Page 53 - Interloop Annual Report 2018-2019

3. Appropriate accounting policies have been consistently Meetings of the Board of Directors & by the Board. Audit Committee reviews the internal control Material Changes
applied in preparation of the financial statements and system on quarterly basis, in accordance with its terms of
accounting estimates are based on reasonable and Committees reference. There have been no material changes since June 30, 2019
prudent judgment Since Interloop Limited became listed on the Pakistan to date of the report and the company has not entered into
4. International Financial Reporting Standards, as Stock Exchange on April 5, 2019, the information on the Pattern of Shareholding any commitment during this period which would have an
applicable in Pakistan, have been followed in meetings of the Board of Directors of the company is being adverse impact on the financial position of the company.
preparation of financial statements and any departure shared from date of formal listing. Two meetings of Board of Two statements of the pattern of shareholding as at June
there from has been adequately disclosed Directors and one meeting each of Audit Committee and HR 30, 2019, for Ordinary Shares, & Non-Voting Ordinary Shares Description of Principal Risks
5. A mission statement, vision and overall corporate & Remuneration Committee were held respectively during respectively, which are required to be disclosed under the
strategy for the company is prepared, adopted and the year after listing on PSX. Attendance by the directors/ reporting framework, are annexed to this report. & Uncertainties
reviewed as and when deemed appropriate by the members is as follows:
Board DirectorsÍ Remuneration We expect no principal risks & uncertainties as at the closing
6. The system of internal control is sound in design and period of June 30, 2019.
has been effectively implemented and monitored Board of Directors: The remuneration of the Board members is approved by
7. There are no significant doubts upon the company’s » Musadaq Zulqarnain (Chairman) 2 the Board itself. However, in accordance with the code of Business Risks, Challenges
ability to continue as a going concern » Navid Fazil (Chief Executive Officer) 2 corporate governance, it is ensured that no Director takes
8. There has been no material departure from the best » Jahan Zeb Khan Banth 2 part in deciding his own remuneration. The company does And Future Outlook
practices of corporate governance as detailed in the » Muhammad Maqsood 2 not pay remuneration to non-executive directors except fee
listing regulations » Shereen Aftab 0 for attending the meetings. While observing the rise in immense global competition in
» Saeed Ahmad Jabal 2 textiles, including speed to market requirements by retailers
and brands, the company has to keep an eye on the shift in
Composition of Board of » Tariq Iqbal Khan 2 External Auditors sourcing patterns. This can be effectively mitigated through
Directors Audit Committee: The present auditors M/s. Kreston Hyder Bhimji & Company, efficiency improvements & interventions in supply chain thus
reducing lead times.
Chartered Accountants, are retiring and being eligible, offer
Interloop Limited has seven member (6 Male & 1 Female) » Tariq Iqbal Khan (Chairman) 1 themselves for re-appointment. The Board of Directors With the present economic conditions that are expected to
Board of Directors which comprises of individuals with » Saeed Ahmad Jabal 1 proposes the re-appointment of M/s. Kreston Hyder Bhimji prevail for foreseeable period, the company aims to develop
diverse backgrounds having core competencies, knowledge » Jahan Zeb Khan Banth 1 & Company, Chartered Accountants, as the auditors until the and implement measures that will enable the company
and expertise relevant to the business of the company. next Annual General Meeting. to minimize the adverse effects. We feel, in today’s highly
The Board is assisted by its sub-committees i.e., Audit competitive global environment, the textile sector in Pakistan
Committee, Human Resource and Remuneration Committee HR & Remuneration Committee: Health, Safety & Environment needs to upgrade its supply chain, improve productivity, and
and Nomination Committee. These sub-committees held maximize value-addition to be able to survive in the global
meetings and reported to the Board as per stipulations of » Saeed Ahmad Jabal (Chairman) 1 Health, Safety & Environment is our core value. We take pride market.
the Listed Companies (Code of Corporate Governance) » Navid Fazil 1 in our practices and will ensure that we run safe operations
Regulations, 2017. The diverse mix of gender, knowledge, » Jahan Zeb Khan Banth 1 and are not a source of environmental degradation. The
expertise and skill sets of the members enhances the health and safety of our employees, the safety of our assets, Consolidated Financial
effectiveness of our Board. Our Board composition the security of our operations and healthy environment Statement
represents the interests of all categories of shareholders and Related Party Transaction always remain among the top priorities of the company.
it consists of : Safety is an all-encompassing priority for the company, from Consolidated financial statements for the period ended
and Transfer Pricing the Board down to the business units. June 30, 2019 of the company and its subsidiary IL Apparel
» Independent Directors 2 It is the policy of the company to ensure that all transactions (Private) Limited are annexed.
» Other Non-Executive Directors 3 entered with related parties must be at arm’s length. The Corporate Social
» Executive Directors 2
company has fully complied with best practices on Transfer Responsibility Acknowledgment
Pricing as contained in the Listing Regulations of Pakistan
In order to adopt and adhere to the best practices of the Stock Exchange while executing all transactions with related The Directors would like to thank all stakeholders of the
Code of Corporate Governance regulations, the company, party. The company is committed towards fulfilling its Corporate company including, customers, shareholders, vendors,
prior to filing of listing application with the PSX, appointed Social Responsibility (CSR) and actively takes part in social government agencies, bankers & all other business
Tariq Iqbal Khan and Saeed Ahmad Jabal as Independent work programs. During the year under review, as part of our associates for their continued support during the year. We
Directors of the company, followed by appointment of Jahan Adequacy of Internal CSR program, substantial contribution was made in the place on record our appreciation for the contributions made
Zeb Khan Banth as Non-Executive Director in place of the education, health, culture and sports sectors. by the employees at all level.
casual vacancy created by the outgoing Director of the Financial Controls
company. F
For & on behalf of the Board of Directorsor & on behalf of the Board of Directors
For & on behalf of the Board of Directors
The company has established an effective and efficient
Furthermore, during the period under consideration, Navid system of internal financial controls to safeguard the assets 2018 - 19
of the company, prevent and detect fraud and ensure
Fazil was appointed as the Chief Executive Officer of the
Interloop Limited company w.e.f. September 8, 2018 to fill up the casual compliance with all statutory and legal requirements. Faisalabad: Chief Executive Officer Jahan Zeb Khan Banth Annual Report
The internal control structure is regularly reviewed and
Jahan Zeb Khan Banth
Navid Fazil
vacancy caused by resignation of Musadaq Zulqarnain.
Navid Fazil
monitored by the Internal Audit function, duly established
Director
September 23, 2019
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