NIMIR RESINS LIMITED ANNUAL
REPORT
2023
Table of Contents
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06
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08
09
10
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16
18
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60
63
Company Information
Vision and Mission Statement
Chairman's Message
CEO's Message
Our Performance
Wealth Generated and Distributed
Year at a Glance
Key Operating & Financial Data for Last Six Years
Core Business
Directors' Report
Statement of Compliance CCG
Auditors' Review Report to the Members CCG
Auditors' Report to the Members
Financial Statements
Notes to the Financial Statements
Pattern of Shareholding
Notice of Annual General Meeting
Form of Proxy
Company Information
Board of Directors
Sheikh Amar Hameed | - Chairman |
Mr. Zafar Mahmood | - Chief Executive Officer |
Mr. Khalid Mumtaz Qazi | |
Mr. Muhammad Yahya Khan | |
Mr. Osman Hameed | |
Mr. Khalid Siddiq Tirmizey | |
Mr. Pervaiz Ahmad Khan | |
Mrs. Nazia Qureshi |
Chief Financial Officer
Syed Sajid Nasim
Company Secretary
Mr. Muhammad Inam-ur-Rahim
Head of Internal Audit
Mr. Umair Tahir
Auditors
Crowe Hussain Chaudhury & Co.
Chartered Accountants
Audit Committee
Mr. Pervaiz Ahmad Khan | - Chairman |
Mrs. Nazia Qureshi | - Member |
Mr. Osman Hameed | - Member |
Human Resources &
Remuneration Committee
Mr. Khalid Siddiq Tirmizey | - Chairman |
Sheikh Amar Hameed | - Member |
Mr. Zafar Mahmood | - Member |
Share Registrar
Corplink (Pvt.) Limited
Wings Arcade, 1-K Commercial,
Model Town, Lahore. Pakistan.
Tel: +92 42 35916714 & 19
Fax: +92 42 35869037
www.corplink.com.pk
Legal Advisors
M/s Hassan & Hassan
Advocates
Bankers
Al Baraka Bank (Pakistan) Limited
Askari Bank Limited
Bank Alfalah Limited
Bank Islami Pakistan Limited
Habib Bank Limited
Habib Metropolitan Bank Limited
JS Bank Limited
MCB Bank Limited
Meezan Bank Limited
Pak Brunei Investment Company Limited
Soneri Bank Limited
The Bank of Punjab
Registered Office / Plant - 1
14.5 Km, Lahore-Sheikhupura Road, Lahore, Pakistan.
Tel : +92 42 37971512-14
Fax: +92 42 37970229
Plant - 2
14.8 Km, Sheikhupura-Faisalabad Road, Bhikhi, Dist. Sheikhupura. Pakistan.
Tel : +92 56 3883001 - 7
Fax: +92 56 3883010
Head Office
122-B, New Muslim Town,
Lahore, Pakistan.
Tel : +92 42 35926090-93
Fax: +92 42 35926099
Karachi Office
607, Progressive Centre, Block-6,
PECHS, Shahrah-e-Faisal, Karachi.
Tel : +92 21 34327661-62
Web Site
www.nimir.com.pk
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Nimir Resins Limited
Annual Report 2023
3
Chairman's Message
Dear Members
On behalf of the Board of Directors of Nimir Resins Ltd. I am pleased to present to you the audited annual financial statements of the company for the year ended 30th June 2023.
I'm sure you are all well aware that this year saw unprecedented inflation and an extraordinary increase in bank interest rates. Devaluation of our currency, which may be considered a consequence of the high inflation, further compounded the difficulties faced by industry in Pakistan.
High interest rates were intended to fight inflation by curtailing demand. In spite of this reduction in demand your company managed to increase sales revenue by 13.5%.
The chemical industry has to import various raw materials which are not produced in the country. Devaluation directly increased the cost of all imported raw materials. Again, in spite of this and By the Grace of Allah, the company improved its gross profit percentage.
High interest rates have a very negative impact on industry and businesses in the country. Your company's financial cost increased by Rs.162 million and the company paid Rs. 382 million to banks.
Even after paying such a huge amount in financial charges the company increased its net profit for the year. For the past six years now the company's net worth has increased steadily every year.
The above success can be attributed to two reasons. The blessings of Allah and a very competent and efficient management.
Our management is committed to continue profitable growth in the years to come Inshallah and, at the same time, adhere to good ethical values and social responsibility including efforts to reduce carbon footprint.
On behalf of the board I would like to thank our customers, suppliers, management and all other stakeholders for their invaluable support. May Allah continue to bless all of us.
May Allah keep us all blessed.
Sheikh Amar Hameed
Chairman
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Nimir Resins Limited
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Nimir Resins Ltd. published this content on 06 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 October 2023 04:15:19 UTC.
