary Shares of Tk. 10 each issued as bonus (30% stock 189,189,000 189,189,000
dividend) share on 26 January 2013
16,396,380 Ordinary Shares of Tk. 10 each issued as bonus (20% stock 163,963,800 163,963,800
dividend) share on 17 January 2014
9,837,828 Ordinary Shares of Tk. 10 each issued as bonus (10% stock 98,378,280 98,378,280
dividend) share on 16 January 2015
108,216,108 1,082,161,080 1,082,161,080

12.01 Composition of Share Holdings

As at 30 June 2018 As at 30 June 2017
Name of Shareholders No. of Holding No. of Holding
Shares (%) Shares (%)
Bangladesh Petroleum Corporation 63,486,782 58.67 63,486,782 58.67
Institutions (Financial & Others) 35,276,212 32.60 34,148,605 31.55
Individuals 9,453,114 8.73 10,580,721 9.78
Total 108,216,108 100.00 108,216,108 100.00

12.02 Classification of Shares by Holding

As at 30 June 2018 As at 30 June 2017
Class by Number of
No. of No. of No. of
Shares No. of Shares Holding (%) Holding (%)
Holders Holders Shares
Less than or equal 500 7,148 910,198 0.84 7,847 1,015,388 0.94
501 to 5,000 2,360 3,577,063 3.31 2,642 4,046,788 3.74
5,001 to 10,000 160 1,147,859 1.06 191 1,363,012 1.26
10,001 to 20,000 88 1,294,463 1.20 93 1,371,891 1.27
20,001 to 30,000 41 1,025,262 0.95 57 1,431,023 1.32
30,001 to 50,000 32 1,251,632 1.16 33 1,356,198 1.25
50,001 to 100,000 51 3,610,705 3.34 43 2,989,357 2.76
100,001 to 1,000,000 36 9,949,597 9.19 47 11,675,703 10.79
From 1,000,001 and above 8 85,449,329 78.96 6 82,966,748 76.67
9,924 108,216,108 100.00 10,959 108,216,108 100.00

79
 Annual
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30 June 2018 30 June 2017

Note (s)
Taka Taka
12.03 Share Money Deposit
Share Money Deposit 16.00 49,536,510 49,536,510
49,536,510 49,536,510
13.00 General Reserve
Opening balance 6,505,000,048 5,805,000,048
Transferred during the year 1,000,000,000 700,000,000
Closing balance 7,505,000,048 6,505,000,048

14.00 Defined Benefit Obligations - Gratuity

Opening balance 358,808,149 81,812,090
Add: Provision made during the year 70,651,076 358,808,149
429,459,225 440,620,239
Less: Payment made during the year (358,808,149) (81,812,090)
Closing balance 70,651,076 358,808,149

The management created full provision of gratuity in respect of all employees upto 30 June 2018 in this account taking into
consideration of short provision made during previous years.

15.00 Deferred Tax Liabilities

Deferred tax liability has been calculated below at the applicable tax rate on the difference between the carrying value and tax
written down value of property, plant and equipment.

30 June 2018 30 June 2017

Taka Taka
Opening balance 123,308,765 80,191,198
Add: Provision / (adjustment) during the year (95,592,747) 43,117,567
Closing balance 27,716,018 123,308,765

Reconciliation of deferred tax liabilities/(assets) are as follows-

Taxable/
Carrying (Deductible)
Tax Base
Amount Temporary
Difference
Taka Taka Taka
As at 30 June 2018
Property, plant and equipment - except freehold land* 1,328,456,432 1,217,592,361 110,864,071
Applicable tax rate 25%
Deferred tax liability 27,716,018

* Leasehold land has not been taken into computation since the accounting base and the tax base are same, and no temporary
difference exist.

30 June 2018 30 June 2017

Taka Taka
16.00 Long Term Borrowing
Annual Development Program of GOB - Loan 74,304,766 74,304,766
74,304,766 74,304,766

Long term borrowing represent fund from Government of Bangladesh (GOB) for the construction of 02 (Two) Nos. 10,000
M. Ton capacity HSD Storage Tank at Main Installation, Chittagong. Total project value is Tk. 145,695,619 out which
Meghna Petroleum Limited will pay 15% and GOB will pay 85%. GOB is providing the 60% of the fund as loan at the rate
of 5% interest and balance 40% as equity. The loan has been repayable in 20 years with a grace period of 5 years. Equity
portion will be converted to share capital subject to approval of relevant regulatory authorities. The equity portion of taka
49,536,510 is shown under share money deposit account-Note 12.03

