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Annual Report 2019 Directors’ Profile Accelerating Focussed Growth Focussed 2019 Nishat Mills Limited Annual Report Accelerating focussed growth Contents 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 Governance) Regulations, 2017 ......................................................... 22 Independent Auditors’ Review Report to the Members on the Statement of Compliance contained in Listed Companies (Code of Corporate Governance) Regulations, 2017........................................ 24 Notice of Annual General Meeting ....................................................... 25 Jama Punji Ad ...................................................................................... 49 Financial Statements of Nishat Mills Limited Independent Auditor’s Report to the members .................................... 52 Statement of Financial Position ............................................................ 58 Statement of Profit or Loss ................................................................... 60 Statement of Comprehensive Income .................................................. 61 Statement of Changes in Equity ........................................................... 62 Statement of Cash Flows ...................................................................... 63 Notes to the Financial Statements ....................................................... 64 Consolidated Financial Statements of Nishat Mills Limited and its Subsidiaries Directors’ Report ................................................................................ 133 Independent Auditor’s Report to the members .................................. 134 Consolidated Statement of Financial Position ................................... 140 Consolidated Statement of Profit or Loss .......................................... 142 Consolidated Statement of Comprehensive Income .................................................................... 143 Consolidated Statement of Changes in Equity ............................................................................. 144 Consolidated Statement of Cash Flows ............................................. 145 Notes to the Consolidated Financial Statements ....................................................................................... 146 Pattern of Holding of the Shares ........................................................ 226 Directors’ Report Consolidated in Urdu ............................................. 234 Directors’ Report in Urdu ................................................................... 246 Forms of Proxy in Urdu & English Company Information Board of Directors Bankers to the Company Weaving units, Dyeing & Finishing unit, Mian Umer Mansha Albaraka Bank (Pakistan) Limited 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 Accelerating Bank Islami Pakistan Limited Stitching unit growth focussed Syed Zahid Hussain Citibank N.A. 21 K.M. Ferozepur Road, Lahore. Mr. Mahmood Akhtar Dubai Islamic Bank Pakistan Limited Mr. Farid Noor Ali Fazal Faysal Bank Limited Apparel Units Mr. Ghazanfar Husain Mirza Faysal Bank Limited - Islamic 7 K.M. Nishat Avenue Off 22 K.M. Mr. Maqsood Ahmad Banking Ferozepur Road, Lahore. Habib Bank Limited Audit Committee Habib Metropolitan Bank Limited 2 K.M. Nishat Avenue Off 22 K.M. Syed Zahid Hussain Industrial and Commercial Bank Ferozepur Road, Lahore. Chairman / Member of China Limited JS Bank Limited Registered office Mr. Mahmood Akhtar Meezan Bank Limited Nishat House, Member MCB Bank Limited 53 - A, Lawrence Road, Lahore. MCB Islamic Bank Limited Tel: 042-36360154, 042-111 113 333 Mr. Farid Noor Ali Fazal National Bank of Pakistan Fax: 042-36367414 Member Pak Brunei Investment Company Limited Shares Registrar Pakistan Kuwait Investment THK Associates (Private) Limited Human Resource & Company (Private) Limited Remuneration (HR & R) Samba Bank Limited Head Office, Karachi Committee Silk Bank Limited 1st Floor, 40-C, Block-6, Soneri Bank Limited P.E.C.H.S, Karachi-75400 Syed Zahid Hussain Summit Bank Limited Tel: 021-34168270, Chairman / Member Standard Chartered Bank 021-111 000 322 (Pakistan) Limited Fax: 021-34168271 Mian Umer Mansha The Bank of Punjab Member The Bank of Punjab - Taqwa Branch Office, Lahore Islamic Banking 1st Floor, DYL Motorcycles Limited Mr. Mahmood Akhtar The Bank of Khyber Office, 147-Q Block, behind Member United Bank Limited Emporium