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Milalt Tractor Annual Report 2018 Del Image.Cdr Rs.120/- Rs.120.43/- DIVIDENDDIVIDEND PERPER SHARESHARE EEPSPS ATTAINING NEW HEIGHTS At Millat, we believe that perpetual optimism is a great multiplier. Believing in this motto and striving for the best, we have achieved what no other tractor assembler has achieved in Pakistan: Highest ever production and sales in a nancial year. Touching multiple facets of life including but not limited to agriculture, construction, haulage and ancillary activities such as water pumping and power generation, Millat Tractors Limited has always been at the forefront of not only embracing change, but contributing towards the overall prosperity of the nation. Our journey continues on this path and we have set our sights on new horizons. Rs. 5.3 Billion Rs. 35.5 Billion NETNET PROFITPROFIT AAFTERFTER TTAXAX 42,70842,708 NNETET RREVENUESEVENUES TTRACTORSRACTORS SSOLDOLD Attaining new heights 02 ANNUAL REPORT 2018 CHRONICLES 1964 1982 1993 2002 Company established Inauguration of Engine Bolan Castings Ltd Quality Management CBU Import (MF Tractors) Assembly Plant- (Perkins Buyout System Upgraded to ISO Engines) 9001:2000 1965 1984 1994 2002 Assembly of tractors Inauguration of Mass Production Millat Industrial Products from SKD Machining Plant of Generating Sets. Ltd established. 1972 1990 1994 2011 Nationalization Perkins distributor Millat Equipment Ltd Highest tractor Agreement established. production of 42,188 and sale of 42,011 units of the decade 1973 1992 1998 2012 . Licensing and transfer of Privatization through ISO 9002 Certication TIPEG Inter-trade DMCC, Technology Agreement Employee Buyout Achieved. UAE established with MF, UK 1973 1992 2000 2015 Licensing and transfer of Inauguration of New Tractor Licensing Agreement – Heli Export Agreement with Technology Agreement Assembly Plant ( MF Design) Forklift Trucks (China) AGCO with Perkins, UK 2017 2018 - Business Partnership - Diversication by Agreement with IFS investment in Hyundai Nishat Motors (Pvt) Limited. - Launch of Emission - Highest ever sales of Compliant 42,708 and production of Euro II Engines 42,507 units achieved till date Millat Tractors Limited Attaining new heights ANNUAL REPORT 2018 03 Millat Tractors Ltd (MTL) is Pakistan’s leading engineering company in the automobile sector, an ISO 9001:2015 certied company for its Assembly Plants of Tractors, Engines, Industrial and Agricultural Products. Asia’s Best 200 under a 16th Largest company Achieved FPCCI Award Billion Dollar with exceptional in Tractor & Agriculture Companies performance in global Implements Sector 2015 (Forbes Global) tractor manufacturing industry (Plimsoll UK) 31st, 32nd and 33rd Declared 2nd Best Brand of the year Award, Corporate Excellence Company in PSX Top 25 2016 (Tractors) by Award by MAP Companies Awards Brands Foundation Pakistan Production Capacity Pioneer in farm Indigenization Level: Market Leader with More than 30,000 mechanization Around 90% over 60% Market Tractors per annum Share with double shift capacity. Millat Tractors Limited Attaining new heights 04 ANNUAL REPORT 2018 Millat Tractors Limited Attaining new heights ANNUAL REPORT 2018 05 FINANCIAL HIGHLIGHTS Sales Revenue Prot After Tax Number of Earnings per Share- Rs. in Million Rs. in Million Outstanding Basic and Diluted Shares(000’s) Rs. 2018 38,517 2018 5,334 2018 44,293 2018 120.43 2017 30,014 2017 4,258 2017 44,293 2017 96.12 Dividend Dividend Long Term Total Current Assets Rs. / Share Payout Investments Rs. in Million Percentage Rs. in Million 2018 120.00 2018 99.64 2018 709.3 2018 14,876 2017 95.00 2017 98.83 2017 484 2017 15,622 Shareholders Equity Return on Capital Current Ratio Debt : Equity Ratio Times Rs. in Million Employed Times Percentage 2018 2018 5,655 2018 96.49 1.37:1 2018 0:100 2017 5,750 2017 76.42 2017 1.38:1 2017 0:100 Market Capitalization Market Capitalization Price to Net Assets per Share (Year End) (Year End) Earning Ratio Rs. Rs. in Million US$ in Million Times 2018 52,623 2018 433 2018 9.86 2018 127.67 2017 60,878 2017 580 2017 14.30 2017 129.82 Millat Tractors Limited Attaining new heights 06 ANNUAL REPORT 2018 CONTENTS MILLAT TRACTORS LIMITED 08 Vision & Mission Statement 10 Corporate Information 12 Board of Directors 14 Board of Directors Committees 16 Management Committees 18 Organization Structure 20 Objectives and Strategic Planning / Code of Conduct 22 Core Values 23 Safety, Health and Environment Policy 24 Notice of Meeting 34 Chairman’s Review 41 Directors’ Report 52 MTL Commitment Towards CSR 57 Summary of Cash Flow 58 Six Years at a Glance 59 Statement of Value Addition and its Distribution 60 Six Years Horizontal Analysis 62 Six Years Vertical Analysis 64 Review Report on Compliance of Code of Corporate Governance 65 Statement of Compliance with the