80
 Annual
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30 June 2018 30 June 2017

Note (s)
Taka Taka
17.00 Creditors and Accruals
For Trading Supplies & Services 84,332,606,242 63,002,338,226
For Expenses 29,241,083 1,535,802,409
For Other Finance 2,629,527,491 2,614,955,228
86,991,374,816 67,153,095,863

18.00 Provision for WPPF and Welfare Fund

Opening Balance 156,539,915 132,094,874
Add: Provision made during the year 245,914,731 156,539,915
402,454,646 288,634,789
Less: Paid during the year (156,539,915) (132,094,874)
Closing Balance 245,914,731 156,539,915

19.00 Unclaimed Dividend

Opening Balance 69,463,870 89,354,177
Add: Provision made during the year 19.01 1,190,377,188 1,136,269,134
1,259,841,058 1,225,623,311
Less: Paid / adjusted during the year 19.01 (1,187,505,142) (1,156,159,441)
Closing Balance 72,335,916 69,463,870

19.01 Dividend Unclaimed for the Years

Balance as on
Year Provision Payment
1 July 2017
2006-2007 3,261,591 - - 3,261,591 3,261,591
2007-2008 6,434,675 - (1,125) 6,433,550 6,434,675
2008-2009 1,925,160 - - 1,925,160 1,925,160
2009-2010 1,984,060 - - 1,984,060 1,984,060
2010-2011 3,847,949 - (5,109) 3,842,840 3,847,949
2011-2012 6,520,682 - (8,983) 6,511,699 6,520,682
2012-2013 11,105,656 - (26,624) 11,079,032 11,105,656
2013-2014 13,640,470 - (75,453) 13,565,017 13,640,470
2014-2015 9,155,050 - (335,121) 8,819,929 9,155,050
2015-2016 11,588,577 - (2,737,477) 8,851,100 11,588,577
2016-2017 - 1,190,377,188 (1,184,315,250) 6,061,938 -
69,463,870 1,190,377,188 (1,187,505,142) 72,335,916 69,463,870

* Subsequently Tk. 677,432 has been paid thereof from 01 July 2018 to 28 October 2018.

30 June 2018 30 June 2017

Taka Taka
20.00 Income Tax Payable
Opening Balance 685,406,344 578,977,262
Add: Provision made during the year 1,163,871,947 736,331,896
1,849,278,291 1,315,309,158
Less: Paid/adjusted during the year (806,752,182) (629,902,814)
Closing Balance 1,042,526,109 685,406,344

81
 Annual
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30 June 2018
Reconciliation of Effective Tax Rate Percentage Taka
Profit for the year 4,672,379,886
Total income tax expense 24.91% 1,163,871,947

Factors Affecting the Tax Charge for Current Year:

Income tax using the Company’s domestic tax rate 25% 1,168,094,972
Excess of accounting depreciation over tax depreciation -0.09% (4,223,025)
24.91% 1,163,871,947

Position of Pending Tax Assessment

(Recoverable)
Accounting Assessment Payable as per Revised Demand
Year order of Tax Note IT (15) Remarks
Year
Department Refund

30 June 2000 2000-2001 7,744,928 7,152,709

30 June 2001 2001-2002 20,222,293 692,599
30 June 2002 2002-2003 23,487,458 1,399,584
30 June 2003 2003-2004 17,486,745 874,337 The Deputy Commissioner of Taxes issued demand note
30 June 2004 2004-2005 27,090,873 1,747,380 IT (15) revising the assessment as per decision of the High
30 June 2005 2005-2006 25,653,232 9,236,571 Court Division (HCD) of the Supreme Court of Bangladesh
30 June 2006 2006-2007 - - (SCB) showing refund as appearing against respective
30 June 2007 2007-2008 60,278,749 8,740,419 assessment year.
30 June 2008 2008-2009 36,205,197 241,036
30 June 2009 2009-2010 50,012,592 20,410,806
30 June 2010 2010-2011 126,448,008 31,881,912
30 June 2011 2011-2012 - -
30 June 2012 2012-2013 - -
30 June 2013 2013-2014 - -
30 June 2014 2014-2015 - - Return Submitted
30 June 2015 2015-2016 - -
30 June 2016 2016-2017 - -
30 June 2017 2017-2018 - -
394,630,075 82,377,353

82
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01 July 2017 to 01 July 2016 to

Note (s) 30 June 2018 30 June 2017
Taka Taka
21.00 Gross Earnings on Petroleum Products
Turnover 21.02 180,854,098,164 154,566,022,928
Less: Cost of goods sold 21.02 (178,550,003,240) (152,522,967,494)
2,304,094,924 2,043,055,434

