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June Annual Report

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June Annual Report INSPIRED BY NATURE Nature has those splendors a curious soul desires. There are spectacles that enchant and phenomena that captivate. The making of textile is an inspired event that manifests the richness of the vibrant nature. VISION Setting trends globally in the textile industry. Responsibly delivering products and services to our partners. MISSION To deliver value to our partners through innovative technology and teamwork. Fulfilling our social and environmental responsibilities. VALUES • Integrity • Passion • Creativity • Teamwork Contents Company information 02 Color 03 Texture 05 Details 07 Shape 09 Pattern 11 Organogram 13 Strategic Objectives 14 Product 17 Stakeholders Engagement 18 Profile of the Directors 19 Board Committees 21 Code of Conduct and Ethics 23 Shareholders' Information 24 Chairman’s Message 25 Directors' Report 26 Sustainability Report 31 Financial Highlights 34 Financial Ratios 35 Graphical Analysis 36 Our Value Addition and its Distribution 38 Horizontal Analysis of Financial Statements 39 Vertical Analysis of Financial Statements 40 Comments on Financial Analysis 41 Statement of Compliance with the Code of Corporate Governance 42 Notice of annual general meeting 44 Review report to the members on statement of compliance with best practices of the code of corporate governance 45 Auditors' report to the members 46 Balance sheet 47 Profit and loss account 49 Statement of comprehensive income 50 Cash flow statement 51 Statement of changes in equity 53 Notes to the Financial Statements 54 Attendance at board and committee meetings 101 Pattern of shareholding 102 Consolidated financial statements Group Directors' report 105 Auditors' report on Consolidated Financial Statements 106 Consolidated Balance sheet 107 Consolidated Profit and loss account 109 Consolidated Statement of comprehensive income 110 Consolidated Cash flow statement 111 Consolidated Statement of changes in equity 113 Notes to the accounts 114 Form of proxy 01 Annual Report/2014 Company Information BOARD OF DIRECTORS MOHOMED BASHIR - Chairman ZAIN BASHIR - Vice Chairman/Executive Director MOHAMMED ZAKI BASHIR - Chief Executive Officer ZIAD BASHIR - Non Executive S.M. NADIM SHAFIQULLAH - Independent DR. AMJAD WAHEED - Independent ADNAN AFRIDI - Independent CHIEF FINANCIAL OFFICER MOHAMMED SALEEM SATTAR COMPANY SECRETARY MOHAMMED SALIM GHAFFAR AUDIT COMMITTEE S.M. NADIM SHAFIQULLAH - Chairman & Member MOHAMMED BASHIR - Member ADNAN AFRIDI - Member MOHAMMED SALIM GHAFFAR - Secretary HUMAN RESOURCE AND MOHAMMED BASHIR - Chairman & Member REMUNERATION COMMITTEE ZAIN BASHIR - Member S.M. NADIM SHAFIQULLAH - Member MOHAMMED SALIM GHAFFAR - Secretary BANKERS ALLIED BANK LIMITED BANK AL HABIB LIMITED ASKARI BANK LIMITED AL BARAKA BANK (PAKISTAN) LIMITED BARCLAYS BANK PLC PAKISTAN BANK ALFALAH LIMITED BANKISLAMI PAKISTAN LIMITED BURJ BANK LIMITED THE BANK OF PUNJAB DUBAI ISLAMIC BANK PAKISTAN LIMITED FAYSAL BANK LIMITED HABIB BANK LIMITED HABIB METROPOLITAN BANK LIMITED HSBC BANK MIDDLE EAST LIMITED MCB BANK LIMITED MEEZAN BANK LIMITED NATIONAL BANK OF PAKISTAN NIB BANK LIMITED SAMBA BANK LIMITED SILKBANK LIMITED SONERI BANK LIMITED STANDARD CHARTERED BANK (PAKISTAN) LIMITED UNITED BANK LIMITED AUDITORS KRESTON HYDER BHIMJI & CO. Chartered Accountants INTERNAL AUDITORS ANJUM ASIM SHAHID RAHMAN Chartered Accountants LEGAL ADVISORS A.K. BROHI & CO ADVOCATES REGISTERED OFFICE PLOT NO.82, MAIN NATIONAL HIGHWAY LANDHI, KARACHI-75120 SHARE REGISTRAR FAMCO ASSOCIATES (PRIVATE) LIMITED 8-F, NEXT TO HOTEL FARAN, NURSERY, BLOCK 6, P.E.C.H.S., SHAHRAH-E-FAISAL, KARACHI. PHONE NO. (+92-021) 34380101-5 FAX NO. (+92-021) 34380106 MILLS LANDHI INDUSTRIAL AREA, KARACHI-75120 E-MAIL [email protected] URL www.gulahmed.com Annual Report/2014 02 Organogram BOARD OF DIRECTORS REMUNERATION AUDIT & HR COMMITTEE COMMITTEE CHIEF EXECUTIVE OFFICER INTERNAL AUDIT (OUTSOURCED) PROCESSING SPINNING SERVICES 13 Annual Report/2014 Strategic Objectives The Company is primarily focused on following areas: • Achieving sustainable growth in revenue of the Company. • To be the industry leader by adopting latest technologies, production methodologies and artistic passion to produce best products setting new fashion trends. • Develop and retain a highly capable human resource team to achieve our mission. • To be a responsible corporate citizen and produce goods minimizing effects on environment while upholding the standards of health and safety at workplace. To share our resources with our community to help safeguarding their environment. • Maintaining long-term relationships with customers and suppliers. • Diversification of product portfolio to yield high margins. Annual Report/2014 14 Environmental Overview (PESTEL