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Saif Textile Mills Annual Report 2020

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Saif Textile Mills Annual Report 2020 Saif Textile Mills Limited Saif Group 31ST Annual Report 2020 0335-5557717 DESIGN MEDIA SOLUTIONS DESIGN MEDIA SOLUTIONS Saif Textile Mills Limited Certified ISO 9001:2008 3rd Floor, City Centre, Plot#40, Main Bank Road, Certified ISO 14001:2004 Saddar Cantt., Rawalpindi Saif Group Tel: +92-51-5700824-8, Cell: +92-300-5000395 by: and Produced Designed Annual Report 2020 1 2 Saif Textile Mills Limited Contents PATTERN OF COMPANY INFORMATION 03 SHAREHOLDINGS 28 STATEMENT OF COMPLIANCE VISION AND MISSION STATEMENT 04 WITH THE (CODE OF CORPORATE 32 GOVERNANCE) REGULATIONS, 2019 KEY PERFORMANCE INDICATORS 06 INDEPENDENT AUDITORS’ REVIEW REPORT ON THE STATEMENT OF COMPLIANCE CONTAINED IN 34 GEOGRAPHICAL SPREAD 07 THE LISTED COMPANIES ( CODE OF CORPORATE GOVERNANCE ) QUALITY STATEMENT, OUR REGULATIONS, 2019 PRODUCTS AND CUSTOMERS 08 INDEPENDENT AUDITOR’S 35 REPORT TO THE MEMBERS ORGANIZATION CHART 09 STATEMENT OF FINANCIAL 42 POSITION NOTICE OF 31ST ANNUAL 10 GENERAL MEETING STATEMENT OF PROFIT OR LOSS 44 CHAIRMAN’S REVIEW REPORT 13 STATEMENT OF OTHER COMPREHENSIVE INCOME 45 DIRECTOR’S REPORT TO THE 14 SHAREHOLDERS STATEMENT OF CASH FLOWS 46 CORPORATE SOCIAL 23 RESPONSIBILITY STATEMENT OF CHANGES IN 47 EQUITY HORIZONTAL & VERTICAL ANALYSIS 24 NOTES TO THE FINANCIAL 48 STATEMENTS GRAPHICAL ANALYSIS 26 PROXY FORM 102 Annual Report 2020 1 2 Saif Textile Mills Limited COMPANY INFORMATION BOARD OF DIRECTORS BANKERS Osman Saifullah Khan Chairman/ Director Allied Bank Limited Hoor Yousafzai Director Askari Bank Limited Assad Saifullah Khan Director Bank Alfalah Limited Haider Saifullah Khan* Director Dubai Islamic Bank Pakistan Limited Rana Muhammad Shafi Director Faysal Bank Limited Muhammad Danish Director First Women Bank Limited Rashid Ibrahim Director Habib Bank Limited Zaheen Uddin Qureshi Chief Executive JS Bank Limited MCB Bank Limited * Appointed as director w.e.f 04.08.2020 Meezan Bank Limited in place of Mr. Faisal Saifullah Khan National Bank of Pakistan Sindh Bank Limited AUDIT COMMITTEE Soneri Bank Limited Rashid Ibrahim Chairman The Bank of Punjab Hoor Yousafzai Member The Bank of Khyber Assad Saifullah Khan Member United Bank Limited HR & REMUNERATION COMMITTEE HEAD OFFICE Muhammad Danish Chairman City Centre Plaza Hoor Yousafzai Member 3rd Floor Plot # 40 Main Bank Road Assad Saifullah Khan Member Saddar Rawalpindi Telephone: +92-51-5700824-5700825-26 CHIEF FINANCIAL OFFICER Fax: +92-51-5700829 Nouman Ahmad Email: [email protected] COMPANY SECRETARY REGISTERED OFFICE Sajjad Hussain APTMA House, Tehkal Payan, Jamrud Road, Peshawar HEAD OF INTERNAL AUDIT Telephone: +92-91-5843870, 5702941 Meesam Habib Butt Fax: +92-91-5840273 Email: [email protected] LEGAL ADVISOR Dr. Pervez Hassan SHARES REGISTRAR Hassan & Hassan, Advocates M/s Hameed Majeed Associates (Pvt.) Ltd. Salahuddin Saif & Aslam HM House, 7-Bank Square, Lahore (Attorney’s at Law) Telephone: +92-42-37235081-37235082 Fax: +92-42-37358817 AUDITORS Email: [email protected] M/s Shinewing Hameed Chaudhri & Co. Chartered Accountants MILLS HM House, 7-Bank Square, Lahore Industrial Estate, Gadoon Amazai, District Swabi Telephone: +92-0938-270313, 270429 Fax: +92-0938-270514 Email: [email protected] CYBER www.saiftextile.com Annual Report 2020 3 Vision To attain market leadership through unmatched quality, a diverse and unique product mix, empowered employees, world class systems, and the highest ethical and professional standards. 4 Saif Textile Mills Limited Mission • Give our shareholders a competitive return on their investment through market leadership, sustainable business growth and sound financial management. • Earn and sustain the trust of our stakeholders through efficient resource management. • Provide the highest quality products and services consistent with customer needs and continue to earn the respect, confidence and goodwill of our customers and suppliers. • Foster a culture of trust and openness in order to make professional life at the Saif Textile Mills Limited a stimulating and challenging experience for all our people. • Strive for the continuous development of Pakistan while adding value to the textile sector. Annual Report 2020 5 Rs. Net Sales 7,651 Million Revenue Rs. Gross 637 Million Profit Rs. 516 ebitda Million indicators Key performance Rs. loss (624) Million before tax Rs. loss per (25.43 Share 6 Saif Textile Mills Limited Geographical Spread Swabi Lahore Faisalabad Manufacturing Plant Multan Major Local Market Karachi International Market Annual Report 2020 7 quality statement, our products and customerS Quality Statement We strive to manufacture quality yarn as per our customer’s requirement. This is achieved by: Our commitment to quality Extensive process