21.01 Gross Earnings on Petroleum Product

01 July 2017 to 30 June 2018 01 July 2016 to 30 June 2017

Operational Operational
Products Gross Earnings Gain/(Loss) Net Earnings Gross Earnings Gain/(Loss) Net Earnings
Major Products
MS 219,318,109 (15,152,424) 204,165,685 185,580,267 (13,106,774) 172,473,493
HOBC 68,646,611 3,505,252 72,151,863 59,101,987 1,105,401 60,207,388
HSD 1,067,081,048 72,627,050 1,139,708,098 875,833,232 55,829,415 931,662,647
FO 329,706,525 31,746,293 361,452,818 262,265,684 30,964,152 293,229,836
SKO 40,016,274 13,271,024 53,287,298 42,779,201 13,089,632 55,868,833
JBO 4,352,239 2,849,340 7,201,579 (37,181,219) 2,337,208 (34,844,011)
MTT 6,370,372 179,582 6,549,954 1,261,428 43,693 1,305,121
SBPS 201,072 - 201,072 148,680 - 148,680
Sub Total 1,735,692,250 109,026,117 1,844,718,366 1,389,789,260 90,262,727 1,480,051,987

Minor Products

Lubricants 549,309,752 (250,901) 549,058,851 638,627,403 (203,626) 638,423,777

LPG ( Cylinder) 6,975,655 (510,570) 6,465,085 6,717,873 (609,250) 6,108,623
Bitumen 12,113,448 (3,103,975) 9,009,473 7,933,375 - 7,933,375
Battery Water 3,819 - 3,819 (12,477) - (12,477)
Sub Total 568,402,674 (3,865,446) 564,537,228 653,266,174 (812,876) 652,453,298

Grand Total 2,304,094,924 105,160,671 2,409,255,594 2,043,055,434 89,449,851 2,132,505,285

21.02 Turnover and Cost of Goods Sold

01 July 2017 to 30 June 2018 01 July 2016 to 30 June 2017

Cost of Goods Cost of Goods
Quantity Turnover Quantity Turnover
Products Sold Sold
MT Tk. MT Tk.
Tk. Tk.

Major Products
MS 94,918 11,119,412,337 (10,900,094,228) 73,585 8,676,737,680 (8,491,157,413)
HOBC 88,625 10,143,978,988 (10,075,332,377) 72,449 8,366,033,778 (8,306,931,791)
HSD 1,807,023 132,013,314,051 (130,946,233,003) 1,528,362 113,241,001,914 (112,365,168,682)
FO 380,710 16,936,704,000 (16,606,997,475) 295,662 13,372,234,356 (13,109,968,672)
SKO 56,515 4,492,650,394 (4,452,634,120) 70,247 5,629,568,203 (5,586,789,002)
JBO 6,473 672,240,699 (667,888,460) 6,336 660,155,240 (697,336,459)
MTT 2,171 196,806,772 (190,436,400) 430 38,977,728 (37,716,300)
SBPS 58 7,753,200 (7,552,128) 43 5,733,000 (5,584,320)
Sub Total 2,436,493 175,582,860,441 (173,847,168,191) 2,047,114 149,990,441,899 (148,600,652,639)

Minor Products
Lubricants 10,668 4,105,730,414 (3,556,420,662) 9,543 3,637,624,247 (2,998,996,844)
LPG (Cylinder) 4,357 219,591,155 (212,615,500) 4,754 243,793,133 (237,075,260)
Bitumen 19,684 945,910,016 (933,796,568) 16,625 694,133,831 (686,200,456)
Battery Water - 6,138 (2,319) 1 29,818 (42,295)
Sub Total 34,709 5,271,237,723 (4,702,835,049) 30,923 4,575,581,029 (3,922,314,855)

Grand Total 2,471,202 180,854,098,164 (178,550,003,240) 2,078,037 154,566,022,928 (152,522,967,494)

