NML Annual Report Color Pages
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Annual Report 2018 A great y, Nishat Mills Limited a great future Corporate Company Information ............................................ 1 Directors’ Profile..................................................... 2 Vision and Mission ................................................ 4 Chairman’s Review Report..................................... 5 Directors’ Report ................................................... 6 Financial Highlights ............................................. 20 Statement of Compliance with Listed Companies (Code of Corporate Consolidated Financial Statements Governance) Regulations, 2017 ........................ 22 of Nishat Mills Limited and its Independent Auditors’ Review Report to the Subsidiaries Members on the Statement of Compliance contained in Listed Companies (Code of Directors’ Report ................................................ 115 Corporate Governance) Regulations, 2017....... 24 Independent Auditor’s Report to the members .. 116 Notice of Annual General Meeting ...................... 25 Consolidated Statement of Financial Position ... 122 Jama Punji Ad ..................................................... 35 Consolidated Statement of Profit or Loss .......... 124 Consolidated Statement of Financial Statements of Comprehensive Income .................................... 125 Nishat Mills Limited Consolidated Statement of Changes in Equity ............................................. 126 Independent Auditor’s Report to the members ... 38 Consolidated Statement of Cash Flows ............. 127 Statement of Financial Position ........................... 44 Notes to the Consolidated Financial Statement of Profit or Loss .................................. 46 Statements ....................................................... 128 Statement of Comprehensive Income ................. 47 Pattern of Holding of the Shares ........................ 203 Statement of Changes in Equity .......................... 48 Directors’ Report Consolidated in Urdu ............. 211 Statement of Cash Flows ..................................... 49 Directors’ Report in Urdu ................................... 222 Notes to the Financial Statements ...................... 50 Forms of Proxy in Urdu & English Board of Directors Bankers to the Company Weaving units, Dyeing & Finishing Mian Umer Mansha Albaraka Bank (Pakistan) Limited unit,Processing unit, Stitching units and Chief Executive Officer Allied Bank Limited Power plants Askari Bank Limited 5 K.M. Nishat Avenue Off 22 K.M. Mian Hassan Mansha Bank Alfalah Limited Ferozepur Road, Lahore. Chairman Bank Al Habib Limited Bank Islami Pakistan Limited Stitching unit Syed Zahid Hussain Citibank N.A. 21 K.M. Ferozepur Road, Lahore. Mr. Khalid Qadeer Qureshi Dubai Islamic Bank Pakistan Limited Mr. Farid Noor Ali Fazal Faysal Bank Limited Apparel Units Mr. Ghazanfar Husain Mirza Habib Bank Limited 7 K.M. Nishat Avenue Off 22 K.M. Mr. Maqsood Ahmad Habib Metropolitan Bank Limited Ferozepur Road, Lahore. Industrial and Commercial Bank Audit Committee of China Limited 2 K.M. Nishat Avenue Off 22 K.M. Syed Zahid Hussain JS Bank Limited Ferozepur Road, Lahore. Chairman / Member Meezan Bank Limited MCB Bank Limited Registered office Mr. Khalid Qadeer Qureshi MCB Islamic Bank Limited Nishat House, Member National Bank of Pakistan 53 - A, Lawrence Road, Lahore. Pak Brunei Investment Tel: 042-36360154, 042-111 113 333 Mr. Farid Noor Ali Fazal Company Limited Fax: 042-36367414 Member Pakistan Kuwait Investment Company (Private) Limited Shares Registrar Samba Bank Limited THK Associates (Private) Limited Silk Bank Limited Human Resource & Soneri Bank Limited Head Office, Karachi Remuneration (HR & R) Summit Bank Limited 1st Floor, 40-C, Block-6, Committee Standard Chartered Bank P.E.C.H.S, Karachi-75400 (Pakistan) Limited Tel: 021-34168270, Syed Zahid Hussain The Bank of Punjab 021-111 000 322 Chairman / Member United Bank Limited Fax: 021-34168271 Mian Umer Mansha Mills Branch Office, Lahore Member 1st Floor, DYL Motorcycles Limited Spinning units, Yarn Dyeing Office, 147-Q Block, behind Mr. Khalid Qadeer Qureshi & Power plant Emporium Mall, Member Nishatabad, Faisalabad. Johar Town, Lahore Tel: 0303-4444795, 0323-8999514 Chief Financial Officer Spinning units & Power plant Mr. Badar-ul-Hassan Plot No. 172-180 & 188-197, Head Office M-3 Industrial City, Sahianwala, 7, Main Gulberg, Lahore. Company Secretary FIEDMC, 2 K.M. Jhumra Chiniot Tel: 042-35716351-59, Mr. Khalid Mahmood Chohan Road, Chak Jhumra, Faisalabad. 