2024
The Company
Agriauto Industries Limited is a public limited company incorporated in 1981 and quoted on the Pakistan Stock Exchange.
The Company is one of the leading automotive components manufacturers in the private sector and the first company in Pakistan to acquire TS-16949 Certification.
Technical Collaborations with leading international companies have added to the Company's technical versatility. The product range covers both Original Equipment Manufacturers (OEMs) and aftermarket.
Fueled by precision. Driven by passion.
Table of Contents
Vision | 07 |
Company Information | 09 |
Board of Directors | 10 |
Organization Chart | 13 |
Our Products | 16 |
Awards and Recognition | 20 |
Key Performance Indicators (Consolidated) | 21 |
Six years at a glance (Consolidated) | 22 |
Financial Highlights (Consolidated) | 23 |
Vertical Analysis (Consolidated) | 24 |
Horizontal Analysis(Consolidated) | 26 |
Notice of the Annual General Meeting | 28 |
Chairman's Review | 32 |
Chairman's Review in Urdu | 33 |
Directors' Report | 35 |
Directors' Report in Urdu | 51 |
Statement of Compliance with Listed Companies | 54 |
(Code of Corporate Governance) Regulations, 2019 | |
Independent Auditor's Review Report | 56 |
Independent Auditor's Report (Unconsolidated) | 57 |
Financial Statements (Unconsolidated) | 61 |
Independent Auditor's Report (Consolidated) | 103 |
Financial Statements (Consolidated) | 107 |
Pattern of Shareholding | 149 |
Proxy Form |
06
Agriauto Industries Limited
Vision
A world class manufacturer and supplier of high entry barrier automotive components providing competitive returns to all stakeholders.
Annual Report 2024 07
Company Information
08
Agriauto Industries Limited
Board of Directors
Yutaka Arae | Chairman |
Fahim Kapadia | Chief Executive |
Hamza Habib | Non Executive Director |
Salman Burney | Non Executive Director |
Sohail P. Ahmed | Non Executive Director |
Ayesha T. Haq | Independent Director |
Aqueel E. Merchant | Independent Director |
Board Audit and
Risk Management Committee
Aqueel E. Merchant | Chairman |
Sohail P. Ahmed | Member |
Ayesha T. Haq | Member |
Human Resource and
Remuneration Committee
Aqueel E. Merchant | Chairman |
Salman Burney | Member |
Sohail P. Ahmed | Member |
Yutaka Arae | Member |
Fahim Kapadia | Member |
Chief Financial Officer
Tariq Iqbal Bawani
Company Secretary
Shaharyar Ashraf Khan
Auditors
A.F. Ferguson and Co., Chartered Accountants
Share Registrar
FAMCO Share Registration Services (Pvt.) Limited 8-F, Next to Hotel Faran, Nursery,
Block-6, P.E.C.H.S., Shahrah-e-Faisal, Karachi.
Tel: 34380101-5,34384621-3
Bankers
Bank Al-Habib Limited
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
Standard Chartered Bank (Pakistan) Limited
The Bank of Punjab
United Bank Limited
Registered Office
5th Floor, House of Habib
3 JCHS, Main Shahrah-e-Faisal, Karachi.
Website: www.agriauto.com.pk
Email: info@agriauto.com.pk
Factory
Agriauto Industries Limited
Mouza Baroot, Hub Chowki,
Distt. Lasbella, Balochistan.
Agriauto Stamping Company (Pvt.) Ltd
DSU-12B, Down Stream Industrial Estate
Pakistan Steel, Bin Qasim, Karachi.
Annual Report 2024 09
Board of Directors
Yutaka Arae
Chairman (Non-Executive)
With an illustrious career spanning decades, Mr. Yutaka Arae has left an indelible mark on the utomotive sector through his transformative leadership and strategic insights. His journey began at Toyota Tsusho Corporation, Japan, where he played a pivotal role in propelling the company to new heights of success. His visionary approach continued at Indus Motor Co., Ltd., Pakistan, where he led the organization to become a market leader known for innovation and operational excellence. As a director at Agriauto Industries Ltd., Mr. Arae's influence further optimized operations, cementing his reputation as a driving force in the industry. His extensive experience and proven track record have solidified his position as a revered figure in the global automotive landscape, inspiring generations to come.
Fahim Kapadia
CEO
Mr. Kapadia is the CEO of the Company since January 2010. He has over 38 years of experience in the field of Finance, General Management and Business Development in Pakistan and abroad. He has been associated with the House of Habib for the last 25 years having served as Chief Financial Officer of Thal Limited and prior to this as General Manager Finance and Deputy Managing Director of Agriauto Industries Limited. He has been serving on the Board of Agriauto Industries Limited since 2002 and a member of the Board of Agriauto Stamping Company (Private) Limited and AuVitronics Limited.
