Power Cement Limited 2021
Power Cement Limited 2021
Inspiring Excellence
through Strength
07 29 37
The Annual Report 2021 provides a comprehensive Corporate Governance (CCG) and other information
overview of the financial performance and sustainability contained in this Report have been structured in
of the Company, while highlighting links between the compliance with the requirements of Companies Act
external & internal environment, Company strategy, 2017, Listed Companies (Code of Corporate
business model, integrated risk management and Governance) Regulations, 2019, Listing Regulations of
corporate governance system. the Pakistan Stock Exchange (PSX) and other local and
international good governance practices as promoted ORGANIZATIONAL OVERVIEW STRATEGY AND RESOURCE RISKS AND
In order to keep the stakeholders informed about the by ICAP / ICMAP, PSX, etc. AND EXTERNAL ENVIRONMENT ALLOCATION OPPORTUNITIES
Company’s developments, the report explains in detail
how it is creating value for its stakeholders. The There have not been any significant changes to the
financial statements comply with International Financial scope, boundary and reporting basis since the last
45 75 99
Reporting Standards (IFRS) as notified under the reporting date as of June 30, 2020.
Companies Act, 2017 and provisions of and directives
issued under this Act. This report has been designed in accordance with the
International Integrated Reporting Framework that
SCOPE AND BOUNDARY integrates the following sections:
Our report covers the period from July 1, 2020 to June
30, 2021 and subsequent events up to the issuance of • Organizational overview and external GOVERNANCE PERFORMANCE AND POSITION OUTLOOK
this report have also been explained in various sections environment
137
• International Financial Reporting Standards
(IFRS) We will continue to review our reporting regularly and
look forward to improve the information provided to
• Companies Act, 2017 and other applicable make it more useful for our shareholders.
regulations.
The online version of this report is available on our
Chairman’s Review, Directors’ Report, Audit corporate website and may be accessed through the
Committee’s Report, Report on Compliance of Code of following link: http://powercement.com.pk/page-financial. STRIVING FOR EXCELLENCE IN
CORPORATE REPORTING
TABLE OF CONTENTS
07 ORGANIZATION OVERVIEW AND EXTERNAL 45 GOVERNANCE 75 PERFORMANCE AND POSITION 113 SUSTAINABILITY AND CORPORATE SOCIAL
ENVIRONMENT 46 Chairman’s Profile 76 Analysis of the Financial and Non-Financial RESPONSIBILITY
09 Company Profile 47 CEO’s Profile Performance 114 Health, Safety and Environment
10 Products and Brands 48 Directors’ Profiles 78 Financial Ratios
11 Geographical Location 52 Management Profile 79 DuPont Analysis 132 BUSINESS MODEL
12 Vision and Mission Statement 55 Chairman’s Review Report on the Overall Board 80 Free Cash Flow
14 Corporate Information Performance 81 Economic Value Added 137 STRIVING FOR EXCELLENCE IN CORPORATE
15 Corporate History 56 Board’s Function and Decision Making 82 Summary of Cash Flow Statement - Six Years REPORTING
16 Code of Conduct and Ethical principles 56 Matters Delegated to the Management 83 Horizontal Analysis - Six Years 138 Statement of Adherence with the International
17 Core Values 56 Annual Evaluation of Board’s Performance 83 Vertical Analysis - Six Years Intergrated Reporting Framework
18 Ownership, operating structure and relationship with 56 Directors Training Program and Orientation 87 Graphical Presentation 138 Unreserved Compliance with IFRS issued by IASB
Group Companies 57 Policy of Remuneration to Non-Executive Directors 89 Quarterly Performance Analysis
20 Organogram 57 Foreign Directors 90 Results Reported in Interim Financial 139 Independent Auditor’s Review Report
22 Value Chain Analysis 57 Implementation of Governance Practices Exceeding Statements and Final Accounts 140 Statement of Compliance with the Code of Corporate
24 Significant Factors Affecting the External Environment Legal Requirements 91 Cash Flow Statement – Direct Method Governance
25 Significant changes from prior years 57 Policy on Diversity 92 Composition of Balance Sheet 143 Independent Auditor’s Report
26 Composition of local vs Imported Material and 58 Policy for Related Party Transactions 94 Share Price Sensitivity Analysis 148 Statement of Financial position
Sensitivity Analysis 58 Details of any Board Meetings held Abroad 96 Key Performance Highlights 150 Statement of Profit or Loss and Other
27 Competitive landscape and market positioning 58 Policy for Disclosure of Conflict of Interest 97 Calendar of Major Events Comprehensive Income
59 Investors’ Grievance Policy 151 Statement of Cash Flows
29 STRATEGY AND RESOURCE ALLOCATION 59 Policy for Safety of Records 99 OUTLOOK 152 Statement of Changes in Equity
30 Strategic Objectives, Strategies in Place and Key 59 IT Governance Policy 100 Forward Looking Statement 153 Notes to the Financial Statements
Performance Indictors (KPIs) 59 Whistle Blowing Policy 101 Analysis of Forward Looking Disclosures Made in the 204 Pattern of Shareholding
32 Resource Allocation Plans to Implement the Strategy 60 Human Resource Management Policy Previous Year 214 BCR Criteria Index
33 Strategy to Overcome Liquidity Risk 60 Social and Environmental Responsibility Policy 102 Status of Projects 218 Notice of Annual General Meeting (English)
33 Significant Plans and Decisions 61 Business Continuity and Disaster Recovery Plan 237 Notice of Annual General Meeting (Urdu)
33 Business Rationale for Major Capital Expenditure 61 Disclosure of Beneficial Ownership 105 STAKEHOLDER RELATIONSHIP AND 234 Directors’ Report to the Shareholders (Urdu)
61 Role of Chairman and Chief Executive ENGAGEMENT 238 Calendar of upcoming Corporate Events
37 RISKS AND OPPORTUNITIES 62 Terms of Reference of Audit Committee 108 Stakeholder Engagement 239 Proxy Form (Urdu)
38 Key Risks and Opportunities 62 Terms of Reference of HR & Remuneration Committee 110 Encouragement of minority Shareholders to attend 240 Proxy Form (English)
41 Board’s Commitment to Risk Management 63 Pandemic Recovery Plan Annual General Meetings 441 Jama punji Information
41 Statement from Board regarding risk assessment 64 Report of the Audit Committee 110 Investor Relations Section
41 Capital Structure Management 66 Directors’ Report 110 Issues raised in last AGM
42 SWOT Analysis 110 Stakeholder Engagement Policy and Procedures
ORGANIZATIONAL
OVERVIEW AND
EXTERNAL
ENVIRONMENT
COMPANY PROFILE ORGANIZATIONAL OVERVIEW AND EXTERNAL ENVIRONMENT
COMPANY PROFILE
Power Cement Limited (“the Company”) was founded
in 1981 and its factory site is located at motorway
M-9, Nooriabad, Sindh. The Company was previously
known as Al-Abbas Cement Limited until its
acquisition in 2010 by the Arif Habib Group, a
prominent financial and industrial conglomerate.
Presently, the Company has three manufacturing lines, exports clinker/cement to China, Middle East,
with a cumulative nameplate clinker production Bangladesh, Sri Lanka and East African countries.
capacity of 10,700 tons per day. During the financial
year 2019-20, the company successfully completed The Company believes in the use of latest technology
installation of the new state of the art latest technology for producing best quality cement and environment
European make production line of 7,700 TPD (procured preservation through green energy initiatives. The
from the world renowned Danish cement plant Company has already installed a Waste Heat Recovery
manufacturer FLSmidth), which enhanced its clinker System (WHRS) producing around 10 MW of electricity
production capacity from 3,000 TPD to 10,700 TPD. The through reuse of heat emission from the plant.
Company has now become the Second Largest Moreover, management of the company is in the
Cement Producer in the South Zone of Pakistan with a process of finalizing solar & wind energy projects of
total annual cement production capacity of 3.37 million around 15 MW to further reduce its reliance on national
tons. grid. This will not only provide clean energy at reduced
rates but will also help in elimination of the carbon
The Company’s principal activity is manufacturing, footprint, contributing towards global sustainable
selling and marketing of cement with market presence natural environment.
in the Southern Region of Pakistan. The Company also
A
HW
where strength and BS-12/1996 coastal areas and in Office is situated at
NK
stringent quality is a high ASTM Type I & II corrosive soil
Karachi and Site is at
TU
priority. It can be used in conditions because of its
KH
EN-197-1-2011 (E)
MUZAFFARABAD
PA
blocks etc. Power Ordinary chemical attack from PESHAWAR
JAMMU & KASHMIR
Strength Class – PS-53 (DISPUTED TERRITORY - FINAL STATUS TO BE
Portland Cement has a sulphates and dissolved Jamshoro ISLAMABAD DECIDED IN LINE WITH RELEVANT UNSC RESOLUTIONS)
ER
strong compatibility with SPECIFICATION salts in the
YB
admixture/retarders etc. water logged and saline
KH
Wo
BS-4027-1996
ASTM Type V LAHORE
ORDINARY SULPHATE
PORTLAND EN-197-1-2011 RESISTANT
CEMENT CEMENT P U N J A B
(E) Strength
Class – PS-53 QUETTA N
S
I
H P
P
B S I N D H
Nooriabad
Cement Plant
KARACHI
Head Office
MISSION
To become a profitable organization and exceed the
expectations of our customers and stakeholders by
producing and marketing competitive and high quality
products through concentration on quality, business
values and fair play.
VISION
Power Cement Limited aims to be
recognized nationally and internationally as a successful
cement producer with a strong satisfied customer base.
CORPORATE HISTORY
Incorporated in Commencement of
Pakistan as Essa production with a
Ü
1981 Cement Industries 1989 capacity of 500 TPD
Limited
CoD of Clinker
Mega expansion of an additional 7,700 TPD
Production Plant and
was announced. The expansion was
2017 2021 Waste Heat Recovery
divided into ‘Cement Production and
System
Dispatch Plant’ and ‘Clinker Production Plant’
ETHICAL PRINCIPLES
1 2 3
CONFLICTS OF INTEREST THIRD PARTIES ENGAGEMENTS CONFIDENTIALITY
Directors and employees are Dealings with third parties which Directors and employees are not
expected not to engage in any include Government officials, permitted to divulge any confidential
activity which can cause conflict suppliers, buyers, agents and information relating to the Company
between their personal interest and consultants must always ensure that to any unauthorized person. Nor
the interest of the Company such as the integrity and reputation of the should they, while communicating
interest in an organization supplying Company is not in any way publicly on matters that involve
goods/services to the company or compromised Directors and Company business, presume to
purchasing its products. In case a employees are not allowed to accept speak for the Company unless they
relationship with such an any favors or kickbacks from any are certain that the views that they
organization exists, the same must organization dealing with the express are those of the Company
be disclosed to the Management. Company. and it is the Company’s desire that
such views be publicly
disseminated.
4 5 6
FAIR & ETHICAL CONDUCT HEALTH AND SAFETY COMMITMENT AND TEAM WORK
All employees share a responsibility The Company has strong Commitment and team work are key
for the Company’s good public commitment to the health and safety elements to ensure that the
relations particularly at the of its employees and preservation of Company’s work is carried out
community level. Their readiness to environment and the Company will effectively and efficiently. Also, all
help with religious, charitable, persevere towards achieving employees will be equally respected
educational and civic activities is continuous improvement of its and actions such as workplace
accordingly encouraged provided it Health, Safety and Environment harassment and disparaging
does not create an obligation that (HSE) performance by reducing remarks based on gender, religion,
interferes with their commitment to potential hazards preventing race or ethnicity will be avoided.
the Company’s best interests. pollution and improving awareness.
Employees are required to operate
the Company’s facilities and
processes keeping this commitment
in view.
ASSOCIATED COMPANIES:
ORGANOGRAM
SHAREHOLDERS
BOARD OF DIRECTORS
HR & REMUNERATION AUDIT COMMITTEE
COMMITTEE
IMPORT & EXPORT SALES & MARKETING E&I MINING & QUARRY
HR (CORPORATE) PURCHASE
PPMD QUALITY CONTROL
Legends
Functional Reporting
HR (FACTORY) WHRS Administrative Reporting
Supplier/
VALUE CHAIN ANALYSIS Contractor
Power Cement Limited’s principal business activity is to produce and sell cement
products. Manufacturing cement involves blending a mixture of limestone and other Inbound
Coal Logistics
minerals at a high temperature in kilns. Diesel is used to initially fire the kiln whereas
coal is used to heat the kiln at desired temperature. On the upstream part of value
chain, raw material for cement manufacturing includes limestone, gypsum, shale, iron Limestone/
ore etc. which are excavated from quarries (against which royalty is paid on a monthly other Minerals
basis). Coal used as fuel in the process is one of the major cost ingredients. Power
Cement Limited directly imports high quality coal for use in the manufacturing process.
Power Cement Limited has invested in activities focusing on engaging the dealers have
maintaining a smooth flow of operations. The been initiated by the Company. Such activities
Company has implemented a proactive approach encourage the dealers to recommend the
to mitigate its risk of disruptions in the production product portfolio of Power Cement Limited.
process. At Power Cement Limited, the mining,
grinding, crushing and blending processes are Value chain analysis has enabled Power Cement
End Power Cement
strictly monitored by highly qualified specialists, Limited to identify its core competencies and to
Customer Limited
to ensure that the best possible product is identify key stakeholders in the process of the • Infrastructur
manufactured for our valued customer. value creation as well as those along the • Commercial
• Residential
upstream and downstream value chain. • Industrial
Through efficient use of its marketing strategy, Moreover, this analysis has helped Power Cement
Power Cement Limited is creating a pull effect by Limited in identifying the activities which add
locking-in its customers and is consequently able value for its customer and also to evaluate its
to tap the potential markets proactively. Various competitive positioning in industry.
Retailer
Transportation
Dealer /
Wholesaler
Invariably changing external environment affects political, economic, social, technological, environmental and • The Company has successfully
managed the MS Dynamics
legal fronts of an organization. Significant factors along with the Organization’s response are discussed below: ERP modules for meeting latest
reporting needs
Factors Organizational Response Environmental • Attitude towards and • The Company’s plant exceeds
Description support for renewable the environmental standards of
energy IFC/World Bank/EU and SEPA
• Growing attention towards • The Company has achieved the
Political Unhealthy relationships with • Management proactively plans standards of ISO 9001:2015,
neighboring countries for different demand scenarios “green” attitudes
ISO 14001:2015 and ISO
(Bangladesh, India & with the help of budgeting, 45001:2018 for complying with
Afghanistan) causing below forecasts and projections an Environmental management
system, Quality Management
potential exports System and Occupational
• Exploring new markets to Health and Safety (OH&S).
efficiently utilize production
capacities in response to • Waste Heat Recovery system
has been successfully installed
reduction in sales volumetric to minimize Company’s impact
growth in a particular region on the environment due to its
operations
• Inability to pass on sharp • Effective inventory management
Economic by meticulously reviewing • The company plans to further
increase in cost of doing inventory-holding periods extend its self-electricity
business to the generation by embarking on
consumers due to the • Hedging of foreign currency solar / wind projects.
competitive pricing by debts.
market players The Company has engaged an
• Cost reduction initiatives to Legal Compliance with the
control production and non applicable legal and efficient team of professionals to
• Vulnerability to interest -production related fixed costs regulatory requirements ensure compliance with all enacted
rates due to high leverage e.g. installation of WHRS. Future and or substantially enacted
Plans include further statutes, acts and ordinances. It
further equips the company with an
• Exposure to exchange self-generation of electricity up to date knowledge of all
through renewable solar / wind prevailing legal requirements
rate risk initiatives
Social Spread of Pandemic leading • The Company has adhered to Effect of Seasonality on Business: The new 7,700 TPD Line-III started commercial
to disturbed construction and all the Covid SOPs and production kept running smoothly during the year. The
other business activities and guidelines implemented by the There is a seasonal decline in cement sales in the expansion project is environmentally friendly meeting
reduced cement prices Government as advised by monsoon and winter season due to slow-down in IFC and World Bank standards has made the Company
World Health Organization construction activities. the second-largest, and one of the most cost-efficient,
(WHO) cement producers in the South Region.
Significant Changes from Prior Years
• Moreover, while prioritizing the In comparison to the prior years, there is no significant Further, the Waste Heat Recovery System (WHRS)
employees’ health & safety, the change in organizational and group structure. However, also continued operations during the year, reducing the
Company operations continued the external environment is constantly changing and production costs by 25%.
during the pandemic phase. the rise in coal prices globally, followed by devaluation
of Pak Rupee in comparison to US Dollar has affected
profitability of the Company.
Effect of Seasonability on Business: Rivalry in the cement sector is intense and presently the production capacities of the players in the South
Zone are much higher than the domestic demand. To meet this challenge, the Company has launched
There is a slight decline in cement sales in the winter season due to slow-down in constrcution acitivities. advertisement and branding campaigns and it also enjoys an edge that Power Cement Limited is the only
cement certified for 53 Grade in the South Zone.
The Company strives to achieve its objectives with collective To pass on sharp increase in cost of doing business to the consumers (especially coal & electricity
costs) due to the competitive pricing by market players
wisdom and empathy and is committed to enhance
stakeholder’s value. Strategies in place:
• strengthening of its brand image and re-positioning on the back of its 53 Grade cement quality
• better packaging to enhance brand loyalty
Following are the strategic objectives, strategies in place and Key Performance Indicators to measure the • widening of sales network
achievement against strategic objectives: • timely delivery
• extensive advertisement campaigns
Strategies in place: The Company has hired a team of professionals with enormous expertise in latest Objective: Plan
technologies who proficiently design the ways for improving and upgrading our production process, Maintaining Supplier Relationships Short Term
networking and control systems. We believe in adding value to our human resource by extensive trainings
and development programs.
Strategies in place: Monitoring of cash flow requirements and projections to ensure that liabilities are
settled when due
Relevant KPIs: Training and education programs for employees
Relevant KPIs
Ensuring a safe and congenial environment for employees through strict and stringent safety policies and
regular health and safety trainings to avoid risk of accident Compliance with local and international Objective: Plan
environmental and quality management standards. Maintaining Relationships with Dealers/ Short Term
Strategies in place: The Company has a dedicated team of Health, Safety and Environment (HSE) Distributors / Networking
professionals that focuses on compliance with all the policies that are being adopted by the management.
Further, periodic environmental testing is carried out at factory to ensure compliance of applicable Strategies in place: Planned and integrated marketing campaigns and increasing access to customers
standards through a region wide dealer network
Relevant KPIs
Relevant KPIs
• Training activities conducted
• Number of health and safety incidents. • Distributor / Dealer Network in Profitable segments
• Periodic environmental testing reports • Maintaining / increasing Market Share penetration
Objective: Plan
Production Efficiencies Medium Term Objective: Plan
Monitoring of Operational Inflows Short Term
Potential to reduce COGS by exploring captive power generation & alternate fuels
Strategies in place: Monitoring of customer aging analysis reports , credit limit / period reviews and cash
Strategies in place: The Company is also exploring further alternative fuel solutions flow requirements to ensure that recoveries are made within due time
The Management is in the final stage of evaluating and negotiating the prospective installation of Captive Relevant KPIs
Power Plant (Solar/Wind/Coal) or on PPA basis.
• Receivable Days
Solar is aimed to be started within one year from now and Wind is planned to be started within two years • Liquidity Ratios
from now (ample land is available for installation of both these projects).
Significant Changes in Objectives and Strategies from Prior Years
Relevant KPIs
There were no significant changes in objectives and strategies from prior years. The existing objectives
• Energy cost reduction and strategies have been re-arranged for the purposes of better reporting.
Future Relevance
Management believes that current key performance measures continue to be relevant in future as well.
The Company believes in adopting the latest production techniques to produce best quality cement and has The Company has a robust system of governance through a talented management team supervised with
strategically taken multiple initiatives in this regard. The new state of the art Line of 7,700 TPD (procured from seasoned Board of Directors. The Board actively engages in all strategic decisions of the Company on regular
FLSmidth Denmark) is equipped with latest technology, including online sampling system first time in Pakistan. intervals. This includes approval of capital expenditure and operational budgets, investments, issuance of equity
The new plant is also environment friendly and has enabled the Company to produce highest quality grade 53 and debt capital, related party transactions and appointment of key personnel.
cement. Further, the recently installed Waste Heat Recovery System (WHRS) has also been benefiting the
company through cost reduction. The basic steps involved in the strategic decision making process are listed below:
KEY RISKS AND Risk type Effected Nature Source Likelihood Magnitude
Capital
Risk type Effected Nature Source Likelihood Magnitude Mitigation Action: The Company’s engineering team maintains backup of the parts required in case of
Capital emergency breakdowns and also there are planned overhauling activities conducted at the plant. However, the
likelihood is quite low in the short term as the brand new plant has recently been installed with state of the art
Operational Financial Short Term External Medium Low European technology procured from M/s. FLSmidth, Denmark
Mitigation Action: The current spike in coal prices is more of a transitionary effect post opening of trade after
COVID lockdowns. As mining and supply chain issues will be ironed out in near to medium term, the coal prices Financial reporting and compliance
will be reverting back to normal level. At PCL, close monitoring of coal prices is done to fetch the best possible Risk of reporting issues with regulators and authorities
prices from the market. The Company’s management is also considering viability of other fuel mix to reduce the
average coal costs. Risk type Effected Nature Source Likelihood Magnitude
Capital
The Company is also considering various technological options to cut down its fuel costs – the newly installed
Waste Heat Recovery System (WHRS) is operational that has significantly reduced the energy costs and further Financial Financial Short Term Internal Low Medium
reduction has also been planned through Solar / Wind initiatives. The company obtains bulk supplies of Packing Mitigation Action: The Company has a team of qualified management personnel’s who ensure compliance with the
Materials and has taken onboard multiple vendors to ensure procurement at competitive rates. code of Corporate Governance as applicable in Pakistan and maintains its books of accounts in line with the
guidelines of the Companies Act, 2017 and applicable International Financial Reporting Standards.
Talent Retention and Succession Planning
It is critical for the Company to attract, develop, and retain the right talent to accomplish the Company’s objectives. Further, the Company’s Financial Statements are audited by one of the most reputed big three audit firms, following
Succession planning is needed to ensure that the Company has sustainable operations. thorough audit procedures with stringent quality control mechanism ensuring accuracy of financial reporting.
Risk type Effected Nature Source Likelihood Magnitude Interest rate risk
Capital Increase in cost of borrowing may adversely affect the profitability of the Company. Payment defaults by counter
parties may leave the Company with inadequate resources for discharging its own liabilities.
Operational Human Short Term Internal High Low
Effected
Mitigation Action: The Company has planned to follow the Board HR Committee’s guidance to benchmark the Risk type
Capital
Nature Source Likelihood Magnitude
existing employee compensation and benefits in line with the best industry practices. This will ensure retention
of quality human resource by offering attractive packages. Financial Human Short Term External High High
The Company also plans training programs for its key management personnel to enhance their management Mitigation Action: The Company has a dedicated treasury function to oversee that transactions are executed and
and decision making skills. Job rotation has also been a regular practice in the company at key positions to negotiated at the best possible markup rates in the given scenarios. The company also takes advantage of
ensure no disruption in business operations subsidized markup schemes (including IERF) which reduces the financial burden. During the last year, additional
capital of around PKR 2.4 Billion was also injected by the sponsors/shareholders, in the form of preference shares,
to further strengthen the equity base of the company.
38 POWER CEMENT LIMITED Annual Report 2021 39
Key Risks and Opportunities Key Risks and Opportunities RISKS AND OPPORTUNITIES
Mitigation Action: This increases the cost of imported materials and stores, however, the newly commenced Manufactured The Installation of state of the art production line and waste heat recovery systems have
cement facility of the Company being a new plant, need of importing any stores would be minimal. Further, the Capital increased the production capacity and plant efficiency at the same time.
strategic location of the company with close proximity to the sea ports allows the company to capitalize on
exports which partially neutralizes exchange rate fluctuations. Materialization Strategy: The latest technology cost efficient plant has enabled the Company to move ahead
towards cost leadership in the domestic market and provided more cushion for the Company to penetrate in the
The Company also has foreign currency borrowings which have been fully hedged through cross currency highly competitive export market
swaps, effectively transferring the exchange rate risk related to foreign borrowings to the hedging banks.
STRENGTHS
WEAKNESSES
OPPORTUNITIES
• Increasing domestic demand due to the construction package announced by the Federal Government
• Economic stimulus by SBP to support businesses
• Upcoming mega infrastructure projects including dams
• Potential to reduce COGS by exploring captive power generation & alternate fuels
• Potential to sell in the North Zone on account of exhausting of installed capacity against incremental demand
THREATS
• Inability to pass on sharp increase in cost of doing business to the consumers (especially coal & electricity costs)
due to the competitive pricing by market players
• Exposure to interest rate and exchange rate risks
• Supply glut due to capacity expansions/new plants
• Loss of quality human resource due to surge in employee turnover
DIRECTORS’ PROFILE
Mr. Nasim Beg, a Fellow Member of the Institute of for the automotive industry under transfer of Mr. Kashif A. Habib is the Chief Executive of Power • Arif Habib Corporation Limited
Chartered Accountants of Pakistan, is the Chief technology licenses with Japanese and European Cement Limited. Being a member of the Institute of • Arif Habib Equity (Private) Limited
Executive Officer of Arif Habib Consultancy (Pvt.) manufacturers. His initiation to the financial services Chartered Accountants of Pakistan (ICAP) he • Arif Habib Foundation
Limited along with being the Vice Chairman of business was with the Abu Dubai Investment completed his articleship from A.F. Ferguson & Co. (a • Arif Habib Real Estate Services (Pvt.) Limited
MCB-Arif Habib Savings & Investments Limited, an Company, UAE, where he was a part of the team that member firm of Price Waterhouse Coopers), where he • Black Gold Power Limited
Asset Management Company that was conceived and set up the company in 1977. He has also been a gained experience of a diverse sectors serving clients • Fatimafert Limited
set up by him and which he headed as Chief Executive member of the Prime Ministers Economic Advisory spanning the Financial, Manufacturing and Services • Fatima Cement Limited
till June 2011. Council (EAC). industries. • Fatima Fertilizer Company Limited
• Fatima Packaging Limited
With over forty-five years of experience in the business Corporate Responsibilities He has to his credit over ten years of experience as an • Memon Health and Education Foundation
world including industry and the financial services (in Arif Habib Consultancy (Private) Limited (Chief Executive Director in cement and fertilizer companies • Nooriabad Spinning Mills (Private) Limited
and outside the country), Mr. Nasim Beg is one of the Executive) of the group. • Pakarab Fertilizers Limited
most highly experienced professionals of the country. • Rotocast Engineering Company (Pvt.) Limited
As Director Corporate Responsibilities • Safemix Concrete Limited
Before joining the Arif Habib Group, Mr. Beg served as • Arif Habib Corporation Limited Power Cement Limited (Chief Executive) • Siddqsons Energy Limited
the Deputy Chief Executive of NIT, which he joined • Aisha Steel Mills Limited
during its troubled period and played an instrumental • Arif Habib Dolmen REIT Management Limited As Director
role in its modernisation and turn around. He also (Chairman) • Aisha Steel Mills Limited
served as the acting Chief Executive of NIT for a few • MCB-Arif Habib Savings & Investments Limited • Alternatives (Private) Limited
months. He has also been associated at top-level (Vice Chairman)
positions with other asset management and • Naymat Collateral Management Company Limited
investment advisory companies. Mr. Beg has also held • Pakarab Fertilizers Limited
senior level responsibilities in the automobile industry. • Pakistan Opportunities Limited (Vice Chairman)
During his tenure as the Chief Executive of Allied • Power Cement Limited (Chairman)
Precision (a subsidiary of the Allied Engineering
Group), he set up a green field project for the
manufacture of sophisticated indigenous components
Mr. Anders Paludan - Müller is a Danish National. He holds an MSc in Business Administration and has an experi- Mr. Samad A. Habib is the Chief Executive of Javedan As Director
ence of over 30 years in the investment sector working all over the world. He is currently an Investment Director Corporation Limited and Safemix Concrete Limited.
at IFU ( Danish Investment Fund for Developing Countries ; Copenhagen, Denmark) . Mr. Samad A. Habib has more than 15 years of experi- • Arif Habib Corporation Limited
ence, including 9 years of working in the financial • Arif Habib Equity (Pvt.) Limited
As Director services industry in various senior management roles. • Arif Habib Foundation
• Power Cement Limited • Arif Habib Real Estate Services (Pvt.) Limited
He began his career with Arif Habib Corporation Limit- • Black Gold Power Limited
ed (the holding company of Arif Habib Group) and has • Dolmen City REIT / Arif Habib Dolmen REIT
served the company in various executive positions Management Limited
including Executive Sales and Business Promotions, • Essa Textile and Commodities (Private) Limited
Company Secretary, Head of Marketing, etc. • MCB-Arif Habib Savings & Investments Limited
• NN Maintenance Company (Private) Limited
In September 2004, he was appointed the Chairman • Nooriabad Spinning Mills (Pvt.) Limited
and Chief Executive of Arif Habib Limited. As Chair- • Pakarab Fertilizers Limited
man he was responsible for the strategic direction of • Parkview Corporation (Private) Limited
the company and was actively involved in capital • Pakistan Opportunities Limited
market operations and corporate finance activities • Power Cement Limited
such as serving corporate clients, institutional clients, • Rotocast Engineering Company (Pvt.) Limited
high net worth individuals, and raising funds for clients • Sukh Chayn Gardens (Private) Limited
through IPOs, private placements etc. He resigned
from that position in January 2011.
Mr. Syed Salman Rashid holds a Bachelor’s Degree Board of JS Investments Bank Limited and Power Corporate Responsibilities
from Karachi University and is a Certified Director from Cement Limited.
Pakistan Institute of Corporate Governance. He has Javedan Corporation Limited (Chief Executive)
served with EFU Group for over 30 years and present- As Director Safemix Concrete Limited (Chief Executive)
ly serves as a Deputy Managing Director of EFU • EFU Life Assurance Limited
General Insurance Limited looking after the largest • Power Cement Limited
Marketing and Sales Division of the Company. Parallel
to his professional services, he has also served on the
Mr. Javed is a career Banker having spent 34 years and Sri Lanka in 1978-79. He played first class cricket Ms. Saira Nasir is an accomplished fellow member of prepared and presented by her in the 24th session of
with Citibank both in Pakistan and abroad across 5 for PIA and Sind and represented Sussex Under 25, the Institute of Chartered Accountants of Pakistan and ISAR, held in Geneva in October 2009, under the
countries in Middle East, Africa, Eastern Europe and Combined English Universities. Javed also played a Fellow member of the Institute of Corporate Secre- auspices of United Nations Conference on Trade and
Asia where he spent 9 years. Javed held a number of Field Hockey for his University 1981-83. Javed's other taries of Pakistan. Ms. Saira has indulged herself not Development (UNCTAD).
very Senior positions across Corporate Banking, interests include Reading, Music and History. just as an audit practitioner; rather she has diligently
Country, Risk and Regional Management. This includ- remained connected to the Institute to alleviate the Currently she is offering independent services as
ed Corporate Bank Head, Middle East, Chief Execu- As Director system of audit and accountancy education and Corporate Governance consultant. However, her aim
tive Officer, Czech Republic, Asia Pacific Regional • Fauji Foods Limited training to ensure continued professional development for “enablement, empowerment and development” of
Head for Multinational Subsidiaries, and Asia Pacific • Pakistan Stock Exchange for its members and students. Therefore, she has accountancy professionals has led her to participate
Head of Public Sector. Javed has extensive knowl- • Pakistan Corporate Restructuring Company been actively involved in conducting various profes- as an active member through several committees
edge of Asia Pacific in particular having travelled to Limited sional trainings, consultations, workshops, seminars, including the Audit Committee of Pakistan Human
China 35 times. Javed is presently working as a Senior • Power Cement Limited webinars, podcasts related to varying domains from Development Fund; the Women Committee, Continu-
Consultant to the International Finance Corporation • Pakistan Cricket Veterans Cricket Association specific topics of reporting and disclosure require- ing Professional Development Committee and
(IFC) in Pakistan since Nov 2019. Javed has a BA • Pakistan Cricket Board ments in Pakistan, best practices for internal audit and Economic and Advisory Committee of the Institute of
Hons in Economics from The University Of Sussex, • Sindh Infrastructure Development Company internal control, areas impacting corporate gover- Chartered Accountants of Pakistan. She is on the
UK. Javed is also a keen sportsman. He was Captain Limited nance especially family businesses; to generalized boards of Fauji Fertilizer Bin Qasim, Allied Rental
of Pakistan Under 19 Cricket team that toured India practices of innovation in businesses and e-Learning Modaraba and Power Cement Limited in the capacity
to coaches, trainers, teachers, students and other of an Independent Director
audiences.
As Director
She has also meticulously carried out special assign- • Allied Rental Modaraba
ments related to Corporate Governance; including • Fauji Fertilizer Bin Qasim Limited
Board Performance Evaluations and Director Orienta- • Power Cement Limited
tion Programs. A case study- Disclosure Require-
ments on Corporate Governance - Pakistan, was
Mr. Tahir Iqbal is a Fellow Member of ICMAP, having AHG), Real Estate Modaraba Management Company Mr. Ahsan Anis is currently serving as the Chief Oper- years with K-Electric - only vertically-integrated power
twenty years of rich experience in fields of finance, Limited and S.K.M Lanka Holdings (Pvt.) Limited (a ating Officer of Power Cement Limited. Being a utility in Pakistan managing the generation, transmis-
accounting, taxation, corporate affairs, risk manage- Colombo Stock Exchange Member Company incorpo- member of the Institute of Chartered Accountants of sion and distribution of electricity, where he last served
ment, audit & assurance supplemented by general rated in Sri Lanka). Mr. Tahir has also honed his Pakistan (ICAP), he completed his articleship from as Commercial and Strategy Head. He also held
management experience. Mr. Tahir has proven his management skills through participation in a number A.F. Ferguson & Co. (a member firm of Price Water- various positions such as Regional Operations Head,
mettle by achieving turnaround and successful of international and national advance level courses house Coopers), where he gained valuable experi- Business Finance and Key Customer Service Lead.
completion of multiple mega projects at Arif Habib including Certified Directorship Program from Pakistan ence in Advisory, Mergers & Acquisitions and Assur-
Group since 2005. Before joining Power Cement Limit- Institute of Corporate Governance (PICG), Senior ance divisions . Mr. Ahsan is also currently serving as Chairman -
ed (in December 2014) for revamping the Company Management Leadership Development Program from Audit Committee of Safemix Concrete Limited.
followed by a 7700 TPD expansion in the nameplate Lahore University of Management Sciences (LUMS) Previously, Mr. Ahsan Anis was associated for twelve
capacity of the Company (kicked off in April 2017), he and Strategic CFO Workshop from MECA-CFO-Acad-
was working as the C.F.O & Company Secretary for emy USA. Since accreditation of Power Cement Limit-
Aisha Steel Mills Limited for seven years and Arif ed as Authorized Training Employer for Institute of
Habib Corporation Limited for six years. Chartered Accountants of England & Wales (ICAEW),
Mr. Tahir has been designated as the Qualified Person
Mr. Tahir has also served on the Board of Directors of Responsible for Training by the ICAEW.
Arif Habib Corporation Limited (flagship company of
I am pleased to present the annual report and audited financial statements of the Company for the year ended June 30,
2021 to our valued shareholders. Significant aspects of performance of your Company have been shared with you during
the course of the financial year 2020-21. The Management of the Company is encouraged by the future prospects and
expects to continue to demonstrate satisfactory performance through its efforts and strategic directions provided by the
Board.
The Board is committed to operate at the highest standards of corporate Board packs, such as written notices and relevant material, including
governance. The work of the Board and its Committees during the year the agenda, of meetings are circulated with in the stipulated time. The
focused on ensuring compliance with all statutory and regulatory require- agenda is flexible enough to accommodate other important matters
ments applicable upon the Company. and discussions. The Board Members are encouraged to attend all
Board meetings and quorum for each meeting is duly ensured. The
I am reporting to you on the performance of the Board, which I chair. The Board reasonably focuses on value addition and value creation for
focus of this report is on the overall governance of the Company and the the Company and its employees. The minutes of meetings are
Board oversight of the Management during the financial year ended June properly recorded and circulated as per the requirements of the Act.
30, 2021. Besides, the Board has issued a separate report on the
performance of the Company, as well as its outlook. 4. Board and Management Relations: The Board ensures that informa-
The year gone by has been a challenging year for the world. The tion adequately flows between the Board and the management on a
COVID-19 pandemic has, with alarming speed, delivered a global regular basis. The Board has identified appropriate key performance
economic shock of enormous magnitude, leading to steep recessions in indicators that are used to monitor the performance of Company. The
many countries. Board has appropriate access to senior executives of the Company.
Pursuant to requirement of the Listed Companies (Code of Corporate 5. Directors’ Acquaintance with Corporate Laws and Regulations: The
Governance) Regulations, 2019, a mechanism has been put in place for Board Members make appropriate queries from the Company
annual evaluation of the performance of the Board of Directors. Secretary to acquaint themselves with the relevant corporate laws
Power Cement Limited complies with all the requirements set out in the and regulations particularly those enshrined in the Code of Corporate
Companies Act, 2017 and the Listed Companies (Code of Corporate Governance to enable them to effectively govern the affairs of the
Governance) Regulations, 2019 with respect to the composition, Company. The Composition of the Board is such in which Members
procedures and meetings of the Board of Directors and its Committees. during their professional careers have appropriately equipped
As required under the Code of Corporate Governance, an annual evalua- themselves with orientation / course / training that assists them for
tion of the Board of Directors of (the “Board”) of the Company is carried out execution of their responsibilities and duties in an appropriate
and the purpose of which is to ensure that the Board’s overall performance manner.
and effectiveness is measured, evaluated and benchmarked against
expectations in the context of objectives set for the Company. Areas 6. Corporate Governance: The Board has effectively set the tone at the
where improvements are required are duly considered and action plans top, by putting in place a transparent and robust system of
are framed. governance. This is reflected by setting up an effective control
environment, compliance with the best practices of Corporate Gover-
Based on my assessment of the Board’s performance during the nance and by promoting ethical and fair behaviour across the
year, I wish to present the following: Company.
1. Oversight and Effectiveness of the Board: The Board members are The Management and the Board continue to deal with the current
familiar with the Company’s vision, mission and values statement and challenging business environment and the necessary strategic changes
reviewed as and when deemed appropriate. All significant matters required to improve the future sustainability. Consequently, the Company
including recommendation of Board Committees are placed before is reasonably well-placed to address the new challenges..
the Board for their information, consideration and decision. The
Board has determined the Company’s level of risk tolerance by I would like to confirm that the Board and the Management of the Compa-
establishing risk management policies. The Board has approved an ny have done their best to analyse the unprecedented situation after the
Annual Budget which sets goals and priorities for the Company which onslaught of COVID-19 and formulated a carefully planned strategy to
is periodically evaluated to assesses the performance of the Compa- ensure safety of our people and to deal with the outbreak, while ensuring
ny, considering new opportunities and recent developments. The business continuity. This is reflected in our efficient control environment,
Board carries out an annual exercise to review the overall compliance with global health practices and uninterrupted operations. In
forward-looking strategic plan of the company. order to vigorously pursue our vision and growth strategy and sustain the
base business, I am sincerely appreciative of the full and wholehearted
2. Composition and Committees of the Board: The size and composition support of every member of the Company.
of the Board complies with laws and regulations and fulfill the needs
of the Company. The Board comprises of members having the core
competencies, diversity, requisite skills, knowledge, and experience. Chairman of the Board
The Board has established appropriate number of Committees as
required by the regulations along with well-defined and duly
approved terms of references. The Committees are effective in
providing useful recommendations to the Board for better
decision-making.