83
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2017-2018

21.03 Net Operational Gain/(Loss)

MS HOBC HSD FO SKO JBO MTT LPG / Lubricant TOTAL

Locations
Volume Taka Volume Taka Volume Taka Volume Taka Volume Taka Volume Taka Volume Taka Volume Taka Volume Taka
Main Installation (228,622) (18,357,758) 60,321 5,000,081 745,294 45,494,110 342,804 13,866,422 112,050 6,954,592 19,022 1,681,355 1,573 108,065 (627) (3,313,946) 1,051,815 51,432,919
Chandpur - - - - 27,724 1,692,126 - - 9,627 597,485 - - - - - - 37,351 2,289,611
Daulatpur 18,842 1,516,826 6,024 499,449 111,525 6,804,624 280,805 11,358,562 14,418 894,829 6,749 596,544 - - (208) (112,659) 438,155 21,558,175
Jalakati 10,160 817,906 - - 56,066 3,421,494 - - 15,343 952,234 - - - - (89) (54,290) 81,480 5,137,343
Godenail 1,324 106,586 1,945 161,226 160,439 9,795,921 161,219 6,521,309 1,561 96,885 - - - - - - 326,488 16,681,926
Baghabari (25,481) (2,051,390) (7,804) (647,099) (24,948) (1,522,576) - - (10,474) (649,998) - - - - (569) (340,033) (69,276) (5,211,097)
Bhairab - - - - 37,540 2,291,259 - - 16,536 1,026,302 - - - - (12) (3,960) 54,064 3,313,601
Sreemangal 3,088 248,597 3,635 308,158 21,913 1,375,395 - - 4,177 259,236 - - - - (19) (7,231) 32,794 2,184,154
Fatullah (2,311) (186,083) (10,669) (885,860) 57,629 3,517,687 - - 17,587 1,091,581 6,465 571,441 1,041 71,517 - - 69,742 4,180,284
Barisal - - - - 29,702 1,812,993 - - 5,847 362,920 - - - - (6) (2,079) 35,543 2,173,833
Chilmari - - - - (5,450) (332,565) - - - - - - - - - - (5,450) (332,565)
Horian - - - - (217) 8,020 - - - - - - - - - - (217) 8,020
Natore - - - - (780) (27,234) - - - - - - - - (15) (4,954) (795) (32,187)
E.Pol 8,985 723,308 (3,495) (227,349) (9,388) (495,189) - - - - - - - - (2) (673) (3,900) 96
Parbatipur 25,187 2,041,416 - - (4,375) (57,270) - - 6,728 424,171 - - - - - - 27,540 2,408,317
Mongla Bazar (1,105) (89,030) (2,471) (200,642) (926) (12,903) - - 1,128 70,442 - - - - (42) (25,620) (3,416) (257,753)
Rangpur 959 77,200 (6,067) (502,712) (20,334) (1,138,841) - - 19,044 1,190,345 - - - - - - (6,398) (374,007)
Bogura - - - - - - - - - - - - - - - - - -
2017-2018 (188,974) (15,152,424) 41,419 3,505,252 1,181,414 72,627,050 784,828 31,746,293 213,572 13,271,024 32,236 2,849,340 2,614 179,582 (1,589) (3,865,446) 2,065,520 105,160,671
2016-2017 (163,968) (13,106,774) 8,382 1,105,401 903,014 55,829,415 765,492 30,964,152 210,573 13,089,632 26,442 2,337,208 636 43,693 (1,623) (812,875) 1,748,948 89,449,851
 21.04 Quantitative Reconciliation with value of Petroleum, Oil and Lubricant Products are as follows :

Value of
Opening Closing
Operation Transit Sales at Conversion Sales Average Closing
Product Inventory as at Purchase Sub Total Inventory as at
Gain/(Loss) Gain/(Loss) Natural Gain/(Loss) at 30o C Unit price Inventory as at
01 July 2017 30 June 2018
Taka 30 June 2018
1 2 3 4 5 6=(2+3+4+5) 7 8 9=(7-8) 10=(6-9) 11 12=(10*11)

MS (In Liter) 5,720,662 134,864,122 (188,974) (255,061) 140,140,749 135,068,873 (331,946) 135,400,819 4,739,930 80.50 381,564,365
HOBC (In Liter) 3,459,203 123,747,933 41,419 (205,464) 127,043,091 121,238,738 (226,175) 121,464,913 5,578,178 82.86 462,207,829
HSD (In Liter) 87,727,533 2,233,194,603 1,181,414 (3,424,132) 2,318,679,418 2,143,129,590 (1,988,758) 2,145,118,348 173,561,070 61.01 10,588,960,881
FO (In Liter) 12,585,636 409,592,217 784,828 (232,920) 422,729,761 411,927,928 1,300,355 410,627,573 12,102,188 40.45 489,533,505
SKO (In Liter) 11,359,315 74,402,558 213,572 (123,030) 85,852,415 71,661,079 (81,035) 71,742,114 14,110,301 62.06 875,685,280
MTT (In Liter) - 2,769,386 2,614 - 2,772,000 2,772,000 - 2,772,000 -
SBPS (In Liter) - 85,200 - - 85,200 85,200 - 85,200 -
JBO (In Liter) 1,119,353 7,917,890 32,236 (12,345) 9,057,134 7,502,674 (7,341) 7,510,015 1,547,119 88.66 137,182,137
TOTAL 121,971,702 2,986,573,909 2,067,109 (4,252,952) 3,106,359,768 2,893,386,082 (1,334,900) 2,894,720,982 211,638,786 12,935,133,997
LPG (Cylinder) 1004 351931 (837) - 352,098 348,550 - 348,550 3,548 610.00 2,164,280
Bitumen(In MT) 130 19677 - - 19,807 19,684 - 19,684 123 54,373.42 6,687,931
Battery Water(In
183 - - 183 180 - 180 3 20.00 60
Liter)

