Mohsin Annual Report-Final 1-91:Layout 1.qxd - Siemens Pakistan

More documents

Recommendations

Info

8Lorem ipsum ess“Compliance is not a statictopic, it is considered to bea dynamic objective and toremain compliant sine diehas always been an objectiveof the Company.”Sohail Wajahat H. SiddiquiManaging Directorand Chief Executive Officer
Directors’ Report 9Dear Shareholders,The Company ensures that corporate governance principles remain tobe integral part of its operating, decision-making and monitoringprocesses. The Company respects the rights of its shareholders andencourages their active participation in all general meetings of theCompany. The Company also recognizes its legal obligations towardsall of its legitimate stakeholders and business partners.The Directors are pleased to present the Annual Report and the audited financial statements for the yearended September 30, 2007 together with Auditors' report thereon.Last year's performance of your Company was once again the best ever. The Business Units continuedto focus on profitable growth keeping the momentum which the Company has achieved throughoperational excellence and good corporate governance. The Board of Directors remained very vigilant ofthe affairs of the Company through out the year and participated in all major decisions. The managementalso kept the Board well informed on all matters of significance and took every decision in the bestinterest of the shareholders.The year under review is unique in the history of the Company as the founding business, theCommunication business (COM business), was sold pursuant to a decision of Siemens AG (SAG), themajority shareholder of the Company, to globally carve-out its COM business. After taking your approvalin the fifty fourth Annual General Meeting held on December 27, 2006, the COM Carrier business ofSiemens Pakistan was transferred to Nokia Siemens Networks Pakistan (Pvt.) Limited on April 1, 2007and COM Enterprise Network business of the Company was transferred to Siemens EnterpriseCommunications (Pvt.) Limited on August 2, 2007 in line with the global carve-out plan provided bySAG.The Company has received an aggregate sale price of Rs 2,451 million and the whole transaction hasresulted in net after tax capital gain of Rs 1,498 million to the Company. We have all the intentions ofinvesting the proceeds received by the Company to further increase shareholders' value.Amalgamation of Carrier Telephone Industries (Pvt.) Limited (CTI) into the Company was anothersignificant event of the year. Your Company had acquired 52.51% shares of CTI from PakistanTelecommunication Company Limited and took over the management control in December 2005. Inorder to have better control and to get benefit of synergies, it was decided by the Board that the businessof CTI should be amalgamated into the Company and for that reason a scheme of amalgamationwas prepared and approved by the Board. According to the scheme of amalgamation, the Company alsoissued its 477,440 fully-paid ordinary shares to Siemens AG in consideration of their 47.49% shareholdingin CTI. In April 2007, the Company and CTI jointly filed a petition for sanction of the proposedscheme of amalgamation in the Hon'ble Lahore High Court, Rawalpindi Bench, which was approved bythe Hon'ble High Court in November 2007. Upon sanction of the scheme, entire undertaking of CTI hasbeen transferred to and vested in Siemens Pakistan with effect from October 1, 2006.Highlights of the national economyAccording to official statistics, Pakistan's economy continued to perform remarkably and real GDPgrowth accelerated to 7 percent in 2006-2007 against the estimated growth of 6.6 percent. Over thelast four years the real GDP has grown at an average rate of 7.5 percent and Pakistan has turned out tobe one of the fastest growing economies in Asia along with China, India and Vietnam. This impressiveGDP growth is primarily attributable to development and implementation of sound economic policies,on-going structural reforms and persistent influx of foreign investment. All three major sectors, namely
Page 2 and 3: Foundation (NSF) support. And from
Page 5 and 6: Company Information 5
Page 10 and 11: 10Directors’ Reportagriculture, m
Page 12 and 13: 12Directors’ ReportKey Operating
Page 14 and 15: 14Directors’ ReportAppropriations
Page 16 and 17: 16Directors’ ReportPattern of Sha
Page 18 and 19: 18Directors’ Reportrecommendation
Page 20 and 21: 20Directors’ Reportagement's conc
Page 22 and 23: 22Directors’ ReportThe Company fo
Page 24 and 25: 24Pattern of ShareholdingSiemens (P
Page 26 and 27: 26Our ValuesOur ValuesExcellenceInn
Page 28 and 29: 28Fit 4 2010Performanceand Portfoli
Page 30 and 31: 30Fit 4 2010OperationalExcellenceSi
Page 32 and 33: 32Fit 4 2010People are the basisof
Page 34 and 35: 34Fit 4 2010
Page 36 and 37: 36Power Transmission and Distributi
Page 46 and 47: Lorem ipsum ess 46Our Vision“Crea
Page 48 and 49: 48Industrial Solutions & Power Gene
Page 51 and 52: Industrial Solutions &Power Generat
Page 53 and 54: Industrial Solutions & Power Genera
Page 55 and 56: Industrial Solutions & Power Genera
Page 57 and 58:
Industrial Solutions & Power Genera
Page 59 and 60:
Industrial Solutions &Power Generat
Page 61 and 62:
Automation & Drives 61
Page 63 and 64:
Automation & Drives 63Motors & Alte
Page 65 and 66:
Our Values 65Excellence“Attractin
Page 67 and 68:
Automation & Drives 67IndustryThe n
Page 69 and 70:
MOTAC 69
Page 71 and 72:
MOTAC 71Medical SolutionsGambat Ins
Page 73 and 74:
MOTAC 73HealthcareIn the new “Nat
Page 75 and 76:
MOTAC 75Transportation SystemsThe B
Page 77 and 78:
MOTAC 77MobilityPakistan will see t
Page 79 and 80:
MOTAC 79Carrier Telephone Industrie
Page 81 and 82:
Locally Manufactured Products and S
Page 83 and 84:
Page 85 and 86:
Page 87 and 88:
Page 89 and 90:
Our Values 89InnovationAL FAHIDI su
Page 91 and 92:
Corporate Committee 91Mansoor Faroo
Page 93 and 94:
Notice of Meeting 93FOR APPOINTMENT
Page 95 and 96:
Statement of Compliance 9516. All m
Page 97 and 98:
Auditors’ Report 97Auditors’ Re
Page 99 and 100:
Balance Sheet 99Siemens (Pakistan)
Page 101 and 102:
Cash Flow Statement 101Siemens (Pak
Page 103 and 104:
Notes to the Financial Statements 1
Page 105 and 106:
Page 107 and 108:
Page 109 and 110:
Page 111 and 112:
Page 113 and 114:
Page 115 and 116:
Page 117 and 118:
Page 119 and 120:
Page 121 and 122:
Page 123 and 124:
Page 125 and 126:
Page 127 and 128:
Page 129 and 130:
Siemens (Pakistan) Engineering Co.
show all

Mohsin Annual Report-Final 1-91:Layout 1.qxd - Siemens Pakistan

Create successful ePaper yourself

Delete template?

Save as template?