3. Board Meetings and Proceedings: The number of Board meetings Nasim Beg
during the year is adequate and in compliance with the regulations. Chairman
BOARD’S FUNCTION
AND DECISION MAKING
Ms. Saira Nasir and Mr. Javed Kureishi - being the implement these practices, the minimum benchmark is
Each member of the Board is fully aware of his responsibilities as an individual member as Independent Directors meet the criteria for to comply with all the legal requirements. However, the
well as the responsibilities of all members together as a board. The Board actively partici- independence as per Section 166 of Companies Act, management goes ahead to implement best
pates in all major decisions of the Company including approval of budgets, investments, issu- 2017. governance rules and practices that are followed
globally and are in favor of the Company’s shareholders,
ance of equity and debt capital, related party transactions and appointment of key personnel. External Oversight of Functions employees, environment and community.
The Board also monitors the Company's operations by approval of financial statements, review of internal and external The Company obtains external assurance from: Following additional governance practices
audit observations, if any and recommendation of any entitlement. The Board has devised formal policies for implemented by the management include:
conducting business and ensures their monitoring through an independent Internal Audit Department that reports to • Statutory Audit of Financial Accounts from Big 4 Audit
the Audit Committee which continuously monitors adherence to Company Policies. firm M/s. A.F. Fergusons & Co. Chartered Accountants • Best Corporate Reporting practices recommended
• QMS Audit to ensure compliance with ISO 9001 by SGS jointly by ICAP / ICMAP by disbursement of additional
Matters Delegated to the Management • Board and Management Relations • Environment Monitoring Report to ensure compliance corporate and financial information to stakeholders to
• Managing Relationship and Leadership with ISO 14001 make the Company’s affairs more transparent and to
The management is responsible for implementing the • Directors’ Acquaintance with Corporate Laws and give better insight of the Company’s affairs, policies
strategies as approved by the Board of Directors. The Regulations Policy of Remuneration to Non-Executive Directors: and strategies.
management conducts the routine business operations • Corporate Governance • Implementation of aggressive Health, Safety and
of the Company in an effective and ethical manner in The Board of Directors has approved Directors’ Environment Strategies to ensure safety of employees
accordance with the strategies and goals approved by Annual Evaluation of Board’s Performance Remuneration Policy. The main features of the policy and equipment
the Board and identifies and administers the key risks are as follows:
and opportunities which could impact the Company in The overall performance of the Board measured on the Policy on Diversity
the ordinary course of execution of its business. basis of above mentioned parameters for the year was • The Company shall not pay remuneration of its non-ex-
It is also the responsibility of management, with the satisfactory. A separate report by the Chairman on ecutive directors including independent directors Power Cement Limited aims to be an inclusive
oversight of the Board and its Audit Committee, to Board’s overall performance, as required under section except for meeting fee for attending Board and its organization, where diversity is valued, respected and
prepare financial statements that fairly present the 192 of the Companies Act, 2017 is attached with this Committee meetings. built upon. The culture of the Company values
financial position of the Company in accordance with Annual Report. • The Company will reimburse or incur expenses of differences and recognizes that stakeholders from
applicable accounting standards and legal travelling and accommodation of Directors in relation to different backgrounds and experiences can bring
requirements. Directors Training Program and Orientation attending of Board and its Committees meetings. valuable insights to enable a collaborative work
• The Directors’ Remuneration Policy will be reviewed environment by introduction of varied ideas and
Evaluation Criteria for The Board As part of the Company’s continuing education for all and approved by the Board of Directors from time to perspectives within the Company.
Directors, articles, reports and press releases relevant to time.
A comprehensive mechanism is put in place for the Company’s business are circulated to keep all • Remuneration of directors & other executives are We aim to pro-actively tackle discrimination and to
undertaking an evaluation of the performance of the directors updated on industry issues and trends. detailed in financial statements. ensure that no individual or group is directly or indirectly
Board of Directors in accordance with the Listed Changes in regulations are also informed to the Board. discriminated against for any reason regarding
Companies (Code of Corporate Governance) The external auditors routinely update the Audit Detail of the remuneration paid to executive and employment and the Company bears no tolerance for
Regulations, 2017. Committee on new and revised financial reporting non-executive Directors during the year is given in Note harassment/bullying and persecution. The Company
standards relevant to the Company. 42 of the attached financial statements. has a whistle blowing policy in place, and employees
The mechanism evaluates the performance of the are encouraged to report all such matters and related
Board of Directors on the following parameters: As required by the Securities and Exchange Foreign Directors grievances to the Human Resources department. The
Commission of Pakistan (SECP), which encourages Board ensures application of diversity policy through
• Oversight and Effectiveness of the Board Board members to require certification, the following Foreign Director on the Board is required to furnish a Human Resource department by ensuring that all talent
• Composition and Committees of the Board directors are certified from Pakistan Institute of declaration that necessary documents have been hunting seminars, job fairs and advertisements
• Board Meetings and Proceedings Corporate Governance namely: submitted with the Company Registration Office (CRO), specifically mention that we are an equal opportunity
Islamabad and that in case his name is not cleared for employer in all areas and we nourish an organizational
security purposes by the Ministry of Interior, the culture where individual differences are appreciated
Mr. Muhammad Kashif Habib Chief Execu�ve / Execu�ve Director Company facilitates arrangement of such clearance, rather than criticized for novel ideas and improvements.
Ms. Saira Nasir Independent / Non-Execu�ve Director and in case the clearance is not arranged, then the
Company takes steps for replacement of such Director.
Mr. Samad A. Habib Non-Execu�ve Director
Syed Salman Rashid Non-Execu�ve Director Implementation of Governance Practices Exceeding
Legal Requirements
Besides, the following directors have been exempted from the directors training program certification based on
relevant experience as mentioned in the Listed Companies Regulations, 2017. The management of Power Cement Limited believes to
follow best governance practices that can be
Mr. Nasim Beg Chairman / Non-Execu�ve Director implemented in the Company’s environment. To
Presence of Executive director on other boards and ordinary course of business on an arm’s length basis Further, the directors are periodically reminded of the IT Governance Policy:
policy on fee retention during the year. insider trading circular issued by the Securities and Recognizing the criticality of Information Technology
Exchange Commission of Pakistan to avoid dealing in governance in achievement of its overall strategic and
In addition to being the Chief Executive of the Company, Board meetings held outside Pakistan during the year shares while they are in possession of the insider operational objectives, IT resources of the Company
Mr. Muhammad Kashif Habib holds Non-Executive There were no board meetings held outside Pakistan information. Every director is required to provide to the have been aligned to provide the management with an
Directorship on the Board of the following companies during the year. Board complete details regarding any material efficient operating and decision making platform that
that have also been mentioned in Directors’ Profile transaction which may bring conflict of interest with the helps in streamlining operations.
Section of the Report: Policy for Disclosure of Conflict of Interest Company for prior approval of the Board. The interested
directors do not participate in the discussion neither they IT Governance Policy consists of the following:
• Aisha Steel Mills Limited All Directors are obligated to avoid actual, potential and vote on such matters. The transactions with all the
• Alternates (Private) Limited perceived conflicts of interest. Agenda points for the related parties are made on arms-length basis and • Maximizing return on technology investment with
• Arif Habib Equity (Pvt.) Limited Board’s proceedings are finalized after obtaining complete details are provided to the Board for their controlled spending.
• Arif Habib Foundation relevant information regarding vested interests and approval. Further all the transactions with the related • Safeguarding of Company’s data.
• Arif Habib Real Estate Services (Pvt.) Limited quantification thereof, whereas all observations / parties are fully disclosed in the financial statements of • Development and up-gradation of different modules to
• Black Gold Power Limited suggestions of Board members during their the Company as mentioned in the Policy on Related provide reliable, efficient and timely information.
• Fatima Fertilizer Company Limited proceedings are accordingly recorded. Parties section. • Improving user awareness on IT security to detect and
• Fatima Packaging Limited Conflict of interest management policy prevent vulnerabilities.
• Fatimafert Limited Investors’ Grievance Policy: • Ensuring compatibility, integration and avoidance of
• Fatima Cement Limited Policy Statement redundancy.
• Memon Health and Education Foundation The shareholders have been facilitated and encouraged
• Nooriabad Spinning Mills (Pvt.) Limited The Company has the policy for actual and perceived to file their grievances with the Company in an effective Power Cement Limited is committed to encourage
• Pakarab Fertilizers Limited conflicts of interest and measures are adopted to avoid manner. All queries including grievances and environment of honesty, fairness, integrity and
• Rotocast Engineering Company (Pvt.) Limited any conflict of interest, identify the existence of any information requests lodged by shareholders and accountability at all levels of the management. In this
• Safemix Concrete Limited conflict of interest, and to disclose the existence of potential investors are handled on priority with the legal respect, we have always been keen to take timely action
• Siddqsons Energy Limited conflict of Interest. The Company annually circulates requirements and in a timely manner. Under the to address any matter that may have an impact on the
and obtains a signed copy of Code of Conduct mechanism, the Company caters to requested Company’s performance as well as the wellbeing of its
The fee(s) earned shall be as per the policy of the applicable to all its employees and directors, which also information including specific queries relating to employees, customers and suppliers.
respective companies relates to matters relating to conflict of interest. Further, shareholders’ investments, dividend distribution or
it seeks to set out the process, procedures and internal circulation of regulatory publications by the Company, Whistle Blowing Policy:
Policy for Related Party Transactions controls to facilitate compliance with the Policy as well received directly or through any regulatory body. The
as to highlight the consequences of non-compliance ‘Investors’ Relations’ section To fulfil these commitments, the Company has
All transactions with related parties arising in the normal with the Policy by all its employees and directors. The is also maintained on the Company website link developed a policy where any of the stakeholders (i.e.
course of business are carried out on an unbiased, Company Policy provides a guide as to what constitutes http://powercement.com.pk/page-investor-grievances employees, customers, suppliers, contractors, business
arm’s length basis at normal commercial terms and a conflict of interest, the processes and procedures that partners or shareholders) can contribute towards our
conditions. are in place in order to facilitate compliance and, the Material information is also disseminated through aim to be vigilant about, and responsive of, the following
consequences of noncompliance. The Policy is intended newspapers, publication on Company’s website, notices misdemeanors undertaken by any person associated
All transactions with related parties where majority of to assist directors and employees in making the right to the Stock Exchange and regulators etc. with company, either directly or indirectly:
Directors of are interested, are referred to the decisions when confronted with potential conflict of
shareholders in a general meeting for approval. In interest issues. Policy for Safeguarding of Records • Any fraudulent act;
compliance with the Code of Corporate Governance and • Waste of resources;
applicable laws, a comprehensive list of all related party Management of Conflict of Interest: Power Cement Limited effectively ensures the safety of • Misuse of authority; or
transactions are placed before the Audit Committee for its records. Physical records of documents are • Sabotage of machinery or of equipment.
review at the end of each quarter. After review by the The primary goal of this policy is to manage conflicts of maintained in designated storerooms at our Head office
Committee, the transactions are considered and interest to ensure that decisions to be made are on and Site locations. Access to these rooms is only The salient features of the policy are as follows:
approved by the Board keeping in view the proper grounds, for legitimate and unbiased reasons. In granted to authorize individuals who are responsible for
recommendations made by the Committee. this regard, Power Cement Limited has set the following the safekeeping and maintenance of records. 1. A whistle-blower who raises a concern as per this
procedures to manage and monitor the conflict of policy, is provided with due protection in respect of
Interest: Further, an independent archiving company has been performance of his duties and receipt of justified
The Company maintains a comprehensive and updated properly maintaining the Company’s records at a secure consideration under employment or contractual
list of all related parties. Names of all such related 1. Identify areas of risk location for the last three years. All records are retained arrangement. No harassment or pressures towards the
parties along with whom the Company had entered into 2. Develop strategies and responses for risky areas. as long as they are required to meet legal, whistle-blower are tolerated and the Company takes
transactions during the year, along with the nature of 3. Educate all employees about the conflict of interest administrative, operational, and other requirements of appropriate actions to protect all such individuals.
their relationship and percentage holdings have been policy. the Company. 2. The company ensures that the information shared and
appropriately disclosed in Note 39 of the Financial 4. Communicate with stakeholders to provide the platform the identity of the whistle-blower remains confidential
Statements. However, there was no contract or for proper disclosure until such time as the person needs to come forward as
arrangement with any related party other than in the 5. Enforce the policy. a witness.
3. All concerns are reported in writing to ensure a clear ensures that employees are constantly developed to fill Business Continuity and Disaster Recovery Plan
understanding of the issues being raised. The each needed role. We look for people who exemplify
background, the nature of concern, relevant dates and continuous improvement when we are spotting future The Board of Directors ensures that the Company has an updated Business Continuity and Disaster Recovery plan in
timings, evidences/proofs where possible, the reasons successors. In this relation, the Company also expends place for the continuity of Company’s business and operations in case of any extra ordinary circumstances.
for the concern and the names of individuals against a lot in terms of finances and time for the training of its
whom the concern is being reported are documented resources as is evident from the below trainings held The comprehensive plan is designed to ensure the protection of overall company’s operations and assets along with
therein. during the year: regular archival and system-backups at remote sites.
4. Each concern received is assessed for its validation
and initial inquiries are made to determine whether an 1. Effective Communication Skills The key highlights and actions of Power Cement Limited’s Business Continuity Plan is as follows:
investigation is appropriate. At the end of the investiga- 2. Project Management
tion, a written report that provides the findings, basis of 3. Management Development Program “One Team – One • The Management has put in place-adequate systems of IT Security, real-time data backup and off-site storage of data
findings and a conclusion is submitted to the Chief Goal” back-up at Company’s Site.
Executive Officer. 4. Supply Chain Management • The development of the plan has been done keeping in view the on-going business needs and the environment it is
operating in.
Human Resource Management Social and Environmental Responsibility Policy • The IT Team has been working on the Standard Operating Procedures and that will be completed by next year.
• The Management also ensures the training of all the employees on how to respond in case of any unforeseen or extra
The backbone of any organization is its people. Power The Company’s Social and Environmental Responsibility ordinary event.
Cement Limited firmly believes in nurturing, investing in Policy reflects the Company’s recognition that there is a • Employees are imparted multi-skill training which helps in the continuity of business activities.
and promoting its employees with the ultimate objective strong, positive correlation between financial • To ensure the safety of employees and assets, fire alarm systems are installed in the premises of all the offices. Moreover,
of ensuring a very high level of employee satisfaction performance and corporate, social and environmental adequate systems are in place for extinguishing fire.
and efficiency, which in turn translates into high levels of responsibility. The Company believes that the • The Company has also deployed adequate security staff at both plants to ensure uninterrupted cement production
customer satisfaction. observance of sound environmental and social regardless of the political situation and other external factors.
strategies is essential for building strong brand and • The Company ensures the backup of all the assets whether physical or virtual; the physical assets are backed by
The Company is committed to build a strong safeguarding reputation, which in turn is vital for long insurance, whereas back-up of virtual assets and data is created on a routine basis.
organizational culture that is shaped by empowered term success. • It is also regularly ensured that Data Recovery processes are operating effectively.
employees who demonstrate a deep belief in
Company’s vision and values. Therefore, Human Social Responsibility Policy: Disclosure of Beneficial Ownership
Resource Management (HRM) is an integral part of our
business strategy. The Company fosters leadership, • Implementation of Employee Code of Conduct that fits The Ultimate Beneficial Owners of the Company (non-natural persons) are enlisted below:
individual accountability and teamwork. with local customs and regulations.
• Culture of ethics and behavior which improve values
The main components of the Company’s policy are: like integrity and transparency. Ul�mate Beneficial Shareholder Shareholding %
• Promoting the culture of work facilitation and knowledge Mr. Arif Habib 26.64
• Selecting the right person, with the right experience, at transfer.
the right time, offering the right compensation. • Carrying out corporate philanthropy actions
Compliance with the Best Practices of Code of • To ensure that the Board plays an effective role in
• Developing management philosophies and practices to • Maintaining collaborative relations with the society
Corporate Governance setting up the Company’s corporate strategy, business
promote and encourage motivation and retention of the through a good harmony and effective communication.
direction and Key Performance Indicators (KPIs).
best employees.
The Board of Directors has complied with the • To promote and oversee the highest standards of
• Recognizing and rewarding employees’ contribution to Environmental Responsibility Policy
requirements for Listed Companies (Code of Corporate corporate governance within the Board and the
the business.
Governance) Regulations, 2017, the listing regulations Company.
• Fostering the concept of team work and synergetic • Ensure our products, operations and services comply
of the Pakistan Stock Exchange and the requirements for • To review performance of the Board.
efforts with relevant environmental legislation and regulations.
Financial Reporting framework of Securities & Exchange • To manage and solve conflict, if any, amongst the
• Encouraging and supporting team concepts and team • Maintain and continually improve our environmental
Commission of Pakistan (SECP). Board members and to ensure freedom of opinion in
building techniques. management systems to conform to the ISO Standards
the Board.
• Nurturing a climate of open communications between or more stringent requirements as dictated by specific
Statement of Compliance with the Code of Corporate
management and employees. markets or local regulations.
Governance, Review Report by the Company’s Auditors Chief Executive
• Making all reasonable efforts to achieve a high quality of • Operate in a manner that is committed to continuous
and Report of the Board’s Audit Committee on
work-life balance. improvement in environmental sustainability through
adherence to the Code of Corporate Governance are • To execute and implement the strategies, policies and
conservation of resources, prevention of pollution, and
also included in this Report. business plans approved by the Board.
Succession Planning promotion of environmental responsibility amongst our
• To achieve the performance targets set by the Board
employees.
Role of Chairman and The Chief Executive and to ensure communication of the same across the
The Company believes in proactive approach towards • Inform suppliers, including contractors, of our environ-
organization as the standards to be achieved by the
succession planning. We recruit employees, develop mental expectations and require them to adopt environ-
Chairman Management.
their knowledge, skills, abilities, and prepare them for mental management practices aligned with these
• To maintain an effective communication with the Chair-
advancement or promotion into ever more challenging expectations.
• To provide leadership to the Board of Directors of the man and the Board and to bring all important matters to
roles. Rigorous succession planning is also in place
Company. their attention.
throughout the organization. Succession planning
• To ensure that all strategic and operational risks are The terms of reference of the Audit Committee shall also (h) consideration of major findings of internal investigations rate governance and identification of significant
effectively managed to an acceptable level and that include the following: of activities characterized by fraud, corruption and violations thereof; and
adequate system of internal controls is in place for all abuse of power and management's response thereto;
major operational and financial areas. (a) determination of appropriate measures to safeguard (n) consideration of any other issue or matter as may be
• To encourage and inculcate a culture of highest moral, the Company’s assets; (i) ascertaining that the internal control systems including assigned by the Board of Directors
ethical and professional values in all business dealings financial and operational controls, accounting systems
of the Company. (b) review of quarterly, half-yearly and annual financial for timely and appropriate recording of purchases and Pandemic Recovery Plan
statements of the Company, prior to their approval by sales, receipts and payments, assets and liabilities and
Terms of Reference of Human Resource and the Board of Directors, focusing on: the reporting structure are adequate and effective; The Company made all possible efforts to ensure that
Remuneration Committee • major judgmental areas; safe practices are put to place in such a way that while
• significant adjustments resulting from the audit; (j) review of the Company’s statement on internal control remaining strictly within the WHO and federal and
The purpose of the Human Resources & Remuneration • the going concern assumption; systems prior to endorsement by the Board of Directors provincial guidelines, employees are provided with
Committee (the “Committee”) is to assist the Board of • any changes in accounting policies and practices; and internal audit reports; support so they can continue to operate and deliver at
Directors (the “Board”) of Power Cement Limited (the • compliance with applicable accounting standards; optimum. Following the relaxation of lockdown
“Company”) in fulfilling its oversight responsibilities in the • compliance with listing regulations and other statutory (k) instituting special projects, value for money studies or restrictions, the economic activities are expected to gain
field of Human Resources and their Compensation. The and regulatory requirements; and other investigations on any matter specified by the some momentum, however, the recovery will be gradual
Committee’s primary focus is with respect to the • related party transactions. Board of Directors, in consultation with the CEO and to and measured. The management of the Company is
development, succession planning and compensation of consider remittance of any matter to the external monitoring the situation vigilantly and is taking all the
senior executives and the identification, oversight and (c) review of preliminary announcements of results prior to auditors or to any other external body; necessary measures to ensure employees’ safety whilst
management of risk related to the compensation policies publication; also ensuring business continuity.
and practices of the Company. (l) determination of compliance with relevant statutory
(d) facilitating the external audit and discussion with requirements; Further, all the employees of the Company have now
The terms of reference of Human Resource and external auditors of major observations arising from been vaccinated.
Remuneration Committee shall include the following: interim and final audits and any matter that the auditors (m) monitoring compliance with the best practices of corpo-
may wish to highlight (in the absence of management,
(i) Recommending Human Resource Management where necessary);
Policies to the Board.
(e) review of management letter issued by external auditors
(ii) Recommending to the Board the selection, evaluation, and management’s response thereto;
compensation (including retirement benefits) and
succession planning of the Chief Executive Officer, (f) ensuring coordination between the internal and external
Director Coordination, Chief Financial Officer, Compa- auditors of the Company;
ny Secretary and Head of Internal Audit.
(g) review of the scope and extent of internal audit and
(iii) Consideration and approval of the recommendations of ensuring that the internal audit function has adequate
the CEO about selection, evaluation, compensation resources and is appropriately placed within the
(including retirement benefits) and succession Company;
planning of the CEO’s direct reports.
Chairman’s significant commitments
(iv) Consideration of any other issue or matter as may be
assigned by the Board of Directors. Chairman’s significant commitments during the year
included:
Terms of Reference of the Audit Committee
• Effective conduct of Board meetings and Shareholder
The Audit Committee shall, inter alia, recommend to the meetings and decision making.
Board of Directors the appointment of external auditors,
their removal, audit fees, the provision by the external • Review of company’s progress in strategic infrastructur-
auditors of any service to the Company in addition to audit al projects.
of its financial statements. The Board of Directors shall give
due consideration to the recommendations of the Audit • Chairman’s engagements other than Power Cement
Committee in all these matters and where it acts otherwise, Limited has been disclosed in the Directors’ profile
it shall record the reasons thereof. Section of this Report
REPORT OF THE
AUDIT COMMITTEE
The members of the Audit Committee are pleased to • The Company has devised and implemented an External Auditors
present their report to the shareholders for the year ended effective internal control framework which also includes
June 30, 2021. We would like to make the following • Accounting estimates are based on reasonable and an independent internal audit function. • The statutory Auditors of the Company, M/s. A.F. Fergu-
submissions: prudent judgment. Proper and adequate accounting sons & Co., Chartered Accountants, have completed
records have been maintained by the Company in • The Internal Audit department is responsible for their audit assignment of the “Company’s Financial
Composition of the Audit Committee accordance with the Companies Act, 2017. The monitoring of compliance, inherent and other risks Statements” and the “Statement of Compliance with the
financial statements comply with the requirements of associated with the internal controls and other areas of Code of Corporate Governance” for the financial year
The Audit Committee comprises of three (3) non-executive the Fourth Schedule to the Companies Act, 2017 and operations of the Company. ended June 30, 2021.
directors including one Independent Director, who is also the external reporting is consistent with management
the Chairperson of the Committee. The members of the processes and adequate for shareholder needs. • The Company’s approach towards risk management • The Auditors attended all the Audit Committee meetings
Audit Committee are qualified professionals and possess has been disclosed in the risk management section of where their reports were discussed. The Auditors also
enriched experience of working at the Boards & Senior • All Related Party transactions have been reviewed by the Directors’ Report. The types and detail of risks attended General Meetings of the Company during the
Management levels of entities operating in various sectors. the Committee prior to approval by the Board. along with mitigating measures are disclosed in year and have confirmed attendance of the 30th Annual
Further, two members are qualified chartered accountants. relevant section of the Annual Report. General Meeting scheduled for October 28, 2021.
• The Company has issued a “Statement of Compliance
The Head of Internal Audit is the Secretary of the Audit with the Listed Companies (Code of Corporate Gover- Internal Audit • The Auditors do not provide any services other than
Committee. nance) Regulations 2019” which has also been external audit of the Company. The audit firm has no
reviewed and certified by the External Auditors of the • The Company’s system of internal controls is sound in financial or other relationship of any kind with the
Chief Financial Officer of the Company attends the meeting Company. design and has been continually evaluated for Company any except that of External Auditors.
by invitation, while the Committee meetings are attended by effectiveness and adequacy.
the External Auditors on requirement basis. • Understanding and compliance with Company codes • Being eligible for reappointment as auditors of the
and policies has been affirmed by the members of the • The Audit Committee has ensured the achievement of Company, the Audit Committee has recommended the
Financial Statements Board, the Management and employees of the Compa- operational, compliance, risk management, financial appointment of M/s. A.F. Fergusons & Co., Chartered
ny. Equitable treatment of shareholders has also been reporting and control objectives, safeguarding of the Accountants as external auditors of the Company for
The Committee has concluded its annual review of the ensured. assets of the Company and the shareholders’ wealth at the year ending June 30, 2022.
conduct and operations of the Company during financial all levels within the Company.
year 2021, and reports that: • Trading and holdings of Company’s shares by Direc- Annual Report 2021
tors & executives or their spouses were notified in • The Internal Audit function has carried out its duties
• The annual financial statements for the year ended June writing to the Company Secretary along with the price, under the terms of reference defined by the Committee. • The Company has issued a very comprehensive
30, 2021 have been prepared on a going concern number of shares, form of share certificates and nature The Committee has reviewed material Internal Audit Annual Report which besides presentation of the
basis under requirements of Companies Act 2017, of transaction which were notified by the Company findings, taking appropriate action or bringing the financial statements and the Directors’ Reports of the
incorporating the requirements of the Code of Corpo- Secretary to the Board within the stipulated time. All matters to the Board’s attention where required. Company, also discloses other information much
rate Governance, International Financial Reporting such holdings have been disclosed in the Pattern of exceeding the regulatory requirements to offer an in
Standards and other applicable regulations. Shareholding. • Audit Committee has provided proper arrangement for depth understanding about the management style, the
staff and management to report to Audit Committee in policies set in place by the Company, its performance
• There were no issues in the application of Companies • Closed periods were duly determined and announced confidence, concerns, if any, about actual or potential during the year, and future prospects to various stake-
Act 2017, and these financial statements present a true by the Company, precluding the Directors, the Chief improprieties in financial and other matters. Adequate holders of the Company.
and fair view of the Company’s state of affairs, results of Executive and executives of the Company from dealing remedial and mitigating measures are applied, where
operations, profits, cash flows and changes in equity of in Company shares, prior to each Board meeting necessary. The Audit Committee
the Company for the year under review. involving announcement of interim / final results,
distribution to shareholders or any other business • The Head of Internal Audit has direct access to the • The Audit Committee believes that it has carried out
• Appropriate accounting policies have been consistently decision, which could materially affect the share market Chairperson of the Audit Committee and the Committee responsibilities to the full, in accordance with Terms of
applied except for the changes, if any, which have price of the Company, along with maintenance of has ensured staffing of personnel with sufficient internal Reference approved by the Board which included
been appropriately disclosed in the financial confidentiality of all business information. audit acumen and that the function has all necessary principally the items mentioned above and the actions
statements. access to Management and the right to seek informa- taken by the Audit Committee in respect of each of
Risk Management and Internal Control tion and explanations. these responsibilities. Evaluation of the Board’s perfor-
• The Chairman of the Board, Chief Executive Officer and mance, which also included members of the Audit
the Chief Financial Officer have endorsed the financial • The Company has developed a sound mechanism for • Coordination between the External and Internal Committee was carried out separately and is detailed in
statements of the Company, while the Directors’ Report identification of risks and assigning appropriate critical- Auditors was facilitated to ensure efficiency and contri- the Annual Report.
is signed by the Chairman and the Chief Executive ity level and devising appropriate mitigation measures bution to the Company’s objectives, including a reliable
Officer. They acknowledge their responsibility for true which are regularly monitored and implemented by the financial reporting system and compliance with laws
and fair presentation of the Company’s financial condi- management across all major functions of the Compa- and regulations.
tion and results, compliance with regulations, applica- ny and presented to the Audit Committee for informa-
ble accounting standards and establishment and tion and review.
maintenance of internal controls and systems of the
Company.
DIRECTORS’ REPORT
The Directors of Power Cement Limited (“your Company”) have the pleasure in presenting the
annual report and the audited financial results for the year ended June 30, 2021.
INDUSTRY OVERVIEW export demand stood at 6.75 million tons, i.e. a growth of
Pakistan’s Cement industry performance showed 15% over the prior year. As a result, the South Zone
significant improvement during the outgoing year by closed at a total dispatch of 14.29 million tons.
registering a growth of 20% to 57.4 million tons in The year marked the first full year for your Company following the commissioning of new Line III.
comparison to 47.81 million tons during last year. Local The North Zone too performed well both in the domestic
cement sales, which remained dominant shareholder in and export market. The domestic demand improved by During the year under review, the production of clinker and cement surged by 1,379,289 tons (144 %) and 1,076,053
the cement sales mix in Pakistan, increased by 20.4% to 18.22% and export demand improved by 30.2%. As a metric tons (147 %) respectively. While the new Line-III was able to produce consistent high quality cement round the
48.12 million tons from 39.96 million tons during previous result, the North Zone recorded a net growth of at 19%. year, the overall capacity utilization stood at 73% (44% in the last financial year) on the back of availability of higher
year. The export performance was also very production capacity and shutdown of the old plant in the prior year.
encouraging, which supported the overall industry BUSINESS PERFORMANCE
volumes by registering an increase of 19% to 9.3 million During the outgoing financial year, your company Financial Performance
tons as compared to 7.85 million tons during last year. depicted a stellar performance with the dispatches
surging by an impressive 171 % achieving a volume of The financial performance of your Company for the financial year ended June 30, 2021 as compared to last year is
The outstanding growth in sales volume during the year 1,021,780 tons as compared to 585,149 tons in the last presented below:
is mainly due to the major Government initiatives – financial year. The sharp surge in sales of your company
announcement of construction package and low cost was underpinned by consistent production through the PARTICULARS FY 2021 FY 2020
housing schemes, lower interest rates to boost brand new European make FLSmidth plant of 7700 TPD PKR in ‘000’
economic recovery, focus on constructing dams and and the company has now started reaping fruits of the Sales revenue – Gross 19 , 702,055 6,627,622
water reservoirs and efficient management of COVID mega expansion.
Less: Sales Taxes/ Federal Excise Duty / Commission / Freight 5,481,442 2 , 541,269
with sparing use of lockdowns.
Production & Sales Volume Performance: Sales Revenue - Net 14,220,613 4,113,353
The domestic demand in South Zone, where your The production and sales volume (in tons) for the year of Gross profit / (loss) 3,089,637 (116,167)
Company is situated, depicted a sharp rise in annual your Company together with the comparative figures are Operating profit / (loss) 1,928,231 (988,226)
consumption which stood at 7.53 million tons, i.e. a as under:
Loss before tax (671,208) (3,966,776)
growth of 34% over the prior year. Concurrently, the
Net profit / (loss) after tax 358,359 (3,621,629 )
Earnings /(loss) per share (Rupee) (3.41)
Produc�on FY 2021 FY 2020 Variance % 0.17
Tons
Cement 1,809,737 733,684 147% REVENUE: during the financial year under review, gains in the cost
of production were weighed down by the increase in
Clinker 2,333,980 954,691 144% During the financial year 2020-21, your Company’s cost of sales driven by skyrocketing coal prices and
overall Gross Sales Revenue surged to Rs. 19,702 sharp surge in electricity tariffs and transportation costs.
million, increasing by an impressive 197 % as compared
Despatches FY 2021 FY 2020 Variance % to last year, whereas Net Sales Revenue increased by a GROSS PROFIT
Tons staggering 246 % in line with the improved sales volume
Cement (Local) 1,633,074 601,543 171% (133%). We feel pleased to share with you that retention Despite all challenges, Gross Margin of your Company
prices also posted significant growth of 48%, as your stood at a healthy figure of 22% as compared to a nega-
Cement (Export) 196,798 86,951 126% company increased its footprint in both local and export tive 2% last year. This was made possible by increase in
markets backed by enhanced plant capacity. However, sales revenue and better absorption of fixed costs as a
Clinker (Export) 553,621 333,286 66% the export selling prices remained under pressure due result of 101% capacity utilization of new cost-efficient
to increased competition in the international markets and line of production.
Total dispatches 2,383,493 1,021,780 133% slump in global demand due to COVID.
NET PROFIT / (LOSS):
COST OF SALES:
The Company posted a profit after tax of Rs. 358 million
Post expansion, your company has become one of the as compared to a loss of Rs. 3,622 million (increase of
most cost efficient cement plant of Pakistan. However, 109%).
• The financial statements prepared by the management of the Company, present fairly the Company’s state of affairs, the
result of operations, cash flows and changes in equity.
• Proper books of accounts have been maintained by the Company.
• Appropriate accounting policies have been consistently applied in preparation of financial statements and accounting
estimates are based on reasonable and prudent judgment.
• The International Financial Reporting Standards as applicable in Pakistan have been followed in the preparation of
financial statements.
• The system of internal control is sound in design and has been effectively implemented and monitored.
• There are no doubts upon the Company’s ability to continue as a going concern. Further the Company is paying all debts
in time and no default is made on the part of Company to repay its debts to the banks.
EARNINGS / (LOSS) PER SHARE: • There has been no material departure from the best practices of corporate governance as detailed in the listing regula-
tions.
The Earning per Share of your Company for the year was Rs.0.17 as compared to loss per share of Rs. 3.41 per share • The Company operates funded gratuity scheme for its employees as disclosed in relevant note to the financial
reported last year statements.
• Four directors have already completed the directors’ training program. The Board consists of one director who is
exempted from the directors’ training program in accordance with clause 19 of Chapter VI of the CCG regulations due
CONTRIBUTION TO NATIONAL EXCHEQUER CAPITAL STRUCTURE & LIQUIDITY MANAGEMENT to having minimum of 14 years of education and over 15 years of experience on the board of a listed company. Currently,
The Company contributed Rs.2.92 billion (2020: Rs. 1.33 The Company’s Management has sufficient experience there are two directors who require certification under the directors’ training program.
billion) into the Government Treasury on account of and knowledge of the best practices in liquidity • The statement of holding in the prescribed format disclosing aggregate number of shares has been attached with this
income tax, excise duty, sales tax and other Government management. Your company has a robust system of Annual Report.
levies. policies & procedures and the decision making involves • Key operating and financial data for the last 6 years has been annexed to the report.
due consideration of regulatory constraints and tax
CORPORATE SOCIAL RESPONSIBILITY implications. The Company ensures management of its
During the year, the Company has disbursed PKR 4.02 working capital through productive fixed cost reduction COMPOSITION OF BOARD OF DIRECTORS
million (2020: PKR 2.1 million) as donation to different techniques. The Current Board of Directors of the Company consists of:
trusts, charity institutions and welfare organizations.
The Company also takes advantage of the subsidized a) Male 6
DIVIDEND AND BONUS financing schemes, whenever achievable, to fund its b) Female
Keeping in mind the obligations of the Company’s long and short-term requirements. Being an Exporter, 1
existing long-term loans, the Board has decided not to the Company utilizes Islamic Export Refinance Facility to
declare any dividend or bonus share issue for the year partially meet its working capital requirements. Total Number of Directors 7
ended June 30, 2021.
Further, the Company is mindful to ensure that no default MEETINGS OF BOARD OF DIRECTORS
NEW PROJECTS in payments of any debt occurs. The company has During the year under review five Board of Directors’ (BOD) meetings were held and attendance of Board Members
prudently formulated its capital structure, with an optimal was as follows:
SOLAR / WIND POWER PROJECT mix of debt and equity, to finance its overall operations
and growth. Periodic review of the same is also carried
Electricity is one of the major components of cost of out and the desired changes are expeditiously Meetings attended by
Name of Director Designation
production in cement manufacturing process, implemented accordingly. the Member
accounting for around 23%. Your Company’s
Management has always been mindful on this core area CREDIT RATING Mr. Nasim Beg Non-Executive Director / Chairman 5/5
and the Waste Heat Recovery System (WHRS) was also The Company has been assigned a long term rating of
installed during 2019-20 which is now generating “A-“ (Single A Minus) and short term rating of “A-2” Mr. Muhammad Kashif Habib Executive Director / Chief Executive 5/5
around 10MW indigenously. To further augment (Single A Two) by JCR-VIS Credit Rating Company
profitability, your company has taken new initiatives by Limited on November 11, 2020. Mr. Syed Salman Rashid Non-Executive / Independent Director 4/5
embarking upon Power Purchase Agreements (PPAs)
for Solar and Wind Power Projects. This will not only Mr. Mr. Samad Habib Non-Executive Director 2/5
bolster cash flow position of the company but will also
help achieve self-sustainability in energy generation Mr. Javed Kureishi Non-Executive Director 5/5
through partial switching on green energy, reducing
carbon foot print and contributing to the ecological Ms. Saira Nasir Non-Executive Director 5/5
environment as well.
Mr. Andres Paludan-Muller Non-Executive Director 5/5
Leave of absences were granted to directors who did not attend the meetings.
A comprehensive mechanism is put in place for undertaking an evaluation of the performance of the Board of Direc- The independent non-executaive directors of the Company are being paid meeting fee for attending Board of Direc-
tors in accordance with the Listed Companies (Code of Corporate Governance) Regulations, 2019. tors meeting or any of Boards’ sub-committee meeting as approved in the Annual General Meeting held on October
28, 2019. The levels of remuneration are appropriate and commensurate with the level of responsibility and expertise
The mechanism evaluates the performance of the Board of Directors on the following parameters: to govern the Company successfully and with value addition. Remuneration to Chief Executive and Directors are
disclosed in note 42 to the Financial Statements for the year ended June 30, 2021
• Oversight and Effectiveness of the Board
• Composition and Committees of the Board ADEQUACY OF INTERNAL FINANCIAL CONTROLS
• Board Meetings and Proceedings
• Board and Management Relations The Board of Directors is aware of its responsibility with respect to internal controls environment and accordingly has
• Managing Relationship and Leadership established an efficient system of internal financial controls, for ensuring effective and efficient conduct of operations,
• Directors’ Acquaintance with Corporate Laws and Regulations safeguarding of Company assets, compliance with applicable laws and regulations and reliable financial reporting.
• Corporate Governance The independent Internal Audit function of the Company regularly appraises and monitors the implementation of
financial controls.
BOARD COMMITTEES AND MEETINGS
The Board Audit Committee meets quarterly to consider your Company’s financial performance, operational and
Audit Committee capital expenditure budgets, strategic plans and other key performance indicators. The Board Audit Committee
The Board of Directors has established an Audit Committee which comprises of three members all of whom are receives reports on the system of internal financial controls from the external and internal auditors and reviews the
non-executive directors and the Chairperson is an Independent Director. Composition of the Audit Committee has process for monitoring the effectiveness of internal controls.
been made in line with the requirements of the Listed Companies (Code of Corporate Governance) Regulations, 2019.
PATTERN OF SHAREHOLDING
During the year under review, four Audit Committee meetings were held and attendance of each member was as
under: The ordinary and preference shares of the Company are listed on Pakistan Stock Exchange. There were
1,063,414,434 (2020: 1,063,414,434) ordinary shareholders and 244,585,320 (2020: Nil) preference shareholders of
the Company as of June 30, 2021. The detailed pattern of shareholding are annexed to the Report.
