M A Q B O O L
MAQBOOL TEXTILE MILLS LIMITED
34th Annual Report
&
Financial Statements (Audited)
For the year ended June 30, 2023
Maqbool Textile Mills Limited
M A Q B O O L
CONTENTS | |
Page | |
Mission & Vision Statements | 3 |
Company Quality Policy | 3 |
Company Profile | 4 |
Notice of Annual General Meeting | 5 |
Chairman's Review Report U/s 192 of the Companies Act 2017 | 7 |
Directors' Report | 8 |
Directors' Report (Urdu) | 13 |
Six Years key Operating and Financial Data | 18 |
Statement of compliance with code of corporate governance | 19 |
Review report to the members on statement of compliance with | |
best Practices of Code of Corporate Governance | 22 |
Independent Auditors' Report | 23 |
Statement of Financial Position | 27 |
Statement of Profit or Loss | 28 |
Statement of Comprehensive Income | 29 |
Statement of Changes in Equity | 30 |
Statement of Cash Flows | 31 |
Notes to the Financial Statements | 32 |
Pattern of Shareholding | 62 |
Category Wise Pattern of Total Shareholding | 63 |
Category wise Detail of Shareholding | 63 |
Form of Proxy | 65 |
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Maqbool Textile Mills Limited
M A Q B O O L
MISSION STATEMENT
The mission of Maqbool Textile Mills Limited is to contribute positively to the Socio-Economic growth of Pakistan through business and industrial pursuits endeavoring to achieve excellence in all spheres of such activity with effective and efficient management.
VISION STATEMENT
Maqbool Textile Mills Limited become a truly Professional Organization, achieve higher quality standards, utilize maximum capacity, capture expansion opportunities and become a least cost operator amongst its competitors.
We will strive to continue as a successful Company, make profit and thus create value for our shareholders without high risk to them, our Customers or employees.
QUALITY AND ENVIRONMENTAL POLICY
Our aim is to achieve the leadership of textile and spinning industry through quality products according to customer satisfaction. We thrive to achieve the above through the following measures:
- Acquisition of quality raw material.
- Manufacturing of high quality yarn as per customer satisfaction.
- Continuous training and guidance to employees regarding quality and environment.
- Continuous improvement, close watch and control in production process and environment.
- Follow up of the system, regarding international quality and environmental laws.
- Control of pollution discharge from industrial process.
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Maqbool Textile Mills Limited
M A Q B O O L
COMPANY PROFILE
BOARD OF DIRECTORS | Ms. Romana Tanvir Sheikh | -Chairperson |
Mian Tanvir Ahmad Sheikh | -Chief Executive Officer | |
Mian Anis Ahmad Sheikh | -Executive Director | |
Mian Aziz Ahmad Sheikh | -Non-Executive Director | |
Mian Atta Shafi Tanvir Sheikh | -Executive Director | |
Mian Bakhtawar Tanvir Sheikh | -Non-Executive Director | |
Mian Shafi Anis Sheikh | -Non-Executive Director | |
Maj. (R) Javed Mussarat | -Independent Director | |
Syed Raza Abbas Jaffari | -Independent Director | |
Mr. Tariq Rahim Anwar | -Independent Director | |
AUDIT COMMITTEE | Maj. (R) Javed Mussarat | - Chairman |
Mian Aziz Ahmad Sheikh | - Member | |
Mian Bakhtawar Tanvir Sheikh | - Member | |
HR & REMUNERATION | Mr. Tariq Rahim Anwar | - Chairman |
COMMITTEE | Mian Aziz Ahmad Sheikh | - Member |
Mian Bakhtawar Tanvir Sheikh | - Member | |
CHIEF FINANCIAL OFFICER | Muhammad Ehsanullah Khan | |
COMPANY SECRETARY | Muhammad Irfan Siddique | |
HEAD OF INTERNAL AUDIT | Mahmood ul Hassan | |
AUDITORS | M/s. Yousuf Adil | |
Chartered Accountants, | ||
Mehar Fatima Tower, | ||
Opposite High Court, Multan. | ||
LEGAL ADVISOR | Mr. Khalil-ur-Rehman - Advocate | |
Lahore. | ||