Hamza Habib
Non-Executive Director
Hamza Habib was appointed as a Director of Agriauto Industries Limited in October 2018. He is a Vice President at Habib Bank Zurich (Hong Kong) Limited. Prior to his transfer to Hong Kong in 2016, he served as Vice President at Habib Bank AG Zurich in the United Arab Emirates from 2011. From 2009 - 2011, he worked at Standard Chartered Bank in Geneva and London. Hamza Habib graduated from Babson College in Wellesley, Massachusetts (USA) in 2009, with a Bachelor of Science in Business Management.
Ayesha T. Haq
Independent Director
Ayesha T. Haq was appointed as a Director of Agriauto Industries Limited in October 2018. She practised corporate commercial law in the UAE, Pakistan, Philippines and the USA.
Aqueel E. Merchant
Independent Director
Aqueel E. Merchant is a professional with a wealth of experience spanning more than 30 years in professional services, mainly consulting, covering Banking and Financial Services, FMCGs, Manufacturing, Development, and Government and Public sector clients in Pakistan, Afghanistan, UK and Middle East. Large projects carried out by him cover Business, IT and HR transformations, Operational Improvements, Governance, Monitoring and Evaluation, Regulatory Compliance, Contract Management and Risk Management. Due to his being the only Senior Partner of EY Ford Rhodes and the founder and Country Leader of the Consulting Business, he is well placed to engage at a strategic level with C-suites and Boards to make a strong contribution to any organization in a leadership capacity.
Salman Burney
Non Executive Director
Mr. Salman Burney joined the Board in August 2017 as a Non-Executive Director. He has also served as the VP/ Area GM for GSK Pakistan, Iran and Afghanistan.
He began his career with ICI Pakistan in Sales & Marketing within various roles in Pakistan & African / Eastern Region at ICI's Agrochemicals & Seeds Business. He joined the company in 1992, was appointed MD, SmithKline Beecham in 1997 with additional responsibility for Iran and the Caspian Region. He was holding the position of MD for GSK in Pakistan and was responsible for GSK's Pharmaceutical business in Pakistan, Iran & Afghanistan. He has a degree in Economics from Trinity College, University of Cambridge, UK. Mr. Salman Burney has been the President of Pakistan's foreign investors Chamber & as Chairperson of the MNC Pharma Association has led the industry interface with the government on various issues.
Sohail P. Ahmed
Non Executive Director
He has been the Chief Executive of Naya Daur Motors and Mack Trucks, under Ministry of Production and of Allwin Engineering, Agriauto Industries Ltd, Thal Limited in the private sector. He is also Chairman of Pakistan Auto Sector Skill Development Company and Vocational Training Centre for Women, Korangi. He is a Director on many Boards in public & private sectors having served on Boards of PIDC, Pakistan Steel etc. He has been a member of the Senate of Dawood College of Engineering & Technology and Syndicate of NED University Karachi.
Trade & Professional
Bodies
- Fellow of Institution of Engineers
- Member of The American Society of Mechanical Engineers
- President of "Pakistan Association of Automotive Parts & Accessories Manufacturers" (PAAPAM)
The Government of Japan has conferred the prestigious decoration, The Order of the Rising Sun, Gold Rays with Neck Ribbon to Mr. Sohail P. Ahmed, in recognition of his dedicated contributions for strengthening economic relations and mutual understanding between Japan and Pakistan.
10 | Agriauto Industries Limited | |
Annual Report 2024 11
Our Customers
Our Partners
Shock Absorbers | Shock Absorbers |
& Struts | & Struts |
Sheet Metal Parts & Assemblies
Organization Chart
Technical | |||||||||||||
HR & Remuneration | Committee | Information | Technology | ||||||||||
Board | |||||||||||||
of Directors | CEO | Finance | |||||||||||
Board | Sales & Marketing | ||||||||||||
Board Audit and Risk | Management Committee | Internal Audit | Human | Resources | |||||||||
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Door Hinges
- Power Window Regulators
Agriauto Industries Limited
Yamaha Shocks
Absorbers
Administration |
Annual Report 2024 13
Agriauto Stamping
Company (Private) Limited (ASC)
Agriauto Stamping (Private) Limited (ASC) is wholly owned subsidiary of Agriauto Industries Limited and involved in stamping of sheet metal parts, jigs and accessories, primarily for the automotive sectors.
ASC is actively engaged in securing new product developments to fortify sustainability and enhance profitability in the future. Notably, ASC recently secured a significant order for Press Dies earmarked for export to the African Region, thus expanding its global footprint. This strategic move underscores the ASC's steadfast commitment to diversification and growth.
During FY 23-24, ASC has completed the installation of a new Press line 1000-800-500-500, augmenting its production capabilities. The welding assembly line for a new model has been substantially expanded, alongside the incorporation of essential utilities to meet specific requirements. With a total investment of Rs. 1.03 billion for these projects, the completion of tandem lines, now totaling two full tandem lines with four press machines each, significantly enhances the plant capacity for press parts.
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Agriauto Industries Limited
Annual Report 2024
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