ANNUAL REPORT 2023 1
CONTENTS | |
Company Information and Business Items | 3 |
Notice of Annual General Meeting | 4 |
Chairman's Review | 6 |
Directors' Report to the Members | 8 |
Financial Highlights of Last Ten Years | 24 |
Statement of Compliance with the Code of Corporate Governance | 25 |
Review Report to the Members on Statement of Compliance | |
with Code of Corporate Governance | 29 |
Auditors' Report To The Members | 30 |
Statement of Financial Position | 34 |
Statement of Profit or Loss Account | 35 |
Statement of Comprehensive Income | 36 |
Statement of Changes in Equity | 37 |
Statement of Cash Flows | 38 |
Notes to and Forming part of the Financial Statements | 39 |
Pattern of Shareholdings | 84 |
Form of Proxy | 89 |
2
Company Information
Board of Directors
Mr. Javaid Shafiq Siddiqi | Chairman / Non-Executive Director |
Mr. Usman Haq | Managing Director / Executive Director |
Mr. Salem Rehman | Chief Executive / Executive Director |
Mr. Tariq Rehman | Executive Director |
Mr. Ahsan Suhail Mannan | Company Secretary / Executive Director |
Mr. Pervaiz Shafiq Siddiqi | Non-Executive Director |
Mr. Salman Javaid Siddiqi | Non-Executive Director |
Mr. Umair Noorani | Non-Executive Director |
Mrs. Ayesha Mussadaque Hamid | Independent Director |
Ch. Imran Ali | Independent Director |
Syed Muhammad Mohsin | Independent Director |
Mr. Osman Hameed Chaudhri | Independent Director |
Chief Financial Officer | |
Mr. Riaz Ahmad | |
Company Secretary | |
Mr. Ahsan Suhail Mannan | |
Audit Committee | |
Mr. Osman Hameed Chaudhri | Chairman |
Syed Muhammad Mohsin | Member |
Mr. Javaid Shafiq Siddiqi | Member |
Mr. Umair Noorani | Member |
Mr. Ahsan Suhail Mannan |
"Is the Committee Secretary as required by the Chapter IX, 27 (1) (iv) of Code of Corporate Governance, Regulations 2019."
HR Committee | |
Mrs. Ayesha Mussadaque Hamid | Chairman |
Mr. Pervaiz Shafiq Siddiqi | Member |
Mr. Salman Javaid Siddiqi | Member |
Mr. Ahsan Suhail Mannan | Member / Committee Secretary |
Risk Management Committee | |
Syed Muhammad Mohsin | Chairman |
Mr. Tariq Rehman | Member |
Ch. Imran Ali | Member |
Mr. Salem Rehman | Member / Committee Secretary |
Nomination Committee | |
Ch. Imran Ali | Chairman |
Mr. Javaid Shafiq Siddiqi | Member |
Mr. Usman Haq | Member |
Mr. Ahsan Suhail Mannan | Member / Committee Secretary |
External Auditors
M/s. Crowe Hussain Chaudhury & Co.,
Chartered Accountants, Lahore.
Internal Auditors
M/s. Zeeshan & Co.
Chartered Accountants, Lahore.
M/s. Muhammad Ali Hussain & Co.
Chartered Accountants, Lahore.
Legal Advisers
Cornelious Lane & Mufti
Chaudhary Associates Law Inn
Rizvi & Company
Asad Ullah Khan
Bankers
Habib Bank Limited
National Bank of Pakistan
Standard Chartered Bank (Pakistan) Limited
The Bank of Punjab
The Bank of Khyber
Silk Bank Limited
Askari Bank Limited
Soneri Bank Limited
BUSINESS ITEMS
Porcelain Insulators
- Tension Insulator
- Suspension Insulator
- Pin Insulator
- Line Post Insulator
- Cap and pin Insulator
- Station Post Insulator
- Long Road Insulator
- Insulator for Railway Electrification
- Telephone Insulator
- Low Voltage Insulator
- Dropout Cutout Insulator
- HT & LT Bushings
Switchgear
- Disconnect Switch upto 245 kv
- Metal Oxide Surge Arresters upto 245 kv
RTV Coating
- Room Temperature Vulcanised
- Silicone Rubber Coating
Chemical Porcelain
- Acid Proof Wares and Bricks
- Rasching Ring and Saddles
- Acid Proof Porcelain Pipes and Fitting
- Acid Proof Cement
Special Porcelain
- High Alumina Porcelain
- Lining Special Refractories & Grinding Media
Share Registrar
Corplink (Pvt) Limited
Wings Arcade. I-K , Commercial,
Model Town, Lahore.
Registered Office
4th Floor, National Tower, 28-Egerton Road, Lahore.
Factory
19-Kilometre,
Lahore Sheikhupura Road, Lahore.
ANNUAL REPORT 2023 3
Notice of Annual General Meeting
NOTICE TO THE SHAREHOLDERS FOR THE 68TH ANNUAL GENERAL MEETING OF EMCO INDUSTRIES LIMITED TO BE HELD AT ICC HOUSE, 2-CHAMBA HOUSE LANE, GOLF ROAD, GOR-1, LAHORE ON TUESDAY, 24TH OCTOBER 2023, AT 11:30 AM
NOTICE is hereby given that the 68th Annual General Meeting of the Shareholders of EMCO Industries Limited (the "Company") will be held at ICC House, 2-Chamba House Lane, Golf Road, GOR-1, Lahore on Tuesday 24th October, 2023 at 11:30 a.m. to conduct the following business:
Ordinary Business:
- To confirm the minutes of the last Extraordinary General Meeting (EGM) of the Company held on 26.06.2023.
- To receive, consider, approve and adopt the Annual Audited Accounts of the Company for the year ended 30th June 2023 together with the Director's and Auditor's Reports thereon.
- To approve Cash Dividend @ 5% (i.e.Rs.0.50) per share as recommended by the Board of Directors, to be paid to all Shareholders of the Company.
- To Appoint Auditors for the next financial year ending 30th June 2024 and to fix their remuneration. The present Auditors, M/s CROWE HUSSAIN CHAUDHURY & CO., Chartered Accountants, retires and being eligible, offer themselves for re-appointment.
Other Business:
1. To transact any other business with the permission of the Chair.
By order of the Board of Directors
Place: Lahore | Ahsan Suhail Mannan |
Dated: September 05, 2023 | (Company Secretary / Director) |
NOTES:
- The Share Transfer Books of the Company will remain closed from 17th October, 2023 to 24th October, 2023 (both days inclusive). The above entitlement, if approved by the shareholders will be paid to the Shareholders whose name will appear in the Register of Members on 16th October, 2023.
- A member entitled to attend and vote at the AGM may appoint another member as his/her proxy to attend and vote instead of him/her at the meeting. Proxies must be deposited at the Company's Registered Office at 4th Floor, National Tower, 28-Egerton Road, Lahore not less than 48 (forty-eight) hours before the time of holding the meeting. (Form of Proxy is enclosed).
- Any individual beneficial owner of CDC, entitled to vote at the AGM (Annual General Meeting), must bring his/her CNIC with him/her to prove his/her identity, and in case of proxy, attested copy of shareholder's CNIC must be attached with the proxy form. The representative of corporate member should bring the usual documents required for such purpose.
- Members are requested to promptly notify the change in their address, if any, to the Company's Share Registrar M/S. CorpLink (Pvt) Limited, Wings Arcade, 1-K Commercial, Model Town, Lahore.
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Emco Industries Ltd. published this content on 19 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 19 September 2023 04:34:01 UTC.