Synthetic Products Enterprises Limited
Annual Report 2023
Synthetic Products Enterprises Limited
Annual Report 2023
COVER STORY
With over 41 years of experience and expertise, we have built a strong presence in manufacturing high-end products steered by our passion for the utmost excellence. We set out to provide our customers with superior products and unparalleled services through the latest technologies and skilled workforce. We are eager to develop innovative, sustainable and efficient solutions.
ABOUT THIS REPORT
We are pleased to present our Annual Report for the year ended June 30, 2023. The objective of this report is to provide all stakeholders with a transparent and balanced appraisal of the material events and challenges that the business faced during the year under review. This report should be read in conjunction with the full financial statements.
SCOPE AND LIMITATION OF THIS REPORT
This annual report is for the period from July 1, 2022 to June 30, 2023 and provides an account of the Company's operational, financial, social, economic and environmental performance as well as corporate governance.
ANNUAL FINANCIAL STATEMENTS
These financial statements are also available on our website (www.spelgroup.com) and provide a detailed insight into the financial position of the Company for the period under review.
FORWARD-LOOKING STATEMENTS
This report contains certain 'forward-looking statements' which are related to the future. These statements include known and unknown risks and opportunities, uncertainties and important factors that could turn out to be materially different from current expectations following the publications of these results. These statements are as of the date of this document. The Company undertakes no obligation to update publicly or release any provisions pertaining to these forward-looking statements.
FEEDBACK
We value the feedback of our stakeholders and use it to continuously improve our reporting and to ensure that we are sharing information about matters relevant to them. Your emails are welcomed at corporate@ spelgroup.com
CONTENTS | |
About The Report | 01 |
Corporate Information | 04 |
Vision | 05 |
Company Profile | 06 |
Geographical Presence | 07 |
Code of Conduct, Culture and Ethical Principles | 08 |
Core Values | 09 |
Our Products | 10 |
Organizational Chart | 17 |
Key Performance Indicators | 20 |
Awards and Recognitions | 21 |
Calendar of Noteable Events | 26 |
Strategy and Resource Allocation | 28 |
Risks and Opportunities Report | 32 |
Sustainability and Corporate Social Responsibility | 35 |
Profile of the Directors | 36 |
Governance | 42 |
Company Significant Policies | 46 |
DuPont Analysis | 50 |
Analysis of Financial Information | 52 |
IT Governance and Cybersecurity | 54 |
Future Outlook | 55 |
Stakeholders' Relationships and Engagements | 56 |
Striving for Excellence in Corporate Reporting | 58 |
SPEL's Business Model | 60 |
Report of the Board Audit Committee | 61 |
Chairman's Review Report | 62 |
Directors' Report | 63 |
Six Years Financial Information | 69 |
Cash Flow Statement - Direct Method | 71 |
Graphical Presentation | 72 |
Horizontal Financial Analysis | 74 |
Vertical Financial Analysis | 75 |
Statement of Value Added | 76 |
Independent Auditor's Review Report | 77 |
Statement of Compliance with | |
Code of Corporate Governance | 78 |
Financial Statement | |
Independent Auditor's Report | 82 |
Statement of Financial Position | 86 |
Statement of Profit or Loss | 88 |
Statement of Comprehensive Income | 89 |
Statement of Changes in Equity | 90 |
Statement of Cash Flows | 91 |
Notes to and Forming Part of the Financial Statements | 92 |
Pattern of Shareholding | 135 |
Notice of Annual General Meeting | 138 |
Directors' Report (Urdu) | 146 |
Proxy Form (English) | 147 |
Proxy Form (Urdu) | 149 |
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