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LASCO Manufacturing Limited - Lasco Jamaica

LASCO Manufacturing Limited 1. annual Report | 2013 . Our&. annual Report | 2013 . Vision To become a global corporate leader, through innovation and entrepreneurship. Driven by a passion for excellence and compassion for our fellowman, we will make LASCO a world name, synonymous with integrity, value and service. Mission To provide quality products and services to our customers, ensure profitability, promote employee development. VISION. Being the To become a global corporate leader, through innovation and entrepreneurship.

Annual Report | 2013 4 NOTICE IS HEREBY GIVEN that the Annual General Meeting of LASCO MANUFACTURING LIMITED will be held at the Terra Nova All-Suite Hotel, 17 Waterloo Road, Kingston 10 on Monday, September 30, 2013 at 10:00am. The proposed resolutions are as follows: ORDINARY BUSINESS Ordinary Resolutions 1. Stock Option Plan

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Transcription of LASCO Manufacturing Limited - Lasco Jamaica

1 LASCO Manufacturing Limited 1. annual Report | 2013 . Our&. annual Report | 2013 . Vision To become a global corporate leader, through innovation and entrepreneurship. Driven by a passion for excellence and compassion for our fellowman, we will make LASCO a world name, synonymous with integrity, value and service. Mission To provide quality products and services to our customers, ensure profitability, promote employee development. VISION. Being the To become a global corporate leader, through innovation and entrepreneurship.

2 Driven by a passion for excellence and compassion for our fellow man, we will make LASCO a world name, synonymous with integrity, value and service. MISSION. To provide quality products and services to our customers, ensure profitability and promote employee development. Being the best .. Always. LASCO Manufacturing Limited 1. annual Report | 2013 . Key Financial Performance Indicators Key financial performance indicators are set out below: As at March 31, for the periods ended March 2013 , March 2012 and March 2011.

3 2012-13 2011-12 2010-11. REVENUE ($'000) ($'000) ($'000). $3,659,094 $3,227,502 $2,969,611. Percentage Change Gross Profit $1,044,229 $917,688* $934,501. Percentage Change 14% - 2% GROSS MARGIN PROFIT FROM OPERATIONS 644,534 563,880 556,148. Percentage Change Net Cash flows from operating activities $301,238 $518,888 $200,881. Percentage Change - FINANCE COSTS 4,314 2,671 37,701. Percentage Change PROFIT BEFORE TAXATION 640,220 561,209 518,447. Percentage Change PROFIT AFTER TAXATION 640,220 587,760 401,776.

4 Percentage Change DIVIDEND PAID 57,220 61,304 Percentage Change - LONG TERM DEBT $1,005,855 $ SHAREHOLDER'S EQUITY 1,939,703 1,356,702 830,246. Percentage Change * Restated for comparative purposes 2 Our success is driven by our people and their commitment to our company annual Report | 2013 . Contents 1 Our Vision and Mission 27 Red Hills Road, Kingston 10 2 Key Financial Performance Indicators Jamaica , 4 Notice of annual General Meeting 5 Corporate Data 6 Shareholders' Profile 7 Top Ten Shareholders 8 Chairman's and Managing Director's Letter 10 Chairman's Profile 14 Board of Directors 16 Management Team 17 Corporate Governance 19 Directors' Report 20 Organizational Chart 21-25 Management Discussion and Analysis Our Business Commitment to Shareholders Business Strategy Financial Performance Financial Strategies Financial Position 26 Factory Expansion - Photographs 27 Human Resource

5 Development 28 Risk Management 29 Company Awards 32 Company Outlook 34 Corporate Social Responsibility 37 Marketing Activities 40-68 Financial Statements 69 Proxy Form LASCO Manufacturing have formed strategic alliances to increase their ability to promote high-quality products in international markets. We export the LASCO produced products as well as the range of branded products through distributors in the Caribbean, North America, Canada and the United Kingdom. We are benefiting from the alliance formed with our distributors, their distribution network, consistent customer service, streamlined operations, and opportunities in a broader range of markets.

6 LASCO Manufacturing Limited 3. annual Report | 2013 . Notice of annual General Meeting NOTICE IS HEREBY GIVEN that the annual General annual general meeting. Mr. Vincent Chen being Meeting of LASCO Manufacturing Limited will be eligible offered himself for election as a director of held at the Terra Nova All-Suite Hotel, 17 Waterloo Road, the Company. Kingston 10 on Monday, September 30, 2013 at 10:00am. The proposed resolutions are as follows: The proposed resolution is therefore as follows: ORDINARY BUSINESS To consider and if thought fit pass the following resolution: Ordinary Resolutions (iii) THAT Vincent Anthony Chen be and is hereby 1.

7 Stock Option plan elected a Director of the Company.. THAT the following resolution be considered by the members and if thought fit be passed as an ordinary resolution of the 4. Directors Remuneration Company: To consider and if thought fit, pass the following resolution: BE IT RESOLVED: THAT, the Directors' remuneration shall be such amount as the Board of Directors, or any appropriate THAT the Directors be and are hereby authorized to enter Committee of the Board of Directors, may determine, into a stock option plan for up to but not more than 5% of the pursuant to Article 77 of the Company's Articles of issued ordinary shares of the Company with such of the Incorporation.

8 Employees of the Company as the directors might determine upon such terms and conditions and subject to such rules 5. Appointment of Auditors and their Remuneration and regulations as the directors shall in their absolute discretion determine and to execute such deeds agreements To consider and if thought fit, pass the following resolution: documentation or other assurances as might be required and THAT Messrs BDO, having signified their to enter into such engagements and arrangements as might be willingness to serve, continues in office as Auditors of necessary for the due operation and administration of such a the Company until the conclusion of the next annual plan .

9 General Meeting at a remuneration to be agreed with the Directors.. 2. Audited Accounts To consider and if thought fit, pass the following resolution: SPECIAL RESOLUTION. THAT the Audited Accounts for the year ended March 31, 2013 and the Reports of the Directors and Auditors, circulated 1. Increase the number of Board of Directors with notice convening the meeting, be and are hereby adopted. It is desirable that the number of Directors be increased from eight (8) to twelve (12) and that the Articles of 3.

10 Election of Directors the Company be amended to facilitate this, in consequence of which the following resolution is proposed as a special Article 97 of the Company's Articles of Incorporation resolution of the company: provides that one-third of the Directors, if their number is not three (3) or a multiple of three (3), the number nearest one- BE IT RESOLVED: third (1/3), shall retire from office at each annual General THAT Article 76 be and is hereby amended by deleting the Meeting and Article 98 of the company's Articles of word and number eight (8) and inserting in their stead the Incorporation provides that the Directors to retire in every word and number twelve (12) so that the Article 76 shall year shall be those who have been longest in office since their henceforth read as follows: last election.


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