Conversion gain/(loss) in column 8 arises due to difference between sales at 30°C and natural temperature is adjusted with products cost where as products receipts/purchase (column-3) is calculated on 30°C.

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 Annual
2017-2018

01 July 2017 to 01 July 2016 to

Note (s) 30 June 2018 30 June 2017

Taka Taka
21.05 Other Operating Income
Handling commision service charges & others 331,413,073 197,754,396
Transshipment gain/ loss from Tanker operation 9,368,067 11,955,783
Earning from Megna Model Service Center 17,686,821 12,382,946
358,467,961 222,093,125

22.00 Administrative, Selling & Distribution Expenses

Salaries 385,299,123 696,728,590
Employees welfare & Benefits 142,469,592 112,707,089
General expenses 134,065,130 114,889,831
Travel, Conveyance and Vehicle expenses 49,725,868 48,198,218
Rent, Rates, Taxes and Insurance 34,540,330 44,785,985
Repairs and Maintenance 11,239,294 12,900,136
Printing, Stationery and Office expenses 9,596,173 9,149,832
Postage, Telegram, Telephone & Telex 2,815,230 3,003,188
BPC rest house, Training center, Board meeting & Other expenses 4,638,243 5,216,908
Legal and Professional expenses 2,737,787 4,136,275
Entertainment 3,909,963 3,102,891
Advertisement and Sales promotion expenses 2,570,666 6,879,499
BPC service charge 700,000 700,000
Auditors' Remuneration 28.00 196,000 196,000
Directors' fees 1,434,050 1,361,600
Subscription and CSR 3,446,018 1,753,770
Product consumed for own utilities 4,695,138 5,622,805
Depreciation 4.02 140,325,875 126,156,183
Amortization of Goodwill 6.00 8,308,471 8,308,471
Provision for doubtful recoverable debt 83,505,343 -
1,026,218,294 1,205,797,271

23.00 Financial Expenses

Bank Charges 657,858 429,877
Interest on Workers' Profit Participation & Welfare Fund 64,961,920 68,399,811
65,619,778 68,829,688

24.00 Interest Expenses through BPC

Refined products 143,016,420 120,497,915
Bitumen 3,040,034 2,717,229
146,056,454 123,215,144

25.00 Non Operating Income

Commission and Service charges 10,260,479 35,769,078
Interest on Bank Deposits 3,375,190,836 2,085,280,291
Interest on house building & land purchase finance scheme 38,998 41,624
Profit on disposal of Vehicals 767,486 -
Receipts against Jetty thruput charges from third parties 145,127 28,870,115
Other Receipts 2,062,661 24,080,883
3,388,465,587 2,174,041,991

26.00 Earnings Per Share (EPS)

The composition of Earnings Per Share (EPS) is given below:
a) Earnings attributed to ordinary shareholders during the year 3,604,100,686 2,194,808,920
b) Number of ordinary shares at the year end 108,216,108 108,216,108
Earnings Per Share (EPS) - Basic 33.30 20.28

Earnings Per Share (EPS) - Basic

Earnings per share (EPS) has been computed by dividing the net profit after tax (NPAT) by the number of ordinary shares outstanding
as on 30 June 2018 as per IAS-33" Earnings Per Share".

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Diluted Earnings Per Share (EPS)

No diluted EPS was required to be calculated for the year since there was no scope for dilution of share during the
year under review.
30 June 2018 30 June 2017
Taka Taka
27.00 Net Asset Value Per Share (NAV)
The Composition of Net Assets Value (NAV) per share is given below :
a) Net Assets Value* 12,249,607,520 9,885,420,532
b) Number of ordinary shares at the year end 108,216,108 108,216,108
Net Assets Value (NAV) Per Share - (Basic) 113.20 91.35
Net Assets Value (NAV) Per Share -restated (Basic) - 90.89

*At the time of determining net assets value (NAV) share money deposited amount by Government considered as non equity fund.
28.00 Auditors' Remuneration
Audit fee (Statutory) 160,000 160,000
Provident Fund 12,000 12,000
Gratuity Fund 12,000 12,000
WPP and WF 12,000 12,000
196,000 196,000

28.01 During the period ended 30 June 2018, there were 22 (twenty Two) Board Meeting & 6 (Six) Audit Committee meeting Held. The
Attendance status of all the meetings is as follows.

