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Annual Report 2015-16 Format Share Food, Love 12/CL-6 Claremont Road, Civil Lines, Karachi. UAN: 111-222-282 Email: [email protected] Website: www.nfoods.com About the Report “Share Food, Share Love”, essentially depicts our underlying ethos, which perpetuates our existence as National Foods. We believe in providing the best food in terms of taste, nutrition and convenience, and consequently, in sharing this happiness with your loved ones. Our Annual Report 2015-16 is a clear indication that we are on the right track. The hard work, determination and unity displayed by our employees, is reaping national and global benets in driving, and achieving various goal posts and milestones that lead us on a prosperous and fullling route. The theme of the report is in perfect harmony with the Vision 20/20 and signies the impact our food can and is having on peoples’ lifestyle and happiness. Sustainability Financial Report 48 Corporate Social Responsibility 71 Statement of Compliance 49 Occupational Health, Safety 73 Review Report to the Members Contents and Security 74 Standalone Financial Statements About the Company Stakeholders Information 50 Energy Conservation 110 Consolidated Financial Statements 50 Rural Development Programs (RDP) 04 Our Story 33 Organizational Chart Others 05 Business Prole 34 Company Information Business Review 06 Geographical Presence 36 Calendar of Events 146 Notice of Annual General Meeting 52 Directors’ Report 08 Founder’s Philosophy 38 CEO’s Message 151 Glossary 10 Vision and Mission 152 Jama Punji Information Financial Review 11 Core Values 153 Form of Proxy 12 Code of Ethics and Business Governance 62 DuPont Analysis 63 Financial Ratios Practices 40 Directors’ Prole 64 Horizontal Analysis 14 History Timeline 44 Board Committees 65 Vertical Analysis 16 Awards and Certicates 45 Corporate Governance 66 Summary of Cash Flow Statement 18 Our People 46 Management Committee 18 Our Manufacturing Excellence 67 Six Year Cash Flows Using 20 Our Brands Direct Method 26 Our Marketing Communications 68 Statement of Value Added 30 Our Technological Developments and its Distribution 32 Our Quality, Research and Development 69 Pattern of Shareholding Our Story Business Profile National Foods Limited (NFL), founded in 1970, is Pakistan’s leading multi NFL has successfully established itself as a multinational foods company category foods company with over 250 different products in 12 categories. with an independent subsidiary, National Foods DMCC, in 2013, catering to NFL holds ISO 9001, ISO 18001, ISO 22000 and HACCP certications along the Middle Eastern market in Dubai. This structure was further expanded with with SAP Business Technology to drive its strong commitment to quality and 2 more subsidiaries in Canada, (National Epicure Limited) and United management excellence. Kingdom, (National Foods Pakistan UK Limited) catering to the North American and European markets respectively. In line with NFL’s Vision 20/20 of becoming a Rs. 50 billion company, we are already on our way of being recognized as an internationally renowned brand in over 40 countries across 5 continents worldwide. NFL is dedicated to improving the well-being of our society through continuous development of innovative food products and a wide range of Corporate Social Responsibility programs. National Foods Limited National Foods DMCC (UAE) National National Epicure Inc. Foods Pakistan (Canada) (UK) Ltd. 04 Share Food, Share Love Annual Report 2016 05 Germany 04 05 36 Geographical Norway Offices Continents Countries Presence Denmark Sweden Netherlands Romania Belgium Greece United Kingdom JAPAN SOUTH KOREA CHINA AFGHANISTAN IRAN PAKISTAN BANGLADESH HONG KONG INDIA SRI LANKA SINGAPORE OMAN CANADA MALAYSIA UNITED ARAB EMIRATES AUSTRALIA NEW ZEALAND QATAR LIBYA KUWAIT NIGERIA ETHIOPIA IRAQ UNITED STATES OF AMERICA KENYA SAUDI ARABIA SOUTH AFRICA 06 Share Food, Share Love Annual Report 2016 07 Founders’ Philosophy National Foods must focus on customer needs and serve them with quality products at affordable prices. Our products must be pure and should conform to international standards. Our research must continuously produce new and adventurous products that are scientically tested and hygienically wrapped in safe and attractive packaging. We must create an environment in our ofces and factories where talent is groomed and people have every opportunity to advance in their careers. We must provide ourselves to be good corporate citizens, support charitable causes and bear our fair share of taxes. Reserves must be built, new factories created, sound prots made and fair dividend should be paid to our stockholders. Through building a reliable brand, NFL must get itself recognized as a leader in Pakistan and abroad. With the help of Almighty God, the company can achieve its targets in times to come. 08 Share Food, Share Love Annual Report 2016 09 Core Values PASSION We act with intense positive energy and are not afraid to take risks. We challenge ourselves continuously, we’re good at what we do, and we take pride in who we are. PEOPLE-CENTRIC We put our people rst. We treat them with