042-111 332 200 Fax: 042-35716349-50 Auditors Spinning units & Power plant E-mail: [email protected] Riaz Ahmad & Company 20 K.M. Sheikhupura Faisalabad Website: www.nishatmillsltd.com Chartered Accountants Road, Feroze Watwan. Liaison Office Legal Advisor Weaving units & Power plant Ist Floor, Karachi Chambers, Hasrat Mr. M. Aurangzeb Khan, 12 K.M. Faisalabad Road, Mohani Road, Karachi. Advocate, Chamber No. 6, District Sheikhupura. Tel: 021-32414721-23 Court, Faisalabad. Fax: 021-32412936 Annual Report 2018 Nishat Mills Limited 1 Mian Umer Mansha Mian Hassan Mansha Syed Zahid Hussain Mr. Khalid Qadeer Qureshi Chief Executive Officer Chairman Independent Non-Executive Non-Executive Director Director Mian Umer Mansha Mian Hassan Mansha Syed Zahid Hussain is a Mr. Khalid Qadeer holds a Bachelors has been serving on the seasoned professional Qureshi is a fellow degree in Business Board of various listed in Pakistan’s corporate member of the Institute Administration from companies for several world. He possesses of Chartered USA. He has been years. He also serves multifaceted talents and Accountants of serving on the Board of on the Board of Nishat has attained exemplary Pakistan. He has over Directors of various Power Limited, Security accomplishments. He 46 years of rich listed companies for General Insurance has in-depth knowledge professional experience. more than 21 years. Company Limited, of a wide range of He also serves on the Lalpir Power Limited, subjects and has Board of D.G. Khan He also serves on the Pakgen Power Limited, extensively diversified Cement Company Board of Adamjee Nishat Hotels and experience and Limited, Nishat Power Insurance Company Properties Limited, exposure in senior Limited, Lalpir Power Limited, MCB Bank Nishat (Aziz Avenue) positions. He has Limited and Nishat Limited, Adamjee Life Hotels and Properties earned B.Sc, LLB and Commodities (Private) Assurance Company Limited, Nishat MA in International Limited. Limited, Nishat Dairy (Raiwind) Hotels and Relations. He has a vast (Private) Limited, Nishat Properties Limited, experience of working Hotels and Properties Nishat (Gulberg) Hotels as Chairman / Chief Limited, Nishat (Aziz and Properties Limited, Executive / Director of Avenue) Hotels and Nishat Hospitality various state owned Properties Limited, (Private) Limited, Nishat enterprises and listed Nishat (Raiwind) Hotels Dairy (Private) Limited, companies. He has also and Properties Limited, Pakistan Aviators and served as the High Nishat (Gulberg) Hotels Aviation (Private) Commissioner / and Properties Limited, Limited, Nishat Ambassador of Nishat Developers Automobiles (Private) Pakistan in Kenya, with (Private) Limited, Nishat Limited, Nishat Real accredited assignments Agriculture Farming Estate Development of Ambassadorship in (Private) Limited, Company (Private) Tanzania, Uganda, Hyundai Nishat Motor Limited, Nishat Rwanda, Krundse, (Private) Limited and Agriculture Farming Ethiopia and Eritrea. He Nishat Agrotech Farm (Private) Limited and is a fellow member of (Private) Limited. Hyundai Nishat Motor the Institute of (Private) Limited. Management, England, International Biographical Center, USA and the Institute of Marketing Management, Karachi. Annual Report 2018 2 A great y, a great future Mr. Farid Noor Ali Fazal Mr. Ghazanfar Hussain Mr. Maqsood Ahmed Non-Executive Director Mirza Executive Director Non-Executive Director Mr. Farid Noor Ali Fazal Mr. Ghazanfar Hussain Mr. Maqsood Ahmad is a Bachelor of Mirza has a Bachelor holds a Masters degree Commerce, Bachelor of degree in Mechanical and a rich professional Laws and Bachelor of Engineering from NED experience of over 26 Management. He has University of years in the textile more than 45 years’ Engineering & industry, especially in experience of Technology. Mr. Mirza the spinning business. marketing. He has has 38 years of He is a Certified worked on various experience in business Director by completing positions in Middle East development and the Director’s Training and USA. He is business & corporate Program from ICAP. He associated with cement management in is actively involved in industry in one form or engineering, technical the strategic decision the other and was the and multinational making process relating acting chairman of All environment. He has to the operations of the Pakistan Cement served as Managing Company. Manufacturers Director of Group Association in 2002. Companies of Wartsila He also serves on the Corporation (Finland) in Board of D. G. Khan Pakistan and Saudi Cement Company Arabia. He also serves Limited, Nishat Paper on the Board of Nishat Products Company Power Limited and Limited and Nishat holds the office of Chief Automobile (Private) Executive Officer of Limited. Pakgen Power Limited. Annual Report 2018 Nishat Mills Limited 3 Vision and Mission Our Vision To transform the Company into a modern and dynamic yarn, cloth and processed cloth and finished product manufacturing Company that is fully equipped to play a meaningful role on sustainable basis