Sl No Name Of Directors Position Meeting held Attendance

1 Mr. Abu Hena Md Rahmatullah Munim Chairman 22 22
2 Syed Md. Mozammel Hoque Director 22 17
3 Mr. Sankar Prashad Deb Director 11 11
4 Mrs. Parveen Akter Director 22 20
5 Mr. Md. Eidtazul Islam Director 22 19
6 Mr. Iqbal Hossain Apu Independent Director 10 1
7 Mr. Istique Ahmed Shimul Director 22 20
8 Mr. Md. Masudur Rahman Shareholder's Director 22 19
9 Mir Saifullah- al- Khaled Director 22 22
10 Mr. A.K.M. Jashim Uddin Independent Director 11 11
11 Tahmina Begum Director 8 8

29.00 Remuneration of Managing Director, Managers & Officers

01 July 2017 to 30 June 2018 01 July 2016 to 30 June 2017

Managing Managers Managing Managers
Director & Officers Director & Officers
Salary, Allowances & Bonus 1,219,352 98,975,452 1,105,790 89,997,949
Housing
Rental - 43,460,815 - 41,056,692
Utilities 242,495 17,079,179 206,940 15,447,876
242,495 60,539,994 206,940 56,504,568

Leave Encashment - 2,603,122 - 3,150,245

Provident Fund 91,286 7,368,486 85,836 6,903,451
1,553,133 169,487,054 1,398,566 156,556,213

29.01 House Rent

Managers and Officers are paid cash allowance.

29.02 Transport
(i) The Managing Directors are provided with free use of Company's car.
(ii) Other Managers and some officers are enjoying cash loan facilities, subject to limit.
(iii) Other Officers are paid cash allowances.

29.03 Telephone
Residential telephone for mainly Company's business- for Managing Director and Managers, subject to limit.

29.04 Medical
The Managing Director, Managers and Officers are provided with free medical facilities according to Company policy.

29.05 Insurance
The Managing Director, Managers and Officers are provided with coverage for group insurance according to the company policy.

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29.06 Remuneration
The Directors other than the Managing Director, who is an ex-officio director, are not paid any remuneration except for fees
and expenses in connection with attending to Company's Board Meeting.

Number in Figure
30 June 2018 30 June 2017
30.00 Employees
Number of employees whose salary was below Tk. 3,000 - -
Number of employees whose salary was above Tk. 3,000 436 457
436 457

30 June 2018 30 June 2017

Taka Taka
31.00 Value of Imports at C&F Basis
Raw & Packing materials & Finished Products 3,516,056,398 3,106,345,884
3,516,056,398 3,106,345,884

32.00 Related Party Transactions

During the period the Company carried out a number of transactions with related parties in the normal course of business on
an arms' length basis. Names of those related parties, nature of those transactions and their total value have been set out in
accordance with the provisions of IAS-24: Related Party Disclosures.

Nature of Balance as on Balance as on

Name of Party/Company Relationship
Transactions 30 June 2018 30 June 2017
Bangladesh Petroleum
Parent Concern Multiple Business 60,429,347,212(Cr.) 43,677,082,478(Cr.)
Corporation
Bangladesh Petroleum
Parent Concern Multiple Business 38,333,709,053 (Dr.) 32,254,243,406 (Dr.)
Corporation
Subsidiary of Product Exchange
Padma Oil Company Limited 471,420,006 (Cr.) 919,362,878 (Cr.)
BPC & Others
Subsidiary of Product Exchange
Jamuna Oil Company Limited 13,438,368 (Dr.) 73,691,302 (Dr.)
BPC & Others
Standard Asiatic Oil Company Subsidiary of Blending of Lube
43,978,609 (Cr.) 65,288,757 (Cr.)
Limited BPC & Others

Eastern Lubricants Blenders Subsidiary of Blending of Lube

353,819 (Cr.) 353,819 (Cr.)
Limited BPC & Others

Subsidiary of Product Supply

Lequified Petroleum Gas Limited 12,332,440 (Cr.) 24,870,318 (Cr.)
BPC & Others

Product Supply
Subsidiary of
Eastern Refinery Limited on behlaf of BPC 1,234,293 (Cr.) 1,051,005 (Dr.)
BPC
& Others

33.00 Guarantee
There was no guarantee to third party on 30 June 2018.

34.00 Capital Expenditure Commitment

Construction of 19 storied Meghna Bhaban for company's head office at plot no. 72 of Agrabad Commercial Area,
Chattogram at a cost of Tk. 647,680,633. Construction work has been started after reporting date. The Company has also
made capital expenditure commitment in various project for Tk. 101,342,324 as on 30 June 2018.
35.00 Contingent Liabilities
The Company has no contingent liability as on 30 June 2018.

