Wearing Four Seasons Annual Report 2015 At Gul Ahmed, we strive to harvest the colors of every season. Indulging in imagination with flair and stepping up with the world’s best technology and trend, we bring you innovations in fabric that tops off your life. Gul Ahmed represents the finest of all products and ideas with superior quality with their lively vision and will to serve better. Annual Report 2015 Contents 02 Company Information 08 Values, Mission, Vision 51 09 Environmental Overview (Pestel) 52 Statement of Business Conduct and Ethics Code Risk Management 12 55 Goals and Strategies Whistle Blowing Policy 13 56 Key Performance Indicators Shareholders’ Information 15 57 Company’s Profile Notice of Annual General Meeting 59 16 Statement of Compliance with the Code of Corporate Governance Product 61 17 Review Report to the Members Organogram 62 18 Auditors' Report to the Members Profile of the Directors 63 21 Balance Sheet 65 Board Committees Profit and Loss Account 23 66 Chairman’s Message Statement of Comprehensive Income 24 67 Directors’ Report Cash Flow Statement 30 69 Sustainability Report Statement of Changes in Equity 70 33 Notes to the Financial Statements Audit Committee Report 117 35 Attendance at Board and Committee Meetings Financial Highlights 118 36 Pattern of Shareholding Financial Ratios 121 37 Group Director’s Report 122 Graphical Analysis Auditors' Report on Consolidated Financial Statements 39 123 Horizontal Analysis of Financial Statements Consolidated Balance Sheet 40 125 Vertical Analysis of Financial Statements Consolidated Profit and Loss Account 41 126 Comments on Financial Analysis Consolidated Statement of Comprehensive Income 127 43 Consolidated Cash Flow Statement DuPont Analysis 129 44 Consolidated Statement of Changes in Equity Our Value Addition and its Distribution 130 45 Notes to the Consolidated Financial Statements Quarterly Analysis 179 47 Informational Message on ‘JamaPunji’ Share Price Sensitivity Analysis 180 48 Definition and Glossary of Terms Stakeholders Engagement and Investors’ Relations Form of Proxy 50 SWOT Analysis Annual Report 2015 02 Company Information BOARD OF DIRECTORS MOHOMED BASHIR - Chairman ZAIN BASHIR - Vice Chairman/Executive Director MOHAMMED ZAKI BASHIR - Chief Executive Officer ZIAD BASHIR - Non-Executive S.M. NADIM SHAFIQULLAH - Independent DR. AMJAD WAHEED - Independent ADNAN AFRIDI - Independent CHIEF FINANCIAL OFFICER MOHAMMED SALEEM SATTAR COMPANY SECRETARY MOHAMMED SALIM GHAFFAR AUDIT COMMITTEE S.M. NADIM SHAFIQULLAH - Chairman & Member MOHOMED BASHIR - Member ADNAN AFRIDI - Member MOHAMMED SALIM GHAFFAR - Secretary HUMAN RESOURCE AND MOHOMED BASHIR - Chairman & Member REMUNERATION ZAIN BASHIR - Member COMMITTEE S.M. NADIM SHAFIQULLAH - Member MOHAMMED SALIM GHAFFAR - Secretary BANKERS ALLIED BANK LIMITED BANK AL HABIB LIMITED ASKARI BANK LIMITED AL BARAKA BANK (PAKISTAN) LIMITED BANK ALFALAH LIMITED BANK ISLAMI PAKISTAN LIMITED BURJ BANK LIMITED THE BANK OF PUNJAB DUBAI ISLAMIC BANK PAKISTAN LIMITED FAYSAL BANK LIMITED HABIB BANK LIMITED HABIB METROPOLITAN BANK LIMITED MCB BANK LIMITED MEEZAN BANK LIMITED NATIONAL BANK OF PAKISTAN NIB BANK LIMITED SAMBA BANK LIMITED SILKBANK LIMITED SONERI BANK LIMITED STANDARD CHARTERED BANK (PAKISTAN) LIMITED UNITED BANK LIMITED AUDITORS KRESTON HYDER BHIMJI & CO. Chartered Accountants INTERNAL AUDITORS GRANT THORNTON ANJUM RAHMAN Chartered Accountants LEGAL ADVISORS A.K. BROHI & CO ADVOCATES REGISTERED OFFICE PLOT NO. 82, MAIN NATIONAL HIGHWAY, LANDHI, KARACHI-75120 SHARE REGISTRAR FAMCO ASSOCIATES (PRIVATE) LIMITED 8-F, NEXT TO HOTEL FARAN, NURSERY, BLOCK 6, P.E.C.H.S., SHAHRAH-E-FAISAL, KARACHI. PHONE NO. (+92-021) 34380101-5 FAX NO. (+92-021) 34380106 MILLS LANDHI INDUSTRIAL AREA, KARACHI-75120 EMAIL [email protected] URL www.gulahmed.com SUMMER The Spirit of Sunshine Summer brings the essence of life. The flowers are blooming and the trees are greening. With that thought in mind, Gul Ahmed moves ahead with its persistent innovation in style. Spring The Beam Of Life When all life on earth comes in its color, it’s redemption for everyone. Our expression of jubilation is in our eyes, in our hearts and on us. The mark to clear the par here is creativity. Autumn The Decadence Of Eternity It’s the time when life is obscured by the desire of recreation. The only way forward from here is to discover beauty in the unlikeliest of surrounds. Winter The Beauty Of Stillness When time comes to a halt and a moment feels like forever, life is at its coldest. It gives us the space to create beauty that’s frozen in time. Annual Report 2015 08 Values In achieving its vision and fulfilling its mission, the Company shall operate on the following core values: Integrity Passion Creativity Teamwork Mission To deliver value to our stakeholders through innovative technology, teamwork and by fulfilling our social and environmental responsibilities. Vision Setting trends globally in the textile industry. Delivering the best products and services to our customers.