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Cultured Like No Other Pearl in the World

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Cultured Like No Other Pearl in the World Cultured like no other pearl in the world. Pearl Continental Hotel - Bhurban Cultured like no other pearl in the world Pearl Continental Hotel - Karachi Contents Vision & Mission 04 Corporate Information 06 Corporate Objectives 08 Board of Directors 10 Notice of Annual General Meeting 15 Chairman’s Review 16 Directors’ Report 24 Key Operating & Financial Data 29 Horizontal Analysis 30 Vertical Analysis 31 Statement of Value Addition and its Distribution 32 Statement of Compliance with the Code of Corporate Governance 33 Statement of Compliance with the Best Practices on Transfer Pricing to the Members 35 Auditors’ Report to the Members 38 Review Report to the Members on Statement of Compliance with the Best Practices of Code of Corporate Governance 39 Unconsolidated Balance Sheet 40 Unconsolidated Prot and Loss Account 42 Unconsolidated Statement of Comprehensive Income 43 Unconsolidated Cash Flow Statement 44 Unconsolidated Statement of Changes in Equity 45 Notes to the Unconsolidated Financial Statements 46 Pattern of Shareholdings 90 Disclosure to Pattern of Shareholdings 91 Directors’ Report Consolidated 94 Auditors’ Report on Consolidated Financial Statements 95 Consolidated Balance Sheet 96 Consolidated Prot and Loss Account 98 Consolidated Statement of Comprehensive Income 99 Consolidated Cash Flow Statement 100 Consolidated Statement of Changes in Equity 101 Notes to the Consolidated Financial statements 102 02 Pearl Continental Hotel - Bhurban 03 Vision & Mission Vision Statement We are committed to dynamic growth and service excellence built upon our heritage of traditional hospitality. We strive to consistently meet and surpass guests’, employees’ and other stakeholders’ expectations. We feel pride in making eorts to position Pakistan in the forefront of the international arena. Mission Statement Secrets to our sustained leadership in hospitality are Excellency and Dynamism through oering competitive and innovative high quality value added services to our guests and business partners. To meet the challenges of modern business, we constantly upgrade our operations and services in line with the latest technological facilities. As a responsible corporate citizen, maintaining the highest level of governance, ethical standards and prudence. Keeping close-watch at socio-political environment to make use of all available growth opportunities through aggressive and proactive approach. Believe in strong and professional workforce by providing challenging and rewarding environment and equal respect to all through creating the sense of participation towards the success of our vision. 04 Pearl Continental Hotel - Karachi 05 Corporate Information Pearl Continental Hotels, a chain owned and operated by Pakistan Services Limited, “the Company” sets the international standards for quality hotel accommodation in South Asia. The Company manages 6 luxury hotels at Karachi, Lahore, Rawalpindi, Peshawar, Bhurban and Muzaarabad; comprising 1,558 rooms with registered oce in Islamabad, Pakistan BOARD OF DIRECTORS LEGAL ADVISOR Non Executive M/s Liaquat Merchant & Associates Mr. Sadruddin Hashwani Chairman Ms. Sarah Hashwani BANKERS Mr. Mansoor Akbar Ali National Bank of Pakistan Syed Sajid Ali The Bank of Punjab Mr. Bashir Ahmed Habib Bank Limited Soneri Bank Limited Executive United Bank Limited Mr. Murtaza Hashwani Chief Executive Ocer Askari Bank Limited Mr. M. A. Bawany Albaraka Islamic Bank (Pakistan) Limited Mr. Muhammad Raque Allied Bank Limited Bank Alfalah Limited Independent JS Bank Limited Mr. Ahmed Elsayed-Mohamed Youssef Aly KASB Bank Limited NIB Bank Limited AUDIT COMMITTEE Silk Bank Limited Mr. Ahmed Elsayed-Mohamed Youssef Aly Standard Chartered Bank (Pakistan) Limited Ms. Sarah Hashwani Industrial and Commercial Bank of China Mr. Mansoor Akbar Ali Syed Sajid Ali REGISTERED OFFICE 1st Floor, NESPAK House, HUMAN RESOURCE & REMUNERATION Sector G-5/2, Islamabad. COMMITTEE Tel: +92 51-2272890-8 Mr. Sadruddin Hashwani Fax: +92 51-2878636 Mr. Murtaza Hashwani http://www.psl.com.pk Mr. M. A. Bawany http://www.pchotels.com Mr. Bashir Ahmed http://www.pchotels.biz http://www.pchotels.com.pk CHIEF FINANCIAL OFFICER http://www.pearlcontinental.biz Mr. Muhammad Raque http://www.pearlcontinental.com.pk http://www.hashoogroup.com COMPANY SECRETARY http://www.hashoogroup.com.pk Mr. Mansoor Khan http://www.hashoogroup.biz http://www.hashoogroup.info AUDITORS http://www.hashoo.info M/s KPMG Taseer Hadi & Co. Chartered Accountants SHARE REGISTRAR 6th Floor, State Life Building No. 5 M/s Technology Trade (Private) Limited Jinnah Avenue, Blue Area Islamabad. Dagia House, 241-C, Block-2, PECHS, O Shahrah-e-Quaideen, Karachi. 