Position on the
Name of Member Meetings attended
Committee
TRADING IN COMPANY’S SHARE BY DIRECTORS AND EXECUTIVES
Ms. Saira Nasir Chairperson 4/4 A statement showing the Company’s shares bought and sold by its Directors, Chief Executive, Chief Financial Officer,
Company Secretary and their spouses and minor family members is annexed to the Report.
Mr. Nasim Beg Member 4/4
Furthermore, it is informed to all above concerned persons to deliver written notices to the Company Secretary, to
Mr. Syed Salman Rashid Member 4/4 immediately inform in writing, any trading in the Company’s shares by themselves or by their spouses and to deliver
a written record of the price, number of shares and CDC statement within 2 days of such transaction.
HR & Remuneration Committee
The Board of Directors has established an HR & Remuneration Committee which comprises of three members; of
RISK MANAGEMENT & STRATEGY FOR MITIGATING RISKS
whom two are non-executive directors. The composition of the HR & Remuneration Committee has been made in line
with the requirements of the Listed Companies (Code of Corporate Governance) Regulations, 2019.
The Board of Directors have identified potential risks, assessed their impact on your Company and formulated strate-
gies to mitigate foreseeable risks to the business. These strategies have been enforced throughout the hierarchy of
During the year under review, one HR & Remuneration Committee meeting was held and attendance of each member
your Company under to ensure that no gaps remained in risk mitigation.
was as under:
The major risks and challenges faced by the Company are as follows:
Position on the
Name of Member Meetings attended
Committee (i) High level of leverage weighing downward pressure on profitability
(ii) Inability to pass on sharp increase in cost of doing business to the consumers (especially coal & electricity
Mr. Javed Kureishi Chairman 1/1 costs) due to the competitive pricing by market players
(iii) Exposure to exchange rate and interest rate risks
Mr. Muhammad Kashif Habib Member 1/1 (iv) Supply glut due to capacity expansions/new plants
(v) Loss of quality human resource due to surge in employee turnover
Mr. Syed Salman Rashid Member 1/1
These are explained further in the relevant sections of the Annual Report.
Non-Financial Measures Due to the COVID impacts and the overall economic Liquidity position
recession in the country, a moderate stance was
These are difficult to quantify as compared to financial measures but they are equally important. Following are the adopted for the year FY 2021. • Keeping an eye on funds used in / generated from
non-financial measures of the Company: operating, investing and financial cash flow
Retention levels on domestic sales improved but to activities
Human Capital notably low margins in the export market, the Company • Reviewing funds used in working capital
missed its export targets. Furthermore, significant management
The company ensures that the employees are well-remunerated and secure with adequate retirement benefits. We increase in coal prices also hit Gross profit adversely. • Effectively segregating cash and noncash items
believe that satisfaction of employees is fundamental for growth in every good organization. Our development and
training activities also contribute to the same objective in the long term. The company promotes a performance based Gross Profit mainly suffered mainly due to the following: All the indicators are devised in the light of these basic
culture that will support both short-term and long-term value creation. Our human resources remain the key asset to assumptions and are periodically reviewed and
our success and growth which is evident from the below mentioned analysis: • Increase in the coal prices by 9.31% as compared monitored. Furthermore, Company performance
to the budgeted price. variance analysis from corresponding figures of
2021 2020 comparative periods provides good basis of Corporate
Staff strength - Permanent 489 493 Methods and Assumptions used in Compiling Reporting. These indicators are finally used to report
Indicators financial information to all users of the financial
New recruitments 61 108
statements in the form of annual financial statements.
Leavers 56 131 Financial Position
Average number of employees Segmental review of Business Performance
496 385
A performance indicator represents those factors that
Promotions 55 - may affect the Company’s financial position, financial The financial statements of the Company have been
performance or liquidity position. Following are the key prepared on the basis of single reporting segment.
Manufactured Capital assumptions in compiling these indicators: Financial Revenue from sale of cement represents 100% of gross
Position. sales of the Company. Moreover, all assets of the
Power Cement Limited believes in use of latest technology to produce best quality cement which is cost efficient and Company as at June 30, 2021 are located in Pakistan.
environment friendly. The company has successfully installed a new state of the art latest technology European make • Appropriateness of capital mix
production line of 7,700 TPD (procured from the world renowned cement plant manufacturer FLSmidth). The newly • Proportion of financial leverage
installed cement plant has enabled it to be the one of the cost efficient producers in the region. The new bag filters • Changes in current ratio
employ state-of-the-art European Technology using the Eco E3 filtration system which most efficiently controls the dust
emission with sustainability and thus provides an edge to the company over other cement plants in the South Zone. Financial performance
Analysis of the investments in manufactured capital are mentioned below:
• Maintaining high local sales retention
2021 2020 • Monitoring key components of variable costs
Capital expenditure (Rs. million) 34,559 7,034 • Absorption of fixed costs
Intellectual Capital
In this age of information technology, adoption of latest Information Management and Information Technology is at the
core of every successful company and the same is also built into Power Cement Limited’s strategy. IT system plays an
important role in supporting Power Cement Limited’s current operations and its new initiatives. Our world class ERP
system (Microsoft A/X) is considered to be one of the best in manufacturing industry and after successful implementa-
tion, it continues to integrate all function across the Company, facilitating greater efficiency and effectiveness of all
processes and controls.
1. The profit margins for the Company jumped in FY 2021 from negative 88.05% to positive 2.52% owing mainly to
higher sales volume coupled with sales prices during the year.
2. Assets turnover has improved mainly on account of high capital expenditures in the preceding year for the
capacity expansion.
3. Based on the above two factors, the Return on Assets which is dependent on the above two, has also improved.
4. Due to lower capital expenditures in the current year, the equity multiplier decreased by 21%.
5. The Return on Equity improved significantly by 108% on account of the above factors particularly due to better
profitability margins with a significant jump of 103#."
RETURN ON EQUITY
30%
20.71%
20%
0%
2016 2017 2018 2019 2020 2021
-10%
-20%
-30%
-42.71%
-40%
-50%
2,000
Enterprise Value
0
FY 2017 FY 2018 FY 2019 FY 2020 Market Value of Equity 10,219,412 6,593,169
FY 2016 FY 2021 Add: Debt 19,700,920 19,132,919
(2,000) Less: Cash & Bank balance (7,009,055) (7,117,391)
Enterprise Value 22,911,277 18,608,697
(4,000)
(12,000)
Economic Value Added
(14,000)
2,000 873
(16,000)
Millions (Rs.)
Free cash flows to the equity holders Free cash flows to the firm 0
(2,000)
Free cash flows represent the cash a company can generate after required investment to maintain or expand its asset FY 2021 FY 2020
base. It is a measurement of a company’s financial performance and health.
The trend line shows that the Company had maximum free cash flow in FY 2017 due to increase in capital by way of Enterprise Value
issuance of shares for expansion of its plant capacity
30,000
22,911
Millions (Rs.)
18,609
20,000
10,000
FY 2021 FY 2020
FINANCIAL HIGHLIGHTS
Financial Position (PKR in '000) FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 Financial Position (PKR in '000) FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016
Assets Employed ANALYSIS OF STATEMENT OF
Property, plant and equipment 36,270,530 37,222,552 32,942,295 19,843,344 5,248,476 4,444,992 FINANCIAL POSITION
Intangible assets 37,086 48,194 - 1,077 8,977 8,982 PKR in '000 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016
Right of use assets 2,958 5,493 - - - - Share Capital & Reserves 10,744,916 8,478,635 12,221,540 11,299,062 8,394,241 2,348,110
Investments 24,873 23,751 14,100 13,124 13,220 - Non Current Liabilities 18,545,685 17,504,250 18,017,017 9,980,185 611,650 1,949,740
Long term deposits 42,338 24,159 19,635 19,635 19,635 19,635 Current Liabilities 16,201,077 19,518,320 9,769,846 3,238,059 2,381,223 1,945,128
Total Equity & Liabilities 45,491,678 45,501,205 40,008,403 24,517,306 11,387,114 6,242,978
Deferred tax assets 2,104,838 1,059,665 413,291 - - -
Non Current Assets 38,482,623 38,383,814 33,389,321 19,877,180 5,290,308 4,473,609
Current Assets 7,009,055 7,117,391 6,619,082 4,640,126 6,096,806 1,769,369
Current Assets 7,009,055 7,117,391 6,619,082 4,640,126 6,096,806 1,769,369
Total Assets 45,491,678 45,501,205 40,008,402 24,517,306 11,387,114 6,242,978
Total Assets 45,491,678 45,501,205 40,008,403 24,517,306 11,387,114 6,242,978
Financed By
Shareholders' Equity 10,744,916 8,478,635 12,221,540 11,299,062 8,394,241 2,348,110
Vertical Analysis - % FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016
Long-term liabilities
Share Capital & Reserves 24 19 31 46 74 38
Long term financing 18,403,048 17,357,208 17,959,094 9,460,000 110,000 360,000
Non Current Liabilities 41 38 45 41 5 31
Loan from related parties - - - - - 908,892 Current Liabilities 36 43 24 13 21 31
Lease liabilities 31,675 45,032 - - - - Total Equity & Liabilities 100 100 100 100 100 100
Deferred Grant Income 1,997 7,079 - - - - Non Current Assets 85 84 83 81 46 72
Current Assets 15 16 17 19 54 28
Deferred Accrued Mark-up 151,032 Total Assets 100 100 100 100 100 100
Deferred liabilities 108,965 94,931 57,923 520,185 501,650 529,816
Horizontal Analysis (i) Cumulative - % FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016
Current liabilities 16,201,077 19,518,320 9,769,846 3,238,059 2,381,223 1,945,128 Share Capital & Reserves 358 261 420 381 257 100
Non Current Liabilities 851 798 824 412 (69) 100
Total Funds Invested 45,491,678 45,501,205 40,008,403 24,517,306 11,387,114 6,242,978 Current Liabilities 733 903 402 66 22 100
Total Equity & Liabilities 629 629 541 293 82 100
Turnover & Profit (PKR in '000) FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 Non Current Assets 760 758 646 344 18 100
Sales Revenue 14,220,613 4,113,353 3,858,456 4,343,240 4,480,623 4,144,455 Current Assets 296 302 274 162 245 100
Gross profit/ (loss) 4,087,088 20,115 307,392 824,861 1,098,711 1,045,504 Total Assets 629 629 541 293 82 100
Operating Profit 1,928,232 (988,226) (256,348) 358,020 808,103 713,860
Profit before taxation (671,207) (3,966,776) (412,395) 348,778 565,175 764,772 FY 21 vs FY 20 vs FY 19 vs FY 18 vs FY 17 vs FY 16 vs
Horizontal Analysis (ii) Year on Year - %
Profit after taxation 358,360 (3,621,629) 582,107 319,907 466,793 486,391 FY 20 FY 19 FY 18 FY 17 FY 16 FY 15
Total comprehensive income 353,752 (3,617,069) 931,269 311,695 460,744 485,940 Share Capital & Reserves 27 (31) 8 35 257 100
Earning per share (Rupees) 0.17 (3.41) 0.55 0.32 1.14 1.33 Non Current Liabilities 6 (3) 81 1,532 (69) 100
Current Liabilities (17) 100 202 36 22 100
Cash Flow Summary (PKR in '000) FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 Total Equity & Liabilities (0) 14 63 115 82 100
Net Cash from Operating Activities 1,605,669 2,177,471 (771,720) 407,259 395,892 686,944 Non Current Assets 0 15 68 276 18 100
Net Cash used in Investing Activities (19,322) (6,942,544) (12,096,326) (14,244,219) (1,150,841) (146,285) Current Assets (2) 8 43 (24) 245 100
Net Cash Outflow from Financing Activities (1,513,417) 4,626,226 12,600,368 11,445,011 3,936,866 (601,896) Total Assets (0) 14 63 115 82 100
(Decrease) /Increase in Cash and Bank Balance 72,930 (138,847) (267,678) (2,391,949) 3,181,917 (61,237)
Cash and Bank Balance at beginning of the Year (317,824) (178,977) 88,701 2,480,650 (701,267) (640,030) ANALYSIS OF PROFIT
Cash and Bank Balance at end of the Year (244,894) (317,824) (178,977) 88,701 2,480,650 (701,267) AND LOSS ACCOUNTS
PKR in '000 FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016
Comments on Statement of Cash Flows Sales Revenue 14,220,613 4,113,353 3,858,456 4,343,240 4,480,623 4,144,455
Cost of sales (11,130,976) (4,229,520) (3,701,175) (3,668,172) (3,500,092) (3,207,369)
The Company's cash generation from operating activities has shown significant improvement during the last two years particularly due to significant rise in Gross profit/ (loss) 3,089,637 (116,167) 157,281 675,068 980,531 937,086
sales revenue in line with the increase in sales prices. Distribution Cost (1,195,573) (426,535) (122,443) (115,806) (106,154) (104,032)
Administrative Cost (254,536) (190,279) (148,742) (131,708) (76,366) (52,111)
Operating Profit 1,639,528 (732,981) (113,904) 427,554 798,011 780,943
The Company's cash outlay in investing activities particularly in FY 2017 to FY 2019 is due to the major capacity expansion of 7,700 TPD new Line alongwith
Finance Cost / (Income) (2,599,439) (2,978,550) (156,047) (9,242) (242,928) 50,912
installation of Waste Heat Recovery System
Other Charges / (Income) 288,704 (255,245) (142,444) (69,534) 10,092 (67,083)
(Loss) / Profit before taxation (671,207) (3,966,776) (412,395) 348,778 565,175 764,772
The Company had been settling its long term liabilities accrued as a result of the major capacity expansions initiated in FY 2017. Further, the finance cost
Taxation 1,029,567 345,147 994,502 (28,871) (98,382) (278,381)
was also a major factor for the significant Cash utilized in financing activities
Profit / (Loss) after taxation 358,360 (3,621,629) 582,107 319,907 466,793 486,391
Other Comprehensive (Income) / loss (4,608) 4,560 349,162 (8,212) (6,049) (451)
Total Comprehensive Income / (loss) 353,752 (3,617,069) 931,269 311,695 460,744 485,940
FINANCIAL HIGHLIGHTS
Vertical Analysis - % FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 NOTES ON ANALYSIS
Sales Revenue 100 100 100 100 100 100
Cost of sales (78) (103) (96) (84) (78) (77) Comments on six year Statement of Comments on Six year Statement
Gross profit 22 (3) 4 16 22 23 Comprehensive Income analysis of Finanical Position analysis
Distribution Cost (8) (10) (3) (3) (2) (3)
Administrative Cost (2) (5) (4) (3) (2) (1) Turnover Share Capital & Reserves
Operating (loss) / Profit 12 (18) (3) 10 18 19
Finance Cost / (Income) (18) (72) (4) (0) (5) 1 Revenues increased from PKR 4,144 million in 2016 to PKR 14,221 The share capital increased by a significant 358%
Other Charges / (Income) 2 (6) (4) (2) 0 (2)
million in 2021 with a significant increase of 243% in line with mainly due to undistributed profits and issuance of
(Loss) / Profit before taxation (5) (96) (11) 8 13 18
increase in in sales prices and sales volume.The Company always ordinary shares in FY 2017 and preference shares
Taxation 7 8 26 (1) (2) (7)
Profit / (Loss) after taxation 3 (88) 15 7 10 12 underwent major capacity expansion from 3,000 TPD to 10,700 TPD Clinker production in FY 2021
Other Comprehensive (Income) / loss (0) 0 9 (0) (0) (0)
Total Comprehensive Income / (loss) 2 (88) 24 7 10 12 Cost of Sales Non Current Liabilities
Horizontal Analysis (i) Cumulative - % FY 2021 FY 2020 FY 2019 FY 2018 FY 2017 FY 2016 Cost increased from PKR 3,207 million in 2016 to PKR 11,130 There is a significant increase of 851% in Non Current
Sales Revenue 243 (1) (7) 5 8 0 million in 2021 with an increase of 247%. This is mainly due to Liabilities from 2016 to 2021 mainly due to financing
Cost of sales 247 32 15 14 9 0 capacity expansion from 3000 TPD to 7000 TPD clinker production arrangements for capacity expansions
Gross profit 230 (112) (83) (28) 5 0 increase in input transportation costs, prices of coal, power and
Distribution Cost 1,049 310 18 11 2 0 packing material.
Administrative Cost 388 265 185 153 47 0 Non Current Assets
Operating (loss) / Profit 110 (194) (115) (45) 2 0 Gross Profit
Finance Cost / (Income) (5,206) (5,950) (407) (118) (577) 0 There is an increase of 760% in Non Current
Other Charges / (Income) (530) 280 112 4 (115) 0 GP increased from PKR 937 million in 2016 to PKR 3,089 million in Assets from 2016 to 2021 mainly due to capital
(Loss) / Profit before taxation (188) (619) (154) (54) (26) 0
2021 with a decrease of 230% - line with the revenue and cost expenditure on Capacity expansion and
Taxation (470) (224) (457) (90) (65) 0
fluctuations over the years enhancement and ERP implementation and
Profit / (Loss) after taxation (26) (845) 20 (34) (4) 0
deployment
Other Comprehensive (Income) / loss 922 (1,111) (77,520) 1,721 1,241 0
Total Comprehensive Income / (loss) (27) (844) 92 (36) (5) 0
Net Profit
FY 21 vs FY 20 vs FY 19 vs FY 18 vs FY 17 vs Net Profit increased from PKR 486 million in 2016 to a profit of 358 million
Horizontal Analysis (Year on Year % ) FY 2016 million in 2021 with a slight dip of 26% .
FY 20 FY 19 FY 18 FY 17 FY 16
Turnover 246 7 (11) (3) 8 100
Cost of sales 163 14 1 5 9 100
Gross profit (2,760) (174) (77) (31) 5 100
Distribution Cost 180 248 6 9 2 100
Administrative Cost 34 28 13 72 47 100
Operating (loss) / Profit (324) 544 (127) (46) 2 100
Finance Cost / (Income) (13) 1,809 1,588 (96) (577) 100
Other Charges / (Income) (213) 79 105 (789) (115) 100
(Loss) / Profit before taxation (83) 862 (218) (38) (26) 100
Taxation 198 (65) (3,545) (71) (65) 100
Profit / (Loss) after taxation (110) (722) 82 (31) (4) 100
Other Comprehensive (Income) / loss (201) (99) (4,352) 36 1,241 100
Total Comprehensive Income / (loss) (110) (488) 199 (32) (5) 100
The profitabilties of the Company have improved significantly from last year due to the increase in sales prices/volume. Gross Margin Opera�ng Margin
The capacity expansion resulted in a an overall improved capacity utilization of 73% (44% FY20) and increase in sales
40% 40%
volume by 133%.
35%
30%
30%
Liquidity ratios 20%
25%
20% 10%
The liquidity ratios showed recovery from last year due to better working capital management as the capital intensive
15%
requirements eased out for operational activities 0%
10% FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
-10%
5%
0% -20%
Investment / Market Ratios:
FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 -5% -30%
The Investment Valuation Ratios also improved in line with overall market performance of the shares
The Company had been increasing its debt to manage the Expansion project of 7700 TPD clinker production plant. -100% -80%
-120% -100%
However, these have been improving due to repayments of long term financing
MILLIONS
MILLIONS
14,000 14
MILLIONS
THOUSANDS
12,000 12
10,000 10
8,000 8
6,000 6
4,000 4
2,000 2
0 0
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 (2,000) FY 2018 FY 2019 FY 2020 FY 2021 (2)
(4,000) (4)
(6,000) (6)
PKR
PKR
50 50
MILLIONS
MILLIONS
40 40
30 30
20 20
10 10
0 0
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
(10) (10)
QUARTERLY PERFORMANCE
Return on Capital Employed EBIDTA to Sales Quarter 1 Quarter 2 Quarter 3 Quarter 4 Total
Par�culars Rupees in ’000
PKR
40%
35
30% Clinker Produc�on 546,738 661,595 617,639 508,008 2,333,980
MILLIONS
30
25 20% Capacity U�liza�on (%) 95% 115% 107% 88% 101%
20 10%
15 Cement Produc�on 376,516 516,593 492,405 424,223 1,809,737
10 0%
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 Cement Dispatches 574,147 629,664 666,913 512,769 2,383,493
5 -10%
0
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 -20%
(5)
(10)
Sales - net 3,258,446 3,595,345 4,101,284 3,265,538 14,220,613
-30%
2
1 Selling and distribu�on expenses (344,270) (296,223) (310,176) (244,904) (1,195,573)
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
0
Administra�ve expenses (40,054) (79,568) (62,039) (72,875) (254,536)
1 (1)
Other opera�ng income / (expenses) 13,128 53,854 134,384 87,338 288,704
(2)
0 (371,196) (321,937) (237,831) (230,441) (1,161,405)
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 (3)
(4)
Current Ra�o Quick/Acid Test Ra�o Opera�ng profit / (loss) 296,605 700,576 663,928 267,123 1,928,232
Cash Ra�o Quick Ra�o (Excl Receivables) Earning/(loss) per share (a�er tax)
2
16
14
12
Loss before tax (340,463) 69,969 1,069 (401,782) (671,207)
1
10
8 Taxa�on 169,688 169,594 40,614 649,671 1,029,567
6
4 0
2 FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 (Loss) / profit a�er taxa�on (170,775) 239,563 41,682 247,890 358,359
0 Total assets turnover Fixed assets turnover
FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021
100%
Opera�ng Cycle Inventory held Long term debt to capital Long term debt to equity
No. of Days In Receivables No. of Days In Payable Long term debt to assets Gearing Ra�o
Presenta�on video explaining the business overview, performance, strategy and outlook
is available on the investor rela�on sec�on of the Company website
2% Stock-in-trade 1% Stock-in-trade
5% 8%
Share Capital and Reserves 19% Share Capital and Reserves
17% 24%
Long term financing 17% Long term financing
SHARE PRICE
SENSITIVITY ANALYSIS
The Ordinary (POWER) and Preference Shares (POWERPS) of Power Cement Limited are traded on Pakistan
Exchange. Our free float is 34% and market capitalization at the end of day of financial year stood at Rs 10.4 billion as
against Rs. 8.6 billion last year, depicting a decline of 23%, whereas the KSE-100 index dropped from 36,872 points
to 48,031 points at the end of the year, registering a increase of 30% as compared to last year.
Market price of the Company's Ordinary share experienced fluctuations between the highest of Rs. 11.8 to the lowest
of Rs.6.26 per share with an average market price of Rs. 9.86 per share.
Market price of the Company's Preference share experienced fluctuations between the highest of Rs. 13 to the lowest
of Rs.9.25 per share with an average market price of Rs. 10.88 per share.
Share prices can be affected by variety of factors internal and external to the Company. However, performance of the
Company and the economic environment in which it operates, are the two principal factors, affecting the share price.
Following are the major factors which might affect the share price of the company in the stock exchange.
1) INCREASE IN DEMAND:
Increase in demand of cement may result in increase in market price of bag which will contribute towards better profitabil-
ity and Earning per Share (EPS), which will ultimately increase the share price.
An analysis of changes in key factors (fluctuation of 10%) affecting share price and their impact is depicted
2) INCREASE IN INPUT COSTS
in the below table.
An increase in the costs affects the margins and resultantly will impact the profits and EPS. Therefore, variation in cost
may affect the share price.
3) CURRENCY RISK
Factors like devaluation of PKR, change in Government policies, uncertain law and order situation is evident from the The currency exchange rate fluctuations can have an adverse or favorable affect the market share prices as
Company’s share price, and volume of trading as reflected in the table below: the Company is involved in both export and import (exports of cement and import of fuel - coal).
A 10 % increase / decrease in share price of the Company would have the following impact on its Market
Capitalization:
CALENDAR OF MAJOR
KEY PERFORMANCE HIGHLIGHTS CORPORATE EVENTS
Date Event
The issued Preference Shares were Listed as a new security POWERPS on the
September 15,
21, 2020
2020 Pakistan Stock Exchange
NET SALES
October 05, 2020 the Company for the year ended June 30, 2020 including related party
transac�ons and other agenda items
(Rs. in million)
FY 21 14,220 29th Annual General Mee�ng of the Shareholders of the Company was held through
FY 20 4,113 October 27, 2020 video-link, where annual audited financial statements for the year ended June 30,
2020 were approved and external auditors for the next year were appointed.
Board of Directors approved the Annual Opera�ng Budget for the Financial
June 15, 2021 Year 2021-22.
Financial Year 2021 Rs. in millon Financial Year 2021 Rs. in millon
Sales – Net 16,362 Sales – Net 14,220
Profit a�er tax 1,088 Profit a�er tax 358
EPS (Rupee) 1.02 EPS (Rupee) 0.17
The new plant came into operations mid-way during the year 2019-20 and after coming online the same kept
producing high quality cement throughout the year, achieving production capacity of more than 100%.
Shareholders Employees
STAKEHOLDER ENGAGEMENT
BRIDGING THE GAP
STAKEHOLDER
OUR STAKEHOLDERS ENGAGEMENT
The management of the Company takes pleasure in
identifying and assessing the needs of all the stakeholders
of the Company. Our stakeholders are all the people and
corporations impacted by our business processes. Government and
regulatory bodies Suppliers
Our stakeholders include:
Customers
STAKEHOLDERS’ RELATIONSHIP
AND ENGAGEMENT
At Power Cement Limited, we believe in maintaining sound collaborative relationships with our stakeholders.
The frequency of engagements is based on business needs and corporate requirements as specified by the Listed
Companies (Code of Corporate Governance) Regulations, 2019 or as contracted, under defined procedures.
Information regarding the types of stakeholders, modes of engagement and their related frequency is presented
below:
Total Wealth generated during the year 7,538,238 100.00% 4,994,193 100.00%
Distribution of Wealth
To employees
Salaries, wages and other benefits 654,601 8.68% 544,333 10.90%
To Government
Income tax, sales tax, excise duty and others 2,924,360 38.79% 1,330,771 26.65%
To Society
Donation towards education, health and environment 4,027 0.05% 2,144 0.04%
To Financiers
To Finance providers as Finance charges 2,599,439 34.48% 2,978,550 59.64%
To Company
Depreciation, amortization & retained profit 1,355,811 17.99% 138,395 2.77%
To employees To employees
To Government To Government
To Society 27% To Society
39% To Financiers To Financiers
To Company To Company
59%
34%
0%
0%
AND ENVIRONMENT
At PCL, we have reinitiated “Toolbox Talk (TBT) Program” which will be part of HSE awareness campaign. HSE team
members are visiting area by area along with Area In-charge and delivering general HSE information and specific
safety instruction related to their jobs. “A toolbox talk is a casual team safety meeting that can be held at anytime,
anywhere, with any team or staff to discuss a specific safety hazard and safe work practices” Main aim of this practice
Corporate Policy to enable implementation of the policy
is to “Speak” about “Safety” in regular manner and improves the level of HSE awareness at our site.
• Communicate the policy effectively to all employees,
As a fundamental responsibility to our employees, contractors and stakeholders
contractors, customers and the global community, as a • Establish an Environmental, Social & Governance
Corporate Policy, Power Cement Limited is committed Board Sub-Committee, with published Terms of
to: Reference and chaired by a Board Member that will
meet each quarter/6 monthly
• Minimizing our environmental impacts, limiting deple- • Provide and publish an Environment, Health and Safety
tion of natural resources and preventing pollution Annual Monitoring Report
• Taking a proactive approach to eliminate hazards and
reduce risks to ensure a safe and healthy work environ- The Board of Directors of Power Cement Limited is
ment for employees, contractors, customers and stake- committed to the policy and they have mandated
holders Director Project to oversee implementation of the policy
• Ensuring continual improvement in our environmental, and ensure existence of an integrated Environmental,
and occupational health and safety performance Social and Occupational Health and Safety
Management System. Tool Box Talks On site
Our goal in respect of safety, health and environment is
to minimize all adverse environmental and health HSE Trainings On site TBT With workers using their native language
impacts arising out of our operations, to conserve all
kinds of resources and adhere to all legal regulations. HSE Trainings Training and awareness is an integral Onsite training is provided every day to each and
The also Company encourages awareness in these part of our Company’s HSE Management System and every worker working at PCL for awareness and
areas amongst its employees, customers, suppliers. these trainings plays important role for Continual precautions including how to wear Mask, how to wash
In order to ensure international standard HSE Professional Development. Capacity building of PCL hand, how to use sanitizer, how to maintain safe
compliance, we have a dedicated HSE department to employees is required to enable them for better distance etc
fortify effective systems of measuring, monitoring and identification of hazards and assessment of associated
reporting of compliance with health, safety and risks to which our Company employees are exposed at Internal Audits
environment matters. their work places especially during execution of various
field activities. It is also necessary for equipping Internal Audits Internal auditing is an independent,
The Environmental, Social and Occupational Health and themselves with considerable knowledge and modern objective assurance and consulting activity designed
Safety Management System (ES-OHS-MS) is an aspect techniques employed for the protection of workforce in to add value to and improve our operations. It helps
of the Company's overall management structure which light of these needs PCL HSE department has accomplish objectives by bringing a systematic,
addresses the immediate and long-term impact of its developed its HSE Training plan and qualified HSE disciplined approach to evaluate and improve the
product, services, and processes on the environment Professionals are conducting different in house trainings effectiveness of risk management, control and gover-
and society. as per HSE Training plan. nance processes PCL HSE Has its own internal audit
plan and internal audits being conducted by HSE
To ensure regulatory compliances, PCL arranges for along with Mechanical, Production and electrical area
environmental testing, which is performed regularly from in charges the internal audit also include a complete
an independent EPA approved laboratory. walkthrough of the side and observed risk or hazards
as noted by team is being shared with concerned
Health, Safety & Environment Policy – Statement departments for timely rectification Internal Audit Plan.
The objectives and principles under which we shall
guide our operations to assure compliance with the Basic Awareness training about COVID-19
policy are to:
The trainings provided a general introduction to Acute
• Meet or exceed applicable legal environmental, health Respiratory Infections (ARIs) and basic hygiene
and safety requirements in Pakistan measures to protect against infection.
• Confirm with the applicable Performance Standards of
the International Finance Corporation Including intro, how they are transmitted, how to
• Adopt our own standards, where laws and guidelines assess the risk of infection and list basic hygiene
do not exist, to protect the environment and human measures to protect against infection and how to avoid
health its spreading
• Continually improve our environmental, health and All employees have been strictly advised to maintain
safety performance through ongoing monitoring of safe distance of at least 6 feet from each other this is
performance results and periodic management practiced in all working areas offices, messes areas
reviews, as well as consultation and participation of and on site.
workers
• Provide sufficient resources and organization capacity
The results of Ambient Air Quality Monitoring are presented in the graph below The results of each month testing reports
are observed and an average graph for the complete year is shown over here however few higher values of PM10, PM2.5
and SPM Are separated and their graphs are attached below:
PM10, PM2.5 and SPM Values for the complete year are shown below:
Emergency Drills:
b) Wastewater Monitoring Drills and exercises are used to
rehearse anticipated emergen-
Wastewater samples were taken from the septic tank every month throughout the year 2020-2021 and analyzed by EPA cy scenarios. They are
approved laboratory (EHS-Services) results presented in graph below (Quarter wise)showed that wastewater parame- designed to provide training,
ters were in compliance with SEQS. reduce confusion, and verify
the adequacy of emergency
response and equipment.
Lessons learned
In addition, lessons learned
from these activities enhance
PCL’S emergency prevention
and response capabilities.
PCL has its own state of the art fire-fighting system in place To handle any emergency, including accident/ injury/ spills PCL is in full compliance with the Sindh Environmental Quality Standards (SEQS) for cement industry. The plant is
and is being maintained on regular basis in order to avoid (Oil/Coal), appropriate arrangements are in place in the equipped with 90 bag filters at the emission points in order to control the outlet emissions of particulate matters into
or to extinguished any fire on time as per NFPA 1 fire code form of a properly equipped Dispensary and a standby environment.
2015, IFC Standards in line with Building Code of Ambulance.
Pakistan-Fire Safety Provisions-2016 response to any fire i. Emission control system
or other emergency on time.
PCL has contained emissions to meet the SEQS specified limits. Monthly environmental tests including stack emissions,
Considering the above mentioned moral and legal require- Ambient Air , Noise are being performed by 3rd party monitoring consultants approved by SEPA. The results of the tests
ments PCL has also developed and implemented a are within the SEQS Limits and the reports are submitted to SEPA Regional office Hyderabad.
complete Emergency preparedness and response plan
and a Emergency Fire Response plan in order to respond Online Air Pollution Monitoring Analyzer for major pollutants for Line 3 Operations have been installed and working
to emergency resulting from fire. Identify the roles, respon- properly
sibilities and authorities to effectively facilitate the plant
site’s emergency preparedness and response. This proce-
dure applies to all activities and process of at PCL.
Arrangements Include
1. All types of extinguishers readily available at all prompt
locations
2. State of the art Fire tender Vehicle
3. Fire hydrant system with auto sprinklers and Hydrant Safety Sign Boards
pillars at more than 80 locations
HSE observation Card Box / Safety sign boards have been
installed to actively involve all employees / contractors
working on ground to proactively avoid any Emergency
situationincluding accident/ injury/ spills (Oil/Coal).
What went well
S.No. Improvements,
Safely Executed Details
Jobs
1 Reduced number of 39
Incident/Accident Total number of incident/accidents in this Year Number of Incident/ Accidents
Emergency Vehicle Inspection occurred during this quarter are comparatively low
No any major incident or accident occurred
PCL has its own Emergency vehicles readily available at plant for 24/7 days use these includes
2 Employees awareness 40
1. State of the art Fire tender HSE Trainings conducted for our employees as per
through Internal HSE
Training PCL HSE Training Plan Including
2. Three Ambulances 1) COVID-19 Basic awareness Training
2) Spill response training
The Ambulance and fire tender are the emergency vehicles and required to be inspected every week The inspection 3) Hazard Identification and Reporting
procedure and checklist are provided to check ambulance services with guidance to ensure that all Emergency 4) Fire fighting
vehicles and services are properly inspected and ready to use as required in case of any emergency. 5) ES-OHS-MS training
6) Work at Height
7) Shut Down Training
8) Driving Safety
9) General and Personal safety
Other gaseous emissions, SOx and NOx, are also within the
SEQS Limits. Monthly environmental tests including Stack
Emissions, Ambient Air, Noise and Water are being
performed by SEPA certified lab of a neutral 3rd party moni-
toring consultant i.e. EMC Pakistan (Pvt) Ltd. These results CONTRIBUTION TO NATIONAL EXCHEQUER
are within the SEQS Limits.
During the year, Company has contributed an amount of
We are also submitting emissions and other environmental approx. Rs. 2.9 billion towards national exchequer in shape
testing reports to SEPA Head office on Monthly and Quar- of taxes, duties, cess, levies etc.
terly basis as per EIA requirement.
INDUSTRIAL RELATIONS
The Company is mindful of its employee & industrial relations and has developed a set of thorough policies, procedures
and rules which regulate employee relations. To fulfill its legal responsibility, the Company also has a Funded Gratuity Plan
in place, as the post-employment benefit for all permanent employees. The Company is committed to provide equal oppor-
tunity to all existing and prospective employees without any discrimination on the basis of religion, gender, race, age etc
QUALITY
• X-ray Fluorescent Analyzers and X-ray Diffraction
The Company, through its mega expansion plan of Analyzer to analyze chemical and mineralogical
installing 7700 TPD, plans to manufactures cement composition
through the plant based on state of the art technology of • Online QCX system software
world renowned FLSmidth A/S Denmark. Quality is • Sample preparation tools such as a jaw crusher,
assured through systematic and effective adoption,im- sample dividers, disk grinding mill, mixer mill and press
plementation, monitoring and continuous enhancement mills
of quality control systems using latest methods of analy- • Automatic Moisture Analyzers
sis. To ensure that each bag being used by our valued • Precision Electronic Balances
consumers is of the highest quality, all stages of the • Drying Ovens & Furnaces
production process right from the selection of raw mate- • Lab Glassware
rials, drying, grinding, homogenization, clinkerization • Automatic Free Lime Apparatus
and the finished product are tested rigorously. The • PC Based Automatic Calorimeter and Sulphur
quality check parameters during each level of the • Determinator to analyze fuels
process are monitored and controlled by the latest • Latest Automatic Compressive Strength machines for
version of technology & equipment connected on-line determination of cement compressive strength
with Central Control Room through PLC system. The
frequency of sampling and testing along with control At Power Cement Limited in particular, key emphasis is
parameters is pre defined. given to manufacture high quality cement on consistent
basis through stringent quality control techniques and
Procedures Adopted for Quality Assurance: computerized control systems for better product quality
and negligible dust emissions for better environmental
Main purpose is to ensure that the cement produced: impact.
Certificat
Certificate
Certificat N° 2020/88496.1
Certificate
AFNOR Certification certifies that the management system implemented by:
AFNOR Certification certifie que le système de management mis en place par :
N° 2020/88495.1
POWER CEMENT LIMITED
AFNOR Certification certifies that the management system implemented by:
AFNOR Certification certifie que le système de management mis en place par : for the following activities:
pour les activités suivantes :
SignatureFournisseur
This certificate is valid from (year/month/day) until
Ce certificat est valable à compter du (année/mois/jour) 2020-10-16 jusqu'au 2023-10-15
Julien NIZRI
Managing Director of AFNOR Certification
Directeur Général d’AFNOR Certification
The electronic certificate only, available at www.afnor.org, attests in real-time that the company is certified.
Seul le certificat électronique, consultable sur www.afnor.org, fait foi en temps réel de la certification de l’organisme. Scan this QR code to
AFAQ is a registered trademark. AFAQ est une marque déposée. CERTI F 0956.9 – EN 07/2020 check the validity of
the certificate
SignatureFournisseur
Julien NIZRI
Managing Director of AFNOR Certification
Directeur Général d’AFNOR Certification
11 rue Francis de Pressensé - 93571 La Plaine Saint-Denis Cedex - France - T. +33 (0)1 41 62 80 00 - F. +33 (0)1 49 17 90 00
SAS au capital de 18 187 000 € - 479 076 002 RCS Bobigny - www.afnor.org
The electronic certificate only, available at www.afnor.org, attests in real-time that the company is certified. Seul le certificat électronique, consultable sur www.afnor.org, fait foi en temps réel de la certification de
l’organisme. COFRAC accreditationn° 4-0001, Management Systems Certification, Scope available on www.cofrac.fr Accréditation COFRACn° 4-0001, Certification de Systèmes de management, Scan this QR code to
Portée disponible sur www.cofrac.fr. AFAQ is a registered trademark. AFAQ est une marque déposée. CERTI F 0956.9 – EN 07/2020 check the validity of
the certificate
11 rue Francis de Pressensé - 93571 La Plaine Saint-Denis Cedex - France - T. +33 (0)1 41 62 80 00 - F. +33 (0)1 49 17 90 00
SAS au capital de 18 187 000 € - 479 076 002 RCS Bobigny - www.afnor.org
We ensure that our cement bags are shipped in a safe manner complying with safety standards and legal require-
ments. The Company takes care and applies appropriate procedures to manufacture cement products so as to
ensure that no harmful substances are present in its products. The Company has strict policy to control any activity
which is against the consumer rights.
To mitigation the risks of COVID-19 local transmission, our HSE Team has taken all the necessary precautions to
avoid its spreading in our employees these precautions include:
This training provides a general introduction to Acute Respiratory Infections (ARIs) and basic hygiene measures to
3. Caution sign
protect against infection.
Caution signs are displayed at various locations for
awareness about covid-19
Including basic steps to stay safe and how to maintain
safe distance or how to use sanitizer
8. Disinfection Gate
5. Fumigation sprays
In continuation of precautionary measures taken to prevent and control spread of corona virus in PCL, disinfectant
Fumigation spray also carried out for the Corona Virus to disinfect PCL Site as well as offices and accommodations.
walkthrough gates were required for which We have installed 2 Disinfection gates at Main gate and Main CCR
A part from that we have also provided small spray bottles filled with Dettol to each office so that they can
themselves use it whenever required and our HSE Team is also spraying on all such locations to disinfect all
doors tables and chairs etc see attached pictures.