Analysis) Political Factors • Political situation is yet to be fully mature • Security concerns Economic Factors • Change in discount rates impacts financial cost • Rise in energy cost • Currency fluctuations • Existence of facilities to exporters like Export Refinance Facility and Long-Term Financing Facilities • Investors are pulling out their capital by relocating, business shrinkages or shutdown due to energy crisis Social Factors • The customers are very much fashion oriented and the companies are keen to develop and introduce new products setting new fashion trends • The customers are very particular towards their safety while using the products and therefore our products require proper compliance with regards to consumer protection measures • Growth in population is out-spacing the annual growth, resulting in unfavorable impact on the economy Technological Factors • Technology change defines how fast technology advances. The Company is continuously monitoring technological advancement in production and is willing to adopt changes. It has state-of-the-art production facilities. • Low research and development efforts in the industry and absence of industry specific think tanks • Increasing trends of online shopping Environmental Factors • Environmental factors especially recent heavy rains and flooding has affected overall economy. Legal Factors • Increasing indirect taxes • Trade and textile policies are not fully implemented. Policies by new government are awaited 15 Annual Report/2014 SWOT Analysis Strengths • Image and branding • Pioneers in apparel fabric for both ladies and gents • In-depth relationship with export customers • Competent, vastly experienced and loyal staff and workers • Global presence – wholly owned set-ups in UAE, Europe and USA to market the products • Edge in technology – state-of-the-art plant and machinery • In-house power generation • Composite mill from cotton to made-ups • Cordial relationship with the workforce • Strong raw material base as Pakistan is the fourth largest producer of cotton Weaknesses • Export dependent on limited customers • Highly labor intensive industry • Labor productivity is very low • Leverage is somewhat higher than the desired level Opportunities • Growing retail market including expansion of women’s and men’s apparel • Growth in exports as a result of GSP Plus status from European Union • Less explored USA, Canada and Australian markets • Expand web-based sales • E-marketing Threats • Internal security situation and the looming war in the region • Deteriorating economic conditions in the country compounded by increasing debt burden and circular debt • Irrational taxation policies • Continuous increase in energy prices and gas shortage affecting production and its cost • Worsening of the economic conditions in Europe and America • Textile industry is comprised of a large and unorganized sector, and the large number of competitors mostly in this sector especially in the ladies fashion fabric fray • Key employees lured by competitors • Shortage of raw material (cotton) due to natural disasters like heavy rain, floods, etc. • Worldwide surplus production capacity resulting in price-cutting war between the competitors Annual Report/2014 16 Product PRODUCT STEWARDSHIP At Gul Ahmed, we focus on delivering high-quality products to our customers. Customers satisfaction is our key objective. We have taken following measures regarding product quality and consumer protection: • Quality control checks at different stages of the process of production and final quality check at the time of packing; • Damaged or broken products are replaced; • Environmental friendly and quality packing; • Free product exchange service; • Customer friendly and hygienic environment; • Product safety guidelines for washable products to enhance their life; PRODUCT PORTFOLIO The production of textile is a mix of technical expertise and the creative art required to make products acceptable to valued customers. At Gul Ahmed, efforts are made to strive and grow through learning, continuous improvement and innovation. Gul Ahmed is also equipped with the most advanced technology that enables it to cater to a vast spectrum of product varieties. Yarn • Curtains Yarn produced by Gul Ahmed is exported to a host of countries • Upholstery fabrics around the globe. Gul Ahmed exports its yarn to different regions including China, other Asian, Middle East countries and Europe. • Apparel and Garments We have always kept alive the passion of creative Gul Ahmed manufactures different qualities of yarn which include designers and invited young talent to express their talent carded, combed, compact siro, fancy, plied, core spun, slub, in various forms of design. This is how the Company package dyed/cone dyed, gassed mercerized/dyed yarn. encourages them
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