Code of Corporate Governance FINANCIAL STATEMENTS 67 Dupont Analysis 68 Graphical Analysis 69 Independent Auditors’ Report to the Members 72 Statement of Financial Position 74 Statement of Prot or Loss and Other Comprehensive income 75 Statement of Changes in Equity 76 Statement of Cash Flows 77 Notes to the Financial Statements Millat Tractors Limited Attaining new heights ANNUAL REPORT 2018 07 GROUP’S CONSOLIDATED FINANCIAL STATEMENTS 120 Group Directors’ Report 125 Independent Auditors’ Report to the Members 128 Statement of Consolidated Financial Position 130 Statement of Consolidated Prot or Loss and Other Comprehensive income 131 Statement of Consolidated Changes in Equity 132 Statement of Consolidated Cash Flows 133 Notes to the Consolidated Financial Statements OTHERS 184 Pattern of Shareholding 187 Tractor Dealers 188 Spare Parts Dealers 189 Consolidated Pattern of Shareholding 191 URDU SECTION Millat Tractors Limited Vision Millat to be a global group of companies, recognized for a range of quality products with innovative design capabilities. Mission To be market leader in agricultural tractors and machinery, building company’s image through innovation and competitiveness, grow by expanding market and investing into group companies, ensuring satisfaction to customer and stakeholders and to fulfill social obligations. Attaining new heights 10 ANNUAL REPORT 2018 CORPORATE COMPANY SECRETARY INFORMATION Mr. Muhammad Faisal Azeem CHIEF FINANCIAL OFFICER BOARD OF DIRECORS Mr. Sohail A. Nisar - FCA CHAIRMAN Mr. Sikandar Mustafa Khan AUDITORS CHIEF EXECUTIVE M/s A.F. Ferguson & Co. Mr. S M Irfan Aqueel Chartered Accountants DIRECTORS Mr. Latif Khalid Hashmi LEGAL ADVISORS Mr. Sohail Bashir Rana Mr. Laeeq Uddin Ansari Akhtar Ali & Associates Mr. Mian Muhammad Saleem Ch. Law Associates Inn Mr. Ahmed Aqeel Mr. Saad Iqbal COMPANY SHARE REGISTRARS M/s Hameed Majeed Associates (Pvt.) Ltd. 1st Floor, H.M. House, 7-Bank Square, Lahore. Tel: 042-37235081-82 Fax: 042-37358817 [email protected] Millat Tractors Limited Attaining new heights ANNUAL REPORT 2018 11 BANKERS Bank Alfalah Ltd. Habib Bank Ltd. MCB Bank Ltd. Standard Chartered Bank United Bank Ltd. Allied Bank Ltd. Meezan Bank Ltd. REGIONAL OFFICES REGISTERED OFFICE KARACHI & PLANT 3-A, Faiyaz Centre, Sindhi Muslim Co-operative Housing Society, Tel: 021-34553752, Sheikhupura Road, Disst. Sheikhupura UAN: 111-200-786 Tel: 042-3791121-25 Fax: 021-34556321 UAN: 111-200-786 Fax: 042-3794166, 37925835 ISLAMABAD Website: www.millat.com.pk H. No. 22, St. No. 41, Sector F-6/1, E-mail: [email protected] Tel: 051-2271470, UAN: 111-200-786 Fax: 051-2270693 MULTAN CANTT. Garden Town, (Daulatabad), Shershah Road, Tel: 061-6537371 Fax: 061-6539271 SUKKUR A-3, Professor Housing Society, Shikarpur Road, Tel: 071-5633042, Fax: 071-5633187 Millat Tractors Limited Attaining new heights 12 ANNUAL REPORT 2018 BOARD OF DIRECTORS Mr. Sikandar Mustafa Khan Mr. Sohail Bashir Rana Chairman Director Mr. Laeeq Uddin Ansari Mr. Latif Khalid Hashmi Director Director Millat Tractors Limited Attaining new heights ANNUAL REPORT 2018 13 Mr. S M Irfan Aqueel Mr. Mian Muhammad Saleem Chief Executive Director Mr. Ahmed Aqeel Mr. Saad Iqbal Director Director Millat Tractors Limited Attaining new heights 14 ANNUAL REPORT 2018 BOARD COMMITTEES HUMAN RESOURCE AND The terms of reference of the Finance Committee are REMUNERATION COMMITTEE (HR & R) as follows: 1. Mr. Saad Iqbal Chairman i) Product(s) pricing including tractors: 2. Mr. Laeeq Uddin Ansari Member ii) Investment/disinvestment of funds: 3. Mr. Mian Muhammad Saleem Member iii) Procurement/import of raw materials: iv) Capital Expenditure: The terms of reference of HR&R committee are as follows: v) Review Budget proposals prior to nalization. i) Recommend to the board for consideration vi) Approval of Travelling Abroad up to Executive Grade and approval a policy framework for determining vii) Retainership (approval and xation of compensation). remuneration of directors (both executive and viii) Any matter(s) brought to the notice of committee for non-executive directors). consideration. ii) Recommending human resource management policies to the board. MARKETING COMMITTEE iii) Recommending to the board the selection, 1. Mr. Sohail Bashir Rana Chairman evaluation, development, compensation 2. Mr. S M Irfan Aqueel Member (including retirement benets) of CFO, Company Secretary and head of Internal Audit. 3. Mr. Mian Muhammad Saleem Member BOARD’S COMMITTEE FOR GROUP The terms of reference of the Marketing Committee SUPERVISION (BCGS) are as follows: Mr. Sikandar Mustafa Khan Chairman i) Formulation of sales/marketing strategy. Mr. Latif Khalid Hashmi Member ii) Appointment/termination of dealers including Mr. Sohail Bashir Rana Member agreements. Mr. Laeeq Uddin Ansari
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