48th. Statement of Comprehensive Income 17. Annual Report 2016

Transcription

1 48th ANNUAL REPORT 2016

2 48th Statement of Comprehensive Income

3 COMPANY INFORMATION BOARD OF DIRECTORS Mr. S.M. Jawed Azam Chairman Mr. Naseem A. Sattar Chief Executive Officer Mr. Azim Ahmed Executive Director Mr. Qamar Mashkoor Independent Non-Executive Director Mr. Muhammad Sajid Hafeez Independent Non-Executive Director Mst. Adia Naseem Non-Executive Director Mrs. Sadaf Nadeem Non-Executive Director Syed Raza Abbas Jaffari Nominee Director (N.I.T.) SECRETARY Mr. Nasim Ahmed AUDIT COMMITTEE HUMAN RESOURCE AND REMUNERATION COMMITTE AUDITORS Mr. Qamar Mashkoor Mr. Muhammad Sajid Hafeez Mr. S.M. Jawed Azam Mr. Muhammad Sajid Hafeez Mr. Naseem A. Sattar Mr. Qamar Mashkoor Muniff Ziauddin & Co., Chartered Accountants Chairman Member Member Chairman Member Member REGISTRARS Jwaffs Registrar Services (Pvt) Ltd. Room # , 4th Floor, Al-Ameera Centre, Shahrah-e-Iraq, Saddar, Karachi BANKERS Allied Bank Limited Faysal Bank Limited Habib Bank Limited Habib Metropolitan Bank Limited JS Bank Limited Meezan Bank Limited National Bank of Pakistan Orix Leasing Pakistan Ltd. Pak Oman Investment Company Limited Pak Kuwait Investment Company (Private) Limited PAIR Investment Company Limited Standard Chartered Bank (Pakistan) Limited Summit Bank Limited The Bank of Punjab United Bank Limited REGISTERED OFFICE A-39, S.I.T.E., Manghopir Road, Karachi. MILLS A-39, A-51 / B, A-34 / A, D-14 / C-1, A-29 / B, S.I.T.E., Karachi. 2

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5 his/her 4

6 DIRECTORS REPORT TO THE SHAREHOLDERS 5

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9 For and on behalf of the Board of Directors September 30, 2016 (NASEEM A. SATTAR) Chief Executive 8

10 (Nominee NIT) All the resident directors of the company are registered as taxpayers and none of them has defaulted in payment of any loan to a banking company, a DFI or an NBFI personally and none of them being a member of a stock exchange, has been declared as a defaulter by that stock exchange. However the Company has defaulted in payment of/markup of various banks. 9

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12 REVIEW REPORT TO THE MEMBERS ON STATEMENT OF COMPLIANCE WITH BEST PRACTICES OF CODE OF CORPORATE GOVERNANCE Karachi: September 30, 2016 MUNIFF ZIAUDDIN & CO. CHARTERED ACCOUNTS (Sohail Saleem) 11

13 AUDITORS REPORT TO THE MEMBERS 12

14 Karachi: September 30, 2016 MUNIFF ZIAUDDIN & CO. CHARTERED ACCOUNTS (Sohail Saleem) 13

15 Chief Executive Officer 14

16 Director 15

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19 year year Director 18

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25 Segment Reporting 24

26 8.1 These borrowings are denominated in Pak Rupees and are secured against exclusive charge over specific Plant & Machineries of the Company. As fully disclosed in note no. 17 the financial institutions have filed suits for the recovery of loan and the company is not accruing the markup as disclosed in note no 1 to the financial statements. 9.1 Payments under leases included financial charges at the rates ranging between 8% to 16.30% per annum. However, the company is not accruing the markup due to the reason as disclosed in note 1 to the financial statements. Leases carry purchase options at the end of the lease period. There are no financial restrictions in the lease agreements. As fully disclosed in note No. 17 various financial institutions have filed suit for the recovery of these loan. 25

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39 September 30, Director 38

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