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Annual Report 2020 Building Sustainable Future

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Annual Report 2020 Building Sustainable Future ANNUAL REPORT 2020 BUILDING SUSTAINABLE FUTURE We believe in a sustainable development where needs of current are met without compromising the abilities of future generations to meet their own needs. We are striving to achieve economic development with a socially responsible and environment friendly attitude. We are committed to develop more and more renewable energy sources for clean-energy and water re-cycling facilities to stay green and eco-friendly for building a sustainable future. IN THIS REPORT 05 ORGANISATIONAL OVERVIEW AND EXTERNAL ENVIRONMENT 27 STRATEGY AND RESOURCE ALLOCATION 32 RISKS AND OPPORTUNI- TIES The Company continues to ensure that its current competitive position is maintained as well as supporting the ongoing improvement process in our endeavor to maintain world’s best manufacturing practice. Operations of the Company are subject to different environmental and labour laws. The Company is fully complying with all applicable environmental, labour, corporate and other relevant legal laws. 02 KOHINOOR TEXTILE MILLS LIMITED 112 OUTLOOK 116 PERFORMANCE 38 AND POSITION CORPORATE BRIEFING 138 FINANCIAL 93 STATEMENTS STAKEHOLDERS RELATIONSHIP 203 AND CONSOLIDATED ENGAGEMENT FINANCIAL STATEMENTS 107 CORPORATE SUSTAINABILITY ANNUAL REPORT 2020 03 2020 YEAR AT A GLANCE 04 KOHINOOR TEXTILE MILLS LIMITED ORGANISATIONAL OVERVIEW AND EXTERNAL ENVIRONMENT Company Profile & Principal Business Activities 06 Our Vision & Mission 12 Our Values 15 Code of Business Conduct and Ethical Principles 16 Culture 17 Corporate Strategy 17 Group Structure 18 Organization Chart 19 Position in Value Chain 21 Factors Effecting External Environment 22 ANNUAL REPORT 2020 05 COMPANY PROFILE & PRINCIPAL BUSINESS ACTIVITIES KOHINOOR TEXTILE MILLS LIMITED (“THE COMPANY”) COMMENCED TEXTILE OPERATIONS IN 1953 AS A PRIVATE LIMITED COMPANY AND BECAME A PUBLIC LIMITED COMPANY IN 1968. 06 KOHINOOR TEXTILE MILLS LIMITED COMPANY PROFILE & PRINCIPAL BUSINESS ACTIVITIES Kohinoor Textile Mills Limited (“the Company”) commenced textile operations in 1953 as a private limited company and became a public limited company in 1968. The Company’s spinning production facilities now comprise 158,544 ring spindles and 2,712 open end rotors capable of spinning a wide range of counts using cotton and Man-made fibers. The weaving facilities at Raiwind comprise 288 looms capable of weaving a wide range of greige fabrics. The processing facilities at the Rawalpindi unit are capable of dyeing and printing fabrics for the home textile market. The stitching facilities produce a diversified range of home textiles for the export market. Both the dyeing and stitching facilities are being augmented to take advantage of greater market access. Fully equipped laboratory facilities for quality control and process optimization have been setup at all three sites. LEADING EDGE PRODUCTION CAPABILITIES The Company has been investing heavily in Information Technology, training of its human resources and preparing its management to meet the challenges of market integration. The Company continues to ensure that its current competitive position is maintained as well as supporting the ongoing improvement process in an endeavour to maintain world’s best manufacturing practice. Operations of the Company are subject to different environmental and labour laws. The Company is fully complying with all applicable environmental, labour, corporate and other relevant legal laws. Product Portfolio – To cater to varying needs of the market, the Company produces the following products: i) Yarn ii) Greige Fabric iii) Dyed and Printed Fabric iv) Home Textile Products (Bed Linen, Quilting, Embroidery, Curtains, etc) The Company sell its products to local as well as international markets. Finished products of home textile business are exported to mainly Europe, America & Australia. ANNUAL REPORT 2020 07 08 KOHINOOR TEXTILE MILLS LIMITED ANNUAL REPORT 2020 09 10 KOHINOOR TEXTILE MILLS LIMITED COMPANY INFORMATION Board of Directors Company Secretary Bankers of the Company Mr. Tariq Sayeed Saigol Chairman Mr. Muhammad Ashraf Al Baraka Bank (Pakistan) Mr. Taufique Sayeed Saigol Chief Executive Limited Mr. Sayeed Tariq Saigol Chief Internal Auditor Allied Bank Limited Mr. Waleed Tariq Saigol Mr. Zeeshan Malik Bhutta Askari Bank Limited Mr. Danial Taufique Saigol Bank Alfalah Limited Ms. Jahanara Saigol Auditors Bank Al-Habib Limited Mr. Shafiq Ahmed Khan M/s. Riaz Ahmad & Company Faysal Bank Limited Mr. Zulfikar Monnoo Chartered Accountants Habib Bank Limited Syed Mohsin Raza Naqvi JS Bank Limited Legal Adviser MCB Bank Limited Mr. Abdul Rehman Qureshi Audit Committee Meezan Bank Limited Mr. Shafiq Ahmed Khan Chairman Advocate