WAVES
Annual Report 2022
Waves Corporation Limited
Table of Contents
1. | CORPORATE INFORMATION | 02 |
2. | CHAIRMAN'S REVIEW | 04 |
3. | DIRECTORS REPORT TO THE SHAREHOLDERS | 05 |
4. | CORPORATE VALUE STATEMENTS | 18 |
5. | HISTORY OF WAVES CORPORATION LIMITED | 23 |
6. | INDEPENDENT REVIEW REPORT OF AUDITORS | 25 |
7. | STATEMENT OF COMPLIANCE STATEMENT | 27 |
8. | NOTICE OF ANNUAL GENERAL MEETING | 35 |
9. | FINANCIAL STATEMENTS | 42 |
a. Consolidated Accounts 2022 | ||
b. Standalone Accounts 2022 |
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CORPORATION INFORMATION
BOARD OF DIRECTORS | ||
1. | Mr. Muhammad Zafar Hussain | Chairman/Independent Director |
2. | Mr. Tajammal Hussain Bokharee | Independent Director |
3. | Mr. Khalid Azeem | Non-Executive Director |
4. | Mr. Moazzam Ahmad Khan | Non-Executive Director |
5. | Mrs. Nighat Haroon Khan | Non-Executive Director |
6. | Mr. Hamza Ahmad Khan | Executive Director |
7. | Mr. Haroon Ahmad Khan | Chief Executive Officer |
AUDIT COMMITTEE | ||
1. | Mr. Tajammal Hussain Bokharee | Chairman/Independent Director |
2. | Mr. Moazzam Ahmad Khan | Member/Non-Executive Director |
3. | Mrs. Nighat Haroon Khan | Member/Non-Executive Director |
4. | Mr. Ahmad Bilal Zulfiqar | Secretary |
HR & REMUNERATION COMMTTEE | ||
1. | Mr. Muhammad Zafar Hussain | Chairman/Independent Director |
2. | Mr. Khalid Azeem | Member/Non-Executive Director |
3. | Mr. Moazzam Ahmad Khan | Member/Non-Executive Director |
4. | Mr. Haroon Ahmad Khan | Member/ Executive Director |
5. | Mr. Ahmad Bilal Zulfiqar | Secretary |
CHIEF FINANCIAL OFFICER | COMPANY SECRETARY | |
Mr. Arslan Shahid Butt | Mr. Ahmad Bilal Zulfiqar | |
HEAD OF INTERNAL AUDITOR | LEGAL ADVISOR | |
Mr. Usman Khalid | Law Wings Advocates & Solicitors | |
EXTERNAL AUDITORS | SHARE REGISTRAR | |
RSM Avais Hyder Liaquat Nauman | Corplink (Private) Limited | |
Chartered Accountants | ||
RESISTERED OFFICE/PLANT | COMPANY REGISTRATION NO. | |
Factory: 9-KM Multan Road, Lahore | CUIN 0001286 | |
PH. No. 042-35415421-5,35421502-4 | Email:cs@waves.net.pk | |
UAN: 042-111-31-32-33 | Website:www.waves.net.pk |
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BANKERS | |
Al Baraka Bank (Pakistan) Limited | National Bank of Pakistan |
Askari Bank Limited | Pak Brunei Investment Company Limited |
Bank Al Falah Limited | Pak Libya Holding Company Limited |
Dubai Islamic Bank Pakistan Limited | Pak Oman Investment Company Limited |
Faysal Bank Limited | Samba Bank Limited |
First Prudential Modaraba | Silkbank Limited |
Habib Bank Limited | Sindh Bank Limited |
Habib Metropolitan Bank Limited | The Bank of Khyber |
Industrial & Commercial Bank of China | The Bank of Punjab |
Contact Information:
Registered Office: | 042-35415421-5,042-35421502-4 |
Email: | cs@waves.net.pk |
Web Site: | www.waves.net.pk |
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Waves Corporation Limited
Chairman's Review
On behalf of the Board of Directors of Waves Corporation Limited (WAVES or the Company), Annual Report for the year ended 31 December 2022 (Consolidated and Standalone) is presented to our stakeholders.
We extend our appreciation to our partners, bankers, shareholders, strategic alliances, human capital and other stakeholders in our business who have shown continued trust in our Company. WAVES has a well-diversified and experienced Board members that have core competencies, knowledge, skills and experience relevant to the Company's businesses, that follows best practices relating to corporate governance and other related regulatory requirements. The Board held meetings during the year to review and approve periodic financial statements, annual business plan, demerger of home appliances business and other matters requiring Board attention. The committees also held regular sessions to perform their duties assigned under their respective terms of references by the Board. The detail of these meetings is stated in this Annual Report. The performance of the outgoing and incoming Board members has been commendable and together we steered the Company towards another year of success and good governance, despite the challenging post-pandemic economic environment.
The global Russia-Ukraine conflict that has substantially impacted economies in terms of high interest rates, energy prices, inflation etc., across the world including Pakistan. However, despite of these challenges, the Company's wholly owned subsidiary Waves Marketplace Limited (WML), formerly Electronic Marketing Company Limited has continued showing growth. The revenues of home appliances business undertaken by the Company's subsidiary Waves Home Appliances Limited (WHALE), showed slight dip as compared to previous year as the whole appliances industry was under pressure due to restrictions on import of its raw materials. However, WHALE was able to position itself to substantially rely on the local manufactured material vis-à-vis its competitors thus reducing production risks. Shifting to local raw material paved the way for growth of the local industry with new employment opportunities and reducing reliance on foreign exchange reserves. The Company' real estate development plans has been updated to include substantial commercial portion, which results in increased revenues and bottom line. Accordingly, the new timeline of soft launch fits well with the shifting of appliances operations to the new factory premises.
Over the years, WAVES leadership has strived to adapt a transparent and conducive business environment, by demonstrating respect and fairness in all our efforts. As we reflect, it is commendable the swiftness with which WAVES has adapted to the macro and micro economic challenges during the year 2022. We expect this trend to continue in the years to come. We would like to conclude by extending our gratitude and thanks to the Directors for their energy, knowledge, advice, and earnest contributions towards the advancement of the Company to achieve new heights in a socially responsible and ethical manner.
-Sd-
Chairman
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Waves Singer Pakistan Ltd. published this content on 09 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 09 May 2023 10:37:04 UTC.