ANNUAL REPORT 2024
In the Name of Almighty Allah The Most Beneficient
The Most Merciful
COLONY TEXTILE MILLS LIMITED
ACCOUNTS FOR THE YEAR
ENDED
JUNE 30, 2024
COLONY TEXTILE MILLS LIMITED
ANNUAL REPORT 2024
Vision
To explore and create opportunities, remain at the forefront of innovation and meet the expectations of stakeholders at every stage, every year, while remaining humble in perception and true to our values.
Mission
To take Colony to new heights with an eye on the future; for the business, for our employees and for our stakeholders.
COLONY TEXTILE MILLS LIMITED
ANNUAL REPORT 2024
Business Ethics
and Practices
Our Core business is to produce and supply of Textile Products to local and international
our top priority, we follow the under mentioned business practices for the achievement of the desired results of customer satisfaction.
HUMAN RESOURCE DEVELOPMENT
We believe in individual respect and growth. Our employment and HR policies develop individuals without race, religion, gender or any discrimination factor. We provide equal opportunities to all the employees under a team based working environment. We provide all the possible support to all our employees to enhance their knowledge and vision keeping in view of their own limitations.
SOCIAL AND COMMUNITY COMMITMENTS
ethical, in supporting all the deserving individuals of the society. We feel it is our responsibility to play our role in the development of the society and do maximum within our own limitations for the community at large.
RISK MANAGEMENT
Our risk management policies are geared to enhance share holders worth, improve credit worthiness and minimize credit risk while diversifying income, along with suppliers and
institutions as we take them as our business partners.
TRANSPARENT FINANCIAL POLICIES
. We are
following all the applicable laws and best accounting practices while preparing t statements for the stakeholders.
CORPORATE GOVERNANCE
We as a responsible corporate citizen strongly adhere to the Corporate Governance principles and comply with the regulatory obligations enforced by regulatory agencies for improving corporate performance. We believe in up rightness of performance and expect it to be a fundamental responsibility of our employees to act in the best interest of the company without compromising on the rules and regulations enforced by the regulators.
MARKETING AND INDUSTRY PRACTICES
All our marketing polices are customer focused. We believe in One Window Solution and customer satisfaction. Our marketing policy is only based on these two parameters and to
making a close liaison with markets, customers and their needs.
COLONY TEXTILE MILLS LIMITED
ANNUAL REPORT 2024
Contents
Company Information | 05 |
Notice of Annual General Meeting | 7 |
Chairman's Review | 10 |
Directors' Report to the Members | 11 |
Statement of Compliance with Listed Companies | 18 |
(Code of Corporate Governance) Regulations, 2019 | |
Independent Auditors' Review Report on Statement of Compliance with | 20 |
Listed Companies (Code of Corporate Governance) Regulations, 2019 | |
Independent Auditors' Report | 21 |
Statement of Financial Position | 26 |
Statement of Profit or Loss | 28 |
Statement of Comprehensive Income | 29 |
Statement of Cash Flows | 30 |
Statement of Changes in Equity | 31 |
Notes to the Financial Statements | 32 |
Pattern of Shareholding Report | 66 |
Financial Highlights | 73 |
82 | |
84 | |
Form of Proxy (English) | 85 |
Form of Proxy (Urud) | 88 |
COLONY TEXTILE MILLS LIMITED
ANNUAL REPORT 2024
Company
Information
Board Of Directors | |
Mr. M. Atta Ullah Khan | (Chairman) |
Mr. Fareed Mughis Sheikh | |
Mr. Muhammad Tariq | |
Mr. Muhammad Shahzad Jamil | |
Syed Aftab Hussain Naqvi | |
Mr. Abdul Hakeem Khan Qasuria | |
Mrs. Amna Anwar | |
Board Committees | |
Audit Committee | (Chairman) |
Mr. Abdul Hakeem Khan Qasuria | |
Mrs. Amna Anwar | |
Mr. Muhammad Shahzad Jamil | |
HR & Remuneration Committee | (Chairman) |
Syed Aftab Hussain Naqvi | |
Mr. Abdul Hamkeem Khan Qasuria | |
Mr. Muhammad Shahzad Jamil | |
Other Management Committees | |
Executive Committee | |
Mr. Fareed Mughis Sheikh | (Chairman) |
Mr. Muhammad Tariq | |
Mr. Muhammad Shahzad Jamil | |
Technical Committee | |
Mr. Fareed Mughis Sheikh | (Chairman) |
Mr. Muhammad Tariq | |
Mr. Noor Khan |
Social Compliance & Human Resource Committees
Mr. Fareed Mughis Sheikh | (Chairman) |
Syed Aftab Hussain Naqvi
Mr. Atta Mohyuddin Khan
COLONY TEXTILE MILLS LIMITED | 05 |
ANNUAL REPORT 2024
Company
Information
Chief Financial Officer
Mr. Atta Mohyuddin Khan
Company Secretary
Mr. Muhammad Abid
Auditors
Ilyas Saeed & Co.
Chartered Accountants
Legal Advisor
BNR
Advocates and Corporate Counsel
Tax Advisor
Riaz Ahmad & Company
Chartered Accountants
Registered Address
Ismail Aiwan-e-Science Building
205 Ferozepur Road, Lahore-54600
Phone : 042-35758970-2
Fax : 042-35763247
Email : corporate@colonytextiles.com
Website: www.colonytextiles.com
Share Registrar
Hameed Majeed Associates (Pvt.) Limited
HM House, 7 Bank Square
Lahore.
