ANNUAL REPORT
2023
CORDOBA LOGISTICS & VENTURES LIMITED
CORDOBA LOGISTICS & VENTURES LIMITED
Independent Auditor's Review Report | 7 | ||
8 | |||
Chairman's Review | 20 | ||
21 | |||
25 | |||
26 | |||
27 | |||
Unconsolidated Financial Statements | 28 | ||
Consolidated Financial Statements | 59 | ||
Form of Proxy | |||
CORDOBA LOGISTICS | |
& VENTURES LIMITED | |
CORPORATE INFORMATION | |
Board of Directors: | |
Independent Director/Chairman | : Mr. Zeshan Afzal |
Independent Directors | : Mr. Muneer Kamal |
: Ms. Maleeha Humayun Bangash | |
Non- Execuµve Directors | : Mr. Danish Elahi |
- Mr. Sohail Ilahi
- Ms. Anum Raza
Execuµve Director/CEO | : Mr. Misbah Khalil Khan | |
Nominee Director (NIT) | : Ms. Ambereen Israr | |
Company Secretary | : Mr. Syed Ali Jawwad Jafri | |
Chief Financial Officer | : Mr. Wajahat Hussain | |
Head of Internal Audit | : Mr. Abdul Rehman | |
Auditors | : Parker Russell-A.J.S. | |
Chartered Accountants | ||
Legal Advisor | : Mr. Rana Muhammad Iqbal - Advocate | |
Audit Commiee | : Ms. Maleeha Humayun Bangash | Chairperson |
: Mr. Sohail Ilahi | Member | |
: Ms. Anum Raza | Member | |
HR & Remuneraon Commiee | : Mr. Zeshan Afzal | Chairman |
: Mr. Sohail Ilahi | Member | |
: Ms. Anum Raza | Member | |
Investment Commiee | : Mr. Muneer Kamal | Chairman |
: Mr. Danish Elahi | Member | |
Bankers | : Meezan Bank Ltd. | |
: Dubai Islamic Bank Pak Ltd. | ||
Registered Office | : Office No. 420, 4th Floor, Eden Towers, | |
Main Boulevard, Gulberg III, Lahore. | ||
Phone: 042-35790290-2 | ||
Email: info@cordobalv.com | ||
Website: www.cordobalv.com | ||
Shares Registrar | : Hameed Majeed Associates (Pvt.) Ltd. | |
H.M House, 7-Bank Square, Lahore. | ||
Tel: 042-37235081-82 Fax: 042-37358817 |
2 |
CORDOBA LOGISTICS & VENTURES LIMITED
VISION, MISSION AND VALUES
OUR VISION
Our vision is to be a trusted partner for our shareholders and a respected leader in the area of logistics and ventures.
OUR MISSION
Our mission is to add value with active portfolio management to help our shareholders reach their long-term inancial goals. We achieve this through our investment strategies, adhering to our values and investment principles, and offering employees a challenging and rewarding place to build a career.
OUR CORE VALUES
We do the right thing
We act with integrity and put our shareholders irst.
We think for the long term
We engage in thoughtful decision making and believe that investment excellence should drive our decisions.
We work together to achieve common goals
We show respect and humility towards each other and our shareholders. We believe in creating a supportive work environment that fosters teamwork, collegiality, and effective communication.
We strive for excellence
We make the extra effort, practice continuous improvement, and stay lexible to adapt to changing circumstances.
We are committed to employees
We foster an environment that provides lexibility and opportunity for growth, while also requiring accountability.
We are community minded
We support philanthropic giving and encourage employee volunteerism.
3 |
CORDOBA LOGISTICS & VENTURES LIMITED
STATEMENT OF COMPLIANCE WITH LISTED COMPANIES (CODE OF CORPORATE GOVERNANCE) REGULATIONS, 2019
Name of Company: Cordoba Logistics & Ventures Limited
Year ending: June 30, 2023
The company has complied with the requirements of the Regulations in the following manner:-
1. The total number of directors are eight (8) as per the following:
a. | Male | 5 |
b. | Female | 3 |
2. The composition of the Board is as follows:
Category | Name |
Zeshan Afzal | |
Independent directors | Muneer Kamal |
Maleeha Humayun Bangash (Female) | |
Danish Elahi | |
Non-Executive directors | Sohail Ilahi |
Anum Raza (Female) | |
Executive director | Misbah Khalil Khan |
Nominee director | Ambereen Israr (Female)* |
*The company has a NIT nominee director.
CORDOBA LOGISTICS
- VENTURES LIMITED
- Six (6) out of eight (8) directors are duly certied under the Directors' Training Program. No further trainings were arranged during the year, however, the Company has enrolled two (2) of its directors for Directors' Training Program.
