Karachi, Babri Cotton Mills Limited informed Pakistan Stock Exchange that annual general meeting of the company is scheduled to be held on November 27, 2017 at Karachi.
The agenda of the meeting will be confirming the minutes of the Extraordinary General Meeting held on March 30, 2017, to receive, consider and adopt the Annual Audited Financial Statements of the Company for the year ended June 30, 2017 together with the Director’s and Auditors’ reports thereon, to appoint Auditors for the Financial Year 2017, 2018 and Fix their remuneration and to consider any other business with the permission of the Chair.
Further, the closed period of the company is from November 21, 2017 to November 27, 2017 (both days inclusive).
Babri Cotton Mills Limited was incorporated on the 26th of October, 1970 as a Public Limited Company under the capable professional guidance of founder chairman (Late) Lt.General (R) M Habibullah Khan Khattak. It was established as a textile spinning unit at Kohat with a capacity of 25,056 spindles. The mill is located in Kohat at a distance of 55 km south of Peshawar. Its Commercial production started in 1973.
The textile industry in Pakistan suffered a serious crisis from 1977 to 1985. Many mills were forced to close down their weaving and processing units especially in Khyber Pakhtunkhwa (Formerly N.W.F.P). However, from 1986 onwards the management of the company with untiring efforts converted this unit back to a profit earning unit. The Company from its own resources has added another 27984 spindles along with complete back process till 2010.
The Company is engaged in production of super fine counts of 80s combed yarn from extra-long staple cotton of USA Pima and CIS origin. We also manufacture and sell 52/s combed yarn which is being sold at premium.
The company has invested since 1995 a total sum of Rs. 399.767 million in plant and machinery under balancing modernization and replacement (BMR) scheme out of its own cash resources Rs. 178.767 million and 221.000 million loan obtained from National Bank of Pakistan. Presently the mill is equipped with 53,040 spindles (109 Ring Frames) with complete latest model back process and auto coners. All products pass through a stringent Quality Management System and are supervised by laboratory checks to ensure conformity to the highest standards.
The total capacity of the mills is now 53,040 spindles & 400 rotors. The Mill employs around 1200 full time employees.
The symbol “BCML” is being used by the stock exchange for Babri Cotton Mills Limited.