Millat Tractors Limited

Topics: Financial statements, Income statement, Balance sheet Pages: 11 (898 words) Published: December 8, 2014
subject: Financial Reporting
Millat Tractors Limited
Synopsis of Annual Director report 2013

Touqeer Hussain Awan

Submitted To:
Sir Ubaid Ur Rehman

ABOUT MILLAT TRACTORS LIMITED
BOARD OF DIRECTORS
CHAIRMAN
MR. SIKANDAR MUSTAFA KHAN
CHIEF EXECUTIVE
SYED MUHAMMAD IRFAN AQUEEL
MR. LATIF KHALID HASHMI
MR. SOHAIL BASHIR RANA
MR. LAEEQ UDDIN ANSARI
MIAN MUHAMMAD SALEEM
MR. MANZOOR AHMED (NIT NOMINEE)
MR. SAAD IQBAL
COMPANY SECRETARY
MIAN MUHAMMAD SALEEM
CHIEF FINANCIAL OFFICER
MR. JAVED MUNIR

The Directors think delight in presenting their 50th annual report together with audited accounts of the Company for the year ended June 30, 2013.

APPROPRIATIONS
The Directors suggested a payment of closing cash dividend @ Rs. 25.00 per share (250%) with issuance of 10% Bonus Shares. The abovementioned payout shall be in adding to the interim cash dividend of Rs.30.00 per share (300%) and 10% Bonus shares already issued assembly a total payout of Rs. 55.00 per share (550%) as cash dividend and 20% Bonus shares. DIRECTOR REPORT

TO THE SHAREHOLDERS
EARNINGS PER SHARE
Earning per share June 30, 2013 was Rs. 53.11 as against Rs. 49.11 of the last year.

BOARD OF DIRECTORS
The board of directors are eight which seven were designated in the extra ordinary meeting established on November 01,2012. During the year MCB Nominee Director Mr. S.M Tanveer resigned from the Board. Since then there has been no change in the composition of the Board.

During the year, five Board meetings were held. The number of meetings attends by each director is given hereunder:

Name of director
Meeting attended
Mr. Sikandar M. Khan - Chairman
5
Syed Muhammad Irfan Aqueel-CEO
4
Mr. Latif Khalid Hashmi
5
Mr. Sohail Bashir Rana
5
Mr. Laeeq Uddin Ansari
5
Mian Muhammad Saleem
5
Mr. Manzoor Ahmed
2
Mr. Saad Iqbal
2

HUMAN RESOURCE & REMUNERATION COMMITTEE
The Human Resource & Remuneration Committee was making up by the Board in its 139th meeting apprehended on November 12, 2012 comprising of the following members. During the period one meeting of the Committee was held. All members were attended the meeting. DUTY & TAXES

Duty & Taxes information about taxes are given in the particular notes the accounts. AUDITORS
The present auditor M/s Ernst & Young Ford Rohdes Sidat Hyder, CA, retire and offer his self again for re-appointment. STATEMENT ON CORPORATE FINANCIAL REPORTING FRAME WORK
The Company has complied with all the requirements of the Code of Corporate Governance as required by the listing regulations. According to directors are satisfied to verify the following: I. The financial statements together with the notes thereon have been strained up on the traditional values with the company’s ordinance, 1984. II. Proper books and accounts are proper maintained.

III. Accounting policies have been appropriately maintained which obey the rules to the international accounting standards as applicable in Pakistan. IV. The IRFS are followed properly when financial statement was prepared. V. The internal control system is appropriately executed.

VI. There no indecision upon the company’s capability to keep on as going concern. VII. There has been best corporate governess practices.
VIII. Operating and financial date for last six month is safe and secure. IX. The principles of investment of provident, gratuity and pension funds based on their audited financial records as on dated June 30,2013. Provident fund Rs.575 million

Gratuity fundRs.491 million
Pension fundRS.878 million

CODE OF CONDUCT
The code of conduct is available in company website. Where standards and corporate values for promotion of integrity of the board.

RELATED PARTY TRANSACTIONS
All transaction with related parties are reviewed and approved by the board.

NUMBER OF EMLOYEE
The number of permanent employee as on June 30, 2013 was 452 compared to 453 of last year. CONSOLIDATED FINANCIAL STATEMENTS...
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