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Nishat Annual Report 2020

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Nishat Mills Limited 20 Annual Report CONTENTS CORPORATE Company Information ..................................................................................................................... 2 Directors’ Profile................................................................................................................................... 4 Vision and Mission .............................................................................................................................. 6 Chairman’s Review Report ........................................................................................................... 7 Directors’ Report ................................................................................................................................. 8 Financial Highlights ........................................................................................................................ 21 Statement of Compliance with Listed Companies (Code of Corporate Governance) Regulations, 2019 ......................................................................................... 23 Independent Auditors’ Review Report to the Members on the Statement of Compliance contained in Listed Companies (Code of Corporate Governance) Regulations, 2019 ................................................................ 26 Notice of Annual General Meeting ...................................................................................... 27 FINANCIAL STATEMENTS OF NISHAT MILLS LIMITED Independent Auditor’s Report to the members ........................................................ 34 Statement of Financial Position ........................................................................................... 40 Statement of Profit or Loss........................................................................................................ 42 Statement of Comprehensive Income ............................................................................. 43 Statement of Changes in Equity .......................................................................................... 44 Statement of Cash Flows ........................................................................................................... 45 Notes to the Financial Statements ...................................................................................... 46 CONSOLIDATED FINANCIAL STATEMENTS OF NISHAT MILLS LIMITED AND ITS SUBSIDIARIES Directors’ Report .............................................................................................................................. 112 Independent Auditor’s Report to the members ........................................................ 113 Consolidated Statement of Financial Position ......................................................... 120 Consolidated Statement of Profit or Loss .................................................................... 122 Consolidated Statement of Comprehensive Income .......................................... 123 Consolidated Statement of Changes in Equity ....................................................... 124 Consolidated Statement of Cash Flows .......................................................................... 125 Notes to the Consolidated Financial Statements .................................................. 126 Pattern of Holding of the Shares ....................................................................................... 207 Directors’ Report Consolidated in Urdu ......................................................................... 214 Directors’ Report in Urdu ........................................................................................................ 226 Forms of Proxy in Urdu & English Nishat Mills Limited COMPANY INFORMATION Board of Directors Chief Financial Officer JS Bank Limited Mian Umer Mansha Mr. Muhammad Azam Meezan Bank Limited Chief Executive Officer MCB Bank Limited Company Secretary MCB Islamic Bank Limited Mian Hassan Mansha Mr. Khalid Mahmood Chohan National Bank of Pakistan Chairman Pair Investment Auditors Company Limited Syed Zahid Hussain Riaz Ahmad & Company Pak Brunei Investment Mr. Farid Noor Ali Fazal Chartered Accountants Company Limited Mr. Mahmood Akhtar Pakistan Kuwait Investment Mrs. Sara Aqeel Legal Advisor Company (Private) Limited Mrs. Mehak Adil Mr. M. Aurangzeb Khan, Samba Bank Limited Advocate, Chamber No. 6, District Silk Bank Limited Audit Committee Court, Faisalabad. Soneri Bank Limited Mrs. Mehak Adil Summit Bank Limited Chairperson / Member Bankers to the Company Standard Chartered Bank Albaraka Bank (Pakistan) Limited (Pakistan) Limited Syed Zahid Hussain Allied Bank Limited The Bank of Punjab Member Askari Bank Limited The Bank of Punjab - Taqwa Bank Alfalah Limited Islamic Banking Mr. Mahmood Akhtar Bank Al Habib Limited The Bank of Khyber Member Bank Islami Pakistan Limited United Bank Limited Citibank N.A. Human Resource & Dubai Islamic Bank Pakistan Remuneration (HR & R) Limited Committee Faysal Bank Limited Mrs. Sara Aqeel Faysal Bank Limited - Islamic Chairperson / Member Banking Habib Bank Limited Mian Umer Mansha Habib Metropolitan Bank Limited Member Industrial and Commercial Bank of China Limited Mr. Mahmood Akhtar Member 02 Annual Report 2020 Mills Branch Office, Lahore Siddique Trade Centre, Spinning units, Yarn Dyeing Terry Unit Office No. PL-29, PL Floor, & Power plant 7 K.M. Nishat Avenue Off 22 K.M. 72 Main Boulevard Gulberg II, Nishatabad, Faisalabad. Ferozepur Road, Lahore. Lahore. Tel: 042-35781682 Spinning units & Power plant Apparel Unit 20 K.M. Sheikhupura Faisalabad 2 K.M. Nishat Avenue Off 22 K.M. Head Office Road, Feroze Watwan. Ferozepur Road, Lahore. 7, Main Gulberg, Lahore. Tel: 042-35716351-59, 042-111 332 200 Spinning units & Power plant Registered office Fax: 042-35716349-50 Plot No. 172-180 & 188-197, Nishat House, E-mail: [email protected] M-3 Industrial City, Sahianwala, 53 - A, Lawrence Road, Lahore. Website: www.nishatmillsltd.com FIEDMC, 2 K.M. Jhumra Chiniot Tel: 042-36360154, 042-111 113 333 Road, Chak Jhumra, Faisalabad. Fax: 042-36367414 Liaison Office 1st Floor, Karachi Chambers, Weaving units & Power plant Shares Registrar Hasrat Mohani Road, Karachi. 12 K.M. Faisalabad Road, THK Associates (Private) Limited Tel: 021-32414721-23 Sheikhupura. Fax: 021-32412936 Head Office, Karachi Weaving units, Dyeing & 1st Floor, 40-C, Block-6, Finishing unit, Processing P.E.C.H.S, Karachi-75400 unit, Stitching units and Tel: 021-34168270, 021-111 000 322 Power plants Fax: 021-34168271 5 K.M. Nishat Avenue Off 22 K.M. Ferozepur Road, Lahore. 03 Nishat Mills Limited DIRECTORS’ PROFILE Mian Umer Mansha Mian Hassan Mansha Syed Zahid Hussain Mr. Farid Noor Ali Fazal Chief Executive Officer Chairman Non-Executive Director Non-Executive Director Mian Umer Mansha Mian Hassan Mansha Syed Zahid Hussain Mr. Farid Noor Ali holds a Bachelors has been serving on is a seasoned Fazal is a Bachelor of degree in Business the Board of various professional in Commerce, Bachelor of Administration from listed companies for Pakistan’s corporate Laws and Bachelor of USA. He has been several years. He also world. He possesses Management. He has serving on the Board of serves on the Board of multi-faceted talents more than 47 years’ Directors of various Nishat Power Limited, and has attained experience of listed companies for Security General exemplary marketing. He worked more than 25 years. Insurance Company accomplishments. He on various positions in Limited, Lalpir Power has in-depth Middle East and USA. He also serves on the Limited, Pakgen Power knowledge of a wide He is associated with Board of Adamjee Limited, Nishat Hotels range of subjects and cement industry in one Insurance Company and Properties Limited, has extensively form or the other and Limited, MCB Bank Nishat (Aziz Avenue) diversified experience was the acting Limited, Adamjee Life Hotels and Properties and exposure in senior chairman of All Assurance Company Limited, Nishat positions. He has Pakistan Cement Limited, Nishat Dairy (Raiwind) Hotels and earned B.Sc, LLB and Manufacturers (Private) Limited, Properties Limited, MA in International Association in 2002. He Nishat Hotels and Nishat Dairy (Private) Relations. He has a vast also serves on the Properties Limited, Limited, Pakistan experience of working Board of D. G. Khan Nishat (Raiwind) Hotels Aviators and Aviation as Chairman / Chief Cement Company and Properties Limited, (Private) Limited, Executive / Director of Limited and Nishat Nishat Developers Nishat Real Estate various state owned Paper Products (Private) Limited, Development enterprises and listed Company Limited. Nishat Sutas Dairy Company (Private) companies. He has also Limited, Hyundai Limited, Nishat served as the High Nishat Motor (Private) Agriculture Farming Commissioner / Limited, Nishat (Private) Limited and Ambassador of Agriculture Farming Hyundai Nishat Motor Pakistan in Kenya, with (Private) Limited and (Private) Limited. accredited Nishat Agrotech Farms assignments of (Private) Limited. Ambassadorship in Tanzania, Uganda, Rwanda, Krundse, Ethiopia and Eritrea. He is a fellow member of the Institute of Management, England, International Biographical Center, the USA and the Institute of Marketing Management, Karachi. 04 Annual Report 2020 Mr. Mahmood Akhtar Mrs. Sara Aqeel Mrs. Mehak Adil Non-Executive Director Independent Director Independent Director Mr. Mahmood Akhtar Mrs. Sara Aqeel is a Mrs. Mehak Adil holds holds an MBA degree qualified lawyer, with a an LLM from the from Punjab
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