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Indus Motor Company Ltd. 2016 annual report THINGS TO DO FOR PAKISTAN At Indus Motor Company, we believe in setting goals that create value for Pakistan. As a good corporate citizen we strive to play an ever increasing role in our society by integrating our business, our society and our people as a force that aims to lead Pakistan towards a better tomorrow. Delight people of Pakistan with Improve Access to Education for mobility solutions the people of Pakistan Make More and More of Our Cars Extend a helping hand in times in Pakistan of need Make Toyota Cars with the people Promote a Cleaner, Greener Future of Pakistan Corporate Profile IMC was incorporated in 1989 as a joint venture company between the House of Habib of Pakistan, Toyota Motor Corporation and Toyota Tsusho Corporation of Japan. The Company manufactures and markets Toyota brand vehicles in Pakistan. The main product offerings include several variants of the flagship ‘Corolla’ in the passenger cars category, ‘Hilux’ in the light commercial vehicles segment and ‘Fortuner’ Sports Utility Vehicle. The manufacturing facility and offices are located at a 105 acre site in Port Qasim, Karachi, while the product is delivered to end customers nationwide through a strong network of 43 independent 3S Dealerships spread across the country. In its 26 years since inception, IMC has sold more than 600,000 CBU/CKD vehicles and has demonstrated impressive growth, in terms of volumetric increase from a modest beginning of 20 vehicles per day production in 1993 to 240 units daily at present through the development of human talent embracing the ‘Toyota Way’ of quality and lean manufacturing. Over the years, IMC has made large scale investments in enhancing its own capacity and in meeting customer requirements for new products. Today, Corolla is the largest selling automotive brand model in Pakistan and it also has the distinction of being # 1 in Toyota’s Asian market. The Company invests heavily in training its 2,700 plus workforce of team members and management employees and creating a culture of high performing empowered teams working seamlessly across processes in search of quality and continuous improvement. The core values of the Company encourage employees to pursue high standards of business ethics and safety; communicating candidly by giving bad news first and to respect people. The bi-annual TMC morale surveys show that employees rate IMC high on work environment and level of job satisfaction. The Company has played a major role in the development of the entire value chain of the local auto industry and is proud to have contributed in poverty alleviation at the grass root level by nurturing localization that has directly created thousands of job opportunities and transferred technology to over 60 vendors supplying parts. IMC is also a major tax payer and significant contributor to the GOP Exchequer. 2 Indus Motor Company Ltd. Contents Vision, Mission and Core Values 04 Marketing 44 Strategic Objectives 08 Customer Relations 45 Board of Directors 10 Customer First 46 Corporate Governance 16 Safety, Health and Environment 48 Organization Chart 17 Human Resources 52 Company Information 18 Operations 53 Shareholder Information 20 Corporate Social Responsibility 55 Operating Highlights 22 Strategy Moving Forward 56 Financial Summary 23 Auditor’s Review Report to the Members 60 Vertical and Horizontal Analysis 24 Auditor’s Report to the Members 61 Statement of Value Addition 26 Financial Statements 62 Statement of Compliance with the Pattern of Shareholding 105 Code of Corporate Governance 27 Ten Year Performance Indicators 108 Directors’ Report 29 Notice of Annual General Meeting 110 Industry Review 35 Company Review 38 Annual Report 2016 3 “ToVision be the most respected and successful enterprise, delighting customers with a wide range of products and solutions in the automobile industry with the best people and the best technology.” Mission IMC’s Mission is reflected in the Company’s slogan Action, Commitment and Teamwork to become # 1 in Pakistan • World class production quality • Achieving the ultimate goal of complete customer satisfaction Core • Being seen as the best employer • Fostering the spirit of teamwork Values • Inculcating ethical and honest practices Respect & Corporate Image Customer Satisfaction Production & Sales Act # Quality & Safety Action, Commitment, Best Employer Teamwork1 Profitability Delight people of Pakistan With mobility solutions IMC aims to delight customers with a diverse range of products and services. Through a vast dealership network stretching across Pakistan, we reach out to every corner of the country. • Our Nationwide Dealership network comprises of 43 dealerships that deliver Toyota Products and Quality service to customers • The T SURE facility facilitates customers in selling their cars, trading in a used Car for a new one and even purchasing a Certified Used Toyota vehicle Strategic Objectives Bringing Toyota Quality Achieving Market Leadership by Delivering to Pakistan Value to Customers • Maximizing QRD (Quality, Reliability and Durability) by • Following our “Customer built-in engineering. First” philosophy in • Transferring technology and manufacturing and promoting indigenization at providing high quality IMC and its Vendors. vehicles and services • Raising the bar in all support that meet the needs of functions to meet Toyota Pakistani customers. Global Standards. • Enhancing the quality and Optimizing Cost by Kaizen reach of our 3S Dealership Network. • Fostering a Kaizen culture • Employing customer and mindset at IMC, its insight and feedback for Dealers and Vendors. continuous corporate • Implementing Toyota renewal, including product Production System. development, improving • Removing waste in all areas service and customer care. and operating in the lowest cost quartile of the industry. Respecting our people • Treating employees as the most important sustainable competitive resource. • Providing a continuous learning environment that promotes individual creativity and teamwork. • Supporting equal employment opportunities, diversity and inclusion without discrimination. • Building competitive value through mutual trust and mutual responsibility between the Indus Team and the Company. Become a Good Corporate Citizen • Following ethical business practices and the laws of the land. • Engaging in philanthropic and social activities that contribute to the enrichment of the Pakistani society, especially in areas that are strategic to both societal and business needs e.g. road safety, technical education, environment protection, etc. • Enhancing corporate value and respect while achieving a stable and long term growth for the benefit of our shareholders. Board of Directors Ali S. Habib Toshiya Azuma Parvez Ghias Chairman Vice Chairman Chief Executive Officer Ali S. Habib is the Chairman of Toshiya Azuma has been appointed Parvez Ghias is Chief Executive of Indus Motor Company Limited as a Director on the Board and Indus Motor Company Limited since and is also the Founding Director Vice Chairman of Indus Motor 2005. Prior to joining the Company, of the Company. He also serves Company Limited with effect from he was the Vice President and as a Member on the board of January 2016. He has been serving CFO at Engro Chemical Pakistan directors of Thal Limited, Shabbir at Toyota Motor Corporation for Limited and served as a Member of Tiles & Ceramics Limited, Habib over 29 years and has worked the Board of Directors. He serves Metropolitan Bank Limited, Metro in different capacities. He has as an independent director on the Habib Cash and Carry Pakistan also served as Assistant Vice boards of Standard Chartered Bank (Pvt.) Limited. President, Purchasing Division and (Pakistan) Limited and Dawood Vice President, Marketing Division Hercules Corporation Limited. He is a graduate in Mechanical for Toyota Motor Philippines Engineering from the University of Corporation (TMP). He is a fellow of the Institute of Minnesota, USA. He has attended Chartered Accountants from the PMD Program at Harvard He has done his Bachelor’s degree England & Wales and holds a University. in Law from Kobe University in Bachelors Degree in Economics Japan. and Statistics. 10 Indus Motor Company Ltd. Azam Faruque Farhad Zulficar Independent Director Director Mr. Azam Faruque was elected as a Farhad Zulficar is the Founding Director of the Company in October Director of Indus Motor Company 2014. He is a director and CEO Limited. He was the first Managing of Cherat Cement Co. Limited, Director of the Company from 1989 a Ghulam Faruque Group (GFG) to 2001 and has also served as company. Apart from the 24 years Director on various listed and private he has spent in the cement industry companies. and other GFG businesses, he has served as a member on the He is a commerce graduate from boards of various public and private the University of Karachi. sector institutions. Currently, he is a director of International Industries Limited, Madian Hydro Power Limited, Atlas Battery Limited, Faruque (Pvt.) Limited, and Greaves Pakistan (Pvt.) Limited. He is an Electrical Engineering and Computer Science graduate from Princeton University, USA, and also holds an MBA degree (High Honors) from the University of Chicago. Annual Report 2016 11 Board of Directors Mohamedali R. Habib Hiroyuki Fukui Masato Yamanami Director Director Director Mohamedali R. Habib is the Hiroyuki Fukui was appointed as a Masato Yamanami was appointed Founding Director of Indus Motor Director of Indus

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