monitoring and Training of personnel Our Products Our products dyed yarns, melange yarns, special yarns for knitting and weaving and surgical cotton. Accru Yarn Saif Texitle is one of few largest fancy yarns manufacturing company in Pakistan. Our passion for fancy yarn has made us a trendsetter in this industry. We are constantly searching throughout the world to find ideas for new yarns, with various cottons & fibers to lead the industry with our innovative and top quality products. Saif Textile Mills can deliver yarns fully palletized, as well as Soft wound yarn on Dye/Perforated plastic cones with the option of 4° 20’ and 0° cylindrical cone angles. All yarns are Automatically Palletized (Sangrato, Italy), Sequentially contamination controlled – Joss Vision Shield and Loptex, Loepfe Zenit Yarn cleared. Dyed Yarn Saif Textile also offers wide range of dyed yarns, produced and dyed with state of the art machinery from Thiese Germany with highly automated operations, automatic dyestuff machine from Date Color, Yarn dyeing shades are electronically measured by using state of the art spectrophotometers. Melange Yarn Saif Textile focus on the supply of top dyed melange yarn keeping in view latest trends and fashion, care for environment and technology. Surgical Cotton Surgical Cotton is being supplied to various local and international customers dealing with healthcare products. Our Customers Local (Karachi, Lahore, Multan and Faisalabad) Export (Turkey, Poland, Germany, Geneva, Tajikistan and Russia) 8 Saif Textile Mills Limited organization chart Shareholders Board of Directors HR & Chief Audit Remuneration Executive Committee Committee Officer Chief Company Internal COO / CFO Secretary Auditor Operations Sales After Sales Accounts Finance Production, Supply Information HR & Production Planning & Chain Technology Administration Control Commercial Engineering & Planning & Projects Annual Report 2020 9 NOTICE OF 31st ANNUAL GENERAL MEETING NOTICE is hereby given that the 31st Annual limited to office rents, administrative General Meeting of the Saif Textile Mills salaries, utility expenses, repair and Limited (the Company) will Insha’Allah be held maintenance and other miscellaneous through video link on Wednesday, October 28, expenses etc. (collectively the 2020 at 12:00 noon to transact the following “Administrative Expenses”), in respect of business: its joint offices. • ORDINARY BUSINESS:- RESOLVED FURTHER THAT transactions entered into by the 1. To confirm minutes of the last Annual Company in its ordinary course of General Meeting of the Company held business with related parties during the on October 26, 2019. year ended June 30, 2020 as disclosed 2. To receive, consider and adopt the in notes to the Financial Statements are annual audited financial statements hereby ratified and approved. of the Company together with the RESOLVED FURTHER THAT the Chief Directors’ and Auditors’ Reports thereon Executive of the Company be and is for the year ended June 30, 2020. hereby authorized to execute/ approve 3. To appoint auditors and fix their all the transactions to be carried out in its remuneration for the year ending June ordinary course of business with Related 30, 2021. The retiring auditors, being Parties during the ensuing year ending eligible, have offered themselves for June, 30, 2021 and in this connection re-appointment. The Board on the the Chief Executive be and is hereby also recommendation of the Audit Committee authorized to take any and all necessary has proposed the appointment of M/s. actions and to sign execute any and all Shinewing Hameed Chaudhri & Co., such documents/indentures as may be Chartered Accountants as external required in this regard on behalf of the auditors of the Company after obtaining Company. their consent. 5. To transact any other business with the permission of the Chair. • SPECIAL BUSINESS:- Statement of Material Facts required under Section 134(3) of the Companies 4. To ratify and approve transactions Act, 2017 in respect of Special Business entered into by the Company with to be transacted at the forthcoming related parties in its ordinary course Annual General meeting is annexed. of business by passing the following special resolutions:- BY ORDER OF THE BOARD RESOLVED THAT the Company be and is hereby authorized to share common expenses with M/s. Kohat Textile Mills Limited an associated Company or Peshawar, Sajjad Hussain any other associated Company. The October 7, 2020 Company Secretary common expenses may include but not 10 Saif Textile Mills Limited NOTICE OF 31st ANNUAL GENERAL MEETING NOTES: 5. Any individual beneficial owners of CDC, entitled to attend and vote at the meeting 1. The Shares Transfer Books of the Company must bring his/her CNIC or passport to prove will remain closed from October 22, 2020 his/her identity
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