Personnel protective equipment are also provide Temperature is also being checked by HSE at the main 9. Maintaining Safe Distance
regarding COVID-19 at the plant including face mask, entrance of Factory 24 Hours.
surgical or disposable gloves and safety goggles. Register being maintained for persons coming in and We at PCL are maintaining safe distance at
out from factory on daily basis 1. Offices
2. Transport
3. Prayer areas
4. Mess and accommodations
Maintaining Safe
Distance at offices
BUSINESS MODEL
2.92
200+
489
TPD
Key Outputs
Market Capitalization
PKR 10.5 billion for Ordinary Shares and PKR 2.6 billion for Preference Shares
Capacity Utilization
Capacity Utilization of installed capacity: 73%
We hope that this Integrated Report will help our stake- The management of the Company strongly believes in
holder understand how we create value through our adherence to unreserved compliance with all the appli-
business model. Since, Integrated Reporting is at its cable International Accounting Standards (IAS)/ IFRS
early stages of development, we are looking forward to issued by International Accounting Standards Board
make it more useful for our shareholders. The Company (IASB) vital to true and fair preparation and presentation
has included the following content elements for the of financial information.
users of this report:
Compliance to IFRS encourages sufficient disclosures
• Organizational overview and external environment of the financial statements that are beneficial for
• Strategy and resource allocation informed decisions of stakeholders. Financial state-
• Risks and opportunities ments for the year have been prepared in accordance
• Governance with the accounting and reporting standards issued by
• Performance and position IASB as are applicable in Pakistan. IFRS adoption status
• Outlook is in detail is explained in note 2.1 of the annual financial
• Stakeholders’ relationship and engagement statements.
15. The Board has set up an effective internal audit function which is considered suitably qualified and experienced for the purpose
The Company has complied with the requirements of the regulations in the following manner: and is conversant with the policies and procedures of the Company.
1. The total number of directors are 7 (seven) as per the following: 16. The Statutory Auditors of the Company have confirmed that they have been given a satisfactory rating under the quality control
review program of the Institute of Chartered Accountants of Pakistan and are registered with the Audit Oversight Board of Pakistan,
that they and all their partners are in compliance with International Federation of Accountants (IFAC) guidelines on code of ethics
Category Number of Directors as adopted by the Institute of Chartered Accountants of Pakistan and that they and the partners of the firm involved in the audit are
not a close relative (spouse, parent, dependent and non-dependent children) of the Chief Executive Officer, Chief Financial Officer,
a) Male 6 (Six) Chief Internal Auditor, Company Secretary or Director of the Company.
b) Female 1 (One)
17. The Statutory Auditors or the persons associated with them have not been appointed to provide other services except in accor-
dance with the Act, these regulations or any other regulatory requirement and the auditors have confirmed that they have observed
IFAC guidelines in this regard.
2. The composition of the Board of Directors is as follows:
18. We confirm that all requirements of regulations 3, 6, 7, 8, 27,32, 33 and 36 of the Regulations have been complied with;
Categories Names of Directors
19. Explanation for non-compliance with requirements, other than regulations 3, 6, 7, 8, 27, 32, 33 and 36 are below:
Independent director – Male Mr. Javed Kureishi
Independent director – Female Ms. Saira Nasir
Mr. Nasim Beg
Mr. Samad A. Habib
Non-Executive directors
Mr. Syed Salman Rashid
Mr. Anders Paludan - Mϋller
Executive director Mr. Muhammad Kashif Habib
*For the purpose of rounding up of fraction, the Company has not rounded up the fraction as the Company’s shareholders had
determined the Board composition adequate;
3. The Directors have confirmed that none of them is serving as a Director on more than seven (7) listed companies, including this
Company (excluding the listed subsidiaries of listed holding companies where applicable).
4. The Company has prepared a Code of Conduct and has ensured that appropriate steps have been taken to disseminate it through-
out*t the Company along with its supporting policies and procedures.
5. The Board has developed a vision/mission statement, overall corporate strategy and significant policies of the Company. The Board
has ensured that complete record of particulars of the significant policies along with their date of approval or updating is
maintained by the Company.
6. All the powers of the Board have been duly exercised and decisions on relevant matters have been taken by Board/ shareholders
as empowered by the relevant provisions of the Companies Act, 2017 and these Regulations.
7. The meetings of the Board were presided over by the Chairman. The Board has complied with the requirements of the Companies
Act, 2017 and the Regulations with respect to frequency, recording and circulating minutes of meeting of the Board.
8. The Board of Directors has a formal policy and transparent procedures for remuneration of Directors in accordance with the
Companies Act, 2017 and these Regulations.
9. Majority of the Directors have complied with the requirements of Directors’ Training program.
10. The Board has approved the appointment of Chief Financial Officer, Company Secretary and Head of Internal Audit, including their
remuneration and terms and conditions of employment and complied with relevant requirements of the Regulations.
11. The Chief Financial Officer and the Chief Executive Officer have duly endorsed the financial statements before the approval of the
Board.
12. The Board has formulated the following committees comprising of the given below:
Audit Committee
Ms. Saira Nasir Chairperson
Mr. Nasim Beg
Mr. Syed Salman Rashid
Human Resource and Remuneration Committee
Mr. Javed Kureishi Chairman
Mr. Muhammad Kashif Habib
Mr. Syed Salman Rashid
13. The Terms of Reference of the aforesaid committees have been formed, documented and advised to the Committees for compli-
ance.
Muhammad Kashif Habib Nasim Beg
14. The frequency of meetings (quarterly/half yearly/ yearly) of the Committees were as per following: Chief Executive Officer Chairman
September 29, 2021
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the
financial statements of the current period. These matters were addressed in the context of our audit of the financial
statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these
matters.
The Company recognizes revenue from the sale cement to Our audit procedures amongst others included the
domestic as well as export customers when the following:
performance obligation is satisfied by transferring control
of a promised good to the customer. During the year, net
sales have increased significantly by 245.7% which is - evaluated management controls over revenue and
substantially due to commencement of commercial checked their validation;
production from new Clinker Production Plant.
- performed verification of sales with underlying
We considered revenue recognition as a key audit matter documentation including sales orders, sales invoices
due to revenue being one of the key performance and delivery challans;
indicators of the Company and for the year revenue has
increased significantly as compared to the last year. In - performed cut-off procedures on sample basis to
addition, revenue was also considered as an area of ensure sales has been recorded in the correct period;
significant audit risk as part of the audit process.
- verified that sales prices are negotiated and approved
by appropriate authority;
Under International Accounting Standard 12 “Income - considered the expected timing of utilisation of the
Taxes”, the Company is required to review recoverability Deferred Tax Assets (DTA) keeping in view the
of the deferred tax assets recognized in the statement of relevant provision of Income Tax Ordinance 2002
financial position at each reporting period. that apply to the utilisation of tax losses;
- determined the extent to which sufficient probable
Recognition of deferred tax asset is dependent on taxable profits would arise in the period within which
management’s estimate of availability of sufficient future the related losses would be available for utilization;
taxable profits against which carried forward losses and
tax credits can be utilized. The future taxable profits are
based on approved management’s projections. This
estimation involves a degree of uncertainty and requires
judgement in relation to the future cash flows and also - considered whether the tax balances were calculated
involves assessment of timing of reversals of un-used tax using appropriate and substantively enacted tax laws
losses and tax credits. and rates;
- obtained financial projections from the Company’s
Valuation of deferred tax asset is considered a key audit management;
matter because the amounts involved are material, the
- obtained understanding of the Company’s process of
complexities of the calculation of future taxable profits
preparing financial projections;
and the inherent uncertainty involved in forecasting
- evaluated the financial projections and assessed the
taxable profits available in future periods.
likelihood of the Company generating sufficient
future taxable profits; and
- ensured that presentation and disclosures related to
inventory are being addressed appropriately.
FINANCIAL
STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2021
The annexed notes from 1 to 45 form an integral part of these financial statements.
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED JUNE 30, 2021 FOR THE YEAR ENDED JUNE 30, 2021
Cost of sales 29 (11,130,976) (4,229,520) Cash generated from operations 39 1,837,249 2,067,051
Gross profit / (loss) 3,089,637 (116,167)
Gratuity paid (32,212) (49,999)
Selling and distribution expenses 30 (1,195,573) (426,535) Income tax (paid) / refund (150,296) 160,419
Administrative expenses 31 (254,537) (190,279) Deposits paid (18,179) -
Other income 32 355,989 80,129 Financial cost paid (3,144,326) (753,458)
Other operating expenses 33 (30,892) (268,115)
(3,345,013) (643,038)
Loss allowance on trade receivables (36,393) (67,259)
Net cash (used in) / generated from operating activities (1,507,764) 1,424,013
Profit / (loss) from operations 1,928,231 (988,226)
CASH FLOWS FROM INVESTING ACTIVITIES
Finance income 12,014 12,467
Finance costs (2,611,453) (2,991,017) (866,870)
Capital expenditure - operations (65,452)
Finance costs - net 34 (2,599,439) (2,978,550)
Capital expenditure - Project Line III - (6,167,307)
Loss before income tax (671,208) (3,966,776)
Interest received 10,892 11,490
Taxation 35 1,029,567 345,147 4,345 80,143
Proceeds from sale of property, plant and equipment
Profit / (loss) for the year 358,359 (3,621,629) Net cash used in investing activities (50,215) (6,942,544)
Items that are or may be reclassified subsequently to profit or loss Repayment of long-term financing (758,938) (58,169)
Proceeds from long-term financing 1,657,120 -
Change in fair value of cash flow hedges - net of tex 71,555 96,643
Adjustment for amounts transferred to profit or loss (71,555) (96,643) Lease rental paid (13,718) -
- - Expenses incurred on issuance of preference shares (13,479) -
Items that will not be reclassified to profit or loss Proceeds from short-term borrowing - net 79,924 2,992,000
Proceeds from issue of preference shares 1,648,894 -
Actuarial loss on remeasurement of defined benefit obligations (5,845) (3,261)
Related deferred tax 1,237 7,821 Proceeds of loan from related party - 4,042,853
(4,608) 4,560 Repayment of loan from related party - net (968,894) (1,597,000)
Other comprehensive (loss) / income for the year - net of tax (4,608) 4,560 Net cash from financing activities 1,630,909 5,379,684
Total comprehensive income / (loss) for the year 353,751 (3,617,069) Net increase / (decrease) in cash and cash equivalents 72,930 (138,847)
(Rupees) Cash and cash equivalents at the beginning of the year (317,824) (178,977)
Earnings / (loss) per share - basic 36 0.17 (3.41)
Cash and cash equivalents at the end of the year 40 (244,894) (317,824)
The annexed notes from 1 to 45 form an integral part of these financial statements.
The annexed notes from 1 to 45 form an integral part of these financial statements.
Chief Financial Officer Chief Financial Officer Director Chief Financial Officer Chief Financial Officer Director
Loss for the year - restated - - - - (3,621,629) (3,621,629) 2.1.1 Statement of compliance
Issuance cost - - - (1,651) - (1,651) These financial statements have been prepared in accordance with the accounting and reporting standards as applicable
in Pakistan. The accounting and reporting standards applicable in Pakistan comprise of:
Other comprehensive income - - 96,643 - 4,560 101,203
- - 96,643 (1,651) (3,617,069) (3,522,077)
Advance against preference right issue - 523,754 - - - 523,754 - International Financial Reporting Standards (IFRS Standards) issued by the International Accounting Standard Board
(IASB) as notified under the Companies Act, 2017;
Effect of restatement as per note 3 (96,643) (96,643)
- Islamic Financial Accounting Standards (IFAS) issued by Institute of Chartered Accountants of Pakistan as notified
Balance as at June 30, 2020 -
10,634,144 523,754 - 749,063 (3,428,326) 8,478,635
under the Companies Act, 2017; and
restated
- Provisions of and directives issued under the Companies Act, 2017.
Where provisions of and directives issued under the Companies Act, 2017 differ from the IFRS or IFAS Standards, the
Profit for the year - - - - 358,359 358,359 provisions of and directives issued under the Companies Act, 2017 have been followed.
Issuance cost of preference
shares net of tax - - - (9,570) - (9,570)
2.1.2 Accounting convention
Preference shares issued 2,445,853 (523,754) - - - 1,922,099
These financial statements have been prepared under the historical cost convention, as modified by re-measurement of
Other comprehensive loss - - - - (4,608) (4,608) certain financial assets and financial liabilities (including derivative financial instruments) at fair value and recognition of
2,445,853 (523,754) - (9,570) 353,751 2,266,280 certain staff retirement and other service benefits at present value.
The annexed notes from 1 to 45 form an integral part of these financial statements. The preparation of financial statements in conformity with approved accounting standards requires the use of certain
critical accounting estimates. It also requires management to exercise its judgement in the process of applying the
Company's accounting policies.
The matters involving a higher degree of judgement or complexity, or areas where assumptions and estimates are
significant to the financial statements are:
(i) Income tax payable / refundable
In making the estimates for income taxes payable by the Company, the management considers current income tax
law and the decisions of appellate authorities on certain cases issued in the past.
(ii) Staff retirement benefits b) Standards and amendments to approved accounting standards that are not yet effective
Certain actuarial assumptions have been adopted as disclosed in notes to these financial statements for
valuation of present value of defined benefit obligation. There is a standard and certain other amendments to the accounting and reporting standards that will be
mandatory for the Company's annual accounting periods beginning on or after July 1, 2021. However,
(iii) Inventories these are considered either not to be relevant or to have any significant impact on the Company's
financial statements and operations and, therefore, have not been disclosed in these financial
Estimates made with respect to provision for slow moving, damaged and obsolete items and their net statements.
realisable value are disclosed in note 2.9 to these financial statements.
2.2 Overall valuation policy
Further, the Company's certain inventory items [ i.e. raw materials ( limestone and gypsum), work-in-
These financial statements have been prepared under the historical cost convention unless specifically
process, semi-finished goods (clinker) and stores and spares (coal)] are stored in purpose-built sheds,
disclosed in accounting policy below.
stockpiles and silos. As the weighing of these inventory items is not practicable, the management assess
the reasonableness of the on-hand inventory by obtaining measurement of stockpiles and converting 2.3 Foreign currencies
these measurements into unit of volume by using angle of repose and bulk density values. Transactions in foreign currencies are recorded in Pak Rupee at the rates of exchange approximating those
prevailing at the date of transaction. Monetary assets and liabilities in foreign currencies are translated into
iv) Property, plant and equipment Pak Rupee using the exchange rates approximating those prevailing at the statement of financial position
The useful lives, residual values and depreciation methods are reviewed on a regular basis. The effect of date. Exchange differences are taken to profit or loss currently.
any changes in estimates is accounted for on a prospective basis.
The financial statements are presented in Pak Rupee, which is the Company's functional and presentation
v) Provisions currency and figures are rounded off to the nearest thousand of Rupees.
Provisions are recognized when the Company has a present obligation (legal or constructive) as a result 2.4 Property, plant and equipment
of a past event, it is probable that the Company will be required to settle the obligation, and a reliable All items of property, plant and equipment are initially recorded at cost.
estimate can be made of the amount of the obligation.
These are stated at cost less accumulated depreciation and impairment losses, if any, except for leasehold
The amount recognized as a provision is the best estimate of the consideration required to settle the land, which is stated at cost less impairment, if any.
present obligation at the end of the reporting period, taking into account the risks and uncertainties Cost of leasehold land is not amortised since the lease is renewable at a nominal price at the option of the
surrounding the obligation. lessee.
vi) Hedging Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the asset will flow to the
Calculating the fair value of cross currency swap involves a complex procedure and any changes in fair Company and the cost of the asset can be measured reliably. The carrying amount of the replaced part is
value are recorded in the financial statements accordingly as disclosed in note 2.19. derecognized.
Estimates and judgements are continually evaluated and adjusted based on historical experience and other Maintenance and normal repairs are charged to the statement of profit or loss and other comprehensive
factors, including expectations of future events that are believed to be reasonable under the circumstances. income as and when incurred.
Company accounts for impairment, where indication exist, by reducing its carrying value to the estimated
recoverable amount.
There have been no critical judgements made by the Company's management in applying the accounting
policies that would have significant effect on the amounts recognised in the financial statements except as Depreciation on plant and machinery is charged using units of production method. The units of production
stated below. method results in depreciation charge based on the actual use or output.
2.1.4 Changes in accounting standards, interpretations and pronouncements
Depreciation other than plant and machinery is charged, on a systematic basis over the useful life of the
a) Standards and amendments to approved accounting standards that are effective assets, on reducing balance method, which reflects the patterns in which the asset's economic benefits are
consumed by the company, at the rates specified in note 4.1. Depreciation on additions is charged from the
month in which the asset is available for use and on disposals up to the month prior to disposal.
There are certain amendments and interpretations to the accounting and reporting standards which are
mandatory for the Company's annual accounting period which began on July 1, 2020. However, these do The gain or loss arising on disposal or retirement of an item of property, plant and equipment is determined as
not have any significant impact on the Company’s financial reporting. the difference between the net sales proceeds and the carrying amounts of the asset and is recognized in the
statement of profit or loss and other comprehensive income.
Capital work in progress is stated at cost including, where relevant, related financing costs less impairment In ijarah transactions, significant portion of the risks and rewards of ownership are retained by the lessor.
losses, if any. These costs are transferred to operating assets as and when assets are available for use. Islamic Financial Accounting Standard 2 – 'Ijarah' requires the recognition of ‘ujrah payments’ (lease rentals)
against ijarah financing as an expense in the statement of profit or loss and comprehensive income on a
straight-line basis over the ijarah term.
Capitalisable stores and spares
Spare parts, stand-by equipment and servicing equipment which qualify as property, plant and equipment 2.6 Intangible asset
when an entity expects to use them for more than one year are classified as fixed assets under the category of These have probable economic benefit beyond one year and are recognised as intangible assets with finite
capitalisable stores and spares and are stated at cost. useful lives at cost less accumulated amortisation and impairment losses, if any. amortisation is charged using
2.5 Lease liability and right-of-use asset the straight line method over asset's estimated useful life after taking into account residual value, if any.
At inception of a contract, the Company assesses whether a contract is, or contains, a lease based on Research and development expenditure is charged to 'administrative and general expenses' in the statement
whether the contract conveys the right to control the use of an identified asset for a period of time in exchange of profit or loss and other comprehensive income, as and when incurred.
for consideration. Lease terms are negotiated on an individual basis and contain a wide range of different
terms and conditions. Amortisation on additions is charged from the month the assets are put to use while no amortisation is
charged in the month in which the assets are disposed off.
Leases are recognised as a right-of-use asset and a corresponding liability at the date at which the leased
asset is available for use by the Company. Gains or losses on disposal of such assets, if any, are included in the statement of profit or loss and other
comprehensive income.
The lease liability is initially measured at the present value of the lease payments that are not paid at the 2.7 Cash and cash equivalents
commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot be readily
determined, the Company's incremental borrowing rate. Cash and cash equivalents are carried in the statement of financial position at cost. For the purposes of
statement of cashflows, cash and cash equivalents comprise of cash and cheques in hand and in transit,
Lease payments include fixed payments, variable lease payment that are based on an index or a rate balances with banks on current, saving and deposit accounts and finance under mark-up arrangements. The
amounts expected to be payable by the lessee under residual value guarantees, the exercise price of a statement of cash flows is prepared using the indirect method.
purchase option if the lessee is reasonably certain to exercise that option, payments of penalties for
terminating the lease, if the lease term reflects the lessee exercising that option, less any lease incentives 2.8 Dividends and appropriations
receivable. The extension and termination options are incorporated in determination of lease term only when
the Company is reasonably certain to exercise these options. Dividends and reserve appropriations are recognized in the period in which these are declared / approved.
The lease liability is subsequently measured at amortised cost using the effective interest rate method. It is
2.9 Inventories
remeasured when there is a change in future lease payments arising from a change in fixed lease payments
or an index or rate, change in the Company's estimate of the amount expected to be payable under a residual Inventories are valued at lower of cost and net realisable value except goods-in-transit which are stated at
value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension cost. Raw and packing materials, work-in-process and finished goods are valued at the weighted average cost
or termination option. The corresponding adjustment is made to the carrying amount of the right-of-use asset, except limestone which is measured at monthly weighted average cost. Cost of work-in-process and finished
or is recorded in profit and loss if the carrying amount of right-of-use asset has been reduced to zero. stocks comprise of direct costs and appropriate portion of production overheads.
The right-of-use asset is initially measured based on the initial amount of the lease liability adjusted for any Stores, spares and loose tools are valued at weighted average cost less provision for slow moving and
lease payments made at or before the commencement date, plus any initial direct costs incurred and an obsolete stores, spares and loose tools. Provision for slow moving and obsolete items are charged to the
estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site statement of profit or loss and other comprehensive income. Value of items is reviewed at each statement of
on which it is located, less any lease incentive received. The right-of-use asset is depreciated on a straight line financial position date to record provision for any slow moving and obsolete items. Items in transit are stated
method over the lease term as this method most closely reflects the expected pattern of consumption of future at cost.
economic benefits. The right-of-use asset is reduced by impairment losses, if any, and adjusted for certain
Net realisable value is determined on the basis of estimated selling price of the product in the ordinary course
remeasurements of the lease liability.
of business less costs of completion and costs necessarily to be incurred in order to make the sale.
The Company has elected to apply the practical expedient not to recognise right-of-use asset and lease
liabilities for short term leases that have a lease term of 12 months or less and leases of low-value assets.
The lease payments associated with these leases is recognised as an expense on a straight line basis over 2.10 Trade receivables, advances and other receivables
the lease term.
Trade receivables, advances and other receivables are recognised initially at the amount of consideration that
is unconditional, unless they contain significant financing components when they are recognised at fair value.
They are subsequently measured at amortised cost using effective interest rate method less loss allowance.
Refer note 2.17 for a description of the Company’s impairment policies.
Deferred tax assets and liabilities are offset if there is a legally enforceable right to set off current tax assets - the financial asset is held within a business model whose objective is to hold financial assets in order to
against current tax liabilities, and they relate to income taxes levied by the same tax authority. collect contractual cash flows; and
2.14 Staff retirement benefits - the contractual terms of the financial asset give rise on specified dates to cash flows that are solely
payments of principal and interest on the principal amount outstanding.
Defined benefit plan Financial assets that meet the following conditions are subsequently measured at FVTOCI:
The Company operates an approved funded gratuity scheme (defined benefit plan) for all its employees who - the financial asset is held within a business model whose objective is achieved by both collecting
have completed the qualifying period under the scheme. Contribution are made to the fund in accordance with contractual cash flows and selling the financial assets; and
actuarial recommendations. The latest actuarial valuation of the scheme has been carried out as at June 30,
2021 using the Projected Unit Credit method. The amount arising as a result of remeasurements are - the contractual terms of the financial asset give rise on specified dates to cash flows that are solely
recognised in the statement of financial position immediately, with a charge or credit to statement of other payments of principal and interest on the principal amount outstanding.
comprehensive income in the periods in which they occur. Past-service costs are recognised immediately in
statement of profit or loss and other comprehensive income. By default, all other financial assets are subsequently measured at FVTPL.
Where management has opted to recognise a financial liability at FVTPL, any changes associated with
the Company’s own credit risk will be recognised in other comprehensive income / (loss). Currently, there 2.18 Trade and other payables
are no financial liabilities designated at FVTPL.
Trade and other payables are recognised initially at fair value plus directly attributable costs, if any, and
Impairment of financial asset subsequently measured at amortised costs.
The Company recognises loss allowance for Expected Credit Loss (ECL) on financial assets measured at 2.19 Derivative financial instruments and hedge accounting
amortised cost and FVTOCI at an amount equal to life time ECLs except for the financial assets in which there
The Company uses derivative financial instruments to hedge its interest rate risk and foreign currency risk.
is no significant increase in credit risk since initial recognition or financial assets which are determined to have
Such derivative financial instruments are initially recognised at fair value on the date on which the derivative
low credit risk at the reporting date, in which case 12 months' ECL is recorded. The following were either
contract is entered into and are subsequently re-measured at fair value. Derivatives are classified as financial
determined to have low or there was no increase in credit risk since initial recognition as at the reporting date:
assets when the fair value is positive and as financial liabilities when the fair value is negative.
- bank balances;
- employee receivables; and Any gains or losses arising from changes in fair value on derivatives during the year that do not qualify for
hedge accounting and the ineffective portion of an effective hedge are taken to profit or loss.
- other short-term receivables.
Loss allowance for trade receivables are always measured at an amount equal to 12 months ECLs. The fair value of derivative financial instruments is determined by reference to market values for similar
instruments or by using discounted cash flow method.
The Company considers a financial asset in default when it is more than 90 days past due.
At the inception of a hedge relationship, the Company formally designates and documents the hedge
relationship to which the Company intends to apply hedge accounting and the risk management objective and
Lifetime ECLs are the ECLs that results from all possible default events over the expected life of a financial
strategy for undertaking the hedge. The documentation includes identification of the hedging instrument, the
instrument.12 month ECLs are portion of ECL that result from default events that are possible within 12
hedged item or transaction, the nature of the risk being hedged and how the Company will assess the hedging
months after the reporting date.
instrument's effectiveness in offsetting the exposure to changes in the hedged item’s fair value or cash flows
ECLs are a probability weighted estimate of credit losses. Credit losses are measured at the present value of attributable to the hedge risk. Such hedges are expected to be highly effective in achieving offsetting changes
all cash shortfalls (i.e. The difference between cash flows due to the entity in accordance with the contract and in fair values or cash flows and are assessed on an ongoing basis to determine that these actually have been
cash flows that the Company expects to receive). highly effective throughout the financial reporting periods for which such were designated.
The gross carrying amount of a financial asset is written off when the Company has no reasonable
Derivative financial instruments that are designated as, and are effective hedging instruments, are classified
expectation of recovering a financial asset in its entirety or a portion thereof.
consistent with the classification of the underlying hedged item. The derivative financial instrument is
separated into a current portion and non current portion only if a reliable allocation can be made.
Revenue is recognised when control of the goods is transferred i.e. when the goods are delivered to the (Rupees in '000)
Effect on statement of financial position
customer, and there is no unfulfilled obligation that could affect the customer’s acceptance of the goods.
Revenue is recognised as follows:
Long-term financing 17,959,094 18,871,684 912,590 16,312,174 17,357,208 1,045,034
- Local sale of goods is recognised on dispatch of goods to customers. Current portion of
long-term financing 175,995 175,995 - 1,646,921 1,775,711 128,790
- Revenue from export sales is recognised on the basis of terms of sale with the customer.
Deferred tax asset 413,291 677,942 264,651 753,425 1,059,665 306,240
Revenue is measured at fair value of consideration received or receivable, excluding discounts, commission, Revenue Reserve 485,601 188,743 (296,858) (3,126,291) (3,428,326) (302,035)
rebates and government levies.
Hedging reserve 351,081 - (351,081) 447,724 - (447,724)
No element of financing is deemed present as the sales are made with a credit term of up to 14 days, which is Trade and other payables 3,534,574 3,535,309 735 5,830,748 6,285,380 454,632
consistent with the market practice. Short-term financing 4,904,444 4.904,444
-
8,321,808 7,750,086 (571,722)
Income from sale of scrap is recorded on delivery of scrap to the customers. For the year ended June 30, 2020
Effect on profit and loss and other comprehensive income As As restated Restatement
Profit on bank deposits is recorded on effective interest basis. previously
reported
Gain / (loss) on sale of fixed assets is recorded when title is transferred in favour of transferee. (Rupees in '000)
4.2 Depreciation charge for the year has been allocated as follows:
Note 2021 2020
2021 2020
(Rupees in '000) Note (Rupees in '000)
4.1 Operating assets Usage of Immovable Location Total Area (acres) Covered Area
Property (acres)
Land lease Factory Non factory Lease hold Plant and Factory and Quarry Office Computer Furniture Vehicles Total
hold building on building on improvements machinery laboratory Equipment equipment and and fixture Manufacturing plant Deh Kalo Kohar, Nooriabad Industrial Estate, District 150
leasehold lease hold equipments peripherals
267
land land Jamshoro (Sindh)
(Rupees in '000)
Year ended June 30, 2021
4.3 The detail of operating asset sold, having net book value in excess of Rs. 500,000 each is as follows:
Opening net book value 112,425 346,787 113,616 16,935 12,634,595 51,001 1,128 24,799 8,987 32,092 29,007 13,371,372
Additions /transfer (at cost) - 22,982 1,368,164 - 22,170,999 2,380 - 2,108 4,169 473 1,768 23,573,043
Asset Cost Accumulated Book Sale Particulars of purchaser Mode of
Depreciation value proceeds disposal
Disposals at NBV - - - - - - - - - - (1,493) (1,493)
Rupees
Write off - (30,892) - - - - - - - - - (30,892)
Vehicle 2,800,000 (1,530,667) 1,269,333 2,800,000 Abdul Sattar Sale
Depreciation charge - (19,720) (147,960) (1,677) (794,915) (5,344) (185) (2,606) (3,070) (3,237) (6,375) (985,089)
Address: House No. 35,
Closing net bok value 112,425 319,157 1,333,820 15,258 34,010,679 48,037 943 24,301 10,086 29,328 22,907 35,926,941
Street No.7, Block W,
Madina Town, Faisalabad
Gross carrying value basis
At June 30, 2021
4.4 Capital work-in-progress
Cost 112,425 731,756 1,503,237 33,299 36,428,396 88,140 12,528 38,008 37,442 52,075 56,801 39,094,107 2021
Accumulated depreciation - (412,599) (169,417) (18,041) (2,417,717) (40,103) (11,585) (13,707) (27,356) (22,747) (33,894) (3,167,166)
Cost as Additions Transferred to Cost as
Net book value 112,425 319,157 1,333,820 15,258 34,010,679 48,037 943 24,301 10,086 29,328 22,907 35,926,941 at 1 July operating at 30 June
Year ended June 30, 2020
2020 fixed assets 2021
(Rupees in '000)
Opening net book value 3,025 365,039 13,013 18,817 4,593,905 53,884 1,327 24,486 11,745 23,880 36,858 5,145,979
Civil Works 1,368,164 - (1,368,164) -
Additions /transfer (at cost) 109,400 - 105,404 - 8,119,398 4,353 - 3,019 1,929 11,281 202 8,354,986
Depreciation charge - (18,252) (4,801) (1,882) (78,708) (5,664) (199) (2,706) (3,884) (3,069) (7,186) (126,351)
Waste Heat Recovery System 1,760,338 - (1,760,338) -
Closing net bok value 112,425 346,787 113,616 16,935 12,634,595 51,001 1,128 24,799 8,987 32,092 29,007 13,371,372 23,413,542 - (23,413,542) -
Gross carrying value basis
At June 30, 2020 2020
Cost 112,425 781,664 135,073 33,299 14,257,397 85,760 12,528 35,900 33,273 51,602 59,890 15,598,811 Cost as Additions Transferred to Cost as
Accumulated depreciation - (434,877) (21,457) (16,364) (1,622,802) (34,759) (11,400) (11,101) (24,286) (19,510) (30,883) (2,227,439)
at 1 July operating at 30 June
2019 fixed assets 2020
Net book value 112,425 346,787 113,616 16,935 12,634,595 51,001 1,128 24,799 8,987 32,092 29,007 13,371,372
(Rupees in '000)
Units of
Rate of depreciation % - 5% 10% 10% production 10% 15% 10% 33% 10% 20% Civil Works 790,054 578,110 - 1,368,164
Plant and Machinery 26,577,563 1,800,486 (8,093,009) 20,285,040
4.1.1 The fair value of property, plant and equipment is valued at Rs 47.37 billion.
Waste Heat Recovery System - 1,760,338 - 1,760,338
Others 5,797 - (5,797) -
27,373,414 4,138,934 (8,098,806) 23,413,542
51,780 66,728 12.3 From 1993-94 to 1998-99, excise duty was levied and recovered from the Company being wrongly worked out on retail
price based on misinterpretation of sub section 2 of section 4 of the Central Excise Act, 1944 by Central Board of
11.2 The balances due from related parties are mark-up free. The aging analysis of these balances is as follows: Revenue. Such erroneous basis of working of excise duty has been held, being without lawful authority, by the Honourable
Supreme Court of Pakistan as per its judgment dated February 15, 2007. Accordingly, the Company filed an application to
2021 2020 the Collector of Federal Excise and Sales Tax to refund the excess excise duty amounting to Rs.182.604 million.
(Rupees in '000)
1-30 days 3,411 4,264 The refund was however, rejected by Collector of Appeals vide order in appeal number 01 of 2009 dated March 19, 2009
31-60 days 5,871 1,300 and Additional Collector, Customs, Sales tax and Federal excise vide its order in original number 02 of 2009 dated January
61 days to 365 days 11,989 61,164 24, 2009 primarily based on the fact that the Company has failed to discharge the burden of proof to the effect that
Over 365 days 30,509 - incidence of duty had not been passed on to the customers of the Company. Accordingly, the Company filed an appeal
before the Learned Appellate Tribunal Inland Revenue (ATIR) regarding Central excise duty which, vide its order dated
51,780 66,728 May 23, 2012 held that the requisite documents proving the fact that the incidence of duty had not been passed to the
customers of the Company has been submitted by the Company and therefore the Company has discharged its onus.
11.2.1 Maximum aggregate due from the related parties at any time during the year calculated by reference to month-end Based on the foregoing the original order number 01 of 2009 dated March 19, 2009 and order number 02 of 2009 dated
balances is Rs. 65 million (2020: Rs. 133 million). January 24, 2009 were set aside by ATIR and appeal was allowed.Based on the decision by ATIR and the tax advisor’s
opinion that the refund claim is allowed to the company, the company recorded the refund claim receivable with a
corresponding credit to the profit & loss account. The matter has been challenged by the Tax Department in the High Court
of Sindh vide its reference application 252/2012 dated September 2012 on the grounds that the Company has failed to
discharge the burden of proof to the effect that incidence of duty had not been passed on to the customers of the
Company. The hearing of the case is pending since September, 2012. The management is confident of a favourable
outcome based on its legal advisor’s opinion. The Company is actively pursuing the matter for the settlement of the said
refund claim.
15.1 These are placed with local banks and carry profit at declared rates of 4.07% - 7.20% (2020: 6.5% - 12%) per annum and 244,585,320 - Issued during the year for cash - note 17.3 2,445,853 -
will mature in June 2021 (2020: June 2021). and 17.4
244,585,320 - 2,445,853 -
Note 2021 2020
16. CASH AND BANK BALANCES (Rupees in '000)
Cash at bank 17.3 244,585,320 Cumulative Preference Shares (POWERPS) were issued during the year on which issuance costs incurred
Conventional were Rs. 13.48 million which has been accounted for as a deduction from equity net of tax of Rs. 3.91 million.
- In current accounts 14,211 26,590
- In savings accounts 16.1 7,599 7,531
21,810 34,121 17.4 The shareholders of the Company in their extraordinary general meeting held on June 20, 2020 approved the issue of
Islamic 23% right shares in terms of Cumulative Preference Shares at par value of Rs. 10 each.244,585,320 Cumulative
- In current accounts 131,855 201,453 Preference Shares have been issued in the ratio of 23 Cumulative Preference Shares for every 100 Ordinary Shares held
- In savings accounts 16.2 98,402 94,884 by the existing shareholders.
230,257 296,337
The terms and conditions of such Right Issue are as follows:
- Term deposit receipts 16.3 2,100 926
232,357 297,263 - The rate of preferential dividend shall be six month KIBOR plus 1.5% per annum. The entitlement of dividend shall
not lapse if no dividend is paid during that year and shall be carried forward to subsequent years;
Cash in hand 939 878
255,106 332,262
- the preference shareholders will have the right to vote;
16.1 The mark-up rate on the savings and deposit accounts included in cash and bank balances ranges from 3.5%to 5%
- Preference Shares will be convertible at the option of the preference shareholders into Ordinary Shares of the
(2020: 6.5% to 12%) per annum.
Company. The conversion option can be exercised upon the expiry of 12 months from the issue date by giving a
16.2 These accounts are maintained under profit and loss sharing arrangements with Islamic banks at rates ranging from 3.5% thirty days notice in advance to the issuer. However, the accumulation of preference dividends will cease at the time
- 5% (2020: 6.5% - 12%) per annum. of filing of conversion notice with the Company’s Registrar;
16.3 This includes term deposit certificates placed with local banks and carry profit at declared rates of 4.07% - 7.20% (2020:
6.5% - 12.5%) per annum.
- conversion ratio is to be determined by dividing the aggregate face value of Preference Shares plus the outstanding Note 2021 2020
balance of any accumulated / accrued Preferred Dividend (if not paid till conversion) by Rs. 7.5; (Rupees in '000)
20. LONG-TERM FINANCING
- the Preference Shares are non-redeemable and convertible into Ordinary Shares of the Company; Local currency loan
- there will be no change / revision in the rate of preferred dividend in case of accumulation;
Syndicated loan 20.1.1 & 20.1.2 13,041,227 12,080,820
- there is no upper limit of maximum accumulations of preferred dividend; Term loan 20.2 581,996 307,991
- Cash dividends in priority over any dividend to ordinary shareholders and holders of any subsequent issues / series Refinance scheme 20.3 192,538 117,825
of preference shares;
13,815,761 12,506,636
- In case of liquidation the preference shareholders shall be entitled to preferred liquidation rights prior to ordinary
Current maturity (369,491) (1,216,481)
shareholders; and
13,446,270 11,290,155
- The preference shareholders shall not be entitled to bonus or rights shares, in case the Company / Directors decide Foreign currency loan
to increase the capital of the Company by issue of further shares except for the adjustment in conversion ratio
provided hereinabove referred terms and conditions. Syndicated loan 20.4 5,885,159 6,626,283
Current maturity (928,381) (559,230)
17.5 If cash dividend is not paid in any year, due to loss or inadequate profits, then such unpaid cash dividend will accumulate
and will be paid in the subsequent year(s) before any dividend is paid to the Ordinary Shareholders subject to approval of 4,956,778 6,067,053
the Board of Directors. As at June 30, 2021 the undeclared dividend on Cumulative Preference Shares amounted to Rs.
175.08 million (June 30, 2020: Nil). 18,403,048 17,357,208
17.6 Shares held by the associated undertakings as at the statement of financial position date were 867,543,689 (June 30, 20.1.1 This includes funded / Musharaka contribution amount drawn (from a syndicate of 16 local banks/DFIs under the long-
2020: 611,495,005) and Mr. Arif Habib is the ultimate beneficial owner of the Company on the basis of effective term syndicate finance facility of Rs. 16,200 million, for the expansion project of 7,700 TPD, led by National Bank of
shareholding. Pakistan as Investment Agent (June 30, 2020: Rs. 16,200 million). The said facility has been structured in Islamic mode
18. SHARE PREMIUM of financing (Diminishing Musharaka) having Syndicate Term Finance Facility (STFF) of Rs. 16,200 million. The facility
carries mark-up at the rate of 6 months KIBOR plus 2.25% (June 30, 2020: 6 months KIBOR plus 2.25%) per annum
This reserve can be utilized by the Company only for the purpose specified in section 81 of the Companies Act, 2017. calculated on daily product basis with mark-up and principal repayment falling due on semi-annual basis. The facility is
secured through first pari passu charge over current and fixed assets of the Company along with additional collaterals.
This loan is payable through semi annual instalments in 10 years time starting from July 2018.