Mall, Johar Town, Lahore Chief Financial Officer Mills Tel: 0303-4444795, 0323-8999514 Mr. Muhammad Azam Spinning units, Yarn Dyeing Head Office Company Secretary & Power plant 7, Main Gulberg, Lahore. Mr. Khalid Mahmood Chohan Nishatabad, Faisalabad. Tel: 042-35716351-59, 042-111 332 200 Auditors Spinning units & Power plant Fax: 042-35716349-50 1 Riaz Ahmad & Company Plot No. 172-180 & 188-197, E-mail: [email protected] Chartered Accountants M-3 Industrial City, Sahianwala, Website: www.nishatmillsltd.com FIEDMC, 2 K.M. Jhumra Chiniot Legal Advisor Road, Chak Jhumra, Faisalabad. Liaison Office Mr. M. Aurangzeb Khan, Ist Floor, Karachi Chambers, Hasrat Advocate, Chamber No. 6, District Spinning units & Power plant Mohani Road, Karachi. Court, Faisalabad. 20 K.M. Sheikhupura Faisalabad Tel: 021-32414721-23 Road, Feroze Watwan. Fax: 021-32412936 Weaving units & Power plant 12 K.M. Faisalabad Road, Sheikhupura. Annual Report 2019 Directors’ Profile Accelerating focussed growth focussed Mian Umer Mansha Mian Hassan Mansha Syed Zahid Hussain Mr. Mahmood Akhtar Chief Executive Officer Chairman Independent Director Non-Executive Director Mian Umer Mansha Mian Hassan Mansha Syed Zahid Hussain Mr. Mahmood Akhtar holds a Bachelors has been serving on is a seasoned holds an MBA degree degree in Business the Board of various professional in from Punjab University Pakistan’s corporate Administration from listed companies for and has over 36 years world. He possesses USA. He has been several years. He also multifaceted talents of managerial serving on the Board serves on the Board of and has attained experience spread of Directors of various Nishat Power Limited, exemplary across various listed companies for Security General accomplishments. He industries. He also has in-depth more than 22 years. Insurance Company serves on the Board of knowledge of a wide Limited, Lalpir Power range of subjects and Lalpir Power Limited, He also serves on the Limited, Pakgen Power has extensively D.G Khan Cement Board of Adamjee Limited, Nishat Hotels diversified experience Company Limited, Insurance Company and Properties Limited, and exposure in senior Nishat Power Limited, Limited, MCB Bank Nishat (Aziz Avenue) positions. He has Security General earned B.Sc, LLB and Limited, Adamjee Life Hotels and Properties Insurance Company MA in International Assurance Company Limited, Nishat Relations. He has a Limited, Nishat Limited, Nishat Dairy (Raiwind) Hotels and vast experience of Hospitality (Private) (Private) Limited, Properties Limited, working as Chairman / Limited, Nishat Paper Nishat Hotels and Nishat Dairy (Private) Chief Executive / Products Company Director of various Properties Limited, Limited, Pakistan Limited, Nishat state owned Nishat (Aziz Avenue) Aviators and Aviation enterprises and listed (Gulberg) Hotels and Hotels and Properties (Private) Limited, companies. He has Properties Limited and Limited, Nishat Nishat Real Estate also served as the Nishat Commodities (Raiwind) Hotels and Development High Commissioner / (Private) Limited. Properties Limited, Company (Private) Ambassador of Pakistan in Kenya, with Nishat Developers Limited, Nishat 2 accredited (Private) Limited, Agriculture Farming assignments of Nishat Agriculture (Private) Limited and Ambassadorship in Farming (Private) Hyundai Nishat Motor Tanzania, Uganda, Limited, Hyundai (Private) Limited. Rwanda, Krundse, Ethiopia and Eritrea. Nishat Motor (Private) He is a fellow member Limited and Nishat of the Institute of Agrotech Farms Management, England, (Private) Limited. International Biographical Center, the USA and the Institute of Marketing Nishat Mills Limited Management, Karachi. Accelerating focussed growth focussed Mr. Farid Noor Ali Fazal Mr. Ghazanfar Husain Mr. Maqsood Ahmed Non-Executive Director Mirza Executive Director Non-Executive Director Mr. Farid Noor Ali Mr. Ghazanfar Husain Mr. Maqsood Ahmad Fazal is a Bachelor of Mirza has a Bachelor holds a Masters Commerce, Bachelor degree in Mechanical degree and a rich of Laws and Bachelor Engineering from NED professional of Management. He University of experience of over 27 has more than 46 Engineering & years in the textile years’ experience of Technology. Mr. Mirza industry, especially in marketing. He worked has 39 years of the spinning business. on various positions in experience in business He is a Certified Middle East and USA. development
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