respect and actively contribute towards their development. CUSTOMER FOCUS We see the world through the eyes of our Vision & Mission customers. We do everything possible to make them happy. “Our vision is to be a Rs. 50 billion food company by the year 2020 in the convenience food segment by LEADERSHIP We are part of the solution, never the problem. launching products and services in the domestic and We act like owners and have a positive inuence international markets that enhance lifestyle and value for on others. our customers through management excellence at all levels.” TEAMWORK Our roles are dened, not our responsibilities. We believe in going the extra mile to accomplish our goals. We coach and support each other to ensure everyone wins. We have a “WE versus I” mindset. ETHICS We don’t run our business at the cost of human or ethical values. EXCELLENCE We say. We do. We deliver. We talk with our IN EXECUTION actions. We strive for nothing but the best. Execution is the key to winning! ACCOUNTABILITY We see. We act. We take full responsibility of our actions and results. We don’t blame others for our mistakes; we analyze them and correct them. 10 Share Food, Share Love Annual Report 2016 11 4 Condentiality: NFL believes in condentiality of information related to company’s business activities. The company expects employees not to disclose or divulge by any means the condential and commercially sensitive information except to the authoritative personnel requiring it. Furthermore, they should use their best endeavors to prevent the disclosure of such information by other people. The obligation of condentiality shall survive the expiration or the cessation of contacts Code of Ethics & with NFL and is equally applicable to intellectual property. 5 Statutory Compliance: NFL believes in providing total support and cooperation to all the governmental and regulatory bodies irrespective of the extent of prevalent Business Practices enforcement. NFL believes in conducting its operations with strong ethical and moral standards. 6 Financial Integrity: NFL believes in complete compliance with the accepted NFL’s Statement of Code of Ethics & Business Practices aims to provide guidance on accounting rules and procedures. This includes but is not limited to: carrying out its business related decisions and activities. We wish to achieve excellence in all spheres of our operations for which business ethics form the basis. Any party • Transparency: NFL discourages any illegal activity for the purpose of entering any form of contract with NFL is bound to comply with the given guidelines. any benet to the company or others. All information supplied to the stakeholders and/or auditors must be authentic and transparent. NFL’s Statement of Code of Ethics & Business Practices, has the following 7 guidelines: • Disclosure: All transactions must be fully disclosed and must be for the purpose stated for. 1 Unfair Means: Any use of bribery, kickbacks or any form of payment in cash/kind to obtain business related or otherwise gainful benet for the company is strictly 7 Health, Safety and Community Responsibility: NFL is prohibited. Excessive business gifts and entertainment also hold the same fully committed to health, safety and meaning and NFL does not approve of such payments. responsibility towards environment and community. All activities of NFL must 2 Respect and Integrity: NFL believes in giving respect to individuals. We aim to portray responsibility towards the operate in a manner that discourages discrimination, harassment and/or inuence. community and nation as a whole. Discrimination refers to favoritism based on a particular aspect of an individual’s NFL seeks to employ procedures personality. Harassment includes gender harassment creating an intimidation, that are safe, healthy and hostile or offensive work environment causing interference with work performance. environment-friendly. Inuence could be an abuse of authority or the wish to alter personal beliefs. 3 Conict of Interest: NFL prohibits actions that are in conict with the company’s business interests. This may include but is not limited to: • Providing assistance to the competition or holding ownership interests in a customer, supplier, distributor or competitor. • Making personal gains at the company’s expense. 12 Share Food, Share Love Annual Report 2016 13 1992 National Foods as a committed and socially responsible organization join hands with UNICEF to spread awareness about the use of iodized salt which helps ght against widespread Iodine related deciencies and diseases. 1993 National Foods goes into Salt Plant Modernization. 1996 National Foods introduces its rst Human Resources Department. History Timeline 1997 National Foods adds Ketchup to its product portfolio. 1998 National Foods launches its Jam and Jelly range. National Foods becomes an ISO Certied 1970 The present management acquires a small company called ‘National Food Laboratories Company. Limited’, with the idea of introducing branded and packaged spices. Although the spice industry was ourishing locally, it lacked a formal structure.
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