Phone: (042) 37235081-2, Fax: 042-37358817
Email : shares@hmaconsultants.com
Bankers
Bank Islami Pakistan Limited
Meezan Bank Limited
Faysal Bank Limited
Habib Bank Limited
National Bank of Pakistan
Soneri Bank Limited
Standard Chartered Bank (Pakistan) Limited
Silk Bank Limited
The Bank of Punjab
United Bank Limited
Bank Makramah Limited
06 | COLONY TEXTILE MILLS LIMITED |
ANNUAL REPORT 2024
Notice of Annual
General Meeting
Notice is hereby given to all the members of Colony Textile Mills Limited (the Company) that an Annual General Meeting for Financial Year ended 30th June 2024 of the Company is scheduled to be held on October 28, 2024 10:30 A.M at Ismail Aiwan-e-Science Building, 205-Ferozepur Road, Lahore to transact the following business:
- To confirm the minutes of 13th Annual General Meeting held on October 27, 2023.
- To receive, consider and adopt the Annual Audited Financial Statements of the Company for the year ended June 30, 2024 together with Directors' and Auditors' Reports thereon.
- To appoint the Company's Auditors and to fix their remuneration for the next Financial Year 2024- 25.
- Any other business with the permission of the Chair.
By Order of the Board
Company Secretary
Place: Lahore
Date: 7th October, 2024
COLONY TEXTILE MILLS LIMITED | 07 |
ANNUAL REPORT 2024
Notice of Annual
General Meeting
NOTES:
- Share transfer books of the Company will remain closed from October 22, 2024 to October 28, 2024 (both days inclusive). Share transfers received at the address of M/s Hameed Majeed Associates Private Limited at HM House, 7 Bank Square, Lahore at the close of business on October 21, 2024 will be treated in time, for the purpose of entitlement to the transferees.
- A copy of the annual report of the Company is available on Company's website. Any member interested to receive hard copy of the report is requested to write an email along with complete postal address and folio/CDC account number at corporate@colonytextiles.com
- A member entitled to attend and vote at the meeting may appoint any person/member as his/her proxy to attend and vote in his/her place. Proxies completed in all respect, in order to be effective, must be received at the Registered Office of the Company not less than 48 hours before the time for holding the meeting.
- Members who have not yet submitted photocopies of the Computerized National Identity Card (CNIC) are requested to send the same at the earliest.
- CDC Account Holders will further have to follow the guidelines as laid down by the Securities and Exchange Commission of Pakistan.
- In case of individuals, the accounts holders and/or sub-account holder and their registration details are uploaded as per the CDC Regulations, shall authenticate his/her identity by showing his original CNIC or Passport at the time of attending the Meeting.
- In case of corporate entity, the Board of Directors' resolution / power of attorney with specimen signature of the nominee shall be produced (unless it has been provided earlier) at the time of the Meeting.
- Members may avail video conference facility for this General Meeting, provided the Company receives request at least 10 days prior to the date of the Meeting from members holding in aggregate 10% or more shareholding from respective location. Any member interested to join meeting through video link is requested to provide CNIC Number, Folio/CDC Account Number at the following email address corporate@colonytextiles.com. Video link will be shared a day prior to the meeting.
- The shareholders will be able to login and participate in the AGM proceedings through their smartphones or computer devices after completing all the formalities required for the verification and identification of the shareholders.
- In case of individuals, the account holders and/or sub-account holder and their registration details are uploaded as per the CDC Regulations, shall submit the proxy form as per above requirements. Proxy form is attached herewith and also uploaded on Company's website in Urdu and English languages.
- The proxy form shall be witnessed by two persons whose names, addresses and CNIC numbers shall be mentioned on the form.
- Attested copies of CNIC or the passport of the beneficial owner and the proxy shall be furnished with the proxy form.
- The proxy shall produce his/her original CNIC or original Passport at the time of meeting.
08 | COLONY TEXTILE MILLS LIMITED |
ANNUAL REPORT 2024
Notice of Annual
General Meeting
- In case of corporate entity, the Board of Directors' resolution/power of attorney with specimen signature shall be submitted (unless it has been provided earlier) along with proxy form to the Company.
- Members are requested to intimate any change in their registered addresses to the Share Registrar of the Company. Those members who have not yet submitted copy of their CNICs / NTN (in case of corporate entity) are also requested to send the same at the earliest.
- For any query / problem / information, Members may contact the Company at email corporate@colonytextile.com and/or the Share Registrar of the Company at (+92 42) 35758970- 2, email shares@hmaconsultatnts.com Members may also visit website of the Company www.colonytextiles.com for notices/information.
- In accordance with the Companies (Distribution of Dividend) Regulation 2017, shareholders are advised to provide International Bank Account Number (IBAN) details, if they have not already done so, to our Share Registrar (if shares are held in physical form) at their above referred office address or to the respective Participants/Broker (if any share are held through CDS Account) with- out any delay.
- Those shareholders who have physical share certificates are requested to convert them into book entry form as per Section 72 of the Companies Act, 2017.
-
Pursuant to the Securities and Exchange Commission of Pakistan's notification S.R.O 389(I)/2023 dated March 21, 2023, the shareholders of Colony Textile Mills Limited had accorded their consent for circulation of annual balance sheet and profit and loss account, auditor's report, etc. ("annual audited financial statement") to its members through QR enabled code and weblink.
The Company has placed a copy of the Notice of AGM, Annual Financial Statements for the year ended June 30, 2024 along with Auditors and Directors Reports thereon, Chairman's Review and other information on the website of the Company: www.crescenttextile.com and can be accessed through following weblink and QR Code:
Weblink: https://colonytextiles.com/wp-content/uploads/2024/10/Annual-Financial-Statements-2024.pdf
QR Code:
Company Secretary
Lahore.
7th October, 2024
COLONY TEXTILE MILLS LIMITED | 09 |
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