19. HEDGING RESERVE
The hedging reserve comprises the spot element of forward contract. The amount represents an effective portion of the
cumulative net change in the fair value of hedging instruments used in cash flow hedges. The net change in fair value of
However, during the year, senior lenders of the Company have revised the terms of the existing Syndicate Term Finance
the hedging instrument, deferred in equity, has been recycled to profit or loss to the extent that the hedged item (foreign
Facility (STFF) to include, inter alia, the following:
currency loan) impacts profit or loss.
i) Downward revision of profit rate to 1.5% from 2.25% per annum; and
ii) Enhancement of grace period for principal repayments from January 2021 to July 2022, therefore, current maturity
has been presented in these financial statement in accordance with the revised terms.
The restructuring of the liability has not resulted in the derecognition of the original liability.
20.1.2 This also includes loan of Rs.1,000 million structured as Diminishing Musharakah for the purpose of operational support,
project cost overruns and service of deferred payables of Company's clinker plant. The facility carries mark-up of Kibor
plus 1.5% per annum. This loan is payable through semi-annual instalments starting from July 2022. The security includes
first pari pasu charge on all fixed and current assets along with other collaterals and personal guarantees of the
Company's related party.
20.2 This includes term loans obtained from a commercial bank for a period of 3 to 5 years at the rate of 3 months KIBOR plus 2021 2020
2% and 6 months KIBOR plus 1.5% with quarterly and semi-annual repayments. The loans were disbursed on May 01, (Rupees in '000)
2019 and December 10, 2020 respectively. The loans are secured by the Sponsors of the Company.
22. STAFF RETIREMENT BENEFITS
20.3 This includes long-term loan agreements with Bank of Punjab under the Refinance Scheme for Payment of Wages and Provision for gratuity 108,965 94,931
Salaries to the Workers and Employees of Business Concerns by the State Bank of Pakistan. The loans are repayable in
eight equal quarterly instalments, starting from March 2021. The loan carries mark-up of 3% per annum starting from the 22.1 Number of employees covered under scheme 489 493
date of disbursement and is payable in arrears on quarterly basis. The loan is secured by way of first pari passu
hypothecation charge on the fixed assets of the Company along with additional collaterals. 22.2 As stated in note 2.14, the Company operates approved funded gratuity scheme for all management and non
management employees. The scheme defines an amount of gratuity benefit that an employee will receive on retirement
subject to minimum service under the scheme. Actuarial valuation of these plans is carried out every year and the latest
20.4 This represents 3 foreign multilateral institutions / DFIs under long-term syndicate finance facility of equivalent drawdowns
actuarial valuation was carried out as at June 30, 2021.
of EUR 11.357 million, USD 11.357 million, USD 15.143 million disbursed by Deutsche Investitions-und
Entwickilingsgeselischaft mbH (DEG), OPEC Fund for International Development (OFID) and Islamic Corporation 22.3 Plan assets held in trust are governed by local regulations which mainly includes Trust Act,1882; Companies Act, 2017;
Development (ICD) respectively for the expansion project of Line III. The Company has executed cross currency swaps Income Tax Rules, 2002 and the Rules under the respective trust deed. Responsibility for governance of the Plan,
with Habib Bank Limited and Faysal Bank Limited to hedge the Company’s foreign currency payment obligation. This including investment decisions and contribution schedules, lies with the respective Board of Trustees. The Company
facility carries markup ranging between 6 months KIBOR plus 4.15% to 6 months KIBOR plus 5.49% with mark-up / appoints the trustees and all trustees are employees of the Company.
principal repayment falling due on semi-annual basis with commercial Banks for cross currency swap. The facility is
secured through first parri passu charge over current and fixed assets of the Company along with additional collaterals.
22.4 The latest actuarial valuation of the Plan as at June 30, 2021 were carried out using the Projected Unit Credit Method.
The above hedge of exposures arising due to variability in cash flows owing to interest / currency risks were designated as
Details of the Fund as per the actuarial valuation are as follows:
cash flow hedges by the management of the Company.
2021 2020
(Rupees in '000)
Note 2021 2020 22.5 Balance sheet reconciliation as at June 30
(Rupees in '000)
21. LONG-TERM LEASE LIABILITY Present value of defined benefit obligation 155,115 124,565
Balance at beginning of the year 60,243
Fair value of plan assets (46,150) (29,634)
52,804
Modification 1,255 - Deficit 108,965 94,931
Finance cost on lease 3,089 6,279
Payment (13,718) (13,718) 2021 2020
Balance at end of the year 43,430 52,804 (Rupees in '000)
Less: Current maturity shown 22.6 Movement in the defined benefits obligations
under current liability 11,755 7,772
31,675 45,032 Present value of defined benefits obligation
as at July 01 124,565 116,026
Current service cost for the year 33,701 34,305
21.1 The maturity analysis of lease liabilities is as follows: Interest cost for the year 10,117 13,729
Future Interest Present Benefits paid during the year (11,092) (39,357)
minimum value Remeasurements:
lease of future Actuarial losses from changes in
financial assumptions - (1,537)
payments minimum Experience adjustments (2,176) 1,399
lease
Present value of defined benefits
(Rupees in '000) payments
obligation as at June 30 155,115 124,565
Less than one year 15,090 3,335 11,755
22.7 Movement in fair value of plan assets
Between two to five years 34,858 3,183 31,675
More than five years - - - Fair value of plan assets as at July 01 29,634 18,935
Contribution during the year 32,212 49,999
49,948 6,518 43,430 Expected return on plan assets 3,417 3,456
Benefits paid during the year (11,092) (39,357)
Actuarial loss on plan assets (8,021) (3,399)
Fair value of plan assets as at June 30 46,150 29,634
22.16 As per actuarial advice, the Company is expected to recognise a service cost of Rs. 46.82 million in 2022 (2021: Rs.
39.65 million)
22.18 Analysis of present value of defined benefits obligations and fair value of plan assets 23.1 Creditors, Bills payable line III and accrued liabilities include Rs. 69.96 million, Rs. 921.09 million and Rs.1.50 million
(2020: Rs. 67.14, Rs. 950.59 million and Nil) respectively in respect of amounts due to related parties.
22.19 Experience adjustments 23.4 Royalty is payable to Directorate General, Mineral Development, Government of Sindh registered office of which is
situated at ST-19/1, Block-6, Gulshan-e-Iqbal, Main University Road, Karachi.
2020-21 2019-20 2018-19 2017-18 2016-17
--------------------------------------- (Rupees in '000) --------------------------------------- 23.5 The payable is secured against the corporate guarantee issued by the sponsors of the company equivalent to the contract
Experience adjustment price.
arising on plan liabilities (2,176) 1,399 (216) 8,901 5,822 23.6 Advance received from customer is recognised as revenue when the performance obligation in accordance with the policy
as described in note 2.21 is satisfied.
22.20 The above sensitivity analysis are based on a change in an assumption while holding all other assumptions constant. In
2021 2020
practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the
Note (Rupees in '000)
sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the
defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been
Opening balance 274,131 128,974
applied as and when calculating the gratuity liability recognised within the balance sheet.
Advance received during the year 3,149,541 1,689,012
Revenue recognised during the year (2,817,291) (1,543,855)
Closing balance 606,381 274,131
Note 2021 2020
(Rupees in '000) 24. ACCRUED MARK-UP
23. TRADE AND OTHER PAYABLES
On long-term financing 832,114 1,370,072
Trade creditors 23.1 890,839 964,946
On loan from related parties 296,828 274,561
Project Line III creditors 23.3 948,083 950,590 On short-term financing 129,578 132,513
Royalty payable on raw material 23.4 9,752 15,475
1,258,520 1,777,146
Payable against Waste Heat
25. LOAN FROM RELATED PARTY
Recovery System 23.5 214,161 1,709,016
Bills payable 828,653 563,905
Loan from associated
Bills payable Line III 23.1 921,098 973,704
company - unsecured 25.1 680,000 -
Accrued liabilities 23.1 & 23.2 370,083 437,590
Excise duty payable on raw material 6,859 8,953 Loan from sponsor - unsecured 25.2 - 1,922,099
Advances from customers 23.6 606,381 274,131
Retention money payable 1,130 1,130 680,000 1,922,099
Federal Excise Duty payable 380,267 259,342
25.1 This represents financing provided by our associate, Rotocast Engineering (Private) Limited in the Company under
Workers' Welfare Fund (WWF) 5,012 5,012
modaraba arrangement. Return at the rate of 1% of gross profit (excluding the depreciation charge for the year) is
Withholding tax payable 39,241 76,734
payable after dividing the gross profit as per the respective capital ratios provided in the modaraba agreement.
Current portion of deferred
Income - government grant 11,484 9,725
Leave encashment payable 38,279 34,392 25.2 This represents loan from Sponsors of the company. It carries markup at the rate of 3 month Kibor plus 1.75% per anum
Loan from previous sponsors 735 735 (2020: 3 month Kibor plus 1.75%).
Others 824 -
5,272,881 6,285,380
Note 2021 2020 27.2 During the year, certain cases in relation to workers as presented in the financial statements for the year ended June 30,
(Rupees in '000) 2020 have been settled out of court.
26. SHORT-TERM FINANCING
In October 2019, an ex-labourer lodged a claim in the office of the of the Commissioner Workmen Compensation &
Conventional Authority, on account of certain damages and unpaid dues, amounting to Rs. 5.50 million.
27.7 The Competition Commission of Pakistan (the CCP) took Suo Moto action under Competition Commission Ordinance, In 2015, a demand notice of Rs. 440 million was issued to the Company for recovery of FED and sales tax. The Company
2007 and issued a Show Cause Notice on October 28, 2008 for increase in prices of cement across the country. Similar simultaneously approached CIR (Appeals) and SHC for relief. Stay was granted by the SHC on 2 April 2015. In 2018, CIR
notices were also issued to All Pakistan Cement Manufacturers Association (APCMA) and its member cement (Appeals-II) also decided the matter in favour of the Company and hence the stay granted by the High Court of Sindh
manufacturers. The Company filed a writ petition before the Honourable Lahore High Court (LHC) and the LHC vide its became redundant and the Suit thereof was withdrawn during the period. The concerned tax authority has preferred an
order dated August 24, 2009 allowed the CCP to issue its final order. The CCP accordingly passed an order on August appeal against the order of CIR (Appeals-II), before ATIR, which is pending for hearing.
27, 2009 and imposed a penalty of Rs. 87 million on the Company. The LHC vide its order dated August 31, 2009
restrained the CCP from enforcing its order against the Company for the time being. The High Court of Lahore has heard
the arguments of all the parties and has reserved its judgement on the matter on July 17, 2020. Management of the Company based on its tax advisors opinion is confident that the outcome of the case will be in favour
of the Company.
27.8.3 The Company received a show cause notice from DCIR on June 13, 2015 alleging that the Company has adjusted
During the financial year ended June 30, 2009, the Company has filed an appeal before the Honourable Supreme Court of inadmissible input tax on diesel purchased and consumed in the rented vehicles of the transporter of the Company under
Pakistan (SCP) and LHC against the Order of the CCP dated August 27, 2009. The petition filed by the Company and Sales Tax Act,1990. The Company replied through a consultant via letter dated June 22, 2015 explaining that a Company
other cement manufacturers before the LHC are pending for adjudication meanwhile order passed by the LHC on August has adjusted a valid input tax under the provision of Sales Tax Act, 1990. Subsequently, demand notice for recovery was
31, 2009 is still operative. Management, based on the legal advice, believes that there are good legal grounds and is received dated July 13, 2015 for an amount of Rs.17.36 million for adjusting invalid input tax with a penalty of Rs. 0.87
hopeful that there will be no adverse outcome for the Company, accordingly no provision has been made in these financial million against which the Company filed an appeal with CIR Appeals on August 04, 2015, along with application for the
statements. grant of stay. Hearing for the same was fixed on August 21, 2015.
Consequent to changes in the legislation, the SCP has remanded the matter to the CCP Tribunal. The Company via On September 10, 2015, the case was decided in favour of the Company vide order no. 17 of 2015 issued by
Constitutional Petition (CP) # ‘D-8444’ has challenged the formation of the Competition Commission of Pakistan (CCP) Commissioner Inland Revenue (Appeals), however an appeal has been preferred against the same by CIR in Appellate
Tribunal on certain grounds. The CP has been filed before the SHC which through its order dated December 12, 2017 has Tribunal.
restrained the CCP Tribunal from issuance of a final order, however, the proceedings on the matter may be continued by
the CCP Tribunal as per its discretion. 27.8.4 DCIR issued impugned order containing discrepancies as a result of purchases from black listed supplier who at the time
of purchase were active tax payers, these relate to various months from 2009 to 2014 involving amount of Rs. 2.43 million
During the year, LHC decided the case against the Company and other cement manufacturers for which the Company in aggregate. The Company filed appeal under section 45-B of the Sales Tax Act, 1990 before Honourable Commissioner
has decided to prefer an appeal before the Supreme Court of Pakistan. (Appeals) who through order dated August 31, 2016 set aside the DCIR's order in favour of the Company. The department
preferred to appeal the said order of Honourable Commissioner (Appeals) before the Appellate Tribunal Inland Revenue
Based on the opinion of the Company's legal advisors, the management is hopeful that the ultimate outcome of the Karachi which is pending for hearing. The management in consultation with its legal advisor is confident that the outcome
appeal will be in favour of the Company and hence no provision has been recognised in these financial statements. of the case would be in favour of the Company hence no provision is made in these financial statements.
27.8.8 A Special Sales Tax Reference Application No. 413/2019 was filed by the Commissioner Inland Revenue Zone –II on 27.9.3 The Finance Act, 2017 has introduced tax on every public company at the rate of 7.5% of its profit before tax for the year.
November 23, 2018 against the Appellate Tribunal Order decided in favour of the Company amounting to Rs 0.34 million. However, this tax shall not apply in case of a public company which distributes at least 40% of its after tax profits within six
The case pertained to claim of input sales tax on certain communication expenses. The management in consultation with months of the end of the tax year through cash or bonus shares. Liability in this respect, if any, is recognized when the
its legal advisor is confident that the outcome of the case would be in favour of the Company hence no provision is made prescribed time period for distribution of dividend expires. The Finance Act 2018 amended the Section 5A of the
in these financial statements. Ordinance whereby the prescribed amount of distribution of profit as dividend reduced from 40% to 20% and the levy of
tax on profit in case where companies do not distribute the prescribed amount reduced from 7.5% to 5%. The Company
27.8.9 Appeal before CIR-Appeals is preferred by the Company against Order-in-Original (ONO) # 19/07/2019 dated April 30, had also obtained an interim stay order from the SHC against the said provision of the law. However, the department
2019 creating demand of Rs 45.24 million including penalty of Rs 2.15 million through its order no.12 dated February 06, preferred an appeal in the Supreme Court of Pakistan. The management in consultation with its legal advisor is confident
2020 deleted demand of Rs. 42.08 million and corresponding penalty as well. The Company has filed before Appellate that the outcome of the case would be in favour of the Company hence no provision is made in these financial
Tribunal Inland Revenue (ATIR) against disallowance of Rs.1.35 million which is pending for hearing. The management in statements.
consultation with its legal advisor is confident that the outcome of the case would be in favour of the Company hence no
provision is made in these financial statements.
27.9.4 During 2008, a customer has filed claim of Rs. 1.20 million before the Court of District & Session Judge Karachi (East), for
recovery of financial loss due to sub-standard supply of cement via appeal no. 14/2008 and appeal no. 16/2013. The
27.8.10 The DCIR passed order vide no. 05/07/2020 dated December 27, 2019 creating demand of Rs.13.05 million along with Honourable Judge has decided the order in favour of the customer. Thereafter, the Company filed a revision application
penalty of Rs. 0.65 million. The Company filled appeal us/ 45B of the Act. The CIR-Appeals vide its order vacated the against the order before the SHC. The management based on the advice of the lawyer is confident that the outcome of
demand created to the extent of Rs.1.55 million. The Company paid Rs.4.82 million and filed appeal against the remaining the case would be in favour of the Company and hence no provision is made in these financial statements.
disallowance before ATIR hearing of this is pending till the date of this order.
27.9.5 During the year ended June 30, 2013, the Company reversed liability amounting to Rs. 115.93 million in respect of
During the year, the DCIR initiated the remanded back proceedings and concluded exercise by creating a demand of Rs previous sponsors loan on the basis of arbitration award in favour of the Company.
1.55 million along with the penalty of Rs 0.078 million. The learned DCIR while passing the aforesaid order failed to
consider the reply filed by the Company, recognizing the mistake apparent on records the Company filed application for The management of the Company was taken over by purchasing controlling shareholding during the year 2005. One of
rectification of mistake u/s 57 of the Act on July 26, 2021, no action by the office of learned DCIR has yet been made on
the condition of takeover of the management from the previous sponsors was that the amount payable in respect of this
our application till date. The management in consultation with its legal advisor is confident that the outcome of the case
loan was required to be adjusted in respect of any differences in the value of assets and / or unrecorded liabilities.
would be in favour of the Company hence no provision is made in these financial statements.
However, due to dispute regarding existence of certain assets and / or unrecorded liabilities, the final amount of the
previous sponsor’s loan remained undetermined and unsettled and the matter was referred for arbitration as per the Share
Purchase Agreement between the management and the previous sponsors. The amount outstanding as at June 30, 2012
27.9 INCOME TAX MATTERS amounted to Rs. 115.93 million i.e. Rs. 234.08 million net off with unavailable stores and spares of Rs. 118.15 million.
27.9.1 The Income Tax assessment order under section 120 of the Ordinance for tax year 2014 was selected for Audit under
section 214 C of the Ordinance. The Deputy Commissioner Inland Revenue (DCIR) passed the amended assessment
order under section 122 of the Ordinance while making additions of Rs. 19.30 million to the declared loss for the year. In 2013, the arbitrator decided in favour of the Company vide order dated August 6, 2012 and determined an amount of
Rs. 0.74 million to be paid by the Company. The award has been sent to the Registrar High Court of Sindh for making the
award a rule of Court. The management, based on its lawyers' advice is of the opinion that despite of objection filed by the
The Company preferred appeal before CIR (appeals) under section 127 of the Ordinance on May 26, 2016. Hearing in this
previous sponsors against the arbitration award, the Company has strong grounds considering the fact that the Arbitration
regard was held on June 6, 2016 and CIR (Appeals) issued order on February 4, 2020 confirming disallowance of Rs.
Award has been announced in Company's favour and the arbitration award will be made a rule of Court. Accordingly, the
3.66 million. The management in consultation with its legal advisor is confident that the outcome of the case would be in
management had reversed the liability in 2013 with a corresponding credit in the profit or loss account. However, as
favour of the Company hence no provision is made in these financial statements.
previous sponsors have filed objections to the award, the matter has been disclosed as a contingent liability in these
financial statements. The management in consultation with its legal advisor is confident that the outcome of the case
27.9.2 Section 113(2)(c) was interpreted by a Divisional Bench of the SHC in the Income Tax Reference Application (ITRA) No. would be in favour of the Company hence no provision is made in these financial statements.
132 of 2011 dated May 7, 2013, whereby it was held that the benefit of carry forward of minimum tax is only available in
the situation where the actual tax payable (on the basis of net income) in a tax year is less than minimum tax. Therefore,
where there is no tax payable, interalia, due to brought forward tax losses, minimum tax could not be carried forward for
adjustment with future tax liability.
The Company has carried forward minimum tax of previous years amounting to Rs. 9.25 million at the reporting date and
the Company expects to adjust the amount against the future taxable profits. The Company's legal counsel is of the
opinion that the Company has strong arguable case and at an appropriate stage the matter can be agitated before
Supreme Court of Pakistan in case the adjustment is challenged by the tax authorities. In the above view, the
management of the Company is confident that the ultimate outcome in this regard would be favourable. However during
the year this minimum tax was charged off due to lapse of carry forward period.
The Company has challenged the applicability of Alternate Corporate Tax (ACT) via Constitutional Petition and filed
Income Tax Return of TY 2016 based on Minimum Tax and accordingly no effect of (ACT) is taken in the tax liability and
an interim order dated September 25, 2019 has been granted by the High Court of Sindh that no coercive action is to be
taken against the Company till the pendency of the Constitutional Petition. The management in consultation with its legal
advisor is confident that the outcome of the case would be in favour of the Company hence no provision is made in these
financial statements.
2021 2020
Note 2021 2020
32. OTHER INCOME (Rupees in '000)
(Rupees in '000)
31. ADMINISTRATIVE EXPENSES
Gain on disposal of fixed assets 2,852 76,892
Salaries, wages and other benefits Grant income 16,967 370
including retirement benefits 31.1 82,241 73,079 Scrap sales 211 167
Exchange gain 335,959 -
Travelling and conveyance 1,145 2,711 Rebate Income - 2,700
Printing and stationery 5,500 3,966 Workers' Welfare Fund - Expense
Repair and maintenance 15,027 556 355,989 80,129
Legal and professional charges 29,201 4,679
33. OTHER OPERATING EXPENSES
Auditor's remuneration 31.2 3,022 2,285
Rent, rates and taxes 1,296 15,086 Exchange loss - (257,252)
Postage and telephone 2,987 3,265 Other expenses - (10,863)
Entertainment 11,724 10,360 Assets written off (30,892) -
Ijarah payments 31.3 19,860 14,096 (30,892) (268,115)
Fees and subscription 39,504 20,439
Depreciation 31.4 25,087 20,493 33.1 This includes change in fair value of derivative financial asset amounting to Rs Nil (2020: Rs. 136.12 million).
Amortisation 6 2,535 2,113
Charity and donations 4,027 2,144 34. FINANCE INCOME / (COST) - NET
Provision for Federal Excise Duty - 6,863 Finance income:
Others 11,381 8,144 Income from PLS Savings account 10,892 11,490
254,537 190,279 and term deposit- Islamic
Income from defence savings certificates 1,122 977
31.1 This include Rs. 7.487 million (2020: Rs. 7.738 million) against staff retirement benefits. 12,014 12,467
Finance costs:
2021 2020 Mark-up on short-term borrowings (673,485) (746,828)
Mark-up on loan from related parties (22,267) (294,561)
31.2 Auditor's remuneration (Rupees in '000)
Unwinding of transaction cost (10,597) -
Mark-up on long-term financing (1,835,405) (1,925,438)
Audit Services Mark-up on lease liability (6,279)
(3,089)
Bank charges and commission (66,610) (17,911)
Audit fee 1,748 1,748
(2,611,453) (2,991,017)
Half yearly review fee 400 300
Out of pocket expenses 572 137
2,185 (2,599,439) (2,978,550)
2,720
35. TAXATION
Fee for review of compliance with
Code of Corporate Governance 227 50 Current - for the year 35.1 - -
- prior year (10,460) -
Certifications for regulatory purposes 75 50
Deferred 1,040,027 345,147
3,022 2,285 1,029,567 345,147
31.3 Ijarah payments Relationship between income tax
and accounting loss
Total of future Ijarah payments under the
agreement are as follows: Loss before taxation (671,208) (3,966,776)
Not later than one year 23,417 27,814 Tax at the enacted tax rate 29% (2020: 29%). 194,650 1,150,365
Later than one year but not later than five years 28,457 37,605 Prior year tax (10,460) -
35.2 The tax returns have been filed up to tax year 2020 (corresponding to financial year ended June 30, 2020) which are
deemed to be assessed under section 120 of the Income Tax Ordinance, 2001 (Ordinance).
35.3 The Company commenced the commercial production of its "Cement production and dispatch plant in 2020 - the project
was financed through equity proceeds and was hence entitled for a tax credit under section 65 E of the Income Tax 37.1 Financial assets and liabilities by category and their respective maturities
Ordinance, 2001 for a period of five years. However, due to the availability of sufficient tax credit booked u/s 65B of the
Income Tax Ordinance, 2001, no tax asset / income (in respect of tax credit available u/s 65E) has been recorded in the 2021 2020
books of accounts in this year. Maturity up Maturity Total Maturity up to Maturity after Total
to one after one one one year
year year year
35.4 For contingencies relating to taxation, please refer note 27.9. (Rupees '000)
Financial assets
2021 2020 At amortised cost
(Rupees in '000) Long term investments - 24,873 24,873 - 23,751 23,751
36. Earning / (loss) per share
Long term deposits - 42,338 42,338 - 24,159 24,159
Basic Trade debts 275,250 - 275,250 418,745 - 418,745
Profit / (loss) after taxation 358,359 (3,621,629) Advances and other receivables 385,427 - 385,427 309,321 - 309,321
Trade deposits and short term
Adjustment for cumulative prepayments 63,440 - 63,440 47,069 - 47,069
preference share dividend (175,084) - Short-term investment 26,399 - 26,399 26,399 - 26,399
Loss after taxation for calculation of basic Cash and bank balances 255,106 - 255,106 332,262 - 332,262
loss per share 183,275 (3,621,629)
At fair value
Weighted average number of ordinary shares 1,063,414,434 1,063,414,434 through profit or loss
Gain / (loss) per share in rupee - basic 0.17 (3.41) Derivative financial asset 529,816 - 529,816 630,597 - 630,597
- Market Risk Interest bearing (10,113,571) (18,367,512) (28,481,083) (11,180,975) (17,354,330) (28,535,305)
Non-interest bearing (2,785,148) - (2,785,148) (4,650,853) - (4,650,853)
Risk management framework (12,898,719) (18,367,512) (31,266,231) (15,831,828) (17,354,330) (33,186,158)
The Board meets frequently throughout the year for developing and monitoring the Company’s risk management policies.
The Company’s risk management policies are established to identify and analyse the risks faced by the Company, to set
appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems
are reviewed regularly to reflect changes in market conditions and the Company’s activities. The Company, through its
standards and procedures, aims to develop a disciplined and constructive control environment in which all employees
understand their roles and obligations.
The Audit Committee oversees how management monitors compliance with the Company’s risk management policies and
procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company.
Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to The aging of trade receivables at the reporting date was:
incur a financial loss, without taking into account the fair value of any collateral.
2021 2020
Credit risk of the Company arises principally from the trade debts, loans and advances, trade deposits, bank balances and Gross ECL Gross ECL
other receivables. The carrying amount of financial assets represents the maximum credit exposure. To reduce the receivables receivables
exposure to credit risk the Company has developed a formal approval process whereby credit limits are applied to its (Rupees in '000) (Rupees in '000)
customers. The management continuously monitors the credit exposure towards the customers and makes provision
against those balances considered doubtful of recovery (and also obtains security / advance payments, wherever 1-30 days 194,526 9,798 279,762 12,670
considered necessary). Cash is held only with reputable banks with high quality credit worthiness.
31-60 days 18,907 668 18,434 787
61-365 days 56,061 14,287 131,485 12,398
Over 365 days 134,121 103,612 81,036 66,117
The maximum exposure to credit risk at the reporting date is: 403,615 128,365 510,717 91,972
2021 2020
(Rupees in '000) 37.2.4 Concentration of credit risk
Concentrations arise when a number of counterparties are engaged in similar business activities, or activities in the same
Long-term deposits 42,338 24,159
geographical region, or have economic features that would cause their ability to meet contractual obligations to be
Trade receivables 275,250 418,745 similarly affected by changes in economic, political or other conditions. Concentrations indicate the relative sensitivity of
Advances and other receivables 195,110 118,860 the Company’s performance to developments affecting a particular industry. In order to avoid excessive concentrations of
Trade deposits and prepayments 23,828 9,614
risk, management focus on the maintenance of a diversified portfolio. Identified concentrations of credit risks are
Bank balances 254,167 331,384
controlled and managed accordingly. Management does not consider that it has any concentration of credit risk at
790,693 902,762 reporting date.
The cash and bank balances represent low credit risk as major balances are placed with banks having credit ratings of A
or above as assigned by PACRA or JCR-VIS. 37.3 Liquidity risk
Liquidity risk is the risk that an entity will encounter difficulties in meeting obligations associated with financial liabilities.
Prudent liquidity risk management implies maintaining sufficient cash, the availability of funding through an adequate
37.2.1 The maximum exposure to credit risk for trade debts at the reporting date by geographic region is as follows: amount of committed credit facilities and the ability to close out market positions. The management believes that it will be
able to fulfil its financial obligations.
2021 2020
(Rupees in '000)
37.4 Market risk
Domestic (Pakistan) 401,979 336,225
Market risk is the risk that the value of the financial instrument may fluctuate as a result of changes in market interest
Exports 1,636 82,520
rates or the market price due to a change in credit rating of the issuer or the instrument, change in market sentiments,
403,615 418,745 speculative activities, supply and demand of securities and liquidity in the market. Market risk comprises of currency risk,
interest rate risk and other price risk. The Company is exposed to currency risk and interest rate risk only.
37.2.2 The maximum exposure to credit risk for trade debts at the reporting date by the type of customers is as follows:
2021 2020
(Rupees in '000) a) Currency risk
Foreign currency risk is the risk that the value of financial asset or a liability will fluctuate due to a change in foreign
Dealers / distributors 125,443 166,978 exchange rates. It arises mainly where receivables and payables exist due to transactions entered into foreign
End-user customers / exports 278,172 251,767 currencies.
403,615 418,745
Exposure to currency risk
The Company is exposed to currency risk on export sales and import purchases in a currency other than Rupees.
Further, the Company regularly avails foreign currency loans which also exposes it to the currency risk. However the
Company has hedged its foreign currency exposure by entering into cross currency swap.
The Company’s exposure to foreign currency risk is as follows: At the reporting date the interest rate profile of the Company’s interest-bearing financial instruments were as follows:
2021 2020
(Rupees (US Dollars (EUR (Rupees (US Dollars (EUR 2021 2020
in '000) in'000) in'000) in '000) in'000) in'000) (Rupees in '000)
Fixed rate instruments
Trade and other (1,042,814) (6,588) - (2,272,895) (13,497) -
payables in USD Financial assets
Trade and other (921,098) (4,881) (973,652) (5,179) - Term deposits 37,173 35,999
payables in EUR
Trade receivables 1,636 10.00 - - - - Variable rate instruments
Foreign currency loan Financial assets
- denominated in EUR (2,039,894) - (10,410) (2,163,515) - (11,357)
- denominated in USD (3,845,265) (24,291) - (4,462,768) (26,501) - - Bank balances 106,001 102,415
Gross exposure (7,847,435) (30,869) (15,291) (9,872,830) (39,998) (16,536) Financial liabilities
- Short term borrowings 7,679,924 7,750,086
Hedging
- Long term financing 19,700,920 19,132,919
arrangement 5,106,033 24,291 10,410 5,570,217 26,501 11,357
Net exposure (2,741,402) (6,578) (4,881) (4,302,613) (13,497) (5,179) 27,380,844 26,883,005
Cash flow sensitivity analysis for variable rate instruments
The Company's exposure relating to Bills payable will be settled at the rate prevailing at the settlement date for which A change of 100 basis points in interest rates at the reporting date would have net decreased the profit or loss of the
there is no forward cover. However, the Company has hedged its foreign currency exposure on foreign currency loan Company as at June 30, 2021 by Rs. 266.02 million (2020: Rs. 258.27 million). This analysis assumes that all other
by entering into cross currency swap and any changes in exchange rate thereon will have no effect on profit or loss variables, in particular foreign currency rates, remain constant.
or equity.
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of
changes in market interest rates. The interest rate exposure arises from long-term loan, bank balances, lease liability
and short-term running finance . Other risk management procedures are same as those mentioned in the credit risk
management.
2020 The management's policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence
Short term Long term Hedging Loan from Total and to sustain future development of the business .The management closely monitors the return on capital along with the
borrowings used Borrowings Reserve related party level of distribution to ordinary shareholders.
for cash
management
purpose
-------------------------------------------------- (Rupees in '000) -------------------------------------------------- The management seeks to maintain a balance between higher returns that might be possible with higher levels of
Balance as at 1 July 2019 5,017,786 18,284,301 - - 23,302,087 borrowings and the advantages and security afforded by a sound capital position.
Changes from financing cash flows
Repayment of long term loan - (175,994) - - (175,994)
Proceeds from long term loan - 1,922,099 - - 1,922,099
The Company is not required to maintain any regulatory capital.
Proceeds from related party loan - - - 1,922,099 1,922,099
Total changes from financing activities - 1,746,105 - 1,922,099 3,668,204
Other changes - interest cost The debt to capital ratio at June 30 was as follows:
Interest expense 746,828 1,925,438 - 274,561 2,946,827 2021 2020
Interest paid - note 36.4.1 (896,545) (2,541,465) - - (3,438,010) (Rupees '000)
Exchange loss on hedged loan - 143,409 - - 143,409
Capitalized borrowing cost 168,888 945,203 - - 1,114,091
Changes in short term borrowings 2,845,642 - - - 2,845,642 Total borrowings - note 20, 25 & 26 28,060,844 28,805,104
Total loan related other changes 2,864,813 472,585 - 274,561 3,611,959
Cash and bank - note 16 (255,106) (332,262)
Total equity related other changes - - - - -
Balance as at 30 June 2020 7,882,599 20,502,991 - 2,196,660 30,582,250 Net debt 27,805,738 28,472,842
37.4.1 This includes mark-up paid under Islamic mode of financing amounting to Rs. 3.06 billion.
Equity 10,744,915 8,478,635
- Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) (level 3).
- Changes in the contractual terms or timing of the payments on the hedged item; and
- a change in the credit risk of the Company or the counter party to the cross currency swap.
The Company recognises transfers between levels of the fair value hierarchy at the end of the reporting period during
which the transfer has occurred. 2021 2020
(Rupees in'000)
40. CASH AND CASH EQUIVALENTS
The Company's policy for determining when transfers between levels in the hierarchy have occurred includes monitoring
of the following factors: Cash and bank balances 332,262
255,106
- changes in market and trading activity (e.g. significant increases / decreases in activity) Short-term financing: maturity within 3 months
- changes in inputs used in valuation techniques (e.g. inputs becoming / ceasing to be observable in the market). - Running finance (250,000) (300,000)
- Istisna (250,000) (350,086)
There were no transfers between level 1, 2 or 3 of the fair value hierarchy during the year. (244,894) (317,824)
2021 2020 41.1 Clinker production capacity utilization is 72.71% (2020: 44.38%) of total installed capacity.
(Rupees in'000)
39. CASH GENERATED FROM OPERATIONS 41.2 Cement production capacity utilization is 53.69% (2020: 32.48%) of total installed capacity. Actual production is less than
the installed capacity in response to market demand.
Loss before taxation (671,208) (3,966,776)
42. TRANSACTIONS AND BALANCES WITH RELATED PARTIES
Adjustment for:
The related parties comprise of associated undertakings, other related group companies and persons, major
Depreciation and amortisation 999,987 138,395 shareholders, directors of the Company, staff retirement benefit fund and key management personnel. The Company
Finance cost on short-term borrowings 740,095 1,059,300 carries out transactions with various related parties in the normal course of business and all the transactions with related
Mark up on lease liability 3,089 6,279 parties have been carried out in accordance with agreed terms.
Finance cost on long-term borrowings 1,835,405 1,925,438
Asset written off 30,892 -
Unwinding of gain on modification of loan 10,597 - Key management personnel are those persons having authority and responsibility for planning, directing and controlling
Exchange (gain) / loss (335,959) 265,415 the activities of the Company. The Company considers its Chief Executive Officer, Chief Financial Officer, Company
Gain on disposal of property plant (2,852) (76,892) Secretary, Non-Executive Directors and departmental heads to be its key management personnel. There are no
Grant income (16,967) (370) transactions with key management personnel other than their terms of employment / entitlement.
Finance income (12,014) (12,467)
Loss allowance on trade receivables 36,393 67,259
Provision for gratuity 40,401 44,578
3,329,067 3,416,935
Operating profit before working
capital changes 2,657,859 (549,841)
Name of the related party Relationship and Transactions during the year 2021 2020
Amounts due to related parties are shown under respective note to the financial statement. Details of transactions / percentage and year end balances ------------ (Rupees in'000) ------------
balances with related parties other than those disclosed elsewhere in the financial statements are as follows: shareholding
Name of the related party Relationship and Transactions during the year 2021 2020 EFU Life Assurance Limited Associated
percentage and year end balances ------------ (Rupees in'000) ------------ - Services received 3,001 4,141
company by virtue
shareholding of common - Payments made 3,001 4,141
Aisha Steel Mills Limited Associated - Sale of goods 854 163
company by virtue - Payment received 660 483 Pakistan Stock Exchange Associated
of common Limited company by virtue - Services received 5,772 1,186
directorship - Advance from customer of common - Payments made 5,772 1,186
(71) (265)
directorship
- Amount payable - -
Safe Mix Concrete Limited Associated - Sale of goods 73,660 29,361
company by virtue - Payment received 71,395 73,422 Fatima Packaging Limited Associated
- Purchase of goods 506,731 192,174
of common company by virtue
directorship - Trade receivable 42,826 40,561 of common - Payments made 503,908 136,230
- Amount payable 69,964 67,141
Javedan Corporation Limited Associated - Sale of goods 10,530 47,697
company by virtue - Payment received 27,742 33,000 FLSmidth A/S Related party by - Plant and machinery acquired - -
of common
- Trade receivable 8,915 26,128 virtue of nominee
directorship director - Services received - 689,000
- Other receivable 39 39 - Amount payable 921,098 973,704
Rotocast Engineering Company Associated - Services received 13,442 13,442 Fatima Fertilizer Company Associated - Purchase of goods 3,661 -
(Private) Limited company by virtue Limited company by virtue - Payments made 3,686 -
of common - Lease rental 13,718 13,718
of common - Amount advance (25) -
directorship - Loan received 1,560,000 - directorship
- Loan repaid 880,000 - All members of Company’s Key management - Remuneration and other benefits 240,993 230,049
Management Team - Advances disbursed to employees 13,633 8,431
- Mark-up accrued 2,843 -
- Payments made 24,025 30,009 - Advances repaid by employees 9,827 9,419
- Amount payable against Staff retirement benefit fund
services received 1,114 (2,022) Other related party - Charge during the year 40,401 44,578
- Contribution during the year 32,212 49,999
Arif Habib Corporation Limited Associated - Loan received 462,000 416,000
company by virtue
of common - Loan repaid 462,000 416,000
42.1 Following are the related parties with whom the Company had entered into transactions during the year or have
directorship - Mark-up accrued 921 14,442 arrangements / agreement in place :
- Mark-up paid 921 14,442 S.No. Name of Related Party Relationship Direct
- Guarantee commission accrued 1,967 1,658 Shareholding
- Guarantee commission paid 2,037 1,633 %
1 Aisha Steel Mills Limited Associated Company(Common Nil
- Guarantee commission payable 376 446
directorship)
Arif Habib Equity (Private) Associated - Amount received against shares 730,000 416,000 2 Safe Mix Concrete Limited Associated Company(Common Nil
Limited company by virtue directorship)
of common - Loan repaid 154,445 416,000
3 Javedan Corporation Limited Associated Company(Common Nil
directorship - Mark-up accrued 227,232 4,957 directorship)
- Mark-up paid 296,719 348,645 4 Rotocast Engineering Company (Private) Limited Associated Company(Common Nil
- Shares issued 730,000 262,580 directorship)
- Loan payable (including mark-up) 1,798,719 2,020,397 5 Mr. Arif Habib Sponsor / Substantial Shareholder 26.64%
Memon Health & Education Associated - Sale of goods 4,860 - 6 Arif Habib Corporation Limited Associated Company(Common 4.81%
Foundation company by virtue - Payment received 5,009 - directorship)
of common
7 Arif Habib Equity (Private) Limited Associated Company(Common 21.47%
directorship - Advance from customer (149) -
directorship)
Mr. Arif Habib Substantial 8 EFU Life Assurance Limited Associated Company(Common Nil
shareholder - Funds received 420,000 4,042,853 directorship)
- Repayments made 2,068,895 1,597,000 9 FLSmidth A/S Related Party (Nominee director) 1.85%
- Mark-up accrued 19,424 294,561 10 Fatima Packaging Limited Associated Company(Common Nil
directorship)
- Mark-up paid - 20,000
11 Memon Health & Education Foundation Associated Company(Common Nil
- Loan payable - 1,922,099
directorship)
- Shares subscribed 796,959 - 12 Allied Rental Modraba Associated Company(Common Nil
- Mark-up payable 292,722 274,561 directorship)
- Advance against preference shares - 523,754 13 Pakistan Stock Exchange Limited Associated Company(Common Nil
directorship)
Allied Rental Modraba Associated - Services received 26,494 - 14 Fatima Fertilizer Company Limited Associated Company(Common Nil
company by virtue directorship)
of common - Payments made 26,144 -
directorship - Amount payable against
services received 350 -
42.2 Outstanding balances with related parties have been separately disclosed in trade debts, other receivables and trade and
other payables respectively. These are settled in ordinary course of business.
