Millat Vehicles Limited
subject: Economical Reporting
Millat Tractors Limited
Synopsis of Annual Director survey 2013
Touqeer Hussain Awan
Sir Ubaid Ur Rehman
REGARDING MILLAT TRACTORS LIMITED
BOARD OF DIRECTORS
MISTER. SIKANDAR MUSTAFA KHAN
SYED MUHAMMAD IRFAN AQUEEL
MR. LATIF KHALID HASHMI
MR. SOHAIL BASHIR RANA
MR. LAEEQ UDDIN ANSARI
MIAN MUHAMMAD SALEEM
MISTER. MANZOOR AHMED (NIT NOMINEE)
MR. SAAD IQBAL
MIAN MUHAMMAD SALEEM
CHIEF ECONOMICAL OFFICER
MR. JAVED MUNIR
The Company directors think enjoy presenting all their 50th twelve-monthly report together with audited accounts of the Company for the season ended 06 30, 2013.
The Directors suggested a repayment of closing cash dividend @ Rs. 25. 00 per talk about (250%) with issuance of 10% Bonus Shares. The abovementioned payout shall be in adding to the interim cash dividend of Rs. 30. 00 every share (300%) and 10% Bonus shares already given assembly a total payout of Rs. fifty-five. 00 per share (550%) as cash dividend and 20% Reward shares. DIRECTOR REPORT
TOWARDS THE SHAREHOLDERS
INCOME PER TALK ABOUT
Earning every share Summer 30, 2013 was Rs. 53. 14 as against Rs. forty-nine. 11 with the last year.
BOARD OF ADMINISTRATORS
The plank of administrators are 8 which eight were designated in the extra ordinary conference established about November 01, 2012. In the past year MCB Nominee Director Mr. S. Meters Tanveer resigned from the Panel. Since then there have been no difference in the structure of the Plank.
During the year, five Board meetings were hosted. The number of conferences attends simply by each overseer is given hereunder:
Name of director
Mister. Sikandar M. Khan -- Chairman
Syed Muhammad Irfan Aqueel-CEO
Mr. Latif Khalid Hashmi
Mr. Sohail Bashir Rana
Mister. Laeeq Uddin Ansari
Mian Muhammad Saleem
Mr. Manzoor Ahmed
Mr. Saad Iqbal
a couple of
HUMAN RESOURCE & REMUNERATION COMMITTEE
The Human Source & Remuneration Committee was making up by the Board in the 139th conference apprehended about November doze, 2012 including of the pursuing members. During the period 1 meeting with the Committee occured. All people were went to the getting together with. DUTY & TAXES
Duty & Income taxes information about taxes are given in the particular paperwork the accounts. AUDITORS
The current auditor M/s Ernst & Young Ford Rohdes Sidat Hyder, CALIFORNIA, retire and give his home again for re-appointment. STATEMENT ON BUSINESS FINANCIAL CONFIRMING FRAME JOB
The Company provides complied with the requirements in the Code of Corporate Governance as necessary by the real estate regulations. In accordance to directors are satisfied to check the following: I. The economic statements with the notes on it have been stretched up on the traditional values together with the company's code, 1984. II. Proper literature and accounts are correct maintained.
III. Accounting policies have been properly maintained which obey the principles to the worldwide accounting requirements as relevant in Pakistan. IV. The IRFS happen to be followed effectively when economic statement was prepared. V. The internal control system is correctly executed.
MIRE. There zero indecision upon the company's power to keep on while going concern. VII. There has been best corporate and business governess practices.
VIII. Working and financial date pertaining to last couple of months is safe and secure. IX. The principles of investment of provident, gratuity and pension funds depending on their audited financial documents as upon dated June 30, 2013. Provident fund Rs. 575 million
Gratuity fundRs. 491 , 000, 000
Pension fundRS. 878 mil
CODE OF CONDUCT
The code of conduct will come in company site. Where specifications and corporate beliefs for campaign of integrity of the table.
RELATED PARTY TRANSACTIONS
Most transaction with related celebrations are reviewed and approved by the plank.
VOLUME OF EMLOYEE
The amount of permanent worker as about June 30, 2013 was 452 when compared to 453 of last year. CONSOLIDATED FINANCIAL STATEMENTS...