- The Board has approved appointment of chief nancial ofcer, company secretary and head of internal audit, including their remuneration and terms and conditions of employment and complied with relevant requirements of the Regulations;
- Chief nancial ofcer and chief executive ofcer duly endorsed the nancial statements before approval of the Board;
- The Board has formed committees comprising of members given below:-
- Audit Committee:
Name of Members | Category | Designation | |
Maleeha Humayun Bangash | Independent | Chairperson | |
Director | |||
Sohail Ilahi | Non-Executive | Member | |
Director | |||
Anum Raza | Non-Executive | Member | |
Director | |||
b) Human Resource and Remuneration Committee: |
Name of Members | Category | Designation |
Zeshan Afzal | Independent | Chairman |
Director | ||
Sohail Ilahi | Non-Executive | Member |
Director | ||
Female directors
Maleeha Humayun Bangash
Anum Raza
Ambereen Israr
Anum Raza | Non-Executive | Member | |
Director | |||
c) Investment Committee: |
- The directors have conrmed that none of them is serving as a director on more than seven listed companies, including this company;
- The company has prepared a code of conduct and has ensured that appropriate steps have been taken to disseminate it throughout the company along with its supporting policies and procedures;
- The Board has developed a vision/mission statement, overall corporate strategy and signicant policies of the company. The Board has ensured that complete record of particulars of the signicant policies along with their date of approval or updating is maintained by the company;
- All the powers of the Board have been duly exercised and decisions on relevant matters have been taken by Board/ shareholders as empowered by the relevant provisions of theAct and these Regulations;
- The meetings of the Board were presided over by the Chairman and, in his absence, by a director elected by the Board for this purpose. The Board has complied with the requirements of Act and the Regulations with respect to frequency, recording and circulating minutes of meetings of the Board;
- The Board have a formal policy and transparent procedures for remuneration of directors in accordance with the Act and these Regulations;
4 |
Name of Members | Category | Designation |
Muneer Kamal | Independent | Chairman |
Director | ||
Danish Elahi | Non-Executive | Member |
Director | ||
- The terms of reference of the aforesaid committees have been formed, documented and advised to the committees for compliance;
- The minimum frequency of meetings (quarterly/half yearly/yearly) of the board/committees were as per following:-
Board of Directors | Quarterly meetings | ||
Audit Committee | Quarterly meetings | ||
Human Resource and Remuneration | Annual meeting | ||
Committee | |||
Investment Committee | As and when required | ||
5 |
CORDOBA LOGISTICS
& VENTURES LIMITED | |
15. | The Board has outsourced the internal audit function to M/s Zafar Qamar & Co. who are considered qualied and |
experienced for the purpose and are conversant with the policies and procedures of the company; | |
16. | The statutory auditors of the company have conrmed that they have been given a satisfactory rating under the |
Quality Control Review program of the Institute of Chartered Accountants of Pakistan and registered with Audit | |
Oversight Board of Pakistan, that they and all their partners are in compliance with International Federation of | |
Accountants (IFAC) guidelines on code of ethics as adopted by the Institute of CharteredAccountants of Pakistan and |
Parker Russell-A.J.S.
CHARTERED ACCOUNTANTS
CORDOBA LOGISTICS & VENTURES LIMITED
901, Q.M. House,
Elander Road, Karachi - Pakistan. Tel: + 92-21-32621701-03
E-mail: khi@parkerrussellajs.com.pk
Offices also at Faisalabad, Lahore & Islamabad.
that they and the partners of the rm involved in the audit are not a close relative (spouse, parent, dependent and non- | |
dependent children) of the chief executive ofcer, chief nancial ofcer, head of internal audit, company secretary or | |
director of the company; | |
17. | The statutory auditors or the persons associated with them have not been appointed to provide other services except in |
accordance with the Act, these Regulations or any other regulatory requirement and the auditors have conrmed that | |
they have observed IFAC guidelines in this regard; | |
18. | We conrm that all requirements of the regulations 3, 6, 7, 8, 27, 32, 33 and 36 of the Regulations have been complied |
with. | |
19. | Following are the explanations and action taken by the management to full compliance in accordance with the Code |
of Corporate Governance as laid out by SECP: | |
· | The Company has enrolled two (2) directors for the Director's Training Program. All directors on the board of CLVL |
have had vast experience across multiple industries and have served on the board of various listed entities. |
For and on behalf of the Board
Lahore | ||
September 28, 2023 | Director | Chief Executive |
6 |
Independent Auditor's Review Report
To The Members Of Cordoba Logistics & Ventures Limited
Review Report on the Statement of Compliance contained in Listed Companies (Code of Corporate Governance) Regulations, 2019.
We have reviewed the enclosed Statement of Compliance with the Listed Companies (Code of Corporate Governance) Regulations, 2019 (the Regulations) prepared by the Board of Directors of Cordoba Logistics & Ventures Limited (the Company) for the year ended June 30, 2023 in accordance with the requirements of regulation 36 of the Regulations.
The responsibility for compliance with the Regulations is that of the Board of Directors of the Company. Our responsibility is to review whether the Statement of Compliance reects the status of the Company's compliance with the provisions of the Regulations and report if it does not and to highlight any non-compliance with the requirements of the Regulations.Areview is limited primarily to inquiries of the Company's personnel and review of various documents prepared by the Company to comply with the Regulations.
As a part of our audit of the nancial statements, we are required to obtain an understanding of the accounting and internal control systems sufcient to plan the audit and develop an effective audit approach. We are not required to consider whether the Board of Directors statement on internal control covers all risks and controls or to form an opinion on the effectiveness of such internal controls, the Company's corporate governance procedures and risks
The Regulations require the Company to place before the Audit Committee, and upon recommendation of the Audit Committee, place before the Board of Directors for their review and approval, its related party transactions and also ensure compliance with the requirements of section 208 of the Companies Act, 2017. We are only required and have ensured compliance of this requirement to the extent of the approval of the related party transactions by the Board of Directors upon recommendation of the Audit Committee. We have not carried out procedures to assess and determine the Company's process for identication of related parties and that whether the related party transactions were undertaken at arm's length price or not.
Based on our review, nothing has come to our attention which causes us to believe that the Statement of Compliance does not appropriately reect the Company's compliance, in all material respects, with the requirements contained in the Regulations as applicable to the Company for the year ended June 30, 2023.
Chartered Accountants
Place:Karachi
Date:
7 |
Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Cordoba Logistics & Ventures Ltd. published this content on 06 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 October 2023 11:13:20 UTC.