The Executives are provided with free use of company maintained cars and are also provided with medical facilities in
accordance with their entitlements.
Executive means an employee of a listed company other than the chief executive and directors whose basic salary
exceeds Rs. 1.2 million in a financial year. The certain executives of the Company are provided with free use of cars.
42.4 In addition to the above, fee paid to 2 (2020: 2) non-executive directors for attending Board of Directors meetings during
the year amounted to Rs. 0.625 million (2020: Rs. 0.35 million).
2021 2020
43. NUMBER OF EMPLOYEES
Subsequent to the balance sheet date, the conversion option of Preference Shares into Ordinary Shares shall become
available from September 15, 2021 as per the terms agreed.
These financial information has been authorized for issue on September 29, 2021 by the Board of Directors.
No. of Shareholdings Total Shares Categories of Shareholders Shareholders Shares Held Percentage %
Shareholders From To Held
Directors, Chief Executive Officer, And Their 6 45,793,795 4.31
Spouse And Minor Children
12,425 1,063,414,434
27 1 100 596
184 101 1000 78,486
138 1001 5000 319,292
39 5001 10000 268,375
49 10001 50000 1,106,290
14 50001 100000 1,070,995
15 100001 500000 3,884,579
10 500001 1000000 7,772,547
2 1000001 2000000 3,785,000
4 2000001 5000000 14,880,000
4 5000001 50000000 58,723,329
2 50000001 79695831 152,695,831
488 244,585,320
27 1 100 596
184 101 1000 78,486
138 1001 5000 319,292
39 5001 10000 268,375
49 10001 50000 1,106,290
14 50001 100000 1,070,995
15 100001 500000 3,884,579
10 500001 1000000 7,772,547
2 1000001 2000000 3,785,000
4 2000001 5000000 14,880,000
4 5000001 50000000 58,723,329
2 50000001 79695831 152,695,831
488 244,585,320
Ordinary Shares
Shares bought
Name Designa�on / subscribed Shares sold
Mr. Nasim Beg Chairman 100,000 -
Mr. Syed Salman Rashid Director - 16,500,000
Mrs. Rehana Salman Spouse - 3,000,000
Preference Shares
Shares bought
Name Designa�on Shares sold
/ subscribed
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i. A member entitled to attend and vote at the meeting may appoint another member as his/her proxy who shall have such
ANNUAL GENERAL MEETING rights as respects attending, speaking and voting at the meeting as are available to a member.
ii. A blank instrument of proxy (in English and Urdu) is attached in the Annual Report. The form of proxy is also available at the
Company’s website.
Notice is hereby given that the 30th Annual General Meeting of the Shareholders of Power Cement Limited (“the
Company”) will be held on Thursday, October 28, 2021 via video-link at 04:30 p.m. to transact the following business: iii. In order to be effective, the proxy forms must be received at office of our registrar (either hard copy or scanned) not later
than 48 hours before the meeting, duly signed and stamped and witnessed by two persons with their names, address,
Ordinary Business: CNIC numbers and signatures.
1) To receive, consider and adopt the audited financial statements for the year ended June 30, 2021 together iv. The instrument of proxy should be duly signed, stamped and witnessed by two persons with their names, addresses, CNIC
with the Board of Directors’ and Independent Auditors’ reports thereon. numbers and signatures.
2) To appoint Auditors and fix their remuneration for the year ending June 30, 2022. The present Auditors, M/s.
v. Central Depository Company (CDC) account holders are also required to follow the guidelines as laid down in Circular No.1
A. F. Ferguson & Co., Chartered Accountants, retire and being eligible, offer themselves for re-appointment.
dated 26 January 2000 issued by the Securities and Exchange Commission of Pakistan (SECP).
Any Other Business:
vi. In the case of proxy by a corporate entity, Board of Directors’ resolution/power of attorney and attested copy of the CNIC or
passport of the proxy shall be submitted along with proxy form (either hard copy or scanned).
3) To consider any other business with the permission of the Chair
4. Change in Members Addresses:
By Order of the Board Members are requested to notify any change in their addresses immediately to the Share Registrar M/s. CDC Share
Karachi: October 7, 2021 Registrar Services Limited.
Tahir Iqbal The shareholders in their 25th Annual General Meeting on October 15, 2016 have already granted approval to transmit
Company Secretary annual reports in the form of soft copies in CD/DVD/USB/email instead of transmitting the annual audited accounts in
printed copy pursuant to SRO 787(1)/2014 dated September 08, 2014 and SRO 470(1)/2016 dated May 31, 2016.
Therefore, the Company has circulated the annual reports to the shareholders through email at their registered emails as
also allowed under Section 223(6) of the Companies Act. However, the shareholders who wish to receive the hardcopy of
Notes: the financial statements are requested to send a request using the “Standard Request Form” (also available on the Compa-
ny’s website http://www.powercement.com.pk) at the Company address.
1. Closure of Share Transfer Books:
6. Submission of CNIC / NTN (Mandatory):
The Share transfer books of the Company shall remain closed from October 22, 2021 to October 28, 2021 (both days
inclusive). Transfers received in order at the office of Company’s Share Registrar, M/s CDC Share Registrar Services Individual members who have not yet submitted photocopy of their valid CNIC to the Company/Share Registrar, are once
Limited, CDC House, 99-B, Block -B, S.M.C.H.S, Main Shahrah-e-Faisal, Karachi up to the close of business on October again requested to send their CNIC (copy) at the earliest directly to the Company's Share Registrar, M/s. CDC Share Regis-
21, 2021 shall be treated in time for the purpose of Annual General Meeting. trar Services Limited, CDC House, 99-B, Block-B, S.M.C.H.S, Main Shahrah-e-Faisal, Karachi. Corporate Entities are
requested to provide their National Tax Number (NTN). Please also give Folio Number with the copy of CNIC/NTN details.
2. Participation in the AGM proceeding via the video conferencing facility:
7. Availability of Financial Statements and Reports on Website:
Due to current COVID situation and for the well-being of the stakeholders, the AGM proceedings shall be held via video
conferencing facility only in pursuance to Circular 4 of 2021 read with Circular 06 of 2021 notified by Securities & Exchange In accordance with the provisions of Section 223(7) of the Companies Act, 2017, the audited financial statements of the
Commission of Pakistan dated February 19, 2021 and March 03, 2021 respectively. Shareholders interested to participate Company for the year ended June 30, 2021, are available on the Company's website: https://www.powercement.com.pk/-
in the meeting are requested to email following information with subject “Registration for Power Cement Limited AGM” investor-relations/financial-reports/.
along with valid copy of both sides of Computerized National Identity Card (CNIC) at [email protected].
Video link and login credentials will be shared with only those members whose emails, containing all the required particu- 8. Conversion of Physical Shares into the Book Entry Form:
lars, are received at least 48 hours before the time of AGM.
As per Section 72(2) of the Companies Act, 2017, every existing company shall be required to replace its physical shares
with book-entry form in a manner as may be specified and from the date notified by SECP, within a period not exceeding
Names of Shareholder CNIC / Folio No. / Cell No. Email address four (4) years from the commencement of the Act, i.e., May 30, 2017. Those Shareholders having physical shareholding
NTN CDC A/C No. are encouraged to open a CDC Sub - Account with any Broker or Investor Account directly with CDC to place their physical
shares into scrip less form. This will facilitate them in many ways, including safe custody and sale of shares, any time they
Members can also share their comments / suggestions on the agenda of AGM by email at [email protected] want, as the trading of physical shares is not permitted as per existing regulations of the Pakistan Stock Exchange Limited.
ﭼﻮﻧﮑہ ﻗﺮﺿﯽ ﺳﺮﻣﺎﺋﮯ ﻧﮯ ﺗﻮﺳﯿﻌﯽ ﻣﻨﺼﻮﺑﮯ ﮐﯽ ﻣﺎﻟﯽ اﻋﺎﻧﺖ ﮐﺎ اﮨﻢ ﺣﺼہ ﺗﺸﮑﯿﻞ دﯾﺎ ﮨﮯ اور
ـــــــــــــــــــــــــــــــــــــــــــــــــــ ـــــــــــــــــــــــــــــــــــــــــ ـ
آپ ﮐﯽ ﮐﻤﭙﻨﯽ ﮐﮯ ﻣﻨﺎﻓﻊ ﮐﻮ ﺑﮍھﺎﻧﮯ ﮐﮯ راﺳﺘﮯ ﻣﯿﮟ ﺑﮍی رﮐﺎوٹ ﮨﮯ۔ ﻣﺎﻟﯽ اﻣﺪاد ﻣﯿﮟ ﺑﺘﺪرﯾﺞ
ﻧﺴﯿﻢ ﺑﯿﮓ ﻣﺤﻤﺪﮐﺎﺷﻒ ﺣﺒﯿﺐ ﺗﺨﻔﯿﻒ ،ﭘﺎﻟﯿﺴﯽ ﮐﯽ ﺷﺮح ﮐﻮ 7 ٪ﭘﺮ رﮐﮭ ﮐﺮ ﺑ ﮍھﺎﯾﺎ ﮔﯿﺎ ﺟﻮ ﮐہ آﻧﮯ واﻟﮯ ﻣﮩﯿﻨﻮں ﻣﯿﮟ اﺳﭩﯿﭧ
ﺑﯿﻨﮏ ﮐﮯ ﮐﺎرڈ ﭘﺮ ﮨﻮﮔﺎ۔ ﻟﯿﮑﻮﯾﮉﯾﭩﯽ اور ﻣﻨﺎﻓﻊ ﮐﻮ ﺑﮍھﺎﻧﮯ ﮐﮯ ﻟﯿﮯ ،ﮐﻤﭙﻨﯽ ﮐﯽ اﻧﺘﻈﺎﻣﯿہ ﻻﮔﺖ
ﭼﯿﺌﺮﻣﯿﻦ اﺑﺘﺪاﺋﯽ اﯾﮕﺰﯾﮑﭩﻮ آﻓﯿﺴﺮ۔
ﮐﻮ ﻗﺎﺑﻮ ﮐﺮﻧﮯ ﮐﮯ اﻗﺪاﻣﺎت ﭘﺮ ﻣﺮﮐﻮز ﮨﮯ اور اس ﮐﮯ ﻣﻄﺎﺑﻖ ﺣﮑﻤﺖ ﻋﻤﻠﯽ ﮐﻮاﭘﻨﺎﯾﺎ ﮨﮯ۔ آپ ﮐﯽ
29ﺳﺘﻤﺒﺮ 2021۔ 29ﺳﺘﻤﺒﺮ 2021 ﮐﻤﭙﻨﯽ ﺗﻤﺎم ﻣﺘﻌﻠﻘہ ﺷﻌﺒﻮں ﻣﯿﮟ ﮐﺎم ﮐﺮ رﮨﯽ ﮨﮯ ﺟﺲ ﻣﯿﮟ ﻣﺘﺒﺎدل اﯾﻨﺪھﻦ ﮐﺎ اﺳﺘﻌﻤﺎل اور ﭘﻼﻧﭧ ﮐﮯ
ﺑﮩﺘﺮ ﮐﺎرﮐﺮدﮔﯽ ﺷﺎﻣﻞ ﮨﯿﮟ ﺗﺎﮐہ ﻏﯿﺮ ﻣﺘﻐﯿﺮ اﺧﺮاﺟﺎت ﮐﻮ ﮐﻢ ﮐﯿﺎ ﺟﺎ ﺳﮑﮯ۔ ان طﻮﯾﻞ ﻣﺪﺗﯽ اﻗﺪاﻣﺎت
ﻧﮯ دورا ِن ﺳﺎل ﻏﯿﺮ ﻣﺘﻐﯿﺮ ﮐﻢ ﮐﯽ ﻻﮔﺖ ﻣﯿﮟ ﻧﻤﺎﯾﺎں ﮐﻤﯽ ﮐﮯ ﺳﺎﺗﮭ ﺛﻤﺮات ﺣﺎﺻﻞ ﮐﺮﻧﺎ ﺷﺮوع
ﮐﺮ دﯾ ﮯ ۔
اﻧﺘﻈﺎﻣﯿہ ﺿﻮاﺑﻂ ﮐﮯ ﻧﻈﺎم اور ﻣﻨﮉی ﮐﯽ ﺗﺒﺪﯾﻠﯿﻮں ﮐﮯ ﺳﺎﺗﮭ ﺑﺨﻮﺑﯽ طﻮر ﭘﺮ ﮨﻢ آﮨﻨﮓ ﮨﮯ۔ ﺟﮩﺎں
ﺑﮭﯽ ﻣﻤﮑﻦ ﮨﻮ اﺧﺮاﺟﺎت ﮐﻮ ﮐﻢ ﮐﺮﻧﮯ اور ﻣﻨﺎﻓﻊ ﮐﻮ زﯾﺎده ﺳﮯ زﯾﺎده ﮐﺮﻧﮯ ،ﻣﺎرﮐﯿﭧ ﮐﮯ ﺧﻄﺮات
ﮐﻮ ﮐﻢ ﮐﺮﻧﮯ ،ﻣﺴﺘﻘﺒﻞ ﮐﮯ ﭼﯿﻠﻨﺠﻮں ﺳﮯ ﻧﻤﭩﻨﮯ اور ﮐﺎروﺑﺎری ﻧﻤﻮ ﮐﻮ ﺑﺮﻗﺮار رﮐﮭﻨﮯ ﮐﮯ ﻟﯿﮯ
ﻗﯿﻤﺘﻮں ﻣﯿﮟ ﻣﻮﺛﺮ ﻓﺮوﺧﺖ ﮐﺎ ﻣﺮﮐﺐ ﺑﻨﺎﻧﮯ ﮐﯽ ﮐﻮﺷﺶ ﮐ ﯽ ﺟﺎﺗﯽ ﮨﮯ ۔
اﻋﺘﺮاف
ڈاﺋﺮﯾﮑﭩﺮان ﮐﻤﭙﻨﯽ ﮐﮯ ﻣﺴﺘﻔﯿﺪان ﮐﮯ ﻣﺴﻠﺴﻞ اﻋﺘﻤﺎد اور ﺳﺮﭘﺮﺳﺘﯽ ﮐﮯ ﻟﯿﮯ ان ﮐﮯ ﻣﺸﮑﻮر ﮨﯿﮟ۔
ﮨﻢ اﭘﻨﮯ ﮐﺎروﺑﺎری ﺷﺮاﮐﺖ داروں ،ﺑﯿﻨﮑﺎروں اور ﻣﺎﻟﯿﺎﺗﯽ اداروں ﮐﮯ ﯾﻘﯿﻦ اور اﻋﺘﻤﺎد ﮐﮯ ﻟﯿﮯ ان
ﮐﮯ ﻣﺸﮑﻮر ﮨﯿﮟ اور ان ﮐﮯ ﻟﯿﮯ ﺳﺘﺎﺋﺶ ﮐﻮ رﯾﮑﺎرڈ ﭘﺮ ﻻ رﮨﮯ ﮨﯿﮟ۔ ﮨﻢ وزارت ﺧﺰاﻧہ ،وزارت
ﺻﻨﻌﺖ و ﭘﯿﺪاوار ،ﺳﯿﮑﯿﻮرﭨﯿﺰ اﯾﻨﮉ اﯾﮑﺴﭽﯿﻨﺞ ﮐﻤﯿﺸﻦ آف ﭘﺎﮐﺴﺘﺎن ،ﺳﭩﯿﭧ ﺑﯿﻨﮏ آف ﭘﺎﮐﺴﺘﺎن ،
ﻣﺴﺎﺑﻘﺘﯽ ﮐﻤﯿﺸﻦ آف ﭘﺎﮐﺴﺘﺎن ،ﺳﯿﻨﭩﺮل ڈﭘﺎزﭨﺮی ﮐﻤﭙﻨﯽ آف ﭘﺎﮐﺴﺘﺎن اور ﭘﺎﮐﺴﺘﺎن اﺳﭩﺎک اﯾﮑﺴﭽﯿﻨﺞ
ﮐﯽ اﻧﺘﻈﺎﻣﯿہ ﮐﺎ ﻣﺴﻠﺴﻞ ﺗﻌﺎون اور رﮨﻨﻤﺎﺋﯽ ﭘﺮ ﺷﮑﺮﯾہ ادا ﮐﺮﺗﮯ ﮨﯿﮟ ﺟﺲ ﮐﯽ وﺟہ ﺳﮯ ﮐﻤﭙﻨﯽ
ﮐﻮ طﻮﯾﻞ ﻣﺪت طﮯ ﮐﺮ ﮐﮯ ﻣﻮﺟﻮده ﺷﮑﻞ ﺣﺎﺻﻞ ﮨﻮﺋﯽ ۔