06 Pearl Continental Hotel - Bhurban 07 Corporate Objectives Code of Conduct The smooth and successful ow of processes and operations can not be achieved without the active participation and concerned eorts of all the employees of the Company. Discipline and professional working environment largely depends on behavior and attitude of the employees. Hence the Company has established its own standards of: • Condentiality • Attendance and punctuality • Working relationships • Discussion topics • Behavior and Attitude-in-General • Misconduct Core Values Growth and development for all Innovation Competence and contribution as the only Listening and two-way interaction basis for job security Encouragement Promotion from within Enterprise Learning environment and opportunities Participation Provision for world-class education and Motivation training Initiative Aligning people with the latest technological trends Trust Cooperation Recognition and Reward Integrity Achievement orientation Dignity Appreciation Respect Setting ever-rising standards of Candidness performance Support Performance-based evaluation Teamwork Incentives Sense of ownership Empowerment Strategic Objectives • Sustain potential market share through managed average daily rate • Ensure successful completion of all expansion projects • Seek improvement in employees’ competencies and enhancing performance goals • Continue achieving sales growth to support long term plan • Reinforce all areas of security risks to Company’s assets and guests 08 09 Board of Directors Mr. Murtaza Hashwani Mr. Sadruddin Hashwani Ms. Sarah Hashwani 10 Mr. M.A.Bawany Mr. Mansoor Akbar Ali Syed Sajid Ali Mr. Ahmed Elsayed- Mr. Muhammad Raque Mr. Bashir Ahmed Mohamed Youssef Aly Mr. Mansoor Khan Abdul Qadeer Khan Company Secretary Head of Internal Audit 11 Welcome to the Privilege Club The Privilege Club card was introduced in 1998 with an objective to facilitate and give the guests discount purchasing power at the Hashoo Group hotels, which has in its fold, as owners and operators, the Pearl Continental and Marriott hotels brands having their presence in all the major cities of Pakistan. The cardholders are entitled to enjoy discount on the facilities, namely dinning, accommodation, laundry, Health club etc. Subject to conditions apply we oer following discounts to the card members: ? Accommodation/Hotel Stay: • 30% discount on BAR-III (Best Available Rate-III) • Spouse stays FREE • One FREE night for two paid nights • PC Hotel Bhurban oers discount October through April only. Conditions: Rooms are subject to availability & prior reservations. Privilege Club discount rates cannot be used in conjunction with corporate preferred or special packages rates. ? Facility on Food & Beverages for: One person 15% Two persons 50% 3-10 persons 20% 11-20 persons 15% (15% discount on authentic Restaurant) ? Special 15% discounts on Hi-Tea & Iftar. ? Other Benets • 15% discount on annual membership of Health & Fitness Club. • 20% discount on Laundry, Pastry & Bakery Shop, Business Center Charges (except communications charges) & Rent-a-Car service. ? Complimentary Night Voucher: Facility: One Free Night Voucher, which is valid till the expiry of membership card for the basic/main Gold Cardholders. 12 NOTES 13 Notice of Annual General Meeting Notice is hereby given that the 55th Annual General Meeting of Pakistan Services Limited will be held on Thursday, October 30, 2014 at 11:00 A.M. at Islamabad Marriott Hotel to transact the following business: 1. To conrm the minutes of the Extraordinary General Meeting held on 28 March 2014. 2. To receive, consider and adopt the Audited Financial Statements together with the Directors’ and the Auditors’ Reports thereon for the year ended 30 June 2014. 3. To appoint Auditors for the year 2014-15 and x their remuneration. By Order of the Board 4. To discuss any other business with the permission of the Chair. Mansoor Khan Dubai: 24 September 2014 Company Secretary NOTES A) Any member of the Company entitled to attend and of the nominee shall be produced (unless it has been vote at the Annual General Meeting may appoint provided earlier) at the time of the meeting. another member as his/her proxy to attend and vote b. For Appointing Proxies: instead of him/her except in case of a corporate entity which may appoint a proxy who may not be a member. i) In case of individuals, the account holders or Proxies must be received at the Registered Oce of the sub-account holders whose registration details are Company not less than 48 hours before the time of uploaded as per the CDC Regulations, shall submit the holding the Meeting. proxy form as per the above requirement. B) The Share Transfer Books of the Company will remain ii) The Proxy Form shall be witnessed by two persons closed from October 24, 2014 to October 30, 2014 (both whose names, addresses and CNIC numbers
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