ANNUAL REPORT Quaid-e-Azam Thermal Power (Private) Limited 7-C1, Gulberg-III, Lahore

Transcription

1 ANNUAL REPORT 2017 Quaid-e-Azam Thermal Power (Private) Limited 7-C1, Gulberg-III, Lahore

2 Annual Report 2017 CONTENTS Vision, Mission, Core Values & Corporate Strategy 02 Corporate Information 03 Notice of Annual General Meeting 05 Directors Report 07 Pattern of Shareholding 14 Statement of Compliance with the Public Sector Companies (Corporate Governance) Rules, Auditors Report to the Members on the Financial Statements for the Financial Year ended June 30, Balance Sheet 23 Profit and Loss Account 24 Statement of Changes in Equity 25 Statement of Comprehensive Income 26 Cash Flow Statement 27 Notes to the Financial Statements 28 Form of Proxy 53 Page No. 1

3 Annual Report 2017 VISION, MISSION, CORE VALUES & CORPORATE STRATEGY Vision To be a leading power generation company in the Country owing & operating high efficiency power plants to produce sustainable, cost effective & environmentally responsible electricity to the Grid Mission To provide affordable & reliable electricity for consumer and the economy and meet energy demand in the Country to foster national economic growth Core Values Excellence: We strive for excellence, innovation, boldness & quality in everything we do. Integrity: We commit to the highest standards of transparency, integrity & honesty. Accountability: We hold ourselves accountable as professionals at all times & at all levels and as a publically owned Company. Teamwork: We value our colleagues and work together as a team. Relationship: We believe in good relationship and fairness in all our dealings. Corporate Strategy Quaid e Azam Thermal Power (Private) Limited ( QATPL ) aims to bridge the steadily rising gap between electricity demand & supply through establishing and maintaining Re Gasified Liquefied Natural Gas (RLNG) based Thermal Power Plants possessing high efficiency. The ambition of the Company is to strengthen its position as a leading power producer and to contribute with long term, cost effective and environment compatible electricity to enhance the national economic activities. QATPL has a strong vision to promote capacity in the energy sector of the Country through development of highly efficient and state of the art technology power plants at the most economical cost for delivering socio economic benefits to the Country. The Company shall pursue sustainable growth with fair earnings by undertaking balanced management initiatives and leveraging its project management & engineering competences. QATPL is committed to build strong relationship with its all stakeholders and to work diligently to increase corporate value while complying applicable laws and high ethical standards. QATPL is confident to play a critical role in eliminating the menace of power outages from the energy starved Country. 2

4 Annual Report 2017 CORPORATE INFORMATION Board of Directors Mr. Arif Saeed, Chairman Independent Director Mr. Abdul Basit Independent Director Mr. Asad Ali Khan Mr. Nauman Ahmed Khan Syed Maratib Ali Mr. Mohammad Afzaal Bhatti Mr. Najam Ahmed Shah Mr. Asad Rehman Gilani Mr. Hamed Yaqoob Sheikh Mr. Muhammad Jehanzeb Khan Independent Director Independent Director Independent Director Non Executive Director Non Executive Director Non Executive Director Non Executive Director Non Executive Director Chief Executive Officer Mr. Ahad Khan Cheema Executive Director Finance & Audit Committee Mr. Asad Ali Khan Chairman Mr. Abdul Basit Member Syed Maratib Ali Member Mr. Mohammad Afzaal Bhatti Member Mr. Hamed Yaqoob Sheikh Member Human Resource Committee Mr. Nauman Ahmed Khan Chairman Mr. Arif Saeed Member Mr. Abdul Basit Member Mr. Mohammad Afzaal Bhatti Member Mr. Asad Rehman Gilani Member Procurement Committee Mr. Arif Saeed Chairman Mr. Abdul Basit Member Mr. Nauman Ahmed Khan Member Mr. Najam Ahmed Shah Member Mr. Asad Rehman Gilani Member Nomination Committee Mr. Nauman Ahmed Khan Chairman Mr. Arif Saeed Member Syed Maratib Ali Member Mr. Mohammad Afzaal Bhatti Member Mr. Asad Rehman Gilani Member Risk Management Committee Syed Maratib Ali Chairman Mr. Abdul Basit Member Mr. Asad Rehman Gilani Member 3