اﺳﻨﺎد
ﮐﻤﭙﻨﯽ ﮨﻤﯿﺸہ ﺑﮍے ﭘﯿﻤﺎﻧﮯ ﭘﺮ اﭘﻨﮯ ﺗﻤﺎم ﻣﻼزﻣﯿﻦ اور ﺣﺼہ داران ﮐﮯ ﻟﯿﮯ ﻣﺤﻔﻮظ ﺷﺪه ﮐﺎم ﮐﺎ
ﻣﺎﺣﻮل ﻓﺮاﮨﻢ ﮐﺮﻧﮯ ﮐﮯ ﻟﯿﮯ ﭘﺮﻋﺰم رﮨﯽ ﮨﮯ اور آﺋﯽ اﯾﺲ او ، 2015 :45001آﺋﯽ اﯾﺲ او
2015 :14001اور آﺋﯽ اﯾﺲ او 2015 :9001ﮐﯽ اﺳ ﻨﺎد اس ﮐﮯ ﻣﺴﻠﺴﻞ ﻧﻔﺎذ ﮐﯽ ﮔﻮاﮨﯽ ﮨﮯ۔ ﮐﺎم
ﮐﯽ ﺟﮕہ ﭘﺮ ﺻﺤﺖ ،ﺣﻔﺎظﺖ اور ﻣﺎﺣﻮل اﯾﺴﮯﻋﻤﻞ ﮐﮯ ﻣﺴﻠﺴﻞ ﻧﻔﺎذ ﮐﯽ ﺗﺼﺪﯾﻖ ﮐﺮﺗﮯ ﮨﯿﮟ۔
آڈﯾﭩﺮز اے۔اﯾﻒ ﻓﺮﮔﻮﺳﻦ اﯾﻨﮉ ﭼﺎرﭨﺮڈ اﮐﺎؤﻧﭩﻨﭩﺲ ﮐﻤﭙﻨﯽ ،رﯾﭩﺎﺋﺮ ﮨﻮﻧﮯ ﮐﮯ ﺑﻌﺪ ﺗﻘﺮری ﮐﮯ ﻟﯿﮯ
اﮨﻞ ﮨﻮﻧﮯ ﭘﺮ ﺧﻮد ﮐﻮ دوﺑﺎره ﭘﯿﺶ ﮐﺮﺗﮯ ﮨﯿﮟ۔ ﺑﻮرڈ ﮐﮯ ڈاﺋﺮﯾﮑﭩ ﺮان ﻧﮯ ﺳﺎﻻﻧہ ﻋﺎم اﺟﻼس ﻣﯿﮟ
ﻣﺰﯾﺪ ﺑﺮآں ﺗﻤﺎم ﻣﺘﻌﻠﻘہ اﻓﺮاد ﮐﻮ ﻣﻄﻠﻊ ﮐﯿﺎ ﺟﺎﺗﺎ ﮨﮯ ﮐہ وه ﮐﻤﭙﻨﯽ ﺳﯿﮑﺮﯾﭩﺮی ﮐﻮ ﺗﺤﺮﯾﺮی ﻧﻮﭨﺲ دﯾﮟ ﺟﻨﺎب ﺳﯿﺪ ﺳﻠﻤﺎن راﺷﺪ رﮐﻦ 1/1
اﮔﺮ ﮐﻤﭙﻨﯽ ﮐﮯ ﺣﺼﺺ ﻣﯿﮟ ﺧﻮد ﯾﺎ ان ﮐﮯ ﺷﺮﯾﮏ ﺣﯿﺎت ﮐﮯ ذرﯾﻌہ ﮐﺴﯽ ﺑﮭﯽ ﺧﺮﯾﺪوﻓﺮوﺧﺖ ﮐﻮ
ﻓﻮری ﺗﺤﺮﯾﺮی طﻮر ﭘﺮ ﻣﻄﻠﻊ ﮐﺮﯾﮟ اور ﻗﯿﻤﺖ ﮐﺎ ﺗﺤﺮﯾﺮی رﯾﮑﺎرڈ ،ﺣﺼﺺ ﮐﯽ ﺗ ﻌﺪاد اور ﺳﯽ ڈاﺋﺮﯾﮑﭩﺮان ﮐﮯ ﻣﻌﺎوﺿﮯ ﮐﯽ ﭘﺎﻟﯿﺴﯽ
ڈی ﺳﯽ ﮐﮯ ﺑﯿﺎﻧﯿہ ﮐﯽ ﻓﺮاﮨﻤﯽ اﯾﺴﮯ ﻟﯿﻦ دﯾﻦ ﮐﮯ 2دن ﮐﮯ اﻧﺪر ﮐﺮﯾﮟ۔ ﮐﻤﭙﻨﯽ ﮐﮯ آزاد ﻧﺎن اﯾﮕﺰﯾﮑﭩﻮ ڈاﺋﺮﯾ ﮑﭩﺮان ﮐﻮ ﺑﻮرڈ ﮐﮯ ڈاﺋﺮﯾ ﮑﭩﺮان ﮐﮯ اﺟﻼس ﯾﺎ ﺑﻮرڈ ﮐﯽ ذﯾﻠﯽ
ﮐﻤﯿﭩﯽ ﮐﮯ ﮐﺴﯽ ﺑﮭﯽ اﺟﻼس ﻣﯿﮟ ﺷﺮﮐﺖ ﮐﮯ ﻟﯿﮯ اﺟﻼس ﮐﺎ ﻣﻌﺎوﺿہ ادا ﮐﯿﺎ ﺟﺎ رﮨﺎ ﮨﮯ ﺟﯿﺴﺎ ﮐہ
.ﺧﻄﺮات ﮐﺎاﻧﺘﻈﺎم اورﺧﻄﺮات ﮐﻮ ﮐﻢ ﮐﺮﻧﮯ ﮐﯽ ﺣﮑﻤﺖ ﻋﻤﻠﯽ 28اﮐﺘﻮﺑﺮ 2019ﮐﻮ ﮨﻮﻧﮯ واﻟ ﮯ ﺳﺎﻻﻧہ ﻋﺎم اﺟﻼس ﻣﯿﮟ ﻣﻨﻈﻮر ﮐﯿﺎ ﮔﯿﺎ ﺗﮭﺎ۔ ﺳﻄﺤﯽ طﻮر ﭘﺮ
ﺑﻮرڈ ﮐﮯ ڈاﺋﺮﯾ ﮑﭩﺮان ﻧﮯ ﻣﻤﮑﻨہ ﺧﻄﺮات ﮐﯽ ﻧﺸﺎﻧﺪﮨﯽ ﮐﯽ ،آپ ﮐﯽ ﮐﻤﭙﻨﯽ ﭘﺮ ان ﮐﮯ اﺛﺮات ﮐﺎ ﻣﻌﺎوﺿہ ﮐﻤﭙﻨﯽ ﮐﻮ ﮐﺎﻣﯿﺎﺑﯽ اور اﺿﺎﻓہ ﻗﺪر ﮐﮯ ﺳﺎﺗﮭ ﭼﻼﻧﮯ ﮐﯽ ذﻣہ داری اور ﻣﮩﺎرت ﮐﯽ ﺳﻄﺢ
اﻧﺪازه ﮐﯿﺎ اور ﮐﺎروﺑﺎر ﮐﮯ ﻟﯿﮯ ﻣﺘﻮﻗﻊ ﺧﻄﺮات ﮐﻮ ﮐﻢ ﮐﺮﻧﮯ ﮐ ﮯ ﻟﯿﮯ ﺣﮑﻤﺖ ﻋﻤﻠﯽ ﻣﺮﺗﺐ ﮐﯽ ﭘﺮ ﻣﻨﺎﺳﺐ اور ﮨﻢ آﮨﻨﮕﯽ ﮐﮯ ﻣﻄﺎﺑﻖ ﮨﮯ۔ اﻧﺘﻈﺎﻣﯽ ﺳﺮﺑﺮاه اور ڈاﺋﺮﯾ ﮑﭩﺮان ﮐﻮ دﯾﺎ ﺟﺎﻧﮯ واﻻ
ﮨﮯ۔ ﯾہ ﺣﮑﻤﺖ ﻋﻤﻠﯽ آپ ﮐﯽ ﮐﻤﭙﻨﯽ ﮐﮯ ﺗﻤﺎم درﺟہ ﺑﻨﺪی ﭘﺮ ﻧﺎﻓﺬ ﮐﯽ ﮔﺌﯽ ﮨﮯ ﺗﺎﮐہ اس ﺑﺎت ﮐﻮ ﻣﻌﺎوﺿہ ﺳﺎل ﻣﺨﺨﺘﻤہ 30ﺟﻮن 2021ﮐﮯ ﻣﺎﻟﯿﺎﺗﯽ ﮔﻮﺷﻮاراے ﮐﮯ ﻧﻮٹ 41ﻣﯿﮟ ظﺎﮨﺮ ﮐﯿﺎ ﮔﯿﺎ
ﯾﻘﯿﻨﯽ ﺑﻨﺎﯾﺎ ﺟﺎ ﺳﮑﮯ ﮐہ ﺧﻄﺮے ﮐﮯ ﺗﺨﻔﯿﻒ ﻣﯿﮟ ﮐﻮﺋﯽ ﺧﻼ ﺑﺎﻗﯽ ﻧہ رﮨﮯ۔ ﮨﮯ ۔
ﮐﻤﭙﻨﯽ ﮐﻮ درﭘﯿﺶ ﺑﮍے ﺧﻄﺮات اور ﭼﯿﻠﻨﺠﺰ ﻣﻨﺪرﺟہ ذﯾﻞ ﮨﯿﮟ : آڈﯾﭩﺮزﮐﮯ اﻋﺘﺮاﺿﯽ ﻣﺸﺎﮨﺪات
) ( iﻣﻨﺎﻓﻊ ﭘﺮ اﻋﻠﯽ ﺳﻄﺤﯽ اﺛﺮ و رﺳﻮخ ﮐﺎ ﻧﭽﻼ د ﺑﺎؤ۔ دورا ِن ﺳﺎل آڈﯾﭩﺮ ﮐﮯ ﮐﻮﺋﯽ اﻋﺘﺮاﺿﯽ ﻣﺸﺎﮨﺪات ﻧﮩﯿﮟ ﺗﮭﮯ ۔
ﻣﺎرﮐﯿﭧ ﮐﮯ ﮐﮭﻼڑﯾﻮں ﮐﯽ ﻣﺴﺎﺑﻘﺘﯽ ﻗﯿﻤﺘﻮں ﮐﮯ ﺗﻌﯿﻦ ﮐﯽ وﺟہ ﺳﮯ ﺻﺎرﻓﯿﻦ ﺳﮯ )( ii داﺧﻠﯽ ﻣﺎﻟﯿﺎﺗﯽ ﮔﺮ ﻓﺘﻮں ﮐﯽ ﻣﻮزوﻧﯿﺖ
ﮐﺎروﺑﺎر ﮐﺮﻧﮯ ﮐﯽ ﻻﮔﺖ ) ﺧﺎص طﻮر ﭘﺮ ﮐﻮﺋﻠہ اور ﺑﺠﻠﯽ ﮐﮯ اﺧﺮاﺟﺎت( ﻣﯿﮟ ﺗﯿﺰی ﺳﮯ ﺑﻮرڈ ﮐﮯ ڈاﺋﺮﯾ ﮑﭩﺮ ان داﺧﻠﯽ ﮔﺮﻓﺖ ﮐﮯ ﻣﺎﺣﻮل ﮐﮯ ﺣﻮاﻟﮯ ﺳﮯ اﭘﻨﯽ ذﻣہ داری ﺳﮯ آﮔﺎه ﮨﯿﮟ اور
اﺿﺎﻓہ ﮐﺮﻧﮯ ﻣﯿﮟ ﻧﺎﮐﺎﻣﯽ اس ﮐﮯ ﻣﻄﺎﺑﻖ ﮐﺎ ﮐﺮدﮔﯽ ﮐﮯ ﻣﺎﮨﺮ اور ﻣﻮﺛﺮ ط ﺮﯾﻘہ ﮐﺎرﮐﻮ ﯾﻘﯿﻨﯽ ﺑﻨﺎﻧﮯ ،ﮐﻤﭙﻨﯽ ﮐﮯ اﺛﺎﺛﻮں ﮐﯽ
ﺷﺮح ﺗﺒﺎدﻟہ اور ﺷﺮح ﺳﻮد ﮐﮯ ﺧﻄﺮات ﮐﺎ داﺋﺮه )( iii ﺣﻔﺎظﺖ ،ﻗﺎﺑﻞ اطﻼق ﻗﻮاﻧﯿﻦ اور ﻗﻮاﻋﺪ و ﺿﻮاﺑﻂ ﮐﯽ ﺗﻌﻤﯿﻞ اور ﻗﺎﺑﻞ اﻋﺘﻤﺎد ﻣﺎﻟﯿ ﺎﺗﯽ ﮔﻮﺷﻮارے
ﮐﮯ ﻟﯿﮯ ﻣﺎﻟﯿﺎﺗﯽ ﻗﺎﺑﻮ ﮐﮯ ﻧﻈﺎم ﮐﻮ ﺗﺸﮑﯿﻞ دﯾﺎ ﮨﮯ۔ ﮐﻤﭙﻨﯽ ﮐﺎ آزاد اﻧہ داﺧﻠﯽ آڈٹ ﮐﺎ ﻧﻈﺎم ﺑﺎﻗﺎﻋﺪﮔﯽ
ﺻﻼﺣﯿﺖ ﮐﯽ ﺗﻮﺳﯿﻊ /ﻧﺌﮯ ﭘﻼﻧﭧ ﮐﯽ وﺟہ ﺳﮯ رﺳﺪ ﮐﯽ ﻓﺮاﮨﻤﯽ )( iv ﺳﮯ ﻣﺎﻟﯿﺎﺗﯽ ﻗﺎﺑﻮ ﮐﮯ ﻧﻔﺎذ ﮐﯽ ﺗﺸﺨﯿﺺ اور ﻧﮕﺮاﻧﯽ ﮐﺮﺗﺎ ﮨﮯ۔
ﻣﻼ زﻣ ﯿﻦ ﮐﯽ آﻣﺪ و رﻓﺖ ﻣﯿﮟ اﺿﺎﻓﮯ ﮐﯽ وﺟہ ﺳﮯ ﻣﻌﯿﺎری اﻧﺴﺎﻧﯽ وﺳﺎﺋﻞ ﮐﺎ ﻧﻘﺼﺎن )(v ﺑﻮرڈ آڈٹ ﮐﻤﯿﭩﯽ آپ ﮐﯽ ﮐﻤﭙﻨﯽ ﮐﯽ ﻣﺎﻟﯿﺎﺗﯽ ﮐﺎرﮐﺮدﮔﯽ ،ﺳﺮﻣﺎﯾہ اور ﮐﺎم ﭼﻼﻧﮯ ﮐﮯ اﺧﺮاﺟﺎت ﮐﮯ
ﺑﺠﭧ ،ﺣﮑﻤﺖ ﻋﻤﻠﯽ ﮐﮯ ﻣﻨﺼﻮﺑ ﮯ اور دﯾﮕﺮ اﮨﻢ ﮐﺎرﮐﺮدﮔﯽ ﮐﮯ اﺷﺎروں ﭘﺮﻏﻮر ﮐﺮﻧﮯ ﮐﮯ ﻟﯿﮯ
ﺳﺎﻻﻧہ رﭘﻮرٹ ﮐﮯ ﻣﺘﻌﻠﻘہ ﺣﺼﻮں ﻣﯿﮟ ان ﮐﯽ ﻣﺰﯾﺪ وﺿﺎﺣﺖ ﮐﯽ ﮔﺌﯽ ﮨﮯ۔
ﺳہ ﻣﺎﮨﯽ اﺟﻼس ﮐﺮﺗﯽ ﮨﮯ۔ ﺑﻮرڈ آڈٹ ﮐﻤﯿﭩﯽ اﻧﺪروﻧﯽ اور ﺑﯿﺮوﻧﯽ آڈﯾﭩﺮوں ﺳﮯ داﺧﻠﯽ ﻣﺎﻟﯿﺎﺗﯽ
ﺑﻨﯿﺎدی ﺳﺮﮔﺮﻣﯿﺎں ﮔﺮﻓﺖ ﮐﮯ ﻧﻈﺎم ﮐﮯ ﺑﺎﺑﺖ رﭘﻮرﭨﺲ ﺣﺎﺻﻞ ﮐﺮﺗﯽ ﮨﮯ اور داﺧﻠﯽ ﮔﺮﻓﺖ ﮐﯽ اﺛﺮ اﻧﮕﯿﺰی ﮐﯽ ﻧﮕﺮاﻧﯽ
ﮐﮯ ﻋﻤﻞ ﮐﺎ ﺟﺎﺋﺰه ﻟﯿﺘﯽ ﮨﮯ۔
ﮐﻤﭙﻨﯽ ﮐﯽ ﺑﻨﯿﺎدی ﺳﺮﮔﺮﻣﯽ ﺳﯿﻤﻨﭧ ﮐﯽ ﺗﯿﺎری ،ﻓﺮوﺧﺖ اور ﻣﺎرﮐﯿﭩﻨﮓ ﮨﮯ اور دورا ِن ﺳﺎل ﮐﻤﭙﻨﯽ
ﮐﮯ ﮐﺎروﺑﺎر ﮐﯽ ﻧﻮﻋﯿﺖ ﻣﯿﮟ ﮐﻮﺋﯽ ﺗﺒﺪﯾﻠﯽ ﻧﮩﯿﮟ آﺋﯽ ۔ ﺣﺼﺺ داری ﮐﯽ ﺳﺎﺧﺖ
ﮐﻤﭙﻨﯽ ﮐﮯ ﻋ ﻤ ﻮﻣﯽ اور ﺗﺮﺟﯿﺤﯽ ﺣﺼﺺ ﭘﺎﮐﺴﺘﺎن اﺳﭩﺎک اﯾﮑﺴﭽﯿﻨﺞ ﻣﯿﮟ درج ﺷﺪه ﮨﯿﮟ۔ 30ﺟﻮن
2021ﺗﮏ ﮐﻤﭙﻨﯽ ﮐﮯ ( 1،063،414،434 :2020 ) 1،063،414،434ﻋ ﻤ ﻮﻣﯽ ﺣﺼﺺ داران
224 POWER CEMENT LIMITED Annual Report 2021 225
7 ڈاﺋﺮﯾﮑﭩﺮان ﮐﯽ ﮐﻞ ﺗﻌﺪاد
ﺗﻌﻠﻘﺎت اور ﻗﯿﺎدت ﮐﺎ اﻧﺘﻈﺎم
ﮐﺎرﭘﻮرﯾﭧ ﻗﻮاﻧﯿﻦ اور ﻗﻮاﻋﺪ و ﺿﻮاﺑﻂ ﺳﮯ ڈاﺋﺮﯾﮑﭩﺮان ﮐﯽ واﻗﻔﯿﺖ
ﮐﺎرﭘﻮرﯾﭧ ﮔﻮرﻧﻨﺲ
ﺑﻮرڈ ﮐﮯ ڈاﺋﺮﯾ ﮑﭩﺮ ان ﮐﮯ اﺟﻼس
ﺑﻮرڈ ﮐﯽ ﮐﺎرﮐﺮدﮔﯽ ﮐﯽ ﺗﺸﺨﯿﺺ
زﯾﺮ ﺟﺎﺋﺰه ﺳﺎل ﮐﮯ دوران ﺑﻮرڈ ﮐﮯ ڈاﺋﺮﯾ ﮑﭩﺮان ) (BODﮐ ﮯ ﭘﺎﻧﭻ اﺟﻼس ﻣﻨﻌﻘﺪ ﮨﻮﺋﮯ اور ﺑﻮرڈ
ﻣﺬﮐﻮره ﺑﺎﻻ طﺮﯾﻘہ ﮐﺎ ر ﮐﯽ ﺑﻨﯿﺎد ﭘﺮ ﺟﺎﻧﭽﯽ ﺟﺎﻧﮯ واﻟﯽ ﺑﻮرڈ ﮐﯽ ﺳﺎﻻﻧہ ﻣﺠﻤﻮﻋﯽ ﮐﺎرﮐﺮدﮔﯽ ﻣﻤﺒﺮان ﮐﯽ ﺣﺎﺿﺮی ﻣﻨﺪرﺟہ ذﯾﻞ ﺗﮭﯽ۔
اطﻤﯿﻨﺎن ﺑﺨﺶ ﺗﮭﯽ۔ ﺑﻮرڈ ﮐﯽ ﻣﺠﻤﻮﻋﯽ ﮐﺎرﮐﺮدﮔﯽ ﭘﺮ ﭼﯿﺌ ﺮﻣﯿﻦ ﮐﯽ طﺮف ﺳﮯ اﯾﮏ اﻟﮓ رﭘﻮرٹ
اﺟﻼس ﻣﯿﮟ ﻣﻤﺒﺮ ﻧﮯ
،ﺟﯿﺴﺎ ﮐہ ﮐﻤﭙﻨﯿﺰ اﯾﮑﭧ 2017 ،ﮐﮯ ﺳﯿﮑﺸﻦ 192ﮐﮯ ﺗﺤﺖ درﮐﺎر ﮨﮯ ،اس ﺳﺎﻻﻧہ رﭘﻮرٹ ﮐﮯ ڈاﺋﺮﯾﮑﭩﺮ ﮐﺎ ﻧﺎم ﻋﮩﺪه
ﺷﺮﮐﺖ ﮐﯽ
ﺳﺎﺗﮭ ﻣﻨﺴﻠﮏ ﮨﮯ۔
ﻏﯿﺮ اﯾﮕﺰﯾﮑﭩﻮ ڈا ﺋﺮﯾﮑﭩﺮ /ﭼﯿﺌﺮﻣﯿﻦ ﺟﻨﺎب ﻧﺴﯿﻢ ﺑﯿﮓ 5/5
ﺑﻮرڈﮐﯽ ﮐﻤﯿﭩﯿﺎں اور اﺟﻼس
آڈٹ ﮐﻤﯿﭩﯽ
اﯾﮕﺰﯾﮑﭩﻮ ڈاﺋﺮﯾﮑﭩﺮ /اﻧﺘﻈﺎﻣﯽ ﺟﻨﺎب ﻣﺤﻤﺪ ﮐﺎﺷﻒ ﺣﺒﯿﺐ
5/5
ﺳﺮﺑﺮاه
ﺑﻮرڈ ﮐﮯ ڈاﺋﺮﯾ ﮑﭩﺮان ﻧﮯ اﯾﮏ آڈٹ ﮐﻤﯿﭩﯽ ﻗﺎﺋﻢ ﮐﯽ ﮨﮯ ﺟﻮ ﺗﯿﻦ ﻣﻤﺒﺮان ﭘﺮ ﻣﺸﺘﻤﻞ ﮨﮯ ﺟﻮ ﺳﺐ
ﻧﺎن اﯾﮕﺰﯾﮑﭩﻮ ڈاﺋﺮﯾﮑ ﭩﺮان ﮨﯿﮟ اور ﭼﯿﺌﺮﭘﺮﺳﻦ اﯾﮏ آزاد ڈاﺋﺮﯾﮑﭩﺮ ﮨﮯ۔ آڈٹ ﮐﻤﯿﭩﯽ ﮐﯽ ﺗﺸﮑﯿﻞ ﺑﻨﺪی /ﺧﻮد ﻣﺨﺘﺎر ﺟﻨﺎب ﺳﯿﺪ ﺳﻠﻤﺎن راﺷﺪ ﻧﺎن اﯾﮕﺰﯾﮑﭩﻮ
4/5
درج ﺷﺪه ﮐﻤﭙﻨﯿﻮں ﮐﺎ ) ﮐﻮڈ آف ﮐﺎرﭘﻮرﯾﭧ ﮔﻮرﻧﻨﺲ( اﻧﻀﺒﺎط 2019 ،ﮐﯽ ﺿﺮورﯾﺎت ﮐﮯ ﻣﻄﺎﺑﻖ ڈاﺋﺮﯾﮑﭩﺮ
ﮐﯽ ﮔﺌﯽ ﮨﮯ۔ ﺟﻨﺎب ﺟﻨﺎب ﺻﻤﺪ ﺣﺒﯿﺐ ﻏﯿﺮ اﯾﮕﺰﯾﮑﭩﻮ ڈاﺋﺮﯾﮑﭩﺮ 2/5
زﯾﺮ ﻧﻈﺮ ﺳﺎل ﮐﮯ دوران ،آڈٹ ﮐﻤﯿﭩﯽ ﮐﮯ ﭼﺎر اﺟﻼس ﻣﻨﻌﻘﺪ ﮨﻮﺋﮯ اور ﮨﺮ ﻣﻤﺒﺮ ﮐﯽ ﺣﺎﺿﺮیِ ﺟﻨﺎب ﺟﺎوﯾﺪ ﻗﺮﯾﺸﯽ ﻏﯿﺮ اﯾﮕﺰﯾﮑﭩﻮ ڈاﺋﺮﯾﮑﭩﺮ 5/5
درج ذﯾﻞ ﺗﮭﯽ ؛
ﻣﺤﺘﺮﻣہ ﺳﺎﺋﺮه ﻧﺎﺻﺮ ﻏﯿﺮ اﯾﮕ ﺰﯾﮑﭩﻮ ڈاﺋﺮﯾﮑﭩﺮ 5/5
ﻣﻤﺒﺮ ﮐﺎ ﻧﺎم ﮐﻤﯿﭩﯽ ﻣﯿﮟ ﭘﻮزﯾﺸﻦ اﺟﻼس ﻣﯿﮟ ﺷﺮﮐﺖ
ﻣﺴﭩﺮ اﯾﻨﮉرس ﭘﻠﻮڈان ﻣﻮﻟﺮ ﻏﯿﺮ اﯾﮕﺰﯾﮑﭩﻮ ڈاﺋﺮﯾﮑﭩﺮ 5/5
ﻣﺤﺘﺮﻣہ ﺳﺎﺋﺮه ﻧﺎﺻﺮ ﭼﯿﺌﺮﭘﺮﺳﻦ 4/4
ﻏﯿﺮ ﺣﺎﺿﺮی ﮐﯽ رﺧﺼﺖ ان ڈاﺋﺮﯾ ﮑﭩﺮان ﮐﻮ دی ﮔﺌﯽ ﺟﻮ اﺟﻼس ﻣﯿﮟ ﺷﺮﯾﮏ ﻧﮩﯿﮟ ﮨﻮﺋﮯ۔
ﺟﻨﺎب ﻧﺴﯿﻢ ﺑﯿﮓ رﮐﻦ 4/4
ﺑﻮرڈ ﮐﯽ ﺗﺸﺨﯿﺺ ﮐﺎ ﻣﻌﯿﺎر۔
ﺟﻨﺎب ﺳﯿﺪ ﺳﻠﻤﺎن راﺷﺪ رﮐﻦ 4/4
درج ﺷﺪه ﮐﻤﭙﻨﯿﻮں ﮐﮯ ) ﮐﻮڈ آف ﮐﺎرﭘﻮرﯾﭧ ﮔﻮرﻧﻨﺲ ( اﻧﻀﺒﺎط 2019 ،ﮐﮯ ﻣﻄﺎﺑﻖ ﺑﻮرڈ ﮐﮯ
اﻧﺴﺎﻧﯽ وﺳﺎﺋﻞ اور ﻣﻌﺎوﺿہ ﮐﻤﯿﭩﯽ ڈاﺋﺮﯾﮑﭩ ﺮان ﮐﯽ ﮐ ﺎرﮐﺮدﮔﯽ ﮐﺎ ﺟﺎﺋﺰه ﻟﯿﻨﮯ ﮐﮯ ﻟﯿﮯ اﯾﮏ ﺟﺎﻣﻊ طﺮﯾﻘہ ﮐﺎر ﺑﻨﺎﯾﺎ ﮔﯿﺎ ﮨﮯ۔
ﺑﻮرڈ ﮐﮯ ڈاﺋﺮﯾ ﮑﭩﺮان ﻧﮯ اﯾﮏ اﻧﺴﺎﻧﯽ وﺳﺎﺋﻞ اور اﺟﺮت ﮐﻤﯿﭩﯽ ﻗﺎﺋﻢ ﮐﯽ ﮨﮯ ﺟﻮ ﺗﯿﻦ ارﮐﺎن ﭘﺮ
ﺑﻮرڈ ﮐﮯ ڈاﺋﺮﯾ ﮑﭩﺮان ﮐﯽ ﮐﺎرﮐﺮدﮔﯽ ﮐﺎ ﺟﺎﺋﺰه درج ذﯾﻞ ﺑﻨﯿﺎدوں ﮐﮯ طﺮﯾﻘہ ﮐﺎ ر ﭘﺮ ﻟﯿ ﺎ ﺟﺎﺗﺎﮨﮯ :
ﻣﺸﺘﻤﻞ ﮨﮯ۔ ﺟﻦ ﻣﯿﮟ ﺳﮯ دو ﻧﺎن اﯾﮕﺰﯾﮑﭩﻮ ڈاﺋﺮﯾﮑﭩﺮان ﮨﯿﮟ۔ اﻧﺴﺎﻧﯽ وﺳﺎﺋﻞ اور اﺟﺮت ﮐﻤﯿﭩﯽ ﮐﯽ
ﺗﺸﮑﯿﻞ ﺑﻨﺪی درج ﺷﺪه ﮐﻤﭙﻨﯿﻮں ﮐﮯ) ﮐﻮڈ آف ﮐﺎرﭘﻮرﯾﭧ ﮔﻮرﻧﻨﺲ ( اﻧﻀﺒﺎط 2019 ،ﮐﯽ ﺿﺮورﯾﺎت ﮐﯽ ﻧﮕﺮاﻧﯽ اور اﺛﺮ اﻧﮕﯿﺰی ﺑﻮرڈ
ﮐﮯ ﻣﻄﺎﺑﻖ ﮐﯽ ﮔﺌﯽ ﮨﮯ۔ ﮐﯽ ﺗﺸﮑﯿﻞ اور ﮐﻤﯿﭩﯿﺎں ﺑﻮرڈ
ﮐﮯ اﺟﻼس اور ﮐﺎررواﺋﯽ ﺑﻮرڈ
اور اﻧﺘﻈﺎﻣﯿ ہ ﮐﮯ ﺗﻌﻠﻘﺎت ﺑﻮرڈ
226 POWER CEMENT LIMITED Annual Report 2021 227
اﻧﺮﺟﯽ ﭘﺮ ﺟﺰوی ﻣﻨﺘﻘﻠﯽ ،ﮐﺎرﺑﻦ ﮐﮯ ﺗﺎﺛﺮ ﮐﻮ ﮐﻢ ﮐﺮﻧﮯ اور ﻗﺪرﺗﯽ ﻣﺎﺣﻮل ﮐﯽ ﺑﮩﺘﺮی ﮐﮯ
ﮐﮭﺎﺗہ داری ﮐﯽ ﻣﻨﺎﺳﺐ ﻣﺤﻔﻮظﺎت ﮐﻤﭙﻨﯽ ﻧﮯ ﺑﺮﻗﺮار رﮐﮭﯽ ﮨﯿﮟ۔ ذرﯾﻌﮯ ﺑﮭﯽ ﺗﻌﺎون ﮐﺮے ﮔﺎ۔
ﮐﮭﺎﺗہ داری ﮐﯽ ﻣﻨﺎﺳﺐ ﭘﺎﻟﯿﺴﯿﻮں ﮐﻮ ﻣﺎﻟﯿﺎﺗﯽ ﮔﻮﺷﻮارے ﮐﯽ ﺗﯿﺎری ﻣﯿﮟ ﻣﺴﺘﻘﻞ طﻮر ﭘﺮ ﻻﮔﻮ ﺳﺮﻣﺎﯾہ داراﻧہ ﺳﺎﺧﺖ اور ﻟﯿﮑﻮﯾﮉﯾﭩﯽ ﻣﯿﻨﺠﻤﻨﭧ
ﮐﯿﺎ ﮔﯿﺎ ﮨﮯ اور ﮐﮭﺎﺗہ داری ﮐﺎ ﺗﺨﻤﯿﻨہ ﻣﻌﻘﻮل اور داﻧﺸﻤﻨﺪاﻧہ ﻓﯿﺼﻠﮯ ﭘﺮ ﻣﺒﻨﯽ ﮨﮯ۔
ﮐﻤﭙﻨﯽ ﮐﯽ اﻧﺘﻈﺎﻣﯿہ ﮐﻮ ﻟﯿﮑﻮﯾﮉﯾﭩﯽ ﻣﯿﻨﺠﻤﻨﭧ ﻣﯿﮟ ﺑﮩﺘﺮﯾﻦ طﺮﯾﻘﻮں ﮐﺎ ﮐﺎﻓﯽ ﺗﺠﺮﺑہ اور ﻋﻠﻢ ﮨﮯ۔ آپ
اﻗﻮاﻣﯽ ﻣﺎﻟﯿﺎﺗﯽ رﭘﻮرﭨﻨﮓ ﮐﮯ ﻣﻌﯿﺎرات ﻣﺎﻟﯿﺎﺗﯽ ﮔﻮﺷﻮارے ﮐﯽ ﺗﯿﺎری ﻣﯿﮟ اﺳﺘﻌﻤﺎل ﮐﺌﮯ ﮐﯽ ﮐﻤﭙﻨﯽ ﮐﮯ ﭘﺎس ﭘﺎﻟﯿﺴﯿﻮں اور طﺮﯾﻘہ ﮐﺎر ﮐﺎ اﯾﮏ ﻣﻀﺒﻮط ﻧﻈﺎم اور ﻓﯿﺼﻠہ ﺳﺎزی ﻣﯿﮟ اﻧﻀﺒﺎﺗﯽ
ﮔﺌﮯ ﮨﯿﮟ ﺟﯿﺴﺎ ﮐہ ﭘﺎﮐﺴﺘﺎن ﻣﯿﮟ ﻻﮔﻮ ﮨﻮﺗﮯ ﮨﯿﮟ ۔ رﮐﺎوﭨﻮں اور ﭨﯿﮑﺲ ﮐﮯ ﻣﻀﻤﺮات ﭘﺮ ﻣﻨﺎﺳﺐ ﻏﻮر ﮐﺮﻧﺎ ﺷﺎﻣﻞ ﮨﮯ۔ ﮐﻤﭙﻨﯽ ﭘﯿﺪاواری ﻏﯿﺮ ﻣﺘﻐﯿﺮ
اﻧﺪ روﻧﯽ ﮐﻨﭩﺮول ﮐﺎ ﻧﻈﺎم ڈﯾﺰاﺋﻦ ﻣﯿﮟ درﺳﺖ ﮨﮯ اور اس ﮐﺎ ﻣﺆﺛﺮ طﺮﯾﻘﮯ ﺳﮯ ﻧﻔﺎز ے ﮐﮯ اﻧﺘﻈﺎم ﮐﻮ ﯾﻘﯿﻨﯽ
ﻻﮔﺖ ﮐﻢ ﮐﺮﻧﮯ ﮐﯽ ﺗﮑﻨﯿﮏ ﮐﮯ ذرﯾﻌﮯ اﭘﻨ ﮯ ﮐﺎم ﭼﻼﻧﮯ ﮐﮯ ﻟﯿﮯ ﺳﺮﻣﺎ ٰ
اور ﻧﮕﺮاﻧﯽ ﮐﯽ ﮔ ﺌﯽ ﮨﮯ۔ ﺑﻨﺎﺗﯽ ﮨﮯ۔
ﮐﻤﭙﻨﯽ ﮐﮯ ﻣﻨﺎﻓﻊ ﺑﺨﺶ ﺟﺎری رﮨﻨﮯ ﮐﯽ ﺻﻼﺣﯿﺖ ﭘﺮ ﮐﻮﺋﯽ ﺷﮏ ﻧﮩﯿﮟ۔ ﻣﺰﯾﺪ ﯾہ ﮐہ ﮐﻤﭙﻨﯽ ﮐﻤﭙﻨﯽ اﭘﻨﯽ طﻮﯾﻞ اور ﻗﻠﯿﻞ ﻣﺪﺗﯽ ﺿﺮورﯾﺎت ﮐﻮ ﭘﻮرا ﮐﺮﻧﮯ ﮐﮯ ﻟﯿﮯ ﺟﺐ ﺑﮭﯽ ﻗﺎﺑﻞ ﺣﺼﻮل ﮨﻮ ،
ﺗﻤﺎم ﻗﺮﺿﻮں ﮐﯽ ﺑﺮوﻗﺖ اداﺋﯿﮕﯽ ﮐﺮ رﮨﯽ ﮨﮯ اور ﺑﯿﻨﮏ ﮐﯽ طﺮف ﺳﮯ اﭘﻨﮯ ﻗﺮﺿﻮں ﮐﯽ رﻋﺎﯾﺘﯽ ﻓﻨﺎﻧﺴﻨﮓ اﺳﮑﯿﻤﻮں ﺳﮯ ﺑﮭﯽ ﻓﺎﺋﺪه اﭨﮭﺎﺗﯽ ﮨﮯ۔ اﯾﮏ ﺑﺮآﻣﺪ ﮐﻨﻨﺪه ﮨﻮﻧﮯ ﮐﮯ ﻧﺎطﮯ ،ﮐﻤﭙﻨﯽ
اداﺋﯿﮕﯽ ﮐﮯ ﻟﯿﮯ ﮐﻤﭙﻨﯽ ﮐﯽ ﺟﺎﻧﺐ ﺳﮯ ﮐﻮﺋﯽ ﻧﺎ دﮨﻨﺪﮔﯽ ﻧﮩﯿﮟ ﮐﯽ ﮔﺌﯽ ﮨﮯ۔ ے ﮐﯽ ﺿﺮورﯾﺎت ﮐﻮ ﺟﺰوی طﻮر ﭘﺮ ﭘﻮرا ﮐﺮﻧﮯ ﮐﮯ ﻟﯿﮯ اﭘﻨ ﮯ ﮐﺎم ﭼﻼﻧﮯ ﮐﮯ ﻟﯿﮯ ﺳﺮﻣﺎ ٰ
اﺳﻼﻣﯽ اﯾﮑﺴﭙﻮرٹ ری ﻓﻨﺎﻧﺲ ﺳﮩﻮﻟﺖ اﺳﺘﻌﻤﺎل ﮐﺮﺗﯽ ﮨﮯ۔
ﮐﺎرﭘﻮرﯾﭧ ﮔﻮرﻧﻨﺲ ﮐﮯ ﺑﮩﺘﺮﯾﻦ طﺮﯾﻘﻮں ﺳﮯ ﮐﻮﺋﯽ ﻗﺎﺑﻞ ﺷﻤﺎر ﺧﺮوج ﻧﮩﯿﮟ ﮨﻮا ﺟﯿﺴﺎ ﮐہ
ﻓﮩﺮﺳﺖ ﺳﺎزی ﮐﮯ ﻗﻮاﻋﺪ و ﺿﻮاﺑﻂ ﻣﯿﮟ ﺗﻔﺼﯿﻞ ﺳﮯ ﺑﯿﺎن ﮐﯿﺎ ﮔﯿﺎ ﮨﮯ۔ ﻣﺰﯾﺪ ﯾہ ﮐہ ﮐﻤﭙﻨﯽ ﮐﺴﯽ ﺑﮭﯽ ﻗﺮض ﮐﯽ اداﺋﯿﮕﯽ ﻣﯿﮟ ﻧﺎدﮨﻨﺪه ﻧہ ﮨﻮﻧﮯ ﮐﻮ ﯾﻘﯿﻨﯽ ﺑﻨﺎﻧﮯ ﮐﮯ ﻟﯿﮯ
ﺣﺴﺎس ﮨﮯ۔ ﮐﻤﭙﻨﯽ ﻧﮯ اﭘﻨﮯ ﻣﺠﻤﻮﻋﯽ ﮐﺎ ﮐﺮدﮔﯽ اور ﻧﻤﻮ ﮐﯽ ﺗﻮﺳﯿﻊ ﮐﺮﻧﮯ ﮐﮯ ﻟﯿﮯ ﻗﺮض اور
ﮐﻤﭙﻨﯽ اﭘﻨﮯ ﻣﻼزﻣﯿﻦ ﮐﮯ ﻟﯿﮯ ﻓﻨﮉڈ ﮔﺮﯾﺠ ﯿﻮﭨﯽ اﺳﮑﯿﻢ ﭼﻼﺗﯽ ﮨﮯ ﺟﯿﺴﺎ ﮐہ ﻣﺎﻟﯿﺎﺗﯽ ﮔﻮﺷﻮارے ﺳﺮﻣﺎﯾہ ﮐﮯ ﺑﮩﺘﺮﯾﻦ اﻣﺘﺰاج ﮐﮯ ﺳﺎﺗﮭ اﭘﻨﯽ ﺳﺮﻣﺎﯾہ داراﻧہ ﺳﺎﺧﺖ ﮐﻮ ﺳﻤﺠﮭﺪاری ﺳﮯ ﺗﺸﮑﯿﻞ دﯾﺎ ﮨﮯ۔
ﮐﮯ ﻣﺘﻌ ﻠﻘہ ﻧﻮٹ ﻣﯿﮟ ظﺎﮨﺮ ﮐﯿﺎ ﮔﯿﺎ ﮨﮯ۔ اس ﮐﺎ وﻗﺘﺎ ً ﻓﻮﻗﺘﺎ ً ﺟﺎﺋﺰه ﺑﮭﯽ ﻟﯿﺎ ﺟﺎﺗﺎ ﮨﮯ اور ﻣﻄﻠﻮﺑہ ﺗﺒﺪﯾﻠﯿﺎں اس ﮐﮯ ﻣﻄﺎﺑﻖ ﺗﯿﺰی ﺳﮯ ﻧﺎﻓﺬ ﮐﯽ
ﭼﺎر ڈاﺋﺮﯾﮑﭩﺮان ﭘﮩﻠﮯ ﮨﯽ ﺗﺮﺑﯿﺘﯽ ﭘﺮوﮔﺮام ﺑﺮاﺋﮯ ڈاﺋﺮﯾﮑﭩﺮان ﻣﮑﻤﻞ ﮐﺮ ﭼﮑﮯ ﮨﯿﮟ۔ ﺑﻮرڈ ﺟﺎﺗﯽ ﮨﯿﮟ۔
ﻣﯿﮟ ﺷﺎﻣﻞ اﯾﮏ ڈاﺋﺮﯾﮑﭩﺮ CCGﻗﻮاﻋﺪ و ﺿﻮاﺑﻂ ﮐﮯ ﺑﺎب VIﮐﯽ ﺷﻖ 19ﮐﮯ ﻣﻄﺎﺑﻖ ﮐﻢ
از ﮐﻢ 14ﺳﺎل ﮐﯽ ﺗﻌﻠﯿﻢ اور 15ﺳﺎل ﺳﮯ زاﺋﺪ درج ﺷﺪه ﮐﻤﭙﻨﯽ ﮐﮯ ﺑﻮرڈ ﻣﯿﮟ ﺗﺠﺮﺑہ ﮐﺮﯾﮉٹ رﯾﭩﻨﮓ
ﻣﺴﺘﺜﻨﯽ ﮨﮯ ۔ ﻓﯽ اﻟﺤﺎل ،دو
ٰ رﮐﮭﻨﮯ ﮐﯽ وﺟہ ﺳﮯ ﺗﺮﺑﯿﺘﯽ ﭘﺮوﮔﺮام ﺑﺮاﺋﮯ ڈاﺋﺮﯾﮑﭩﺮان ﺳﮯ ﮐﻤﭙﻨﯽ ﮐﻮ 11ﻧﻮﻣﺒﺮ 2020ﮐﻮ JCR-VISﮐﺮﯾﮉٹ رﯾﭩﻨﮓ ﮐﻤﭙﻨﯽ ﻟﻤﯿﭩﮉ ﮐﯽ طﺮف ﺳﮯ " "-A
ڈاﺋﺮﯾﮑﭩﺮان ﮨﯿﮟ ﺟﻦ ﮐﻮ ﺗﺮﺑﯿﺘﯽ ﭘﺮوﮔﺮام ﺑﺮاﺋﮯ ڈاﺋﺮﯾﮑﭩﺮان ﮐﮯ ﺗﺤﺖ ﺳﺮﭨﯿﻔﯿﮑﯿﺸﻦ درﮐﺎر ) ﺳﻨﮕﻞ Aﻣﺎﺋﻨﺲ( ﮐﯽ طﻮﯾﻞ ﻣﺪﺗﯽ اور " ) " A-2ﺳﻨﮕﻞ Aﭨﻮ ( ﮐﯽ ﻗﻠﯿﻞ ﻣﺪﺗﯽ درﺟہ ﺑﻨﺪی ﺗﻔﻮﯾﺾ
ﮨﮯ۔ ﮐﻤﭙﻨﯽ 30ﺟﻮن 2022ﺗﮏ ﺑﯿﺎن ﮐﺮده ﻗﻮاﻋﺪ و ﺿﻮاﺑﻂ ﮐﯽ ﺿﺮورﯾﺎت ﮐﻮ ﭘﻮرا ﮐﺮﻧﮯ ﮐﯽ ﮔﺌﯽ ﮨﮯ۔
ﮐﮯ ﻟﯿﮯ ﭘﺮﻋﺰم ﮨﮯ۔
اس ﺳﺎﻻﻧہ رﭘﻮرٹ ﻣﯿﮟ ﺣﺼﺺ ﮐﯽ ﻣﺠﻤﻮﻋﯽ ﺗﻌﺪاد طﮯ ﺷﺪه ﻓﺎرﻣﯿﭧ ﭘﺮ ﮔﻮﺷﻮارے ﻣﯿﮟ
ﻣﻨﺴﻠﮏ ﮐﯽ ﮔﺌﯽ ﮨﮯ ۔ ﮐﺎرﭘﻮرﯾﭧ ﮔﻮرﻧﻨﺲ ﮐﺎ ﺿﺎﺑﻄہ
ﭘﭽﮭﻠﮯ 6ﺳﺎﻟﻮں ﮐﮯ ﮐﻠﯿﺪی آﭘﺮﯾﭩﻨﮓ اور ﻣﺎﻟ ﯿﺎﺗﯽ اﻋﺪاد و ﺷﻤﺎر ﮐﻮ ﮔﻮﺷﻮاره ﺳﮯ ﻣﻨﺴﻠﮏ ﺖ ﻋﻤﻠﯽ ﮐﯽ ﺳﻤﺖ ﮐﻮ آﮔﮯ ﺑﮍھﺎﺗﮯ ﮨﯿﮟ اور ﮐﺎروﺑﺎری آپ ﮐﯽ ﮐﻤﭙﻨﯽ ﮐﮯ ڈاﺋﺮﯾﮑﭩﺮان ﺣﮑﻤ ِ
ﮐﯿﺎ ﮔﯿﺎ ﮨﮯ۔ ﻣﻨﺼﻮﺑﻮں ﮐﺎ ﺑﺎﻗﺎﻋﺪﮔﯽ ﺳﮯ ﺟﺎﺋﺰه ﻟﯿﺎ ﺟﺎﺗﺎ ﮨﮯ۔ آڈٹ ﮐﻤﯿﭩﯽ ﻣﺆﺛﺮ ﺗﻌﻤﯿﻞ ﺑﺮاﺋﮯ درج ﺷﺪه
ﮐﻤﭙﻨﯿﻮں ) ﮐﻮڈ آف ﮐﺎرﭘﻮرﯾﭧ ﮔﻮرﻧﻨﺲ( ﮐﮯ ﻟﯿﮯ 2019ﺿﺎﺑﻄﮯ ﮐﮯ ﺗﺤﺖ ﺑﺎاﺧﺘﯿﺎر ﮨﮯ۔ ﮨﻢ آپ ﮐﯽ
ﺑﻮرڈ ﮐﮯ ڈاﺋﺮﯾ ﮑﭩﺮان ﮐﯽ ﺗﺸ ﮑﯿﻞ ﺑﻨﺪی ﮐﻤﭙﻨﯽ ﻣﯿﮟ اﭼﮭﮯ ﮐﺎرﭘﻮرﯾﭧ ﮔﻮرﻧﻨﺲ ﮐﻮ ﯾﻘﯿﻨﯽ ﺑﻨﺎﻧﮯ ﮐﮯ ﻟﯿﮯ ﺗﻤﺎم ﺿﺮوری اﻗﺪاﻣﺎت ﮐﺮ رﮨﮯ
ﮐﻤﭙﻨﯽ ﮐﺎﻣﻮﺟﻮده ﺑﻮرڈ درج ذﯾﻞ ڈاﺋﺮﯾﮑﭩﺮ ان ﭘﺮﻣﺸﺘﻤﻞ ﮨﮯ : ﮨﯿﮟ ﺟﯿﺴﺎ ﮐہ ﺿﺎﺑﻄہ ﮐﯽ ﺿﺮورت ﮨﮯ۔ ﺗﻌﻤﯿﻞ ﮐﮯ ﺣﺼﮯ ﮐﮯ طﻮر ﭘﺮ ،ﮨﻢ درج ذﯾﻞ ﮐﯽ ﺗﺼﺪﯾﻖ
ﮐﺮﺗﮯ ﮨﯿﮟ :
6 ( Aﻣﺮد
ﮐﻤﭙﻨﯽ اﻧﺘﻈﺎﻣﯿہ ﮐﯽ طﺮف ﺳﮯ ﺗﯿﺎر ﮐﺮده ﻣﺎﻟﯿﺎﺗﯽ ﮔﻮﺷﻮارے ،ﺣﺎﻟﯿہ ﻣﻨﺼﻔﺎﻧہ طﻮر ﭘﺮ ﮐﻤﭙﻨﯽ
1 ( Bﺧﺎﺗﻮ ن ﮐﯽ ﺣﺎﻟﺖ ،ﮐﺎرواﺋﯿﻮں ﮐﺎ ﻧﺘﯿﺠہ ،ﻧﻘﺪ ﺑﮩﺎؤ اور ﺳﺮﻣﺎﯾہ ﻣﯿﮟ ﺗﺒﺪﯾﻠﯿﻮں ﮐﻮ ﭘﯿﺶ ﮐﺮﺗﮯ ﮨﯿﮟ۔
ﻗﻮﻣﯽ ﺧﺰاﻧﮯ ﻣﯿﮟ ﻣﻌﺎوﻧﺖ : )(3,966,776 )(671,207 ﺧﺴﺎره ﻗﺒﻞ از ﭨﯿﮑﺲ
ﮐﻤﭙﻨﯽ ﻧﮯ اﻧﮑﻢ ﭨﯿﮑﺲ ،اﯾﮑﺴﺎﺋﺰ ڈﯾﻮﭨﯽ ،ﺳﯿﻠﺰ ﭨﯿﮑﺲ اور دﯾﮕﺮ ﺳﺮﮐﺎری ﻣﺤﺼﻮﻻت ﮐﯽ ﻣﺪ )(3,621,629 358,359 ﺧﺎﻟﺺ ﻣﻨﺎﻓﻊ ﺑﻌﺪازﭨﯿﮑﺲ
ﻣﯿﮟ 2.92ﺑﻠﯿﻦ روﭘﮯ ) 1.33 :2020ﺑﻠﯿﻦ روﭘﮯ ( ﺣﮑﻮﻣﺘﯽ ﺧﺰاﻧﮯ ﻣﯿﮟ ﻣﻌﺎوﻧﺖ ﮐﯽ۔
)(3.41 0.17 ﻓﯽ ﺣﺼﺺ ﻣﻨﺎﻓﻊ ) روﭘﮯ (
ادارﺗﯽ ﺳﻤﺎﺟﯽ ذﻣہ داری:
دورا ِن ﺳﺎل ﮐﻤﭙﻨﯽ ﻧﮯ 4.02ﻣﻠﯿﻦ روﭘﮯ ) 2.1 :2020ﻣﻠﯿﻦ روﭘﮯ ( ﻣﺨﺘﻠﻒ ﭨﺮ ﺳﭧ ،ﻓﻼﺣﯽ اداروں
اور ﻓﻼﺣﯽ ﺗﻨﻈﯿﻤﻮں ﮐﻮ ﺑﻄﻮر ﻋﻄﯿہ ﺗﻘﺴﯿﻢ ﮐﯿﮯ ۔ آﻣﺪﻧﯽ
ﻣﻨﺎﻓﻊ ﻣﻨﻘﺴﻤہ اور ﺑﻮﻧﺲ : ﻣﺎﻟﯽ ﺳﺎل 21-2020ﮐﮯ دوران ،آپ ﮐﯽ ﮐﻤﭙﻨﯽ ﮐﯽ ﻓﺮوﺧﺖ ﮐﯽ ﻣﺠﻤﻮﻋﯽ آﻣﺪﻧﯽ ﭘﭽﮭﻠﮯ ﺳﺎل
ﮐﻤﭙﻨﯽ ﮐﮯ ﻣﻮﺟﻮده طﻮﯾﻞ اﻟﻤﺪﺗﯽ ﻗﺮﺿﻮں ﮐﯽ ذﻣہ دارﯾﻮں ﮐﻮ ﻣﺪﻧﻈﺮ رﮐﮭﺘﮯ ﮨﻮﺋﮯ ،ﺑﻮرڈ ﻧﮯ ﮐﮯ ﻣﻘﺎﺑﻠﮯ ﻣﯿﮟ ﻣﺘﺎﺛﺮ ﮐﻦ 197 ٪ﻓﯿﺼﺪ اﺿﺎﻓﮯ ﮐﮯ ﺳﺎﺗﮭ ﺑﮍھ ﮐ ﺮ 19،702ﻣﻠﯿﻦ روﭘﮯ ﺗﮏ ﭘﮩﻨﭻ
ﺳﺎل ﻣﺨﺘﺘﻤہ 30 :ﺟﻮن 2021ﮐﻮ ﮐﺴﯽ ﺑﮭﯽ ﻗﺴﻢ ﮐﮯ ﻣﻨﺎﻓﻊ ﻣﻨﻘﺴﻤہ ﯾﺎ ﺑﻮﻧﺲ ﺣﺼﺺ ﺑﺎﻧﭩﻨﮯ ﮐﺎ ﮔﺌﯽ۔ ﺟﺒﮑہ ﻓﺮوﺧﺖ ﮐﯽ ﺧﺎﻟﺺ آﻣﺪﻧﯽ ﮐﮯ ﺣﺠﻢ ﻣﯿﮟ 133 ٪ﻓﯿﺼﺪ ﺳﮯ ﺑﮍھ ﮐﺮ 246 ٪ﻓﯿﺼﺪ ﮐﺎ