High Court National Bank of Pakistan Mr. Zulfikar Monnoo Member PAIR Investment Company Registered Office Mr. Sayeed Tariq Saigol Member 42-Lawrence Road, Lahore. Limited Mr. Waleed Tariq Saigol Member Tel: (0092-42) 36302261-62 The Bank of Punjab Fax: (0092-42) 36368721 United Bank Limited Human Resource & Remuneration Committee Share Registrar Mr. Shafiq Ahmed Khan Chairman Vision Consulting Limited Mr. Zulfikar Monnoo Member 1st Floor, 3-C, LDA Flats, Mr. Sayeed Tariq Saigol Member Lawrence Road, Lahore Mr. Danial Taufique Saigol Member Tel: (0092-42) 36283096-97 Fax: (0092-42) 36312550 Chief Financial Officer E-Mail: [email protected] Syed Mohsin Raza Naqvi Mills • Peshawar Road, Rawalpindi Tel: (0092-51) 5495328-32 Fax: (0092-51) 5495304 • 8 K.M., Manga Raiwind Road, District Kasur Tel: (0092-42) 32560683-85, Fax: (0092-42) 32560686-87 • Gulyana Road, Gujar Khan, District Rawalpindi Tel: (0092-51) 3564472-74 Website: • www.kmlg.com Note: KTML’s Financial Statements are also available at the above website OUR VISION The Kohinoor Textile Mills Limited stated vision is to achieve and then remain as the most progressive and profitable Company in Pakistan in terms of industry standards and stakeholders’ interest. 12 KOHINOOR TEXTILE MILLS LIMITED OUR MISSION The Company shall achieve its mission through a continuous process of having sourced, developed, implemented and managed the best leading-edge technology, industry best practice, human resource and innovative products and services and sold these to its customers, suppliers and stakeholders. ANNUAL REPORT 2020 13 14 KOHINOOR TEXTILE MILLS LIMITED OUR VALUES EMPATHY We share each others’ feelings and emotions, making us a stronger, more cohesive team; we communicate effectively and approach challenges collectively. INTEGRITY We ensure adherence to moral and ethical principles; we act with honesty, we do not compromise our values. PASSION It’s about growth & success; we chase our goals and objectives – personal & professional – with the highest level of energy and enthusiasm. ANNUAL REPORT 2020 15 CODE OF BUSINESS CONDUCT AND ETHICAL PRINCIPLES The following principles constitute the code of publicly on matters that involve Company conduct which all Directors and employees of business, presume to speak for the Company Kohinoor Textile Mills Limited are required to apply unless they are certain that the views that in their daily work and observe in the conduct of they express are those of the Company and Company’s business. it is the Company’s desire that such views be publicly disseminated. While the Company will ensure that all employees are fully aware of these principles, it is the responsibility 5. All employees share a responsibility for the of each employee to implement the Company’s Company’s good public relations particularly policies. Contravention is viewed as misconduct. at the community level. Their readiness to help with religious, charitable, educational The code emphasizes the need for a high standard and civic activities is accordingly encouraged of honesty and integrity which are vital for the provided it does not create an obligation success of any business. that interferes with their commitment to the Company’s best interests. ETHICAL PRINCIPLES 6. The Company has strong commitment to 1. Directors and employees are expected not the health and safety of its employees and to engage in any activity which can cause preservation of the environment and the conflict between their personal interest and Company will persevere towards achieving the interest of the Company such as interest continuous improvement of its Health, in an organization supplying goods/ services Safety and Environment (HSE) performance to the Company or purchasing its products. In by reducing potential hazards, preventing case a relationship with such an organization pollution and improving awareness. exists, the same must be disclosed to the Employees are required to operate the Management. Company’s facilities and processes keeping this commitment in view. 2. Dealings with third parties which include Government officials, suppliers, buyers, 7. Commitment and team work are key agents and consultants must always ensure elements to ensure that the Company’s that the integrity and reputation of the work is carried out effectively and efficiently. Company are not in any way compromised. Also all employees will be equally respected and actions such as sexual harassment 3. Directors and employees are not allowed to and disparaging remarks based on gender, accept any favours or kickbacks from any religion, race or ethnicity will be avoided. organization dealing with the Company. 4. Directors and employees are not permitted to divulge any confidential information relating to the Company to any unauthorized person. Nor should they, while communicating 16
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