BANKERS | Habib Bank Limited | |
Bank Al-Habib Limited | ||
Habib Metropolitan Bank Limited | ||
United Bank Limited | ||
Faysal Bank Limited | ||
The Bank of Punjab | ||
Bank Alfalah Limited (Islamic Banking) | ||
Meezan Bank Limited | ||
National Bank of Pakistan (Islamic Banking) | ||
Askari Bank Limited | ||
Bank Islami Pakistan Ltd. | ||
REGISTERED OFFICE | 2-Industrial Estate, Multan Cantt. | |
MILLS (Unit I-II-IV & Ginning Unit) | M.M. Road, Chowk Sarwar Shaheed, | |
Distt. Muzaffargarh. | ||
MILLS (Unit III) | Rajana Road, Pirmahal, | |
Distt. Toba Tek singh. | ||
SHARES REGISTRARS | M/s Hameed Majeed Associates (Pvt.) Ltd. | |
H.M House, 7-Bank Square, Lahore. |
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Maqbool Textile Mills Limited
M A Q B O O L
NOTICE OF ANNUAL GENERAL MEETING
Notice is hereby given that the 34th Annual General Meeting of the Company will be held on Friday October 28, 2023 at 12:30 PM at its registered office, 2-Industrial Estate, Multan, to transact the following business:
ORDINARY BUSINESS
- To confirm the minutes of the Annual General Meeting of the Company held on October 28, 2022.
-
To receive, consider and adopt the Annual audited financial statements of the Company together with the
Directors', Auditors' Reports and Chairman Review thereon for the year ended June 30, 2023. - To appoint auditors of the Company for the year 2023-24, who will hold office from the conclusion of this
meeting until the conclusion of the next Annual General Meeting of the Company and to fix their remuneration. - To transact any other business with the permission of the Chair.
BY THEORDER OF THEBOARD
Sd/-
(M.Irfan Siddique)
COMPANY SECRETARY
Multan, October 07, 2023
NOTES:
1. The Shares Transfer Books of the Company will remain closed from 21-10-2023 to 28-10-2023 (both days inclusive). Shares transfer received at the Company's Shares Registrar's Office, M/s Hameed Majeed Associates (Pvt.) Limited, H.M. House, 7-Bank Square, Lahore by the close of business on October 20, 2023 will be treated in time.
- A member entitled to attend and vote at this meeting is entitled to appoint any other member as a proxy to attend, speak and vote instead of him/her. A proxy must be a member. Proxy Forms duly stamped with Rs.5/- revenue stamp, signed and witnessed by two persons, in order to be valid must be received at the Registered Office of the Company not later than 48 hours before the time of holding the meeting.
- Any individual beneficial owners of CDC, entitled to attend and vote at this meeting must bring his/her CNIC or passport to prove his/her identity and in case of proxy must enclose an attested copy of his/ her CNIC or passport. In case of corporate members, the Boards' resolution or power of attorney with specimen signatures of the nominee shall require to be produced at the time of meeting.
- For the convenience of Members, a Standard Request Form with appropriate details has been posted on the Company's website. Those Members who opt to receive the annual audited financial statements through CD/DVD/USB instead in the form of hardcopies may apply to the Company Secretary at his postal or email address irfan@maqboolgroup.com
- Members are requested to submit an attested photocopy of their valid Computerized National Identity Cards (CNICs) as per SECP's direction, if not provided earlier and also communicate to the Company immediately of any change in their addresses.
- Members can also avail Video Conference facility in (name of cities where facility can be provided keeping in view geographical dispersal of members). In this regard please fill the following and submit to the registered address of the Company within ten (10) days before holding of general meeting:
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