5 Annual Report 2017 Auditors Legal Advisor Bankers to the Company Registered Office M/s. KPMG Taseer Hadi & Co. Chartered Accountants M/s. Allied Legal Services Advocates, Advisors & Corporate Consultants National Bank of Pakistan Habib Bank Limited The Bank of Punjab Bank Alfalah Limited United Bank Limited Soneri Bank Limited 7 C1, Gulberg III, Lahore 4

6 Annual Report 2017 Notice of the 3 rd Annual General Meeting of the Shareholders of Quaid e Azam Thermal Power (Private) Limited Notice is hereby given to all shareholders and directors of Quaid e Azam Thermal Power (Private) Limited (the Company ) that the 3 rd Annual General Meeting of the Company will be held on Friday, October 27, 2017 at 03:00 pm in the Board Room of QATPL, 1 st Floor, 7 C1, Gulberg III, Lahore to transact the following business: Ordinary Business: (i) To confirm Minutes of the 3 rd Extraordinary General Meeting of the Company held on June 15, (ii) To receive, consider and adopt Annual Audited Accounts of the Company for the Financial Year ended June 30, 2017 together with Auditor s, Director s and Annual Reports thereon. (iii) To appoint Statutory Auditors of the Company for the Year and to fix their remuneration. The present Auditors namely M/s. KPMG Taseer Hadi & Co. Chartered Accountants will stand retired at the conclusion of the 3 rd AGM of the Company and are eligible to offer themselves for re appointment as recommended by the Board of Directors. (iv) To transact any other business with the permission of the Chair. By Order of the Board Quaid e Azam Thermal Power (Private) Limited Lahore: October 05, 2017 Syed Salman Hassan Company Secretary Notes: (i) The share transfer books of the company shall remain close from October 20, 2017 to October 27, 2017 (both days inclusive). (ii) A member entitled to attend and vote at this meeting of the Company is entitled to appoint any other member as his/her proxy to attend and vote instead of him/her, and a proxy so 5

7 Annual Report 2017 appointed shall have the rights to speak and vote at the meeting as are available to the member. (iii) The instrument appointing a proxy and the power of attorney or other authority under which it is signed or a notarially attested copy of the power of attorney in order to be valid must be deposited at the registered office of the Company not less than forty eight (48) hours before the meeting. (iv) In case of corporate entity, the Board of Director s resolution/ power of attorney with specimen signatures of the nominee shall be produced at the time of the meeting. A proxy representing a Corporation or company must himself be a member of the Company. (v) The proxy form shall be witnessed by two (2) persons whose names, addresses and C.N.I.C numbers shall be mentioned on the proxy form. (vi) Members are requested to notify the Company of any changes in their addresses immediately. (vii) In case of corporate entity, the Board of Director s resolution/ power of attorney with specimen signatures of the nominee shall be produced at the time of the meeting. A proxy representing a Corporation or company must himself be a member of the Company. (viii) The proxy form shall be witnessed by two (2) persons whose names, addresses and C.N.I.C numbers shall be mentioned on the proxy form. (ix) Members are requested to notify the Company of any changes in their addresses immediately. 6

8 7

9 8

10 9

11 10

12 11

13 12

14 13

15 14

16 15

17 16

18 17

19 18

20 19

21 20

22 21

23 22

24 23

25 24

26 25

27 26

28 27

29 28

30 29

31 30

32 31

33 32

34 33

35 34

36 35

37 36

38 37

39 38

40 39

41 40

42 41

43 42

44 43

45 44

46 45

47 46

48 47

49 48

50 49

51 50

52 51

53 52

54 PROXY FORM QUAID-E-AZAM THERMAL POWER (PRIVATE) LIMITED I/ We S/o R/o being the member(s) of QUAID-E-AZAM THERMAL POWER (PRIVATE) LIMITED hereby appoint Mr. / Mrs. /Miss of (who is also member of the Company vide Registered Folio No. (being member of Company) as my/ our Proxy to attend at and vote for my/ us and on my/ our behalf at the Annual/ Extra Ordinary General Meeting of the Company to be held at on at and at any adjournment thereof. Signed this day of 2017 WITNESSES: Signature: Name: Address: CNIC No. Please affix Rupees five revenue stamp Signature Signature: Name: Address: CNIC No. Signature should agree with the specimen signature registered with the Company Note: The Form of Proxy should be deposited at the Registered Office of the Company not later than 48 hours before the time for holding the meeting. A proxy must himself be a member of the Company. 53