اﻋﻼن ﻧہ ﮐﺮﻧﮯ ﮐﺎ ﻓﯿﺼﻠہ ﮐﯿﺎ ﮨﮯ۔ اﺿﺎﻓہ ﮨﻮا۔ ﮨﻢ آپ ﮐﻮ ﯾہ ﺑﺘﺎﺗﮯ ﮨﻮﺋﮯ ﺧﻮﺷﯽ ﻣﺤﺴﻮس ﮐﺮﺗﮯ ﮨﯿﮟ ﮐہ ﺑﺮﻗﺮاری ﻗﯿﻤﺘﻮں ﻣﯿﮟ 48 ٪
ﻓﯿﺼﺪ ﮐﺎ ﻧﻤﺎﯾﺎں اﺿﺎﻓہ ﺑﮭﯽ ﮨﻮا ﮨﮯ ،ﮐﯿﻮﻧﮑہ آپ ﮐﯽ ﮐﻤﭙﻨﯽ ﻧﮯ ﻣﻘﺎﻣﯽ اور ﺑﺮآﻣﺪی دوﻧﻮں ﻣﻨﮉﯾﻮں
ﺳﺮﻣﺎﯾہ ﮐﺎری ﮐﮯ ﻧﺌﮯ ﻣﻨﺼﻮﺑﮯ ﻣﯿ ﮟ ﭘﻼﻧﭧ ﮐﯽ ﺻﻼﺣﯿﺖ ﻣﯿﮟ اﺿﺎﻓﮯ ﮐﮯ ﺳﺎﺗﮭ اﭘﻨﮯ ﻗﺪم ﺑﮍھﺎﺋﮯ ﮨﯿﮟ۔ ﺗﺎﮨﻢ ،ﺑﯿﻦ اﻻﻗﻮاﻣﯽ ﻣﻨﮉﯾﻮں
ﻣﯿﮟ ﺑﮍھﺘﮯ ﮨﻮﺋﮯ ﻣﻘﺎﺑﻠﮯ اور ﮐﻮوﯾﮉ ﮐﯽ وﺟہ ﺳﮯ ﻋﺎﻟﻤﯽ طﻠﺐ ﻣﯿﮟ ﮐﻤﯽ ﮐﯽ وﺟہ ﺳﮯ ﺑﺮآﻣﺪی
ﺳﻮﻟﺮ /وﻧﮉ ﭘﺎور ﭘﺮوﺟﯿﮑﭧ ﻓﺮوﺧﺖ ﮐﯽ ﻗﯿﻤﺘﯿﮟ دﺑﺎؤ ﻣﯿﮟ رﮨﯿﮟ۔
ﺳﯿﻤﻨﭧ ﺑﻨﺎﻧﮯ ﮐﮯ ﻋﻤﻞ ﻣﯿﮟ ﭘﯿﺪاواری ﻻﮔﺖ ﮐﮯ اﮨﻢ اﺟﺰاء ﻣﯿﮟ ﺳﮯ اﯾﮏ ﺑﺠﻠﯽ ﮨﮯ ،ﺟﺲ ﮐﺎ ﺖ ﻓﺮوﺧﺖ
ﻻﮔ ِ
ﻣﺤﺎﺳﺒہ ﻟﮓ ﺑﮭﮓ 23 ٪ﻓﯿﺼﺪ ﮨﮯ۔ آپ ﮐﯽ ﮐﻤﭙﻨﯽ ﮐﯽ اﻧﺘﻈﺎﻣﯿہ ﮨﻤﯿﺸہ اس ﺑﻨﯿﺎدی ﺷﻌﺒﮯ ﮐﻮ ﻣ ِﺪ ﻧﻈﺮ
رﮐﮭﺘﯽ ﮨﮯ اور 20 -2019ﮐﮯ دوران وﯾﺴﭧ ﮨﯿﭧ رﯾﮑﻮری ﺳﺴﭩﻢ ) ڈﺑﻠﯿﻮ اﯾﭻ آر اﯾﺲ ( ﺑﮭﯽ ﻧﺼﺐ ﺗﻮﺳﯿﻊ ﮐﮯ ﺑﻌﺪ ،آپ ﮐﯽ ﮐﻤﭙﻨﯽ ﭘﺎﮐﺴﺘﺎن ﮐﯽ ﺳﺐ ﺳﮯ ﻣﻮﺛﺮ ﻻﮔﺖ واﻟﯽ ﺳﯿﻤﻨﭧ ﭘﻼﻧﭧ ﮐﻤﭙﻨﯽ ﺑﻦ
ﮐﯿﺎ ﮔﯿﺎ ﺗﮭﺎ ﺟﻮ ﮐہ اب ﻣﻘﺎﻣﯽ طﻮر ﭘﺮ ﺗﻘﺮﯾﺒﺎ ً 10ﻣ ﯿﮕﺎواٹ ﭘﯿﺪا ﮐﺮ رﮨﺎ ﮨﮯ۔ ﻣﻨﺎﻓﻊ ﮐﻮ ﻣﺰﯾﺪ ﺑﮍھﺎﻧﮯ ﺖ ﻓﺮوﺧﺖ ﻣﯿﮟ اﺿﺎﻓﮯ ﮐﯽ وﺟہ ﺳﮯ ﮔﺌﯽ ﮨﮯ۔ ﺗﺎﮨﻢ ،زﯾﺮ ﺟﺎﺋﺰه ﻣﺎﻟﯿ ﺎﺗﯽ ﺳﺎل ﮐﮯ دوران ،ﻻﮔ ِ
ﮐﮯ ﻟﯿﮯ ،آپ ﮐﯽ ﮐﻤﭙﻨﯽ ﻧﮯ ﺳﻮﻟﺮ اور وﻧﮉ ﭘﺎور ﻣﻨﺼﻮﺑﮯ ﮐﮯ ﻟﯿﮯ ﺑﺠﻠﯽ ﮐﯽ ﺧﺮﯾﺪاری ﮐﮯ ﭘﯿﺪاواری ﻻﮔﺖ ﮐﮯ اﺿﺎﻓﮯ ﻣﯿﮟ ﮐﻤﯽ آﺋﯽ ﺟﻮ ﮐہ ﮐﻮﺋﻠﮯ ﮐﯽ ﻗﯿﻤﺘﻮں اور ﺑﺠﻠﯽ ﮐﮯ ﻧﺮﺧﻮں اور
ﻣﻌﺎﮨﺪوں ) ( PPAsﭘﺮ ﻋﻤﻞ ﮐﺮﺗﮯ ﮨﻮﺋﮯ ﻧﺌﮯ اﻗﺪاﻣﺎت ﮐﯿﮯ ﮨﯿﮟ۔ ﯾہ ﻧہ ﺻﺮف ﮐﻤﭙﻨﯽ ﮐﯽ ﮐﯿﺶ ﻓﻠﻮ ﻧﻘﻞ و ﺣﻤﻞ ﮐﮯ اﺧﺮاﺟﺎت ﻣﯿﮟ ﺗﯿﺰی ﺳﮯ اﺿﺎﻓﮯ ﮐﮯ زرﯾﻌﮯ ﮐﺎر ﻓﺮﻣﺎ ﮨﻮﺋﯽ ۔
ﭘﻮزﯾﺸﻦ ﮐﻮ ﺗﻘﻮﯾﺖ ﺑﺨﺸﮯ ﮔﺎ ﺑﻠﮑہ ﺗﻮاﻧﺎﺋﯽ ﮐﯽ ﭘﯿﺪاوار ﻣﯿﮟ ﺧﻮد اﺳﺘﺤﮑﺎم ﮐﮯ ﺣﺼﻮل ﻣﯿﮟ ﮔﺮﯾﻦ
ﮐﻞ ﻣ ﻨﺎﻓﻊ
ﮐﻤﭙﻨﯽ ﮐ ﯽ ﺳﺎﻻﻧہ ﭘﯿﺪاوار اور ﻓﺮوﺧﺖ ﮐﺎ ﺣﺠﻢ ) ﭨﻦ ﻣﯿﮟ ( ﺗﻘﺎﺑﻠﯽ اﻋﺪاد و ﺷﻤﺎر ﮐﮯ ﺳﺎﺗﮭ ﻣﻨﺪرﺟہ
ذﯾﻞ ﮨﯿﮟ :
ڈاﺋﺮﯾﮑﭩﺮز رﭘﻮرٹ اﻧﻔﺮادی ﻣﻤﺒﺮان ﺟﻨﮩﻮں ﻧﮯ اﺑﮭﯽ ﺗﮏ اﭘﻨﮯ درﺳﺖ ﻗﻮﻣﯽ ﺷﻨﺎﺧﺘﯽ ﮐﺎرڈ ﮐﯽ ﻓﻮﭨﻮ ﮐﺎﭘﯽ ﮐﻤﭙﻨﯽ/ﺷﯿﺌﺮ
رﺟﺴﭩﺮار ﮐﻮ ﺟﻤﻊ ﻧﮩﯿﮟ ﮐﺮاﺋﯽ ﮨﮯ ،ان ﺳﮯ اﯾﮏ ﺑﺎر ﭘﮭﺮ درﺧﻮاﺳﺖ ﮐﯽ ﺟﺎﺗﯽ ﮨﮯ ﮐہ وه ﺟﻠﺪ از ﺟﻠﺪ
اﭘﻨﺎ ﻗﻮﻣﯽ ﺷﻨﺎﺧﺘﯽ ﮐﺎرڈ )ﮐﺎﭘﯽ( ﺑﺮاه راﺳﺖ ﮐﻤﭙﻨﯽ ﮐﮯﺣﺼﺺ رﺟﺴﭩﺮار ،ﻣﯿﺴﺮز ﺳﯽ ڈی ﺳﯽ ﺷﯿﺌﺮ
رﺟﺴﭩﺮار ﺳﺮوﺳﺰ ﻟﻤﯿﭩﮉ ،ﺳﯽ ڈی ﺳﯽ ﮨﺎؤس -99 ،ﺑﯽ ،ﺑﻼک-ﺑﯽ ،اﯾﺲ اﯾﻢ ﺳﯽ اﯾﭻ اﯾﺲ ،ﻣﯿﻦ ﺷﺎﮨﺮاه
ﭘﺎور ﺳﯿﻤﻨﭧ ﻟﻤﯿﭩﮉ )"آپ ﮐﯽ ﮐﻤﭙﻨﯽ"( ﮐﮯ ڈاﺋﺮﯾﮑﭩﺮان ﺳﺎل 30ﺟﻮن 2021ﮐﯽ ﺳﺎﻻﻧہ رﭘﻮرٹ اور آڈٹ ﻓﯿﺼﻞ ،ﮐﺮاﭼﯽ ﭘﺮ ارﺳﺎل ﮐﺮﯾﮟ۔ ﮐﺎرﭘﻮرﯾﭧ اداروں ﺳﮯ درﺧﻮاﺳﺖ ﮐﯽ ﺟﺎﺗﯽ ﮨﮯ ﮐہ وه اﭘﻨﺎ ﻧﯿﺸﻨﻞ
ﺷﺪه ﻣﺎﻟﯿﺎﺗﯽ ﮔﻮﺷﻮارے ﭘﯿﺶ ﮐﺮﺗﮯ ﮨﻮﺋﮯ ﺧﻮﺷﯽ ﻣﺤﺴﻮس ﮐﺮﺗﮯ ﮨﯿﮟ۔ ﭨﯿﮑﺲ ﻧﻤﺒﺮ )اﯾﻦ ﭨﯽ اﯾﻦ( ﻓﺮاﮨﻢ ﮐﺮﯾﮟ۔ ﺑﺮاه ﮐﺮم ﻗﻮﻣﯽ ﺷﻨﺎﺧﺘﯽ ﮐﺎرڈ /ﻗﻮﻣﯽ ﭨﯿﮑﺲ ﻧﻤﺒﺮ ﮐﯽ ﺗﻔﺼﯿﻼت ﮐﯽ
ﮐﺎﭘﯽ ﮐﮯ ﺳﺎﺗﮭ ﻓﻮﻟﯿﻮ ﻧﻤﺒﺮ ﺑﮭﯽ دﯾﮟ۔
ﺻﻨﻌﺘﯽ ﺟﺎﺋﺰه
وﯾﺐ ﺳﺎﺋﭧ ﭘﺮ ﻣﺎﻟﯿﺎﺗﯽ ﮔﻮﺷﻮاروں اور رﭘﻮرﭨﺲ ﮐﯽ دﺳﺘﯿﺎﺑﯽ: .7
ﭘﺎﮐﺴﺘﺎن ﮐﯽ ﺳﯿﻤﻨﭧ ﮐﯽ ﺻﻨﻌﺖ ﮐﯽ ﮐﺎرﮐﺮدﮔﯽ ﻧﮯ ﮔﺰﺷﺘہ ﺳﺎل ﮐﮯ دوران 47.81ﻣﻠﯿﻦ ﭨ ﻦ ﮐﮯ ﮐﻤﭙﻨﯿﺰ اﯾﮑﭧ 2017 ،ﮐﮯ ﺳﯿﮑﺸﻦ ) 223 (7ﮐﯽ دﻓﻌﺎت ﮐﮯ ﻣﻄﺎﺑﻖ 30 ،ﺟﻮن 2021ﮐﻮ ﺧﺘﻢ ﮨﻮﻧﮯ
ﻣﻘﺎﺑﻠﮯ ﻣﯿﮟ 20 %ﻓﯿﺼﺪ اﺿﺎﻓﮯ ﮐﮯﺳﺎﺗﮭ 57.4ﻣﻠﯿﻦ ﭨﻦ ﮐﺎ اﺿﺎﻓہ ﮐﺮﮐﮯ ﺳﺎل ﮐﮯ دوران ﻧﻤﺎﯾﺎں واﻟﮯ ﺳﺎل ﮐﮯ ﻟﯿﮯ ﮐﻤﭙﻨﯽ ﮐﮯ آڈٹ ﺷﺪه ﻣﺎﻟﯿﺎﺗﯽ ﮔﻮﺷﻮارے ﮐﻤﭙﻨﯽ ﮐﯽ وﯾﺐ ﺳﺎﺋﭧ
ﺑﮩﺘﺮی د ﮐﮭﺎﺋﯽ۔ ﻣﻘﺎﻣﯽ ﺳﯿﻤﻨﭧ ﮐﯽ ﻓﺮوﺧﺖ ﮔﺰﺷﺘہ ﺳﺎل 39.96ﻣﻠﯿﻦ ﭨﻦ ﺳﮯ 20.4ﻓﯿﺼﺪ ﺑﮍھ ﮐﺮ https://www.powercement.com.pk/investor-relations/financial-reports/ﭘﺮ دﺳﺘﯿﺎب ﮨﯿﮟ۔
48.12ﻣﻠﯿﻦ ﭨﻦ ﮨﻮ ﮔﺌﯽ ،ﺟﻮﮐہ ﭘﺎﮐﺴﺘﺎن ﻣﯿﮟ ﺳﯿﻤﻨﭧ ﮐﯽ ﻓﺮوﺧﺖ ﻣﯿﮟ ﻏﺎﻟﺐ ﺣﺼہ دار رﮨﯽ۔ ﺑﺮآﻣﺪی ظﺎﮨﺮی ﺣﺼﺺ ﮐﻮ ﮐﺘﺎﺑﯽ داﺧﻠہ ﻓﺎرم ﻣﯿﮟ ﺗﺒﺪﯾﻞ ﮐﺮﻧﺎ: .8
ﮐﺎرﮐﺮدﮔﯽ ﺑﮭﯽ ﺑﮩﺖ ﺣ ﻮﺻﻠہ اﻓﺰا ﺗﮭﯽ ،ﺟﺲ ﻧﮯ ﮔﺰﺷﺘہ ﺳﺎل ﮐﮯ دوران 7.85ﻣﻠﯿﻦ ﭨﻦ ﮐﮯ
ﮐﻤﭙﻨﯿﺰ اﯾﮑﭧ 2017 ،ﮐﮯ ﺳﯿﮑﺸﻦ ) 72(2ﮐﮯ ﻣﻄﺎﺑﻖ ،ﮨﺮ ﻣﻮﺟﻮده ﮐﻤﭙﻨﯽ ﮐﻮ اﭘﻨﮯ ظﺎﮨﺮی ﺣﺼﺺ
ﻣﻘﺎﺑﻠﮯ ﻣﯿﮟ 19 ٪ﻓﯿﺼﺪ اﺿﺎﻓﮯ ﮐﮯ ﺳﺎﺗﮭ 9.3ﻣﻠﯿﻦ ﭨﻦ ﮐﺎ اﻧﺪراج ﮐﺮﮐﮯ ﻣﺠﻤﻮﻋﯽ ﺻﻨﻌﺖ ﮐﮯ ﮐﻮ ﮐﺘﺎﺑﯽ داﺧﻠہ ﻓﺎرم ﮐﮯ ﺳﺎﺗﮭ اس اﻧﺪاز ﻣﯿﮟ ﺗﺒﺪﯾﻞ ﮐﺮﻧﮯ ﮐﯽ ﺿﺮورت ﮨﻮﮔﯽ ﺟﻮ ﮐہ ﻣﺨﺼﻮص ﮨﻮ
ﺣﺠﻢ ﻣﯿﮟ اﺿﺎﻓہ ﮐﯿﺎ۔ اور اﯾﺲ ای ﺳﯽ ﭘﯽ ﮐﯽ طﺮف ﺳﮯ ﻣﻄﻠﻊ ﮐﺮده ﺗﺎرﯾﺦ ﺳﮯ ،زﯾﺎده ﺳﮯ زﯾﺎده ﻣﺪت ﻣﯿﮟ اﯾﮑﭧ ﮐﮯ
آﻏﺎز ﺳﮯ ﭼﺎر ) (4ﺳﺎل ﺳﮯ زﯾﺎده ﮐﯽ ﻣﺪت ﮐﮯ اﻧﺪر ﺣﺼﺺ ﯾﺎﻓﺘﮕﺎن ﮐﺎ ظﺎﮨﺮی ﻗﺒﻀہ ﮨﻮ ﯾﻌﻨﯽ 30
ﺳﺎل ﮐﮯ دوران ﻓﺮوﺧﺖ ﮐﮯ ﺣﺠﻢ ﻣﯿﮟ ﻧﻤﺎﯾﺎں اﺿﺎﻓہ ﺑﻨﯿﺎدی طﻮر ﭘﺮ ﺑ ﮍے ﺣﮑﻮﻣﺘﯽ اﻗﺪاﻣﺎت ﮐﯽ ﻣﺌﯽ 2017 ،۔ ان ﮐﯽ ﺣﻮﺻﻠہ اﻓﺰاﺋﯽ ﮐﯽ ﺟﺎﺗﯽ ﮨﮯﺟﻮ ظﺎﮨﺮی ﺣﺼﺺ ﮐﻮ ﺳﮑﺮپ ﻟﯿﺲ ﮐﯽ ﺷﮑﻞ ﻣﯿﮟ
وﺟہ ﺳﮯ ﮨﻮا ﺟﯿﺴﮯ ﺗﻌﻤﯿﺮاﺗﯽ ﭘﯿﮑﯿﺞ ﮐﺎ اﻋﻼن اور ﮐﻢ ﻻﮔﺖ ﮐﯽ ﮨﺎؤﺳﻨﮓ اﺳﮑﯿﻤﯿﮟ ،ﻣﻌﺎﺷﯽ ﮐﺴﯽ ﺑﮭﯽ ﺑﺮوﮐﺮ ﯾﺎ اﻧﻮﯾﺴﭩﺮ اﮐﺎؤﻧﭧ ﮐﮯ ﺳﺎﺗﮭ ﯾﺎ ﺑﺮاه راﺳﺖ ﺳﯽ ڈی ﺳﯽ ﮐﮯ ﺳﺎﺗﮭ ﺳﯽ ڈی ﺳﯽ ذﯾﻠﯽ
اﮐﺎؤﻧﭧ ﮐﮭﻮﻟﯿﮟ۔ اس ﺳﮯ اﻧﮩﯿﮟ ﮐﺌﯽ طﺮﯾﻘﻮں ﺳﮯ ﺳﮩﻮﻟﺖ ﻣﻠﮯ ﮔﯽ ،ﺑﺸﻤﻮل ﻣﺤﻔﻮظ ٖﻗﺒﻀہ اور ﺣﺼﺺ
ﺑﺤﺎﻟﯽ ﮐﻮ ﺑﮍھﺎﻧﮯ ﮐﮯ ﻟﯿﮯ ﮐﻢ ﺷﺮح ﺳﻮد ،ڈﯾﻤﻮں اور آﺑﯽ ذﺧﺎﺋﺮ ﮐﯽ ﺗﻌﻤﯿﺮ ﭘﺮ ﺗﻮﺟہ اور ﻻک
ﮐﯽ ﻓﺮوﺧﺖ ،ﺟﺐ ﭼﺎﮨﯿﮟ ،ﮐﯿﻮﻧﮑہ ﭘﺎﮐﺴﺘﺎن اﺳﭩﺎک اﯾﮑﺴﭽﯿﻨﺞ ﻟﻤﯿﭩﮉ ﮐﮯ ﻣﻮﺟﻮده ﻗﻮاﻋﺪ ﮐﮯ ﻣﻄﺎﺑﻖ
ڈاؤن ﮐﮯ ﮐﻢ اﺳﺘﻌﻤﺎل ﮐﮯ ﺳﺎﺗﮭ COVIDﮐﮯ ﻣﻮﺛﺮ اﻧﺘﻈﺎﻣﺎت ۔ ظﺎﮨﺮی ﺣﺼﺺ ﮐﯽ ﺗﺠﺎرت ﮐﯽ اﺟﺎزت ﻧﮩﯿﮟ ﮨﮯ۔
ﺟﻨﻮﺑﯽ ﺧﻄہ ﮐﯽ ﻣﻘﺎ ﻣﯽ طﻠﺐ ﺟﮩﺎں آپ ﮐﯽ ﮐﻤﭙﻨﯽ واﻗﻊ ﮨﮯ ،وﮨﺎں ﮐﯽ ﺳﺎﻻﻧہ ﮐﮭﭙ ﺖ ﻣﯿﮟ ﺗﯿﺰی
ﺳﮯ اﺿﺎﻓہ دﯾﮑﮭﺎ ﮔﯿﺎ ﺟﻮ ﭘﭽﮭﻠﮯ ﺳﺎل ﮐﮯ ﻣﻘﺎﺑﻠﮯ ﻣﯿﮟ 34 ٪ﻓﯿﺼﺪ اﺿﺎﻓﮯ ﮐﮯ ﺳﺎﺗﮭ 7.53ﻣﻠﯿﻦ
ﭨﻦ رﮨﯽ ۔ ﺟﺒﮑہ ﺑﺮآﻣﺪ ﮐﯽ طﻠﺐ ﭘﭽﮭﻠﮯ ﺳﺎل ﮐﮯ ﻣﻘﺎﺑﻠﮯ ﻣﯿﮟ 15 ٪ﻓﯿﺼﺪ اﺿﺎﻓﮯ ﮐﮯ ﺳﺎﺗﮭ 6.75
ﻣﻠﯿﻦ ﭨﻦ رﮨﯽ ۔ ﻧﺘﯿﺠﺘﺎ ًﺟﻨﻮﺑﯽ ﺧﻄﮯ ﮐﯽ ﮐﻞ ﺗﺮﺳﯿﻞ 14.29ﻣﻠﯿﻦ ﭨﻦ رﮨﯽ ۔
ﺷﻤﺎﻟﯽ ﺧﻄﮯ ﻧﮯ ﺑﮭﯽ ﻣﻘﺎﻣﯽ او ر ﺑﺮآﻣﺪی ﻣﺎرﮐﯿﭧ ﻣﯿﮟ اﭼﮭﯽ ﮐﺎرﮐﺮدﮔﯽ ﮐﺎ ﻣﻈﺎﮨﺮه ﮐﯿﺎ۔ ﻣﻘﺎﻣﯽ
طﻠﺐ ﻣﯿﮟ 18.22 ٪ﻓﯿﺼﺪ اور ﺑﺮآﻣﺪ ی طﻠﺐ ﻣﯿﮟ 30.2 ٪ﻓﯿﺼﺪ اﺿﺎﻓہ ﮨﻮا۔ ﺟﺲ ﮐﮯ ﻧﺘﯿﺠﮯ ﻣﯿﮟ ،
ﺷﻤﺎﻟﯽ ﺧﻄﮯ ﻣﯿﮟ ﺧﺎﻟﺺ ﻧﻤﻮ 19 ٪ﻓﯿﺼﺪ رﮨﯽ ۔
ای ﻣﯿﻞ اڈرﯾﺲ راﺑﻄہ ﻧﻤﺒﺮ ﺣﺼﺺ ﯾﺎﻓﺘﮕﺎن ﻗﻮﻣﯽ ﺷﻨﺎﺧﺘﯽ ﮐﺎرڈ ﻧﻤﺒﺮ /ﻓﻮﻟﯿﻮﻧﻤﺒﺮ/ﺳﯽ ڈی ﺳﯽ
A/c No. ﻗﻮﻣﯽ ﭨﯿﮑﺲ ﻧﻤﺒﺮ ﮐﮯ ﻧﺎم ﻣﻄﻠﻊ ﮐﯿﺎ ﺟﺎﺗﺎ ﮨﮯ ﮐہ ﭘﺎور ﺳﯿﻤﻨﭧ ﻟﻤﯿﭩﮉ )"ﮐﻤﭙﻨﯽ"( ﮐﮯ ﺣﺼﺺ ﯾﺎﻓﺘﮕﺎن ﮐﺎ 30واں ﺳﺎﻻﻧہ ﻋﻤﻮﻣﯽ اﺟﻼس درج ذﯾﻞ
ﮐﺎروﺑﺎرﮐﮯ ﻟﯿﻦ دﯾﻦ ﮐﮯ ﻟﯿﮯﺟﻤﻌﺮات ،اﮐﺘﻮﺑﺮ 2021 ، 28ﮐﻮ ﺷﺎم 4:30ﺑﺠﮯ وﯾﮉﯾﻮ ﻟﻨﮏ ﮐﮯ ذرﯾﻌﮯ ﻣﻨﻌﻘﺪ ﮨﻮﮔﺎ :
اراﮐﯿﻦ AGMﮐﮯ اﯾﺠﻨﮉے ﭘﺮ اﭘﻨﮯ ﺗﺒﺼﺮے /ﺗﺠﺎوﯾﺰ ای ﻣﯿﻞ ﮐﮯ ذرﯾﻌﮯ
[email protected]ﭘﺮ ﺷﯿﺌﺮ ﮐﺮ ﺳﮑﺘﮯ ﮨﯿﮟ۔ ﻋﻤﻮﻣﯽ اﻣﻮر :
ﭘﺮاﮐﺴﯿﻮں ﮐﯽ ﺗﻘﺮری اوراے ﺟﯽ اﯾﻢ ﻣﯿﮟ ﺷﺮﮐﺖ: .3 ﺳﺎل ﻣﺨﺘﺘﻤہ 30ﺟﻮن 2021ﮐﮯ آڈٹ ﺷﺪه ﻣﺎﻟﯿﺎﺗﯽ ﮔﻮﺷﻮاروں ﮐﮯ ﺳﺎﺗﮭ ﺑﻮرڈ ﮐﮯ ڈاﺋﺮﯾﮑﭩﺮان اور آزاد (1
اﺟﻼس ﻣﯿﮟ ﺷﺮﮐﺖ ﮐﺮﻧﮯ اور ووٹ دﯾﻨﮯ ﮐﺎ ﺣﻖ دار رﮐﻦ ﮐﺴﯽ دوﺳﺮے رﮐﻦ ﮐﻮ اﭘﻨﺎ ﭘﺮاﮐﺴﯽ ﻣﻘﺮر آڈﯾﭩﺮز ﮐﯽ رﭘﻮرﭨﻮں ﮐﯽ وﺻﻮﻟﯽ ،ﻏﻮر و ﺧﻮض اور ﻣﻨﻈﻮری۔
ﮐﺮ ﺳﮑﺘﺎ ﮨﮯ ﺟﺲ ﮐﻮ اﺟﻼس ﻣﯿﮟ ﺷﺮﮐﺖ ،ﺗﻘﺮﯾﺮ اور ووٹ ڈاﻟﻨﮯ ﮐﮯ ﺣﻘﻮق ﺣﺎﺻﻞ ﮨﻮں ﮔﮯ ﺟﯿﺴﺎ آﺋﻨﺪه ﻣﺎﻟﯿﺎﺗﯽ ﺳﺎل اﺧﺘﺘﺎﻣﯿہ 30ﺟﻮن 2022ﮐﮯ ﻟﺌﮯ ﮐﻤﭙﻨﯽ ﮐﮯ آڈﯾﭩﺮز ﮐﯽ ﺗﻘﺮری اور ان ﮐﮯ ﻣﻌﺎوﺿہ (2
ﮐہ ﮐﺴﯽ رﮐﻦ ﮐﻮ دﺳﺘﯿﺎب ﮨﯿﮟ۔ ﮐﺎ ﺗﻌﯿﻦ۔ ﺑﻮرڈﮐﮯڈاﺋﺮﯾﮑﭩﺮان ﻧﮯ ﺳﺎﻻﻧہ ﻋﻤﻮﻣﯽ اﺟﻼس ﻣﯿﮟ ﻣﺎﻟﯿﺎﺗﯽ ﺳﺎل 22-2021ﮐﮯ ﻟﯿﮯ ﮐﻤﭙﻨﯽ
ﺳﺎﻻﻧہ رﭘﻮرٹ ﻣﯿﮟ ﭘﺮاﮐﺴﯽ ﮐﺎ اﯾﮏ ﺧﺎﻟﯽ دﺳﺘﺎوﯾﺰ )اﻧﮕﺮﯾﺰی اور اردو ﻣﯿﮟ( ﻣﻨﺴﻠﮏ ﮨﮯ۔ ﭘﺮاﮐﺴﯽ ﮐﺎ ﮐﮯ ﺑﻄﻮر آڈﯾﭩﺮز ﮐﯽ دوﺑﺎره ﺗﻘﺮری ﮐﮯ ﻟﯿﮯ آڈٹ ﮐﻤﯿﭩﯽ ﮐﯽ ﺳﻔﺎرش ﮐﯽ ﺗﻮﺛﯿﻖ ﮐﯽ۔ اے۔اﯾﻒ ﻓﺮﮔﻮﺳﻦ
ﻓﺎرم ﮐﻤﭙﻨﯽ ﮐﯽ وﯾﺐ ﺳﺎﺋﭧ ﭘﺮ ﺑﮭﯽ دﺳﺘﯿﺎب ﮨﮯ۔ اﯾﻨﮉ ﭼﺎرﭨﺮڈ اﮐﺎؤﻧﭩﻨﭩﺲ ﮐﻤﭙﻨﯽ ،رﯾﭩﺎﺋﺮ ﮨﻮﻧﮯ ﮐﮯ ﺑﻌﺪ ﺗﻘﺮری ﮐﮯ ﻟﯿﮯ اﮨﻞ ﮨﻮﻧﮯ ﭘﺮ ﺧﻮد ﮐﻮ دوﺑﺎره
ﮐﮯ ﻟﯿﮯ ،ﭘﺮاﮐﺴﯽ ﻓﺎرم ﮨﻤﺎرے رﺟﺴﭩﺮار ﮐﮯ دﻓﺘﺮ ﻣﯿﮟ ﻣﯿﭩﻨﮓ ﺳﮯ 48ﮔﮭﻨﭩﮯ ﻣﺆﺛﺮ ﮨﻮﻧﮯ ﭘﯿﺶ ﮐﺮﺗﮯ ﮨﯿﮟ۔
ﭘﮩﻠﮯ )ﯾﺎ ﺗﻮ ﮨﺎرڈ ﮐﺎﭘﯽ ﯾﺎ اﺳﮑﯿﻦ( ﻣﻮﺻﻮل ﮨﻮﻧﺎ ﺿﺮوری ﮨﮯ ﺟﻮ ﮐہ دو اﻓﺮاد ﻧﮯ اﭘﻨﮯ ﻧﺎم ،ﭘﺘہ ،
ﻗﻮﻣﯽ ﺷﻨﺎﺧﺘﯽ ﮐﺎرڈ ﻧﻤﺒﺮوں ﮐﮯ ﺳﺎﺗﮭ دﺳﺘﺨﻂ ﮐﯿﮯ اور ﻣﮩﺮ ﺛﺒﺖ ﮐﯽ ﮨﻮ۔ دﯾﮕﺮ ﮐﻮﺋﯽ اﻣﻮر:
ﭘﺮاﮐﺴﯽ ﮐﮯ ﻓﺎرم ﭘﺮ دو اﻓﺮاد ﮐﮯ ﻧﺎم ،ﭘﺘﮯ ،ﻗﻮﻣﯽ ﺷﻨﺎﺧﺘﯽ ﮐﺎرڈ ﻧﻤﺒﺮ اور دﺳﺘﺨﻂ ،ﻣﮩﺮ اور ﮔﻮاﮨﯽ ﭼﯿﺌﺮﭘﺮﺳﻦ ﮐﯽ اﺟﺎزت ﺳﮯ دﯾﮕﺮﮐﺴﯽ اﻣﻮر ﮐﯽ اﻧﺠﺎم دﮨﯽ۔ (3
ﮨﻮﻧﯽ ﭼﺎﮨﯿﮯ۔
ﺳﻨﭩﺮل ڈﭘﺎزﭨﺮی ﮐﻤﭙﻨﯽ )ﺳﯽ ڈی ﺳﯽ( اﮐﺎؤﻧﭧ ﮨﻮﻟﮉرز ﮐﻮ ﺳﺮﮐﻠﺮ ﻧﻤﺒﺮ 1ﻣﯿﮟ دی ﮔﺌﯽ ﮨﺪاﯾﺎت ﭘﺮ ﻋﻤﻞ
ﺣﺴﺐ اﻟﺤﮑﻢ ﺑﻮرڈ
ﮐﺮﻧﺎ ﺿﺮوری ﮨﮯ ﺟﻮﮐہ 26ﺟﻨﻮری 2000ﮐﻮ ﺟﺎری ﮐﺮده ﺳﯿﮑﯿﻮرﭨﯿﺰ اﯾﻨﮉ اﯾﮑﺴﭽﯿﻨﺞ ﮐﻤﯿﺸﻦ آف
ﭘﺎﮐﺴﺘﺎن )اﯾﺲ ای ﺳﯽ ﭘﯽ( ﮐﯽ طﺮف ﺳﮯ ﺟﺎری ﮐﯿﺎ ﮔﯿﺎﮨﮯ۔ ﮐﺮاﭼﯽ 7 :اﮐﺘﻮﺑﺮ 2021 ،۔
ﮐﺴﯽ ﮐﺎرﭘﻮرﯾﭧ ادارے ﮐﯽ طﺮف ﺳﮯ ﭘﺮاﮐﺴﯽ ﮐﯽ ﺻﻮرت ﻣﯿﮟ ،ﺑﻮرڈ آف ڈاﺋﺮﯾﮑﭩﺮز ﮐﯽ
ﻗﺮارداد/ﭘﺎور آف اﭨﺎرﻧﯽ اور ﻗﻮﻣﯽ ﺷﻨﺎﺧﺘﯽ ﮐﺎرڈ ﯾﺎ ﭘﺮاﮐﺴﯽ ﮐﮯ ﭘﺎﺳﭙﻮرٹ ﮐﯽ ﺗﺼﺪﯾﻖ ﺷﺪه ﮐﺎﭘﯽ ﭘﺮاﮐﺴﯽ طﺎﮨﺮ اﻗﺒﺎل
ﻓﺎرم ) ﮨﺎرڈ ﮐﺎﭘﯽ ﯾﺎ اﺳﮑﯿﻦ( ﮐﮯ ﺳﺎﺗﮭ ﺟﻤﻊ ﮐﺮاﺋﯽ ﺟﺎﺋﮯ ﮔﯽ۔
ﮐﻤﭙﻨﯽ ﺳﯿﮑﺮﯾﭩﺮی
ﻣﻤﺒﺮان ﮐﮯ ﭘﺘﮯ ﻣﯿﮟ ﺗﺒﺪﯾﻠﯽ: .4
ﮔﺰارﺷﺎت:
ﻣﻤﺒﺮان ﺳﮯ درﺧﻮاﺳﺖ ﮐﯽ ﺟﺎﺗﯽ ﮨﮯ ﮐہ وه اﭘﻨﮯ ﭘﺘﮯ ﻣﯿﮟ ﮐﺴﯽ ﺑﮭﯽ ﺗﺒﺪﯾﻠﯽ ﮐﯽ اطﻼع ﻓﻮری طﻮر
ﭘﺮ ﺷﯿﺌﺮ رﺟﺴﭩﺮار ﻣﯿﺴﺮز ﺳﯽ ڈی ﺳﯽ ﺷﯿﺌﺮ رﺟﺴﭩﺮار ﺳﺮوﺳﺰ ﻟﻤﯿﭩﮉ ﮐﻮ دﯾﮟ۔ ﺣﺼﺺ ﻣﻨﺘﻘﻠﯽ ﮐﯽ ﮐﺘﺎﺑﻮں ﮐﯽ ﺑﻨﺪش .1
ﮐﻤﭙﻨﯽ ﮐﯽ ﺣﺼﺺ ﻣﻨﺘﻘﻠﯽ ﮐﯽ ﮐﺘﺎﺑﯿﮟ 22اﮐﺘﻮﺑﺮ 2021ﺗﺎ 28اﮐﺘﻮﺑﺮ ) 2021ﺑﺸﻤﻮل دوﻧﻮں دن( ﺗﮏ
ای ﻣﯿﻞ ﮐﮯ ذرﯾﻌﮯ آڈٹ ﺷﺪه ﻣﺎﻟﯿﺎﺗﯽ ﺑﯿﺎﻧﺎت ﮐﯽ ﺗﻘﺴﯿﻢ: .5
ﺑﻨﺪ رﮨﯿﮟ ﮔﯽ۔ ﮐﻤﭙﻨﯽ ﮐﮯﺣﺼﺺ رﺟﺴﭩﺮار ،ﻣﯿﺴﺮز ﺳﯽ ڈی ﺳﯽ ﺷﯿﺌﺮ رﺟﺴﭩﺮار ﺳﺮوﺳﺰ ﻟﻤﯿﭩﮉ ،ﺳﯽ
ﺷﯿﺌﺮ ﮨﻮﻟﮉرز ﻧﮯ 15اﮐﺘﻮﺑﺮ 2016ﮐﻮ اﭘﻨﯽ 25وﯾﮟ ﺳﺎﻻﻧہ ﻋﻤﻮﻣﯽ اﺟﻼس ﻣﯿﮟ ﺳﺎﻻﻧہ رﭘﻮرﭨﺲ ﮐﻮ ڈی ﺳﯽ ﮨﺎؤس -99 ،ﺑﯽ ،ﺑﻼک-ﺑﯽ ،اﯾﺲ اﯾﻢ ﺳﯽ اﯾﭻ اﯾﺲ ،ﻣﯿﻦ ﺷﺎﮨﺮاه ﻓﯿﺼﻞ ،ﮐﺮاﭼﯽ ﻣﯿﮟ ﮐﺎروﺑﺎر
ﺳﯽ ڈی/ڈی وی ڈی/ﯾﻮ اﯾﺲ ﺑﯽ/ای ﻣﯿﻞ ﻣﯿﮟ ﺳﺎﻓﭧ ﮐﺎﭘﯿﻮں ﮐﯽ ﺷﮑﻞ ﻣﯿﮟ ﻣﻨﺘﻘﻞ ﮐﺮﻧﮯ ﮐﯽ ﻣﻨﻈﻮری ﺑﻨﺪ ﮨﻮﻧﮯ ﺗﮏ آرڈر ﮐﻮ 21اﮐﺘﻮﺑﺮ 2022ﺗﮏ ﻣﻮﺻﻮل ﮨﻮﻧﮯ واﻟﯽ ﻣﻨﺘﻘﻠﯿﻮں ﮐﻮ ﺳﺎﻻﻧہ ﻋﻤﻮﻣﯽ اﺟﻼس
دے دی ﮨﮯ اس ﮐﮯ ﺑﺠﺎﺋﮯ ﮐہ ﺳﺎﻻﻧہ آڈٹ ﺷﺪه اﮐﺎؤﻧﭩﺲ ﮐﻮ ﭘﺮﻧﭧ ﺷﺪه ﮐﺎﭘﯽ ﻣﯿﮟ اﯾﺲ آر او 787 ﮐﮯ ﻣﻘﺼﺪ ﻣﯿﮟ ﺑﺮوﻗﺖ ﺗﺼﻮر ﮐﯿﺎ ﺟﺎﺋﮯ ﮔﺎ۔
) 2014/(1ﺟﻮﮐہ ﻣﻮرﺧہ 08ﺳﺘﻤﺒﺮ 2014اور SRO 470 (1)/2016ﻣﻮرﺧہ 31ﻣﺌﯽ 2016ﮐﮯ
وﯾﮉﯾﻮ ﮐﺎﻧﻔﺮﻧﺲ ﮐﯽ ﺳﮩﻮﻟﺖ ﮐﮯ ذرﯾﻌﮯ اے ﺟﯽ اﯾﻢ ﮐﯽ ﮐﺎررواﺋﯽ ﻣﯿﮟ ﺷﺮﮐﺖ .2
ﻣﻄﺎﺑﻖ ﻣﻨﺘﻘﻞ ﮐﯿﺎ ﺟﺎﺋﮯ۔ Participation in the AGM proceeding via the video conferencing facility:
ﻟﮩﺬا ،ﮐﻤﭙﻨﯽ ﻧﮯ ﺳﺎﻻﻧہ رﭘﻮرﭨﺲ ﺣﺼﺺ داران ﮐﻮ ان ﮐﮯ رﺟﺴﭩﺮڈ ای ﻣﯿﻠﺰ ﭘﺮ ای ﻣﯿﻞ ﮐﮯ ذرﯾﻌﮯ ﻣﻮﺟﻮده ﮐﻮوﯾﮉ 19ﮐﯽ ﺻﻮرﺗﺤﺎل اورﻣﺘﻌﻠﻘﯿﻦ ﮐﯽ ﻓﻼح و ﺑﮩﺒﻮد ﮐﮯ ﻟﯿﮯ ،اے ﺟﯽ اﯾﻢ ﮐﯽ ﮐﺎررواﺋﯽ
ﺑﮭﯿﺠﯽ ﮨﯿﮟ ﺟﯿﺴﺎ ﮐہ ﮐﻤﭙﻨﯿﺰ اﯾﮑﭧ ﮐﮯ ﺳﯿﮑﺸﻦ ) 223(6ﮐﮯ ﺗﺤﺖ ﺑﮭﯽ اﺟﺎزت ﮨﮯ۔ ﺗﺎﮨﻢ ،ﺟﻮ ﺷﯿﺌﺮ
ﺻﺮف وﯾﮉﯾﻮ ﮐﺎﻧﻔﺮﻧﺲ ﮐﮯ ذرﯾﻌﮯ ﮨﻮﮔﯽ۔اﺟﻼس ﻣﯿﮟ ﺷﺮﮐﺖ ﮐﮯ ﺧﻮاﮨﺸﻤﻨﺪ ﺣﺼﺺ داران ﺳﮯ
ﮨﻮﻟﮉرز ﻣﺎﻟﯿﺎﺗﯽ ﮔﻮﺷﻮارے ﮐﯽ ﮨﺎرڈ ﮐﺎﭘﯽ ﺣﺎﺻﻞ ﮐﺮﻧﺎ ﭼﺎﮨﺘﮯ ﮨﯿﮟ ان ﺳﮯ درﺧﻮاﺳﺖ ﮐﯽ ﺟﺎﺗﯽ ﮨﮯ ﮐہ
درﺧﻮاﺳﺖ ﮐﯽ ﺟﺎﺗﯽ ﮨﮯ ﮐہ وه "ﭘﺎور ﺳﯿﻤﻨﭧ ﻟﻤﯿﭩﮉاے ﺟﯽ اﯾﻢ ﮐﮯ ﻟﯿﮯ رﺟﺴﭩﺮﯾﺸﻦ" ﮐﮯ ﺳﺎﺗﮭ درج
وه ﮐﻤﭙﻨﯽ ﮐﮯ اﯾﮉرﯾﺲ ﭘﺮ "ﺳﭩﯿﻨﮉرڈ رﯾﮑﻮﯾﺴﭧ ﻓﺎرم "ب" )ﮐﻤﭙﻨﯽ ﮐﯽ وﯾﺐ ﺳﺎﺋﭧ
ذﯾﻞ ﻣﻌﻠﻮﻣﺎت اور ﮐﻤﭙﯿﻮﭨﺮاﺋﺰڈ ﻗﻮﻣﯽ ﺷﻨﺎﺧﺘﯽ ﮐﺎرڈ ) (CNICﮐﮯ دوﻧﻮں اطﺮاف ﮐﯽ درﺳﺖ ﮐﺎﭘﯽ.
http://www.powercement.com.pkﭘﺮ ﺑﮭﯽ دﺳﺘﯿﺎب ﮨﯿﮟ( ﮐﺎ اﺳﺘﻌﻤﺎل ﮐﺮﺗﮯ ﮨﻮﺋﮯ درﺧﻮاﺳﺖ ﺑﮭﯿﺞ
[email protected]ﭘﺮ ای ﻣﯿﻞ ﮐﺮﯾﮟ۔ وﯾﮉﯾﻮ ﻟﻨﮏ اور ﻻگ ان ﮐﯽ ﺳﻨ ِﺪ اﺟﺎزت ﺻﺮف
ﺳﮑﺘﮯﮨﯿﮟ۔
236 POWER CEMENT LIMITED Annual Report 2021 237
30th
CALENDAR OF UPCOMING
CORPORATE EVENTS
Meeting Tentative Dates
2021
Form of Proxy
30th Annual General Mee�ng
Witnesses:
1. Name: ___________________________________
Signature on
Address: ___________________________________
Rs. 5/-
CNIC No.: ___________________________________
Revenue Stamp
Signature: ___________________________________
2. Name: ___________________________________
Address: ___________________________________
CNIC No.: ___________________________________
Signature: ___________________________________
NOTES:
1. A member en�tled to a�end and vote at the mee�ng may appoint another member as his/her proxy
who shall have such rights as respects a�ending, speaking and vo�ng at the mee�ng as are available
to a member.
2. In order to be effec�ve, the proxy Form must be received at the office (either hard copy or scanned),
not later than 48 hours before the mee�ng duly signed and stamped and witnessed by the two
persons with their signatures, name, address and CNIC number given on the form.
3. In the case of individuals a�ested copies of CNIC or passport of the beneficial owners and the proxy
shall be furnished with the proxy Form (either hard copy or scanned).
4. In case of proxy by a corporate en�ty, Board of Directors resolu�on/power of a�orney and a�ested
copy of the CNIC or passport of the proxy shall be submi�ed along with proxy Form (either hard copy
or scanned).