Financial Statement Sitara (Cg Presentation)

8/3/2019 Financial Statement Sitara (Cg Presentation)

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GROUP MEMBERS

AMMAR ALI 105

M BILAL 113

MIRZA FARHAN 153

GOVERNMENT COLLEGEUNIVERSITY FAISALABAD



FINANCIAL STATEMENT

OF SITARA CHEMICALINDUSTRIES LIMITED



VISION AND MISSION

VISION:

Strive to develop and employ innovative

technological solutions to add value to

business with progressive and proactive

approach.

MISSION:

Continuing growth and diversification for bottom line results with risks well

contained.



CODE OF ETHICS AND

BUSINESS PRACTICES

We believe in stimulating and

challenging team oriented work

environment that encourages,develops and rewards excellence

and diligently serve communities,

maintaining high standards of moral and ethical values.



COMPANY INFORMATION

Board of directors consist of 8 members

five executive and three non

executive directors . Haji Bashir Ahmed is chairman of board and a

close relative of CEO, Mr Muhammad

Adrees is CEO of company and owns

62.05% of shares of company.So it is a family owned business.



CHAIRMAN¶S STATEMENT

SALES REVENUE

Net sales of company during the year are Rs.

5736 million, which shows a decrease of

7% over last year and net profit after tax is

Rs. 463 million. The company¶s textile

division has paid off all its short term and

long term loans and thus has become

completely borrowing cost free textile unit .



Gross sales of chemical divisionare decreased by 18% over last

year while textile division net sales

increased by 62% due to increasein demand in export market. Net

profit before tax decrease to Rs.

610 million from Rs. 988 million of

last year.



CORPORATE GOVERNANCE

Board of directors is mindful of its

responsibilities and duties under legal and

corporate framework. Management has

applied best practices of corporategovernance as detailed in the listing

regulations e.g.

Presentation of financial statements, books of

account, accounting policies, going

concern, audit committee and effective

internal control system.



CORPORATE SOCIAL

RESPONSIBILITY

Our organization is proactive for health

and welfare of local community. We

manage and arrange medical camps

and health awareness campaigns

frequently e.g. a free eye camp

organized near factory site and a

combined (employees and other stakeholders) annual sports fair at

factory site.



STATEMENT OF COMPLIANCE

WITH CODE OF CG

Company has applied the principles contained in the

code of corporate governance.

1-None of directors is serving as a director in more

than ten companies.2-All directors are registered tax payers and none of

them is defaulter.

3- Company has prepared statement of ethics and

business practices.

4-The meetings of board were presided by chairman

and board meets at least once in every quarter.

5-The related party transactions have been placed

before audit committee.



FUTURE PROSPECTS

The forecasting about the internationalrecession is that it would still continue for

about another one year. However, soon the

world's economy improves; your companyshall be harvesting its opportunities. Thecompany has already built a sizeableproduction capacity and there is no need of any further investment in the near future.

Moreover, lifting of anti-dumping duty byEU in March, 2009 would also escalate thecountry's exports. The expected remedialmeasure by the government will also help touplift the industry.



THANK YOU

Financial Statement Sitara (Cg Presentation)

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