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8/3/2019 Financial Statement Sitara (Cg Presentation)
http://slidepdf.com/reader/full/financial-statement-sitara-cg-presentation 1/12
GROUP MEMBERS
AMMAR ALI 105
M BILAL 113
MIRZA FARHAN 153
GOVERNMENT COLLEGEUNIVERSITY FAISALABAD
8/3/2019 Financial Statement Sitara (Cg Presentation)
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FINANCIAL STATEMENT
OF SITARA CHEMICALINDUSTRIES LIMITED
8/3/2019 Financial Statement Sitara (Cg Presentation)
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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.
8/3/2019 Financial Statement Sitara (Cg Presentation)
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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.
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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.
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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 .
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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.
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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.
8/3/2019 Financial Statement Sitara (Cg Presentation)
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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.
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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.
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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.
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THANK YOU