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36.00 Events After Reporting Period

The Board of Directors in their meeting held on 07 November 2018 recommended 140% cash dividend
(Tk.1,515,025,512) and Transfer of Tk. 2,100,000,000 to General Reserve for the year ended on 30 June 2018.

37.00 Financial Risk Management

International Financial Reporting Standard IFRS 7 - Financial Instruments: Disclosures - requires disclosure of
information relating to both recognized and unrecognized financial instruments, their significance and
performance, accounting policies, terms and conditions, net fair values and risk information- the company's
policies for controlling risks and exposures.
The management has overall responsibility for the establishment and oversight of the company's risk management
framework. The company's risk management policies are established to identify and analyze the risks faced by the
company, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk
management policies, procedures and systems are reviewed regularly to reflect changes in market conditions and
the company's activities. This note presents information about the company's exposure to each of the following
risks, the company's objectives, policies and processes for measuring and managing risk, and the company's
management of capital. The company has exposure to the following risks from its use of financial instruments.
a) Credit risk
b) Liquidity risk
c) Market risk
37.01 Credit Risk
Credit risk is the risk of a financial loss to the Company if a customer or counterparty to a financial instrument
fails to meet its contractual obligations, and arises principally from the Company's receivables. Management has a
credit policy in place and the exposure to credit risk is monitored on an ongoing basis. In monitoring credit risk,
debtors are grouped according to their risk profile, i.e. their legal status, financial condition, ageing profile etc.
Accounts receivable are related to sale of petroleum products. The maximum exposure to credit risk is represented
by the carrying amount of each financial asset in the statement of financial position. Credit sales as compared to
the total sales are insignificant. Government institutions are allowed to purchase on credit.
37.02 Exposure to Credit Risk
The carrying amount of financial assets represents the maximum credit exposure. The maximum exposure to credit
risk at the reporting date was:
30 June 2018 30 June 2017
Taka Taka
Accounts receivable 39,938,770,970 34,079,048,126
Advance, deposit & prepayments 1,813,478,320 1,518,954,025
Cash and bank balance 29,897,925,691 25,550,831,619
Short Term Investment 13,918,455,549 7,634,708,826
85,568,630,530 68,783,542,596

37.03 Ageing of Trade Receivable

Less than 6 months 954,096,789 1,202,881,434
Over 6 months but less than 12 months 296,686,769 282,380,801
Over 12 months 380,797,091 230,882,415
1,631,580,649 1,716,144,650

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37.04 Credit Exposure by Credit Rating As at 30 June 2018

Credit rating Taka (%)

Trade and Other Receivables NR 39,938,770,970 46.67%

Advances, Deposits and Pre-payments NR 1,813,478,320 2.12%
Cash and Cash Equivalents and FDR
Cash in Hand 3,525,000 -
Cash at Bank and FDR 43,812,856,240 47.68%
AB Bank Limited A1 1,367,703,902 1.60%
Agrani Bank Limited AAA 1,342,120,626 1.57%
Bangladesh Krishi Bank Limited NR 21,100,000 0.02%
Bank Asia Limited BB 79,049,272 0.09%
Bangladesh Commerce Bank Limited A 678,956,164 0.79%
CITI Bank N.A. Limited A1 88,281,515 0.10%
Dutch Bangla Bank Limited AA+ 5,033,147 0.01%
Eastern Bank Limited AA+ 1,357,210,139 1.59%
First Security Islami Bank Limited A+ 9,079,932,940 10.61%
IFIC Bank Limited AA2 2,532,519,336 2.96%
NRB Global Bank Limited A 6,069,132,192 7.09%
Janata Bank Limited AAA 654,194,138 0.76%
Mercantile Bank Limited AA 831,546,638 0.97%
National Bank Limited AA 4,828,934,030 5.64%
NRB Commercial Bank Limited A 65,674,295 0.08%
Sonali Bank Limited A 161,212,840 0.19%
NCC Bank Limited AA 1,465,529,813 1.71%
One Bank Limited AA 1,014,561,048 1.19%
Pubali Bank Limited AA 427,436,056 0.50%
Southeast Bank Limited AA 1,773,830,861 2.07%
Standard Chartered Bank Limited A1 77,886,143 0.09%
The City Bank Limited AA2 447,775,127 0.52%
Union Bank Limited A+ 4,987,043,151 5.83%
United Commercial Bank Limited AA 1,126,705,925 1.32%
Uttara Bank Limited AA 312,594,741 0.37%
Prime Bank Limited AA 50,519,804 0.06%
Rupali Bank Limited AAA 402,528,767 0.47%
Standard Bank Limited AA 102,410,411 0.12%
Farmers Bank Limited A 160,936,644 0.19%
Basic Bank Limited B+ 2,300,496,575 2.69%
37.05 Liquidity Risk
Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The
Company's approach to manage liquidity (cash and cash equivalents) is to ensure, as far as possible, that it will
always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without
incurring unacceptable losses or risking damage to the Company's reputation. Typically, the Company ensures that
it has sufficient cash and cash equivalents to meet expected operational expenses, including financial obligations
through preparation of the cash flow forecast, prepared based on time line of payment of the financial obligation
and accordingly arrange for sufficient liquidity/fund to make the expected payment within due date.

90
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The following are the contractual or legal maturities of financial liabilities:

30 June 2018 30 June 2017

Taka Taka
Creditors and Accruals 86,991,374,816 67,153,095,863
Provision for WPPF and Welfare Fund 245,914,731 156,539,915
Unclaimed Dividend 72,335,916 69,463,870
87,309,625,463 67,379,099,648

37.06 Market Risk

Market risk is the risk that any change in market prices, such as foreign exchange rates and interest rates will
affect the Company's income or the value of its holdings of financial instruments. The objective of market risk
management is to manage and control market risk exposures within acceptable parameters.

37.07 Currency Risk

The company is exposed to currency risk on certain revenues and purchases of raw materials and equipment.
Company's foreign currency transactions are denominated in USD and relate to import of capital machinery and
raw materials.

37.08 Exposure to Currency Risk

There was no exposure to foreign currency risk on the reporting date.

37.09 Interest Rate Risk

Interest rate risk is the risk that arises due to changes in interest rates on borrowings. However the company do not
have any outstanding bank borrowings on the reporting date except a long term borrowings from Government
which interest rate is fixed and interest rate risk is insignificant.

Company Secretary General Manager (A & F) Managing Director Director Chairman

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MPL at a glance
Last 32 years Company's Turnover, Profit after tax & AGM Date.
Financial Year Turnover Profit after tax AGM
(Amount in Crore) (Amount in Crore) No. Held on
1986-1987 392.67 1.55 09 15-06-1988
1987-1988 443.26 1.34 10 13-04-1989
1988-1989 488.43 1.22 11 25-04-1990
1989-1990 472.18 1.01 12 25-03-1991
1990-1991 696.71 0.15 13 30-06-1991
1991-1992 825.79 0.01 14 13-06-1994
1992-1993 907.72 0.74 15 15-03-1995
1993-1994 953.26 1.68 16 30-09-1995
1994-1995 1092.07 2.74 17 03-08-1996
1995-1996 1133.53 4.60 18 29-05-1997
1996-1997 1342.37 5.67 19 30-04-1998
1997-1998 1519.86 5.66 20 22-07-1999
1998-1999 1594.60 5.54 21 22-07-2000
1999-2000 1647.85 3.86 22 16-08-2001
2000-2001 2054.23 6.01 23 04-07-2002
2001-2002 2321.13 7.30 24 07-07-2003
2002-2003 2695.26 6.22 25 08-07-2004
2003-2004 2977.54 6.26 26 19-05-2005
2004-2005 3443.62 9.69 27 18-05-2006
2005-2006 4394.50 13.70 28 28-06-2007
2006-2007 4853.50 21.17 29 21-06-2008
2007-2008 5544.94 38.14 30 27-06-2009
2008-2009 6176.38 38.11 31 26-06-2010
2009-2010 6463.86 46.42 32 07-05-2011
2010-2011 8491.00 89.20 33 25-02-2012
2011-2012 11651.20 139.21 34 26-01-2013
2012-2013 13912.06 186.44 35 17-01-2014
2013-2014 15258.81 235.98 36 16-01-2015
2014-2015 14396.42 203.48 37 20-02-2016
2015-2016 14202.77 185.02 38 25-02-2017
2016-2017 15456.60 219.48 39 20-01-2018
2017-2018 18085.41 360.41 40 12-01-2019

92
 Annual
2017-2018

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